N-CSRS

As filed with the Securities and Exchange Commission on July 2, 2020

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04556

TRANSAMERICA FUNDS

(Exact Name of Registrant as Specified in Charter)

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

(Address of Principal Executive Offices) (Zip Code)

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

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

(Name and Address of Agent for Service)

Date of fiscal year end:     October 31

Date of reporting period:   November 1, 2019 – April 30, 2020

Item 1: Report(s) to Shareholders.

The Semi-Annual Report is attached.

TRANSAMERICA FUNDS

SEMI-ANNUAL REPORT

APRIL 30, 2020

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

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

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

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Schedules of Investments Composition	4
Schedules of Investments
Transamerica Asset Allocation – Conservative Portfolio	5
Transamerica Asset Allocation – Growth Portfolio	7
Transamerica Asset Allocation – Moderate Growth Portfolio	9
Transamerica Asset Allocation – Moderate Portfolio	11
Transamerica Asset Allocation Intermediate Horizon	13
Transamerica Asset Allocation Long Horizon	14
Transamerica Asset Allocation Short Horizon	15
Statements of Assets and Liabilities	16
Statements of Operations	18
Statements of Changes in Net Assets	20
Financial Highlights	25
Notes to Financial Statements	36
Liquidity Risk Management Program	44
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	45
Notice of Privacy Policy	46

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

Transamerica Funds Semi-Annual Report 2020

Dear Shareholder,

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

This semi-annual report provides certain information about your Fund(s) during the period covered by the report. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report covers the six-month period ended April 30, 2020.

We believe it is important to understand market conditions over the six-month period to provide a context for reading this report. The period began in November 2019 with equity and credit markets strong following three consecutive rate cuts by the Federal Reserve (“Fed”) in the preceding months. The S&P 500^®, NASDAQ and Dow Jones Industrial Average all closed the calendar year near their highest levels ever. As 2020 began, investors had reason for optimism based on continued economic growth, benign inflation, lower interest rates, solid credit fundamentals and rising corporate earnings growth. Uncertainties surrounded mostly U.S./China trade relations, and when a Phase I trade agreement was signed in mid-January, equity markets continued to move towards record highs, and by mid-February stocks had reached record highs, even as reports of the COVID-19 and its spread within China were making their way into daily news reports.

By early March, the presence of COVID-19 was being reported globally, and as cases and fatalities quickly grew exponentially in the U.S., the Fed cut rates by 0.50%, serving as evidence to many investors of the economic risk being created by the pandemic. By mid-March, most companies had sent workers home indefinitely, schools, sporting events and local businesses had closed, and states issued stay-at-home orders, while the Fed once again cut rates, this time to a Fed Funds target of 0 - 0.25%. Economic forecasts dropped as a full-fledged recession of immense proportions was now apparent. By March 23, the S&P 500^® had experienced its fastest 35% decline ever off of its February 19 record high, credit spreads had close to tripled and the 10-year U.S. Treasury yield had fallen below 1% for the first time in history. By the end of March, it was evident COVID-19 would be taking a tragic toll on human life and delivering a historic shock to the economy.

On March 27, Congress passed the CARES Act, providing more than $2 trillion in fiscal assistance to the economy. The Fed also dramatically expanded its balance sheet through additional trillions in open market purchases, and despite the first negative U.S. gross domestic product report in six years, the equity and credit markets rebounded strongly during the month of April, as daily COVID-19 case trends appeared to have peaked and guidelines for business re-openings were introduced, even as the nation braced for some of the worst economic reports since the 1930s.

Although the period ended with markets having recovered from their worst levels, uncertainties remain prevalent throughout the U.S. and global economy. While there is some belief that the worst of the pandemic may be over, this is yet to be proven out COVID-19 has proven to be a true black swan of historic magnitude, and market volatility is likely to continue in the months ahead.

For the six-month period ended April 30, 2020, the S&P 500^® returned -3.16%, while the MSCI EAFE Index, representing international developed market equities, returned -14.00%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.86%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns, as recent months have shown, 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.

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 involved 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 November 1, 2019, and held for the entire six-month period until April 30, 2020.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as 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 November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Asset Allocation - Conservative Portfolio
Class A	$	1,000.00	$	981.70	$	2.41	$	1,022.40	$	2.46		0.49	%
Class C		1,000.00		977.40		6.24		1,018.50		6.37		1.27
Class I		1,000.00		981.90		1.33		1,023.50		1.36		0.27
Class R		1,000.00		979.20		4.08		1,020.70		4.17		0.83
Transamerica Asset Allocation - Growth Portfolio
Class A		1,000.00		898.40		2.60		1,022.10		2.77		0.55
Class C		1,000.00		894.30		6.26		1,018.20		6.67		1.33
Class I		1,000.00		899.30		1.28		1,023.50		1.36		0.27
Class R		1,000.00		897.00		3.77		1,020.90		4.02		0.80
Transamerica Asset Allocation - Moderate Growth Portfolio
Class A		1,000.00		935.40		2.45		1,022.30		2.56		0.51
Class C		1,000.00		931.20		6.24		1,018.40		6.52		1.30
Class I		1,000.00		936.90		1.25		1,023.60		1.31		0.26
Class R		1,000.00		933.90		3.94		1,020.80		4.12		0.82
Transamerica Asset Allocation - Moderate Portfolio
Class A		1,000.00		960.60		2.44		1,022.40		2.51		0.50
Class C		1,000.00		956.70		6.23		1,018.50		6.42		1.28
Class I		1,000.00		961.10		1.27		1,023.60		1.31		0.26
Class R		1,000.00		960.00		3.61		1,021.20		3.72		0.74

Transamerica Funds Semi-Annual Report 2020

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Asset Allocation Intermediate Horizon
Class R	$	1,000.00	$	970.50	$	2.94	$	1,021.90	$	3.02		0.60	%
Class R4		1,000.00		971.90		1.72		1,023.10		1.76		0.35
Transamerica Asset Allocation Long Horizon
Class R		1,000.00		929.70		2.88		1,021.90		3.02		0.60
Class R4		1,000.00		931.00		1.68		1,023.10		1.76		0.35
Transamerica Asset Allocation Short Horizon
Class R		1,000.00		1,000.50		2.98		1,021.90		3.02		0.60
Class R4		1,000.00		1,001.80		1.74		1,023.10		1.76		0.35

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s net 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 (182 days), and divided by the number of days in the year (366 days).
(C)	Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Funds invest. The net annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

Transamerica Funds Semi-Annual Report 2020

Page    3

Schedules of Investments Composition

At April 30, 2020

(unaudited)

Transamerica Asset Allocation - Conservative Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		56.3	%
U.S. Equity Funds		19.6
International Equity Funds		13.9
International Fixed Income Funds		7.0
U.S. Mixed Allocation Fund		1.7
U.S. Alternative Fund		1.5
International Alternative Fund		0.0	*
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%
Transamerica Asset Allocation - Growth Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		55.1	%
International Equity Funds		38.6
U.S. Mixed Allocation Fund		4.3
U.S. Alternative Fund		2.1
International Alternative Fund		0.0	*
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%
Transamerica Asset Allocation - Moderate Growth Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		39.3	%
International Equity Funds		28.3
U.S. Fixed Income Funds		24.3
U.S. Mixed Allocation Fund		3.3
International Fixed Income Funds		3.3
U.S. Alternative Fund		1.6
International Alternative Fund		0.0	*
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%
Transamerica Asset Allocation - Moderate Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		43.4	%
U.S. Equity Funds		27.5
International Equity Funds		20.1
International Fixed Income Funds		5.1
U.S. Mixed Allocation Fund		2.5
U.S. Alternative Fund		1.5
International Alternative Fund		0.0	*
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Asset Allocation Intermediate Horizon
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		48.5	%
U.S. Equity Funds		40.1
International Equity Fund		11.2
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%
Transamerica Asset Allocation Long Horizon
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		68.9	%
International Equity Fund		21.7
U.S. Fixed Income Funds		9.2
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%
Transamerica Asset Allocation Short Horizon
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		89.4	%
U.S. Equity Funds		8.4
International Equity Fund		2.0
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%

	Current and future portfolio holdings are subject to change and risk.
*	Percentage rounds to less than 0.1% or (0.1)%.

Transamerica Funds Semi-Annual Report 2020

Page    4

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		1,340		$  4,598
International Equity Funds - 13.9%
Transamerica Emerging Markets Equity (C)		1,399,403		12,216,790
Transamerica Emerging Markets Opportunities (B) (C)		1,686,053		13,539,009
Transamerica International Equity (C)		1,899,433		27,579,769
Transamerica International Growth (C)		3,416,949		22,312,680
Transamerica International Small Cap Value (C)		618,789		6,522,040
Transamerica International Stock (C)		1,476,318		11,943,413
				94,113,701
International Fixed Income Funds - 7.0%
Transamerica Emerging Markets Debt (C)		2,176,159		19,977,141
Transamerica Inflation Opportunities (C)		2,637,988		27,435,078
				47,412,219
U.S. Alternative Fund - 1.5%
Transamerica Event Driven (C)		962,245		10,045,833
U.S. Equity Funds - 19.6%
Transamerica Capital Growth (C)		2,110,938		28,708,762
Transamerica Dividend Focused (C)		3,719,397		24,845,569
Transamerica Large Cap Value (C)		2,160,961		18,541,043
Transamerica Mid Cap Growth (C)		750,720		7,469,662
Transamerica Mid Cap Value (C)		459,936		4,433,783

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value Opportunities (C)		225,823		$   2,050,476
Transamerica Small Cap Core (C)		250,920		1,901,975
Transamerica Small Cap Growth (C)		554,499		3,299,270
Transamerica Small Cap Value (C)		505,792		3,540,542
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E)		1,529		1,073
Transamerica US Growth (C)		1,688,727		37,219,539
				132,011,694
U.S. Fixed Income Funds - 56.3%
Transamerica Bond (C)		1,416,095		13,084,720
Transamerica Core Bond (C)		8,977,982		93,909,691
Transamerica Intermediate Bond (C)		6,100,251		65,211,679
Transamerica Short-Term Bond (C)		5,721,603		56,071,711
Transamerica Total Return (C)		14,077,274		150,908,375
				379,186,176
U.S. Mixed Allocation Fund - 1.7%
Transamerica MLP & Energy Income (C)		2,374,589		11,374,283
Total Investment Companies (Cost $665,237,092)				674,148,504
Total Investments (Cost $665,237,092)				674,148,504
Net Other Assets (Liabilities) - (0.0)%				(249,338	)
Net Assets - 100.0%				$  673,899,166

INVESTMENT 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	$	674,142,833	$	—	$	—	$	674,142,833
Total	$	674,142,833	$	—	$	—	$	674,142,833
Investment Companies Measured at Net Asset Value (E)								5,671
Total Investments							$	674,148,504

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

Transamerica Funds Semi-Annual Report 2020

Page    5

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing securities.
(C)	Affiliated investment in the Class I2 shares of Transamerica Funds, and liquidating trusts of former Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(D)	Restricted securities. At April 30, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	13,784	$	4,598		0.0	%(A)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		15,291		1,073		0.0	(A)
Total				$	29,075	$	5,671		0.0	%(A)

(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 six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    6

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		874		$  3,000
International Equity Funds - 38.6%
Transamerica Emerging Markets Equity (C)		5,460,007		47,665,863
Transamerica Emerging Markets Opportunities (B) (C)		6,679,712		53,638,091
Transamerica Global Real Estate Securities (C)		255,083		2,966,611
Transamerica International Equity (C)		8,273,449		120,130,482
Transamerica International Growth (C)		13,806,554		90,156,795
Transamerica International Small Cap Value (C)		3,031,801		31,955,185
Transamerica International Stock (C)		1,128,464		9,129,275
				355,642,302
U.S. Alternative Fund - 2.1%
Transamerica Event Driven (C)		1,848,622		19,299,611
U.S. Equity Funds - 55.1%
Transamerica Capital Growth (C)		8,170,059		111,112,802
Transamerica Dividend Focused (C)		14,343,695		95,815,882
Transamerica Large Cap Value (C)		8,401,585		72,085,599

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Growth (C)		1,132,268		$   11,266,071
Transamerica Mid Cap Value (C)		3,392,039		32,699,258
Transamerica Mid Cap Value Opportunities (C)		1,479,300		13,432,047
Transamerica Small Cap Core (C)		193,932		1,470,003
Transamerica Small Cap Growth (C)		1,779,068		10,585,454
Transamerica Small Cap Value (C)		2,123,815		14,866,708
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E)		5,111		3,587
Transamerica US Growth (C)		6,560,786		144,599,730
				507,937,141
U.S. Mixed Allocation Fund - 4.3%
Transamerica MLP & Energy Income (C)		8,340,308		39,950,073
Total Investment Companies (Cost $987,351,212)				922,832,127
Total Investments (Cost $987,351,212)				922,832,127
Net Other Assets (Liabilities) - (0.1)%				(662,055	)
Net Assets - 100.0%				$  922,170,072

INVESTMENT 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	$	922,825,540	$	—	$	—	$	922,825,540
Total	$	922,825,540	$	—	$	—	$	922,825,540
Investment Companies Measured at Net Asset Value (E)								6,587
Total Investments							$	922,832,127

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

Transamerica Funds Semi-Annual Report 2020

Page    7

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing securities.
(C)	Affiliated investment in the Class I2 shares of Transamerica Funds, and liquidating trusts of former Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(D)	Restricted securities. At April 30, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	8,994	$	3,000		0.0	%(A)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		51,111		3,587		0.0	(A)
Total				$	60,105	$	6,587		0.0	%(A)

(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 six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    8

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		5,843		$  20,056
International Equity Funds - 28.3%
Transamerica Emerging Markets Equity (C)		6,830,641		59,631,498
Transamerica Emerging Markets Opportunities (B) (C)		8,268,263		66,394,154
Transamerica Global Real Estate Securities (C)		656,764		7,638,164
Transamerica International Equity (C)		10,636,368		154,440,060
Transamerica International Growth (C)		16,943,246		110,639,397
Transamerica International Small Cap Value (C)		3,749,291		39,517,526
Transamerica International Stock (C)		3,593,872		29,074,425
				467,335,224
International Fixed Income Funds - 3.3%
Transamerica Emerging Markets Debt (C)		3,948,439		36,246,670
Transamerica Inflation Opportunities (C)		1,734,049		18,034,114
				54,280,784
U.S. Alternative Fund - 1.6%
Transamerica Event Driven (C)		2,489,115		25,986,363
U.S. Equity Funds - 39.3%
Transamerica Capital Growth (C)		10,321,268		140,369,249
Transamerica Dividend Focused (C)		18,125,341		121,077,276
Transamerica Large Cap Value (C)		10,608,671		91,022,398
Transamerica Mid Cap Growth (C)		1,819,870		18,107,708

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value (C)		4,619,684		$   44,533,754
Transamerica Mid Cap Value Opportunities (C)		2,138,370		19,416,395
Transamerica Small Cap Core (C)		743,151		5,633,085
Transamerica Small Cap Growth (C)		1,981,289		11,788,669
Transamerica Small Cap Value (C)		2,090,262		14,631,830
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E)		4,660		3,270
Transamerica US Growth (C)		8,279,088		182,471,089
				649,054,723
U.S. Fixed Income Funds - 24.3%
Transamerica Bond (C)		2,199,105		20,319,731
Transamerica Core Bond (C)		9,886,969		103,417,699
Transamerica Intermediate Bond (C)		7,024,662		75,093,637
Transamerica Short-Term Bond (C)		4,963,022		48,637,611
Transamerica Total Return (C)		14,406,003		154,432,353
				401,901,031
U.S. Mixed Allocation Fund - 3.3%
Transamerica MLP & Energy Income (C)		11,593,766		55,534,138
Total Investment Companies (Cost $1,700,667,266)				1,654,112,319
Total Investments (Cost $1,700,667,266)				1,654,112,319
Net Other Assets (Liabilities) - (0.1)%				(1,199,972	)
Net Assets - 100.0%				$  1,652,912,347

INVESTMENT 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	$	1,654,088,993	$	—	$	—	$	1,654,088,993
Total	$	1,654,088,993	$	—	$	—	$	1,654,088,993
Investment Companies Measured at Net Asset Value (E)								23,326
Total Investments							$	1,654,112,319

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

Transamerica Funds Semi-Annual Report 2020

Page    9

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing securities.
(C)	Affiliated investment in the Class I2 shares of Transamerica Funds, and liquidating trusts of former Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(D)	Restricted securities. At April 30, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	60,118	$	20,056		0.0	%(A)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		46,600		3,270		0.0	(A)
Total				$	106,718	$	23,326		0.0	%(A)

(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 six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    10

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		3,627		$  12,450
International Equity Funds - 20.1%
Transamerica Emerging Markets Equity (C)		3,351,652		29,259,923
Transamerica Emerging Markets Opportunities (B) (C)		4,120,728		33,089,445
Transamerica International Equity (C)		5,386,064		78,205,646
Transamerica International Growth (C)		8,582,757		56,045,405
Transamerica International Small Cap Value (C)		1,818,158		19,163,383
Transamerica International Stock (C)		2,876,863		23,273,818
				239,037,620
International Fixed Income Funds - 5.1%
Transamerica Emerging Markets Debt (C)		3,633,690		33,357,270
Transamerica Inflation Opportunities (C)		2,652,391		27,584,865
				60,942,135
U.S. Alternative Fund - 1.5%
Transamerica Event Driven (C)		1,738,390		18,148,792
U.S. Equity Funds - 27.5%
Transamerica Capital Growth (C)		5,143,361		69,949,713
Transamerica Dividend Focused (C)		9,016,788		60,232,144
Transamerica Large Cap Value (C)		5,266,028		45,182,521
Transamerica Mid Cap Growth (C)		1,316,161		13,095,806
Transamerica Mid Cap Value (C)		2,027,100		19,541,243
Transamerica Mid Cap Value Opportunities (C)		963,424		8,747,888

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Small Cap Core (C)		407,511		$   3,088,935
Transamerica Small Cap Growth (C)		1,248,719		7,429,879
Transamerica Small Cap Value (C)		1,281,129		8,967,904
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E)		2,887		2,026
Transamerica US Growth (C)		4,114,924		90,692,928
				326,930,987
U.S. Fixed Income Funds - 43.4%
Transamerica Bond (C)		3,270,309		30,217,659
Transamerica Core Bond (C)		12,334,461		129,018,458
Transamerica Intermediate Bond (C)		8,643,036		92,394,051
Transamerica Short-Term Bond (C)		6,370,269		62,428,636
Transamerica Total Return (C)		18,915,060		202,769,444
				516,828,248
U.S. Mixed Allocation Fund - 2.5%
Transamerica MLP & Energy Income (C)		6,168,153		29,545,453
Total Investment Companies (Cost $1,187,718,985)				1,191,445,685
Total Investments (Cost $1,187,718,985)				1,191,445,685
Net Other Assets (Liabilities) - (0.1)%				(1,065,121	)
Net Assets - 100.0%				$  1,190,380,564

INVESTMENT 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	$	1,191,431,209	$	—	$	—	$	1,191,431,209
Total	$	1,191,431,209	$	—	$	—	$	1,191,431,209
Investment Companies Measured at Net Asset Value (E)								14,476
Total Investments							$	1,191,445,685

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

Transamerica Funds Semi-Annual Report 2020

Page    11

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing securities.
(C)	Affiliated investment in the Class I2 shares of Transamerica Funds, and liquidating trusts of former Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(D)	Restricted securities. At April 30, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	37,318	$	12,450		0.0	%(A)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		28,869		2,026		0.0	(A)
Total				$	66,187	$	14,476		0.0	%(A)

(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 six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    12

Transamerica Asset Allocation Intermediate Horizon

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 11.2%
Transamerica International Equity (A)		2,268,174		$  33,160,703
Money Market Fund - 0.2%
Transamerica Government Money Market (A)		556,764		556,764
U.S. Equity Funds - 40.1%
Transamerica Large Growth (A)		3,372,169		41,882,336
Transamerica Large Value Opportunities (A)		4,927,292		39,024,156
Transamerica Mid Cap Growth (A)		968,980		9,631,659
Transamerica Mid Cap Value Opportunities (A)		1,015,750		9,263,639
Transamerica Small Cap Growth (A)		1,580,567		9,404,374
Transamerica Small Cap Value (A)		1,332,220		9,338,861
				118,545,025

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 48.5%
Transamerica High Quality Bond (A)		2,326,185		$   22,494,208
Transamerica High Yield Bond (A)		2,245,446		17,918,661
Transamerica Inflation-Protected Securities (A)		3,264,298		34,209,843
Transamerica Intermediate Bond (A)		6,432,436		68,891,392
				143,514,104
Total Investment Companies (Cost $302,671,199)				295,776,596
Total Investments (Cost $302,671,199)				295,776,596
Net Other Assets (Liabilities) - (0.0)% (B)				(144,991	)
Net Assets - 100.0%				$  295,631,605

INVESTMENT VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	295,776,596	$	—	$	—	$	295,776,596
Total Investments	$	295,776,596	$	—	$	—	$	295,776,596

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	There were no transfers in or out of Level 3 during the period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    13

Transamerica Asset Allocation Long Horizon

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 21.7%
Transamerica International Equity (A)		2,370,765		$  34,660,578
Money Market Fund - 0.2%
Transamerica Government Money Market (A)		319,854		319,854
U.S. Equity Funds - 68.9%
Transamerica Large Growth (A)		3,020,983		37,520,607
Transamerica Large Value Opportunities (A)		4,271,299		33,828,687
Transamerica Mid Cap Growth (A)		1,047,218		10,409,347
Transamerica Mid Cap Value Opportunities (A)		990,606		9,034,326
Transamerica Small Cap Growth (A)		1,721,729		10,244,289
Transamerica Small Cap Value (A)		1,295,790		9,083,485
				110,120,741

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 9.2%
Transamerica High Quality Bond (A)		77,761		$   751,953
Transamerica High Yield Bond (A)		378,049		3,016,834
Transamerica Inflation-Protected Securities (A)		469,271		4,917,962
Transamerica Intermediate Bond (A)		573,304		6,140,085
				14,826,834
Total Investment Companies (Cost $172,788,420)				159,928,007
Total Investments (Cost $172,788,420)				159,928,007
Net Other Assets (Liabilities) - (0.0)% (B)				(72,843	)
Net Assets - 100.0%				$  159,855,164

INVESTMENT VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	159,928,007	$	—	$	—	$	159,928,007
Total Investments	$	159,928,007	$	—	$	—	$	159,928,007

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    14

Transamerica Asset Allocation Short Horizon

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 2.0%
Transamerica International Equity (A)		174,315		$  2,548,478
Money Market Fund - 0.2%
Transamerica Government Money Market (A)		250,416		250,416
U.S. Equity Funds - 8.4%
Transamerica Large Growth (A)		318,830		3,959,863
Transamerica Large Value Opportunities (A)		488,432		3,868,383
Transamerica Small Cap Core (A)		357,112		2,735,475
				10,563,721
U.S. Fixed Income Funds - 89.4%
Transamerica High Quality Bond (A)		2,167,008		20,954,964

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds (continued)
Transamerica High Yield Bond (A)		1,477,384		$   11,789,522
Transamerica Inflation-Protected Securities (A)		1,970,160		20,647,272
Transamerica Intermediate Bond (A)		5,440,231		58,264,877
				111,656,635
Total Investment Companies (Cost $123,815,739)				125,019,250
Total Investments (Cost $123,815,739)				125,019,250
Net Other Assets (Liabilities) - (0.0)% (B)				(62,155	)
Net Assets - 100.0%				$  124,957,095

INVESTMENT VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	125,019,250	$	—	$	—	$	125,019,250
Total Investments	$	125,019,250	$	—	$	—	$	125,019,250

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    15

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2020

(unaudited)

	Transamerica Asset Allocation – Conservative Portfolio		Transamerica Asset Allocation – Growth Portfolio			Transamerica Asset Allocation – Moderate Growth Portfolio			Transamerica Asset Allocation – Moderate Portfolio
Assets:
Affiliated investments, at value (A)	$	674,148,504	$	922,832,127		$	1,654,112,319		$	1,191,445,685
Cash		—		1,929			1,251			—
Receivables and other assets:
Affiliated investments sold		109,142		651,941			1,516,748			731,512
Shares of beneficial interest sold		408,957		432,915			225,352			206,116
Dividends		156,518		—			161,507			218,141
Prepaid expenses		1,279		2,090			3,475			2,352
Other assets		1,831		—			3,111			2,741
Total assets		674,826,231		923,921,002			1,656,023,763			1,192,606,547
Liabilities:
Payables and other liabilities:
Affiliated investments purchased		156,143		—			161,017			217,516
Shares of beneficial interest redeemed		365,526		1,106,457			1,884,072			1,262,761
Investment management fees		65,963		87,345			159,027			115,860
Distribution and service fees		192,819		261,431			475,117			351,587
Transfer agent fees		59,685		162,156			224,503			132,104
Trustees, CCO and deferred compensation fees		4,313		7,099			11,803			8,121
Audit and tax fees		12,968		14,804			18,899			16,027
Custody fees		13,071		13,809			21,693			17,462
Legal fees		9,744		14,338			24,851			17,772
Printing and shareholder reports fees		32,019		65,898			102,898			65,679
Registration fees		5,739		3,963			3,838			4,361
Other accrued expenses		9,075		13,630			23,698			16,733
Total liabilities		927,065		1,750,930			3,111,416			2,225,983
Net assets	$	673,899,166	$	922,170,072		$	1,652,912,347		$	1,190,380,564
Net assets consist of:
Paid-in capital	$	668,891,292	$	976,618,797		$	1,703,382,100		$	1,189,424,503
Total distributable earnings (accumulated losses)		5,007,874		(54,448,725	)		(50,469,753	)		956,061
Net assets	$	673,899,166	$	922,170,072		$	1,652,912,347		$	1,190,380,564
Net assets by class:
Class A	$	556,773,239	$	737,030,610		$	1,322,807,164		$	943,591,851
Class C		100,778,628		152,226,566			270,582,856			202,719,895
Class I		15,489,896		31,481,585			57,669,436			41,433,486
Class R		857,403		1,431,311			1,852,891			2,635,332
Class R4		—		—			—			—
Shares outstanding (unlimited shares, no par value):
Class A		54,590,823		68,770,390			126,019,197			90,646,823
Class C		9,961,732		14,636,754			25,490,921			19,324,113
Class I		1,514,068		2,941,205			5,504,212			3,986,731
Class R		83,085		134,677			176,799			254,212
Class R4		—		—			—			—
Net asset value per share: (B)
Class A	$	10.20	$	10.72		$	10.50		$	10.41
Class C		10.12		10.40			10.61			10.49
Class I		10.23		10.70			10.48			10.39
Class R		10.32		10.63			10.48			10.37
Class R4		—		—			—			—
Maximum offering price per share: (C)
Class A	$	10.79	$	11.34		$	11.11		$	11.02
(A)      Affiliated investments, at cost	$	665,237,092	$	987,351,212		$	1,700,667,266		$	1,187,718,985

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

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

Transamerica Funds Semi-Annual Report 2020

Page    16

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Asset Allocation Intermediate Horizon			Transamerica Asset Allocation Long Horizon			Transamerica Asset Allocation Short Horizon
Assets:
Affiliated investments, at value (A)	$	295,776,596		$	159,928,007		$	125,019,250
Receivables and other assets:
Affiliated investments sold		12,898			1,558,002			385,665
Shares of beneficial interest sold		5,497			—			485
Dividends		88,868			14,514			57,552
Total assets		295,883,859			161,500,523			125,462,952
Liabilities:
Payables and other liabilities:
Affiliated investments purchased		110,135			1,504,638			268,816
Shares of beneficial interest redeemed		—			68,422			176,778
Investment management fees		23,931			12,259			10,121
Distribution and service fees		118,134			59,994			50,125
Transfer agent fees		54			46			17
Total liabilities		252,254			1,645,359			505,857
Net assets	$	295,631,605		$	159,855,164		$	124,957,095
Net assets consist of:
Paid-in capital	$	300,045,494		$	166,849,563		$	124,307,096
Total distributable earnings (accumulated losses)		(4,413,889	)		(6,994,399	)		649,999
Net assets	$	295,631,605		$	159,855,164		$	124,957,095
Net assets by class:
Class R	$	286,478,778		$	151,889,932		$	122,146,020
Class R4		9,152,827			7,965,232			2,811,075
Shares outstanding (unlimited shares, no par value):
Class R		29,603,932			17,374,270			12,072,056
Class R4		945,758			909,960			277,769
Net asset value per share: (B)
Class R		9.68		$	8.74		$	10.12
Class R4		9.68			8.75			10.12
(A)      Affiliated investments, at cost	$	302,671,199		$	172,788,420		$	123,815,739

(B) Net asset value per share for Class R and R4 Class Shares represents offering price.

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

Transamerica Funds Semi-Annual Report 2020

Page    17

STATEMENTS OF OPERATIONS

For the period ended April 30, 2020

(unaudited)

	Transamerica Asset Allocation – Conservative Portfolio			Transamerica Asset Allocation – Growth Portfolio			Transamerica Asset Allocation – Moderate Growth Portfolio			Transamerica Asset Allocation – Moderate Portfolio
Investment Income:
Dividend income from affiliated investments	$	12,416,355		$	16,791,099		$	30,516,509		$	22,230,673
Total investment income		12,416,355			16,791,099			30,516,509			22,230,673
Expenses:
Investment management fees		437,187			645,534			1,120,070			793,668
Distribution and service fees:
Class A		729,829			1,037,393			1,803,454			1,263,307
Class C		566,421			915,257			1,588,160			1,183,603
Class R		2,122			4,269			4,945			7,235
Class R4		—			—			—			—
Transfer agent fees
Class A		221,584			562,794			776,294			454,705
Class C		62,300			159,142			225,795			145,776
Class I		8,562			21,459			35,270			24,259
Class R		727			1,170			1,607			1,268
Class R4		—			—			—			—
Trustees, CCO and deferred compensation fees		9,271			14,090			24,101			16,924
Audit and tax fees		13,153			15,007			19,185			16,277
Custody fees		11,119			12,292			20,110			15,711
Legal fees		17,097			25,518			44,045			31,218
Printing and shareholder reports fees		29,220			60,078			93,374			59,398
Registration fees		46,545			47,675			53,337			47,724
Other		16,269			22,300			35,856			26,545
Total expenses		2,171,406			3,543,978			5,845,603			4,087,618
Expenses waived and/or reimbursed:
Class R		—			—			—			—
Class R4		—			—			—			—
Net expenses		2,171,406			3,543,978			5,845,603			4,087,618
Net investment income (loss)		10,244,949			13,247,121			24,670,906			18,143,055
Net realized gain (loss) on:
Affiliated investments		(9,770,085	)		(23,689,270	)		(35,341,140	)		(20,644,403	)
Capital gain distributions received from affiliated investment companies		11,466,067			51,760,644			63,453,990			30,572,091
Net realized gain (loss)		1,695,982			28,071,374			28,112,850			9,927,688
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(26,076,557	)		(150,786,891	)		(171,978,094	)		(79,852,699	)
Net realized and change in unrealized gain (loss)		(24,380,575	)		(122,715,517	)		(143,865,244	)		(69,925,011	)
Net increase (decrease) in net assets resulting from operations	$	(14,135,626	)	$	(109,468,396	)	$	(119,194,338	)	$	(51,781,956	)

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

Transamerica Funds Semi-Annual Report 2020

Page    18

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2020

(unaudited)

	Transamerica Asset Allocation Intermediate Horizon			Transamerica Asset Allocation Long Horizon			Transamerica Asset Allocation Short Horizon
Investment Income:
Dividend income from affiliated investments	$	4,662,771		$	2,569,417		$	1,893,106
Total investment income		4,662,771			2,569,417			1,893,106
Expenses:
Investment management fees		195,913			105,998			77,703
Distribution and service fees:
Class R		793,115			420,412			316,846
Class R4		11,592			10,624			3,458
Transfer agent fees
Class R4		348			319			104
Total expenses before waiver and/or reimbursement and recapture		1,000,968			537,353			398,111
Expenses waived and/or reimbursed:
Class R		(31,720	)		(16,814	)		(12,673	)
Class R4		(1,280	)		(1,171	)		(382	)
Net expenses		967,968			519,368			385,056
Net investment income (loss)		3,694,803			2,050,049			1,508,050
Net realized gain (loss) on:
Affiliated investments		154,043			366,522			162,163
Capital gain distributions received from affiliated investment companies		10,160,009			9,179,263			790,877
Net realized gain (loss)		10,314,052			9,545,785			953,040
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(24,039,017	)		(24,144,863	)		(2,514,870	)
Net realized and change in unrealized gain (loss)		(13,724,965	)		(14,599,078	)		(1,561,830	)
Net increase (decrease) in net assets resulting from operations	$	(10,030,162	)	$	(12,549,029	)	$	(53,780	)

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

Transamerica Funds Semi-Annual Report 2020

Page    19

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio						Transamerica Asset Allocation – Moderate Growth Portfolio
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	10,244,949		$	13,427,908		$	13,247,121		$	9,267,170		$	24,670,906		$	25,391,922
Net realized gain (loss)		1,695,982			12,555,827			28,071,374			74,969,973			28,112,850			86,304,476
Net change in unrealized appreciation (depreciation)		(26,076,557	)		39,152,114			(150,786,891	)		2,819,578			(171,978,094	)		49,135,596
Net increase (decrease) in net assets resulting from operations		(14,135,626	)		65,135,849			(109,468,396	)		87,056,721			(119,194,338	)		160,831,994
Dividends and/or distributions to shareholders:
Class A		(20,761,742	)		(45,261,784	)		(75,736,117	)		(135,896,039	)		(106,547,745	)		(195,121,983	)
Class B (A)		—			(35,180	)		—			(512,765	)		—			(462,079	)
Class C		(3,655,067	)		(10,966,664	)		(15,654,701	)		(40,999,649	)		(20,296,611	)		(56,261,966	)
Class I		(579,979	)		(1,340,469	)		(3,821,326	)		(7,375,144	)		(5,178,671	)		(10,134,841	)
Class R		(27,435	)		(69,293	)		(149,077	)		(293,698	)		(135,419	)		(396,269	)
Class T1 (B)		—			(647	)		—			(1,600	)		—			(1,321	)
Advisor Class (B)		—			(647	)		—			(5,599	)		—			(1,338	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(25,024,223	)		(57,674,684	)		(95,361,221	)		(185,084,494	)		(132,158,446	)		(262,379,797	)
Capital share transactions:
Proceeds from shares sold:
Class A		16,457,529			28,963,268			17,778,375			36,257,491			24,228,781			46,324,431
Class B (A)		—			11,521			—			2,255			—			5,015
Class C		5,163,756			8,791,352			7,503,329			16,951,553			9,633,327			23,965,320
Class I		3,927,588			11,577,719			5,897,991			13,538,297			8,091,321			27,082,103
Class R		58,393			134,973			85,283			295,490			124,648			503,375
		25,607,266			49,478,833			31,264,978			67,045,086			42,078,077			97,880,244
Dividends and/or distributions reinvested:
Class A		19,975,854			43,684,623			72,589,536			129,511,175			101,157,997			184,646,010
Class B (A)		—			34,951			—			512,305			—			461,664
Class C		3,383,383			10,145,062			15,089,131			39,455,295			19,458,804			53,988,459
Class I		565,205			1,288,926			3,676,214			7,047,376			5,084,966			9,949,259
Class R		24,805			56,290			147,115			266,275			128,763			319,796
Class T1 (B)		—			647			—			1,600			—			1,321
Advisor Class (B)		—			647			—			5,599			—			1,338
		23,949,247			55,211,146			91,501,996			176,799,625			125,830,530			249,367,847
Cost of shares redeemed:
Class A		(68,643,717	)		(167,067,908	)		(93,863,200	)		(198,248,806	)		(165,658,045	)		(332,908,342	)
Class B (A)		—			(73,060	)		—			(161,880	)		—			(288,392	)
Class C		(17,066,548	)		(43,105,555	)		(26,571,912	)		(72,930,866	)		(39,506,551	)		(134,146,645	)
Class I		(4,527,383	)		(16,518,577	)		(13,276,711	)		(24,238,418	)		(18,756,722	)		(41,954,731	)
Class R		(35,374	)		(696,020	)		(414,730	)		(660,051	)		(214,865	)		(1,824,293	)
Class T1 (B)		—			(10,640	)		—			(11,046	)		—			(10,875	)
Advisor Class (B)		—			(10,670	)		—			(38,415	)		—			(10,935	)
		(90,273,022	)		(227,482,430	)		(134,126,553	)		(296,289,482	)		(224,136,183	)		(511,144,213	)
Automatic conversions:
Class A		—			652,159			—			4,046,336			—			4,518,725
Class B (A)		—			(652,159	)		—			(4,046,336	)		—			(4,518,725	)
		—			—			—			—			—			—
Automatic conversions:
Class A		10,841,612			35,687,849			14,932,821			62,246,676			31,583,865			111,934,138
Class C		(10,841,612	)		(35,687,849	)		(14,932,821	)		(62,246,676	)		(31,583,865	)		(111,934,138	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(40,716,509	)		(122,792,451	)		(11,359,579	)		(52,444,771	)		(56,227,576	)		(163,896,122	)
Net increase (decrease) in net assets		(79,876,358	)		(115,331,286	)		(216,189,196	)		(150,472,544	)		(307,580,360	)		(265,443,925	)
Net assets:
Beginning of period/year		753,775,524			869,106,810			1,138,359,268			1,288,831,812			1,960,492,707			2,225,936,632
End of period/year	$	673,899,166		$	753,775,524		$	922,170,072		$	1,138,359,268		$	1,652,912,347		$	1,960,492,707

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

Transamerica Funds Semi-Annual Report 2020

Page    20

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio						Transamerica Asset Allocation – Moderate Growth Portfolio
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		1,599,301			2,786,794			1,525,309			2,899,234			2,156,823			4,030,806
Class B (A)		—			1,136			—			183			—			432
Class C		504,575			856,612			665,954			1,390,607			844,650			2,053,178
Class I		373,745			1,106,966			482,760			1,063,363			699,989			2,310,244
Class R		5,472			12,935			7,410			23,660			10,731			43,646
		2,483,093			4,764,443			2,681,433			5,377,047			3,712,193			8,438,306
Shares reinvested:
Class A		1,896,762			4,421,852			5,774,824			11,615,352			8,675,643			17,501,991
Class B (A)		—			3,565			—			46,071			—			42,046
Class C		322,028			1,041,298			1,233,780			3,636,433			1,646,261			5,064,583
Class I		53,598			129,883			293,159			633,757			437,228			945,747
Class R		2,325			5,651			11,798			24,075			11,053			30,399
Class T1 (B)		—			66			—			143			—			125
Advisor Class (B)		—			66			—			500			—			127
		2,274,713			5,602,381			7,313,561			15,956,331			10,770,185			23,585,018
Shares redeemed:
Class A		(6,632,132	)		(15,975,739	)		(7,975,767	)		(15,657,203	)		(14,734,814	)		(28,429,441	)
Class B (A)		—			(7,013	)		—			(12,478	)		—			(23,779	)
Class C		(1,653,500	)		(4,158,158	)		(2,316,004	)		(5,936,156	)		(3,487,023	)		(11,358,274	)
Class I		(434,549	)		(1,569,598	)		(1,169,054	)		(1,924,024	)		(1,680,466	)		(3,596,197	)
Class R		(3,241	)		(65,025	)		(35,099	)		(51,344	)		(18,607	)		(157,173	)
Class T1 (B)		—			(1,035	)		—			(885	)		—			(946	)
Advisor Class (B)		—			(1,035	)		—			(3,082	)		—			(954	)
		(8,723,422	)		(21,777,603	)		(11,495,924	)		(23,585,172	)		(19,920,910	)		(43,566,764	)
Automatic conversions:
Class A		—			62,536			—			318,331			—			386,203
Class B (A)		—			(62,587	)		—			(320,045	)		—			(372,463	)
		—			(51	)		—			(1,714	)		—			13,740
Automatic conversions:
Class A		1,039,907			3,401,919			1,249,103			4,880,226			2,818,478			9,541,413
Class C		(1,048,851	)		(3,431,499	)		(1,287,393	)		(5,033,825	)		(2,790,407	)		(9,489,350	)
		(8,944	)		(29,580	)		(38,290	)		(153,599	)		28,071			52,063
Net increase (decrease) in shares outstanding:
Class A		(2,096,162	)		(5,302,638	)		573,469			4,055,940			(1,083,870	)		3,030,972
Class B (A)		—			(64,899	)		—			(286,269	)		—			(353,764	)
Class C		(1,875,748	)		(5,691,747	)		(1,703,663	)		(5,942,941	)		(3,786,519	)		(13,729,863	)
Class I		(7,206	)		(332,749	)		(393,135	)		(226,904	)		(543,249	)		(340,206	)
Class R		4,556			(46,439	)		(15,891	)		(3,609	)		3,177			(83,128	)
Class T1 (B)		—			(969	)		—			(742	)		—			(821	)
Advisor Class (B)		—			(969	)		—			(2,582	)		—			(827	)
		(3,974,560	)		(11,440,410	)		(1,539,220	)		(2,407,107	)		(5,410,461	)		(11,477,637	)

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

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

Transamerica Funds Semi-Annual Report 2020

Page    21

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation – Moderate Portfolio						Transamerica Asset Allocation Intermediate Horizon						Transamerica Asset Allocation Long Horizon
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	18,143,055		$	21,819,836		$	3,694,803		$	8,401,789		$	2,050,049		$	4,472,911
Net realized gain (loss)		9,927,688			41,511,042			10,314,052			13,390,780			9,545,785			17,066,004
Net change in unrealized appreciation (depreciation)		(79,852,699	)		53,074,922			(24,039,017	)		11,487,816			(24,144,863	)		(1,591,550	)
Net increase (decrease) in net assets resulting from operations		(51,781,956	)		116,405,800			(10,030,162	)		33,280,385			(12,549,029	)		19,947,365
Dividends and/or distributions to shareholders:
Class A		(58,437,305	)		(97,926,773	)		—			—			—			—
Class B (A)		—			(80,583	)		—			—			—			—
Class C		(11,264,030	)		(29,528,153	)		—			—			—			—
Class I		(2,767,894	)		(4,341,322	)		—			—			—			—
Class R		(157,265	)		(385,996	)		(18,894,510	)		(19,664,230	)		(19,176,859	)		(18,105,373	)
Class R4		—			—			(554,759	)		(901,809	)		(962,871	)		(2,388,591	)
Class T1 (B)		—			(939	)		—			—			—			—
Advisor Class (B)		—			(948	)		—			—			—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(72,626,494	)		(132,264,714	)		(19,449,269	)		(20,566,039	)		(20,139,730	)		(20,493,964	)
Capital share transactions:
Proceeds from shares sold:
Class A		18,027,947			44,357,919			—			—			—			—
Class B (A)		—			28,373			—			—			—			—
Class C		6,241,544			15,689,310			—			—			—			—
Class I		8,249,238			22,200,013			—			—			—			—
Class R		253,371			668,340			1,037,865			468,562			843,629			957,908
Class R4		—			—			285,640			698,517			92,929			1,022,362
		32,772,100			82,943,955			1,323,505			1,167,079			936,558			1,980,270
Dividends and/or distributions reinvested:
Class A		55,568,162			93,193,725			—			—			—			—
Class B (A)		—			80,561			—			—			—			—
Class C		10,681,675			27,987,898			—			—			—			—
Class I		2,685,924			4,155,278			—			—			—			—
Class R		151,836			306,789			18,894,510			19,664,230			19,176,859			18,105,373
Class R4		—			—			554,759			901,809			962,871			2,388,591
Class T1 (B)		—			939			—			—			—			—
Advisor Class (B)		—			948			—			—			—			—
		69,087,597			125,726,138			19,449,269			20,566,039			20,139,730			20,493,964
Cost of shares redeemed:
Class A		(122,018,098	)		(263,016,042	)		—			—			—			—
Class B (A)		—			(92,318	)		—			—			—			—
Class C		(35,589,935	)		(111,144,409	)		—			—			—			—
Class I		(14,530,416	)		(24,733,916	)		—			—			—			—
Class R		(551,572	)		(2,116,311	)		(36,913,946	)		(57,297,281	)		(14,400,465	)		(32,181,999	)
Class R4		—			—			(186,079	)		(8,462,199	)		(219,222	)		(19,624,099	)
Class T1 (B)		—			(10,739	)		—			—			—			—
Advisor Class (B)		—			(10,781	)		—			—			—			—
		(172,690,021	)		(401,124,516	)		(37,100,025	)		(65,759,480	)		(14,619,687	)		(51,806,098	)
Automatic conversions:
Class A		—			1,287,957			—			—			—			—
Class B (A)		—			(1,287,957	)		—			—			—			—
		—			—			—			—			—			—
Automatic conversions:
Class A		23,688,908			76,379,755			—			—			—			—
Class C		(23,688,908	)		(76,379,755	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(70,830,324	)		(192,454,423	)		(16,327,251	)		(44,026,362	)		6,456,601			(29,331,864	)
Net increase (decrease) in net assets		(195,238,774	)		(208,313,337	)		(45,806,682	)		(31,312,016	)		(26,232,158	)		(29,878,463	)
Net assets:
Beginning of period/year		1,385,619,338			1,593,932,675			341,438,287			372,750,303			186,087,322			215,965,785
End of period/year	$	1,190,380,564		$	1,385,619,338		$	295,631,605		$	341,438,287		$	159,855,164		$	186,087,322

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

Transamerica Funds Semi-Annual Report 2020

Page    22

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation – Moderate Portfolio						Transamerica Asset Allocation Intermediate Horizon						Transamerica Asset Allocation Long Horizon
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		1,657,316			4,037,633			—			—			—			—
Class B (A)		—			2,455			—			—			—			—
Class C		564,045			1,416,741			—			—			—			—
Class I		751,012			2,009,704			—			—			—			—
Class R		24,472			60,701			97,811			46,404			82,935			95,289
Class R4		—			—			28,315			69,142			9,646			101,947
		2,996,845			7,527,234			126,126			115,546			92,581			197,236
Shares reinvested:
Class A		4,992,643			9,127,691			—			—			—			—
Class B (A)		—			7,543			—			—			—			—
Class C		949,482			2,722,558			—			—			—			—
Class I		241,758			408,181			—			—			—			—
Class R		13,679			30,166			1,844,060			2,081,178			1,941,049			2,058,634
Class R4		—			—			54,255			95,527			97,427			271,282
Class T1 (B)		—			91			—			—			—			—
Advisor Class (B)		—			93			—			—			—			—
		6,197,562			12,296,323			1,898,315			2,176,705			2,038,476			2,329,916
Shares redeemed:
Class A		(11,256,023	)		(23,729,672	)		—			—			—			—
Class B(A)		—			(7,922	)		—			—			—			—
Class C		(3,252,331	)		(10,003,669	)		—			—			—			—
Class I		(1,334,800	)		(2,240,543	)		—			—			—			—
Class R		(52,359	)		(195,388	)		(3,759,828	)		(5,645,262	)		(1,550,265	)		(3,203,524	)
Class R4		—			—			(18,509	)		(812,685	)		(24,540	)		(1,899,358	)
Class T1 (B)		—			(984	)		—			—			—			—
Advisor Class (B)		—			(992	)		—			—			—			—
		(15,895,513	)		(36,179,170	)		(3,778,337	)		(6,457,947	)		(1,574,805	)		(5,102,882	)
Automatic conversions:
Class A		—			116,286			—			—			—			—
Class B (A)		—			(111,668	)		—			—			—			—
		—			4,618			—			—			—			—
Automatic conversions:
Class A		2,186,993			6,857,680			—			—			—			—
Class C		(2,172,988	)		(6,839,497	)		—			—			—			—
		14,005			18,183			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		(2,419,071	)		(3,590,382	)		—			—			—			—
Class B (A)		—			(109,592	)		—			—			—			—
Class C		(3,911,792	)		(12,703,867	)		—			—			—			—
Class I		(342,030	)		177,342			—			—			—			—
Class R		(14,208	)		(104,521	)		(1,817,957	)		(3,517,680	)		473,719			(1,049,601	)
Class R4		—			—			64,061			(648,016	)		82,533			(1,526,129	)
Class T1 (B)		—			(893	)		—			—			—			—
Advisor Class (B)		—			(899	)		—			—			—			—
		(6,687,101	)		(16,332,812	)		(1,753,896	)		(4,165,696	)		556,252			(2,575,730	)

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

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

Transamerica Funds Semi-Annual Report 2020

Page    23

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation Short Horizon
	April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	1,508,050		$	3,527,942
Net realized gain (loss)		953,040			510,500
Net change in unrealized appreciation (depreciation)		(2,514,870	)		7,310,773
Net increase (decrease) in net assets resulting from operations		(53,780	)		11,349,215
Dividends and/or distributions to shareholders:
Class R		(2,154,001	)		(3,903,449	)
Class R4		(50,231	)		(97,873	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(2,204,232	)		(4,001,322	)
Capital share transactions:
Proceeds from shares sold:
Class R		925,465			1,892,149
Class R4		114,081			253,085
		1,039,546			2,145,234
Dividends and/or distributions reinvested:
Class R		2,154,001			3,903,449
Class R4		50,231			97,873
		2,204,232			4,001,322
Cost of shares redeemed:
Class R		(9,773,499	)		(24,046,669	)
Class R4		(68,787	)		(918,919	)
		(9,842,286	)		(24,965,588	)
Net increase (decrease) in net assets resulting from capital share transactions		(6,598,508	)		(18,819,032	)
Net increase (decrease) in net assets		(8,856,520	)		(11,471,139	)
Net assets:
Beginning of period/year		133,813,615			145,284,754
End of period/year	$	124,957,095		$	133,813,615
Capital share transactions - shares:
Shares issued:
Class R		91,020			189,895
Class R4		11,041			25,168
		102,061			215,063
Shares reinvested:
Class R		213,544			395,283
Class R4		4,988			9,904
		218,532			405,187
Shares redeemed:
Class R		(968,119	)		(2,410,230	)
Class R4		(6,644	)		(89,902	)
		(974,763	)		(2,500,132	)
Net increase (decrease) in shares outstanding:
Class R		(663,555	)		(1,825,052	)
Class R4		9,385			(54,830	)
		(654,170	)		(1,879,882	)

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

Transamerica Funds Semi-Annual Report 2020

Page    24

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.76		$	10.67		$	11.59		$	11.18		$	11.40		$	12.38
Investment operations:
Net investment income (loss) (A)		0.16			0.19			0.25			0.24			0.23	(B)		0.23
Net realized and unrealized gain (loss)		(0.34	)		0.65			(0.43	)		0.71			0.18			(0.11	)
Total investment operations		(0.18	)		0.84			(0.18	)		0.95			0.41			0.12
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.18	)		(0.25	)		(0.25	)		(0.25	)		(0.23	)
Net realized gains		(0.19	)		(0.57	)		(0.49	)		(0.29	)		(0.38	)		(0.87	)
Total dividends and/or distributions to shareholders		(0.38	)		(0.75	)		(0.74	)		(0.54	)		(0.63	)		(1.10	)
Net asset value, end of period/year	$	10.20		$	10.76		$	10.67		$	11.59		$	11.18		$	11.40
Total return (C)		(1.83	)%(D)		8.64	%		(1.77	)%		8.78	%		3.83	%		1.07	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	556,773		$	610,131		$	661,621		$	734,113		$	622,495		$	449,574
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.49	%(F)		0.49	%		0.47	%		0.47	%		0.48	%		0.51	%
Including waiver and/or reimbursement and recapture		0.49	%(F)		0.49	%		0.47	%		0.47	%		0.47	%(B)		0.51	%
Net investment income (loss) to average net assets		2.98	%(F)		1.81	%		2.21	%		2.15	%		2.12	%(B)		1.94	%
Portfolio turnover rate		10	%(D)		4	%		20	%		18	%		4	%		11	%

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

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.68		$	10.59		$	11.49		$	11.08		$	11.30		$	12.29
Investment operations:
Net investment income (loss) (A)		0.12			0.11			0.16			0.17			0.17	(B)		0.15
Net realized and unrealized gain (loss)		(0.35	)		0.65			(0.42	)		0.69			0.16			(0.12	)
Total investment operations		(0.23	)		0.76			(0.26	)		0.86			0.33			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.10	)		(0.15	)		(0.16	)		(0.17	)		(0.15	)
Net realized gains		(0.19	)		(0.57	)		(0.49	)		(0.29	)		(0.38	)		(0.87	)
Total dividends and/or distributions to shareholders		(0.33	)		(0.67	)		(0.64	)		(0.45	)		(0.55	)		(1.02	)
Net asset value, end of period/year	$	10.12		$	10.68		$	10.59		$	11.49		$	11.08		$	11.30
Total return (C)		(2.26	)%(D)		7.82	%		(2.46	)%		7.99	%		3.10	%		0.26	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	100,779		$	126,367		$	185,581		$	331,669		$	405,546		$	453,483
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.27	%(F)		1.26	%		1.23	%		1.23	%		1.22	%		1.22	%
Including waiver and/or reimbursement and recapture		1.27	%(F)		1.26	%		1.23	%		1.23	%		1.21	%(B)		1.22	%
Net investment income (loss) to average net assets		2.24	%(F)		1.07	%		1.48	%		1.51	%		1.56	%(B)		1.26	%
Portfolio turnover rate		10	%(D)		4	%		20	%		18	%		4	%		11	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    25

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.80		$	10.70		$	11.62		$	11.21		$	11.42		$	12.40
Investment operations:
Net investment income (loss) (A)		0.17			0.21			0.28			0.28			0.28	(B)		0.27
Net realized and unrealized gain (loss)		(0.35	)		0.67			(0.44	)		0.69			0.16			(0.12	)
Total investment operations		(0.18	)		0.88			(0.16	)		0.97			0.44			0.15
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.21	)		(0.27	)		(0.27	)		(0.27	)		(0.26	)
Net realized gains		(0.19	)		(0.57	)		(0.49	)		(0.29	)		(0.38	)		(0.87	)
Total dividends and/or distributions to shareholders		(0.39	)		(0.78	)		(0.76	)		(0.56	)		(0.65	)		(1.13	)
Net asset value, end of period/year	$	10.23		$	10.80		$	10.70		$	11.62		$	11.21		$	11.42
Total return		(1.81	)%(C)		8.95	%		(1.56	)%		8.97	%		4.13	%		1.33	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	15,490		$	16,423		$	19,845		$	29,213		$	25,946		$	28,126
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.27	%(E)		0.27	%		0.26	%		0.26	%		0.26	%		0.26	%
Including waiver and/or reimbursement and recapture		0.27	%(E)		0.27	%		0.26	%		0.26	%		0.25	%(B)		0.26	%
Net investment income (loss) to average net assets		3.25	%(E)		1.98	%		2.51	%		2.46	%		2.50	%(B)		2.28	%
Portfolio turnover rate		10	%(C)		4	%		20	%		18	%		4	%		11	%

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

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.89		$	10.78		$	11.70		$	11.28		$	11.49		$	12.47
Investment operations:
Net investment income (loss) (A)		0.13			0.15			0.20			0.21			0.22	(B)		0.21
Net realized and unrealized gain (loss)		(0.34	)		0.67			(0.42	)		0.70			0.15			(0.13	)
Total investment operations		(0.21	)		0.82			(0.22	)		0.91			0.37			0.08
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.14	)		(0.21	)		(0.20	)		(0.20	)		(0.19	)
Net realized gains		(0.19	)		(0.57	)		(0.49	)		(0.29	)		(0.38	)		(0.87	)
Total dividends and/or distributions to shareholders		(0.36	)		(0.71	)		(0.70	)		(0.49	)		(0.58	)		(1.06	)
Net asset value, end of period/year	$	10.32		$	10.89		$	10.78		$	11.70		$	11.28		$	11.49
Total return		(2.08	)%(C)		8.28	%		(2.10	)%		8.35	%		3.44	%		0.68	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	857		$	855		$	1,347		$	1,359		$	1,209		$	1,532
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.83	%(E)		0.86	%		0.83	%		0.85	%		0.86	%		0.86	%
Including waiver and/or reimbursement and recapture		0.83	%(E)		0.86	%		0.83	%		0.85	%		0.85	%(B)		0.86	%
Net investment income (loss) to average net assets		2.54	%(E)		1.41	%		1.82	%		1.88	%		1.97	%(B)		1.77	%
Portfolio turnover rate		10	%(C)		4	%		20	%		18	%		4	%		11	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    26

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	13.01		$	14.38		$	16.35		$	14.71		$	15.57		$	16.35
Investment operations:
Net investment income (loss) (A)		0.16			0.11			0.26			0.23			0.23	(B)		0.20
Net realized and unrealized gain (loss)		(1.32	)		0.67			(0.56	)		2.55			0.24			0.23
Total investment operations		(1.16	)		0.78			(0.30	)		2.78			0.47			0.43
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.19	)		(0.32	)		(0.24	)		(0.23	)		(0.22	)
Net realized gains		(0.92	)		(1.96	)		(1.35	)		(0.90	)		(1.10	)		(0.99	)
Total dividends and/or distributions to shareholders		(1.13	)		(2.15	)		(1.67	)		(1.14	)		(1.33	)		(1.21	)
Net asset value, end of period/year	$	10.72		$	13.01		$	14.38		$	16.35		$	14.71		$	15.57
Total return (C)		(10.16	)%(D)		7.89	%		(2.33	)%		20.19	%		3.28	%		2.65	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	737,030		$	887,342		$	922,131		$	830,875		$	727,751		$	729,547
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.55	%(F)		0.54	%		0.51	%		0.52	%		0.53	%		0.53	%
Including waiver and/or reimbursement and recapture		0.55	%(F)		0.54	%		0.51	%		0.52	%		0.52	%(B)		0.53	%
Net investment income (loss) to average net assets		2.63	%(F)		0.90	%		1.65	%		1.53	%		1.63	%(B)		1.26	%
Portfolio turnover rate		11	%(D)		1	%		32	%		9	%		1	%		6	%

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

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	12.59		$	13.88		$	15.82		$	14.26		$	15.13		$	15.92
Investment operations:
Net investment income (loss) (A)		0.11			0.03			0.15			0.13			0.13	(B)		0.08
Net realized and unrealized gain (loss)		(1.29	)		0.64			(0.55	)		2.46			0.21			0.23
Total investment operations		(1.18	)		0.67			(0.40	)		2.59			0.34			0.31
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		—			(0.19	)		(0.13	)		(0.11	)		(0.11	)
Net realized gains		(0.92	)		(1.96	)		(1.35	)		(0.90	)		(1.10	)		(0.99	)
Total dividends and/or distributions to shareholders		(1.01	)		(1.96	)		(1.54	)		(1.03	)		(1.21	)		(1.10	)
Net asset value, end of period/year	$	10.40		$	12.59		$	13.88		$	15.82		$	14.26		$	15.13
Total return (C)		(10.57	)%(D)		7.10	%		(3.03	)%		19.31	%		2.49	%		1.91	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	152,227		$	205,681		$	309,195		$	628,621		$	660,687		$	716,039
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.33	%(F)		1.31	%		1.26	%		1.26	%		1.27	%		1.26	%
Including waiver and/or reimbursement and recapture		1.33	%(F)		1.31	%		1.26	%		1.26	%		1.26	%(B)		1.26	%
Net investment income (loss) to average net assets		1.91	%(F)		0.25	%		1.02	%		0.91	%		0.93	%(B)		0.54	%
Portfolio turnover rate		11	%(D)		1	%		32	%		9	%		1	%		6	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    27

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	13.01		$	14.38		$	16.36		$	14.72		$	15.59		$	16.37
Investment operations:
Net investment income (loss) (A)		0.18			0.16			0.30			0.23			0.28	(B)		0.23
Net realized and unrealized gain (loss)		(1.32	)		0.65			(0.57	)		2.59			0.22			0.25
Total investment operations		(1.14	)		0.81			(0.27	)		2.82			0.50			0.48
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.22	)		(0.36	)		(0.28	)		(0.27	)		(0.27	)
Net realized gains		(0.92	)		(1.96	)		(1.35	)		(0.90	)		(1.10	)		(0.99	)
Total dividends and/or distributions to shareholders		(1.17	)		(2.18	)		(1.71	)		(1.18	)		(1.37	)		(1.26	)
Net asset value, end of period/year	$	10.70		$	13.01		$	14.38		$	16.36		$	14.72		$	15.59
Total return		(10.07	)%(C)		8.19	%		(2.11	)%		20.52	%		3.52	%		2.96	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	31,482		$	43,396		$	51,209		$	56,253		$	32,116		$	34,547
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.27	%(E)		0.27	%		0.26	%		0.26	%		0.26	%		0.26	%
Including waiver and/or reimbursement and recapture		0.27	%(E)		0.27	%		0.26	%		0.26	%		0.25	%(B)		0.26	%
Net investment income (loss) to average net assets		2.99	%(E)		1.25	%		1.95	%		1.50	%		1.96	%(B)		1.48	%
Portfolio turnover rate		11	%(C)		1	%		32	%		9	%		1	%		6	%

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

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	12.89		$	14.22		$	16.20		$	14.57		$	15.45		$	16.24
Investment operations:
Net investment income (loss) (A)		0.14			0.08			0.22			0.18			0.21	(B)		0.15
Net realized and unrealized gain (loss)		(1.31	)		0.67			(0.57	)		2.55			0.20			0.23
Total investment operations		(1.17	)		0.75			(0.35	)		2.73			0.41			0.38
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.12	)		(0.28	)		(0.20	)		(0.19	)		(0.18	)
Net realized gains		(0.92	)		(1.96	)		(1.35	)		(0.90	)		(1.10	)		(0.99	)
Total dividends and/or distributions to shareholders		(1.09	)		(2.08	)		(1.63	)		(1.10	)		(1.29	)		(1.17	)
Net asset value, end of period/year	$	10.63		$	12.89		$	14.22		$	16.20		$	14.57		$	15.45
Total return		(10.30	)%(C)		7.71	%		(2.67	)%		19.94	%		2.90	%		2.29	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,431		$	1,940		$	2,193		$	2,702		$	2,142		$	2,260
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.80	%(E)		0.80	%		0.79	%		0.80	%		0.86	%		0.83	%
Including waiver and/or reimbursement and recapture		0.80	%(E)		0.80	%		0.79	%		0.80	%		0.85	%(B)		0.83	%
Net investment income (loss) to average net assets		2.32	%(E)		0.61	%		1.41	%		1.19	%		1.47	%(B)		0.93	%
Portfolio turnover rate		11	%(C)		1	%		32	%		9	%		1	%		6	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    28

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	12.05		$	12.81		$	14.38		$	13.34		$	13.93		$	15.23
Investment operations:
Net investment income (loss) (A)		0.16			0.16			0.27			0.26			0.23	(B)		0.24
Net realized and unrealized gain (loss)		(0.85	)		0.69			(0.50	)		1.67			0.20			0.05
Total investment operations		(0.69	)		0.85			(0.23	)		1.93			0.43			0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.21	)		(0.30	)		(0.25	)		(0.23	)		(0.27	)
Net realized gains		(0.63	)		(1.40	)		(1.04	)		(0.64	)		(0.79	)		(1.32	)
Total dividends and/or distributions to shareholders		(0.86	)		(1.61	)		(1.34	)		(0.89	)		(1.02	)		(1.59	)
Net asset value, end of period/year	$	10.50		$	12.05		$	12.81		$	14.38		$	13.34		$	13.93
Total return (C)		(6.46	)%(D)		8.37	%		(2.02	)%		15.32	%		3.35	%		1.93	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,322,807		$	1,531,349		$	1,589,016		$	1,434,214		$	1,315,381		$	1,301,591
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.51	%(F)		0.51	%		0.49	%		0.49	%		0.50	%		0.50	%
Including waiver and/or reimbursement and recapture		0.51	%(F)		0.51	%		0.49	%		0.49	%		0.49	%(B)		0.50	%
Net investment income (loss) to average net assets		2.82	%(F)		1.36	%		1.98	%		1.89	%		1.76	%(B)		1.68	%
Portfolio turnover rate		11	%(D)		3	%		32	%		14	%		1	%		7	%

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

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	12.10		$	12.72		$	14.28		$	13.24		$	13.82		$	15.12
Investment operations:
Net investment income (loss) (A)		0.12			0.08			0.18			0.17			0.14	(B)		0.14
Net realized and unrealized gain (loss)		(0.88	)		0.70			(0.52	)		1.65			0.19			0.04
Total investment operations		(0.76	)		0.78			(0.34	)		1.82			0.33			0.18
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.00	)(C)		(0.18	)		(0.14	)		(0.12	)		(0.16	)
Net realized gains		(0.63	)		(1.40	)		(1.04	)		(0.64	)		(0.79	)		(1.32	)
Total dividends and/or distributions to shareholders		(0.73	)		(1.40	)		(1.22	)		(0.78	)		(0.91	)		(1.48	)
Net asset value, end of period/year	$	10.61		$	12.10		$	12.72		$	14.28		$	13.24		$	13.82
Total return (D)		(6.88	)%(E)		7.60	%		(2.82	)%		14.48	%		2.60	%		1.16	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	270,583		$	354,235		$	547,237		$	1,123,771		$	1,286,726		$	1,431,708
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.30	%(G)		1.28	%		1.24	%		1.24	%		1.24	%		1.23	%
Including waiver and/or reimbursement and recapture		1.30	%(G)		1.28	%		1.24	%		1.24	%		1.23	%(B)		1.23	%
Net investment income (loss) to average net assets		2.07	%(G)		0.68	%		1.33	%		1.25	%		1.05	%(B)		0.96	%
Portfolio turnover rate		11	%(E)		3	%		32	%		14	%		1	%		7	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    29

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	12.04		$	12.80		$	14.38		$	13.34		$	13.93		$	15.23
Investment operations:
Net investment income (loss) (A)		0.18			0.19			0.30			0.27			0.27	(B)		0.28
Net realized and unrealized gain (loss)		(0.85	)		0.68			(0.51	)		1.69			0.19			0.05
Total investment operations		(0.67	)		0.87			(0.21	)		1.96			0.46			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.23	)		(0.33	)		(0.28	)		(0.26	)		(0.31	)
Net realized gains		(0.63	)		(1.40	)		(1.04	)		(0.64	)		(0.79	)		(1.32	)
Total dividends and/or distributions to shareholders		(0.89	)		(1.63	)		(1.37	)		(0.92	)		(1.05	)		(1.63	)
Net asset value, end of period/year	$	10.48		$	12.04		$	12.80		$	14.38		$	13.34		$	13.93
Total return		(6.31	)%(C)		8.64	%		(1.84	)%		15.62	%		3.63	%		2.22	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	57,669		$	72,827		$	81,772		$	85,959		$	53,166		$	55,554
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.26	%(E)		0.26	%		0.25	%		0.25	%		0.25	%		0.25	%
Including waiver and/or reimbursement and recapture		0.26	%(E)		0.26	%		0.25	%		0.25	%		0.24	%(B)		0.25	%
Net investment income (loss) to average net assets		3.11	%(E)		1.65	%		2.24	%		1.96	%		2.04	%(B)		1.94	%
Portfolio turnover rate		11	%(C)		3	%		32	%		14	%		1	%		7	%

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

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	11.99		$	12.73		$	14.30		$	13.26		$	13.85		$	15.15
Investment operations:
Net investment income (loss) (A)		0.14			0.13			0.24			0.18			0.21	(B)		0.20
Net realized and unrealized gain (loss)		(0.85	)		0.68			(0.52	)		1.70			0.18			0.05
Total investment operations		(0.71	)		0.81			(0.28	)		1.88			0.39			0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.15	)		(0.25	)		(0.20	)		(0.19	)		(0.23	)
Net realized gains		(0.63	)		(1.40	)		(1.04	)		(0.64	)		(0.79	)		(1.32	)
Total dividends and/or distributions to shareholders		(0.80	)		(1.55	)		(1.29	)		(0.84	)		(0.98	)		(1.55	)
Net asset value, end of period/year	$	10.48		$	11.99		$	12.73		$	14.30		$	13.26		$	13.85
Total return		(6.61	)%(C)		8.08	%		(2.33	)%		15.03	%		3.10	%		1.65	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,853		$	2,082		$	3,268		$	4,246		$	4,483		$	5,262
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.82	%(E)		0.78	%		0.76	%		0.76	%		0.79	%		0.76	%
Including waiver and/or reimbursement and recapture		0.82	%(E)		0.78	%		0.76	%		0.76	%		0.78	%(B)		0.76	%
Net investment income (loss) to average net assets		2.42	%(E)		1.12	%		1.74	%		1.36	%		1.61	%(B)		1.45	%
Portfolio turnover rate		11	%(C)		3	%		32	%		14	%		1	%		7	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    30

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	11.46		$	11.64		$	12.80		$	12.11		$	12.46		$	13.56
Investment operations:
Net investment income (loss) (A)		0.16			0.18			0.26			0.25			0.24	(B)		0.24
Net realized and unrealized gain (loss)		(0.57	)		0.69			(0.47	)		1.08			0.18			(0.06	)
Total investment operations		(0.41	)		0.87			(0.21	)		1.33			0.42			0.18
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.23	)		(0.27	)		(0.23	)		(0.25	)		(0.28	)
Net realized gains		(0.39	)		(0.82	)		(0.68	)		(0.41	)		(0.52	)		(1.00	)
Total dividends and/or distributions to shareholders		(0.64	)		(1.05	)		(0.95	)		(0.64	)		(0.77	)		(1.28	)
Net asset value, end of period/year	$	10.41		$	11.46		$	11.64		$	12.80		$	12.11		$	12.46
Total return (C)		(3.94	)%(D)		8.51	%		(1.89	)%		11.54	%		3.71	%		1.32	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	943,592		$	1,066,485		$	1,124,731		$	1,094,724		$	1,000,707		$	890,270
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.50	%(F)		0.49	%		0.48	%		0.48	%		0.48	%		0.49	%
Including waiver and/or reimbursement and recapture		0.50	%(F)		0.49	%		0.48	%		0.48	%		0.47	%(B)		0.49	%
Net investment income (loss) to average net assets		2.93	%(F)		1.64	%		2.12	%		2.07	%		2.04	%(B)		1.90	%
Portfolio turnover rate		10	%(D)		4	%		25	%		13	%		2	%		10	%

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

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	11.47		$	11.55		$	12.70		$	12.01		$	12.36		$	13.44
Investment operations:
Net investment income (loss) (A)		0.12			0.10			0.17			0.17			0.16	(B)		0.15
Net realized and unrealized gain (loss)		(0.58	)		0.70			(0.48	)		1.06			0.17			(0.05	)
Total investment operations		(0.46	)		0.80			(0.31	)		1.23			0.33			0.10
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.06	)		(0.16	)		(0.13	)		(0.16	)		(0.18	)
Net realized gains		(0.39	)		(0.82	)		(0.68	)		(0.41	)		(0.52	)		(1.00	)
Total dividends and/or distributions to shareholders		(0.52	)		(0.88	)		(0.84	)		(0.54	)		(0.68	)		(1.18	)
Net asset value, end of period/year	$	10.49		$	11.47		$	11.55		$	12.70		$	12.01		$	12.36
Total return (C)		(4.33	)%(D)		7.77	%		(2.68	)%		10.69	%		2.88	%		0.70	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	202,720		$	266,489		$	415,277		$	786,977		$	939,970		$	1,051,486
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.28	%(F)		1.26	%		1.23	%		1.22	%		1.22	%		1.22	%
Including waiver and/or reimbursement and recapture		1.28	%(F)		1.26	%		1.23	%		1.22	%		1.21	%(B)		1.22	%
Net investment income (loss) to average net assets		2.18	%(F)		0.93	%		1.43	%		1.43	%		1.40	%(B)		1.18	%
Portfolio turnover rate		10	%(D)		4	%		25	%		13	%		2	%		10	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    31

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	11.46		$	11.63		$	12.80		$	12.11		$	12.46		$	13.56
Investment operations:
Net investment income (loss) (A)		0.17			0.20			0.29			0.28			0.28	(B)		0.27
Net realized and unrealized gain (loss)		(0.57	)		0.70			(0.48	)		1.08			0.17			(0.06	)
Total investment operations		(0.40	)		0.90			(0.19	)		1.36			0.45			0.21
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.25	)		(0.30	)		(0.26	)		(0.28	)		(0.31	)
Net realized gains		(0.39	)		(0.82	)		(0.68	)		(0.41	)		(0.52	)		(1.00	)
Total dividends and/or distributions to shareholders		(0.67	)		(1.07	)		(0.98	)		(0.67	)		(0.80	)		(1.31	)
Net asset value, end of period/year	$	10.39		$	11.46		$	11.63		$	12.80		$	12.11		$	12.46
Total return		(3.89	)%(C)		8.86	%		(1.73	)%		11.80	%		3.97	%		1.60	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	41,433		$	49,587		$	48,287		$	59,664		$	43,818		$	48,780
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.26	%(E)		0.26	%		0.26	%		0.25	%		0.25	%		0.25	%
Including waiver and/or reimbursement and recapture		0.26	%(E)		0.26	%		0.26	%		0.25	%		0.24	%(B)		0.25	%
Net investment income (loss) to average net assets		3.18	%(E)		1.84	%		2.40	%		2.26	%		2.40	%(B)		2.13	%
Portfolio turnover rate		10	%(C)		4	%		25	%		13	%		2	%		10	%

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

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	11.39		$	11.57		$	12.72		$	12.03		$	12.39		$	13.48
Investment operations:
Net investment income (loss) (A)		0.14			0.17			0.22			0.17			0.21	(B)		0.21
Net realized and unrealized gain (loss)		(0.56	)		0.66			(0.46	)		1.13			0.17			(0.05	)
Total investment operations		(0.42	)		0.83			(0.24	)		1.30			0.38			0.16
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.19	)		(0.23	)		(0.20	)		(0.22	)		(0.25	)
Net realized gains		(0.39	)		(0.82	)		(0.68	)		(0.41	)		(0.52	)		(1.00	)
Total dividends and/or distributions to shareholders		(0.60	)		(1.01	)		(0.91	)		(0.61	)		(0.74	)		(1.25	)
Net asset value, end of period/year	$	10.37		$	11.39		$	11.57		$	12.72		$	12.03		$	12.39
Total return		(4.00	)%(C)		8.21	%		(2.08	)%		11.20	%		3.40	%		1.17	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,635		$	3,058		$	4,313		$	4,693		$	5,256		$	5,470
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.74	%(E)		0.74	%		0.73	%		0.73	%		0.74	%		0.73	%
Including waiver and/or reimbursement and recapture		0.74	%(E)		0.74	%		0.73	%		0.73	%		0.72	%(B)		0.73	%
Net investment income (loss) to average net assets		2.65	%(E)		1.54	%		1.82	%		1.38	%		1.80	%(B)		1.67	%
Portfolio turnover rate		10	%(C)		4	%		25	%		13	%		2	%		10	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    32

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Asset Allocation Intermediate Horizon
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.57		$	10.22		$	10.38		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.24			0.16			0.05
Net realized and unrealized gain (loss)		(0.39	)		0.69			(0.16	)		0.37
Total investment operations		(0.28	)		0.93			—			0.42
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.24	)		(0.16	)		(0.04	)
Net realized gains		(0.49	)		(0.34	)		—			—
Total dividends and/or distributions to shareholders		(0.61	)		(0.58	)		(0.16	)		(0.04	)
Net asset value, end of period/year	$	9.68		$	10.57		$	10.22		$	10.38
Total return		(2.95	)%(C)		9.85	%		(0.07	)%		4.24	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	286,479		$	332,117		$	357,118		$	424,721
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.62	%(E)		0.62	%		0.62	%		0.62	%(E)
Including waiver and/or reimbursement and recapture		0.60	%(E)		0.60	%		0.60	%		0.60	%(E)
Net investment income (loss) to average net assets		2.26	%(E)		2.35	%		1.51	%		0.99	%(E)
Portfolio turnover rate		29	%(C)		35	%		27	%		26	%(C)

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

For a share outstanding during the periods and years indicated:	Transamerica Asset Allocation Intermediate Horizon
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.57		$	10.22		$	10.38		$	9.58		$	9.23		$	9.35		$	9.16
Investment operations:
Net investment income (loss) (D)		0.13			0.26			0.18			0.13			0.18			0.15			0.20
Net realized and unrealized gain (loss)		(0.40	)		0.69			(0.16	)		0.78			0.35			(0.12	)		0.21
Total investment operations		(0.27	)		0.95			0.02			0.91			0.53			0.03			0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.26	)		(0.18	)		(0.11	)		(0.18	)		(0.15	)		(0.22	)
Net realized gains		(0.49	)		(0.34	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.62	)		(0.60	)		(0.18	)		(0.11	)		(0.18	)		(0.15	)		(0.22	)
Net asset value, end of period/year	$	9.68		$	10.57		$	10.22		$	10.38		$	9.58		$	9.23		$	9.35
Total return		(2.81	)%(E)		10.10	%		0.18	%		9.53	%(E)		5.74	%		0.26	%		4.50	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,153		$	9,321		$	15,632		$	20,852		$	78,806		$	79,613		$	92,989
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.38	%(G)		0.38	%		0.38	%		0.21	%(G)		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%(G)		0.35	%		0.35	%		0.20	%(G)		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets		2.50	%(G)		2.60	%		1.73	%		1.37	%(G)		1.88	%		1.57	%		2.19	%
Portfolio turnover rate		29	%(E)		35	%		27	%		26	%(E)		45	%		42	%		76	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    33

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Asset Allocation Long Horizon
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.50		$	10.64		$	10.68		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.22			0.10			0.01
Net realized and unrealized gain (loss)		(0.71	)		0.68			(0.05	)(C)		0.68
Total investment operations		(0.60	)		0.90			0.05			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.23	)		(0.09	)		(0.01	)
Net realized gains		(1.04	)		(0.81	)		—			—
Total dividends and/or distributions to shareholders		(1.16	)		(1.04	)		(0.09	)		(0.01	)
Net asset value, end of period/year	$	8.74		$	10.50		$	10.64		$	10.68
Total return		(7.03	)%(D)		10.28	%		0.47	%		6.90	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	151,890		$	177,392		$	190,928		$	225,869
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.62	%(F)		0.62	%		0.62	%		0.62	%(F)
Including waiver and/or reimbursement and recapture		0.60	%(F)		0.60	%		0.60	%		0.60	%(F)
Net investment income (loss) to average net assets		2.31	%(F)		2.16	%		0.86	%		0.14	%(F)
Portfolio turnover rate		26	%(D)		40	%		30	%		35	%(D)

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

For a share outstanding during the periods and years indicated:	Transamerica Asset Allocation Long Horizon
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.51		$	10.64		$	10.68		$	9.38		$	8.87		$	8.92		$	8.71
Investment operations:
Net investment income (loss) (D)		0.12			0.25			0.12			0.06			0.11			0.11			0.17
Net realized and unrealized gain (loss)		(0.71	)		0.67			(0.04	)(E)		1.31			0.51			(0.05	)		0.22
Total investment operations		(0.59	)		0.92			0.08			1.37			0.62			0.06			0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.24	)		(0.12	)		(0.07	)		(0.11	)		(0.11	)		(0.18	)
Net realized gains		(1.04	)		(0.81	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(1.17	)		(1.05	)		(0.12	)		(0.07	)		(0.11	)		(0.11	)		(0.18	)
Net asset value, end of period/year	$	8.75		$	10.51		$	10.64		$	10.68		$	9.38		$	8.87		$	8.92
Total return		(6.90	)%(F)		10.57	%		0.72	%		14.69	%(F)		7.07	%		0.63	%		4.55	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,965		$	8,695		$	25,038		$	32,618		$	28,489		$	28,659		$	35,325
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.38	%(H)		0.38	%		0.38	%		0.28	%(H)		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%(H)		0.35	%		0.35	%		0.26	%(H)		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets		2.53	%(H)		2.47	%		1.09	%		0.64	%(H)		1.29	%		1.19	%		1.98	%
Portfolio turnover rate		26	%(F)		40	%		30	%		35	%(F)		28	%		43	%		69	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    34

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Asset Allocation Short Horizon
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.29		$	9.76		$	10.10		$	10.00
Investment operations:
Net investment income (loss) (B)		0.12			0.25			0.22			0.08
Net realized and unrealized gain (loss)		(0.12	)		0.57			(0.34	)		0.09
Total investment operations		—			0.82			(0.12	)		0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.26	)		(0.22	)		(0.07	)
Net realized gains		(0.05	)		(0.03	)		—			—
Total dividends and/or distributions to shareholders		(0.17	)		(0.29	)		(0.22	)		(0.07	)
Net asset value, end of period/year	$	10.12		$	10.29		$	9.76		$	10.10
Total return		0.05	%(C)		8.51	%		(1.21	)%		1.72	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	122,146		$	131,052		$	142,129		$	181,866
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.62	%(E)		0.62	%		0.62	%		0.62	%(E)
Including waiver and/or reimbursement and recapture		0.60	%(E)		0.60	%		0.60	%		0.60	%(E)
Net investment income (loss) to average net assets		2.32	%(E)		2.53	%		2.21	%		1.77	%(E)
Portfolio turnover rate		15	%(C)		26	%		52	%		22	%(C)

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

For a share outstanding during the periods and years indicated:	Transamerica Asset Allocation Short Horizon
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.29		$	9.76		$	10.10		$	9.81		$	9.63		$	9.92		$	9.80
Investment operations:
Net investment income (loss) (D)		0.13			0.28			0.23			0.17			0.25			0.21			0.25
Net realized and unrealized gain (loss)		(0.12	)		0.57			(0.33	)		0.28			0.18			(0.28	)		0.14
Total investment operations		0.01			0.85			(0.10	)		0.45			0.43			(0.07	)		0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.29	)		(0.24	)		(0.16	)		(0.25	)		(0.22	)		(0.27	)
Net realized gains		(0.05	)		(0.03	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.18	)		(0.32	)		(0.24	)		(0.16	)		(0.25	)		(0.22	)		(0.27	)
Net asset value, end of period/year	$	10.12		$	10.29		$	9.76		$	10.10		$	9.81		$	9.63		$	9.92
Total return		0.18	%(E)		8.78	%		(1.01	)%		4.49	%(E)		4.48	%		(0.72	)%		4.07	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,811		$	2,762		$	3,156		$	6,959		$	11,896		$	12,349		$	17,622
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.38	%(G)		0.38	%		0.38	%		0.23	%(G)		0.10	%		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%(G)		0.35	%		0.35	%		0.22	%(G)		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets		2.59	%(G)		2.75	%		2.30	%		1.98	%(G)		2.53	%		2.07	%		2.55	%
Portfolio turnover rate		15	%(E)		26	%		52	%		22	%(E)		49	%		60	%		133	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    35

NOTES TO FINANCIAL STATEMENTS

At April 30, 2020

(unaudited)

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,C,I,R
Transamerica Asset Allocation – Growth Portfolio (“Asset Allocation – Growth”)	A,C,I,R
Transamerica Asset Allocation – Moderate Growth Portfolio (“Asset Allocation – Moderate Growth”)	A,C,I,R
Transamerica Asset Allocation – Moderate Portfolio (“Asset Allocation – Moderate”)	A,C,I,R
Transamerica Asset Allocation Intermediate Horizon (“Intermediate Horizon”)	R,R4
Transamerica Asset Allocation Long Horizon (“Long Horizon”)	R,R4
Transamerica Asset Allocation Short Horizon (“Short Horizon”)	R,R4

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective September 16, 2018, Class C shares will convert to Class A shares ten years from the date of purchase.

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

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

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

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

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;

Transamerica Funds Semi-Annual Report 2020

Page    36

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

1. ORGANIZATION (continued)

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

There were no commissions recaptured during the period ended April 30, 2020 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. INVESTMENT 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 Semi-Annual Report 2020

Page    37

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

3. INVESTMENT VALUATION (continued)

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include 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 April 30, 2020, is disclosed within the Investment 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.

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

4. SECURITIES AND OTHER INVESTMENTS

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

Restricted securities held at April 30, 2020, if any, are identified within the Schedule of Investments.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2020, the Funds have not utilized the program.

Transamerica Funds Semi-Annual Report 2020

Page    38

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

6. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

Market risk: The market prices of a Fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as overall economic trends or events, government actions or interventions, market disruptions caused by trade disputes or other factors, political factors or adverse investor sentiment. The market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. If the market prices of the securities owned by a Fund fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. The COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, a Fund’s exposure to the risks described in the Fund’s prospectus will likely increase. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund’s investments may be negatively affected.

Recent events risk: The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of a Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, may not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.

7. FEES AND OTHER AFFILIATED TRANSACTIONS

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

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

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

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

Transamerica Funds Semi-Annual Report 2020

Page    39

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

As of April 30, 2020, 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	$	606,509		0.09	%
Asset Allocation – Growth		—		—
Asset Allocation – Moderate Growth		2,644,660		0.16
Asset Allocation – Moderate		595,190		0.05

Fund	Account Balance		Percentage of Net Assets
Intermediate Horizon	$	295,631,605		100.00	%
Long Horizon		159,855,164		100.00
Short Horizon		124,957,095		100.00

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

Fund	Rate
Intermediate Horizon	0.1200 %
Long Horizon	0.1200
Short Horizon	0.1200

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Asset Allocation – Conservative
Class A		0.60	%		March 1, 2021
Class C		1.35			March 1, 2021
Class I		0.35			March 1, 2021
Class R		0.95			March 1, 2021
Asset Allocation – Growth
Class A		0.60			March 1, 2021
Class C		1.35			March 1, 2021
Class I		0.35			March 1, 2021
Class R		0.95			March 1, 2021
Asset Allocation – Moderate Growth
Class A		0.60			March 1, 2021
Class C		1.35			March 1, 2021
Class I		0.35			March 1, 2021
Class R		0.85			March 1, 2021

Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Asset Allocation – Moderate
Class A		0.60	%		March 1, 2021
Class C		1.35			March 1, 2021
Class I		0.35			March 1, 2021
Class R		0.85			March 1, 2021
Intermediate Horizon
Class R		0.60			March 1, 2021
Class R4		0.35			March 1, 2021
Long Horizon
Class R		0.60			March 1, 2021
Class R4		0.35			March 1, 2021
Short Horizon
Class R		0.60			March 1, 2021
Class R4		0.35			March 1, 2021

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2020 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

Transamerica Funds Semi-Annual Report 2020

Page    40

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

TAM, on a voluntary and/or contractual basis and in addition to the operating expense limits 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 discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the years ended October 31, 2017, October 31, 2018 and October 31, 2019 and the period ended April 30, 2020, 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 period.

	Amounts Available
Fund	2017		2018		2019		2020		Total
Intermediate Horizon
Class R (A)	$	39,740	$	80,174	$	68,279	$	31,720	$	219,913
Class R4 (B)		4,827		5,229		4,035		1,280		15,371
Long Horizon
Class R (A)		21,588		43,609		36,449		16,814		118,460
Class R4 (B)		5,223		8,135		6,110		1,171		20,639
Short Horizon
Class R (A)		17,323		32,572		27,172		12,673		89,740
Class R4 (B)		973		1,502		880		382		3,737

(A)	Class R commenced operations on May 19, 2017.
(B)	Class R4 was not subject to recapture prior to May 19, 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 A		0.25	%
Class C		1.00
Class R		0.50
Class R4		0.25

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

Shareholder fees: Class A shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2020, 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	$	153,806	$	153
Class C		—		2,690
Asset Allocation – Growth
Class A		306,034		4,345
Class C		—		9,850

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Asset Allocation – Moderate Growth
Class A	$	394,385	$	22,102
Class C		—		9,940
Asset Allocation – Moderate
Class A		251,115		7,337
Class C		—		5,330

Transamerica Funds Semi-Annual Report 2020

Page    41

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

7. 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 period ended April 30, 2020, 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	$	282,905	$	54,602
Asset Allocation – Growth		729,161		154,733
Asset Allocation – Moderate Growth		1,012,399		211,571
Asset Allocation – Moderate		607,218		122,872
Intermediate Horizon		348		54
Long Horizon		319		46
Short Horizon		104		17

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 period ended April 30, 2020, 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 investment manager or sub-adviser(s) for the period ended April 30, 2020.

8. PURCHASES AND SALES OF SECURITIES

For the period ended April 30, 2020, 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	$	70,759,726	$	139,039,914
Asset Allocation – Growth		112,180,478		223,183,445
Asset Allocation – Moderate Growth		210,405,417		405,067,644
Asset Allocation – Moderate		133,503,118		280,824,979
Intermediate Horizon		94,530,308		131,303,657
Long Horizon		45,520,157		59,741,618
Short Horizon		20,133,697		29,329,020

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.

Transamerica Funds Semi-Annual Report 2020

Page    42

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

As of April 30, 2020, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Asset Allocation – Conservative	$	665,237,092	$	34,841,540	$	(25,930,128	)	$	8,911,412
Asset Allocation – Growth		987,351,212		50,966,298		(115,485,383	)		(64,519,085	)
Asset Allocation – Moderate Growth		1,700,667,266		96,761,089		(143,316,036	)		(46,554,947	)
Asset Allocation – Moderate		1,187,718,985		72,692,935		(68,966,235	)		3,726,700
Intermediate Horizon		302,671,199		12,069,945		(18,964,548	)		(6,894,603	)
Long Horizon		172,788,420		6,174,656		(19,035,069	)		(12,860,413	)
Short Horizon		123,815,739		4,549,522		(3,346,011	)		1,203,511

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 per share data presented within the Financial Highlights has 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. 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.

Transamerica Funds Semi-Annual Report 2020

Page    43

LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The series of Transamerica Funds (the “Trust”), excluding Transamerica Government Money Market (for purposes of this section only, the “Funds”), have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the “Program”). The Board of Trustees of the Trust (the “Board”) has appointed Transamerica Asset Management, Inc. (“TAM”), the investment manager to the Funds, as the Program administrator for the Funds. TAM has established a Liquidity Risk Management Committee (the “Committee”) to manage the Program for the Funds, including oversight of the liquidity risk management process, reporting to the Board, and reviewing the Program’s effectiveness.

The Board met on March 11-12, 2020 (the “Meeting”) to review the Program with respect to the Funds, pursuant to the Liquidity Rule. At the Meeting, the Committee provided the Board with a written report that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation, including the operation of the Funds’ Highly Liquid Investment Minimum (“HLIM”) as applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology. The Report noted that the Funds utilize analysis from a third-party liquidity metrics service, which takes into account a variety of factors including market, trading and other investment specific considerations. The Report also discussed the Committee’s methodology in establishing a Fund’s HLIM, as applicable, and the Committee’s periodic review of each HLIM established. The Report noted one material change to the classification methodology during the Program Reporting Period. The Report reviewed the change and why the Committee believes the change is an enhancement to the prior method. The Report also noted that the Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for monitoring the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including: (1) the Fund’s investment strategy and portfolio liquidity during normal and reasonably foreseeable stressed conditions, (2) cash flow projections during normal and reasonably foreseeable stressed conditions and (3) holdings of cash and cash equivalents, borrowings and other funding sources.

The Report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Funds’ liquidity risk pursuant to the requirements of the Liquidity Rule.

Transamerica Funds Semi-Annual Report 2020

Page    44

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds Semi-Annual Report 2020

Page    45

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 Semi-Annual Report 2020

Page    46

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

256613 04/20

© 2020 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

SEMI-ANNUAL REPORT

APRIL 30, 2020

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

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

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

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Schedules of Investments Composition	7
Schedules of Investments
Transamerica Balanced II	13
Transamerica Bond	25
Transamerica Capital Growth	39
Transamerica Dividend Focused	41
Transamerica Dynamic Income	43
Transamerica Emerging Markets Debt	44
Transamerica Emerging Markets Equity	51
Transamerica Emerging Markets Opportunities	55
Transamerica Event Driven	59
Transamerica Floating Rate	63
Transamerica Global Equity	72
Transamerica Government Money Market	75
Transamerica High Quality Bond	79
Transamerica High Yield Bond	83
Transamerica High Yield Muni	93
Transamerica Inflation Opportunities	102
Transamerica Inflation-Protected Securities	106
Transamerica Intermediate Bond	110
Transamerica Intermediate Muni	121
Transamerica International Equity	152
Transamerica International Growth	155
Transamerica International Small Cap Value	158
Transamerica International Stock	161
Transamerica Large Cap Value	165
Transamerica Large Core	167
Transamerica Large Growth	171
Transamerica Large Value Opportunities	173
Transamerica Mid Cap Growth	176
Transamerica Mid Cap Value Opportunities	178
Transamerica MLP & Energy Income	180
Transamerica Multi-Asset Income	182
Transamerica Multi-Managed Balanced	188
Transamerica Short-Term Bond	202
Transamerica Small Cap Core	212
Transamerica Small Cap Growth	217
Transamerica Small Cap Value	219
Transamerica Small/Mid Cap Value	222
Transamerica Unconstrained Bond	226
Transamerica US Growth	254
Statements of Assets and Liabilities	256
Statements of Operations	272
Statements of Changes in Net Assets	280
Statement of Cash Flows	309
Financial Highlights	310
Notes to Financial Statements	399
Approval of Management and Sub-Advisory Agreements	439
Liquidity Risk Management Program	441
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	442
Notice of Privacy Policy	443

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

Transamerica Funds Semi-Annual Report 2020

Dear Shareholder,

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

This semi-annual report provides certain information about your Fund(s) during the period covered by the report. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report covers the six-month period ended April 30, 2020.

We believe it is important to understand market conditions over the six-month period to provide context for reading this report. The period began in November 2019 with equity and credit markets strong following three consecutive rate cuts by the Federal Reserve (“Fed”) in the preceding months. The S&P 500^®, NASDAQ and Dow Jones Industrial Average all closed the calendar year near their highest levels ever. As 2020 began, investors had reason for optimism based on continued economic growth, benign inflation, lower interest rates, solid credit fundamentals and rising corporate earnings growth. Uncertainties surrounded mostly U.S./China trade relations, and when a Phase I trade agreement was signed in mid-January, equity markets continued to move towards record highs, and by mid-February stocks had reached record highs, even as reports of COVID-19 and its spread within China were making their way into daily news reports.

By early March, the presence of COVID-19 was being reported globally, and as cases and fatalities quickly grew exponentially in the U.S., the Fed cut rates by 0.50%, serving as evidence to many investors of the economic risk being created by the pandemic. By mid-March, most companies had sent workers home indefinitely, schools, sporting events and local businesses had closed, and states issued stay-at-home orders, while the Fed once again cut rates, this time to a Fed Funds target of 0 - 0.25%. Economic forecasts dropped as a full-fledged recession of immense proportions was now apparent. By March 23, the S&P 500^® had experienced its fastest 35% decline ever off of its February 19 record high, credit spreads had close to tripled and the 10-year U.S. Treasury yield had fallen below 1% for the first time in history. By the end of March, it was evident COVID-19 would be taking a tragic toll on human life and delivering a historic shock to the economy.

On March 27, Congress passed the CARES Act, providing more than $2 trillion in fiscal assistance to the economy. The Fed also dramatically expanded its balance sheet through additional trillions in open market purchases, and despite the first negative U.S. gross domestic product report in six years, the equity and credit markets rebounded strongly during the month of April, as daily COVID-19 case trends appeared to have peaked and guidelines for business re-openings were introduced, even as the nation braced for some of the worst economic reports since the 1930’s.

Although the period ended with markets having recovered from their worst levels, uncertainties remain prevalent throughout the U.S. and global economy. While there is some belief that the worst of the pandemic may be over, this is yet to be proven out. COVID-19 has proven to be a true black swan of historic magnitude, and market volatility is likely to continue in the months ahead.

For the six-month period ended April 30, 2020, the S&P 500^® returned -3.16%, while the MSCI EAFE Index, representing international developed market equities, returned -14.00%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.86%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns, as recent months have shown, 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.

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 involved 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 November 1, 2019, and held for the entire six-month period until April 30, 2020.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Balanced II
Class I3	$	1,000.00	$	1,003.10	$	2.84	$	1,022.00	$	2.87		0.57	%
Class R		1,000.00		1,000.40		5.32		1,019.50		5.37		1.07
Transamerica Bond
Class A		1,000.00		991.20		4.36		1,020.50		4.42		0.88
Class C		1,000.00		987.90		7.51		1,017.30		7.62		1.52
Class I		1,000.00		993.10		2.48		1,022.40		2.51		0.50
Class I2		1,000.00		993.40		2.23		1,022.60		2.26		0.45
Class R6		1,000.00		992.30		2.18		1,022.70		2.21		0.44
Transamerica Capital Growth
Class A		1,000.00		1,247.10		6.26		1,019.30		5.62		1.12
Class C		1,000.00		1,242.80		10.43		1,015.60		9.37		1.87
Class I		1,000.00		1,248.80		4.75		1,020.60		4.27		0.85
Class I2		1,000.00		1,249.70		4.14		1,021.20		3.72		0.74
Class R6		1,000.00		1,249.70		4.14		1,021.20		3.72		0.74
Transamerica Dividend Focused
Class A		1,000.00		795.60		4.82		1,019.50		5.42		1.08
Class C		1,000.00		792.80		8.47		1,015.40		9.52		1.90
Class I		1,000.00		796.40		4.02		1,020.40		4.52		0.90
Class I2		1,000.00		797.00		3.53		1,020.90		3.97		0.79
Class R6		1,000.00		797.10		3.53		1,020.90		3.97		0.79

Transamerica Funds Semi-Annual Report 2020

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During Period (B)			Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Dynamic Income
Class A	$	1,000.00	$	856.60	$	4.25		$	1,020.30	$	4.62		0.92	% (C)
Class C		1,000.00		853.70		7.70			1,016.60		8.37		1.67	(C)
Class I		1,000.00		857.70		3.09			1,021.50		3.37		0.67	(C)
Transamerica Emerging Markets Debt
Class A		1,000.00		895.50		5.80			1,018.70		6.17		1.23
Class C		1,000.00		892.00		8.98			1,015.40		9.57		1.91
Class I		1,000.00		896.90		3.87			1,020.80		4.12		0.82
Class I2		1,000.00		897.40		3.40			1,021.30		3.62		0.72
Class R6		1,000.00		898.30		3.40			1,021.30		3.62		0.72
Transamerica Emerging Markets Equity
Class A		1,000.00		899.60		7.27			1,017.20		7.72		1.54	(C)
Class C		1,000.00		897.00		10.61			1,013.70		11.27		2.25	(C)
Class I		1,000.00		901.30		5.25			1,019.30		5.57		1.11	(C)
Class I2		1,000.00		901.80		4.78			1,019.80		5.07		1.01	(C)
Transamerica Emerging Markets Opportunities
Class I		1,000.00		803.00		3.21	(D)		1,020.00		4.92		0.98	(C)
Class I2		1,000.00		803.00		2.95	(D)		1,020.40		4.52		0.90	(C)
Transamerica Event Driven
Class I		1,000.00		1,003.20		6.92			1,018.00		6.97		1.39	(C)
Class I2		1,000.00		1,003.20		6.92			1,018.00		6.97		1.39	(C)
Transamerica Floating Rate
Class A		1,000.00		920.20		5.01			1,019.60		5.27		1.05	(C)
Class C		1,000.00		917.80		8.58			1,015.90		9.02		1.80	(C)
Class I		1,000.00		921.00		3.82			1,020.90		4.02		0.80	(C)
Class I2		1,000.00		920.90		3.82			1,020.90		4.02		0.80	(C)
Transamerica Global Equity
Class A		1,000.00		891.40		6.35			1,018.20		6.77		1.35	(C)
Class C		1,000.00		887.70		9.86			1,014.40		10.52		2.10	(C)
Class I		1,000.00		892.40		5.18			1,019.40		5.52		1.10	(C)
Class R6		1,000.00		892.70		4.66			1,019.90		4.97		0.99	(C)
Transamerica Government Money Market
Class A		1,000.00		1,004.70		3.19			1,021.70		3.22		0.64
Class C		1,000.00		1,014.30		5.31			1,019.60		5.32		1.06
Class I		1,000.00		1,004.60		2.39			1,022.50		2.41		0.48
Class I2		1,000.00		1,005.50		1.50			1,023.40		1.51		0.30
Class I3		1,000.00		1,005.50		1.50			1,023.40		1.51		0.30
Class R2		1,000.00		1,003.50		3.54			1,021.30		3.57		0.71
Class R4		1,000.00		1,004.50		2.49			1,022.40		2.51		0.50
Transamerica High Quality Bond
Class I3		1,000.00		985.70		2.37			1,022.50		2.41		0.48
Class R		1,000.00		984.30		4.79			1,020.00		4.87		0.97
Class R4		1,000.00		984.70		3.21			1,021.60		3.27		0.65
Transamerica High Yield Bond
Class A		1,000.00		898.90		5.00			1,019.60		5.32		1.06
Class C		1,000.00		896.30		8.25			1,016.20		8.77		1.75
Class I		1,000.00		901.50		3.07			1,021.60		3.27		0.65
Class I2		1,000.00		901.10		2.88			1,021.80		3.07		0.61
Class I3		1,000.00		902.10		2.88			1,021.80		3.07		0.61
Class R		1,000.00		899.90		5.20			1,019.40		5.52		1.10
Class R4		1,000.00		901.00		4.02			1,020.60		4.27		0.85
Class R6		1,000.00		902.10		2.88			1,021.80		3.07		0.61
Transamerica High Yield Muni
Class A		1,000.00		922.80		4.35			1,020.30		4.57		0.91	(C)
Class C		1,000.00		920.10		7.21			1,017.40		7.57		1.51	(C)
Class I		1,000.00		922.00		3.63			1,021.10		3.82		0.76	(C)
Class I2		1,000.00		923.60		3.40			1,021.30		3.57		0.71	(C)

Transamerica Funds Semi-Annual Report 2020

Page    3

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Inflation Opportunities
Class A	$	1,000.00	$	1,010.80	$	5.00	$	1,019.90	$	5.02		1.00	% (C)
Class C		1,000.00		1,006.60		8.73		1,016.20		8.77		1.75	(C)
Class I		1,000.00		1,011.90		3.75		1,021.10		3.77		0.75	(C)
Class I2		1,000.00		1,011.90		3.75		1,021.10		3.77		0.75	(C)
Class R6		1,000.00		1,011.90		3.75		1,021.10		3.77		0.75	(C)
Transamerica Inflation-Protected Securities
Class I3		1,000.00		1,035.60		2.68		1,022.20		2.66		0.53	(C)
Class R		1,000.00		1,032.10		5.05		1,019.90		5.02		1.00	(C)
Class R4		1,000.00		1,034.20		3.29		1,021.60		3.27		0.65	(C)
Transamerica Intermediate Bond
Class I2		1,000.00		1,031.20		2.12		1,022.80		2.11		0.42
Class I3		1,000.00		1,032.10		2.12		1,022.80		2.11		0.42
Class R		1,000.00		1,029.90		4.64		1,020.30		4.62		0.92
Class R4		1,000.00		1,029.90		3.28		1,021.60		3.27		0.65
Transamerica Intermediate Muni
Class A		1,000.00		978.80		3.20		1,021.60		3.27		0.65	(C)
Class C		1,000.00		975.70		6.24		1,018.50		6.37		1.27	(C)
Class I		1,000.00		978.80		2.41		1,022.40		2.46		0.49	(C)
Class I2		1,000.00		979.10		2.26		1,022.60		2.31		0.46	(C)
Transamerica International Equity
Class A		1,000.00		831.70		5.69		1,018.60		6.27		1.25
Class C		1,000.00		828.80		9.00		1,015.00		9.92		1.98
Class I		1,000.00		833.50		4.01		1,020.50		4.42		0.88
Class I2		1,000.00		833.90		3.56		1,021.00		3.92		0.78
Class I3		1,000.00		833.40		3.56		1,021.00		3.92		0.78
Class R		1,000.00		831.90		5.83		1,018.50		6.42		1.28
Class R4		1,000.00		833.00		4.69		1,019.70		5.17		1.03
Class R6		1,000.00		833.90		3.56		1,021.00		3.92		0.78
Transamerica International Growth
Class A		1,000.00		882.20		5.62		1,018.90		6.02		1.20
Class I		1,000.00		882.60		4.91		1,019.60		5.27		1.05
Class I2		1,000.00		884.10		3.84		1,020.80		4.12		0.82
Class R6		1,000.00		882.20		3.79		1,020.80		4.07		0.81
Transamerica International Small Cap Value
Class I		1,000.00		853.60		5.16		1,019.30		5.62		1.12
Class I2		1,000.00		853.50		4.70		1,019.80		5.12		1.02
Transamerica International Stock
Class A		1,000.00		840.60		5.72		1,018.60		6.27		1.25	(C)
Class I		1,000.00		841.90		4.58		1,019.90		5.02		1.00	(C)
Class I2		1,000.00		842.00		4.53		1,019.90		4.97		0.99	(C)
Class R6		1,000.00		841.90		4.58		1,019.90		5.02		1.00	(C)
Transamerica Large Cap Value
Class A		1,000.00		807.70		4.90		1,019.40		5.47		1.09
Class C		1,000.00		804.20		8.30		1,015.70		9.27		1.85
Class I		1,000.00		810.10		3.15		1,021.40		3.52		0.70
Class I2		1,000.00		810.00		3.06		1,021.50		3.42		0.68
Class R6		1,000.00		810.00		3.06		1,021.50		3.42		0.68
Transamerica Large Core
Class I3		1,000.00		959.40		2.63		1,022.20		2.72		0.54	(C)
Class R		1,000.00		956.60		5.01		1,019.70		5.17		1.03	(C)
Class R4		1,000.00		957.90		3.85		1,020.90		3.97		0.79	(C)
Transamerica Large Growth
Class I3		1,000.00		1,151.60		3.74		1,021.40		3.52		0.70
Class R		1,000.00		1,147.50		6.41		1,018.90		6.02		1.20
Class R4		1,000.00		1,150.30		4.81		1,020.40		4.52		0.90
Transamerica Large Value Opportunities
Class I3		1,000.00		866.00		2.37		1,022.30		2.56		0.51	(C)
Class R		1,000.00		864.60		4.64		1,019.90		5.02		1.00	(C)
Class R4		1,000.00		865.70		3.48		1,021.10		3.77		0.75	(C)

Transamerica Funds Semi-Annual Report 2020

Page    4

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Mid Cap Growth
Class A	$	1,000.00	$	958.90	$	5.89	$	1,018.80	$	6.07		1.21	%
Class C		1,000.00		955.30		9.48		1,015.20		9.77		1.95
Class I		1,000.00		960.40		4.39		1,020.40		4.52		0.90
Class I2		1,000.00		960.60		3.85		1,020.90		3.97		0.79
Class I3		1,000.00		960.60		3.80		1,021.00		3.92		0.78
Class R		1,000.00		958.40		6.57		1,018.20		6.77		1.35
Class R4		1,000.00		960.60		4.63		1,020.10		4.77		0.95
Transamerica Mid Cap Value Opportunities
Class A		1,000.00		802.40		5.38		1,018.90		6.02		1.20
Class C		1,000.00		799.50		8.64		1,015.30		9.67		1.93
Class I		1,000.00		803.90		3.86		1,020.60		4.32		0.86
Class I2		1,000.00		804.70		3.41		1,021.10		3.82		0.76
Class I3		1,000.00		804.00		3.41		1,021.10		3.82		0.76
Class R		1,000.00		802.60		5.60		1,018.60		6.27		1.25
Class R4		1,000.00		804.00		4.04		1,020.40		4.52		0.90
Class R6		1,000.00		804.50		3.41		1,021.10		3.82		0.76
Transamerica MLP & Energy Income
Class A		1,000.00		761.90		7.01		1,016.90		8.02		1.60
Class C		1,000.00		757.50		10.27		1,013.20		11.76		2.35
Class I		1,000.00		763.30		5.87		1,018.20		6.72		1.34
Class I2		1,000.00		762.30		5.43		1,018.70		6.22		1.24
Transamerica Multi-Asset Income
Class A		1,000.00		911.70		4.94		1,019.70		5.22		1.04
Class C		1,000.00		907.90		8.40		1,016.10		8.87		1.77
Class I		1,000.00		912.40		3.42		1,021.30		3.62		0.72
Class I2		1,000.00		913.20		3.23		1,021.50		3.42		0.68
Transamerica Multi-Managed Balanced
Class A		1,000.00		1,003.10		5.13		1,019.70		5.17		1.03
Class C		1,000.00		999.20		8.90		1,016.00		8.97		1.79
Class I		1,000.00		1,003.90		4.04		1,020.80		4.07		0.81
Class R6		1,000.00		1,004.50		3.54		1,021.30		3.57		0.71
Transamerica Short-Term Bond
Class A		1,000.00		980.20		3.54		1,021.30		3.62		0.72
Class C		1,000.00		977.30		7.47		1,017.30		7.62		1.52
Class I		1,000.00		982.60		2.56		1,022.30		2.61		0.52
Class I2		1,000.00		982.10		2.07		1,022.80		2.11		0.42
Class R6		1,000.00		982.10		2.07		1,022.80		2.11		0.42
Transamerica Small Cap Core
Class A		1,000.00		785.50		5.77		1,018.40		6.52		1.30
Class C		1,000.00		782.70		9.09		1,014.70		10.27		2.05
Class I		1,000.00		786.50		4.66		1,019.60		5.27		1.05
Class I2		1,000.00		786.70		4.22		1,020.10		4.77		0.95
Class I3		1,000.00		786.80		4.22		1,020.10		4.77		0.95
Class R		1,000.00		785.20		6.44		1,017.70		7.27		1.45
Class R4		1,000.00		786.60		4.89		1,019.40		5.52		1.10
Transamerica Small Cap Growth
Class A		1,000.00		928.20		6.71		1,017.90		7.02		1.40
Class C		1,000.00		926.10		10.30		1,014.20		10.77		2.15
Class I		1,000.00		929.80		5.33		1,019.30		5.57		1.11
Class I2		1,000.00		931.00		4.80		1,019.90		5.02		1.00
Class I3		1,000.00		931.00		4.80		1,019.90		5.02		1.00
Class R		1,000.00		929.80		7.20		1,017.40		7.52		1.50
Class R4		1,000.00		930.70		5.52		1,019.10		5.77		1.15
Class R6		1,000.00		931.00		4.85		1,019.80		5.07		1.01
Transamerica Small Cap Value
Class A		1,000.00		732.80		5.60		1,018.40		6.52		1.30
Class C		1,000.00		730.50		8.82		1,014.70		10.27		2.05
Class I		1,000.00		733.30		4.53		1,019.60		5.27		1.05
Class I2		1,000.00		734.10		4.10		1,020.10		4.77		0.95
Class I3		1,000.00		733.80		4.10		1,020.10		4.77		0.95
Class R		1,000.00		732.10		6.24		1,017.70		7.27		1.45
Class R4		1,000.00		733.50		4.74		1,019.40		5.52		1.10
Class R6		1,000.00		733.80		4.14		1,020.10		4.82		0.96

Transamerica Funds Semi-Annual Report 2020

Page    5

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Small/Mid Cap Value
Class A	$	1,000.00	$	789.30	$	5.87	$	1,018.30	$	6.62		1.32	%
Class C		1,000.00		786.40		9.06		1,014.70		10.22		2.04
Class I		1,000.00		790.50		4.27		1,020.10		4.82		0.96
Class I2		1,000.00		791.00		3.79		1,020.60		4.27		0.85
Class R6		1,000.00		791.20		3.79		1,020.60		4.27		0.85
Transamerica Unconstrained Bond
Class I		1,000.00		953.10		3.84		1,020.90		3.97		0.79	(C)
Class I2		1,000.00		952.50		3.30		1,021.50		3.42		0.68	(C)
Transamerica US Growth
Class A		1,000.00		1,049.00		5.60		1,019.40		5.52		1.10
Class C		1,000.00		1,045.00		9.46		1,015.60		9.32		1.86
Class I		1,000.00		1,050.60		4.18		1,020.80		4.12		0.82
Class I2		1,000.00		1,051.00		3.52		1,021.40		3.47		0.69
Class T		1,000.00		1,050.70		3.82		1,021.10		3.77		0.75

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s net 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 (182 days), and divided by the number of days in the year (366 days).
(C)	Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Funds invest. The net annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.
(D)	Fund commenced operations on December 19, 2019. Actual expenses are calculated using each Fund’s net 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 (133 days), and divided by the number of days in the year (366 days).

Transamerica Funds Semi-Annual Report 2020

Page    6

Schedules of Investments Composition

At April 30, 2020

(unaudited)

Transamerica Balanced II
Asset Allocation	Percentage of Net Assets
Common Stocks		60.3	%
Corporate Debt Securities		14.0
U.S. Government Obligations		8.3
U.S. Government Agency Obligations		7.4
Commercial Paper		5.7
Mortgage-Backed Securities		4.4
Asset-Backed Securities		3.0
Other Investment Company		1.0
Foreign Government Obligations		0.6
Short-Term U.S. Government Obligations		0.4
Municipal Government Obligations		0.3
Preferred Stock		0.0	*
Net Other Assets (Liabilities)^		(5.4	)
Total		100.0	%
Transamerica Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		50.4	%
Mortgage-Backed Securities		15.6
Asset-Backed Securities		13.7
U.S. Government Obligations		12.6
U.S. Government Agency Obligations		4.5
Commercial Paper		4.0
Other Investment Company		2.4
Repurchase Agreement		0.9
Foreign Government Obligations		0.9
Loan Assignments		0.8
Short-Term U.S. Government Obligations		0.5
Preferred Stocks		0.2
Municipal Government Obligations		0.1
Net Other Assets (Liabilities)^		(6.6	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		7.95
Duration †		5.55
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		17.6	%
AAA		12.9
AA		4.7
A		16.2
BBB		31.3
BB		8.4
B		7.5
CCC and Below		0.7
Not Rated		7.3
Net Other Assets (Liabilities)		(6.6	)
Total		100.0	%
Transamerica Capital Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		95.5	%
Repurchase Agreement		4.4
Other Investment Company		3.6
Over-the-Counter Foreign Exchange Options Purchased		0.1
Net Other Assets (Liabilities)		(3.6	)
Total		100.0	%

Transamerica Dividend Focused
Asset Allocation	Percentage of Net Assets
Common Stocks		97.3	%
Repurchase Agreement		2.7
Net Other Assets (Liabilities)		0.0	*
Total		100.0	%
Transamerica Dynamic Income
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		48.1	%
U.S. Equity Funds		19.6
International Fixed Income Funds		19.5
International Equity Funds		12.4
Other Investment Company		9.6
Repurchase Agreement		0.6
Net Other Assets (Liabilities)		(9.8	)
Total		100.0	%
Transamerica Emerging Markets Debt
Asset Allocation	Percentage of Net Assets
Foreign Government Obligations		58.0	%
Corporate Debt Securities		35.3
Repurchase Agreement		6.1
Other Investment Company		3.1
Common Stock		0.1
Net Other Assets (Liabilities)^		(2.6	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		11.48
Duration †		6.93
Credit Quality ‡	Percentage of Net Assets
AAA		7.2	%
AA		5.7
A		4.0
BBB		41.9
BB		10.5
B		18.3
CCC and Below		6.9
Not Rated		8.1
Net Other Assets (Liabilities)		(2.6	)
Total		100.0	%
Transamerica Emerging Markets Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		97.1	%
Repurchase Agreement		2.0
Exchange-Traded Fund		1.1
Preferred Stock		0.2
Other Investment Company		0.0	*
Net Other Assets (Liabilities)		(0.4	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2020

Page    7

Schedules of Investments Composition (continued)

At April 30, 2020

(unaudited)

Transamerica Emerging Markets Opportunities
Asset Allocation	Percentage of Net Assets
Common Stocks		93.8	%
Preferred Stocks		2.1
Exchange-Traded Fund		1.2
Other Investment Company		1.1
Net Other Assets (Liabilities)^		1.8
Total		100.0	%
Transamerica Event Driven
Asset Allocation	Percentage of Net Assets
Convertible Bonds		68.1	%
Repurchase Agreement		32.2
Corporate Debt Securities		14.5
Common Stocks		3.1
Convertible Preferred Stocks		1.5
Exchange-Traded Options Purchased		0.0	*
Common Stocks Sold Short		(12.5	)
Net Other Assets (Liabilities)^		(6.9	)
Total		100.0	%
Transamerica Floating Rate
Asset Allocation	Percentage of Net Assets
Loan Assignments		85.6	%
Repurchase Agreement		8.8
Corporate Debt Securities		2.3
Other Investment Company		0.3
Exchange-Traded Fund		0.3
Common Stocks		0.2
Preferred Stock		0.2
Net Other Assets (Liabilities)		2.3
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		3.85
Duration †		0.95
Credit Quality ‡	Percentage of Net Assets
AAA		8.8	%
BBB		3.6
BB		25.5
B		47.7
CCC and Below		10.3
Not Rated		1.8
Net Other Assets (Liabilities)		2.3
Total		100.0	%
Transamerica Global Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		96.8	%
Other Investment Company		2.9
Repurchase Agreement		0.6
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%

Transamerica Government Money Market
Asset Allocation	Percentage of Net Assets
Short-Term U.S. Government Agency Obligations		39.0	%
Repurchase Agreements		32.6
Short-Term U.S. Government Obligations		16.1
U.S. Government Agency Obligations		9.6
U.S. Government Obligations		5.6
Net Other Assets (Liabilities)		(2.9	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		0.29
Duration †		0.11
Transamerica High Quality Bond
Asset Allocation	Percentage of Net Assets
Asset-Backed Securities		43.8	%
Corporate Debt Securities		40.1
Mortgage-Backed Securities		7.7
U.S. Government Agency Obligations		4.0
U.S. Government Obligation		3.7
Other Investment Company		1.1
Net Other Assets (Liabilities)		(0.4	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		2.49
Duration †		1.67
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		7.7	%
AAA		11.0
AA		16.4
A		33.1
BBB		29.3
BB		1.8
Not Rated		1.1
Net Other Assets (Liabilities)		(0.4	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2020

Page    8

Schedules of Investments Composition (continued)

At April 30, 2020

(unaudited)

Transamerica High Yield Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		90.3	%
Repurchase Agreement		9.3
Other Investment Company		5.0
Preferred Stocks		1.2
Loan Assignments		1.0
Common Stocks		0.2
Warrant		0.0	*
Net Other Assets (Liabilities)		(7.0	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		6.06
Duration †		3.71
Credit Quality ‡	Percentage of Net Assets
AAA		9.3	%
BBB		6.6
BB		44.8
B		33.0
CCC and Below		7.3
Not Rated		6.0
Net Other Assets (Liabilities)		(7.0	)
Total		100.0	%
Transamerica High Yield Muni
Asset Allocation	Percentage of Net Assets
Municipal Government Obligations		95.7	%
Repurchase Agreement		6.9
Corporate Debt Securities		1.0
Net Other Assets (Liabilities)		(3.6	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		12.63
Duration †		7.33
Credit Quality ‡	Percentage of Net Assets
AAA		6.9	%
AA		20.6
A		3.8
BBB		19.2
BB		14.1
B		3.4
CCC and Below		0.5
Not Rated		35.1
Net Other Assets (Liabilities)		(3.6	)
Total		100.0	%

Transamerica Inflation Opportunities
Asset Allocation	Percentage of Net Assets
U.S. Government Obligations		54.2	%
Corporate Debt Securities		22.6
Foreign Government Obligations		18.9
Short-Term Investment Company		11.4
Other Investment Company		3.4
U.S. Government Agency Obligation		1.1
Asset-Backed Security		0.4
Preferred Stock		0.1
Net Other Assets (Liabilities)^		(12.1	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		8.67
Duration †		7.13
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		55.3	%
AAA		6.3
AA		5.4
A		7.9
BBB		16.6
BB		3.2
B		0.5
Not Rated		16.9
Net Other Assets (Liabilities)		(12.1	)
Total		100.0	%
Transamerica Inflation-Protected Securities
Asset Allocation	Percentage of Net Assets
U.S. Government Obligations		81.5	%
Foreign Government Obligations		8.8
Corporate Debt Securities		7.4
Short-Term Investment Company		1.7
Other Investment Company		1.7
Mortgage-Backed Security		0.4
Net Other Assets (Liabilities)^		(1.5	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		8.84
Duration †		7.84
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		81.5	%
AAA		4.9
AA		2.2
A		3.4
BBB		5.3
BB		0.8
Not Rated		3.4
Net Other Assets (Liabilities)		(1.5	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2020

Page    9

Schedules of Investments Composition (continued)

At April 30, 2020

(unaudited)

Transamerica Intermediate Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		36.8	%
U.S. Government Obligations		21.3
U.S. Government Agency Obligations		19.9
Commercial Paper		12.6
Mortgage-Backed Securities		11.2
Asset-Backed Securities		7.8
Other Investment Company		5.9
Short-Term U.S. Government Obligations		3.3
Foreign Government Obligations		1.4
Repurchase Agreement		0.7
Municipal Government Obligations		0.7
Preferred Stocks		0.1
Net Other Assets (Liabilities)		(21.7	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		7.95
Duration †		5.91
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		44.5	%
AAA		14.3
AA		4.0
A		13.7
BBB		22.7
BB		3.3
B		0.2
CCC and Below		0.2
Not Rated		18.8
Net Other Assets (Liabilities)		(21.7	)
Total		100.0	%
Transamerica Intermediate Muni
Asset Allocation	Percentage of Net Assets
Municipal Government Obligations		95.4	%
Repurchase Agreement		3.9
Investment Company		0.0	*
Exchange-Traded Fund		0.0	*
Net Other Assets (Liabilities)		0.7
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		7.33
Duration †		5.77
Credit Quality ‡	Percentage of Net Assets
AAA		9.5	%
AA		64.1
A		9.0
BBB		6.9
BB		1.1
B		0.0	*
Not Rated		8.7
Net Other Assets (Liabilities)		0.7
Total		100.0	%

Transamerica International Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		98.7	%
Other Investment Company		1.4
Repurchase Agreement		0.5
Net Other Assets (Liabilities)		(0.6	)
Total		100.0	%
Transamerica International Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		96.3	%
Other Investment Company		1.1
Repurchase Agreement		0.6
Net Other Assets (Liabilities)		2.0
Total		100.0	%
Transamerica International Small Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		96.8	%
Other Investment Company		3.3
Repurchase Agreement		2.8
Net Other Assets (Liabilities)		(2.9	)
Total		100.0	%
Transamerica International Stock
Asset Allocation	Percentage of Net Assets
Common Stocks		94.1	%
Other Investment Company		4.0
Exchange-Traded Fund		2.0
Preferred Stock		1.3
Net Other Assets (Liabilities)		(1.4	)
Total		100.0	%
Transamerica Large Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		97.0	%
Repurchase Agreement		4.5
Net Other Assets (Liabilities)		(1.5	)
Total		100.0	%
Transamerica Large Core
Asset Allocation	Percentage of Net Assets
Common Stocks		97.8	%
Other Investment Company		2.0
Exchange-Traded Fund		2.0
Net Other Assets (Liabilities)		(1.8	)
Total		100.0	%
Transamerica Large Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		99.5	%
Other Investment Company		1.8
Net Other Assets (Liabilities)		(1.3	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2020

Page    10

Schedules of Investments Composition (continued)

At April 30, 2020

(unaudited)

Transamerica Large Value Opportunities
Asset Allocation	Percentage of Net Assets
Common Stocks		98.0	%
Exchange-Traded Fund		1.6
Other Investment Company		0.0	*
Net Other Assets (Liabilities)		0.4
Total		100.0	%
Transamerica Mid Cap Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		96.1	%
Repurchase Agreement		3.5
Other Investment Company		0.6
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%
Transamerica Mid Cap Value Opportunities
Asset Allocation	Percentage of Net Assets
Common Stocks		93.5	%
Repurchase Agreement		6.8
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%
Transamerica MLP & Energy Income
Asset Allocation	Percentage of Net Assets
Common Stocks		62.3	%
Master Limited Partnerships		32.0
Repurchase Agreement		6.1
Other Investment Company		0.9
Net Other Assets (Liabilities)		(1.3	)
Total		100.0	%
Transamerica Multi-Asset Income
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		45.7	%
Common Stocks		44.6
Preferred Stocks		7.4
Other Investment Company		1.4
Repurchase Agreement		1.3
Master Limited Partnership		0.3
Net Other Assets (Liabilities)		(0.7	)
Total		100.0	%

Transamerica Multi-Managed Balanced
Asset Allocation	Percentage of Net Assets
Common Stocks		59.9	%
Corporate Debt Securities		13.8
U.S. Government Obligations		8.4
U.S. Government Agency Obligations		7.4
Commercial Paper		5.3
Mortgage-Backed Securities		4.1
Asset-Backed Securities		3.2
Other Investment Company		1.2
Repurchase Agreement		1.2
Short-Term U.S. Government Obligations		0.8
Foreign Government Obligations		0.5
Municipal Government Obligations		0.2
Preferred Stocks		0.1
Net Other Assets (Liabilities)^		(6.1	)
Total		100.0	%
Transamerica Short-Term Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		63.4	%
Mortgage-Backed Securities		18.3
Asset-Backed Securities		15.8
Repurchase Agreement		1.7
Other Investment Company		0.8
Loan Assignment		0.4
Foreign Government Obligation		0.1
U.S. Government Agency Obligation		0.0	*
Net Other Assets (Liabilities)		(0.5	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		2.75
Duration †		1.85
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		0.0	%*
AAA		14.1
AA		6.2
A		26.9
BBB		46.3
BB		3.8
B		1.3
CCC and Below		0.2
Not Rated		1.7
Net Other Assets (Liabilities)		(0.5	)
Total		100.0	%
Transamerica Small Cap Core
Asset Allocation	Percentage of Net Assets
Common Stocks		98.2	%
Repurchase Agreement		1.9
Other Investment Company		0.9
Net Other Assets (Liabilities)		(1.0	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2020

Page    11

Schedules of Investments Composition (continued)

At April 30, 2020

(unaudited)

Transamerica Small Cap Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		96.7	%
Repurchase Agreement		4.5
Other Investment Company		3.7
Net Other Assets (Liabilities)		(4.9	)
Total		100.0	%
Transamerica Small Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		96.0	%
Repurchase Agreement		3.1
Other Investment Company		1.7
Net Other Assets (Liabilities)		(0.8	)
Total		100.0	%
Transamerica Small/Mid Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		96.6	%
Repurchase Agreement		3.9
Other Investment Company		1.0
Net Other Assets (Liabilities)		(1.5	)
Total		100.0	%
Transamerica Unconstrained Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		76.9	%
Loan Assignments		8.2
Asset-Backed Securities		6.5
Other Investment Company		3.9
Short-Term U.S. Government Obligations		2.1
Short-Term Investment Company		2.0
Preferred Stocks		1.9
Exchange-Traded Fund		1.4
U.S. Government Obligations		0.7
Foreign Government Obligations		0.6
Common Stocks		0.0	*
Net Other Assets (Liabilities)^		(4.2	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		6.42
Duration †		2.06
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		2.8	%
AAA		4.2
AA		4.4
A		23.0
BBB		37.4
BB		12.2
B		10.9
CCC and Below		1.2
Not Rated		8.1
Net Other Assets (Liabilities)		(4.2	)
Total		100.0	%

Transamerica US Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		99.0	%
Repurchase Agreement		1.1
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

	Current and future portfolio holdings are subject to change and risk.
*	Percentage rounds to less than 0.1% or (0.1)%.
^	The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.
§	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 Semi-Annual Report 2020

Page    12

Transamerica Balanced II

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 60.3%
Aerospace & Defense - 0.8%
General Dynamics Corp.		1,482		$  193,579
Northrop Grumman Corp.		980		324,057
Raytheon Technologies Corp.		6,334		410,506
				928,142
Airlines - 0.1%
Delta Air Lines, Inc.		2,696		69,853
Southwest Airlines Co.		1,952		61,000
United Airlines Holdings, Inc. (A)		670		19,819
				150,672
Auto Components - 0.1%
Magna International, Inc.		2,559		99,878
Automobiles - 0.1%
General Motors Co.		6,149		137,061
Banks - 2.0%
Bank of America Corp.		16,537		397,715
Citigroup, Inc.		16,635		807,796
Citizens Financial Group, Inc.		6,197		138,751
KeyCorp		20,990		244,533
Regions Financial Corp.		17,866		192,059
Truist Financial Corp.		1,400		52,248
Wells Fargo & Co.		13,911		404,115
				2,237,217
Beverages - 1.0%
Coca-Cola Co.		14,902		683,853
Constellation Brands, Inc., Class A		2,160		355,730
Monster Beverage Corp. (A)		1,090		67,373
				1,106,956
Biotechnology - 1.7%
AbbVie, Inc.		8,575		704,865
Alexion Pharmaceuticals, Inc. (A)		1,853		199,142
Amgen, Inc.		560		133,963
Biogen, Inc. (A)		779		231,230
Gilead Sciences, Inc.		920		77,280
Regeneron Pharmaceuticals, Inc. (A)		535		281,346
Vertex Pharmaceuticals, Inc. (A)		959		240,901
				1,868,727
Building Products - 0.5%
Carrier Global Corp. (A)		7,224		127,937
Masco Corp.		4,851		199,085
Trane Technologies PLC		2,185		191,013
				518,035
Capital Markets - 1.9%
BlackRock, Inc.		540		271,101
Charles Schwab Corp.		4,012		151,333
CME Group, Inc.		1,510		269,097
Goldman Sachs Group, Inc.		930		170,580
MarketAxess Holdings, Inc.		160		72,802
Morgan Stanley		12,576		495,872
MSCI, Inc.		120		39,240
S&P Global, Inc.		1,175		344,134
State Street Corp.		3,654		230,348
T. Rowe Price Group, Inc.		560		64,753
				2,109,260
Chemicals - 1.0%
Air Products & Chemicals, Inc.		610		137,604

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Celanese Corp.		1,941		$   161,239
Dow, Inc. (A)		3,748		137,514
DuPont de Nemours, Inc.		2,215		104,149
Eastman Chemical Co.		4,196		253,900
Linde PLC		1,070		196,869
LyondellBasell Industries NV, Class A		1,422		82,405
				1,073,680
Commercial Services & Supplies - 0.1%
Cintas Corp.		290		64,331
Communications Equipment - 0.2%
Cisco Systems, Inc.		5,227		221,520
Motorola Solutions, Inc.		280		40,267
				261,787
Consumer Finance - 0.4%
American Express Co.		3,526		321,748
Capital One Financial Corp.		2,586		167,469
				489,217
Containers & Packaging - 0.4%
Avery Dennison Corp.		1,740		192,079
Crown Holdings, Inc. (A)		2,048		131,912
Packaging Corp. of America		551		53,254
WestRock Co.		2,465		79,348
				456,593
Diversified Consumer Services - 0.0% (B)
H&R Block, Inc. (C)		1,120		18,648
Diversified Financial Services - 1.1%
Berkshire Hathaway, Inc., Class B (A)		5,805		1,087,625
Voya Financial, Inc.		3,126		141,201
				1,228,826
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.		14,300		821,535
Electric Utilities - 1.6%
American Electric Power Co., Inc.		1,740		144,611
Duke Energy Corp.		2,580		218,423
Entergy Corp.		4,205		401,619
Evergy, Inc.		890		52,003
NextEra Energy, Inc.		3,092		714,623
Southern Co.		2,420		137,287
Xcel Energy, Inc.		2,093		133,031
				1,801,597
Electrical Equipment - 0.6%
Eaton Corp. PLC		5,547		463,175
Emerson Electric Co.		2,982		170,063
				633,238
Electronic Equipment, Instruments & Components - 0.0% (B)
TE Connectivity, Ltd.		200		14,692
Entertainment - 0.7%
Electronic Arts, Inc. (A)		1,118		127,742
Netflix, Inc. (A)		1,521		638,592
				766,334
Equity Real Estate Investment Trusts - 1.2%
Equinix, Inc.		556		375,411
Equity Residential		4,212		274,033
Mid-America Apartment Communities, Inc.		1,119		125,238

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

Transamerica Funds Semi-Annual Report 2020

Page    13

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Prologis, Inc.		4,207		$   375,391
Realty Income Corp.		600		32,952
Sun Communities, Inc.		390		52,416
UDR, Inc.		830		31,100
Ventas, Inc.		2,203		71,267
				1,337,808
Food & Staples Retailing - 0.6%
Costco Wholesale Corp.		1,760		533,280
Kroger Co.		3,260		103,049
				636,329
Food Products - 0.4%
Conagra Brands, Inc.		1,402		46,883
Mondelez International, Inc., Class A		8,306		427,260
				474,143
Health Care Equipment & Supplies - 1.8%
ABIOMED, Inc. (A)		130		24,862
Baxter International, Inc.		4,200		372,876
Boston Scientific Corp. (A)		5,990		224,505
Edwards Lifesciences Corp. (A)		412		89,610
Intuitive Surgical, Inc. (A)		226		115,459
Medtronic PLC		8,187		799,297
Zimmer Biomet Holdings, Inc.		3,698		442,651
				2,069,260
Health Care Providers & Services - 1.9%
Anthem, Inc.		944		265,009
Cigna Corp. (A)		2,204		431,499
DaVita, Inc. (A)		1,070		84,541
McKesson Corp.		2,688		379,680
UnitedHealth Group, Inc.		3,357		981,822
				2,142,551
Hotels, Restaurants & Leisure - 0.3%
Hilton Worldwide Holdings, Inc.		2,151		162,852
Yum! Brands, Inc.		2,450		211,754
				374,606
Household Durables - 0.2%
Lennar Corp., Class A		4,210		210,795
Household Products - 1.1%
Kimberly-Clark Corp.		933		129,202
Procter & Gamble Co.		9,225		1,087,351
				1,216,553
Industrial Conglomerates - 0.7%
Honeywell International, Inc.		5,383		763,848
Insurance - 1.0%
Allstate Corp.		4,325		439,939
AON PLC		400		69,068
Arch Capital Group, Ltd. (A)		1,230		29,557
Arthur J. Gallagher & Co.		795		62,407
Cincinnati Financial Corp.		1,310		86,198
Everest Re Group, Ltd.		120		20,776
Hartford Financial Services Group, Inc.		5,144		195,421
Marsh & McLennan Cos., Inc.		2,500		243,325
				1,146,691
Interactive Media & Services - 3.4%
Alphabet, Inc., Class A (A)		948		1,276,671

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (continued)
Alphabet, Inc., Class C (A)		845		$   1,139,618
Facebook, Inc., Class A (A)		6,800		1,392,028
				3,808,317
Internet & Direct Marketing Retail - 3.2%
Amazon.com, Inc. (A)		1,323		3,273,102
Booking Holdings, Inc. (A)		86		127,329
Expedia Group, Inc.		1,839		130,532
				3,530,963
IT Services - 3.9%
Accenture PLC, Class A		2,476		458,530
Automatic Data Processing, Inc.		2,815		412,932
Fiserv, Inc. (A)		1,697		174,893
FleetCor Technologies, Inc. (A)		240		57,900
International Business Machines Corp.		3,760		472,106
Leidos Holdings, Inc.		2,693		266,095
Mastercard, Inc., Class A		4,583		1,260,188
PayPal Holdings, Inc. (A)		6,982		858,786
Visa, Inc., Class A		2,525		451,268
				4,412,698
Life Sciences Tools & Services - 0.8%
Illumina, Inc. (A)		417		133,036
Thermo Fisher Scientific, Inc.		2,358		789,175
				922,211
Machinery - 1.1%
Cummins, Inc.		1,998		326,673
Deere & Co.		1,220		176,973
Otis Worldwide Corp. (A)		1,132		57,630
Parker-Hannifin Corp.		1,882		297,582
Snap-on, Inc.		653		85,079
Stanley Black & Decker, Inc.		2,553		281,341
				1,225,278
Media - 1.6%
Altice USA, Inc., Class A (A)		2,958		76,819
Charter Communications, Inc., Class A (A)		1,458		722,045
Comcast Corp., Class A		18,285		688,064
Discovery, Inc., Class A (A) (C)		6,099		136,740
Discovery, Inc., Class C (A)		6,665		136,033
				1,759,701
Metals & Mining - 0.1%
Newmont Corp.		2,238		133,116
Multi-Utilities - 0.4%
Ameren Corp.		1,640		119,310
CMS Energy Corp.		3,153		180,005
Sempra Energy		780		96,603
				395,918
Multiline Retail - 0.4%
Dollar Tree, Inc. (A)		1,620		129,065
Target Corp.		3,167		347,547
				476,612
Oil, Gas & Consumable Fuels - 1.8%
Cheniere Energy, Inc. (A)		1,710		79,840
Chevron Corp.		8,059		741,428
Diamondback Energy, Inc.		2,422		105,454
EOG Resources, Inc.		6,591		313,138
Exxon Mobil Corp.		2,520		117,104

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

Transamerica Funds Semi-Annual Report 2020

Page    14

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp.		4,847		$   155,492
ONEOK, Inc.		4,748		142,108
Phillips 66		810		59,268
Pioneer Natural Resources Co.		3,063		273,556
Williams Cos., Inc.		3,400		65,858
				2,053,246
Pharmaceuticals - 3.0%
Allergan PLC		881		165,047
Bristol-Myers Squibb Co.		12,479		758,848
Eli Lilly & Co.		4,292		663,715
Johnson & Johnson		4,909		736,546
Merck & Co., Inc.		11,229		890,909
Pfizer, Inc.		4,592		176,149
				3,391,214
Professional Services - 0.1%
Verisk Analytics, Inc.		460		70,302
Road & Rail - 0.8%
CSX Corp.		1,950		129,148
Kansas City Southern		372		48,565
Lyft, Inc., Class A (A)		2,113		69,370
Norfolk Southern Corp.		3,123		534,345
Union Pacific Corp.		861		137,579
				919,007
Semiconductors & Semiconductor Equipment - 3.0%
Advanced Micro Devices, Inc. (A)		3,097		162,252
Analog Devices, Inc.		4,628		507,229
Intel Corp.		2,763		165,725
Lam Research Corp.		1,240		316,547
Microchip Technology, Inc.		1,510		132,472
Micron Technology, Inc. (A)		4,110		196,828
NVIDIA Corp.		1,537		449,234
NXP Semiconductors NV		2,806		279,393
Qorvo, Inc. (A)		1,690		165,671
QUALCOMM, Inc.		1,750		137,673
Teradyne, Inc.		2,029		126,894
Texas Instruments, Inc.		5,832		676,920
				3,316,838
Software - 5.2%
Fortinet, Inc. (A)		400		43,096
Intuit, Inc.		2,004		540,699
Microsoft Corp.		25,081		4,494,766
salesforce.com, Inc. (A)		4,268		691,203
Workday, Inc., Class A (A)		710		109,269
				5,879,033
Specialty Retail - 2.1%
AutoZone, Inc. (A)		308		314,258
Best Buy Co., Inc.		4,667		358,099
Home Depot, Inc.		3,058		672,240
Lowe’s Cos., Inc.		4,738		496,305
Ross Stores, Inc.		2,360		215,610
TJX Cos., Inc.		6,296		308,819
				2,365,331
Technology Hardware, Storage & Peripherals - 3.4%
Apple, Inc.		12,569		3,692,772
HP, Inc.		9,487		147,144
				3,839,916

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 0.5%
Carter’s, Inc.		440		$   34,408
NIKE, Inc., Class B		5,179		451,505
Ralph Lauren Corp.		1,010		74,518
				560,431
Tobacco - 0.9%
Altria Group, Inc.		10,045		394,266
Philip Morris International, Inc.		7,735		577,031
				971,297
Trading Companies & Distributors - 0.0% (B)
HD Supply Holdings, Inc. (A)		1,350		40,068
Wireless Telecommunication Services - 0.4%
T-Mobile US, Inc. (A)		4,931		432,942
Total Common Stocks (Cost $59,278,060)				67,663,449
PREFERRED STOCK - 0.0% (B)
Electric Utilities - 0.0% (B)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (D)		320		7,680
Total Preferred Stock (Cost $8,784)				7,680
	Principal		Value
ASSET-BACKED SECURITIES - 3.0%
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 2.07% (D), 07/18/2027 (E)		$  248,385		242,722
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (E)		40,945		39,477
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (E)		39,163		38,812
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 2.35% (D), 10/18/2030 (E)		250,000		243,881
JGWPT XXVI LLC Series 2012-2A, Class A, 3.84%, 10/15/2059 (E)		145,884		154,321
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (E)		148,837		151,991
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (E)		81,683		81,247
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (E)		24,612		24,130
Series 2016-1A, Class A,
2.25%, 12/20/2033 (E)		25,701		25,073

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

Transamerica Funds Semi-Annual Report 2020

Page    15

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (E)		$   380,000		$   361,939
Series 2019-T3, Class AT3,
2.51%, 09/15/2052 (E)		100,000		96,617
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 2.33% (D), 01/20/2031 (E)		200,000		190,015
Ocwen Master Advance Receivables Trust Series 2019-T2, Class AT2, 2.42%, 08/15/2051 (E)		118,000		116,933
Orange Lake Timeshare Trust
Series 2016-A, Class A,
2.61%, 03/08/2029 (E)		97,104		93,359
Series 2019-A, Class A,
3.06%, 04/09/2038 (E)		135,181		128,965
Palmer Square CLO, Ltd. Series 2015-2A, Class A1R2, 3-Month LIBOR + 1.10%, 2.24% (D), 07/20/2030 (E)		250,000		241,373
Sierra Timeshare Receivables Funding LLC Series 2016-2A, Class A, 2.33%, 07/20/2033 (E)		15,615		15,257
SolarCity LMC LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (E)		116,873		112,960
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (D), 03/25/2054 (E)		47,843		47,926
Series 2015-5, Class A1B,
2.75% (D), 05/25/2055 (E)		51,513		51,435
Series 2016-1, Class A1B,
2.75% (D), 02/25/2055 (E)		48,899		49,013
Series 2017-1, Class A1,
2.75% (D), 10/25/2056 (E)		99,245		99,779
Series 2017-3, Class A1,
2.75% (D), 07/25/2057 (E)		53,810		53,975
Series 2017-6, Class A1,
2.75% (D), 10/25/2057 (E)		3,052		3,084
Series 2018-1, Class A1,
3.00% (D), 01/25/2058 (E)		117,518		119,565
Series 2018-3, Class A1,
3.75% (D), 05/25/2058 (E)		185,836		192,757
Series 2018-4, Class A1,
3.00% (D), 06/25/2058 (E)		105,081		107,432
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (E)		145,000		144,659
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (E)		27,281		26,483
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (E)		66,857		64,236
Total Asset-Backed Securities (Cost $3,376,277)				3,319,416

	Principal		Value
CORPORATE DEBT SECURITIES - 14.0%
Aerospace & Defense - 0.3%
BAE Systems PLC 3.40%, 04/15/2030 (E)		$   41,000		$   44,380
Boeing Co.
3.50%, 03/01/2039		91,000		73,192
5.15%, 05/01/2030		85,000		85,000
Huntington Ingalls Industries, Inc. 3.84%, 05/01/2025 (E)		36,000		37,849
L3 Harris Technologies, Inc. 2.90%, 12/15/2029		49,000		50,021
				290,442
Airlines - 0.4%
American Airlines Pass-Through Trust
3.15%, 08/15/2033		27,569		24,289
3.20%, 12/15/2029		53,990		49,547
Delta Air Lines Pass-Through Trust 6.82%, 02/10/2024		238,667		228,550
JetBlue Pass-Through Trust 2.75%, 11/15/2033		87,000		76,539
United Airlines Pass-Through Trust Series A, 3.75%, 03/03/2028		114,856		100,634
				479,559
Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025		83,000		84,432
Automobiles - 0.1%
Ford Motor Co. 4.35%, 12/08/2026 (C)		63,000		49,927
General Motors Co.
4.88%, 10/02/2023		23,000		22,671
6.25%, 10/02/2043		15,000		13,130
				85,728
Banks - 2.2%
Bank of America Corp.
Fixed until 01/23/2025, 3.37% (D), 01/23/2026		237,000		252,916
Fixed until 12/20/2027, 3.42% (D), 12/20/2028		63,000		67,616
Barclays Bank PLC 10.18%, 06/12/2021 (E)		147,000		157,534
CIT Group, Inc. 4.13%, 03/09/2021		10,000		9,825
Citigroup, Inc. Fixed until 10/27/2027, 3.52% (D), 10/27/2028		212,000		225,847
Commerzbank AG 8.13%, 09/19/2023 (E)		255,000		280,864
Credit Agricole SA 3.25%, 01/14/2030 (C) (E)		250,000		253,081
Credit Suisse AG 2.80%, 04/08/2022		262,000		268,210
Discover Bank 3.45%, 07/27/2026		250,000		248,681
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (E)		65,000		64,982

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

Transamerica Funds Semi-Annual Report 2020

Page    16

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
JPMorgan Chase & Co.
Fixed until 04/22/2040, 3.11% (D), 04/22/2041		$   97,000		$   100,669
Fixed until 07/23/2023, 3.80% (D), 07/23/2024		126,000		134,524
4.13%, 12/15/2026		124,000		137,022
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		167,000		180,402
Fixed until 06/15/2024 (F), 5.90% (C) (D)		40,000		40,600
				2,422,773
Beverages - 0.4%
Anheuser-Busch InBev Worldwide, Inc.
3.50%, 06/01/2030		65,000		69,643
4.15%, 01/23/2025 (C)		37,000		41,196
4.44%, 10/06/2048		57,000		61,987
4.75%, 01/23/2029		78,000		90,236
Constellation Brands, Inc.
3.15%, 08/01/2029 (C)		40,000		41,389
3.70%, 12/06/2026		16,000		17,018
Keurig Dr. Pepper, Inc. 3.20%, 05/01/2030		56,000		59,659
Pernod Ricard SA 5.75%, 04/07/2021 (E)		128,000		132,735
				513,863
Biotechnology - 0.2%
AbbVie, Inc.
3.20%, 05/14/2026		47,000		50,243
4.05%, 11/21/2039 (E)		40,000		44,366
Amgen, Inc. 2.20%, 02/21/2027		65,000		66,734
Biogen, Inc. 2.25%, 05/01/2030		84,000		83,886
Gilead Sciences, Inc. 4.15%, 03/01/2047		24,000		30,251
				275,480
Building Products - 0.1%
Carrier Global Corp. 2.72%, 02/15/2030 (E)		74,000		69,944
Capital Markets - 0.8%
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		91,000		94,956
6.75%, 10/01/2037		66,000		90,139
Lazard Group LLC 4.50%, 09/19/2028		94,000		99,175
Morgan Stanley
Fixed until 01/22/2030, 2.70% (D), 01/22/2031, MTN		81,000		82,770
3.70%, 10/23/2024, MTN		127,000		137,024
Fixed until 01/24/2028, 3.77% (D), 01/24/2029, MTN		20,000		21,964
5.00%, 11/24/2025		60,000		67,781
State Street Corp. Fixed until 03/30/2022, 2.83% (D), 03/30/2023 (E)		54,000		55,495

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
UBS AG 7.63%, 08/17/2022		$   250,000		$   270,000
				919,304
Commercial Services & Supplies - 0.1%
ERAC USA Finance LLC 3.85%, 11/15/2024 (E)		111,000		114,270
Waste Connections, Inc. 2.60%, 02/01/2030		57,000		57,961
				172,231
Communications Equipment - 0.1%
Nokia OYJ 3.38%, 06/12/2022		92,000		92,690
Construction & Engineering - 0.5%
SBA Tower Trust
2.84%, 01/15/2025 (E)		300,000		305,513
2.88%, 07/15/2046 (E)		58,000		58,261
3.17%, 04/09/2047 (E)		110,000		111,504
3.45%, 03/15/2048 (E)		78,000		79,221
				554,499
Construction Materials - 0.3%
LafargeHolcim Finance LLC 4.75%, 09/22/2046 (E)		200,000		205,331
Martin Marietta Materials, Inc.
3.50%, 12/15/2027		81,000		84,137
4.25%, 12/15/2047 (C)		24,000		24,492
				313,960
Consumer Finance - 0.1%
Ally Financial, Inc. 3.88%, 05/21/2024		52,000		51,090
American Express Co. 4.05%, 12/03/2042		40,000		49,058
BMW US Capital LLC 2.80%, 04/11/2026 (E)		65,000		65,675
Discover Financial Services 3.75%, 03/04/2025		1,000		1,011
				166,834
Diversified Consumer Services - 0.0% (B)
President & Fellows of Harvard College 3.62%, 10/01/2037		13,000		15,414
Diversified Financial Services - 0.1%
Aviation Capital Group LLC 7.13%, 10/15/2020 (E)		120,000		108,061
Kaupthing Bank 7.63%, 02/28/2020 (E) (G) (H) (I) (J)		710,000		0
				108,061
Diversified Telecommunication Services - 0.6%
AT&T, Inc. 3.40%, 05/15/2025		103,000		109,080
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (E)		40,000		40,299
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		74,000		76,848
Level 3 Financing, Inc. 3.40%, 03/01/2027 (E)		60,000		60,027
Sprint Capital Corp. 6.88%, 11/15/2028		24,000		28,904

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

Transamerica Funds Semi-Annual Report 2020

Page    17

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.
3.50%, 11/01/2024		$   107,000		$   116,868
5.50%, 03/16/2047		148,000		214,313
				646,339
Electric Utilities - 0.7%
Appalachian Power Co. 3.40%, 06/01/2025		86,000		90,853
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		34,000		42,730
DTE Electric Co. 4.30%, 07/01/2044		81,000		102,466
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		176,000		199,233
Duke Energy Progress LLC 3.60%, 09/15/2047		64,000		73,798
Entergy Arkansas LLC 3.70%, 06/01/2024		48,000		51,834
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		8,000		8,411
5.30%, 06/01/2042		20,000		28,731
PacifiCorp.
3.60%, 04/01/2024		61,000		65,932
5.75%, 04/01/2037		20,000		27,523
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		49,000		52,612
				744,123
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp. 2.80%, 02/15/2030		63,000		62,914
Arrow Electronics, Inc. 3.88%, 01/12/2028		83,000		83,055
Keysight Technologies, Inc. 4.60%, 04/06/2027		86,000		96,244
				242,213
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (E)		90,000		86,557
Schlumberger Investment SA 3.65%, 12/01/2023		26,000		26,448
				113,005
Equity Real Estate Investment Trusts - 0.8%
American Tower Trust #1 3.65%, 03/15/2048 (E)		120,000		128,662
Camden Property Trust 2.80%, 05/15/2030		50,000		51,859
CyrusOne, LP / CyrusOne Finance Corp. 2.90%, 11/15/2024		61,000		59,561
Equinix, Inc. 5.38%, 05/15/2027		64,000		68,365
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		53,000		49,070
Healthpeak Properties, Inc. 3.50%, 07/15/2029		46,000		46,000
Highwoods Realty, LP 3.05%, 02/15/2030		68,000		64,350
Kilroy Realty, LP 4.25%, 08/15/2029		80,000		81,854

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Life Storage, LP 4.00%, 06/15/2029		$   47,000		$   48,947
ProLogis, LP 2.13%, 04/15/2027		30,000		30,324
Service Properties Trust 5.00%, 08/15/2022		83,000		75,966
WEA Finance LLC 4.13%, 09/20/2028 (E)		84,000		81,082
Weyerhaeuser Co. 4.00%, 04/15/2030		69,000		74,117
				860,157
Food & Staples Retailing - 0.2%
Sysco Corp. 3.30%, 07/15/2026		64,000		63,991
Walmart, Inc. 3.63%, 12/15/2047		107,000		131,542
				195,533
Health Care Equipment & Supplies - 0.1%
Abbott Laboratories 3.75%, 11/30/2026		20,000		23,087
Boston Scientific Corp. 4.70%, 03/01/2049		66,000		82,585
				105,672
Health Care Providers & Services - 0.5%
Anthem, Inc. 2.25%, 05/15/2030		61,000		60,715
Centene Corp. 3.38%, 02/15/2030 (E)		60,000		60,450
Cigna Corp. 2.40%, 03/15/2030		61,000		61,656
CVS Health Corp.
2.13%, 06/01/2021		19,000		19,155
3.75%, 04/01/2030		86,000		95,533
4.10%, 03/25/2025		23,000		25,371
HCA, Inc.
4.13%, 06/15/2029		28,000		30,290
5.25%, 04/15/2025		16,000		17,859
Laboratory Corp. of America Holdings 2.30%, 12/01/2024		91,000		93,674
Quest Diagnostics, Inc. 4.20%, 06/30/2029		92,000		104,164
				568,867
Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		74,000		76,071
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc. 3.75%, 12/01/2027		72,000		73,523
General Electric Co. 6.88%, 01/10/2039, MTN		16,000		19,917
				93,440
Insurance - 0.5%
American International Group, Inc.
4.20%, 04/01/2028		56,000		60,903
4.25%, 03/15/2029		46,000		50,383

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

Transamerica Funds Semi-Annual Report 2020

Page    18

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
CNA Financial Corp. 3.90%, 05/01/2029		$   52,000		$   54,085
Markel Corp. 3.35%, 09/17/2029		154,000		158,646
Progressive Corp. 3.20%, 03/26/2030		35,000		39,095
Reinsurance Group of America, Inc.
3.90%, 05/15/2029		143,000		150,332
3.95%, 09/15/2026		68,000		72,960
				586,404
Interactive Media & Services - 0.3%
Baidu, Inc. 4.38%, 05/14/2024		200,000		213,266
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (E)		97,000		101,647
				314,913
Internet & Direct Marketing Retail - 0.1%
Booking Holdings, Inc. 3.60%, 06/01/2026		40,000		41,799
Expedia Group, Inc.
3.25%, 02/15/2030		40,000		33,387
3.80%, 02/15/2028		65,000		56,385
				131,571
IT Services - 0.1%
Fidelity National Information Services, Inc. 3.75%, 05/21/2029 (C)		34,000		38,167
Fiserv, Inc. 3.50%, 07/01/2029 (C)		63,000		69,075
				107,242
Life Sciences Tools & Services - 0.0% (B)
Thermo Fisher Scientific, Inc. 5.30%, 02/01/2044		36,000		49,813
Machinery - 0.0% (B)
Oshkosh Corp. 3.10%, 03/01/2030		18,000		17,397
Media - 0.1%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		44,000		49,528
Clear Channel Worldwide Holdings, Inc. 5.13%, 08/15/2027 (C) (E)		35,000		32,886
NBCUniversal Media LLC 4.45%, 01/15/2043		38,000		46,892
				129,306
Metals & Mining - 0.2%
Anglo American Capital PLC 4.00%, 09/11/2027 (E)		200,000		199,705
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		45,000		45,036
				244,741
Multi-Utilities - 0.2%
Black Hills Corp. 4.25%, 11/30/2023		71,000		76,011
CMS Energy Corp.
3.88%, 03/01/2024		17,000		18,189
4.88%, 03/01/2044		26,000		33,480

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
Dominion Energy, Inc. 2.58%, 07/01/2020		$   63,000		$   63,019
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		6,000		6,169
				196,868
Oil, Gas & Consumable Fuels - 1.0%
BP Capital Markets PLC 3.12%, 05/04/2026		174,000		178,374
Energy Transfer Operating, LP
5.15%, 03/15/2045		133,000		118,111
5.95%, 10/01/2043		28,000		26,403
Enterprise Products Operating LLC 4.25%, 02/15/2048		104,000		104,268
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		52,000		54,595
Nexen, Inc. 5.88%, 03/10/2035		10,000		13,698
Noble Energy, Inc. 3.25%, 10/15/2029		108,000		78,265
Occidental Petroleum Corp. 5.55%, 03/15/2026		62,000		47,963
Petroleos Mexicanos
6.84%, 01/23/2030 (E)		139,000		109,462
7.69%, 01/23/2050 (C) (E)		17,000		12,495
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		98,000		83,529
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		41,000		40,123
Shell International Finance BV
2.50%, 09/12/2026 (C)		103,000		106,412
3.75%, 09/12/2046		30,000		32,299
Western Midstream Operating, LP 4.05%, 02/01/2030		37,000		33,763
Williams Cos., Inc.
5.40%, 03/04/2044		28,000		29,044
7.88%, 09/01/2021		26,000		27,638
				1,096,442
Pharmaceuticals - 0.4%
AstraZeneca PLC
2.38%, 06/12/2022		65,000		66,664
4.00%, 01/17/2029 (C)		25,000		29,421
4.38%, 08/17/2048		34,000		45,793
Bayer US Finance II LLC 4.38%, 12/15/2028 (E)		200,000		226,468
Bristol-Myers Squibb Co. 3.20%, 06/15/2026 (E)		38,000		41,935
Merck & Co., Inc. 3.40%, 03/07/2029		41,000		47,284
				457,565
Professional Services - 0.2%
Equifax, Inc. 2.60%, 12/01/2024		52,000		52,745
Experian Finance PLC 2.75%, 03/08/2030 (E)		200,000		199,665
				252,410

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

Transamerica Funds Semi-Annual Report 2020

Page    19

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail - 0.2%
Avolon Holdings Funding, Ltd. 4.38%, 05/01/2026 (E)		$   120,000		$   102,834
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		13,000		13,682
3.75%, 04/01/2024 (C)		8,000		8,725
CSX Corp. 3.80%, 11/01/2046 - 04/15/2050		74,000		84,050
				209,291
Semiconductors & Semiconductor Equipment - 0.5%
Intel Corp. 2.88%, 05/11/2024		68,000		72,789
KLA Corp. 3.30%, 03/01/2050		56,000		54,774
Lam Research Corp.
1.90%, 06/15/2030		48,000		47,842
3.75%, 03/15/2026		70,000		78,384
Micron Technology, Inc. 2.50%, 04/24/2023		31,000		31,556
NVIDIA Corp. 2.85%, 04/01/2030		60,000		65,375
NXP BV / NXP Funding LLC / NXP USA Co. 3.40%, 05/01/2030		30,000		29,990
QUALCOMM, Inc. 3.25%, 05/20/2027		82,000		89,546
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (E)		50,000		48,500
				518,756
Software - 0.1%
Adobe, Inc. 2.15%, 02/01/2027		61,000		63,925
Microsoft Corp. 3.30%, 02/06/2027 (C)		40,000		45,137
				109,062
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc. 2.85%, 02/23/2023		83,000		87,609
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (E)		60,000		65,158
Hewlett Packard Enterprise Co. 4.45%, 10/02/2023		55,000		57,912
Western Digital Corp. 4.75%, 02/15/2026 (C)		120,000		122,511
				333,190
Tobacco - 0.2%
Altria Group, Inc. 4.80%, 02/14/2029		58,000		64,919
BAT Capital Corp.
3.22%, 08/15/2024		86,000		89,257
4.70%, 04/02/2027		65,000		71,694
				225,870
Transportation Infrastructure - 0.0% (B)
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.45%, 07/01/2024 (E)		48,000		49,749

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 0.4%
America Movil SAB de CV 3.13%, 07/16/2022		$   200,000		$   204,195
Crown Castle Towers LLC
3.22%, 05/15/2042 (E)		42,000		42,148
3.72%, 07/15/2043 (E)		105,000		109,071
Sprint Corp. 7.88%, 09/15/2023		42,000		47,202
T-Mobile USA, Inc. 3.88%, 04/15/2030 (E)		82,000		89,989
				492,605
Total Corporate Debt Securities (Cost $15,372,767)				15,733,829
FOREIGN GOVERNMENT OBLIGATIONS - 0.6%
Colombia - 0.2%
Colombia Government International Bond 4.50%, 01/28/2026		200,000		204,002
Indonesia - 0.2%
Indonesia Government International Bond 5.38%, 10/17/2023 (E)		200,000		215,608
Mexico - 0.1%
Mexico Government International Bond 3.75%, 01/11/2028		116,000		112,172
Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025		100,000		125,001
Total Foreign Government Obligations (Cost $651,930)				656,783
MORTGAGE-BACKED SECURITIES - 4.4%
Alternative Loan Trust Series 2007-22, Class 2A16, 6.50%, 09/25/2037		167,827		99,266
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (E)		140,000		139,959
Series 2012-TFT, Class C,
3.58% (D), 06/05/2030 (E)		315,000		313,021
BBCMS Trust Series 2013-TYSN, Class B, 4.04%, 09/05/2032 (E)		245,000		244,843
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		24,969		26,200
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		65,000		68,819
Series 2015-GC27, Class B,
3.77%, 02/10/2048		157,700		153,280
Citigroup Mortgage Loan Trust, Inc.
Series 2015-A, Class A1,
3.50% (D), 06/25/2058 (E)		51,484		52,478
Series 2018-RP1, Class A1,
3.00% (D), 09/25/2064 (E)		75,285		76,459
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (D), 08/10/2050		120,000		125,806

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

Transamerica Funds Semi-Annual Report 2020

Page    20

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust (continued)
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (E)		$   100,000		$   99,328
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (E)		310,000		321,247
Series 2016-GCT, Class C,
3.58% (D), 08/10/2029 (E)		100,000		97,285
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (E)		132,000		130,142
CSMC Trust Series 2014-4R, Class 21A1, 1-Month LIBOR + 0.33%, 2.29% (D), 12/27/2035 (E)		90,739		89,968
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class B, 3.45%, 12/10/2036 (E)		150,000		137,259
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 4.27% (D), 03/18/2035		49,167		45,099
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (D), 04/10/2031 (E)		285,000		265,792
Impac CMB Trust Series 2004-6, Class 1A1, 1-Month LIBOR + 0.80%, 1.29% (D), 10/25/2034		33,491		31,662
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.58% (D), 08/25/2037		110,190		83,903
Merrill Lynch Mortgage Investors Trust Series 2003-F, Class A1, 1-Month LIBOR + 0.64%, 1.13% (D), 10/25/2028		21,228		19,860
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (E)		360,000		357,280
Morgan Stanley Resecuritization Trust Series 2014-R3, Class 2A, 3.00% (D), 07/26/2048 (E)		91,466		90,614
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 2.21% (D), 08/15/2034 (E)		333,016		287,909
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (D), 12/25/2052 (E)		55,092		55,760
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (E)		26,470		27,023
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (E)		66,865		68,306
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (E)		47,485		48,480
Series 2016-3A, Class A1B,
3.25% (D), 09/25/2056 (E)		45,581		46,275
Series 2017-1A, Class A1,
4.00% (D), 02/25/2057 (E)		96,037		100,587

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2017-3A, Class A1,
4.00% (D), 04/25/2057 (E)		$   162,765		$   170,585
Series 2017-4A, Class A1,
4.00% (D), 05/25/2057 (E)		63,541		66,978
Series 2019-4A, Class A1B,
3.50% (D), 12/25/2058 (E)		217,404		220,839
Series 2019-5A, Class A1B,
3.50% (D), 08/25/2059 (E)		202,801		205,506
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (E)		195,000		202,152
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.59% (D), 01/11/2037 (E)		130,000		97,349
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 1.42% (D), 01/19/2034		53,546		49,154
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (E)		225,000		227,866
Total Mortgage-Backed Securities (Cost $5,121,657)				4,944,339
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
California - 0.2%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		15,000		24,769
State of California, General Obligation Unlimited
7.30%, 10/01/2039		50,000		79,274
7.60%, 11/01/2040		55,000		94,791
7.95%, 03/01/2036		10		10
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		10,000		13,567
				212,411
Georgia - 0.0% (B)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		10,000		13,306
New Jersey - 0.0% (B)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		14,000		21,986
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		15,000		18,196
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		15,000		22,934

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

Transamerica Funds Semi-Annual Report 2020

Page    21

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		$   10,000		$   12,834
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		20,000		26,369
				80,333
Total Municipal Government Obligations (Cost $283,436)				328,036
U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.4%
Federal Home Loan Mortgage Corp. 12-Month LIBOR + 1.90%, 3.90% (D), 02/01/2041		4,378		4,522
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		136,188		144,541
3.01%, 07/25/2025		188,000		205,301
3.06% (D), 07/25/2023 - 08/25/2024		455,000		488,740
Federal National Mortgage Association
3.33% (D), 10/25/2023		45,156		48,094
3.50%, 11/01/2028 - 01/01/2029		67,805		72,760
12-Month LIBOR + 1.75%, 3.75% (D), 03/01/2041		2,385		2,401
12-Month LIBOR + 1.82%, 3.82% (D), 03/01/2041		1,729		1,743
4.00%, 10/01/2025 - 07/01/2026		19,119		20,244
4.50%, 02/01/2025		2,498		2,673
5.00%, 04/01/2039 - 11/01/2039		111,525		127,481
5.50%, 09/01/2036 - 12/01/2041		207,459		239,128
6.00%, 05/01/2038 - 04/01/2040		112,295		129,934
6.50%, 05/01/2040		31,511		36,818
Government National Mortgage Association, Interest Only STRIPS 0.79% (D), 02/16/2053		160,598		6,995
Uniform Mortgage-Backed Security
2.50%, TBA (K)		451,000		471,559
3.00%, TBA (K)		2,778,000		2,932,265
3.50%, TBA (K)		2,444,000		2,582,454
4.00%, TBA (K)		790,000		841,442
Total U.S. Government Agency Obligations (Cost $8,290,736)				8,359,095
U.S. GOVERNMENT OBLIGATIONS - 8.3%
U.S. Treasury - 7.0%
U.S. Treasury Bond
2.25%, 08/15/2046		95,000		115,603
2.38%, 11/15/2049 (C)		100,000		127,043
2.50%, 02/15/2045 - 05/15/2046		514,000		649,828
2.75%, 08/15/2042 - 11/15/2047		524,500		690,209
2.75%, 08/15/2047 (C)		140,000		187,502
2.88%, 08/15/2045 - 05/15/2049		327,000		447,709
3.00%, 05/15/2042 (C)		139,000		188,008
3.00%, 08/15/2048		108,100		152,459
3.13%, 05/15/2048		17,000		24,438

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
3.63%, 02/15/2044		$   1,105,300		$   1,649,790
4.50%, 02/15/2036		314,000		485,903
4.75%, 02/15/2037		467,000		753,275
5.25%, 02/15/2029		177,000		248,284
U.S. Treasury Note
1.13%, 06/30/2021 - 09/30/2021		255,000		258,137
1.50%, 08/15/2026 - 02/15/2030		342,300		367,849
1.63%, 08/15/2029		108,000		118,003
1.75%, 05/15/2023		204,000		213,228
1.88%, 11/30/2021 (C)		155,000		159,123
2.00%, 02/28/2021		166,000		168,542
2.25%, 11/15/2027		189,300		213,362
2.38%, 05/15/2029		65,000		75,161
2.88%, 05/15/2028		162,200		191,706
3.13%, 11/15/2028		249,500		302,402
				7,787,564
U.S. Treasury Inflation-Protected Securities - 1.3%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		88,903		103,588
2.50%, 01/15/2029		328,560		412,411
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		955,638		981,264
				1,497,263
Total U.S. Government Obligations (Cost $7,804,082)				9,284,827
COMMERCIAL PAPER - 5.7%
Banks - 1.7%
Banco Santander Chile 1.86% (L), 05/13/2020		475,000		474,710
Bedford Row Funding Corp. 1.66% (L), 05/12/2020		250,000		249,875
Concord Minutemen Capital Co. 1.70% (L), 05/05/2020		325,000		324,940
NATIXIS 1.73% (L), 05/04/2020		474,000		473,933
Sumitomo Mitsui Brokerage Corp. 0.74% (L), 07/21/2020		400,000		399,343
				1,922,801
Capital Markets - 0.2%
Intercontinental Exchange, Inc. 1.75% (L), 05/11/2020		250,000		249,880
Diversified Financial Services - 3.2%
Anglesea Funding PLC 1.73% (L), 05/04/2020		300,000		299,957
Bennington Stark Capital Co. LLC 1.67% (L), 05/19/2020		450,000		449,631
Chariot Funding LLC 1.27% (L), 07/07/2020		265,000		264,384
GlaxoSmithKline Finance PLC 1.14% (L), 05/29/2020		300,000		299,739
Liberty Funding LLC 1.12% (L), 06/05/2020		325,000		324,652
LMA Americas LLC 0.73% (L), 07/07/2020		300,000		299,598
Ridgefield Funding Co. 1.17% (L), 07/13/2020		400,000		399,067

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

Transamerica Funds Semi-Annual Report 2020

Page    22

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Sheffield Receivable 1.66% (L), 05/20/2020		$   450,000		$   449,613
Thunder Bay Funding LLC 1.68% (L), 05/08/2020		363,000		362,884
Victory Receivables 1.17% (L), 07/09/2020		425,000		424,063
				3,573,588
Equity Real Estate Investment Trusts - 0.2%
Simon Property Group 1.07% (L), 05/29/2020		250,000		249,796
Health Care Providers & Services - 0.4%
United Healthcare Co. 1.22% (L), 06/10/2020		400,000		399,467
Total Commercial Paper (Cost $6,395,532)				6,395,532

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.4%
U.S. Treasury Bill
0.09% (L), 07/02/2020		$   125,000		$   124,981
0.23% (L), 06/11/2020		200,000		199,944
1.55% (L), 05/07/2020		125,000		124,968
Total Short-Term U.S. Government Obligations (Cost $449,893)				449,893
	Shares		Value
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (L)		1,098,109		1,098,109
Total Other Investment Company (Cost $1,098,109)				1,098,109
Total Investments (Cost $108,131,263)				118,240,988
Net Other Assets (Liabilities) - (5.4)%				(6,094,212	)
Net Assets - 100.0%				$  112,146,776

FUTURES CONTRACTS:
Long Futures Contracts:
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		9		06/19/2020	$	1,078,593	$	1,306,080	$	227,487	$	—

INVESTMENT VALUATION:

Valuation Inputs ^(M)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (N)		Value
ASSETS
Investments
Common Stocks	$	67,663,449	$	—	$	—	$	67,663,449
Preferred Stock		7,680		—		—		7,680
Asset-Backed Securities		—		3,319,416		—		3,319,416
Corporate Debt Securities		—		15,733,829		0		15,733,829
Foreign Government Obligations		—		656,783		—		656,783
Mortgage-Backed Securities		—		4,944,339		—		4,944,339
Municipal Government Obligations		—		328,036		—		328,036
U.S. Government Agency Obligations		—		8,359,095		—		8,359,095
U.S. Government Obligations		—		9,284,827		—		9,284,827
Commercial Paper		—		6,395,532		—		6,395,532
Short-Term U.S. Government Obligations		—		449,893		—		449,893
Other Investment Company		1,098,109		—		—		1,098,109
Total Investments	$	68,769,238	$	49,471,750	$	0	$	118,240,988
Other Financial Instruments
Futures Contracts (O)	$	227,487	$	—	$	—	$	227,487
Total Other Financial Instruments	$	227,487	$	—	$	—	$	227,487

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

Transamerica Funds Semi-Annual Report 2020

Page    23

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

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 $1,687,858, collateralized by cash collateral of $1,098,109 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $624,584. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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 exempt from registration 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 April 30, 2020, the total value of 144A securities is $11,854,169, representing 10.6% of the Fund’s net assets.
(F)	Perpetual maturity. The date displayed is the next call date.
(G)	Rounds to less than $1 or $(1).
(H)	Security deemed worthless.
(I)	Security is Level 3 of the fair value hierarchy.
(J)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2020, the value of the security is $0, representing 0.00% of the Fund’s net assets.
(K)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(L)	Rates disclosed reflect the yields at April 30, 2020.
(M)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(N)	Level 3 securities were not considered significant to the Fund.
(O)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

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 Semi-Annual Report 2020

Page    24

Transamerica Bond

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 13.7%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (A)		$  752,430		$  798,439
Avid Automobile Receivables Trust Series 2019-1, Class A, 2.62%, 02/15/2024 (A)		1,333,411		1,312,000
Battalion CLO XII, Ltd. Series 2018-12A, Class A1, 3-Month LIBOR + 1.07%, 2.76% (B), 05/17/2031 (A)		2,500,000		2,356,978
Benefit Street Partners CLO VII, Ltd. Series 2015-VIIA, Class A2R, 3-Month LIBOR + 1.20%, 2.34% (B), 07/18/2027 (A)		525,000		494,783
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (A)		235,435		226,995
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (A)		1,078,758		1,069,102
CARS-DB4, LP
Series 2020-1A, Class A1,
2.69%, 02/15/2050 (A)		1,217,066		1,163,186
Series 2020-1A, Class A4,
3.19%, 02/15/2050 (A)		6,010,000		5,777,379
CIFC Funding, Ltd.
Series 2013-2A, Class A1LR,
3-Month LIBOR + 1.21%, 2.35% (B), 10/18/2030 (A)		5,000,000		4,877,615
Series 2015-2A, Class BR2,
3-Month LIBOR + 1.50%, 2.72% (B), 04/15/2030 (A)		7,030,000		6,534,554
Countrywide Asset-Backed Certificates
Series 2002-S3, Class A5,
4.93% (B), 05/25/2032		6,731		6,588
Series 2006-6, Class 2A3,
1-Month LIBOR + 0.28%, 0.77% (B), 09/25/2036		518,676		509,084
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 02/20/2032 (A)		1,948,733		1,856,444
ExteNet LLC Series 2019-1A, Class A2, 3.20%, 07/26/2049 (A)		2,765,000		2,614,951
GSAA Home Equity Trust Series 2006-1, Class A3, 1-Month LIBOR + 0.33%, 0.82% (B), 01/25/2036		1,327,878		760,665
Hertz Vehicle Financing II, LP
Series 2017-2A, Class A,
3.29%, 10/25/2023 (A)		1,100,000		1,032,267
Series 2019-1A, Class B,
4.10%, 03/25/2023 (A)		1,506,000		1,390,831
Series 2019-3A, Class B,
3.03%, 12/26/2025 (A)		4,975,000		4,187,513
Hilton Grand Vacations Trust Series 2018-AA, Class C, 4.00%, 02/25/2032 (A)		1,189,891		1,107,432

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Jamestown CLO IV, Ltd. Series 2014-4A, Class A2R, 3-Month LIBOR + 1.35%, 2.57% (B), 07/15/2026 (A)		$   4,400,000		$   4,290,915
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048 (A)		601,716		626,416
JGWPT XXIII LLC Series 2011-1A, Class A, 4.70%, 10/15/2056 (A)		1,567,739		1,702,016
Lehman XS Trust Series 2005-8, Class 1A3, 1-Month LIBOR + 0.35%, 0.84% (B), 12/25/2035		1,152,553		1,107,621
Longfellow Place CLO, Ltd. Series 2013-1A, Class ARR, 3-Month LIBOR + 1.34%, 2.56% (B), 04/15/2029 (A)		7,005,554		6,767,561
Mountain View CLO, Ltd. Series 2014-1A, Class BRR, 3-Month LIBOR + 1.45%, 2.67% (B), 10/15/2026 (A)		2,000,000		1,923,092
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 (A)		1,767,300		1,564,698
MVW Owner Trust Series 2019-1A, Class A, 2.89%, 11/20/2036 (A)		3,539,750		3,356,614
NADG NNN Operating, LP Series 2019-1, Class A, 3.37%, 12/28/2049 (A)		5,440,917		5,180,390
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (A)		9,790,000		9,324,699
Series 2019-T3, Class AT3,
2.51%, 09/15/2052 (A)		11,475,000		11,086,815
Series 2019-T3, Class CT3,
2.71%, 09/15/2052 (A)		2,000,000		1,934,718
Series 2019-T4, Class BT4,
2.46%, 10/15/2051 (A)		600,000		587,220
Series 2019-T4, Class CT4,
2.51%, 10/15/2051 (A)		3,000,000		2,879,837
Series 2019-T4, Class DT4,
2.80%, 10/15/2051 (A)		4,250,000		4,069,647
NRZ Advance Receivables Trust
Series 2019-T1, Class AT1,
2.59%, 07/15/2052 (A)		905,000		875,036
Series 2019-T1, Class BT1,
2.84%, 07/15/2052 (A)		3,255,000		3,161,630
Series 2019-T1, Class DT1,
3.33%, 07/15/2052 (A)		4,732,000		4,602,626
Ocwen Master Advance Receivables Trust
Series 2019-T1, Class AT1,
2.51%, 08/15/2050 (A)		3,542,000		3,534,623
Series 2019-T1, Class BT1,
2.66%, 08/15/2050 (A)		467,000		464,733

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

Transamerica Funds Semi-Annual Report 2020

Page    25

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ocwen Master Advance Receivables Trust (continued)
Series 2019-T1, Class CT1,
2.81%, 08/15/2050 (A)		$   583,000		$   580,173
Series 2019-T1, Class DT1,
3.11%, 08/15/2050 (A)		636,000		632,923
Series 2019-T2, Class AT2,
2.42%, 08/15/2051 (A)		3,574,000		3,541,694
Series 2019-T2, Class BT2,
2.65%, 08/15/2051 (A)		800,000		792,739
Series 2019-T2, Class CT2,
2.75%, 08/15/2051 (A)		1,172,000		1,161,369
Series 2019-T2, Class DT2,
3.04%, 08/15/2051 (A)		1,373,000		1,360,569
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		194,084		192,779
Series 2016-A, Class A,
2.61%, 03/08/2029 (A)		559,084		537,521
Series 2018-A, Class C,
3.74%, 11/08/2030 (A)		1,089,584		1,018,442
Series 2019-A, Class A,
3.06%, 04/09/2038 (A)		711,478		678,762
Series 2019-A, Class C,
3.61%, 04/09/2038 (A)		711,474		653,592
OZLM Funding IV, Ltd. Series 2013-4A, Class A2R, 3-Month LIBOR + 1.70%, 2.80% (B), 10/22/2030 (A)		3,750,000		3,452,351
Sierra Timeshare Receivables Funding LLC
Series 2018-3A, Class A,
3.69%, 09/20/2035 (A)		1,416,355		1,381,392
Series 2018-3A, Class D,
5.20%, 09/20/2035 (A)		1,523,250		1,440,058
Series 2019-1A, Class B,
3.42%, 01/20/2036 (A)		1,111,404		1,075,114
Series 2019-2A, Class A,
2.59%, 05/20/2036 (A)		1,584,618		1,532,930
Series 2019-2A, Class D,
4.54%, 05/20/2036 (A)		1,607,775		1,535,275
Small Business Lending Trust Series 2019-A, Class A, 2.85%, 07/15/2026 (A)		3,820,784		3,767,284
Sofi Consumer Loan Program LLC Series 2017-1, Class A, 3.28%, 01/26/2026 (A)		205,446		205,234
Soundview Home Loan Trust Series 2006-3, Class A3, 1-Month LIBOR + 0.16%, 0.65% (B), 11/25/2036		836,192		818,834
SPS Servicer Advanced Receivables Trust
Series 2019-T1, Class DT1,
2.63%, 10/15/2051 (A)		900,000		888,123
Series 2019-T2, Class AT2,
2.32%, 10/15/2052 (A)		7,215,000		7,055,066
STORE Master Funding I LLC
Series 2015-1A, Class A1,
3.75%, 04/20/2045 (A)		4,355,325		4,285,178
Series 2015-1A, Class A2,
4.17%, 04/20/2045 (A)		1,048,125		999,838

	Principal		Value
ASSET-BACKED SECURITIES (continued)
STORE Master Funding I-VII and XIV Series 2019-1, Class A3, 3.32%, 11/20/2049 (A)		$   1,140,619		$   1,025,098
STORE Master Funding LLC Series 2013-3A, Class A2, 5.21%, 11/20/2043 (A)		775,327		778,064
TICP CLO I, Ltd.
Series 2015-1A, Class AR,
3-Month LIBOR + 0.80%, 1.94% (B), 07/20/2027 (A)		2,443,074		2,375,325
Series 2015-1A, Class BR,
3-Month LIBOR + 1.30%, 2.44% (B), 07/20/2027 (A)		1,440,000		1,353,087
TICP CLO III, Ltd. Series 2018-3R, Class B, 3-Month LIBOR + 1.35%, 2.49% (B), 04/20/2028 (A)		1,250,000		1,178,643
Towd Point Mortgage Trust
Series 2016-4, Class A1,
2.25% (B), 07/25/2056 (A)		270,142		269,385
Series 2017-1, Class A1,
2.75% (B), 10/25/2056 (A)		2,203,243		2,215,103
Series 2017-3, Class A1,
2.75% (B), 07/25/2057 (A)		1,158,529		1,162,086
Series 2017-4, Class A1,
2.75% (B), 06/25/2057 (A)		1,159,642		1,168,671
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)		2,435,152		2,460,451
Series 2018-2, Class A1,
3.25% (B), 03/25/2058 (A)		4,263,838		4,340,163
Series 2018-3, Class A1,
3.75% (B), 05/25/2058 (A)		7,912,895		8,207,587
Series 2018-5, Class A1A,
3.25% (B), 07/25/2058 (A)		3,076,260		3,147,693
Series 2019-1, Class A1,
3.75% (B), 03/25/2058 (A)		13,703,300		14,247,264
Trafigura Securitisation Finance PLC Series 2018-1A, Class A2, 3.73%, 03/15/2022 (A)		3,090,000		3,155,069
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (A)		3,100,000		3,092,720
VSE Voi Mortgage LLC Series 2018-A, Class A, 3.56%, 02/20/2036 (A)		913,667		887,852
Welk Resorts LLC
Series 2015-AA, Class A,
2.79%, 06/16/2031 (A)		528,788		520,906
Series 2019-AA, Class A,
2.80%, 06/15/2038 (A)		1,702,878		1,612,385
Wellfleet CLO, Ltd.
Series 2016-2A, Class A2R,
3-Month LIBOR + 1.58%, 2.72% (B), 10/20/2028 (A)		4,975,000		4,577,587
Series 2017-2A, Class A2R,
3-Month LIBOR + 1.62%, 2.76% (B), 10/20/2029 (A)		4,000,000		3,689,720
Total Asset-Backed Securities (Cost $213,165,007)				208,169,812

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

Transamerica Funds Semi-Annual Report 2020

Page    26

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 50.4%
Aerospace & Defense - 0.8%
BAE Systems PLC 3.40%, 04/15/2030 (A)		$   1,460,000		$   1,580,354
Boeing Co.
5.15%, 05/01/2030		3,026,000		3,026,000
5.93%, 05/01/2060		3,177,000		3,177,000
Huntington Ingalls Industries, Inc. 3.84%, 05/01/2025 (A)		1,254,000		1,318,420
L3 Harris Technologies, Inc. 2.90%, 12/15/2029		1,597,000		1,630,294
Northrop Grumman Corp. 3.20%, 02/01/2027		738,000		797,192
				11,529,260
Airlines - 1.2%
America West Airlines Pass-Through Trust 8.06%, 01/02/2022		558,192		542,135
American Airlines Pass-Through Trust
3.15%, 08/15/2033		2,580,645		2,273,583
3.70%, 04/01/2028		1,318,957		1,080,102
4.00%, 01/15/2027		2,033,899		1,756,293
Continental Airlines Pass-Through Trust 6.90%, 10/19/2023		70,176		65,461
Delta Air Lines Pass-Through Trust
3.20%, 10/25/2025		1,655,000		1,513,992
4.75%, 11/07/2021		966,898		966,201
6.82%, 02/10/2024		1,288,484		1,233,865
JetBlue Pass-Through Trust 2.75%, 11/15/2033		2,848,000		2,505,562
United Airlines Holdings, Inc.
4.25%, 10/01/2022		1,500,000		1,243,050
4.88%, 01/15/2025 (C)		1,500,000		1,095,000
United Airlines Pass-Through Trust
2.70%, 11/01/2033		1,051,000		924,559
Series A,
3.75%, 03/03/2028		1,540,117		1,349,415
4.15%, 02/25/2033		2,133,194		1,895,296
US Airways Pass-Through Trust 3.95%, 05/15/2027		287,038		234,013
				18,678,527
Auto Components - 0.3%
Panther BF Aggregator 2, LP / Panther Finance Co., Inc. 6.25%, 05/15/2026 (A) (C)		3,308,000		3,329,502
Weichai International Hong Kong Energy Group Co., Ltd. Fixed until 09/14/2022 (D), 3.75% (B) (E)		1,600,000		1,568,740
				4,898,242
Automobiles - 0.3%
Ford Motor Co.
8.50%, 04/21/2023		1,203,000		1,186,459
9.00%, 04/22/2025		1,203,000		1,171,421
General Motors Co. 6.25%, 10/02/2043		2,723,000		2,383,525
				4,741,405

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks - 8.3%
Bank of America Corp.
Fixed until 12/20/2027, 3.42% (B), 12/20/2028		$   6,296,000		$   6,757,322
Fixed until 03/20/2050, 4.08% (B), 03/20/2051, MTN		3,860,000		4,635,111
5.88%, 02/07/2042, MTN		891,000		1,289,914
Barclays Bank PLC 10.18%, 06/12/2021 (A)		3,458,000		3,705,791
Barclays PLC
Fixed until 02/15/2022, 4.61% (B), 02/15/2023		1,317,000		1,368,408
5.20%, 05/12/2026		4,372,000		4,702,392
BBVA Bancomer SA
Fixed until 09/13/2029, 5.88% (B), 09/13/2034 (A)		4,955,000		4,339,094
6.50%, 03/10/2021 (A)		1,105,000		1,124,349
6.75%, 09/30/2022 (A)		1,500,000		1,556,250
BNP Paribas SA Fixed until 03/14/2022 (D), 6.75% (A) (B) (C)		2,429,000		2,392,565
BPCE SA
3.50%, 10/23/2027 (A)		2,046,000		2,143,711
4.50%, 03/15/2025 (A)		3,603,000		3,794,310
CIT Bank NA Fixed until 09/27/2024, 2.97% (B), 09/27/2025		3,010,000		2,648,800
Citigroup, Inc.
Fixed until 04/24/2024, 3.35% (B), 04/24/2025		1,000		1,051
Fixed until 10/27/2027, 3.52% (B), 10/27/2028		6,059,000		6,454,757
Fixed until 09/12/2024 (D), 5.00% (B)		2,894,000		2,631,529
Commerzbank AG 8.13%, 09/19/2023 (A)		2,891,000		3,184,224
Credit Agricole SA
2.38%, 01/22/2025 (A)		6,243,000		6,362,595
3.25%, 01/14/2030 (A) (C)		4,842,000		4,901,680
Credit Suisse AG
2.80%, 04/08/2022		3,675,000		3,762,108
6.50%, 08/08/2023 (A)		3,070,000		3,236,812
Danske Bank A/S Fixed until 12/20/2024, 3.24% (B), 12/20/2025 (A)		3,008,000		3,009,149
Discover Bank
3.45%, 07/27/2026		2,949,000		2,933,438
4.65%, 09/13/2028		2,953,000		3,098,164
HBOS PLC 6.00%, 11/01/2033 (A) (C)		2,303,000		2,922,524
HSBC Holdings PLC Fixed until 09/17/2024 (D), 6.38% (B)		3,343,000		3,255,246
ING Bank NV 5.80%, 09/25/2023 (A)		963,000		1,053,564
Intesa Sanpaolo SpA
4.00%, 09/23/2029 (A)		2,974,000		2,922,645
5.02%, 06/26/2024 (A)		595,000		594,830

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

Transamerica Funds Semi-Annual Report 2020

Page    27

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
JPMorgan Chase & Co.
Fixed until 04/22/2025, 2.08% (B), 04/22/2026		$   2,603,000		$   2,639,564
4.13%, 12/15/2026		4,486,000		4,957,105
Fixed until 02/01/2025 (D), 4.60% (B)		5,603,000		5,025,891
Lloyds Banking Group PLC Fixed until 07/09/2024, 3.87% (B), 07/09/2025		2,636,000		2,773,363
National Australia Bank, Ltd. Fixed until 08/02/2029, 3.93% (B), 08/02/2034 (A) (C)		4,905,000		5,100,817
Synovus Bank Fixed until 02/10/2022, 2.29% (B), 02/10/2023		2,850,000		2,816,245
Truist Financial Corp. Fixed until 09/01/2024 (D), 4.80% (B) (C)		4,485,000		4,192,847
UniCredit SpA 6.57%, 01/14/2022 (A)		2,283,000		2,354,732
Wells Fargo & Co. Fixed until 04/04/2030, 4.48% (B), 04/04/2031, MTN		4,930,000		5,721,775
Wells Fargo Bank NA 5.95%, 08/26/2036		459,000		617,242
				126,981,914
Beverages - 1.8%
Anheuser-Busch InBev Finance, Inc. 3.70%, 02/01/2024		1,543,000		1,672,475
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/2025		2,390,000		2,661,021
4.44%, 10/06/2048		844,000		917,841
4.75%, 01/23/2029		3,118,000		3,607,144
Constellation Brands, Inc.
2.65%, 11/07/2022		2,509,000		2,557,573
3.15%, 08/01/2029		1,041,000		1,077,139
3.70%, 12/06/2026		2,851,000		3,032,419
Cott Holdings, Inc. 5.50%, 04/01/2025 (A)		4,510,000		4,532,550
Pernod Ricard SA
4.45%, 01/15/2022 (A)		6,778,000		7,103,823
5.75%, 04/07/2021 (A)		777,000		805,745
				27,967,730
Biotechnology - 0.5%
AbbVie, Inc.
3.20%, 05/14/2026		1,302,000		1,391,837
4.05%, 11/21/2039 (A)		1,324,000		1,468,504
Amgen, Inc. 2.20%, 02/21/2027		2,344,000		2,406,521
Biogen, Inc. 2.25%, 05/01/2030		2,932,000		2,928,005
				8,194,867
Building Products - 0.5%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024 (A)		2,215,000		1,893,825

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Building Products (continued)
Builders FirstSource, Inc. 5.00%, 03/01/2030 (A)		$   859,000		$   737,108
Carrier Global Corp. 2.72%, 02/15/2030 (A)		2,713,000		2,564,293
Owens Corning 7.00%, 12/01/2036		1,380,000		1,688,828
				6,884,054
Capital Markets - 2.5%
Charles Schwab Corp. Fixed until 12/01/2027 (D), 5.00% (B) (C)		3,340,000		3,255,498
Credit Suisse Group AG
Fixed until 08/21/2026 (D), 6.38% (A) (B)		2,297,000		2,262,545
Fixed until 09/12/2025 (D), 7.25% (A) (B)		2,165,000		2,159,587
Deutsche Bank AG Fixed until 10/30/2025 (D), 6.00% (B)		2,000,000		1,450,000
Goldman Sachs Group, Inc.
3.85%, 01/26/2027		4,173,000		4,521,402
5.25%, 07/27/2021		3,202,000		3,341,183
Lazard Group LLC 4.50%, 09/19/2028		2,336,000		2,464,597
Morgan Stanley
Fixed until 01/22/2030, 2.70% (B), 01/22/2031, MTN		4,172,000		4,263,154
3.13%, 01/23/2023, MTN		755,000		785,302
4.00%, 07/23/2025, MTN		5,828,000		6,417,542
State Street Corp. Fixed until 03/30/2022, 2.83% (B), 03/30/2023 (A)		1,873,000		1,924,871
UBS AG 7.63%, 08/17/2022		2,433,000		2,627,640
UBS Group AG
Fixed until 08/13/2029, 3.13% (B), 08/13/2030 (A)		1,377,000		1,435,774
Fixed until 08/10/2021 (D), 7.13% (B) (E)		1,055,000		1,062,385
				37,971,480
Chemicals - 0.7%
Mosaic Co. 4.05%, 11/15/2027 (C)		800,000		797,655
NOVA Chemicals Corp. 4.88%, 06/01/2024 (A)		2,800,000		2,513,000
Nutrien, Ltd. 4.20%, 04/01/2029		2,514,000		2,860,275
Syngenta Finance NV 3.93%, 04/23/2021 (A)		3,855,000		3,821,506
				9,992,436
Commercial Services & Supplies - 0.5%
Ashtead Capital, Inc.
4.25%, 11/01/2029 (A)		1,358,000		1,300,649
5.25%, 08/01/2026 (A)		2,001,000		2,006,002
Stericycle, Inc. 5.38%, 07/15/2024 (A)		3,987,000		3,998,443
				7,305,094

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

Transamerica Funds Semi-Annual Report 2020

Page    28

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Communications Equipment - 0.6%
CommScope, Inc. 5.50%, 03/01/2024 (A)		$   6,632,000		$   6,632,000
Nokia OYJ 3.38%, 06/12/2022		2,050,000		2,065,375
				8,697,375
Construction & Engineering - 1.0%
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.75%, 08/01/2025 (A)		990,000		836,550
9.88%, 04/01/2027 (A)		2,000,000		1,920,000
IHS Netherlands Holdco BV
7.13%, 03/18/2025 (A)		1,565,000		1,424,463
8.00%, 09/18/2027 (A)		1,975,000		1,797,250
SBA Tower Trust
2.84%, 01/15/2025 (A)		6,883,000		7,009,487
2.88%, 07/15/2046 (A)		1,005,000		1,009,520
3.17%, 04/09/2047 (A)		880,000		892,032
3.45%, 03/15/2048 (A)		995,000		1,010,572
				15,899,874
Construction Materials - 0.8%
CRH America Finance, Inc. 3.40%, 05/09/2027 (A)		2,580,000		2,682,459
LafargeHolcim Finance LLC 3.50%, 09/22/2026 (A)		4,266,000		4,278,097
Martin Marietta Materials, Inc.
2.50%, 03/15/2030		2,612,000		2,448,986
3.50%, 12/15/2027		2,300,000		2,389,080
				11,798,622
Consumer Finance - 1.3%
Ally Financial, Inc.
3.88%, 05/21/2024		2,830,000		2,780,475
7.50%, 09/15/2020		1,477,000		1,491,770
Altice Financing SA 7.50%, 05/15/2026 (A)		2,750,000		2,866,875
BMW US Capital LLC 2.80%, 04/11/2026 (A)		4,540,000		4,587,162
Ford Motor Credit Co. LLC 4.54%, 08/01/2026		1,612,000		1,382,290
Navient Corp.
5.00%, 10/26/2020		2,050,000		2,010,107
6.50%, 06/15/2022		1,445,000		1,398,037
Springleaf Finance Corp.
7.13%, 03/15/2026		2,000,000		1,885,000
8.25%, 12/15/2020		1,980,000		1,974,951
				20,376,667
Containers & Packaging - 0.7%
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024 (A)		5,810,000		5,357,982
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.13%, 07/15/2023 (A)		3,005,000		3,020,025
WRKCo, Inc. 3.90%, 06/01/2028		2,405,000		2,585,706
				10,963,713

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 0.9%
Aviation Capital Group LLC
2.88%, 01/20/2022 (A)		$   2,349,000		$   2,034,281
3.50%, 11/01/2027 (A)		1,166,000		848,848
7.13%, 10/15/2020 (A)		2,704,000		2,434,975
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 4.25%, 02/01/2027 (A)		5,711,000		3,969,145
Virgin Media Secured Finance PLC 5.50%, 05/15/2029 (A)		3,940,000		4,090,508
				13,377,757
Diversified Telecommunication Services - 2.1%
AT&T, Inc. 3.40%, 05/15/2025		4,207,000		4,455,338
CenturyLink, Inc.
5.13%, 12/15/2026 (A)		1,700,000		1,610,750
5.80%, 03/15/2022		3,035,000		3,107,650
6.45%, 06/15/2021		3,455,000		3,536,020
7.50%, 04/01/2024 (C)		1,750,000		1,898,750
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		4,855,000		5,041,869
Level 3 Financing, Inc. 3.40%, 03/01/2027 (A)		3,328,000		3,329,498
Verizon Communications, Inc.
3.50%, 11/01/2024		870,000		950,231
4.13%, 03/16/2027		2,134,000		2,477,008
Virgin Media Finance PLC 6.00%, 10/15/2024 (A)		4,800,000		4,860,000
				31,267,114
Electric Utilities - 1.1%
Cleveland Electric Illuminating Co. 3.50%, 04/01/2028 (A)		4,009,000		4,291,962
EDP Finance BV 3.63%, 07/15/2024 (A)		8,739,000		9,188,803
NRG Energy, Inc. 7.25%, 05/15/2026		1,616,000		1,737,200
Vistra Operations Co. LLC 5.00%, 07/31/2027 (A)		1,247,000		1,271,815
				16,489,780
Electronic Equipment, Instruments & Components - 0.4%
Amphenol Corp. 2.80%, 02/15/2030		2,182,000		2,179,028
Arrow Electronics, Inc. 3.50%, 04/01/2022		1,657,000		1,672,513
Keysight Technologies, Inc. 4.60%, 04/06/2027		2,549,000		2,852,633
				6,704,174
Energy Equipment & Services - 0.1%
Noble Holding International, Ltd. 6.05%, 03/01/2041		1,736,000		10,850
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (A)		1,737,000		1,670,540
				1,681,390
Equity Real Estate Investment Trusts - 2.5%
CBL & Associates, LP 5.25%, 12/01/2023		997,000		271,682

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

Transamerica Funds Semi-Annual Report 2020

Page    29

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
CyrusOne, LP / CyrusOne Finance Corp. 2.90%, 11/15/2024		$   2,058,000		$   2,009,443
EPR Properties 3.75%, 08/15/2029		2,420,000		1,953,675
Equinix, Inc. 5.38%, 05/15/2027		4,929,000		5,265,158
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		1,525,000		1,411,921
Healthpeak Properties, Inc. 3.88%, 08/15/2024		2,877,000		2,960,161
Highwoods Realty, LP
3.05%, 02/15/2030		3,244,000		3,069,887
4.20%, 04/15/2029		2,833,000		2,921,204
Iron Mountain, Inc. 5.25%, 03/15/2028 (A)		3,750,000		3,665,625
iStar, Inc.
4.25%, 08/01/2025		2,171,000		1,715,090
5.25%, 09/15/2022		1,946,000		1,761,130
Kilroy Realty, LP 4.75%, 12/15/2028		2,039,000		2,135,831
Life Storage, LP 4.00%, 06/15/2029		1,053,000		1,096,612
ProLogis, LP 2.13%, 04/15/2027		1,065,000		1,076,513
Service Properties Trust
4.65%, 03/15/2024		3,147,000		2,676,589
4.95%, 10/01/2029 (C)		1,321,000		1,022,567
Weyerhaeuser Co. 4.00%, 04/15/2030		2,433,000		2,613,437
				37,626,525
Food & Staples Retailing - 0.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP 4.63%, 01/15/2027 (A)		4,110,000		4,151,100
Sysco Corp. 5.95%, 04/01/2030 (C)		2,966,000		3,505,246
				7,656,346
Food Products - 0.6%
Kraft Heinz Foods Co. 4.00%, 06/15/2023		2,668,000		2,769,385
Post Holdings, Inc.
4.63%, 04/15/2030 (A)		680,000		666,393
5.63%, 01/15/2028 (A)		2,000,000		2,035,000
Tyson Foods, Inc. 4.00%, 03/01/2026		2,658,000		2,936,887
				8,407,665
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories 3.75%, 11/30/2026		690,000		796,512
Alcon Finance Corp. 2.75%, 09/23/2026 (A)		2,053,000		2,142,574
Becton Dickinson and Co. 3-Month LIBOR + 0.88%, 2.25% (B), 12/29/2020		655,000		650,182
Boston Scientific Corp. 4.70%, 03/01/2049		1,604,000		2,007,062
				5,596,330

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 2.1%
Anthem, Inc. 2.25%, 05/15/2030		$   2,121,000		$   2,111,084
Centene Corp.
3.38%, 02/15/2030 (A) (F)		4,806,000		4,842,045
4.25%, 12/15/2027 (A) (F)		1,047,000		1,095,424
CHS / Community Health Systems, Inc.
8.00%, 03/15/2026 (A)		725,000		694,971
8.13%, 06/30/2024 (A) (C)		116,000		78,880
Cigna Corp.
2.40%, 03/15/2030		2,085,000		2,107,430
4.50%, 02/25/2026 (A)		1,028,000		1,166,775
CVS Health Corp.
3.75%, 04/01/2030		3,030,000		3,365,852
4.78%, 03/25/2038		3,079,000		3,634,297
HCA, Inc.
4.13%, 06/15/2029		2,885,000		3,120,986
5.25%, 04/15/2025		2,342,000		2,614,077
Laboratory Corp. of America Holdings 2.30%, 12/01/2024		2,991,000		3,078,890
Quest Diagnostics, Inc. 4.20%, 06/30/2029		2,067,000		2,340,289
Tenet Healthcare Corp. 5.13%, 11/01/2027 (A)		2,400,000		2,370,000
				32,621,000
Hotels, Restaurants & Leisure - 1.5%
Boyd Gaming Corp. 4.75%, 12/01/2027 (A)		2,549,000		2,195,963
Carnival Corp. 11.50%, 04/01/2023 (A)		748,000		781,543
GLP Capital, LP / GLP Financing II, Inc. 4.00%, 01/15/2030		2,357,000		2,080,053
International Game Technology PLC 6.50%, 02/15/2025 (A) (C)		2,792,000		2,736,132
Marriott International, Inc. 5.75%, 05/01/2025 (C)		2,772,000		2,896,921
MGM Resorts International 5.75%, 06/15/2025		3,379,000		3,243,874
NCL Corp., Ltd. 3.63%, 12/15/2024 (A)		3,416,000		2,194,780
Scientific Games International, Inc.
7.00%, 05/15/2028 (A)		699,000		503,280
7.25%, 11/15/2029 (A)		796,000		567,150
8.25%, 03/15/2026 (A)		3,200,000		2,416,000
Viking Cruises, Ltd. 5.88%, 09/15/2027 (A)		4,525,000		3,043,062
				22,658,758
Household Durables - 0.3%
Century Communities, Inc. 6.75%, 06/01/2027		1,319,000		1,134,340
D.R. Horton, Inc. 4.38%, 09/15/2022		2,438,000		2,506,245
KB Home 7.63%, 05/15/2023		795,000		827,357
				4,467,942
Independent Power & Renewable Electricity Producers - 0.1%
Calpine Corp. 5.25%, 06/01/2026 (A)		1,250,000		1,271,475

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

Transamerica Funds Semi-Annual Report 2020

Page    30

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Industrial Conglomerates - 0.3%
Carlisle Cos., Inc. 3.75%, 12/01/2027		$   2,784,000		$   2,842,873
General Electric Co. Fixed until 01/21/2021 (D), 5.00% (B)		1,442,000		1,181,539
				4,024,412
Insurance - 1.8%
American Financial Group, Inc. 5.25%, 04/02/2030		3,811,000		4,021,460
American International Group, Inc.
4.20%, 04/01/2028		1,970,000		2,142,470
4.25%, 03/15/2029		1,572,000		1,721,791
Aon Corp. 3.75%, 05/02/2029		3,831,000		4,200,791
CNA Financial Corp. 3.90%, 05/01/2029		1,187,000		1,234,598
Markel Corp. 5.00%, 05/20/2049		1,790,000		2,048,476
Progressive Corp. 3.20%, 03/26/2030		1,206,000		1,347,112
Reinsurance Group of America, Inc.
3.90%, 05/15/2029		3,871,000		4,069,481
3.95%, 09/15/2026		2,856,000		3,064,319
Swiss Re Finance SA Fixed until 04/02/2029, 5.00% (B), 04/02/2049 (A) (C)		2,978,000		3,246,389
				27,096,887
Interactive Media & Services - 0.3%
Baidu, Inc. 4.38%, 05/14/2024		2,436,000		2,597,582
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (A)		1,686,000		1,766,775
				4,364,357
Internet & Direct Marketing Retail - 0.3%
Booking Holdings, Inc. 4.10%, 04/13/2025		1,536,000		1,631,479
Expedia Group, Inc.
3.25%, 02/15/2030		1,779,000		1,484,875
3.80%, 02/15/2028		1,761,000		1,527,602
				4,643,956
IT Services - 0.2%
Fidelity National Information Services, Inc. 3.75%, 05/21/2029 (C)		760,000		853,151
Fiserv, Inc. 3.50%, 07/01/2029		1,443,000		1,582,141
				2,435,292
Leisure Products - 0.1%
Mattel, Inc.
5.88%, 12/15/2027 (A) (C)		360,000		350,352
6.75%, 12/31/2025 (A)		1,500,000		1,522,500
				1,872,852
Machinery - 0.0% (G)
Oshkosh Corp. 3.10%, 03/01/2030		622,000		601,179
Marine - 0.2%
MV24 Capital BV 6.75%, 06/01/2034 (A)		2,933,529		2,471,527

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media - 2.1%
Charter Communications Operating LLC / Charter Communications Operating Capital 5.13%, 07/01/2049		$   6,774,000		$   8,062,698
Clear Channel Worldwide Holdings, Inc. 9.25%, 02/15/2024 (A)		1,055,000		878,287
Comcast Corp. 4.15%, 10/15/2028		3,221,000		3,770,535
CSC Holdings LLC
6.63%, 10/15/2025 (A)		2,000,000		2,091,700
6.75%, 11/15/2021		1,315,000		1,371,571
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026 (A)		1,040,000		790,400
6.63%, 08/15/2027 (A) (C)		690,000		377,775
DISH DBS Corp.
5.00%, 03/15/2023		1,500,000		1,425,000
5.88%, 07/15/2022		7,490,000		7,509,474
6.75%, 06/01/2021		900,000		896,400
Univision Communications, Inc.
5.13%, 05/15/2023 (A) (C)		2,250,000		2,137,500
6.75%, 09/15/2022 (A) (C)		646,000		650,038
Ziggo BV 5.50%, 01/15/2027 (A)		2,473,000		2,515,536
				32,476,914
Metals & Mining - 0.1%
Teck Resources, Ltd. 6.25%, 07/15/2041		2,073,000		1,953,734
Multi-Utilities - 0.8%
Black Hills Corp.
3.05%, 10/15/2029		1,445,000		1,464,139
3.15%, 01/15/2027		1,625,000		1,640,500
4.25%, 11/30/2023		2,549,000		2,728,897
Dominion Energy, Inc. 2.58%, 07/01/2020		5,717,000		5,718,752
				11,552,288
Oil, Gas & Consumable Fuels - 3.2%
Cheniere Energy Partners, LP 4.50%, 10/01/2029 (A)		1,735,000		1,600,537
Chesapeake Energy Corp. 11.50%, 01/01/2025 (A)		1,665,000		49,950
Citgo Holding, Inc. 9.25%, 08/01/2024 (A)		700,000		630,000
Energy Transfer Operating, LP 6.00%, 06/15/2048		4,199,000		3,952,120
EnLink Midstream Partners, LP 5.05%, 04/01/2045		1,095,000		443,475
EQM Midstream Partners, LP 6.50%, 07/15/2048		2,310,000		1,853,775
Exxon Mobil Corp. 3.04%, 03/01/2026		2,584,000		2,768,719
Lukoil International Finance BV 6.66%, 06/07/2022 (A)		1,000,000		1,072,500
Marathon Petroleum Corp. 4.50%, 05/01/2023		3,182,000		3,187,601
Noble Energy, Inc. 3.25%, 10/15/2029 (C)		3,234,000		2,343,610

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

Transamerica Funds Semi-Annual Report 2020

Page    31

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
NuStar Logistics, LP
4.80%, 09/01/2020		$   1,250,000		$   1,225,000
5.63%, 04/28/2027		2,000,000		1,800,000
6.00%, 06/01/2026		350,000		315,000
Occidental Petroleum Corp.
4.30%, 08/15/2039		938,000		588,595
5.55%, 03/15/2026		5,870,000		4,541,032
ONEOK Partners, LP 4.90%, 03/15/2025		1,134,000		1,129,168
Petroleos Mexicanos
6.50%, 01/23/2029		4,757,000		3,745,662
6.84%, 01/23/2030 (A)		3,538,000		2,786,175
7.69%, 01/23/2050 (A)		1,593,000		1,170,855
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		3,739,000		3,186,900
Sabine Pass Liquefaction LLC 6.25%, 03/15/2022		4,532,000		4,675,936
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.13%, 02/01/2025		4,000,000		3,600,000
Western Midstream Operating, LP 4.50%, 03/01/2028		1,792,000		1,576,960
YPF SA 8.50%, 07/28/2025 (A)		2,242,000		1,087,370
				49,330,940
Paper & Forest Products - 0.1%
Celulosa Arauco y Constitucion SA 5.50%, 04/30/2049 (A) (C)		1,560,000		1,487,850
Pharmaceuticals - 1.3%
Allergan Finance LLC 3.25%, 10/01/2022 (F)		1,361,000		1,396,301
AstraZeneca PLC
2.38%, 06/12/2022		2,650,000		2,717,844
4.00%, 01/17/2029		3,089,000		3,635,226
Bausch Health Cos., Inc.
5.25%, 01/30/2030 (A)		3,400,000		3,366,034
5.88%, 05/15/2023 (A)		149,000		147,883
6.13%, 04/15/2025 (A)		2,000,000		2,025,000
7.00%, 01/15/2028 (A)		617,000		640,138
Bayer US Finance II LLC 4.38%, 12/15/2028 (A)		2,041,000		2,311,110
Bristol-Myers Squibb Co. 3.20%, 06/15/2026 (A)		807,000		890,570
Merck & Co., Inc. 3.40%, 03/07/2029		1,505,000		1,735,666
Takeda Pharmaceutical Co., Ltd. 5.00%, 11/26/2028		1,170,000		1,411,165
				20,276,937
Professional Services - 0.1%
Equifax, Inc. 2.60%, 12/01/2024		1,680,000		1,704,067
Road & Rail - 0.4%
Avolon Holdings Funding, Ltd. 4.38%, 05/01/2026 (A)		3,369,000		2,887,063
CSX Corp. 3.80%, 04/15/2050		1,687,000		1,938,751

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail (continued)
Hertz Corp. 5.50%, 10/15/2024 (A)		$   3,599,000		$   740,530
				5,566,344
Semiconductors & Semiconductor Equipment - 1.0%
KLA Corp. 4.10%, 03/15/2029		2,500,000		2,832,914
Lam Research Corp.
1.90%, 06/15/2030		2,527,000		2,518,661
3.75%, 03/15/2026		1,283,000		1,436,659
Micron Technology, Inc. 4.64%, 02/06/2024		2,335,000		2,509,415
NVIDIA Corp. 2.85%, 04/01/2030		2,123,000		2,313,199
NXP BV / NXP Funding LLC / NXP USA Co. 3.40%, 05/01/2030 (A)		1,035,000		1,034,664
QUALCOMM, Inc. 3.25%, 05/20/2027		1,314,000		1,434,916
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (A)		1,498,000		1,453,060
				15,533,488
Software - 0.1%
Adobe, Inc. 2.15%, 02/01/2027		2,095,000		2,195,452
Technology Hardware, Storage & Peripherals - 1.1%
Apple, Inc. 2.85%, 02/23/2023		3,488,000		3,681,674
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (A)		3,601,000		3,910,560
Hewlett Packard Enterprise Co. 4.45%, 10/02/2023		1,938,000		2,040,601
NCR Corp. 8.13%, 04/15/2025 (A)		277,000		293,620
Western Digital Corp. 4.75%, 02/15/2026 (C)		6,235,000		6,365,498
				16,291,953
Tobacco - 0.6%
Altria Group, Inc. 4.80%, 02/14/2029		1,634,000		1,828,931
BAT Capital Corp.
3.22%, 08/15/2024		1,554,000		1,612,851
4.70%, 04/02/2027		3,113,000		3,433,583
4.76%, 09/06/2049		2,100,000		2,280,472
Reynolds American, Inc. 7.25%, 06/15/2037		340,000		438,339
				9,594,176
Trading Companies & Distributors - 0.4%
Air Lease Corp.
2.25%, 01/15/2023		5,921,000		5,499,784
2.30%, 02/01/2025, MTN		868,000		751,801
				6,251,585
Transportation Infrastructure - 0.3%
Penske Truck Leasing Co., LP / PTL Finance Corp.
3.45%, 07/01/2024 (A)		964,000		999,127
4.00%, 07/15/2025 (A)		3,122,000		3,304,285
				4,303,412

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

Transamerica Funds Semi-Annual Report 2020

Page    32

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 1.2%
Crown Castle Towers LLC
3.22%, 05/15/2042 (A)		$   3,545,000		$   3,557,490
3.72%, 07/15/2043 (A)		371,000		385,383
Sprint Corp.
7.25%, 09/15/2021		2,450,000		2,569,438
7.88%, 09/15/2023		7,245,000		8,142,293
T-Mobile USA, Inc. 3.88%, 04/15/2030 (A)		2,954,000		3,241,808
				17,896,412
Total Corporate Debt Securities (Cost $783,557,940)				766,633,530
FOREIGN GOVERNMENT OBLIGATIONS - 0.9%
Colombia - 0.1%
Colombia Government International Bond 4.50%, 01/28/2026		1,300,000		1,326,013
Costa Rica - 0.2%
Costa Rica Government International Bond 7.00%, 04/04/2044 (A)		4,350,000		3,306,000
Dominican Republic - 0.1%
Dominican Republic International Bond 5.50%, 01/27/2025 (E)		1,122,000		1,049,070
Ecuador - 0.0% (G)
Ecuador Government International Bond 7.88%, 03/27/2025 (A)		1,920,000		547,200
Indonesia - 0.2%
Indonesia Government International Bond 4.75%, 01/08/2026 (A)		2,780,000		3,004,266
Mongolia - 0.0% (G)
Mongolia Government International Bond 5.63%, 05/01/2023 (A)		470,000		418,300
Qatar - 0.2%
Qatar Government International Bond 3.88%, 04/23/2023 (A)		2,657,000		2,814,486
Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021 (A)		560,000		565,667
Total Foreign Government Obligations (Cost $15,489,613)				13,031,002
LOAN ASSIGNMENTS - 0.8%
Commercial Services & Supplies - 0.4%
Spin Holdco, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.25% (B), 11/14/2022		7,648,408		6,988,732
Diversified Consumer Services - 0.2%
Pre-Paid Legal Services, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 3.65% (B), 05/01/2025		2,866,391		2,597,667

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media - 0.2%
AVSC Holding Corp. 1st Lien Term Loan,
1-Month LIBOR + 3.25%, 3-Month LIBOR + 3.25%, 4.25% - 4.95% (B), 03/03/2025		$   2,011,579		$   1,337,700
Term Loan B,
3-Month LIBOR + 4.50%, 6.20% (B), 10/15/2026		2,992,500		1,990,012
				3,327,712
Total Loan Assignments (Cost $15,398,629)				12,914,111
MORTGAGE-BACKED SECURITIES - 15.6%
20 Times Square Trust Series 2018-20TS, Class C, 3.20% (B), 05/15/2035 (A)		2,400,000		2,197,954
280 Park Avenue Mortgage Trust Series 2017-280P, Class D, 1-Month LIBOR + 1.54%, 2.35% (B), 09/15/2034 (A)		3,000,000		2,787,469
AFN LLC Series 2019-1A, Class A1, 3.78%, 05/20/2049 (A)		7,134,000		6,973,432
Alternative Loan Trust
Series 2005-14, Class 2A1,
1-Month LIBOR + 0.21%, 0.70% (B), 05/25/2035		711,334		602,021
Series 2005-14, Class 4A1,
1-Month LIBOR + 0.22%, 0.71% (B), 05/25/2035		1,470,535		1,225,824
Series 2006-OC1, Class 2A3A,
1-Month LIBOR + 0.32%, 0.81% (B), 03/25/2036		1,478,605		1,242,626
American Home Mortgage Assets Trust Series 2007-2, Class A1, 1-Month LIBOR + 0.13%, 0.61% (B), 03/25/2047		512,672		373,566
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76% (B), 04/25/2048 (A)		1,095,950		1,104,513
Ashford Hospitality Trust Series 2018-ASHF, Class D, 1-Month LIBOR + 2.10%, 2.91% (B), 04/15/2035 (A)		3,988,000		3,281,218
Austin Fairmont Hotel Trust Series 2019-FAIR, Class D, 1-Month LIBOR + 1.80%, 2.61% (B), 09/15/2032 (A)		5,000,000		3,964,506
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class BNM,
3.47%, 11/05/2032 (A)		5,000,000		3,688,153
Series 2019-BPR, Class CNM,
3.84% (B), 11/05/2032 (A)		3,970,000		2,887,279
Banc of America Funding Trust Series 2007-3, Class TA2, 1-Month LIBOR + 0.18%, 0.67% (B), 04/25/2037		296,970		240,453

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

Transamerica Funds Semi-Annual Report 2020

Page    33

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BB-UBS Trust Series 2012-TFT, Class C, 3.58% (B), 06/05/2030 (A)		$   2,345,000		$   2,330,269
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 2.01% (B), 08/15/2036 (A)		2,339,000		2,048,416
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 2.51% (B), 08/15/2036 (A)		2,130,000		1,792,875
Series 2017-DELC, Class E,
1-Month LIBOR + 2.50%, 3.31% (B), 08/15/2036 (A)		1,890,000		1,490,304
Series 2018-TALL, Class C,
1-Month LIBOR + 1.12%, 1.94% (B), 03/15/2037 (A)		7,065,000		6,405,999
Series 2018-TALL, Class E,
1-Month LIBOR + 2.44%, 3.25% (B), 03/15/2037 (A)		2,570,000		2,179,626
BHMS Trust Series 2018-ATLS, Class C, 1-Month LIBOR + 1.90%, 2.71% (B), 07/15/2035 (A)		4,065,000		3,351,631
BX Commercial Mortgage Trust Series 2019-XL, Class D, 1-Month LIBOR + 1.45%, 2.26% (B), 10/15/2036 (A)		6,148,002		5,912,693
BX Trust Series 2018-GW, Class C, 1-Month LIBOR + 1.22%, 2.03% (B), 05/15/2035 (A)		1,900,000		1,623,680
BXP Trust Series 2017-CQHP, Class D, 1-Month LIBOR + 2.00%, 2.81% (B), 11/15/2034 (A)		1,825,000		1,487,815
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 2.56% (B), 07/15/2030 (A)		2,200,000		2,056,571
CHL Mortgage Pass-Through Trust
Series 2005-11, Class 4A1,
1-Month LIBOR + 0.27%, 0.76% (B), 04/25/2035		179,419		164,673
Series 2006-3, Class 3A1,
1-Month LIBOR + 0.25%, 0.74% (B), 02/25/2036		285,539		260,046
CHT Mortgage Trust
Series 2017-CSMO, Class C,
1-Month LIBOR + 1.50%, 2.31% (B), 11/15/2036 (A)		9,000,000		7,928,231
Series 2017-CSMO, Class D,
1-Month LIBOR + 2.25%, 3.06% (B), 11/15/2036 (A)		5,750,000		5,000,452
Citigroup Commercial Mortgage Trust Series 2019-PRM, Class C, 3.90%, 05/10/2036 (A)		2,380,000		2,341,110
Citigroup Mortgage Loan Trust Series 2015-PS1, Class A1, 3.75% (B), 09/25/2042 (A)		1,131,103		1,147,507

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust, Inc.
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		$   87,382		$   90,243
Series 2015-A, Class A1,
3.50% (B), 06/25/2058 (A)		112,329		114,497
Colony Trust Series 2019-IKPR, Class C, 1-Month LIBOR + 1.68%, 2.49% (B), 11/15/2038 (A)		5,700,000		4,451,759
Commercial Mortgage Pass-Through Certificates Trust
Series 2012-LTRT, Class A2,
3.40%, 10/05/2030 (A)		2,225,000		2,193,685
Series 2012-LTRT, Class B,
3.80%, 10/05/2030 (A)		1,175,000		1,129,118
CORE Mortgage Trust Series 2019-CORE, Class C, 1-Month LIBOR + 1.30%, 2.11% (B), 12/15/2031 (A)		7,369,000		6,965,210
CSMC Trust Series 2014-11R, Class 17A1, 1-Month LIBOR + 0.15%, 1.78% (B), 12/27/2036 (A)		658,799		630,200
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class D, 4.10% (B), 12/10/2036 (A)		7,902,000		6,577,644
GS Mortgage Securities Corp. Trust
Series 2017-SLP, Class B,
3.77%, 10/10/2032 (A)		5,242,000		4,889,538
Series 2019-SOHO, Class C,
1-Month LIBOR + 1.30%, 2.11% (B), 06/15/2036 (A)		8,200,000		7,606,363
Series 2020-UPTN, Class C,
3.25%, 02/10/2037 (A)		6,318,000		5,741,321
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (B), 04/10/2031 (A)		2,000,000		1,865,208
GSCG Trust
Series 2019-600C, Class B,
3.16%, 09/06/2034 (A)		1,660,000		1,505,038
Series 2019-600C, Class C,
3.46%, 09/06/2034 (A)		4,480,000		4,056,222
GSR Mortgage Loan Trust Series 2007-OA1, Class 2A1, 1-Month LIBOR + 0.13%, 0.61% (B), 05/25/2037		207,248		109,231
HPLY Trust Series 2019-HIT, Class C, 1-Month LIBOR + 1.60%, 2.41% (B), 11/15/2036 (A)		2,934,143		2,508,843
ILPT Trust Series 2019-SURF, Class C, 4.44% (B), 02/11/2041 (A)		1,930,000		1,942,943
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.58% (B), 08/25/2037		777,486		592,007
InTown Hotel Portfolio Trust Series 2018-STAY, Class C, 1-Month LIBOR + 1.25%, 2.06% (B), 01/15/2033 (A)		3,835,000		3,376,388

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

Transamerica Funds Semi-Annual Report 2020

Page    34

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2014-DSTY, Class C,
3.93% (B), 06/10/2027 (A)		$   2,000,000		$   1,615,560
Series 2020-NNN, Class CFX,
3.27%, 01/16/2037 (A)		2,675,000		2,589,273
Series 2020-NNN, Class DFL,
1-Month LIBOR + 1.55%, 2.34% (B), 01/16/2037 (A)		3,000,000		2,795,699
MBRT Series 2019-MBR, Class D, 1-Month LIBOR + 1.70%, 2.51% (B), 11/15/2036 (A)		3,033,000		2,655,417
Merrill Lynch Mortgage Investors Trust Series 2006-A1, Class 1A1, 3.97% (B), 03/25/2036		1,226,557		905,699
MetLife Securitization Trust Series 2019-1A, Class A1A, 3.75% (B), 04/25/2058 (A)		1,473,954		1,527,121
Mill City Mortgage Loan Trust Series 2019-1, Class A1, 3.25% (B), 10/25/2069 (A)		8,940,123		9,188,328
Morgan Stanley Capital I Trust Series 2018-SUN, Class C, 1-Month LIBOR + 1.40%, 2.21% (B), 07/15/2035 (A)		2,015,000		1,593,106
Morgan Stanley Resecuritization Trust Series 2014-R4, Class 4A, 3.89% (B), 11/21/2035 (A)		681,896		666,572
MSCG Trust
Series 2018-SELF, Class C,
1-Month LIBOR + 1.18%, 1.99% (B), 10/15/2037 (A)		1,375,000		1,260,415
Series 2018-SELF, Class D,
1-Month LIBOR + 1.65%, 2.46% (B), 10/15/2037 (A)		5,710,000		5,229,581
New Residential Mortgage Loan Trust
Series 2016-2A, Class A1,
3.75% (B), 11/26/2035 (A)		740,088		754,798
Series 2017-1A, Class A1,
4.00% (B), 02/25/2057 (A)		2,174,287		2,277,287
Series 2017-2A, Class A3,
4.00% (B), 03/25/2057 (A)		1,648,953		1,737,864
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		1,157,733		1,213,351
Series 2018-2A, Class A1,
4.50% (B), 02/25/2058 (A)		842,046		883,833
Series 2018-RPL1, Class A1,
3.50% (B), 12/25/2057 (A)		4,548,047		4,703,721
Series 2019-2A, Class A1,
4.25% (B), 12/25/2057 (A)		3,218,201		3,364,555
Series 2019-3A, Class A1A,
3.75% (B), 11/25/2058 (A)		8,214,552		8,554,565
Series 2019-4A, Class A1B,
3.50% (B), 12/25/2058 (A)		5,760,338		5,851,364
Series 2019-5A, Class A1B,
3.50% (B), 08/25/2059 (A)		9,388,007		9,513,228
Series 2019-6A, Class A1B,
3.50% (B), 09/25/2059 (A)		7,265,726		7,366,755

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2019-RPL2, Class A1,
3.25% (B), 02/25/2059 (A)		$   5,080,269		$   5,216,870
RALI Trust
Series 2006-QO1, Class 3A1,
1-Month LIBOR + 0.27%, 0.76% (B), 02/25/2046		3,615,862		2,254,667
Series 2006-QO2, Class A1,
1-Month LIBOR + 0.22%, 0.71% (B), 02/25/2046		96,561		23,518
Series 2007-QH5, Class AI1,
1-Month LIBOR + 0.21%, 0.70% (B), 06/25/2037		228,604		210,073
Residential Asset Securitization Trust Series 2004-A4, Class A11, 5.50%, 08/25/2034		1,935,400		2,029,605
Tharaldson Hotel Portfolio Trust Series 2018-THL, Class C, 1-Month LIBOR + 1.35%, 2.34% (B), 11/11/2034 (A)		1,405,489		1,258,411
Towd Point Mortgage Trust Series 2019-4, Class A1, 2.90% (B), 10/25/2059 (A)		12,117,995		12,481,564
VNDO Mortgage Trust Series 2012-6AVE, Class E, 3.45% (B), 11/15/2030 (A)		4,000,000		3,402,976
Total Mortgage-Backed Securities (Cost $256,857,109)				237,562,146
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
California - 0.1%
State of California, General Obligation Unlimited
7.30%, 10/01/2039		1,400,000		2,219,672
7.95%, 03/01/2036		456		458
Total Municipal Government Obligations (Cost $1,985,885)				2,220,130
U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.5%
Federal Home Loan Mortgage Corp., Interest Only STRIPS 5.00%, 08/01/2035		783,991		159,431
Uniform Mortgage-Backed Security
3.00%, TBA (H)		26,743,000		28,231,624
3.50%, TBA (H)		37,727,000		39,864,263
Total U.S. Government Agency Obligations (Cost $69,283,435)				68,255,318
U.S. GOVERNMENT OBLIGATIONS - 12.6%
U.S. Treasury - 11.9%
U.S. Treasury Bond
2.25%, 08/15/2046 - 08/15/2049		25,000,900		30,548,239
2.50%, 05/15/2046		9,450,000		12,016,635
2.75%, 08/15/2042 - 11/15/2047		22,163,000		29,352,351
2.75%, 08/15/2047 (C)		8,413,000		11,267,505
2.88%, 05/15/2049		13,944,200		19,365,008
3.00%, 08/15/2048 - 02/15/2049		11,481,000		16,215,386
3.13%, 05/15/2048		8,143,000		11,705,880
3.50%, 02/15/2039		6,104,000		8,771,162
4.50%, 02/15/2036 (C)		10,697,000		16,553,190
6.25%, 05/15/2030 (C)		7,185,000		11,145,170

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

Transamerica Funds Semi-Annual Report 2020

Page    35

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note
0.50%, 03/31/2025 (C)		$   3,086,000		$   3,108,783
1.50%, 02/15/2030 (C)		5,600,000		6,065,062
1.63%, 08/15/2029 (C)		3,452,000		3,771,714
2.88%, 10/31/2023 (C)		1,356,000		1,478,146
				181,364,231
U.S. Treasury Inflation-Protected Securities - 0.7%
U.S. Treasury Inflation-Indexed Bond 2.50%, 01/15/2029		8,398,293		10,541,599
Total U.S. Government Obligations (Cost $153,469,551)				191,905,830
	Shares		Value
PREFERRED STOCKS - 0.2%
Banks - 0.2%
CoBank ACB, Series F, Fixed until 10/01/2022, 6.25% (B) (I)		14,300		1,469,325
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 7.48% (B)		74,000		1,668,700
Total Preferred Stocks (Cost $3,320,827)				3,138,025
	Principal		Value
COMMERCIAL PAPER - 4.0%
Banks - 1.8%
Banco Santander Chile 1.86% (J), 05/13/2020		$  9,400,000		9,394,266
Manhattan Asset Funding Co. LLC 1.68% (J), 05/11/2020		7,600,000		7,596,516
NATIXIS 1.73% (J), 05/04/2020		5,000,000		4,999,292
Sumitomo Mitsui Brokerage Corp. 0.74% (J), 07/21/2020		5,163,000		5,154,520
				27,144,594
Capital Markets - 0.4%
Intercontinental Exchange, Inc. 1.75% (J), 05/11/2020		6,400,000		6,396,942
Diversified Financial Services - 1.6%
Anglesea Funding PLC 1.73% (J), 05/04/2020		4,700,000		4,699,334
Atlantic Asset Securitization LLC 1.02% (J), 07/17/2020		500,000		498,931
Bennington Stark Capital Co. LLC 0.97% (J), 07/14/2020		1,937,000		1,933,217

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Cancara Asset Securitisation LLC 1.32% (J), 06/04/2020		$   1,050,000		$   1,048,711
Mont Blanc Capital Corp. 1.52% (J), 05/07/2020		500,000		499,875
Sheffield Receivable 1.66% (J), 05/20/2020		12,920,000		12,908,885
Victory Receivables 1.17% (J), 07/09/2020		3,000,000		2,993,388
				24,582,341
Health Care Providers & Services - 0.2%
United Healthcare Co. 1.22% (J), 06/10/2020		3,000,000		2,996,000
Total Commercial Paper (Cost $61,119,877)				61,119,877
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.5%
U.S. Treasury Bill
0.07% (J), 07/02/2020 (C)		5,068,000		5,067,420
0.23% (J), 06/11/2020		2,240,000		2,239,412
Total Short-Term U.S. Government Obligations (Cost $7,306,832)				7,306,832
	Shares		Value
OTHER INVESTMENT COMPANY - 2.4%
Securities Lending Collateral - 2.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (J)		36,323,283		36,323,283
Total Other Investment Company (Cost $36,323,283)				36,323,283
	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 0.00% (J), dated 04/30/2020, to be repurchased at $13,828,584 on 05/01/2020. Collateralized by a U.S. Government Obligation, 1.88%, due 03/31/2022, and with a value of $14,110,203.		$  13,828,584		13,828,584
Total Repurchase Agreement (Cost $13,828,584)				13,828,584
Total Investments (Cost $1,631,106,572)				1,622,408,480
Net Other Assets (Liabilities) - (6.6)%				(101,079,945	)
Net Assets - 100.0%				$  1,521,328,535

FUTURES CONTRACTS:

Long Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value

Unrealized Appreciation

Unrealized Depreciation

U.S. Treasury Ultra Bond

1

06/19/2020

$  202,049

$  224,781

$  22,732

$  —

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

Transamerica Funds Semi-Annual Report 2020

Page    36

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	208,169,812	$	—	$	208,169,812
Corporate Debt Securities		—		766,633,530		—		766,633,530
Foreign Government Obligations		—		13,031,002		—		13,031,002
Loan Assignments		—		12,914,111		—		12,914,111
Mortgage-Backed Securities		—		237,562,146		—		237,562,146
Municipal Government Obligations		—		2,220,130		—		2,220,130
U.S. Government Agency Obligations		—		68,255,318		—		68,255,318
U.S. Government Obligations		—		191,905,830		—		191,905,830
Preferred Stocks		1,668,700		1,469,325		—		3,138,025
Commercial Paper		—		61,119,877		—		61,119,877
Short-Term U.S. Government Obligations		—		7,306,832		—		7,306,832
Other Investment Company		36,323,283		—		—		36,323,283
Repurchase Agreement		—		13,828,584		—		13,828,584
Total	$	37,991,983	$	1,584,416,497	$	—	$	1,622,408,480
Other Financial Instruments
Futures Contracts (L)	$	22,732	$	—	$	—	$	22,732
Total Other Financial Instruments	$	22,732	$	—	$	—	$	22,732

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $727,823,331, representing 47.8% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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 $86,384,994, collateralized by cash collateral of $36,323,283 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $51,847,306. 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)	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 April 30, 2020, the total value of Regulation S securities is $3,680,195, representing 0.2% of the Fund’s net assets.
(F)	Restricted securities. At April 30, 2020, 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	Centene Corp. 3.38%, 02/15/2030		02/05/2020 - 03/09/2020	$	4,819,625	$	4,842,045		0.3	%
Corporate Debt Securities	Centene Corp. 4.25%, 12/15/2027		11/21/2019		1,038,205		1,095,424		0.1
Corporate Debt Securities	Allergan Finance LLC 3.25%, 10/01/2022		12/16/2013 - 03/22/2019		1,303,901		1,396,301		0.1
Total				$	7,161,731	$	7,333,770		0.5	%

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

Transamerica Funds Semi-Annual Report 2020

Page    37

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(G)	Percentage rounds to less than 0.1% or (0.1)%.
(H)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(I)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2020, the value of the security is $1,469,325, representing 0.1% of the Fund’s net assets.
(J)	Rates disclosed reflect the yields at April 30, 2020.
(K)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(L)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Semi-Annual Report 2020

Page    38

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 95.5%
Biotechnology - 1.4%
Alnylam Pharmaceuticals, Inc. (A)		114,534		$  15,084,128
Exact Sciences Corp. (A)		8,768		692,497
Moderna, Inc. (A) (B)		368,741		16,958,398
				32,735,023
Capital Markets - 0.1%
S&P Global, Inc.		10,224		2,994,405
Entertainment - 7.4%
Netflix, Inc. (A)		92,953		39,026,317
Roku, Inc. (A) (B)		278,133		33,718,064
Spotify Technology SA (A)		685,886		103,959,741
				176,704,122
Health Care Equipment & Supplies - 9.2%
Danaher Corp.		13,263		2,167,970
DexCom, Inc. (A)		341,593		114,501,973
Intuitive Surgical, Inc. (A)		205,509		104,990,438
				221,660,381
Health Care Providers & Services - 1.9%
Convetrus, Inc. (A)		1,013,683		12,052,691
Guardant Health, Inc. (A)		428,399		32,969,587
				45,022,278
Health Care Technology - 5.0%
Veeva Systems, Inc., Class A (A)		625,096		119,268,317
Interactive Media & Services - 4.6%
Twitter, Inc. (A)		2,574,858		73,846,927
Zillow Group, Inc., Class C (A) (B)		810,288		35,620,261
				109,467,188
Internet & Direct Marketing Retail - 12.3%
Amazon.com, Inc. (A)		69,783		172,643,142
Chewy, Inc., Class A (A) (B)		1,292,655		55,894,402
Farfetch, Ltd., Class A (A) (B)		1,768,783		23,418,687
Wayfair, Inc., Class A (A) (B)		346,743		43,010,002
				294,966,233
IT Services - 22.0%
Adyen NV (A) (C)		44,425		43,873,226
MongoDB, Inc. (A) (B)		363,600		58,950,468
Okta, Inc. (A)		718,723		108,742,790
Shopify, Inc., Class A (A)		248,128		156,888,853
Square, Inc., Class A (A)		1,300,607		84,721,540
Twilio, Inc., Class A (A) (B)		671,994		75,464,926
				528,641,803
Leisure Products - 0.0% (D)
Peloton Interactive, Inc., Class A (A)		13,933		438,890
Life Sciences Tools & Services - 4.9%
10X Genomics, Inc., Class A (A) (B)		439,823		35,128,663
Illumina, Inc. (A)		257,183		82,049,093
				117,177,756
Metals & Mining - 0.2%
Royal Gold, Inc.		46,553		5,704,139
Oil, Gas & Consumable Fuels - 0.3%
Texas Pacific Land Trust		11,691		6,659,778
Personal Products - 0.1%
Estee Lauder Cos., Inc., Class A		18,207		3,211,715

	Shares		Value
COMMON STOCKS (continued)
Road & Rail - 4.7%
Uber Technologies, Inc. (A)		3,691,012		$   111,726,933
Union Pacific Corp.		12,775		2,041,317
				113,768,250
Software - 19.4%
Atlassian Corp. PLC, Class A (A)		242,080		37,641,019
Coupa Software, Inc. (A)		415,685		73,197,972
ServiceNow, Inc. (A)		240,247		84,456,430
Slack Technologies, Inc., Class A (A) (B)		3,911,182		104,389,447
Trade Desk, Inc., Class A (A) (B)		239,489		70,069,692
Zoom Video Communications, Inc., Class A (A)		705,065		95,303,636
				465,058,196
Specialty Retail - 2.0%
Carvana Co. (A) (B)		599,698		48,041,807
Total Common Stocks (Cost $1,618,447,765)				2,291,520,281
OTHER INVESTMENT COMPANY - 3.6%
Securities Lending Collateral - 3.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (E)		85,369,252		85,369,252
Total Other Investment Company (Cost $85,369,252)				85,369,252
	Principal		Value
REPURCHASE AGREEMENT - 4.4%
Fixed Income Clearing Corp., 0.00% (E), dated 04/30/2020, to be repurchased at $104,493,971 on 05/01/2020. Collateralized by U.S. Government Obligations, 0.13% - 1.88%, due 03/31/2022 - 04/15/2022, and with a total value of $106,584,393.		$  104,493,971		104,493,971
Total Repurchase Agreement (Cost $104,493,971)				104,493,971
Total Investments Excluding Options Purchased (Cost $1,808,310,988)				2,481,383,504
Total Options Purchased - 0.1% (Cost $6,082,473)				3,089,690
Total Investments (Cost $1,814,393,461)				2,484,473,194
Net Other Assets (Liabilities) - (3.6)%				(86,364,444	)
Net Assets - 100.0%				$  2,398,108,750

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

Transamerica Funds Semi-Annual Report 2020

Page    39

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:

Description	Counterparty		Exercise Price			Expiration Date		Notional Amount/ Number of Contracts			Premiums Paid		Value
Put - USD vs. CNH		RBS		USD	7.75		01/07/2021		USD	479,776,728	$	2,095,185	$	2,392,167
Put - USD vs. CNH		RBS		USD	7.85		06/16/2020		USD	388,428,678		2,004,292		125,074
Put - USD vs. CNH		RBS		USD	8.09		09/21/2020		USD	367,425,569		1,982,996		572,449
Total											$	6,082,473	$	3,089,690

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	2,247,647,055	$	43,873,226	$	—	$	2,291,520,281
Other Investment Company		85,369,252		—		—		85,369,252
Repurchase Agreement		—		104,493,971		—		104,493,971
Over-the-Counter Foreign Exchange Options Purchased		—		3,089,690		—		3,089,690
Total Investments	$	2,333,016,307	$	151,456,887	$	—	$	2,484,473,194

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 $241,888,494, collateralized by cash collateral of $85,369,252 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $162,135,505. 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 exempt from registration 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 April 30, 2020, the value of the 144A security is $43,873,226, representing 1.8% of the Fund’s net assets.
(D)	Percentage rounds to less than 0.1% or (0.1)%.
(E)	Rates disclosed reflect the yields at April 30, 2020.
(F)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment 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 Semi-Annual Report 2020

Page    40

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 97.3%
Aerospace & Defense - 3.8%
General Dynamics Corp.		58,036		$  7,580,662
Raytheon Technologies Corp.		118,996		7,712,131
				15,292,793
Banks - 7.1%
JPMorgan Chase & Co.		106,081		10,158,317
US Bancorp		329,019		12,009,193
Wells Fargo & Co.		230,303		6,690,302
				28,857,812
Beverages - 4.0%
Coca-Cola European Partners PLC		197,162		7,815,501
Molson Coors Beverage Co., Class B		209,378		8,586,592
				16,402,093
Capital Markets - 3.0%
Northern Trust Corp.		154,871		12,259,588
Chemicals - 7.8%
Corteva, Inc. (A)		447,977		11,732,517
DuPont de Nemours, Inc.		196,391		9,234,305
Linde PLC		58,131		10,695,523
				31,662,345
Consumer Finance - 2.4%
American Express Co.		107,284		9,789,665
Diversified Telecommunication Services - 7.4%
AT&T, Inc.		473,846		14,438,087
Verizon Communications, Inc.		272,393		15,648,978
				30,087,065
Electric Utilities - 7.3%
Entergy Corp.		141,692		13,533,003
Exelon Corp.		432,999		16,055,603
				29,588,606
Equity Real Estate Investment Trusts - 3.5%
Healthpeak Properties, Inc., REIT		440,362		11,511,063
Simon Property Group, Inc.		37,631		2,512,622
				14,023,685
Health Care Equipment & Supplies - 4.0%
Medtronic PLC		164,258		16,036,509
Health Care Providers & Services - 12.8%
Cigna Corp. (A)		66,915		13,100,619
CVS Health Corp.		316,278		19,466,911
UnitedHealth Group, Inc.		66,878		19,559,808
				52,127,338
Household Durables - 1.8%
Whirlpool Corp.		63,575		7,103,871
Industrial Conglomerates - 1.0%
General Electric Co.		610,065		4,148,442
Insurance - 5.2%
AON PLC		44,523		7,687,786
Chubb, Ltd.		125,495		13,554,715
				21,242,501
Machinery - 3.7%
Stanley Black & Decker, Inc.		74,168		8,173,314
Westinghouse Air Brake Technologies Corp.		124,717		7,036,533
				15,209,847

	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities - 5.0%
Dominion Energy, Inc.		261,700		$   20,184,921
Oil, Gas & Consumable Fuels - 6.6%
BP PLC, ADR (B)		193,977		4,616,652
Hess Corp.		129,603		6,303,890
Phillips 66		141,752		10,371,994
Valero Energy Corp.		88,063		5,578,791
				26,871,327
Pharmaceuticals - 4.0%
Johnson & Johnson		109,490		16,427,880
Specialty Retail - 3.1%
Lowe’s Cos., Inc.		120,050		12,575,237
Thrifts & Mortgage Finance - 3.8%
New York Community Bancorp, Inc.		1,403,787		15,245,127
Total Common Stocks (Cost $417,896,541)				395,136,652
	Principal		Value
REPURCHASE AGREEMENT - 2.7%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $10,866,744 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $11,084,245.		$  10,866,744		10,866,744
Total Repurchase Agreement (Cost $10,866,744)				10,866,744
Total Investments (Cost $428,763,285)				406,003,396
Net Other Assets (Liabilities) - 0.0%				176,868
Net Assets - 100.0%				$  406,180,264

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

Transamerica Funds Semi-Annual Report 2020

Page    41

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT 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	$	395,136,652	$	—	$	—	$	395,136,652
Repurchase Agreement		—		10,866,744		—		10,866,744
Total Investments	$	395,136,652	$	10,866,744	$	—	$	406,003,396

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the security is on loan. The value of the security on loan is $4,346,118, non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $4,473,945. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)	Rate disclosed reflects the yield at April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

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

Transamerica Funds Semi-Annual Report 2020

Page    42

Transamerica Dynamic Income

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.6%
International Equity Funds - 12.4%
Invesco S&P International Developed Low Volatility ETF		280,107		$  7,506,867
SPDR Dow Jones International Real Estate ETF (A)		302,989		8,486,722
				15,993,589
International Fixed Income Funds - 19.5%
iShares J.P. Morgan EM High Yield Bond ETF (A)		379,101		14,887,296
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		351,028		10,141,199
				25,028,495
U.S. Equity Funds - 19.6%
Global SuperDividend U.S. ETF (A)		933,370		14,159,223
Global X MLP ETF (A)		199,471		5,653,005
Invesco S&P 500 High Dividend Low Volatility ETF		165,547		5,461,396
				25,273,624
U.S. Fixed Income Funds - 48.1%
Invesco Senior Loan ETF (A)		550,149		11,542,126
iShares 20+ Year Treasury Bond ETF (A)		31,759		5,295,496
iShares Core 10+ Year USD Bond ETF		19,273		1,412,568
iShares MBS ETF (A)		54,380		6,041,618
SPDR Bloomberg Barclays Short Term High Yield Bond ETF (A)		1,009,544		24,814,592
Vanguard Long-Term Bond ETF (A)		116,853		12,815,268
				61,921,668
Total Exchange-Traded Funds (Cost $141,064,020)				128,217,376

	Shares		Value
OTHER INVESTMENT COMPANY - 9.6%
Securities Lending Collateral - 9.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		12,318,224		$   12,318,224
Total Other Investment Company (Cost $12,318,224)				12,318,224
	Principal		Value
REPURCHASE AGREEMENT - 0.6%
Fixed Income Clearing Corp., 0.00% (B), dated 04/30/2020, to be repurchased at $737,129 on 05/01/2020. Collateralized by a U.S. Government Obligation, 1.63%, due 12/31/2021, and with a value of $756,339.		$  737,129		737,129
Total Repurchase Agreement (Cost $737,129)				737,129
Total Investments (Cost $154,119,373)				141,272,729
Net Other Assets (Liabilities) - (9.8)%				(12,573,261	)
Net Assets - 100.0%				$  128,699,468

INVESTMENT 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	$	128,217,376	$	—	$	—	$	128,217,376
Other Investment Company		12,318,224		—		—		12,318,224
Repurchase Agreement		—		737,129		—		737,129
Total Investments	$	140,535,600	$	737,129	$	—	$	141,272,729

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 $31,810,083, collateralized by cash collateral of $12,318,224 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $20,263,598. 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 April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    43

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 35.3%
Argentina - 0.6%
Pampa Energia SA 7.50%, 01/24/2027 (A)		$  3,345,000		$  2,027,070
Bermuda - 1.0%
Digicel Group One, Ltd. 8.25%, 12/30/2022 (A)		3,073,000		1,813,070
Digicel, Ltd. 6.75%, 03/01/2023 (A)		4,670,000		2,043,592
				3,856,662
Brazil - 1.4%
BRF SA 4.88%, 01/24/2030 (A)		970,000		835,897
Itau Unibanco Holding SA Fixed until 02/27/2025 (A) (B), 4.63% (C)		1,400,000		1,144,500
OI SA PIK Rate 4.00%, Cash Rate 8.00%, 07/27/2025 (D)		3,520,000		2,622,400
Samarco Mineracao SA 4.13%, 11/01/2022 (A) (E) (F)		1,900,000		741,000
				5,343,797
Canada - 0.8%
First Quantum Minerals, Ltd.
6.88%, 03/01/2026 (A)		3,115,000		2,731,855
6.88%, 03/01/2026 (G)		400,000		350,800
				3,082,655
Cayman Islands - 3.2%
Bioceanico Sovereign Certificate, Ltd. Zero Coupon, 06/05/2034 (A)		2,820,000		1,799,160
CSN Islands XI Corp. 6.75%, 01/28/2028 (A)		675,000		440,438
JD.com, Inc. 4.13%, 01/14/2050		3,600,000		3,520,035
Latam Finance, Ltd. 7.00%, 03/01/2026 (A)		715,000		296,725
Lima Metro Line 2 Finance, Ltd. 4.35%, 04/05/2036 (A)		3,500,000		3,547,250
Odebrecht Drilling Norbe VIII / IX, Ltd. 6.35%, 12/01/2021 (G)		1,260,080		1,022,253
Tencent Holdings, Ltd. 3.98%, 04/11/2029 (A)		1,000,000		1,125,054
				11,750,915
Chile - 1.8%
Celulosa Arauco y Constitucion SA 4.25%, 04/30/2029 (A)		1,000,000		955,010
Cencosud SA 4.38%, 07/17/2027 (A)		2,200,000		2,053,733
Corp. Nacional del Cobre de Chile
3.00%, 09/30/2029 (A)		1,700,000		1,636,673
3.75%, 01/15/2031		570,000		577,541
Sociedad Quimica y Minera de Chile SA 4.25%, 01/22/2050 (A)		1,460,000		1,306,700
				6,529,657
Colombia - 1.1%
Ecopetrol SA 6.88%, 04/29/2030		4,130,000		4,222,925

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Ecuador - 0.2%
Petroamazonas EP
4.63%, 11/06/2020 (A)		$   1,507,918		$   678,563
4.63%, 11/06/2020 (G)		116,667		52,500
				731,063
Hong Kong - 0.7%
AIA Group, Ltd. 3.38%, 04/07/2030 (A)		1,200,000		1,292,716
Xiaomi Best Time International, Ltd. 3.38%, 04/29/2030 (A) (H)		1,455,000		1,429,428
				2,722,144
India - 2.5%
Adani Electricity Mumbai, Ltd. 3.95%, 02/12/2030 (A)		1,000,000		847,744
Adani Ports & Special Economic Zone, Ltd. 4.38%, 07/03/2029 (A)		2,110,000		1,803,166
Future Retail, Ltd. 5.60%, 01/22/2025 (A)		425,000		114,625
Indian Railway Finance Corp., Ltd. 3.95%, 02/13/2050 (A)		1,750,000		1,531,677
Muthoot Finance, Ltd. 6.13%, 10/31/2022 (A)		1,780,000		1,600,754
Power Finance Corp., Ltd. 3.95%, 04/23/2030 (A)		2,560,000		2,220,431
Shriram Transport Finance Co., Ltd. 5.95%, 10/24/2022 (A)		1,615,000		1,235,582
				9,353,979
Indonesia - 1.4%
Pelabuhan Indonesia II PT 5.38%, 05/05/2045 (A)		1,500,000		1,498,125
Pertamina Persero PT 5.63%, 05/20/2043 (A)		3,600,000		3,670,683
				5,168,808
Ireland - 0.2%
Credit Bank of Moscow Via CBOM Finance PLC Fixed until 11/10/2022 (B), 8.88% (C) (G)		700,000		558,688
Isle of Man - 0.3%
Sasol Financing International, Ltd. 4.50%, 11/14/2022		1,355,000		948,500
Israel - 1.0%
Bank Leumi Le-Israel BM Fixed until 01/29/2026 (A), 3.28% (C), 01/29/2031 (G)		1,500,000		1,386,375
Israel Chemicals, Ltd. 6.38%, 05/31/2038 (A) (G)		2,100,000		2,311,927
				3,698,302
Luxembourg - 0.5%
Kenbourne Invest SA 6.88%, 11/26/2024 (A)		2,000,000		1,870,000
Malaysia - 0.9%
Petronas Capital, Ltd. 4.55%, 04/21/2050 (A)		3,170,000		3,434,607

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

Transamerica Funds Semi-Annual Report 2020

Page    44

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Mexico - 6.6%
Banco Mercantil del Norte SA Fixed until 06/27/2029 (A) (B), 7.50% (C)		$   2,900,000		$   2,378,580
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander 5.38%, 04/17/2025 (A)		1,000,000		1,026,250
BBVA Bancomer SA Fixed until 09/13/2029, 5.88% (C), 09/13/2034 (A)		2,400,000		2,101,680
Braskem Idesa SAPI 7.45%, 11/15/2029 (A)		2,110,000		1,568,574
Grupo Bimbo SAB de CV Fixed until 04/17/2023 (B), 5.95% (A) (C) (H)		2,300,000		2,288,523
Industrias Penoles SAB de CV 5.65%, 09/12/2049 (A)		2,900,000		2,784,000
Mexico City Airport Trust 5.50%, 07/31/2047 (A)		3,205,000		2,660,150
Petroleos Mexicanos
5.95%, 01/28/2031 (A)		5,740,000		4,157,482
6.75%, 09/21/2047		3,495,000		2,402,813
6.88%, 08/04/2026		1,510,000		1,251,035
7.19%, 09/12/2024 (G)		MXN  61,000,000		1,950,095
				24,569,182
Mongolia - 0.4%
Mongolian Mortgage Corp. Hfc LLC 9.75%, 01/29/2022 (A)		$  2,070,000		1,609,431
Netherlands - 2.6%
Braskem Finance BV
4.50%, 01/31/2030 (A)		1,900,000		1,539,000
5.88%, 01/31/2050 (A)		1,790,000		1,373,825
IHS Netherlands Holdco BV 8.00%, 09/18/2027 (A)		2,780,000		2,529,800
Mong Duong Finance Holdings BV 5.13%, 05/07/2029 (A)		2,600,000		2,468,353
MV24 Capital BV 6.75%, 06/01/2034 (A)		1,972,120		1,661,531
				9,572,509
Nigeria - 0.3%
SEPLAT Petroleum Development Co. PLC 9.25%, 04/01/2023 (A)		1,460,000		1,168,000
Northern Mariana Islands - 0.3%
Azure Power Solar Energy Pvt, Ltd. 5.65%, 12/24/2024 (A)		1,200,000		1,098,600
Paraguay - 0.3%
Telefonica Celular del Paraguay SA 5.88%, 04/15/2027 (A)		1,000,000		976,500
Peru - 0.7%
Alicorp SAA 6.88%, 04/17/2027 (A)		PEN  8,231,000		2,609,145
Republic of South Africa - 0.6%
Eskom Holdings SOC, Ltd. 7.85%, 04/02/2026, MTN		ZAR  45,100,000		2,232,842

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Singapore - 1.3%
LLPL Capital Pte, Ltd. 6.88%, 02/04/2039 (A)		$  3,268,420		$   3,321,532
Medco Bell Pte, Ltd. 6.38%, 01/30/2027 (A)		2,770,000		1,632,135
				4,953,667
Thailand - 0.4%
Bangkok Bank PCL Fixed until 09/25/2029, 3.73% (C), 09/25/2034 (A)		1,625,000		1,448,364
Turkey - 1.2%
QNB Finansbank AS 6.88%, 09/07/2024 (A) (H)		2,120,000		2,114,700
Turkiye Vakiflar Bankasi TAO 8.13%, 03/28/2024 (A)		2,250,000		2,268,990
				4,383,690
United Arab Emirates - 1.6%
Acwa Power Management And Investments One, Ltd. 5.95%, 12/15/2039 (A)		3,560,000		3,436,112
GEMS MENASA Cayman, Ltd. / GEMS Education Delaware LLC 7.13%, 07/31/2026 (A)		2,810,000		2,683,550
				6,119,662
United States - 1.3%
Gran Tierra Energy, Inc. 7.75%, 05/23/2027 (A)		1,680,000		385,350
GUSAP III, LP 4.25%, 01/21/2030 (A)		1,700,000		1,547,000
Kosmos Energy, Ltd. 7.13%, 04/04/2026 (A) (H)		1,750,000		1,093,750
Resorts World Las Vegas LLC / RWLV Capital, Inc. 4.63%, 04/16/2029 (A)		1,180,000		1,056,569
Sasol Financing USA LLC 6.50%, 09/27/2028		1,225,000		796,250
				4,878,919
Venezuela - 0.1%
Petroleos de Venezuela SA
5.50%, 04/12/2037 (E) (F) (G)		3,870,000		145,125
8.50%, 10/27/2020 (F) (G) (I)		1,945,000		247,987
				393,112
Total Corporate Debt Securities (Cost $150,414,427)				131,313,395
FOREIGN GOVERNMENT OBLIGATIONS - 58.0%
Angola - 0.1%
Angola Government International Bond 9.13%, 11/26/2049 (A)		1,000,000		424,056
Argentina - 2.4%
Argentina Bonar Bonds 8.75%, 05/07/2024		3,440,000		811,874
Argentina Bonos del Tesoro 16.00%, 10/17/2023		ARS  39,400,000		353,714

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

Transamerica Funds Semi-Annual Report 2020

Page    45

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Argentina (continued)
Argentina Republic Government International Bond
5.00%, 01/15/2027 (G)		EUR  9,190,000		$   2,253,455
6.88%, 04/22/2021		$  3,665,000		1,046,358
7.50%, 04/22/2026		5,200,000		1,380,600
8.28%, 12/31/2033		4,430,440		1,489,640
Argentina Republic Government International Bond, Interest Only STRIPS 5.00% Argentina GDP growth over base of 3.00%, 0.00% (C), 12/15/2035		19,120,000		72,656
Argentine Bonos del Tesoro 15.50%, 10/17/2026		ARS  178,175,693		1,414,137
				8,822,434
Brazil - 1.8%
Brazil Notas do Tesouro Nacional
10.00%, 01/01/2031		BRL  22,865,000		4,929,226
Series F,
10.00%, 01/01/2025		8,477,000		1,825,128
				6,754,354
Colombia - 1.2%
Colombia TES
6.00%, 04/28/2028		COP  5,352,400,000		1,286,929
Series B,
6.25%, 11/26/2025		11,970,500,000		3,068,443
				4,355,372
Cote d’Ivoire - 0.7%
Ivory Coast Government International Bond 6.88%, 10/17/2040 (A)		EUR  3,050,000		2,724,677
Dominican Republic - 1.3%
Dominican Republic International Bond 5.88%, 01/30/2060 (A)		$  6,000,000		4,785,000
Egypt - 1.2%
Egypt Government International Bond
4.55%, 11/20/2023 (A)		565,000		529,100
7.90%, 02/21/2048 (A)		1,530,000		1,317,713
8.15%, 11/20/2059 (A)		150,000		130,500
8.70%, 03/01/2049 (A)		2,775,000		2,486,938
				4,464,251
El Salvador - 0.2%
El Salvador Government International Bond 5.88%, 01/30/2025 (A)		885,000		705,787
Gabon - 0.3%
Gabon Government International Bond
6.38%, 12/12/2024 (A)		715,000		511,139
6.95%, 06/16/2025 (A)		1,055,000		743,339
				1,254,478

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Ghana - 1.4%
Ghana Government International Bond
6.38%, 02/11/2027 (A)		$   800,000		$   616,000
7.63%, 05/16/2029 (A)		850,000		650,182
7.88%, 02/11/2035 (A)		1,605,000		1,206,158
8.13%, 01/18/2026 (A)		1,400,000		1,153,670
8.75%, 03/11/2061 (A)		2,005,000		1,509,965
				5,135,975
Guatemala - 0.8%
Guatemala Government Bond 6.13%, 06/01/2050 (A)		3,015,000		3,146,152
Indonesia - 7.0%
Indonesia Government International Bond
2.85%, 02/14/2030		1,210,000		1,172,341
3.75%, 04/25/2022 (A)		900,000		914,058
4.35%, 01/08/2027 (A)		4,000,000		4,229,950
4.63%, 04/15/2043 (A)		6,500,000		6,922,314
4.75%, 01/08/2026 - 07/18/2047 (A)		4,545,000		4,893,427
4.75%, 07/18/2047, MTN (G) (H)		900,000		966,160
Indonesia Treasury Bond
7.00%, 05/15/2027		IDR  52,716,000,000		3,393,315
8.38%, 03/15/2034		54,274,000,000		3,688,808
				26,180,373
Kenya - 0.7%
Kenya Government International Bond
7.25%, 02/28/2028 (A)		$  770,000		690,906
8.00%, 05/22/2032 (A)		2,320,000		2,099,600
				2,790,506
Malaysia - 0.8%
Malaysia Sovereign Sukuk Bhd. 3.04%, 04/22/2025 (A)		3,000,000		3,124,680
Mexico - 6.7%
Mexico Bonos
8.50%, 05/31/2029 - 11/18/2038		MXN  174,940,000		8,081,541
Series M,
7.50%, 06/03/2027		139,799,000		6,225,554
7.75%, 05/29/2031		97,090,000		4,276,536
10.00%, 11/20/2036		58,465,300		3,038,735
Mexico Government International Bond 4.75%, 04/27/2032		$  3,430,000		3,455,725
				25,078,091
Nigeria - 1.7%
Nigeria Government International Bond
7.14%, 02/23/2030 (A)		4,235,000		3,176,250
7.63%, 11/21/2025 (A)		3,935,000		3,285,725
				6,461,975
Panama - 1.6%
Panama Government International Bond
3.16%, 01/23/2030		1,000,000		1,020,010

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

Transamerica Funds Semi-Annual Report 2020

Page    46

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Panama (continued)
Panama Government International Bond (continued)
3.75%, 03/16/2025		$   1,000,000		$   1,053,760
4.50%, 04/01/2056		3,350,000		3,760,375
				5,834,145
Paraguay - 0.4%
Paraguay Government International Bond 4.95%, 04/28/2031 (A)		1,305,000		1,344,150
Peru - 1.8%
Peru Government International Bond
2.39%, 01/23/2026		1,540,000		1,570,800
2.78%, 01/23/2031		3,005,000		3,098,155
6.90%, 08/12/2037 (A)		PEN  6,497,000		2,201,510
				6,870,465
Qatar - 2.8%
Qatar Government International Bond
3.40%, 04/16/2025 (A)		$  1,375,000		1,462,766
3.75%, 04/16/2030 (A) (H)		2,920,000		3,187,939
4.00%, 03/14/2029 (A)		1,605,000		1,780,876
4.40%, 04/16/2050 (A)		3,455,000		3,928,543
				10,360,124
Republic of Korea - 1.3%
Export-Import Bank of Korea
6.20%, 08/07/2021 (A)		INR  180,300,000		2,380,262
8.00%, 05/15/2024 (A)		IDR  35,800,000,000		2,405,433
				4,785,695
Republic of South Africa - 0.6%
Republic of South Africa Government Bond 8.00%, 01/31/2030		ZAR  32,792,200		1,518,748
Republic of South Africa Government International Bond 5.75%, 09/30/2049		$  835,000		651,367
				2,170,115
Romania - 3.1%
Romania Government Bond
3.65%, 09/24/2031		RON  21,100,000		4,208,532
5.00%, 02/12/2029		11,170,000		2,553,866
Romania Government International Bond
3.38%, 01/28/2050 (A)		EUR  2,000,000		1,857,285
5.13%, 06/15/2048 (A) (H)		$  2,640,000		2,803,363
				11,423,046
Russian Federation - 5.4%
Russian Federal Bond - OFZ
7.10%, 10/16/2024		RUB  254,487,000		3,634,671
7.65%, 04/10/2030		143,389,000		2,163,852
7.95%, 10/07/2026		113,082,000		1,705,124
Russian Federation Federal Bond - OFZ
7.05%, 01/19/2028		82,499,000		1,195,242
7.40%, 12/07/2022		212,035,000		3,002,702
7.70%, 03/23/2033		392,564,000		6,020,417

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Russian Federation (continued)
Russian Foreign Bond - Eurobond 4.75%, 05/27/2026 (G)		$  2,000,000		$   2,215,000
				19,937,008
Saudi Arabia - 0.5%
Saudi Government International Bond 3.75%, 01/21/2055 (A)		2,000,000		1,834,844
Supranational - 2.3%
Asian Development Bank
6.15%, 02/25/2030, MTN		INR  70,520,000		966,797
6.20%, 10/06/2026, MTN		242,300,000		3,254,974
Banque Ouest Africaine de Developpement 4.70%, 10/22/2031 (A)		$  2,000,000		1,800,000
Eastern & Southern African Trade & Development Bank 5.38%, 03/14/2022, MTN (G)		3,000,000		2,734,500
				8,756,271
Turkey - 2.5%
Turkey Government International Bond
4.88%, 10/09/2026		8,290,000		7,267,561
5.25%, 03/13/2030		2,330,000		1,933,900
				9,201,461
Ukraine - 4.2%
Ukraine Government International Bond
Zero Coupon (C), 05/31/2040 (G)		9,835,000		7,258,565
4.38%, 01/27/2030 (A)		EUR  1,325,000		1,118,331
7.75%, 09/01/2021 - 09/01/2023 (A)		$  5,530,000		5,290,892
7.75%, 09/01/2023 (G)		2,100,000		1,989,750
				15,657,538
United Arab Emirates - 1.6%
Abu Dhabi Government International Bond
2.50%, 04/16/2025 (A)		1,500,000		1,541,802
3.13%, 09/30/2049 (A)		2,480,000		2,375,840
3.88%, 04/16/2050 (A)		1,785,000		1,901,382
				5,819,024
United Kingdom - 0.9%
Ukreximbank Via Biz Finance PLC 9.75%, 01/22/2025 (G)		3,500,000		3,384,920
Venezuela - 0.5%
Venezuela Government International Bond
9.00%, 05/07/2023 (E) (F)		9,260,000		740,800
9.25%, 09/15/2027 (E) (F)		8,370,000		669,600
11.95%, 08/05/2031 (E) (F) (G)		5,565,000		445,200
				1,855,600
Zambia - 0.2%
Zambia Government International Bond 8.50%, 04/14/2024 (G)		1,980,000		643,500
Total Foreign Government Obligations (Cost $246,659,881)				216,086,067

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

Transamerica Funds Semi-Annual Report 2020

Page    47

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCK - 0.1%
Colombia - 0.1%
Frontera Energy Corp.		93,356		$   301,661
Total Common Stock (Cost $5,390,007)				301,661
OTHER INVESTMENT COMPANY - 3.1%
Securities Lending Collateral - 3.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (J)		11,723,975		11,723,975
Total Other Investment Company (Cost $11,723,975)				11,723,975

	Principal		Value
REPURCHASE AGREEMENT - 6.1%
Fixed Income Clearing Corp., 0.00% (J), dated 04/30/2020, to be repurchased at $22,545,983 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $23,000,201.		$  22,545,983		$  22,545,983
Total Repurchase Agreement (Cost $22,545,983)				22,545,983
Total Investments (Cost $436,734,273)				381,971,081
Net Other Assets (Liabilities) - (2.6)%				(9,549,797	)
Net Assets - 100.0%				$  372,421,284

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY		05/29/2020		USD	2,528,016		RON	11,357,869	$	—	$	(33,457	)
BCLY		05/29/2020		PLN	10,820,388		USD	2,577,203		30,123		—
JPM		05/29/2020		USD	3,381,837		ZAR	63,269,090		—		(20,505	)
SCB		05/05/2020		USD	12,755,996		BRL	69,712,668		—		(59,069	)
SCB		05/05/2020		BRL	69,712,668		USD	12,781,971		33,093		—
SCB		06/02/2020		USD	6,322,328		BRL	34,733,606		—		(47,137	)
TDB		05/29/2020		USD	6,888,348		EUR	6,352,924		—		(77,486	)
TDB		05/29/2020		AUD	7,310,567		USD	4,746,641		17,783		—
Total									$	80,999	$	(237,654	)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Foreign Government Obligations		56.6	%	$	216,086,067
Oil, Gas & Consumable Fuels		7.3			27,743,211
Banks		3.8			14,428,127
Electric Utilities		2.9			10,897,541
Metals & Mining		2.7			10,368,869
Chemicals		2.3			8,896,276
Food Products		1.5			5,733,565
Road & Rail		1.3			5,078,927
Diversified Telecommunication Services		1.2			4,665,992
Wireless Telecommunication Services		1.2			4,659,570
Transportation Infrastructure		1.2			4,463,316
Construction & Engineering		1.1			4,328,960
Diversified Financial Services		1.1			4,270,300
Internet & Direct Marketing Retail		0.9			3,520,035
Professional Services		0.9			3,436,112
Marine		0.8			3,159,656
Consumer Finance		0.7			2,836,336
Diversified Consumer Services		0.7			2,683,550
Food & Staples Retailing		0.6			2,168,358
Energy Equipment & Services		0.6			2,120,853
Communications Equipment		0.4			1,429,428
Insurance		0.3			1,292,716
Interactive Media & Services		0.3			1,125,054

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

Transamerica Funds Semi-Annual Report 2020

Page    48

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Hotels, Restaurants & Leisure		0.3	%	$	1,056,569
Paper & Forest Products		0.2			955,010
Airlines		0.1			296,725
Investments		91.0			347,701,123
Short-Term Investments		9.0			34,269,958
Total Investments		100.0	%	$	381,971,081

INVESTMENT VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	131,313,395		$	—	$	131,313,395
Foreign Government Obligations		—		216,086,067			—		216,086,067
Common Stock		301,661		—			—		301,661
Other Investment Company		11,723,975		—			—		11,723,975
Repurchase Agreement		—		22,545,983			—		22,545,983
Total Investments	$	12,025,636	$	369,945,445		$	—	$	381,971,081
Other Financial Instruments
Forward Foreign Currency Contracts (L)	$	—	$	80,999		$	—	$	80,999
Total Other Financial Instruments	$	—	$	80,999		$	—	$	80,999
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (L)	$	—	$	(237,654	)	$	—	$	(237,654	)
Total Other Financial Instruments	$	—	$	(237,654	)	$	—	$	(237,654	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $199,604,110, representing 53.6% of the Fund’s net assets.
(B)	Perpetual maturity. The date displayed is the next call date.
(C)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)	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.
(E)	Securities in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2020, the total value of such securities is $2,741,725, representing 0.7% of the Fund’s net assets.
(F)	Non-income producing securities.
(G)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2020, the total value of Regulation S securities is $29,916,800, representing 8.0% of the Fund’s net assets.

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

Transamerica Funds Semi-Annual Report 2020

Page    49

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(H)	All or a portion of the securities are on loan. The total value of all securities on loan is $11,479,102, collateralized by cash collateral of $11,723,975. 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.
(I)	Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At April 30, 2020, the value of this security is $247,987, representing 0.1% of the Fund’s net assets.
(J)	Rates disclosed reflect the yields at April 30, 2020.
(K)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(L)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
COP	Columbian Peso
EUR	Euro
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Peso
PEN	Peruvian Sol
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
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

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 Semi-Annual Report 2020

Page    50

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 97.1%
Brazil - 3.6%
B2W Cia Digital (A)		110,700		$  1,491,159
B3 SA - Brasil Bolsa Balcao		198,000		1,398,915
Banco Bradesco SA, ADR		407,000		1,432,640
Banco do Brasil SA		84,100		440,768
Banco Santander Brasil SA		305,485		1,516,779
BRF SA (A)		138,700		494,565
Equatorial Energia SA		583,700		1,967,528
JBS SA		775,300		3,398,950
Petroleo Brasileiro SA, ADR		171,000		1,140,570
Qualicorp Consultoria e Corretora de Seguros SA		218,600		1,041,967
Vale SA, ADR		423,400		3,493,050
				17,816,891
China - 36.8%
Agricultural Bank of China, Ltd., H Shares		7,140,000		2,970,110
Alibaba Group Holding, Ltd., ADR (A)		161,900		32,812,273
Anhui Conch Cement Co., Ltd., H Shares		915,500		7,219,064
ANTA Sports Products, Ltd.		612,000		5,211,811
Baidu, Inc., ADR (A)		48,100		4,854,733
Bank of China, Ltd., H Shares		17,236,000		6,561,792
China Communications Construction Co., Ltd., H Shares		5,913,000		3,974,391
China Conch Venture Holdings, Ltd.		1,586,000		7,583,260
China Construction Bank Corp., H Shares		11,255,000		9,033,974
China National Building Material Co., Ltd., H Shares		5,710,000		7,132,622
China Railway Group, Ltd., H Shares		12,094,000		7,231,334
China Shenhua Energy Co., Ltd., H Shares		2,171,000		3,846,117
Country Garden Holdings Co., Ltd.		1,193,000		1,545,383
CSPC Pharmaceutical Group, Ltd.		1,124,000		2,225,201
Guangzhou R&F Properties Co., Ltd., H Shares		820,400		1,041,814
Industrial & Commercial Bank of China, Ltd., H Shares		5,845,000		3,919,126
JD.com, Inc., ADR (A)		245,000		10,559,500
KWG Group Holdings, Ltd. (A)		1,870,000		2,766,279
Lenovo Group, Ltd.		4,660,000		2,517,318
Momo, Inc., ADR		86,500		2,082,920
NetEase, Inc., ADR		22,600		7,796,096
New Oriental Education & Technology Group, Inc., ADR (A)		27,500		3,510,650
PetroChina Co., Ltd., H Shares		3,882,000		1,394,381
PICC Property & Casualty Co., Ltd., H Shares		3,966,000		3,795,246
Shandong Weigao Group Medical Polymer Co., Ltd., H Shares		2,268,000		3,445,419
Sinopharm Group Co., Ltd., H Shares		961,600		2,592,819
Sunac China Holdings, Ltd.		549,000		2,455,815
Tencent Holdings, Ltd.		510,000		26,810,410
Vipshop Holdings, Ltd., ADR (A)		250,100		3,984,093
Xinyi Solar Holdings, Ltd.		2,488,000		1,579,012
YiChang HEC ChangJiang Pharmaceutical Co., Ltd., H Shares (B)		335,600		1,265,599
				183,718,562
Colombia - 0.3%
Ecopetrol SA, ADR (C)		151,700		1,585,265

	Shares		Value
COMMON STOCKS (continued)
Hong Kong - 4.1%
Brilliance China Automotive Holdings, Ltd.		1,670,000		$   1,545,147
China Mengniu Dairy Co., Ltd. (A)		619,000		2,191,946
China Mobile, Ltd.		892,000		7,170,839
China Overseas Land & Investment, Ltd.		1,510,000		5,577,858
CITIC, Ltd.		2,454,000		2,548,731
Geely Automobile Holdings, Ltd.		967,000		1,504,189
				20,538,710
Hungary - 1.9%
MOL Hungarian Oil & Gas PLC		235,351		1,489,964
OTP Bank Nyrt		164,141		4,861,198
Richter Gedeon Nyrt		147,062		3,142,530
				9,493,692
India - 8.0%
Apollo Hospitals Enterprise, Ltd.		71,610		1,319,272
Bharti Airtel, Ltd. (A)		619,518		4,221,043
Coal India, Ltd.		712,434		1,395,927
Divi’s Laboratories, Ltd.		93,880		2,894,923
Dr. Reddy’s Laboratories, Ltd.		74,406		3,848,844
Glenmark Pharmaceuticals, Ltd.		278,090		1,230,845
HCL Technologies, Ltd.		791,209		5,689,603
HDFC Bank, Ltd., ADR		77,022		3,338,904
ICICI Bank, Ltd., ADR		492,820		4,809,923
Ipca Laboratories, Ltd.		59,968		1,279,595
ITC, Ltd.		1,027,620		2,462,134
LIC Housing Finance, Ltd.		265,983		994,962
Power Finance Corp., Ltd.		955,410		1,207,515
Shriram Transport Finance Co., Ltd.		160,691		1,667,306
State Bank of India (A)		938,368		2,344,620
UltraTech Cement, Ltd.		29,693		1,381,310
				40,086,726
Indonesia - 0.3%
Bank Rakyat Indonesia Persero Tbk PT		8,127,600		1,478,308
Malaysia - 0.8%
Hartalega Holdings BHD		1,176,000		2,077,466
Tenaga Nasional Bhd.		630,300		1,784,696
				3,862,162
Mexico - 2.8%
America Movil SAB de CV, Class L, ADR		680,200		8,189,608
Fomento Economico Mexicano SAB de CV, ADR		34,900		2,245,117
Grupo Financiero Banorte SAB de CV, Class O		546,800		1,496,945
Grupo Mexico SAB de CV, Series B		847,500		1,802,181
				13,733,851
Poland - 1.0%
CD Projekt SA		19,727		1,727,070
Powszechna Kasa Oszczednosci Bank Polski SA		315,794		1,690,054
Powszechny Zaklad Ubezpieczen SA		184,352		1,360,723
				4,777,847
Republic of Korea - 13.1%
Celltrion Healthcare Co., Ltd. (A)		28,528		1,977,289
Daelim Industrial Co., Ltd.		25,425		1,834,516
GS Engineering & Construction Corp.		55,265		1,153,921
Hana Financial Group, Inc.		153,908		3,513,413

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

Transamerica Funds Semi-Annual Report 2020

Page    51

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Republic of Korea (continued)
Hyundai Mobis Co., Ltd.		47,178		$   6,670,035
Hyundai Motor Co.		45,468		3,514,332
KB Financial Group, Inc.		170,756		4,885,552
Kia Motors Corp.		86,532		2,113,518
KT&G Corp.		50,286		3,357,468
NCSoft Corp.		10,829		5,737,735
Samsung Electronics Co., Ltd.		467,618		19,227,295
Shinhan Financial Group Co., Ltd.		92,963		2,356,849
SK Hynix, Inc.		75,218		5,176,318
SK Telecom Co., Ltd.		22,727		3,950,037
				65,468,278
Republic of South Africa - 4.3%
Absa Group, Ltd.		318,514		1,571,914
AngloGold Ashanti, Ltd., ADR		295,500		7,207,245
Naspers, Ltd., N Shares		56,988		8,870,091
Old Mutual, Ltd.		1,190,093		863,892
Sanlam, Ltd.		380,932		1,217,806
Sibanye Stillwater, Ltd. (A)		851,681		1,735,021
				21,465,969
Russian Federation - 2.5%
Gazprom PJSC, ADR		780,392		3,951,873
Lukoil PJSC, ADR		68,314		4,456,651
MMC Norilsk Nickel PJSC, ADR		138,779		3,794,218
				12,202,742
Taiwan - 15.1%
Accton Technology Corp.		609,000		4,414,681
Catcher Technology Co., Ltd.		157,000		1,189,195
CTBC Financial Holding Co., Ltd.		5,974,000		3,981,029
Elite Material Co., Ltd.		678,000		2,930,185
Fubon Financial Holding Co., Ltd.		1,819,000		2,572,028
Hon Hai Precision Industry Co., Ltd.		2,765,000		7,105,957
King Yuan Electronics Co., Ltd.		1,147,000		1,374,887
MediaTek, Inc.		347,000		4,791,524
Pegatron Corp.		830,000		1,820,943
Pixart Imaging, Inc.		339,000		1,984,225
Radiant Opto-Electronics Corp.		715,000		2,346,629
Realtek Semiconductor Corp.		512,000		4,384,422
TaiDoc Technology Corp.		299,000		1,905,255
Taiwan Cement Corp.		1,769,000		2,552,269
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		423,200		22,484,616
Uni-President Enterprises Corp.		1,019,000		2,372,626
United Microelectronics Corp.		4,144,000		2,143,961
Yuanta Financial Holding Co., Ltd.		5,213,000		2,971,300
Zhen Ding Technology Holding, Ltd.		608,000		2,181,697
				75,507,429
Thailand - 2.3%
Advanced Info Service PCL		315,800		1,920,316
Charoen Pokphand Foods PCL		5,521,100		4,607,316
CP ALL PCL		1,619,700		3,525,948
PTT Exploration & Production PCL		474,900		1,456,169
				11,509,749
Turkey - 0.2%
Akbank T.A.S. (A)		1,243,991		1,050,177
Total Common Stocks (Cost $486,231,457)				484,296,358

	Shares		Value
PREFERRED STOCK - 0.2%
Brazil - 0.2%
Telefonica Brasil SA, 4.74% (D)		119,500		$   1,003,177
Total Preferred Stock (Cost $1,552,948)				1,003,177
EXCHANGE-TRADED FUND - 1.1%
United States - 1.1%
iShares MSCI Emerging Markets ETF		136,600		5,005,024
Total Exchange-Traded Fund (Cost $4,929,202)				5,005,024
OTHER INVESTMENT COMPANY - 0.0% (E)
Securities Lending Collateral - 0.0% (E)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (D)		133,300		133,300
Total Other Investment Company (Cost $133,300)				133,300
	Principal		Value
REPURCHASE AGREEMENT - 2.0%
Fixed Income Clearing Corp., 0.00% (D), dated 04/30/2020, to be repurchased at $10,168,640 on 05/01/2020. Collateralized by a U.S. Government Obligation, 1.38%, due 01/31/2022, and with a value of $10,374,926.		$  10,168,640		10,168,640
Total Repurchase Agreement (Cost $10,168,640)				10,168,640
Total Investments (Cost $503,015,547)				500,606,499
Net Other Assets (Liabilities) - (0.4)%				(1,842,826	)
Net Assets - 100.0%				$  498,764,213

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

Transamerica Funds Semi-Annual Report 2020

Page    52

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Banks		12.6	%	$	63,254,075
Internet & Direct Marketing Retail		11.5			57,717,116
Semiconductors & Semiconductor Equipment		9.2			46,265,594
Interactive Media & Services		6.7			33,748,063
Wireless Telecommunication Services		5.1			25,451,843
Technology Hardware, Storage & Peripherals		5.0			24,754,751
Oil, Gas & Consumable Fuels		4.1			20,716,917
Construction Materials		3.7			18,285,265
Metals & Mining		3.6			18,031,715
Entertainment		3.1			15,260,901
Construction & Engineering		2.8			14,194,162
Real Estate Management & Development		2.7			13,387,149
Food Products		2.6			13,065,403
Pharmaceuticals		2.6			12,992,614
Electronic Equipment, Instruments & Components		2.4			12,217,839
Insurance		2.0			9,809,695
Automobiles		1.7			8,677,186
Machinery		1.5			7,583,260
Health Care Equipment & Supplies		1.5			7,428,140
Health Care Providers & Services		1.4			6,931,347
Auto Components		1.3			6,670,035
Tobacco		1.2			5,819,602
IT Services		1.1			5,689,603
Textiles, Apparel & Luxury Goods		1.0			5,211,811
International Equity Funds		1.0			5,005,024
Communications Equipment		0.9			4,414,681
Diversified Financial Services		0.8			4,178,815
Electric Utilities		0.8			3,752,224
Food & Staples Retailing		0.7			3,525,948
Diversified Consumer Services		0.7			3,510,650
Life Sciences Tools & Services		0.6			2,894,923
Industrial Conglomerates		0.5			2,548,731
Beverages		0.5			2,245,117
Consumer Finance		0.3			1,667,306
Capital Markets		0.3			1,398,915
Diversified Telecommunication Services		0.2			1,003,177
Thrifts & Mortgage Finance		0.2			994,962
Investments		97.9			490,304,559
Short-Term Investments		2.1			10,301,940
Total Investments		100.0	%	$	500,606,499

INVESTMENT 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	$	148,779,702	$	335,516,656	$	—	$	484,296,358
Preferred Stock		1,003,177		—		—		1,003,177
Exchange-Traded Fund		5,005,024		—		—		5,005,024
Other Investment Company		133,300		—		—		133,300
Repurchase Agreement		—		10,168,640		—		10,168,640
Total Investments	$	154,921,203	$	345,685,296	$	—	$	500,606,499

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

Transamerica Funds Semi-Annual Report 2020

Page    53

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Security is exempt from registration 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 April 30, 2020, the value of the 144A security is $1,265,599, representing 0.3% 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 $129,580, collateralized by cash collateral of $133,300. 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 April 30, 2020.
(E)	Percentage rounds to less than 0.1% or (0.1)%.
(F)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2020

Page    54

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 93.8%
Argentina - 0.3%
MercadoLibre, Inc. (A)		2,223		$  1,297,143
YPF SA, ADR		30,205		115,987
				1,413,130
Austria - 0.1%
OMV AG		16,964		553,905
Brazil - 3.5%
Cyrela Brazil Realty SA Empreendimentos e Participacoes, Class A		350,411		1,025,219
Energisa SA		281,371		2,261,151
Localiza Rent a Car SA		245,978		1,546,551
Lojas Renner SA		212,108		1,497,421
Magazine Luiza SA		189,380		1,730,850
Notre Dame Intermedica Participacoes SA		117,662		1,185,946
Petrobras Distribuidora SA		324,966		1,167,102
Petroleo Brasileiro SA		23,500		80,596
Raia Drogasil SA		66,949		1,290,005
Vale SA, ADR		290,441		2,396,138
				14,180,979
Cayman Islands - 1.1%
ESR Cayman, Ltd. (A) (B)		919,456		2,012,830
Trip.Com Group, Ltd., ADR (A)		96,427		2,483,959
				4,496,789
China - 34.9%
Alibaba Group Holding, Ltd., ADR (A)		142,008		28,780,761
Alibaba Group Holding, Ltd. (A)		183,736		4,663,076
BeiGene, Ltd., ADR (A)		10,870		1,661,262
China Construction Bank Corp., H Shares		11,093,332		8,904,209
China International Travel Service Corp., Ltd., A Shares		336,406		4,312,280
China Life Insurance Co., Ltd., H Shares		1,208,127		2,576,571
China Longyuan Power Group Corp., Ltd., H Shares		7,245,961		3,621,743
China Merchants Bank Co., Ltd., H Shares		1,116,489		5,283,570
China Oilfield Services, Ltd., H Shares		221,465		172,502
China Petroleum & Chemical Corp., H Shares		2,914,266		1,452,507
China Tower Corp., Ltd., H Shares (B)		25,804,567		5,742,657
CNOOC, Ltd.		537,710		594,504
Dongfeng Motor Group Co., Ltd., H Shares		3,314,829		2,198,598
ENN Energy Holdings, Ltd.		217,926		2,456,562
Industrial & Commercial Bank of China, Ltd., H Shares		8,643,531		5,795,566
Innovent Biologics, Inc. (A) (B)		373,076		1,837,319
Lomon Billions Group Co., Ltd., A Shares		1,472,749		3,436,167
Longfor Group Holdings, Ltd. (B)		87,000		442,311
Ping An Insurance Group Co. of China, Ltd., H Shares		758,640		7,720,117
Shandong Weigao Group Medical Polymer Co., Ltd., H Shares		1,414,014		2,148,091
Shengyi Technology Co., Ltd., A Shares		378,500		1,713,550
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., A Shares		41,700		1,494,026
Sunny Optical Technology Group Co., Ltd.		205,667		2,864,019
TAL Education Group, ADR (A)		93,780		5,081,938
Tencent Holdings, Ltd.		622,471		32,722,947
Tencent Music Entertainment Group, ADR (A)		198,497		2,264,851

	Shares		Value
COMMON STOCKS (continued)
China (continued)
WuXi AppTec Co., Ltd., H Shares (B) (C)		57,564		$   811,577
Wuxi Biologics Cayman, Inc. (A) (B)		70,500		1,097,432
Yifeng Pharmacy Chain Co., Ltd., A Shares		97,100		1,297,280
				143,147,993
Czech Republic - 0.5%
Komercni banka as (A)		94,268		1,996,100
Greece - 1.2%
Hellenic Telecommunications Organization SA		359,995		4,756,069
Hong Kong - 6.5%
AIA Group, Ltd.		944,823		8,671,365
China Gas Holdings, Ltd.		766,733		2,789,939
China Mengniu Dairy Co., Ltd. (A)		1,285,979		4,553,790
China Overseas Land & Investment, Ltd.		1,012,426		3,739,847
Geely Automobile Holdings, Ltd.		1,356,861		2,110,627
Kerry Properties, Ltd.		398,445		1,100,494
Shimao Property Holdings, Ltd.		859,864		3,495,238
				26,461,300
India - 3.0%
Grasim Industries, Ltd., GDR		180,067		1,215,452
ICICI Bank, Ltd., ADR (C)		485,122		4,734,791
Larsen & Toubro, Ltd., GDR		248,541		2,883,075
Reliance Industries, Ltd., GDR (B)		87,695		3,354,334
				12,187,652
Indonesia - 2.0%
Bank Central Asia Tbk PT		1,977,593		3,425,566
Bank Mandiri Persero Tbk PT		9,714,703		2,887,804
Unilever Indonesia Tbk PT		3,087,900		1,712,234
				8,025,604
Japan - 1.6%
Nexon Co., Ltd.		229,605		3,707,198
Tokyo Electron, Ltd.		13,033		2,775,779
				6,482,977
Jordan - 0.4%
Hikma Pharmaceuticals PLC		49,933		1,487,206
Luxembourg - 0.6%
Millicom International Cellular SA, SDR		84,702		2,201,074
Tenaris SA, ADR		14,291		195,501
				2,396,575
Macau - 0.3%
MGM China Holdings, Ltd. (C)		993,674		1,227,103
Malaysia - 0.9%
CIMB Group Holdings Bhd.		4,723,571		3,776,873
Mexico - 1.7%
America Movil SAB de CV, Series L		5,137,714		3,103,818
Grupo Mexico SAB de CV, Series B		388,243		825,586
Orbia Advance Corp. SAB de CV		2,579,912		3,069,005
				6,998,409
Netherlands - 0.8%
ASML Holding NV (C)		11,679		3,411,264
Peru - 0.7%
Credicorp, Ltd.		19,337		2,881,600
Philippines - 0.3%
Ayala Land, Inc.		2,171,464		1,355,692

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

Transamerica Funds Semi-Annual Report 2020

Page    55

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Portugal - 0.8%
Galp Energia SGPS SA		283,105		$   3,267,346
Republic of Korea - 7.8%
Hyundai Mobis Co., Ltd.		24,146		3,413,766
LG Chem, Ltd.		8,615		2,676,794
LG Household & Health Care, Ltd.		4,141		4,695,877
Lotte Chemical Corp.		19,801		3,518,745
Samsung Electronics Co., Ltd.		306,059		12,584,389
Shinhan Financial Group Co., Ltd.		204,674		5,189,008
				32,078,579
Republic of South Africa - 2.6%
FirstRand, Ltd. (C)		1,902,252		4,151,673
Gold Fields, Ltd.		304,938		2,269,839
MTN Group, Ltd.		607,165		1,595,544
Old Mutual, Ltd. (C)		2,553,747		1,818,873
Sibanye Stillwater, Ltd. (A) (C)		371,885		757,594
				10,593,523
Russian Federation - 4.3%
Gazprom Neft PJSC, ADR		66,911		1,582,445
Gazprom PJSC, ADR		353,306		1,784,195
Inter RAO (A) (D)		44,636,437		2,990,240
Lukoil PJSC, ADR		48,396		3,124,930
MMC Norilsk Nickel PJSC		5,101		1,385,865
Rosneft Oil Co. PJSC, GDR		85,359		382,579
Sberbank of Russia PJSC (D)		1,843,930		4,859,189
Yandex NV, Class A (A) (C)		43,476		1,642,523
				17,751,966
Saudi Arabia - 1.1%
Saudi Arabian Oil Co. (B)		521,281		4,380,257
Switzerland - 0.5%
Coca-Cola HBC AG		76,166		1,929,949
Taiwan - 13.6%
Accton Technology Corp.		486,118		3,523,901
Airtac International Group		42,000		817,783
Delta Electronics, Inc.		512,370		2,389,799
E.Sun Financial Holding Co., Ltd.		3,115,839		2,831,021
Far Eastern New Century Corp.		4,514,700		3,920,415
Formosa Plastics Corp.		697,704		2,047,932
Globalwafers Co., Ltd.		348,776		4,438,882
Largan Precision Co., Ltd.		20,371		2,776,843
MediaTek, Inc.		386,767		5,340,644
Realtek Semiconductor Corp.		496,290		4,249,892
Taiwan Semiconductor Manufacturing Co., Ltd.		1,885,622		19,021,770

	Shares		Value
COMMON STOCKS (continued)
Taiwan (continued)
Uni-President Enterprises Corp.		1,926,259		$   4,485,075
				55,843,957
Thailand - 2.1%
CP ALL PCL		2,066,259		4,498,069
Kasikornbank PCL		1,621,376		4,250,755
				8,748,824
United Kingdom - 0.6%
Anglo American PLC		137,154		2,439,291
Total Common Stocks (Cost $424,132,606)				384,270,912
PREFERRED STOCKS - 2.1%
Brazil - 1.6%
Braskem SA, Series A, 5.83% (E)		679,400		2,641,188
Gerdau SA, 2.21% (E)		427,400		922,723
Itau Unibanco Holding SA, 9.01% (E)		671,700		2,812,595
				6,376,506
Republic of Korea - 0.5%
Samsung Electronics Co., Ltd., 3.41% (E)		63,648		2,206,396
Total Preferred Stocks (Cost $12,658,399)				8,582,902
EXCHANGE-TRADED FUND - 1.2%
United States - 1.2%
iShares MSCI India ETF (C)		177,968		4,814,034
Total Exchange-Traded Fund (Cost $5,564,239)				4,814,034
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (E)		4,431,833		4,431,833
Total Other Investment Company (Cost $4,431,833)				4,431,833
Total Investments (Cost $446,787,077)				402,099,681
Net Other Assets (Liabilities) - 1.8%				7,375,948
Net Assets - 100.0%				$  409,475,629

FUTURES CONTRACTS

Long Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value

Unrealized Appreciation

Unrealized Depreciation

MSCI Emerging Markets Index

139

06/19/2020

$  5,354,727

$  6,296,005

$  941,278

$  —

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

Transamerica Funds Semi-Annual Report 2020

Page    56

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Banks		14.8	%	$	59,628,647
Semiconductors & Semiconductor Equipment		9.8			39,238,231
Internet & Direct Marketing Retail		9.3			37,224,939
Interactive Media & Services		8.5			34,365,470
Insurance		5.2			20,786,926
Oil, Gas & Consumable Fuels		5.1			20,673,585
Chemicals		4.3			17,389,831
Technology Hardware, Storage & Peripherals		3.7			14,790,785
Real Estate Management & Development		3.0			12,146,412
Metals & Mining		2.7			10,997,036
Diversified Telecommunication Services		2.6			10,498,726
Electronic Equipment, Instruments & Components		2.4			9,744,211
Food Products		2.2			9,038,865
Food & Staples Retailing		1.8			7,085,354
Wireless Telecommunication Services		1.7			6,900,436
Entertainment		1.5			5,972,049
Specialty Retail		1.4			5,479,382
Electric Utilities		1.3			5,251,391
Gas Utilities		1.3			5,246,501
Diversified Consumer Services		1.3			5,081,938
International Equity Funds		1.2			4,814,034
Personal Products		1.2			4,695,877
Automobiles		1.1			4,309,225
Diversified Financial Services		1.0			4,151,673
Industrial Conglomerates		1.0			3,920,415
Health Care Equipment & Supplies		0.9			3,642,117
Independent Power & Renewable Electricity Producers		0.9			3,621,743
Communications Equipment		0.9			3,523,901
Biotechnology		0.9			3,498,581
Auto Components		0.8			3,413,766
Multiline Retail		0.8			3,228,271
Construction & Engineering		0.7			2,883,075
Beverages		0.5			1,929,949
Life Sciences Tools & Services		0.5			1,909,009
Household Products		0.4			1,712,234
Road & Rail		0.4			1,546,551
Pharmaceuticals		0.4			1,487,206
Hotels, Restaurants & Leisure		0.3			1,227,103
Construction Materials		0.3			1,215,452
Health Care Providers & Services		0.3			1,185,946
Household Durables		0.2			1,025,219
Machinery		0.2			817,783
Energy Equipment & Services		0.1			368,003
Investments		98.9			397,667,848
Short-Term Investments		1.1			4,431,833
Total Investments		100.0	%	$	402,099,681

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

Transamerica Funds Semi-Annual Report 2020

Page    57

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT 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	$	86,646,714	$	297,624,198	$	—	$	384,270,912
Preferred Stocks		6,376,506		2,206,396		—		8,582,902
Exchange-Traded Fund		4,814,034		—		—		4,814,034
Other Investment Company		4,431,833		—		—		4,431,833
Total Investments	$	102,269,087	$	299,830,594	$	—	$	402,099,681
Other Financial Instruments
Futures Contracts (G)	$	941,278	$	—	$	—	$	941,278
Total Other Financial Instruments	$	941,278	$	—	$	—	$	941,278

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $19,678,717, representing 4.8% of the Fund’s net assets.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $6,243,851, collateralized by cash collateral of $4,431,833 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,188,834. 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)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2020, the total value of securities is $7,849,429, representing 1.9% of the Fund’s net assets.
(E)	Rates disclosed reflect the yields at April 30, 2020.
(F)	There were no transfers in or out of Level 3 during the period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(G)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
SDR	Swedish Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2020

Page    58

Transamerica Event Driven

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 3.1%
Beverages - 0.3%
Constellation Brands, Inc., Class A		1,500		$  247,035
Diversified Consumer Services - 0.1%
Chegg, Inc. (A) (B)		700		29,925
Diversified Financial Services - 0.4%
Equitable Holdings, Inc.		18,000		329,760
Entertainment - 0.3%
Sciplay Corp., Class A (A)		5,000		52,750
Ubisoft Entertainment SA (A)		2,450		182,236
				234,986
Health Care Providers & Services - 1.0%
UnitedHealth Group, Inc.		2,500		731,175
Insurance - 0.3%
Fidelity National Financial, Inc.		9,000		243,450
Interactive Media & Services - 0.2%
IAC / InterActiveCorp (A)		700		156,436
Media - 0.4%
Discovery, Inc., Class A (A)		13,500		302,670
Specialty Retail - 0.1%
Fnac Darty SA (A)		1,462		47,249
Total Common Stocks (Cost $2,603,254)			2,322,686
CONVERTIBLE PREFERRED STOCKS - 1.5%
Commercial Services & Supplies - 0.8%
GFL Environmental, Inc., 6.00%		12,000		588,120
Electric Utilities - 0.4%
Southern Co., 6.75%		6,500		307,710
Pharmaceuticals - 0.3%
Elanco Animal Health, Inc., 5.00%		4,650		213,900
Total Convertible Preferred Stocks (Cost $1,157,500)				1,109,730
	Principal		Value
CONVERTIBLE BONDS - 68.1%
Airlines - 3.7%
Copa Holdings SA 4.50%, 04/15/2025 (C)		$  1,040,000		1,053,472
Southwest Airlines Co. 1.25%, 05/01/2025		1,600,000		1,765,859
				2,819,331
Automobiles - 1.3%
Winnebago Industries, Inc. 1.50%, 04/01/2025 (C)		1,000,000		943,100
Banks - 3.3%
BofA Finance LLC 0.25%, 05/01/2023, MTN (D)		2,528,000		2,465,007
Capital Markets - 4.9%
JPMorgan Chase Financial Co. LLC 0.25%, 05/01/2023 (C) (D)		2,000,000		1,934,770

	Principal		Value
CONVERTIBLE BONDS (continued)
Capital Markets (continued)
SBI Holdings, Inc. Zero Coupon, 09/13/2023 (E)		JPY  200,000,000		$   1,761,166
				3,695,936
Communications Equipment - 2.1%
Lumentum Holdings, Inc. 0.50%, 12/15/2026 (C)		$  1,500,000		1,587,540
Entertainment - 3.4%
Live Nation Entertainment, Inc. 2.00%, 02/15/2025 (C)		1,100,000		863,904
Zynga, Inc. 0.25%, 06/01/2024 (C)		1,500,000		1,669,687
				2,533,591
Food & Staples Retailing - 0.1%
Just Eat Takeaway.com NV 1.25%, 04/30/2026 (E)		EUR  100,000		115,967
Health Care Equipment & Supplies - 0.3%
Nuvasive, Inc. 0.38%, 03/15/2025 (C)		$  260,000		239,694
Health Care Providers & Services - 1.7%
Korian SA 0.88%, 03/06/2027 (E)		EUR  2,378,000		1,261,531
Health Care Technology - 1.2%
Allscripts Healthcare Solutions, Inc. 0.88%, 01/01/2027 (C)		$  1,140,000		872,676
Insurance - 1.5%
AXA SA 7.25%, 05/15/2021 (C)		1,286,000		1,127,661
Interactive Media & Services - 8.4%
Twitter, Inc. 0.25%, 06/15/2024		2,978,000		2,776,348
Zillow Group, Inc. 0.75%, 09/01/2024 (C) (D)		3,000,000		3,500,700
				6,277,048
Internet & Direct Marketing Retail - 0.7%
Booking Holdings, Inc. 0.75%, 05/01/2025 (C)		500,000		564,150
IT Services - 8.0%
MongoDB, Inc. 0.25%, 01/15/2026 (C)		1,100,000		1,148,597
Okta, Inc. 0.13%, 09/01/2025 (C) (D)		2,000,000		2,114,090
Square, Inc. 0.13%, 03/01/2025 (C)		3,000,000		2,765,625
				6,028,312
Media - 3.4%
Liberty Media Corp.
2.25%, 12/01/2048 (C)		808,000		803,455
2.75%, 12/01/2049 (C) (D)		1,875,000		1,747,422
				2,550,877
Metals & Mining - 2.9%
SSR Mining, Inc. 2.50%, 04/01/2039		1,800,000		2,196,000

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

Transamerica Funds Semi-Annual Report 2020

Page    59

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CONVERTIBLE BONDS (continued)
Oil, Gas & Consumable Fuels - 0.4%
CNX Resources Corp. Co. 2.25%, 05/01/2026		$   300,000		$   301,284
Pharmaceuticals - 2.5%
Sino Biopharmaceutical, Ltd. Zero Coupon, 02/17/2025 (E)		EUR  1,818,000		1,860,408
Semiconductors & Semiconductor Equipment - 1.7%
Inphi Corp. 0.75%, 04/15/2025 (C)		$  400,000		420,952
SMART Global Holdings, Inc. 2.25%, 02/15/2026 (C)		1,000,000		880,000
				1,300,952
Software - 9.2%
8x8, Inc. 0.50%, 02/01/2024		1,240,000		1,158,065
CyberArk Software, Ltd. Zero Coupon, 11/15/2024 (C) (D)		2,250,000		2,089,089
Proofpoint, Inc. 0.25%, 08/15/2024 (C) (D)		1,450,000		1,505,058
Rapid7, Inc. 2.25%, 05/01/2025		800,000		812,500
Slack Technologies, Inc. 0.50%, 04/15/2025 (C)		1,200,000		1,329,391
				6,894,103
Specialty Retail - 4.8%
ANLLIAN Capital, Ltd. Zero Coupon, 02/05/2025 (E)		EUR  1,700,000		1,666,821
Burlington Stores, Inc. 2.25%, 04/15/2025 (C)		$  600,000		635,817
RH Zero Coupon, 06/15/2023		1,303,000		1,269,611
				3,572,249
Technology Hardware, Storage & Peripherals - 2.6%
Innolux Corp. Zero Coupon, 01/22/2025 (E)		2,200,000		1,930,500
Total Convertible Bonds (Cost $52,931,138)				51,137,917
CORPORATE DEBT SECURITIES - 14.5%
Airlines - 0.4%
American Airlines Group, Inc. 5.00%, 06/01/2022 (C)		500,000		281,850
Communications Equipment - 2.5%
Viavi Solutions, Inc. 1.75%, 06/01/2023 (D)		1,700,000		1,868,938
Internet & Catalog Retail - 4.1%
IAC FinanceCo, Inc. 0.88%, 10/01/2022 (C)		2,000,000		3,082,500
Oil, Gas & Consumable Fuels - 3.2%
Scorpio Tankers, Inc. 3.00%, 05/15/2022		2,500,000		2,407,498
Software - 3.2%
FireEye, Inc. 0.88%, 06/01/2024 (D)		1,500,000		1,292,850
Splunk, Inc. 0.50%, 09/15/2023 (D)		1,000,000		1,147,497
				2,440,347

	Principal			Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail - 1.1%
PetSmart, Inc. 7.13%, 03/15/2023 (C)		$   850,000			$   813,875
Total Corporate Debt Securities (Cost $10,240,819)					10,895,008
REPURCHASE AGREEMENT - 32.2%
Fixed Income Clearing Corp., 0.00% (F), dated 04/30/2020, to be repurchased at $24,145,650 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $24,632,237.		$  24,145,650			24,145,650
Total Repurchase Agreement (Cost $24,145,650)					24,145,650
Total Investments Excluding Options Purchased (Cost $91,078,361)					89,610,991
Total Options Purchased - 0.0% (G) (Cost $19,650)					3,000
Total Investments Before Securities Sold Short (Cost $91,098,011)					89,613,991
	Shares			Value
SECURITIES SOLD SHORT - (12.5)%
COMMON STOCKS - (12.5)%
Automobiles - (0.6)%
Winnebago Industries, Inc.		(10,200	)		(452,574	)
Communications Equipment - (0.8)%
Viavi Solutions, Inc.		(49,846	)		(602,139	)
Diversified Financial Services - (2.1)%
Equitable Holdings, Inc.		(49,861	)		(913,454	)
Voya Financial, Inc.		(14,272	)		(644,666	)
					(1,558,120	)
Entertainment - (1.2)%
Live Nation Entertainment, Inc.		(3,060	)		(137,302	)
Zynga, Inc., Class A		(105,000	)		(791,700	)
					(929,002	)
Health Care Technology - (0.3)%
Allscripts Healthcare Solutions, Inc.		(30,000	)		(195,000	)
Interactive Media & Services - (1.3)%
Twitter, Inc.		(1,913	)		(54,865	)
Zillow Group, Inc., Class C		(21,000	)		(923,160	)
					(978,025	)
IT Services - (1.1)%
MongoDB, Inc.		(1,700	)		(275,621	)
Okta, Inc.		(3,400	)		(514,420	)
					(790,041	)
Media - (0.2)%
Sirius XM Holdings, Inc.		(30,000	)		(177,300	)
Metals & Mining - (0.5)%
SSR Mining, Inc.		(22,600	)		(395,274	)
Oil, Gas & Consumable Fuels - (1.4)%
Scorpio Tankers, Inc.		(48,250	)		(1,056,192	)
Semiconductors & Semiconductor Equipment - (0.5)%
SMART Global Holdings, Inc.		(15,737	)		(397,989	)

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

Transamerica Funds Semi-Annual Report 2020

Page    60

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Software - (2.1)%
CyberArk Software, Ltd.		(2,500	)		$   (246,900	)
Proofpoint, Inc.		(5,000	)		(608,650	)
Slack Technologies, Inc., Class A		(10,000	)		(266,900	)
Splunk, Inc.		(3,000	)		(421,080	)
					(1,543,530	)
Specialty Retail - (0.4)%
RH		(2,242	)		(322,355	)
Total Common Stocks (Proceeds $(9,461,624))					(9,397,541	)
Total Securities Sold Short (Proceeds $(9,461,624))					(9,397,541	)
Net Other Assets (Liabilities), Net of Securities Sold Short - (6.9)%					(5,138,639	)
Net Assets - 100.0%					$  75,077,811

EXCHANGE-TRADED OPTIONS PURCHASED:

Description

Exercise Price

Expiration Date

Notional Amount

Number of Contracts

Premiums Paid

Value

Call - Commscope Holding Co., Inc.

USD

15.00

05/15/2020

USD

165,150

150

$

19,650

$

3,000

FUTURES CONTRACTS:
Short Futures Contracts:
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		(36	)		06/19/2020	$	(5,051,863	)	$	(5,224,320	)	$	—	$	(172,457	)

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
SSB		05/18/2020		USD	8,946,124		EUR	8,170,000	$	—	$	(10,060	)
SSB		05/18/2020		USD	1,704,444		JPY	183,000,000		—		(1,231	)
SSB		05/18/2020		EUR	3,486,218		USD	3,796,036		25,654		—
Total									$	25,654	$	(11,291	)

INVESTMENT VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	2,093,201	$	229,485	$	—	$	2,322,686
Convertible Preferred Stocks		1,109,730		—		—		1,109,730
Convertible Bonds		—		51,137,917		—		51,137,917
Corporate Debt Securities		—		10,895,008		—		10,895,008
Repurchase Agreement		—		24,145,650		—		24,145,650
Exchange-Traded Options Purchased		3,000		—		—		3,000
Total Investments	$	3,205,931	$	86,408,060	$	—	$	89,613,991

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

Transamerica Funds Semi-Annual Report 2020

Page    61

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT 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)	$	—		$	25,654		$	—	$	25,654
Total Other Financial Instruments	$	—		$	25,654		$	—	$	25,654
LIABILITIES
Securities Sold Short
Common Stocks	$	(9,397,541	)	$	—		$	—	$	(9,397,541	)
Total Securities Sold Short	$	(9,397,541	)	$	—		$	—	$	(9,397,541	)
Other Financial Instruments
Futures Contracts (I)	$	(172,457	)	$	—		$	—	$	(172,457	)
Forward Foreign Currency Contracts (I)		—			(11,291	)		—		(11,291	)
Total Other Financial Instruments	$	(172,457	)	$	(11,291	)	$	—	$	(183,748	)

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 $29,626, collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $30,319. 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)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $33,975,075, representing 45.3% of the Fund’s net assets.
(D)	All or a portion of these securities have been segregated by the custodian as collateral for open exchange-traded options and securities sold short transactions. The total value of such securities is $13,134,208.
(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 April 30, 2020, the total value of Regulation S securities is $8,596,393, representing 11.4% of the Fund’s net assets.
(F)	Rate disclosed reflects the yield at April 30, 2020.
(G)	Percentage rounds to less than 0.1% or (0.1)%.
(H)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(I)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

SSB State Street Bank & Trust Co.

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

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

Transamerica Funds Semi-Annual Report 2020

Page    62

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 2.3%
Building Products - 0.1%
Builders FirstSource, Inc. 6.75%, 06/01/2027 (A)		$  60,000		$  61,800
Commercial Services & Supplies - 0.7%
GFL Environmental, Inc. 4.25%, 06/01/2025 (A)		640,000		643,200
Containers & Packaging - 0.9%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 3-Month LIBOR + 3.50%, 4.72% (B), 07/15/2021 (A)		750,000		738,750
IT Services - 0.6%
Tempo Acquisition LLC 5.75%, 06/01/2025		500,000		500,000
Media - 0.0% (C)
Univision Communications, Inc. 9.50%, 05/01/2025(A)		38,000		38,428
Total Corporate Debt Securities (Cost $1,989,721)				1,982,178
LOAN ASSIGNMENTS - 85.6%
Aerospace & Defense - 0.4%
Avolon TLB Borrower 1 LLC Term Loan B3,
1-Month LIBOR + 1.75%, 2.50% (B), 01/15/2025		246,256		231,349
Term Loan B4,
1-Month LIBOR + 1.50%, 2.25% (B), 02/12/2027		100,000		92,250
				323,599
Airlines - 0.7%
WestJet Airlines, Ltd. Term Loan B, 1-Month LIBOR + 3.00%, 4.00% (B), 12/11/2026		748,125		599,248
Auto Components - 1.0%
Jason, Inc. 1st Lien Term Loan, 2-Month LIBOR + 4.50%, 5.50% (B), 06/30/2021 (D)	201,758		94,826
K&N Engineering, Inc. 1st Lien Term Loan, 6-Month LIBOR + 4.75%, 5.82% (B), 10/20/2023		472,950		305,841
Mavis Tire Express Services Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.70% (B), 03/20/2025 (D)		619,173		501,530
				902,197
Automobiles - 1.1%
Thor Industries, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.63% - 4.75% (B), 02/01/2026		1,094,872		991,316
Beverages - 0.4%
Blue Ribbon LLC Term Loan, 1-Month LIBOR + 4.00%, 3-Month LIBOR + 4.00%, 5.00%  - 5.66% (B), 11/15/2021		484,234		306,278

	Principal		Value
LOAN ASSIGNMENTS (continued)
Building Products - 1.6%
NCI Building Systems, Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.58% (B), 04/12/2025		$   951,408		$   810,283
VT Topco, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.95% (B), 08/01/2025		677,684		555,701
				1,365,984
Capital Markets - 1.8%
Blucora, Inc. Term Loan B, 3-Month LIBOR + 3.00%, 4.45% (B), 05/22/2024		529,276		497,519
Deerfield Dakota Holding, LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.75% (B), 04/09/2027		275,000		261,250
Kingpin Intermediate Holdings LLC Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 07/03/2024		940,483		658,338
RPI Intermediate Finance Trust Term Loan B1, 1-Month LIBOR + 1.75%, 2.15% (B), 02/11/2027		199,000		192,445
				1,609,552
Chemicals - 2.7%
Minerals Technologies, Inc. Term Loan, 4.75%, 05/09/2021 (E)		739,689		717,498
Term Loan B,
1-Month LIBOR + 2.25%, 3-Month LIBOR + 2.25%, 3.00% - 3.46% (B), 02/14/2024		112,294		109,486
Polymer Process Holdings, Inc. Term Loan, 1-Month LIBOR + 6.00%, 3-Month LIBOR + 6.00%, 6.72% (B), 05/01/2026		893,250		759,263
VAC Germany Holdings GmbH Term Loan B, 3-Month LIBOR + 4.00%, 5.45% (B), 03/08/2025		1,127,000		788,900
				2,375,147
Commercial Services & Supplies - 3.5%
Advanced Disposal Services, Inc. Term Loan B3, 1-Week LIBOR + 2.25%, 3.00% (B), 11/10/2023		612,760		604,717
Aramark Services, Inc. Term Loan B4, 1-Month LIBOR + 1.75%, 2.15% (B), 01/15/2027		150,000		140,625
BIFM Buyer, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.15% (B), 06/01/2026		495,006		469,018

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

Transamerica Funds Semi-Annual Report 2020

Page    63

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies (continued)
GFL Environmental, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.00% (B), 05/30/2025		$   636,329		$   622,466
Harsco Corp. Term Loan B1, 1-Month LIBOR + 2.25%, 3.25% (B), 12/06/2024		95,408		92,069
Prime Security Services Borrower LLC Term Loan B1, 1-Month LIBOR + 3.25%, 4.27% (B), 09/23/2026		497,500		471,381
Spin Holdco, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.25% (B), 11/14/2022		678,185		619,692
				3,019,968
Communications Equipment - 1.1%
Avaya, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 5.06% (B), 12/15/2024		617,491		539,422
Securus Technologies Holdings, Inc. 1st Lien Term Loan, 2-Month LIBOR + 4.50%, 6-Month LIBOR + 4.50%, 5.50% (B), 11/01/2024		470,248		389,522
				928,944
Construction & Engineering - 0.4%
Granite Acquisition, Inc. Term Loan B, 3-Month LIBOR + 3.50%, 4.95% (B), 12/19/2021		391,976		380,870
Containers & Packaging - 5.0%
Anchor Glass Container Corp. 1st Lien Term Loan, 3-Month LIBOR + 2.75%, 4.14% - 4.20% (B), 12/07/2023 (D)		533,912		351,714
Ball Metalpack LLC 1st Lien Term Loan B, 3-Month LIBOR + 4.50%, 6.11% (B), 07/31/2025		1,191,294		1,006,643
Consolidated Container Co. LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.75% (B), 05/22/2024		253,275		242,511
Flex Acquisition Co., Inc. 1st Lien Term Loan,
3-Month LIBOR + 3.00%, 4.43% (B), 12/29/2023		613,388		572,751
Term Loan,
3-Month LIBOR + 3.25%, 4.68% (B), 06/29/2025		276,341		257,170
Liqui-Box Holdings, Inc. Term Loan B, 3-Month LIBOR + 4.50%, 6.15% (B), 02/26/2027		250,000		200,000

	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging (continued)
Plastipak Packaging, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 2.91% (B), 10/14/2024		$   607,335		$   585,319
Printpack Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 4.00% (B), 07/26/2023		606,826		570,417
Reynolds Consumer Products LLC Term Loan, 1-Month LIBOR + 1.75%, 2.15% (B), 02/04/2027		450,000		430,232
Tosca Services LLC Term Loan, 1-Month LIBOR + 5.00%, 6.00% (B), 12/18/2026		180,645		169,807
				4,386,564
Diversified Consumer Services - 1.1%
USS Ultimate Holdings, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 6-Month LIBOR + 3.75%, 5.67% (B), 08/25/2024		758,663		625,265
William Morris Endeavor Entertainment LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3-Month LIBOR + 2.75%, 3.16% - 4.37% (B), 05/18/2025		500,340		371,919
				997,184
Diversified Financial Services - 1.5%
BCP Raptor II LLC 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 5.15% (B), 11/03/2025		436,700		203,793
NBG Acquisition, Inc. Term Loan, 3-Month LIBOR + 5.50%, 6.57% (B), 04/26/2024		997,192		488,624
Russell Investments US Institutional Holdco, Inc. Term Loan B, 6-Month LIBOR + 2.75%, 3.82% (B), 06/01/2023		339,765		309,016
WG Partners Acquisition LLC Term Loan B, 3-Month LIBOR + 3.50%, 4.95% (B), 11/15/2023		348,021		320,180
				1,321,613
Diversified Telecommunication Services - 2.1%
CenturyLink, Inc. Term Loan B, 1-Month LIBOR, 2.65% (B), 03/15/2027		294,263		277,600
Global Tel*Link Corp. 1st Lien Term Loan, 3-Month LIBOR + 4.25%, 5.70% (B), 11/29/2025		1,088,873		935,221

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

Transamerica Funds Semi-Annual Report 2020

Page    64

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Telecommunication Services (continued)
Hargray Communications Group, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.00% (B), 05/16/2024		$   650,527		$   614,911
				1,827,732
Electric Utilities - 0.4%
Vistra Operations Co. LLC 1st Lien Term Loan B3, 1-Month LIBOR + 1.75%, 2.15% - 2.50% (B), 12/31/2025		403,038		389,939
Electrical Equipment - 0.9%
Electrical Components International, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.25%, 4.65% (B), 06/26/2025		323,989		210,593
VC GB Holdings, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 4.45% (B), 02/28/2024		665,463		585,607
				796,200
Electronic Equipment, Instruments & Components - 2.5%
Badger Buyer Corp. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 09/30/2024		439,179		316,209
Electro Rent Corp. 1st Lien Term Loan, 3-Month LIBOR + 5.00%, 6.00% - 6.02% (B), 01/31/2024		820,919		746,010
GrafTech Finance, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 02/12/2025		302,031		273,338
Radio Systems Corp. Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (B), 05/02/2024		925,243		874,355
				2,209,912
Equity Real Estate Investment Trusts - 0.9%
iStar, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.47% - 3.73% (B), 06/28/2023		815,609		758,517
Food & Staples Retailing - 1.9%
BJ’s Wholesale Club, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.25%, 3.08% (B), 02/03/2024		87,260		84,598
BW Gas & Convenience Holdings LLC Term Loan, 1-Month LIBOR + 6.25%, 6.88% (B), 11/18/2024		543,125		483,381
Chef’s Warehouse Leasing Co. LLC 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 4.50% (B), 06/22/2022		219,021		181,788

	Principal		Value
LOAN ASSIGNMENTS (continued)
Food & Staples Retailing (continued)
Hostess Brands LLC Term Loan, 1-Month LIBOR + 2.25%, 2-Month LIBOR + 2.25%, 3-Month LIBOR + 2.25%, 3.00% - 3.01% (B), 08/03/2025		$   942,199		$   896,098
				1,645,865
Food Products - 2.9%
8th Avenue Food & Provisions, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 4.33% (B), 10/01/2025		370,313		353,725
B&G Foods, Inc. Term Loan B4, 1-Month LIBOR + 2.50%, 2.90% (B), 10/10/2026		299,248		288,525
Del Monte Foods, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.86% - 5.50% (B), 02/18/2021		691,741		676,177
Froneri International, Ltd. Term Loan, 1-Month LIBOR + 2.25%, 2.65% (B), 01/29/2027		245,000		226,625
Shearer’s Foods, Inc. Term Loan B, 2-Month LIBOR + 4.25%, 3-Month LIBOR + 4.25%, 5.25% (B), 03/31/2022		980,256		947,172
				2,492,224
Health Care Equipment & Supplies - 1.2%
Carestream Dental Equipment, Inc. 1st Lien Term Loan, 6-Month LIBOR + 3.25%, 4.32% (B), 09/01/2024 (D)		1,051,459		846,425
Mallinckrodt International Finance SA Term Loan B, TBD, 09/24/2024 (F) (G)		0		0
Ortho-Clinical Diagnostics SA Term Loan B, 1-Month LIBOR + 3.25%, 4.27% (B), 06/30/2025		178,773		158,437
				1,004,862
Health Care Providers & Services - 5.2%
AHP Health Partners, Inc. Term Loan, 1-Month LIBOR + 4.50%, 5.50% (B), 06/30/2025		798,941		740,019
DuPage Medical Group, Ltd. Term Loan, 1-Month LIBOR + 2.75%, 3.50% (B), 08/15/2024		985,985		865,202
HCA, Inc. Term Loan B13, 1-Month LIBOR + 1.75%, 2.15% (B), 03/18/2026		609,480		594,547
Pearl Intermediate Parent LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.15% (B), 02/14/2025		645,988		581,389

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

Transamerica Funds Semi-Annual Report 2020

Page    65

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services (continued)
Quorum Health Corp. Term Loan B, 1-Month LIBOR + 6.75%, 7.75% (B), 04/29/2022 (D)		$   720,935		$   617,301
RadNet, Inc. Repriced Term Loan, 1-Month LIBOR + 3.50%, Prime Rate + 2.50%, Prime Rate + 2.75%, 4.50% (B), 06/30/2023		498,885		460,845
WP CityMD Bidco LLC Term Loan B, 3-Month LIBOR + 4.50%, 6-Month LIBOR + 4.50%, 5.57% - 5.95% (B), 08/13/2026		748,125		709,472
				4,568,775
Hotels, Restaurants & Leisure - 4.2%
Affinity Gaming LLC Term Loan, 2-Month LIBOR + 3.25%, 4.25% (B), 07/01/2023		824,567		542,840
Boyd Gaming Corp. Term Loan A, 1-Week LIBOR + 2.00%, 2.14% (B), 09/15/2021		282,095		270,811
Caesars Resort Collection LLC 1st Lien Term Loan B, 1-Month LIBOR + 2.75%, 3.15% (B), 12/23/2024		343,574		287,743
ClubCorp Holdings, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 4.20% (B), 09/18/2024		456,538		334,985
Eldorado Resorts LLC Term Loan B, 6-Month LIBOR + 2.25%, 3.25% (B), 04/17/2024		150,000		141,250
Flynn Restaurant Group, LP 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 3.90% (B), 06/27/2025		585,990		484,174
Hilton Worldwide Finance LLC Term Loan B2, TBD, 06/22/2026 (F) (G)		0		0
NEP/NCP Holdco, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.70% (B), 10/20/2025		972,576		765,093
Penn National Gaming, Inc. Term Loan A, 1-Month LIBOR + 3.00%, 3.75% (B), 10/19/2023		706,930		618,564
United PF Holdings LLC 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.45% (B), 12/30/2026		320,339		243,458
				3,688,918

	Principal		Value
LOAN ASSIGNMENTS (continued)
Household Durables - 3.9%
API Heat Transfer ThermaSys Corp. Term Loan, 3-Month LIBOR + 1.00%, PIK Rate 6.45%, Cash Rate 1.00%, 1.00% (B), 12/31/2023 (H)		$   852,475		$   740,587
Hoffmaster Group, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 5.50% (B), 11/21/2023 (D)		478,596		328,436
Libbey Glass, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 3.86% (B), 04/09/2021		1,231,580		576,380
Lifetime Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 02/28/2025		531,551		449,161
SIWF Holdings, Inc. 1st Lien Term Loan, TBD, 06/15/2025 (D) (G)		250,000		220,625
WKI Holding Co., Inc. Term Loan B, 1-Month LIBOR + 4.00%, 4.99% (B), 05/01/2024		1,170,171		1,088,259
				3,403,448
Household Products - 1.5%
Kronos Acquisition Holdings, Inc. Term Loan B, 1-Month LIBOR + 4.00%, 5.00% (B), 05/15/2023		535,088		476,396
Safety Products / JHC Acquisition Corp.
1st Lien Term Loan,
1-Month LIBOR + 4.50%, 6-Month LIBOR + 4.50%, 4.90% - 5.57% (B), 06/26/2026		884,620		798,369
Delayed Draw Term Loan, 1-Month LIBOR + 4.50%, 6-Month LIBOR + 4.50%, 1.00% - 5.57% (B), 06/26/2026		47,815		43,153
				1,317,918
Independent Power & Renewable Electricity Producers - 1.4%
Calpine Construction Finance Co., LP Term Loan B, 1-Month LIBOR + 2.00%, 2.40% (B), 01/15/2025		960,045		917,443
Terra-Gen Finance Co. LLC Term Loan B, 1-Month LIBOR + 4.25%, 5.25% (B), 12/09/2021		359,617		334,444
				1,251,887
Interactive Media & Services - 0.3%
Ancestry.com Operations, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 4.66% (B), 08/27/2026		341,827		295,395

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

Transamerica Funds Semi-Annual Report 2020

Page    66

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
IT Services - 2.4%
Flexential Intermediate Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.95% (B), 08/01/2024		$   380,051		$   273,280
Helios Software Holdings, Inc. Term Loan, 6-Month LIBOR + 4.25%, 5.32% (B), 10/24/2025		498,750		460,097
Moneygram International, Inc. Term Loan B, 6-Month LIBOR + 6.00%, 7.00% (B), 06/30/2023		936,988		672,875
Rackspace Hosting, Inc. 1st Lien Term Loan, 2-Month LIBOR + 3.00%, 3-Month LIBOR + 3.00%, 4.76% (B), 11/03/2023		206,644		193,212
Vestcom Parent Holdings, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, Prime Rate + 3.00%, 5.07% - 6.25% (B), 12/19/2023		510,636		459,572
				2,059,036
Leisure Products - 1.6%
Bombardier Recreational Products, Inc. Term Loan, 1-Month LIBOR + 2.00%, 2.40% (B), 05/24/2027		496,256		445,545
Callaway Golf Co. Term Loan B, 1-Month LIBOR + 4.50%, 5.33% (B), 01/02/2026		421,863		406,043
SP PF Buyer LLC Term Loan, 1-Month LIBOR + 4.50%, 4.90% (B), 12/22/2025 (D)		677,807		501,577
				1,353,165
Machinery - 4.6%
Columbus McKinnon Corp. Term Loan B, TBD, 01/31/2024 (F) (G)		0		0
CTOS LLC Term Loan B, 1-Month LIBOR + 4.25%, 4.97% (B), 04/18/2025		1,158,866		1,095,128
Gardner Denver, Inc. Term Loan, 1-Month LIBOR + 1.75%, 2.15% (B), 03/01/2027		243,813		229,855
Ingersoll-Rand Services Co. Term Loan, 1-Month LIBOR + 1.75%, 2.15% (B), 03/01/2027		250,000		235,547
Patriot Container Corp. 2nd Lien Term Loan, 1-Month LIBOR + 7.75%, 8.75% (B), 03/20/2026		500,000		400,000

	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery (continued)
Rexnord LLC Term Loan B, 1-Month LIBOR + 1.75%, 2.32% (B), 08/21/2024		$   539,767		$   529,916
Terex Corp. Term Loan B1, 1-Month LIBOR + 2.75%, 3.50% (B), 01/31/2024		742,500		705,375
Vertiv Group Corp. Term Loan B, 1-Month LIBOR + 3.00%, 3.99% (B), 03/02/2027		200,000		186,188
Welbilt, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 2.90% (B), 10/23/2025		750,000		605,625
				3,987,634
Media - 4.5%
A-L Parent LLC 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.25% (B), 12/01/2023		571,712		330,402
AVSC Holding Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 3-Month LIBOR + 3.25%, 4.25% - 4.95% (B), 03/03/2025		447,716		297,731
Block Communications, Inc. Term Loan, 3-Month LIBOR + 2.25%, 3.70% (B), 02/25/2027		150,000		139,500
Cineworld, Ltd. Term Loan, TBD, 02/05/2027 (D) (G)		265,000		161,319
Gray Television, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 3.24% (B), 02/07/2024		750,000		709,843
Meredith Corp. Term Loan B2, 1-Month LIBOR + 2.50%, 3.26% (B), 01/31/2025		590,577		542,776
Quincy Newspapers, Inc. Term Loan B, 1-Month LIBOR + 3.00%, Prime Rate + 2.00%, 4.00% - 5.25% (B), 10/02/2022		669,380		619,176
Sinclair Television Group, Inc. Term Loan B2B, 1-Month LIBOR + 2.50%, 3.32% (B), 09/30/2026		497,500		460,188
Terrier Media Buyer, Inc. Term Loan B, 3-Month LIBOR + 4.25%, 5.70% (B), 12/17/2026		498,750		461,759
Virgin Media Bristol LLC Term Loan N, TBD, 01/31/2028 (D) (G)		225,000		211,862
				3,934,556

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

Transamerica Funds Semi-Annual Report 2020

Page    67

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Metals & Mining - 0.1%
Arconic Corp. Term Loan B, 1-Month LIBOR + 2.75%, 3.24% (B), 03/25/2027		$   110,000		$   108,900
Multi-Utilities - 0.5%
Solenis Holdings LLC 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.61% (B), 06/26/2025		497,708		426,162
Oil, Gas & Consumable Fuels - 2.4%
BCP Raptor LLC Term Loan B, 2-Month LIBOR + 4.25%, 5.25% (B), 06/24/2024		507,880		233,624
Citgo Petroleum Corp. Term Loan B, 1-Month LIBOR + 4.50%, 5.50% (B), 07/29/2021		310,801		295,261
Fieldwood Energy LLC 1st Lien Term Loan, 3-Month LIBOR + 5.25%, 6.25% (B), 04/11/2022		1,100,000		258,500
Phoenix Services International LLC Term Loan, 1-Month LIBOR + 3.75%, 4.75% (B), 03/01/2025		324,345		264,747
PowerTeam Services LLC 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.70% (B), 03/06/2025		252,893		229,026
Prairie ECI Acquiror, LP Term Loan B, 3-Month LIBOR + 4.75%, 6.20% (B), 03/11/2026		2,163		1,542
Southeast PowerGen LLC Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 12/02/2021		465,185		380,677
Ultra Resources, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 5.45% (B), 04/12/2024		634,555		404,529
				2,067,906
Paper & Forest Products - 1.8%
Clearwater Paper Corp. Term Loan B, 3-Month LIBOR + 3.25%, 4.25% (B), 07/26/2026		618,450		602,988
Dunn Paper, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 5.75% (B), 08/26/2022		898,735		789,763
Pixelle Specialty Solutions LLC Term Loan B, 1-Month LIBOR + 6.50%, 7.50% (B), 10/31/2024		198,737		168,927
				1,561,678

	Principal		Value
LOAN ASSIGNMENTS (continued)
Personal Products - 1.0%
Knowlton Development Corp., Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.15% (B), 12/22/2025		$   987,500		$   869,000
Pharmaceuticals - 2.3%
Alphabet Holding Co., Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 3.90% (B), 09/26/2024		975,000		872,625
Amneal Pharmaceuticals LLC Term Loan B, 1-Month LIBOR + 3.50%, 3.94% (B), 05/04/2025		484,801		430,261
Elanco Animal Health, Inc. Term Loan B, TBD, 02/04/2027 (D) (G)		235,714		226,679
Endo Luxembourg Finance Co. I SARL Term Loan B, 1-Month LIBOR + 4.25%, 5.00% (B), 04/29/2024		506,894		461,273
				1,990,838
Professional Services - 0.9%
Everi Payments, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 3.82% (B), 05/09/2024		888,276		756,145
Real Estate Management & Development - 4.7%
CityCenter Holdings LLC Term Loan B, 1-Month LIBOR + 2.25%, 3.00% (B), 04/18/2024		445,303		390,939
Cushman & Wakefield US Borrower LLC Term Loan B, 1-Month LIBOR + 2.75%, 3.15% (B), 08/21/2025		967,588		887,071
RE/MAX International, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.50% (B), 12/15/2023		949,711		873,734
Realogy Group LLC Term Loan A, 1-Month LIBOR + 2.25%, 3.24% (B), 02/08/2023		950,000		832,834
Trico Group LLC Term Loan, 3-Month LIBOR + 7.00%, 8.45% (B), 02/02/2024		1,240,843		1,141,575
				4,126,153
Road & Rail - 0.4%
Fly Funding II SARL Term Loan B, 3-Month LIBOR + 1.75%, 3.48% (B), 08/11/2025		391,161		348,622

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

Transamerica Funds Semi-Annual Report 2020

Page    68

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software - 2.0%
Almonde, Inc. 1st Lien Term Loan, 6-Month LIBOR + 3.50%, 4.50% (B), 06/13/2024		$   255,934		$   220,886
Ceridian HCM Holding, Inc. Term Loan B, TBD, 04/30/2025 (D) (G)		200,000		188,000
MA FinanceCo. LLC Term Loan B3, 1-Month LIBOR + 2.50%, 2.90% (B), 06/21/2024		56,003		51,522
Seattle Spinco, Inc. Term Loan B3, 1-Month LIBOR + 2.50%, 2.90% (B), 06/21/2024		378,200		347,944
SS&C Technologies Holdings Europe SARL Term Loan B4, 1-Month LIBOR + 1.75%, 2.15% (B), 04/16/2025		409,794		393,971
SS&C Technologies, Inc. Term Loan B3, 1-Month LIBOR + 1.75%, 2.15% (B), 04/16/2025		574,288		551,931
				1,754,254
Specialty Retail - 1.7%
Bass Pro Group LLC Term Loan B, 1-Month LIBOR + 5.00%, 6.07% (B), 09/25/2024		588,160		487,879
Men’s Wearhouse, Inc. Term Loan B2, 1-Month LIBOR + 3.25%, 3-Month LIBOR + 3.25%, 4.25% - 4.68% (B), 04/09/2025		969,724		339,403
Staples, Inc. Term Loan B2, 1-Month LIBOR + 4.50%, 5.52% (B), 09/12/2024		791,513		633,210
				1,460,492
Technology Hardware, Storage & Peripherals - 0.9%
Diebold Nixdorf, Inc. Term Loan A, 1-Month LIBOR + 4.75%, 5.63% (B), 04/30/2022		478,317		414,541
NCR Corp. Term Loan, 1-Month LIBOR + 2.50%, 2.91% (B), 08/28/2026		398,000		374,120
				788,661
Textiles, Apparel & Luxury Goods - 1.8%
Augusta Sportswear Group, Inc. Term Loan B, 2-Month LIBOR + 4.50%, Prime Rate + 3.50%, 5.50% (B), 10/26/2023		778,170		583,627
Kontoor Brands, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 4.87% (B), 05/15/2026		501,750		474,154

	Principal		Value
LOAN ASSIGNMENTS (continued)
Textiles, Apparel & Luxury Goods (continued)
Varsity Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 12/15/2024 (D)		$   686,037		$   488,373
				1,546,154
Wireless Telecommunication Services - 0.4%
Sprint Communications, Inc. 1st Lien Term Loan B, TBD, 02/02/2024 (F) (G)		0		0
T-Mobile USA, Inc. Term Loan, TBD, 04/01/2027 (D) (G)		375,000		372,504
				372,504
Total Loan Assignments (Cost $88,144,070)				74,671,916
	Shares		Value
COMMON STOCKS - 0.2%
Health Care Providers & Services - 0.0%
Valitas Holdings, Inc. (F) (I) (J)		21,887		0
Household Durables - 0.2%
API Heat Transfer Intermediate Corp. (J)		889,572		222,393
Software - 0.0% (C)
Avaya Holdings Corp. (K) (L)		4		40
Total Common Stocks (Cost $316,362)				222,433
PREFERRED STOCK - 0.2%
Household Durables - 0.2%
API Heat Transfer Intermediate Corp., 0.00% (J)		206,399		156,864
Total Preferred Stock (Cost $206,400)				156,864
EXCHANGE-TRADED FUND - 0.3%
U.S. Fixed Income Fund - 0.3%
Invesco Senior Loan ETF (L)		12,000		251,760
Total Exchange-Traded Fund (Cost $252,502)				251,760
OTHER INVESTMENT COMPANY - 0.3%
Securities Lending Collateral - 0.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (M)		258,000		258,000
Total Other Investment Company (Cost $258,000)				258,000

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

Transamerica Funds Semi-Annual Report 2020

Page    69

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 8.8%
Fixed Income Clearing Corp., 0.00% (M), dated 04/30/2020, to be repurchased at $7,660,091 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $7,814,942.		$  7,660,091		$   7,660,091
Total Repurchase Agreement (Cost $7,660,091)				7,660,091
Total Investments (Cost $98,827,146)				85,203,242
Net Other Assets (Liabilities) - 2.3%				1,980,332
Net Assets - 100.0%				$  87,183,574

INVESTMENT VALUATION:

Valuation Inputs ^(N)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (O)		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	1,982,178	$	—	$	1,982,178
Loan Assignments		—		74,671,916		—		74,671,916
Common Stocks		40		222,393		0		222,433
Preferred Stock		—		156,864		—		156,864
Exchange-Traded Fund		251,760		—		—		251,760
Other Investment Company		258,000		—		—		258,000
Repurchase Agreement		—		7,660,091		—		7,660,091
Total Investments	$	509,800	$	84,693,442	$	0	$	85,203,242

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $1,482,178, representing 1.7% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(E)	Fixed rate loan commitment at April 30, 2020.
(F)	Rounds to less than $1 or $(1).
(G)	All or a portion of the security represents unsettled loan commitments at April 30, 2020 where the rate will be determined at time of settlement.
(H)	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.
(I)	Security is Level 3 of the fair value hierarchy.
(J)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2020, the total value of securities is $379,257, representing 0.4% of the Fund’s net assets.
(K)	Non-income producing security.
(L)	All or a portion of the securities are on loan. The total value of all securities on loan is $251,800, collateralized by cash collateral of $258,000 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $41. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

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

Transamerica Funds Semi-Annual Report 2020

Page    70

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(M)	Rates disclosed reflect the yields at April 30, 2020.
(N)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(O)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
Prime Rate	Interest rate charged by banks to their most credit worthy customers
TBD	To Be Determined

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

Transamerica Funds Semi-Annual Report 2020

Page    71

Transamerica Global Equity

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 96.8%
Canada - 2.4%
Agnico Eagle Mines, Ltd.		17,409		$  1,021,560
Intact Financial Corp.		9,422		896,679
				1,918,239
China - 2.8%
Shenzhou International Group Holdings, Ltd.		62,800		724,814
Tencent Holdings, Ltd.		28,300		1,487,715
				2,212,529
France - 6.1%
Cie de Saint-Gobain		45,321		1,205,897
Schneider Electric SE		11,506		1,063,297
TOTAL SA		56,055		1,989,525
Ubisoft Entertainment SA (A)		7,274		541,053
				4,799,772
Germany - 7.5%
Continental AG		7,876		658,130
Deutsche Post AG		51,819		1,539,397
HeidelbergCement AG		27,369		1,297,595
KION Group AG		10,776		534,513
Vonovia SE		37,978		1,877,968
				5,907,603
Hong Kong - 3.8%
AIA Group, Ltd.		105,000		963,665
China Mobile, Ltd., ADR		52,145		2,084,236
				3,047,901
India - 0.4%
ICICI Bank, Ltd., ADR		29,358		286,534
Ireland - 1.4%
Medtronic PLC		11,691		1,141,392
Italy - 1.9%
Enel SpA		215,031		1,468,757
Japan - 9.2%
Amada Co., Ltd.		72,223		652,826
Eisai Co., Ltd.		8,700		607,355
Kansai Electric Power Co., Inc.		98,100		1,005,246
KDDI Corp.		60,600		1,755,235
Kyocera Corp.		22,000		1,175,469
Mitsubishi Electric Corp.		47,500		584,471
Sony Corp.		23,600		1,518,756
				7,299,358
Republic of Korea - 2.1%
Samsung Electronics Co., Ltd.		40,165		1,651,485
Sweden - 1.2%
Swedbank AB, A Shares		80,553		953,276
Switzerland - 2.8%
Novartis AG, ADR		15,555		1,317,975
TE Connectivity, Ltd.		12,083		887,617
				2,205,592
United Kingdom - 7.8%
BP PLC, ADR		28,432		676,682
GlaxoSmithKline PLC, ADR (B)		54,244		2,282,045
Lloyds Banking Group PLC		3,170,709		1,282,894
Willis Towers Watson PLC		10,720		1,911,269
				6,152,890

	Shares		Value
COMMON STOCKS (continued)
United States - 47.4%
Aflac, Inc.		49,793		$   1,854,291
Alnylam Pharmaceuticals, Inc. (A)		5,489		722,901
Alphabet, Inc., Class C (A)		1,569		2,116,048
Amazon.com, Inc. (A)		1,079		2,669,446
Apple, Inc.		9,863		2,897,749
Applied Materials, Inc.		16,541		821,757
Becton Dickinson and Co.		5,354		1,352,046
BioMarin Pharmaceutical, Inc. (A)		7,109		654,170
Cerner Corp.		19,990		1,387,106
Cognex Corp.		8,134		449,322
Comcast Corp., Class A		19,386		729,495
Crown Holdings, Inc. (A)		5,672		365,334
Deere & Co.		8,062		1,169,474
Expedia Group, Inc.		2,375		168,577
Facebook, Inc., Class A (A)		20,185		4,132,071
Illumina, Inc. (A)		2,613		833,625
Ionis Pharmaceuticals, Inc. (A)		10,368		575,735
Keysight Technologies, Inc. (A)		3,966		383,790
Microsoft Corp.		21,233		3,805,166
Neurocrine Biosciences, Inc. (A)		4,741		465,282
Progressive Corp.		33,392		2,581,202
Regeneron Pharmaceuticals, Inc. (A)		1,442		758,319
Verizon Communications, Inc.		54,404		3,125,510
Visa, Inc., Class A		7,281		1,301,260
Walt Disney Co.		12,437		1,345,062
Wells Fargo & Co.		30,435		884,137
				37,548,875
Total Common Stocks (Cost $69,622,987)				76,594,203
OTHER INVESTMENT COMPANY - 2.9%
Securities Lending Collateral - 2.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (C)		2,309,143		2,309,143
Total Other Investment Company (Cost $2,309,143)				2,309,143
	Principal		Value
REPURCHASE AGREEMENT - 0.6%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $495,639 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $507,396.		$  495,639		495,639
Total Repurchase Agreement (Cost $495,639)				495,639
Total Investments (Cost $72,427,769)				79,398,985
Net Other Assets (Liabilities) - (0.3)%				(240,394	)
Net Assets - 100.0%				$  79,158,591

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

Transamerica Funds Semi-Annual Report 2020

Page    72

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Insurance		10.3	%	$	8,207,106
Interactive Media & Services		9.8			7,735,834
Technology Hardware, Storage & Peripherals		5.7			4,549,234
Pharmaceuticals		5.3			4,207,375
Wireless Telecommunication Services		4.8			3,839,471
Software		4.8			3,805,166
Banks		4.3			3,406,841
Biotechnology		4.0			3,176,407
Diversified Telecommunication Services		3.9			3,125,510
Electronic Equipment, Instruments & Components		3.7			2,896,198
Internet & Direct Marketing Retail		3.6			2,838,023
Oil, Gas & Consumable Fuels		3.4			2,666,207
Health Care Equipment & Supplies		3.1			2,493,438
Electric Utilities		3.1			2,474,003
Machinery		3.0			2,356,813
Entertainment		2.4			1,886,115
Real Estate Management & Development		2.4			1,877,968
Electrical Equipment		2.1			1,647,768
Air Freight & Logistics		1.9			1,539,397
Household Durables		1.9			1,518,756
Health Care Technology		1.8			1,387,106
IT Services		1.6			1,301,260
Construction Materials		1.6			1,297,595
Building Products		1.5			1,205,897
Metals & Mining		1.3			1,021,560
Life Sciences Tools & Services		1.1			833,625
Semiconductors & Semiconductor Equipment		1.0			821,757
Media		0.9			729,495
Textiles, Apparel & Luxury Goods		0.9			724,814
Auto Components		0.8			658,130
Containers & Packaging		0.5			365,334
Investments		96.5			76,594,203
Short-Term Investments		3.5			2,804,782
Total Investments		100.0	%	$	79,398,985

INVESTMENT 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	$	50,054,864	$	26,539,339	$	—	$	76,594,203
Other Investment Company		2,309,143		—		—		2,309,143
Repurchase Agreement		—		495,639		—		495,639
Total Investments	$	52,364,007	$	27,034,978	$	—	$	79,398,985

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 $2,259,201, collateralized by cash collateral of $2,309,143. 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.

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

Transamerica Funds Semi-Annual Report 2020

Page    73

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(C)	Rates disclosed reflect the yields at April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(E)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2020

Page    74

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.6%
Federal Farm Credit Banks
SOFR + 0.08%, 0.11% (A), 11/27/2020		$  860,000		$  860,000
SOFR + 0.18%, 0.21% (A), 01/14/2022		5,805,000		5,805,000
SOFR + 0.19%, 0.22% (A), 11/18/2021		2,565,000		2,565,000
3-Month LIBOR + 0.15%, 0.27% (A), 12/13/2021		3,625,000		3,619,161
3-Month Treasury Money Market Yield + 0.23%, 0.35% (A), 07/08/2021		3,055,000		3,055,000
3-Month Treasury Money Market Yield + 0.26%, 0.38% (A), 06/17/2021		5,180,000		5,179,421
3-Month Treasury Money Market Yield + 0.28%, 0.40% (A), 02/08/2022		7,000,000		7,000,000
1-Month LIBOR - 0.01%, 0.71% (A), 06/18/2020		1,525,000		1,524,996
1-Month LIBOR, 0.75% (A), 03/17/2021		3,695,000		3,694,794
1-Month LIBOR + 0.11%, 0.94% (A), 11/12/2021		1,560,000		1,560,000
1-Month LIBOR + 0.11%, 0.97% (A), 07/09/2021		1,330,000		1,330,000
1-Month LIBOR + 0.13%, 1.05% (A), 10/08/2021		965,000		965,000
1.20% (A), 09/23/2021		4,000,000		4,000,000
Federal Home Loan Banks
SOFR + 0.04%, 0.07% (A), 02/09/2021		12,295,000		12,293,369
SOFR + 0.05%, 0.08% (A), 01/22/2021		2,010,000		2,010,000
SOFR + 0.08%, 0.11% (A), 07/24/2020 - 07/23/2021		8,915,000		8,915,000
SOFR + 0.09%, 0.12% (A), 09/10/2021		11,945,000		11,945,000
SOFR + 0.11%, 0.14% (A), 10/01/2020		5,840,000		5,840,000
SOFR + 0.12%, 0.15% (A), 03/12/2021 - 02/28/2022		13,290,000		13,290,000
1-Month LIBOR - 0.02%, 0.47% (A), 04/27/2021		5,390,000		5,388,455
1-Month LIBOR - 0.03%, 0.95% (A), 08/04/2020		3,760,000		3,760,000
3-Month LIBOR - 0.13%, 1.07% (A), 12/21/2020		8,320,000		8,320,000
2.63%, 10/01/2020		3,400,000		3,413,691
Federal Home Loan Mortgage Corp. SOFR + 0.18%, 0.21% (A), 12/13/2021, MTN	6,785,000		6,785,000
Federal National Mortgage Association
SOFR + 0.35%, 0.38% (A), 04/07/2022		7,075,000		7,075,000
SOFR + 0.39%, 0.42% (A), 04/15/2022		7,860,000		7,860,000
Total U.S. Government Agency Obligations (Cost $138,053,887)				138,053,887

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 5.6%
U.S. Treasury - 5.6%
U.S. Treasury Floating Rate Note
3-Month Treasury Money Market Yield + 0.04%, 0.17% (A), 07/31/2020		$   3,275,000		$   3,274,145
3-Month Treasury Money Market Yield + 0.05%, 0.17% (A), 10/31/2020		13,000,000		12,993,213
3-Month Treasury Money Market Yield + 0.12%, 0.24% (A), 01/31/2021		13,190,000		13,186,719
3-Month Treasury Money Market Yield + 0.14%, 0.26% (A), 04/30/2021		1,130,000		1,129,083
3-Month Treasury Money Market Yield + 0.22%, 0.35% (A), 07/31/2021		19,000,000		18,988,673
3-Month Treasury Money Market Yield + 0.30%, 0.43% (A), 10/31/2021		4,000,000		4,003,568
U.S. Treasury Note
1.50%, 05/15/2020 - 05/31/2020		4,990,000		4,988,796
1.63%, 06/30/2020 - 11/30/2020		1,770,000		1,769,541
2.00%, 11/30/2020 - 01/15/2021		8,985,000		9,024,708
2.38%, 12/31/2020		975,000		979,617
2.50%, 12/31/2020		1,255,000		1,261,933
2.63%, 11/15/2020		1,175,000		1,181,016
3.50%, 05/15/2020		8,220,000		8,225,224
Total U.S. Government Obligations (Cost $81,006,236)				81,006,236
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 39.0%
Federal Agricultural Mortgage Corp. SOFR + 0.05%, 0.06% (A), 08/26/2020		10,500,000		10,500,000
Federal Farm Credit Bank Discount Notes
0.27% (B), 03/17/2021		5,690,000		5,676,344
0.35% (B), 01/19/2021		7,900,000		7,880,377
0.44% (B), 02/12/2021		6,735,000		6,711,912
0.48% (B), 06/04/2020		7,165,000		7,161,820
0.53% (B), 10/02/2020		3,660,000		3,651,859
0.90% (B), 01/20/2021		1,790,000		1,778,449
1.53% (B), 12/08/2020		14,495,000		14,362,415
1.59% (B), 09/03/2020 - 12/08/2020		15,965,000		15,860,477
1.64% (B), 08/14/2020 - 09/28/2020		8,400,000		8,354,579
1.86% (B), 06/30/2020		4,530,000		4,516,335
1.90% (B), 06/26/2020		12,855,000		12,818,206
Federal Farm Credit Banks
SOFR + 0.08%, 0.11% (A), 01/14/2021		2,555,000		2,555,000
FEDL01 + 0.10%, 0.14% (A), 12/16/2020		655,000		654,999
Federal Home Loan Bank Discount Notes
0.12% (B), 07/22/2020		12,725,000		12,721,522
0.14% (B), 08/03/2020		15,000,000		14,994,517
0.17% (B), 07/08/2020		8,640,000		8,637,242
0.20% (B), 04/29/2021		7,915,000		7,899,038
0.25% (B), 08/20/2020		21,715,000		21,698,261

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

Transamerica Funds Semi-Annual Report 2020

Page    75

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Bank Discount Notes (continued)
0.31% (B), 07/10/2020		$   845,000		$   844,491
0.71% (B), 12/04/2020		7,740,000		7,707,342
0.72% (B), 06/05/2020		12,765,000		12,756,239
0.96% (B), 08/28/2020		1,985,000		1,978,832
1.12% (B), 08/17/2020		9,035,000		9,005,320
1.23% (B), 05/28/2020		3,685,000		3,681,656
1.47% (B), 05/29/2020		13,675,000		13,659,684
1.56% (B), 08/21/2020		6,070,000		6,041,201
1.57% (B), 08/14/2020		1,370,000		1,363,866
1.58% (B), 07/31/2020		5,595,000		5,573,149
1.59% (B), 06/01/2020 - 07/15/2020		21,885,000		21,843,110
1.60% (B), 05/01/2020 - 07/31/2020		96,800,000		96,644,351
1.62% (B), 06/03/2020 - 07/06/2020		8,715,000		8,699,335
1.63% (B), 06/26/2020 - 08/14/2020		9,105,000		9,064,911
Federal Home Loan Banks
SOFR + 0.02%, 0.03% (A), 05/22/2020 - 08/28/2020		17,420,000		17,420,000
SOFR + 0.03%, 0.04% (A), 08/05/2020 - 08/21/2020		3,875,000		3,875,000
SOFR + 0.04%, 0.05% (A), 06/19/2020		2,730,000		2,730,000
SOFR + 0.04%, 0.07% (A), 02/25/2021		515,000		515,000
SOFR + 0.09%, 0.10% (A), 09/11/2020		9,440,000		9,440,000
SOFR + 0.08%, 0.11% (A), 03/04/2021		3,700,000		3,700,000
SOFR + 0.12%, 0.13% (A), 10/07/2020		3,405,000		3,405,000
SOFR + 0.13%, 0.14% (A), 10/16/2020		32,000,000		32,000,000
1-Month LIBOR - 0.05%, 0.67% (A), 08/20/2020		4,485,000		4,485,000
1-Month LIBOR + 0.01%, 0.83% (A), 07/10/2020		10,575,000		10,575,000
1-Month LIBOR + 0.05%, 0.97% (A), 05/08/2020		5,625,000		5,625,000
3-Month LIBOR - 0.17%, 1.18% (A), 01/08/2021		4,680,000		4,680,000
1.56%, 05/01/2020		8,300,000		8,300,000
1.59%, 05/14/2020		3,690,000		3,689,970
1.60%, 05/13/2020		5,270,000		5,269,987
Federal Home Loan Mortgage Corp. SOFR + 0.03%, 0.06% (A), 02/26/2021, MTN		4,715,000		4,715,000
Federal Home Loan Mortgage Corp. Discount Notes
0.47% (B), 07/17/2020		8,150,000		8,141,981
0.67% (B), 07/28/2020		6,920,000		6,908,836
0.68% (B), 07/24/2020		4,505,000		4,497,957
1.56% (B), 05/19/2020		4,715,000		4,711,393
1.57% (B), 05/19/2020 - 07/17/2020		33,805,000		33,729,588
1.58% (B), 06/17/2020		6,475,000		6,461,898
Federal National Mortgage Association SOFR + 0.07%, 0.08% (A), 12/11/2020		4,575,000		4,575,000

	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association Discount Notes 0.68% (B), 07/24/2020		$   4,580,000		$   4,572,840
Total Short-Term U.S. Government Agency Obligations (Cost $561,321,289)				561,321,289
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 16.1%
U.S. Treasury Bill
0.00% (B), 08/27/2020		7,530,000		7,508,908
0.03% (B), 05/07/2020		24,670,000		24,669,897
0.07% (B), 05/14/2020		3,690,000		3,689,913
0.08% (B), 05/12/2020		7,235,000		7,234,823
0.09% (B), 05/05/2020		6,570,000		6,569,937
0.10% (B), 06/02/2020		46,505,000		46,501,563
0.12% (B), 07/30/2020		1,890,000		1,889,433
0.13% (B), 07/23/2020 - 07/30/2020		35,785,000		35,774,325
0.14% (B), 06/16/2020		11,155,000		11,153,076
0.17% (B), 01/28/2021		13,000,000		12,983,793
0.19% (B), 05/12/2020 - 05/28/2020		39,890,000		39,887,222
0.26% (B), 06/09/2020		1,755,000		1,754,506
0.27% (B), 06/09/2020		5,415,000		5,413,416
0.29% (B), 10/15/2020		6,265,000		6,256,587
0.66% (B), 05/05/2020		545,000		544,961
0.83% (B), 09/03/2020		4,665,000		4,651,799
0.97% (B), 08/06/2020		2,325,000		2,319,049
1.54% (B), 08/20/2020		2,230,000		2,219,617
1.57% (B), 05/07/2020		8,560,000		8,557,810
1.80% (B), 09/10/2020		2,955,000		2,936,147
Total Short-Term U.S. Government Obligations (Cost $232,516,782)				232,516,782
REPURCHASE AGREEMENTS - 32.6%
Barclays Capital, Inc., 0.02% (B), dated 04/30/2020, to be repurchased at $40,000,022 on 05/01/2020. Collateralized by a U.S. Government Obligation, 1.63%, due 08/31/2022, and with a value of $40,800,022.		40,000,000		40,000,000
BNP Paribas SA, 0.03% (B), dated 04/30/2020, to be repurchased at $56,000,047 on 05/01/2020. Collateralized by U.S. Government Obligations, 0.00% - 8.00%, due 03/25/2021 - 08/15/2047, and with a total value of $57,120,000.		56,000,000		56,000,000
BNP Paribas SA, 0.05% (B), dated 04/30/2020, to be repurchased at $56,000,078 on 05/01/2020. Collateralized by U.S. Government Obligations and U.S. Government Agency Obligations, 2.50% - 5.00%, due 09/15/2039 - 02/20/2050, and with a total value of $57,120,001.		56,000,000		56,000,000
Citigroup Global Markets, Inc., 0.02% (B), dated 04/30/2020, to be repurchased at $22,000,012 on 05/01/2020. Collateralized by U.S. Government Obligations, 1.00% - 5.00%, due 04/15/2032 - 02/15/2046, and with a total value of $22,440,072.		22,000,000		22,000,000

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

Transamerica Funds Semi-Annual Report 2020

Page    76

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
REPURCHASE AGREEMENTS (continued)
Fixed Income Clearing Corp., 0.00% (B), dated 04/30/2020, to be repurchased at $483,960 on 05/01/2020. Collateralized by a U.S. Government Obligation, 1.75%, due 07/31/2021, and with a value of $496,653.		$   483,960		$   483,960
Goldman Sachs & Co., 0.02% (B), dated 04/30/2020, to be repurchased at $35,000,019 on 05/01/2020. Collateralized by a U.S. Government Obligation, 0.00%, due 08/15/2020, and with a value of $35,700,000.		35,000,000		35,000,000
Goldman Sachs & Co., 0.04% (B), dated 04/30/2020, to be repurchased at $25,000,028 on 05/01/2020. Collateralized by U.S. Government Agency Obligations, 3.00% - 5.50%, due 05/20/2029 - 03/20/2050, and with a total value of $25,500,000.		25,000,000		25,000,000
JPMorgan Chase & Co., 0.02% (B), dated 04/30/2020, to be repurchased at $51,000,028 on 05/01/2020. Collateralized by U.S. Government Obligations, 0.00%, due 08/15/2028 - 02/15/2050, and with a total value of $52,020,000.		51,000,000		51,000,000
JPMorgan Chase & Co., 0.04% (B), dated 04/30/2020, to be repurchased at $55,000,061 on 05/01/2020. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 10/20/2049, and with a value of $56,100,001.		55,000,000		55,000,000
Merrill Lynch & Co., Inc., 0.02% (B), dated 04/30/2020, to be repurchased at $30,000,017 on 05/01/2020. Collateralized by U.S. Government Obligations, 1.50% - 1.75%, due 03/31/2023 - 11/15/2029, and with a total value of $30,600,086.		30,000,000		30,000,000

	Principal		Value
REPURCHASE AGREEMENTS (continued)
Merrill Lynch & Co., Inc., 0.04% (B), dated 04/30/2020, to be repurchased at $40,000,044 on 05/01/2020. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 03/20/2047, and with a value of $40,800,000.		$   40,000,000		$   40,000,000
Toronto-Dominion Bank, 0.02% (B), dated 04/30/2020, to be repurchased at $31,000,017 on 05/01/2020. Collateralized by U.S. Government Obligations, 2.38% - 8.75%, due 05/15/2020 - 11/15/2049, and with a total value of $31,620,017.		31,000,000		31,000,000
Toronto-Dominion Bank, 0.04% (B), dated 04/30/2020, to be repurchased at $19,000,021 on 05/01/2020. Collateralized by U.S. Government Obligations, 0.10% - 8.13%, due 06/09/2020 - 05/15/2049, and with a total value of $19,380,154.		19,000,000		19,000,000
Wells Fargo Securities LLC, 0.02% (B), dated 04/30/2020, to be repurchased at $10,000,006 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.00%, due 02/15/2023, and with a value of $10,200,057.		10,000,000		10,000,000
Total Repurchase Agreements (Cost $470,483,960)				470,483,960
Total Investments (Cost $1,483,382,154)				1,483,382,154
Net Other Assets (Liabilities) - (2.9)%				(42,325,511	)
Net Assets - 100.0%				$  1,441,056,643

INVESTMENT 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	$	—	$	138,053,887	$	—	$	138,053,887
U.S. Government Obligations		—		81,006,236		—		81,006,236
Short-Term U.S. Government Agency Obligations		—		561,321,289		—		561,321,289
Short-Term U.S. Government Obligations		—		232,516,782		—		232,516,782
Repurchase Agreements		—		470,483,960		—		470,483,960
Total Investments	$	—	$	1,483,382,154	$	—	$	1,483,382,154

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

Transamerica Funds Semi-Annual Report 2020

Page    77

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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 April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

FEDL01	Federal Funds Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
SOFR	Secured Overnight Financing Rate

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

Transamerica Funds Semi-Annual Report 2020

Page    78

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 43.8%
American Express Credit Account Master Trust Series 2017-7, Class B, 2.54%, 05/15/2025		$  1,000,000		$  1,016,374
AmeriCredit Automobile Receivables Trust
Series 2017-2, Class C,
2.97%, 03/20/2023		605,000		609,467
Series 2018-1, Class D,
3.82%, 03/18/2024		3,000,000		2,948,611
Series 2018-2, Class D,
4.01%, 07/18/2024		3,000,000		2,931,355
Capital Auto Receivables Asset Trust
Series 2016-3, Class C,
2.35%, 09/20/2021		510,792		510,783
Series 2018-2, Class C,
3.69%, 12/20/2023(A)		1,750,000		1,770,880
Capital One Multi-Asset Execution Trust Series 2019-A1, Class A1, 2.84%, 12/15/2024		2,850,000		2,945,646
CarMax Auto Owner Trust
Series 2018-1, Class C,
2.95%, 11/15/2023		2,485,000		2,453,489
Series 2019-1, Class B,
3.45%, 11/15/2024		920,000		929,622
CCG Receivables Trust Series 2018-1, Class B, 3.09%, 06/16/2025 (A)		2,600,000		2,578,933
CLI Funding V LLC
Series 2013-1A, Class NOTE,
2.83%, 03/18/2028 (A)		750,187		735,040
Series 2013-3A, Class A,
3.67%, 11/18/2028 (A)		186,418		183,754
CNH Equipment Trust
Series 2017-C, Class B,
2.54%, 05/15/2025		1,140,000		1,136,835
Series 2018-A, Class B,
3.47%, 10/15/2025		1,700,000		1,715,993
Series 2019-C, Class B,
2.35%, 04/15/2027		1,730,000		1,690,677
Dell Equipment Finance Trust
Series 2017-2, Class C,
2.73%, 10/24/2022 (A)		1,150,000		1,151,173
Series 2018-2, Class C,
3.72%, 10/22/2023 (A)		1,220,000		1,242,317
Series 2019-1, Class C,
3.14%, 03/22/2024 (A)		1,045,000		1,042,846
Evergreen Credit Card Trust
Series 2019-1, Class B,
3.59%, 01/15/2023 (A)		1,000,000		1,008,498
Series 2019-2, Class B,
2.27%, 09/15/2024 (A)		625,000		614,609
Ford Credit Auto Lease Trust Series 2018-A, Class B, 3.17%, 09/15/2021		1,250,000		1,254,499
Ford Credit Auto Owner Trust
Series 2017-1, Class C,
3.01%, 08/15/2028 (A)		2,000,000		1,989,947
Series 2019-C, Class B,
2.13%, 05/15/2025		2,130,000		2,147,817

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ford Credit Floorplan Master Owner Trust Series 2017-2, Class B, 2.34%, 09/15/2022		$   1,570,000		$   1,529,603
GM Financial Automobile Leasing Trust
Series 2018-3, Class B,
3.48%, 07/20/2022		1,100,000		1,113,482
Series 2019-2, Class B,
2.89%, 03/20/2023		1,000,000		1,004,532
GM Financial Consumer Automobile Receivables Trust
Series 2018-2, Class C,
3.31%, 12/18/2023		2,100,000		2,131,867
Series 2018-3, Class C,
3.45%, 02/16/2024		1,000,000		1,023,499
Series 2019-1, Class C,
3.52%, 09/16/2024		2,790,000		2,884,703
Hilton Grand Vacations Trust Series 2018-AA, Class A, 3.54%, 02/25/2032 (A)	695,843		670,610
Hyundai Auto Receivables Trust
Series 2017-B, Class B,
2.23%, 02/15/2023		1,840,000		1,850,853
Series 2017-B, Class C,
2.44%, 05/15/2024		1,000,000		998,222
Invitation Homes Trust
Series 2018-SFR2, Class D,
1-Month LIBOR + 1.45%, 2.26% (B), 06/17/2037 (A)		3,000,000		2,751,028
Series 2018-SFR4, Class D,
1-Month LIBOR + 1.65%, 2.40% (B), 01/17/2038 (A)		2,400,000		2,205,499
Master Credit Card Trust II Series 2018-1A, Class C, 3.74%, 07/21/2024 (A)		675,000		674,991
MVW LLC Series 2019-2A, Class A, 2.22%, 10/20/2038 (A)		1,427,095		1,292,337
MVW Owner Trust
Series 2015-1A, Class A,
2.52%, 12/20/2032 (A)		449,801		438,447
Series 2016-1A, Class A,
2.25%, 12/20/2033 (A)		257,008		250,726
Series 2017-1A, Class A,
2.42%, 12/20/2034 (A)		564,622		542,269
Progress Residential Trust
Series 2018-SFR2, Class D,
4.34%, 08/17/2035 (A)		2,000,000		1,987,121
Series 2019-SFR3, Class D,
2.87%, 09/17/2036 (A)		1,000,000		938,732
Santander Drive Auto Receivables Trust
Series 2016-3, Class D,
2.80%, 08/15/2022		1,755,000		1,746,468
Series 2017-3, Class D,
3.20%, 11/15/2023		2,000,000		1,990,270
Sierra Timeshare Conduit Receivables Funding LLC Series 2017-1A, Class A, 2.91%, 03/20/2034 (A)		239,455		232,492

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

Transamerica Funds Semi-Annual Report 2020

Page    79

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC
Series 2015-3A, Class B,
3.08%, 09/20/2032 (A)		$   531,359		$   523,953
Series 2018-2A, Class A,
3.50%, 06/20/2035 (A)		496,539		485,231
Synchrony Credit Card Master Note Trust Series 2017-2, Class C, 3.01%, 10/15/2025		640,000		657,702
Verizon Owner Trust
Series 2018-A, Class B,
3.38%, 04/20/2023		1,500,000		1,537,197
Series 2019-A, Class C,
3.22%, 09/20/2023		725,000		730,178
Series 2019-B, Class C,
2.60%, 12/20/2023		1,535,000		1,512,451
Volvo Financial Equipment LLC
Series 2018-1A, Class C,
3.06%, 12/15/2025 (A)		2,500,000		2,449,627
Series 2019-1A, Class B,
3.26%, 01/16/2024 (A)		660,000		650,389
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (A)		947,999		920,275
World Omni Auto Receivables Trust
Series 2018-A, Class B,
2.89%, 04/15/2025		1,500,000		1,514,435
Series 2019-B, Class B,
2.86%, 06/16/2025		625,000		630,970
World Omni Automobile Lease Securitization Trust Series 2018-B, Class B, 3.43%, 03/15/2024		1,700,000		1,718,262
World Omni Select Auto Trust Series 2018-1A, Class C, 3.86%, 01/15/2025 (A)		1,500,000		1,508,152
Total Asset-Backed Securities (Cost $78,121,381)				77,705,738
CORPORATE DEBT SECURITIES - 40.1%
Airlines - 2.6%
America West Airlines Pass-Through Trust 7.10%, 10/02/2022		855,555		851,751
American Airlines Pass-Through Trust 4.95%, 07/15/2024		1,401,292		1,241,377
Southwest Airlines Co. 2.65%, 11/05/2020		830,000		827,431
United Airlines Pass-Through Trust Series B, 4.63%, 03/03/2024		2,021,451		1,779,741
				4,700,300
Banks - 13.8%
Banco del Estado de Chile 2.67%, 01/08/2021 (A)		1,150,000		1,150,000
Bank of America Corp. Fixed until 01/20/2022, 3.12% (B), 01/20/2023, MTN		2,450,000		2,514,803
Bank of Nova Scotia 2.70%, 03/07/2022		1,270,000		1,307,036

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Barclays Bank PLC 5.14%, 10/14/2020		$   1,505,000		$   1,523,271
Barclays PLC 3-Month LIBOR + 2.11%, 3.84% (B), 08/10/2021		635,000		636,001
Citigroup, Inc. 4.05%, 07/30/2022		3,425,000		3,594,188
HSBC Bank USA NA 4.88%, 08/24/2020		2,252,000		2,275,600
HSBC USA, Inc. 5.00%, 09/27/2020		265,000		268,896
Huntington National Bank 3.25%, 05/14/2021		3,000,000		3,059,165
JPMorgan Chase & Co.
2.30%, 08/15/2021, MTN		640,000		642,054
2.70%, 05/18/2023		725,000		750,482
Manufacturers & Traders Trust Co. 1-Month LIBOR + 1.22%, 1.66% (B), 12/28/2020		1,760,000		1,758,323
Toronto-Dominion Bank 1.90%, 12/01/2022, MTN		2,445,000		2,489,759
Wells Fargo & Co. 3.07%, 01/24/2023		2,415,000		2,474,485
				24,444,063
Beverages - 0.6%
PepsiCo, Inc. 0.75%, 05/01/2023		1,075,000		1,073,016
Biotechnology - 2.1%
AbbVie, Inc.
2.50%, 05/14/2020		2,700,000		2,700,999
2.90%, 11/06/2022		930,000		967,014
				3,668,013
Capital Markets - 3.7%
Goldman Sachs Group, Inc. 3-Month LIBOR + 0.78%, 1.54% (B), 10/31/2022		3,500,000		3,446,788
Morgan Stanley 4.88%, 11/01/2022		3,000,000		3,197,484
				6,644,272
Consumer Finance - 1.9%
Capital One Financial Corp. 3.50%, 06/15/2023		965,000		996,066
Ford Motor Credit Co. LLC 3.34%, 03/28/2022		1,351,000		1,243,325
General Motors Financial Co., Inc. 4.15%, 06/19/2023		1,115,000		1,082,516
				3,321,907
Diversified Telecommunication Services - 0.9%
AT&T, Inc. 3-Month LIBOR + 1.18%, 1.96% (B), 06/12/2024		1,575,000		1,543,698
Electric Utilities - 3.0%
Edison International 2.95%, 03/15/2023		1,440,000		1,440,472
Georgia Power Co. 2.40%, 04/01/2021		1,095,000		1,105,240

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

Transamerica Funds Semi-Annual Report 2020

Page    80

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
NextEra Energy Capital Holdings, Inc. 2.40%, 09/01/2021		$   1,400,000		$   1,423,198
Southern California Edison Co. 3.40%, 06/01/2023		1,250,000		1,315,783
				5,284,693
Equity Real Estate Investment Trusts - 1.4%
SL Green Operating Partnership, LP 3-Month LIBOR + 0.98%, 2.67% (B), 08/16/2021		2,650,000		2,556,603
Food Products - 1.8%
Campbell Soup Co. 3-Month LIBOR + 0.63%, 1.37% (B), 03/15/2021		3,300,000		3,271,121
Health Care Providers & Services - 0.3%
Cigna Corp. 3.75%, 07/15/2023		459,000		490,310
Household Durables - 1.4%
Panasonic Corp. 2.54%, 07/19/2022 (A)		2,400,000		2,422,062
Independent Power & Renewable Electricity Producers - 0.6%
Exelon Generation Co. LLC 4.25%, 06/15/2022		1,000,000		1,046,123
Insurance - 0.4%
Allstate Corp. 3-Month LIBOR + 0.43%, 1.80% (B), 03/29/2021		800,000		795,417
Media - 0.6%
Interpublic Group of Cos., Inc. 4.00%, 03/15/2022		1,025,000		1,048,020
Oil, Gas & Consumable Fuels - 2.9%
MPLX, LP 6.25%, 10/15/2022 (A)		2,628,000		2,625,561
Occidental Petroleum Corp.
2.70%, 08/15/2022		1,000,000		870,000
3-Month LIBOR + 1.45%, 3.14% (B), 08/15/2022		1,477,000		1,152,520
Phillips 66 3.70%, 04/06/2023		440,000		457,001
				5,105,082
Road & Rail - 1.4%
Union Pacific Corp. 3.75%, 03/15/2024		2,250,000		2,426,989
Technology Hardware, Storage & Peripherals - 0.7%
Hewlett Packard Enterprise Co. 3-Month LIBOR + 0.72%, 2.09% (B), 10/05/2021		1,285,000		1,262,955
Total Corporate Debt Securities (Cost $71,609,711)				71,104,644
MORTGAGE-BACKED SECURITIES - 7.7%
Benchmark Mortgage Trust, Interest Only STRIPS Series 2019-B12, Class XA, 1.21% (B), 08/15/2052		9,373		613

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BX Commercial Mortgage Trust Series 2018-BIOA, Class C, 1-Month LIBOR + 1.12%, 1.94% (B), 03/15/2037 (A)		$   2,200,000		$   2,065,401
CGDB Commercial Mortgage Trust Series 2019-MOB, Class D, 1-Month LIBOR + 1.65%, 2.46% (B), 11/15/2036 (A)		2,210,000		1,826,301
CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class D, 1-Month LIBOR + 1.60%, 2.41% (B), 07/15/2032 (A)		1,735,732		1,599,953
CHC Commercial Mortgage Trust Series 2019-CHC, Class D, 1-Month LIBOR + 2.05%, 2.86% (B), 06/15/2034 (A)		2,688,399		2,118,912
Citigroup Commercial Mortgage Trust, Interest Only STRIPS Series 2019-GC41, Class XA, 1.19% (B), 08/10/2056		13,223,519		920,928
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class D, 1-Month LIBOR + 1.60%, 2.41% (B), 05/15/2036 (A)		1,810,000		1,686,413
UBS Commercial Mortgage Trust Series 2019-C17, Class XA, 1.64% (B), 10/15/2052		19,924,535		1,978,341
Wells Fargo Commercial Mortgage Trust, Interest Only STRIPS Series 2019-C54, Class XA, 0.97% (B), 12/15/2052		23,979,237		1,447,624
Total Mortgage-Backed Securities (Cost $15,594,910)				13,644,486
U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.0%
Federal Home Loan Mortgage Corp.
1-Year CMT + 2.04%, 4.27% (B), 06/01/2033		556,887		575,473
4.50%, 09/01/2026		340,627		364,487
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
1.01% (B), 09/25/2029		28,979,995		1,961,665
1.65% (B), 01/25/2030		16,199,168		1,905,529
Federal National Mortgage Association
0.12% (B), 10/25/2021		20,710,536		35,954
0.13% (B), 11/25/2022		49,331,572		72,522
0.29% (B), 01/25/2022		16,501,932		89,414
Government National Mortgage Association
0.69% (B), 09/16/2059		13,970,726		789,252
4.28% (B), 02/20/2063		78,153		80,490
4.29% (B), 12/20/2061		17,585		19,076
4.47% (B), 09/20/2063		17,691		18,399
4.63% (B), 06/20/2063		40,518		41,534
4.70% (B), 05/20/2062		109,968		113,236
5.27% (B), 11/20/2060		17,992		18,750
5.75%, 12/15/2022		91,875		97,099

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

Transamerica Funds Semi-Annual Report 2020

Page    81

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Seasoned Loans Structured Transaction Series 2018-1, Class A1, 3.50%, 06/25/2028		$   893,906		$   941,553
Total U.S. Government Agency Obligations (Cost $7,640,331)				7,124,433
U.S. GOVERNMENT OBLIGATION - 3.7%
U.S. Treasury - 3.7%
U.S. Treasury Note 1.13%, 02/28/2025 (C)		6,340,000		6,580,226
Total U.S. Government Obligation (Cost $6,509,838)				6,580,226

	Shares		Value
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (D)		1,989,844		$   1,989,844
Total Other Investment Company (Cost $1,989,844)				1,989,844
Total Investments (Cost $181,466,015)				178,149,371
Net Other Assets (Liabilities) - (0.4)%				(783,373	)
Net Assets - 100.0%				$  177,365,998

INVESTMENT VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	77,705,738	$	—	$	77,705,738
Corporate Debt Securities		—		71,104,644		—		71,104,644
Mortgage-Backed Securities		—		13,644,486		—		13,644,486
U.S. Government Agency Obligations		—		7,124,433		—		7,124,433
U.S. Government Obligation		—		6,580,226		—		6,580,226
Other Investment Company		1,989,844		—		—		1,989,844
Total Investments	$	1,989,844	$	176,159,527	$	—	$	178,149,371

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $46,334,479, representing 26.1% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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 security is on loan. The value of the security on loan is $1,949,735, collateralized by cash collateral of $1,989,844. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(D)	Rate disclosed reflects the yield at April 30, 2020.
(E)	There were no transfers in or out of Level 3 during the period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment 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 Semi-Annual Report 2020

Page    82

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 90.3%
Aerospace & Defense - 1.0%
Bombardier, Inc.
6.13%, 01/15/2023 (A)		$  6,720,000		$  4,804,800
7.88%, 04/15/2027 (A)		4,469,000		2,893,677
Spirit AeroSystems, Inc. 4.60%, 06/15/2028		2,762,000		2,181,980
Triumph Group, Inc.
5.25%, 06/01/2022		5,182,000		4,003,095
7.75%, 08/15/2025 (B)		2,962,000		1,921,598
				15,805,150
Airlines - 1.1%
American Airlines Group, Inc.
3.75%, 03/01/2025 (A)		8,909,000		4,103,485
5.00%, 06/01/2022 (A)		154,000		86,810
American Airlines Pass-Through Trust
5.60%, 01/15/2022 (A)		3,186,839		3,171,338
5.63%, 07/15/2022 (A)		1,609,918		1,587,903
Continental Airlines Pass-Through Trust
5.50%, 04/29/2022		442,760		435,633
6.90%, 10/19/2023		962,640		897,958
United Airlines Holdings, Inc.
4.25%, 10/01/2022		615,000		509,651
4.88%, 01/15/2025 (B)		5,718,000		4,174,140
5.00%, 02/01/2024		2,430,000		1,857,735
United Airlines Pass-Through Trust Series B, 4.63%, 03/03/2024		1,068,813		941,012
				17,765,665
Auto Components - 0.8%
Dana, Inc.
5.38%, 11/15/2027		5,058,000		4,463,685
5.50%, 12/15/2024		700,000		651,280
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027 (B)		2,686,000		2,298,410
5.00%, 05/31/2026		1,404,000		1,221,480
Panther BF Aggregator 2, LP / Panther Finance Co., Inc.
6.25%, 05/15/2026 (A) (B)		2,244,000		2,258,586
8.50%, 05/15/2027 (A)		2,958,000		2,506,905
				13,400,346
Automobiles - 0.1%
Ford Motor Co.
8.50%, 04/21/2023		275,000		271,219
9.00%, 04/22/2025		980,000		954,275
9.63%, 04/22/2030 (B)		1,012,000		1,008,225
				2,233,719
Banks - 2.9%
Barclays PLC
Fixed until 06/20/2029, 5.09% (C), 06/20/2030 (B)		1,675,000		1,816,565
Fixed until 09/15/2023 (D), 7.75% (C)		5,537,000		5,343,205
Fixed until 06/15/2024 (D), 8.00% (C)		1,512,000		1,508,220
BNP Paribas SA Fixed until 03/14/2022 (D), 6.75% (A) (B) (C)		3,950,000		3,890,750

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
CIT Bank NA Fixed until 09/27/2024, 2.97% (C), 09/27/2025		$   3,277,000		$   2,883,760
CIT Group, Inc.
4.75%, 02/16/2024		666,000		636,030
5.00%, 08/15/2022		3,080,000		3,033,800
Citigroup, Inc. Fixed until 09/12/2024 (D), 5.00% (C)		6,834,000		6,214,190
Intesa Sanpaolo SpA 5.71%, 01/15/2026 (A)		6,247,000		6,382,665
JPMorgan Chase & Co.
3-Month LIBOR + 3.47%, 4.23% (C), 07/30/2020 (B) (D)		1,907,000		1,744,905
Fixed until 02/01/2025 (D), 4.60% (C)		2,250,000		2,018,250
Lloyds Banking Group PLC
Fixed until 06/27/2024 (D), 7.50% (C)		2,622,000		2,569,560
Fixed until 09/27/2025 (D), 7.50% (C)		709,000		701,910
Royal Bank of Scotland Group PLC Fixed until 08/15/2021 (D), 8.63% (C)		2,860,000		2,917,200
Societe Generale SA Fixed until 09/13/2021 (D), 7.38% (A) (C)		5,338,000		5,211,223
UniCredit SpA 6.57%, 01/14/2022 (A)		566,000		583,784
				47,456,017
Beverages - 0.6%
Cott Holdings, Inc. 5.50%, 04/01/2025 (A)		9,812,000		9,861,060
Building Products - 2.3%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024 (A)		10,127,000		8,658,585
Builders FirstSource, Inc.
5.00%, 03/01/2030 (A)		694,000		595,522
6.75%, 06/01/2027 (A)		4,030,000		4,150,900
Cornerstone Building Brands, Inc. 8.00%, 04/15/2026 (A) (B)		14,209,000		12,073,529
Griffon Corp.
5.25%, 03/01/2022		3,306,000		3,241,169
5.75%, 03/01/2028		5,759,000		5,485,448
Patrick Industries, Inc. 7.50%, 10/15/2027 (A)		5,048,000		4,745,120
				38,950,273
Capital Markets - 1.1%
Credit Suisse Group AG
Fixed until 12/18/2024 (D), 6.25% (A) (C)		1,350,000		1,383,750
Fixed until 08/21/2026 (D), 6.38% (A) (C)		3,782,000		3,725,270
Fixed until 09/12/2025 (D), 7.25% (A) (C)		2,450,000		2,443,875

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

Transamerica Funds Semi-Annual Report 2020

Page    83

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Credit Suisse Group AG (continued)
Fixed until 07/17/2023 (D), 7.50% (A) (C)		$   1,875,000		$   1,891,144
Fixed until 12/11/2023 (D), 7.50% (A) (B) (C)		6,403,000		6,763,169
Deutsche Bank AG Fixed until 10/30/2025 (D), 6.00% (C)		1,400,000		1,015,000
Goldman Sachs Capital II 3-Month LIBOR + 0.77%, 4.00% (C), 05/29/2020 (D)		1,048,000		857,531
				18,079,739
Chemicals - 1.9%
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC 7.50%, 05/01/2025 (A)		3,304,000		1,817,200
Hexion, Inc. 7.88%, 07/15/2027 (A) (B)		5,285,000		4,835,775
NOVA Chemicals Corp.
4.88%, 06/01/2024 (A)		8,059,000		7,232,952
5.25%, 06/01/2027 (A)		5,869,000		4,695,200
OCI NV 6.63%, 04/15/2023 (A) (B)		3,059,000		3,059,472
Olin Corp.
5.13%, 09/15/2027 (B)		4,042,000		3,691,963
5.63%, 08/01/2029		4,736,000		4,280,160
PolyOne Corp. 5.75%, 05/15/2025 (A) (E)		1,759,000		1,780,988
				31,393,710
Commercial Services & Supplies - 2.5%
Ashtead Capital, Inc.
4.00%, 05/01/2028 (A)		2,730,000		2,607,150
4.25%, 11/01/2029 (A)		787,000		753,764
5.25%, 08/01/2026 (A)		3,642,000		3,651,105
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.50%, 04/01/2023		857,000		561,678
5.75%, 07/15/2027 (A) (B)		7,688,000		4,468,650
6.38%, 04/01/2024 (A)		2,858,000		1,757,670
Foxtrot Escrow Issuer LLC / Foxtrot Escrow Corp. 12.25%, 11/15/2026 (A)	3,565,000		2,941,125
Garda World Security Corp.
4.63%, 02/15/2027 (A)		4,773,000		4,594,012
8.75%, 05/15/2025 (A)		6,008,000		5,947,920
9.50%, 11/01/2027 (A)		2,287,000		2,287,000
GFL Environmental, Inc. 4.25%, 06/01/2025 (A)		687,000		690,435
Herc Holdings, Inc. 5.50%, 07/15/2027 (A)		8,500,000		7,967,900
Stericycle, Inc. 5.38%, 07/15/2024 (A)		3,060,000		3,068,782
				41,297,191
Communications Equipment - 1.1%
CommScope Technologies LLC
5.00%, 03/15/2027 (A)		779,000		667,993
6.00%, 06/15/2025 (A)		11,797,000		10,498,150

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Communications Equipment (continued)
CommScope, Inc.
5.50%, 03/01/2024 (A)		$   1,255,000		$   1,255,000
6.00%, 03/01/2026 (A)		1,685,000		1,689,212
8.25%, 03/01/2027 (A) (B)		1,679,000		1,609,322
Nokia OYJ 3.38%, 06/12/2022		1,764,000		1,777,230
				17,496,907
Construction & Engineering - 1.7%
Abengoa Abenewco 2 SAU PIK Rate 1.50%, Cash Rate 0.00%, 04/26/2024 (A) (F)		3,885,867		2
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.63%, 01/15/2028 (A)		1,786,000		1,455,590
6.75%, 08/01/2025 (A)		2,725,000		2,302,625
9.88%, 04/01/2027 (A)		8,550,000		8,208,000
Taylor Morrison Communities, Inc.
5.88%, 01/31/2025 (A)		6,942,000		6,525,480
6.00%, 09/01/2023 (A)		2,425,000		2,343,156
6.63%, 07/15/2027 (A)		3,890,000		3,510,531
Weekley Homes LLC / Weekley Finance Corp. 6.00%, 02/01/2023		4,429,000		4,251,840
				28,597,224
Construction Materials - 0.5%
Norbord, Inc. 6.25%, 04/15/2023 (A)		9,160,000		9,022,600
Consumer Finance - 3.2%
Ally Financial, Inc.
3.88%, 05/21/2024		4,841,000		4,756,282
5.75%, 11/20/2025		2,727,000		2,795,175
7.50%, 09/15/2020		4,646,000		4,692,460
Altice Financing SA
5.00%, 01/15/2028 (A)		1,771,000		1,726,725
7.50%, 05/15/2026 (A)		6,692,000		6,976,410
Ford Motor Credit Co. LLC
3.20%, 01/15/2021		828,000		799,020
3.34%, 03/18/2021		3,794,000		3,642,164
3.35%, 11/01/2022		200,000		180,000
4.38%, 08/06/2023		3,548,000		3,228,680
4.39%, 01/08/2026, MTN		4,834,000		4,211,622
5.88%, 08/02/2021		1,488,000		1,473,120
Navient Corp.
5.00%, 10/26/2020 - 03/15/2027		6,234,000		5,971,376
5.88%, 10/25/2024		4,730,000		4,304,300
6.50%, 06/15/2022		3,408,000		3,297,240
6.63%, 07/26/2021		1,020,000		1,014,900
Springleaf Finance Corp.
7.13%, 03/15/2026		2,705,000		2,549,463
8.25%, 12/15/2020		1,390,000		1,386,456
				53,005,393
Containers & Packaging - 4.3%
ARD Finance SA PIK Rate 7.25%, Cash Rate 6.50%, 06/30/2027 (A) (F)		6,612,000		6,137,258

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

Transamerica Funds Semi-Annual Report 2020

Page    84

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Containers & Packaging (continued)
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 6.00%, 02/15/2025 (A)		$   3,857,000		$   3,860,356
Cascades, Inc. / Cascades USA, Inc.
5.13%, 01/15/2026 (A)		1,657,000		1,657,000
5.38%, 01/15/2028 (A) (B)		1,983,000		1,991,924
Crown Americas LLC / Crown Americas Capital Corp. VI 4.75%, 02/01/2026		7,514,000		7,720,635
Flex Acquisition Co., Inc.
6.88%, 01/15/2025 (A)		2,805,000		2,716,502
7.88%, 07/15/2026 (A) (B)		3,391,000		3,255,360
Graphic Packaging International LLC 3.50%, 03/15/2028 (A)		4,966,000		4,705,285
Greif, Inc. 6.50%, 03/01/2027 (A) (B)		6,041,000		6,041,000
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/2024 (A)		4,091,000		3,772,720
7.25%, 04/15/2025 (A) (B)		2,707,000		2,118,227
OI European Group BV 4.00%, 03/15/2023 (A)		2,545,000		2,455,925
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023 (A) (B)		3,860,000		3,898,600
6.38%, 08/15/2025 (A) (B)		820,000		830,250
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
5.13%, 07/15/2023 (A)		2,268,000		2,279,340
7.00%, 07/15/2024 (A)		13,051,000		13,099,289
Silgan Holdings, Inc. 4.13%, 02/01/2028 (A)		630,000		618,975
Trivium Packaging Finance BV
5.50%, 08/15/2026 (A)		2,039,000		2,089,975
8.50%, 08/15/2027 (A) (B)		1,785,000		1,865,325
				71,113,946
Diversified Financial Services - 2.7%
Avation Capital SA 6.50%, 05/15/2021 (A)		3,305,000		2,776,200
DAE Funding LLC
4.50%, 08/01/2022 (A)		1,573,000		1,399,970
5.00%, 08/01/2024 (A)		3,964,000		3,508,140
5.75%, 11/15/2023 (A)		1,520,000		1,360,400
Dana Financing Sarl 5.75%, 04/15/2025 (A)		11,357,000		10,306,478
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 3.33% (C), 12/21/2065 (A)		8,362,000		4,013,760
ILFC E-Capital Trust II 1.80% + Max of 3-Month LIBOR, 15-Year CMT or 30-Year CMT, 3.57% (C), 12/21/2065 (A)		3,974,000		1,977,065
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.25%, 02/01/2027 (A)		3,531,000		2,454,045
5.25%, 03/15/2022 (A)		8,290,000		6,839,250

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Virgin Media Secured Finance PLC 5.50%, 05/15/2029 (A)		$   9,601,000		$   9,967,758
				44,603,066
Diversified Telecommunication Services - 4.0%
CenturyLink, Inc.
5.13%, 12/15/2026 (A)		3,532,000		3,346,570
5.80%, 03/15/2022		3,843,000		3,934,992
6.45%, 06/15/2021		1,564,000		1,600,676
6.75%, 12/01/2023		7,836,000		8,185,486
7.50%, 04/01/2024 (B)		4,698,000		5,097,330
Frontier Communications Corp.
7.63%, 04/15/2024		6,057,000		1,716,857
8.50%, 04/01/2026 (A)		2,664,000		2,464,200
8.75%, 04/15/2022		2,766,000		745,990
9.00%, 08/15/2031		5,484,000		1,425,840
11.00%, 09/15/2025		2,696,000		834,951
Hughes Satellite Systems Corp.
5.25%, 08/01/2026		328,000		346,040
6.63%, 08/01/2026		5,291,000		5,640,206
7.63%, 06/15/2021		6,342,000		6,586,104
Intelsat Jackson Holdings SA
8.00%, 02/15/2024 (A)		1,247,000		1,280,420
8.50%, 10/15/2024 (A)		5,205,000		3,018,900
9.50%, 09/30/2022 (A)		3,965,000		4,405,392
Level 3 Financing, Inc. 5.38%, 01/15/2024		2,314,000		2,331,355
Sprint Capital Corp. 8.75%, 03/15/2032		2,435,000		3,421,175
Virgin Media Finance PLC
5.75%, 01/15/2025 (A)		2,928,000		2,958,158
6.00%, 10/15/2024 (A)		3,105,000		3,143,812
Zayo Group Holdings, Inc. 4.00%, 03/01/2027 (A)		3,434,000		3,330,396
				65,814,850
Electric Utilities - 1.0%
Elwood Energy LLC 8.16%, 07/05/2026		3,631,776		3,631,776
NextEra Energy Operating Partners, LP 4.25%, 07/15/2024 (A)		3,624,000		3,688,507
NRG Energy, Inc. 7.25%, 05/15/2026 (B)		6,796,000		7,305,700
Vistra Operations Co. LLC 5.00%, 07/31/2027 (A)		1,343,000		1,369,726
				15,995,709
Energy Equipment & Services - 0.6%
CSI Compressco, LP / CSI Compressco Finance, Inc.
7.25%, 08/15/2022 (H)		6,647,000		2,110,422
7.50%, 04/01/2025 (A)		1,431,000		930,150
Genesis Energy, LP / Genesis Energy Finance Corp.
6.25%, 05/15/2026		1,928,000		1,609,880
6.50%, 10/01/2025		2,031,000		1,706,040
Noble Holding International, Ltd.
6.05%, 03/01/2041		2,288,000		14,300
8.95%, 04/01/2045		2,283,000		14,269

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

Transamerica Funds Semi-Annual Report 2020

Page    85

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Transocean Sentry, Ltd. 5.38%, 05/15/2023 (A)		$   2,065,000		$   1,569,400
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 09/01/2027		3,012,000		2,409,600
				10,364,061
Entertainment - 0.6%
Netflix, Inc.
4.88%, 04/15/2028		3,886,000		4,132,489
4.88%, 06/15/2030 (A)		4,450,000		4,721,005
5.38%, 11/15/2029 (A)		1,123,000		1,233,391
				10,086,885
Equity Real Estate Investment Trusts - 2.3%
CBL & Associates, LP
5.25%, 12/01/2023		7,893,000		2,150,843
5.95%, 12/15/2026		872,000		235,440
Equinix, Inc. 5.38%, 05/15/2027		2,675,000		2,857,435
HAT Holdings I LLC / HAT Holdings II LLC
5.25%, 07/15/2024 (A)		2,690,000		2,669,556
6.00%, 04/15/2025 (A)		1,212,000		1,212,000
Iron Mountain US Holdings, Inc. 5.38%, 06/01/2026 (A)		1,000,000		995,000
Iron Mountain, Inc.
5.25%, 03/15/2028 (A)		8,705,000		8,509,137
6.00%, 08/15/2023		2,000,000		2,020,000
iStar, Inc.
4.25%, 08/01/2025		5,841,000		4,614,390
5.25%, 09/15/2022		1,438,000		1,301,390
MGM Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc. 5.75%, 02/01/2027		2,539,000		2,570,738
SBA Communications Corp.
3.88%, 02/15/2027 (A)		1,307,000		1,334,774
4.00%, 10/01/2022		4,165,000		4,187,074
Service Properties Trust
4.35%, 10/01/2024		2,078,000		1,759,728
4.75%, 10/01/2026		2,278,000		1,866,937
				38,284,442
Food & Staples Retailing - 1.7%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP
4.63%, 01/15/2027 (A)		1,016,000		1,026,160
5.75%, 03/15/2025		10,759,000		11,054,872
6.63%, 06/15/2024		5,014,000		5,183,223
7.50%, 03/15/2026 (A)		1,383,000		1,512,656
Rite Aid Corp.
6.13%, 04/01/2023 (A)		6,025,000		5,452,625
7.50%, 07/01/2025 (A)		3,499,000		3,446,515
				27,676,051
Food Products - 2.6%
B&G Foods, Inc. 5.25%, 09/15/2027		7,259,000		7,339,430

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products (continued)
JBS USA LUX SA / JBS USA Finance, Inc. 5.75%, 06/15/2025 (A)		$   1,794,000		$   1,814,200
Kraft Heinz Foods Co.
4.88%, 10/01/2049 (A)		2,283,000		2,274,544
5.00%, 07/15/2035 (B)		5,669,000		6,085,915
5.00%, 06/04/2042		1,370,000		1,391,704
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 (A)		10,937,000		11,067,697
Post Holdings, Inc.
4.63%, 04/15/2030 (A)		1,552,000		1,520,944
5.00%, 08/15/2026 (A)		4,143,000		4,094,113
5.50%, 12/15/2029 (A)		2,562,000		2,574,810
5.63%, 01/15/2028 (A)		4,136,000		4,208,380
				42,371,737
Health Care Providers & Services - 5.1%
Centene Corp.
3.38%, 02/15/2030 (A) (H)		501,000		504,758
4.25%, 12/15/2027 (A) (H)		1,425,000		1,490,906
4.63%, 12/15/2029 (A) (H)		1,024,000		1,121,280
CHS / Community Health Systems, Inc.
6.25%, 03/31/2023		3,037,000		2,854,780
6.63%, 02/15/2025 (A)		2,069,000		1,898,308
8.00%, 03/15/2026 (A)		10,485,000		10,050,711
8.13%, 06/30/2024 (A) (B)		1,120,000		761,600
DaVita HealthCare Partners, Inc. 5.13%, 07/15/2024 (B)		3,669,000		3,724,035
DaVita, Inc. 5.00%, 05/01/2025		5,056,000		5,131,840
Encompass Health Corp.
4.50%, 02/01/2028		1,697,000		1,697,000
4.75%, 02/01/2030		1,189,000		1,189,155
5.75%, 11/01/2024 - 09/15/2025		9,749,000		9,864,815
HCA, Inc.
3.50%, 09/01/2030		3,973,000		3,797,605
5.38%, 02/01/2025		2,948,000		3,169,513
5.88%, 02/15/2026 - 02/01/2029		15,997,000		17,938,118
7.50%, 11/06/2033		441,000		501,638
Tenet Healthcare Corp.
4.88%, 01/01/2026 (A)		3,325,000		3,270,802
5.13%, 05/01/2025		4,130,000		3,861,550
5.13%, 11/01/2027 (A)		5,825,000		5,752,187
6.75%, 06/15/2023		2,401,000		2,398,599
7.50%, 04/01/2025 (A)		640,000		688,320
8.13%, 04/01/2022		3,564,000		3,591,799
				85,259,319
Hotels, Restaurants & Leisure - 6.5%
Boyd Gaming Corp.
4.75%, 12/01/2027 (A)		3,686,000		3,175,489
6.00%, 08/15/2026		1,911,000		1,729,455
6.38%, 04/01/2026		2,760,000		2,485,932
Boyne USA, Inc. 7.25%, 05/01/2025 (A)		4,944,000		4,944,000
Carnival Corp. 11.50%, 04/01/2023 (A)		4,425,000		4,623,431
GLP Capital, LP / GLP Financing II, Inc. 5.25%, 06/01/2025		5,131,000		4,990,411

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

Transamerica Funds Semi-Annual Report 2020

Page    86

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/2030		$   5,222,000		$   4,987,010
5.13%, 05/01/2026		4,585,000		4,526,770
5.38%, 05/01/2025 (A)		265,000		263,344
5.75%, 05/01/2028 (A)		493,000		496,747
International Game Technology PLC
6.25%, 02/15/2022 (A)		6,679,000		6,516,199
6.25%, 01/15/2027 (A) (B)		4,038,000		3,925,703
6.50%, 02/15/2025 (A) (B)		2,946,000		2,887,051
Marriott International, Inc. 5.75%, 05/01/2025 (B)		3,351,000		3,502,014
Marriott Ownership Resorts, Inc. / ILG LLC 6.50%, 09/15/2026		4,546,000		4,307,335
MGM Resorts International
5.50%, 04/15/2027		3,791,000		3,482,981
5.75%, 06/15/2025		4,657,000		4,470,767
6.75%, 05/01/2025 (E)		1,631,000		1,598,576
NCL Corp., Ltd. 3.63%, 12/15/2024 (A)		2,548,000		1,637,090
Scientific Games International, Inc.
5.00%, 10/15/2025 (A)		6,047,000		5,280,845
7.00%, 05/15/2028 (A)		1,957,000		1,409,040
7.25%, 11/15/2029 (A)		1,938,000		1,380,825
8.25%, 03/15/2026 (A)		7,310,000		5,519,050
Station Casinos LLC 4.50%, 02/15/2028 (A)		6,229,000		4,983,200
Viking Cruises, Ltd.
5.88%, 09/15/2027 (A)		15,095,000		10,151,387
6.25%, 05/15/2025 (A)		5,512,000		3,679,260
Waterford Gaming LLC / Waterford Gaming Financial Corp. 8.63%, 09/15/2014 (A) (G) (I) (J) (K) (L)		1,025,248		0
Wyndham Destinations, Inc.
4.25%, 03/01/2022		1,780,000		1,682,100
5.40%, 04/01/2024		6,321,000		5,530,875
5.75%, 04/01/2027		4,931,000		4,314,625
				108,481,512
Household Durables - 2.5%
Beazer Homes USA, Inc.
5.88%, 10/15/2027		3,210,000		2,471,700
6.75%, 03/15/2025		1,724,000		1,482,640
7.25%, 10/15/2029 (B)		4,126,000		3,218,280
Century Communities, Inc.
5.88%, 07/15/2025		8,790,000		8,130,750
6.75%, 06/01/2027		5,446,000		4,683,560
KB Home
4.80%, 11/15/2029		4,121,000		3,853,135
7.50%, 09/15/2022		4,108,000		4,395,560
7.63%, 05/15/2023		3,397,000		3,535,258
Lennar Corp.
4.13%, 01/15/2022		2,000,000		2,007,920
4.75%, 05/30/2025 (B)		1,600,000		1,643,952
5.00%, 06/15/2027 (B)		3,208,000		3,304,240
8.38%, 01/15/2021		1,985,000		2,034,625
Meritage Homes Corp. 5.13%, 06/06/2027		1,570,000		1,499,350
				42,260,970

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Independent Power & Renewable Electricity Producers - 1.1%
Calpine Corp.
4.50%, 02/15/2028 (A)		$   7,115,000		$   6,898,704
5.13%, 03/15/2028 (A)		2,702,000		2,634,450
5.25%, 06/01/2026 (A)		7,839,000		7,973,674
				17,506,828
Insurance - 1.3%
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 3.82% (C), 02/12/2067 (A)		9,926,000		7,742,280
Lincoln National Corp. 3-Month LIBOR + 2.36%, 4.05% (C), 05/17/2066		12,169,000		8,274,920
Ohio National Financial Services, Inc. 5.55%, 01/24/2030 (A)		6,026,000		5,731,015
				21,748,215
Internet & Direct Marketing Retail - 0.2%
Expedia Group, Inc. 6.25%, 05/01/2025 (A) (E)		3,406,000		3,473,444
IT Services - 0.1%
Science Applications International Corp. 4.88%, 04/01/2028 (A)		684,000		669,848
Tempo Acquisition LLC 5.75%, 06/01/2025 (A)		846,000		846,000
				1,515,848
Leisure Products - 0.2%
Mattel, Inc.
3.15%, 03/15/2023 (B)		1,554,000		1,431,623
5.45%, 11/01/2041		1,400,000		1,106,000
6.75%, 12/31/2025 (A)		1,306,000		1,325,590
				3,863,213
Machinery - 0.9%
Colfax Corp.
6.00%, 02/15/2024 (A)		2,885,000		2,928,275
6.38%, 02/15/2026 (A)		845,000		871,364
Meritor, Inc. 6.25%, 02/15/2024		12,184,000		11,823,354
				15,622,993
Media - 8.2%
Adelphia Communications Corp.
9.25%, 10/01/2049 (K) (L) (M)		1,305,000		91
10.25%, 06/15/2049 - 11/01/2049 (K) (L) (M)		1,460,000		102
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50%, 08/15/2030 - 05/01/2032 (A)		6,431,000		6,474,979
4.75%, 03/01/2030 (A)		7,952,000		8,088,774
5.00%, 02/01/2028 (A)		3,937,000		4,042,069
5.38%, 06/01/2029 (A)		1,590,000		1,677,466
5.50%, 05/01/2026 (A)		4,777,000		4,968,605
5.75%, 02/15/2026 (A)		13,282,000		13,846,485
Clear Channel Worldwide Holdings, Inc.
5.13%, 08/15/2027 (A)		6,930,000		6,511,428
9.25%, 02/15/2024 (A)		4,051,000		3,372,458
CSC Holdings LLC
5.38%, 07/15/2023 (A)		4,729,000		4,782,201
6.63%, 10/15/2025 (A)		7,331,000		7,667,126
7.50%, 04/01/2028 (A)		1,901,000		2,089,080

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

Transamerica Funds Semi-Annual Report 2020

Page    87

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
CSC Holdings LLC (continued)
7.75%, 07/15/2025 (A)		$   2,536,000		$   2,644,744
10.88%, 10/15/2025 (A)		1,740,000		1,880,853
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026 (A)		4,091,000		3,109,160
6.63%, 08/15/2027 (A) (B)		609,000		333,428
DISH DBS Corp.
5.00%, 03/15/2023		5,072,000		4,818,400
5.88%, 07/15/2022		3,238,000		3,246,419
6.75%, 06/01/2021		3,254,000		3,240,984
7.75%, 07/01/2026 (B)		5,393,000		5,312,105
Gray Television, Inc. 7.00%, 05/15/2027 (A)		3,995,000		4,014,975
iHeartCommunications, Inc.
6.38%, 05/01/2026		4,073,000		3,848,985
8.38%, 05/01/2027 (B)		2,589,000		2,131,265
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (A)		3,185,000		3,311,126
Scripps Escrow, Inc. 5.88%, 07/15/2027 (A)		1,563,000		1,320,735
Sinclair Television Group, Inc.
5.50%, 03/01/2030 (A) (B)		6,003,000		4,982,490
5.63%, 08/01/2024 (A) (B)		2,037,000		1,858,192
Sirius XM Radio, Inc.
4.63%, 07/15/2024 (A)		2,263,000		2,307,355
5.50%, 07/01/2029 (A)		1,598,000		1,685,251
TEGNA, Inc. 4.63%, 03/15/2028 (A)		2,133,000		1,911,701
Terrier Media Buyer, Inc. 8.88%, 12/15/2027 (A)		2,676,000		2,207,700
Univision Communications, Inc. 5.13%, 05/15/2023 (A) (B)		12,431,000		11,809,450
Ziggo Bond Co. BV 6.00%, 01/15/2027 (A)		3,225,000		3,241,125
Ziggo BV 5.50%, 01/15/2027 (A)		3,374,000		3,432,033
				136,169,340
Metals & Mining - 4.0%
Alcoa Nederland Holding BV 7.00%, 09/30/2026 (A)		5,195,000		5,143,050
Cleveland-Cliffs, Inc.
4.88%, 01/15/2024 (A)		3,126,000		2,673,980
5.75%, 03/01/2025 (B)		710,000		507,650
5.88%, 06/01/2027		2,624,000		1,640,000
6.75%, 03/15/2026 (A)		4,405,000		3,843,362
Constellium SE
5.75%, 05/15/2024 (A)		5,213,000		5,030,545
5.88%, 02/15/2026 (A) (B)		910,000		839,475
6.63%, 03/01/2025 (A) (B)		9,120,000		8,755,200
First Quantum Minerals, Ltd. 7.25%, 04/01/2023 (A)		2,566,000		2,328,902
Freeport-McMoRan, Inc.
4.13%, 03/01/2028		3,642,000		3,377,955
4.25%, 03/01/2030		2,246,000		2,091,251
4.55%, 11/14/2024		1,875,000		1,879,688
5.45%, 03/15/2043		5,050,000		4,579,845

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
Mineral Resources, Ltd. 8.13%, 05/01/2027 (A)		$   3,492,000		$   3,592,395
New Gold, Inc.
6.25%, 11/15/2022 (A)		3,333,000		3,316,335
6.38%, 05/15/2025 (A)		3,111,000		2,986,560
Novelis Corp.
4.75%, 01/30/2030 (A)		2,671,000		2,345,405
5.88%, 09/30/2026 (A)		4,038,000		3,926,147
Teck Resources, Ltd.
6.00%, 08/15/2040		6,513,000		6,033,323
6.25%, 07/15/2041		643,000		606,006
				65,497,074
Multiline Retail - 0.1%
Macy’s Retail Holdings, Inc. 3.45%, 01/15/2021		2,557,000		2,401,982
Oil, Gas & Consumable Fuels - 8.3%
Antero Resources Corp. 5.00%, 03/01/2025		3,322,000		1,827,100
Callon Petroleum Co.
6.13%, 10/01/2024		8,416,000		1,620,080
6.25%, 04/15/2023		3,112,000		645,740
6.38%, 07/01/2026		3,965,000		634,400
8.25%, 07/15/2025		4,645,000		836,100
Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/2025		2,801,000		2,899,517
Cheniere Energy Partners, LP 5.63%, 10/01/2026		3,609,000		3,448,760
Chesapeake Energy Corp.
7.00%, 10/01/2024		2,717,000		54,340
7.50%, 10/01/2026		4,652,000		110,485
11.50%, 01/01/2025 (A)		3,534,000		106,020
Continental Resources, Inc. 4.50%, 04/15/2023		607,000		536,816
CrownRock, LP / CrownRock Finance, Inc. 5.63%, 10/15/2025 (A)		6,092,000		4,935,190
DCP Midstream Operating, LP 5.38%, 07/15/2025		4,285,000		3,460,137
DCP Midstream, LP Fixed until 12/15/2022 (D), 7.38% (C)		5,180,000		1,996,890
Denbury Resources, Inc.
7.75%, 02/15/2024 (A)		1,903,000		342,540
9.00%, 05/15/2021 (A)		5,762,000		1,037,160
eG Global Finance PLC
6.75%, 02/07/2025 (A)		5,186,000		4,719,260
8.50%, 10/30/2025 (A)		2,947,000		2,873,325
EP Energy LLC / Everest Acquisition Finance, Inc.
7.75%, 05/15/2026 (A) (N)		3,079,000		338,690
8.00%, 11/29/2024 (A) (N)		1,526,000		3,815
Gulfport Energy Corp.
6.00%, 10/15/2024		2,007,000		998,483
6.38%, 05/15/2025 - 01/15/2026		7,496,000		3,482,865
Hess Midstream Operations, LP 5.13%, 06/15/2028 (A)		3,543,000		3,104,377
HighPoint Operating Corp. 8.75%, 06/15/2025		4,089,000		1,185,810

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

Transamerica Funds Semi-Annual Report 2020

Page    88

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan, Inc. 8.05%, 10/15/2030, MTN		$   2,486,000		$   3,069,541
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/2026 (A)		853,000		285,755
10.50%, 05/15/2027 (A)		2,410,000		903,750
NuStar Logistics, LP
4.80%, 09/01/2020		7,306,000		7,159,880
5.63%, 04/28/2027		4,581,000		4,122,900
6.00%, 06/01/2026		531,000		477,900
6.75%, 02/01/2021		2,632,000		2,539,880
Oasis Petroleum, Inc.
6.25%, 05/01/2026 (A)		5,149,000		669,370
6.88%, 03/15/2022		6,285,000		927,038
Occidental Petroleum Corp.
2.70%, 08/15/2022		6,660,000		5,794,200
4.85%, 03/15/2021		2,608,000		2,503,680
5.55%, 03/15/2026		10,478,000		8,105,781
6.45%, 09/15/2036		8,646,000		6,392,679
Parkland Fuel Corp. 5.88%, 07/15/2027 (A)		2,935,000		2,817,600
Parsley Energy LLC / Parsley Finance Corp.
5.25%, 08/15/2025 (A)		1,778,000		1,569,085
5.38%, 01/15/2025 (A)		3,704,000		3,324,340
5.63%, 10/15/2027 (A)		2,618,000		2,238,390
PDC Energy, Inc. 6.13%, 09/15/2024		9,005,000		7,068,925
Shelf Drilling Holdings, Ltd. 8.25%, 02/15/2025 (A)		2,389,000		692,810
SM Energy Co.
5.63%, 06/01/2025		1,160,000		324,800
6.13%, 11/15/2022		3,265,000		1,306,000
6.63%, 01/15/2027		4,965,000		1,390,200
6.75%, 09/15/2026		2,812,000		766,270
Southwestern Energy Co. 7.50%, 04/01/2026 (B)		4,737,000		4,251,457
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.75%, 04/15/2025		2,540,000		508,508
Summit Midstream Partners, LP Fixed until 12/15/2022 (D), 9.50% (C)		4,110,000		411,000
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
5.00%, 01/15/2028 (B)		3,140,000		2,621,900
5.13%, 02/01/2025		6,506,000		5,855,400
5.50%, 03/01/2030 (A) (B)		4,392,000		3,744,180
5.88%, 04/15/2026 (B)		2,030,000		1,819,895
6.50%, 07/15/2027		1,228,000		1,105,200
6.75%, 03/15/2024		6,998,000		6,613,110
Ultra Resources, Inc.
6.88%, 04/15/2022 (A)		811,000		406
7.13%, 04/15/2025 (A)		3,098,000		310
WPX Energy, Inc.
5.25%, 09/15/2024		3,026,000		2,716,803
8.25%, 08/01/2023		1,905,000		1,828,800
				137,125,643

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Paper & Forest Products - 0.1%
Boise Cascade Co. 5.63%, 09/01/2024 (A)		$   1,860,000		$   1,850,700
Pharmaceuticals - 1.9%
Bausch Health Americas, Inc.
8.50%, 01/31/2027 (A)		1,892,000		2,085,741
9.25%, 04/01/2026 (A)		3,917,000		4,328,285
Bausch Health Cos., Inc.
5.00%, 01/30/2028 (A)		598,000		573,893
5.25%, 01/30/2030 (A)		598,000		592,026
5.50%, 11/01/2025 (A)		1,745,000		1,813,928
5.88%, 05/15/2023 (A)		569,000		564,733
6.13%, 04/15/2025 (A)		6,271,000		6,349,387
6.50%, 03/15/2022 (A)		866,000		883,147
7.00%, 01/15/2028 (A)		1,755,000		1,820,812
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.00%, 07/15/2023 (A)		8,012,000		6,005,795
Endo Finance LLC / Endo Finco, Inc. 5.38%, 01/15/2023 (A)		1,931,000		1,448,250
Par Pharmaceutical, Inc. 7.50%, 04/01/2027 (A)		4,574,000		4,648,327
				31,114,324
Road & Rail - 1.2%
Avolon Holdings Funding, Ltd.
5.13%, 10/01/2023 (A)		3,558,000		3,183,399
5.25%, 05/15/2024 (A) (B)		2,500,000		2,168,550
Hertz Corp.
5.50%, 10/15/2024 (A)		6,240,000		1,283,942
6.00%, 01/15/2028 (A)		8,482,000		1,463,145
6.25%, 10/15/2022		2,029,000		461,597
Park Aerospace Holdings, Ltd. 5.25%, 08/15/2022 (A)		971,000		895,262
Uber Technologies, Inc.
7.50%, 09/15/2027 (A)		8,466,000		8,636,167
8.00%, 11/01/2026 (A)		2,465,000		2,526,650
				20,618,712
Semiconductors & Semiconductor Equipment - 0.2%
Broadcom, Inc. 4.70%, 04/15/2025 (A)		1,275,000		1,405,881
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (A) (B)		1,886,000		1,829,420
				3,235,301
Software - 0.6%
Open Text Corp. 3.88%, 02/15/2028 (A)		4,443,000		4,354,140
Sophia, LP / Sophia Finance, Inc. 9.00%, 09/30/2023 (A)		5,281,000		5,320,607
				9,674,747
Specialty Retail - 1.0%
L Brands, Inc.
5.25%, 02/01/2028		700,000		502,250
6.75%, 07/01/2036		4,032,000		2,903,040
6.88%, 11/01/2035		4,607,000		3,392,595
Sally Holdings LLC / Sally Capital, Inc. 8.75%, 04/30/2025 (A) (B)		5,710,000		5,788,512

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

Transamerica Funds Semi-Annual Report 2020

Page    89

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail (continued)
Staples, Inc. 7.50%, 04/15/2026 (A)		$   5,630,000		$   4,447,700
				17,034,097
Technology Hardware, Storage & Peripherals - 2.3%
Dell International LLC / EMC Corp.
4.90%, 10/01/2026 (A)		2,078,000		2,148,400
5.88%, 06/15/2021 (A)		1,739,000		1,739,000
6.02%, 06/15/2026 (A)		2,070,000		2,247,947
6.20%, 07/15/2030 (A)		2,600,000		2,869,688
7.13%, 06/15/2024 (A)		5,793,000		6,002,707
8.35%, 07/15/2046 (A)		2,901,000		3,623,325
NCR Corp.
5.75%, 09/01/2027 (A)		1,656,000		1,660,140
6.13%, 09/01/2029 (A)		1,935,000		1,920,488
8.13%, 04/15/2025 (A)		3,106,000		3,292,360
Seagate HDD Cayman
4.25%, 03/01/2022 (B)		1,855,000		1,894,567
4.75%, 01/01/2025 (B)		1,318,000		1,359,124
4.88%, 03/01/2024		3,868,000		4,030,245
Western Digital Corp. 4.75%, 02/15/2026 (B)		4,551,000		4,646,252
				37,434,243
Textiles, Apparel & Luxury Goods - 0.1%
Hanesbrands, Inc. 5.38%, 05/15/2025 (A)		1,351,000		1,351,000
Trading Companies & Distributors - 1.5%
United Rentals North America, Inc.
4.00%, 07/15/2030		2,940,000		2,778,300
4.63%, 10/15/2025		2,696,000		2,648,820
5.50%, 07/15/2025 - 05/15/2027		15,203,000		15,384,595
6.50%, 12/15/2026		3,657,000		3,784,995
				24,596,710
Wireless Telecommunication Services - 2.3%
Altice France SA 7.38%, 05/01/2026 (A)		8,459,000		8,839,655
Sprint Corp.
7.13%, 06/15/2024		13,138,000		14,747,668
7.25%, 09/15/2021		3,268,000		3,427,315
7.63%, 03/01/2026		1,850,000		2,186,885
T-Mobile USA, Inc.
4.00%, 04/15/2022		1,493,000		1,526,592
4.50%, 02/01/2026		5,104,000		5,258,651
6.50%, 01/15/2024		1,882,000		1,924,157
				37,910,923
Total Corporate Debt Securities (Cost $1,709,924,079)				1,496,422,879
LOAN ASSIGNMENTS - 1.0%
Communications Equipment - 0.3%
Avaya, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 5.06% (C), 12/15/2024		6,292,801		5,497,208

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure - 0.3%
Connect Finco SARL Term Loan B, 1-Month LIBOR + 4.50%, 0.38%  - 5.50% (C), 12/11/2026		$   5,319,000		$   4,873,534
Software - 0.4%
Infor, Inc. Term Loan B6, 1-Month LIBOR + 2.75%, 3.75% (C), 02/01/2022		6,915,429		6,782,881
Total Loan Assignments (Cost $18,423,778)				17,153,623
	Shares		Value
COMMON STOCKS - 0.2%
Chemicals - 0.2%
Hexion Holdings Corp., Class B (J)		273,716		2,312,900
Electric Utilities - 0.0% (O)
Homer City Generation LLC (H) (J) (K) (L)		270,659		235,203
Software - 0.0% (O)
ASG WT Corp. (J) (K) (L)		1,265		93,243
Total Common Stocks (Cost $22,546,737)				2,641,346
PREFERRED STOCKS - 1.2%
Banks - 1.0%
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 7.48% (B) (C)		741,225		16,714,624
Building Products - 0.2%
Associated Materials Group, Inc., PIK Rate 0.00%, Cash Rate 0.00% (F) (H) (K) (L)		12,492,596		2,817,455
Total Preferred Stocks (Cost $31,145,701)				19,532,079
WARRANT - 0.0%
Building Products - 0.0%
Associated Materials Group, Inc., (G) (H) (J) (K) (L) Exercise Price $0, Expiration Date 11/17/2023		116,602		0
Total Warrant (Cost $16,134)				0
OTHER INVESTMENT COMPANY - 5.0%
Securities Lending Collateral - 5.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (P)		82,744,115		82,744,115
Total Other Investment Company (Cost $82,744,115)				82,744,115

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

Transamerica Funds Semi-Annual Report 2020

Page    90

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 9.3%
Fixed Income Clearing Corp., 0.00% (P), dated 04/30/2020, to be repurchased at $153,596,427 on 05/01/2020. Collateralized by U.S. Government Obligations, 1.88% - 2.38%, due 03/15/2022 - 03/31/2022, and with a total value of $156,671,144.		$  153,596,427		$   153,596,427
Total Repurchase Agreement (Cost $153,596,427)				153,596,427
Total Investments (Cost $2,018,396,971)				1,772,090,469
Net Other Assets (Liabilities) - (7.0)%				(115,982,314	)
Net Assets - 100.0%				$  1,656,108,155

INVESTMENT 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	$	—	$	1,496,422,686	$	193	$	1,496,422,879
Loan Assignments		—		17,153,623		—		17,153,623
Common Stocks		2,312,900		—		328,446		2,641,346
Preferred Stocks		16,714,624		—		2,817,455		19,532,079
Warrant		—		—		0		0
Other Investment Company		82,744,115		—		—		82,744,115
Repurchase Agreement		—		153,596,427		—		153,596,427
Total Investments	$	101,771,639	$	1,667,172,736	$	3,146,094	$	1,772,090,469

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $846,419,265, representing 51.1% 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 $95,762,580, collateralized by cash collateral of $82,744,115 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $15,073,680. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)	Perpetual maturity. The date displayed is the next call date.
(E)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(F)	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately.
(G)	Rounds to less than $1 or $(1).

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

Transamerica Funds Semi-Annual Report 2020

Page    91

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(H) Restricted securities. At April 30, 2020, 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	CSI Compressco, LP / CSI Compressco Finance, Inc. 7.25%, 08/15/2022		7/29/2014 - 1/13/2020	$	6,296,501	$	2,110,422			0.1	%
Corporate Debt Securities	Centene Corp. 3.38%, 02/15/2030		2/5/2020		501,000		504,758			0.0	(O)
Corporate Debt Securities	Centene Corp. 4.25%, 12/15/2027		11/21/2019		1,413,030		1,490,906			0.1
Corporate Debt Securities	Centene Corp. 4.63%, 12/15/2029		11/21/2019		1,024,000		1,121,280			0.1
Common Stocks	Homer City Generation LLC		8/21/2017		13,906,767		235,203			0.0	(O)
Preferred Stocks	Associated Materials Group, Inc., PIK Rate 0.00%, Cash Rate 0.00%		6/30/2017 - 12/31/2019		12,123,225		2,817,455			0.2
Warrant	Associated Materials Group, Inc., 11/17/2023		3/24/2017		16,134		0	(G)		0.0	(O)
Total				$	35,280,657	$	8,280,024			0.5	%

(I)	Security in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2020, the value of this security is $0, representing less than 0.1% of the Fund’s net assets.
(J)	Non-income producing securities.
(K)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2020, the total value of securities is $3,146,094, representing 0.2% of the Fund’s net assets.
(L)	Securities are Level 3 of the fair value hierarchy.
(M)	Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring.
(N)	Securities in default; partial receipt of interest payments and/or dividends declared at last payment date. At April 30, 2020, the total value of such securities is $342,505, representing less than 0.1% of the Fund’s net assets.
(O)	Percentage rounds to less than 0.1% or (0.1)%.
(P)	Rates disclosed reflect the yields at April 30, 2020.
(Q)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment 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 Semi-Annual Report 2020

Page    92

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 1.0%
Construction & Engineering - 0.4%
CalAtlantic Group, Inc. 5.88%, 11/15/2024		$  350,000		$  343,000
Food & Staples Retailing - 0.5%
Ingles Markets, Inc. 5.75%, 06/15/2023		416,000		416,000
Oil, Gas & Consumable Fuels - 0.1%
Marathon Petroleum Corp. 5.13%, 04/01/2024		40,000		39,331
Total Corporate Debt Securities (Cost $793,484)				798,331
MUNICIPAL GOVERNMENT OBLIGATIONS - 95.7%
Alabama - 0.7%
Alabama Industrial Development Authority, Revenue Bonds, 6.45%, 12/01/2023		175,000		171,773
County of Perry, General Obligation Unlimited Series A, 5.50%, 12/01/2040		50,000		47,892
Series B,
7.38%, 12/01/2030		345,000		348,008
				567,673
Arizona - 3.0%
Arizona Industrial Development Authority, Revenue Bonds, Series B, 3.82%, 07/01/2044		400,000		391,412
Industrial Development Authority of the City of Phoenix, Revenue Bonds, 4.63%, 07/01/2026 (A)		600,000		601,908
Industrial Development Authority of the County of Pima, Revenue Bonds, 6.95%, 07/01/2041		150,000		150,146
La Paz County Industrial Development Authority, Revenue Bonds, 5.88%, 06/15/2048 (A)		500,000		450,655
Maricopa County Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2036		110,000		116,351
Tempe Industrial Development Authority, Revenue Bonds, Series B, 5.35%, 10/01/2025 (A)		750,000		742,342
				2,452,814
Arkansas - 0.0% (B)
Saline County Property Owners Improvement District No. 49, General Obligation Limited, Series A, 5.75%, 02/01/2036		15,000		15,005
California - 7.0%
California County Tobacco Securitization Agency, Revenue Bonds
5.70% (C), 06/01/2046		260,000		260,000
5.75%, 06/01/2029		15,000		15,001
5.88%, 06/01/2035		180,000		180,016
Series A,
5.88%, 06/01/2043		45,000		45,004

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Municipal Finance Authority, Revenue Bonds 4.00%, 08/15/2020 (A)		$   250,000		$   251,840
Series A,
5.50%, 06/01/2038 (A)		700,000		685,846
California Public Finance Authority, Revenue Bonds, 5.00%, 06/15/2049 (A)		250,000		224,608
California Statewide Communities Development Authority, Revenue Bonds 5.00%, 11/01/2048		610,000		626,659
Series A,
5.25%, 12/01/2056 (A)		500,000		499,095
Series B,
6.00%, 12/01/2024		210,000		219,337
California Statewide Financing Authority, Revenue Bonds
Series A,
5.63%, 05/01/2029		20,000		20,053
Series B,
6.00%, 05/01/2037		55,000		55,144
Cypress School District, General Obligation Unlimited, Zero Coupon (C), 08/01/2050		100,000		88,821
Golden State Tobacco Securitization Corp., Revenue Bonds, Series A-1, 5.00%, 06/01/2047		2,000,000		1,943,860
Palomar Health, Revenue Bonds, 5.00%, 11/01/2028		45,000		51,546
Tobacco Securitization Authority of Northern California, Revenue Bonds, Series A-1, 4.75%, 06/01/2023		60,000		60,000
Upland Community Facilities District, Special Tax, Series A, 3.50%, 09/01/2049		600,000		523,980
				5,750,810
Colorado - 8.7%
Aerotropolis Regional Transportation Authority, Revenue Bonds, 5.00%, 12/01/2051		290,000		254,672
Brighton Crossing Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2047		500,000		463,370
Bromley Park Metropolitan District No. 2, General Obligation Limited, Series B, 6.38%, 12/15/2047		937,000		853,513
Colorado Health Facilities Authority, Revenue Bonds, Series A, 5.00%, 09/15/2053		250,000		253,568
Colorado International Center Metropolitan District No. 14, General Obligation Limited, 5.88%, 12/01/2046		1,000,000		893,050

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

Transamerica Funds Semi-Annual Report 2020

Page    93

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Denver Connection West Metropolitan District, General Obligation Limited, Series A, 5.38%, 08/01/2047		$   500,000		$   452,700
Denver International Business Center Metropolitan District No. 1, General Obligation Limited, 6.00%, 12/01/2048		500,000		454,490
High Plains Metropolitan District, General Obligation Unlimited, NATL, 4.00%, 12/01/2047		390,000		419,858
Painted Prairie Metropolitain District No. 2, General Obligation Limited, 5.25%, 12/01/2048		2,000,000		1,771,260
Painted Prairie Public Improvement Authority, Revenue Bonds, 5.00%, 12/01/2049		1,000,000		846,520
Park 70 Metropolitan District, General Obligation Unlimited, AGM, 4.00%, 12/01/2048		250,000		270,120
Public Authority for Colorado Energy, Revenue Bonds, 6.50%, 11/15/2038		60,000		84,526
Town of Frisco Marina Enterprise Revenue, Revenue Bonds, 5.00%, 12/01/2048		150,000		156,203
				7,173,850
Connecticut - 0.9%
Connecticut State Health & Educational Facilities Authority, Revenue Bonds Series J, 5.00%, 07/01/2037 - 07/01/2042		715,000		720,321
South Central Connecticut Regional Water Authority, Revenue Bonds, AGM, 4.50%, 08/01/2038		10,000		10,020
				730,341
Delaware - 1.0%
Delaware State Economic Development Authority, Revenue Bonds, 5.00%, 08/01/2054		835,000		842,724
District of Columbia - 0.2%
District of Columbia, Revenue Bonds, Series B, 5.00%, 07/01/2048		100,000		102,990
District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds 6.50%, 05/15/2033		10,000		10,310
Series A,
Zero Coupon, 06/15/2046		100,000		16,701
				130,001
Florida - 1.6%
County of Lake, Revenue Bonds, 5.00%, 01/15/2054 (A)		825,000		718,979

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Northern Palm Beach County Improvement District, Special Assessment
4.50%, 08/01/2031		$   50,000		$   49,997
5.13%, 08/01/2022		10,000		10,210
Santa Rosa Bay Bridge Authority, Revenue Bonds, ACA-CBI, NATL-IBC, Zero Coupon, 07/01/2020		19,271		19,174
Sarasota National Community Development District, Special Assessment, 5.30%, 05/01/2039		25,000		25,000
St. Johns County Industrial Development Authority, Revenue Bonds, Series A, Fixed until 08/01/2024, 4.13% (D), 08/01/2047		500,000		463,365
				1,286,725
Georgia - 0.0% (B)
Atlanta Development Authority, Revenue Bonds, Series A, ACA, 6.25%, 07/01/2036		20,000		19,777
Hawaii - 0.4%
State of Hawaii, General Obligation Unlimited, 5.00%, 06/01/2026		30,000		30,092
State of Hawaii Department of Transportation, Revenue Bonds, 5.63%, 11/15/2027		295,000		294,994
				325,086
Idaho - 1.9%
Idaho Housing & Finance Association, Revenue Bonds Series A,
5.00%, 06/01/2035		285,000		299,555
6.00%, 07/01/2049 - 07/01/2054 (A)		1,155,000		1,235,142
				1,534,697
Illinois - 13.6%
Chicago Board of Education, General Obligation Unlimited Series A,
5.50%, 12/01/2039		25,000		24,589
Series A, AGM,
5.00%, 12/01/2035		550,000		639,787
City of Belleville, Revenue Bonds, Series B, 7.88%, 05/01/2029		5,000		3,683
City of Chicago, General Obligation Unlimited 7.52%, 01/01/2040		205,000		220,078
Series A,
5.00%, 01/01/2044		1,000,000		932,380
Series B,
5.43%, 01/01/2042		1,450,000		1,248,812
6.21%, 01/01/2032		250,000		279,178
Series C,
Zero Coupon, 01/01/2024		145,000		122,270
5.00%, 01/01/2026 - 01/01/2038		1,010,000		973,965

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

Transamerica Funds Semi-Annual Report 2020

Page    94

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Chicago Waterworks Revenue, Revenue Bonds, 5.00%, 11/01/2026		$   40,000		$   41,827
Cook County Community College District No. 508, General Obligation Unlimited, 5.50%, 12/01/2038		500,000		505,365
Cook County School District No. 132, General Obligation Limited, Series A, AGM, 4.20%, 12/01/2027		361,000		408,255
Illinois Finance Authority, Revenue Bonds 4.00%, 08/01/2032		440,000		411,990
Series A,
5.00%, 07/01/2020 - 11/01/2049		800,000		683,240
Lombard Public Facilities Corp., Revenue Bonds, Series A-2, ACA-CBI, 5.50%, 01/01/2025 (A)		50,000		49,406
Metropolitan Pier & Exposition Authority, Revenue Bonds, Series B, 5.00%, 06/15/2052		45,000		40,667
South Sangamon Water Commission, General Obligation Unlimited, 6.13%, 01/01/2041		35,000		35,133
Southern Illinois University, Certificate of Participation Series A-1, BAM, 4.50%, 02/15/2031 - 02/15/2032		125,000		127,659
Southern Illinois University, Revenue Bonds Series A, AGM, 4.50%, 04/01/2027		25,000		25,061
Series A, NATL,
Zero Coupon, 04/01/2026 - 04/01/2027		175,000		146,686
Series B1,
4.00%, 04/01/2035		20,000		16,901
State of Illinois, General Obligation Unlimited
Zero Coupon (C), 06/01/2033		680,000		694,402
4.13%, 03/01/2028		30,000		27,830
5.00%, 07/01/2021 - 08/01/2021		30,000		30,060
6.63%, 02/01/2035		25,000		25,380
6.75%, 03/01/2029		115,000		139,565
7.10%, 07/01/2035		155,000		163,263
7.35%, 07/01/2035		20,000		21,001
Series A,
5.00%, 12/01/2034 - 05/01/2041		635,000		588,772
Village of Oak Lawn, General Obligation Unlimited 5.23%, 12/01/2024		600,000		585,930
Series A,
3.35%, 12/01/2026		315,000		319,120
Village of Rosemont, General Obligation Unlimited, Series A, AGC, 6.00%, 12/01/2035		15,000		18,421
Western Illinois Economic Development Authority, Revenue Bonds, 4.00%, 06/01/2036		1,480,000		1,489,413

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Western Illinois University, Certificate of Participation
6.00%, 10/01/2025		$   15,000		$   14,837
6.38%, 10/01/2029		30,000		29,381
Will County Community High School District No. 210, General Obligation Unlimited
Series A,
3.25%, 01/01/2030		45,000		44,082
3.38%, 01/01/2033		25,000		24,007
5.00%, 01/01/2027		55,000		58,177
				11,210,573
Indiana - 2.3%
East Chicago Sanitary District, Revenue Bonds, 4.00%, 07/15/2031		1,320,000		1,418,393
Hamilton County Redevelopment Commission, Tax Allocation, 5.00%, 02/01/2025		65,000		65,028
Indiana Finance Authority, Revenue Bonds
5.00%, 10/01/2044		420,000		430,193
6.00%, 12/01/2026		10,000		8,907
Series A,
4.00%, 11/15/2026		15,000		14,839
				1,937,360
Iowa - 0.7%
Iowa Tobacco Settlement Authority, Revenue Bonds Series A,
6.50%, 06/01/2023		100,000		100,003
Series C,
5.38%, 06/01/2038		145,000		146,344
5.50%, 06/01/2042		100,000		100,927
5.63%, 06/01/2046		215,000		216,993
				564,267
Kansas - 0.2%
Kansas Rural Water Finance Authority, Revenue Bonds, 4.25%, 03/01/2038		25,000		25,318
Wyandotte County Unified Government Special Obligation Revenue, Revenue Bonds, NATL, Zero Coupon, 12/01/2027		175,000		123,366
				148,684
Kentucky - 0.4%
County of Ohio, Revenue Bonds, Series A, 6.00%, 07/15/2031		290,000		290,629
Edmonson County Industrial Building Revenue, Revenue Bonds, 5.00%, 03/01/2027		20,000		19,670
Kentucky Area Development Districts, Certificate of Participation, Series M, 5.35%, 12/01/2028		25,000		25,001
				335,300

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

Transamerica Funds Semi-Annual Report 2020

Page    95

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Louisiana - 0.5%
Louisiana Public Facilities Authority, Revenue Bonds, 5.00%, 05/15/2024		$   30,000		$   33,372
St. Tammany Parish Hospital Service District No. 1, Revenue Bonds, Series A, 4.00%, 07/01/2043		330,000		344,553
				377,925
Massachusetts - 0.6%
Massachusetts Development Finance Agency, Revenue Bonds
5.00%, 07/01/2022 - 10/01/2049		515,000		510,124
Series I,
5.00%, 07/01/2023		20,000		21,804
				531,928
Michigan - 1.9%
County of Wayne, Revenue Bonds, 9.25%, 12/01/2025		240,000		243,175
Dearborn Brownfield Redevelopment Authority, General Obligation Limited, Series A, AGC, 5.50%, 05/01/2039		25,000		25,077
Detroit Local Development Finance Authority, Tax Allocation, Series A, ACA-CBI, 5.50%, 05/01/2021		50,000		50,058
Michigan Finance Authority, Revenue Bonds, 5.00%, 07/01/2021		50,000		51,462
Michigan Tobacco Settlement Finance Authority, Revenue Bonds
Series A,
5.13%, 06/01/2022		555,000		555,344
5.25%, 06/01/2022		15,000		15,010
6.00%, 06/01/2034 - 06/01/2048		690,000		672,665
				1,612,791
Minnesota - 4.7%
City of Deephaven, Revenue Bonds, Series A, 5.25%, 07/01/2037		80,000		82,507
City of Ham Lake, Revenue Bonds, Series A, 4.00%, 07/01/2028		375,000		354,926
City of International Falls, Revenue Bonds, 5.65%, 12/01/2022		65,000		63,315
City of Minneapolis, Revenue Bonds, Series A, 5.00%, 07/01/2047		200,000		183,860
City of Morris, Revenue Bonds, 2.55%, 08/01/2020		65,000		64,630
Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds
Series A,
4.00%, 09/01/2031		200,000		200,490
4.50%, 07/01/2028		650,000		617,533
5.00%, 07/01/2036 - 12/01/2050		1,765,000		1,664,636
Series B,
5.25%, 04/01/2043		400,000		376,140

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
Township of Baytown, Revenue Bonds
Series A,
4.00%, 08/01/2041		$   200,000		$   172,584
4.25%, 08/01/2046		120,000		103,922
				3,884,543
Mississippi - 0.1%
Mississippi Development Bank, Revenue Bonds, Series A, 3.25%, 06/01/2021		55,000		54,846
Mississippi Home Corp., Revenue Bonds, Series 3A, GNMA, 5.55%, 08/20/2049		5,000		4,900
				59,746
Missouri - 0.1%
Health & Educational Facilities Authority, Revenue Bonds, 4.25%, 12/01/2042 (A) (E)		75,000		76,126
Montana - 0.2%
City of Forsyth, Revenue Bonds, Series A, Fixed until 03/01/2031, 3.90% (D)		135,000		141,942
Lewistown Special Improvement District No. 2005, Special Assessment, 4.60%, 07/01/2022		25,000		24,937
				166,879
Nevada - 0.2%
City of Reno, Special Assessment, 7.25%, 12/01/2025		40,000		40,021
County of Clark, Special Assessment, 4.00%, 08/01/2022		165,000		165,261
				205,282
New Jersey - 3.1%
Essex County Improvement Authority, Revenue Bonds Series A,
5.00%, 12/01/2035 (F)		500,000		450,000
5.13%, 12/01/2045 (F)		30,000		27,000
New Jersey Economic Development Authority, Revenue Bonds
Series A,
5.13%, 09/01/2052 (A)		760,000		671,376
Series B,
6.50%, 04/01/2031 (E)		10,000		10,057
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 5.00%, 07/01/2030		40,000		43,864
Tobacco Settlement Financing Corp., Revenue Bonds, Series B, 5.00%, 06/01/2046		1,320,000		1,327,036
				2,529,333
New Mexico - 0.5%
Artesia Hospital District, General Obligation Unlimited, 4.00%, 08/01/2023		400,000		395,244

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

Transamerica Funds Semi-Annual Report 2020

Page    96

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York - 5.4%
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds, Series A, 5.00%, 08/01/2052		$   500,000		$   440,095
New York City Industrial Development Agency, Revenue Bonds FGIC,
CPI + 0.89%, 3.23% (D), 03/01/2027 NATL,		20,000		20,100
4.75%, 03/01/2046		135,000		132,978
New York Counties Tobacco Trust I, Revenue Bonds, Series B, 6.50%, 06/01/2035		15,000		14,717
New York Counties Tobacco Trust IV, Revenue Bonds Series A, 5.00%, 06/01/2038 - 06/01/2045		315,000		297,719
New York Counties Tobacco Trust VI, Revenue Bonds Series A,
5.00%, 06/01/2045		850,000		851,292
Series C,
3.75%, 06/01/2045		1,760,000		1,390,065
New York State Dormitory Authority, Revenue Bonds, AMBAC, 5.25%, 07/01/2025		100,000		115,080
Port Authority of New York & New Jersey, Revenue Bonds AGM-CR,
6.50%, 12/01/2028		50,000		50,772
NATL,
5.75%, 12/01/2022		660,000		660,898
Village of Brewster, General Obligation Unlimited, 5.00%, 05/01/2033		50,000		60,685
Yonkers Economic Development Corp., Revenue Bonds, 5.00%, 10/15/2054		465,000		422,597
				4,456,998
Ohio - 5.1%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series B-2, Class 2,
5.00%, 06/01/2055		1,500,000		1,335,015
Series B-3, Class 2,
Zero Coupon, 06/01/2057		2,000,000		210,180
Cardinal Local School District, Certificate of Participation, 5.25%, 04/01/2038		1,410,000		1,201,123
City of Cleveland, Revenue Bonds, 5.38%, 09/15/2027 (E)		20,000		19,698
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Series A, 7.05%, 11/15/2040 (A) (E)		95,000		95,086

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
County of Greene, Revenue Bonds, Series A, ACA, 5.10%, 09/01/2029		$   100,000		$   99,773
County of Hamilton, Revenue Bonds, 5.00%, 01/01/2036		100,000		96,108
County of Montgomery, Revenue Bonds, 6.00%, 04/01/2038 (A)		2,000,000		1,166,200
				4,223,183
Oregon - 1.0%
Oregon State Facilities Authority, Revenue Bonds, Series B, 6.75%, 06/15/2022 (A)		160,000		162,122
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Series B, 5.00%, 11/01/2039 (A)		600,000		685,464
				847,586
Pennsylvania - 1.1%
Blythe Township Solid Waste Authority, Revenue Bonds, 7.75%, 12/01/2037		565,000		595,979
Cumberland County Municipal Authority, Revenue Bonds, 5.00%, 01/01/2039		150,000		152,082
Dallas Area Municipal Authority, Revenue Bonds, 5.00%, 05/01/2048		115,000		108,730
Montgomery County Industrial Development Authority, Revenue Bonds, Series A, 4.25%, 01/15/2029		60,000		62,802
Susquehanna Area Regional Airport Authority, Revenue Bonds, Series B, 9.88%, 01/01/2034		10,000		13,256
				932,849
Puerto Rico - 14.1%
Children’s Trust Fund, Revenue Bonds
5.38%, 05/15/2033		25,000		25,123
5.50%, 05/15/2039		55,000		55,271
5.63%, 05/15/2043		45,000		45,176
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC-ICC,
5.50%, 07/01/2022		100,000		104,351
AGM,
5.13%, 07/01/2030		270,000		271,174
AGM-CR,
4.50%, 07/01/2023		75,000		75,059
5.00%, 07/01/2028		30,000		30,174
Series A, AGC-ICC,
5.00%, 07/01/2022 - 07/01/2033		620,000		623,939
5.25%, 07/01/2030		55,000		55,245
5.50%, 07/01/2029		245,000		268,437
Series A, AGM,
4.13%, 07/01/2023 - 07/01/2024		50,000		50,677

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

Transamerica Funds Semi-Annual Report 2020

Page    97

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico, General Obligation Unlimited (continued)
5.00%, 07/01/2035		$   265,000		$   267,221
5.38%, 07/01/2025		200,000		205,844
Series A-4, AGM,
5.00%, 07/01/2031		170,000		170,722
Series B, AGC-ICC,
5.00%, 07/01/2035		400,000		400,072
Series C, AGM,
5.25%, 07/01/2026 - 07/01/2027		160,000		161,240
5.38%, 07/01/2028		30,000		30,182
5.50%, 07/01/2032		145,000		145,448
5.75%, 07/01/2037		650,000		654,537
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds Series A, AGC,
5.00%, 07/01/2028		195,000		196,131
5.13%, 07/01/2047		390,000		390,004
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, AGC,
4.50%, 07/01/2036		770,000		754,107
5.00%, 07/01/2027		210,000		211,340
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
3.63%, 07/01/2023		320,000		320,045
3.65%, 07/01/2024		205,000		205,006
Series RR, AGC,
5.00%, 07/01/2028		270,000		271,566
Series SS, AGM,
5.00%, 07/01/2030		110,000		110,469
Series TT, AGC-ICC,
5.00%, 07/01/2032		265,000		265,721
Series TT, AGM-CR,
5.00%, 07/01/2027		25,000		25,160
Series UU, AGC,
4.25%, 07/01/2027		365,000		365,058
5.00%, 07/01/2026		165,000		165,134
Series UU, AGM,
5.00%, 07/01/2020 - 07/01/2024		490,000		492,837
Series V, AGM,
5.25%, 07/01/2027		70,000		75,576
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		55,000		55,319
Series AA, AGC-ICC,
5.00%, 07/01/2035		85,000		85,015
Series AA, AGM,
4.95%, 07/01/2026		165,000		166,011
Series CC, AGM,
5.25%, 07/01/2033 - 07/01/2036		290,000		309,108
Series CC, AGM-CR,
5.50%, 07/01/2029		75,000		82,550
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		580,000		582,620

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Highway & Transportation Authority, Revenue Bonds (continued)
Series E, AGM,
5.50%, 07/01/2023		$   150,000		$   159,443
Series I, AGC-ICC, FGIC,
5.00%, 07/01/2026		305,000		305,247
Series K, AGC-ICC,
4.40%, 07/01/2025		30,000		30,014
5.00%, 07/01/2030		30,000		30,128
Series M, AGC-ICC,
5.00%, 07/01/2032		160,000		160,235
Series N, AGC,
5.25%, 07/01/2036		120,000		127,488
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2026		265,000		289,001
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.75%, 08/01/2022		140,000		140,403
5.00%, 08/01/2021 - 08/01/2030		990,000		995,136
Series A, AGM-CR,
4.75%, 08/01/2025		60,000		60,043
Puerto Rico Public Buildings Authority, Revenue Bonds
Series I, AGC-ICC,
5.00%, 07/01/2036		275,000		275,044
Series K, AGM,
5.25%, 07/01/2027		190,000		191,248
Series L, AGM-CR,
5.50%, 07/01/2021		65,000		65,961
				11,598,060
South Carolina - 0.4%
County of Lancaster, Special Assessment, Series A, 3.13%, 12/01/2022		350,000		341,485
Tennessee - 0.1%
Tennessee Housing Development Agency, Revenue Bonds, 3.05%, 07/01/2027		95,000		101,566
Texas - 5.9%
Bexar County Health Facilities Development Corp., Revenue Bonds, 5.00%, 07/15/2042		700,000		659,666
Cameron Education Corp., Revenue Bonds, Series A, ACA, 5.25%, 08/15/2036		40,000		37,819
City of Dallas, Revenue Bonds, AGC, 5.25%, 08/15/2034		35,000		35,104
City of Houston Airport System Revenue, Revenue Bonds, 5.00%, 07/01/2029		150,000		148,579
Dawson County Hospital District, General Obligation Limited, NATL, 4.00%, 02/15/2031		430,000		413,183

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

Transamerica Funds Semi-Annual Report 2020

Page    98

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Harris County-Houston Sports Authority, Revenue Bonds, NATL, Zero Coupon, 11/15/2023		$   10,000		$   9,028
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
5.00%, 04/01/2031 - 01/01/2055		1,985,000		1,564,565
Series A,
3.38%, 08/15/2021 (A)		495,000		486,075
Series A1,
5.00%, 07/01/2046		5,000		4,344
Series D,
6.00%, 07/01/2026		105,000		95,548
Newark Higher Education Finance Corp., Revenue Bonds, 5.00%, 06/15/2048		50,000		48,121
Port Beaumont Navigation Disctrict Dock and Wharf Facility Revenue, Revenue Bonds, 4.00%, 01/01/2050 (A)		1,000,000		739,770
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 5.00%, 08/15/2036		435,000		407,321
Texas State Student Housing Corp., Revenue Bonds, 6.75%, 07/01/2021		5,000		4,979
Van Alstyne Economic Development Corp., Revenue Bonds, 4.00%, 08/15/2031		240,000		219,708
				4,873,810
U.S. Virgin Islands - 0.0% (B)
Virgin Islands Public Finance Authority, Revenue Bonds, NATL, 4.00%, 10/01/2020		5,000		5,009
Utah - 0.5%
Utah Charter School Finance Authority, Revenue Bonds, 5.00%, 04/15/2030 (A)		420,000		411,302
Virginia - 0.7%
Buena Vista Public Recreational Facilities Authority, Revenue Bonds, Series A, ACA, 5.50%, 07/15/2035 (F)		50,000		39,317
Buena Vista Public Service Authority, Revenue Bonds
Series A,
5.13%, 01/01/2023		20,000		20,016
6.00%, 01/01/2027		50,000		50,035
Henrico County Economic Development Authority, Revenue Bonds, Series C, 5.00%, 12/01/2047		375,000		326,996
Tobacco Settlement Financing Corp., Revenue Bonds, Series B1, 5.00%, 06/01/2047		190,000		179,210
				615,574

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Washington - 0.1%
King County Housing Authority, Revenue Bonds, 2.15%, 05/01/2020		$   65,000		$   65,000
West Virginia - 0.1%
Tobacco Settlement Finance Authority, Revenue Bonds, Series A, 7.47%, 06/01/2047		100,000		95,662
Wisconsin - 6.7%
Public Finance Authority, Revenue Bonds
5.00%, 04/01/2022 (E)		25,000		25,275
5.00%, 04/01/2050 (A)		135,000		119,200
5.00%, 06/15/2053		200,000		208,582
Series A,
5.00%, 06/15/2049 (A)		90,000		75,203
Series A, AGM,
4.00%, 07/01/2059		1,000,000		1,024,400
5.00%, 07/01/2054 - 07/01/2058		2,145,000		2,367,732
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
5.00%, 08/01/2039		500,000		422,145
Class B,
4.38%, 07/01/2038		850,000		656,871
Class C,
7.00%, 07/01/2043		750,000		609,833
				5,509,241
Total Municipal Government Obligations (Cost $83,611,904)				78,942,809
REPURCHASE AGREEMENT - 6.9%
Fixed Income Clearing Corp., 0.00% (G), dated 04/30/2020, to be repurchased at $5,671,816 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $5,785,359.		5,671,816		5,671,816
Total Repurchase Agreement (Cost $5,671,816)				5,671,816
Total Investments (Cost $90,077,204)				85,412,956
Net Other Assets (Liabilities) - (3.6)%				(2,976,120	)
Net Assets - 100.0%				$  82,436,836

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

Transamerica Funds Semi-Annual Report 2020

Page    99

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT 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	$	—	$	798,331	$	—	$	798,331
Municipal Government Obligations		—		78,942,809		—		78,942,809
Repurchase Agreement		—		5,671,816		—		5,671,816
Total Investments	$	—	$	85,412,956	$	—	$	85,412,956

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $10,147,745, representing 12.3% of the Fund’s net assets.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of April 30, 2020; the maturity dates disclosed are the ultimate maturity dates.
(D)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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)	Restricted securities. At April 30, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	Health & Educational Facilities Authority Revenue Bonds 4.25%, 12/01/2042		09/10/2019	$	78,020	$	76,126		0.1	%
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series B 6.50%, 04/01/2031		01/22/2015		10,535		10,057		0.0	(B)
Municipal Government Obligations	City of Cleveland Revenue Bonds 5.38%, 09/15/2027		07/27/2015		20,062		19,698		0.0	(B)
Municipal Government Obligations	Cleveland-Cuyahoga County Port Authority Revenue Bonds Series A 7.05%, 11/15/2040		04/11/2014		92,766		95,086		0.1
Municipal Government Obligations	Public Finance Authority Revenue Bonds 5.00%, 04/01/2022		05/01/2017		25,171		25,275		0.1
Total				$	226,554	$	226,242		0.3	%

(F)	Securities in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2020, the total value of such securities is $516,317, representing 0.6% of the Fund’s net assets.
(G)	Rate disclosed reflects the yield at April 30, 2020.
(H)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    100

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

MUNICIPAL INSURER ABBREVIATIONS:

ACA	ACA Financial Guaranty Corp.
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
BAM	Build America Mutual Assurance Co.
FGIC	Financial Guaranty Insurance Co.
GNMA	Government National Mortgage Association
NATL	National Public Finance Guarantee Corp.

PORTFOLIO ABBREVIATIONS:

CBI	Certificates of Bond Insurance
CPI	Consumer Price Index
CR	Custodial Receipts
IBC	Insured Bond Certificate
ICC	Insured Custody Certificate

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

Transamerica Funds Semi-Annual Report 2020

Page    101

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITY - 0.4%
STORE Master Funding I-VII Series 2018-1A, Class A1, 3.96%, 10/20/2048 (A)		$  387,603		$  388,147
Total Asset-Backed Security (Cost $387,503)				388,147
CORPORATE DEBT SECURITIES - 22.6%
Aerospace & Defense - 0.2%
L3 Harris Technologies, Inc. 2.90%, 12/15/2029		195,000		199,065
Banks - 11.7%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% (B), 05/14/2020 (C)		726,000		629,086
Bank of America Corp.
CPI-YoY + 1.10%, 3.59% (B), 11/19/2024, MTN		1,000,000		1,018,750
4.18%, 11/25/2027, MTN		528,000		575,620
Fixed until 04/24/2037, 4.24% (B), 04/24/2038		782,000		913,189
Barclays Bank PLC CPI-YoY + 1.00%, 3.49% (B), 05/22/2023, MTN		2,600,000		2,484,300
BBVA Bancomer SA Fixed until 01/17/2028, 5.13% (B), 01/18/2033 (A)		321,000		276,863
Citigroup, Inc. 4.65%, 07/23/2048		1,380,000		1,695,743
Corestates Capital II 3-Month LIBOR + 0.65%, 1.87% (B), 01/15/2027 (A)		269,000		236,144
Credit Agricole SA Fixed until 01/10/2028, 4.00% (B), 01/10/2033 (A)		701,000		735,034
Danske Bank A/S Fixed until 12/20/2024, 3.24% (B), 12/20/2025 (A)		200,000		200,077
Royal Bank of Scotland Group PLC
Fixed until 03/08/2022, 2.00% (B), 03/08/2023, MTN (D)		EUR  800,000		879,748
Fixed until 11/01/2024, 3.75% (B), 11/01/2029		$  381,000		380,030
Fixed until 06/25/2023, 4.52% (B), 06/25/2024		736,000		779,763
Truist Bank 2.25%, 03/11/2030		266,000		258,862
UniCredit SpA
Fixed until 06/19/2027, 5.86% (B), 06/19/2032 (A) (E)		201,000		196,504
Fixed until 04/02/2029, 7.30% (B), 04/02/2034 (A)		211,000		226,648
Zions Bancorp NA 3.25%, 10/29/2029		288,000		263,206
				11,749,567
Capital Markets - 1.2%
Goldman Sachs Group, Inc. Fixed until 11/10/2022 (C), 5.00% (B) (E)		702,000		635,310

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Morgan Stanley
CPI-YoY + 2.00%, 3.54% (B), 06/09/2023, MTN		$   442,000		$   440,342
CPI-YoY + 2.00%, 4.49% (B), 04/25/2023, MTN		201,000		198,488
				1,274,140
Chemicals - 0.4%
Dow Chemical Co. 4.80%, 05/15/2049		410,000		469,042
Food Products - 0.5%
General Mills, Inc. 2.88%, 04/15/2030		99,000		105,913
Smithfield Foods, Inc. 5.20%, 04/01/2029 (A)		371,000		386,450
				492,363
Insurance - 1.2%
Genworth Holdings, Inc. 3-Month LIBOR + 2.00%, 3.69% (B), 11/15/2066		1,350,000		506,250
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 3.82% (B), 02/12/2067 (A)		898,000		700,440
				1,206,690
Machinery - 0.2%
CNH Industrial NV 3.85%, 11/15/2027, MTN		180,000		179,366
Metals & Mining - 1.8%
Glencore Funding LLC 4.00%, 04/16/2025 (A)		226,000		227,774
Newcrest Finance Pty, Ltd. 5.75%, 11/15/2041 (A)		446,000		541,230
Newmont Corp. 2.25%, 10/01/2030		303,000		300,027
Steel Dynamics, Inc. 3.45%, 04/15/2030		65,000		61,862
Teck Resources, Ltd. 6.13%, 10/01/2035		684,000		684,278
				1,815,171
Multi-Utilities - 0.2%
WEC Energy Group, Inc. 3-Month LIBOR + 2.11%, 3.80% (B), 05/15/2067		219,000		178,568
Oil, Gas & Consumable Fuels - 4.0%
Apache Corp. 4.25%, 01/15/2030 (E)		630,000		485,008
BP Capital Markets America, Inc. 3.00%, 02/24/2050		533,000		502,646
Cenovus Energy, Inc. 4.25%, 04/15/2027 (E)		397,000		312,279
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/2029 (A)		99,000		90,579
Enable Midstream Partners, LP 4.95%, 05/15/2028		253,000		194,417
Enbridge, Inc. Fixed until 07/15/2027, 5.50% (B), 07/15/2077		731,000		640,729

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

Transamerica Funds Semi-Annual Report 2020

Page    102

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Operating, LP
5.80%, 06/15/2038		$   315,000		$   299,616
Fixed until 02/15/2023 (C), 6.25% (B)		691,000		483,700
EnLink Midstream LLC 5.38%, 06/01/2029		106,000		65,720
EnLink Midstream Partners, LP Fixed until 12/15/2022 (C), 6.00% (B)		133,000		35,910
Enterprise Products Operating LLC Fixed until 08/16/2027, 5.25% (B), 08/16/2077		243,000		218,627
MPLX, LP
4.25%, 12/01/2027 (A)		346,000		332,685
Fixed until 02/15/2023 (C), 6.88% (B)		348,000		250,219
Noble Energy, Inc. 3.85%, 01/15/2028		113,000		90,273
				4,002,408
Transportation Infrastructure - 1.1%
Heathrow Funding, Ltd. 1.37%, 03/28/2032 (D)		GBP  550,525		818,417
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.35%, 11/01/2029 (A)		$  264,000		271,960
				1,090,377
Wireless Telecommunication Services - 0.1%
T-Mobile USA, Inc. 4.38%, 04/15/2040 (A)		116,000		131,674
Total Corporate Debt Securities (Cost $24,349,668)				22,788,431
FOREIGN GOVERNMENT OBLIGATIONS - 18.9%
Australia - 2.9%
Australia Government Bond 0.75%, 11/21/2027 (D)		AUD  4,150,000		2,961,829
Canada - 3.0%
Canada Government Real Return Bond 4.25%, 12/01/2021		CAD  4,051,418		3,051,712
Italy - 2.1%
Italy Buoni Poliennali del Tesoro 0.55%, 05/21/2026 (A) (D)		EUR  1,995,720		2,085,925
Japan - 2.8%
Japan Government CPI Linked Bond 0.10%, 03/10/2028 - 03/10/2029		JPY  307,721,100		2,850,176
Mexico - 2.7%
Mexico Udibonos
Series S,
2.50%, 12/10/2020		MXN  17,638,662		724,524
4.50%, 12/04/2025		45,062,276		2,011,919
				2,736,443
New Zealand - 3.4%
New Zealand Government Inflation-Linked Bond 2.00%, 09/20/2025 (D)		NZD  4,500,000		3,371,650
Spain - 0.0%
Spain Government Inflation-Linked Bond 0.30%, 11/30/2021		EUR  2,100		2,319

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Kingdom - 2.0%
U.K. Gilt Inflation-Linked 0.13%, 03/22/2029 - 03/22/2044 (D)		GBP  903,633		$   1,959,949
Total Foreign Government Obligations (Cost $21,033,803)				19,020,003
U.S. GOVERNMENT AGENCY OBLIGATION - 1.1%
Federal Home Loan Banks 3.25%, 11/16/2028 (E)		$  1,000,000		1,185,791
Total U.S. Government Agency Obligation (Cost $1,130,873)				1,185,791
U.S. GOVERNMENT OBLIGATIONS - 54.2%
U.S. Treasury - 2.1%
U.S. Treasury Note 1.50%, 02/15/2030		2,000,000		2,166,094
U.S. Treasury Inflation-Protected Securities - 52.1%
U.S. Treasury Inflation-Indexed Bond
0.75%, 02/15/2045		2,526,343		3,077,837
1.00%, 02/15/2046		2,074,078		2,691,241
1.38%, 02/15/2044		2,441,604		3,317,227
2.13%, 02/15/2040		837,690		1,220,881
2.38%, 01/15/2025		2,881,620		3,244,683
3.38%, 04/15/2032		1,748,652		2,541,396
3.88%, 04/15/2029		2,045,407		2,820,171
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2021 - 07/15/2026		12,958,281		13,037,350
0.13%, 01/15/2030 (E)		1,407,462		1,488,789
0.25%, 01/15/2025 - 07/15/2029		3,923,344		4,142,031
0.38%, 07/15/2023 - 07/15/2027		4,460,155		4,631,309
0.50%, 01/15/2028		1,572,900		1,680,385
0.63%, 04/15/2023 - 01/15/2026		5,951,948		6,173,164
1.13%, 01/15/2021		1,702,670		1,689,220
1.25% (F), 07/15/2020		640,451		635,057
				52,390,741
Total U.S. Government Obligations (Cost $50,408,034)				54,556,835
	Shares		Value
PREFERRED STOCK - 0.1%
Banks - 0.1%
Banco Santander SA, Series 6, 3-Month LIBOR + 0.52%, 4.00% (B)		3,100		62,868
Total Preferred Stock (Cost $74,547)				62,868
SHORT-TERM INVESTMENT COMPANY - 11.4%
Money Market Fund - 11.4%
State Street Institutional U.S. Government Money Market Fund, 0.22% (F)		11,456,728		11,456,728
Total Short-Term Investment Company (Cost $11,456,728)				11,456,728

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

Transamerica Funds Semi-Annual Report 2020

Page    103

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
OTHER INVESTMENT COMPANY - 3.4%
Securities Lending Collateral - 3.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (F)		3,385,740		$   3,385,740
Total Other Investment Company (Cost $3,385,740)				3,385,740
Total Investments (Cost $112,226,896)				112,844,543
Net Other Assets (Liabilities) - (12.1)%				(12,224,022	)
Net Assets - 100.0%				$  100,620,521

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
JPMS		07/22/2020		USD	2,893,466		JPY	310,000,000	$	877	$	—
JPMS		07/23/2020		USD	1,730,704		AUD	2,750,000		—		(61,658	)
JPMS		07/23/2020		USD	4,344,502		EUR	4,000,000		—		(46,664	)
JPMS		07/23/2020		USD	4,454,181		GBP	3,600,000		—		(81,573	)
JPMS		07/23/2020		USD	2,669,586		MXN	66,000,000		—		(33,823	)
JPMS		07/23/2020		USD	1,983,637		NZD	3,325,000		—		(54,921	)
JPMS		07/23/2020		EUR	1,318,000		USD	1,433,529		13,360		—
JPMS		07/23/2020		GBP	1,460,000		USD	1,817,250		22,251		—
Total									$	36,488	$	(278,639	)

INVESTMENT VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Security	$	—	$	388,147		$	—	$	388,147
Corporate Debt Securities		—		22,788,431			—		22,788,431
Foreign Government Obligations		—		19,020,003			—		19,020,003
U.S. Government Agency Obligation		—		1,185,791			—		1,185,791
U.S. Government Obligations		—		54,556,835			—		54,556,835
Preferred Stock		62,868		—			—		62,868
Short-Term Investment Company		11,456,728		—			—		11,456,728
Other Investment Company		3,385,740		—			—		3,385,740
Total Investments	$	14,905,336	$	97,939,207		$	—	$	112,844,543
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	36,488		$	—	$	36,488
Total Other Financial Instruments	$	—	$	36,488		$	—	$	36,488
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	(278,639	)	$	—	$	(278,639	)
Total Other Financial Instruments	$	—	$	(278,639	)	$	—	$	(278,639	)

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

Transamerica Funds Semi-Annual Report 2020

Page    104

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $7,028,134, representing 7.0% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	Perpetual maturity. The date displayed is the next call date.
(D)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2020, the total value of Regulation S securities is $12,077,518, representing 12.0% of the Fund’s net assets.
(E)	All or a portion of the securities are on loan. The total value of all securities on loan is $4,065,609, collateralized by cash collateral of $3,385,740 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $764,195. 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)	Rates disclosed reflect the yields at April 30, 2020.
(G)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(H)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NZD	New Zealand Dollar
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

CPI CPI-YoY	Consumer Price Index 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 Semi-Annual Report 2020

Page    105

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 7.4%
Aerospace & Defense - 0.1%
L3 Harris Technologies, Inc. 2.90%, 12/15/2029		$  92,000		$  93,918
Banks - 3.7%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% (A), 05/14/2020 (B)		394,000		341,405
Bank of America Corp.
4.18%, 11/25/2027, MTN		508,000		553,816
Fixed until 04/24/2037, 4.24% (A), 04/24/2038		425,000		496,298
Citigroup, Inc. 4.65%, 07/23/2048		747,000		917,913
Credit Agricole SA
3.75%, 04/24/2023 (C)		326,000		342,132
Fixed until 01/10/2028, 4.00% (A), 01/10/2033 (C)		449,000		470,799
Royal Bank of Scotland Group PLC
Fixed until 11/01/2024, 3.75% (A), 11/01/2029		200,000		199,491
Fixed until 06/25/2023, 4.52% (A), 06/25/2024 (D)		390,000		413,190
Truist Bank 2.25%, 03/11/2030		250,000		243,292
				3,978,336
Food Products - 0.2%
General Mills, Inc. 2.88%, 04/15/2030 (D)		49,000		52,421
Smithfield Foods, Inc. 5.20%, 04/01/2029 (C)		200,000		208,329
				260,750
Insurance - 0.3%
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 3.82% (A), 02/12/2067 (C)		487,000		379,860
Machinery - 0.1%
CNH Industrial NV 3.85%, 11/15/2027, MTN		97,000		96,658
Media - 0.1%
Comcast Corp. 4.60%, 10/15/2038		86,000		108,087
Metals & Mining - 0.7%
Newcrest Finance Pty, Ltd. 4.20%, 10/01/2022 (C) (D)		252,000		261,349
Newmont Corp. 2.25%, 10/01/2030		148,000		146,548
Steel Dynamics, Inc. 3.45%, 04/15/2030		31,000		29,503
Teck Resources, Ltd. 6.13%, 10/01/2035		300,000		300,122
				737,522
Multi-Utilities - 0.1%
WEC Energy Group, Inc. 3-Month LIBOR + 2.11%, 3.80% (A), 05/15/2067		119,000		97,030

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels - 1.9%
Apache Corp. 4.25%, 01/15/2030 (D)		$   280,000		$   215,559
BP Capital Markets America, Inc. 3.00%, 02/24/2050 (D)		263,000		248,022
Cenovus Energy, Inc. 4.25%, 04/15/2027 (D)		166,000		130,575
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/2029 (C)		45,000		41,173
Enable Midstream Partners, LP 4.95%, 05/15/2028		169,000		129,868
Enbridge, Inc. Fixed until 07/15/2027, 5.50% (A), 07/15/2077 (D)		397,000		347,974
Energy Transfer Operating, LP
5.80%, 06/15/2038		171,000		162,649
Fixed until 02/15/2023 (B), 6.25% (A) (D)		375,000		262,500
EnLink Midstream LLC 5.38%, 06/01/2029		44,000		27,280
Enterprise Products Operating LLC Fixed until 08/16/2027, 5.25% (A), 08/16/2077 (D)		132,000		118,760
MPLX, LP
4.25%, 12/01/2027 (C) (D)		187,000		179,804
Fixed until 02/15/2023 (B), 6.88% (A)		189,000		135,895
Noble Energy, Inc. 3.85%, 01/15/2028		62,000		49,530
				2,049,589
Transportation Infrastructure - 0.1%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.35%, 11/01/2029 (C)		118,000		121,558
Wireless Telecommunication Services - 0.1%
T-Mobile USA, Inc. 4.38%, 04/15/2040 (C)		58,000		65,837
Total Corporate Debt Securities (Cost $8,117,808)				7,989,145
FOREIGN GOVERNMENT OBLIGATIONS - 8.8%
Australia - 2.0%
Australia Government Bond 0.75%, 11/21/2027 (E)		AUD  3,000,000		2,141,081
Canada - 2.5%
Canada Government Real Return Bond 4.25%, 12/01/2021		CAD  3,596,667		2,709,173
Japan - 2.1%
Japan Government CPI Linked Bond 0.10%, 03/10/2028 - 03/10/2029		JPY  242,309,400		2,244,093
New Zealand - 1.7%
New Zealand Government Inflation-Linked Bond 2.00%, 09/20/2025 (E)		NZD  2,500,000		1,873,139
Spain - 0.0% (F)
Spain Government Inflation-Linked Bond 1.00%, 11/30/2030 (E)		EUR  3,475		4,176

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

Transamerica Funds Semi-Annual Report 2020

Page    106

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Kingdom - 0.5%
U.K. Gilt Inflation-Linked 0.13%, 03/22/2044 (E)		GBP  264,950		$   574,733
Total Foreign Government Obligations (Cost $9,755,893)				9,546,395
MORTGAGE-BACKED SECURITY - 0.4%
Jackson Park Trust Series 2019-LIC, Class A, 2.77%, 10/14/2039 (C)		$  500,000		506,470
Total Mortgage-Backed Security (Cost $496,059)				506,470
U.S. GOVERNMENT OBLIGATIONS - 81.5%
U.S. Treasury - 0.5%
U.S. Treasury Note 1.50%, 02/15/2030		500,000		541,524
U.S. Treasury Inflation-Protected Securities - 81.0%
U.S. Treasury Inflation-Indexed Bond
0.63%, 02/15/2043		50,626		58,977
0.75%, 02/15/2042 - 02/15/2045		3,582,043		4,307,792
1.00%, 02/15/2046 - 02/15/2048		4,482,108		5,865,819
1.38%, 02/15/2044		2,275,143		3,091,069
1.75%, 01/15/2028		2,549,552		2,970,686
2.00%, 01/15/2026		2,782,311		3,154,314
2.13%, 02/15/2040 - 02/15/2041		2,834,108		4,145,459
2.38%, 01/15/2025 - 01/15/2027		4,624,284		5,341,670
2.50%, 01/15/2029		1,047,995		1,315,450
3.38%, 04/15/2032		526,636		765,384
3.63%, 04/15/2028		759,620		999,428
3.88%, 04/15/2029		2,517,424		3,470,980
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2021 - 01/15/2030		22,392,458		22,514,203
0.25%, 01/15/2025		2,948,508		3,024,646

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities (continued)
U.S. Treasury Inflation-Indexed Note (continued)
0.38%, 07/15/2023 - 07/15/2027		$   11,372,448		$   11,794,201
0.50%, 01/15/2028		1,048,530		1,120,182
0.63%, 04/15/2023 - 01/15/2026		9,352,470		9,674,106
0.75%, 07/15/2028		1,030,430		1,131,182
1.13%, 01/15/2021		3,015,145		2,991,327
				87,736,875
Total U.S. Government Obligations (Cost $82,623,926)				88,278,399
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 1.7%
Money Market Fund - 1.7%
State Street Institutional U.S. Government Money Market Fund, 0.22% (G)		1,818,650		1,818,650
Total Short-Term Investment Company (Cost $1,818,650)				1,818,650
OTHER INVESTMENT COMPANY - 1.7%
Securities Lending Collateral - 1.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (G)		1,811,890		1,811,890
Total Other Investment Company (Cost $1,811,890)				1,811,890
Total Investments (Cost $104,624,226)				109,950,949
Net Other Assets (Liabilities) - (1.5)%				(1,660,838	)
Net Assets - 100.0%				$  108,290,111

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
JPMS		07/22/2020		USD	2,286,771		JPY	245,000,000	$	693	$	—
JPMS		07/23/2020		USD	2,108,312		AUD	3,350,000		—		(75,110	)
JPMS		07/23/2020		USD	2,184,754		CAD	3,110,000		—		(49,991	)
JPMS		07/23/2020		USD	555,535		GBP	449,000		—		(10,174	)
JPMS		07/23/2020		USD	1,819,577		NZD	3,050,000		—		(50,378	)
Total									$	693	$	(185,653	)

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

Transamerica Funds Semi-Annual Report 2020

Page    107

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT 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	$	—	$	7,989,145		$	—	$	7,989,145
Foreign Government Obligations		—		9,546,395			—		9,546,395
Mortgage-Backed Security		—		506,470			—		506,470
U.S. Government Obligations		—		88,278,399			—		88,278,399
Short-Term Investment Company		1,818,650		—			—		1,818,650
Other Investment Company		1,811,890		—			—		1,811,890
Total Investments	$	3,630,540	$	106,320,409		$	—	$	109,950,949
Other Financial Instruments
Forward Foreign Currency Contracts (I)	$	—	$	693		$	—	$	693
Total Other Financial Instruments	$	—	$	693		$	—	$	693
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (I)	$	—	$	(185,653	)	$	—	$	(185,653	)
Total Other Financial Instruments	$	—	$	(185,653	)	$	—	$	(185,653	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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 exempt from registration 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 April 30, 2020, the total value of 144A securities is $2,577,311, representing 2.4% of the Fund’s net assets.
(D)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,019,363, collateralized by cash collateral of $1,811,890 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $250,260. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(E)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2020, the total value of Regulation S securities is $4,593,129, representing 4.2% of the Fund’s net assets.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Rates disclosed reflect the yields at April 30, 2020.
(H)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(I)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
NZD	New Zealand Dollar
USD	United States Dollar

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

Transamerica Funds Semi-Annual Report 2020

Page    108

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

CPI	Consumer Price Index
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note

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

Transamerica Funds Semi-Annual Report 2020

Page    109

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 7.8%
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 2.07% (A), 07/18/2027 (B)		$  7,483,331		$  7,312,719
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (B)		850,902		843,285
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 2.35% (A), 10/18/2030 (B)		11,780,000		11,491,661
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (B)		759,182		729,738
ICG CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 1.22%, 2.36% (A), 01/20/2030 (B)		2,743,714		2,576,742
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048 (B)		664,315		691,584
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (B)		972,912		1,000,768
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (B)		1,217,489		1,243,286
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (B)		3,079,458		3,063,000
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% (A), 04/25/2057 (B)		754,820		753,938
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (B)		569,180		558,033
Series 2016-1A, Class A,
2.25%, 12/20/2033 (B)		2,184,567		2,131,170
Series 2019-1A, Class A,
2.89%, 11/20/2036 (B)		1,242,660		1,178,369
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (B)		12,340,000		11,753,502
Series 2019-T3, Class AT3,
2.51%, 09/15/2052 (B)		11,600,000		11,207,586
Series 2019-T4, Class AT4,
2.33%, 10/15/2051 (B)		1,240,000		1,213,549
NRZ Advance Receivables Trust Series 2019-T1, Class AT1, 2.59%, 07/15/2052 (B)		5,250,000		5,076,175
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 2.33% (A), 01/20/2031 (B)		3,600,000		3,420,270
Ocwen Master Advance Receivables Trust
Series 2019-T1, Class AT1,
2.51%, 08/15/2050 (B)		5,918,000		5,905,674

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ocwen Master Advance Receivables Trust (continued)
Series 2019-T2, Class AT2,
2.42%, 08/15/2051 (B)		$   5,918,000		$   5,864,507
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (B)		313,875		311,765
Series 2015-AA, Class A,
2.88%, 09/08/2027 (B)		652,779		638,324
Series 2018-A, Class A,
3.10%, 11/08/2030 (B)		2,222,345		2,139,557
Series 2018-A, Class B,
3.35%, 11/08/2030 (B)		1,818,267		1,721,657
Series 2019-A, Class A,
3.06%, 04/09/2038 (B)		1,209,512		1,153,895
Palmer Square CLO, Ltd. Series 2015-2A, Class A1R2, 3-Month LIBOR + 1.10%, 2.24% (A), 07/20/2030 (B)		6,450,000		6,227,436
RAAC Trust Series 2007-RP4, Class A, 1-Month LIBOR + 0.35%, 0.84% (A), 11/25/2046 (B)		668,151		587,863
Sierra Timeshare Receivables Funding LLC
Series 2015-3A, Class A,
2.58%, 09/20/2032 (B)		455,450		450,476
Series 2016-2A, Class A,
2.33%, 07/20/2033 (B)		711,190		694,879
SolarCity LMC LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (B)		1,900,134		1,836,505
Towd Point Mortgage Trust
Series 2015-4, Class A1B,
2.75% (A), 04/25/2055 (B)		533,399		534,699
Series 2015-5, Class A1B,
2.75% (A), 05/25/2055 (B)		3,339,952		3,334,875
Series 2015-6, Class A1B,
2.75% (A), 04/25/2055 (B)		2,030,620		2,035,122
Series 2016-2, Class A1A,
2.75% (A), 08/25/2055 (B)		2,258,310		2,267,874
Series 2016-3, Class A1,
2.25% (A), 04/25/2056 (B)		3,631,062		3,623,286
Series 2016-4, Class A1,
2.25% (A), 07/25/2056 (B)		2,763,171		2,755,421
Series 2017-1, Class A1,
2.75% (A), 10/25/2056 (B)		3,388,514		3,406,754
Series 2017-2, Class A1,
2.75% (A), 04/25/2057 (B)		3,911,013		3,921,379
Series 2017-3, Class A1,
2.75% (A), 07/25/2057 (B)		1,167,677		1,171,262
Series 2018-1, Class A1,
3.00% (A), 01/25/2058 (B)		10,276,280		10,455,282
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (B)		3,945,000		3,935,735
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (B)		2,864,457		2,780,687

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

Transamerica Funds Semi-Annual Report 2020

Page    110

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (B)		$   3,966,867		$   3,811,347
Wellfleet CLO, Ltd. Series 2016-2A, Class A1R, 3-Month LIBOR + 1.14%, 2.28% (A), 10/20/2028 (B)		8,037,741		7,752,425
Total Asset-Backed Securities (Cost $148,555,582)				145,564,061
CORPORATE DEBT SECURITIES - 36.8%
Aerospace & Defense - 0.7%
BAE Systems PLC 3.40%, 04/15/2030 (B)		2,003,000		2,168,115
Boeing Co.
3.50%, 03/01/2039		4,261,000		3,427,138
5.15%, 05/01/2030		3,665,000		3,665,000
Huntington Ingalls Industries, Inc. 3.84%, 05/01/2025 (B)		1,592,000		1,673,784
L3 Harris Technologies, Inc. 2.90%, 12/15/2029		2,149,000		2,193,802
				13,127,839
Airlines - 1.1%
American Airlines Pass-Through Trust
3.15%, 08/15/2033		1,255,369		1,105,997
3.20%, 12/15/2029		191		176
Continental Airlines Pass-Through Trust 4.00%, 04/29/2026		3,569,085		3,146,152
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		2,194,245		2,192,663
6.82%, 02/10/2024		6,831,740		6,542,142
JetBlue Pass-Through Trust 2.75%, 11/15/2033		4,379,000		3,852,477
Southwest Airlines Co. Pass-Through Trust 6.15%, 02/01/2024		166,696		166,924
United Airlines Pass-Through Trust Series A, 3.75%, 03/03/2028		2,703,595		2,368,829
US Airways Pass-Through Trust 5.38%, 05/15/2023		2,013,559		1,755,998
				21,131,358
Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025 (C)		2,046,000		2,081,298
Automobiles - 0.2%
General Motors Co.
4.88%, 10/02/2023		2,058,000		2,028,540
6.25%, 10/02/2043		811,000		709,893
				2,738,433
Banks - 5.3%
Bank of America Corp.
Fixed until 01/23/2025, 3.37% (A), 01/23/2026		9,413,000		10,045,156
Fixed until 12/20/2027, 3.42% (A), 12/20/2028		4,899,000		5,257,961
Barclays Bank PLC 10.18%, 06/12/2021 (B)		8,419,000		9,022,283

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Barclays PLC 5.20%, 05/12/2026		$   2,433,000		$   2,616,862
CIT Group, Inc. 4.13%, 03/09/2021		555,000		545,288
Citigroup, Inc. Fixed until 10/27/2027, 3.52% (A), 10/27/2028		7,839,000		8,351,021
Commerzbank AG 8.13%, 09/19/2023 (B)		5,316,000		5,855,183
Credit Agricole SA 3.25%, 01/14/2030 (B)		4,080,000		4,130,288
Credit Suisse AG 2.80%, 04/08/2022		4,797,000		4,910,702
Danske Bank A/S Fixed until 12/20/2024, 3.24% (A), 12/20/2025 (B)		4,622,000		4,623,766
Discover Bank 3.45%, 07/27/2026		4,042,000		4,020,670
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (B)		2,945,000		2,944,160
JPMorgan Chase & Co.
Fixed until 04/22/2040, 3.11% (A), 04/22/2041		4,793,000		4,974,296
Fixed until 07/23/2023, 3.80% (A), 07/23/2024		4,028,000		4,300,485
4.13%, 12/15/2026		6,127,000		6,770,437
Lloyds Banking Group PLC
Fixed until 11/07/2022, 2.91% (A), 11/07/2023		2,121,000		2,156,341
Fixed until 07/09/2024, 3.87% (A), 07/09/2025		2,481,000		2,610,286
National Australia Bank, Ltd. Fixed until 08/02/2029, 3.93% (A), 08/02/2034 (B) (C)		4,559,000		4,741,004
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		7,425,000		8,020,869
Fixed until 06/15/2024 (D), 5.90% (A) (C)		2,083,000		2,114,245
				98,011,303
Beverages - 1.2%
Anheuser-Busch InBev Worldwide, Inc.
3.50%, 06/01/2030 (C)		2,843,000		3,046,059
4.15%, 01/23/2025		842,000		937,481
4.44%, 10/06/2048		2,483,000		2,700,235
4.75%, 01/23/2029		2,909,000		3,365,357
Constellation Brands, Inc.
3.15%, 08/01/2029		1,485,000		1,536,553
3.70%, 12/06/2026		1,061,000		1,128,515
Keurig Dr. Pepper, Inc. 3.20%, 05/01/2030		2,703,000		2,879,633
Pernod Ricard SA
4.45%, 01/15/2022 (B)		2,330,000		2,442,004
5.75%, 04/07/2021 (B)		4,766,000		4,942,319
				22,978,156
Biotechnology - 0.6%
AbbVie, Inc.
3.20%, 05/14/2026		1,317,000		1,407,872
4.05%, 11/21/2039 (B)		1,787,000		1,982,037

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

Transamerica Funds Semi-Annual Report 2020

Page    111

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology (continued)
Amgen, Inc. 2.20%, 02/21/2027		$   2,816,000		$   2,891,110
Biogen, Inc. 2.25%, 05/01/2030		3,620,000		3,615,068
Gilead Sciences, Inc. 4.15%, 03/01/2047		895,000		1,128,130
				11,024,217
Building Products - 0.2%
Carrier Global Corp. 2.72%, 02/15/2030 (B)		3,275,000		3,095,488
Capital Markets - 2.5%
Ameriprise Financial, Inc. 3.70%, 10/15/2024		2,569,000		2,787,658
Credit Suisse Group Funding Guernsey, Ltd. 3.75%, 03/26/2025		3,730,000		3,952,592
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		5,930,000		6,187,761
6.75%, 10/01/2037		3,440,000		4,698,142
Lazard Group LLC 4.50%, 09/19/2028		4,899,000		5,168,690
Morgan Stanley
Fixed until 01/22/2030, 2.70% (A), 01/22/2031, MTN		3,503,000		3,579,537
3.70%, 10/23/2024, MTN		4,716,000		5,088,236
Fixed until 01/24/2028, 3.77% (A), 01/24/2029, MTN		1,023,000		1,123,481
5.00%, 11/24/2025		3,020,000		3,411,648
State Street Corp. Fixed until 03/30/2022, 2.83% (A), 03/30/2023 (B)		2,376,000		2,441,801
UBS AG 7.63%, 08/17/2022		7,555,000		8,159,400
				46,598,946
Chemicals - 0.2%
Syngenta Finance NV 3.93%, 04/23/2021 (B)		3,870,000		3,836,376
Commercial Services & Supplies - 0.5%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 (B)		775,000		775,194
ERAC USA Finance LLC
2.70%, 11/01/2023 (B)		3,323,000		3,275,207
3.85%, 11/15/2024 (B)		2,280,000		2,347,160
Waste Connections, Inc. 2.60%, 02/01/2030		2,470,000		2,511,644
				8,909,205
Communications Equipment - 0.2%
Nokia OYJ 3.38%, 06/12/2022		3,636,000		3,663,270
Construction & Engineering - 1.4%
SBA Tower Trust
2.84%, 01/15/2025 (B)		18,033,000		18,364,389
3.17%, 04/09/2047 (B)		3,423,000		3,469,802
3.45%, 03/15/2048 (B)		4,919,000		4,995,982
				26,830,173

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction Materials - 0.6%
CRH America Finance, Inc. 4.50%, 04/04/2048 (B)		$   2,162,000		$   2,316,247
LafargeHolcim Finance LLC 4.75%, 09/22/2046 (B)		4,153,000		4,263,701
Martin Marietta Materials, Inc.
3.50%, 12/15/2027		2,212,000		2,297,672
4.25%, 12/15/2047		2,304,000		2,351,180
				11,228,800
Consumer Finance - 0.6%
Ally Financial, Inc. 3.88%, 05/21/2024		2,337,000		2,296,103
American Express Co. 4.05%, 12/03/2042		1,567,000		1,921,834
BMW US Capital LLC 2.80%, 04/11/2026 (B)		3,613,000		3,650,532
Ford Motor Credit Co. LLC 4.54%, 08/01/2026		3,577,000		3,067,278
				10,935,747
Containers & Packaging - 0.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.13%, 07/15/2023 (B)		2,095,000		2,105,475
Diversified Consumer Services - 0.0% (E)
President & Fellows of Harvard College 3.62%, 10/01/2037		491,000		582,160
Diversified Financial Services - 0.3%
Aviation Capital Group LLC 7.13%, 10/15/2020 (B)		6,309,000		5,681,309
Diversified Telecommunication Services - 1.4%
AT&T, Inc. 3.40%, 05/15/2025		4,687,000		4,963,672
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (B)		1,585,000		1,596,837
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		2,295,000		2,383,334
Level 3 Financing, Inc. 3.40%, 03/01/2027 (B)		2,673,000		2,674,203
Sprint Capital Corp. 6.88%, 11/15/2028		822,000		989,976
Verizon Communications, Inc.
3.50%, 11/01/2024		5,863,000		6,403,683
5.50%, 03/16/2047		5,378,000		7,787,670
				26,799,375
Electric Utilities - 1.8%
Appalachian Power Co. 3.40%, 06/01/2025		4,956,000		5,235,660
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		345,000		433,584
DTE Electric Co. 4.30%, 07/01/2044		4,094,000		5,178,970
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		9,107,000		10,203,747
Duke Energy Progress LLC 3.60%, 09/15/2047		1,530,000		1,764,236

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

Transamerica Funds Semi-Annual Report 2020

Page    112

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Entergy Arkansas LLC 3.70%, 06/01/2024		$   838,000		$   904,936
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		2,542,000		2,672,723
5.30%, 06/01/2042		397,000		570,320
PacifiCorp.
3.60%, 04/01/2024		3,188,000		3,445,781
5.75%, 04/01/2037		301,000		414,217
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		1,628,000		1,747,996
				32,572,170
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp. 2.80%, 02/15/2030		2,790,000		2,786,201
Arrow Electronics, Inc. 3.88%, 01/12/2028		2,026,000		2,027,344
Keysight Technologies, Inc. 4.60%, 04/06/2027		3,952,000		4,422,756
				9,236,301
Energy Equipment & Services - 0.2%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (B)		3,648,000		3,508,423
Schlumberger Investment SA 3.65%, 12/01/2023		629,000		639,842
				4,148,265
Equity Real Estate Investment Trusts - 1.9%
American Tower Trust #1 3.65%, 03/15/2048 (B)		2,000,000		2,144,369
Camden Property Trust 2.80%, 05/15/2030		2,312,000		2,397,957
CyrusOne, LP / CyrusOne Finance Corp. 2.90%, 11/15/2024		2,578,000		2,517,175
Equinix, Inc. 5.38%, 05/15/2027		2,855,000		3,049,711
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		2,441,000		2,259,999
Healthpeak Properties, Inc. 3.50%, 07/15/2029		2,242,000		2,242,016
Highwoods Realty, LP 3.05%, 02/15/2030		3,133,000		2,964,844
Kilroy Realty, LP 4.25%, 08/15/2029		3,534,000		3,615,885
Life Storage, LP 4.00%, 06/15/2029		2,326,000		2,422,335
ProLogis, LP 2.13%, 04/15/2027		1,391,000		1,406,037
Service Properties Trust 5.00%, 08/15/2022		4,215,000		3,857,788
WEA Finance LLC 4.13%, 09/20/2028 (B)		3,587,000		3,462,382
Weyerhaeuser Co. 4.00%, 04/15/2030		3,090,000		3,319,162
				35,659,660
Food & Staples Retailing - 0.5%
Sysco Corp. 3.30%, 07/15/2026		3,329,000		3,328,519

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing (continued)
Walmart, Inc. 3.63%, 12/15/2047		$   4,540,000		$   5,581,345
				8,909,864
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories 3.75%, 11/30/2026		809,000		933,882
Alcon Finance Corp. 2.75%, 09/23/2026 (B)		1,862,000		1,943,240
Boston Scientific Corp. 4.70%, 03/01/2049		2,810,000		3,516,113
				6,393,235
Health Care Providers & Services - 1.5%
Anthem, Inc. 2.25%, 05/15/2030		2,615,000		2,602,775
Centene Corp. 3.38%, 02/15/2030 (B) (F)		2,847,000		2,868,353
Cigna Corp. 2.40%, 03/15/2030		2,542,000		2,569,347
CVS Health Corp.
2.13%, 06/01/2021		2,608,000		2,629,255
3.75%, 04/01/2030		3,846,000		4,272,300
4.10%, 03/25/2025		1,679,000		1,852,112
HCA, Inc.
4.13%, 06/15/2029		1,049,000		1,134,806
5.25%, 04/15/2025		1,007,000		1,123,986
Laboratory Corp. of America Holdings 2.30%, 12/01/2024		3,973,000		4,089,745
Quest Diagnostics, Inc. 4.20%, 06/30/2029		4,194,000		4,748,511
				27,891,190
Household Durables - 0.2%
D.R. Horton, Inc. 4.38%, 09/15/2022		3,547,000		3,646,289
Industrial Conglomerates - 0.3%
Carlisle Cos., Inc. 3.75%, 12/01/2027		3,214,000		3,281,966
General Electric Co. 6.88%, 01/10/2039, MTN		2,063,000		2,568,089
				5,850,055
Insurance - 1.4%
American International Group, Inc.
4.20%, 04/01/2028		2,783,000		3,026,647
4.25%, 03/15/2029		2,220,000		2,431,537
CNA Financial Corp. 3.90%, 05/01/2029		2,494,000		2,594,009
Markel Corp. 3.35%, 09/17/2029		7,046,000		7,258,559
Progressive Corp. 3.20%, 03/26/2030		1,466,000		1,637,534
Reinsurance Group of America, Inc.
3.90%, 05/15/2029		5,272,000		5,542,316
3.95%, 09/15/2026		2,749,000		2,949,514
				25,440,116
Interactive Media & Services - 0.5%
Baidu, Inc. 4.38%, 05/14/2024		5,327,000		5,680,345

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

Transamerica Funds Semi-Annual Report 2020

Page    113

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Interactive Media & Services (continued)
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (B)		$   3,690,000		$   3,866,784
				9,547,129
Internet & Direct Marketing Retail - 0.3%
Booking Holdings, Inc. 3.60%, 06/01/2026		2,093,000		2,187,162
Expedia Group, Inc.
3.25%, 02/15/2030		1,573,000		1,312,933
3.80%, 02/15/2028		2,325,000		2,016,851
				5,516,946
IT Services - 0.3%
Fidelity National Information Services, Inc. 3.75%, 05/21/2029 (C)		1,699,000		1,907,242
Fiserv, Inc. 3.50%, 07/01/2029		3,077,000		3,373,698
				5,280,940
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc. 5.30%, 02/01/2044		1,528,000		2,114,263
Machinery - 0.0% (E)
Oshkosh Corp. 3.10%, 03/01/2030		760,000		734,559
Media - 0.6%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		2,022,000		2,276,028
Clear Channel Worldwide Holdings, Inc. 5.13%, 08/15/2027 (B)		2,020,000		1,897,992
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (B) (D)		2,806,000		2,844,723
NBCUniversal Media LLC 4.45%, 01/15/2043		3,081,000		3,801,957
				10,820,700
Metals & Mining - 0.3%
Anglo American Capital PLC
4.00%, 09/11/2027 (B)		3,796,000		3,790,408
4.75%, 04/10/2027 (B)		905,000		933,824
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		1,125,000		1,125,900
				5,850,132
Multi-Utilities - 0.4%
Black Hills Corp. 4.25%, 11/30/2023		2,683,000		2,872,354
CMS Energy Corp.
3.88%, 03/01/2024		407,000		435,472
4.88%, 03/01/2044		547,000		704,361
Dominion Energy, Inc. 2.58%, 07/01/2020		2,983,000		2,983,914
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		1,171,000		1,204,024
				8,200,125
Oil, Gas & Consumable Fuels - 2.7%
BP Capital Markets PLC 3.12%, 05/04/2026		6,320,000		6,478,861

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Operating, LP
4.90%, 02/01/2024		$   1,606,000		$   1,612,673
5.15%, 03/15/2045		936,000		831,218
5.95%, 10/01/2043		725,000		683,637
7.60%, 02/01/2024		2,269,000		2,403,431
Enterprise Products Operating LLC 4.25%, 02/15/2048		5,576,000		5,590,384
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		3,919,000		4,114,605
Nexen, Inc. 5.88%, 03/10/2035		110,000		150,678
Noble Energy, Inc. 3.25%, 10/15/2029		4,891,000		3,544,402
Occidental Petroleum Corp. 5.55%, 03/15/2026		6,303,000		4,876,001
Petroleos Mexicanos
6.84%, 01/23/2030 (B)		4,604,000		3,625,650
6.88%, 08/04/2026		2,785,000		2,307,373
7.69%, 01/23/2050 (B)		641,000		471,135
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		3,678,000		3,134,907
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		1,621,000		1,586,313
Shell International Finance BV
2.50%, 09/12/2026		3,680,000		3,801,902
3.75%, 09/12/2046		1,603,000		1,725,822
Western Midstream Operating, LP
4.05%, 02/01/2030		1,836,000		1,675,350
5.38%, 06/01/2021		605,000		595,368
Williams Cos., Inc.
5.40%, 03/04/2044		614,000		636,902
7.88%, 09/01/2021		601,000		638,863
				50,485,475
Pharmaceuticals - 0.9%
AstraZeneca PLC
2.38%, 06/12/2022		3,080,000		3,158,852
4.00%, 01/17/2029		1,224,000		1,440,439
4.38%, 08/17/2048		1,339,000		1,803,437
Bayer US Finance II LLC 4.38%, 12/15/2028 (B)		2,430,000		2,751,591
Bristol-Myers Squibb Co. 3.20%, 06/15/2026 (B)		1,443,000		1,592,432
Merck & Co., Inc. 3.40%, 03/07/2029		1,699,000		1,959,400
Takeda Pharmaceutical Co., Ltd. 5.00%, 11/26/2028		3,325,000		4,010,364
				16,716,515
Professional Services - 0.3%
Equifax, Inc. 2.60%, 12/01/2024		2,246,000		2,278,176
Experian Finance PLC 2.75%, 03/08/2030 (B)		2,782,000		2,777,339
				5,055,515
Road & Rail - 0.5%
Avolon Holdings Funding, Ltd. 4.38%, 05/01/2026 (B)		5,789,000		4,960,881

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

Transamerica Funds Semi-Annual Report 2020

Page    114

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail (continued)
CSX Corp. 3.80%, 11/01/2046 - 04/15/2050		$   3,489,000		$   3,960,752
				8,921,633
Semiconductors & Semiconductor Equipment - 1.2%
Intel Corp. 2.88%, 05/11/2024		1,960,000		2,098,040
KLA Corp. 3.30%, 03/01/2050		2,434,000		2,380,715
Lam Research Corp.
1.90%, 06/15/2030		2,076,000		2,069,149
3.75%, 03/15/2026		3,036,000		3,399,609
Micron Technology, Inc. 2.50%, 04/24/2023		1,410,000		1,435,316
NVIDIA Corp. 2.85%, 04/01/2030		2,695,000		2,936,444
NXP BV / NXP Funding LLC / NXP USA Co. 3.40%, 05/01/2030 (B)		1,277,000		1,276,585
QUALCOMM, Inc. 3.25%, 05/20/2027		3,364,000		3,673,558
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (B)		2,585,000		2,507,450
				21,776,866
Software - 0.3%
Adobe, Inc. 2.15%, 02/01/2027		2,565,000		2,687,988
Microsoft Corp. 3.30%, 02/06/2027		2,908,000		3,281,478
				5,969,466
Technology Hardware, Storage & Peripherals - 0.8%
Apple, Inc. 2.85%, 02/23/2023		3,138,000		3,312,240
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (B)		2,344,000		2,545,501
Hewlett Packard Enterprise Co. 4.45%, 10/02/2023		2,674,000		2,815,566
Western Digital Corp. 4.75%, 02/15/2026		5,945,000		6,069,429
				14,742,736
Tobacco - 0.5%
Altria Group, Inc. 4.80%, 02/14/2029		2,578,000		2,885,546
BAT Capital Corp.
3.22%, 08/15/2024		3,132,000		3,250,610
4.70%, 04/02/2027		2,881,000		3,177,692
				9,313,848
Transportation Infrastructure - 0.1%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.45%, 07/01/2024 (B)		2,339,000		2,424,229
Wireless Telecommunication Services - 1.2%
America Movil SAB de CV
3.13%, 07/16/2022		2,675,000		2,731,110
4.38%, 07/16/2042 (C)		2,100,000		2,392,327
Crown Castle Towers LLC
3.22%, 05/15/2042 (B)		6,050,000		6,071,316
3.72%, 07/15/2043 (B)		3,233,000		3,358,336

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services (continued)
Sprint Corp.
7.25%, 09/15/2021		$   1,520,000		$   1,594,100
7.88%, 09/15/2023		1,290,000		1,449,767
T-Mobile USA, Inc. 3.88%, 04/15/2030 (B)		3,813,000		4,184,501
				21,781,457
Total Corporate Debt Securities (Cost $669,447,291)				686,358,607
FOREIGN GOVERNMENT OBLIGATIONS - 1.4%
Brazil - 0.1%
Brazil Government International Bond 4.25%, 01/07/2025 (C)		1,440,000		1,490,400
Chile - 0.1%
Chile Government International Bond 3.50%, 01/25/2050		2,200,000		2,233,000
Colombia - 0.3%
Colombia Government International Bond
4.00%, 02/26/2024		810,000		822,401
4.50%, 01/28/2026		5,050,000		5,151,051
				5,973,452
Indonesia - 0.3%
Indonesia Government International Bond
4.75%, 01/08/2026 (B)		4,060,000		4,387,524
5.38%, 10/17/2023 (B)		900,000		970,238
				5,357,762
Mexico - 0.2%
Mexico Government International Bond 3.75%, 01/11/2028		4,987,000		4,822,429
Panama - 0.1%
Panama Government International Bond 3.88%, 03/17/2028		1,335,000		1,438,476
Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025		1,010,000		1,262,510
Poland - 0.0% (E)
Republic of Poland Government International Bond 3.00%, 03/17/2023		500,000		523,579
Qatar - 0.1%
Qatar Government International Bond 3.88%, 04/23/2023 (B)		913,000		967,115
Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021 (B)		2,547,000		2,572,776
Total Foreign Government Obligations (Cost $26,351,138)				26,641,499
MORTGAGE-BACKED SECURITIES - 11.2%
Alternative Loan Trust
Series 2005-36, Class 2A1A,
1-Month LIBOR + 0.31%, 0.80% (A), 08/25/2035		539,328		434,278
Series 2005-50CB, Class 1A1,
5.50%, 11/25/2035		913,471		851,930

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

Transamerica Funds Semi-Annual Report 2020

Page    115

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Alternative Loan Trust (continued)
Series 2005-51, Class 3A3A,
1-Month LIBOR + 0.64%, 1.31% (A), 11/20/2035		$   551,150		$   460,468
Series 2007-22, Class 2A16,
6.50%, 09/25/2037		5,535,395		3,274,079
Series 2007-5CB, Class 1A31,
5.50%, 04/25/2037		987,192		719,531
Banc of America Funding Trust Series 2005-E, Class 4A1, 4.44% (A), 03/20/2035		10,728		10,726
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (B)		9,060,000		9,057,335
Series 2012-TFT, Class C,
3.58% (A), 06/05/2030 (B)		7,195,000		7,149,803
BBCMS Trust
Series 2013-TYSN, Class B,
4.04%, 09/05/2032 (B)		2,530,000		2,528,376
Series 2015-MSQ, Class B,
3.89%, 09/15/2032 (B)		1,100,000		1,086,167
Bear Stearns Alt-A Trust Series 2004-11, Class 2A2, 4.28% (A), 11/25/2034		29,513		26,551
CHL Mortgage Pass-Through Trust
Series 2003-60, Class 1A1,
3.87% (A), 02/25/2034		35,920		32,964
Series 2005-3, Class 1A2,
1-Month LIBOR + 0.58%, 1.07% (A), 04/25/2035		108,764		90,466
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		901,669		946,121
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		2,065,000		2,186,336
Citigroup Mortgage Loan Trust Series 2015-PS1, Class A1, 3.75% (A), 09/25/2042 (B)		884,317		897,142
Citigroup Mortgage Loan Trust, Inc.
Series 2014-A, Class A,
4.00% (A), 01/25/2035 (B)		529,321		546,655
Series 2015-A, Class A1,
3.50% (A), 06/25/2058 (B)		1,680,259		1,712,680
Series 2018-RP1, Class A1,
3.00% (A), 09/25/2064 (B)		3,011,405		3,058,348
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (A), 08/10/2050		565,000		592,338
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (B)		312,773		310,420
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (B)		4,005,000		3,978,101
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		4,680,000		4,952,358
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (B)		8,340,000		8,642,592
Series 2016-GCT, Class C,
3.58% (A), 08/10/2029 (B)		4,900,000		4,766,948

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (B)		$   7,035,000		$   6,935,989
CSMC Trust
Series 2014-11R, Class 17A1,
1-Month LIBOR + 0.15%, 1.78% (A), 12/27/2036 (B)		959,695		918,034
Series 2014-4R, Class 21A1,
1-Month LIBOR + 0.33%, 2.29% (A), 12/27/2035 (B)		2,203,014		2,184,305
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class B, 3.45%, 12/10/2036 (B)		6,050,000		5,536,105
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 4.27% (A), 03/18/2035		16,389		15,033
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (A), 04/10/2031 (B)		4,664,567		4,350,194
HarborView Mortgage Loan Trust Series 2004-4, Class 2A, 1-Month LIBOR + 0.56%, 1.28% (A), 06/19/2034		248,718		232,034
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (B)		4,498,000		4,371,656
Impac CMB Trust
Series 2003-8, Class 1A1,
1-Month LIBOR + 0.68%, 1.17% (A), 10/25/2033		5,184		5,178
Series 2004-6, Class 1A1,
1-Month LIBOR + 0.80%, 1.29% (A), 10/25/2034		14,353		13,569
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.58% (A), 08/25/2037		372,701		283,788
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (B)		6,575,109		6,577,429
Series 2014-DSTY, Class B,
3.77%, 06/10/2027 (B)		4,800,000		4,266,899
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1,
3.57% (A), 02/25/2034		30,409		28,394
Series 2006-A2, Class 5A1,
4.11% (A), 11/25/2033		20,992		20,177
Series 2006-S3, Class 1A12,
6.50%, 08/25/2036		204,000		127,325
MASTR Adjustable Rate Mortgages Trust Series 2007-R5, Class A1, 3.79% (A), 11/25/2035 (B)		285,639		207,086
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1,
1-Month LIBOR + 0.64%, 1.13% (A), 10/25/2028		15,567		14,564
Series 2004-A1, Class 2A1,
3.71% (A), 02/25/2034		84,869		81,018

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

Transamerica Funds Semi-Annual Report 2020

Page    116

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Investors Trust (continued)
Series 2005-A3, Class A1,
1-Month LIBOR + 0.27%, 0.76% (A), 04/25/2035		$   2,966		$   2,948
Series 2005-A4, Class 2A2,
4.06% (A), 07/25/2035		82,398		73,489
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class AS,
3.48%, 11/15/2045		1,800,000		1,821,445
Series 2013-C11, Class B,
4.50% (A), 08/15/2046		1,035,000		1,025,546
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (B)		13,747,000		13,643,124
Morgan Stanley Resecuritization Trust
Series 2014-R3, Class 2A,
3.00% (A), 07/26/2048 (B)		2,796,078		2,770,051
Series 2014-R4, Class 4A,
3.89% (A), 11/21/2035 (B)		411,450		402,203
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 2.21% (A), 08/15/2034 (B)		16,983,809		14,683,337
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (A), 12/25/2052 (B)		1,589,331		1,608,589
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (A), 01/25/2054 (B)		637,477		650,813
Series 2014-2A, Class A3,
3.75% (A), 05/25/2054 (B)		501,490		512,292
Series 2014-3A, Class AFX3,
3.75% (A), 11/25/2054 (B)		1,604,308		1,637,939
Series 2015-2A, Class A1,
3.75% (A), 08/25/2055 (B)		2,309,125		2,356,951
Series 2016-2A, Class A1,
3.75% (A), 11/26/2035 (B)		2,132,819		2,175,211
Series 2016-3A, Class A1B,
3.25% (A), 09/25/2056 (B)		2,917,173		2,961,588
Series 2017-1A, Class A1,
4.00% (A), 02/25/2057 (B)		3,601,404		3,772,009
Series 2017-2A, Class A3,
4.00% (A), 03/25/2057 (B)		1,564,007		1,648,338
Series 2017-3A, Class A1,
4.00% (A), 04/25/2057 (B)		8,831,325		9,255,587
Series 2017-4A, Class A1,
4.00% (A), 05/25/2057 (B)		3,272,589		3,449,652
Series 2018-1A, Class A1A,
4.00% (A), 12/25/2057 (B)		1,640,060		1,713,933
Series 2019-4A, Class A1B,
3.50% (A), 12/25/2058 (B)		11,786,011		11,972,256
Series 2019-5A, Class A1B,
3.50% (A), 08/25/2059 (B)		2,847,667		2,885,651
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (B)		10,807,000		11,203,376

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (B)		$   6,500,000		$   6,293,708
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1-Month LIBOR + 0.58%, 1.07% (A), 05/25/2035		815,357		777,318
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.59% (A), 01/11/2037 (B)		4,200,000		3,145,126
RALI Trust Series 2007-QO4, Class A1A, 1-Month LIBOR + 0.19%, 0.68% (A), 05/25/2047		516,074		431,336
RBSSP Resecuritization Trust Series 2009-7, Class 5A4, 1-Month LIBOR + 0.40%, 2.03% (A), 06/26/2037 (B)		114,959		113,787
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-15, Class 1A1,
3.81% (A), 07/25/2035		288,254		202,211
Series 2007-3, Class 3A1,
3.91% (A), 04/25/2047		772,025		484,185
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 1.42% (A), 01/19/2034		22,654		20,796
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (B)		6,983,000		7,071,950
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR8, Class 2A1A,
1-Month LIBOR + 0.58%, 1.07% (A), 07/25/2045		29,786		26,069
Series 2007-OA6, Class 1A1B,
12-MTA + 0.81%, 2.68% (A), 07/25/2047		108,985		8,869
Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class B, 3.78%, 02/15/2048		3,000,000		2,899,266
Total Mortgage-Backed Securities (Cost $214,853,545)				208,182,439
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.7%
California - 0.5%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		340,000		561,422
State of California, General Obligation Unlimited
7.30%, 10/01/2039		1,270,000		2,013,560
7.60%, 11/01/2040		2,820,000		4,860,213
7.70%, 11/01/2030		1,650,000		1,699,335
7.95%, 03/01/2036		562		564
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		315,000		427,364
				9,562,458

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

Transamerica Funds Semi-Annual Report 2020

Page    117

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Georgia - 0.0% (E)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		$   290,000		$   385,854
New Jersey - 0.1%
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		431,000		676,859
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		355,000		430,640
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		340,000		519,843
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		330,000		423,505
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		570,000		751,528
				2,125,516
Total Municipal Government Obligations (Cost $11,389,004)				12,750,687
U.S. GOVERNMENT AGENCY OBLIGATIONS - 19.9%
Federal Home Loan Mortgage Corp.
6-Month LIBOR + 1.36%, 3.16% (A), 05/01/2037		28,546		28,795
6-Month LIBOR + 1.57%, 3.45% (A), 02/01/2037 - 04/01/2037		51,989		52,805
12-Month LIBOR + 1.66%, 3.70% (A), 01/01/2038		69,826		72,554
12-Month LIBOR + 1.75%, 3.76% (A), 12/01/2034		10,819		11,253
12-Month LIBOR + 1.90%, 3.90% (A), 02/01/2041		126,963		131,150
12-Month LIBOR + 1.73%, 3.98% (A), 09/01/2035		297,311		308,409
12-Month LIBOR + 1.80%, 4.05% (A), 09/01/2037		14,336		14,956
6-Month LIBOR + 2.12%, 4.14% (A), 05/01/2037		8,553		8,627
5.00%, 12/01/2035		363,115		415,013
6.00%, 05/01/2031		277,323		317,575
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		9,150,882		9,712,110
3.01%, 07/25/2025		12,812,000		13,991,049
3.06% (A), 08/25/2024		11,490,000		12,358,485
3.17%, 10/25/2024		2,140,000		2,332,297
3.49%, 01/25/2024		6,965,000		7,551,815

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association
6-Month LIBOR + 0.93%, 2.81% (A), 08/01/2037		$   3,012		$   2,989
6-Month LIBOR + 1.53%, 3.40% (A), 08/01/2034		1,765		1,777
6-Month LIBOR + 1.51%, 3.44% (A), 01/01/2035		8,720		8,838
3.50%, 07/01/2028 - 01/01/2029		2,154,554		2,312,390
12-Month LIBOR + 1.75%, 3.75% (A), 03/01/2041		61,655		62,056
12-Month LIBOR + 1.82%, 3.82% (A), 03/01/2041		32,850		33,125
12-Month LIBOR + 1.74%, 4.30% (A), 08/01/2035		28,184		29,313
4.50%, 02/01/2025 - 04/01/2025		113,943		121,905
5.00%, 04/01/2039 - 11/01/2039		9,076,264		10,373,996
5.50%, 04/01/2036 - 12/01/2041		4,366,758		5,072,997
6.00%, 02/01/2034 - 01/01/2040		3,817,160		4,405,365
6.50%, 06/01/2038 - 05/01/2040		1,585,113		1,869,589
Government National Mortgage Association, Interest Only STRIPS 0.79% (A), 02/16/2053		5,348,172		232,948
Uniform Mortgage-Backed Security
2.50%, TBA (G)		19,634,000		20,529,034
3.00%, TBA (G)		121,898,000		128,665,169
3.50%, TBA (G)		105,659,000		111,644,664
4.00%, TBA (G)		35,943,000		38,283,472
Total U.S. Government Agency Obligations (Cost $367,071,954)				370,956,520
U.S. GOVERNMENT OBLIGATIONS - 21.3%
U.S. Treasury - 17.6%
U.S. Treasury Bond
2.25%, 08/15/2046		3,501,000		4,260,279
2.38%, 11/15/2049 (C)		1,550,000		1,969,166
2.50%, 02/15/2045 - 05/15/2046		46,751,200		59,190,161
2.75%, 08/15/2042 - 08/15/2047 (C)		27,943,400		36,620,122
2.75%, 11/15/2047		4,626,000		6,210,586
2.88%, 08/15/2045 (C)		6,203,000		8,359,269
2.88%, 05/15/2049		3,692,500		5,127,959
3.00%, 05/15/2042 (C)		9,875,000		13,356,709
3.00%, 08/15/2048		3,727,300		5,256,803
3.13%, 02/15/2042		21,403,800		29,502,964
3.13%, 05/15/2048 (C)		414,000		595,141
3.63%, 02/15/2044		20,901,600		31,198,087
4.50%, 02/15/2036 (C)		16,729,200		25,887,784
4.75%, 02/15/2037 (C)		3,783,000		6,102,008
5.25%, 02/15/2029 (C)		12,153,100		17,047,571
U.S. Treasury Note
1.50%, 02/15/2030 (C)		10,473,700		11,343,508
1.63%, 08/15/2022 - 08/15/2029 (C)		10,823,000		11,463,990
1.75%, 05/15/2023		2,351,200		2,457,555
1.75%, 11/15/2029 (C)		4,439,000		4,908,390
2.00%, 02/15/2025		7,899,000		8,515,801
2.25%, 11/15/2025 (C)		5,426,000		5,968,812
2.25%, 11/15/2027		2,439,400		2,749,471
2.38%, 02/29/2024		1,579,000		1,703,408
2.63%, 12/15/2021 - 02/15/2029 (C)		4,153,400		4,624,030
2.75%, 02/15/2028		6,022,000		7,033,273
2.88%, 05/15/2028 (C)		9,871,100		11,666,792
2.88%, 08/15/2028		5,293,700		6,281,306
				329,400,945

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

Transamerica Funds Semi-Annual Report 2020

Page    118

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities - 3.7%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		$   8,572,298		$   9,988,267
2.50%, 01/15/2029		19,758,295		24,800,755
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		33,112,567		34,000,464
				68,789,486
Total U.S. Government Obligations (Cost $329,429,240)				398,190,431
	Shares		Value
PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 7.13% (A)		52,502		1,405,478
Electric Utilities - 0.0% (E)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (A)		7,998		191,952
Total Preferred Stocks (Cost $1,614,154)				1,597,430
	Principal		Value
COMMERCIAL PAPER - 12.6%
Banks - 4.8%
Banco Santander Chile 1.86% (H), 05/13/2020		$  20,000,000		19,987,800
Bedford Row Funding Corp. 1.66% (H), 05/12/2020		15,380,000		15,372,340
Concord Minutemen Capital Co. 1.70% (H), 05/05/2020		22,000,000		21,995,918
Manhattan Asset Funding Co. LLC 1.68% (H), 05/06/2020		3,000,000		2,999,312
NATIXIS 1.73% (H), 05/04/2020		13,330,000		13,328,112
Sumitomo Mitsui Brokerage Corp. 0.74% (H), 07/21/2020		15,500,000		15,474,541
				89,158,023
Capital Markets - 0.0% (E)
Intercontinental Exchange, Inc. 1.75% (H), 05/11/2020		883,000		882,578
Diversified Financial Services - 6.3%
Atlantic Asset Securitization LLC 1.66% (H), 05/19/2020		6,000,000		5,995,110
Barton Capital Corp. 1.67% (H), 05/27/2020		18,000,000		17,978,680
Bennington Stark Capital Co. LLC 1.67% (H), 05/19/2020		22,000,000		21,981,960
Cancara Asset Securitisation LLC 1.32% (H), 06/04/2020		4,300,000		4,294,720
GlaxoSmithKline Finance PLC 1.14% (H), 05/29/2020		10,800,000		10,790,592
Jupiter Securitization Co. LLC 1.12% (H), 07/14/2020		20,000,000		19,954,778
Le Fayette Asset Securitization LLC
1.22% (H), 07/10/2020		850,000		848,017
1.67% (H), 05/19/2020		4,670,000		4,666,171

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Liberty Funding LLC 1.12% (H), 06/05/2020		$   1,150,000		$   1,148,770
Sheffield Receivable 1.66% (H), 05/20/2020		22,000,000		21,981,074
Victory Receivables 1.17% (H), 07/09/2020		7,150,000		7,134,240
				116,774,112
Food Products - 1.1%
Cargill, Inc. 1.17% (H), 07/06/2020		20,400,000		20,356,990
Health Care Providers & Services - 0.4%
United Healthcare Co. 1.22% (H), 06/10/2020		7,600,000		7,589,867
Total Commercial Paper (Cost $234,761,570)				234,761,570
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 3.3%
U.S. Treasury Bill
0.07% (H), 07/02/2020 (C)		50,000,000		49,994,274
0.07% (H), 07/02/2020		11,000,000		10,998,740
0.23% (H), 06/11/2020		1,000,000		999,737
Total Short-Term U.S. Government Obligations (Cost $61,992,751)				61,992,751
	Shares		Value
OTHER INVESTMENT COMPANY - 5.9%
Securities Lending Collateral - 5.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (H)		110,907,624		110,907,624
Total Other Investment Company (Cost $110,907,624)				110,907,624
	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.00% (H), dated 04/30/2020, to be repurchased at $13,085,117 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $13,349,219.		$  13,085,117		13,085,117
Total Repurchase Agreement (Cost $13,085,117)				13,085,117
Total Investments (Cost $2,189,458,970)				2,270,988,736
Net Other Assets (Liabilities) - (21.7)%				(404,696,979	)
Net Assets - 100.0%				$  1,866,291,757

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

Transamerica Funds Semi-Annual Report 2020

Page    119

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT 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	$	—	$	145,564,061	$	—	$	145,564,061
Corporate Debt Securities		—		686,358,607		—		686,358,607
Foreign Government Obligations		—		26,641,499		—		26,641,499
Mortgage-Backed Securities		—		208,182,439		—		208,182,439
Municipal Government Obligations		—		12,750,687		—		12,750,687
U.S. Government Agency Obligations		—		370,956,520		—		370,956,520
U.S. Government Obligations		—		398,190,431		—		398,190,431
Preferred Stocks		1,597,430		—		—		1,597,430
Commercial Paper		—		234,761,570		—		234,761,570
Short-Term U.S. Government Obligations		—		61,992,751		—		61,992,751
Other Investment Company		110,907,624		—		—		110,907,624
Repurchase Agreement		—		13,085,117		—		13,085,117
Total Investments	$	112,505,054	$	2,158,483,682	$	—	$	2,270,988,736

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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 exempt from registration 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 April 30, 2020, the total value of 144A securities is $514,693,539, representing 27.6% 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 $188,665,425, collateralized by cash collateral of $110,907,624 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $81,605,810. 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)	Percentage rounds to less than 0.1% or (0.1)%.
(F)	Restricted security. At April 30, 2020, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost	Value		Value as Percentage of Net Assets
Corporate Debt Securities	Centene Corp. 3.38%, 02/15/2030		02/05/2020	$  2,851,745	$	2,868,353		0.2	%

(G)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)	Rates disclosed reflect the yields at April 30, 2020.
(I)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Semi-Annual Report 2020

Page    120

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 95.4%
Alabama - 0.8%
Bessemer Governmental Utility Services Corp., Revenue Bonds, BAM, 5.00%, 06/01/2029		$  2,010,000		$  2,456,642
Bibb County Board of Education, Special Tax Series B, BAM, 4.00%, 04/01/2045 - 04/01/2050		1,775,000		1,914,657
City of Opelika, General Obligation Unlimited, 4.50%, 11/01/2020		50,000		50,891
County of Jefferson Sewer Revenue, Revenue Bonds, Series A, AGM, 5.50%, 10/01/2053		1,015,000		1,124,559
Dekalb-Jackson Cooperative District, Revenue Bonds AGM,
4.05%, 01/01/2050		140,000		146,178
5.00%, 01/01/2056		750,000		840,307
Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc., Revenue Bonds, AGM, 4.00%, 04/01/2025		70,000		77,029
Marshall County Board of Education, Special Tax, AGM, 4.00%, 03/01/2032		230,000		252,685
Phenix City Board of Education, Special Tax, BAM, 4.00%, 08/01/2044		7,500,000		8,188,050
				15,050,998
Alaska - 0.2%
Alaska Housing Finance Corp., Revenue Bonds
Series B,
2.50%, 12/01/2034		3,000,000		2,971,050
Series D,
5.00%, 12/01/2025		935,000		1,064,927
State of Alaska International Airports System, Revenue Bonds, Series A, 5.00%, 10/01/2031		65,000		73,482
				4,109,459
Arizona - 1.8%
Arizona Health Facilities Authority, Revenue Bonds, Series B2, AGM, 5.00%, 03/01/2041		35,000		35,515
Arizona Industrial Development Authority, Revenue Bonds
Series A,
4.00%, 07/01/2047 - 10/01/2049		1,350,000		1,188,760
5.00%, 03/01/2037		830,000		936,356
Series A, BAM,
5.00%, 06/01/2054 - 06/01/2058		8,640,000		9,570,174

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arizona (continued)
BluePath Trust, Revenue Bonds, 2.75%, 09/01/2026 (A) (B)		$   4,413,200		$   4,622,707
County of Pima, Certificate of Participation, 5.00%, 12/01/2026		35,000		39,482
County of Santa Cruz, Revenue Bonds, AGM, 4.00%, 07/01/2026		140,000		157,703
Glendale Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2038		250,000		223,065
Goodyear McDowell Road Commercial Corridor Improvement District, Special Assessment, BAM, 3.00%, 01/01/2025		1,130,000		1,202,557
Industrial Development Authority of the City of Phoenix, Revenue Bonds
2.95%, 07/01/2026		2,200,000		2,154,130
3.88%, 07/01/2021 (A)		95,000		94,544
5.00%, 07/01/2036		1,440,000		1,500,034
Series A,
5.00%, 07/01/2043		110,000		123,471
Industrial Development Authority of the County of Pima, Revenue Bonds, Series R, 2.88%, 07/01/2021		45,000		45,256
La Paz County Industrial Development Authority, Revenue Bonds
4.90%, 06/15/2028 (A)		560,000		522,894
Series A,
5.00%, 02/15/2021 - 02/15/2026 (A)		1,745,000		1,850,110
Maricopa County Elementary School District No. 25, General Obligation Unlimited, Series A, BAM, 4.00%, 07/01/2024		135,000		149,211
Maricopa County Industrial Development Authority, Revenue Bonds
4.00%, 07/01/2049 - 07/01/2054		3,000,000		3,176,440
Series A,
5.00%, 01/01/2034 - 07/01/2054		1,650,000		1,818,641
Maricopa County Pollution Control Corp., Revenue Bonds, 3.60%, 04/01/2040		1,740,000		1,730,691
Maricopa County Unified School District No. 89, General Obligation Limited, 5.00%, 07/01/2023		40,000		44,532
Tempe Industrial Development Authority, Revenue Bonds, Series B, 5.35%, 10/01/2025 (A)		1,575,000		1,558,919
Yuma County Elementary School District No. 1, General Obligation Unlimited, Series B, AGM, 5.00%, 07/01/2027		600,000		740,796
				33,485,988

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

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Page    121

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arkansas - 0.6%
Little Rock School District, General Obligation Limited 3.00%, 02/01/2026 - 02/01/2030		$   10,545,000		$   10,868,837
California - 13.8%
Acalanes Union High School District, General Obligation Unlimited, Series C, Zero Coupon, 08/01/2026		235,000		212,518
Adelanto Elementary School District Community Facilities District No. 1, Special Tax BAM, 5.00%, 09/01/2036 - 09/01/2039		3,200,000		3,827,387
Adelanto School District, Special Tax BAM, 4.00%, 09/01/2035 - 09/01/2036		555,000		616,968
Alameda Corridor Transportation Authority, Revenue Bonds Series B, AGM, 4.00%, 10/01/2035 - 10/01/2037		2,405,000		2,454,330
Alisal Union School District, General Obligation Unlimited, Series A, BAM, Zero Coupon, 08/01/2033		125,000		80,838
Avalon Community Improvement Agency Successor Agency, Tax Allocation Series A, AGM, 5.00%, 09/01/2024 - 09/01/2026		1,310,000		1,529,119
Baldwin Park / Monrovia School Facilities Grant Financing Authority, Revenue Bonds
AGM,
3.00%, 10/01/2033		60,000		62,602
4.00%, 10/01/2027		185,000		212,297
Beaumont Public Improvement Authority, Revenue Bonds Series A, AGM, 5.00%, 09/01/2037 - 09/01/2049		8,695,000		10,273,113
Borrego Springs Unified School District, General Obligation Unlimited, Series A, AGM, 4.00%, 08/01/2044		1,105,000		1,210,097
Calexico Financing Authority, Revenue Bonds, AGM, 4.00%, 04/01/2024		205,000		223,561
California Health Facilities Financing Authority, Revenue Bonds, Series B, 5.00%, 11/15/2031		75,000		86,395
California Housing Finance, Revenue Bonds, Series E, FNMA, 2.50%, 02/01/2038		11,753,890		11,488,605
California Municipal Finance Authority, Revenue Bonds
4.38%, 07/01/2025 (A)		750,000		759,277
5.00%, 07/01/2034 - 01/01/2049		16,400,000		18,845,239

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Municipal Finance Authority, Revenue Bonds (continued)
Series A,
4.00%, 10/01/2034 - 10/01/2044		$   4,715,000		$   4,366,650
4.50%, 06/01/2028 (A)		200,000		195,884
5.00%, 10/01/2044		1,000,000		1,020,830
California Public Finance Authority, Revenue Bonds, 4.25%, 06/15/2029 (A)		790,000		754,260
California School Finance Authority, Revenue Bonds, Series A, 4.00%, 08/01/2025 (A)		350,000		351,306
California Statewide Communities Development Authority, Revenue Bonds
5.00%, 08/01/2034 - 08/01/2038		2,775,000		3,175,854
AGM,
5.00%, 10/01/2026		400,000		456,188
Series A,
3.00%, 11/01/2022 (A)		1,300,000		1,274,884
3.50%, 11/01/2027 (A)		2,630,000		2,525,116
5.00%, 12/01/2025 - 12/01/2029 (A)		775,000		825,735
Series B,
5.00%, 07/01/2030		445,000		478,210
California Statewide Communities Development Authority, Special Assessment
4.00%, 09/02/2028 - 09/02/2044		2,840,000		2,989,480
5.00%, 09/02/2034 - 09/02/2049		1,470,000		1,643,356
Carmichael Water District, Certificate of Participation, Series A, 4.00%, 11/01/2037		2,280,000		2,595,415
Carson Redevelopment Agency Successor Agency, Tax Allocation, Series A, AMBAC, 4.75%, 01/01/2036		110,000		110,147
Cascade Union Elementary School District, General Obligation Unlimited Series B, MAC, 4.00%, 08/01/2034 - 08/01/2039		445,000		488,766
Chaffey Joint Union High School District, General Obligation Unlimited, Series B, Zero Coupon, 08/01/2037		1,000,000		518,630
Chowchilla Elementary School District, General Obligation Unlimited, 5.00%, 08/01/2048		650,000		755,956
City of Azusa, Special Tax AGM, 5.00%, 09/01/2044 - 09/01/2049		2,500,000		2,901,750
City of Beaumont, Special Tax, 5.00%, 09/01/2044		345,000		372,110
City of Fontana, Special Tax 4.00%, 09/01/2045 - 09/01/2050		600,000		588,790
City of Irvine, Special Tax, AGM, 5.00%, 09/01/2051		5,020,000		5,693,533

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

Transamerica Funds Semi-Annual Report 2020

Page    122

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
City of Lathrop, Special Assessment 4.00%, 09/02/2021 - 09/02/2022		$   265,000		$   273,703
City of Lemoore Water Revenue, Revenue Bonds, BAM, 5.00%, 06/01/2049		7,400,000		8,632,914
City of Los Angeles Department of Airports, Revenue Bonds, Series C, 5.00%, 05/15/2038		4,700,000		5,266,914
City of Porterville Sewer Revenue, Certificate of Participation, AGM, 4.00%, 09/15/2049		3,135,000		3,413,074
City of Sacramento, Special Tax Series 02, 5.00%, 09/01/2044 - 09/01/2049		2,585,000		2,812,717
City of San Francisco Public Utilities Commission Water Revenue, Revenue Bonds, Series B, 5.00%, 11/01/2037		75,000		85,154
City of Susanville Natural Gas Revenue, Revenue Bonds, AGM, 4.00%, 06/01/2045		3,320,000		3,573,216
City of Tulare Water Revenue, Revenue Bonds, AGM, 4.00%, 12/01/2049		700,000		752,472
Coachella Redevelopment Agency Successor Agency, Tax Allocation
AGM,
5.00%, 09/01/2026		70,000		80,174
Series A, AGM,
4.00%, 09/01/2032		110,000		121,332
5.00%, 09/01/2029 - 09/01/2030		670,000		788,630
Colton Joint Unified School District, General Obligation Unlimited
BAM,
4.00%, 02/01/2033		55,000		60,033
5.00%, 02/01/2029		480,000		567,653
Compton Unified School District, General Obligation Unlimited, Series B, BAM, 4.00%, 06/01/2049		5,855,000		6,287,275
County of El Dorado, Special Tax
BAM,
3.00%, 09/01/2025 - 09/01/2026		260,000		281,485
5.00%, 09/01/2021 - 09/01/2024		1,770,000		1,983,597
County of San Bernardino, Special Tax, 4.00%, 09/01/2047		100,000		98,238
County of Santa Cruz, Certificate of Participation, 4.00%, 08/01/2033		75,000		82,777
Coyote Canyon Public Facilities Community Facilities District No. 2004-1, Special Tax, Series A, AGM, 4.00%, 09/01/2029		60,000		66,107

	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		$   5,400,000		$   5,591,052
3.25%, 12/01/2036		5,300,000		5,509,456
Dry Creek Joint Elementary School District, Special Tax, AGM, 5.00%, 09/01/2024		140,000		162,834
Durham Unified School District, General Obligation Unlimited Series A, AGM, 4.00%, 08/01/2037 - 08/01/2039		710,000		768,264
Elk Grove Unified School District, Certificate of Participation BAM, 5.00%, 02/01/2027 - 02/01/2028		2,270,000		2,695,751
Etiwanda School District, Special Tax
Series 2,
2.00%, 09/01/2020		50,000		50,053
3.00%, 09/01/2021 - 09/01/2022		185,000		187,793
3.50%, 09/01/2023		75,000		77,504
Fairfield-Suisun Unified School District Public Financing Authority, Special Tax BAM, 2.25%, 08/15/2021 - 08/15/2023		6,195,000		6,213,565
Folsom Cordova Unified School District, General Obligation Unlimited, Series D, AGM, 4.00%, 10/01/2044		44,890,000		47,983,370
Golden State Tobacco Securitization Corp., Revenue Bonds
Series A, AGM,
5.00%, 06/01/2040		1,000,000		1,157,150
Series A-1,
5.00%, 06/01/2023 - 06/01/2047		15,895,000		15,838,987
5.25%, 06/01/2047		3,580,000		3,502,636
Series A-2,
5.00%, 06/01/2047		14,000,000		13,607,020
Hacienda La Puente Unified School District, Certificate of Participation, AGM, 5.00%, 06/01/2024		190,000		217,155
Heber Elementary School District, General Obligation Unlimited Series A, MAC, 4.00%, 08/01/2035 - 08/01/2038		360,000		391,339
Konocti Unified School District, General Obligation Unlimited, AGM, 5.00%, 08/01/2042		740,000		858,755
Lynwood Unified School District, General Obligation Unlimited Series B, BAM, 4.00%, 08/01/2045 - 08/01/2049		5,125,000		5,503,474

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

Transamerica Funds Semi-Annual Report 2020

Page    123

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Menifee Union School District Public Financing Authority, Special Tax
Series A,
5.00%, 09/01/2023		$   425,000		$   469,634
Series A, BAM,
5.00%, 09/01/2029 - 09/01/2034		1,240,000		1,423,869
Monterey Peninsula Community College District, General Obligation Unlimited, Zero Coupon, 08/01/2032		220,000		153,014
Oakdale Public Financing Authority, Special Tax, 2.63%, 09/01/2022		110,000		110,688
Peralta Community College District, General Obligation Unlimited Series D, 3.50%, 08/01/2032 - 08/01/2034		6,120,000		6,440,519
Pittsburg Successor Agency Redevelopment Agency, Tax Allocation, Series A, AGM, 5.00%, 09/01/2022		425,000		461,333
Pollock Pines Elementary School District, General Obligation Unlimited, MAC, 4.00%, 08/01/2049		1,565,000		1,677,664
Rancho Cucamonga Public Finance Authority, Revenue Bonds, Series A, 5.00%, 05/01/2034		695,000		865,602
Rio Elementary School District Community Facilities District, Special Tax BAM, 5.00%, 09/01/2029 - 09/01/2032		1,505,000		1,802,636
Robla School District, General Obligation Unlimited
AGM,
4.00%, 08/01/2037 - 08/01/2038		1,075,000		1,189,842
5.00%, 08/01/2044		1,720,000		2,001,581
Roseland School District, General Obligation Unlimited, Series C, MAC, 5.00%, 08/01/2046		260,000		304,543
San Bernardino County Redevelopment Agency Successor Agency, Tax Allocation Series B, AGM, 5.00%, 09/01/2025 - 09/01/2026		330,000		386,092
San Diego Public Facilities Financing Authority, Revenue Bonds, Series A, 5.00%, 10/15/2044		365,000		418,118
San Diego Unified School District, General Obligation Unlimited, Series K-2, Zero Coupon, 07/01/2030		1,350,000		1,053,972
Sanger Unified School District, Certificate of Participation, AGM, 3.13%, 06/01/2033		75,000		79,245

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Santa Clarita Redevelopment Agency Successor Agency, Tax Allocation, AGM, 5.00%, 10/01/2023		$   435,000		$   484,011
Snowline Joint Unified School District, Special Tax, Series A, 3.00%, 09/01/2022		280,000		284,746
South Tahoe Redevelopment Agency, Special Tax, Series 1, 3.38%, 10/01/2021		110,000		111,288
Stockton Public Financing Authority, Special Tax, Series A, BAM, 4.00%, 09/02/2030		1,310,000		1,452,724
Successor Agency to the Upland Community Redevelopment Agency, Tax Allocation, AGM, 5.00%, 09/01/2022		50,000		54,275
Sutter Union High School District, General Obligation Unlimited, BAM, Zero Coupon, 08/01/2028		140,000		115,136
Tahoe-Truckee Unified School District, Certificate of Participation, BAM, 4.00%, 06/01/2043		1,000,000		1,077,400
Tobacco Securitization Authority of Northern California, Revenue Bonds, Series A-1, 4.75%, 06/01/2023		20,000		20,000
Upland Community Facilities District, Special Tax, Series A, 4.00%, 09/01/2049		750,000		733,410
Vacaville Unified School District, Certificate of Participation, AGM, 4.00%, 12/01/2024		105,000		117,154
Washington Township Health Care District, General Obligation Unlimited Series DT, 4.00%, 08/01/2034 - 08/01/2036		1,585,000		1,688,315
West Kern Community College District, Certificate of Participation AGM, 4.00%, 11/01/2040 - 11/01/2044		1,390,000		1,494,517
Whittier Union High School District, General Obligation Unlimited, Zero Coupon, 08/01/2026		950,000		862,676
				258,842,823
Colorado - 2.5%
BNC Metropolitan District No. 1, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2032		360,000		426,794

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

Transamerica Funds Semi-Annual Report 2020

Page    124

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Bradburn Metropolitan District No. 2, General Obligation Limited, Series A, 4.00%, 12/01/2028		$   500,000		$   482,870
Brighton Crossing Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2037		525,000		511,681
Bromley Park Metropolitan District No. 2, General Obligation Limited Series A, BAM, 5.00%, 12/01/2031 - 12/01/2032		460,000		557,875
Castle Oaks Metropolitan District No. 3, General Obligation Limited, 5.00%, 12/01/2037		1,500,000		1,358,040
City of Arvada, Certificate of Participation 4.00%, 12/01/2032 - 12/01/2033		1,080,000		1,182,157
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
4.00%, 07/01/2020 - 08/01/2026		420,000		452,084
5.00%, 06/15/2029 - 08/01/2031		1,590,000		1,799,338
Series A,
5.00%, 06/01/2036		540,000		595,139
Colorado Health Facilities Authority, Revenue Bonds
4.00%, 05/15/2029		1,960,000		2,283,302
Series A,
4.00%, 08/01/2049		2,000,000		1,900,420
4.25%, 11/01/2024		1,620,000		1,571,011
5.00%, 12/01/2033		100,000		107,518
Series B,
3.13%, 05/15/2027		1,250,000		1,250,862
5.00%, 05/15/2021 - 05/15/2026		2,815,000		2,793,486
Colorado Housing & Finance Authority, Revenue Bonds
0.22% (C), 11/01/2021		1,500,000		1,500,000
GNMA,
3.38%, 11/01/2033		970,000		1,000,245
3.60%, 11/01/2038		1,590,000		1,626,936
Denver Health & Hospital Authority, Revenue Bonds, Series A, 4.00%, 12/01/2040		750,000		755,640
Erie Commons Metropolitan District No. 2, General Obligation Limited, Series A, AGM, 4.00%, 12/01/2039		1,300,000		1,446,458
Heather Gardens Metropolitan District, General Obligation Unlimited AGM, 4.00%, 12/01/2024 - 12/01/2032		2,220,000		2,540,902
Meridian Metropolitan District, General Obligation Unlimited, AGM, 5.00%, 12/01/2042		15,000		17,563
North Park Metropolitan District No. 1, Revenue Bonds, Series A-2, 5.50%, 12/01/2034		1,000,000		962,900

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Northglenn Urban Renewal Authority, Tax Allocation 4.00%, 12/01/2024 - 12/01/2038		$   2,740,000		$   2,821,365
Park Creek Metropolitan District, Revenue Bonds
Series A,
5.00%, 12/01/2032 - 12/01/2037		1,205,000		1,382,384
Series A, AGM,
4.00%, 12/01/2046		7,000,000		7,696,500
Series A, NATL-IBC,
5.00%, 12/01/2045		1,220,000		1,384,432
Sand Creek Metropolitan District, General Obligation Limited MAC, 4.00%, 12/01/2032 - 12/01/2034		1,475,000		1,659,870
Silver Peaks Metropolitan District No. 2, General Obligation Limited BAM, 5.00%, 12/01/2037 - 12/01/2042		1,520,000		1,802,466
South Sloan’s Lake Metropolitan District No. 2, General Obligation Limited, AGM, 4.00%, 12/01/2044		500,000		549,160
Vauxmont Metropolitan District, General Obligation Limited, AGM, 3.25%, 12/15/2050		2,000,000		2,033,740
Wyndham Hill Metropolitan District No. 2, General Obligation Limited, Series A, BAM, 4.00%, 12/01/2034 (D)		540,000		568,847
				47,021,985
Connecticut - 1.4%
City of Bridgeport, General Obligation Unlimited, Series C, AGM, 5.00%, 08/15/2024		1,275,000		1,460,296
City of Hartford, General Obligation Unlimited
Series A,
5.00%, 04/01/2030		20,000		20,974
Series A, AGM,
5.00%, 07/01/2025 - 07/01/2032		460,000		527,121
Series A, BAM,
4.00%, 12/01/2027		515,000		568,807
5.00%, 12/01/2022 - 12/01/2026		11,535,000		13,270,301
Series A, BAM-TCRS,
5.00%, 04/01/2025		765,000		815,605
Series B, AGM,
5.00%, 10/01/2032		100,000		110,810
Series C, AGM,
5.00%, 07/15/2023		900,000		989,730
Series C, BAM,
5.00%, 08/15/2021		320,000		336,326
City of New Haven, General Obligation Unlimited
Series A,
5.50%, 08/01/2034 - 08/01/2038		1,855,000		2,058,147

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

Transamerica Funds Semi-Annual Report 2020

Page    125

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Connecticut (continued)
City of New Haven, General Obligation Unlimited (continued)
Series A, BAM-TCRS,
5.00%, 08/01/2037		$   635,000		$   696,557
Series B, BAM,
5.00%, 08/15/2025		40,000		45,312
Connecticut Housing Finance Authority, Revenue Bonds
Series 24,
3.80%, 06/15/2031		370,000		400,218
3.90%, 06/15/2033		405,000		433,885
Series A-1,
3.10%, 05/15/2028		2,015,000		2,155,687
Series B-1,
2.40%, 11/15/2026		90,000		92,710
Series B3,
2.40%, 05/15/2026		55,000		56,728
Connecticut State Health & Educational Facilities Authority, Revenue Bonds
Series G,
4.00%, 07/01/2020		100,000		100,483
Series J,
5.00%, 07/01/2034 - 07/01/2037		880,000		887,903
State of Connecticut, General Obligation Unlimited, Series B, 4.00%, 03/01/2029		25,000		25,897
State of Connecticut, Special Tax Series A, 5.00%, 08/01/2022		15,000		16,156
Town of Hamden, General Obligation Unlimited, BAM, 6.00%, 08/15/2033		1,190,000		1,503,446
				26,573,099
Delaware - 0.3%
Delaware Municipal Electric Corp., Revenue Bonds Series A, BAM, 5.00%, 10/01/2035 - 10/01/2044		3,135,000		3,712,372
Delaware State Economic Development Authority, Revenue Bonds
5.00%, 08/01/2049		900,000		911,196
5.38%, 10/01/2045		80,000		79,431
				4,702,999
District of Columbia - 0.6%
District of Columbia, Revenue Bonds
4.00%, 07/01/2049		1,000,000		867,960
Series A,
4.13%, 07/01/2027		1,000,000		917,250
5.00%, 07/01/2032		1,500,000		1,391,280
Series B,
3.88%, 07/01/2024		1,500,000		1,411,995
Series C,
4.00%, 12/01/2021		25,000		26,225

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
District of Columbia (continued)
District of Columbia Housing Finance Agency, Revenue Bonds, Series A, 3.70%, 09/01/2033		$   2,010,000		$   2,151,906
District of Columbia Water & Sewer Authority, Revenue Bonds, Series A, 5.00%, 10/01/2023		25,000		27,346
Metropolitan Washington Airports Authority, Revenue Bonds, Series A, 5.00%, 10/01/2020		25,000		25,380
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds
5.00%, 10/01/2053		505,000		515,994
AGM,
4.00%, 10/01/2053		1,500,000		1,511,070
Series B, AGM-CR,
6.50%, 10/01/2044 (E)		1,065,000		1,311,942
Series C, AGC,
6.50%, 10/01/2041 (E)		285,000		350,422
				10,508,770
Florida - 3.5%
Board of Governors State University System of Florida, Revenue Bonds, Series B, 5.00%, 07/01/2020		140,000		140,948
Bridgewater Community Development District, Special Assessment, 4.50%, 05/01/2031		25,000		27,076
Cape Coral Health Facilities Authority, Revenue Bonds
4.00%, 07/01/2020 (A)		360,000		358,430
4.25%, 07/01/2021 (A)		435,000		422,855
Capital Trust Agency, Inc., Revenue Bonds 3.50%, 07/01/2020 - 07/01/2022 (A)		1,885,000		1,854,260
City of Cape Coral Water & Sewer Revenue, Special Assessment
AGM,
2.13%, 09/01/2022		90,000		91,494
2.75%, 09/01/2025 - 09/01/2026		460,000		489,369
City of Fort Myers, Revenue Bonds 4.00%, 12/01/2032 - 12/01/2033		410,000		440,773
City of Jacksonville, Revenue Bonds
Series A,
5.00%, 10/01/2030		1,000,000		1,189,580
Series C,
5.00%, 10/01/2031		100,000		108,262
City of North Port, Special Assessment, BAM, 5.00%, 07/01/2020		90,000		90,589
City of Orlando, Revenue Bonds
Series A, AGM,
5.00%, 11/01/2027 - 11/01/2029		4,230,000		5,165,627
Series B, AGM,
5.00%, 11/01/2025 - 11/01/2038		7,870,000		9,236,450

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

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
City of Pompano Beach, Revenue Bonds, 4.00%, 09/01/2020		$   315,000		$   315,715
City of Tallahassee, Revenue Bonds, 5.00%, 10/01/2023		55,000		60,092
City of Tampa, Revenue Bonds, Series A, 5.00%, 11/15/2025		25,000		26,656
Columbia County School Board, Certificate of Participation, Series A, BAM, 5.00%, 07/01/2026		440,000		513,647
County of Lake, Revenue Bonds 5.00%, 01/15/2029 - 01/15/2049 (A)		1,750,000		1,621,534
County of Miami-Dade Water & Sewer System Revenue, Revenue Bonds, Series B, 5.00%, 10/01/2044		1,000,000		1,194,830
County of Polk Utility System Revenue, Revenue Bonds, BAM, 5.00%, 10/01/2043		10,000,000		11,373,100
Florida Department of Environmental Protection, Revenue Bonds, Series A, 5.00%, 07/01/2022		55,000		59,757
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, 5.00%, 04/01/2035		1,050,000		1,119,478
Florida Housing Finance Corp., Revenue Bonds
Series 1, GNMA, FNMA, FHLMC,
2.10%, 07/01/2028		525,000		530,260
2.20%, 01/01/2023		125,000		127,515
2.25%, 07/01/2023		105,000		107,501
2.30%, 01/01/2024		275,000		282,252
2.35%, 07/01/2024		455,000		468,937
2.45%, 01/01/2025		375,000		388,136
2.50%, 07/01/2025		440,000		457,406
2.65%, 01/01/2026		450,000		472,284
2.70%, 07/01/2026		225,000		237,332
2.75%, 01/01/2027		445,000		471,949
2.80%, 07/01/2027		445,000		472,608
2.85%, 01/01/2028		150,000		159,024
2.90%, 07/01/2028		345,000		366,114
3.75%, 07/01/2035		2,345,000		2,466,119
Florida Keys Aqueduct Authority, Revenue Bonds, Series A, 5.00%, 09/01/2049		1,250,000		1,404,450
Hillsborough County School Board, Revenue Bonds, AGM, 5.00%, 10/01/2020		390,000		396,661
Lee County Industrial Development Authority, Revenue Bonds 5.00%, 11/15/2039 - 11/15/2044		3,500,000		3,521,845

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Manatee County School District, Revenue Bonds, AGM, 5.00%, 10/01/2021		$   50,000		$   52,884
Martin County Health Facilities Authority, Revenue Bonds, AGM-CR, 5.50%, 11/15/2042		15,000		16,085
North Sumter County Utility Dependent District, Revenue Bonds
5.00%, 10/01/2042		100,000		102,584
BAM,
5.00%, 10/01/2036 - 10/01/2037		500,000		614,857
Orange County Health Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2033 - 10/01/2034		8,200,000		9,279,860
Series B,
5.00%, 10/01/2044		200,000		218,682
Orange County Housing Finance Authority, Revenue Bonds, Series A, GNMA, FNMA, FHLMC, 3.15%, 09/01/2032		420,000		433,549
St. Johns County Industrial Development Authority, Revenue Bonds, Series A, Fixed until 08/01/2024, 4.13% (C), 08/01/2047		1,000,000		926,730
Tradition Community Development District No. 1, Special Assessment
AGM,
3.50%, 05/01/2020		1,325,000		1,325,000
4.00%, 05/01/2023		275,000		296,258
Village Community Development District No. 12, Special Assessment
3.25%, 05/01/2023 (A)		300,000		300,114
3.25%, 05/01/2026		2,460,000		2,446,741
Volusia County School Board, Certificate of Participation Series A, BAM, 5.00%, 08/01/2027 - 08/01/2028		605,000		712,626
Walton County District School Board, Certificate of Participation, AGM, 5.00%, 07/01/2026		370,000		426,332
				65,383,217
Georgia - 1.5%
Atlanta Development Authority, Revenue Bonds, 5.00%, 07/01/2020		150,000		151,008
Bibb County Development Authority, Revenue Bonds, 5.25%, 06/01/2050		5,720,000		6,714,937
City of East Point, Tax Allocation, 3.00%, 08/01/2022		1,000,000		1,010,830

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

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Georgia (continued)
Cornelia Urban Redevelopment Agency, Revenue Bonds, AGM, 5.00%, 10/01/2054		$   1,440,000		$   1,657,296
Development Authority for Fulton County, Revenue Bonds, 4.00%, 07/01/2049		6,460,000		6,513,812
Floyd County School District, General Obligation Unlimited, 5.00%, 07/01/2020		100,000		100,649
Georgia Housing & Finance Authority, Revenue Bonds
Series A-1,
3.20%, 12/01/2036		690,000		706,891
3.25%, 12/01/2037		1,320,000		1,352,657
Series B,
3.40%, 12/01/2037		2,285,000		2,354,601
Series C,
2.85%, 06/01/2028 - 12/01/2028		570,000		598,482
Main Street Natural Gas, Inc., Revenue Bonds, Series A, 5.00%, 05/15/2049		5,000,000		5,814,750
Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds, Series A, NATL, 5.00%, 07/01/2020		100,000		100,678
State of Georgia, General Obligation Unlimited, Series I, 4.00%, 07/01/2020		25,000		25,131
				27,101,722
Guam - 0.0% (F)
Guam Government Waterworks Authority, Revenue Bonds 5.00%, 07/01/2023 - 07/01/2031		335,000		349,882
Guam Power Authority, Revenue Bonds
Series A,
5.00%, 10/01/2034		100,000		101,127
Series A, AGM,
5.00%, 10/01/2026		200,000		209,654
				660,663
Idaho - 0.3%
County of Nez Perce, Revenue Bonds, 2.75%, 10/01/2024		4,500,000		4,246,740
Idaho Health Facilities Authority, Revenue Bonds, Series D, 5.00%, 12/01/2032		50,000		54,270
Idaho Housing & Finance Association, Revenue Bonds
5.00%, 07/15/2020		285,000		287,263
Series A,
4.00%, 07/01/2026		280,000		287,736
4.63%, 07/01/2029 (A)		185,000		182,075
Series A-1, Class I,
2.75%, 07/01/2031		335,000		338,635
				5,396,719

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois - 15.0%
Adams County School District No. 172, General Obligation Unlimited
AGM,
3.00%, 02/01/2033		$   300,000		$   309,600
4.00%, 02/01/2032 - 02/01/2035		3,250,000		3,442,308
5.00%, 02/01/2029		1,345,000		1,571,323
Berwyn Municipal Securitization Corp., Revenue Bonds, AGM-CR, 5.00%, 01/01/2035		8,230,000		9,783,824
Boone & Winnebago Counties Community Unit School District No. 200, General Obligation Unlimited, AGM, Zero Coupon, 01/01/2023		1,490,000		1,425,721
Carol Stream Park District, General Obligation Unlimited, BAM, 5.00%, 01/01/2037		1,375,000		1,590,834
Champaign & Piatt Counties Community Unit School District No. 3, General Obligation Unlimited Series A, AGM, 5.00%, 10/01/2022 - 10/01/2024		4,910,000		5,456,750
Chicago Board of Education, General Obligation Unlimited
Series A,
4.00%, 12/01/2020		3,245,000		3,255,189
Series A, AGM-CR, AMBAC,
5.50%, 12/01/2021		410,000		434,768
Series A, AGM-CR, NATL,
5.25%, 12/01/2021		150,000		158,216
Series A, NATL,
Zero Coupon, 12/01/2022		25,000		23,050
Chicago O’Hare International Airport, Revenue Bonds BAM-TCRS,
5.00%, 01/01/2039		25,000		26,120
Series B,
5.00%, 01/01/2021		150,000		153,174
Series B, AGM,
4.00%, 01/01/2053		310,000		316,417
Chicago Transit Authority, Revenue Bonds, AGM-CR, 5.00%, 12/01/2051		25,000		27,794
City of Calumet City, General Obligation Unlimited
BAM,
4.00%, 03/01/2023 - 03/01/2024		2,135,000		2,292,072
Series A, BAM,
4.00%, 03/01/2022		955,000		998,156
City of Chicago, General Obligation Unlimited
Series A,
5.50%, 01/01/2049		2,750,000		2,713,177
Series C,
5.00%, 01/01/2026 - 01/01/2027		2,950,000		3,018,158

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

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Chicago Wastewater Transmission Revenue, Revenue Bonds
AGM-CR,
3.00%, 01/01/2021		$   750,000		$   759,712
5.00%, 01/01/2022 - 01/01/2024		700,000		742,933
BAM-TCRS,
3.00%, 01/01/2021		475,000		478,239
Series A, AGM,
5.25%, 01/01/2042		675,000		782,230
City of Chicago Waterworks Revenue, Revenue Bonds
4.00%, 11/01/2023		500,000		511,370
5.00%, 11/01/2021 - 11/01/2028		3,500,000		3,646,670
AGM-CR,
5.00%, 11/01/2027		140,000		149,590
City of Country Club Hills, General Obligation Unlimited
BAM,
4.00%, 12/01/2028 - 12/01/2031		1,240,000		1,368,133
4.50%, 12/01/2030 - 12/01/2031		1,295,000		1,407,209
City of East Moline, General Obligation Unlimited Series A, AGM, 4.00%, 01/15/2034 - 01/15/2037 (D)	2,490,000		2,609,650
City of Flora, General Obligation Unlimited BAM, 3.50%, 11/01/2022 - 11/01/2024		585,000		614,075
City of Monmouth, General Obligation Unlimited
Series A. AGM,
Zero Coupon, 12/01/2044		100,000		33,414
Series B, BAM,
3.00%, 12/01/2023		130,000		137,366
City of North Chicago, General Obligation Unlimited
Series A, AGM,
4.00%, 11/01/2020		160,000		162,277
Series B, AGM,
4.00%, 11/01/2023		40,000		43,240
City of Peoria, General Obligation Unlimited
BAM-TCRS,
5.00%, 01/01/2027		1,180,000		1,311,181
Series B, BAM-TCRS,
5.00%, 01/01/2026		1,190,000		1,327,564
City of Sterling, General Obligation Unlimited, AGM, 3.00%, 12/01/2024		140,000		147,913
City of Waukegan, General Obligation Unlimited
Series A, AGM,
5.00%, 12/30/2035 - 12/30/2036		2,220,000		2,614,152
Series B, AGM,
5.00%, 12/30/2030 - 12/30/2032		2,120,000		2,537,106
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		4,103,565

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Cook & Will Counties Community College District No. 515, General Obligation Limited, 5.00%, 12/01/2024		$   70,000		$   79,136
Cook & Will Counties School District No. 194, General Obligation Limited, Series B, BAM, 5.00%, 12/01/2033		775,000		884,895
Cook & Will Counties School District No. 194, General Obligation Unlimited, BAM, 4.13%, 12/01/2035		930,000		975,970
Cook County Community College District No. 508, General Obligation Unlimited
5.00%, 12/01/2020 - 12/01/2024		1,445,000		1,462,117
BAM-TCRS,
5.25%, 12/01/2027		1,825,000		2,053,526
Cook County Community High School District No. 229, General Obligation Limited, 4.00%, 12/01/2023		1,505,000		1,644,258
Cook County School District No. 100, General Obligation Unlimited, BAM, 4.00%, 12/01/2021		430,000		448,383
Cook County School District No. 111, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2037		2,350,000		2,721,864
Cook County School District No. 111, General Obligation Unlimited, AGM, 4.00%, 12/01/2034		1,000,000		1,082,850
Cook County School District No. 149, General Obligation Limited, Series A-1, AGM, 4.00%, 12/01/2028		980,000		1,050,148
Cook County School District No. 157, General Obligation Unlimited Series A, AGM, Zero Coupon, 11/01/2021 - 11/01/2025		1,420,000		1,320,270
Cook County School District No. 158, General Obligation Limited, AGM, 3.00%, 12/01/2021		325,000		334,253
Cook County School District No. 160, General Obligation Unlimited Series A, BAM, 4.00%, 12/01/2026 - 12/01/2027		285,000		323,358
Cook County School District No. 162, General Obligation Limited, AGM, 4.00%, 12/01/2027		250,000		253,160
Cook County School District No. 163, General Obligation Limited, Series A, AGM, 5.00%, 12/15/2028		70,000		74,834
Cook County School District No. 31, General Obligation Limited Series A, 3.00%, 12/01/2021		100,000		102,675

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

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Page    129

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Cook County Township High School District No. 201, General Obligation Limited, Series C, AGM, Zero Coupon, 12/01/2024		$   100,000		$   91,297
Cook County Township High School District No. 220, General Obligation Limited
AGM-CR,
5.00%, 12/01/2025		700,000		786,513
BAM-TCRS,
5.00%, 12/01/2026		1,545,000		1,734,803
County of Cook, General Obligation Unlimited, Series C, AGM-CR, 5.00%, 11/15/2024		1,500,000		1,623,735
County of Union, General Obligation Unlimited, AGM, 4.25%, 09/01/2042		1,665,000		1,847,168
DeKalb & Kane Counties Community Unit School District No. 427, General Obligation Unlimited, Series A, BAM-TCRS, 4.00%, 02/01/2030		2,060,000		2,139,186
Douglas & Champaign Counties Community Unit School District No. 302, General Obligation Unlimited, Series B, AGM, 4.00%, 12/01/2034		785,000		853,499
DuPage County School District No. 2, General Obligation Unlimited, 4.00%, 05/01/2037		500,000		550,205
Grundy County School District No. 54, General Obligation Unlimited, AGM-CR, 6.00%, 12/01/2024		2,050,000		2,202,192
Henry & Whiteside Counties Community Unit School District No. 228, General Obligation Unlimited, Series A, AGM, 5.00%, 08/15/2028		150,000		175,944
Illinois Development Finance Authority, Revenue Bonds, AGM, Zero Coupon, 01/01/2021		30,000		29,825
Illinois Finance Authority, Revenue Bonds
4.00%, 08/01/2032		675,000		632,029
5.00%, 08/01/2025 - 08/01/2031		3,985,000		4,327,311
AGM,
4.00%, 12/01/2023		140,000		151,372
5.00%, 12/01/2036		1,900,000		2,191,441
Series A,
4.00%, 11/01/2023		405,000		390,286
5.00%, 07/01/2020 - 11/01/2025		2,010,000		2,004,775
Series C,
5.00%, 05/15/2020 - 08/15/2021		170,000		172,107

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois Housing Development Authority, Revenue Bonds
FNMA,
2.63%, 09/01/2032		$   1,480,832		$   1,460,781
Series A-1,
3.00%, 02/01/2022		340,000		349,571
Illinois State Toll Highway Authority, Revenue Bonds
Series A,
4.50%, 12/01/2020		250,000		254,710
Series B,
5.00%, 01/01/2037		140,000		157,041
Series D,
5.00%, 01/01/2024		45,000		50,320
Iroquois & Kankakee Counties Community Unit School District No. 4, General Obligation Unlimited, Series A, AMBAC, BAM-TCRS, Zero Coupon, 11/01/2022		1,300,000		1,245,660
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		4,760,715
Joliet Regional Port District, General Obligation Unlimited, Series A, AGM, 4.00%, 12/30/2024		250,000		273,868
Kane Cook & DuPage Counties School District No. U-46, General Obligation Limited, Series A, 5.00%, 01/01/2033		260,000		291,525
Kane Cook & DuPage Counties School District No. U-46, General Obligation Unlimited Series D, 5.00%, 01/01/2025 - 01/01/2026		130,000		146,829
Kane County School District No. 129, General Obligation Unlimited Series C, BAM-TCRS, 5.00%, 02/01/2024 - 02/01/2025		5,000,000		5,663,474
Kane Kendall Etc. Counties Community College District No. 516, General Obligation Unlimited, Series A, 5.00%, 12/15/2022		100,000		106,373
Knox & Warren Counties Community Unit School District No. 205, General Obligation Unlimited, Series B, 3.50%, 01/01/2027		185,000		195,671
La Salle & Livingston Counties Township High School District No. 40, General Obligation Unlimited, AGM, 4.00%, 12/01/2036		315,000		347,335

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

Transamerica Funds Semi-Annual Report 2020

Page    130

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	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		$   109,494
Lake County Community Unit School District No. 116, General Obligation Limited, Series B, 3.00%, 01/15/2023		105,000		109,632
Lake County School District No. 38, General Obligation Unlimited, BAM-TCRS, 3.00%, 02/01/2022		2,500,000		2,566,375
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		1,167,078
Macon & De Witt Counties Community Unit School District No. 2, General Obligation Unlimited
Series C, BAM,
3.25%, 12/01/2023		1,195,000		1,265,792
3.50%, 12/01/2024		1,270,000		1,374,267
4.00%, 12/01/2025		1,360,000		1,532,475
Macoupin Sangamon & Montgomery Counties Community Unit School District, General Obligation Unlimited BAM, 4.50%, 12/01/2036 - 12/01/2041		1,625,000		1,731,594
Madison & Jersey Counties Unit School District No. 11, General Obligation Unlimited
BAM,
5.00%, 12/01/2030 (D)		3,270,000		3,773,809
Series B, BAM,
3.50%, 03/01/2029		1,700,000		1,786,955
Madison-Macoupin Etc. Counties Community College District No. 536, General Obligation Unlimited
5.00%, 11/01/2021		105,000		110,833
Series A, AGM,
5.00%, 11/01/2031 - 11/01/2033		3,450,000		4,074,487
Series A, BAM-TCRS,
5.00%, 11/01/2022 - 11/01/2026		4,990,000		5,627,756
McHenry & Kane Counties Community Consolidated School District No. 158, General Obligation Unlimited, AGM-CR, FGIC, Zero Coupon, 01/01/2024		510,000		475,988
McHenry County Community Unit School District No. 12, General Obligation Unlimited
BAM,
5.00%, 01/01/2035		2,625,000		2,961,682
Series A, AGM,
5.00%, 01/01/2023		70,000		76,005
McHenry County Conservation District, General Obligation Unlimited, 5.00%, 02/01/2026		110,000		128,655

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
McLean County Public Building Commission, Revenue Bonds, 4.00%, 12/01/2034		$   1,245,000		$   1,333,046
Metropolitan Pier & Exposition Authority, Revenue Bonds
5.50%, 06/15/2050		695,000		698,246
BAM-TCRS,
5.00%, 06/15/2052		500,000		523,305
NATL,
5.70%, 06/15/2023 (E)		165,000		177,014
Series A, NATL,
Zero Coupon, 06/15/2026		100,000		81,890
Series B,
5.00%, 12/15/2028		145,000		142,999
Series B, AGM,
5.00%, 06/15/2050		3,295,000		3,309,893
Series B2, BAM-TCRS,
5.25%, 06/15/2050		440,000		442,112
Northeastern Illinois University, Certificate of Participation
AGM,
3.00%, 07/01/2020 - 07/01/2023		2,065,000		2,106,046
4.00%, 07/01/2025		565,000		619,743
Northeastern Illinois University, Revenue Bonds
Series 1, BAM,
3.00%, 07/01/2020		125,000		125,418
4.00%, 07/01/2021 - 07/01/2022		1,015,000		1,065,072
Northern Illinois University, Certificate of Participation, AGM, 5.00%, 09/01/2024		105,000		116,397
Northern Illinois University, Revenue Bonds
Series B, BAM,
4.00%, 04/01/2036 - 04/01/2041		4,190,000		4,219,149
5.00%, 04/01/2027		355,000		405,091
Northlake Public Library District, General Obligation Unlimited, AGM, 3.00%, 12/01/2021		610,000		627,367
Peoria Public Building Commission, Revenue Bonds, BAM, 5.00%, 12/01/2022		1,075,000		1,174,007
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		677,221
Railsplitter Tobacco Settlement Authority, Revenue Bonds
5.25%, 06/01/2020 - 06/01/2021		185,000		187,456
5.38%, 06/01/2021		85,000		88,613
6.00%, 06/01/2028		75,000		79,182
Regional Transportation Authority, Revenue Bonds, Series A, NATL, 5.50%, 07/01/2025		65,000		75,730

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

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Rock Island County Public Building Commission, Revenue Bonds
AGM,
3.00%, 12/01/2021		$   175,000		$   178,904
4.00%, 12/01/2023		285,000		307,635
5.00%, 12/01/2024 - 12/01/2041		1,725,000		2,031,809
Sangamon County Community Unit School District No. 5, General Obligation Unlimited, Series B, 5.00%, 01/01/2023		150,000		164,016
Sangamon County Water Reclamation District, General Obligation Unlimited, Series A, BAM-TCRS, 4.00%, 01/01/2044		14,135,000		15,380,152
Southern Illinois University, Certificate of Participation, Series A-1, BAM, 4.00%, 02/15/2026		455,000		495,149
Southern Illinois University, Revenue Bonds
Series A, AGM,
5.50%, 04/01/2023		370,000		413,109
Series B, BAM-TCRS,
5.00%, 04/01/2021		435,000		449,764
Southwestern Illinois Development Authority, Revenue Bonds, Series B, BAM-TCRS, 5.00%, 10/15/2026		1,000,000		1,170,190
St. Clair County Community Consolidated School District No. 90, General Obligation Unlimited AMBAC, BAM-TCRS, Zero Coupon, 12/01/2020 - 12/01/2023		645,000		626,047
St. Clair County High School District No. 201, General Obligation Unlimited, Series B, BAM, 5.00%, 02/01/2025		4,040,000		4,702,883
St. Clair County School District No. 119, General Obligation Unlimited, Series A, AGM, 4.00%, 04/01/2038		2,575,000		2,791,042
State of Illinois, General Obligation Unlimited
5.00%, 02/01/2022 - 04/01/2024		190,000		189,748
5.50%, 07/01/2025		185,000		185,812
BAM-TCRS,
4.00%, 06/01/2041		18,625,000		17,556,484
Series A,
5.00%, 01/01/2028		150,000		145,170
Tazewell County School District No. 51, General Obligation Unlimited NATL, 9.00%, 12/01/2021 - 12/01/2022		1,355,000		1,569,230
Town of Cicero, General Obligation Unlimited, Series B, AGM, 4.20%, 12/01/2027		340,000		343,529

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
University of Illinois, Revenue Bonds
Series A, AGM,
4.00%, 04/01/2043		$   5,795,000		$   5,909,799
Series A, AMBAC,
5.50%, 04/01/2022		75,000		79,889
Series A, BAM-TCRS,
4.00%, 04/01/2031		1,445,000		1,504,173
Village of Bedford Park Water System Revenue, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2026		95,000		104,678
Village of Bellwood, General Obligation Unlimited
AGM,
5.00%, 12/01/2027		235,000		270,332
Series B, AGM,
3.00%, 12/01/2029		1,000,000		1,046,710
Village of Broadview, General Obligation Unlimited Series A, BAM, 3.00%, 12/01/2020 - 12/01/2022		510,000		522,157
Village of Calumet Park, General Obligation Unlimited BAM, 4.00%, 12/01/2021 - 12/01/2032		2,490,000		2,702,587
Village of Crestwood, General Obligation Unlimited
BAM,
4.50%, 12/15/2027 - 12/15/2029		2,395,000		2,558,190
Series B, BAM,
5.00%, 12/15/2028 - 12/15/2035		7,305,000		8,066,309
Village of Dolton, General Obligation Unlimited, Series A, AGC, 4.50%, 12/01/2024		300,000		300,489
Village of Franklin Park, Revenue Bonds, BAM, 5.00%, 04/01/2026		230,000		266,890
Village of Hazel Crest, General Obligation Unlimited BAM, 4.00%, 12/01/2024 - 12/01/2025		640,000		710,172
Village of Lombard, General Obligation Unlimited
4.00%, 01/01/2021		910,000		920,802
5.00%, 01/01/2022 - 01/01/2024		1,740,000		1,865,673
Village of Lyons, General Obligation Unlimited
Series B, BAM,
4.00%, 12/01/2036 - 12/01/2039		4,440,000		4,873,559
5.00%, 12/01/2032		125,000		133,405
Series C, BAM,
3.00%, 12/01/2020		85,000		85,913
4.00%, 12/01/2022 - 12/01/2023		550,000		584,819
Village of Matteson, Revenue Bonds BAM, 5.00%, 12/01/2024 - 12/01/2035		3,610,000		4,226,120

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

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Montgomery, Special Assessment
BAM,
2.85%, 03/01/2024		$   188,000		$   194,939
3.00%, 03/01/2025		135,000		141,210
3.10%, 03/01/2026		260,000		274,648
3.30%, 03/01/2028		200,000		213,170
3.40%, 03/01/2029		726,000		775,143
3.45%, 03/01/2030		137,000		145,679
Village of Mount Prospect, General Obligation Unlimited, 3.00%, 12/01/2021		100,000		102,641
Village of Mundelein, General Obligation Unlimited, AGM, 4.00%, 12/15/2039		720,000		783,958
Village of Oak Lawn, General Obligation Unlimited, Series A, 3.00%, 12/01/2020		260,000		261,893
Village of Stone Park, General Obligation Unlimited Series B, BAM, 4.00%, 02/01/2035 - 02/01/2036		310,000		324,511
Warren County Community Unit School District No. 238, General Obligation Unlimited, AGM, 4.00%, 12/01/2021		75,000		78,182
Wauconda Special Service Area No.1, Special Tax, Series A, BAM, 5.00%, 03/01/2033		305,000		342,915
Western Illinois Economic Development Authority, Revenue Bonds 4.00%, 06/01/2020 - 06/01/2033		5,625,000		5,765,772
Western Illinois University, Certificate of Participation
AGM,
3.00%, 10/01/2022		3,010,000		3,079,230
5.00%, 10/01/2024		3,330,000		3,720,975
Western Illinois University, Revenue Bonds BAM, 5.00%, 04/01/2021 - 04/01/2024		2,030,000		2,188,565
Will County Community High School District No. 210, General Obligation Unlimited, Series A, AGM-CR, 5.00%, 01/01/2027		3,475,000		3,698,720
Will County Community Unit School District No. 201, General Obligation Limited, Series C, AGM, 5.00%, 01/01/2027		1,075,000		1,273,391
Will County Community Unit School District No. 201, General Obligation Unlimited
AGM,
Zero Coupon, 11/01/2024		610,000		563,695
Series B, AGM,
5.00%, 01/01/2026		515,000		609,739

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Will County School District No. 86, General Obligation Unlimited, Series C, AGM-CR, 5.00%, 03/01/2024		$   8,105,000		$   9,163,351
Will Grundy Et Cetera County Revenue, General Obligation Unlimited, Series B, 5.00%, 06/01/2038		200,000		223,458
				281,010,496
Indiana - 2.2%
Ball State University, Revenue Bonds, Series R, 5.00%, 07/01/2020		100,000		100,662
Bloomington Redevelopment District, Tax Allocation Series A-1, 5.00%, 02/01/2026 - 02/01/2040		2,315,000		2,660,307
Center Grove 2000 Building Corp., Revenue Bonds, 5.00%, 07/10/2020		50,000		50,365
City of Evansville, Revenue Bonds, Series A, AGM, 5.00%, 02/01/2025		140,000		163,041
City of Rockport, Revenue Bonds
Series A,
2.75%, 06/01/2025		6,295,000		6,565,055
Series D,
Fixed until 06/01/2021, 2.05% (C), 04/01/2025		645,000		648,128
Evansville Redevelopment Authority, Revenue Bonds
BAM,
4.00%, 02/01/2028 - 02/01/2029		5,840,000		6,684,520
5.00%, 02/01/2026		700,000		832,048
Greater Clark County School Building Corp., Revenue Bonds, Series A, 4.00%, 07/15/2024		135,000		149,386
Hammond Multi-School Building Corp., Revenue Bonds 4.00%, 01/15/2021 - 07/15/2021		755,000		773,563
Indiana Finance Authority, Revenue Bonds
3.50%, 10/01/2025		960,000		982,579
4.00%, 02/01/2021		405,000		413,797
5.00%, 02/01/2022 - 10/01/2035		3,030,000		3,448,754
Series A,
4.00%, 09/15/2044 - 09/15/2049		1,040,000		944,236
5.00%, 09/15/2021 - 09/15/2026		945,000		1,022,622
Indiana Finance Authority, Educational Facilities Revenue, Revenue Bonds, 4.00%, 02/01/2040		25,000		25,340
Indiana Health Facility Financing Authority, Revenue Bonds
Fixed until 05/01/2020, 1.25% (C), 11/01/2027		2,785,000		2,785,000
5.00%, 11/15/2034		1,725,000		1,953,390

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

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Page    133

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Indiana (continued)
Indiana Housing & Community Development Authority, Revenue Bonds
Series A-1, GNMA, FNMA, FHLMC,
2.85%, 07/01/2031		$   225,000		$   230,677
Series C-1, GNMA, FNMA, FHLMC,
3.25%, 01/01/2032		1,515,000		1,595,719
Indiana University, Revenue Bonds, Series A, 5.00%, 06/01/2024		50,000		57,683
Jeffersonville Redevelopment Authority, Revenue Bonds, AGM, 3.00%, 08/01/2026		760,000		827,161
Merrillville Building Corp., Revenue Bonds BAM, 4.00%, 07/15/2036 - 12/15/2039		2,720,000		2,962,953
Merrillville Redevelopment Authority, Revenue Bonds BAM, 4.00%, 07/15/2036 - 12/15/2039		3,335,000		3,623,585
Vincennes University, Revenue Bonds, Series J, 5.00%, 06/01/2020		100,000		100,317
Wawasee High School Building Corp., Revenue Bonds, 5.00%, 07/15/2038		1,300,000		1,505,387
				41,106,275
Iowa - 0.0% (F)
City of Ames, General Obligation Unlimited, Series A, 2.25%, 06/01/2028		120,000		123,317
County of Hamilton, General Obligation Unlimited, Series A, 2.00%, 06/01/2020		305,000		305,271
				428,588
Kansas - 0.3%
City of Dodge City, Revenue Bonds, 3.00%, 07/15/2021		80,000		81,898
City of Wichita, Revenue Bonds, Series I, 5.00%, 05/15/2028		300,000		287,730
Kansas Development Finance Authority, Revenue Bonds, Series C, BAM, 4.00%, 05/01/2022		90,000		94,931
Kansas Independent College Finance Authority, Revenue Bonds, 5.50%, 05/01/2020		1,000,000		1,000,000
Marais Des Cygnes Public Utility Authority, Revenue Bonds AGM, 3.00%, 12/01/2026 - 12/01/2027		990,000		1,061,185
Montgomery County Unified School District No. 446, General Obligation Unlimited BAM, 5.00%, 09/01/2027 - 09/01/2028		1,560,000		1,880,467

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kansas (continued)
Unified Government of Greeley County, General Obligation Unlimited, Series B, 5.00%, 12/01/2037		$   225,000		$   259,697
				4,665,908
Kentucky - 3.7%
Bullitt County School District Finance Corp., Revenue Bonds, 3.10%, 09/01/2026		65,000		68,182
City of Winchester Combined Utilities Revenue, Revenue Bonds, Series A, BAM, 4.00%, 07/01/2029		685,000		804,039
County of Hardin, Revenue Bonds AGM, 5.75%, 08/01/2033 - 08/01/2045		105,000		113,095
Eastern Kentucky University, Revenue Bonds, Series A, 4.00%, 04/01/2025		125,000		138,421
Fayette County School District Finance Corp., Revenue Bonds, Series B, 4.00%, 05/01/2024		140,000		153,307
Kentucky Bond Development Corp., Revenue Bonds, BAM, 5.00%, 09/01/2049		23,005,000		26,914,240
Kentucky Economic Development Finance Authority, Revenue Bonds
5.25%, 08/15/2046		1,230,000		1,248,770
AGM,
5.00%, 12/01/2045 - 12/01/2047		1,580,000		1,676,701
Kentucky Municipal Power Agency, Revenue Bonds
Series A,
Fixed until 03/01/2026, 3.45% (C), 09/01/2042		2,500,000		2,542,350
Series A, NATL,
5.00%, 09/01/2023 - 09/01/2042		165,000		182,678
Kentucky State Property & Building Commission, Revenue Bonds, BAM-TCRS, 5.00%, 04/01/2029		3,450,000		3,949,698
Kentucky Turnpike Authority, Revenue Bonds, Series A, 5.00%, 07/01/2021		45,000		46,637
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds AGM-CR, 4.00%, 06/01/2024 - 06/01/2029		17,290,000		18,911,893
Louisville / Jefferson County Metropolitan Government, Revenue Bonds Series A, 4.00%, 10/01/2039 - 10/01/2040		1,000,000		1,010,820

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

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Page    134

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky (continued)
Morehead State University, Revenue Bonds
Series A,
3.00%, 04/01/2027		$   155,000		$   164,047
4.00%, 04/01/2030 - 04/01/2032		435,000		471,980
Nicholas County School District Finance Corp., Revenue Bonds
2.00%, 02/01/2023		55,000		56,178
2.38%, 02/01/2025		240,000		249,574
2.50%, 02/01/2027		305,000		315,321
3.00%, 02/01/2028 - 02/01/2032		365,000		383,624
Northern Kentucky University, Revenue Bonds, 4.00%, 09/01/2020		100,000		101,019
Series A,
4.00%, 09/01/2025		900,000		992,574
Paducah Electric Plant Board, Revenue Bonds Series A, AGM, 5.00%, 10/01/2029 - 10/01/2032		2,330,000		2,790,346
Warren County Justice Center Expansion Corp., Revenue Bonds, 5.00%, 09/01/2024		820,000		940,647
Warren County School District Finance Corp., Revenue Bonds, 4.00%, 04/01/2026		3,690,000		4,098,557
				68,324,698
Louisiana - 2.2%
City of Ruston, Revenue Bonds, AGM, 5.00%, 06/01/2036		260,000		298,628
Fremaux Economic Development District, Revenue Bonds, 5.00%, 11/01/2034		250,000		221,445
Jefferson Sales Tax District, Revenue Bonds, Series B, AGM, 5.00%, 12/01/2032		25,000		30,453
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds AGM, 5.00%, 08/01/2026 - 08/01/2029		13,795,000		16,725,199
Louisiana Public Facilities Authority, Revenue Bonds
5.00%, 07/01/2022 - 07/01/2027		3,160,000		3,434,734
AGM,
5.00%, 06/01/2021		65,000		67,766
New Orleans Aviation Board, Revenue Bonds AGM, 5.00%, 10/01/2033 - 10/01/2048		8,265,000		9,635,981
St. Tammany Parish Hospital Service District No. 1, Revenue Bonds Series A, 5.00%, 07/01/2033 - 07/01/2048		10,015,000		11,433,813
				41,848,019

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Maine - 0.8%
City of Portland General Airport Revenue, Revenue Bonds, 5.00%, 01/01/2028		$   640,000		$   731,750
Maine Governmental Facilities Authority, Revenue Bonds, Series A, 5.00%, 10/01/2028		350,000		421,278
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 07/01/2038		35,000		39,836
Maine State Housing Authority, Revenue Bonds,
2.60%, 11/15/2050		4,245,000		3,950,227
Series B,
2.50%, 11/15/2045		2,500,000		2,325,600
2.75%, 11/15/2028		410,000		428,807
2.90%, 11/15/2029		880,000		923,410
3.15%, 11/15/2039		1,680,000		1,721,009
3.35%, 11/15/2044		130,000		133,507
Series C,
2.35%, 11/15/2027		245,000		249,760
2.50%, 11/15/2028		550,000		564,405
2.75%, 11/15/2031		2,120,000		2,161,891
Series D-1,
2.50%, 11/15/2026		460,000		479,030
2.65%, 11/15/2027		555,000		581,240
2.80%, 11/15/2028		570,000		597,879
2.95%, 11/15/2029		350,000		368,326
				15,677,955
Maryland - 0.1%
City of Baltimore, Revenue Bonds, Series C, 5.00%, 07/01/2028		50,000		55,797
City of Rockville, Revenue Bonds
Series A-2,
2.25%, 11/01/2022		250,000		236,205
5.00%, 11/01/2023		345,000		350,962
Series A1,
5.00%, 11/01/2021 - 11/01/2023		550,000		557,469
Series C,
3.00%, 11/01/2025		1,135,000		1,043,587
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds
4.00%, 12/01/2046		200,000		204,860
5.00%, 07/01/2021		35,000		36,670
Montgomery County Revenue Authority, Revenue Bonds, Series A, 4.00%, 11/01/2020		85,000		86,323
				2,571,873
Massachusetts - 0.8%
Commonwealth of Massachusetts, General Obligation Limited
Series A,
5.00%, 07/01/2037		45,000		51,870
Series B,
5.00%, 06/01/2024		125,000		125,410

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

Transamerica Funds Semi-Annual Report 2020

Page    135

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Massachusetts (continued)
Lynn Housing Authority & Neighborhood Development, Revenue Bonds
4.25%, 10/01/2028		$   315,000		$   334,628
4.38%, 10/01/2029		300,000		319,011
Massachusetts Development Finance Agency, Revenue Bonds
5.00%, 10/01/2039		250,000		252,590
Series I,
5.00%, 07/01/2025 - 07/01/2026		1,080,000		1,231,635
Series K,
4.00%, 07/01/2038		5,255,000		5,043,329
Series S-2,
Fixed until 01/30/2025, 5.00% (C), 07/01/2038		75,000		87,038
Massachusetts Housing Finance Agency, Revenue Bonds
Series 178,
3.70%, 12/01/2033		365,000		383,867
Series 183,
2.80%, 06/01/2031		1,575,000		1,610,233
Series 187, FNMA,
2.65%, 12/01/2027		740,000		772,767
2.80%, 06/01/2028 - 12/01/2028		2,915,000		3,053,823
Series C,
2.40%, 12/01/2025		210,000		220,046
2.60%, 12/01/2026		150,000		156,015
2.70%, 06/01/2027		150,000		159,079
2.85%, 06/01/2028		160,000		168,142
2.90%, 12/01/2028		125,000		131,497
				14,100,980
Michigan - 3.2%
Allendale Public School District, General Obligation Unlimited, 5.00%, 11/01/2026		100,000		119,866
Capac Community School District, General Obligation Unlimited BAM, 4.00%, 05/01/2027 - 05/01/2031		1,240,000		1,425,710
Chelsea School District, General Obligation Unlimited, Series D, 4.00%, 05/01/2020		200,000		200,000
City of Detroit Sewage Disposal System Revenue, Revenue Bonds Series A, AGM, 5.25%, 07/01/2023 - 07/01/2024		90,000		102,753
Clarkston Community Schools, General Obligation Unlimited, Series I, 5.00%, 05/01/2041		20,000		23,044
Decatur Public School District, General Obligation Unlimited, 3.00%, 05/01/2022		145,000		149,947
Detroit Downtown Development Authority, Tax Allocation, 5.00%, 07/01/2048		10,000,000		11,008,000

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Detroit Wayne County Stadium Authority, Revenue Bonds, AGM, 5.00%, 10/01/2026		$   2,775,000		$   2,924,517
East Lansing Economic Development Corp., Revenue Bonds, Series B, 2.95%, 07/01/2020		50,000		49,888
Fitzgerald Public School District, General Obligation Unlimited, BAM, 4.00%, 05/01/2025		630,000		699,231
Forest Hills Public Schools, General Obligation Unlimited, Series I, 3.00%, 05/01/2024		85,000		90,857
Grand Rapids Economic Development Corp., Revenue Bonds, 3.00%, 11/01/2022		1,240,000		1,178,670
Grand Rapids Public Schools, General Obligation Unlimited AGM, 5.00%, 05/01/2030 - 11/01/2039		1,730,000		2,072,044
Kirtland Community College, General Obligation Unlimited, BAM, 4.00%, 05/01/2020		150,000		150,000
Lake City Area Schools, General Obligation Unlimited, BAM, 5.00%, 05/01/2035		2,725,000		3,166,286
Meridian Economic Development Corp., Revenue Bonds
Series A,
2.95%, 07/01/2020		450,000		448,992
3.25%, 07/01/2021		605,000		596,935
Michigan Finance Authority, Revenue Bonds
5.25%, 10/01/2043		20,000		22,447
Series A,
4.00%, 11/15/2050		500,000		504,080
Michigan State Hospital Finance Authority, Revenue Bonds, Series F, Fixed until 03/15/2023, 2.40% (C), 11/15/2047		745,000		760,481
Michigan State Housing Development Authority, Revenue Bonds
Series B,
3.25%, 12/01/2032		3,835,000		4,021,381
Series D,
3.65%, 10/01/2032		2,700,000		2,757,429
Michigan Strategic Fund, Revenue Bonds, 5.00%, 11/15/2049		2,500,000		2,381,475
North Branch Area Schools, General Obligation Unlimited, 5.00%, 05/01/2020		200,000		200,000

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

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Saranac Community Schools, General Obligation Unlimited
4.00%, 05/01/2030 - 05/01/2031		$   825,000		$   925,281
Series A,
4.00%, 05/01/2025		130,000		145,808
Southgate Community School District, General Obligation Unlimited 5.00%, 05/01/2032 - 05/01/2035		1,950,000		2,314,275
Stockbridge Community Schools, General Obligation Unlimited, Series A, 5.00%, 05/01/2031		375,000		448,549
Sturgis Public School District, General Obligation Unlimited, Series A, 5.00%, 05/01/2026		45,000		53,249
Three Rivers Community Schools, General Obligation Unlimited, 2.00%, 05/01/2020		100,000		100,000
Tri-County Area School District, General Obligation Unlimited, AGM, 4.00%, 05/01/2044		5,170,000		5,713,522
Warren Consolidated Schools, General Obligation Unlimited
AGM,
4.00%, 05/01/2025 - 05/01/2027		700,000		794,631
Series B, BAM,
5.00%, 05/01/2023 - 05/01/2025		6,720,000		7,703,901
Wayne County Airport Authority, Revenue Bonds, Series A, 5.00%, 12/01/2032		250,000		287,943
Zeeland Public Schools, General Obligation Unlimited Series B, BAM, 5.00%, 05/01/2026 - 05/01/2030		5,820,000		7,148,613
				60,689,805
Minnesota - 2.7%
City of Apple Valley, Revenue Bonds, 4.25%, 09/01/2038		1,000,000		912,870
City of Cohasset, Revenue Bonds, 0.23% (C), 06/01/2020		1,360,000		1,360,000
City of Deephaven, Revenue Bonds
Series A,
4.38%, 10/01/2027		250,000		242,672
4.40%, 07/01/2025		125,000		126,676
City of Minneapolis, Revenue Bonds, Series A, AGM-CR, 5.00%, 11/15/2035		11,225,000		12,832,083
City of Red Wing, Revenue Bonds, Class A, 5.00%, 08/01/2047		1,250,000		1,013,275
City of St. Cloud, Revenue Bonds, Series A, 3.00%, 04/01/2021		250,000		170,000

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
City of Stillwater, Tax Allocation
3.00%, 02/01/2021 - 02/01/2027		$   2,455,000		$   2,406,654
4.00%, 02/01/2030		500,000		490,480
County of Chippewa, Revenue Bonds 4.00%, 03/01/2023 - 03/01/2026		5,460,000		5,833,436
Hennepin County, Revenue Bonds, Series B, 0.21% (C), 12/01/2041		3,775,000		3,775,000
Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds
Series A,
5.00%, 11/15/2025 - 12/01/2030		850,000		951,693
Series B,
4.25%, 04/01/2025		140,000		140,753
Minnesota Housing Finance Agency, Revenue Bonds
Series A,
4.00%, 08/01/2031		100,000		110,921
Series B, GNMA, FNMA, FHLMC,
2.40%, 01/01/2035		5,940,000		5,986,273
2.63%, 01/01/2040		7,510,000		7,567,001
Series C, GNMA, FNMA, FHLMC,
2.80%, 07/01/2024		105,000		109,894
2.95%, 07/01/2025		70,000		73,756
Series E, GNMA, FNMA, FHLMC,
3.30%, 01/01/2034		3,345,000		3,561,187
Series F,
2.90%, 01/01/2026		205,000		216,291
2.95%, 07/01/2026		255,000		269,293
Series F, GNMA, FNMA, FHLMC,
2.30%, 07/01/2032		1,280,000		1,242,931
Township of Baytown, Revenue Bonds, Series A, 4.00%, 08/01/2036		675,000		610,983
				50,004,122
Mississippi - 0.9%
Mississippi Development Bank, Revenue Bonds
4.00%, 07/01/2049		400,000		432,128
AGM,
6.88%, 12/01/2040		340,000		391,058
AGM-CR,
5.25%, 02/01/2049		7,440,000		8,949,873
Series A,
5.00%, 03/01/2022		650,000		651,826
Mississippi Home Corp., Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
2.20%, 12/01/2024		695,000		711,458
2.35%, 06/01/2025		320,000		329,437
2.45%, 12/01/2025		520,000		538,632
2.70%, 12/01/2026		475,000		500,574
2.75%, 06/01/2027		150,000		158,299
2.80%, 12/01/2027		75,000		79,250
2.85%, 06/01/2028		170,000		179,296
2.95%, 12/01/2028		535,000		566,137
Series E, GNMA, FNMA, FHLMC,
3.00%, 12/01/2028		80,000		85,155

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

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Mississippi (continued)
West Rankin Utility Authority, Revenue Bonds AGM, 5.00%, 01/01/2037 - 01/01/2038		$   3,105,000		$   3,478,066
				17,051,189
Missouri - 0.8%
Belton School District No. 124, Certificate of Participation, AGM, 5.00%, 01/15/2044		700,000		766,703
Branson Industrial Development Authority, Revenue Bonds
Series A,
3.00%, 11/01/2020 - 11/01/2021		750,000		743,620
4.00%, 11/01/2022		350,000		348,687
City of Kansas City, Revenue Bonds, Series A, 5.00%, 09/01/2034		100,000		100,267
Hannibal Industrial Development Authority, Revenue Bonds, 5.00%, 10/01/2037		1,500,000		1,641,495
Industrial Development Authority of the City of St. Louis, Tax Allocation, 3.75%, 11/01/2027		405,000		390,748
Lincoln University Auxiliary System Revenue, Revenue Bonds
AGM,
4.00%, 06/01/2035 - 06/01/2037		840,000		902,594
5.00%, 06/01/2027		870,000		1,048,246
Missouri Housing Development Commission, Revenue Bonds
Series B, GNMA, FNMA, FHLMC,
2.50%, 05/01/2029		5,000		5,107
2.55%, 11/01/2029		405,000		413,687
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, 5.00%, 12/01/2043		250,000		282,477
Missouri Southern State University, Revenue Bonds, Series A, AGM, 4.00%, 10/01/2037		170,000		178,281
Missouri State Health & Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 02/01/2029		2,145,000		2,160,616
St. Louis Municipal Finance Corp., Revenue Bonds Series A, AGM, 5.00%, 02/15/2030 - 02/15/2033		4,160,000		4,936,251
St. Louis Municipal Library District, Certificate of Participation, BAM, 4.00%, 03/15/2048		1,000,000		1,067,300
				14,986,079
Montana - 0.1%
Montana Board of Housing, Revenue Bonds, Series A, 3.75%, 12/01/2038		335,000		352,410

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Montana (continued)
Montana Facility Finance Authority, Revenue Bonds
5.00%, 07/01/2030		$   575,000		$   685,463
Series C,
5.00%, 06/01/2024 - 06/01/2025		1,460,000		1,633,416
				2,671,289
Nebraska - 0.4%
Central Plains Energy Project, Revenue Bonds, Series A, 5.00%, 09/01/2034		880,000		1,066,032
City of La Vista, Revenue Bonds, 3.00%, 07/15/2034		475,000		483,446
Madison County Hospital Authority No. 1, Revenue Bonds, Series V, 5.00%, 07/01/2025		1,765,000		1,999,586
Omaha Public Power District, Revenue Bonds Series A, 5.00%, 02/01/2033 - 02/01/2034		4,025,000		4,625,066
Thurston County School District No. 16, General Obligation Limited, 3.88%, 06/15/2029		100,000		100,808
				8,274,938
Nevada - 0.3%
City of Carson, Revenue Bonds, 5.00%, 09/01/2034		700,000		770,903
County of Washoe, Revenue Bonds, Series B, Fixed until 06/01/2022, 3.00% (C), 03/01/2036		1,200,000		1,235,016
Henderson Local Improvement Districts, Special Assessment
2.00%, 09/01/2023		350,000		353,094
2.25%, 09/01/2024		540,000		549,709
2.38%, 03/01/2021 - 03/01/2022		1,205,000		1,223,656
2.50%, 03/01/2023 - 09/01/2025		1,360,000		1,395,240
Las Vegas Special Improvement District Nos. 808 & 810, Special Assessment, 4.00%, 06/01/2020		170,000		170,034
Nevada System of Higher Education, Revenue Bonds Series A, 5.00%, 07/01/2021 - 07/01/2024		50,000		54,126
				5,751,778
New Hampshire - 0.1%
New Hampshire Housing Finance Authority, Revenue Bonds, 3.55%, 07/01/2037		850,000		872,822
New Jersey - 7.1%
Camden County Improvement Authority, Revenue Bonds
5.00%, 01/15/2026		255,000		289,461
Series A,
5.00%, 01/15/2029		10,000		11,607

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

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Page    138

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
City of Atlantic City, General Obligation Unlimited, Series B, AGM, 5.00%, 03/01/2037		$   900,000		$   1,036,980
City of Bayonne, General Obligation Unlimited, AGM, 5.00%, 08/01/2024		70,000		80,308
City of Newark, General Obligation Unlimited, Series A, 5.00%, 10/01/2020		55,000		55,723
City of Paterson, General Obligation Unlimited, BAM, 5.00%, 01/15/2024		380,000		412,501
City of Trenton, General Obligation Unlimited
AGM,
5.00%, 07/15/2034		200,000		238,050
BAM,
5.00%, 07/15/2022 - 12/01/2023		5,805,000		6,353,796
Cumberland County Improvement Authority, Revenue Bonds BAM, 5.00%, 12/15/2023 - 12/15/2024		845,000		977,567
Essex County Improvement Authority, Revenue Bonds
4.00%, 11/01/2045		3,475,000		3,760,089
Series A,
5.00%, 12/01/2035 (G)		535,000		481,500
Garden State Preservation Trust, Revenue Bonds
Series A, AGM,
5.75%, 11/01/2028		4,950,000		6,147,652
Series C, AGM,
5.25%, 11/01/2021		45,000		47,749
Greater Egg Harbor Regional High School District, General Obligation Unlimited
AGM,
4.00%, 02/01/2030		150,000		165,009
5.00%, 02/01/2023 - 02/01/2024		2,345,000		2,657,393
Little Egg Harbor Board of Education, General Obligation Unlimited, AGM, 4.00%, 01/15/2021		125,000		127,509
New Jersey Building Authority, Revenue Bonds
Series A,
5.00%, 12/15/2022		45,000		45,026
Series A, BAM,
5.00%, 06/15/2028		475,000		510,297
New Jersey Economic Development Authority, Revenue Bonds
5.00%, 11/01/2044		10,000,000		9,835,100
Series A,
3.50%, 09/01/2022 (A)		120,000		117,866
4.25%, 09/01/2027 (A)		200,000		195,678

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Jersey Economic Development Authority, Revenue Bonds (continued)
5.00%, 06/15/2022 - 06/15/2025		$   8,675,000		$   8,931,000
5.00%, 09/01/2037 (A)		750,000		693,398
Series A, BAM,
3.13%, 07/01/2031		2,440,000		2,251,803
5.00%, 06/15/2021 - 07/01/2028		12,870,000		13,707,606
Series A, BAM-TCRS,
5.00%, 06/15/2027 - 06/15/2030		15,850,000		17,067,239
Series B,
4.25%, 09/01/2022 (A)		140,000		139,217
Series C,
4.00%, 06/15/2025		1,825,000		1,812,207
Series C, BAM-TCRS,
5.00%, 06/15/2026		2,755,000		2,992,453
Series DDD,
5.00%, 06/15/2020 - 06/15/2024		2,100,000		2,163,546
Series DDD, BAM-TCRS,
5.00%, 06/15/2026 - 06/15/2035		6,985,000		7,513,254
Series PP, AGM-CR,
5.00%, 06/15/2025		14,450,000		15,351,391
Series UU, AGM-CR,
5.00%, 06/15/2025		905,000		961,454
New Jersey Educational Facilities Authority, Revenue Bonds
Series A,
4.00%, 07/01/2050		1,000,000		919,010
Series D, AGM,
5.00%, 07/01/2024		2,485,000		2,758,350
Series F, AGC,
4.00%, 07/01/2020		635,000		638,099
Series H, AGM,
5.00%, 07/01/2026		610,000		687,549
New Jersey Health Care Facilities Financing Authority, Revenue Bonds
5.00%, 07/01/2023		50,000		54,008
Series A, AGM,
5.00%, 07/01/2024 - 07/01/2046		1,035,000		1,095,033
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Series A, 2.38%, 12/01/2029		4,930,000		4,594,366
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds
Series A,
2.60%, 11/01/2024		2,120,000		2,215,718
2.85%, 11/01/2025		1,830,000		1,943,186
Series B,
2.00%, 05/01/2021		3,825,000		3,856,939
Series F, FHLMC,
3.35%, 12/01/2030		1,255,000		1,321,691
New Jersey Transportation Trust Fund Authority, Revenue Bonds
Series A, AGM-CR,
5.50%, 12/15/2022		3,045,000		3,222,950
Series B, AGC-ICC, FGIC,
5.50%, 12/15/2020		100,000		102,440
Series B, AMBAC,
5.25%, 12/15/2023		30,000		31,246

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

Transamerica Funds Semi-Annual Report 2020

Page    139

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Jersey Turnpike Authority, Revenue Bonds, Series B, 5.00%, 01/01/2033		$   15,000		$   17,426
Parking Authority of the City of Trenton, Revenue Bonds Series B, AGM, 4.00%, 04/01/2023 - 04/01/2028		1,620,000		1,787,401
Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.00%, 06/01/2023		25,000		27,157
Town of Kearny, General Obligation Unlimited, Series A, AGM, 5.00%, 02/01/2023		565,000		619,302
				133,023,300
New Mexico - 0.2%
City of Farmington, Revenue Bonds, Fixed until 06/01/2022, 2.13% (C), 06/01/2040		1,450,000		1,416,229
City of Santa Fe, Revenue Bonds, Series A, 4.00%, 06/01/2020		225,000		225,554
New Mexico Mortgage Finance Authority, Revenue Bonds
Series A-1,
1.65%, 09/01/2021		10,000		10,048
Series A-1, GNMA, FNMA, FHLMC,
3.45%, 07/01/2033		1,020,000		1,075,702
3.70%, 07/01/2038		1,060,000		1,113,594
State of New Mexico Severance Tax Permanent Fund, Revenue Bonds, Series B, 4.00%, 07/01/2020		130,000		130,681
				3,971,808
New York - 4.4%
Brooklyn Arena Local Development Corp., Revenue Bonds, Series A, AGM, 4.00%, 07/15/2035		2,400,000		2,468,328
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds
5.00%, 10/01/2037		400,000		423,308
Series A,
3.88%, 08/01/2027		2,545,000		2,458,165
5.00%, 08/01/2037		1,320,000		1,235,797
Buffalo Municipal Water Finance Authority, Revenue Bonds, Series A, AGM, 5.00%, 07/01/2039		455,000		533,801
Build Resource Corp., Revenue Bonds, 5.00%, 07/01/2041		100,000		97,852
City of New York, Revenue Bonds, Series H-6, 0.16% (C), 03/01/2034		940,000		940,000

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
City of Niagara Falls, General Obligation Limited, BAM, 5.00%, 05/15/2028		$   55,000		$   65,533
County of Suffolk, General Obligation Limited
Series D, BAM,
4.00%, 10/15/2027 - 10/15/2029		10,785,000		12,490,513
5.00%, 10/15/2023		115,000		128,708
Dutchess County Local Development Corp., Revenue Bonds 5.00%, 07/01/2032 - 07/01/2036		555,000		584,013
East Ramapo Central School District, General Obligation Unlimited AGM, 5.00%, 03/15/2039 - 03/15/2047		9,375,000		10,278,340
Jefferson County Civic Facility Development Corp., Revenue Bonds, Series A, 4.00%, 11/01/2030		350,000		368,963
Lockport City School District, General Obligation Unlimited
2.25%, 08/01/2027		620,000		643,417
2.50%, 08/01/2028		1,145,000		1,189,815
Metropolitan Transportation Authority, Revenue Bonds,
5.00%, 05/15/2020		300,000		299,940
Series A,
5.00%, 11/15/2025		50,000		52,970
Series D,
5.00%, 11/15/2030		2,500,000		2,504,075
Series E,
4.00%, 09/01/2020		105,000		104,344
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds, Series A, 5.00%, 11/15/2051		2,000,000		2,070,260
New York City Housing Development Corp., Revenue Bonds
1.95%, 05/01/2020		275,000		275,000
Series A, AGM,
4.10%, 07/01/2042		25,000		25,528
Series C-1,
2.25%, 05/01/2026		510,000		520,939
2.30%, 11/01/2026		925,000		945,951
2.40%, 05/01/2027		850,000		872,295
2.45%, 11/01/2027		190,000		195,183
2.55%, 05/01/2028		320,000		329,050
Series I, FNMA,
Fixed until 02/01/2026, 2.95% (C), 11/01/2045		4,950,000		5,236,951
New York City Industrial Development Agency, Revenue Bonds, FGIC, 4.50%, 03/01/2039		245,000		241,376
New York City Transitional Finance Authority Future Tax Secured Revenue 0.20% (C), 11/01/2022		1,185,000		1,185,000

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

Transamerica Funds Semi-Annual Report 2020

Page    140

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
New York Counties Tobacco Trust VI, Revenue Bonds, Series C, 3.75%, 06/01/2045		$   180,000		$   142,166
New York Liberty Development Corp., Revenue Bonds, 2.80%, 09/15/2069		1,500,000		1,392,705
New York State Dormitory Authority, Revenue Bonds
4.00%, 07/01/2046		750,000		779,265
Series A,
5.00%, 10/01/2033 - 08/01/2035		1,515,000		1,652,097
New York State Housing Finance Agency, Revenue Bonds
Series H, GNMA, FNMA, FHLMC,
1.65%, 11/01/2021		4,970,000		4,997,882
Series L, GNMA, FNMA, FHLMC,
1.50%, 11/01/2020		180,000		180,211
New York State Thruway Authority, Revenue Bonds, Series A, 5.00%, 01/01/2051		175,000		190,822
Niagara Tobacco Asset Securitization Corp., Revenue Bonds, 4.00%, 05/15/2029		145,000		145,020
Oneida County Local Development Corp. Revenue, Revenue Bonds, 4.00%, 12/01/2049		3,000,000		3,170,970
Port Authority of New York & New Jersey, Revenue Bonds, 5.00%, 09/01/2048		2,160,000		2,451,190
State of New York Mortgage Agency, Revenue Bonds
Series 190,
3.45%, 10/01/2030		110,000		114,806
Series 197,
1.90%, 04/01/2025		925,000		937,173
State of New York Mortgage Agency Homeowner Mortgage Revenue, Revenue Bonds, 2.55%, 04/01/2050		10,000,000		9,225,800
Suffolk County, Revenue Bonds, Series C, AGM, 5.00%, 05/01/2024		500,000		540,960
Town of North Hempstead, General Obligation Limited
Series A,
2.50%, 03/15/2030		1,405,000		1,441,291
2.75%, 03/15/2031 - 03/15/2033		3,115,000		3,180,285
Town of Oyster Bay, General Obligation Limited, AGM-CR, 4.00%, 02/15/2024		1,035,000		1,129,206
TSASC, Inc., Revenue Bonds, Series A, 5.00%, 06/01/2024		140,000		153,374
Westchester County Local Development Corp., Revenue Bonds, 5.00%, 11/01/2026		675,000		752,537

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Windsor Central School District, General Obligation Unlimited
2.00%, 06/15/2020		$   115,000		$   115,147
3.00%, 06/15/2030 - 06/15/2031		285,000		298,657
				81,756,979
North Carolina - 1.4%
City of Charlotte, Certificate of Participation, Series A, 5.00%, 12/01/2021		25,000		26,620
North Carolina Housing Finance Agency, Revenue Bonds
2.63%, 07/01/2039		3,765,000		3,668,465
2.85%, 01/01/2043		3,115,000		3,042,888
Series 37-B, GNMA, FNMA,
1.95%, 07/01/2023		20,000		20,292
Series 38-B,
2.38%, 01/01/2025		2,010,000		2,085,596
2.45%, 07/01/2025		1,180,000		1,231,519
2.65%, 01/01/2026		1,030,000		1,081,006
2.80%, 01/01/2027		80,000		85,094
North Carolina Medical Care Commission, Revenue Bonds
0.53% (C), 06/01/2029 (A)		7,600,000		7,600,000
5.00%, 01/01/2038		620,000		629,945
North Carolina Turnpike Authority, Revenue Bonds, AGM, 5.00%, 01/01/2035		995,000		1,156,001
Raleigh Enterprise System Revenue 0.20% (C), 03/01/2035		1,750,000		1,750,000
State of North Carolina, General Obligation Unlimited, Series A, 4.00%, 05/01/2025		120,000		120,000
Winston-Salem State University, Revenue Bonds BAM, 5.00%, 06/01/2029 - 06/01/2036		3,445,000		3,992,206
				26,489,632
North Dakota - 0.5%
City of Mandan, Revenue Bonds, Series A, 4.00%, 09/01/2034		1,010,000		1,074,105
County of Burleigh, Revenue Bonds, 3.60%, 05/01/2024		285,000		274,110
County of Burleigh Multi-County Sales Tax Revenue, Revenue Bonds Series A, AGM, 3.00%, 11/01/2024 - 11/01/2025		905,000		941,138
Fargo Public School District No. 1, General Obligation Limited, Series A, 3.00%, 08/01/2026		25,000		26,577
Jamestown Park District, Revenue Bonds
Series A,
3.00%, 07/01/2035		3,230,000		3,272,119
4.00%, 07/01/2026 - 07/01/2027		1,335,000		1,461,621

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

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Page    141

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Dakota (continued)
North Dakota Housing Finance Agency, Revenue Bonds
2.80%, 07/01/2023		$   55,000		$   57,067
Series C,
2.55%, 01/01/2028		775,000		796,251
Series D,
2.80%, 01/01/2025		810,000		858,503
2.85%, 07/01/2025		745,000		793,380
				9,554,871
Ohio - 1.7%
Brunswick City School District, General Obligation Unlimited Series A, 5.00%, 12/01/2027 - 12/01/2036		520,000		586,206
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2, Class 1,
4.00%, 06/01/2048		2,000,000		2,003,240
Series B-2, Class 2,
5.00%, 06/01/2055		5,750,000		5,117,557
Cardinal Local School District, Certificate of Participation, 5.25%, 04/01/2038		2,090,000		1,780,387
Cleveland Heights & University Heights City School District, General Obligation Unlimited 4.00%, 12/01/2029 - 12/01/2030		1,095,000		1,257,132
Cleveland-Cuyahoga County Port Authority, Revenue Bonds Series C, 3.00%, 05/15/2020 - 11/15/2023		605,000		601,193
Cleveland-Cuyahoga County Port Authority, Tax Allocation Series D, 3.00%, 05/15/2020 - 05/15/2023		1,620,000		1,622,959
Columbus-Franklin County Finance Authority, Revenue Bonds 4.00%, 05/15/2020 - 11/15/2020		235,000		236,662
Conotton Valley Union Local School District, Certificate of Participation MAC, 4.00%, 12/01/2035 - 12/01/2042		1,050,000		1,122,287
County of Butler, Revenue Bonds, 5.00%, 11/15/2027		65,000		75,427
County of Hamilton, Revenue Bonds, 5.00%, 05/15/2020		215,000		215,284
County of Lucas, Revenue Bonds, 5.00%, 11/15/2023		810,000		838,261
County of Scioto, Revenue Bonds, AGM-CR, 3.50%, 02/15/2038		2,155,000		2,189,157
County of Warren, Revenue Bonds
5.00%, 07/01/2023		250,000		267,052
Series A,
4.00%, 07/01/2045		500,000		501,120
Dayton-Montgomery County Port Authority, Revenue Bonds, Series 1, 6.13%, 01/15/2025		655,000		612,687

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
East Knox Local School District, General Obligation Unlimited, BAM, 4.00%, 12/01/2030		$   260,000		$   290,826
Euclid City School District, Certificate of Participation, BAM, 4.00%, 12/01/2044		850,000		899,861
Indian Creek Local School District, General Obligation Unlimited, Series B, BAM, 5.00%, 11/01/2055		200,000		231,560
Little Miami Local School District, General Obligation Unlimited, Series B, 5.00%, 11/01/2048		2,000,000		2,300,840
Ohio Higher Educational Facility Commission, Revenue Bonds
5.75%, 11/15/2035		25,000		25,071
AGM,
5.25%, 11/15/2040		40,000		40,061
Ohio Housing Finance Agency, Revenue Bonds
Series D, GNMA, FNMA, FHLMC,
3.05%, 09/01/2032		2,015,000		2,088,588
3.40%, 09/01/2037		3,905,000		4,068,151
Pinnacle Community Infrastructure Financing Authority, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2031		1,030,000		1,123,874
Summit County Development Finance Authority, Revenue Bonds
4.00%, 12/01/2028 - 12/01/2032		570,000		604,744
Series C,
4.00%, 11/15/2024 - 11/15/2025		155,000		157,563
Warrensville Heights City School District, General Obligation Unlimited, Series A, BAM, 5.25%, 12/01/2055		1,000,000		1,142,330
Willoughby-Eastlake City School District, Certificate of Participation, BAM, 4.00%, 03/01/2025		145,000		160,992
				32,161,072
Oklahoma - 0.5%
Caddo County Governmental Building Authority, Revenue Bonds, 5.00%, 09/01/2027		435,000		499,645
Cleveland County Educational Facilities Authority, Revenue Bonds, 5.00%, 06/01/2023		45,000		49,544
Garfield County Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 09/01/2027		1,315,000		1,577,132
Grady County School Finance Authority, Revenue Bonds
3.00%, 12/01/2028		85,000		91,021

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

Transamerica Funds Semi-Annual Report 2020

Page    142

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Oklahoma (continued)
Grady County School Finance Authority, Revenue Bonds (continued)
4.00%, 12/01/2023 - 09/01/2029		$   950,000		$   1,035,762
5.00%, 09/01/2022 - 12/01/2027		3,725,000		4,422,569
Jefferson County Educational Facilities Authority, Revenue Bonds
3.25%, 12/01/2023		135,000		139,468
3.38%, 12/01/2024		135,000		141,145
Oklahoma Development Finance Authority, Revenue Bonds, 5.00%, 06/01/2020		125,000		125,396
Oklahoma Housing Finance Agency, Revenue Bonds, Series A, GNMA, FNMA, FHLMC, 2.75%, 09/01/2034		2,030,000		2,026,590
Oklahoma Water Resources Board, Revenue Bonds, Series B, 4.75%, 04/01/2039		55,000		57,044
				10,165,316
Oregon - 0.8%
County of Jackson Airport Revenue, Revenue Bonds AGM, 5.00%, 12/01/2030 - 12/01/2032		255,000		291,603
Klamath Falls Intercommunity Hospital Authority, Revenue Bonds, 3.00%, 09/01/2035		820,000		802,567
Oregon State Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2021		440,000		462,326
5.50%, 06/15/2035 (A)		750,000		683,145
State of Oregon Housing & Community Services Department, Revenue Bonds
Series A,
2.45%, 07/01/2034		3,360,000		3,244,853
2.65%, 07/01/2039		7,650,000		7,482,082
Series D,
2.30%, 01/01/2026		795,000		810,797
2.45%, 01/01/2027		1,215,000		1,248,048
Warm Springs Reservation Confederated Tribe, Revenue Bonds Series B, 5.00%, 11/01/2034 - 11/01/2036 (A)		600,000		692,748
				15,718,169
Pennsylvania - 5.4%
Allegheny County Sanitary Authority, Revenue Bonds
AGM,
4.00%, 12/01/2035		295,000		323,712
5.00%, 12/01/2024		30,000		35,177
Allentown City School District, General Obligation Limited, AGM, 4.00%, 02/15/2023		5,295,000		5,650,083

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Altoona Area School District, General Obligation Limited, BAM, 5.00%, 12/01/2036		$   230,000		$   267,253
Bristol Township School District, General Obligation Limited, BAM-TCRS, 5.00%, 06/01/2027		80,000		88,562
Bucks County Industrial Development Authority, Revenue Bonds
4.00%, 08/15/2050		6,110,000		6,198,473
5.00%, 10/01/2033 - 10/01/2037		1,950,000		1,991,111
Chartiers Valley School District, General Obligation Limited, Series B, 5.00%, 10/15/2040		10,000		11,451
Cheltenham Township School District, General Obligation Limited, Series A, 5.00%, 02/15/2033		90,000		102,558
City of Reading, General Obligation Unlimited, BAM, 5.00%, 11/01/2021		675,000		711,058
Commonwealth Financing Authority, Revenue Bonds, Series B-1, AGM, 5.00%, 06/01/2025		2,900,000		3,426,843
County of Lackawanna, General Obligation Unlimited BAM, 4.00%, 09/15/2032 - 09/15/2033		6,965,000		7,768,521
Cumberland County Municipal Authority, Revenue Bonds
2.50%, 01/01/2021		300,000		294,453
3.00%, 01/01/2022		805,000		773,846
5.00%, 01/01/2029		1,000,000		942,170
Delaware Valley Regional Finance Authority, Revenue Bonds, Series B, AMBAC, 5.70%, 07/01/2027		350,000		433,674
Erie County Conventional Center Authority, Revenue Bonds, 5.00%, 01/15/2026		1,725,000		2,016,818
Fairview School District, General Obligation Limited Series A, 4.00%, 02/01/2024 - 02/01/2026		310,000		342,299
Indiana County Hospital Authority, Revenue Bonds, Series A, 5.50%, 06/01/2029		250,000		267,438
Lancaster Industrial Development Authority, Revenue Bonds, 4.00%, 12/01/2044		1,070,000		1,073,831
Lancaster School District, General Obligation Limited, Series A, AGM, 5.00%, 06/01/2031		735,000		851,667

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

Transamerica Funds Semi-Annual Report 2020

Page    143

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Lycoming County Water & Sewer Authority, Revenue Bonds, AGM, 2.00%, 11/15/2020		$   230,000		$   231,251
Nazareth Area School District, General Obligation Limited, Series D, 5.00%, 11/15/2035		10,000		11,729
Paradise Township Sewer Authority, Revenue Bonds BAM, 4.00%, 10/15/2035 - 10/15/2038		190,000		202,489
Penn Delco School District, General Obligation Limited, 4.00%, 06/01/2045		2,475,000		2,650,898
Penn Hills School District, General Obligation Limited
BAM,
5.00%, 11/15/2023 - 11/15/2024		180,000		205,840
Series A, BAM,
5.00%, 11/15/2025		110,000		129,914
Pennsylvania Economic Development Financing Authority, Revenue Bonds, AGM, 5.00%, 01/01/2034		50,000		55,311
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds
4.00%, 08/15/2049		1,295,000		1,364,736
5.00%, 07/15/2020		50,000		50,376
Pennsylvania Housing Finance Agency, Revenue Bonds
2.20%, 04/01/2027		670,000		683,232
2.25%, 10/01/2027		660,000		674,949
2.35%, 04/01/2028		1,405,000		1,441,010
2.40%, 10/01/2028		1,360,000		1,397,958
2.45%, 04/01/2029 - 10/01/2029		2,600,000		2,659,544
2.55%, 04/01/2030		1,280,000		1,316,736
2.60%, 10/01/2030		1,395,000		1,435,985
Series 119,
1.85%, 04/01/2022		620,000		625,803
Series 121,
2.20%, 04/01/2026		2,155,000		2,194,372
2.25%, 10/01/2026		1,275,000		1,299,862
2.35%, 04/01/2027		3,505,000		3,586,842
Series 124B,
2.30%, 04/01/2026		1,365,000		1,399,726
2.40%, 10/01/2026		745,000		768,780
2.45%, 04/01/2027		1,600,000		1,653,488
2.55%, 10/01/2027		1,450,000		1,509,232
2.65%, 04/01/2028		1,700,000		1,771,570
2.75%, 10/01/2028		1,580,000		1,652,190
Pennsylvania Turnpike Commission, Revenue Bonds
Series A, AGM,
4.00%, 12/01/2049		11,725,000		12,334,114
Series B,
5.00%, 12/01/2034 - 12/01/2038		1,320,000		1,504,693

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Revenue Bonds (continued)
Series B, BAM-TCRS,
5.25%, 12/01/2044		$   8,275,000		$   8,972,996
Series E,
6.38%, 12/01/2038 (E)		485,000		589,726
Philadelphia Gas Works Co., Revenue Bonds
4.00%, 10/01/2036 - 10/01/2037		300,000		318,050
5.00%, 08/01/2024		150,000		168,921
Pittston Area School District, General Obligation Unlimited, Series A, MAC, 2.00%, 07/15/2020		100,000		100,198
Reading School District, General Obligation Unlimited Series A, AGM, 5.00%, 02/01/2026 - 02/01/2027		2,115,000		2,447,673
State Public School Building Authority, Revenue Bonds
5.00%, 09/15/2021 - 09/15/2022		180,000		192,338
AGM,
5.00%, 10/01/2020 - 10/01/2023		260,000		277,607
Series A, AGM,
5.00%, 10/01/2020 - 09/15/2021		975,000		1,018,001
Upper Dublin School District, General Obligation Limited 4.00%, 05/15/2037 - 05/15/2044		1,845,000		1,967,329
Wilkes-Barre Area School District, General Obligation Limited
BAM,
4.00%, 04/15/2054		1,505,000		1,614,910
5.00%, 04/15/2059		4,000,000		4,633,520
York City School District, General Obligation Unlimited, BAM, 2.00%, 05/01/2020		100,000		100,000
				100,784,897
Puerto Rico - 1.4%
Children’s Trust Fund, Revenue Bonds, 5.63%, 05/15/2043		125,000		125,490
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC-ICC,
5.00%, 07/01/2034		150,000		150,053
AGM,
5.13%, 07/01/2030		10,000		10,044
5.25%, 07/01/2020		60,000		60,208
AGM-CR,
4.50%, 07/01/2023		100,000		100,079
Series A, AGC-ICC,
5.00%, 07/01/2020 - 07/01/2034		565,000		566,558
5.25%, 07/01/2020		275,000		275,448
5.50%, 07/01/2029		140,000		153,392
Series A, AGC-ICC, FGIC,
5.50%, 07/01/2020		175,000		175,674

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

Transamerica Funds Semi-Annual Report 2020

Page    144

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico, General Obligation Unlimited (continued)
Series A, AGM,
4.00%, 07/01/2022		$   470,000		$   475,903
5.00%, 07/01/2035		1,645,000		1,658,785
5.25%, 07/01/2024		235,000		242,898
6.00%, 07/01/2034		440,000		455,968
Series A-4, AGM,
5.00%, 07/01/2031		115,000		115,489
Series B, AGC-ICC,
5.00%, 07/01/2035		715,000		715,129
Series C, AGM,
5.75%, 07/01/2037		480,000		483,350
Series D, AGM,
4.13%, 07/01/2020		80,000		80,064
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Series A, AGC, 5.13%, 07/01/2047		470,000		470,005
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, AGC,
4.50%, 07/01/2036		1,765,000		1,728,570
5.00%, 07/01/2027		535,000		538,413
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
3.65%, 07/01/2024		620,000		620,019
5.00%, 07/01/2023		40,000		40,195
Series RR, AGC,
5.00%, 07/01/2028		345,000		347,001
Series RR, AGM,
5.00%, 07/01/2020		1,075,000		1,076,559
Series SS, AGC,
4.38%, 07/01/2030		145,000		145,001
Series SS, AGM,
5.00%, 07/01/2030		2,100,000		2,108,946
Series TT, AGC-ICC,
5.00%, 07/01/2032		50,000		50,136
Series UU, AGC,
4.25%, 07/01/2027		20,000		20,003
5.00%, 07/01/2026		650,000		650,527
Series UU, AGM,
4.00%, 07/01/2023		120,000		120,050
5.00%, 07/01/2020 - 07/01/2024		1,185,000		1,191,795
Series V, AGM,
5.25%, 07/01/2027		80,000		86,373
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		30,000		30,174
Series A, AGC-ICC,
4.75%, 07/01/2038		185,000		183,925
Series A, AGM-CR,
4.75%, 07/01/2038		385,000		382,763
Series CC, AGM,
5.25%, 07/01/2032 - 07/01/2036		495,000		529,803

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Highway & Transportation Authority, Revenue Bonds (continued)
Series CC, AGM-CR,
5.50%, 07/01/2029 - 07/01/2031		$   160,000		$   175,951
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		3,575,000		3,587,944
Series E, AGM,
5.50%, 07/01/2020 - 07/01/2023		185,000		192,509
Series M, AGC-ICC,
5.00%, 07/01/2032 - 07/01/2037		1,175,000		1,176,375
Series N, AGC,
5.25%, 07/01/2034 - 07/01/2036		260,000		276,799
Series N, AGM-CR, AGC,
5.25%, 07/01/2034		335,000		358,473
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2025		95,000		102,849
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Series B, AGC-ICC, 5.00%, 07/01/2041		35,000		34,999
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.20%, 08/01/2020		85,000		85,073
5.00%, 08/01/2021 - 08/01/2030		2,545,000		2,559,473
5.25%, 08/01/2020		170,000		170,277
Series C, AGC,
5.25%, 08/01/2020		110,000		110,583
Puerto Rico Public Buildings Authority, Revenue Bonds
AGC-ICC,
5.25%, 07/01/2033		350,000		350,214
Series I, AGC-ICC,
5.00%, 07/01/2036		495,000		495,079
Series L, AGM-CR,
5.50%, 07/01/2021		125,000		126,849
Series N, AGC-ICC,
5.00%, 07/01/2032		210,000		210,571
				26,178,808
Rhode Island - 1.4%
Providence Public Building Authority, Revenue Bonds Series A, AGM, 5.00%, 09/15/2024 - 09/15/2037		14,630,000		17,256,350
Providence Redevelopment Agency, Revenue Bonds
Series A, AGM,
5.00%, 04/01/2025		580,000		667,400
Series A, AGM-CR,
5.00%, 04/01/2027		1,200,000		1,377,180
Rhode Island Commerce Corp., Revenue Bonds, BAM-TCRS, 5.00%, 07/01/2034		1,545,000		1,624,799
Rhode Island Health & Educational Building Corp., Revenue Bonds
5.00%, 05/15/2028 - 05/15/2029		2,425,000		2,658,945

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

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Page    145

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Rhode Island (continued)
Rhode Island Health & Educational Building Corp., Revenue Bonds (continued)
AGM,
4.00%, 05/15/2024		$   55,000		$   60,726
Series C,
5.00%, 09/15/2027		180,000		216,801
Rhode Island Turnpike & Bridge Authority Revenue, Revenue Bonds, Series A, 5.00%, 10/01/2024		130,000		150,177
Tobacco Settlement Financing Corp., Revenue Bonds Series A, 5.00%, 06/01/2023 - 06/01/2027		1,105,000		1,190,860
				25,203,238
South Carolina - 0.3%
City of Georgetown Combined Public Utility Revenue, Revenue Bonds, Series A, BAM, 4.00%, 06/01/2029		385,000		428,405
Piedmont Municipal Power Agency, Revenue Bonds, AGC, 5.75%, 01/01/2034		200,000		208,002
SCAGO Educational Facilities Corp. for Williamsburg School District, Revenue Bonds Series B, BAM, 5.00%, 12/01/2024 - 12/01/2025		500,000		587,862
South Carolina Jobs-Economic Development Authority, Revenue Bonds, 5.00%, 10/01/2026 (A)		2,725,000		2,755,275
South Carolina Public Service Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 12/01/2036		125,000		128,632
South Carolina State Housing Finance & Development Authority, Revenue Bonds, Series A, 2.65%, 07/01/2035		540,000		538,915
State of South Carolina, General Obligation Unlimited, 3.00%, 04/01/2026		200,000		200,230
				4,847,321
South Dakota - 0.6%
South Dakota Housing Development Authority, Revenue Bonds
Series B, GNMA, FNMA, FHLMC,
2.20%, 11/01/2024		665,000		683,527
2.30%, 05/01/2025		250,000		256,727
2.45%, 11/01/2025		290,000		301,873
2.55%, 05/01/2026		1,860,000		1,939,050
2.65%, 11/01/2026		330,000		346,635
2.75%, 05/01/2027		970,000		1,023,321
2.80%, 11/01/2027		1,330,000		1,404,866
2.85%, 05/01/2028		1,210,000		1,275,909
2.95%, 11/01/2028		440,000		465,498

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Dakota (continued)
South Dakota Housing Development Authority, Revenue Bonds (continued)
Series C,
2.00%, 05/01/2023		$   20,000		$   20,259
Series F, GNMA, FNMA, FHLMC,
2.60%, 05/01/2027		860,000		896,731
2.65%, 11/01/2027		1,285,000		1,341,591
2.70%, 05/01/2028		390,000		407,690
2.75%, 11/01/2028		1,425,000		1,490,308
				11,853,985
Tennessee - 1.7%
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds, 5.00%, 10/01/2027		675,000		688,743
City of Jackson, Revenue Bonds, 5.00%, 04/01/2041		150,000		164,441
Greeneville Health & Educational Facilities Board, Revenue Bonds, Series A, 5.00%, 07/01/2034		2,975,000		3,147,966
Knox County Health Educational & Housing Facility Board, Revenue Bonds, Series A, 5.00%, 01/01/2026		100,000		114,374
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, Revenue Bonds, Fixed until 11/03/2020, 1.55% (C), 11/15/2030		100,000		100,084
Tennessee Housing Development Agency, Revenue Bonds
2.45%, 01/01/2024		260,000		270,405
2.75%, 01/01/2025		40,000		42,454
2.80%, 07/01/2025		280,000		297,923
2.95%, 01/01/2026		45,000		48,255
3.00%, 01/01/2031		450,000		469,778
Series 1A,
2.40%, 01/01/2044		2,730,000		2,443,268
Series 2B,
2.30%, 01/01/2022		285,000		289,133
2.55%, 01/01/2028		340,000		350,244
2.70%, 07/01/2024		195,000		201,716
Series B2,
2.05%, 01/01/2024		890,000		898,927
2.15%, 07/01/2024		265,000		270,348
2.25%, 01/01/2025		1,000,000		1,035,670
2.40%, 07/01/2025		2,000,000		2,091,500
2.55%, 01/01/2026		120,000		126,626
2.60%, 07/01/2026		800,000		832,064
2.80%, 07/01/2027		2,270,000		2,394,033
2.85%, 01/01/2028		3,205,000		3,384,127
2.95%, 07/01/2028		2,655,000		2,797,839
3.00%, 01/01/2029		2,750,000		2,907,300
3.05%, 07/01/2029		3,100,000		3,278,157
3.15%, 01/01/2030		2,820,000		2,973,436
				31,618,811

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

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Page    146

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas - 2.9%
Bexar County Health Facilities Development Corp., Revenue Bonds 5.00%, 07/15/2023 - 07/15/2026		$   570,000		$   578,137
Board of Managers Joint Guadalupe County-City of Seguin Hospital, Revenue Bonds 5.00%, 12/01/2020 - 12/01/2022		4,060,000		4,213,036
Camino Real Regional Mobility Authority, Revenue Bonds, AGM, 5.00%, 06/01/2024		420,000		480,388
Centerville Independent School District, General Obligation Unlimited, 4.00%, 08/15/2036		535,000		551,387
Central Texas Turnpike System, Revenue Bonds, AGM-CR, 5.00%, 08/15/2041		125,000		136,869
City of Arlington, Special Tax Revenue Series C, BAM, 5.00%, 02/15/2045		95,000		97,388
City of Bryan Rural Electric System Revenue, Revenue Bonds, 5.00%, 07/01/2025		30,000		35,216
City of Dallas, Revenue Bonds, AGC, 5.25%, 08/15/2038		280,000		280,826
City of Laredo International Toll Bridge System Revenue, Revenue Bonds, AGM, 5.00%, 10/01/2022		90,000		97,838
City of Pearland, General Obligation Limited, 5.00%, 03/01/2023		25,000		27,653
Colorado River Municipal Water District, Revenue Bonds, 5.00%, 01/01/2023		760,000		837,307
County of Denton, General Obligation Limited, 4.00%, 07/15/2029		50,000		55,966
County of Kaufman, General Obligation Limited, Series A, 4.00%, 02/15/2045		250,000		275,122
Dallas County Flood Control District No. 1, General Obligation Unlimited 5.00%, 04/01/2021 - 04/01/2024 (A)		5,040,000		5,228,242
Dallas/Fort Worth International Airport, Revenue Bonds
Series A,
5.00%, 11/01/2045		50,000		51,076
Series C,
5.00%, 11/01/2034		40,000		43,205
Denton County Fresh Water Supply District No. 10, General Obligation Unlimited, AGM, 2.75%, 09/01/2030		80,000		81,776
El Paso County Hospital District, General Obligation Limited 5.00%, 08/15/2020 - 08/15/2026		445,000		458,718

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Fort Bend County Levee Improvement District No. 15, General Obligation Unlimited BAM, 4.00%, 09/01/2029 - 09/01/2032		$   380,000		$   408,844
Fort Bend County Levee Improvement District No. 17, General Obligation Unlimited, AGM, 4.70%, 09/01/2035		50,000		50,364
Grand Parkway Transportation Corp., Revenue Bonds, Series B, 5.00%, 04/01/2053		25,000		28,478
Grant Road Public Utility District, General Obligation Unlimited, AGC, 3.50%, 10/01/2023		750,000		751,245
Harris County Municipal Utility District No. 399, General Obligation Unlimited, AGM, 4.00%, 09/01/2033		270,000		283,495
Harris County Municipal Utility District No. 412, General Obligation Unlimited, MAC, 3.00%, 09/01/2021		100,000		102,158
Harris County-Houston Sports Authority, Revenue Bonds NATL, Zero Coupon, 11/15/2024		400,000		353,937
Houston Higher Education Finance Corp., Revenue Bonds 5.00%, 08/15/2020 - 08/15/2024		615,000		687,476
Hunt Memorial Hospital District Charitable Health, General Obligation Limited, 5.00%, 02/15/2024		15,000		16,756
Love Field Airport Modernization Corp., Revenue Bonds, 5.25%, 11/01/2040		30,000		30,000
Lower Colorado River Authority, Revenue Bonds, 5.00%, 05/15/2020		35,000		35,043
Montgomery County Municipal Utility District No. 113, General Obligation Unlimited, AGM, 3.00%, 09/01/2033		150,000		154,188
Montgomery County Municipal Utility District No. 119, General Obligation Unlimited, BAM, 4.00%, 04/01/2024		275,000		299,898
Nacogdoches County Hospital District, Revenue Bonds, AGM, 4.00%, 05/15/2037		400,000		409,160
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
3.00%, 07/01/2021 - 01/01/2024		705,000		674,770
4.00%, 07/01/2023 - 07/01/2028		2,355,000		2,143,450
5.00%, 01/01/2022 - 01/01/2028		3,835,000		3,767,930

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

Transamerica Funds Semi-Annual Report 2020

Page    147

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds (continued)
Series A1,
4.00%, 07/01/2021 - 07/01/2036		$   2,130,000		$   1,829,119
5.00%, 07/01/2031 - 07/01/2046		1,815,000		1,643,958
Series B,
4.00%, 07/01/2021 - 07/01/2031		2,815,000		2,590,939
4.25%, 07/01/2036		885,000		695,814
Series B1, AGM,
5.00%, 07/01/2058		750,000		810,742
Series C,
5.00%, 07/01/2022 - 07/01/2026		635,000		607,287
North Central Texas Health Facility Development Corp., Revenue Bonds, 5.00%, 08/15/2022		90,000		97,133
North East Independent School District, General Obligation Unlimited, Series B, Fixed until 08/01/2021, 1.42% (C), 08/01/2040		5,575,000		5,576,840
Northeast Higher Education Finance Corp., Revenue Bonds, Series A, 4.00%, 08/15/2025		80,000		86,214
Northwoods Road District No. 1, General Obligation Unlimited BAM, 4.00%, 08/15/2024 - 08/15/2027		405,000		454,237
Old Spanish Trail-Alemda Corridors Redevelopment Authority, Tax Allocation BAM, 4.00%, 09/01/2036 - 09/01/2037		2,450,000		2,736,876
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 3.88%, 08/15/2026		415,000		395,458
Sam Rayburn Municipal Power Agency, Revenue Bonds, 5.00%, 10/01/2020		1,210,000		1,227,751
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds 0.24% (C), 07/01/2047		2,200,000		2,200,000
Texas Public Finance Authority, Revenue Bonds, BAM, 4.00%, 05/01/2029		150,000		160,675
Travis County Municipal Utility District No. 4, General Obligation Unlimited, AGM, 4.00%, 09/01/2035		450,000		472,261
Trophy Club Public Improvement District No. 1, Special Assessment, AGM, 3.00%, 06/01/2024		98,000		102,755
University of Houston, Revenue Bonds, Series A, 5.00%, 02/15/2024		40,000		41,323

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
University of Texas System, Revenue Bonds, Series B, Fixed until 08/15/2021, 2.50% (C), 08/15/2036		$   7,630,000		$   7,603,142
Viridian Municipal Management District, General Obligation Unlimited BAM, 6.00%, 12/01/2024 - 12/01/2031		1,285,000		1,536,629
Washington County Junior College District, Revenue Bonds, BAM, 5.00%, 10/01/2024		485,000		554,903
				55,151,398
Utah - 0.4%
City of South Jordan, Special Assessment, 3.13%, 11/01/2036		2,210,000		2,266,952
Jordan Valley Water Conservancy District, Revenue Bonds Series A, 5.00%, 10/01/2034 - 10/01/2035		970,000		1,020,837
Utah Charter School Finance Authority, Revenue Bonds
4.00%, 10/15/2021 - 10/15/2031		890,000		955,565
4.25%, 04/15/2034		120,000		126,498
4.30%, 04/15/2025 (A)		450,000		445,896
Series A,
5.00%, 10/15/2024 - 10/15/2025		1,035,000		1,165,648
Series G,
4.00%, 10/15/2022 - 10/15/2028		1,110,000		1,222,768
				7,204,164
Vermont - 0.7%
City of Burlington, General Obligation Unlimited
Series A,
5.00%, 11/01/2034 - 11/01/2035		290,000		351,392
Series A, AGM,
5.00%, 11/01/2032		540,000		597,397
City of Burlington Waterworks System Revenue, Revenue Bonds, 5.00%, 11/01/2034		125,000		151,926
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds Series A, 5.00%, 12/01/2026 - 12/01/2027		1,175,000		1,346,607
Vermont Housing Finance Agency, Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
2.50%, 11/01/2040		1,480,000		1,401,945
2.65%, 05/01/2046		1,255,000		1,170,902
3.13%, 11/01/2042		950,000		964,696
Series D, GNMA, FNMA, FHLMC,
2.60%, 11/01/2026		330,000		350,206
2.90%, 05/01/2029		275,000		289,394
3.15%, 05/01/2033		1,900,000		1,973,416

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

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Page    148

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Vermont (continued)
Vermont Municipal Bond Bank, Revenue Bonds, 4.00%, 10/01/2040		$   500,000		$   552,025
Vermont Public Power Supply Authority, Revenue Bonds
Series A,
4.00%, 07/01/2020 - 07/01/2021		315,000		320,899
5.00%, 07/01/2022 - 07/01/2027		3,105,000		3,512,544
				12,983,349
Virginia - 0.6%
Alexandria Industrial Development Authority, Revenue Bonds, 4.00%, 10/01/2020		655,000		655,884
City of Norfolk, General Obligation Unlimited, 0.21% (C), 08/01/2037		5,450,000		5,450,000
Henrico County Economic Development Authority, Revenue Bonds, Series C, 3.50%, 12/01/2027		445,000		393,754
Loudoun County Economic Development Authority, Revenue Bonds, Zero Coupon, 07/01/2049		2,995,000		1,154,782
Town of Culpeper, General Obligation Unlimited, 4.00%, 08/01/2020		25,000		25,197
Virginia Commonwealth University Health System Authority, Revenue Bonds, 4.00%, 07/01/2020		50,000		50,253
Virginia Housing Development Authority, Revenue Bonds
Series E,
2.45%, 12/01/2027		830,000		863,325
2.60%, 12/01/2028		800,000		834,416
Virginia Polytechnic Institute & State University, Revenue Bonds, 5.00%, 06/01/2020		25,000		25,080
Virginia Small Business Financing Authority, Revenue Bonds, 4.00%, 11/01/2036		1,900,000		2,036,496
				11,489,187
Washington - 0.7%
Central Puget Sound Regional Transit Authority, Revenue Bonds, NATL, 4.75%, 02/01/2028		50,000		56,312
County of King, General Obligation Limited, 4.00%, 06/01/2020		25,000		25,062
Port of Vancouver, Revenue Bonds, Series B, AGM, 5.00%, 12/01/2048		930,000		1,099,669
Seattle Housing Authority, Revenue Bonds, Series A, 3.40%, 12/01/2032		450,000		474,120
State of Washington, General Obligation Unlimited, Series R, 5.00%, 07/01/2020		100,000		100,696

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Washington (continued)
Washington Economic Development Finance Authority, Revenue Bonds, 5.00%, 06/01/2020		$   120,000		$   120,385
Washington Health Care Facilities Authority, Revenue Bonds
Series A,
5.00%, 08/15/2020		35,000		35,410
Series B,
5.00%, 10/01/2026		75,000		89,119
Washington State Housing Finance Commission, Revenue Bonds
3.20%, 07/01/2021 (A)		260,000		254,472
3.70%, 07/01/2023 (A)		165,000		157,867
5.00%, 07/01/2033 (A)		375,000		346,324
Series 2N, GNMA, FNMA, FHLMC,
2.20%, 12/01/2025		90,000		93,054
2.35%, 06/01/2026		175,000		180,486
Series 3N, GNMA, FNMA, FHLMC,
2.25%, 06/01/2024		780,000		803,642
2.30%, 12/01/2024		595,000		614,361
2.40%, 06/01/2025		810,000		839,848
2.45%, 12/01/2025		565,000		586,769
2.60%, 06/01/2026		845,000		886,084
2.65%, 12/01/2026		620,000		653,437
2.70%, 06/01/2027		785,000		831,613
2.75%, 12/01/2027		805,000		853,952
2.80%, 06/01/2028		925,000		979,270
2.85%, 12/01/2028		640,000		675,686
3.25%, 12/01/2032		1,500,000		1,575,990
Series 3N-R, GNMA, FNMA, FHLMC,
2.05%, 12/01/2022		645,000		657,397
				12,991,025
West Virginia - 0.2%
City of Buckhannon, Revenue Bonds Series C, 4.25%, 08/01/2022 - 08/01/2023		1,090,000		1,082,693
West Virginia Economic Development Authority, Revenue Bonds, Fixed until 06/01/2022, 2.63% (C), 12/01/2042		800,000		800,888
West Virginia Housing Development Fund, Revenue Bonds
Series B,
2.60%, 11/01/2034		1,060,000		1,038,048
3.70%, 11/01/2032		1,500,000		1,607,535
				4,529,164
Wisconsin - 1.1%
Milwaukee Area Technical College District, General Obligation Unlimited, Series C, 4.00%, 06/01/2020		145,000		145,344
Milwaukee Housing Authority, Revenue Bonds, Series A, 3.38%, 07/01/2029		200,000		211,884
Public Finance Authority, Revenue Bonds
3.00%, 04/01/2025 (A)		400,000		371,488

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

Transamerica Funds Semi-Annual Report 2020

Page    149

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Public Finance Authority, Revenue Bonds (continued)
4.00%, 09/01/2029 (A)		$   850,000		$   760,776
Series A,
5.00%, 06/01/2027 - 07/01/2038		725,000		786,264
Series A, AGM,
4.00%, 07/01/2038 - 07/01/2055		2,530,000		2,610,547
5.00%, 07/01/2036 - 07/01/2054		1,225,000		1,373,397
State of Wisconsin, General Obligation Unlimited, Series 1, 5.00%, 05/01/2020		200,000		200,000
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
3.50%, 08/01/2022		815,000		781,177
5.00%, 08/15/2022 - 08/01/2032		2,325,000		2,463,723
Class B,
4.25%, 07/01/2033		1,250,000		1,016,100
5.00%, 07/01/2053		1,000,000		758,840
Series A,
5.25%, 10/15/2039		15,000		15,194
Series A1,
5.00%, 07/01/2038		5,000,000		5,134,800
Series B-4,
Fixed until 06/01/2021, 5.00% (C), 11/15/2043		105,000		108,961
Wisconsin Housing & Economic Development Authority, Revenue Bonds
Series A,
2.70%, 09/01/2035		610,000		604,223
Series B, FNMA,
3.15%, 09/01/2030		3,635,000		3,712,971
				21,055,689
Wyoming - 0.5%
Wyoming Community Development Authority, Revenue Bonds
Series 1,
2.25%, 06/01/2031 (D)		400,000		393,464
2.30%, 12/01/2031 (D)		505,000		496,349
2.40%, 12/01/2032 (D)		1,125,000		1,105,133
2.63%, 12/01/2035 (D)		3,145,000		3,079,332

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wyoming (continued)
Wyoming Community Development Authority, Revenue Bonds (continued)
Series 2,
2.95%, 06/01/2033		$   3,860,000		$   3,948,857
				9,023,135
Total Municipal Government Obligations (Cost $1,784,193,535)				1,787,499,411
	Shares		Value
EXCHANGE-TRADED FUND - 0.0% (F)
U.S. Fixed Income Fund - 0.0% (F)
ProShares UltraShort 20+ Year Treasury Bond		11,600		181,888
Total Exchange-Traded Fund (Cost $299,578)				181,888
INVESTMENT COMPANY - 0.0% (F)
U.S. Fixed Income Fund - 0.0% (F)
Putnam Managed Municipal Income Trust		62,000		414,160
Total Investment Company (Cost $479,324)				414,160
	Principal		Value
REPURCHASE AGREEMENT - 3.9%
Fixed Income Clearing Corp., 0.00% (H), dated 04/30/2020, to be repurchased at $73,488,847 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $74,963,813.		$  73,488,847		73,488,847
Total Repurchase Agreement (Cost $73,488,847)				73,488,847
Total Investments (Cost $1,858,461,284)				1,861,584,306
Net Other Assets (Liabilities) - 0.7%				13,272,406
Net Assets - 100.0%				$  1,874,856,712

INVESTMENT 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	$	—	$	1,787,499,411	$	—	$	1,787,499,411
Exchange-Traded Fund		181,888		—		—		181,888
Investment Company		414,160		—		—		414,160
Repurchase Agreement		—		73,488,847		—		73,488,847
Total Investments	$	596,048	$	1,860,988,258	$	—	$	1,861,584,306

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

Transamerica Funds Semi-Annual Report 2020

Page    150

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)

Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $40,517,296, representing 2.2% of the Fund’s net assets.

(B)

Restricted security. At April 30, 2020, 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
Municipal Government Obligations	BluePath Trust Revenue Bonds 2.75%, 09/01/2026		06/27/2016	$  4,413,208	$	4,622,707		0.2	%

(C)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(E)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of April 30, 2020; the maturity dates disclosed are the ultimate maturity dates.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At April 30, 2020, the value of this security is $481,500, representing less than 0.1% of the Fund’s net assets.
(H)	Rate disclosed reflects the yield at April 30, 2020.
(I)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

MUNICIPAL INSURER ABBREVIATIONS:

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
BAM	Build America Mutual Assurance Co.
FGIC	Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
MAC	Municipal Assurance Corp.
NATL	National Public Finance Guarantee Corp.

PORTFOLIO ABBREVIATIONS:

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 Semi-Annual Report 2020

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Transamerica International Equity

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 98.7%
Australia - 3.0%
BHP Group PLC, ADR		242,469		$  8,108,163
Challenger, Ltd. (A)		4,285,939		13,650,024
Lendlease Group		3,023,500		24,084,705
Macquarie Group, Ltd.		499,100		33,061,876
Qantas Airways, Ltd.		5,935,970		14,742,915
Santos, Ltd.		5,410,700		17,204,926
				110,852,609
Belgium - 2.0%
Groupe Bruxelles Lambert SA		424,920		33,991,840
KBC Group NV		758,200		41,125,466
				75,117,306
Brazil - 0.1%
Embraer SA, ADR (B)		562,800		3,562,524
China - 0.4%
Baidu, Inc., ADR (B)		155,900		15,734,987
Denmark - 1.1%
AP Moller - Maersk A/S, Class B (A)		34,535		34,371,058
Drilling Co. of 1972 A/S (B)		246,370		5,796,551
				40,167,609
France - 8.6%
Airbus SE (B)		66,400		4,204,348
Arkema SA		419,360		34,904,577
Dassault Aviation SA		15,766		12,839,939
Engie SA		4,642,200		50,365,831
Rexel SA		2,122,517		19,823,831
Sanofi		821,801		80,268,368
TOTAL SA		993,300		35,254,574
Veolia Environnement SA		2,197,251		46,841,970
Vivendi SA		1,439,124		31,104,003
				315,607,441
Germany - 12.2%
Allianz SE		252,102		46,394,648
Bayer AG		676,952		44,522,697
Deutsche Boerse AG		219,300		33,999,928
Fresenius SE & Co. KGaA		1,490,200		64,544,900
HeidelbergCement AG		1,058,900		50,203,639
Infineon Technologies AG		2,803,227		52,114,573
SAP SE		662,347		78,890,267
Siemens AG		675,395		62,327,543
Talanx AG (B)		448,384		15,923,389
				448,921,584
Hong Kong - 3.7%
China Mobile, Ltd.		4,690,300		37,705,589
CK Asset Holdings, Ltd.		6,131,000		38,740,197
CK Hutchison Holdings, Ltd.		7,849,800		58,184,057
				134,629,843
Ireland - 3.6%
AIB Group PLC (B)		10,549,900		14,599,142
DCC PLC		711,731		50,610,376
Ryanair Holdings PLC, ADR (B)		171,672		10,896,022
Smurfit Kappa Group PLC		1,778,715		55,720,449
				131,825,989
Isle of Man - 0.6%
GVC Holdings PLC		2,460,000		23,349,861

	Shares		Value
COMMON STOCKS (continued)
Italy - 1.9%
Mediobanca Banca di Credito Finanziario SpA		2,230,292		$   12,965,816
Prysmian SpA		1,454,722		27,447,678
UniCredit SpA (B)		3,848,600		29,721,848
				70,135,342
Japan - 28.4%
Astellas Pharma, Inc.		3,793,200		62,736,289
Daiwa Securities Group, Inc.		7,569,000		31,475,165
Denka Co., Ltd.		1,032,280		24,939,643
FANUC Corp.		266,300		43,463,687
Fujitsu, Ltd.		283,860		27,576,538
Hitachi, Ltd.		1,698,580		50,412,876
Japan Airlines Co., Ltd.		1,580,500		28,192,621
JXTG Holdings, Inc.		14,843,900		52,626,980
Kirin Holdings Co., Ltd.		1,563,800		30,178,584
Kuraray Co., Ltd.		876,100		8,764,115
Kyocera Corp.		679,600		36,311,300
Matsumotokiyoshi Holdings Co., Ltd.		498,700		17,164,570
Nintendo Co., Ltd.		142,600		58,882,960
Olympus Corp.		3,678,300		58,363,093
ORIX Corp.		4,626,900		54,446,997
Rakuten, Inc.		6,102,700		51,746,216
Sega Sammy Holdings, Inc.		3,279,300		39,721,592
Seven & i Holdings Co., Ltd.		2,258,000		74,778,289
SoftBank Group Corp.		12		514
Sony Corp.		1,542,200		99,246,854
Square Enix Holdings Co., Ltd.		868,800		35,608,688
Sumitomo Mitsui Financial Group, Inc. (A)		2,113,600		55,581,820
Toshiba Corp.		1,842,550		45,691,129
Toyota Industries Corp.		1,193,900		60,093,307
				1,048,003,827
Luxembourg - 0.7%
ArcelorMittal SA		2,419,035		26,423,554
Netherlands - 5.7%
ASML Holding NV		143,300		41,855,819
EXOR NV		219,600		11,975,774
Heineken Holding NV (A)		715,285		55,731,363
Koninklijke Philips NV		1,482,927		64,644,459
NXP Semiconductors NV		367,600		36,601,932
				210,809,347
Norway - 0.7%
Mowi ASA		1,567,000		26,838,014
Republic of Korea - 0.9%
Samsung Electronics Co., Ltd.		824,800		33,913,736
Singapore - 1.2%
DBS Group Holdings, Ltd.		3,062,700		43,120,082
Spain - 0.9%
Siemens Gamesa Renewable Energy SA		2,244,817		33,393,234
Sweden - 0.9%
Investor AB, B Shares		642,172		31,914,773
Switzerland - 8.4%
ABB, Ltd. (A)		2,935,100		55,714,860
Alcon, Inc. (B)		362,700		19,142,220
Glencore PLC (A) (B)		5,663,300		10,609,848
Nestle SA		715,064		75,732,442

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

Transamerica Funds Semi-Annual Report 2020

Page    152

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Switzerland (continued)
Novartis AG		699,315		$   59,678,460
Roche Holding AG		66,800		23,132,663
UBS Group AG (B)		6,177,874		66,149,552
				310,160,045
United Kingdom - 13.7%
Ashtead Group PLC		1,236,800		33,783,470
Aviva PLC		13,947,101		42,177,804
Barratt Developments PLC		1,089,100		7,100,231
British Land Co. PLC, REIT		7,224,000		36,851,393
Bunzl PLC		266,300		5,779,974
IG Group Holdings PLC		1,163,400		11,026,981
Imperial Brands PLC		1,454,494		30,600,303
Inchcape PLC		4,999,896		31,494,793
Informa PLC		2,782,851		15,372,069
Linde PLC		136,200		25,059,438
Persimmon PLC		1,063,700		29,471,120
Savills PLC		769,291		9,365,215
Smith & Nephew PLC		1,769,100		34,619,664
Tesco PLC (A)		16,105,500		47,637,119
Unilever PLC		1,700,114		87,542,563
Vodafone Group PLC		38,843,620		54,795,675
				502,677,812
Total Common Stocks (Cost $4,156,168,368)				3,637,159,519

	Shares		Value
OTHER INVESTMENT COMPANY - 1.4%
Securities Lending Collateral - 1.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (C)		51,637,316		$   51,637,316
Total Other Investment Company (Cost $51,637,316)				51,637,316
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $19,961,546 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $20,363,835.		$  19,961,546		19,961,546
Total Repurchase Agreement (Cost $19,961,546)				19,961,546
Total Investments (Cost $4,227,767,230)				3,708,758,381
Net Other Assets (Liabilities) - (0.6)%				(23,653,789	)
Net Assets - 100.0%				$  3,685,104,592

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Pharmaceuticals		7.3	%	$	270,338,477
Industrial Conglomerates		5.9			216,813,105
Banks		5.3			197,114,174
Health Care Equipment & Supplies		4.8			176,769,436
Capital Markets		4.7			175,713,502
Diversified Financial Services		3.9			145,979,408
Food & Staples Retailing		3.8			139,579,978
Household Durables		3.7			135,818,205
Semiconductors & Semiconductor Equipment		3.5			130,572,324
Entertainment		3.4			125,595,651
Electrical Equipment		3.1			116,555,772
Oil, Gas & Consumable Fuels		2.8			105,086,480
Insurance		2.8			104,495,841
Food Products		2.8			102,570,456
Multi-Utilities		2.6			97,207,801
Chemicals		2.5			93,667,773
Wireless Telecommunication Services		2.5			92,501,778
Personal Products		2.4			87,542,563
Electronic Equipment, Instruments & Components		2.3			86,724,176
Beverages		2.3			85,909,947
Software		2.1			78,890,267
Real Estate Management & Development		2.0			72,190,117
Health Care Providers & Services		1.7			64,544,900
Auto Components		1.6			60,093,307
Trading Companies & Distributors		1.6			59,387,275
Containers & Packaging		1.5			55,720,449

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

Transamerica Funds Semi-Annual Report 2020

Page    153

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Airlines		1.5	%	$	53,831,558
Internet & Direct Marketing Retail		1.4			51,746,216
Construction Materials		1.4			50,203,639
Metals & Mining		1.2			45,141,565
Machinery		1.2			43,463,687
Leisure Products		1.1			39,721,592
Equity Real Estate Investment Trusts		1.0			36,851,393
Marine		0.9			34,371,058
Technology Hardware, Storage & Peripherals		0.9			33,913,736
Distributors		0.9			31,494,793
Tobacco		0.8			30,600,303
IT Services		0.7			27,576,538
Hotels, Restaurants & Leisure		0.6			23,349,861
Aerospace & Defense		0.6			20,606,811
Interactive Media & Services		0.4			15,734,987
Media		0.4			15,372,069
Energy Equipment & Services		0.2			5,796,551
Investments		98.1			3,637,159,519
Short-Term Investments		1.9			71,598,862
Total Investments		100.0	%	$	3,708,758,381

INVESTMENT 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	$	99,963,066	$	3,537,196,453	$	—	$	3,637,159,519
Other Investment Company		51,637,316		—		—		51,637,316
Repurchase Agreement		—		19,961,546		—		19,961,546
Total Investments	$	151,600,382	$	3,557,157,999	$	—	$	3,708,758,381

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 $115,239,952, collateralized by cash collateral of $51,637,316 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $69,994,619. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Non-income producing securities.
(C)	Rates disclosed reflect the yields at April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment 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 Semi-Annual Report 2020

Page    154

Transamerica International Growth

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 96.3%
Australia - 1.9%
Northern Star Resources, Ltd.		2,407,361		$  19,439,615
Austria - 1.4%
Erste Group Bank AG (A)		629,900		13,651,720
China - 7.4%
Alibaba Group Holding, Ltd., ADR (A)		45,540		9,229,592
ANTA Sports Products, Ltd.		2,132,900		18,163,841
Ping An Insurance Group Co. of China, Ltd., H Shares		1,472,900		14,988,611
Tencent Holdings, Ltd.		583,700		30,684,778
				73,066,822
Finland - 2.1%
Neste OYJ		583,872		20,619,740
France - 4.0%
TOTAL SA		470,353		16,693,944
Vinci SA		277,265		22,714,084
				39,408,028
Germany - 4.8%
Bayerische Motoren Werke AG		308,715		18,160,214
Henkel AG & Co. KGaA		146,281		11,403,089
Knorr-Bremse AG		192,495		17,902,703
				47,466,006
Ireland - 4.4%
Kingspan Group PLC		351,666		17,919,846
Smurfit Kappa Group PLC		826,989		25,906,454
				43,826,300
Israel - 2.2%
Nice, Ltd., ADR (A) (B)		133,675		21,962,803
Italy - 3.2%
Enel SpA		4,614,700		31,520,448
Japan - 20.6%
Asahi Group Holdings, Ltd.		709,100		24,382,625
Haseko Corp.		1,705,800		18,519,190
Koito Manufacturing Co., Ltd.		378,400		14,253,477
Lasertec Corp.		284,100		18,789,377
Minebea Mitsumi, Inc.		1,220,600		19,845,967
Nidec Corp.		196,700		11,450,703
Nitori Holdings Co., Ltd.		138,300		21,198,030
Open House Co., Ltd.		595,900		12,989,489
Pan Pacific International Holdings Corp.		716,700		13,885,122
SoftBank Group Corp.		432,500		18,538,074
Sushiro Global Holdings, Ltd. (B)		797,900		12,306,318
Takeda Pharmaceutical Co., Ltd.		508,442		18,335,152
				204,493,524
Luxembourg - 1.9%
Aroundtown SA		3,438,214		18,493,715
Netherlands - 2.7%
Euronext NV (C)		325,572		27,333,071
New Zealand - 2.1%
a2 Milk Co., Ltd. (A)		1,785,300		21,055,045
Norway - 4.4%
DNB ASA		2,116,095		25,621,482
Equinor ASA (B)		1,310,711		18,149,170
				43,770,652

	Shares		Value
COMMON STOCKS (continued)
Republic of Korea - 2.5%
Samsung Electronics Co., Ltd.		598,300		$   24,600,616
Spain - 2.2%
Iberdrola SA		2,188,090		21,766,627
Sweden - 2.0%
Epiroc AB, Class A		260,900		2,610,989
Epiroc AB, Class B		1,775,989		17,522,082
				20,133,071
Switzerland - 8.7%
Lonza Group AG		63,496		27,726,517
Roche Holding AG		115,409		39,965,830
Swiss Life Holding AG (B)		52,314		18,551,757
				86,244,104
Taiwan - 3.0%
Airtac International Group		214,000		4,166,798
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		478,950		25,446,614
				29,613,412
United Kingdom - 14.8%
Ashtead Group PLC		578,468		15,800,983
Beazley PLC		3,152,358		15,586,962
British American Tobacco PLC		678,002		26,133,054
GlaxoSmithKline PLC		1,455,660		30,368,841
Legal & General Group PLC		8,169,257		21,003,154
Rio Tinto PLC, ADR		576,427		26,625,163
Smith & Nephew PLC		569,200		11,138,722
				146,656,879
Total Common Stocks (Cost $1,027,255,407)				955,122,198
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (D)		10,638,977		10,638,977
Total Other Investment Company (Cost $10,638,977)				10,638,977
	Principal		Value
REPURCHASE AGREEMENT - 0.6%
Fixed Income Clearing Corp., 0.00% (D), dated 04/30/2020, to be repurchased at $5,642,228 on 05/01/2020. Collateralized by a U.S. Government Obligation, 1.88%, due 03/31/2022, and with a value of $5,755,682.		$  5,642,228		5,642,228
Total Repurchase Agreement (Cost $5,642,228)				5,642,228
Total Investments (Cost $1,043,536,612)				971,403,403
Net Other Assets (Liabilities) - 2.0%				20,033,083
Net Assets - 100.0%				$  991,436,486

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

Transamerica Funds Semi-Annual Report 2020

Page    155

Transamerica International Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Pharmaceuticals		9.1	%	$	88,669,823
Insurance		7.2			70,130,484
Machinery		6.4			62,048,539
Oil, Gas & Consumable Fuels		5.7			55,462,854
Electric Utilities		5.5			53,287,075
Metals & Mining		4.7			46,064,778
Semiconductors & Semiconductor Equipment		4.6			44,235,991
Banks		4.0			39,273,202
Real Estate Management & Development		3.2			31,483,204
Interactive Media & Services		3.2			30,684,778
Life Sciences Tools & Services		2.9			27,726,517
Capital Markets		2.8			27,333,071
Tobacco		2.7			26,133,054
Containers & Packaging		2.7			25,906,454
Technology Hardware, Storage & Peripherals		2.5			24,600,616
Beverages		2.5			24,382,625
Construction & Engineering		2.3			22,714,084
Software		2.3			21,962,803
Specialty Retail		2.2			21,198,030
Food Products		2.2			21,055,045
Wireless Telecommunication Services		1.9			18,538,074
Household Durables		1.9			18,519,190
Textiles, Apparel & Luxury Goods		1.9			18,163,841
Automobiles		1.9			18,160,214
Building Products		1.8			17,919,846
Trading Companies & Distributors		1.6			15,800,983
Auto Components		1.5			14,253,477
Multiline Retail		1.4			13,885,122
Hotels, Restaurants & Leisure		1.3			12,306,318
Electrical Equipment		1.2			11,450,703
Household Products		1.2			11,403,089
Health Care Equipment & Supplies		1.1			11,138,722
Internet & Direct Marketing Retail		0.9			9,229,592
Investments		98.3			955,122,198
Short-Term Investments		1.7			16,281,205
Total Investments		100.0	%	$	971,403,403

INVESTMENT 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	$	83,264,172	$	871,858,026	$	—	$	955,122,198
Other Investment Company		10,638,977		—		—		10,638,977
Repurchase Agreement		—		5,642,228		—		5,642,228
Total Investments	$	93,903,149	$	877,500,254	$	—	$	971,403,403

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

Transamerica Funds Semi-Annual Report 2020

Page    156

Transamerica International Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

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 $11,226,781, collateralized by cash collateral of $10,638,977 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,013,042. 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 exempt from registration 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 April 30, 2020, the value of the 144A security is $27,333,071, representing 2.8% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at April 30, 2020.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2020

Page    157

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 96.8%
Australia - 3.0%
BlueScope Steel, Ltd.		649,900		$  4,241,807
Charter Hall Group, REIT		627,632		3,101,473
Lendlease Group		114,700		913,681
Omni Bridgeway, Ltd. (A)		2,669,469		6,962,252
Senex Energy, Ltd. (A) (B)		11,491,200		1,583,067
				16,802,280
Austria - 0.7%
ams AG (B)		274,800		3,607,260
Belgium - 5.1%
Barco NV		48,362		7,714,891
D’ieteren SA		161,708		8,103,892
Fagron		383,748		8,652,735
Telenet Group Holding NV		96,200		4,017,978
				28,489,496
Denmark - 2.2%
Scandinavian Tobacco Group A/S, Class A (C)		523,728		6,018,613
Schouw & Co. A/S (A)		85,267		6,115,623
				12,134,236
Finland - 1.1%
Raisio OYJ, V Shares		1,691,083		6,276,338
France - 3.7%
ICADE, REIT		84,100		6,460,132
Kaufman & Broad SA (A)		231,029		8,349,267
Rothschild & Co.		297,719		5,887,579
				20,696,978
Germany - 5.5%
Bertrandt AG		49,309		1,899,339
DIC Asset AG		509,978		6,758,830
Gerresheimer AG		131,000		10,418,335
Hamburger Hafen und Logistik AG		347,040		5,646,542
SAF-Holland SE (B)		708,600		3,646,289
Takkt AG		255,813		2,078,561
				30,447,896
Greece - 0.7%
Motor Oil Hellas Corinth Refineries SA		246,151		3,647,192
Hong Kong - 2.9%
Great Eagle Holdings, Ltd.		1,454,493		4,338,835
Kerry Logistics Network, Ltd.		5,364,500		7,336,115
NewOcean Energy Holdings, Ltd. (B)		4,836,340		672,389
Pacific Textiles Holdings, Ltd.		7,427,900		3,758,643
				16,105,982
Ireland - 4.2%
Bank of Ireland Group PLC		1,340,700		2,751,248
C&C Group PLC		1,053,744		2,588,021
Grafton Group PLC		406,500		3,243,627
Greencore Group PLC		2,031,000		4,651,532
Smurfit Kappa Group PLC		311,910		9,770,967
				23,005,395
Italy - 2.4%
Danieli & C Officine Meccaniche SpA		211,890		1,573,692
doValue SpA (A) (C)		396,000		2,924,866
Prysmian SpA		459,652		8,672,709
				13,171,267

	Shares		Value
COMMON STOCKS (continued)
Japan - 33.7%
Aida Engineering, Ltd.		384,700		$   2,640,513
Air Water, Inc.		396,900		5,350,889
Capcom Co., Ltd.		581,700		17,830,530
Chugoku Marine Paints, Ltd.		90,200		689,722
Daiichikosho Co., Ltd.		36,500		1,095,518
Denka Co., Ltd.		379,760		9,174,912
DTS Corp.		353,900		6,782,799
Fuji Corp. / Aichi (A)		192,100		3,216,385
GMO internet, Inc.		316,300		6,884,599
Hakuhodo DY Holdings, Inc.		348,300		3,858,460
Hikari Tsushin, Inc.		31,100		6,018,786
Horiba, Ltd.		118,800		6,286,121
Hosokawa Micron Corp.		45,000		2,048,532
Kaken Pharmaceutical Co., Ltd.		115,900		6,379,304
Kenedix, Inc.		1,623,900		7,338,256
Kintetsu World Express, Inc. (A)		584,100		8,502,021
Kumiai Chemical Industry Co., Ltd. (A)		717,200		5,788,571
Kyushu Railway Co. (A)		132,200		3,556,593
Matsumotokiyoshi Holdings Co., Ltd.		224,500		7,726,982
Meitec Corp.		100,800		4,450,744
Nakanishi, Inc.		539,200		7,358,424
Nichiha Corp.		226,100		4,130,147
Nippon Parking Development Co., Ltd.		2,815,600		3,398,639
Rohto Pharmaceutical Co., Ltd.		229,600		6,680,342
Sanwa Holdings Corp.		1,124,300		8,724,239
Shinoken Group Co., Ltd. (A)		436,000		3,226,359
Square Enix Holdings Co., Ltd.		283,600		11,623,646
Takasago Thermal Engineering Co., Ltd.		324,500		5,115,112
Token Corp. (A)		86,400		5,931,937
Trend Micro, Inc.		115,100		5,839,233
Wakita & Co., Ltd.		363,300		3,347,396
Welcia Holdings Co., Ltd.		81,100		5,887,727
				186,883,438
Netherlands - 4.8%
ASM International NV		134,500		14,805,503
Euronext NV (C)		34,300		2,879,622
Intertrust NV (C)		582,000		9,171,341
				26,856,466
Norway - 0.3%
ABG Sundal Collier Holding ASA (A)		5,265,727		1,779,037
Philippines - 0.2%
Alliance Global Group, Inc. (B)		7,713,200		981,421
Republic of Korea - 2.3%
Eugene Technology Co., Ltd.		337,209		4,873,108
Interpark Holdings Corp.		565,819		852,063
NongShim Co., Ltd.		5,900		1,430,207
Value Added Technology Co., Ltd.		280,300		5,858,310
				13,013,688
Spain - 1.5%
Cia de Distribucion Integral Logista Holdings SA		459,364		8,199,778
Sweden - 3.1%
Cloetta AB, B Shares (B)		2,282,900		5,257,042
Dios Fastigheter AB		1,077,074		6,632,378
Nobina AB (C)		718,172		3,916,221
Scandic Hotels Group AB (A) (C)		313,600		1,436,786
				17,242,427

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

Transamerica Funds Semi-Annual Report 2020

Page    158

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Switzerland - 3.8%
Pargesa Holding SA		171,535		$   12,202,408
Swissquote Group Holding SA		134,876		8,733,229
				20,935,637
United Kingdom - 15.6%
Bellway PLC		255,800		8,559,407
Dialog Semiconductor PLC (B)		114,187		3,586,026
Domino’s Pizza Group PLC		353,900		1,533,585
Equiniti Group PLC (C)		4,126,000		8,895,325
Howden Joinery Group PLC		948,000		6,251,308
IG Group Holdings PLC		1,154,535		10,942,957
Inchcape PLC		445,400		2,805,615
Informa PLC		932,127		5,148,936
Intermediate Capital Group PLC		518,435		7,334,192
International Personal Finance PLC		1,646,750		1,159,411
Lancashire Holdings, Ltd.		680,700		5,246,930
Oxford Metrics PLC		426,800		534,221
Redde Northgate PLC (A)		701,868		1,583,402
Redrow PLC		1,147,900		6,669,655
Rentokil Initial PLC		893,781		5,317,651
Savills PLC		912,500		11,108,616
				86,677,237
Total Common Stocks (Cost $551,771,305)				536,953,449

	Shares		Value
OTHER INVESTMENT COMPANY - 3.3%
Securities Lending Collateral - 3.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (D)		18,369,888		$   18,369,888
Total Other Investment Company (Cost $18,369,888)				18,369,888
	Principal		Value
REPURCHASE AGREEMENT - 2.8%
Fixed Income Clearing Corp., 0.00% (D), dated 04/30/2020, to be repurchased at $15,383,744 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $15,692,655.		$  15,383,744		15,383,744
Total Repurchase Agreement (Cost $15,383,744)				15,383,744
Total Investments (Cost $585,524,937)				570,707,081
Net Other Assets (Liabilities) - (2.9)%				(16,139,043	)
Net Assets - 100.0%				$  554,568,038

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Real Estate Management & Development		7.1	%	$	40,316,955
Capital Markets		6.6			37,556,616
Entertainment		5.3			30,549,694
Household Durables		5.2			29,510,266
Semiconductors & Semiconductor Equipment		4.7			26,871,897
Air Freight & Logistics		4.2			24,037,914
Food Products		4.2			23,730,742
IT Services		4.0			22,562,723
Diversified Financial Services		3.9			22,089,526
Chemicals		3.7			21,004,094
Building Products		3.1			17,969,498
Professional Services		2.7			15,521,424
Electronic Equipment, Instruments & Components		2.4			14,001,012
Food & Staples Retailing		2.4			13,614,709
Health Care Equipment & Supplies		2.3			13,216,734
Media		2.3			13,025,374
Trading Companies & Distributors		2.2			12,842,331
Distributors		1.9			10,909,507
Life Sciences Tools & Services		1.8			10,418,335
Containers & Packaging		1.7			9,770,967
Equity Real Estate Investment Trusts		1.7			9,561,605
Machinery		1.7			9,479,122
Road & Rail		1.6			9,056,216
Commercial Services & Supplies		1.5			8,716,290
Electrical Equipment		1.5			8,672,709
Health Care Providers & Services		1.5			8,652,735
Personal Products		1.2			6,680,342
Pharmaceuticals		1.1			6,379,304

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

Transamerica Funds Semi-Annual Report 2020

Page    159

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Software		1.1	%	$	6,373,454
Specialty Retail		1.1			6,018,786
Tobacco		1.1			6,018,613
Oil, Gas & Consumable Fuels		1.0			5,902,648
Transportation Infrastructure		1.0			5,646,542
Insurance		0.9			5,246,930
Metals & Mining		0.7			4,241,807
Textiles, Apparel & Luxury Goods		0.7			3,758,643
Auto Components		0.6			3,646,289
Hotels, Restaurants & Leisure		0.5			2,970,371
Internet & Direct Marketing Retail		0.5			2,930,624
Banks		0.5			2,751,248
Beverages		0.5			2,588,021
Consumer Finance		0.2			1,159,411
Industrial Conglomerates		0.2			981,421
Investments		94.1			536,953,449
Short-Term Investments		5.9			33,753,632
Total Investments		100.0	%	$	570,707,081

INVESTMENT VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	—	$	536,953,449	$	—	$	536,953,449
Other Investment Company		18,369,888		—		—		18,369,888
Repurchase Agreement		—		15,383,744		—		15,383,744
Total Investments	$	18,369,888	$	552,337,193	$	—	$	570,707,081

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 $28,682,425, collateralized by cash collateral of $18,369,888 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $11,809,316. 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 exempt from registration 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 April 30, 2020, the total value of 144A securities is $35,242,774, representing 6.4% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at April 30, 2020.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment 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 Semi-Annual Report 2020

Page    160

Transamerica International Stock

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 94.1%
Australia - 6.6%
Austal, Ltd.		159,218		$  345,528
BHP Group, Ltd. (A)		16,442		335,652
Coles Group, Ltd.		123,423		1,237,664
CSL, Ltd.		3,783		754,055
Fortescue Metals Group, Ltd.		86,332		659,770
Goodman Group, REIT		78,600		669,455
Northern Star Resources, Ltd.		63,892		515,933
Resolute Mining, Ltd. (B)		287,671		171,391
Sandfire Resources, Ltd.		105,987		307,603
Sonic Healthcare, Ltd.		20,331		359,051
				5,356,102
Austria - 1.0%
ams AG (B)		37,523		492,559
BAWAG Group AG (B) (C)		8,907		302,728
				795,287
Belgium - 0.6%
Euronav NV		41,201		460,181
Denmark - 2.7%
Carlsberg A/S, Class B		3,770		475,597
Novo Nordisk A/S, Class B		15,474		987,087
Royal Unibrew A/S (B)		6,297		487,175
Scandinavian Tobacco Group A/S, Class A (C)		21,769		250,962
				2,200,821
Finland - 0.6%
Neste OYJ		13,874		489,967
France - 9.0%
Atos SE		5,852		418,501
AXA SA		37,373		664,361
BNP Paribas SA		13,332		418,842
Cie Generale des Etablissements Michelin SCA		7,182		693,932
Constellium SE (B)		27,200		211,072
Eiffage SA		8,687		709,917
Engie SA		55,436		601,456
Pernod Ricard SA		2,645		403,880
Peugeot SA		45,889		650,506
Sanofi		13,324		1,301,405
Societe Generale SA		24,730		387,990
Vinci SA		9,737		797,674
				7,259,536
Germany - 5.0%
Allianz SE		1,781		327,760
Bayer AG		9,797		644,342
Deutsche Telekom AG		25,469		372,347
HeidelbergCement AG		10,124		479,990
Merck KGaA		10,830		1,256,912
Muenchener Rueckversicherungs-Gesellschaft AG		2,041		447,029
TAG Immobilien AG		22,432		491,343
				4,019,723
Hong Kong - 0.5%
CK Hutchison Holdings, Ltd.		51,500		381,727
Israel - 1.6%
Israel Discount Bank, Ltd., A Shares		253,121		821,203
Teva Pharmaceutical Industries, Ltd., ADR (B)		46,300		497,262
				1,318,465

	Shares		Value
COMMON STOCKS (continued)
Italy - 3.8%
Enel SpA		293,112		$   2,002,085
Eni SpA		44,506		423,979
Leonardo SpA		94,719		654,137
				3,080,201
Japan - 28.2%
Asahi Group Holdings, Ltd.		10,500		361,046
Central Glass Co., Ltd.		17,000		291,352
Chubu Electric Power Co., Inc.		31,900		431,415
Cosmo Energy Holdings Co., Ltd.		10,000		150,229
FUJIFILM Holdings Corp. (A)		34,600		1,648,086
Fujitsu, Ltd.		7,700		748,042
Hiroshima Bank, Ltd.		42,700		177,414
Hitachi, Ltd.		41,100		1,219,824
Hokkaido Electric Power Co., Inc.		53,700		205,505
Hoya Corp.		8,600		784,263
ITOCHU Corp.		90,700		1,778,183
Kajima Corp.		31,200		324,192
KDDI Corp.		80,000		2,317,141
Marubeni Corp.		236,500		1,138,946
Mitsubishi Corp.		21,000		445,368
Mitsubishi UFJ Financial Group, Inc.		179,200		723,968
Mizuho Financial Group, Inc.		312,400		363,765
Morinaga Milk Industry Co., Ltd.		11,200		434,090
NEC Corp.		39,700		1,523,479
Nichi-iko Pharmaceutical Co., Ltd.		21,100		274,339
Nippon Telegraph & Telephone Corp.		82,200		1,871,993
NTT DOCOMO, Inc.		7,800		229,876
Olympus Corp.		21,600		342,724
Ricoh Co., Ltd.		53,700		366,045
Sawai Pharmaceutical Co., Ltd.		10,000		546,043
Sekisui House, Ltd.		17,900		307,069
Sojitz Corp.		241,400		558,681
Sony Corp.		26,600		1,711,818
Sumitomo Corp.		41,300		467,194
Toyota Motor Corp. (A)		12,400		766,653
World Co., Ltd.		19,744		231,636
				22,740,379
Netherlands - 7.9%
Akzo Nobel NV (A)		7,767		589,436
ASM International NV		5,544		610,273
ASR Nederland NV		6,453		173,606
Koninklijke Ahold Delhaize NV		67,634		1,642,176
Koninklijke Philips NV		13,264		578,211
NN Group NV		40,692		1,177,120
NXP Semiconductors NV		10,226		1,018,203
Royal Dutch Shell PLC, B Shares		33,960		543,653
				6,332,678
Norway - 0.2%
Austevoll Seafood ASA		21,575		168,065
Singapore - 0.2%
Yanlord Land Group, Ltd.		211,000		157,730
Spain - 2.5%
Almirall SA		13,626		175,722
Banco Bilbao Vizcaya Argentaria SA		64,917		212,199
Banco Santander SA		95,689		213,806
Iberdrola SA		82,642		822,104

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

Transamerica Funds Semi-Annual Report 2020

Page    161

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Spain (continued)
Repsol SA		19,659		$   178,442
Telefonica SA		97,409		445,401
				2,047,674
Sweden - 1.5%
SSAB AB, B Shares (B)		69,571		160,793
Swedish Match AB		6,075		377,115
Telefonaktiebolaget LM Ericsson, B Shares		80,802		690,304
				1,228,212
Switzerland - 9.6%
Credit Suisse Group AG		44,565		406,907
Nestle SA		10,812		1,145,099
Novartis AG		28,281		2,413,457
Roche Holding AG		5,977		2,069,819
Swiss Life Holding AG		2,064		731,942
UBS Group AG		33,115		354,579
Zurich Insurance Group AG		2,055		651,547
				7,773,350
United Kingdom - 12.6%
3i Group PLC		70,875		696,266
AstraZeneca PLC		11,982		1,253,221
Barclays PLC		368,160		491,604
Bellway PLC		7,677		256,883
BP PLC		117,913		464,626
British American Tobacco PLC		22,132		853,061
Coca-Cola European Partners PLC		12,654		501,605
Computacenter PLC		19,922		364,094
Dialog Semiconductor PLC (B)		14,846		466,236
GlaxoSmithKline PLC		41,072		856,868
Halma PLC		19,896		523,073
Imperial Brands PLC		38,171		803,059
Lloyds Banking Group PLC		780,400		315,756

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Redrow PLC		37,526		$   218,038
Rio Tinto PLC		12,412		576,148
Standard Chartered PLC		68,190		348,429
Tesco PLC		392,733		1,161,632
				10,150,599
Total Common Stocks (Cost $86,701,249)				75,960,697
PREFERRED STOCK - 1.3%
Germany - 1.3%
Volkswagen AG, 4.00% (D)		7,698		1,071,032
Total Preferred Stock (Cost $1,377,175)				1,071,032
EXCHANGE-TRADED FUND - 2.0%
United States - 2.0%
iShares MSCI EAFE ETF (A)		28,540		1,614,508
Total Exchange-Traded Fund (Cost $1,454,396)				1,614,508
OTHER INVESTMENT COMPANY - 4.0%
Securities Lending Collateral - 4.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (D)		3,243,139		3,243,139
Total Other Investment Company (Cost $3,243,139)				3,243,139
Total Investments (Cost $92,775,959)				81,889,376
Net Other Assets (Liabilities) - (1.4)%				(1,160,149	)
Net Assets - 100.0%				$  80,729,227

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Pharmaceuticals		15.0	%	$	12,276,477
Banks		5.8			4,777,704
Trading Companies & Distributors		5.4			4,388,372
Insurance		5.1			4,173,365
Food & Staples Retailing		4.9			4,041,472
Electric Utilities		4.2			3,461,109
IT Services		3.7			3,054,116
Metals & Mining		3.6			2,938,362
Oil, Gas & Consumable Fuels		3.3			2,711,077
Diversified Telecommunication Services		3.3			2,689,741
Semiconductors & Semiconductor Equipment		3.2			2,587,271
Wireless Telecommunication Services		3.1			2,547,017
Household Durables		3.1			2,493,808
Automobiles		3.0			2,488,191
Tobacco		2.8			2,284,197
Beverages		2.7			2,229,303
Technology Hardware, Storage & Peripherals		2.5			2,014,131
Construction & Engineering		2.2			1,831,783

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

Transamerica Funds Semi-Annual Report 2020

Page    162

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Food Products		2.1	%	$	1,747,254
Electronic Equipment, Instruments & Components		2.1			1,742,897
Health Care Equipment & Supplies		2.1			1,705,198
International Equity Funds		2.0			1,614,508
Capital Markets		1.8			1,457,752
Aerospace & Defense		1.2			999,665
Biotechnology		0.9			754,055
Auto Components		0.9			693,932
Communications Equipment		0.8			690,304
Equity Real Estate Investment Trusts		0.8			669,455
Real Estate Management & Development		0.8			649,073
Multi-Utilities		0.7			601,456
Chemicals		0.7			589,436
Construction Materials		0.6			479,990
Industrial Conglomerates		0.5			381,727
Health Care Providers & Services		0.4			359,051
Building Products		0.4			291,352
Specialty Retail		0.3			231,636
Investments		96.0			78,646,237
Short-Term Investments		4.0			3,243,139
Total Investments		100.0	%	$	81,889,376

INVESTMENT 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	$	2,228,142	$	73,732,555	$	—	$	75,960,697
Preferred Stock		—		1,071,032		—		1,071,032
Exchange-Traded Fund		1,614,508		—		—		1,614,508
Other Investment Company		3,243,139		—		—		3,243,139
Total Investments	$	7,085,789	$	74,803,587	$	—	$	81,889,376

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $3,595,954, collateralized by cash collateral of $3,243,139 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $525,168. 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 exempt from registration 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 April 30, 2020, the total value of 144A securities is $553,690, representing 0.7% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at April 30, 2020.
(E)	There were no transfers in or out of Level 3 during the period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    163

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

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 Semi-Annual Report 2020

Page    164

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 97.0%
Aerospace & Defense - 3.5%
General Dynamics Corp.		115,000		$  15,021,300
Raytheon Technologies Corp.		425,147		27,553,777
Textron, Inc.		239,743		6,319,625
				48,894,702
Automobiles - 4.0%
General Motors Co.		2,500,000		55,725,000
Banks - 5.9%
Citigroup, Inc.		1,145,000		55,601,200
JPMorgan Chase & Co.		280,000		26,812,800
				82,414,000
Beverages - 3.0%
Primo Water Corp.		4,113,891		42,208,522
Biotechnology - 6.2%
AbbVie, Inc.		1,060,000		87,132,000
Building Products - 0.8%
Carrier Global Corp. (A)		600,000		10,626,000
Capital Markets - 3.5%
Morgan Stanley		1,225,000		48,301,750
Chemicals - 4.8%
DuPont de Nemours, Inc.		1,440,000		67,708,800
Communications Equipment - 2.7%
CommScope Holding Co., Inc. (A) (B)		2,328,148		25,632,909
Juniper Networks, Inc.		550,000		11,880,000
				37,512,909
Containers & Packaging - 1.4%
International Paper Co.		575,000		19,693,750
Diversified Telecommunication Services - 2.5%
Verizon Communications, Inc.		600,000		34,470,000
Electric Utilities - 2.7%
Exelon Corp.		1,029,400		38,170,152
Electronic Equipment, Instruments & Components - 0.7%
Corning, Inc.		450,000		9,904,500
Equity Real Estate Investment Trusts - 2.0%
SL Green Realty Corp. (B)		540,000		28,647,000
Food & Staples Retailing - 4.1%
Walmart, Inc.		467,500		56,824,625
Food Products - 7.2%
Archer-Daniels-Midland Co.		1,700,000		63,138,000
TreeHouse Foods, Inc. (A)		547,842		28,339,867
Tyson Foods, Inc., Class A		144,353		8,977,313
				100,455,180
Industrial Conglomerates - 1.0%
General Electric Co.		2,082,951		14,164,067
Insurance - 5.4%
Allstate Corp.		210,002		21,361,404
American International Group, Inc.		2,107,840		53,602,371
				74,963,775
IT Services - 1.8%
International Business Machines Corp.		198,000		24,860,880
Machinery - 2.9%
Otis Worldwide Corp. (A)		800,000		40,728,000

	Shares		Value
COMMON STOCKS (continued)
Media - 1.0%
Comcast Corp., Class A		375,000		$   14,111,250
Multi-Utilities - 4.5%
CenterPoint Energy, Inc.		3,710,000		63,181,300
Oil, Gas & Consumable Fuels - 7.0%
Chevron Corp.		295,000		27,140,000
Exxon Mobil Corp.		685,000		31,831,950
Phillips 66		136,715		10,003,436
Williams Cos., Inc.		1,460,000		28,280,200
				97,255,586
Pharmaceuticals - 6.2%
Johnson & Johnson		285,000		42,761,400
Pfizer, Inc.		1,138,796		43,684,215
				86,445,615
Semiconductors & Semiconductor Equipment - 4.4%
Intel Corp.		1,015,000		60,879,700
Specialty Retail - 4.3%
Lowe’s Cos., Inc.		400,000		41,900,000
TJX Cos., Inc.		375,000		18,393,750
				60,293,750
Technology Hardware, Storage & Peripherals - 2.0%
Apple, Inc.		95,000		27,911,000
Wireless Telecommunication Services - 1.5%
Vodafone Group PLC, ADR		1,455,000		20,573,700
Total Common Stocks (Cost $1,506,650,412)				1,354,057,513
	Principal		Value
REPURCHASE AGREEMENT - 4.5%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $62,834,395 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $64,094,034.		$  62,834,395		62,834,395
Total Repurchase Agreement (Cost $62,834,395)				62,834,395
Total Investments (Cost $1,569,484,807)				1,416,891,908
Net Other Assets (Liabilities) - (1.5)%				(20,272,069	)
Net Assets - 100.0%				$  1,396,619,839

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

Transamerica Funds Semi-Annual Report 2020

Page    165

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT 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	$	1,354,057,513	$	—	$	—	$	1,354,057,513
Repurchase Agreement		—		62,834,395		—		62,834,395
Total Investments	$	1,354,057,513	$	62,834,395	$	—	$	1,416,891,908

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 $22,024,109, collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $22,522,065. 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)	Rate disclosed reflects the yield at April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2020

Page    166

Transamerica Large Core

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 97.8%
Aerospace & Defense - 2.0%
Boeing Co.		2,606		$  367,498
General Dynamics Corp.		4,571		597,064
Howmet Aerospace, Inc.		12,493		163,283
Huntington Ingalls Industries, Inc.		787		150,640
Lockheed Martin Corp.		2,535		986,267
Northrop Grumman Corp.		1,413		467,237
Raytheon Technologies Corp.		9,336		605,066
				3,337,055
Air Freight & Logistics - 0.7%
CH Robinson Worldwide, Inc.		9,320		660,788
United Parcel Service, Inc., Class B		4,250		402,305
				1,063,093
Airlines - 0.2%
Alaska Air Group, Inc.		4,011		130,438
Delta Air Lines, Inc.		8,673		224,717
				355,155
Auto Components - 0.2%
Aptiv PLC		4,040		280,982
BorgWarner, Inc.		4,082		116,623
				397,605
Banks - 3.7%
Bank of America Corp.		76,601		1,842,254
Citigroup, Inc.		13,462		653,715
Citizens Financial Group, Inc.		4,344		97,262
Fifth Third Bancorp		26,602		497,191
JPMorgan Chase & Co.		13,897		1,330,777
M&T Bank Corp.		1,714		192,105
Regions Financial Corp.		25,305		272,029
SVB Financial Group (A)		508		98,130
US Bancorp		27,423		1,000,940
				5,984,403
Beverages - 1.7%
Coca-Cola Co.		38,614		1,771,996
Monster Beverage Corp. (A)		2,939		181,660
PepsiCo, Inc.		6,682		883,962
				2,837,618
Biotechnology - 2.4%
AbbVie, Inc.		7,892		648,722
Alexion Pharmaceuticals, Inc. (A)		2,103		226,010
Amgen, Inc.		4,892		1,170,264
Biogen, Inc. (A)		1,822		540,824
Gilead Sciences, Inc.		6,482		544,488
Incyte Corp. (A)		2,489		243,076
Regeneron Pharmaceuticals, Inc. (A)		197		103,598
Vertex Pharmaceuticals, Inc. (A)		1,643		412,722
				3,889,704
Building Products - 0.5%
Allegion PLC		2,578		259,192
Johnson Controls International PLC		14,232		414,294
Masco Corp.		3,821		156,814
				830,300
Capital Markets - 2.7%
Ameriprise Financial, Inc.		3,292		378,382
Cboe Global Markets, Inc.		428		42,535
Charles Schwab Corp.		10,748		405,415

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (continued)
E*TRADE Financial Corp.		5,255		$   213,405
Intercontinental Exchange, Inc.		4,107		367,371
MarketAxess Holdings, Inc.		1,635		743,941
Moody’s Corp.		1,371		334,387
MSCI, Inc.		385		125,895
S&P Global, Inc.		2,678		784,333
T. Rowe Price Group, Inc.		8,751		1,011,878
				4,407,542
Chemicals - 1.4%
Celanese Corp.		3,428		284,764
CF Industries Holdings, Inc.		9,040		248,600
Dow, Inc.		12,421		455,726
DuPont de Nemours, Inc.		5,451		256,306
Ecolab, Inc.		1,999		386,807
LyondellBasell Industries NV, Class A		883		51,170
PPG Industries, Inc.		6,392		580,585
				2,263,958
Commercial Services & Supplies - 0.3%
Cintas Corp.		2,315		513,536
Communications Equipment - 0.6%
Cisco Systems, Inc.		24,138		1,022,968
Construction Materials - 0.3%
Martin Marietta Materials, Inc.		2,546		484,326
Consumer Finance - 0.4%
American Express Co.		1,560		142,350
Capital One Financial Corp.		2,820		182,623
Discover Financial Services		4,339		186,447
Synchrony Financial		6,389		126,438
				637,858
Containers & Packaging - 0.0% (B)
Sealed Air Corp.		2,592		74,105
Distributors - 0.2%
LKQ Corp. (A)		10,131		264,926
Diversified Financial Services - 2.1%
Berkshire Hathaway, Inc., Class B (A)		18,532		3,472,156
Diversified Telecommunication Services - 1.8%
AT&T, Inc.		56,319		1,716,040
CenturyLink, Inc.		17,961		190,746
Verizon Communications, Inc.		19,139		1,099,535
				3,006,321
Electric Utilities - 2.4%
Duke Energy Corp.		1,905		161,277
Entergy Corp.		3,461		330,560
Evergy, Inc.		19,320		1,128,868
Exelon Corp.		20,210		749,387
NextEra Energy, Inc.		2,865		662,159
NRG Energy, Inc.		9,591		321,586
Pinnacle West Capital Corp.		3,891		299,568
Southern Co.		3,597		204,058
				3,857,463
Electronic Equipment, Instruments & Components - 0.3%
CDW Corp.		788		87,311
Keysight Technologies, Inc. (A)		4,668		451,722
				539,033

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

Transamerica Funds Semi-Annual Report 2020

Page    167

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Energy Equipment & Services - 0.3%
Helmerich & Payne, Inc.		5,091		$   100,649
Schlumberger, Ltd.		7,648		128,639
TechnipFMC PLC		25,279		225,236
				454,524
Entertainment - 1.8%
Activision Blizzard, Inc.		2,709		172,645
Electronic Arts, Inc. (A)		965		110,261
Netflix, Inc. (A)		2,670		1,120,999
Take-Two Interactive Software, Inc. (A)		3,428		414,959
Walt Disney Co.		9,826		1,062,682
				2,881,546
Equity Real Estate Investment Trusts - 2.9%
American Tower Corp.		1,845		439,110
Apartment Investment & Management Co., Class A		2,469		93,007
AvalonBay Communities, Inc.		749		122,049
Boston Properties, Inc.		5,177		503,101
Crown Castle International Corp.		1,132		180,475
Digital Realty Trust, Inc.		715		106,885
Equinix, Inc.		284		191,757
Equity Residential		9,248		601,675
Essex Property Trust, Inc.		2,642		644,912
Extra Space Storage, Inc.		3,891		343,342
Host Hotels & Resorts, Inc.		32,636		401,749
Kimco Realty Corp.		16,469		179,677
Public Storage		1,528		283,368
Realty Income Corp.		3,677		201,941
SBA Communications Corp.		488		141,481
Simon Property Group, Inc.		5,425		362,227
				4,796,756
Food & Staples Retailing - 1.1%
Costco Wholesale Corp.		1,976		598,728
Sysco Corp.		7,177		403,850
Walmart, Inc.		6,851		832,739
				1,835,317
Food Products - 0.7%
General Mills, Inc.		3,785		226,683
Hershey Co.		3,000		397,290
Mondelez International, Inc., Class A		4,707		242,128
Tyson Foods, Inc., Class A		3,651		227,056
				1,093,157
Health Care Equipment & Supplies - 3.3%
Abbott Laboratories		16,652		1,533,483
Align Technology, Inc. (A)		1,254		269,422
Boston Scientific Corp. (A)		3,467		129,943
Danaher Corp.		2,053		335,583
Edwards Lifesciences Corp. (A)		3,042		661,635
Hologic, Inc. (A)		5,321		266,582
IDEXX Laboratories, Inc. (A)		1,643		456,097
Medtronic PLC		10,534		1,028,435
Stryker Corp.		691		128,823
Teleflex, Inc.		857		287,438
Zimmer Biomet Holdings, Inc.		2,499		299,130
				5,396,571
Health Care Providers & Services - 3.2%
Anthem, Inc.		2,965		832,364

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (continued)
Cardinal Health, Inc.		679		$   33,597
Centene Corp. (A)		2,105		140,151
Cigna Corp.		1,192		233,370
CVS Health Corp.		13,531		832,833
DaVita, Inc. (A)		464		36,661
HCA Healthcare, Inc.		540		59,335
Henry Schein, Inc. (A)		6,774		369,589
Humana, Inc.		1,249		476,893
McKesson Corp.		458		64,693
UnitedHealth Group, Inc.		6,153		1,799,568
Universal Health Services, Inc., Class B		2,480		262,111
				5,141,165
Health Care Technology - 0.4%
Cerner Corp.		8,427		584,750
Hotels, Restaurants & Leisure - 1.4%
Chipotle Mexican Grill, Inc. (A)		71		62,377
Darden Restaurants, Inc.		608		44,864
Hilton Worldwide Holdings, Inc.		4,428		335,244
Las Vegas Sands Corp.		3,432		164,805
McDonald’s Corp.		3,808		714,228
Starbucks Corp.		11,819		906,872
				2,228,390
Household Durables - 0.6%
D.R. Horton, Inc.		5,763		272,129
Garmin, Ltd.		3,284		266,529
PulteGroup, Inc.		9,672		273,428
Whirlpool Corp.		1,607		179,566
				991,652
Household Products - 2.4%
Church & Dwight Co., Inc.		7,070		494,829
Colgate-Palmolive Co.		11,462		805,435
Kimberly-Clark Corp.		8,523		1,180,265
Procter & Gamble Co.		11,458		1,350,555
				3,831,084
Independent Power & Renewable Electricity Producers - 0.3%
AES Corp.		32,560		431,420
Industrial Conglomerates - 1.2%
3M Co.		2,546		386,788
General Electric Co.		40,783		277,324
Honeywell International, Inc.		7,606		1,079,292
Roper Technologies, Inc.		608		207,346
				1,950,750
Insurance - 2.0%
Aflac, Inc.		16,581		617,476
Allstate Corp.		5,221		531,080
AON PLC		2,478		427,876
Arthur J. Gallagher & Co.		3,253		255,361
Chubb, Ltd.		3,999		431,932
Hartford Financial Services Group, Inc.		10,934		415,383
MetLife, Inc.		7,642		275,723
Progressive Corp.		3,892		300,852
				3,255,683
Interactive Media & Services - 5.2%
Alphabet, Inc., Class A (A)		980		1,319,766
Alphabet, Inc., Class C (A)		2,935		3,958,317

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

Transamerica Funds Semi-Annual Report 2020

Page    168

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (continued)
Facebook, Inc., Class A (A)		15,026		$   3,075,972
Twitter, Inc. (A)		1,888		54,148
				8,408,203
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc. (A)		2,723		6,736,702
Booking Holdings, Inc. (A)		428		633,684
eBay, Inc.		10,155		404,474
				7,774,860
IT Services - 5.5%
Accenture PLC, Class A		2,357		436,493
Akamai Technologies, Inc. (A)		4,857		474,577
Automatic Data Processing, Inc.		3,178		466,181
Fidelity National Information Services, Inc.		1,819		239,908
FleetCor Technologies, Inc. (A)		1,913		461,511
Global Payments, Inc.		262		43,497
International Business Machines Corp.		8,142		1,022,310
Mastercard, Inc., Class A		7,988		2,196,460
PayPal Holdings, Inc. (A)		5,249		645,627
VeriSign, Inc. (A)		1,101		230,648
Visa, Inc., Class A		15,698		2,805,547
				9,022,759
Life Sciences Tools & Services - 0.8%
Illumina, Inc. (A)		1,000		319,030
Mettler-Toledo International, Inc. (A)		429		308,854
Thermo Fisher Scientific, Inc.		1,822		609,787
				1,237,671
Machinery - 1.2%
Caterpillar, Inc.		3,662		426,184
Cummins, Inc.		4,937		807,199
Dover Corp.		2,213		207,247
Parker-Hannifin Corp.		1,049		165,868
Snap-on, Inc.		2,571		334,976
				1,941,474
Media - 1.9%
Charter Communications, Inc., Class A (A)		2,518		1,246,989
Comcast Corp., Class A		21,888		823,645
Discovery, Inc., Class C (A)		11,551		235,756
Fox Corp., Class B (A)		3,250		83,070
Omnicom Group, Inc. (C)		10,998		627,216
				3,016,676
Metals & Mining - 0.3%
Newmont Corp.		6,116		363,780
Nucor Corp.		1,833		75,501
				439,281
Multi-Utilities - 0.2%
CenterPoint Energy, Inc.		15,418		262,569
DTE Energy Co.		392		40,666
				303,235
Multiline Retail - 0.5%
Dollar General Corp.		739		129,547
Kohl’s Corp.		3,981		73,489
Target Corp.		5,356		587,767
				790,803
Oil, Gas & Consumable Fuels - 2.6%
Cabot Oil & Gas Corp.		3,807		82,307

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Chevron Corp.		6,370		$   586,040
ConocoPhillips		16,890		711,069
EOG Resources, Inc.		2,569		122,053
Exxon Mobil Corp.		23,931		1,112,074
Hess Corp.		1,846		89,790
HollyFrontier Corp.		3,033		100,210
Kinder Morgan, Inc.		8,446		128,633
Marathon Petroleum Corp.		1,840		59,027
Noble Energy, Inc.		4,353		42,703
Occidental Petroleum Corp.		3,422		56,805
Phillips 66		7,249		530,409
Pioneer Natural Resources Co.		672		60,016
Valero Energy Corp.		5,463		346,081
Williams Cos., Inc.		11,050		214,039
				4,241,256
Pharmaceuticals - 5.2%
Allergan PLC		919		172,165
Bristol-Myers Squibb Co.		17,961		1,092,208
Eli Lilly & Co.		2,861		442,425
Johnson & Johnson		17,498		2,625,400
Merck & Co., Inc.		28,472		2,258,969
Pfizer, Inc.		43,092		1,653,009
Zoetis, Inc.		1,806		233,534
				8,477,710
Professional Services - 0.4%
IHS Markit, Ltd.		8,391		564,715
Verisk Analytics, Inc.		322		49,211
				613,926
Road & Rail - 0.9%
CSX Corp.		15,184		1,005,636
Kansas City Southern		570		74,414
Norfolk Southern Corp.		661		113,097
Union Pacific Corp.		1,495		238,886
				1,432,033
Semiconductors & Semiconductor Equipment - 4.9%
Advanced Micro Devices, Inc. (A)		6,479		339,435
Applied Materials, Inc.		10,748		533,961
Broadcom, Inc.		1,469		399,010
Intel Corp.		36,018		2,160,359
Lam Research Corp.		2,171		554,213
Maxim Integrated Products, Inc.		1,316		72,354
Microchip Technology, Inc.		1,760		154,405
Micron Technology, Inc. (A)		4,319		206,837
NVIDIA Corp.		4,034		1,179,057
Qorvo, Inc. (A)		2,286		224,096
QUALCOMM, Inc.		8,463		665,784
Texas Instruments, Inc.		12,281		1,425,456
				7,914,967
Software - 8.0%
Adobe, Inc. (A)		3,392		1,199,547
Autodesk, Inc. (A)		666		124,629
Fortinet, Inc. (A)		1,464		157,731
Intuit, Inc.		4,225		1,139,947
Microsoft Corp.		50,147		8,986,844
Oracle Corp.		7,392		391,554
salesforce.com, Inc. (A)		4,017		650,553

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

Transamerica Funds Semi-Annual Report 2020

Page    169

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
ServiceNow, Inc. (A)		1,027		$   361,032
				13,011,837
Specialty Retail - 2.8%
Advance Auto Parts, Inc.		412		49,815
AutoZone, Inc. (A)		416		424,453
Best Buy Co., Inc.		4,408		338,226
Home Depot, Inc.		9,650		2,121,359
Lowe’s Cos., Inc.		4,534		474,937
O’Reilly Automotive, Inc. (A)		1,238		478,289
Ross Stores, Inc.		2,560		233,882
TJX Cos., Inc.		8,605		422,075
				4,543,036
Technology Hardware, Storage & Peripherals - 5.5%
Apple, Inc.		30,141		8,855,426
Western Digital Corp.		1,999		92,114
				8,947,540
Textiles, Apparel & Luxury Goods - 0.3%
Hanesbrands, Inc. (C)		5,861		58,259
NIKE, Inc., Class B		4,734		412,710
				470,969
Tobacco - 0.8%
Altria Group, Inc.		17,318		679,732
Philip Morris International, Inc.		8,749		652,675
				1,332,407

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors - 0.2%
WW Grainger, Inc.		1,243		$   342,546
Wireless Telecommunication Services - 0.3%
T-Mobile US, Inc. (A)		6,249		548,662
Total Common Stocks (Cost $151,053,499)				158,923,741
EXCHANGE-TRADED FUND - 2.0%
U.S. Equity Fund - 2.0%
SPDR S&P 500 ETF Trust (C)		11,169		3,244,371
Total Exchange-Traded Fund (Cost $2,935,397)				3,244,371
OTHER INVESTMENT COMPANY - 2.0%
Securities Lending Collateral - 2.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (D)		3,278,401		3,278,401
Total Other Investment Company (Cost $3,278,401)				3,278,401
Total Investments (Cost $157,267,297)				165,446,513
Net Other Assets (Liabilities) - (1.8)%				(2,864,121	)
Net Assets - 100.0%				$  162,582,392

INVESTMENT 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	$	158,923,741	$	—	$	—	$	158,923,741
Exchange-Traded Fund		3,244,371		—		—		3,244,371
Other Investment Company		3,278,401		—		—		3,278,401
Total Investments	$	165,446,513	$	—	$	—	$	165,446,513

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 $3,890,452, collateralized by cash collateral of $3,278,401 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $693,697. 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.
(D)	Rate disclosed reflects the yield at April 30, 2020.
(E)	There were no transfers in or out of Level 3 during the period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    170

Transamerica Large Growth

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 99.5%
Aerospace & Defense - 0.5%
Raytheon Technologies Corp.		60,728		$  3,935,782
Beverages - 1.2%
Constellation Brands, Inc., Class A		28,382		4,674,231
Monster Beverage Corp. (A)		77,506		4,790,646
				9,464,877
Biotechnology - 2.4%
Alnylam Pharmaceuticals, Inc. (A)		20,568		2,708,806
Biogen, Inc. (A)		8,032		2,384,139
Moderna, Inc. (A) (B)		65,799		3,026,096
Sarepta Therapeutics, Inc. (A)		16,413		1,934,764
Seattle Genetics, Inc. (A)		28,415		3,899,390
Vertex Pharmaceuticals, Inc. (A)		22,063		5,542,226
				19,495,421
Building Products - 0.4%
Fortune Brands Home & Security, Inc.		66,489		3,204,770
Capital Markets - 0.3%
S&P Global, Inc.		8,533		2,499,145
Chemicals - 0.7%
PPG Industries, Inc.		33,873		3,076,685
Sherwin-Williams Co.		4,711		2,526,839
				5,603,524
Commercial Services & Supplies - 0.4%
Copart, Inc. (A)		38,248		3,064,047
Consumer Finance - 0.6%
American Express Co.		49,004		4,471,615
Diversified Telecommunication Services - 0.3%
Verizon Communications, Inc.		47,698		2,740,250
Electrical Equipment - 0.8%
AMETEK, Inc.		40,721		3,415,270
Eaton Corp. PLC		37,186		3,105,031
				6,520,301
Electronic Equipment, Instruments & Components - 0.7%
CDW Corp.		25,695		2,847,006
Zebra Technologies Corp., Class A (A)		13,013		2,988,566
				5,835,572
Entertainment - 4.9%
Activision Blizzard, Inc.		64,469		4,108,609
Netflix, Inc. (A)		16,205		6,803,669
Roku, Inc. (A) (B)		48,341		5,860,380
Spotify Technology SA (A)		123,453		18,711,771
Walt Disney Co.		31,651		3,423,056
				38,907,485
Equity Real Estate Investment Trusts - 0.6%
American Tower Corp.		21,651		5,152,938
Food & Staples Retailing - 0.9%
Costco Wholesale Corp.		22,294		6,755,082
Health Care Equipment & Supplies - 6.9%
Baxter International, Inc.		62,170		5,519,453
Becton Dickinson and Co.		14,149		3,573,047
DexCom, Inc. (A)		61,207		20,516,586
Edwards Lifesciences Corp. (A)		16,322		3,550,035
Intuitive Surgical, Inc. (A)		35,925		18,353,364
Teleflex, Inc.		11,119		3,729,313
				55,241,798

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services - 2.3%
Convetrus, Inc. (A) (B)		196,236		$   2,333,246
Guardant Health, Inc. (A)		76,530		5,889,749
UnitedHealth Group, Inc.		35,840		10,482,125
				18,705,120
Health Care Technology - 2.7%
Veeva Systems, Inc., Class A (A)		112,037		21,376,660
Hotels, Restaurants & Leisure - 0.5%
McDonald’s Corp.		20,408		3,827,724
Household Products - 1.0%
Colgate-Palmolive Co.		66,643		4,683,004
Procter & Gamble Co.		27,159		3,201,231
				7,884,235
Insurance - 0.4%
Allstate Corp.		30,132		3,065,027
Interactive Media & Services - 6.8%
Alphabet, Inc., Class A (A)		13,252		17,846,468
Facebook, Inc., Class A (A)		82,336		16,855,003
Twitter, Inc. (A)		461,279		13,229,482
Zillow Group, Inc., Class C (A) (B)		145,668		6,403,565
				54,334,518
Internet & Direct Marketing Retail - 10.4%
Amazon.com, Inc. (A)		24,684		61,068,216
Chewy, Inc., Class A (A) (B)		232,282		10,043,874
Farfetch, Ltd., Class A (A) (B)		316,745		4,193,704
Wayfair, Inc., Class A (A) (B)		62,453		7,746,670
				83,052,464
IT Services - 16.4%
Adyen NV (A) (C)		7,940		7,841,382
EPAM Systems, Inc. (A)		15,058		3,326,162
FleetCor Technologies, Inc. (A)		17,724		4,275,915
Global Payments, Inc.		30,867		5,124,539
GoDaddy, Inc., Class A (A)		55,453		3,850,102
Leidos Holdings, Inc.		25,661		2,535,564
Mastercard, Inc., Class A		39,198		10,778,274
MongoDB, Inc. (A) (B)		65,667		10,646,591
Okta, Inc. (A)		129,288		19,561,274
PayPal Holdings, Inc. (A)		51,623		6,349,629
Shopify, Inc., Class A (A)		44,838		28,350,619
Square, Inc., Class A (A)		224,494		14,623,539
Twilio, Inc., Class A (A) (B)		117,663		13,213,555
				130,477,145
Life Sciences Tools & Services - 3.3%
10X Genomics, Inc., Class A (A) (B)		75,155		6,002,630
Illumina, Inc. (A)		44,056		14,055,185
Thermo Fisher Scientific, Inc.		19,401		6,493,127
				26,550,942
Machinery - 1.1%
Illinois Tool Works, Inc.		31,134		5,059,275
Nordson Corp.		21,498		3,459,243
				8,518,518
Metals & Mining - 0.1%
Royal Gold, Inc.		8,076		989,552
Oil, Gas & Consumable Fuels - 0.2%
Texas Pacific Land Trust (B)		2,096		1,193,986

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

Transamerica Funds Semi-Annual Report 2020

Page    171

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals - 0.8%
Eli Lilly & Co.		43,004		$   6,650,138
Professional Services - 0.4%
Equifax, Inc.		19,972		2,774,111
Road & Rail - 3.0%
Norfolk Southern Corp.		16,605		2,841,115
Uber Technologies, Inc. (A)		706,155		21,375,312
				24,216,427
Semiconductors & Semiconductor Equipment - 2.6%
Advanced Micro Devices, Inc. (A)		86,633		4,538,703
Entegris, Inc.		63,608		3,449,462
KLA Corp.		22,443		3,682,672
Marvell Technology Group, Ltd.		137,410		3,674,343
Micron Technology, Inc. (A)		61,677		2,953,712
Teradyne, Inc.		41,989		2,625,992
				20,924,884
Software - 18.8%
Adobe, Inc. (A)		25,914		9,164,227
Atlassian Corp. PLC, Class A (A)		43,262		6,726,808
Coupa Software, Inc. (A)		75,070		13,219,076
DocuSign, Inc. (A)		28,900		3,027,275
Guidewire Software, Inc. (A)		28,257		2,566,866
Microsoft Corp.		171,651		30,761,576
salesforce.com, Inc. (A)		53,342		8,638,737
ServiceNow, Inc. (A)		59,713		20,991,508
Slack Technologies, Inc., Class A (A)		699,780		18,677,128
SS&C Technologies Holdings, Inc.		53,115		2,929,824
Trade Desk, Inc., Class A (A) (B)		43,157		12,626,875
Workday, Inc., Class A (A)		24,677		3,797,790
Zoom Video Communications, Inc., Class A (A)		126,696		17,125,498
				150,253,188

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail - 1.7%
Carvana Co. (A)		104,264		$   8,352,589
TJX Cos., Inc.		102,358		5,020,660
				13,373,249
Technology Hardware, Storage & Peripherals - 3.8%
Apple, Inc.		103,376		30,371,869
Textiles, Apparel & Luxury Goods - 1.6%
NIKE, Inc., Class B		65,824		5,738,536
PVH Corp.		39,212		1,930,407
Under Armour, Inc., Class C (A)		215,221		1,995,098
VF Corp.		54,718		3,179,116
				12,843,157
Total Common Stocks (Cost $568,132,422)				794,275,521
OTHER INVESTMENT COMPANY - 1.8%
Securities Lending Collateral - 1.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (D)		14,166,013		14,166,013
Total Other Investment Company (Cost $14,166,013)				14,166,013
Total Investments (Cost $582,298,435)				808,441,534
Net Other Assets (Liabilities) - (1.3)%				(10,432,305	)
Net Assets - 100.0%				$  798,009,229

INVESTMENT 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	$	786,434,139	$	7,841,382	$	—	$	794,275,521
Other Investment Company		14,166,013		—		—		14,166,013
Total Investments	$	800,600,152	$	7,841,382	$	—	$	808,441,534

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 $68,428,927, collateralized by cash collateral of $14,166,013 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $55,834,487. 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 exempt from registration 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 April 30, 2020, the value of the 144A security is $7,841,382, representing 1.0% of the Fund’s net assets.
(D)	Rate disclosed reflects the yield at April 30, 2020.
(E)	There were no transfers in or out of Level 3 during the period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    172

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Aerospace & Defense - 0.5%
L3 Harris Technologies, Inc.		155		$  30,023
Northrop Grumman Corp.		3,412		1,128,246
Raytheon Technologies Corp.		9,712		629,435
				1,787,704
Airlines - 0.3%
Delta Air Lines, Inc.		34,704		899,181
United Airlines Holdings, Inc. (A)		5,001		147,929
				1,047,110
Banks - 7.3%
Bank of America Corp.		220,832		5,311,010
Bank of Hawaii Corp.		3,267		222,744
Citigroup, Inc.		27,595		1,340,013
Fifth Third Bancorp		151,181		2,825,573
JPMorgan Chase & Co.		61,944		5,931,758
Popular, Inc.		71,577		2,762,156
SVB Financial Group (A)		7,379		1,425,401
US Bancorp		115,982		4,233,343
Wells Fargo & Co.		14,942		434,065
				24,486,063
Beverages - 3.6%
Coca-Cola Co.		183,254		8,409,526
PepsiCo, Inc.		27,227		3,601,860
				12,011,386
Biotechnology - 3.2%
AbbVie, Inc.		35,035		2,879,877
Amgen, Inc.		11,281		2,698,641
Biogen, Inc. (A)		10,236		3,038,352
Gilead Sciences, Inc.		9,092		763,728
Incyte Corp. (A)		13,057		1,275,146
				10,655,744
Capital Markets - 3.4%
Ameriprise Financial, Inc.		26,385		3,032,692
Charles Schwab Corp.		87,622		3,305,102
CME Group, Inc.		3,704		660,090
Goldman Sachs Group, Inc.		1,080		198,093
T. Rowe Price Group, Inc.		35,687		4,126,488
				11,322,465
Chemicals - 1.0%
CF Industries Holdings, Inc.		2,338		64,295
Dow, Inc. (A)		80,495		2,953,361
DuPont de Nemours, Inc.		6,394		300,646
				3,318,302
Commercial Services & Supplies - 0.7%
Cintas Corp.		10,100		2,240,483
Communications Equipment - 2.1%
Cisco Systems, Inc.		165,725		7,023,426
Consumer Finance - 1.6%
Capital One Financial Corp.		59,911		3,879,837
Discover Financial Services		34,296		1,473,699
				5,353,536
Containers & Packaging - 1.0%
Ball Corp.		33,084		2,169,979
Graphic Packaging Holding Co.		87,796		1,172,077
				3,342,056

	Shares		Value
COMMON STOCKS (continued)
Diversified Consumer Services - 0.3%
frontdoor, Inc. (A)		29,457		$   1,140,280
Diversified Financial Services - 1.2%
Berkshire Hathaway, Inc., Class B (A)		22,291		4,176,442
Diversified Telecommunication Services - 2.8%
AT&T, Inc.		175,619		5,351,111
CenturyLink, Inc.		22,185		235,605
Verizon Communications, Inc.		66,785		3,836,798
				9,423,514
Electric Utilities - 3.8%
American Electric Power Co., Inc.		5,743		477,301
Duke Energy Corp.		11,271		954,203
Evergy, Inc.		59,566		3,480,441
Exelon Corp.		90,553		3,357,705
IDACORP, Inc.		8,806		808,215
NextEra Energy, Inc.		5,315		1,228,403
NRG Energy, Inc.		35,669		1,195,982
Pinnacle West Capital Corp.		2,158		166,144
Southern Co.		19,577		1,110,603
				12,778,997
Electronic Equipment, Instruments & Components - 0.6%
CDW Corp.		5,012		555,329
Keysight Technologies, Inc. (A)		14,332		1,386,908
				1,942,237
Energy Equipment & Services - 0.1%
Baker Hughes Co.		5,446		75,972
Schlumberger, Ltd.		5,732		96,412
TechnipFMC PLC		9,079		80,894
				253,278
Entertainment - 1.0%
Walt Disney Co.		32,452		3,509,684
Equity Real Estate Investment Trusts - 4.1%
AvalonBay Communities, Inc.		381		62,084
Boston Properties, Inc.		36,346		3,532,104
Equity Residential		2,139		139,163
Host Hotels & Resorts, Inc.		224,048		2,758,031
Medical Properties Trust, Inc.		2,902		49,740
Prologis, Inc.		1,415		126,260
Public Storage		19,750		3,662,638
Realty Income Corp.		2,130		116,980
Simon Property Group, Inc.		45,781		3,056,797
VEREIT, Inc.		6,897		37,796
WP Carey, Inc.		545		35,850
				13,577,443
Food & Staples Retailing - 1.0%
Kroger Co.		2,465		77,919
Sysco Corp.		17,824		1,002,956
Walmart, Inc.		17,363		2,110,473
				3,191,348
Food Products - 1.6%
Hershey Co.		19,695		2,608,209
Kraft Heinz Co.		1,731		52,501
Tyson Foods, Inc., Class A		41,900		2,605,761
				5,266,471

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

Transamerica Funds Semi-Annual Report 2020

Page    173

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Gas Utilities - 0.5%
UGI Corp.		58,735		$   1,772,622
Health Care Equipment & Supplies - 1.4%
Align Technology, Inc. (A)		3,899		837,700
IDEXX Laboratories, Inc. (A)		9,576		2,658,297
Medtronic PLC		7,271		709,868
STERIS PLC		3,416		486,780
				4,692,645
Health Care Providers & Services - 1.6%
Anthem, Inc.		139		39,022
Cigna Corp. (A)		2,507		490,820
CVS Health Corp.		76,106		4,684,324
				5,214,166
Hotels, Restaurants & Leisure - 0.2%
McDonald’s Corp.		3,320		622,699
Household Durables - 0.7%
PulteGroup, Inc.		85,107		2,405,975
Household Products - 3.9%
Church & Dwight Co., Inc.		945		66,141
Colgate-Palmolive Co.		65,363		4,593,058
Kimberly-Clark Corp.		23,331		3,230,877
Procter & Gamble Co.		45,166		5,323,716
				13,213,792
Independent Power & Renewable Electricity Producers - 1.1%
AES Corp.		181,407		2,403,643
Vistra Energy Corp.		70,978		1,386,910
				3,790,553
Industrial Conglomerates - 2.0%
3M Co.		37,304		5,667,224
General Electric Co.		142,874		971,543
				6,638,767
Insurance - 5.4%
Aflac, Inc.		85,693		3,191,207
Allstate Corp.		40,073		4,076,226
Chubb, Ltd.		22,706		2,452,475
Fidelity National Financial, Inc.		45,825		1,239,566
Hartford Financial Services Group, Inc.		64,373		2,445,530
MetLife, Inc.		67,887		2,449,363
Primerica, Inc.		20,202		2,099,190
				17,953,557
Interactive Media & Services - 0.5%
Alphabet, Inc., Class C (A)		1,138		1,534,775
Internet & Direct Marketing Retail - 0.7%
Booking Holdings, Inc. (A)		547		809,872
eBay, Inc.		34,439		1,371,705
				2,181,577
IT Services - 2.2%
Automatic Data Processing, Inc.		4,292		629,594
International Business Machines Corp.		22,347		2,805,889
Mastercard, Inc., Class A		2,653		729,495
Visa, Inc., Class A		17,872		3,194,084
				7,359,062
Machinery - 2.0%
Allison Transmission Holdings, Inc.		57,304		2,082,427
Cummins, Inc.		18,792		3,072,492

	Shares		Value
COMMON STOCKS (continued)
Machinery (continued)
Woodward, Inc.		25,867		$   1,566,506
				6,721,425
Media - 3.8%
Charter Communications, Inc., Class A (A)		6,481		3,209,586
Comcast Corp., Class A		167,656		6,308,895
Discovery, Inc., Class C (A)		17,195		350,950
Omnicom Group, Inc.		50,913		2,903,568
				12,772,999
Metals & Mining - 0.5%
Newmont Corp.		30,542		1,816,638
Mortgage Real Estate Investment Trusts - 0.3%
AGNC Investment Corp.		34,924		433,756
Annaly Capital Management, Inc.		71,904		449,400
Chimera Investment Corp. (B)		14,556		113,100
				996,256
Multi-Utilities - 0.6%
Dominion Energy, Inc.		9,019		695,635
DTE Energy Co.		5,560		576,794
Sempra Energy		2,748		340,340
WEC Energy Group, Inc.		3,265		295,646
				1,908,415
Multiline Retail - 0.2%
Target Corp.		7,474		820,197
Oil, Gas & Consumable Fuels - 5.9%
Chevron Corp.		72,412		6,661,904
ConocoPhillips		80,924		3,406,901
Exxon Mobil Corp.		75,956		3,529,675
HollyFrontier Corp.		32,433		1,071,586
Kinder Morgan, Inc.		15,052		229,242
Marathon Petroleum Corp.		5,647		181,156
Occidental Petroleum Corp.		4,879		80,991
Phillips 66		46,479		3,400,869
Valero Energy Corp.		19,413		1,229,814
Williams Cos., Inc.		1,274		24,677
				19,816,815
Pharmaceuticals - 10.2%
Allergan PLC		2,805		525,489
Bristol-Myers Squibb Co.		91,350		5,554,993
Jazz Pharmaceuticals PLC (A)		2,490		274,523
Johnson & Johnson		73,275		10,994,181
Merck & Co., Inc.		109,066		8,653,296
Pfizer, Inc.		211,708		8,121,119
				34,123,601
Professional Services - 0.8%
IHS Markit, Ltd.		39,299		2,644,823
Road & Rail - 1.0%
CSX Corp.		50,859		3,368,392
Semiconductors & Semiconductor Equipment - 3.8%
Broadcom, Inc.		203		55,139
Intel Corp.		99,981		5,996,860
Lam Research Corp.		4,967		1,267,976
Micron Technology, Inc. (A)		15,025		719,547
QUALCOMM, Inc.		21,228		1,670,007
Texas Instruments, Inc.		26,882		3,120,194
				12,829,723

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

Transamerica Funds Semi-Annual Report 2020

Page    174

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Software - 1.6%
Adobe, Inc. (A)		3,027		$   1,070,468
Intuit, Inc.		10,173		2,744,777
Oracle Corp.		29,288		1,551,386
				5,366,631
Specialty Retail - 1.4%
AutoZone, Inc. (A)		1,638		1,671,284
Home Depot, Inc.		13,813		3,036,512
				4,707,796
Technology Hardware, Storage & Peripherals - 1.0%
Apple, Inc.		11,449		3,363,716
Tobacco - 2.0%
Altria Group, Inc.		129,571		5,085,662
Philip Morris International, Inc.		19,693		1,469,098
				6,554,760
Trading Companies & Distributors - 1.5%
HD Supply Holdings, Inc. (A)		64,801		1,923,294
WW Grainger, Inc.		11,550		3,182,949
				5,106,243
Total Common Stocks (Cost $360,333,346)				328,146,589

	Shares		Value
EXCHANGE-TRADED FUND - 1.6%
U.S. Equity Fund - 1.6%
iShares Russell 1000 Value ETF		46,440		$   5,120,939
Total Exchange-Traded Fund (Cost $4,475,654)				5,120,939
OTHER INVESTMENT COMPANY - 0.0% (C)
Securities Lending Collateral - 0.0% (C)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (D)		115,280		115,280
Total Other Investment Company (Cost $115,280)				115,280
Total Investments (Cost $364,924,280)				333,382,808
Net Other Assets (Liabilities) - 0.4%				1,414,230
Net Assets - 100.0%				$  334,797,038

INVESTMENT 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	$	328,146,589	$	—	$	—	$	328,146,589
Exchange-Traded Fund		5,120,939		—		—		5,120,939
Other Investment Company		115,280		—		—		115,280
Total Investments	$	333,382,808	$	—	$	—	$	333,382,808

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 $111,966, collateralized by cash collateral of $115,280. 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)	Rate disclosed reflects the yield at April 30, 2020.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    175

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 96.1%
Aerospace & Defense - 6.0%
BWX Technologies, Inc.		172,188		$  9,136,295
Hexcel Corp.		197,768		6,840,795
				15,977,090
Biotechnology - 6.8%
Bluebird Bio, Inc. (A) (B)		85,845		4,625,329
Incyte Corp. (A)		67,755		6,616,953
Seattle Genetics, Inc. (A)		48,789		6,695,314
				17,937,596
Capital Markets - 3.9%
Hamilton Lane, Inc., Class A		160,444		10,404,793
Diversified Consumer Services - 2.6%
Bright Horizons Family Solutions, Inc. (A)		58,331		6,792,645
Electronic Equipment, Instruments & Components - 3.1%
CDW Corp.		73,386		8,131,169
Entertainment - 3.0%
Take-Two Interactive Software, Inc. (A)		64,990		7,867,040
Equity Real Estate Investment Trusts - 3.8%
SBA Communications Corp.		34,756		10,076,460
Health Care Equipment & Supplies - 9.9%
ABIOMED, Inc. (A)		34,486		6,595,447
IDEXX Laboratories, Inc. (A)		44,513		12,356,809
Penumbra, Inc. (A) (B)		40,765		7,228,450
				26,180,706
Hotels, Restaurants & Leisure - 7.1%
Aramark		224,848		6,140,599
Domino’s Pizza, Inc.		17,965		6,502,072
Vail Resorts, Inc.		35,704		6,105,384
				18,748,055
Internet & Direct Marketing Retail - 2.4%
Etsy, Inc. (A)		96,730		6,274,875
IT Services - 3.1%
Square, Inc., Class A (A)		123,756		8,061,466
Life Sciences Tools & Services - 5.0%
ICON PLC (A)		16,148		2,591,269
Mettler-Toledo International, Inc. (A)		14,906		10,731,426
				13,322,695
Professional Services - 5.1%
IHS Markit, Ltd.		111,124		7,478,645
TransUnion		76,879		6,057,297
				13,535,942
Road & Rail - 3.5%
JB Hunt Transport Services, Inc.		90,615		9,162,989
Semiconductors & Semiconductor Equipment - 6.6%
KLA Corp.		55,245		9,065,152
Monolithic Power Systems, Inc.		42,476		8,491,377
				17,556,529
Software - 18.7%
Avalara, Inc. (A)		59,603		5,326,720
Ceridian HCM Holding, Inc. (A)		93,843		5,533,922
DocuSign, Inc. (A)		69,513		7,281,487
Guidewire Software, Inc. (A)		92,747		8,425,137
Slack Technologies, Inc., Class A (A)		165,058		4,405,398
SS&C Technologies Holdings, Inc.		195,248		10,769,880

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Tyler Technologies, Inc. (A)		23,615		$   7,573,094
				49,315,638
Specialty Retail - 3.6%
Burlington Stores, Inc. (A)		52,294		9,553,591
Textiles, Apparel & Luxury Goods - 1.9%
Under Armour, Inc., Class A (A)		474,193		4,941,091
Total Common Stocks (Cost $242,314,555)				253,840,370
OTHER INVESTMENT COMPANY - 0.6%
Securities Lending Collateral - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (C)		1,559,745		1,559,745
Total Other Investment Company (Cost $1,559,745)				1,559,745
	Principal		Value
REPURCHASE AGREEMENT - 3.5%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $9,191,979 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $9,378,977.		$  9,191,979		9,191,979
Total Repurchase Agreement (Cost $9,191,979)				9,191,979
Total Investments (Cost $253,066,279)				264,592,094
Net Other Assets (Liabilities) - (0.2)%				(590,117	)
Net Assets - 100.0%				$  264,001,977

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

Transamerica Funds Semi-Annual Report 2020

Page    176

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT 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	$	253,840,370	$	—	$	—	$	253,840,370
Other Investment Company		1,559,745		—		—		1,559,745
Repurchase Agreement		—		9,191,979		—		9,191,979
Total Investments	$	255,400,115	$	9,191,979	$	—	$	264,592,094

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $7,242,475, collateralized by cash collateral of $1,559,745 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $5,833,087. 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 April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    177

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 93.5%
Airlines - 0.8%
Alaska Air Group, Inc.		119,816		$  3,896,416
Delta Air Lines, Inc.		163,300		4,231,103
				8,127,519
Banks - 1.4%
CIT Group, Inc.		658,760		12,503,265
Signature Bank		28,300		3,033,194
				15,536,459
Beverages - 1.8%
Molson Coors Beverage Co., Class B		475,684		19,507,801
Biotechnology - 3.5%
Alexion Pharmaceuticals, Inc. (A)		214,700		23,073,809
United Therapeutics Corp. (A)		138,300		15,152,148
				38,225,957
Capital Markets - 0.5%
Franklin Resources, Inc.		288,000		5,425,920
Chemicals - 2.9%
Corteva, Inc. (A)		587,200		15,378,768
Mosaic Co.		1,401,900		16,135,869
				31,514,637
Communications Equipment - 1.0%
Arista Networks, Inc. (A)		48,300		10,592,190
Consumer Finance - 1.3%
Ally Financial, Inc.		892,439		14,627,075
Distributors - 2.1%
LKQ Corp. (A)		854,900		22,355,635
Diversified Financial Services - 0.7%
Jefferies Financial Group, Inc.		565,500		7,758,660
Diversified Telecommunication Services - 1.8%
GCI Liberty, Inc., Class A (A)		312,700		19,021,541
Electric Utilities - 4.5%
FirstEnergy Corp.		433,600		17,894,672
OGE Energy Corp.		437,800		13,799,456
PPL Corp.		674,750		17,152,145
				48,846,273
Energy Equipment & Services - 1.6%
Baker Hughes Co.		1,251,600		17,459,820
Equity Real Estate Investment Trusts - 3.3%
Colony Capital, Inc.		2,087,405		4,821,906
Gaming and Leisure Properties, Inc.		407,000		11,493,680
JBG SMITH Properties		584,370		19,839,361
				36,154,947
Food & Staples Retailing - 1.2%
US Foods Holding Corp. (A)		623,200		13,398,800
Food Products - 4.2%
Kraft Heinz Co.		537,400		16,299,342
Post Holdings, Inc. (A)		292,500		26,866,125
Tyson Foods, Inc., Class A		41,500		2,580,885
				45,746,352
Gas Utilities - 2.9%
UGI Corp.		1,053,900		31,806,702
Health Care Equipment & Supplies - 3.3%
Alcon, Inc. (A) (B)		154,000		8,132,740

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
Zimmer Biomet Holdings, Inc.		233,000		$   27,890,100
				36,022,840
Health Care Providers & Services - 5.5%
AmerisourceBergen Corp.		263,656		23,639,397
Centene Corp. (A)		294,000		19,574,520
Laboratory Corp. of America Holdings (A)		99,838		16,418,359
				59,632,276
Hotels, Restaurants & Leisure - 1.0%
Aramark		381,000		10,405,110
Household Durables - 0.6%
NVR, Inc. (A)		1,935		5,998,500
Insurance - 11.8%
Alleghany Corp.		40,210		21,460,479
Allstate Corp.		231,300		23,527,836
Arch Capital Group, Ltd. (A)		766,100		18,409,383
Fidelity National Financial, Inc.		941,813		25,476,042
Loews Corp.		548,220		19,001,305
Markel Corp. (A)		22,903		19,830,333
				127,705,378
Internet & Direct Marketing Retail - 3.2%
eBay, Inc.		489,700		19,504,751
Expedia Group, Inc.		107,354		7,619,987
Qurate Retail, Inc., Series A (A)		967,200		7,790,796
				34,915,534
IT Services - 1.9%
Alliance Data Systems Corp.		242,500		12,141,975
Euronet Worldwide, Inc. (A)		26,000		2,385,760
FleetCor Technologies, Inc. (A)		25,900		6,248,375
				20,776,110
Machinery - 1.3%
Trinity Industries, Inc. (B)		568,502		10,966,404
Westinghouse Air Brake Technologies Corp.		52,800		2,978,976
				13,945,380
Media - 8.9%
Discovery, Inc., Class C (A)		554,980		11,327,142
DISH Network Corp., Class A (A)		579,143		14,487,262
Fox Corp., Class A		460,400		11,910,548
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		567,500		19,334,725
News Corp., Class A		1,604,955		15,905,104
ViacomCBS, Inc., Class B		1,401,545		24,190,667
				97,155,448
Mortgage Real Estate Investment Trusts - 1.4%
Annaly Capital Management, Inc.		2,510,045		15,687,781
Multi-Utilities - 2.3%
CenterPoint Energy, Inc.		1,484,300		25,277,629
Multiline Retail - 2.0%
Dollar Tree, Inc. (A)		271,800		21,654,306
Oil, Gas & Consumable Fuels - 4.1%
Antero Resources Corp. (A) (B)		1,853,877		5,524,553
EQT Corp.		655,100		9,557,909
HollyFrontier Corp.		323,600		10,691,744

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

Transamerica Funds Semi-Annual Report 2020

Page    178

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc.		983,500		$   19,050,395
				44,824,601
Pharmaceuticals - 0.5%
Jazz Pharmaceuticals PLC (A)		50,100		5,523,525
Semiconductors & Semiconductor Equipment - 1.3%
Applied Materials, Inc.		107,700		5,350,536
Qorvo, Inc. (A)		84,500		8,283,535
				13,634,071
Software - 2.6%
CDK Global, Inc.		375,100		14,733,928
SS&C Technologies Holdings, Inc.		238,800		13,172,208
				27,906,136
Specialty Retail - 1.4%
Foot Locker, Inc.		303,200		7,771,016
Ross Stores, Inc.		83,200		7,601,152
				15,372,168
Technology Hardware, Storage & Peripherals - 1.7%
Dell Technologies, Inc., Class C (A)		133,700		5,707,653
NCR Corp. (A)		621,300		12,749,076
				18,456,729

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors - 3.2%
AerCap Holdings NV (A)		584,500		$   16,436,140
HD Supply Holdings, Inc. (A)		624,600		18,538,128
				34,974,268
Total Common Stocks (Cost $1,138,834,230)				1,015,974,078
	Principal		Value
REPURCHASE AGREEMENT - 6.8%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $74,059,072 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $75,544,441.		$  74,059,072		74,059,072
Total Repurchase Agreement (Cost $74,059,072)				74,059,072
Total Investments (Cost $1,212,893,302)				1,090,033,150
Net Other Assets (Liabilities) - (0.3)%				(3,352,578	)
Net Assets - 100.0%				$  1,086,680,572

INVESTMENT 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	$	1,015,974,078	$	—	$	—	$	1,015,974,078
Repurchase Agreement		—		74,059,072		—		74,059,072
Total Investments	$	1,015,974,078	$	74,059,072	$	—	$	1,090,033,150

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 $10,512,034, colateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $11,034,004. 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)	Rate disclosed reflects the yield at April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    179

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 62.3%
Electric Utilities - 4.2%
NextEra Energy, Inc.		32,000		$  7,395,840
Gas Utilities - 0.5%
AltaGas, Ltd.		40,600		485,351
Brookfield Infrastructure (A)		7,222		302,313
				787,664
Independent Power & Renewable Electricity Producers - 8.9%
Atlantica Yield PLC		258,600		6,190,884
Clearway Energy, Inc., Class C		128,900		2,581,867
Innergex Renewable Energy, Inc.		172,600		2,316,296
Northland Power, Inc. (B)		57,000		1,223,169
TerraForm Power, Inc.		107,500		1,861,900
TransAlta Corp.		148,500		873,749
TransAlta Renewables, Inc.		66,700		720,692
				15,768,557
Multi-Utilities - 1.0%
Algonquin Power & Utilities Corp. (B)		68,400		948,396
Algonquin Power & Utilities Corp.		57,900		801,915
				1,750,311
Oil, Gas & Consumable Fuels - 47.7%
Antero Midstream Corp.		44,400		210,900
Cheniere Energy, Inc. (A)		55,091		2,572,199
Enbridge, Inc.		327,954		10,061,629
Equitrans Midstream Corp. (B)		232,100		1,944,998
Gibson Energy, Inc.		61,100		870,443
Hess Midstream, LP, Class A (B)		162,000		2,831,760
Kinder Morgan, Inc.		741,900		11,299,137
ONEOK, Inc.		155,400		4,651,122
Pembina Pipeline Corp.		269,600		6,184,624
Phillips 66		110,600		8,092,602
Pinnacle Renewable Energy, Inc. (B)		80,000		401,738
Plains GP Holdings, LP, Class A (A)		528,913		4,860,710
Targa Resources Corp.		394,635		5,114,470
TC Energy Corp.		255,625		11,850,775
Williams Cos., Inc.		677,800		13,128,986
				84,076,093
Total Common Stocks (Cost $132,591,251)				109,778,465
MASTER LIMITED PARTNERSHIPS - 32.0% (C)
Independent Power & Renewable Electricity Producers - 9.6%
Brookfield Renewable Partners, LP (A)		114,300		5,359,527
NextEra Energy Partners, LP		230,622		11,597,980
				16,957,507
Multi-Utilities - 1.4%
Brookfield Infrastructure Partners, LP		65,000		2,547,350
Oil, Gas & Consumable Fuels - 21.0%
BP Midstream Partners, LP		173,755		1,987,757
Energy Transfer, LP		850,837		7,147,031
Enterprise Products Partners, LP		370,211		6,500,905
Enviva Partners, LP		36,109		1,250,094
Hoegh LNG Partners, LP		124,400		1,423,136
KNOT Offshore Partners, LP		112,402		1,593,860
Magellan Midstream Partners, LP		108,300		4,454,379
MPLX, LP		302,281		5,471,286
Phillips 66 Partners, LP		84,800		3,608,240
Rattler Midstream, LP		47,000		320,540

	Shares		Value
MASTER LIMITED PARTNERSHIPS (continued) (C)
Oil, Gas & Consumable Fuels (continued)
Shell Midstream Partners, LP		145,505		$   2,137,469
TC PipeLines, LP		31,316		1,049,086
				36,943,783
Total Master Limited Partnerships (Cost $72,045,914)				56,448,640
OTHER INVESTMENT COMPANY - 0.9%
Securities Lending Collateral - 0.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (D)		1,500,634		1,500,634
Total Other Investment Company (Cost $1,500,634)				1,500,634
	Principal		Value
REPURCHASE AGREEMENT - 6.1%
Fixed Income Clearing Corp., 0.00% (D), dated 04/30/2020, to be repurchased at $10,824,552 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $11,042,398.		$  10,824,552		10,824,552
Total Repurchase Agreement (Cost $10,824,552)				10,824,552
Total Investments (Cost $216,962,351)				178,552,291
Net Other Assets (Liabilities) - (1.3)%				(2,264,769	)
Net Assets - 100.0%				$  176,287,522

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

Transamerica Funds Semi-Annual Report 2020

Page    180

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT 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	$	109,778,465	$	—	$	—	$	109,778,465
Master Limited Partnerships		56,448,640		—		—		56,448,640
Other Investment Company		1,500,634		—		—		1,500,634
Repurchase Agreement		—		10,824,552		—		10,824,552
Total Investments	$	167,727,739	$	10,824,552	$	—	$	178,552,291

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 $6,916,249, collateralized by cash collateral of $1,500,634 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $5,699,836. 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)	Rates disclosed reflect the yields at April 30, 2020.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    181

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 44.6%
Banks - 3.9%
Bank of America Corp.		57,000		$  1,370,850
Citigroup, Inc.		50,000		2,428,000
JPMorgan Chase & Co.		45,000		4,309,200
Wells Fargo & Co.		60,000		1,743,000
				9,851,050
Biotechnology - 3.1%
AbbVie, Inc.		55,000		4,521,000
Amgen, Inc.		14,000		3,349,080
				7,870,080
Chemicals - 2.1%
Dow, Inc. (A)		61,666		2,262,525
LyondellBasell Industries NV, Class A		50,000		2,897,500
				5,160,025
Communications Equipment - 1.5%
Cisco Systems, Inc.		90,000		3,814,200
Diversified Telecommunication Services - 0.9%
Verizon Communications, Inc.		40,000		2,298,000
Electric Utilities - 0.5%
Duke Energy Corp.		15,000		1,269,900
Energy Equipment & Services - 0.0% (B)
Bristow Group, Inc. (A) (C) (D) (E)		3,188		115,948
Equity Real Estate Investment Trusts - 1.5%
Healthpeak Properties, Inc.		87,500		2,287,250
STORE Capital Corp.		70,008		1,405,061
				3,692,311
Health Care Providers & Services - 1.5%
CVS Health Corp.		60,000		3,693,000
Hotels, Restaurants & Leisure - 1.2%
McDonald’s Corp.		16,000		3,000,960
Insurance - 2.0%
Allstate Corp.		15,000		1,525,800
Fidelity National Financial, Inc.		102,500		2,772,625
MetLife, Inc.		20,000		721,600
				5,020,025
Interactive Media & Services - 3.0%
Alphabet, Inc., Class C (A)		5,500		7,417,630
Mortgage Real Estate Investment Trusts - 2.4%
AGNC Investment Corp.		110,000		1,366,200
Annaly Capital Management, Inc.		289,350		1,808,437
Blackstone Mortgage Trust, Inc., Class A (F)		54,925		1,292,385
Starwood Property Trust, Inc.		111,320		1,440,481
				5,907,503
Multi-Utilities - 0.8%
Dominion Energy, Inc.		25,000		1,928,250
Multiline Retail - 1.0%
Target Corp.		22,500		2,469,150
Oil, Gas & Consumable Fuels - 1.1%
BP PLC, ADR (F)		55,000		1,309,000
Royal Dutch Shell PLC, Class B, ADR		45,000		1,438,650
				2,747,650
Pharmaceuticals - 4.9%
Bristol-Myers Squibb Co.		75,000		4,560,750
GlaxoSmithKline PLC, ADR (F)		25,000		1,051,750

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Johnson & Johnson		12,500		$   1,875,500
Merck & Co., Inc.		50,000		3,967,000
Pfizer, Inc.		25,000		959,000
				12,414,000
Semiconductors & Semiconductor Equipment - 3.5%
Broadcom, Inc.		15,000		4,074,300
Micron Technology, Inc. (A)		25,000		1,197,250
QUALCOMM, Inc.		45,000		3,540,150
				8,811,700
Software - 2.5%
Microsoft Corp.		35,750		6,406,757
Specialty Retail - 1.7%
Foot Locker, Inc.		60,050		1,539,082
Lowe’s Cos., Inc.		26,275		2,752,306
				4,291,388
Technology Hardware, Storage & Peripherals - 4.0%
Apple, Inc.		34,500		10,136,100
Textiles, Apparel & Luxury Goods - 0.3%
Tapestry, Inc.		47,500		706,800
Tobacco - 1.2%
Philip Morris International, Inc.		40,000		2,984,000
Total Common Stocks (Cost $111,915,990)				112,006,427
PREFERRED STOCKS - 7.4%
Automobiles - 0.2%
Ford Motor Co., 6.20%		20,000		354,800
Banks - 2.8%
BancorpSouth Bank, Series A, 5.50%		40,000		1,008,800
Bank of America Corp.
Series GG, 6.00%		20,000		542,400
Series KK, 5.38%		40,000		1,033,200
Citigroup, Inc., Series J, Fixed until 09/30/2023, 7.13% (G)		12,000		328,080
Dime Community Bancshares, Inc., Series A, 5.50%		45,000		1,043,100
JPMorgan Chase & Co., 6.00%		63,000		1,722,420
KeyCorp, Series F, 5.65%		17,451		447,095
Wells Fargo & Co., Series Q, Fixed until 09/15/2023, 5.85% (G)		40,000		1,011,600
				7,136,695
Diversified Financial Services - 0.2%
Voya Financial, Inc., Series B, Fixed until 09/15/2029, 5.35% (G)		19,547		505,094
Energy Equipment & Services - 0.0% (B)
Bristow Group, Inc., Series AI, PIK Rate 10.00%, Cash Rate 0.00% (A) (C) (D) (E) (H)		284		10,329
Equity Real Estate Investment Trusts - 0.6%
Colony Capital, Inc., Series G, 7.50%		8,250		152,708

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

Transamerica Funds Semi-Annual Report 2020

Page    182

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
PREFERRED STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Monmouth Real Estate Investment Corp., Series C, 6.13%		50,000		$   1,222,000
				1,374,708
Insurance - 1.5%
Aspen Insurance Holdings, Ltd., 5.63%		20,000		475,600
Athene Holding, Ltd., Series A, Fixed until 06/30/2029, 6.35% (G)		35,000		849,450
Enstar Group, Ltd., Series E, 7.00%		60,000		1,448,400
Globe Life, Inc., 6.13%		20,000		538,800
WR Berkley Corp., 5.70%		15,000		388,500
				3,700,750
Mortgage Real Estate Investment Trusts - 1.8%
AGNC Investment Corp., Series E, Fixed until 10/15/2024, 6.50% (G)		63,100		1,416,595
Annaly Capital Management, Inc., Series F, Fixed until 09/30/2022, 6.95% (G)		62,000		1,396,240
Dynex Capital, Inc., Fixed until 04/15/2025, 6.90% (G)		45,000		1,023,300
Two Harbors Investment Corp., Series B, Fixed until 07/27/2027, 7.63% (G)		39,800		786,050
				4,622,185
Real Estate Management & Development - 0.3%
Brookfield Property Partners, LP, Series A -1, 6.50%		39,500		847,275
Total Preferred Stocks (Cost $19,901,046)				18,551,836
MASTER LIMITED PARTNERSHIP - 0.3%
Capital Markets - 0.3%
AllianceBernstein Holding, LP		35,000		819,700
Total Master Limited Partnership (Cost $679,990)				819,700
	Principal		Value
CORPORATE DEBT SECURITIES - 45.7%
Air Freight & Logistics - 0.2%
XPO Logistics, Inc. 6.13%, 09/01/2023 (I)		$  500,000		506,250
Auto Components - 1.9%
Cooper Tire & Rubber Co. 7.63%, 03/15/2027		79,000		78,605
Dana, Inc. 5.38%, 11/15/2027		1,750,000		1,544,375
Goodyear Tire & Rubber Co. 7.00%, 03/15/2028		475,000		433,635
Panther BF Aggregator 2, LP / Panther Finance Co., Inc. 6.25%, 05/15/2026 (I)	1,750,000		1,761,375
8.50%, 05/15/2027 (I)		1,250,000		1,059,375
				4,877,365

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Automobiles - 0.8%
Tesla, Inc. 5.30%, 08/15/2025 (I)		$  2,000,000		$   1,950,000
Building Products - 1.1%
Builders FirstSource, Inc. 6.75%, 06/01/2027 (I)		900,000		927,000
JELD-WEN, Inc. 4.88%, 12/15/2027 (F) (I)		2,000,000		1,765,000
				2,692,000
Capital Markets - 1.7%
BCD Acquisition, Inc. 9.63%, 09/15/2023 (I)		2,565,000		2,125,744
Compass Group Diversified Holdings LLC 8.00%, 05/01/2026 (I)		2,000,000		2,090,000
				4,215,744
Chemicals - 2.3%
Blue Cube Spinco LLC 9.75%, 10/15/2023		1,250,000		1,303,125
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co., LP 5.13%, 04/01/2025 (I)		1,500,000		1,633,499
Methanex Corp. 5.25%, 12/15/2029		1,500,000		1,262,707
Univar Solutions USA, Inc. 5.13%, 12/01/2027 (I)		1,500,000		1,488,750
				5,688,081
Commercial Services & Supplies - 1.6%
Ashtead Capital, Inc. 5.25%, 08/01/2026 (I)		1,000,000		1,002,500
Cimpress PLC 7.00%, 06/15/2026 (I)		2,350,000		1,706,335
FXI Holdings, Inc. 7.88%, 11/01/2024 (I)		750,000		547,500
Stena International SA 6.13%, 02/01/2025 (I)		300,000		262,500
Waste Pro USA, Inc. 5.50%, 02/15/2026 (I)		500,000		495,000
				4,013,835
Communications Equipment - 0.5%
CommScope Technologies LLC 6.00%, 06/15/2025 (I)		1,000,000		889,900
CommScope, Inc. 8.25%, 03/01/2027 (I)		500,000		479,250
				1,369,150
Construction & Engineering - 1.4%
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 6.25%, 09/15/2027 (I)		1,300,000		1,189,500
Forestar Group, Inc. 5.00%, 03/01/2028 (I)		2,250,000		1,963,125
New Enterprise Stone & Lime Co., Inc. 6.25%, 03/15/2026 (I)		200,000		188,000
Tutor Perini Corp. 6.88%, 05/01/2025 (I)		250,000		196,875
				3,537,500

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

Transamerica Funds Semi-Annual Report 2020

Page    183

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction Materials - 1.3%
Cemex SAB de CV 5.45%, 11/19/2029 (F) (I)		$  1,500,000		$   1,237,500
Norbord, Inc. 5.75%, 07/15/2027 (I)		2,000,000		1,820,000
US Concrete, Inc. 6.38%, 06/01/2024		305,000		287,996
				3,345,496
Consumer Finance - 1.4%
Altice Financing SA 7.50%, 05/15/2026 (I)		1,050,000		1,094,625
Credit Acceptance Corp. 5.13%, 12/31/2024 (I)		500,000		438,750
6.63%, 03/15/2026		250,000		225,000
Enova International, Inc. 8.50%, 09/15/2025 (I)		2,000,000		1,730,000
				3,488,375
Containers & Packaging - 0.5%
Cascades, Inc. / Cascades USA, Inc. 5.13%, 01/15/2026 (I)	1,100,000		1,100,000
5.38%, 01/15/2028 (I)		100,000		100,450
				1,200,450
Diversified Consumer Services - 0.9%
Carriage Services, Inc. 6.63%, 06/01/2026 (I)		2,261,000		2,229,572
Diversified Financial Services - 1.8%
Cornerstone Chemical Co. 6.75%, 08/15/2024 (I)		1,000,000		810,000
Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 6.25%, 02/01/2022		1,500,000		1,515,000
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 3.33%(G), 12/21/2065 (I)		900,000		432,000
Quicken Loans, Inc. 5.25%, 01/15/2028 (I)	1,250,000		1,213,500
5.75%, 05/01/2025 (I)		550,000		539,000
				4,509,500
Diversified Telecommunication Services - 0.6%
Zayo Group Holdings, Inc. 6.13%, 03/01/2028 (I)		1,500,000		1,413,780
Electric Utilities - 0.6%
Drax Finco PLC 6.63%, 11/01/2025 (I)		1,371,000		1,398,420
Electronic Equipment, Instruments & Components - 0.1%
MTS Systems Corp. 5.75%, 08/15/2027 (I)		300,000		278,250
Energy Equipment & Services - 3.1%
Archrock Partners, LP / Archrock Partners Finance Corp. 6.25%, 04/01/2028 (I)		1,500,000		1,117,500
Enviva Partners, LP / Enviva Partners Finance Corp. 6.50%, 01/15/2026 (I)		3,800,000		3,980,500
Transocean Poseidon, Ltd. 6.88%, 02/01/2027 (I)		1,250,000		981,250

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Transocean Sentry, Ltd. 5.38%, 05/15/2023 (I)		$  750,000		$   570,000
Transocean, Inc. 8.00%, 02/01/2027 (I)		1,000,000		397,180
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 04/01/2026		1,000,000		805,000
				7,851,430
Equity Real Estate Investment Trusts - 0.7%
GEO Group, Inc. 5.13%, 04/01/2023	1,500,000		1,256,250
5.88%, 01/15/2022		650,000		601,250
				1,857,500
Food Products - 1.2%
B&G Foods, Inc. 5.25%, 04/01/2025		1,984,000		2,008,800
Pilgrim’s Pride Corp. 5.75%, 03/15/2025 (I)		1,000,000		1,010,130
				3,018,930
Hotels, Restaurants & Leisure - 2.3%
Carnival Corp. 11.50%, 04/01/2023 (I)		1,000,000		1,044,843
Marriott Ownership Resorts, Inc. 4.75%, 01/15/2028 (I)		1,200,000		1,050,000
Scientific Games International, Inc. 7.00%, 05/15/2028(I)	2,350,000		1,692,000
8.25%, 03/15/2026(I)		1,000,000		755,000
VOC Escrow, Ltd. 5.00%, 02/15/2028 (I)		866,000		680,416
Wyndham Destinations, Inc. 6.35%, 10/01/2025		650,000		575,250
				5,797,509
Household Durables - 0.7%
LGI Homes, Inc. 6.88%, 07/15/2026 (I)		2,026,000		1,886,712
Household Products - 0.7%
Central Garden & Pet Co. 6.13%, 11/15/2023		1,700,000		1,717,000
Industrial Conglomerates - 0.6%
General Electric Co. Fixed until 01/21/2021 (J), 5.00% (G)		2,000,000		1,638,750
Insurance - 0.4%
Athene Holding, Ltd. 6.15%, 04/03/2030		1,000,000		1,046,505
IT Services - 0.9%
Leidos, Inc. 7.13%, 07/01/2032		1,800,000		1,980,000
Science Applications International Corp. 4.88%, 04/01/2028 (I)		250,000		244,827
				2,224,827
Leisure Products - 0.6%
Mattel, Inc. 5.88%, 12/15/2027 (F) (I)		1,500,000		1,459,800
Machinery - 1.7%
JB Poindexter & Co., Inc. 7.13%, 04/15/2026 (I)		250,000		242,500

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

Transamerica Funds Semi-Annual Report 2020

Page    184

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery (continued)
Meritor, Inc. 6.25%, 02/15/2024		$  1,440,000		$   1,397,376
Mueller Industries, Inc. 6.00%, 03/01/2027		1,400,000		1,288,000
Terex Corp. 5.63%, 02/01/2025 (F) (I)		1,150,000		1,043,165
Wabash National Corp. 5.50%, 10/01/2025 (I)		500,000		410,000
				4,381,041
Marine - 0.1%
Tidewater, Inc. 8.00%, 08/01/2022		393,528		373,852
Media - 1.5%
CSC Holdings LLC 7.75%, 07/15/2025 (I)		1,000,000		1,042,880
Diamond Sports Group LLC / Diamond Sports Finance Co. 5.38%, 08/15/2026 (I)		1,250,000		950,000
6.63%, 08/15/2027 (F) (I)		1,500,000		821,250
TEGNA, Inc. 5.00%, 09/15/2029 (I)		1,000,000		887,820
				3,701,950
Metals & Mining - 0.9%
Arconic Corp. 6.00%, 05/15/2025 (I) (K)		250,000		252,812
Kaiser Aluminum Corp. 6.50%, 05/01/2025 (I)		1,200,000		1,215,000
U.S. Steel Corp. 6.88%, 08/15/2025		1,000,000		675,000
				2,142,812
Mortgage Real Estate Investment Trusts - 0.3%
AG Issuer LLC 6.25%, 03/01/2028 (I)		1,000,000		883,170
Multiline Retail - 0.6%
Dillard’s, Inc. 7.00%, 12/01/2028		230,000		172,344
7.75%, 07/15/2026		1,150,000		997,488
7.88%, 01/01/2023		350,000		332,583
				1,502,415
Oil, Gas & Consumable Fuels - 3.0%
Andeavor Logistics, LP / Tesoro Logistics Finance Corp.
6.25%, 10/15/2022		1,559,000		1,551,086
6.38%, 05/01/2024		450,000		453,729
Hess Midstream Operations, LP 5.13%, 06/15/2028 (I)		2,000,000		1,752,400
Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00%, 02/01/2028 (I)		1,000,000		909,700
HollyFrontier Corp. 5.88%, 04/01/2026		1,000,000		1,022,715
NuStar Logistics, LP 6.00%, 06/01/2026		1,000,000		900,000
Sunoco, LP / Sunoco Finance Corp. 6.00%, 04/15/2027		500,000		487,500

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp. 8.75%, 06/15/2030		$  300,000		$   400,696
				7,477,826
Paper & Forest Products - 0.1%
Boise Cascade Co. 5.63%, 09/01/2024 (I)		150,000		149,250
Personal Products - 0.8%
HLF Financing Sarl LLC / Herbalife International, Inc. 7.25%, 08/15/2026 (I)		2,000,000		1,948,600
Pharmaceuticals - 0.4%
Bausch Health Cos., Inc. 5.00%, 01/30/2028 (I)		500,000		479,844
5.25%, 01/30/2030 (I)		500,000		495,005
				974,849
Professional Services - 0.1%
AMN Healthcare, Inc. 5.13%, 10/01/2024 (I)		380,000		376,466
Real Estate Management & Development - 0.5%
Hunt Cos., Inc. 6.25%, 02/15/2026 (I)		347,000		294,950
Kennedy-Wilson, Inc. 5.88%, 04/01/2024		1,000,000		956,450
				1,251,400
Road & Rail - 0.6%
Fortress Transportation & Infrastructure Investors LLC 6.50%, 10/01/2025 (I)		350,000		287,000
6.75%, 03/15/2022 (I)		1,415,000		1,278,665
				1,565,665
Software - 0.5%
j2 Cloud Services LLC / j2 Cloud Co-Obligor, Inc. 6.00%, 07/15/2025 (I)		1,250,000		1,262,500
Specialty Retail - 1.9%
Carvana Co. 8.88%, 10/01/2023 (I)		3,082,000		3,012,655
L Brands, Inc. 6.69%, 01/15/2027		1,000,000		700,000
Lithia Motors, Inc. 5.25%, 08/01/2025 (I)		1,000,000		967,500
				4,680,155
Technology Hardware, Storage & Peripherals - 0.4%
Dell International LLC / EMC Corp. 8.10%, 07/15/2036 (I)		750,000		915,664
Textiles, Apparel & Luxury Goods - 0.0% (B)
PVH Corp. 7.75%, 11/15/2023		100,000		108,000
Trading Companies & Distributors - 1.1%
Beacon Roofing Supply, Inc. 4.50%, 11/15/2026 (F) (I)		1,500,000		1,432,500
H&E Equipment Services, Inc. 5.63%, 09/01/2025		1,500,000		1,428,900
				2,861,400

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

Transamerica Funds Semi-Annual Report 2020

Page    185

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 1.3%
Altice France SA 7.38%, 05/01/2026 (I)		$  2,000,000		$   2,090,000
Sprint Corp. 7.88%, 09/15/2023		1,000,000		1,123,850
				3,213,850
Total Corporate Debt Securities (Cost $127,362,135)				114,983,596
	Shares		Value
OTHER INVESTMENT COMPANY - 1.4%
Securities Lending Collateral - 1.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (L)		3,515,809		3,515,809
Total Other Investment Company (Cost $3,515,809)				3,515,809

	Principal		Value
REPURCHASE AGREEMENT - 1.3%
Fixed Income Clearing Corp., 0.00% (L), dated 04/30/2020, to be repurchased at $3,207,440 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $3,274,534.		$  3,207,440		$   3,207,440
Total Repurchase Agreement (Cost $3,207,440)				3,207,440
Total Investments (Cost $266,582,410)				253,084,808
Net Other Assets (Liabilities) - (0.7)%				(1,787,008	)
Net Assets - 100.0%				$  251,297,800

INVESTMENT VALUATION:

Valuation Inputs ^(M)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (N)		Value
ASSETS
Investments
Common Stocks	$	111,890,479	$	—	$	115,948	$	112,006,427
Preferred Stocks		18,541,507		—		10,329		18,551,836
Master Limited Partnership		819,700		—		—		819,700
Corporate Debt Securities		—		114,983,596		—		114,983,596
Other Investment Company		3,515,809		—		—		3,515,809
Repurchase Agreement		—		3,207,440		—		3,207,440
Total Investments	$	134,767,495	$	118,191,036	$	126,277	$	253,084,808
Transfers
Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Common Stocks (E)	$	—	$	—	$	115,948	$	—
Preferred Stocks (E)		—		—		10,329		—
Total	$	—	$	—	$	126,277	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2020, the total value of securities is $126,277, representing 0.1% of the Fund’s net assets.
(D)	Securities are Level 3 of the fair value hierarchy.
(E)	Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    186

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(F)	All or a portion of the securities are on loan. The total value of all securities on loan is $8,711,825, collateralized by cash collateral of $3,515,809 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $5,400,133. 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)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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.
(H)	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.
(I)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $82,334,779, representing 32.8% of the Fund’s net assets.
(J)	Perpetual maturity. The date displayed is the next call date.
(K)	When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2020. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(L)	Rates disclosed reflect the yields at April 30, 2020.
(M)	The Fund recognizes transfers in and out of Level 3 as of April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(N)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate

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

Transamerica Funds Semi-Annual Report 2020

Page    187

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 59.9%
Aerospace & Defense - 0.8%
General Dynamics Corp.		13,009		$  1,699,236
Northrop Grumman Corp.		8,842		2,923,784
Raytheon Technologies Corp.		55,353		3,587,428
				8,210,448
Airlines - 0.1%
Delta Air Lines, Inc.		23,526		609,558
Southwest Airlines Co.		17,079		533,719
United Airlines Holdings, Inc. (A)		5,800		171,564
				1,314,841
Auto Components - 0.1%
Magna International, Inc.		22,342		872,008
Automobiles - 0.1%
General Motors Co.		53,697		1,196,906
Banks - 2.0%
Bank of America Corp.		144,453		3,474,095
Citigroup, Inc.		147,210		7,148,518
Citizens Financial Group, Inc.		53,701		1,202,365
KeyCorp		181,545		2,114,999
Regions Financial Corp.		156,098		1,678,054
Truist Financial Corp.		12,256		457,394
Wells Fargo & Co.		122,430		3,556,591
				19,632,016
Beverages - 1.0%
Coca-Cola Co.		130,209		5,975,291
Constellation Brands, Inc., Class A		19,084		3,142,944
Monster Beverage Corp. (A)		9,600		593,376
				9,711,611
Biotechnology - 1.7%
AbbVie, Inc.		74,961		6,161,794
Alexion Pharmaceuticals, Inc. (A)		16,244		1,745,743
Amgen, Inc.		4,846		1,159,260
Biogen, Inc. (A)		6,709		1,991,432
Gilead Sciences, Inc.		8,035		674,940
Regeneron Pharmaceuticals, Inc. (A)		4,717		2,480,576
Vertex Pharmaceuticals, Inc. (A)		8,425		2,116,360
				16,330,105
Building Products - 0.5%
Carrier Global Corp. (A)		63,154		1,118,457
Masco Corp.		42,399		1,740,055
Trane Technologies PLC		19,098		1,669,547
				4,528,059
Capital Markets - 1.9%
BlackRock, Inc.		4,731		2,375,151
Charles Schwab Corp.		34,993		1,319,936
CME Group, Inc.		13,303		2,370,728
Goldman Sachs Group, Inc.		8,127		1,490,654
MarketAxess Holdings, Inc.		1,544		702,536
Morgan Stanley		109,924		4,334,303
MSCI, Inc.		773		252,771
S&P Global, Inc.		10,325		3,023,986
State Street Corp.		31,917		2,012,048
T. Rowe Price Group, Inc.		4,900		566,587
				18,448,700
Chemicals - 0.9%
Air Products & Chemicals, Inc.		5,369		1,211,139

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Celanese Corp.		16,978		$   1,410,362
Dow, Inc. (A)		32,814		1,203,946
DuPont de Nemours, Inc.		19,341		909,414
Eastman Chemical Co.		36,604		2,214,908
Linde PLC		9,347		1,719,754
LyondellBasell Industries NV, Class A		12,403		718,754
				9,388,277
Commercial Services & Supplies - 0.1%
Cintas Corp.		2,597		576,092
Communications Equipment - 0.2%
Cisco Systems, Inc.		45,721		1,937,656
Motorola Solutions, Inc.		2,423		348,452
				2,286,108
Consumer Finance - 0.4%
American Express Co.		30,643		2,796,174
Capital One Financial Corp.		22,521		1,458,460
				4,254,634
Containers & Packaging - 0.4%
Avery Dennison Corp.		14,945		1,649,779
Crown Holdings, Inc. (A)		17,832		1,148,559
Packaging Corp. of America		4,882		471,845
WestRock Co.		21,613		695,722
				3,965,905
Diversified Consumer Services - 0.0% (B)
H&R Block, Inc.		9,719		161,821
Diversified Financial Services - 1.1%
Berkshire Hathaway, Inc., Class B (A)		50,668		9,493,157
Voya Financial, Inc.		27,289		1,232,644
				10,725,801
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.		124,899		7,175,448
Electric Utilities - 1.6%
American Electric Power Co., Inc.		15,101		1,255,044
Duke Energy Corp.		22,489		1,903,919
Entergy Corp.		36,714		3,506,554
Evergy, Inc.		7,750		452,833
NextEra Energy, Inc.		27,037		6,248,791
Southern Co.		21,191		1,202,165
Xcel Energy, Inc.		18,217		1,157,873
				15,727,179
Electrical Equipment - 0.6%
Eaton Corp. PLC		48,542		4,053,257
Emerson Electric Co.		26,073		1,486,943
				5,540,200
Electronic Equipment, Instruments & Components - 0.0% (B)
TE Connectivity, Ltd.		3,773		277,165
Entertainment - 0.7%
Electronic Arts, Inc. (A)		9,788		1,118,377
Netflix, Inc. (A)		13,298		5,583,165
				6,701,542
Equity Real Estate Investment Trusts - 1.2%
Equinix, Inc.		4,919		3,321,309
Equity Residential		36,829		2,396,095
Mid-America Apartment Communities, Inc.		9,829		1,100,062

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

Transamerica Funds Semi-Annual Report 2020

Page    188

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Prologis, Inc.		36,760		$   3,280,095
Realty Income Corp.		5,231		287,286
Sun Communities, Inc.		3,354		450,777
UDR, Inc.		7,264		272,182
Ventas, Inc.		19,277		623,611
				11,731,417
Food & Staples Retailing - 0.6%
Costco Wholesale Corp.		15,368		4,656,504
Kroger Co.		28,510		901,201
				5,557,705
Food Products - 0.4%
Conagra Brands, Inc.		12,229		408,938
Mondelez International, Inc., Class A		72,556		3,732,280
				4,141,218
Health Care Equipment & Supplies - 1.8%
ABIOMED, Inc. (A)		1,101		210,566
Baxter International, Inc.		35,760		3,174,773
Boston Scientific Corp. (A)		52,371		1,962,865
Edwards Lifesciences Corp. (A)		3,611		785,393
Intuitive Surgical, Inc. (A)		1,959		1,000,814
Medtronic PLC		71,483		6,978,885
Zimmer Biomet Holdings, Inc.		32,204		3,854,819
				17,968,115
Health Care Providers & Services - 1.9%
Anthem, Inc.		8,214		2,305,916
Cigna Corp. (A)		19,204		3,759,759
DaVita, Inc. (A)		9,324		736,689
McKesson Corp.		23,503		3,319,799
UnitedHealth Group, Inc.		29,308		8,571,711
				18,693,874
Hotels, Restaurants & Leisure - 0.3%
Hilton Worldwide Holdings, Inc.		18,777		1,421,607
Yum! Brands, Inc.		21,347		1,845,021
				3,266,628
Household Durables - 0.2%
Lennar Corp., Class A		36,810		1,843,077
Household Products - 1.1%
Kimberly-Clark Corp.		8,218		1,138,029
Procter & Gamble Co.		80,642		9,505,272
				10,643,301
Industrial Conglomerates - 0.7%
Honeywell International, Inc.		46,988		6,667,597
Insurance - 1.0%
Allstate Corp.		37,847		3,849,797
AON PLC		3,378		583,279
Arch Capital Group, Ltd. (A)		10,742		258,130
Arthur J. Gallagher & Co.		6,883		540,316
Cincinnati Financial Corp.		11,426		751,831
Everest Re Group, Ltd.		1,083		187,500
Hartford Financial Services Group, Inc.		44,766		1,700,660
Marsh & McLennan Cos., Inc.		21,879		2,129,483
				10,000,996
Interactive Media & Services - 3.4%
Alphabet, Inc., Class A (A)		8,306		11,185,690
Alphabet, Inc., Class C (A)		7,411		9,994,919

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (continued)
Facebook, Inc., Class A (A)		59,364		$   12,152,405
				33,333,014
Internet & Direct Marketing Retail - 3.1%
Amazon.com, Inc. (A)		11,582		28,653,868
Booking Holdings, Inc. (A)		785		1,162,248
Expedia Group, Inc.		16,083		1,141,571
				30,957,687
IT Services - 3.9%
Accenture PLC, Class A		21,686		4,016,030
Automatic Data Processing, Inc.		24,705		3,623,976
Fiserv, Inc. (A)		14,826		1,527,968
FleetCor Technologies, Inc. (A)		2,133		514,586
International Business Machines Corp.		32,792		4,117,364
Leidos Holdings, Inc.		23,563		2,328,260
Mastercard, Inc., Class A		40,059		11,015,023
PayPal Holdings, Inc. (A)		60,965		7,498,695
Visa, Inc., Class A		21,998		3,931,483
				38,573,385
Life Sciences Tools & Services - 0.8%
Illumina, Inc. (A)		3,616		1,153,613
Thermo Fisher Scientific, Inc.		20,599		6,894,073
				8,047,686
Machinery - 1.1%
Cummins, Inc.		17,483		2,858,471
Deere & Co.		10,696		1,551,562
Otis Worldwide Corp. (A)		10,013		509,762
Parker-Hannifin Corp.		16,492		2,607,715
Snap-on, Inc.		5,736		747,343
Stanley Black & Decker, Inc.		22,315		2,459,113
				10,733,966
Media - 1.6%
Altice USA, Inc., Class A (A)		25,866		671,740
Charter Communications, Inc., Class A (A)		12,825		6,351,325
Comcast Corp., Class A		159,801		6,013,312
Discovery, Inc., Class A (A)		52,820		1,184,224
Discovery, Inc., Class C (A)		57,684		1,177,330
				15,397,931
Metals & Mining - 0.1%
Newmont Corp.		19,589		1,165,154
Multi-Utilities - 0.3%
Ameren Corp.		14,275		1,038,506
CMS Energy Corp.		27,498		1,569,861
Sempra Energy		6,819		844,533
				3,452,900
Multiline Retail - 0.4%
Dollar Tree, Inc. (A)		14,225		1,133,305
Target Corp.		27,624		3,031,458
				4,164,763
Oil, Gas & Consumable Fuels - 1.8%
Cheniere Energy, Inc. (A)		14,929		697,035
Chevron Corp.		70,420		6,478,640
Diamondback Energy, Inc.		21,232		924,441
EOG Resources, Inc.		57,515		2,732,538
Exxon Mobil Corp.		22,072		1,025,686
Marathon Petroleum Corp.		42,373		1,359,326

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

Transamerica Funds Semi-Annual Report 2020

Page    189

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
ONEOK, Inc.		41,532		$   1,243,053
Phillips 66		7,080		518,043
Pioneer Natural Resources Co.		26,734		2,387,613
Williams Cos., Inc.		29,535		572,093
				17,938,468
Pharmaceuticals - 3.0%
Allergan PLC		7,718		1,445,890
Bristol-Myers Squibb Co.		109,009		6,628,837
Eli Lilly & Co.		37,416		5,786,010
Johnson & Johnson		42,881		6,433,865
Merck & Co., Inc.		99,660		7,907,025
Pfizer, Inc.		40,229		1,543,185
				29,744,812
Professional Services - 0.1%
Verisk Analytics, Inc.		4,029		615,752
Road & Rail - 0.8%
CSX Corp.		16,726		1,107,763
Kansas City Southern		3,235		422,329
Lyft, Inc., Class A (A)		18,515		607,848
Norfolk Southern Corp.		27,330		4,676,163
Union Pacific Corp.		7,484		1,195,868
				8,009,971
Semiconductors & Semiconductor Equipment - 2.9%
Advanced Micro Devices, Inc. (A)		27,202		1,425,113
Analog Devices, Inc.		40,449		4,433,210
Intel Corp.		24,159		1,449,057
Lam Research Corp.		10,852		2,770,299
Microchip Technology, Inc. (C)		13,215		1,159,352
Micron Technology, Inc. (A)		36,058		1,726,818
NVIDIA Corp.		13,481		3,940,227
NXP Semiconductors NV		24,600		2,449,422
Qorvo, Inc. (A)		14,748		1,445,746
QUALCOMM, Inc.		15,291		1,202,943
Teradyne, Inc.		17,689		1,106,270
Texas Instruments, Inc.		50,879		5,905,525
				29,013,982
Software - 5.2%
Fortinet, Inc. (A)		3,524		379,676
Intuit, Inc.		17,477		4,715,470
Microsoft Corp.		219,234		39,288,925
salesforce.com, Inc. (A)		37,315		6,043,164
Workday, Inc., Class A (A)		6,208		955,411
				51,382,646
Specialty Retail - 2.1%
AutoZone, Inc. (A)		2,690		2,744,661
Best Buy Co., Inc.		40,770		3,128,282
Home Depot, Inc.		26,683		5,865,724
Lowe’s Cos., Inc.		41,401		4,336,755
Ross Stores, Inc.		20,686		1,889,873
TJX Cos., Inc.		55,009		2,698,191
				20,663,486
Technology Hardware, Storage & Peripherals - 3.4%
Apple, Inc.		109,872		32,280,394
HP, Inc.		82,840		1,284,848
				33,565,242

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 0.5%
Carter’s, Inc.		3,850		$   301,070
NIKE, Inc., Class B		45,185		3,939,228
Ralph Lauren Corp.		8,760		646,313
				4,886,611
Tobacco - 0.9%
Altria Group, Inc.		88,681		3,480,729
Philip Morris International, Inc.		67,601		5,043,035
				8,523,764
Trading Companies & Distributors - 0.0% (B)
HD Supply Holdings, Inc. (A)		11,779		349,601
Wireless Telecommunication Services - 0.4%
T-Mobile US, Inc. (A)		42,921		3,768,464
Total Common Stocks (Cost $426,985,222)				591,828,079
PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 7.13% (D)		11,963		320,250
Electric Utilities - 0.0% (B)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (D)		960		23,040
Total Preferred Stocks (Cost $351,477)				343,290
	Principal		Value
ASSET-BACKED SECURITIES - 3.2%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (E)		$  281,128		298,318
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 2.07% (D), 07/18/2027 (E)		789,863		771,855
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (E)		317,326		305,950
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (E)		353,652		350,487
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 2.35% (D), 10/18/2030 (E)		1,975,000		1,926,658
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 02/20/2032 (E)		299,805		285,607
ICG CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 1.22%, 2.36% (D), 01/20/2030 (E)		668,469		627,788
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (E)		527,385		542,485

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

Transamerica Funds Semi-Annual Report 2020

Page    190

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (E)		$   860,280		$   878,508
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (E)		486,015		483,418
Longfellow Place CLO, Ltd. Series 2013-1A, Class ARR, 3-Month LIBOR + 1.34%, 2.56% (D), 04/15/2029 (E)		1,167,592		1,127,927
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% (D), 04/25/2057 (E)		155,682		155,500
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (E)		102,198		100,197
Series 2016-1A, Class A,
2.25%, 12/20/2033 (E)		102,803		100,290
Series 2019-1A, Class A,
2.89%, 11/20/2036 (E)		320,660		304,070
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (E)		1,800,000		1,714,449
Series 2019-T3, Class AT3,
2.51%, 09/15/2052 (E)		900,000		869,554
Series 2019-T4, Class AT4,
2.33%, 10/15/2051 (E)		100,000		97,867
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 2.33% (D), 01/20/2031 (E)		800,000		760,060
Ocwen Master Advance Receivables Trust
Series 2019-T1, Class AT1,
2.51%, 08/15/2050 (E)		1,066,000		1,063,780
Series 2019-T2, Class AT2,
2.42%, 08/15/2051 (E)		2,150,000		2,130,566
Orange Lake Timeshare Trust
Series 2016-A, Class A,
2.61%, 03/08/2029 (E)		685,613		659,170
Series 2018-A, Class A,
3.10%, 11/08/2030 (E)		99,881		96,160
Series 2018-A, Class B,
3.35%, 11/08/2030 (E)		81,720		77,378
Series 2019-A, Class A,
3.06%, 04/09/2038 (E)		583,412		556,585
Palmer Square CLO, Ltd. Series 2015-2A, Class A1R2, 3-Month LIBOR + 1.10%, 2.24% (D), 07/20/2030 (E)		2,000,000		1,930,988
Sierra Timeshare Receivables Funding LLC Series 2016-2A, Class A, 2.33%, 07/20/2033 (E)		143,374		140,085
SolarCity LMC LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (E)		380,781		368,030
SPS Servicer Advanced Receivables Trust Series 2019-T2, Class AT2, 2.32%, 10/15/2052 (E)		1,040,000		1,016,946

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (D), 03/25/2054 (E)		$   248,473		$   248,906
Series 2015-4, Class A1B,
2.75% (D), 04/25/2055 (E)		316,088		316,859
Series 2015-5, Class A1B,
2.75% (D), 05/25/2055 (E)		268,346		267,938
Series 2015-6, Class A1B,
2.75% (D), 04/25/2055 (E)		349,891		350,667
Series 2016-1, Class A1B,
2.75% (D), 02/25/2055 (E)		294,587		295,276
Series 2016-2, Class A1A,
2.75% (D), 08/25/2055 (E)		653,049		655,815
Series 2016-3, Class A1,
2.25% (D), 04/25/2056 (E)		289,200		288,580
Series 2016-4, Class A1,
2.25% (D), 07/25/2056 (E)		615,539		613,812
Series 2017-1, Class A1,
2.75% (D), 10/25/2056 (E)		836,495		840,998
Series 2017-2, Class A1,
2.75% (D), 04/25/2057 (E)		863,706		865,995
Series 2017-3, Class A1,
2.75% (D), 07/25/2057 (E)		363,218		364,333
Series 2017-6, Class A1,
2.75% (D), 10/25/2057 (E) (F)		0		0
Series 2018-1, Class A1,
3.00% (D), 01/25/2058 (E)		979,315		996,374
Series 2018-3, Class A1,
3.75% (D), 05/25/2058 (E)		1,390,053		1,441,821
Series 2018-4, Class A1,
3.00% (D), 06/25/2058 (E)		907,148		927,436
Series 2019-1, Class A1,
3.75% (D), 03/25/2058 (E)		189,295		196,809
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (E)		1,155,000		1,152,287
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (E)		129,583		125,793
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (E)		512,573		492,477
Wellfleet CLO, Ltd. Series 2016-2A, Class A1R, 3-Month LIBOR + 1.14%, 2.28% (D), 10/20/2028 (E)		812,749		783,899
Total Asset-Backed Securities (Cost $31,519,555)				30,966,751
CORPORATE DEBT SECURITIES - 13.8%
Aerospace & Defense - 0.2%
BAE Systems PLC 3.40%, 04/15/2030 (E)		356,000		385,347
Boeing Co.
3.50%, 03/01/2039		761,000		612,075
5.15%, 05/01/2030		737,000		737,000
Huntington Ingalls Industries, Inc. 3.84%, 05/01/2025 (E)		312,000		328,028

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

Transamerica Funds Semi-Annual Report 2020

Page    191

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Aerospace & Defense (continued)
L3 Harris Technologies, Inc. 2.90%, 12/15/2029		$   414,000		$   422,631
				2,485,081
Airlines - 0.4%
American Airlines Pass-Through Trust 3.20%, 12/15/2029		656,737		602,696
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		333,648		333,407
6.82%, 02/10/2024		1,039,906		995,824
JetBlue Pass-Through Trust 2.75%, 11/15/2033		741,000		651,904
United Airlines Pass-Through Trust Series A, 3.75%, 03/03/2028		717,478		628,638
US Airways Pass-Through Trust 5.38%, 05/15/2023		628,340		547,967
				3,760,436
Auto Components - 0.0% (B)
BorgWarner, Inc. 3.38%, 03/15/2025 (C)		321,000		326,538
Automobiles - 0.1%
General Motors Co.
4.88%, 10/02/2023		422,000		415,959
6.25%, 10/02/2043		112,000		98,037
				513,996
Banks - 2.0%
Bank of America Corp.
Fixed until 01/23/2025, 3.37% (D), 01/23/2026		1,936,000		2,066,017
Fixed until 12/20/2027, 3.42% (D), 12/20/2028		1,097,000		1,177,380
Barclays Bank PLC 10.18%, 06/12/2021 (E)		1,125,000		1,205,615
Barclays PLC 5.20%, 05/12/2026		549,000		590,488
CIT Group, Inc. 4.13%, 03/09/2021		70,000		68,775
Citigroup, Inc. Fixed until 10/27/2027, 3.52% (D), 10/27/2028		1,824,000		1,943,138
Commerzbank AG 8.13%, 09/19/2023 (E)		1,117,000		1,230,293
Credit Agricole SA 3.25%, 01/14/2030 (E)		824,000		834,156
Credit Suisse AG 2.80%, 04/08/2022		849,000		869,124
Danske Bank A/S Fixed until 12/20/2024, 3.24% (D), 12/20/2025 (E)		939,000		939,359
Discover Bank 3.45%, 07/27/2026		1,163,000		1,156,863
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (E)		420,000		419,880
JPMorgan Chase & Co.
Fixed until 04/22/2040, 3.11% (D), 04/22/2041		793,000		822,995

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
JPMorgan Chase & Co. (continued)
Fixed until 07/23/2023, 3.80% (D), 07/23/2024		$   1,030,000		$   1,099,677
4.13%, 12/15/2026		1,015,000		1,121,592
Lloyds Banking Group PLC
Fixed until 11/07/2022, 2.91% (D), 11/07/2023		303,000		308,049
Fixed until 07/09/2024, 3.87% (D), 07/09/2025		466,000		490,284
National Australia Bank, Ltd. Fixed until 08/02/2029, 3.93% (D), 08/02/2034 (E)		830,000		863,135
Royal Bank of Scotland Group PLC Fixed until 06/25/2023, 4.52% (D), 06/25/2024		376,000		398,357
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		1,368,000		1,477,784
Fixed until 06/15/2024 (G), 5.90% (C) (D)		340,000		345,100
				19,428,061
Beverages - 0.5%
Anheuser-Busch InBev Worldwide, Inc.
3.50%, 06/01/2030 (C)		563,000		603,212
4.15%, 01/23/2025		316,000		351,834
4.44%, 10/06/2048		504,000		548,094
4.75%, 01/23/2029		662,000		765,853
Constellation Brands, Inc.
3.15%, 08/01/2029		335,000		346,630
3.70%, 12/06/2026		152,000		161,672
Keurig Dr. Pepper, Inc. 3.20%, 05/01/2030		481,000		512,432
Pernod Ricard SA
4.45%, 01/15/2022 (E)		385,000		403,507
5.75%, 04/07/2021 (E)		1,095,000		1,135,510
				4,828,744
Biotechnology - 0.2%
AbbVie, Inc.
3.20%, 05/14/2026		403,000		430,807
4.05%, 11/21/2039 (E)		344,000		381,545
Amgen, Inc. 2.20%, 02/21/2027		571,000		586,230
Biogen, Inc. 2.25%, 05/01/2030		726,000		725,011
Gilead Sciences, Inc. 4.15%, 03/01/2047		177,000		223,105
				2,346,698
Building Products - 0.1%
Carrier Global Corp. 2.72%, 02/15/2030 (E)		665,000		628,549
Capital Markets - 1.0%
Ameriprise Financial, Inc.
3.00%, 03/22/2022		344,000		355,223
3.70%, 10/15/2024		563,000		610,919
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/2025		772,000		818,070
3.80%, 06/09/2023		738,000		772,463

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

Transamerica Funds Semi-Annual Report 2020

Page    192

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		$   1,107,000		$   1,155,118
6.75%, 10/01/2037		721,000		984,698
Lazard Group LLC 4.50%, 09/19/2028		782,000		825,049
Morgan Stanley
Fixed until 01/22/2030, 2.70% (D), 01/22/2031, MTN		709,000		724,491
3.70%, 10/23/2024, MTN		1,041,000		1,123,166
Fixed until 01/24/2028, 3.77% (D), 01/24/2029, MTN		168,000		184,501
5.00%, 11/24/2025		486,000		549,027
State Street Corp. Fixed until 03/30/2022, 2.83% (D), 03/30/2023 (E)		465,000		477,878
UBS AG 7.63%, 08/17/2022		1,047,000		1,130,760
UBS Group AG Fixed until 08/13/2029, 3.13% (D), 08/13/2030 (E)		336,000		350,341
				10,061,704
Chemicals - 0.1%
Syngenta Finance NV 3.93%, 04/23/2021 (E)		828,000		820,806
Commercial Services & Supplies - 0.2%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 (E)		360,000		360,090
ERAC USA Finance LLC
2.70%, 11/01/2023 (E)		186,000		183,325
3.30%, 12/01/2026 (E)		368,000		367,903
3.85%, 11/15/2024 (E)		521,000		536,347
Waste Connections, Inc. 2.60%, 02/01/2030		503,000		511,481
				1,959,146
Communications Equipment - 0.1%
Nokia OYJ 3.38%, 06/12/2022		654,000		658,905
Construction & Engineering - 0.4%
SBA Tower Trust
2.84%, 01/15/2025 (E)		2,715,000		2,764,893
2.88%, 07/15/2046 (E)		566,000		568,546
3.17%, 04/09/2047 (E)		745,000		755,186
3.45%, 03/15/2048 (E)		345,000		350,399
				4,439,024
Construction Materials - 0.2%
CRH America Finance, Inc. 4.50%, 04/04/2048 (E)		575,000		616,023
LafargeHolcim Finance LLC 4.75%, 09/22/2046 (E)		780,000		800,792
Martin Marietta Materials, Inc.
3.50%, 12/15/2027		373,000		387,446
4.25%, 12/15/2047		440,000		449,010
				2,253,271
Consumer Finance - 0.2%
Ally Financial, Inc. 3.88%, 05/21/2024		388,000		381,210

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
American Express Co. 4.05%, 12/03/2042		$   382,000		$   468,501
BMW US Capital LLC 2.80%, 04/11/2026 (E)		1,029,000		1,039,689
Ford Motor Credit Co. LLC 4.54%, 08/01/2026		533,000		457,048
				2,346,448
Containers & Packaging - 0.0% (B)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.13%, 07/15/2023 (E)		405,000		407,025
Diversified Consumer Services - 0.0% (B)
President & Fellows of Harvard College 3.62%, 10/01/2037		65,000		77,068
Diversified Financial Services - 0.1%
Aviation Capital Group LLC 7.13%, 10/15/2020 (E)		1,223,000		1,101,322
Diversified Telecommunication Services - 0.6%
AT&T, Inc. 3.40%, 05/15/2025		1,155,000		1,223,179
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (E)		165,000		166,232
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		410,000		425,781
Level 3 Financing, Inc. 3.40%, 03/01/2027 (E)		517,000		517,233
Sprint Capital Corp. 6.88%, 11/15/2028		135,000		162,587
Verizon Communications, Inc.
3.50%, 11/01/2024		1,491,000		1,628,499
5.50%, 03/16/2047		980,000		1,419,100
				5,542,611
Electric Utilities - 0.7%
Appalachian Power Co. 3.40%, 06/01/2025		809,000		854,651
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		117,000		147,041
DTE Electric Co. 4.30%, 07/01/2044		790,000		999,362
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		1,486,000		1,657,237
Duke Energy Progress LLC 3.60%, 09/15/2047		553,000		637,662
Entergy Arkansas LLC 3.70%, 06/01/2024		192,000		207,336
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		834,000		876,889
5.30%, 06/01/2042		70,000		100,560
PacifiCorp.
3.60%, 04/01/2024		506,000		546,915
5.75%, 04/01/2037		117,000		161,008
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		424,000		455,252
				6,643,913

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

Transamerica Funds Semi-Annual Report 2020

Page    193

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp. 2.80%, 02/15/2030		$   536,000		$   535,270
Arrow Electronics, Inc.
3.25%, 09/08/2024		232,000		234,185
3.88%, 01/12/2028		201,000		201,133
Keysight Technologies, Inc. 4.60%, 04/06/2027		724,000		810,242
				1,780,830
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (E)		802,000		771,315
Schlumberger Investment SA 3.65%, 12/01/2023		98,000		99,689
				871,004
Equity Real Estate Investment Trusts - 0.8%
American Tower Trust #1 3.65%, 03/15/2048 (E)		755,000		809,499
Camden Property Trust 2.80%, 05/15/2030		437,000		453,247
CyrusOne, LP / CyrusOne Finance Corp. 2.90%, 11/15/2024		514,000		501,873
Equinix, Inc. 5.38%, 05/15/2027		558,000		596,056
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		447,000		413,855
Healthpeak Properties, Inc. 3.50%, 07/15/2029		377,000		377,003
Highwoods Realty, LP 3.05%, 02/15/2030		824,000		779,774
Kilroy Realty, LP 4.25%, 08/15/2029		806,000		824,675
Life Storage, LP 4.00%, 06/15/2029		386,000		401,987
ProLogis, LP 2.13%, 04/15/2027		268,000		270,897
Service Properties Trust 5.00%, 08/15/2022		847,000		775,218
WEA Finance LLC 4.13%, 09/20/2028 (E)		694,000		669,889
Weyerhaeuser Co. 4.00%, 04/15/2030		604,000		648,794
				7,522,767
Food & Staples Retailing - 0.2%
Sysco Corp. 3.30%, 07/15/2026		536,000		535,923
Walmart, Inc. 3.63%, 12/15/2047		1,046,000		1,285,922
				1,821,845
Health Care Equipment & Supplies - 0.2%
Abbott Laboratories 3.75%, 11/30/2026		165,000		190,470
Alcon Finance Corp. 2.75%, 09/23/2026 (E)		600,000		626,178
Boston Scientific Corp. 4.70%, 03/01/2049		551,000		689,459
				1,506,107

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 0.6%
Anthem, Inc. 2.25%, 05/15/2030		$   526,000		$   523,541
Centene Corp. 3.38%, 02/15/2030 (E) (H)		510,000		513,825
Cigna Corp. 2.40%, 03/15/2030		528,000		533,680
CVS Health Corp.
2.13%, 06/01/2021		713,000		718,811
3.75%, 04/01/2030		753,000		836,464
4.10%, 03/25/2025		266,000		293,426
HCA, Inc.
4.13%, 06/15/2029		235,000		254,222
5.25%, 04/15/2025		154,000		171,891
Laboratory Corp. of America Holdings 2.30%, 12/01/2024		774,000		796,744
Quest Diagnostics, Inc. 4.20%, 06/30/2029		772,000		874,070
				5,516,674
Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		704,000		723,707
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc. 3.75%, 12/01/2027		610,000		622,900
General Electric Co. 6.88%, 01/10/2039, MTN		392,000		487,974
				1,110,874
Insurance - 0.5%
American International Group, Inc.
4.20%, 04/01/2028		466,000		506,798
4.25%, 03/15/2029		540,000		591,455
CNA Financial Corp. 3.90%, 05/01/2029		419,000		435,802
Fidelity National Financial, Inc. 5.50%, 09/01/2022		182,000		194,388
Markel Corp. 3.35%, 09/17/2029		1,286,000		1,324,795
Progressive Corp. 3.20%, 03/26/2030		300,000		335,102
Reinsurance Group of America, Inc.
3.90%, 05/15/2029		1,056,000		1,110,145
3.95%, 09/15/2026		534,000		572,950
				5,071,435
Interactive Media & Services - 0.2%
Baidu, Inc. 4.38%, 05/14/2024		940,000		1,002,351
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (E)		742,000		777,549
				1,779,900
Internet & Direct Marketing Retail - 0.1%
Booking Holdings, Inc. 3.60%, 06/01/2026		344,000		359,476
Expedia Group, Inc.
3.25%, 02/15/2030		375,000		313,001
3.80%, 02/15/2028		512,000		444,141
				1,116,618

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

Transamerica Funds Semi-Annual Report 2020

Page    194

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services - 0.1%
Fidelity National Information Services, Inc. 3.75%, 05/21/2029		$   279,000		$   313,196
Fiserv, Inc. 3.50%, 07/01/2029		701,000		768,594
				1,081,790
Life Sciences Tools & Services - 0.0% (B)
Thermo Fisher Scientific, Inc. 5.30%, 02/01/2044		295,000		408,186
Machinery - 0.0% (B)
Oshkosh Corp. 3.10%, 03/01/2030		153,000		147,878
Media - 0.2%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		377,000		424,363
Clear Channel Worldwide Holdings, Inc. 5.13%, 08/15/2027 (E)		300,000		281,880
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (E) (G)		550,000		557,590
NBCUniversal Media LLC 4.45%, 01/15/2043		571,000		704,615
				1,968,448
Metals & Mining - 0.1%
Anglo American Capital PLC
4.00%, 09/11/2027 (E)		650,000		649,043
4.75%, 04/10/2027 (E)		230,000		237,325
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		140,000		140,112
				1,026,480
Multi-Utilities - 0.2%
Black Hills Corp. 4.25%, 11/30/2023		587,000		628,428
CMS Energy Corp.
3.88%, 03/01/2024		65,000		69,547
4.88%, 03/01/2044		141,000		181,563
Dominion Energy, Inc. 2.58%, 07/01/2020		481,000		481,147
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		158,000		162,456
				1,523,141
Oil, Gas & Consumable Fuels - 1.0%
BP Capital Markets PLC 3.12%, 05/04/2026		1,328,000		1,361,381
Energy Transfer Operating, LP
4.90%, 02/01/2024		356,000		357,479
5.15%, 02/01/2043		559,000		462,635
5.95%, 10/01/2043		499,000		470,531
Enterprise Products Operating LLC 4.25%, 02/15/2048		1,008,000		1,010,600
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		772,000		810,532
Nexen, Inc. 5.88%, 03/10/2035		10,000		13,698
Noble Energy, Inc. 3.25%, 10/15/2029		905,000		655,834

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp. 5.55%, 03/15/2026		$   1,184,000		$   915,942
Petroleos Mexicanos
6.50%, 01/23/2029		385,000		303,149
6.84%, 01/23/2030 (E)		892,000		702,450
6.88%, 08/04/2026		340,000		281,690
7.69%, 01/23/2050 (E)		95,000		69,825
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		827,000		704,885
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		352,000		344,468
Shell International Finance BV
2.50%, 09/12/2026		813,000		839,931
3.75%, 09/12/2046		182,000		195,945
Western Midstream Operating, LP
4.05%, 02/01/2030		324,000		295,650
5.38%, 06/01/2021		210,000		206,657
Williams Cos., Inc.
5.40%, 03/04/2044		97,000		100,618
7.88%, 09/01/2021		93,000		98,859
				10,202,759
Pharmaceuticals - 0.3%
AstraZeneca PLC
2.38%, 06/12/2022		551,000		565,106
4.00%, 01/17/2029		197,000		231,835
4.38%, 08/17/2048		264,000		355,569
Bayer US Finance II LLC 4.38%, 12/15/2028 (E)		516,000		584,289
Bristol-Myers Squibb Co. 3.20%, 06/15/2026 (E)		309,000		340,999
Merck & Co., Inc. 3.40%, 03/07/2029		349,000		402,490
Takeda Pharmaceutical Co., Ltd. 5.00%, 11/26/2028		691,000		833,432
				3,313,720
Professional Services - 0.1%
Equifax, Inc. 2.60%, 12/01/2024		436,000		442,246
Experian Finance PLC 2.75%, 03/08/2030 (E)		682,000		680,858
				1,123,104
Road & Rail - 0.2%
Avolon Holdings Funding, Ltd. 4.38%, 05/01/2026 (E)		964,000		826,100
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		38,000		39,993
3.75%, 04/01/2024		35,000		38,173
CSX Corp. 3.80%, 11/01/2046 - 04/15/2050		620,000		704,330
				1,608,596
Semiconductors & Semiconductor Equipment - 0.4%
Intel Corp. 2.88%, 05/11/2024		489,000		523,440
KLA Corp. 3.30%, 03/01/2050		494,000		483,185

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

Transamerica Funds Semi-Annual Report 2020

Page    195

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment (continued)
Lam Research Corp.
1.90%, 06/15/2030		$   418,000		$   416,620
3.75%, 03/15/2026		585,000		655,063
Micron Technology, Inc. 2.50%, 04/24/2023		267,000		271,794
NVIDIA Corp. 2.85%, 04/01/2030		527,000		574,214
NXP BV / NXP Funding LLC / NXP USA Co. 3.40%, 05/01/2030 (E)		256,000		255,917
QUALCOMM, Inc. 3.25%, 05/20/2027		599,000		654,120
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (E)		403,000		390,910
				4,225,263
Software - 0.1%
Adobe, Inc. 2.15%, 02/01/2027		521,000		545,981
Microsoft Corp. 3.30%, 02/06/2027		648,000		731,223
				1,277,204
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc. 2.85%, 02/23/2023		719,000		758,923
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (E)		520,000		564,702
Hewlett Packard Enterprise Co. 4.45%, 10/02/2023		476,000		501,200
Western Digital Corp. 4.75%, 02/15/2026		855,000		872,895
				2,697,720
Tobacco - 0.2%
Altria Group, Inc. 4.80%, 02/14/2029		496,000		555,171
BAT Capital Corp.
3.22%, 08/15/2024		536,000		556,298
4.70%, 04/02/2027		564,000		622,082
				1,733,551
Transportation Infrastructure - 0.0% (B)
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.45%, 07/01/2024 (E)		387,000		401,102
Wireless Telecommunication Services - 0.4%
America Movil SAB de CV
3.13%, 07/16/2022		407,000		415,537
4.38%, 07/16/2042		300,000		341,761
Crown Castle Towers LLC
3.22%, 05/15/2042 (E)		1,542,000		1,547,433
3.72%, 07/15/2043 (E)		160,000		166,203
Sprint Corp.
7.25%, 09/15/2021		200,000		209,750
7.88%, 09/15/2023		390,000		438,302
T-Mobile USA, Inc. 3.88%, 04/15/2030 (E)		719,000		789,052
				3,908,038
Total Corporate Debt Securities (Cost $132,981,521)				136,098,087

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Brazil - 0.0% (B)
Brazil Government International Bond 4.25%, 01/07/2025		$   330,000		$   341,550
Chile - 0.1%
Chile Government International Bond 3.50%, 01/25/2050		400,000		406,000
Colombia - 0.1%
Colombia Government International Bond
4.00%, 02/26/2024		235,000		238,598
4.50%, 01/28/2026		850,000		867,008
				1,105,606
Indonesia - 0.1%
Indonesia Government International Bond
4.75%, 01/08/2026 (E)		610,000		659,209
5.38%, 10/17/2023 (E)		115,000		123,975
				783,184
Mexico - 0.1%
Mexico Government International Bond 3.75%, 01/11/2028		1,126,000		1,088,842
Panama - 0.0% (B)
Panama Government International Bond 3.88%, 03/17/2028		315,000		339,416
Peru - 0.0% (B)
Peru Government International Bond 7.35%, 07/21/2025		125,000		156,251
Poland - 0.0% (B)
Republic of Poland Government International Bond 3.00%, 03/17/2023		275,000		287,969
Qatar - 0.0% (B)
Qatar Government International Bond 3.88%, 04/23/2023 (E)		200,000		211,854
Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021 (E)		455,000		459,605
Total Foreign Government Obligations (Cost $5,118,578)				5,180,277
MORTGAGE-BACKED SECURITIES - 4.1%
Aventura Mall Trust Series 2013-AVM, Class A, 3.87% (D), 12/05/2032 (E)		700,000		708,686
BB-UBS Trust
Series 2012-SHOW, Class XA,
0.73% (D), 11/05/2036 (E)		3,045,000		77,792
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (E)		1,145,000		1,144,663
Series 2012-TFT, Class C,
3.58% (D), 06/05/2030 (E)		1,070,000		1,063,279
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 (E)		1,600,000		1,579,879
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		80,457		84,423
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		220,000		232,927

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

Transamerica Funds Semi-Annual Report 2020

Page    196

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust, Inc.
Series 2015-A, Class A1,
3.50% (D), 06/25/2058 (E)		$   187,216		$   190,828
Series 2018-RP1, Class A1,
3.00% (D), 09/25/2064 (E)		523,232		531,388
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (D), 08/10/2050		1,310,000		1,373,386
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (E)		54,293		53,884
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (E)		110,000		109,261
Series 2013-WWP, Class B,
3.73%, 03/10/2031 (E)		1,150,000		1,218,909
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		2,415,000		2,555,544
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (E)		2,680,000		2,777,236
Series 2016-GCT, Class C,
3.58% (D), 08/10/2029 (E)		520,000		505,880
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (E)		830,000		818,319
CSMC Trust Series 2014-4R, Class 21A1, 1-Month LIBOR + 0.33%, 2.29% (D), 12/27/2035 (E)		297,504		294,977
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class B, 3.45%, 12/10/2036 (E)		1,250,000		1,143,823
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (D), 04/10/2031 (E)		675,000		629,508
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (E)		700,000		680,338
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (E)		2,080,549		2,081,283
Series 2013-C13, Class B,
4.20% (D), 01/15/2046		950,000		960,915
MetLife Securitization Trust Series 2019-1A, Class A1A, 3.75% (D), 04/25/2058 (E)		221,093		229,068
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class AS, 3.48%, 11/15/2045		320,000		323,812
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (E)		3,050,000		3,026,953
Morgan Stanley Resecuritization Trust Series 2014-R3, Class 2A, 3.00% (D), 07/26/2048 (E)		317,236		314,283
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 2.21% (D), 08/15/2034 (E)		2,226,793		1,925,172

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (D), 12/25/2052 (E)		$   176,129		$   178,263
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (E)		86,026		87,826
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (E)		208,954		213,455
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (E)		156,022		159,292
Series 2015-2A, Class A1,
3.75% (D), 08/25/2055 (E)		392,284		400,409
Series 2016-2A, Class A1,
3.75% (D), 11/26/2035 (E)		273,001		278,427
Series 2016-3A, Class A1B,
3.25% (D), 09/25/2056 (E)		273,485		277,649
Series 2016-4A, Class A1,
3.75% (D), 11/25/2056 (E)		334,181		340,721
Series 2017-1A, Class A1,
4.00% (D), 02/25/2057 (E)		780,304		817,269
Series 2017-2A, Class A3,
4.00% (D), 03/25/2057 (E)		662,080		697,779
Series 2017-3A, Class A1,
4.00% (D), 04/25/2057 (E)		1,094,727		1,147,319
Series 2017-4A, Class A1,
4.00% (D), 05/25/2057 (E)		920,108		969,890
Series 2018-1A, Class A1A,
4.00% (D), 12/25/2057 (E)		377,214		394,205
Series 2019-4A, Class A1B,
3.50% (D), 12/25/2058 (E)		2,139,799		2,173,612
Series 2019-5A, Class A1B,
3.50% (D), 08/25/2059 (E)		2,061,812		2,089,314
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (E)		1,373,000		1,423,358
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (E)		950,000		919,850
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1-Month LIBOR + 0.58%, 1.07% (D), 05/25/2035		97,011		92,485
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.59% (D), 01/11/2037 (E)		410,000		307,024
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (E)		560,000		567,133
Total Mortgage-Backed Securities (Cost $40,841,903)				40,171,696
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2%
California - 0.2%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		45,000		74,306
State of California, General Obligation Unlimited
7.30%, 10/01/2039		290,000		459,789

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

Transamerica Funds Semi-Annual Report 2020

Page    197

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
State of California, General Obligation Unlimited (continued)
7.60%, 11/01/2040		$   480,000		$   827,270
7.70%, 11/01/2030		340,000		350,166
7.95%, 03/01/2036		95		96
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		40,000		54,268
				1,765,895
Georgia - 0.0% (B)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		35,000		46,568
New Jersey - 0.0% (B)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		54,000		84,804
New York - 0.0% (B)
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		45,000		54,588
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		45,000		68,803
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		40,000		51,334
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		70,000		92,293
				267,018
Total Municipal Government Obligations (Cost $1,927,636)				2,164,285
U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.4%
Federal Home Loan Mortgage Corp.
5.00%, 08/01/2035		236,241		267,602
5.50%, 06/01/2041		88,267		100,844
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		986,766		1,047,285
3.01%, 07/25/2025		2,408,000		2,629,601
3.06% (D), 08/25/2024		1,820,000		1,957,567
3.49%, 01/25/2024		1,298,000		1,407,359
3.53% (D), 07/25/2023		1,000,000		1,077,258
Federal National Mortgage Association
3.33% (D), 10/25/2023		155,995		166,143
3.50%, 07/01/2028 - 11/01/2028		270,137		289,910
12-Month LIBOR + 1.52%, 3.53% (D), 02/01/2043		42,394		43,116

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
4.00%, 04/01/2026 - 06/01/2042		$   82,103		$   89,824
4.50%, 02/01/2025 - 06/01/2026		142,451		152,411
5.00%, 04/01/2039 - 11/01/2039		1,079,404		1,233,640
5.50%, 10/01/2036 - 12/01/2041		825,782		954,621
6.00%, 08/01/2036 - 06/01/2041		1,079,541		1,246,202
6.50%, 05/01/2040		99,639		116,419
Government National Mortgage Association, Interest Only STRIPS 0.79% (D), 02/16/2053		512,384		22,318
Uniform Mortgage-Backed Security
2.50%, TBA (I)		3,944,000		4,123,791
3.00%, TBA (I)		24,679,000		26,049,057
3.50%, TBA (I)		21,718,000		22,948,341
4.00%, TBA (I)		6,970,000		7,423,860
Total U.S. Government Agency Obligations (Cost $72,675,946)				73,347,169
U.S. GOVERNMENT OBLIGATIONS - 8.4%
U.S. Treasury - 7.1%
U.S. Treasury Bond
2.25%, 08/15/2046		2,031,000		2,471,473
2.38%, 11/15/2049 (C)		581,000		738,120
2.50%, 02/15/2045 - 05/15/2046		7,240,000		9,171,893
2.75%, 08/15/2047 (C)		1,308,900		1,753,006
2.75%, 11/15/2047		1,540,000		2,067,510
2.88%, 08/15/2045 - 05/15/2049		1,775,600		2,421,852
3.00%, 05/15/2042 - 08/15/2048 (C)		2,212,400		3,092,761
3.00%, 02/15/2049		351,000		497,337
3.13%, 02/15/2042 - 05/15/2048		1,301,000		1,796,312
3.63%, 02/15/2044		6,938,000		10,355,778
4.50%, 02/15/2036 (C)		2,884,500		4,463,651
4.75%, 02/15/2037 (C)		4,556,000		7,348,864
5.25%, 02/15/2029		2,129,000		2,986,422
U.S. Treasury Note
1.50%, 08/15/2026 (C)		575,000		611,342
1.50%, 02/15/2030		632,100		684,594
1.63%, 11/15/2022 - 08/15/2029 (C)		6,859,000		7,393,275
2.25%, 11/15/2027		2,102,500		2,369,747
2.38%, 01/31/2023 - 05/15/2029		2,212,100		2,488,638
2.50%, 01/31/2024		648,000		701,156
2.63%, 12/15/2021 - 02/15/2029 (C)		984,500		1,111,462
2.88%, 05/15/2028 - 08/15/2028		3,920,300		4,636,978
3.13%, 11/15/2028		939,500		1,138,703
				70,300,874
U.S. Treasury Inflation-Protected Securities - 1.3%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		2,334,723		2,720,372
2.50%, 01/15/2029		2,781,240		3,491,032
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		6,164,535		6,329,834
				12,541,238
Total U.S. Government Obligations (Cost $68,278,680)				82,842,112

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

Transamerica Funds Semi-Annual Report 2020

Page    198

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
COMMERCIAL PAPER - 5.3%
Banks - 1.1%
Banco Santander Chile 1.86% (J), 05/13/2020		$   3,750,000		$   3,747,713
Manhattan Asset Funding Co. LLC 0.56% (J), 06/08/2020		3,388,000		3,386,033
NATIXIS 1.73% (J), 05/04/2020		1,066,000		1,065,849
Sumitomo Mitsui Brokerage Corp. 0.74% (J), 07/21/2020		2,762,000		2,757,463
				10,957,058
Capital Markets - 0.1%
Intercontinental Exchange, Inc. 1.75% (J), 05/11/2020		1,500,000		1,499,283
Diversified Financial Services - 3.4%
Anglesea Funding PLC 1.73% (J), 05/04/2020		3,850,000		3,849,455
Atlantic Asset Securitization LLC 1.02% (J), 07/17/2020		1,100,000		1,097,647
Barton Capital Corp. 1.17% (J), 06/08/2020		1,000,000		998,786
Bennington Stark Capital Co. LLC 1.67% (J), 05/19/2020		3,610,000		3,607,040
Cancara Asset Securitisation LLC 1.32% (J), 06/04/2020		800,000		799,018
Chariot Funding LLC 1.27% (J), 07/07/2020		6,200,000		6,185,576
GlaxoSmithKline Finance PLC 1.14% (J), 05/29/2020		4,000,000		3,996,516
Le Fayette Asset Securitization LLC 1.27% (J), 07/13/2020		360,000		359,087
LMA Americas LLC 0.73% (J), 07/07/2020		3,500,000		3,495,310
Ridgefield Funding 1.68% (J), 05/20/2020		2,550,000		2,547,779
Sheffield Receivable 1.66% (J), 05/20/2020		4,000,000		3,996,559
Victory Receivables 1.17% (J), 07/09/2020		2,500,000		2,494,490
				33,427,263
Equity Real Estate Investment Trusts - 0.1%
Simon Property Group 1.07% (J), 05/29/2020		1,100,000		1,099,102

	Principal		Value
COMMERCIAL PAPER (continued)
Food Products - 0.2%
Cargill, Inc. 1.17% (J), 07/06/2020		$   2,200,000		$   2,195,362
Health Care Providers & Services - 0.4%
United Healthcare Co. 1.22% (J), 06/10/2020		3,500,000		3,495,333
Total Commercial Paper (Cost $52,673,401)				52,673,401
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.8%
U.S. Treasury Bill
0.07% (J), 07/02/2020 (C)		3,956,000		3,955,547
0.23% (J), 06/11/2020		3,603,000		3,602,054
1.55% (J), 05/07/2020 (C)		400,000		399,898
Total Short-Term U.S. Government Obligations (Cost $7,957,499)				7,957,499
	Shares		Value
OTHER INVESTMENT COMPANY - 1.2%
Securities Lending Collateral - 1.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (J)		12,232,925		12,232,925
Total Other Investment Company (Cost $12,232,925)				12,232,925
	Principal		Value
REPURCHASE AGREEMENT - 1.2%
Fixed Income Clearing Corp., 0.00% (J), dated 04/30/2020, to be repurchased at $11,796,971 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $12,036,266.		$  11,796,971		11,796,971
Total Repurchase Agreement (Cost $11,796,971)				11,796,971
Total Investments (Cost $865,341,314)				1,047,602,542
Net Other Assets (Liabilities) - (6.1)%				(59,979,628	)
Net Assets - 100.0%				$  987,622,914

FUTURES CONTRACTS:

Long Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value

Unrealized Appreciation

Unrealized Depreciation

S&P 500® E-Mini Index

64

06/19/2020

$  8,292,630

$  9,287,680

$  995,050

$  —

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

Transamerica Funds Semi-Annual Report 2020

Page    199

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(K)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	591,828,079	$	—	$	—	$	591,828,079
Preferred Stocks		343,290		—		—		343,290
Asset-Backed Securities		—		30,966,751		—		30,966,751
Corporate Debt Securities		—		136,098,087		—		136,098,087
Foreign Government Obligations		—		5,180,277		—		5,180,277
Mortgage-Backed Securities		—		40,171,696		—		40,171,696
Municipal Government Obligations		—		2,164,285		—		2,164,285
U.S. Government Agency Obligations		—		73,347,169		—		73,347,169
U.S. Government Obligations		—		82,842,112		—		82,842,112
Commercial Paper		—		52,673,401		—		52,673,401
Short-Term U.S. Government Obligations		—		7,957,499		—		7,957,499
Other Investment Company		12,232,925		—		—		12,232,925
Repurchase Agreement		—		11,796,971		—		11,796,971
Total Investments	$	604,404,294	$	443,198,248	$	—	$	1,047,602,542
Other Financial Instruments
Futures Contracts (L)	$	995,050	$	—	$	—	$	995,050
Total Other Financial Instruments	$	995,050	$	—	$	—	$	995,050

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 $30,021,015, collateralized by cash collateral of $12,232,925 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $18,401,935. 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 April 30, 2020. 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 exempt from registration 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 April 30, 2020, the total value of 144A securities is $101,122,485, representing 10.2% of the Fund’s net assets.
(F)	Rounds to less than $1 or $(1).
(G)	Perpetual maturity. The date displayed is the next call date.
(H)	Restricted security. At April 30, 2020, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost	Value		Value as Percentage of Net Assets
Corporate Debt Securities	Centene Corp. 3.38%, 02/15/2030		02/05/2020	$  510,850	$	513,825		0.1	%

(I)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(J)	Rates disclosed reflect the yields at April 30, 2020.
(K)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(L)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

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

Transamerica Funds Semi-Annual Report 2020

Page    200

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

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 Semi-Annual Report 2020

Page    201

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 15.8%
Avid Automobile Receivables Trust Series 2019-1, Class A, 2.62%, 02/15/2024 (A)		$  3,864,960		$  3,802,899
Benefit Street Partners CLO VII, Ltd. Series 2015-VIIA, Class A2R, 3-Month LIBOR + 1.20%, 2.34% (B), 07/18/2027 (A)		8,000,000		7,539,544
BXG Receivables Note Trust
Series 2012-A, Class A,
2.66%, 12/02/2027 (A)		1,330,963		1,307,919
Series 2013-A, Class A,
3.01%, 12/04/2028 (A)		4,177,311		4,081,598
Series 2017-A, Class A,
2.95%, 10/04/2032 (A)		4,975,343		4,795,268
CIFC Funding, Ltd. Series 2015-2A, Class BR2, 3-Month LIBOR + 1.50%, 2.72% (B), 04/15/2030 (A)		16,300,000		15,151,241
CWABS, Inc. Asset-Backed Certificates Trust Series 2006-17, Class 2A2, 1-Month LIBOR + 0.15%, 0.64% (B), 03/25/2047		6,578,791		6,266,328
Diamond Resorts Owner Trust
Series 2017-1A, Class A,
3.27%, 10/22/2029 (A)		4,558,590		4,450,183
Series 2019-1A, Class A,
2.89%, 02/20/2032 (A)		7,495,125		7,140,168
DT Auto Owner Trust
Series 2020-1A, Class A,
1.94%, 09/15/2023 (A)		3,247,584		3,240,511
Series 2020-1A, Class B,
2.16%, 05/15/2024 (A)		3,000,000		2,951,212
Halcyon Loan Advisors Funding, Ltd.
Series 2014-3A, Class B1R,
3-Month LIBOR + 1.70%, 2.80% (B), 10/22/2025 (A)		10,000,000		9,729,980
Series 2015-1A, Class B1R,
3-Month LIBOR + 1.55%, 2.69% (B), 04/20/2027 (A)		8,000,000		7,749,056
Hertz Vehicle Financing II, LP Series 2019-1A, Class B, 4.10%, 03/25/2023 (A)		11,900,000		10,989,968
Hilton Grand Vacations Trust
Series 2014-AA, Class B,
2.07%, 11/25/2026 (A)		1,735,137		1,713,614
Series 2019-AA, Class A,
2.34%, 07/25/2033 (A)		8,585,671		7,978,388
ICG CLO, Ltd. Series 2016-1A, Class A2R, 3-Month LIBOR + 1.70%, 3.47% (B), 07/29/2028 (A)		6,000,000		5,572,086
Jamestown CLO IV, Ltd. Series 2014-4A, Class A2R, 3-Month LIBOR + 1.35%, 2.57% (B), 07/15/2026 (A)		13,500,000		13,165,308

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Marathon CLO VII, Ltd. Series 2014-7A, Class A1R, 3-Month LIBOR + 1.32%, 2.21% (B), 10/28/2025 (A)		$   3,334,928		$   3,286,762
Mill City Mortgage Loan Trust Series 2017-3, Class A1, 2.75% (B), 01/25/2061 (A)		10,777,409		10,886,592
Mountain View CLO, Ltd. Series 2014-1A, Class BRR, 3-Month LIBOR + 1.45%, 2.67% (B), 10/15/2026 (A)		10,000,000		9,615,460
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 (A)		7,511,026		6,649,966
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (A)		2,396,034		2,349,108
Series 2014-1A, Class B,
2.70%, 09/22/2031 (A)		1,629,955		1,591,555
Series 2015-1A, Class A,
2.52%, 12/20/2032 (A)		1,681,497		1,639,055
Series 2019-1A, Class A,
2.89%, 11/20/2036 (A)		10,411,029		9,872,395
New Residential Advanced Receivables Trust
Series 2019-T2, Class AT2,
2.52%, 08/15/2053 (A)		10,000,000		9,524,718
Series 2019-T3, Class AT3,
2.51%, 09/15/2052 (A)		15,000,000		14,492,568
Series 2019-T4, Class AT4,
2.33%, 10/15/2051 (A)		5,000,000		4,893,341
Series 2019-T4, Class BT4,
2.46%, 10/15/2051 (A)		5,000,000		4,893,499
Series 2019-T5, Class DT5,
2.85%, 10/15/2051 (A)		10,000,000		9,869,697
NRZ Advance Receivables Trust
Series 2019-T1, Class AT1,
2.59%, 07/15/2052 (A)		6,695,000		6,473,331
Series 2019-T1, Class CT1,
2.93%, 07/15/2052 (A)		5,000,000		4,855,868
Ocwen Master Advance Receivables Trust
Series 2019-T1, Class AT1,
2.51%, 08/15/2050 (A)		5,000,000		4,989,586
Series 2019-T2, Class AT2,
2.42%, 08/15/2051 (A)		13,000,000		12,882,492
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		1,727,750		1,716,135
Series 2015-AA, Class A,
2.88%, 09/08/2027 (A)		3,083,997		3,015,704
Series 2016-A, Class A,
2.61%, 03/08/2029 (A)		6,276,449		6,034,380
Series 2018-A, Class C,
3.74%, 11/08/2030 (A)		4,085,940		3,819,158
Series 2019-A, Class C,
3.61%, 04/09/2038 (A)		6,759,002		6,209,122

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

Transamerica Funds Semi-Annual Report 2020

Page    202

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
OZLM Funding IV, Ltd. Series 2013-4A, Class A2R, 3-Month LIBOR + 1.70%, 2.80% (B), 10/22/2030 (A)		$   6,000,000		$   5,523,762
Sierra Timeshare Receivables Funding LLC
Series 2018-2A, Class B,
3.65%, 06/20/2035 (A)		2,991,650		2,879,576
Series 2018-3A, Class A,
3.69%, 09/20/2035 (A)		3,563,158		3,475,199
Series 2018-3A, Class D,
5.20%, 09/20/2035 (A)		3,482,987		3,292,765
Series 2019-2A, Class C,
3.12%, 05/20/2036 (A)		6,616,360		6,265,737
Small Business Lending Trust Series 2019-A, Class A, 2.85%, 07/15/2026 (A)		6,315,346		6,226,915
Sofi Consumer Loan Program LLC Series 2017-1, Class A, 3.28%, 01/26/2026 (A)		915,128		914,182
SPS Servicer Advanced Receivables Trust  Series 2019-T2, Class AT2, 2.32%, 10/15/2052 (A)		14,150,000		13,836,338
TICP CLO I, Ltd.
Series 2015-1A, Class AR,
3-Month LIBOR + 0.80%, 1.94% (B), 07/20/2027 (A)		5,213,701		5,069,120
Series 2015-1A, Class BR,
3-Month LIBOR + 1.30%, 2.44% (B), 07/20/2027 (A)		10,000,000		9,396,440
TICP CLO III, Ltd. Series 2018-3R, Class B, 3-Month LIBOR + 1.35%, 2.49% (B), 04/20/2028 (A)		10,000,000		9,429,140
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (B), 03/25/2054 (A)		1,018,587		1,020,360
Series 2015-4, Class A1B,
2.75% (B), 04/25/2055 (A)		3,747,621		3,756,758
Series 2016-3, Class A1,
2.25% (B), 04/25/2056 (A)		4,787,860		4,777,607
Series 2016-5, Class A1,
2.50% (B), 10/25/2056 (A)		7,317,732		7,289,336
Series 2017-2, Class A1,
2.75% (B), 04/25/2057 (A)		4,771,856		4,784,504
Series 2017-3, Class A1,
2.75% (B), 07/25/2057 (A)		8,528,886		8,555,070
Series 2017-4, Class A1,
2.75% (B), 06/25/2057 (A)		8,924,901		8,994,385
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)		10,958,183		11,072,028
Series 2018-1, Class A1,
3.00% (B), 01/25/2058 (A)		9,238,206		9,399,126
Series 2018-2, Class A1,
3.25% (B), 03/25/2058 (A)		4,299,668		4,376,635
Series 2018-3, Class A1,
3.75% (B), 05/25/2058 (A)		7,433,439		7,710,274
Trafigura Securitisation Finance PLC
Series 2017-1A, Class A2,
2.47%, 12/15/2020 (A)		10,000,000		9,950,890

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Trafigura Securitisation Finance PLC (continued)
Series 2018-1A, Class A2,
3.73%, 03/15/2022 (A)		$   11,000,000		$   11,231,638
VSE VOI Mortgage LLC Series 2017-A, Class A, 2.33%, 03/20/2035 (A)		14,661,104		13,865,061
Welk Resorts LLC
Series 2013-AA, Class A,
3.10%, 03/15/2029 (A)		1,547,626		1,519,275
Series 2015-AA, Class A,
2.79%, 06/16/2031 (A)		2,194,968		2,162,253
Series 2017-AA, Class A,
2.82%, 06/15/2033 (A)		4,122,867		3,961,231
Wellfleet CLO, Ltd.
Series 2016-1A, Class BR,
3-Month LIBOR + 1.50%, 2.64% (B), 04/20/2028 (A)		15,000,000		14,074,215
Series 2017-2A, Class A2R,
3-Month LIBOR + 1.62%, 2.76% (B), 10/20/2029 (A)		15,000,000		13,836,450
Total Asset-Backed Securities (Cost $480,344,158)				465,832,033
CORPORATE DEBT SECURITIES - 63.4%
Aerospace & Defense - 0.9%
Boeing Co.
2.13%, 03/01/2022		20,685,000		19,646,383
2.30%, 08/01/2021 (C)		4,430,000		4,354,979
Raytheon Technologies Corp. 3.65%, 08/16/2023		1,091,000		1,179,091
				25,180,453
Airlines - 1.2%
America West Airlines Pass-Through Trust 8.06%, 01/02/2022		5,264,776		5,113,328
Delta Air Lines Pass-Through Trust
3.20%, 10/25/2025		6,212,000		5,682,731
6.82%, 02/10/2024		3,344,111		3,202,354
Delta Air Lines, Inc. 3.80%, 04/19/2023		9,957,000		8,543,411
Northwest Airlines Pass-Through Trust 6.26%, 05/20/2023		154,759		145,431
Southwest Airlines Co. 2.65%, 11/05/2020		9,964,000		9,933,163
US Airways Pass-Through Trust 3.95%, 05/15/2027		4,990,553		4,068,634
				36,689,052
Banks - 16.7%
ABN AMRO Bank NV 3.40%, 08/27/2021 (A)		15,000,000		15,403,518
AIB Group PLC 4.75%, 10/12/2023 (A)		8,438,000		8,732,562
Banco Santander SA
2.71%, 06/27/2024		8,400,000		8,627,113
3.85%, 04/12/2023		4,600,000		4,773,921
Bank of America Corp.
Fixed until 10/01/2020, 2.33% (B), 10/01/2021, MTN		11,861,000		11,877,704

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

Transamerica Funds Semi-Annual Report 2020

Page    203

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Bank of America Corp. (continued)
Fixed until 01/20/2022, 3.12% (B), 01/20/2023, MTN		$   4,893,000		$   5,022,420
Banque Federative du Credit Mutuel SA 2.13%, 11/21/2022 (A)		4,991,000		5,033,455
Barclays Bank PLC 10.18%, 06/12/2021 (A)		5,158,000		5,527,609
Barclays PLC Fixed until 05/07/2025, 2.85% (B), 05/07/2026		10,000,000		10,000,000
BNP Paribas SA 5.00%, 01/15/2021		17,935,000		18,437,023
BPCE SA
2.75%, 12/02/2021, MTN		8,737,000		8,894,266
5.15%, 07/21/2024 (A)		14,000,000		14,988,858
Canadian Imperial Bank of Commerce Fixed until 07/22/2022, 2.61% (B), 07/22/2023		4,425,000		4,502,998
CIT Bank NA Fixed until 09/27/2024, 2.97% (B), 09/27/2025		6,927,000		6,095,760
CIT Group, Inc. 4.13%, 03/09/2021		600,000		589,500
Citibank, NA Fixed until 05/20/2021, 2.84% (B), 05/20/2022		11,000,000		11,153,480
Citigroup, Inc.
Fixed until 11/04/2021, 2.31% (B), 11/04/2022		9,909,000		9,997,276
Fixed until 04/08/2025, 3.11% (B), 04/08/2026		4,988,000		5,225,648
Commerzbank AG 8.13%, 09/19/2023 (A)		8,000,000		8,811,412
Cooperatieve Rabobank UA 3.95%, 11/09/2022		10,100,000		10,424,974
Credit Agricole SA
2.38%, 01/22/2025 (A)		9,011,000		9,183,621
2.75%, 06/10/2020 (A)		8,109,000		8,118,310
Credit Suisse AG
2.80%, 04/08/2022		5,477,000		5,606,820
6.50%, 08/08/2023 (A)		5,462,000		5,758,783
Danske Bank A/S Fixed until 09/20/2021, 3.00% (B), 09/20/2022 (A)		10,000,000		10,021,488
Fifth Third Bancorp 3.65%, 01/25/2024		10,000,000		10,566,738
Fifth Third Bank 3.35%, 07/26/2021		8,848,000		9,058,703
First Horizon National Corp. 3.50%, 12/15/2020		8,160,000		8,183,909
First Niagara Financial Group, Inc. 7.25%, 12/15/2021		6,340,000		6,732,603
HSBC Holdings PLC 3.40%, 03/08/2021		5,851,000		5,953,625
Huntington Bancshares, Inc. 2.30%, 01/14/2022		13,724,000		13,919,280
ING Bank NV 5.80%, 09/25/2023 (A)		12,067,000		13,201,822

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Intesa Sanpaolo SpA 3.25%, 09/23/2024 (A)		$   11,000,000		$   10,852,567
JPMorgan Chase & Co.
Fixed until 04/22/2025, 2.08% (B), 04/22/2026		6,082,000		6,167,434
Fixed until 04/25/2022, 2.78% (B), 04/25/2023		7,174,000		7,345,698
Fixed until 12/05/2023, 4.02% (B), 12/05/2024		10,000,000		10,824,443
Lloyds Banking Group PLC Fixed until 07/09/2024, 3.87% (B), 07/09/2025		4,790,000		5,039,609
MUFG Union Bank NA 3.15%, 04/01/2022		11,000,000		11,323,326
PNC Financial Services Group, Inc. 3.90%, 04/29/2024		7,811,000		8,494,843
Regions Financial Corp. 2.75%, 08/14/2022		12,360,000		12,569,135
Royal Bank of Canada SOFR + 0.40%, 1.10% (B), 08/05/2022, MTN		15,809,000		15,421,140
Royal Bank of Scotland Group PLC 6.00%, 12/19/2023		12,464,000		13,574,609
Santander UK PLC 5.00%, 11/07/2023 (A)		10,000,000		10,482,800
Svenska Handelsbanken AB 3.90%, 11/20/2023		10,000,000		10,744,727
Synovus Bank Fixed until 02/10/2022, 2.29% (B), 02/10/2023		9,052,000		8,944,791
Truist Bank
SOFR + 0.73%, 0.89% (B), 03/09/2023		7,250,000		6,986,323
2.80%, 05/17/2022		6,013,000		6,201,235
Truist Financial Corp. 2.15%, 02/01/2021, MTN (C)		12,037,000		12,128,761
UniCredit SpA 6.57%, 01/14/2022 (A)		10,000,000		10,314,200
US Bancorp 2.40%, 07/30/2024		9,070,000		9,452,350
Wells Fargo & Co.
Fixed until 04/30/2025, 2.19% (B), 04/30/2026		8,969,000		9,026,833
3.75%, 01/24/2024, MTN		14,000,000		14,942,374
Zions Bancorp NA
3.35%, 03/04/2022		5,582,000		5,591,816
3.50%, 08/27/2021		8,390,000		8,427,502
				495,281,715
Beverages - 1.4%
Anheuser-Busch InBev Finance, Inc. 3.70%, 02/01/2024 (C)		10,120,000		10,969,184
Anheuser-Busch InBev Worldwide, Inc. 3.50%, 01/12/2024		6,971,000		7,493,777
Constellation Brands, Inc. 2.65%, 11/07/2022		5,537,000		5,644,193
Pernod Ricard SA
4.45%, 01/15/2022 (A)		8,000,000		8,384,565
5.75%, 04/07/2021 (A)		9,466,000		9,816,195
				42,307,914

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

Transamerica Funds Semi-Annual Report 2020

Page    204

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology - 0.4%
AbbVie, Inc. 2.60%, 11/21/2024 (A)		$   9,959,000		$   10,362,411
Capital Markets - 4.6%
Ameriprise Financial, Inc. 3.00%, 03/22/2022		7,986,000		8,246,538
Bank of New York Mellon Corp.
2.20%, 08/16/2023, MTN		10,000,000		10,250,226
2.50%, 04/15/2021, MTN (C)		10,123,000		10,259,724
Charles Schwab Corp. 2.65%, 01/25/2023		9,964,000		10,400,523
Credit Suisse Group Funding Guernsey, Ltd. 3.13%, 12/10/2020		10,000,000		10,072,136
Goldman Sachs Group, Inc.
Fixed until 10/31/2021, 2.88% (B), 10/31/2022		20,961,000		21,292,969
3.50%, 04/01/2025		2,988,000		3,179,431
Morgan Stanley
Fixed until 04/28/2025, 2.19% (B), 04/28/2026		6,976,000		7,061,286
Fixed until 07/22/2024, 2.72% (B), 07/22/2025, MTN		4,981,000		5,126,501
2.75%, 05/19/2022		12,393,000		12,695,476
State Street Corp.
Fixed until 03/30/2022, 2.83% (B), 03/30/2023 (A)		1,492,000		1,533,319
3.10%, 05/15/2023		11,076,000		11,586,305
UBS AG
1.75%, 04/21/2022 (A)		4,441,000		4,459,751
2.20%, 06/08/2020 (A)		11,838,000		11,849,464
UBS Group AG 3.00%, 04/15/2021 (A)		9,354,000		9,454,042
				137,467,691
Chemicals - 1.0%
Huntsman International LLC 5.13%, 11/15/2022		6,972,000		7,033,354
Mosaic Co. 3.75%, 11/15/2021		12,074,000		12,050,102
Syngenta Finance NV 4.44%, 04/24/2023 (A)		10,000,000		10,007,037
				29,090,493
Commercial Services & Supplies - 0.2%
CK Hutchison International 17 II, Ltd. 2.25%, 09/29/2020 (A)		5,000,000		5,001,250
Construction Materials - 0.4%
CRH America, Inc. 3.88%, 05/18/2025 (A)		10,000,000		10,502,500
Consumer Finance - 4.0%
Ally Financial, Inc.
3.88%, 05/21/2024 (C)		4,556,000		4,476,270
4.13%, 02/13/2022 (C)		8,145,000		8,252,840
4.63%, 03/30/2025		6,973,000		7,025,297
7.50%, 09/15/2020		10,239,000		10,341,390
American Express Co. 2.20%, 10/30/2020		6,325,000		6,351,755
BMW US Capital LLC 3.40%, 08/13/2021 (A)		11,846,000		11,987,596

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Capital One Bank USA NA Fixed until 01/27/2022, 2.01% (B), 01/27/2023		$   11,306,000		$   11,188,274
Capital One Financial Corp. 2.40%, 10/30/2020		9,963,000		9,998,358
Daimler Finance North America LLC 3.40%, 02/22/2022 (A)		7,000,000		7,005,522
Ford Motor Credit Co. LLC
3.16%, 08/04/2020		4,600,000		4,565,500
3.34%, 03/18/2021		8,000,000		7,679,840
General Motors Financial Co., Inc.
3.20%, 07/06/2021		3,115,000		3,049,299
3.55%, 07/08/2022		9,957,000		9,626,839
Springleaf Finance Corp. 8.25%, 12/15/2020		6,825,000		6,807,596
Volkswagen Group of America Finance LLC 2.70%, 09/26/2022 (A)		10,000,000		10,038,339
				118,394,715
Containers & Packaging - 0.1%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 4.25%, 09/15/2022 (A)		3,035,000		3,051,086
Diversified Consumer Services - 0.2%
Nationwide Building Society Fixed until 03/08/2023, 3.77% (B), 03/08/2024 (A)		6,821,000		7,049,068
Diversified Financial Services - 2.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.30%, 01/23/2023		10,030,000		8,957,381
Aircastle, Ltd. 5.13%, 03/15/2021		7,967,000		7,782,845
Aviation Capital Group LLC
2.88%, 01/20/2022 (A)		5,506,000		4,768,306
7.13%, 10/15/2020 (A)		18,266,000		16,448,691
GE Capital International Funding Unlimited Co. 2.34%, 11/15/2020		12,800,000		12,826,060
Protective Life Global Funding 2.70%, 11/25/2020 (A)		8,378,000		8,440,878
Voya Financial, Inc. 3.13%, 07/15/2024		9,332,000		9,595,797
				68,819,958
Diversified Telecommunication Services - 0.6%
British Telecommunications PLC 4.50%, 12/04/2023		2,000,000		2,173,197
Deutsche Telekom International Finance BV 1.95%, 09/19/2021 (A)		9,000,000		9,028,008
Verizon Communications, Inc. 5.15%, 09/15/2023		5,000,000		5,681,402
				16,882,607
Electric Utilities - 3.4%
American Electric Power Co., Inc. 2.95%, 12/15/2022		8,469,000		8,762,043

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

Transamerica Funds Semi-Annual Report 2020

Page    205

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Appalachian Power Co. 4.60%, 03/30/2021		$   4,633,000		$   4,738,108
Berkshire Hathaway Energy Co. 2.38%, 01/15/2021		11,562,000		11,661,788
Duke Energy Corp. 3.05%, 08/15/2022		21,461,000		22,179,439
Entergy Corp. 4.00%, 07/15/2022		8,552,000		9,040,793
Evergy, Inc. 2.45%, 09/15/2024		11,565,000		11,981,168
FirstEnergy Corp. 4.25%, 03/15/2023		6,261,000		6,774,534
Georgia Power Co. 2.10%, 07/30/2023		7,441,000		7,676,198
Metropolitan Edison Co. 3.50%, 03/15/2023 (A)		5,566,000		5,801,042
Southern Co. 2.35%, 07/01/2021		12,232,000		12,377,300
				100,992,413
Equity Real Estate Investment Trusts - 2.2%
American Tower Corp. 3.00%, 06/15/2023		17,032,000		17,798,082
Crown Castle International Corp. 5.25%, 01/15/2023		7,556,000		8,246,982
CyrusOne, LP / CyrusOne Finance Corp. 2.90%, 11/15/2024		9,461,000		9,237,777
Healthpeak Properties, Inc. 3.15%, 08/01/2022		14,125,000		14,110,886
Service Properties Trust 4.35%, 10/01/2024		7,598,000		6,434,270
VEREIT Operating Partnership, LP 4.60%, 02/06/2024		8,370,000		8,342,116
				64,170,113
Food & Staples Retailing - 0.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP 3.50%, 02/15/2023 (A)		3,984,000		3,904,320
Sysco Corp.
2.50%, 07/15/2021		9,646,000		9,680,837
2.60%, 10/01/2020		4,876,000		4,889,226
				18,474,383
Food Products - 0.7%
Cargill, Inc. 1.38%, 07/23/2023 (A)		9,965,000		10,015,701
Kraft Heinz Foods Co. 4.00%, 06/15/2023		11,512,000		11,949,460
				21,965,161
Health Care Equipment & Supplies - 0.9%
Becton Dickinson and Co.
3-Month LIBOR + 1.03%, 2.03% (B), 06/06/2022		2,726,000		2,665,936
2.89%, 06/06/2022		13,942,000		14,295,533
DH Europe Finance II Sarl 2.05%, 11/15/2022		10,888,000		11,053,412
				28,014,881

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 2.6%
Cigna Corp.
3-Month LIBOR + 0.89%, 2.11% (B), 07/15/2023		$   12,689,000		$   12,296,992
3.90%, 02/15/2022 (A)		9,465,000		9,857,494
CVS Health Corp.
2.13%, 06/01/2021		15,000,000		15,122,250
2.63%, 08/15/2024		4,979,000		5,183,714
HCA, Inc. 5.00%, 03/15/2024		14,941,000		16,207,585
Laboratory Corp. of America Holdings 2.30%, 12/01/2024 (C)		9,959,000		10,251,642
UnitedHealth Group, Inc. 3.50%, 02/15/2024		6,971,000		7,597,112
				76,516,789
Hotels, Restaurants & Leisure - 0.6%
GLP Capital, LP / GLP Financing II, Inc. 3.35%, 09/01/2024		4,479,000		4,136,222
International Game Technology PLC 6.25%, 02/15/2022 (A)		5,000,000		4,878,125
Las Vegas Sands Corp. 3.20%, 08/08/2024		8,963,000		8,711,123
				17,725,470
Household Durables - 0.1%
DR Horton, Inc. 2.55%, 12/01/2020		4,029,000		4,016,076
Independent Power & Renewable Electricity Producers - 0.4%
Exelon Generation Co. LLC 4.00%, 10/01/2020		11,093,000		11,134,819
Insurance - 1.4%
Aon Corp. 2.20%, 11/15/2022		7,967,000		8,115,030
Athene Global Funding 3.00%, 07/01/2022 (A)		4,205,000		4,221,560
Five Corners Funding Trust 4.42%, 11/15/2023 (A)		8,785,000		9,662,321
Jackson National Life Global Funding 3.30%, 02/01/2022 (A)		9,000,000		9,262,719
Principal Life Global Funding II 2.25%, 11/21/2024 (A)		8,666,000		8,824,509
				40,086,139
Internet & Direct Marketing Retail - 0.4%
Booking Holdings, Inc. 4.10%, 04/13/2025		2,937,000		3,119,566
Expedia Group, Inc. 4.50%, 08/15/2024 (C)		9,959,000		9,813,950
				12,933,516
IT Services - 0.8%
DXC Technology Co. 4.45%, 09/18/2022		9,014,000		9,224,104
Fiserv, Inc. 2.75%, 07/01/2024		13,481,000		14,104,546
				23,328,650
Machinery - 0.3%
Otis Worldwide Corp. 3-Month LIBOR + 0.45%, 2.09% (B), 04/05/2023 (A)		9,962,000		9,695,485

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

Transamerica Funds Semi-Annual Report 2020

Page    206

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media - 2.2%
Charter Communications Operating LLC / Charter Communications Operating Capital  3.58%, 07/23/2020		$   17,240,000		$   17,263,619
CSC Holdings LLC 6.75%, 11/15/2021		8,655,000		9,027,338
Discovery Communications LLC 2.95%, 03/20/2023		12,000,000		12,347,650
DISH DBS Corp. 5.13%, 05/01/2020		10,000,000		10,000,000
Sky, Ltd. 3.13%, 11/26/2022 (A)		6,970,000		7,328,456
Time Warner Cable LLC 4.00%, 09/01/2021		5,256,000		5,355,141
ViacomCBS, Inc. 4.75%, 05/15/2025		4,463,000		4,776,977
				66,099,181
Metals & Mining - 0.2%
Glencore Funding LLC 3.00%, 10/27/2022 (A)		6,974,000		6,919,254
Multi-Utilities - 1.7%
Black Hills Corp. 4.25%, 11/30/2023		9,898,000		10,596,556
Dominion Energy, Inc.
2.45%, 01/15/2023 (A)		7,820,000		8,024,350
2.58%, 07/01/2020		5,223,000		5,224,601
2.72% (D), 08/15/2021		7,100,000		7,163,234
DTE Energy Co. 2.53%, 10/01/2024		10,070,000		10,251,716
NiSource, Inc. 3.85%, 02/15/2023		7,343,000		7,707,375
				48,967,832
Oil, Gas & Consumable Fuels - 3.1%
El Paso Natural Gas Co. LLC 8.63%, 01/15/2022		8,935,000		9,575,959
Energy Transfer Operating, LP 4.20%, 09/15/2023		4,980,000		4,897,335
Eni SpA 4.00%, 09/12/2023 (A)		8,629,000		8,793,843
MPLX, LP
3-Month LIBOR + 0.90%, 1.90% (B), 09/09/2021		7,897,000		7,429,440
3.50%, 12/01/2022 (A)		8,683,000		8,575,790
4.88%, 12/01/2024		5,661,000		5,624,430
Occidental Petroleum Corp. 2.60%, 08/13/2021		13,935,000		13,029,225
Plains All American Pipeline, LP / PAA Finance Corp. 4.65%, 10/15/2025		5,976,000		5,630,438
Sabine Pass Liquefaction LLC 5.63%, 04/15/2023		8,281,000		8,635,597
Total Capital International SA 2.22%, 07/12/2021		8,882,000		8,961,106
Williams Cos., Inc. 4.55%, 06/24/2024		7,966,000		8,268,586
YPF SA 8.50%, 03/23/2021 (A)		1,743,000		1,093,750
				90,515,499

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals - 1.9%
AstraZeneca PLC 2.38%, 06/12/2022		$   9,966,000		$   10,221,143
Bayer US Finance LLC 3.00%, 10/08/2021 (A)		7,474,000		7,607,300
Bristol-Myers Squibb Co. 2.90%, 07/26/2024 (A)		8,515,000		9,215,756
Mylan NV 3.15%, 06/15/2021		14,281,000		14,366,098
Takeda Pharmaceutical Co., Ltd. 4.00%, 11/26/2021		14,535,000		15,174,154
				56,584,451
Professional Services - 0.3%
Equifax, Inc. 2.60%, 12/01/2024		8,195,000		8,312,400
Road & Rail - 1.0%
Avolon Holdings Funding, Ltd.
3.63%, 05/01/2022 (A)		12,397,000		11,348,701
5.50%, 01/15/2023 (A)		6,127,000		5,629,743
Canadian Pacific Railway Co. 9.45%, 08/01/2021		7,000,000		7,619,500
Union Pacific Corp. 3.50%, 06/08/2023		4,457,000		4,740,408
				29,338,352
Semiconductors & Semiconductor Equipment - 1.5%
Broadcom, Inc. 3.13%, 04/15/2021 (A)		11,904,000		11,984,053
KLA Corp. 4.65%, 11/01/2024		8,678,000		9,662,485
Micron Technology, Inc. 2.50%, 04/24/2023		4,701,000		4,785,403
NXP BV / NXP Funding LLC 3.88%, 09/01/2022 (A)		10,000,000		10,361,221
QUALCOMM, Inc. 2.60%, 01/30/2023		5,815,000		6,068,486
				42,861,648
Technology Hardware, Storage & Peripherals - 0.6%
Dell International LLC / EMC Corp. 4.42%, 06/15/2021 (A)		5,361,000		5,448,058
Hewlett Packard Enterprise Co.
3.50%, 10/05/2021		7,170,000		7,343,391
4.45%, 10/02/2023		4,984,000		5,247,861
				18,039,310
Textiles, Apparel & Luxury Goods - 0.3%
VF Corp. 2.05%, 04/23/2022		9,966,000		10,071,341
Trading Companies & Distributors - 1.2%
Air Lease Corp. 2.25%, 01/15/2023		15,548,000		14,441,926
International Lease Finance Corp. 8.25%, 12/15/2020		21,682,000		21,809,491
				36,251,417
Transportation Infrastructure - 0.3%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.45%, 07/01/2024 (A)		7,966,000		8,256,267

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

Transamerica Funds Semi-Annual Report 2020

Page    207

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 0.7%
T-Mobile USA, Inc. 3.50%, 04/15/2025 (A)		$   10,291,000		$   10,881,909
Vodafone Group PLC 3.75%, 01/16/2024		8,355,000		9,015,803
				19,897,712
Total Corporate Debt Securities (Cost $1,874,100,476)				1,877,249,472
FOREIGN GOVERNMENT OBLIGATION - 0.1%
Qatar - 0.1%
Qatar Government International Bond 3.88%, 04/23/2023 (A)		2,175,000		2,303,916
Total Foreign Government Obligation (Cost $2,165,866)				2,303,916
LOAN ASSIGNMENT - 0.4%
Commercial Services & Supplies - 0.4%
Spin Holdco, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.25% (B), 11/14/2022		12,996,815		11,875,840
Total Loan Assignment (Cost $12,971,376)				11,875,840
MORTGAGE-BACKED SECURITIES - 18.3%
20 Times Square Trust Series 2018-20TS, Class C, 3.20% (B), 05/15/2035 (A)		10,900,000		9,982,376
280 Park Avenue Mortgage Trust Series 2017-280P, Class C, 1-Month LIBOR + 1.25%, 2.06% (B), 09/15/2034 (A)		16,000,000		14,984,886
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76% (B), 04/25/2048 (A)		7,345,826		7,403,223
Ashford Hospitality Trust
Series 2018-ASHF, Class C,
1-Month LIBOR + 1.40%, 2.21% (B), 04/15/2035 (A)		18,800,000		15,822,900
Series 2018-ASHF, Class D,
1-Month LIBOR + 2.10%, 2.91% (B), 04/15/2035 (A)		10,520,000		8,655,569
Austin Fairmont Hotel Trust Series 2019-FAIR, Class D, 1-Month LIBOR + 1.80%, 2.61% (B), 09/15/2032 (A)		5,000,000		3,964,506
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 2.01% (B), 08/15/2036 (A)		15,300,000		13,399,214
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 2.51% (B), 08/15/2036 (A)		15,000,000		12,625,879
Series 2018-TALL, Class C,
1-Month LIBOR + 1.12%, 1.94% (B), 03/15/2037 (A)		16,015,000		14,521,172
Series 2018-TALL, Class E,
1-Month LIBOR + 2.44%, 3.25% (B), 03/15/2037 (A)		15,000,000		12,721,555

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BHMS Trust Series 2018-ATLS, Class C, 1-Month LIBOR + 1.90%, 2.71% (B), 07/15/2035 (A)		$   14,900,000		$   12,285,190
BX Commercial Mortgage Trust Series 2019-XL, Class D, 1-Month LIBOR + 1.45%, 2.26% (B), 10/15/2036 (A)		11,464,806		11,026,001
BX Trust
Series 2018-GW, Class C,
1-Month LIBOR + 1.22%, 2.03% (B), 05/15/2035 (A)		5,480,000		4,683,034
Series 2018-GW, Class D,
1-Month LIBOR + 1.77%, 2.58% (B), 05/15/2035 (A)		6,250,000		5,215,772
BXP Trust Series 2017-CQHP, Class D, 1-Month LIBOR + 2.00%, 2.81% (B), 11/15/2034 (A)		11,825,000		9,640,225
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D, 1-Month LIBOR + 1.75%, 2.56% (B), 12/15/2037 (A)		9,760,000		9,296,763
CCRESG Commercial Mortgage Trust
Series 2016-HEAT, Class B,
4.11%, 04/10/2029 (A)		4,319,000		4,166,734
Series 2016-HEAT, Class C,
4.92%, 04/10/2029 (A)		3,619,000		3,436,565
Series 2016-HEAT, Class D,
5.67% (B), 04/10/2029 (A)		7,290,000		6,774,602
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 2.56% (B), 07/15/2030 (A)		10,000,000		9,348,049
CHT Mortgage Trust Series 2017-CSMO, Class D, 1-Month LIBOR + 2.25%, 3.06% (B), 11/15/2036 (A)		17,400,000		15,131,804
Citigroup Mortgage Loan Trust, Inc.
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		2,925,094		3,020,885
Series 2018-RP1, Class A1,
3.00% (B), 09/25/2064 (A)		8,394,292		8,525,146
Colony Trust Series 2019-IKPR, Class C, 1-Month LIBOR + 1.68%, 2.49% (B), 11/15/2038 (A)		11,900,000		9,294,024
CORE Mortgage Trust Series 2019-CORE, Class C, 1-Month LIBOR + 1.30%, 2.11% (B), 12/15/2031 (A)		15,390,000		14,546,693
DBCG Mortgage Trust
Series 2017-BBG, Class B,
1-Month LIBOR + 0.85%, 1.66% (B), 06/15/2034 (A)		12,500,000		11,677,890
Series 2017-BBG, Class C,
1-Month LIBOR + 1.00%, 1.81% (B), 06/15/2034 (A)		2,500,000		2,313,218

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

Transamerica Funds Semi-Annual Report 2020

Page    208

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
DBWF Mortgage Trust Series 2018-GLKS, Class D, 1-Month LIBOR + 2.40%, 3.12% (B), 12/19/2030 (A)		$   10,000,000		$   8,320,590
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class D, 4.10% (B), 12/10/2036 (A)		15,000,000		12,486,036
Great Wolf Trust Series 2019-WOLF, Class C, 1-Month LIBOR + 1.63%, 2.45% (B), 12/15/2036 (A)		9,960,000		8,211,705
GS Mortgage Securities Trust
Series 2013-G1, Class A1,
2.06%, 04/10/2031 (A)		4,094,122		4,091,007
Series 2019-SOHO, Class D,
1-Month LIBOR + 1.60%, 2.41% (B), 06/15/2036 (A)		7,500,000		6,842,536
Hilton Orlando Trust Series 2018-ORL, Class C, 1-Month LIBOR + 1.30%, 2.11% (B), 12/15/2034 (A)		14,000,000		12,103,808
HPLY Trust Series 2019-HIT, Class C, 1-Month LIBOR + 1.60%, 2.41% (B), 11/15/2036 (A)		7,130,458		6,096,910
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2014-DSTY, Class C,
3.93% (B), 06/10/2027 (A)		10,000,000		8,077,801
Series 2020-NNN, Class CFL,
1-Month LIBOR + 1.30%, 2.09% (B), 01/16/2037 (A)		9,900,000		9,324,772
Series 2020-NNN, Class DFL,
1-Month LIBOR + 1.55%, 2.34% (B), 01/16/2037 (A)		5,000,000		4,659,498
KKR Industrial Portfolio Trust Series 2020-AIP, Class D, 1-Month LIBOR + 2.03%, 2.84% (B), 03/15/2037 (A)		10,000,000		9,400,454
Lehman Brothers Small Balance Commercial Mortgage Trust Series 2005-1A, Class A, 1-Month LIBOR + 0.25%, 1.20% (B), 02/25/2030 (A)		362,338		356,786
MBRT Series 2019-MBR, Class D, 1-Month LIBOR + 1.70%, 2.51% (B), 11/15/2036 (A)		10,730,000		9,394,204
Metlife Securitization Trust Series 2017-1A, Class A, 3.00% (B), 04/25/2055 (A)		10,700,321		10,873,998
Morgan Stanley Capital I Trust
Series 2017-ASHF, Class D,
1-Month LIBOR + 2.20%, 3.01% (B), 11/15/2034 (A)		15,700,000		11,411,616
Series 2018-SUN, Class C,
1-Month LIBOR + 1.40%, 2.21% (B), 07/15/2035 (A)		10,850,000		8,578,263

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust (continued)
Series 2019-BPR, Class B,
1-Month LIBOR + 2.10%, 2.91% (B), 05/15/2036 (A)		$   6,720,000		$   5,543,894
Series 2019-NUGS, Class B,
1-Month LIBOR + 1.30%, 2.80% (B), 12/15/2036 (A)		7,000,000		6,425,044
Series 2019-NUGS, Class C,
1-Month LIBOR + 1.50%, 3.00% (B), 12/15/2036 (A)		5,200,000		4,698,652
Mortgage Equity Conversion Asset Trust Series 2010-1A, Class A, 4.00%, 07/25/2060 (A)		4,195,978		3,989,064
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 2.21% (B), 08/15/2034 (A)		8,024,479		6,937,556
MSCG Trust
Series 2018-SELF, Class C,
1-Month LIBOR + 1.18%, 1.99% (B), 10/15/2037 (A)		11,780,000		10,798,318
Series 2018-SELF, Class D,
1-Month LIBOR + 1.65%, 2.46% (B), 10/15/2037 (A)		9,220,000		8,444,261
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (B), 01/25/2054 (A)		1,985,223		2,026,752
Series 2014-3A, Class AFX3,
3.75% (B), 11/25/2054 (A)		2,398,785		2,449,070
Series 2016-4A, Class A1,
3.75% (B), 11/25/2056 (A)		4,208,200		4,290,561
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		7,350,687		7,703,818
Series 2017-4A, Class A1,
4.00% (B), 05/25/2057 (A)		4,925,630		5,192,131
Series 2017-5A, Class A1,
1-Month LIBOR + 1.50%, 1.99% (B), 06/25/2057 (A)		5,490,464		5,359,836
Series 2018-1A, Class A1A,
4.00% (B), 12/25/2057 (A)		4,592,169		4,799,012
Series 2018-2A, Class A1,
4.50% (B), 02/25/2058 (A)		7,299,869		7,662,125
Series 2018-RPL1, Class A1,
3.50% (B), 12/25/2057 (A)		5,270,916		5,451,332
Series 2019-2A, Class A1,
4.25% (B), 12/25/2057 (A)		9,582,732		10,018,525
Series 2019-3A, Class A1A,
3.75% (B), 11/25/2058 (A)		8,129,196		8,465,675
Series 2019-4A, Class A1B,
3.50% (B), 12/25/2058 (A)		9,415,114		9,563,894
Series 2019-5A, Class A1B,
3.50% (B), 08/25/2059 (A)		12,675,076		12,844,142
Series 2019-RPL2, Class A1,
3.25% (B), 02/25/2059 (A)		9,071,910		9,315,839
RBSSP Resecuritization Trust Series 2013-2, Class 2A1, 1-Month LIBOR + 0.19%, 0.94% (B), 12/20/2036 (A)		4,978,683		4,760,310

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

Transamerica Funds Semi-Annual Report 2020

Page    209

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Tharaldson Hotel Portfolio Trust Series 2018-THL, Class C, 1-Month LIBOR + 1.35%, 2.34% (B), 11/11/2034 (A)		$   12,151,204		$   10,879,630
Total Mortgage-Backed Securities (Cost $599,921,710)				542,313,300
U.S. GOVERNMENT AGENCY OBLIGATION - 0.0% (E)
Federal Home Loan Mortgage Corp. 12-Month LIBOR + 1.77%, 4.02% (B), 08/01/2037		321,313		324,060
Total U.S. Government Agency Obligation (Cost $325,819)				324,060
	Shares		Value
OTHER INVESTMENT COMPANY - 0.8%
Securities Lending Collateral - 0.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (F)		24,474,643		24,474,643
Total Other Investment Company (Cost $24,474,643)				24,474,643

	Principal		Value
REPURCHASE AGREEMENT - 1.7%
Fixed Income Clearing Corp., 0.00% (F), dated 04/30/2020, to be repurchased at $50,152,978 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $51,158,055.		$  50,152,978		$   50,152,978
Total Repurchase Agreement (Cost $50,152,978)				50,152,978
Total Investments (Cost $3,044,457,026)				2,974,526,242
Net Other Assets (Liabilities) - (0.5)%				(15,306,452	)
Net Assets - 100.0%				$  2,959,219,790

INVESTMENT 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	$	—	$	465,832,033	$	—	$	465,832,033
Corporate Debt Securities		—		1,877,249,472		—		1,877,249,472
Foreign Government Obligation		—		2,303,916		—		2,303,916
Loan Assignment		—		11,875,840		—		11,875,840
Mortgage-Backed Securities		—		542,313,300		—		542,313,300
U.S. Government Agency Obligation		—		324,060		—		324,060
Other Investment Company		24,474,643		—		—		24,474,643
Repurchase Agreement		—		50,152,978		—		50,152,978
Total Investments	$	24,474,643	$	2,950,051,599	$	—	$	2,974,526,242

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $1,497,393,681, representing 50.6% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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 $23,985,820, collateralized by cash collateral of $24,474,643. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

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

Transamerica Funds Semi-Annual Report 2020

Page    210

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D)	Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2020; the maturity date disclosed is the ultimate maturity date.
(E)	Percentage rounds to less than 0.1% or (0.1)%.
(F)	Rates disclosed reflect the yields at April 30, 2020.
(G)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
SOFR	Secured Overnight Financing Rate

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

Transamerica Funds Semi-Annual Report 2020

Page    211

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 98.2%
Aerospace & Defense - 0.7%
AAR Corp.		17,955		$  351,559
Astronics Corp. (A)		37,860		339,983
				691,542
Air Freight & Logistics - 1.1%
Atlas Air Worldwide Holdings, Inc. (A)		13,875		455,794
Echo Global Logistics, Inc. (A)		18,460		323,604
Hub Group, Inc., Class A (A)		6,855		329,794
				1,109,192
Auto Components - 0.7%
American Axle & Manufacturing Holdings, Inc. (A)		105,960		457,747
Modine Manufacturing Co. (A)		52,575		243,422
				701,169
Banks - 9.7%
1st Source Corp.		5,550		192,752
Bancorp, Inc. (A)		33,645		234,506
Bank of NT Butterfield & Son, Ltd.		13,755		302,748
Bank OZK		17,040		385,445
Boston Private Financial Holdings, Inc.		42,145		320,302
Cadence BanCorp		28,850		190,987
Cathay General Bancorp		13,120		366,310
CIT Group, Inc.		10,650		202,137
Comerica, Inc.		10,675		372,131
Community Trust Bancorp, Inc.		4,620		156,618
ConnectOne Bancorp, Inc.		25,325		378,356
Customers Bancorp, Inc. (A)		14,015		178,831
Eagle Bancorp, Inc.		10,650		373,602
East West Bancorp, Inc.		12,170		426,802
Farmers National Banc Corp.		15,365		190,372
First Financial Corp.		4,810		170,851
First Merchants Corp.		12,395		350,902
Great Southern Bancorp, Inc.		3,395		144,525
Heritage Commerce Corp.		27,135		240,959
Home BancShares, Inc.		23,965		367,383
Hope Bancorp, Inc.		32,895		327,305
Independent Bank Corp.		12,775		187,665
Investors Bancorp, Inc.		42,215		393,022
PacWest Bancorp		18,510		374,642
Peapack Gladstone Financial Corp.		10,860		204,928
Preferred Bank		8,445		322,177
QCR Holdings, Inc.		6,660		204,995
Signature Bank		3,935		421,753
Sterling Bancorp		23,830		293,824
Synovus Financial Corp.		14,800		310,948
United Community Banks, Inc.		15,920		336,628
Western Alliance Bancorp		8,570		307,492
Zions Bancorp NA		11,035		348,816
				9,580,714
Biotechnology - 2.9%
Anika Therapeutics, Inc. (A)		10,790		358,552
Arena Pharmaceuticals, Inc. (A)		6,860		335,934
Catalyst Pharmaceuticals, Inc. (A)		81,900		388,206
Eagle Pharmaceuticals, Inc. (A)		6,775		345,389
Jounce Therapeutics, Inc. (A)		28,525		139,773
Myriad Genetics, Inc. (A)		21,705		335,559
PDL BioPharma, Inc. (A)		120,410		408,190
Prothena Corp. PLC (A)		21,370		239,771
Vanda Pharmaceuticals, Inc. (A)		30,260		347,990
				2,899,364

	Shares		Value
COMMON STOCKS (continued)
Building Products - 1.2%
American Woodmark Corp. (A)		6,790		$   349,074
Builders FirstSource, Inc. (A)		23,625		433,519
Quanex Building Products Corp.		30,990		386,445
				1,169,038
Capital Markets - 1.8%
Cowen, Inc., Class A		33,200		363,540
Invesco, Ltd.		35,830		308,855
Janus Henderson Group PLC		19,880		355,852
Virtus Investment Partners, Inc.		4,175		339,302
Waddell & Reed Financial, Inc., Class A (B)		27,560		400,998
				1,768,547
Chemicals - 2.0%
HB Fuller Co.		11,625		427,683
Koppers Holdings, Inc. (A)		20,425		321,898
Kraton Corp. (A)		35,395		552,516
Minerals Technologies, Inc.		8,845		389,534
Trinseo SA		15,415		315,237
				2,006,868
Commercial Services & Supplies - 2.9%
ABM Industries, Inc.		12,760		440,092
ACCO Brands Corp.		61,155		452,547
Deluxe Corp.		13,340		375,788
HNI Corp.		12,875		313,378
Matthews International Corp., Class A		13,100		313,614
Pitney Bowes, Inc. (B)		167,215		590,269
Steelcase, Inc., Class A		34,520		377,994
				2,863,682
Communications Equipment - 0.7%
Comtech Telecommunications Corp.		21,750		402,592
NetScout Systems, Inc. (A)		12,160		321,997
				724,589
Construction & Engineering - 0.8%
Aegion Corp. (A)		14,820		237,861
MasTec, Inc. (A)		9,235		331,537
Northwest Pipe Co. (A)		8,675		210,976
				780,374
Construction Materials - 0.4%
US Concrete, Inc. (A) (B)		20,685		396,738
Consumer Finance - 1.1%
Encore Capital Group, Inc. (A)		13,590		353,068
Navient Corp.		39,790		303,200
OneMain Holdings, Inc.		16,895		409,028
				1,065,296
Containers & Packaging - 0.4%
O-I Glass, Inc.		49,775		410,146
Diversified Consumer Services - 1.0%
American Public Education, Inc. (A)		9,815		252,932
K12, Inc. (A)		14,732		334,564
Perdoceo Education Corp. (A)		28,250		367,250
				954,746
Electric Utilities - 0.9%
Hawaiian Electric Industries, Inc. (B)		7,595		299,775
IDACORP, Inc.		3,535		324,442
Portland General Electric Co.		6,545		306,241
				930,458

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

Transamerica Funds Semi-Annual Report 2020

Page    212

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment - 0.2%
Powell Industries, Inc.		7,685		$   194,968
Electronic Equipment, Instruments & Components - 5.7%
Arrow Electronics, Inc. (A)		5,780		363,678
Avnet, Inc.		11,895		357,088
Badger Meter, Inc.		5,995		353,885
Benchmark Electronics, Inc.		15,575		321,779
Celestica, Inc. (A)		65,860		410,308
Fabrinet (A)		5,435		341,046
Hollysys Automation Technologies, Ltd. (B)		15,240		218,542
Methode Electronics, Inc.		12,095		363,092
OSI Systems, Inc. (A)		4,700		340,186
PC Connection, Inc.		8,035		369,208
Plexus Corp. (A)		5,715		358,273
Sanmina Corp. (A)		12,455		345,377
ScanSource, Inc. (A)		14,865		385,301
SYNNEX Corp.		4,420		387,015
TTM Technologies, Inc. (A)		31,860		369,257
Vishay Intertechnology, Inc.		22,735		377,174
				5,661,209
Energy Equipment & Services - 0.3%
Matrix Service Co. (A)		23,610		246,488
Equity Real Estate Investment Trusts - 3.8%
Apple Hospitality, Inc.		30,815		298,289
Brixmor Property Group, Inc.		22,030		252,243
Chatham Lodging Trust		27,525		206,713
DiamondRock Hospitality Co.		46,395		289,041
Diversified Healthcare Trust, REIT (B)		62,875		195,541
Hersha Hospitality Trust		45,965		240,397
Macerich Co. (B)		20,345		151,977
Office Properties Income Trust		11,248		308,195
Pebblebrook Hotel Trust		21,695		256,869
RLJ Lodging Trust		32,275		299,835
Service Properties Trust		24,290		168,330
SITE Centers Corp.		34,110		206,707
Summit Hotel Properties, Inc.		47,915		290,365
Weingarten Realty Investors		22,260		404,909
Whitestone, REIT (B)		25,650		173,907
				3,743,318
Food & Staples Retailing - 1.1%
SpartanNash Co.		22,690		389,133
Sprouts Farmers Market, Inc. (A)		16,670		346,403
United Natural Foods, Inc. (A)		32,105		341,597
				1,077,133
Food Products - 0.4%
TreeHouse Foods, Inc. (A)		7,500		387,975
Gas Utilities - 0.4%
National Fuel Gas Co. (B)		8,635		354,035
Health Care Equipment & Supplies - 3.7%
AngioDynamics, Inc. (A)		30,750		320,722
Haemonetics Corp. (A)		3,360		382,301
Hill-Rom Holdings, Inc.		2,960		332,970
Integer Holdings Corp. (A)		4,860		361,876
Integra LifeSciences Holdings Corp. (A)		7,225		368,836
Invacare Corp.		36,175		272,036
Meridian Bioscience, Inc. (A)		37,030		444,360
Natus Medical, Inc. (A)		13,090		327,119

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
NuVasive, Inc. (A)		6,695		$   407,592
Orthofix Medical, Inc. (A)		11,680		414,056
				3,631,868
Health Care Providers & Services - 7.8%
Acadia Healthcare Co., Inc. (A) (B)		17,225		413,572
Amedisys, Inc. (A)		1,840		338,854
AMN Healthcare Services, Inc. (A)		5,850		274,833
Brookdale Senior Living, Inc. (A)		105,960		382,516
Chemed Corp.		752		313,261
Cross Country Healthcare, Inc. (A)		51,040		321,042
Encompass Health Corp.		4,935		326,944
Ensign Group, Inc.		9,890		369,985
Magellan Health, Inc. (A)		6,575		399,300
MEDNAX, Inc. (A)		25,235		366,412
Molina Healthcare, Inc. (A)		2,290		375,491
National HealthCare Corp.		4,285		292,965
Owens & Minor, Inc.		53,065		375,700
Patterson Cos., Inc. (B)		22,850		417,698
Premier, Inc., Class A (A)		9,515		315,517
Providence Service Corp. (A)		5,500		319,055
Select Medical Holdings Corp. (A)		23,365		398,841
Tenet Healthcare Corp. (A)		20,685		417,423
Tivity Health, Inc. (A) (B)		57,125		512,411
Triple-S Management Corp., Class B (A)		23,590		399,379
US Physical Therapy, Inc.		4,950		373,725
				7,704,924
Health Care Technology - 1.6%
Allscripts Healthcare Solutions, Inc. (A)		45,735		297,278
Computer Programs & Systems, Inc.		11,110		266,973
HealthStream, Inc. (A)		11,595		264,656
HMS Holdings Corp. (A)		13,250		379,944
NextGen Healthcare, Inc. (A)		31,355		330,795
				1,539,646
Household Durables - 0.7%
Ethan Allen Interiors, Inc.		32,235		364,578
Universal Electronics, Inc. (A)		8,535		352,325
				716,903
Household Products - 0.7%
Central Garden & Pet Co. (A)		10,785		355,258
Central Garden & Pet Co., Class A (A)		11,515		350,171
				705,429
Insurance - 2.2%
American Equity Investment Life Holding Co.		16,745		351,980
CNO Financial Group, Inc.		27,330		384,260
Horace Mann Educators Corp.		10,085		354,589
Mercury General Corp.		8,350		342,016
Old Republic International Corp.		21,590		344,360
Unum Group		22,560		393,672
				2,170,877
Interactive Media & Services - 0.3%
Yelp, Inc. (A)		14,690		328,322
Internet & Direct Marketing Retail - 1.3%
1-800-Flowers.com, Inc., Class A (A) (B)		23,165		444,536
Qurate Retail, Inc., Series A (A)		51,780		417,088
Shutterstock, Inc.		9,790		372,020
				1,233,644

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

Transamerica Funds Semi-Annual Report 2020

Page    213

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
IT Services - 4.0%
Alliance Data Systems Corp.		9,025		$   451,882
Cardtronics PLC, Class A (A)		15,570		356,553
CSG Systems International, Inc.		7,345		356,820
DXC Technology Co.		23,745		430,497
Endurance International Group Holdings, Inc. (A)		106,910		274,224
KBR, Inc.		15,990		323,957
MAXIMUS, Inc.		5,425		365,211
NIC, Inc.		13,550		328,316
Perficient, Inc. (A)		9,990		347,952
Science Applications International Corp.		4,485		366,245
Sykes Enterprises, Inc. (A)		12,763		365,405
				3,967,062
Leisure Products - 0.4%
Vista Outdoor, Inc. (A)		41,375		418,715
Life Sciences Tools & Services - 1.9%
Bruker Corp.		9,200		361,744
Charles River Laboratories International, Inc. (A)		2,410		348,655
ICON PLC (A)		2,230		357,848
Medpace Holdings, Inc. (A)		4,085		326,228
Syneos Health, Inc. (A)		7,830		436,836
				1,831,311
Machinery - 1.3%
AGCO Corp.		6,715		354,821
Columbus McKinnon Corp.		12,890		349,061
Lydall, Inc. (A)		18,740		209,888
Wabash National Corp.		39,210		321,522
				1,235,292
Marine - 0.3%
Costamare, Inc.		66,700		334,834
Media - 1.4%
AMC Networks, Inc., Class A (A)		14,280		340,578
MSG Networks, Inc., Class A (A) (B)		34,610		411,167
National CineMedia, Inc.		120,245		396,809
Tribune Publishing Co. (B)		29,120		249,558
				1,398,112
Metals & Mining - 1.7%
Commercial Metals Co.		20,140		321,032
Haynes International, Inc.		10,650		235,365
Kaiser Aluminum Corp.		4,610		332,980
Materion Corp.		8,900		460,486
SunCoke Energy, Inc.		89,085		280,618
				1,630,481
Mortgage Real Estate Investment Trusts - 0.1%
Western Asset Mortgage Capital Corp. (B)		39,425		120,246
Multi-Utilities - 0.3%
MDU Resources Group, Inc.		14,525		326,232
Multiline Retail - 0.7%
Kohl’s Corp.		18,875		348,432
Macy’s, Inc. (B)		54,325		318,345
				666,777
Oil, Gas & Consumable Fuels - 3.1%
Arch Coal, Inc., Class A		6,315		184,335
Cenovus Energy, Inc. (B)		78,145		284,448
Consol Energy, Inc. (A) (B)		55,545		421,587
Enerplus Corp. (B)		109,085		294,529

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Montage Resources Corp. (A) (B)		57,115		$   390,095
Murphy Oil Corp. (B)		32,510		385,569
PBF Energy, Inc., Class A		32,660		372,324
Peabody Energy Corp.		61,475		208,400
Teekay Corp. (A) (B)		78,145		290,699
Tsakos Energy Navigation, Ltd.		70,280		242,466
				3,074,452
Paper & Forest Products - 1.5%
Boise Cascade Co.		12,775		399,474
Domtar Corp.		14,510		338,954
P.H. Glatfelter Co.		25,955		378,943
Schweitzer-Mauduit International, Inc.		11,420		367,952
				1,485,323
Personal Products - 1.2%
Edgewell Personal Care Co. (A)		11,605		320,414
Nu Skin Enterprises, Inc., Class A		14,685		428,949
USANA Health Sciences, Inc. (A)		4,625		412,642
				1,162,005
Pharmaceuticals - 5.5%
AMAG Pharmaceuticals, Inc. (A)		48,135		386,524
Amneal Pharmaceuticals, Inc. (A) (B)		110,580		401,406
ANI Pharmaceuticals, Inc. (A)		7,310		292,473
Bausch Health Cos., Inc. (A)		21,620		391,754
Collegium Pharmaceutical, Inc. (A)		18,915		391,162
Corcept Therapeutics, Inc. (A)		29,185		369,482
Endo International PLC (A)		99,705		458,643
Horizon Therapeutics PLC (A)		10,435		376,077
Innoviva, Inc. (A)		25,870		366,837
Lannett Co., Inc. (A)		44,840		427,774
Pacira BioSciences, Inc. (A)		10,125		418,061
Prestige Consumer Healthcare, Inc. (A)		8,355		339,965
Supernus Pharmaceuticals, Inc. (A)		17,805		416,637
Taro Pharmaceutical Industries, Ltd. (A)		5,190		358,681
				5,395,476
Professional Services - 1.5%
Heidrick & Struggles International, Inc.		13,370		300,023
Kelly Services, Inc., Class A (B)		24,830		383,623
ManpowerGroup, Inc.		5,770		428,365
TrueBlue, Inc. (A)		23,605		366,586
				1,478,597
Real Estate Management & Development - 1.0%
Newmark Group, Inc., Class A		89,040		345,475
RE/MAX Holdings, Inc., Class A		15,620		410,650
Realogy Holdings Corp.		49,810		216,175
				972,300
Road & Rail - 0.3%
ArcBest Corp.		16,731		340,810
Semiconductors & Semiconductor Equipment - 3.0%
Amkor Technology, Inc. (A)		37,315		368,672
Cirrus Logic, Inc. (A)		4,960		374,976
Diodes, Inc. (A)		6,975		354,958
NeoPhotonics Corp. (A)		43,620		419,624
Photronics, Inc. (A)		30,200		360,890
Synaptics, Inc. (A)		5,490		358,991
Ultra Clean Holdings, Inc. (A)		20,140		370,375
Xperi Corp.		21,750		332,340
				2,940,826

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

Transamerica Funds Semi-Annual Report 2020

Page    214

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Software - 0.5%
Synchronoss Technologies, Inc. (A)		48,445		$   167,135
TiVo Corp.		47,355		332,906
				500,041
Specialty Retail - 3.3%
American Eagle Outfitters, Inc.		23,200		184,440
AutoNation, Inc. (A)		6,655		247,832
Buckle, Inc. (B)		13,255		202,934
Cato Corp., Class A		19,175		215,910
Express, Inc. (A)		83,020		171,851
Foot Locker, Inc.		8,295		212,601
Genesco, Inc. (A)		8,075		152,860
Haverty Furniture Cos., Inc.		16,620		224,869
Hibbett Sports, Inc. (A)		13,355		206,068
Michaels Cos., Inc. (A) (B)		73,225		222,604
Office Depot, Inc.		138,285		306,993
Rent-A-Center, Inc.		13,695		272,599
Signet Jewelers, Ltd. (B)		12,455		125,297
Tilly’s, Inc., Class A		41,135		242,285
Zumiez, Inc. (A)		10,950		231,483
				3,220,626
Technology Hardware, Storage & Peripherals - 1.1%
Diebold Nixdorf, Inc. (A) (B)		86,770		427,776
NCR Corp. (A)		17,235		353,662
Xerox Holdings Corp. (A)		17,160		313,857
				1,095,295
Textiles, Apparel & Luxury Goods - 1.0%
Hanesbrands, Inc. (B)		33,735		335,326
Ralph Lauren Corp.		4,285		316,147
Steven Madden, Ltd.		13,055		327,289
				978,762
Thrifts & Mortgage Finance - 2.5%
Essent Group, Ltd.		12,840		350,789
Flagstar Bancorp, Inc.		13,055		338,255
Meridian Bancorp, Inc.		31,110		366,476
Meta Financial Group, Inc.		12,555		231,263
MGIC Investment Corp.		30,605		223,723

	Shares		Value
COMMON STOCKS (continued)
Thrifts & Mortgage Finance (continued)
Radian Group, Inc.		15,580		$   233,388
Walker & Dunlop, Inc.		9,600		368,928
WSFS Financial Corp.		11,850		345,783
				2,458,605
Trading Companies & Distributors - 2.1%
Foundation Building Materials, Inc. (A)		35,435		414,590
MRC Global, Inc. (A)		80,065		429,148
NOW, Inc. (A)		58,055		358,199
Triton International, Ltd.		11,580		358,748
Veritiv Corp. (A)		20,275		189,977
WESCO International, Inc. (A)		13,640		352,867
				2,103,529
Total Common Stocks (Cost $115,972,087)				96,884,911
OTHER INVESTMENT COMPANY - 0.9%
Securities Lending Collateral - 0.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (C)		936,534		936,534
Total Other Investment Company (Cost $936,534)				936,534
	Principal		Value
REPURCHASE AGREEMENT - 1.9%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $1,826,833 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $1,867,426.		$  1,826,833		1,826,833
Total Repurchase Agreement (Cost $1,826,833)				1,826,833
Total Investments (Cost $118,735,454)				99,648,278
Net Other Assets (Liabilities) - (1.0)%				(974,471	)
Net Assets - 100.0%				$  98,673,807

INVESTMENT 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	$	96,884,911	$	—	$	—	$	96,884,911
Other Investment Company		936,534		—		—		936,534
Repurchase Agreement		—		1,826,833		—		1,826,833
Total Investments	$	97,821,445	$	1,826,833	$	—	$	99,648,278

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

Transamerica Funds Semi-Annual Report 2020

Page    215

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

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 $6,306,467, collateralized by cash collateral of $936,534 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $5,621,971. 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 April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    216

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 96.7%
Aerospace & Defense - 5.7%
Axon Enterprise, Inc. (A)		26,000		$  1,890,460
Kratos Defense & Security Solutions, Inc. (A)		229,334		3,444,597
Mercury Systems, Inc. (A)		34,781		3,101,074
				8,436,131
Banks - 2.9%
Banc of California, Inc.		196,570		2,048,260
CenterState Bank Corp.		130,170		2,263,656
				4,311,916
Building Products - 1.3%
Armstrong World Industries, Inc.		25,689		1,980,108
Chemicals - 0.9%
Quaker Chemical Corp. (B)		8,866		1,348,696
Consumer Finance - 1.0%
LendingTree, Inc. (A) (B)		5,594		1,394,976
Diversified Consumer Services - 3.0%
Chegg, Inc. (A) (B)		102,907		4,399,274
Diversified Telecommunication Services - 1.7%
Cogent Communications Holdings, Inc.		29,502		2,473,153
Electronic Equipment, Instruments & Components - 1.1%
nLight, Inc. (A) (B)		103,121		1,625,187
Energy Equipment & Services - 0.9%
Select Energy Services, Inc., Class A (A) (B)		275,876		1,324,205
Food & Staples Retailing - 2.4%
Grocery Outlet Holding Corp. (A) (B)		107,170		3,565,546
Food Products - 1.1%
J&J Snack Foods Corp.		12,300		1,562,469
Health Care Equipment & Supplies - 13.2%
CONMED Corp.		30,170		2,229,865
Heska Corp. (A)		21,530		1,524,324
Integer Holdings Corp. (A)		34,782		2,589,868
LeMaitre Vascular, Inc.		81,650		2,326,208
Mesa Laboratories, Inc. (B)		18,092		4,305,896
Neogen Corp. (A)		49,480		3,096,953
Quidel Corp. (A)		14,868		2,066,652
Tactile Systems Technology, Inc. (A)		24,343		1,256,586
				19,396,352
Health Care Providers & Services - 3.7%
BioTelemetry, Inc. (A) (B)		61,213		2,859,259
LHC Group, Inc. (A)		19,955		2,593,951
				5,453,210
Health Care Technology - 2.7%
Tabula Rasa HealthCare, Inc. (A) (B)		61,674		3,906,431
Hotels, Restaurants & Leisure - 0.5%
Texas Roadhouse, Inc.		14,571		686,148
Household Durables - 3.9%
Skyline Champion Corp. (A)		187,210		3,689,909
TopBuild Corp. (A)		22,522		2,098,825
				5,788,734
Insurance - 1.4%
Goosehead Insurance, Inc., Class A (A)		36,427		2,045,012
IT Services - 12.0%
Endava PLC, ADR (A)		46,304		2,026,726
Evo Payments, Inc., Class A (A)		248,927		4,956,136
I3 Verticals, Inc., Class A (A) (B)		67,315		1,564,401

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
MAXIMUS, Inc.		46,275		$   3,115,233
Repay Holdings Corp. (A)		35,508		634,528
WNS Holdings, Ltd., ADR (A)		111,555		5,449,462
				17,746,486
Life Sciences Tools & Services - 12.5%
Charles River Laboratories International, Inc. (A)		11,985		1,733,870
Medpace Holdings, Inc. (A)		41,910		3,346,933
NeoGenomics, Inc. (A)		154,595		4,226,627
PRA Health Sciences, Inc. (A)		31,320		3,022,380
Repligen Corp. (A)		51,880		6,025,862
				18,355,672
Personal Products - 1.7%
Inter Parfums, Inc.		56,908		2,543,218
Road & Rail - 3.1%
Marten Transport, Ltd.		92,834		2,081,338
Saia, Inc. (A)		26,085		2,413,384
				4,494,722
Semiconductors & Semiconductor Equipment - 2.7%
Cabot Microelectronics Corp.		12,672		1,552,827
Silicon Laboratories, Inc. (A)		25,209		2,450,819
				4,003,646
Software - 16.2%
Appfolio, Inc., Class A (A) (B)		14,308		1,571,877
Box, Inc., Class A (A)		172,155		2,778,582
Mimecast, Ltd. (A)		110,371		4,514,174
Pegasystems, Inc.		78,815		6,590,510
Qualys, Inc. (A)		43,842		4,622,700
Workiva, Inc. (A)		98,137		3,763,554
				23,841,397
Trading Companies & Distributors - 1.1%
SiteOne Landscape Supply, Inc. (A) (B)		18,920		1,676,879
Total Common Stocks (Cost $120,774,189)				142,359,568
OTHER INVESTMENT COMPANY - 3.7%
Securities Lending Collateral - 3.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (C)		5,525,907		5,525,907
Total Other Investment Company (Cost $5,525,907)				5,525,907

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

Transamerica Funds Semi-Annual Report 2020

Page    217

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 4.5%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $6,636,895 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $6,773,996.		$  6,636,895		$   6,636,895
Total Repurchase Agreement (Cost $6,636,895)				6,636,895
Total Investments (Cost $132,936,991)				154,522,370
Net Other Assets (Liabilities) - (4.9)%				(7,160,453	)
Net Assets - 100.0%				$  147,361,917

INVESTMENT 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	$	142,359,568	$	—	$	—	$	142,359,568
Other Investment Company		5,525,907		—		—		5,525,907
Repurchase Agreement		—		6,636,895		—		6,636,895
Total Investments	$	147,885,475	$	6,636,895	$	—	$	154,522,370

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 $15,787,486, collateralized by cash collateral of $5,525,907 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $10,613,697. 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.
(C)	Rates disclosed reflect the yields at April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2020

Page    218

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 96.0%
Auto Components - 2.2%
Stoneridge, Inc. (A)		45,501		$  911,385
Visteon Corp. (A) (B)		17,384		1,048,255
				1,959,640
Automobiles - 1.8%
Winnebago Industries, Inc.		35,187		1,561,247
Banks - 18.7%
Ameris Bancorp		30,128		766,155
BancorpSouth Bank		34,361		752,162
Enterprise Financial Services Corp.		26,822		824,508
FB Financial Corp.		28,097		627,687
First Bancorp		31,879		847,663
First Horizon National Corp.		94,375		856,925
First Interstate BancSystem, Inc., Class A		29,434		994,869
First Midwest Bancorp, Inc.		55,882		825,936
Hancock Whitney Corp.		38,739		810,033
Pacific Premier Bancorp, Inc.		44,243		944,588
Renasant Corp.		37,376		980,373
TCF Financial Corp. (B)		34,156		1,014,092
Umpqua Holdings Corp.		69,926		875,823
Valley National Bancorp		115,301		963,916
Veritex Holdings, Inc.		50,548		887,623
Webster Financial Corp.		33,675		951,319
WesBanco, Inc.		36,493		900,647
Western Alliance Bancorp		21,555		773,393
Wintrust Financial Corp.		20,710		867,749
				16,465,461
Biotechnology - 1.4%
Coherus Biosciences, Inc. (A) (B)		74,199		1,231,703
Capital Markets - 0.8%
Stifel Financial Corp.		16,513		731,196
Chemicals - 0.9%
Livent Corp. (A) (B)		121,510		753,362
Commercial Services & Supplies - 2.1%
BrightView Holdings, Inc. (A) (B)		73,835		946,565
Covanta Holding Corp.		121,018		941,520
				1,888,085
Communications Equipment - 1.3%
Casa Systems, Inc. (A)		221,331		1,135,428
Construction & Engineering - 2.5%
MasTec, Inc. (A)		37,828		1,358,025
Tutor Perini Corp. (A)		116,507		815,549
				2,173,574
Consumer Finance - 1.8%
Encore Capital Group, Inc. (A)		29,829		774,957
PRA Group, Inc. (A)		28,102		779,550
				1,554,507
Containers & Packaging - 0.9%
Graphic Packaging Holding Co.		56,280		751,338
Electric Utilities - 1.9%
PNM Resources, Inc.		29,802		1,206,683
Spark Energy, Inc., Class A		69,240		499,913
				1,706,596
Electronic Equipment, Instruments & Components - 1.5%
Flex, Ltd. (A)		55,519		541,865

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
Sanmina Corp. (A)		28,350		$   786,146
				1,328,011
Entertainment - 1.9%
IMAX Corp. (A) (B)		43,087		495,501
Lions Gate Entertainment Corp., Class B (A)		177,546		1,186,007
				1,681,508
Equity Real Estate Investment Trusts - 12.5%
Alexander & Baldwin, Inc.		48,044		631,298
Alpine Income Property Trust, Inc.		18,829		243,835
Brandywine Realty Trust		65,774		734,038
CatchMark Timber Trust, Inc., Class A		110,855		871,320
Community Healthcare Trust, Inc.		21,345		794,034
Four Corners Property Trust, Inc.		40,785		913,176
Getty Realty Corp.		26,704		725,281
Independence Realty Trust, Inc.		47,498		478,305
Industrial Logistics Properties Trust		44,007		822,491
Investors Real Estate Trust		10,165		636,634
Jernigan Capital, Inc. (B)		47,579		628,043
NexPoint Residential Trust, Inc.		24,524		737,437
Outfront Media, Inc.		42,377		664,895
Physicians Realty Trust		54,066		833,698
Ryman Hospitality Properties, Inc.		14,572		514,974
Sunstone Hotel Investors, Inc. (B)		86,175		791,948
				11,021,407
Food Products - 1.5%
B&G Foods, Inc. (B)		31,373		609,264
Darling Ingredients, Inc. (A)		34,039		700,863
				1,310,127
Health Care Equipment & Supplies - 1.2%
Inmode, Ltd. (A)		3,741		97,341
Lantheus Holdings, Inc. (A)		71,358		931,222
				1,028,563
Health Care Providers & Services - 2.8%
AMN Healthcare Services, Inc. (A)		19,453		913,902
Premier, Inc., Class A (A)		46,737		1,549,799
				2,463,701
Hotels, Restaurants & Leisure - 1.8%
Extended Stay America, Inc.		64,520		701,332
International Game Technology PLC (B)		121,155		913,509
				1,614,841
Household Durables - 3.6%
Century Communities, Inc. (A)		67,533		1,446,557
MDC Holdings, Inc.		27,808		813,384
Universal Electronics, Inc. (A)		21,210		875,549
				3,135,490
Insurance - 3.1%
Horace Mann Educators Corp.		19,474		684,706
National General Holdings Corp.		35,556		676,630
Selective Insurance Group, Inc.		15,485		776,263
Universal Insurance Holdings, Inc.		34,839		635,115
				2,772,714
IT Services - 0.7%
Conduent, Inc. (A)		248,385		625,930

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

Transamerica Funds Semi-Annual Report 2020

Page    219

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Leisure Products - 1.5%
Callaway Golf Co.		93,013		$   1,331,946
Machinery - 2.7%
Meritor, Inc. (A)		53,948		1,105,934
Middleby Corp. (A)		8,178		454,942
Wabash National Corp.		94,683		776,401
				2,337,277
Media - 1.8%
Gray Television, Inc. (A)		74,307		862,704
Nexstar Media Group, Inc., Class A (B)		10,551		738,992
				1,601,696
Metals & Mining - 0.8%
Compass Minerals International, Inc. (B)		14,690		722,160
Multi-Utilities - 1.4%
Black Hills Corp.		8,667		536,834
NorthWestern Corp.		11,728		676,588
				1,213,422
Oil, Gas & Consumable Fuels - 3.0%
Brigham Minerals, Inc., Class A (B)		48,455		624,585
CNX Resources Corp. (A)		49,882		528,749
Delek US Holdings, Inc.		34,691		810,035
Scorpio Tankers, Inc.		31,202		683,012
				2,646,381
Pharmaceuticals - 1.2%
Prestige Consumer Healthcare, Inc. (A)		25,265		1,028,033
Road & Rail - 1.3%
Hertz Global Holdings, Inc. (A) (B)		103,570		418,423
Ryder System, Inc.		21,163		749,170
				1,167,593
Semiconductors & Semiconductor Equipment - 2.5%
Cohu, Inc.		51,831		856,766
Kulicke & Soffa Industries, Inc.		54,310		1,301,811
				2,158,577
Software - 4.3%
Cerence, Inc. (A)		58,443		1,236,654
Ebix, Inc. (B)		33,144		693,704
TiVo Corp.		103,038		724,357
Zix Corp. (A)		206,577		1,132,042
				3,786,757

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail - 3.8%
Asbury Automotive Group, Inc. (A)		15,258		$   1,029,915
Foot Locker, Inc.		28,273		724,637
MarineMax, Inc. (A)		52,814		761,050
Urban Outfitters, Inc. (A)		45,759		793,461
				3,309,063
Textiles, Apparel & Luxury Goods - 0.6%
Oxford Industries, Inc.		12,441		521,527
Trading Companies & Distributors - 4.2%
GMS, Inc. (A)		51,966		955,135
Rush Enterprises, Inc., Class A		27,457		1,029,637
Triton International, Ltd.		30,116		932,994
WESCO International, Inc. (A)		29,834		771,806
				3,689,572
Total Common Stocks (Cost $94,606,104)				84,408,433
OTHER INVESTMENT COMPANY - 1.7%
Securities Lending Collateral - 1.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (C)		1,507,055		1,507,055
Total Other Investment Company (Cost $1,507,055)				1,507,055
	Principal		Value
REPURCHASE AGREEMENT - 3.1%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $2,754,747 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $2,814,216.		$  2,754,747		2,754,747
Total Repurchase Agreement (Cost $2,754,747)				2,754,747
Total Investments (Cost $98,867,906)				88,670,235
Net Other Assets (Liabilities) - (0.8)%				(740,571	)
Net Assets - 100.0%				$  87,929,664

INVESTMENT 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	$	84,408,433	$	—	$	—	$	84,408,433
Other Investment Company		1,507,055		—		—		1,507,055
Repurchase Agreement		—		2,754,747		—		2,754,747
Total Investments	$	85,915,488	$	2,754,747	$	—	$	88,670,235

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

Transamerica Funds Semi-Annual Report 2020

Page    220

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

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 $6,508,210, collateralized by cash collateral of $1,507,055 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $5,199,973. 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 April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    221

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 96.6%
Aerospace & Defense - 1.2%
Aerojet Rocketdyne Holdings, Inc. (A)		48,000		$  1,974,720
Cubic Corp.		38,500		1,471,085
Curtiss-Wright Corp.		17,000		1,762,050
Elbit Systems, Ltd. (B)		15,000		2,039,550
				7,247,405
Airlines - 0.5%
Alaska Air Group, Inc.		40,855		1,328,605
Delta Air Lines, Inc.		57,800		1,497,598
				2,826,203
Auto Components - 0.7%
Dana, Inc.		47,000		540,500
Gentex Corp.		34,000		824,160
Stoneridge, Inc. (A) (B)		44,500		891,335
Visteon Corp. (A) (B)		35,500		2,140,650
				4,396,645
Banks - 5.8%
Atlantic Union Bankshares Corp.		52,000		1,241,240
Bank of Princeton		39,300		825,300
Berkshire Hills Bancorp, Inc.		98,831		1,684,080
Carolina Financial Corp.		6,550		221,587
Central Valley Community Bancorp		9,400		137,522
CIT Group, Inc.		205,000		3,890,900
Dime Community Bancshares, Inc.		102,000		1,675,860
Evans Bancorp, Inc.		8,345		231,741
First Citizens BancShares, Inc., Class A		13,788		5,267,016
First Community Bankshares, Inc.		72,500		1,708,825
Hanmi Financial Corp.		64,000		772,480
Hope Bancorp, Inc.		104,832		1,043,078
Lakeland Bancorp, Inc.		203,000		2,271,570
OceanFirst Financial Corp.		52,500		884,625
People’s United Financial, Inc.		118,450		1,503,130
Sandy Spring Bancorp, Inc.		104,000		2,652,000
Signature Bank		9,500		1,018,210
Sterling Bancorp		112,500		1,387,125
Umpqua Holdings Corp.		155,000		1,941,375
United Bankshares, Inc.		7,000		209,720
United Community Banks, Inc.		92,000		1,945,340
Washington Trust Bancorp, Inc.		21,621		756,951
Webster Financial Corp.		19,500		550,875
Western Alliance Bancorp		36,250		1,300,650
				35,121,200
Beverages - 1.1%
Molson Coors Beverage Co., Class B		162,000		6,643,620
Biotechnology - 2.1%
Alexion Pharmaceuticals, Inc. (A)		60,100		6,458,947
Exelixis, Inc. (A)		30,000		740,850
United Therapeutics Corp. (A) (B)		51,700		5,664,252
				12,864,049
Building Products - 1.2%
American Woodmark Corp. (A)		23,600		1,213,276
Gibraltar Industries, Inc. (A)		16,500		763,950
Insteel Industries, Inc.		6,500		114,205
Masonite International Corp. (A)		19,500		1,152,060
Owens Corning		29,300		1,270,448
PGT Innovations, Inc. (A)		131,500		1,359,710

	Shares		Value
COMMON STOCKS (continued)
Building Products (continued)
Quanex Building Products Corp.		103,000		$   1,284,410
				7,158,059
Capital Markets - 1.2%
Franklin Resources, Inc.		85,700		1,614,588
Legg Mason, Inc.		34,500		1,719,135
Piper Sandler Cos.		35,250		1,900,327
Stifel Financial Corp.		39,300		1,740,204
				6,974,254
Chemicals - 2.2%
Chase Corp.		7,150		673,959
Corteva, Inc. (A)		209,300		5,481,567
Huntsman Corp.		58,500		983,385
Mosaic Co.		463,500		5,334,885
Trinseo SA		50,500		1,032,725
				13,506,521
Commercial Services & Supplies - 0.5%
HNI Corp.		16,500		401,610
Knoll, Inc.		66,500		775,390
Tetra Tech, Inc.		23,350		1,757,788
				2,934,788
Communications Equipment - 1.3%
Arista Networks, Inc. (A)		15,300		3,355,290
Harmonic, Inc. (A)		134,000		777,200
KVH Industries, Inc. (A)		246,000		2,282,880
NETGEAR, Inc. (A)		10,800		258,984
Silicom, Ltd. (A)		40,500		1,268,865
				7,943,219
Construction & Engineering - 1.0%
Comfort Systems USA, Inc.		68,500		2,281,050
EMCOR Group, Inc.		43,500		2,763,555
Granite Construction, Inc. (B)		44,500		731,580
				5,776,185
Construction Materials - 0.1%
US Concrete, Inc. (A) (B)		40,500		776,790
Consumer Finance - 0.9%
Ally Financial, Inc.		314,105		5,148,181
Distributors - 1.1%
LKQ Corp. (A)		252,100		6,592,415
Diversified Consumer Services - 0.8%
American Public Education, Inc. (A)		88,500		2,280,645
K12, Inc. (A)		116,000		2,634,360
				4,915,005
Diversified Financial Services - 0.4%
Jefferies Financial Group, Inc.		192,953		2,647,315
Diversified Telecommunication Services - 1.2%
GCI Liberty, Inc., Class A (A)		118,500		7,208,355
Electric Utilities - 3.3%
FirstEnergy Corp.		185,600		7,659,712
OGE Energy Corp.		200,700		6,326,064
PPL Corp.		243,500		6,189,770
				20,175,546
Electrical Equipment - 0.8%
Acuity Brands, Inc.		17,400		1,506,666
LSI Industries, Inc.		137,600		853,120

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

Transamerica Funds Semi-Annual Report 2020

Page    222

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment (continued)
Regal Beloit Corp.		35,300		$   2,506,653
				4,866,439
Electronic Equipment, Instruments & Components - 1.1%
Coherent, Inc. (A) (B)		5,750		735,253
Methode Electronics, Inc.		81,500		2,446,630
OSI Systems, Inc. (A)		23,000		1,664,740
Vishay Intertechnology, Inc.		124,150		2,059,648
				6,906,271
Energy Equipment & Services - 0.8%
Baker Hughes Co.		323,200		4,508,640
Helmerich & Payne, Inc.		31,000		612,870
				5,121,510
Entertainment - 0.1%
Madison Square Garden Entertainment Corp. (A)		2,200		181,940
Madison Square Garden Sports Co., Class A (A)		3,700		633,884
				815,824
Equity Real Estate Investment Trusts - 4.9%
Apple Hospitality, Inc.		178,600		1,728,848
Brandywine Realty Trust		186,500		2,081,340
Colony Capital, Inc.		735,766		1,699,619
Community Healthcare Trust, Inc.		58,700		2,183,640
DiamondRock Hospitality Co.		233,000		1,451,590
Gaming and Leisure Properties, Inc.		174,100		4,916,584
JBG SMITH Properties		211,700		7,187,215
Lexington Realty Trust		245,000		2,560,250
Outfront Media, Inc.		19,900		312,231
Physicians Realty Trust		165,500		2,552,010
Piedmont Office Realty Trust, Inc., Class A		46,850		812,848
Sabra Health Care, Inc.		120,850		1,549,297
Summit Hotel Properties, Inc.		86,000		521,160
				29,556,632
Food & Staples Retailing - 0.9%
US Foods Holding Corp. (A)		212,200		4,562,300
Village Super Market, Inc., Class A		46,500		1,117,395
				5,679,695
Food Products - 3.0%
Kraft Heinz Co.		183,400		5,562,522
Nomad Foods, Ltd. (A)		11,000		226,710
Post Holdings, Inc. (A)		100,200		9,203,370
Sanderson Farms, Inc. (B)		8,950		1,218,453
Tyson Foods, Inc., Class A		30,600		1,903,014
				18,114,069
Gas Utilities - 1.7%
UGI Corp.		330,900		9,986,562
Health Care Equipment & Supplies - 3.0%
Alcon, Inc. (A) (B)		81,700		4,314,577
AngioDynamics, Inc. (A)		118,550		1,236,476
Meridian Bioscience, Inc. (A)		166,500		1,998,000
OraSure Technologies, Inc. (A)		191,450		3,051,713
Zimmer Biomet Holdings, Inc.		61,200		7,325,640
				17,926,406
Health Care Providers & Services - 4.5%
AmerisourceBergen Corp.		91,100		8,168,026

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (continued)
AMN Healthcare Services, Inc. (A)		50,450		$   2,370,141
BioTelemetry, Inc. (A) (B)		13,800		644,598
Centene Corp. (A)		100,300		6,677,974
Cross Country Healthcare, Inc. (A)		281,000		1,767,490
Encompass Health Corp.		31,300		2,073,625
Laboratory Corp. of America Holdings (A)		34,112		5,609,718
				27,311,572
Health Care Technology - 0.2%
Omnicell, Inc. (A)		14,000		1,020,600
Hotels, Restaurants & Leisure - 0.9%
Aramark		130,000		3,550,300
Churchill Downs, Inc.		18,300		1,834,026
				5,384,326
Household Durables - 1.4%
Helen of Troy, Ltd. (A)		12,850		2,110,998
KB Home		21,500		564,160
La-Z-Boy, Inc.		69,000		1,618,050
MDC Holdings, Inc.		21,500		628,875
NVR, Inc. (A)		680		2,108,000
PulteGroup, Inc.		17,500		494,725
Turtle Beach Corp. (A) (B)		100,000		983,000
				8,507,808
Household Products - 0.3%
Spectrum Brands Holdings, Inc.		36,200		1,558,772
Insurance - 7.8%
Alleghany Corp.		12,000		6,404,520
Allstate Corp.		74,348		7,562,678
Arch Capital Group, Ltd. (A)		252,400		6,065,172
Fidelity National Financial, Inc.		348,800		9,435,040
Loews Corp.		197,000		6,828,020
Markel Corp. (A)		7,613		6,591,640
Selective Insurance Group, Inc.		63,500		3,183,255
United Fire Group, Inc.		46,468		1,328,985
				47,399,310
Internet & Direct Marketing Retail - 2.3%
eBay, Inc.		215,300		8,575,399
Expedia Group, Inc.		36,626		2,599,713
Qurate Retail, Inc., Series A (A) (B)		330,100		2,658,956
				13,834,068
IT Services - 1.9%
Alliance Data Systems Corp.		51,538		2,580,508
Euronet Worldwide, Inc. (A)		8,900		816,664
FleetCor Technologies, Inc. (A)		8,900		2,147,125
KBR, Inc.		120,000		2,431,200
Leidos Holdings, Inc.		26,500		2,618,465
Perficient, Inc. (A)		29,950		1,043,158
				11,637,120
Leisure Products - 0.3%
Acushnet Holdings Corp.		9,200		252,080
MasterCraft Boat Holdings, Inc. (A)		145,700		1,522,565
Polaris, Inc.		4,200		297,906
				2,072,551
Machinery - 2.7%
Altra Industrial Motion Corp.		45,850		1,279,674
Columbus McKinnon Corp.		63,792		1,727,487

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

Transamerica Funds Semi-Annual Report 2020

Page    223

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Machinery (continued)
Douglas Dynamics, Inc.		37,500		$   1,386,000
Gencor Industries, Inc. (A)		113,000		1,369,560
Miller Industries, Inc.		26,000		789,880
Mueller Industries, Inc.		81,000		2,097,900
Oshkosh Corp.		13,600		918,408
Trinity Industries, Inc. (B)		193,600		3,734,544
Watts Water Technologies, Inc., Class A		8,450		696,280
Westinghouse Air Brake Technologies Corp.		36,400		2,053,688
				16,053,421
Media - 5.9%
Discovery, Inc., Class C (A)		188,960		3,856,674
DISH Network Corp., Class A (A)		258,300		6,461,374
Fox Corp., Class A		158,400		4,097,808
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		200,173		6,819,894
MSG Networks, Inc., Class A (A) (B)		197,500		2,346,300
News Corp., Class A		547,616		5,426,875
ViacomCBS, Inc., Class B		385,385		6,651,745
				35,660,670
Metals & Mining - 0.8%
Commercial Metals Co.		134,000		2,135,960
Kaiser Aluminum Corp.		22,000		1,589,060
Schnitzer Steel Industries, Inc., Class A		54,000		840,240
				4,565,260
Mortgage Real Estate Investment Trusts - 0.9%
Annaly Capital Management, Inc.		916,842		5,730,263
Multi-Utilities - 2.2%
CenterPoint Energy, Inc.		507,400		8,641,022
NorthWestern Corp.		77,400		4,465,206
				13,106,228
Multiline Retail - 1.4%
Dollar Tree, Inc. (A)		104,300		8,309,581
Oil, Gas & Consumable Fuels - 3.2%
Antero Resources Corp. (A) (B)		631,304		1,881,286
Delek US Holdings, Inc. (B)		51,196		1,195,427
EQT Corp.		256,300		3,739,417
HollyFrontier Corp.		90,000		2,973,600
Magnolia Oil & Gas Corp., Class A (A) (B)		205,300		1,328,291
REX American Resources Corp. (A)		28,500		1,695,180
Williams Cos., Inc.		339,300		6,572,241
				19,385,442
Paper & Forest Products - 0.4%
Domtar Corp.		50,500		1,179,680
P.H. Glatfelter Co.		73,500		1,073,100
				2,252,780
Pharmaceuticals - 1.1%
BioDelivery Sciences International, Inc. (A)		308,500		1,406,760
Jazz Pharmaceuticals PLC (A)		46,200		5,093,550
				6,500,310
Professional Services - 1.3%
ASGN, Inc. (A)		44,500		2,067,025
FTI Consulting, Inc. (A)		13,200		1,681,152
Heidrick & Struggles International, Inc.		47,900		1,074,876
ICF International, Inc.		43,500		3,198,990
				8,022,043

	Shares		Value
COMMON STOCKS (continued)
Real Estate Management & Development - 0.1%
Newmark Group, Inc., Class A		131,500		$   510,220
Road & Rail - 0.3%
AMERCO		6,050		1,694,787
Semiconductors & Semiconductor Equipment - 4.8%
Applied Materials, Inc.		38,200		1,897,776
AXT, Inc. (A)		162,000		895,860
Brooks Automation, Inc.		38,800		1,493,412
Cohu, Inc.		143,714		2,375,592
Entegris, Inc.		48,000		2,603,040
MagnaChip Semiconductor Corp. (A)		189,000		2,186,730
MaxLinear, Inc. (A)		26,600		438,634
MKS Instruments, Inc.		32,300		3,237,429
Onto Innovation, Inc. (A)		43,250		1,403,895
Qorvo, Inc. (A)		58,724		5,756,714
Silicon Motion Technology Corp., ADR		72,700		3,194,438
Tower Semiconductor, Ltd. (A)		100,000		1,923,500
Universal Display Corp.		10,350		1,553,742
				28,960,762
Software - 2.2%
CDK Global, Inc.		133,700		5,251,736
LogMeIn, Inc.		19,300		1,649,378
Progress Software Corp.		39,000		1,595,490
SS&C Technologies Holdings, Inc.		86,400		4,765,824
				13,262,428
Specialty Retail - 2.1%
Abercrombie & Fitch Co., Class A (B)		84,500		894,010
American Eagle Outfitters, Inc.		237,000		1,884,150
Foot Locker, Inc.		154,250		3,953,427
Ross Stores, Inc.		28,400		2,594,624
Urban Outfitters, Inc. (A) (B)		96,000		1,664,640
Williams-Sonoma, Inc. (B)		28,400		1,756,256
				12,747,107
Technology Hardware, Storage & Peripherals - 1.1%
Dell Technologies, Inc., Class C (A)		45,800		1,955,202
NCR Corp. (A)		226,626		4,650,366
				6,605,568
Textiles, Apparel & Luxury Goods - 0.6%
Deckers Outdoor Corp. (A)		12,300		1,829,748
Steven Madden, Ltd.		63,500		1,591,945
				3,421,693
Thrifts & Mortgage Finance - 0.9%
Provident Financial Services, Inc.		77,500		1,112,125
TrustCo Bank Corp.		185,000		1,165,500
Washington Federal, Inc.		125,000		3,342,500
				5,620,125
Trading Companies & Distributors - 2.1%
AerCap Holdings NV (A)		218,872		6,154,681
HD Supply Holdings, Inc. (A)		221,100		6,562,248
				12,716,929
Total Common Stocks (Cost $587,939,330)				583,680,907

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

Transamerica Funds Semi-Annual Report 2020

Page    224

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (C)		6,345,465		$   6,345,465
Total Other Investment Company (Cost $6,345,465)				6,345,465

	Principal		Value
REPURCHASE AGREEMENT - 3.9%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $23,755,035 on 05/01/2020. Collateralized by U.S. Government Obligations, 1.88% - 2.50%, due 02/15/2022 - 03/31/2022, and with a total value of $24,232,682.		$  23,755,035		$   23,755,035
Total Repurchase Agreement (Cost $23,755,035)				23,755,035
Total Investments (Cost $618,039,830)				613,781,407
Net Other Assets (Liabilities) - (1.5)%				(8,796,996	)
Net Assets - 100.0%				$  604,984,411

INVESTMENT 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	$	583,680,907	$	—	$	—	$	583,680,907
Other Investment Company		6,345,465		—		—		6,345,465
Repurchase Agreement		—		23,755,035		—		23,755,035
Total Investments	$	590,026,372	$	23,755,035	$	—	$	613,781,407

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 $16,352,417, collateralized by cash collateral of $6,345,465 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $10,625,346. 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 April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2020

Page    225

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 6.5%
AIMCO CLO Trust
Series 2018-AA, Class B,
3-Month LIBOR + 1.40%, 2.53% (A), 04/17/2031 (B)		$  500,000		$  462,255
Series 2018-AA, Class D,
3-Month LIBOR + 2.55%, 3.68% (A), 04/17/2031 (B)		1,500,000		1,176,921
Ares XXXIIR CLO, Ltd. Series 2014-32RA, Class E, 3-Month LIBOR + 8.40%, 10.09% (A), 05/15/2030 (B)		3,400,000		1,543,709
Ares XXXVII CLO, Ltd. Series 2015-4A, Class ER, 3-Month LIBOR + 7.27%, 8.49% (A), 10/15/2030 (B)		4,000,000		1,775,488
Avery Point VI CLO, Ltd. Series 2015-6A, Class F, 3-Month LIBOR + 6.80%, 8.54% (A), 08/05/2027 (B)		2,000,000		904,796
Beechwood Park CLO, Ltd. Series 2019-1A, Class A1, 3-Month LIBOR + 1.33%, 3.23% (A), 01/17/2033 (B)		5,000,000		4,807,665
Benefit Street Partners CLO XVII, Ltd. Series 2019-17A, Class B, 3-Month LIBOR + 1.85%, 3.07% (A), 07/15/2032 (B)		400,000		366,080
Cedar Funding VII CLO, Ltd.
Series 2018-7A, Class C,
3-Month LIBOR + 1.75%, 2.89% (A), 01/20/2031 (B)		750,000		633,984
Series 2018-7A, Class D,
3-Month LIBOR + 2.55%, 3.69% (A), 01/20/2031 (B)		3,000,000		2,325,012
Dryden 53 CLO, Ltd. Series 2017-53A, Class B, 3-Month LIBOR + 1.40%, 2.62% (A), 01/15/2031 (B)		1,400,000		1,300,426
Dryden 55 CLO, Ltd. Series 2018-55A, Class F, 3-Month LIBOR + 7.20%, 8.42% (A), 04/15/2031 (B)		3,000,000		1,296,078
Dryden 80 CLO, Ltd.
Series 2019-80A, Class A1,
3-Month LIBOR + 1.33%, 3.21% (A), 01/17/2033 (B)		5,500,000		5,252,786
Series 2019-80A, Class B,
3-Month LIBOR + 1.90%, 3.78% (A), 01/17/2033 (B)		4,000,000		3,699,776
Elm CLO, Ltd. Series 2014-1A, Class CRR, 3-Month LIBOR + 2.35%, 3.48% (A), 01/17/2029 (B)		1,000,000		908,955
Hayfin Kingsland VIII, Ltd.
Series 2018-8A, Class A,
3-Month LIBOR + 1.12%, 2.26% (A), 04/20/2031 (B)		650,000		603,747
Series 2018-8A, Class B,
3-Month LIBOR + 1.48%, 2.62% (A), 04/20/2031 (B)		725,000		654,708

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Hertz Vehicle Financing II, LP Series 2017-1A, Class A, 2.96%, 10/25/2021 (B)		$   1,408,000		$   1,316,518
HPS Loan Management, Ltd. Series 15A-19, Class B, 3-Month LIBOR + 1.80%, 3.60% (A), 07/22/2032 (B)		1,000,000		922,805
Madison Park Funding XXII, Ltd.
Series 2016-22A, Class A1R,
3-Month LIBOR + 1.26%, 2.48% (A), 01/15/2033 (B)		1,000,000		950,300
Series 2016-22A, Class CR,
3-Month LIBOR + 2.00%, 3.22% (A), 01/15/2033 (B)		2,500,000		2,095,795
Madison Park Funding XXX, Ltd. Series 2018-30A, Class C, 3-Month LIBOR + 1.70%, 2.92% (A), 04/15/2029 (B)		475,000		422,024
Madison Park Funding XXXVI, Ltd. Series 2019-36A, Class B1, 3-Month LIBOR + 1.85%, 3.79% (A), 01/15/2033 (B)		8,000,000		7,402,376
Marble Point CLO, Ltd. Series 2018-2A, Class A1, 3-Month LIBOR + 1.33%, 2.47% (A), 01/20/2032 (B)		4,750,000		4,475,417
Neuberger Berman CLO XIV, Ltd. Series 2013-14A, Class AR2, 3-Month LIBOR + 1.03%, 1.92% (A), 01/28/2030 (B)		2,425,000		2,358,616
Neuberger Berman CLO XXI, Ltd. Series 2016-21A, Class CR, 3-Month LIBOR + 1.60%, 2.74% (A), 04/20/2027 (B)		1,000,000		927,607
Neuberger Berman Loan Advisers CLO 34, Ltd. Series 2019-34A, Class A1, 3-Month LIBOR + 1.32%, 2.46% (A), 01/20/2033 (B)		7,550,000		7,314,583
Octagon Investment Partners 18-R, Ltd. Series 2018-18A, Class E, 3-Month LIBOR + 8.25%, 10.09% (A), 04/16/2031 (B)		1,625,000		691,295
OHA Credit Funding 3, Ltd. Series 2019-3A, Class B1, 3-Month LIBOR + 1.80%, 2.94% (A), 07/20/2032 (B)		1,500,000		1,390,297
OHA Loan Funding, Ltd.
Series 2015-1A, Class B1R2,
3-Month LIBOR + 1.90%, 3.59% (A), 11/15/2032 (B)		3,000,000		2,848,338
Series 2016-1A, Class AR,
3-Month LIBOR + 1.26%, 2.40% (A), 01/20/2033 (B)		1,000,000		962,508
Series 2016-1A, Class B1R,
3-Month LIBOR + 1.60%, 2.74% (A), 01/20/2033 (B)		2,375,000		2,191,897

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

Transamerica Funds Semi-Annual Report 2020

Page    226

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Post CLO, Ltd. Series 2018-1A, Class C, 3-Month LIBOR + 2.00%, 3.18% (A), 04/16/2031 (B)		$   3,075,000		$   2,681,766
RR 7, Ltd.
Series 2019-7A, Class A1B,
3-Month LIBOR + 1.65%, 2.87% (A), 01/15/2033 (B)		7,100,000		6,682,612
Series 2019-7A, Class A2,
3-Month LIBOR + 2.00%, 3.22% (A), 01/15/2033 (B)		4,675,000		4,371,630
Southwick Park CLO LLC Series 2019-4A, Class A1, 3-Month LIBOR + 1.30%, 2.44% (A), 07/20/2032 (B)		2,500,000		2,397,210
TCW CLO, Ltd. Series 2019-1A, Class B, 3-Month LIBOR + 1.80%, 3.49% (A), 02/15/2029 (B)		1,000,000		940,710
Voya CLO, Ltd. Series 2018-1A, Class B, 3-Month LIBOR + 1.80%, 2.94% (A), 04/19/2031 (B)		750,000		657,584
Whitebox CLO, Ltd. Series 2019-1A, Class ANA, 3-Month LIBOR + 1.41%, 2.43% (A), 07/24/2032 (B)		6,000,000		5,656,764
World Financial Network Credit Card Master Trust Series 2019-C, Class M, 2.71%, 07/15/2026		2,200,000		2,076,079
York CLO, Ltd. Series 2015-1A, Class AR, 3-Month LIBOR + 1.15%, 2.25% (A), 01/22/2031 (B)		5,000,000		4,758,275
Total Asset-Backed Securities (Cost $107,842,527)				94,205,392
CORPORATE DEBT SECURITIES - 76.9%
Aerospace & Defense - 0.6%
BAE Systems Holdings, Inc. 3.85%, 12/15/2025 (B)		518,000		561,123
BAE Systems PLC 3.40%, 04/15/2030 (B)		1,153,000		1,248,046
Huntington Ingalls Industries, Inc. 4.20%, 05/01/2030 (B)		307,000		324,627
L3 Harris Technologies, Inc.
3-Month LIBOR + 0.75%, 1.59% (A), 03/10/2023		2,000,000		1,960,027
2.90%, 12/15/2029		604,000		616,592
Lockheed Martin Corp. 3.10%, 01/15/2023		1,498,000		1,580,657
Moog, Inc. 4.25%, 12/15/2027 (B)		219,000		205,313
Northrop Grumman Corp. 5.25%, 05/01/2050		457,000		648,606
Spirit AeroSystems, Inc. 7.50%, 04/15/2025 (B)		1,115,000		1,098,275
				8,243,266

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Air Freight & Logistics - 0.3%
Cargo Aircraft Management, Inc. 4.75%, 02/01/2028 (B)		$   1,350,000		$   1,260,562
United Parcel Service, Inc.
3-Month LIBOR + 0.45%, 1.88% (A), 04/01/2023		1,500,000		1,486,181
3.90%, 04/01/2025		248,000		276,126
5.30%, 04/01/2050		818,000		1,169,543
				4,192,412
Airlines - 0.1%
Delta Air Lines, Inc. 7.00%, 05/01/2025 (B) (C)		1,080,000		1,108,461
Southwest Airlines Co. 5.25%, 05/04/2025		171,000		170,371
				1,278,832
Auto Components - 0.1%
Allison Transmission, Inc. 5.00%, 10/01/2024 (B)		850,000		816,000
Dana, Inc. 5.38%, 11/15/2027		167,000		147,377
Delphi Technologies PLC 5.00%, 10/01/2025 (B)		991,000		926,585
				1,889,962
Automobiles - 0.8%
FCE Bank PLC 1.11%, 05/13/2020, MTN (D)		EUR  3,750,000		4,078,615
Ford Motor Co.
8.50%, 04/21/2023		$  761,000		750,536
9.00%, 04/22/2025		168,000		163,590
9.63%, 04/22/2030 (C)		438,000		436,366
Tesla, Inc. 5.30%, 08/15/2025 (B)		727,000		708,825
Volkswagen International Finance NV
1.88%, 03/30/2027 (D)		EUR  2,900,000		3,262,117
Fixed until 03/24/2026 (E), 4.63% (A) (D)		2,000,000		2,218,635
				11,618,684
Banks - 15.6%
ADCB Finance Cayman, Ltd.
4.00%, 03/29/2023, MTN (D)		$  1,600,000		1,642,400
4.50%, 03/06/2023, MTN (D)		600,000		619,140
Al Ahli Bank of Kuwait KSCP 3.50%, 04/05/2022 (D)		1,000,000		1,004,454
Australia & New Zealand Banking Group, Ltd.
3-Month LIBOR + 0.50%, 2.19% (A), 08/19/2020 (B)		2,000,000		2,000,185
Fixed until 07/22/2025, 2.95% (A), 07/22/2030 (B)		1,233,000		1,216,625
Fixed until 06/15/2026 (E), 6.75% (A) (B)		563,000		603,818
Banco de Credito e Inversiones SA 3.50%, 10/12/2027 (C) (D)		1,500,000		1,469,602
Banco Inbursa SA Institucion de Banca Multiple Grupo Financiero Inbursa 4.38%, 04/11/2027 (D)		1,500,000		1,401,825

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

Transamerica Funds Semi-Annual Report 2020

Page    227

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander 5.38%, 04/17/2025 (B)		$   284,000		$   291,455
Banco Santander SA
3-Month LIBOR + 1.12%, 2.43% (A), 04/12/2023		1,000,000		964,148
2.71%, 06/27/2024		400,000		410,815
3-Month LIBOR + 1.56%, 2.87% (A), 04/11/2022		1,000,000		992,455
Bank of America Corp.
3-Month LIBOR + 0.38%, 1.42% (A), 01/23/2022		1,000,000		981,037
3-Month LIBOR + 1.16%, 2.30% (A), 01/20/2023, MTN		2,000,000		1,993,102
Fixed until 10/22/2024, 2.46% (A), 10/22/2025, MTN		711,000		727,192
2.63%, 04/19/2021, MTN		1,934,000		1,964,794
Fixed until 05/17/2021, 3.50% (A), 05/17/2022, MTN		244,000		248,958
Fixed until 04/24/2027, 3.71% (A), 04/24/2028		3,441,000		3,755,322
Fixed until 03/20/2050, 4.08% (A), 03/20/2051, MTN		4,397,000		5,279,944
6.11%, 01/29/2037		3,255,000		4,404,234
Bank of America NA Fixed until 01/25/2022, 3.34% (A), 01/25/2023		282,000		291,141
Bank of China, Ltd. 5.00%, 11/13/2024 (D)		1,000,000		1,086,736
Bank of Montreal 2.05%, 11/01/2022, MTN		949,000		965,909
Bank of Nova Scotia 3-Month LIBOR + 0.62%, 1.67% (A), 09/19/2022		1,000,000		990,421
BankUnited, Inc. 4.88%, 11/17/2025		418,000		445,565
Barclays Bank PLC 3-Month EURIBOR + 0.71%, 0.22% (A), 06/15/2020, MTN (D) (E)		EUR  1,000,000		911,089
Barclays PLC
Fixed until 09/15/2023 (E), 7.75% (A)		$  3,150,000		3,039,750
Fixed until 03/15/2022 (E), 7.88% (A) (D)		4,000,000		3,960,000
Fixed until 06/15/2024 (E), 8.00% (A)		2,963,000		2,955,592
BNP Paribas SA
Fixed until 03/20/2021, 2.88% (A), 03/20/2026, MTN (D)		EUR  1,900,000		2,094,323
Fixed until 01/13/2030, 3.05% (A), 01/13/2031 (B)		$  676,000		679,353
Fixed until 01/10/2024, 4.71% (A), 01/10/2025 (B)		1,804,000		1,950,272
Fixed until 03/14/2022 (E), 6.75% (A) (B) (C)		3,305,000		3,255,425
Fixed until 03/30/2021 (E), 7.63% (A) (B)		400,000		407,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BPCE SA
3-Month LIBOR + 1.22%, 2.90% (A), 05/22/2022 (B)		$   2,000,000		$   1,979,980
4.63%, 07/18/2023 (D)		EUR  4,000,000		4,835,484
Canadian Imperial Bank of Commerce
3-Month LIBOR + 0.32%, 2.08% (A), 02/02/2021		$  2,500,000		2,494,029
2.25%, 01/28/2025		557,000		561,346
Capital One NA 3-Month LIBOR + 1.15%, 1.91% (A), 01/30/2023		1,454,000		1,402,129
CBQ Finance, Ltd. 5.00%, 05/24/2023, MTN (D)		1,900,000		1,977,520
China Construction Bank Corp. Fixed until 05/13/2020, 3.88% (A), 05/13/2025 (D)		1,500,000		1,500,033
CitiBank NA 3-Month LIBOR + 0.35%, 2.06% (A), 02/12/2021		2,000,000		1,993,730
Citigroup, Inc.
3-Month LIBOR + 1.07%, 2.07% (A), 12/08/2021		1,000,000		999,232
3-Month LIBOR + 1.02%, 2.60% (A), 06/01/2024		1,000,000		976,564
3-Month LIBOR + 1.19%, 2.95% (A), 08/02/2021		1,000,000		999,405
Fixed until 06/01/2023, 4.04% (A), 06/01/2024		706,000		753,570
Fixed until 03/31/2030, 4.41% (A), 03/31/2031		1,494,000		1,719,973
4.45%, 09/29/2027		393,000		430,508
4.65%, 07/23/2048		1,500,000		1,843,199
4.75%, 05/18/2046		729,000		886,205
6.00%, 10/31/2033		359,000		448,724
Citizens Financial Group, Inc.
2.50%, 02/06/2030		92,000		86,766
3.25%, 04/30/2030		113,000		113,422
4.30%, 12/03/2025		227,000		243,791
Credit Agricole SA
Fixed until 01/23/2024 (E), 7.88% (A) (B) (C)		4,000,000		4,250,000
Fixed until 12/23/2025 (E), 8.13% (A) (B)		1,553,000		1,723,830
Credit Suisse AG
2.10%, 11/12/2021		378,000		381,999
Fixed until 09/18/2020, 5.75% (A), 09/18/2025 (D)		EUR  4,500,000		4,955,191
Danske Bank A/S
Fixed until 08/27/2024, 0.50% (A), 08/27/2025 (D)		1,750,000		1,840,521
Fixed until 02/12/2025, 1.38% (A), 02/12/2030, MTN (D)		3,750,000		3,935,894
Fixed until 12/20/2024, 3.24% (A), 12/20/2025 (B)		$  210,000		210,080
3.88%, 09/12/2023 (B)		200,000		206,310
Fixed until 06/26/2025 (E), 7.00% (A) (D)		500,000		488,750
DBS Group Holdings, Ltd. 2.85%, 04/16/2022 (B)		202,000		205,891

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

Transamerica Funds Semi-Annual Report 2020

Page    228

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Discover Bank 2.70%, 02/06/2030		$   541,000		$   495,041
Fifth Third Bancorp 2.88%, 07/27/2020		1,279,000		1,282,121
First Abu Dhabi Bank PJSC 3.00%, 03/30/2022, MTN (D)		1,000,000		1,022,500
First Horizon Bank 5.75%, 05/01/2030		813,000		813,585
HSBC Holdings PLC
Fixed until 11/07/2024, 2.63% (A), 11/07/2025		1,200,000		1,223,573
3-Month LIBOR + 1.50%, 2.87% (A), 01/05/2022		2,000,000		2,002,626
3-Month LIBOR + 2.24%, 3.24% (A), 03/08/2021		1,000,000		1,007,257
3.40%, 03/08/2021		283,000		287,964
4.95%, 03/31/2030		1,049,000		1,240,429
Fixed until 03/30/2025 (E), 6.38% (A)		3,000,000		2,979,360
ING Groep NV
3-Month LIBOR + 1.00%, 2.45% (A), 10/02/2023		1,000,000		966,055
Fixed until 11/16/2026 (E), 5.75% (A)		2,050,000		1,973,125
Fixed until 04/16/2025 (E), 6.50% (A) (C)		1,500,000		1,487,250
JPMorgan Chase & Co.
Fixed until 11/04/2031, 1.05% (A), 11/04/2032, MTN (D)		EUR  1,500,000		1,599,554
Fixed until 03/13/2025, 2.01% (A), 03/13/2026		$  155,000		156,504
2.30%, 08/15/2021, MTN		543,000		544,742
2.55%, 10/29/2020		1,284,000		1,292,200
Fixed until 04/22/2050, 3.11% (A), 04/22/2051		2,404,000		2,489,401
Fixed until 04/01/2022, 3.21% (A), 04/01/2023		1,076,000		1,110,000
Fixed until 01/23/2028, 3.51% (A), 01/23/2029		522,000		565,545
Fixed until 07/24/2037, 3.88% (A), 07/24/2038		2,047,000		2,312,594
5.50%, 10/15/2040		2,937,000		4,037,537
Fixed until 04/30/2024 (E), 6.13% (A)		970,000		991,825
Lloyds Banking Group PLC
Fixed until 01/15/2023, 0.63% (A), 01/15/2024, MTN (D)		EUR  3,930,000		4,213,018
Fixed until 06/27/2026 (E), 6.75% (A) (C)		$  1,881,000		1,815,165
Fixed until 06/27/2024 (E), 7.50% (A)		3,300,000		3,234,000
Malayan Banking Bhd. Fixed until 10/29/2021, 3.91% (A), 10/29/2026 (D)		1,200,000		1,200,432
Mitsubishi UFJ Financial Group, Inc. 2.19%, 02/25/2025		498,000		501,557
Mizuho Financial Group, Inc.
3-Month LIBOR + 0.88%, 1.65% (A), 09/11/2022		1,750,000		1,719,726
Fixed until 09/13/2024, 2.56% (A), 09/13/2025		968,000		980,607

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
National Australia Bank, Ltd.
3-Month LIBOR + 1.00%, 2.31% (A), 07/12/2021 (B)		$   1,300,000		$   1,301,494
Fixed until 08/02/2029, 3.93% (A), 08/02/2034 (B) (C)		1,200,000		1,247,906
National Bank of Canada 2.15%, 10/07/2022 (B)		329,000		333,391
National Westminster Bank PLC 3-Month EURIBOR + 2.15%, 1.81% (A), 07/05/2020, MTN (E)		EUR  2,900,000		2,636,757
NatWest Markets PLC 3.63%, 09/29/2022 (B)		$  1,192,000		1,230,203
Nordea Bank Abp Fixed until 03/26/2026 (E), 6.63% (A) (B)		2,721,000		2,738,006
Oversea-Chinese Banking Corp., Ltd. 4.25%, 06/19/2024, MTN (D)		1,300,000		1,370,783
Philippine National Bank 3.28%, 09/27/2024, MTN (C) (D)		2,000,000		1,976,078
PNC Bank NA 3-Month LIBOR + 0.50%, 1.49% (A), 07/27/2022		1,700,000		1,677,092
Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance AB 4.63%, 09/26/2022 (D)		1,750,000		1,803,368
QNB Finance, Ltd.
2.13%, 09/07/2021, MTN (D)		1,250,000		1,249,990
3.50%, 03/28/2024, MTN (D)		550,000		569,250
Royal Bank of Canada 3-Month LIBOR + 0.47%, 1.31% (A), 04/29/2022, MTN		1,000,000		986,625
Royal Bank of Scotland Group PLC
Fixed until 03/02/2025, 1.75% (A), 03/02/2026, MTN (D)		EUR  5,500,000		5,994,385
3-Month LIBOR + 1.55%, 2.77% (A), 06/25/2024		$  1,000,000		952,117
Fixed until 11/01/2024, 3.75% (A), 11/01/2029		413,000		411,948
Fixed until 03/22/2024, 4.27% (A), 03/22/2025		287,000		303,940
Shinhan Bank Co., Ltd. 3.88%, 03/24/2026, MTN (D)		2,200,000		2,297,979
Skandinaviska Enskilda Banken AB Fixed until 05/28/2021, 2.50% (A), 05/28/2026, MTN (D)		EUR  3,250,000		3,567,965
Societe Generale SA Fixed until 12/18/2023 (E), 7.88% (A) (B) (C)		$  2,000,000		1,961,240
Standard Chartered PLC
Fixed until 04/01/2030, 4.64% (A), 04/01/2031 (B)		815,000		896,406
Fixed until 04/02/2022 (E), 7.50% (A) (B)		3,488,000		3,508,928
Sumitomo Mitsui Financial Group, Inc. 3-Month LIBOR + 0.74%, 1.88% (A), 10/18/2022		2,000,000		1,960,780
Synovus Bank Fixed until 02/10/2022, 2.29% (A), 02/10/2023		521,000		514,829

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

Transamerica Funds Semi-Annual Report 2020

Page    229

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Truist Bank
2.25%, 03/11/2030		$   1,923,000		$   1,871,399
Fixed until 09/17/2024, 2.64% (A), 09/17/2029		250,000		242,897
3.20%, 04/01/2024		1,443,000		1,521,932
Truist Financial Corp. 3-Month LIBOR + 0.57%, 1.31% (A), 06/15/2020, MTN		2,500,000		2,499,974
UniCredit SpA
Fixed until 01/20/2025, 1.20% (A), 01/20/2026, MTN (D)		EUR  2,375,000		2,408,840
Fixed until 07/03/2024, 1.63% (A), 07/03/2025, MTN (D)		3,000,000		3,121,858
3-Month LIBOR + 3.90%, 5.21% (A), 01/14/2022 (B)		$  1,000,000		991,388
Fixed until 06/19/2027, 5.86% (A), 06/19/2032 (B) (C)		2,454,000		2,399,106
Fixed until 04/02/2029, 7.30% (A), 04/02/2034 (B)		1,364,000		1,465,158
United Overseas Bank, Ltd. Fixed until 09/16/2021, 3.50% (A), 09/16/2026, MTN (D)		1,300,000		1,304,615
Wells Fargo & Co.
3-Month LIBOR + 1.11%, 2.13% (A), 01/24/2023		4,000,000		3,978,080
Fixed until 04/30/2040, 3.07% (A), 04/30/2041		2,321,000		2,302,292
4.30%, 07/22/2027, MTN		2,526,000		2,753,951
4.65%, 11/04/2044, MTN		4,131,000		4,844,398
5.61%, 01/15/2044		729,000		955,598
Wells Fargo Bank NA Fixed until 09/09/2021, 2.08% (A), 09/09/2022		490,000		494,200
Westpac Banking Corp. 3-Month LIBOR + 0.57%, 1.88% (A), 01/11/2023		2,000,000		1,973,948
Woori Bank 5.13%, 08/06/2028, MTN (D)		1,900,000		2,111,606
Zions Bancorp NA 3.25%, 10/29/2029		2,828,000		2,584,538
				226,310,688
Beverages - 1.8%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.90%, 02/01/2046		7,711,000		8,896,880
Anheuser-Busch InBev Worldwide, Inc.
4.50%, 06/01/2050		922,000		1,031,881
4.60%, 04/15/2048		1,648,000		1,826,738
4.75%, 01/23/2029		326,000		377,142
Coca-Cola Co.
2.75%, 06/01/2060		1,085,000		1,079,120
2.95%, 03/25/2025		392,000		425,674
4.20%, 03/25/2050		1,139,000		1,474,461
Constellation Brands, Inc. 3.75%, 05/01/2050		654,000		665,049

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages (continued)
Diageo Capital PLC
1.38%, 09/29/2025		$   455,000		$   454,796
2.13%, 04/29/2032		242,000		242,525
Heineken NV 3.50%, 01/29/2028 (B)		914,000		992,660
Keurig Dr. Pepper, Inc.
3.80%, 05/01/2050		1,448,000		1,542,584
4.42%, 05/25/2025		539,000		603,351
4.50%, 11/15/2045		963,000		1,103,879
4.99%, 05/25/2038		634,000		767,424
PepsiCo, Inc.
2.25%, 03/19/2025		380,000		402,194
2.88%, 10/15/2049		3,932,000		4,214,934
				26,101,292
Biotechnology - 0.9%
AbbVie, Inc.
4.05%, 11/21/2039 (B)		2,025,000		2,246,013
4.25%, 11/21/2049 (B)		2,597,000		2,994,227
4.50%, 05/14/2035		782,000		911,417
Amgen, Inc.
3.15%, 02/21/2040		2,404,000		2,502,522
3.38%, 02/21/2050		1,862,000		1,997,364
5.15%, 11/15/2041		843,000		1,131,982
Biogen, Inc. 3.15%, 05/01/2050		592,000		580,476
				12,364,001
Building Products - 0.5%
Carrier Global Corp.
3.38%, 04/05/2040 (B)		2,254,000		2,020,762
3.58%, 04/05/2050 (B)		565,000		509,601
Griffon Corp. 5.75%, 03/01/2028		864,000		822,960
Owens Corning 4.30%, 07/15/2047		1,192,000		1,146,368
Standard Industries, Inc. 6.00%, 10/15/2025 (B)		1,475,000		1,519,250
Whirlpool EMEA Finance Sarl 0.50%, 02/20/2028		EUR  1,685,000		1,702,497
				7,721,438
Capital Markets - 4.1%
Altice France Holding SA 6.00%, 02/15/2028 (B)		$  1,825,000		1,660,385
Ameriprise Financial, Inc. 3.00%, 03/22/2022		363,000		374,843
Charles Schwab Corp.
3.85%, 05/21/2025		973,000		1,094,246
Fixed until 06/01/2025 (E), 5.38% (A)		2,270,000		2,323,912
Credit Suisse Group AG
Fixed until 07/17/2024, 1.25% (A), 07/17/2025, MTN (D)		EUR  2,925,000		3,197,744
Fixed until 09/11/2024, 2.59% (A), 09/11/2025 (B)		$  281,000		280,428
Fixed until 04/01/2030, 4.19% (A), 04/01/2031 (B)		1,469,000		1,602,143
Fixed until 07/17/2023 (E), 7.50% (A) (B)		1,745,000		1,760,024
Fixed until 12/11/2023 (E), 7.50% (A) (B)		1,700,000		1,795,625

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

Transamerica Funds Semi-Annual Report 2020

Page    230

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Deutsche Bank AG
3-Month LIBOR + 1.23%, 2.87% (A), 02/27/2023		$   2,500,000		$   2,294,720
4.25%, 02/04/2021		151,000		151,296
Donnelley Financial Solutions, Inc. 8.25%, 10/15/2024		949,000		882,570
FS Energy & Power Fund 7.50%, 08/15/2023 (B)		152,000		98,420
Goldman Sachs Group, Inc.
2.13%, 09/30/2024, MTN (D)		EUR  2,895,000		3,305,139
2.35%, 11/15/2021		$  1,879,000		1,886,065
3-Month LIBOR + 1.36%, 2.35% (A), 04/23/2021		3,500,000		3,510,798
3.80%, 03/15/2030		346,000		379,664
Fixed until 10/31/2037, 4.02% (A), 10/31/2038		1,528,000		1,677,299
4.25%, 10/21/2025		485,000		520,634
Fixed until 04/23/2038, 4.41% (A), 04/23/2039		3,742,000		4,234,781
6.75%, 10/01/2037		1,600,000		2,185,182
Huarong Finance II Co., Ltd. 5.00%, 11/19/2025, MTN (D)		1,000,000		1,056,922
LPL Holdings, Inc. 5.75%, 09/15/2025 (B)		1,125,000		1,108,125
Morgan Stanley
Fixed until 04/28/2025, 2.19% (A), 04/28/2026		66,000		66,807
3-Month LIBOR + 1.40%, 2.51% (A), 04/21/2021, MTN		2,500,000		2,508,643
Fixed until 04/01/2030, 3.62% (A), 04/01/2031, MTN		598,000		656,260
3.63%, 01/20/2027		1,121,000		1,219,449
Fixed until 07/22/2037, 3.97% (A), 07/22/2038		2,029,000		2,282,379
NASDAQ, Inc. 3.25%, 04/28/2050		334,000		335,040
SURA Asset Management SA
4.38%, 04/11/2027 (D)		750,000		731,258
4.88%, 04/17/2024 (D)		1,550,000		1,569,390
UBS AG
1.75%, 04/21/2022 (B)		273,000		274,153
3-Month LIBOR + 0.85%, 2.43% (A), 06/01/2020		1,700,000		1,700,732
Fixed until 02/12/2021, 4.75% (A), 02/12/2026, MTN (D)		EUR  3,700,000		4,104,694
UBS Group AG
Fixed until 08/15/2022, 2.86% (A), 08/15/2023 (B)		$  1,417,000		1,445,729
3-Month LIBOR + 1.22%, 2.90% (A), 05/23/2023 (B)		2,000,000		1,984,259
Fixed until 01/31/2024 (E), 7.00% (A) (B)		3,225,000		3,297,562
				59,557,320
Chemicals - 1.5%
Air Products & Chemicals, Inc.
0.80%, 05/05/2032		EUR  725,000		802,150
1.85%, 05/15/2027		$  297,000		300,919
2.80%, 05/15/2050		835,000		850,929
Albemarle Wodgina Pty, Ltd. 3.45%, 11/15/2029 (B)		856,000		814,134

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals (continued)
Braskem Finance BV
4.50%, 01/10/2028 (B) (C)		$   893,000		$   759,050
4.50%, 01/31/2030 (B)		3,105,000		2,515,050
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co., LP 3.30%, 05/01/2023 (B)		162,000		163,809
CNAC Finbridge Co., Ltd. 4.88%, 03/14/2025 (D)		1,800,000		1,922,148
Consolidated Energy Finance SA 6.88%, 06/15/2025 (B)		1,085,000		835,450
Dow Chemical Co. 4.80%, 11/30/2028		256,000		286,692
Ecolab, Inc.
2.38%, 08/10/2022		868,000		900,277
4.80%, 03/24/2030		369,000		453,861
Equate Petrochemical BV 3.00%, 03/03/2022 (D)		1,700,000		1,699,796
Huntsman International LLC 4.50%, 05/01/2029		1,704,000		1,641,736
LYB International Finance III LLC 4.20%, 10/15/2049		1,516,000		1,547,635
OCI NV 5.25%, 11/01/2024 (B)		1,100,000		1,083,674
Praxair, Inc. 2.25%, 09/24/2020		664,000		665,959
Sasol Financing USA LLC 6.50%, 09/27/2028 (C)		1,400,000		910,000
Sherwin-Williams Co.
2.30%, 05/15/2030		303,000		299,119
3.30%, 05/15/2050		849,000		868,775
Westlake Chemical Corp. 1.63%, 07/17/2029		EUR  2,890,000		2,839,176
				22,160,339
Commercial Services & Supplies - 0.7%
Ahern Rentals, Inc. 7.38%, 05/15/2023 (B)		$  1,225,000		576,240
Aramark Services, Inc. 6.38%, 05/01/2025 (B)		105,000		109,200
Clean Harbors, Inc. 4.88%, 07/15/2027 (B)		892,000		920,990
Garda World Security Corp. 9.50%, 11/01/2027 (B)		1,241,000		1,241,000
Harsco Corp. 5.75%, 07/31/2027 (B)		1,375,000		1,296,212
Ingersoll-Rand Luxembourg Finance SA 4.50%, 03/21/2049		1,496,000		1,755,801
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.25%, 04/15/2024 (B)		350,000		342,891
5.75%, 04/15/2026 (B)		95,000		93,604
6.25%, 01/15/2028 (B)		1,800,000		1,597,140
Sotheby’s 7.38%, 10/15/2027 (B) (C)		1,620,000		1,363,846
Waste Connections, Inc. 2.60%, 02/01/2030		1,376,000		1,399,200
				10,696,124

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

Transamerica Funds Semi-Annual Report 2020

Page    231

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering - 0.2%
ABB Finance USA, Inc. 3.38%, 04/03/2023		$   407,000		$   424,780
Mattamy Group Corp. 5.25%, 12/15/2027 (B)		826,000		774,375
Tutor Perini Corp. 6.88%, 05/01/2025 (B) (C)		1,470,000		1,157,625
				2,356,780
Construction Materials - 0.1%
Holcim Finance Luxembourg SA 0.50%, 11/29/2026, MTN (D)		EUR  1,800,000		1,860,922
Consumer Finance - 1.7%
Altice Financing SA 5.00%, 01/15/2028 (B)		$  1,506,000		1,468,350
American Express Co.
3-Month LIBOR + 0.65%, 2.29% (A), 02/27/2023		2,500,000		2,445,163
3.40%, 02/22/2024		296,000		313,702
4.20%, 11/06/2025		249,000		280,392
BMW US Capital LLC
3-Month LIBOR + 0.41%, 1.72% (A), 04/12/2021 (B)		1,000,000		982,928
3.10%, 04/12/2021 (B)		416,000		417,937
Capital One Financial Corp. 3-Month LIBOR + 0.95%, 1.95% (A), 03/09/2022		1,000,000		982,975
Credit Acceptance Corp. 6.63%, 03/15/2026		1,140,000		1,026,000
Daimler Finance North America LLC
2.00%, 07/06/2021 (B)		814,000		801,618
3-Month LIBOR + 0.45%, 2.13% (A), 02/22/2021 (B)		1,500,000		1,464,780
Enova International, Inc. 8.50%, 09/15/2025 (B)		1,503,000		1,300,095
Ford Motor Credit Co. LLC
3-Month LIBOR + 1.24%, 2.93% (A), 02/15/2023		500,000		422,500
4.39%, 01/08/2026, MTN		256,000		223,040
General Motors Financial Co., Inc.
3-Month LIBOR + 1.10%, 2.84% (A), 11/06/2021		1,000,000		935,829
3.20%, 07/06/2021		1,068,000		1,045,474
goeasy, Ltd. 5.38%, 12/01/2024 (B)		1,256,000		1,114,700
Hyundai Capital America
3.40%, 06/20/2024 (B)		317,000		308,531
5.88%, 04/07/2025 (B)		1,500,000		1,599,111
John Deere Capital Corp.
3-Month LIBOR + 0.55%, 1.55% (A), 06/07/2023, MTN		1,000,000		976,530
3-Month LIBOR + 0.42%, 1.73% (A), 07/10/2020, MTN		2,000,000		1,999,161
2.95%, 04/01/2022, MTN		670,000		694,500
3.45%, 01/10/2024, MTN (C)		461,000		496,007
3.65%, 10/12/2023		183,000		198,829
Navient Corp.
5.00%, 03/15/2027		650,000		547,300
5.63%, 08/01/2033, MTN		860,000		649,300

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Springleaf Finance Corp.
5.38%, 11/15/2029		$   118,000		$   97,962
6.88%, 03/15/2025		1,500,000		1,418,550
Synchrony Financial 4.50%, 07/23/2025		967,000		949,678
Volkswagen Group of America Finance LLC 2.50%, 09/24/2021 (B)		200,000		199,408
				25,360,350
Containers & Packaging - 0.6%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 5.25%, 08/15/2027 (B)		1,300,000		1,262,625
Avery Dennison Corp. 2.65%, 04/30/2030		734,000		716,743
Cascades, Inc. / Cascades USA, Inc.
5.13%, 01/15/2026 (B)		36,000		36,000
5.38%, 01/15/2028 (B)		854,000		857,843
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (B)		915,000		927,636
Klabin Austria GmbH 7.00%, 04/03/2049 (B)		1,459,000		1,420,701
Sealed Air Corp. 5.13%, 12/01/2024 (B)		209,000		218,405
Silgan Holdings, Inc. 4.75%, 03/15/2025		875,000		888,125
Sonoco Products Co. 3.13%, 05/01/2030		891,000		891,536
Trivium Packaging Finance BV 8.50%, 08/15/2027 (B)		800,000		836,000
				8,055,614
Distributors - 0.1%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028 (B)		850,000		806,497
Anixter, Inc. 6.00%, 12/01/2025		383,000		386,830
Ingram Micro, Inc. 5.45%, 12/15/2024		495,000		473,466
				1,666,793
Diversified Consumer Services - 0.1%
frontdoor, Inc. 6.75%, 08/15/2026 (B)		1,125,000		1,167,187
Diversified Financial Services - 0.8%
Fairstone Financial, Inc. 7.88%, 07/15/2024 (B)		320,000		304,000
GE Capital International Funding Unlimited Co.
3.37%, 11/15/2025		751,000		773,432
4.42%, 11/15/2035		2,287,000		2,383,437
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 4.25%, 02/01/2027 (B)		1,109,000		770,755
LUKOIL Securities BV 3.88%, 05/06/2030 (B) (F)		2,000,000		1,996,000
National Rural Utilities Cooperative Finance Corp.
2.85%, 01/27/2025		1,116,000		1,199,429

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

Transamerica Funds Semi-Annual Report 2020

Page    232

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
National Rural Utilities Cooperative Finance Corp. (continued)
Fixed until 04/30/2023, 4.75% (A), 04/30/2043		$   1,098,000		$   1,096,481
Fixed until 04/20/2026, 5.25% (A), 04/20/2046		538,000		548,855
Quicken Loans, Inc. 5.75%, 05/01/2025 (B)		1,480,000		1,450,400
USAA Capital Corp. 2.63%, 06/01/2021, MTN (B)		367,000		373,452
Voya Financial, Inc. Fixed until 01/23/2028, 4.70% (A), 01/23/2048		1,130,000		1,033,950
				11,930,191
Diversified Telecommunication Services - 3.9%
AT&T, Inc.
3-Month LIBOR + 1.18%, 1.96% (A), 06/12/2024		2,000,000		1,960,252
Fixed until 03/02/2025 (E), 2.88% (A)		EUR  1,600,000		1,612,621
3.15%, 09/04/2036		1,000,000		1,283,685
3.40%, 05/15/2025		$  2,037,000		2,157,244
4.50%, 05/15/2035		1,294,000		1,448,650
4.75%, 05/15/2046		2,248,000		2,600,030
4.80%, 06/15/2044		1,190,000		1,363,113
4.85%, 07/15/2045		3,619,000		4,154,826
4.90%, 08/15/2037		1,889,000		2,187,225
5.35%, 12/15/2043		912,000		1,115,907
CenturyLink, Inc. 7.50%, 04/01/2024		1,550,000		1,681,750
Cogent Communications Group, Inc. 5.38%, 03/01/2022 (B)		325,000		329,355
Connect Finco SARL / Connect US Finco LLC 6.75%, 10/01/2026 (B)		955,000		904,863
Deutsche Telekom AG 3.63%, 01/21/2050 (B)		2,170,000		2,383,895
Hughes Satellite Systems Corp. 6.63%, 08/01/2026		1,371,000		1,461,486
Ooredoo International Finance, Ltd. 3.25%, 02/21/2023, MTN (D)		2,200,000		2,244,000
Optus Finance Pty, Ltd. 1.00%, 06/20/2029, MTN (D)		EUR  2,000,000		2,192,159
Telecom Italia Capital SA 7.72%, 06/04/2038		$  810,000		939,600
Telefonica Emisiones SA
4.67%, 03/06/2038		1,368,000		1,525,251
5.21%, 03/08/2047		1,022,000		1,225,565
Telesat Canada / Telesat LLC
4.88%, 06/01/2027 (B)		142,000		139,870
6.50%, 10/15/2027 (B)		1,710,000		1,608,597
TELUS Corp. 4.30%, 06/15/2049		696,000		836,688
Verizon Communications, Inc.
1.50%, 09/19/2039		EUR  2,100,000		2,277,461
3-Month LIBOR + 1.00%, 1.74% (A), 03/16/2022		$  1,000,000		1,001,280
3.00%, 03/22/2027		400,000		432,694
3.15%, 03/22/2030		751,000		832,591

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (continued)
3.38%, 02/15/2025		$   268,000		$   293,009
4.00%, 03/22/2050		240,000		298,957
4.02%, 12/03/2029		1,405,000		1,636,610
4.27%, 01/15/2036		562,000		674,124
4.40%, 11/01/2034		1,144,000		1,385,901
5.25%, 03/16/2037		6,044,000		8,050,598
Zayo Group Holdings, Inc. 6.13%, 03/01/2028 (B)		1,789,000		1,686,168
				55,926,025
Electric Utilities - 4.3%
AEP Texas, Inc. 4.15%, 05/01/2049		815,000		963,705
AEP Transmission Co. LLC 3.80%, 06/15/2049		1,013,000		1,220,025
Avangrid, Inc. 3.20%, 04/15/2025		656,000		692,786
Berkshire Hathaway Energy Co. 4.25%, 10/15/2050 (B)		930,000		1,169,705
CenterPoint Energy Houston Electric LLC 4.25%, 02/01/2049		531,000		684,540
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		191,000		240,042
Dominion Energy South Carolina, Inc. 5.10%, 06/01/2065		107,000		153,061
DTE Electric Co.
2.95%, 03/01/2050		1,123,000		1,185,308
3.95%, 03/01/2049		1,953,000		2,424,278
4.05%, 05/15/2048		1,185,000		1,481,858
Duke Energy Carolinas LLC 3.75%, 06/01/2045		2,242,000		2,674,163
Duke Energy Corp. 3-Month LIBOR + 0.50%, 2.20% (A), 05/14/2021 (B)		2,000,000		1,993,763
Duke Energy Indiana LLC 3.25%, 10/01/2049		1,901,000		2,104,039
EDP Finance BV 1.50%, 11/22/2027, MTN (D)		EUR  2,200,000		2,492,212
Electricite de France SA
Fixed until 01/22/2026 (E), 5.00% (A), MTN (D)		2,800,000		3,151,845
5.00%, 09/21/2048 (B)		$  2,604,000		3,178,652
Emera US Finance, LP 4.75%, 06/15/2046		714,000		761,504
Enel Finance International NV
2.75%, 04/06/2023 (B)		200,000		201,902
4.25%, 09/14/2023 (B)		200,000		211,989
4.75%, 05/25/2047 (B)		779,000		901,142
Enel SpA Fixed until 02/24/2025, 3.50% (A), 05/24/2080 (D)		EUR  1,575,000		1,779,585
Engie Energia Chile SA 3.40%, 01/28/2030 (B)		$  253,000		245,160
Entergy Texas, Inc. 4.50%, 03/30/2039		851,000		1,062,545
Evergy Kansas Central, Inc. 3.45%, 04/15/2050		1,422,000		1,633,302

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

Transamerica Funds Semi-Annual Report 2020

Page    233

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Exelon Corp.
2.85%, 06/15/2020		$   2,556,000		$   2,557,530
4.70%, 04/15/2050		840,000		1,080,634
Fenix Power Peru SA 4.32%, 09/20/2027 (D)		1,662,353		1,575,096
FirstEnergy Corp. 7.38%, 11/15/2031		1,502,000		2,203,659
Florida Power & Light Co. 3-Month LIBOR + 0.40%, 2.14% (A), 05/06/2022		3,000,000		2,973,330
Georgia Power Co. 4.30%, 03/15/2042		1,080,000		1,256,217
Interstate Power & Light Co. 3.50%, 09/30/2049		539,000		582,391
Israel Electric Corp., Ltd. 5.00%, 11/12/2024 (B) (D)		1,650,000		1,798,516
Mississippi Power Co. 4.25%, 03/15/2042		1,021,000		1,140,113
NextEra Energy Operating Partners, LP 4.25%, 07/15/2024 (B)		1,100,000		1,119,580
NSTAR Electric Co. 3.95%, 04/01/2030		349,000		413,608
NTPC, Ltd. 4.38%, 11/26/2024, MTN (D)		1,310,000		1,287,188
Oklahoma Gas & Electric Co. 3.85%, 08/15/2047		27,000		30,586
PacifiCorp.
3.30%, 03/15/2051		834,000		926,944
4.15%, 02/15/2050		1,688,000		2,146,249
PECO Energy Co. 3.00%, 09/15/2049		902,000		971,073
Public Service Electric & Gas Co. 3.20%, 08/01/2049, MTN		760,000		873,544
Puget Sound Energy, Inc. 4.22%, 06/15/2048		1,667,000		2,105,644
Southern California Edison Co. 3.65%, 02/01/2050		1,731,000		1,881,774
Talen Energy Supply LLC
6.63%, 01/15/2028 (B)		136,000		127,949
7.25%, 05/15/2027 (B)		152,000		152,000
Union Electric Co. 2.95%, 06/15/2027		266,000		280,832
Vattenfall AB Fixed until 03/19/2027, 3.00% (A), 03/19/2077 (D)		EUR  800,000		889,339
Vistra Operations Co. LLC 5.00%, 07/31/2027 (B)		$  1,245,000		1,269,775
				62,250,682
Electrical Equipment - 0.5%
EnerSys 5.00%, 04/30/2023 (B)		1,340,000		1,336,650
Hubbell, Inc. 3.35%, 03/01/2026		282,000		291,452
Siemens Financieringsmaatschappij NV
3-Month LIBOR + 0.61%, 1.35% (A), 03/16/2022 (B)		2,000,000		1,967,232
3.25%, 05/27/2025 (B)		1,010,000		1,076,418
3.30%, 09/15/2046 (B)		2,535,000		2,760,221
				7,431,973

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electronic Equipment, Instruments & Components - 0.5%
Arrow Electronics, Inc. 4.00%, 04/01/2025		$   260,000		$   269,653
Corning, Inc. 5.45%, 11/15/2079		3,369,000		3,751,332
Trimble, Inc.
4.75%, 12/01/2024		44,000		45,806
4.90%, 06/15/2028		2,499,000		2,680,340
				6,747,131
Energy Equipment & Services - 0.3%
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc. 4.49%, 05/01/2030 (F)		503,000		516,276
Calfrac Holdings, LP 10.88%, 03/15/2026 (B)		25,850		4,395
Genesis Energy, LP / Genesis Energy Finance Corp.
5.63%, 06/15/2024		411,000		347,295
6.00%, 05/15/2023		750,000		662,100
6.50%, 10/01/2025		150,000		126,000
Halliburton Co. 2.92%, 03/01/2030		1,386,000		1,115,959
Hanwha Energy USA Holdings Corp. 2.38%, 07/30/2022 (B) (C)		295,000		302,223
Hi-Crush, Inc. 9.50%, 08/01/2026 (B)		430,000		26,703
Nine Energy Service, Inc. 8.75%, 11/01/2023 (B)		288,000		55,080
Pattern Energy Group, Inc. 5.88%, 02/01/2024 (B)		1,282,000		1,294,820
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (B)		333,000		336,202
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 04/01/2026		103,000		82,915
				4,869,968
Entertainment - 0.4%
Netflix, Inc.
4.38%, 11/15/2026 (C)		508,000		533,756
4.88%, 06/15/2030 (B)		1,605,000		1,702,744
TWDC Enterprises 18 Corp. 3-Month LIBOR + 0.19%, 1.50% (A), 06/05/2020, MTN		2,000,000		2,000,991
Walt Disney Co. 3-Month LIBOR + 0.39%, 1.97% (A), 09/01/2022		2,000,000		1,987,514
				6,225,005
Equity Real Estate Investment Trusts - 1.3%
American Tower Corp.
2.25%, 01/15/2022		1,714,000		1,737,952
3.60%, 01/15/2028		52,000		56,932
Camden Property Trust 2.80%, 05/15/2030		202,000		209,510
Columbia Property Trust Operating Partnership, LP 4.15%, 04/01/2025		243,000		252,617
Crown Castle International Corp.
4.30%, 02/15/2029 (C)		281,000		322,760
5.20%, 02/15/2049		877,000		1,143,803

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

Transamerica Funds Semi-Annual Report 2020

Page    234

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
CTR Partnership, LP / CareTrust Capital Corp. 5.25%, 06/01/2025		$   373,000		$   372,534
Duke Realty, LP
2.88%, 11/15/2029		110,000		114,279
3.05%, 03/01/2050		427,000		399,186
ESH Hospitality, Inc.
4.63%, 10/01/2027 (B)		1,375,000		1,244,375
5.25%, 05/01/2025 (B)		111,000		104,340
HAT Holdings I LLC / HAT Holdings II LLC
5.25%, 07/15/2024 (B)		495,000		491,238
6.00%, 04/15/2025 (B)		334,000		334,000
MGM Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc. 5.75%, 02/01/2027		1,151,000		1,165,387
MPT Operating Partnership, LP / MPT Finance Corp. 5.00%, 10/15/2027		900,000		918,000
Prologis, LP 2.13%, 04/15/2027		1,400,000		1,415,134
3.00%, 04/15/2050		1,837,000		1,865,597
Sabra Health Care, LP
3.90%, 10/15/2029		334,000		300,183
4.80%, 06/01/2024		231,000		223,281
5.13%, 08/15/2026		425,000		411,891
Simon Property Group, LP
3.25%, 09/13/2049		3,370,000		2,795,253
3.38%, 12/01/2027		39,000		37,987
Unibail-Rodamco-Westfield SE Fixed until 07/25/2023 (E), 2.13% (A) (D)		EUR  2,900,000		2,658,367
VICI Properties, LP / VICI Note Co., Inc. 3.75%, 02/15/2027 (B)		$  130,000		120,900
				18,695,506
Food & Staples Retailing - 0.8%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP
4.63%, 01/15/2027 (B)		1,710,000		1,727,100
5.75%, 03/15/2025		308,000		316,470
Alimentation Couche-Tard, Inc. 3.80%, 01/25/2050 (B)		803,000		753,561
Costco Wholesale Corp.
1.60%, 04/20/2030		608,000		603,429
2.15%, 05/18/2021		1,828,000		1,860,672
Kroger Co. 3.95%, 01/15/2050		429,000		483,234
Sysco Corp.
2.40%, 02/15/2030		323,000		296,002
6.60%, 04/01/2050		888,000		1,097,632
US Foods, Inc. 6.25%, 04/15/2025 (B)		596,000		607,175
Walgreens Boots Alliance, Inc. 4.10%, 04/15/2050 (C)		2,350,000		2,314,107
Walmart, Inc.
2.55%, 04/11/2023		680,000		715,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing (continued)
Walmart, Inc. (continued)
3.05%, 07/08/2026		$   466,000		$   515,218
				11,289,600
Food Products - 1.7%
Archer-Daniels-Midland Co. 2.75%, 03/27/2025 (C)		171,000		182,033
Campbell Soup Co. 3.13%, 04/24/2050		692,000		690,413
ConAgra Brands, Inc.
4.60%, 11/01/2025		285,000		318,263
5.40%, 11/01/2048		2,062,000		2,754,039
7.00%, 10/01/2028		267,000		344,936
Dole Food Co., Inc. 7.25%, 06/15/2025 (B)		900,000		846,000
Gruma SAB de CV 4.88%, 12/01/2024 (D)		1,800,000		1,867,518
Grupo Bimbo SAB de CV 4.00%, 09/06/2049 (B)		200,000		181,776
JBS USA LUX SA / JBS USA Finance, Inc.
5.75%, 06/15/2025 (B)		1,087,000		1,099,240
5.88%, 07/15/2024 (B)		230,000		234,600
Kraft Heinz Foods Co.
2.80%, 07/02/2020		80,000		79,847
3.95%, 07/15/2025		278,000		291,031
Lamb Weston Holdings, Inc. 4.63%, 11/01/2024 (B)		555,000		565,823
Land O’ Lakes, Inc. 7.00% (E), 09/18/2028 (B)		4,820,000		4,313,900
Mars, Inc. 3.88%, 04/01/2039 (B)		2,125,000		2,519,827
Mondelez International, Inc.
1.63%, 03/08/2027		EUR  2,175,000		2,467,874
2.75%, 04/13/2030		$  129,000		137,309
Nestle Holdings, Inc. 3.50%, 09/24/2025 (B)		225,000		249,229
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 (B)		830,000		839,919
Sigma Alimentos SA de CV 4.13%, 05/02/2026 (D)		500,000		504,750
Sigma Finance BV 4.88%, 03/27/2028 (D)		1,350,000		1,363,514
Smithfield Foods, Inc.
4.25%, 02/01/2027 (B)		232,000		225,461
5.20%, 04/01/2029 (B)		572,000		595,820
Tyson Foods, Inc. 3-Month LIBOR + 0.45%, 2.15% (A), 08/21/2020		2,500,000		2,497,442
				25,170,564
Gas Utilities - 0.3%
Brooklyn Union Gas Co. 4.49%, 03/04/2049 (B)		59,000		72,151
ONE Gas, Inc. 4.50%, 11/01/2048		1,662,000		2,122,178
Resources Gas Group, Ltd. 4.50%, 04/05/2022, MTN (D)		1,000,000		1,044,990
Washington Gas Light Co. 3.65%, 09/15/2049, MTN		434,000		476,199
				3,715,518

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

Transamerica Funds Semi-Annual Report 2020

Page    235

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies - 1.0%
Baxter International, Inc. 3.75%, 10/01/2025 (B)		$   772,000		$   861,482
Becton Dickinson and Co. 4.69%, 12/15/2044		868,000		1,054,745
Becton Dickinson Euro Finance Sarl 1.21%, 06/04/2026		EUR  2,000,000		2,141,366
Danaher Corp.
2.10%, 09/30/2026		1,275,000		1,510,019
2.50%, 03/30/2030		810,000		1,011,833
DH Europe Finance II Sarl 3.25%, 11/15/2039		$  2,827,000		3,064,840
Hologic, Inc. 4.38%, 10/15/2025 (B)		875,000		879,025
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA
6.63%, 05/15/2022 (B) (C)		46,000		41,860
7.25%, 02/01/2028 (B)		78,000		71,009
Stryker Corp. 1.00%, 12/03/2031		EUR  2,750,000		2,941,160
Zimmer Biomet Holdings, Inc. 3.55%, 03/20/2030		$  868,000		894,863
				14,472,202
Health Care Providers & Services - 2.2%
Cardinal Health, Inc.
4.60%, 03/15/2043		197,000		204,233
4.90%, 09/15/2045		1,656,000		1,879,636
Centene Corp.
4.25%, 12/15/2027 (B)		879,000		919,654
4.63%, 12/15/2029 (B)		42,000		45,990
Cigna Corp.
4.80%, 08/15/2038		473,000		575,617
4.90%, 12/15/2048		1,741,000		2,241,597
CVS Health Corp.
4.13%, 04/01/2040		378,000		424,177
4.25%, 04/01/2050		571,000		668,548
4.30%, 03/25/2028		2,300,000		2,608,123
4.78%, 03/25/2038		724,000		854,573
5.05%, 03/25/2048		3,307,000		4,190,698
DaVita HealthCare Partners, Inc. 5.13%, 07/15/2024		875,000		888,125
HCA, Inc.
5.25%, 06/15/2026		274,000		305,500
5.38%, 02/01/2025		1,650,000		1,773,981
Humana, Inc. 4.88%, 04/01/2030		3,180,000		3,819,934
Laboratory Corp. of America Holdings
3.25%, 09/01/2024		547,000		589,227
4.70%, 02/01/2045		1,198,000		1,452,901
LifePoint Health, Inc. 4.38%, 02/15/2027 (B)		491,000		461,540
MPH Acquisition Holdings LLC 7.13%, 06/01/2024 (B)		1,350,000		1,203,147
Tenet Healthcare Corp. 4.63%, 07/15/2024		1,100,000		1,085,678
UnitedHealth Group, Inc.
3-Month LIBOR + 0.07%, 1.29% (A), 10/15/2020		1,200,000		1,197,245
2.38%, 10/15/2022		860,000		889,762

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
UnitedHealth Group, Inc. (continued)
3.75%, 07/15/2025		$   1,045,000		$   1,169,988
4.25%, 06/15/2048		1,901,000		2,376,582
				31,826,456
Hotels, Restaurants & Leisure - 0.8%
Banijay Entertainment SASU 5.38%, 03/01/2025 (B)		900,000		837,000
Boyd Gaming Corp. 4.75%, 12/01/2027 (B)		1,231,000		1,060,506
Brinker International, Inc. 5.00%, 10/01/2024 (B)		1,801,000		1,497,081
Cinemark USA, Inc. 8.75%, 05/01/2025 (B)		17,000		17,255
Eldorado Resorts, Inc. 6.00%, 09/15/2026		385,000		386,809
GLP Capital, LP / GLP Financing II, Inc. 5.38%, 04/15/2026		164,000		163,385
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/2025 (B)		25,000		24,844
5.75%, 05/01/2028 (B)		26,000		26,198
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. 6.13%, 12/01/2024		1,907,000		1,744,905
McDonald’s Corp.
3.63%, 09/01/2049, MTN		672,000		735,508
4.20%, 04/01/2050, MTN (C)		658,000		783,659
4.45%, 03/01/2047, MTN		663,000		813,243
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025 (B)		660,000		660,000
Silversea Cruise Finance, Ltd. 7.25%, 02/01/2025 (B)		700,000		631,750
Six Flags Entertainment Corp. 5.50%, 04/15/2027 (B) (C)		995,000		861,371
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025 (B)		90,000		93,132
Viking Cruises, Ltd.
5.88%, 09/15/2027 (B)		77,000		51,783
6.25%, 05/15/2025 (B)		267,000		178,223
Wyndham Destinations, Inc. 5.75%, 04/01/2027		820,000		717,500
				11,284,152
Household Durables - 0.0% (G)
Toll Brothers Finance Corp. 4.35%, 02/15/2028		155,000		152,675
Household Products - 0.3%
Central Garden & Pet Co. 5.13%, 02/01/2028		1,140,000		1,151,400
Energizer Holdings, Inc. 6.38%, 07/15/2026 (B)		1,675,000		1,741,832
Kimberly-Clark Corp.
3.10%, 03/26/2030		817,000		912,167
3.20%, 07/30/2046		381,000		428,913
Prestige Brands, Inc. 5.13%, 01/15/2028 (B)		623,000		630,165
Procter & Gamble Co. 1.90%, 10/23/2020		35,000		35,253
				4,899,730

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

Transamerica Funds Semi-Annual Report 2020

Page    236

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Independent Power & Renewable Electricity Producers - 0.1%
Clearway Energy Operating LLC
5.00%, 09/15/2026		$   1,750,000		$   1,758,750
5.75%, 10/15/2025		84,000		86,512
				1,845,262
Industrial Conglomerates - 0.7%
3M Co. 3.05%, 04/15/2030		433,000		472,716
Carlisle Cos., Inc. 2.75%, 03/01/2030		231,000		212,239
General Electric Co.
1.25%, 05/26/2023		EUR  6,000,000		6,532,425
3.63%, 05/01/2030		$  460,000		461,705
4.35%, 05/01/2050		1,133,000		1,141,624
Honeywell International, Inc. 3-Month LIBOR + 0.37%, 2.10% (A), 08/08/2022		1,000,000		991,619
Roper Technologies, Inc. 2.80%, 12/15/2021		790,000		805,879
				10,618,207
Insurance - 3.9%
Ageas Fixed until 07/02/2029, 3.25% (A), 07/02/2049 (D)		EUR  2,400,000		2,669,640
Allianz SE Fixed until 10/24/2023 (E), 4.75% (A), MTN (D)		3,500,000		4,246,866
American International Group, Inc. 4.38%, 01/15/2055		$  1,870,000		1,987,625
AmWINS Group, Inc. 7.75%, 07/01/2026 (B)		780,000		803,400
Assurant, Inc.
6.75%, 02/15/2034		51,000		60,798
Fixed until 03/27/2028, 7.00% (A), 03/27/2048 (C)		2,100,000		2,058,000
Athene Global Funding 3-Month LIBOR + 1.23%, 2.67% (A), 07/01/2022 (B)		1,000,000		963,888
Athene Holding, Ltd. 6.15%, 04/03/2030		2,105,000		2,202,893
Berkshire Hathaway Finance Corp. 4.25%, 01/15/2049		3,097,000		3,924,645
Brighthouse Financial, Inc. 4.70%, 06/22/2047		2,321,000		2,004,486
Credit Agricole Assurances SA Fixed until 01/29/2028, 2.63% (A), 01/29/2048 (D)		EUR  2,600,000		2,858,383
Enstar Group, Ltd. 4.95%, 06/01/2029		$  1,651,000		1,666,009
Guardian Life Insurance Co. of America 3.70%, 01/22/2070 (B) (C)		278,000		282,213
Liberty Mutual Group, Inc.
Fixed until 05/23/2024, 3.63% (A), 05/23/2059 (D)		EUR  4,300,000		4,409,444
3.95%, 05/15/2060 (B) (F)		$  728,000		724,964
4.50%, 06/15/2049 (B)		1,044,000		1,143,700
Manulife Financial Corp. Fixed until 02/24/2027, 4.06% (A), 02/24/2032		1,621,000		1,666,048

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Marsh & McLennan Cos., Inc. 3.50%, 12/29/2020		$   222,000		$   225,169
Metropolitan Life Global Funding I 3-Month LIBOR + 0.23%, 1.58% (A), 01/08/2021 (B)		2,500,000		2,496,342
New York Life Insurance Co.
3.75%, 05/15/2050 (B)		1,208,000		1,370,436
4.45%, 05/15/2069 (B)		1,906,000		2,370,189
Northwestern Mutual Life Insurance Co. 3.63%, 09/30/2059 (B)		896,000		972,010
Progressive Corp.
3.95%, 03/26/2050		378,000		475,018
4.20%, 03/15/2048		2,633,000		3,419,741
Prudential Financial, Inc.
1.50%, 03/10/2026, MTN		796,000		793,694
3.00%, 03/10/2040, MTN		760,000		733,318
Fixed until 06/15/2023, 5.63% (A), 06/15/2043		707,000		729,624
5.70%, 12/14/2036, MTN		2,504,000		3,369,673
Fixed until 09/15/2028, 5.70% (A), 09/15/2048 (C)		243,000		249,683
Prudential PLC 3.13%, 04/14/2030		676,000		697,441
Teachers Insurance & Annuity Association of America 4.27%, 05/15/2047 (B)		2,415,000		2,816,266
Unum Group 4.50%, 12/15/2049		356,000		316,326
Willis North America, Inc.
3.88%, 09/15/2049		1,574,000		1,714,902
5.05%, 09/15/2048		720,000		936,932
				57,359,766
Internet & Catalog Retail - 0.1%
GrubHub Holdings, Inc. 5.50%, 07/01/2027 (B)		1,777,000		1,661,495
Internet & Direct Marketing Retail - 0.2%
Amazon.com, Inc.
2.80%, 08/22/2024		536,000		578,585
4.80%, 12/05/2034		614,000		828,756
Prosus NV 5.50%, 07/21/2025 (C) (D)		1,300,000		1,425,541
				2,832,882
IT Services - 1.0%
Alliance Data Systems Corp. 4.75%, 12/15/2024 (B)		1,505,000		1,113,700
Banff Merger Sub, Inc. 9.75%, 09/01/2026 (B)		985,000		884,037
Fiserv, Inc. 4.40%, 07/01/2049		592,000		706,511
Global Payments, Inc. 3.80%, 04/01/2021		689,000		698,616
IBM Credit LLC
3-Month LIBOR + 0.26%, 1.40% (A), 01/20/2021		500,000		499,333
3-Month LIBOR + 0.16%, 1.90% (A), 02/05/2021		1,500,000		1,494,333
International Business Machines Corp.  4.70%, 02/19/2046 (C)		1,842,000		2,319,243

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

Transamerica Funds Semi-Annual Report 2020

Page    237

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services (continued)
Mastercard, Inc.
2.00%, 03/03/2025		$   447,000		$   464,759
3.80%, 11/21/2046		1,671,000		2,040,569
3.85%, 03/26/2050		452,000		563,705
Presidio Holdings, Inc. 8.25%, 02/01/2028 (B) (C)		675,000		666,090
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (B) (C)		1,350,000		1,329,912
Tempo Acquisition LLC 5.75%, 06/01/2025 (B)		237,000		237,000
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. 6.75%, 06/01/2025 (B)		121,000		117,370
Visa, Inc.
2.70%, 04/15/2040		727,000		755,710
3.65%, 09/15/2047		983,000		1,198,906
				15,089,794
Life Sciences Tools & Services - 0.3%
Thermo Fisher Scientific, Inc.
1.88%, 10/01/2049, MTN		EUR  1,945,000		2,149,621
2.38%, 04/15/2032		1,450,000		1,787,889
4.50%, 03/25/2030		$  697,000		847,353
				4,784,863
Machinery - 1.3%
Caterpillar Financial Services Corp.
3-Month LIBOR + 0.23%, 0.97% (A), 03/15/2021, MTN		2,000,000		1,993,045
1.95%, 11/18/2022, MTN		295,000		301,023
3-Month LIBOR + 0.39%, 2.08% (A), 05/17/2021, MTN		900,000		894,295
2.55%, 11/29/2022, MTN		292,000		302,613
Caterpillar, Inc. 3.25%, 09/19/2049		1,024,000		1,099,257
CNH Industrial Capital LLC 4.20%, 01/15/2024		254,000		265,068
CNH Industrial Finance Europe SA 1.75%, 03/25/2027, MTN (D)		EUR  3,000,000		2,976,192
CNH Industrial NV
3.85%, 11/15/2027, MTN		$  661,000		658,671
4.50%, 08/15/2023		261,000		267,235
Deere & Co. 3.75%, 04/15/2050		2,404,000		2,876,791
Illinois Tool Works, Inc.
0.63%, 12/05/2027		EUR  2,350,000		2,541,845
3.50%, 03/01/2024		$  312,000		338,631
Parker-Hannifin Corp. 4.00%, 06/14/2049		1,889,000		2,103,725
Stanley Black & Decker, Inc.
3.40%, 03/01/2026		297,000		319,002
Fixed until 03/15/2025, 4.00% (A), 03/15/2060		536,000		519,244
4.85%, 11/15/2048		651,000		856,956
5.20%, 09/01/2040		781,000		993,975
				19,307,568
Marine - 0.1%
Kirby Corp. 4.20%, 03/01/2028		147,000		140,011

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Marine (continued)
Pelabuhan Indonesia II PT 4.25%, 05/05/2025 (D)		$   1,300,000		$   1,288,625
				1,428,636
Media - 2.8%
Belo Corp. 7.25%, 09/15/2027		1,750,000		1,750,000
Block Communications, Inc. 4.88%, 03/01/2028 (B)		860,000		855,700
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00%, 02/01/2028 (B)		418,000		429,155
5.38%, 06/01/2029 (B)		1,645,000		1,735,491
Charter Communications Operating LLC / Charter Communications Operating Capital
3.70%, 04/01/2051		1,274,000		1,255,070
4.80%, 03/01/2050		1,066,000		1,199,924
5.05%, 03/30/2029 (C)		305,000		358,216
5.38%, 04/01/2038		398,000		469,422
6.38%, 10/23/2035		1,075,000		1,380,387
Comcast Corp.
0.25%, 05/20/2027		EUR  1,900,000		2,026,626
2.35%, 01/15/2027		$  547,000		570,560
3.20%, 07/15/2036		185,000		201,530
3.40%, 04/01/2030		248,000		278,465
3.75%, 04/01/2040		751,000		861,943
3.90%, 03/01/2038		366,000		426,187
3.95%, 10/15/2025		285,000		320,845
3.97%, 11/01/2047		1,397,000		1,658,897
4.15%, 10/15/2028		1,030,000		1,205,728
4.60%, 10/15/2038		2,960,000		3,720,182
CSC Holdings LLC
5.25%, 06/01/2024		342,000		355,646
5.50%, 04/15/2027 (B)		1,025,000		1,065,680
Discovery Communications LLC 4.95%, 05/15/2042		1,252,000		1,364,744
EW Scripps Co. 5.13%, 05/15/2025 (B) (C)		1,456,000		1,233,960
Fox Corp. 3.50%, 04/08/2030		94,000		101,417
Grupo Televisa SAB 5.25%, 05/24/2049		1,247,000		1,280,023
National CineMedia LLC 5.88%, 04/15/2028 (B)		835,000		592,850
Nielsen Finance LLC / Nielsen Finance Co. 5.00%, 04/15/2022 (B)		1,775,000		1,748,570
Omnicom Group, Inc.
2.45%, 04/30/2030		600,000		548,744
4.20%, 06/01/2030		623,000		661,940
Sirius XM Radio, Inc. 4.63%, 07/15/2024 (B)		744,000		758,582
Sky, Ltd. 2.50%, 09/15/2026, MTN (D)		EUR  2,500,000		3,055,494
Time Warner Cable LLC 6.55%, 05/01/2037		$  1,226,000		1,519,388
Univision Communications, Inc. 9.50%, 05/01/2025 (B)		67,000		67,754

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

Transamerica Funds Semi-Annual Report 2020

Page    238

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
ViacomCBS, Inc.
4.38%, 03/15/2043		$   1,136,000		$   1,106,156
4.95%, 01/15/2031		1,029,000		1,096,940
5.85%, 09/01/2043		1,665,000		1,894,360
WPP Finance 1.38%, 03/20/2025, MTN (D)		EUR  2,000,000		2,162,887
				41,319,463
Metals & Mining - 2.1%
Anglo American Capital PLC
1.63%, 03/11/2026, MTN (D)		3,275,000		3,569,498
5.38%, 04/01/2025 (B)		$  263,000		282,954
BHP Billiton Finance, Ltd. Fixed until 10/22/2024, 5.63% (A), 10/22/2079 (D)		EUR  4,080,000		4,977,808
Cleveland-Cliffs, Inc.
5.75%, 03/01/2025 (C)		$  282,000		201,630
9.88%, 10/17/2025 (B)		916,000		906,840
Commercial Metals Co. 5.75%, 04/15/2026		890,000		881,100
First Quantum Minerals, Ltd. 7.25%, 04/01/2023 (B)		1,603,000		1,454,883
FMG Resources August 2006 Pty, Ltd. 4.50%, 09/15/2027 (B)		1,400,000		1,367,800
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		1,775,000		1,776,420
4.13%, 03/01/2028		124,000		115,010
4.25%, 03/01/2030		974,000		906,891
5.25%, 09/01/2029 (C)		128,000		126,400
Glencore Finance Europe, Ltd. 1.50%, 10/15/2026, MTN (D)		EUR  1,700,000		1,767,304
GTL Trade Finance, Inc. 7.25%, 04/16/2044 (D)		$  500,000		546,250
GTL Trade Finance, Inc. / Gerdau Holdings, Inc. 5.89%, 04/29/2024 (D)		1,400,000		1,407,000
GUSAP III, LP 4.25%, 01/21/2030 (B)		850,000		773,500
Mineral Resources, Ltd. 8.13%, 05/01/2027 (B)		1,125,000		1,157,344
Novolipetsk Steel Via Steel Funding DAC 4.50%, 06/15/2023 (D)		1,600,000		1,671,558
Severstal OAO Via Steel Capital SA
3.15%, 09/16/2024 (B)		1,500,000		1,490,331
5.90%, 10/17/2022 (D)		1,000,000		1,064,980
Steel Dynamics, Inc. 3.45%, 04/15/2030		1,779,000		1,693,129
Teck Resources, Ltd.
6.13%, 10/01/2035		2,489,000		2,490,012
6.25%, 07/15/2041		509,000		479,716
				31,108,358
Mortgage Real Estate Investment Trusts - 0.1%
AG Issuer LLC 6.25%, 03/01/2028 (B)		1,075,000		949,408
Starwood Property Trust, Inc. 4.75%, 03/15/2025		975,000		823,875
				1,773,283

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities - 0.6%
Black Hills Corp. 3.88%, 10/15/2049		$   881,000		$   887,243
CenterPoint Energy, Inc. 2.95%, 03/01/2030		2,480,000		2,554,798
Consolidated Edison Co. of New York, Inc. 3.95%, 04/01/2050		645,000		770,868
Delmarva Power & Light Co. 4.15%, 05/15/2045		625,000		737,674
Dominion Energy, Inc. 5.25%, 08/01/2033		458,000		530,633
NiSource, Inc.
2.95%, 09/01/2029		394,000		413,406
3.60%, 05/01/2030		208,000		232,070
3.95%, 03/30/2048		1,055,000		1,199,011
5.65%, 02/01/2045		397,000		551,684
Public Service Co. of Colorado
3.70%, 06/15/2028		325,000		375,070
4.10%, 06/15/2048		526,000		671,815
				8,924,272
Multiline Retail - 0.3%
El Puerto de Liverpool SAB de CV 3.88%, 10/06/2026 (C) (D)		2,300,000		2,047,000
Kohl’s Corp.
5.55%, 07/17/2045		238,000		168,608
9.50%, 05/15/2025		128,000		131,603
Target Corp. 3.63%, 04/15/2046		1,225,000		1,472,282
				3,819,493
Oil, Gas & Consumable Fuels - 6.1%
BP Capital Markets America, Inc.
2.75%, 05/10/2023		1,295,000		1,328,726
3.00%, 02/24/2050		4,120,000		3,885,367
BP Capital Markets PLC
2.97%, 02/27/2026, MTN (D)		EUR  2,905,000		3,460,918
3.51%, 03/17/2025		$  1,018,000		1,086,731
Buckeye Partners, LP
4.13%, 03/01/2025 (B)		150,000		138,750
4.50%, 03/01/2028 (B)		1,206,000		1,085,400
Callon Petroleum Co.
6.13%, 10/01/2024		113,000		21,753
6.38%, 07/01/2026		336,000		53,760
Canadian Natural Resources, Ltd. 2.95%, 01/15/2023		1,463,000		1,411,711
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/2029 (B)		1,003,000		917,689
5.13%, 06/30/2027		300,000		299,442
Cheniere Energy Partners, LP
4.50%, 10/01/2029 (B)		1,351,000		1,246,297
5.25%, 10/01/2025		220,000		210,012
Chevron Corp. 3-Month LIBOR + 0.53%, 1.99% (A), 03/03/2022 (C)		1,000,000		990,537
CNOOC Finance, Ltd. 3.00%, 05/09/2023		2,000,000		2,048,280
ConocoPhillips Co. 3-Month LIBOR + 0.90%, 2.59% (A), 05/15/2022		1,700,000		1,642,712

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

Transamerica Funds Semi-Annual Report 2020

Page    239

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Ecopetrol SA
5.88%, 05/28/2045		$   1,100,000		$   964,810
6.88%, 04/29/2030		1,300,000		1,329,250
eG Global Finance PLC 6.75%, 02/07/2025 (B)		1,050,000		955,500
Enable Midstream Partners, LP
4.15%, 09/15/2029		231,000		172,995
4.95%, 05/15/2028		330,000		253,588
Energy Transfer Operating, LP
4.90%, 03/15/2035		611,000		551,600
5.15%, 02/01/2043		281,000		232,559
5.25%, 04/15/2029		121,000		121,502
5.50%, 06/01/2027		480,000		487,175
6.05%, 06/01/2041		426,000		412,009
6.13%, 12/15/2045		469,000		450,659
EnLink Midstream Partners, LP Fixed until 12/15/2022 (E), 6.00% (A)		1,400,000		378,000
Enterprise Products Operating LLC
4.05%, 02/15/2022		870,000		900,435
4.25%, 02/15/2048		874,000		876,255
4.85%, 03/15/2044		260,000		280,458
Fixed until 08/16/2022, 4.88% (A), 08/16/2077		211,000		183,570
Fixed until 08/16/2027, 5.25% (A), 08/16/2077		295,000		265,411
EOG Resources, Inc.
4.38%, 04/15/2030		801,000		889,308
4.95%, 04/15/2050		1,462,000		1,752,358
Equinor ASA
3.25%, 11/18/2049		1,133,000		1,184,915
3.70%, 04/06/2050		650,000		723,563
Extraction Oil & Gas, Inc. 5.63%, 02/01/2026 (B)		94,000		15,510
Hess Corp. 7.13%, 03/15/2033		878,000		791,933
Hilcorp Energy I, LP / Hilcorp Finance Co. 5.00%, 12/01/2024 (B)		1,373,000		775,745
Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00%, 02/01/2028 (B)		819,000		745,044
Lonestar Resources America, Inc. 11.25%, 01/01/2023 (B)		232,000		29,000
Marathon Oil Corp.
2.80%, 11/01/2022		1,032,000		971,059
6.80%, 03/15/2032		257,000		213,489
Marathon Petroleum Corp. 4.50%, 04/01/2048		1,227,000		1,048,998
MEG Energy Corp.
6.50%, 01/15/2025 (B)		312,000		255,840
7.13%, 02/01/2027 (B)		250,000		172,500
MPLX, LP
3-Month LIBOR + 1.10%, 2.10% (A), 09/09/2022		1,500,000		1,330,917
3.50%, 12/01/2022 (B)		155,000		153,086
Fixed until 02/15/2023 (E), 6.88% (A)		5,500,000		3,954,610
Murphy Oil USA, Inc. 4.75%, 09/15/2029		1,125,000		1,158,412

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Noble Energy, Inc.
3.90%, 11/15/2024		$   868,000		$   778,437
4.95%, 08/15/2047		630,000		450,002
5.25%, 11/15/2043		2,937,000		2,175,647
Occidental Petroleum Corp.
3.13%, 02/15/2022		169,000		153,824
3-Month LIBOR + 1.45%, 3.14% (A), 08/15/2022		2,000,000		1,560,623
6.45%, 09/15/2036		447,000		330,503
Oil India International Pte, Ltd. 4.00%, 04/21/2027 (D)		2,033,000		1,857,063
ONEOK, Inc. 3.10%, 03/15/2030		1,398,000		1,126,319
ONGC Videsh, Ltd. 4.63%, 07/15/2024 (D)		1,800,000		1,805,670
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 02/15/2028 (B)		1,508,000		1,073,545
Pertamina Persero PT
3.10%, 08/25/2030 (B)		875,000		807,173
4.30%, 05/20/2023, MTN (D)		1,000,000		1,014,962
Raizen Fuels Finance SA 5.30%, 01/20/2027 (D)		1,300,000		1,298,375
Reliance Industries, Ltd. 4.13%, 01/28/2025 (D)		940,000		965,667
Saudi Arabian Oil Co.
3.50%, 04/16/2029, MTN (D)		2,000,000		2,013,099
4.25%, 04/16/2039, MTN (D)		1,850,000		1,906,318
Shell International Finance BV
3.63%, 08/21/2042		240,000		251,334
4.00%, 05/10/2046		3,422,000		3,895,976
Sinopec Group Overseas Development, Ltd. 2.95%, 11/12/2029 (B)		1,800,000		1,854,391
Southwestern Energy Co. 7.50%, 04/01/2026 (C)		201,000		180,398
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.50%, 08/15/2022		218,000		52,320
SunCoke Energy Partners, LP / SunCoke Energy Partners Finance Corp. 7.50%, 06/15/2025 (B)		1,038,000		791,475
Suncor Energy, Inc. 5.95%, 05/15/2035		213,000		225,531
Sunoco Logistics Partners Operations, LP 5.35%, 05/15/2045		550,000		493,187
Tengizchevroil Finance Co. International, Ltd. 4.00%, 08/15/2026 (D)		1,000,000		952,600
Thaioil Treasury Center Co., Ltd. 4.63%, 11/20/2028, MTN (C) (D)		1,800,000		1,870,690
Total Capital International SA
2.88%, 02/17/2022		1,295,000		1,325,821
3.46%, 07/12/2049		1,082,000		1,131,177
TOTAL SA Fixed until 10/06/2026 (E), 3.37% (A), MTN (D)		EUR  2,935,000		3,344,753

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

Transamerica Funds Semi-Annual Report 2020

Page    240

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Transportadora de Gas del Peru SA 4.25%, 04/30/2028 (D)		$  2,050,000		$   2,096,145
Transportadora de Gas Internacional SA 5.55%, 11/01/2028 (B)		1,300,000		1,358,513
Valero Energy Corp. 2.85%, 04/15/2025		264,000		261,862
Williams Cos., Inc.
5.40%, 03/04/2044		1,374,000		1,425,250
5.75%, 06/24/2044		323,000		351,564
Wintershall Dea Finance BV 1.33%, 09/25/2028 (D)		EUR  3,100,000		2,856,710
				88,847,072
Paper & Forest Products - 0.4%
Celulosa Arauco y Constitucion SA 4.50%, 08/01/2024		$  1,400,000		1,412,264
Domtar Corp. 6.75%, 02/15/2044		1,217,000		1,264,487
Georgia-Pacific LLC 2.30%, 04/30/2030 (B)		1,376,000		1,381,092
Inversiones CMPC SA 4.38%, 05/15/2023 (D)		1,500,000		1,515,000
				5,572,843
Personal Products - 0.3%
Coty, Inc. 6.50%, 04/15/2026 (B)		1,975,000		1,659,000
Estee Lauder Cos., Inc. 3.13%, 12/01/2049 (C)		1,133,000		1,167,898
HLF Financing Sarl LLC / Herbalife International, Inc. 7.25%, 08/15/2026 (B) (C)		845,000		823,284
				3,650,182
Pharmaceuticals - 1.1%
Bausch Health Cos., Inc. 6.13%, 04/15/2025 (B)		725,000		734,062
Baxalta, Inc. 5.25%, 06/23/2045		1,031,000		1,447,396
Bristol-Myers Squibb Co.
3-Month LIBOR + 0.38%, 2.07% (A), 05/16/2022 (B)		2,000,000		1,989,708
3.25%, 02/20/2023 (B)		750,000		799,635
3.63%, 05/15/2024 (B)		108,000		118,804
4.25%, 10/26/2049 (B)		2,199,000		2,872,800
Catalent Pharma Solutions, Inc. 5.00%, 07/15/2027 (B)		191,000		194,820
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.00%, 02/01/2025 (B)		825,000		589,875
GlaxoSmithKline Capital PLC 3-Month LIBOR + 0.35%, 2.05% (A), 05/14/2021		2,000,000		1,996,160
GlaxoSmithKline Capital, Inc. 3.38%, 05/15/2023		310,000		331,405
Mylan, Inc.
4.55%, 04/15/2028		338,000		371,039
5.20%, 04/15/2048		1,230,000		1,393,893
Par Pharmaceutical, Inc. 7.50%, 04/01/2027 (B)		1,150,000		1,168,687

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		$   732,000		$   794,988
Wyeth LLC 5.95%, 04/01/2037		330,000		483,067
				15,286,339
Professional Services - 0.0% (G)
Korn Ferry 4.63%, 12/15/2027 (B)		738,000		693,351
Real Estate Management & Development - 0.7%
Aroundtown SA
1.45%, 07/09/2028, MTN (D)		EUR  4,200,000		4,257,946
Fixed until 01/12/2025 (E), 2.88% (A), MTN (D)		1,300,000		1,250,311
Kennedy-Wilson, Inc. 5.88%, 04/01/2024		$  1,175,000		1,123,829
Longfor Group Holdings, Ltd. 4.50%, 01/16/2028 (D)		2,000,000		2,046,557
Newmark Group, Inc. 6.13%, 11/15/2023		830,000		764,285
				9,442,928
Road & Rail - 1.0%
Avolon Holdings Funding, Ltd. 5.13%, 10/01/2023 (B)		1,500,000		1,342,074
Burlington Northern Santa Fe LLC
4.05%, 06/15/2048		624,000		750,309
4.45%, 03/15/2043		3,017,000		3,711,074
Canadian National Railway Co. 2.85%, 12/15/2021		214,000		218,764
Canadian Pacific Railway Co.
2.05%, 03/05/2030		93,000		92,487
6.13%, 09/15/2115		476,000		720,669
CSX Corp. 3.80%, 04/15/2050		1,139,000		1,308,973
JB Hunt Transport Services, Inc. 3.88%, 03/01/2026		251,000		271,550
Kansas City Southern
2.88%, 11/15/2029		1,035,000		1,047,730
3.50%, 05/01/2050		1,010,000		1,009,473
4.70%, 05/01/2048		870,000		1,034,332
Norfolk Southern Corp. 4.10%, 05/15/2049		1,896,000		2,277,116
				13,784,551
Semiconductors & Semiconductor Equipment - 0.6%
Analog Devices, Inc. 2.95%, 04/01/2025		186,000		193,986
Broadcom, Inc. 5.00%, 04/15/2030 (B)		515,000		579,265
Intel Corp.
3-Month LIBOR + 0.35%, 2.08% (A), 05/11/2022		909,000		903,651
3.10%, 02/15/2060		1,870,000		2,000,317
3.40%, 03/25/2025		1,000,000		1,105,827
3.90%, 03/25/2030 (C)		707,000		839,275
Lam Research Corp. 3.13%, 06/15/2060		417,000		415,753

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

Transamerica Funds Semi-Annual Report 2020

Page    241

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.
3.50%, 04/01/2050		$   598,000		$   686,196
3.70%, 04/01/2060		1,139,000		1,332,682
NXP BV / NXP Funding LLC / NXP USA Co. 3.40%, 05/01/2030 (B)		514,000		513,833
				8,570,785
Software - 0.9%
Camelot Finance SA 4.50%, 11/01/2026 (B)		652,000		656,890
CDK Global, Inc. 5.88%, 06/15/2026		199,000		208,453
Fair Isaac Corp. 4.00%, 06/15/2028 (B)		274,000		271,671
Microsoft Corp.
2.40%, 02/06/2022		2,153,000		2,212,597
3.95%, 08/08/2056		3,438,000		4,520,236
Oracle Corp.
3.85%, 07/15/2036		1,840,000		2,121,016
4.00%, 11/15/2047		1,230,000		1,466,628
SS&C Technologies, Inc. 5.50%, 09/30/2027 (B)		490,000		502,250
VMware, Inc. 4.70%, 05/15/2030		1,203,000		1,286,055
				13,245,796
Specialty Retail - 0.6%
Burlington Coat Factory Warehouse Corp. 6.25%, 04/15/2025 (B)		28,000		28,490
Conn’s, Inc. 7.25%, 07/15/2022		338,000		228,150
Home Depot, Inc.
3-Month LIBOR + 0.31%, 1.89% (A), 03/01/2022		975,000		962,472
3.35%, 04/15/2050 (C)		1,736,000		1,922,532
4.40%, 03/15/2045		993,000		1,249,442
4.50%, 12/06/2048		867,000		1,119,677
Lowe’s Cos., Inc. 4.05%, 05/03/2047		1,880,000		2,112,329
Ross Stores, Inc. 5.45%, 04/15/2050		1,069,000		1,220,182
				8,843,274
Technology Hardware, Storage & Peripherals - 0.7%
Apple, Inc.
2.05%, 09/11/2026		296,000		312,093
3-Month LIBOR + 0.50%, 2.23% (A), 02/09/2022		2,000,000		2,002,911
Dell International LLC / EMC Corp.
6.02%, 06/15/2026 (B)		1,315,000		1,428,044
6.20%, 07/15/2030 (B)		645,000		711,903
8.10%, 07/15/2036 (B)		1,500,000		1,831,328
Diebold Nixdorf, Inc. 8.50%, 04/15/2024 (C)		1,858,000		1,216,990
Hewlett Packard Enterprise Co.
4.65%, 10/01/2024		266,000		282,498
6.20%, 10/15/2035		1,032,000		1,220,110
NCR Corp. 6.13%, 09/01/2029 (B)		52,000		51,610

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Seagate HDD Cayman 4.75%, 01/01/2025		$   600,000		$   618,721
				9,676,208
Thrifts & Mortgage Finance - 0.0% (G)
New York Community Bancorp, Inc. Fixed until 11/06/2023, 5.90% (A), 11/06/2028		358,000		356,152
Trading Companies & Distributors - 0.2%
GATX Corp.
3-Month LIBOR + 0.72%, 2.46% (A), 11/05/2021		1,000,000		980,790
4.35%, 02/15/2024		473,000		503,740
H&E Equipment Services, Inc. 5.63%, 09/01/2025		1,197,000		1,140,262
				2,624,792
Transportation Infrastructure - 0.3%
DP World PLC
5.63%, 09/25/2048, MTN (C) (D)		300,000		286,500
5.63%, 09/25/2048 (B)		1,500,000		1,432,500
Penske Truck Leasing Co., LP / PTL Finance Corp.
3.35%, 11/01/2029 (B)		1,272,000		1,310,351
3.40%, 11/15/2026 (B)		566,000		569,670
4.20%, 04/01/2027 (B)		238,000		256,555
				3,855,576
Water Utilities - 0.1%
American Water Capital Corp. 3.45%, 05/01/2050		487,000		540,433
Essential Utilities, Inc. 3.35%, 04/15/2050		652,000		682,574
				1,223,007
Wireless Telecommunication Services - 1.4%
Altice France SA 7.38%, 05/01/2026 (B)		2,479,000		2,590,555
America Movil SAB de CV 4.38%, 04/22/2049		796,000		922,086
C&W Senior Financing DAC 6.88%, 09/15/2027 (B)		1,725,000		1,703,437
Empresa Nacional de Telecomunicaciones SA 4.75%, 08/01/2026 (D)		1,500,000		1,537,313
Sprint Corp. 7.88%, 09/15/2023		2,300,000		2,584,855
T-Mobile USA, Inc.
3.88%, 04/15/2030 (B)		2,134,000		2,341,916
4.38%, 04/15/2040 (B)		466,000		528,966
4.50%, 04/15/2050 (B)		73,000		85,439
6.38%, 03/01/2025		90,000		92,363
6.50%, 01/15/2024		106,000		108,374
Vodafone Group PLC
2.88%, 11/20/2037, MTN (D)		EUR  2,000,000		2,535,007
4.88%, 06/19/2049		$  548,000		655,143
5.25%, 05/30/2048		1,655,000		2,068,942
Fixed until 04/04/2029, 7.00% (A), 04/04/2079		2,614,000		2,994,192
				20,748,588
Total Corporate Debt Securities (Cost $1,129,732,791)				1,117,784,168

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

Transamerica Funds Semi-Annual Report 2020

Page    242

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 0.6%
India - 0.1%
Export-Import Bank of India 3.38%, 08/05/2026 (C) (D)		$   1,300,000		$   1,276,186
Mexico - 0.1%
Mexico Government International Bond
4.50%, 04/22/2029		996,000		1,001,986
4.75%, 03/08/2044, MTN		1,046,000		969,129
				1,971,115
Norway - 0.0% (G)
Kommunalbanken AS 1.75%, 09/15/2020 (B)		330,000		331,260
Supranational - 0.4%
African Development Bank 0.75%, 04/03/2023		511,000		514,016
European Bank for Reconstruction & Development 1.50%, 02/13/2025, MTN		622,000		647,046
Inter-American Development Bank
4.38%, 01/24/2044		1,395,000		2,200,477
2.63%, 04/19/2021, MTN		1,408,000		1,438,085
International Bank for Reconstruction & Development 3.13%, 11/20/2025		486,000		551,906
International Finance Corp. 0.50%, 03/20/2023		724,000		724,785
				6,076,315
Total Foreign Government Obligations (Cost $9,579,162)				9,654,876
LOAN ASSIGNMENTS - 8.2%
Aerospace & Defense - 0.1%
Dynasty Acquisition Co., Inc.
Term Loan B1,
3-Month LIBOR + 3.50%, 4.95% (A), 04/06/2026		685,946		597,916
Term Loan B2,
3-Month LIBOR + 3.50%, 4.95% (A), 04/06/2026		368,788		321,461
				919,377
Airlines - 0.0% (G)
Delta Air Lines, Inc. Term Loan B, TBD, 04/29/2023 (F) (H)		108,102		107,543
Auto Components - 0.1%
Mavis Tire Express Services Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.70% (A), 03/20/2025		1,316,997		1,066,768
Automobiles - 0.0% (G)
CWGS Group LLC Term Loan, 1-Month LIBOR + 2.75%, 3.50% - 4.12% (A), 11/08/2023		506,880		359,885
Biotechnology - 0.0% (G)
Grifols Worldwide Operations USA, Inc. Term Loan B, 1-Week LIBOR + 2.00%, 2.14% (A), 11/15/2027		342,606		330,492

	Principal		Value
LOAN ASSIGNMENTS (continued)
Building Products - 0.1%
C.H.I. Overhead Doors, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.25% (A), 07/29/2022		$   610,472		$   573,843
CD&R Hydra Buyer, Inc. Term Loan, 1-Month LIBOR + 4.25%, 5.25% (A), 12/11/2024		899,240		764,354
Quikrete Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.50%, 2.90% (A), 02/01/2027		544,635		505,489
				1,843,686
Capital Markets - 0.3%
Advisor Group, Inc Term Loan B, 1-Month LIBOR + 5.00%, 5.40% (A), 07/31/2026		793,960		645,257
Blackstone CQP Holdco, LP Term Loan B, 3-Month LIBOR + 3.50%, 4.62% (A), 09/30/2024		1,028,115		941,368
Camelot US Acquisition 1 Co. Term Loan B, 1-Month LIBOR + 3.25%, 3.65% (A), 10/31/2026		1,035,289		990,857
Crown Finance US, Inc.
Term Loan,
6-Month LIBOR + 2.25%, 3.32% (A), 02/28/2025		895,138		573,560
6-Month LIBOR + 2.50%, 3.57% (A), 09/30/2026		348,250		213,303
Deerfield Dakota Holding, LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.75% (A), 04/09/2027		381,277		362,213
NEXUS Buyer LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.58% (A), 11/09/2026		785,057		760,851
				4,487,409
Chemicals - 0.2%
Charter NEX US, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.00% (A), 05/16/2024		686,690		646,346
Chemours Co. Term Loan B, 1-Month LIBOR + 1.75%, 2.16% (A), 04/03/2025		814,828		740,135
PQ Corp. Term Loan B, 1-Month LIBOR + 2.25%, 2.65% (A), 02/07/2027		505,264		480,001
Starfruit Finco BV Term Loan B, 1-Month LIBOR + 3.00%, 3.86% (A), 10/01/2025		1,249,392		1,130,700
				2,997,182

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

Transamerica Funds Semi-Annual Report 2020

Page    243

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies - 0.5%
Asurion LLC
2nd Lien Term Loan,
1-Month LIBOR + 6.50%, 6.90% (A), 08/04/2025		$   63,905		$   61,083
Term Loan B6,
1-Month LIBOR + 3.00%, 3.40% (A), 11/03/2023		511,488		487,192
Term Loan B7,
1-Month LIBOR + 3.00%, 3.40% (A), 11/03/2024		727,172		693,540
BidFair MergerRight, Inc. Term Loan B, 1-Month LIBOR + 5.50%, 6.50% (A), 01/15/2027		874,561		747,749
Cast and Crew Payroll LLC 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 4.16% (A), 02/09/2026 (F)		548,363		462,133
Creative Artists Agency LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.15% (A), 11/27/2026		777,372		694,388
Garda World Security Corp. 1st Lien Term Loan B, 3-Month LIBOR + 4.75%, 6.39% (A), 10/30/2026		620,560		592,635
GFL Environmental, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.00% (A), 05/30/2025		715,362		699,777
Prime Security Services Borrower LLC Term Loan B1, 1-Month LIBOR + 3.25%, 4.27% (A), 09/23/2026		1,183,469		1,121,337
PUG LLC Term Loan, 1-Month LIBOR + 3.50%, 3.90% (A), 02/12/2027		796,209		656,872
West Corp.
Term Loan,
3-Month LIBOR + 4.00%, 5.45% (A), 10/10/2024		775,711		603,357
Term Loan B1,
3-Month LIBOR + 3.50%, 4.95% (A), 10/10/2024		256,090		197,007
				7,017,070
Communications Equipment - 0.1%
CommScope, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 3.65% (A), 04/06/2026		977,684		918,534
Construction & Engineering - 0.1%
USIC Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.25% (A), 12/08/2023		905,174		796,553

	Principal		Value
LOAN ASSIGNMENTS (continued)
Consumer Finance - 0.1%
Altice Financing SA Term Loan B, 1-Month LIBOR + 2.75%, 3.56% (A), 07/15/2025		$   438,630		$   404,362
Nielsen Finance LLC Term Loan B4, 1-Month LIBOR + 2.00%, 2.86% (A), 10/04/2023		639,889		615,894
				1,020,256
Containers & Packaging - 0.2%
Berry Global, Inc. Term Loan Y, 1-Month LIBOR + 2.00%, 2.83% (A), 07/01/2026		1,166,085		1,110,372
BWAY Holding Co. Term Loan B, 3-Month LIBOR + 3.25%, 4.56% (A), 04/03/2024		1,190,845		1,019,165
Reynolds Group Holdings, Inc. Term Loan, 1-Month LIBOR + 2.75%, 3.15% (A), 02/05/2023		880,733		838,269
				2,967,806
Distributors - 0.0% (G)
American Builders & Contractors Supply Co., Inc. Term Loan, 1-Month LIBOR + 2.00%, 2.40% (A), 01/15/2027		738,264		692,737
Diversified Consumer Services - 0.1%
William Morris Endeavor Entertainment LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3-Month LIBOR + 2.75%, 3.16% - 4.37% (A), 05/18/2025		1,551,883		1,153,566
Diversified Financial Services - 0.2%
AI Ladder Subco SARL Term Loan, 1-Month LIBOR + 4.50%, 4.90% (A), 07/09/2025		616,708		514,951
AlixPartners LLP Term Loan B, 1-Month LIBOR + 2.50%, 3.50% (A), 04/04/2024		640,774		615,784
Fastlane Parent Co., Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.50%, 4.90% (A), 02/04/2026		755,807		655,662
Refinitiv US Holdings, Inc. Term Loan, 1-Month LIBOR + 3.25%, 3.65% (A), 10/01/2025		619,875		605,153
Stars Group Holdings BV Term Loan, 3-Month LIBOR + 3.50%, 4.95% (A), 07/10/2025		865,093		853,198
				3,244,748

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

Transamerica Funds Semi-Annual Report 2020

Page    244

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Telecommunication Services - 0.3%
CenturyLink, Inc. Term Loan B, 1-Month LIBOR, 2.65% (A), 03/15/2027		$   1,578,651		$   1,489,260
Intelsat Jackson Holdings SA Term Loan B3, Prime Rate + 2.75%, 6.00% (A), 11/27/2023 (F)		943,000		921,389
Iridium Satellite LLC Term Loan, 1-Month LIBOR + 3.75%, 4.75% (A), 11/04/2026		661,061		651,352
Telesat Canada Term Loan B5, 1-Month LIBOR + 2.75%, 3.16% (A), 12/07/2026		773,453		729,221
Zayo Group Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.40% (A), 03/09/2027		794,392		744,246
				4,535,468
Electric Utilities - 0.1%
Talen Energy Supply LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.15% (A), 07/08/2026		903,310		822,013
Electrical Equipment - 0.1%
EXC Holdings III Corp.
1st Lien Term Loan,
3-Month LIBOR + 3.50%, 4.95% (A), 12/02/2024		847,125		787,826
2nd Lien Term Loan,
3-Month LIBOR + 7.50%, 8.94% (A), 12/01/2025		347,000		285,552
Gates Global LLC Repriced Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (A), 04/01/2024		499,436		459,481
				1,532,859
Electronic Equipment, Instruments & Components - 0.0% (G)
Verifone Systems, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.69% (A), 08/20/2025		371,545		282,723
Energy Equipment & Services - 0.0% (G)
Apergy Corp. 1st Lien Term Loan, 1-Month LIBOR + 2.50%, Prime Rate + 1.50%, 2.94% (A), 05/09/2025		308,689		271,646
Entertainment - 0.0% (G)
AMC Entertainment Holdings, Inc. Term Loan B, 6-Month LIBOR + 3.00%, 4.08% (A), 04/22/2026		572,170		417,398

	Principal		Value
LOAN ASSIGNMENTS (continued)
Equity Real Estate Investment Trusts - 0.0%
ESH Hospitality, Inc. Term Loan B, TBD, 09/18/2026 (H) (I)		$   0		$   0
Food & Staples Retailing - 0.0% (G)
BW Gas & Convenience Holdings LLC Term Loan, 1-Month LIBOR + 6.25%, 6.88% (A), 11/18/2024		591,513		526,446
Food Products - 0.2%
Froneri International, Ltd. Term Loan, 1-Month LIBOR + 2.25%, 2.65% (A), 01/29/2027		414,834		383,721
Nomad Foods Midco, Ltd. Term Loan B4, 1-Month LIBOR + 2.25%, 3.06% (A), 05/15/2024		882,000		846,720
Sunshine Luxembourg VII SARL Term Loan B1, 6-Month LIBOR + 4.25%, 5.32% (A), 10/01/2026		1,129,859		1,024,406
				2,254,847
Health Care Equipment & Supplies - 0.1%
Greatbatch, Ltd. Term Loan B, TBD, 10/27/2022 (H) (I)		0		0
Immucor, Inc. Term Loan B, 3-Month LIBOR + 5.00%, 6.45% (A), 06/15/2021		1,034,132		904,866
Ortho-Clinical Diagnostics SA Term Loan B, 1-Month LIBOR + 3.25%, 4.27% (A), 06/30/2025		1,192,056		1,056,460
				1,961,326
Health Care Providers & Services - 0.3%
Envision Healthcare Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 4.15% (A), 10/10/2025		942,614		652,760
HC Group Holdings II, Inc. Term Loan B, 1-Month LIBOR + 4.50%, 4.90% (A), 08/06/2026		870,182		811,445
MPH Acquisition Holdings LLC Term Loan B, 3-Month LIBOR + 2.75%, 4.20% (A), 06/07/2023		412,459		377,400
RegionalCare Hospital Partners Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.15% (A), 11/17/2025		949,741		877,085
Sound Inpatient Physicians
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 3.15% (A), 06/27/2025		817,853		767,505
2nd Lien Term Loan,
1-Month LIBOR + 6.75%, 7.15% (A), 06/26/2026		228,492		209,451

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

Transamerica Funds Semi-Annual Report 2020

Page    245

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services (continued)
Team Health Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.75% (A), 02/06/2024 (F)		$   632,957		$   463,324
Upstream Newco, Inc. Term Loan, 1-Month LIBOR + 4.50%, 4.90% (A), 11/20/2026 (F)		599,064		497,223
				4,656,193
Health Care Technology - 0.1%
Change Healthcare Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 3-Month LIBOR + 2.50%, 3.50% (A), 03/01/2024		840,579		809,057
Hotels, Restaurants & Leisure - 0.8%
Boyd Gaming Corp. Term Loan B3, 1-Week LIBOR + 2.25%, 2.39% (A), 09/15/2023		248,647		231,420
Caesars Resort Collection LLC 1st Lien Term Loan B, 1-Month LIBOR + 2.75%, 3.15% (A), 12/23/2024		1,576,701		1,320,487
Connect Finco SARL Term Loan B, TBD, 12/11/2026 (F) (H)		646,000		591,898
ETA Australia Holdings III Pty, Ltd. Term Loan, 1-Month LIBOR + 4.00%, 4.44% (A), 05/06/2026		427,991		395,178
Golden Nugget, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3-Month LIBOR + 2.50%, 3.25%  - 3.70% (A), 10/04/2023		975,508		785,284
Golden Nugget, LLC Term Loan, 3-Month LIBOR + 12.00%, 13.00% (A), 10/04/2023		5,575		5,687
Hornblower Sub LLC Term Loan B, 3-Month LIBOR + 4.50%, 5.95% (A), 04/27/2025		764,545		509,697
IRB Holding Corp. Term Loan B, 1-Month LIBOR + 2.75%, 3-Month LIBOR + 2.75%, 3.75% - 3.95% (A), 02/05/2025		910,920		790,223
Mohegan Tribal Gaming Authority Term Loan B, 1-Month LIBOR + 4.13%, 4.53% (A), 10/13/2023		958,526		654,992
Motion Finco SARL
Delayed Draw Term Loan B2,
3-Month LIBOR + 3.25%, 6-Month LIBOR + 3.25%, 4.32% - 4.70% (A), 11/04/2026		46,946		41,899

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
Motion Finco SARL (continued)
Term Loan B1,
3-Month LIBOR + 3.25%, 6-Month LIBOR + 3.25%, 4.32% - 4.70% (A), 11/13/2026		$   357,199		$   318,800
NEP/NCP Holdco, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.70% (A), 10/20/2025		941,097		740,330
PCI Gaming Authority Term Loan, 1-Month LIBOR + 2.50%, 2.90% (A), 05/29/2026		352,939		323,601
PF Chang’s China Bistro, Inc. Term Loan B, 3-Month LIBOR + 6.25%, 8.17% (A), 03/01/2026		603,477		331,912
Scientific Games International, Inc. Term Loan B5, 1-Month LIBOR + 2.75%, 3-Month LIBOR + 2.75%, 6-Month LIBOR + 2.75%, 3.15% - 3.61% (A), 08/14/2024		1,536,357		1,266,726
SeaWorld Parks & Entertainment, Inc. Term Loan B5, 1-Month LIBOR + 3.00%, 3.75% (A), 03/31/2024		1,168,143		976,276
Station Casinos LLC Term Loan B, 1-Month LIBOR + 2.25%, 2.66% (A), 02/08/2027		510,078		448,585
Travelport Finance SARL
2nd Lien Term Loan,
3-Month LIBOR + 9.00%, 10.07% (A), 05/28/2027		271,077		75,901
Term Loan,
3-Month LIBOR + 5.00%, 6.07% (A), 05/29/2026		1,104,034		672,771
Whatabrands LLC Term Loan B, 1-Month LIBOR, 3.73% (A), 07/31/2026		693,000		636,694
				11,118,361
Household Durables - 0.0% (G)
API Heat Transfer ThermaSys Corp. Term Loan, 3-Month LIBOR + 1.00%, PIK Rate 6.45%, Cash Rate 1.00%, 1.00% (A), 12/31/2023 (J) (K)		452,920		393,474
Household Products - 0.1%
Diamond BV Term Loan, 1-Month LIBOR + 3.00%, 3-Month LIBOR + 3.00%, 3.40% - 3.76% (A), 09/06/2024 (F)		956,863		823,699
Independent Power & Renewable Electricity Producers - 0.0% (G)
Terra-Gen Finance Co. LLC Term Loan B, 1-Month LIBOR + 4.25%, 5.25% (A), 12/09/2021		328,424		305,435

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

Transamerica Funds Semi-Annual Report 2020

Page    246

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Insurance - 0.3%
Alliant Holdings Intermediate LLC Term Loan B, 1-Month LIBOR + 2.75%, 3.15% (A), 05/09/2025		$   1,084,242		$   1,011,056
Hub International, Ltd. Term Loan B, 3-Month LIBOR + 3.00%, 4.02% (A), 04/25/2025		1,306,929		1,231,127
Hyperion Insurance Group, Ltd. Repriced Term Loan, 1-Month LIBOR + 3.50%, 4.50% (A), 12/20/2024		381,519		356,244
Sedgwick Claims Management Services, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 3.65% (A), 12/31/2025		1,240,116		1,134,706
				3,733,133
IT Services - 0.3%
Banff Merger Sub, Inc. Term Loan B, TBD, 10/02/2025 (F) (H)		937,000		805,820
Moneygram International, Inc. Term Loan B, 6-Month LIBOR + 6.00%, 7.00% (A), 06/30/2023		592,359		425,388
PI MergerCo, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.70% (A), 01/03/2025		1,235,300		1,108,167
Rackspace Hosting, Inc. 1st Lien Term Loan, 2-Month LIBOR + 3.00%, 3-Month LIBOR + 3.00%, 4.76% (A), 11/03/2023		1,489,532		1,392,712
Tempo Acquisition LLC Term Loan, 1-Month LIBOR + 2.75%, 3.15% (A), 05/01/2024		389,382		354,338
Verra Mobility Corp. Term Loan B, 1-Month LIBOR + 3.25%, 3.69% (A), 02/28/2025		346,355		311,719
				4,398,144
Life Sciences Tools & Services - 0.1%
Jaguar Holding Co. II Term Loan, 1-Month LIBOR + 2.50%, 2.90% (A), 08/18/2022		1,312,384		1,284,905
Parexel International Corp. Term Loan B, 1-Month LIBOR + 2.75%, 3.15% (A), 09/27/2024		838,749		766,931
				2,051,836
Machinery - 0.1%
Crosby US Acquisition Corp. Term Loan B, 1-Month LIBOR + 4.75%, 5.42% (A), 06/26/2026		441,236		352,989

	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery (continued)
Dynacast International LLC Term Loan B2, 3-Month LIBOR + 3.25%, 4.70% (A), 01/28/2022		$   601,091		$   349,133
Gardner Denver, Inc. Term Loan, 1-Month LIBOR + 1.75%, 2.15% (A), 03/01/2027		414,156		390,446
Patriot Container Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 4.50% (A), 03/20/2025		790,084		703,175
				1,795,743
Media - 0.7%
Charter Communications Operating LLC Term Loan B2, TBD, 02/01/2027 (H) (I)		0		0
Cogeco Communications II, LP 1st Lien Term Loan, 1-Month LIBOR + 2.00%, 2.40% (A), 01/03/2025		922,394		879,239
Coral-US Co-Borrower LLC Term Loan B5, 1-Month LIBOR, 2.65% (A), 01/31/2028		785,197		734,405
CSC Holdings LLC
1st Lien Term Loan,
1-Month LIBOR + 2.25%, 3.06% (A), 07/17/2025		1,168,576		1,110,147
Term Loan B5,
1-Month LIBOR + 2.50%, 3.31% (A), 04/15/2027		701,526		666,450
E.W. Scripps Co. Term Loan B2, 1-Month LIBOR + 2.50%, 2.90% (A), 05/01/2026		340,081		315,850
Gray Television, Inc. Term Loan C, 1-Month LIBOR + 2.50%, 3.49% (A), 01/02/2026		373,843		350,166
ION Media Networks, Inc. Term Loan B, 3-Month LIBOR + 3.00%, 3.81% (A), 12/18/2024		1,525,097		1,382,755
McGraw-Hill Global Education Holdings LLC Term Loan B, 3-Month LIBOR + 4.00%, 5.45% (A), 05/04/2022		963,608		775,704
Meredith Corp. Term Loan B2, 1-Month LIBOR + 2.50%, 3.26% (A), 01/31/2025		363,215		333,818
Nexstar Broadcasting, Inc. Term Loan B4, 1-Month LIBOR + 2.75%, 3.73% (A), 09/18/2026		559,434		523,071

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

Transamerica Funds Semi-Annual Report 2020

Page    247

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
Numericable Group SA Term Loan B11, 1-Month LIBOR + 2.75%, 3.15% (A), 07/31/2025		$   305,302		$   279,504
Rentpath, Inc. 2nd Lien Term Loan, 3-Month LIBOR + 9.00%, 10.61% (A), 12/17/2022 (J)		765,000		321,300
Terrier Media Buyer, Inc. Term Loan B, 3-Month LIBOR + 4.25%, 5.70% (A), 12/17/2026		1,021,946		946,151
Univision Communications, Inc. Term Loan C5, 1-Month LIBOR + 2.75%, 3.75% (A), 03/15/2024		910,000		799,094
UPC Broadband Holding BV Term Loan B, 1-Month LIBOR + 2.25%, 3.06% (A), 04/30/2028		476,712		447,712
Ziggo Financing Partnership Term Loan I, 1-Month LIBOR + 2.50%, 3.31% (A), 04/30/2028		559,305		522,717
				10,388,083
Metals & Mining - 0.1%
Hampton Rubber Co. 1st Lien Term Loan, 2-Month LIBOR + 4.00%, 3-Month LIBOR + 4.00%, 5.07% - 5.26% (A), 03/27/2021		610,898		473,446
US Silica Co. Term Loan B, 1-Month LIBOR + 4.00%, 5.00% (A), 05/01/2025		1,521,742		823,916
WP CPP Holdings LLC Term Loan, 3-Month LIBOR + 3.75%, 4.75% (A), 04/30/2025		810,309		601,654
				1,899,016
Oil, Gas & Consumable Fuels - 0.2%
Buckeye Partners, LP Term Loan B, 1-Month LIBOR + 2.75%, 3.77% (A), 11/01/2026		529,000		494,615
EG America LLC
2nd Lien Term Loan,
6-Month LIBOR + 8.00%, 9.07% (A), 04/20/2026		175,229		130,546
Term Loan,
6-Month LIBOR + 4.00%, 5.07% (A), 02/07/2025		971,795		827,646
Medallion Midland Acquisition LLC 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.25% (A), 10/30/2024		559,612		388,930

	Principal		Value
LOAN ASSIGNMENTS (continued)
Oil, Gas & Consumable Fuels (continued)
Osum Production Corp. Term Loan, 3-Month LIBOR + 7.50%, 8.95% (A), 07/31/2022		$   693,504		$   513,192
				2,354,929
Personal Products - 0.1%
Coty, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 3.17% (A), 04/07/2025		1,235,386		1,006,840
Pharmaceuticals - 0.3%
Akorn, Inc. Term Loan B, 1-Month LIBOR + 13.75%, PIK Rate 0.75%, Cash Rate 8.06%, 0.75% - 14.75% (A), 04/16/2021 (K)		416,491		345,688
Alphabet Holding Co., Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 3.90% (A), 09/26/2024		915,036		818,957
Amneal Pharmaceuticals LLC Term Loan B, 1-Month LIBOR + 3.50%, 3.94% (A), 05/04/2025		968,807		859,816
Bausch Health Cos., Inc.
Term Loan B,
1-Month LIBOR + 2.75%, 3.47% (A), 11/27/2025		946,221		907,359
1-Month LIBOR + 3.00%, 3.72% (A), 06/02/2025		122,208		117,829
Endo Luxembourg Finance Co. I SARL Term Loan B, 1-Month LIBOR + 4.25%, 5.00% (A), 04/29/2024		1,073,297		976,700
				4,026,349
Professional Services - 0.0% (G)
Everi Payments, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 3.82% (A), 05/09/2024		784,412		667,730
Real Estate Management & Development - 0.2%
Brookfield WEC Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.75% (A), 08/01/2025		901,065		851,957
CityCenter Holdings LLC Term Loan B, 1-Month LIBOR + 2.25%, 3.00% (A), 04/18/2024		1,317,556		1,156,705
Cushman & Wakefield US Borrower LLC Term Loan B, 1-Month LIBOR + 2.75%, 3.15% (A), 08/21/2025		863,622		791,757
				2,800,419

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

Transamerica Funds Semi-Annual Report 2020

Page    248

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Road & Rail - 0.1%
Genesee & Wyoming, Inc. Term Loan, 3-Month LIBOR + 2.00%, 3.45% (A), 12/30/2026		$   341,329		$   331,090
PODS LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.75% (A), 12/06/2024		502,827		471,400
				802,490
Semiconductors & Semiconductor Equipment - 0.1%
Bright Bidco BV Term Loan B, 3-Month LIBOR + 3.50%, 6-Month LIBOR + 3.50%, 4.57% - 4.95% (A), 06/30/2024		1,086,619		316,931
MaxLinear, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.31% (A), 05/12/2024		409,814		393,421
				710,352
Software - 1.0%
Almonde, Inc.
1st Lien Term Loan,
6-Month LIBOR + 3.50%, 4.50% (A), 06/13/2024		1,013,883		875,038
2nd Lien Term Loan,
6-Month LIBOR + 7.25%, 8.25% (A), 06/13/2025		265,000		224,919
Applied Systems, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.25%, 4.70% (A), 09/19/2024		598,103		571,936
2nd Lien Term Loan,
3-Month LIBOR + 7.00%, 8.45% (A), 09/19/2025		249,232		236,770
CCC Information Services, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.75% (A), 04/29/2024		792,941		746,851
Comet Acquisition, Inc. Term Loan, 3-Month LIBOR + 3.50%, 5.11% (A), 10/24/2025		797,350		717,615
Corel Corp. Term Loan, 3-Month LIBOR + 5.00%, 6.61% (A), 07/02/2026		865,448		796,212
DCert Buyer, Inc. Term Loan B, 1-Month LIBOR + 4.00%, 4.40% (A), 10/16/2026		982,675		923,715
Epicor Software Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 3.66% (A), 06/01/2022		771,970		743,572

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Informatica LLC Term Loan B, 1-Month LIBOR + 3.25%, 3.65% (A), 02/25/2027 (F)		$   556,433		$   521,308
ION Trading Technologies SARL Term Loan B, 3-Month LIBOR + 4.00%, 5.07% (A), 11/21/2024		637,230		518,280
Kronos, Inc.
2nd Lien Term Loan,
3-Month LIBOR + 8.25%, 10.01% (A), 11/01/2024		240,000		228,400
Term Loan B,
3-Month LIBOR + 3.00%, 4.76% (A), 11/01/2023		465,918		448,446
MA FinanceCo. LLC
Term Loan B2,
1-Month LIBOR + 2.25%, 2.65% (A), 11/19/2021		804,140		768,959
Term Loan B3,
1-Month LIBOR + 2.50%, 2.90% (A), 06/21/2024		61,780		56,838
McAfee LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.19% (A), 09/30/2024		1,250,665		1,193,134
Project Boost Purchaser LLC Term Loan B, 1-Month LIBOR + 3.50%, 3.90% (A), 06/01/2026		1,018,660		886,234
RP Crown Parent LLC Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (A), 10/12/2023		1,146,923		1,095,312
Seattle Spinco, Inc. Term Loan B3, 1-Month LIBOR + 2.50%, 2.90% (A), 06/21/2024		417,216		383,839
Solera LLC Term Loan B, 3-Month LIBOR + 2.75%, 4.36% (A), 03/03/2023		379,925		359,030
Sophia, LP Term Loan B, 3-Month LIBOR + 3.25%, 4.70% (A), 09/30/2022		687,191		661,422
SS&C Technologies Holdings Europe SARL Term Loan B4, 1-Month LIBOR + 1.75%, 2.15% (A), 04/16/2025		94,728		91,070
SS&C Technologies, Inc.
Term Loan B3,
1-Month LIBOR + 1.75%, 2.15% (A), 04/16/2025		132,752		127,584
Term Loan B5,
1-Month LIBOR + 1.75%, 2.15% (A), 04/16/2025		223,151		214,039

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

Transamerica Funds Semi-Annual Report 2020

Page    249

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Ultimate Software Group, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.15% (A), 05/04/2026		$   398,545		$   378,618
Vertafore, Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 3.65% (A), 07/02/2025		1,030,575		943,620
2nd Lien Term Loan,
1-Month LIBOR + 7.25%, 7.69% (A), 07/02/2026		322,041		300,571
VS Buyer LLC Term Loan B, 3-Month LIBOR + 3.25%, 4.86% (A), 02/28/2027		111,896		105,742
				15,119,074
Specialty Retail - 0.1%
Bass Pro Group LLC Term Loan B, 1-Month LIBOR + 5.00%, 6.07% (A), 09/25/2024		1,048,055		869,362
Belron Finance US LLC Term Loan B, 1-Month LIBOR, 3-Month LIBOR + 2.50%, 3.26% (A), 10/30/2026		342,440		325,318
JP Intermediate B LLC Term Loan, 3-Month LIBOR + 5.50%, 6.50% (A), 11/20/2025		305,323		151,135
Wand NewCo 3, Inc. Term Loan, 6-Month LIBOR + 3.00%, 4.07% (A), 02/05/2026		607,909		540,279
				1,886,094
Technology Hardware, Storage & Peripherals - 0.1%
Dell International LLC Term Loan B, TBD, 09/19/2025 (H) (I)		0		0
Diebold, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.63% (A), 11/06/2023		833,629		683,576
NCR Corp. Term Loan, 1-Month LIBOR + 2.50%, 2.91% (A), 08/28/2026		454,385		427,122
				1,110,698
Textiles, Apparel & Luxury Goods - 0.0% (G)
Varsity Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (A), 12/15/2024		562,937		400,741
Trading Companies & Distributors - 0.1%
ASP Unifrax Holdings, Inc. Term Loan B, 6-Month LIBOR + 3.75%, 4.82% (A), 12/12/2025		738,486		552,018

	Principal		Value
LOAN ASSIGNMENTS (continued)
Trading Companies & Distributors (continued)
Univar, Inc.
Term Loan B3,
3-Month LIBOR + 2.25%, 3.70% (A), 07/01/2024		$   506,058		$   487,503
Term Loan B5,
3-Month LIBOR + 2.00%, 3.45% (A), 07/01/2026		110,239		104,819
				1,144,340
Wireless Telecommunication Services - 0.1%
Altice France SA
Term Loan B12,
1-Month LIBOR + 3.69%, 4.50% (A), 01/31/2026		1,549,934		1,428,154
Term Loan B13,
1-Month LIBOR + 4.00%, 4.81% (A), 08/14/2026		356,692		329,643
T-Mobile USA, Inc. Term Loan, TBD, 04/01/2027 (F) (H)		396,184		393,547
				2,151,344
Total Loan Assignments (Cost $134,451,792)				119,081,912
U.S. GOVERNMENT OBLIGATIONS - 0.7%
U.S. Treasury - 0.7%
U.S. Treasury Note
1.63%, 09/30/2026 - 08/15/2029		7,575,000		8,177,154
1.75%, 11/15/2029 (C)		1,390,000		1,536,981
Total U.S. Government Obligations (Cost $8,915,241)				9,714,135
	Shares		Value
COMMON STOCKS - 0.0% (G)
Household Durables - 0.0% (G)
API Heat Transfer Intermediate Corp. (J) (L) (M)		472,381		118,095
Machinery - 0.0% (G)
Ameriforge Group, Inc. (J) (L) (M) (N)		2,679		128,592
Total Common Stocks (Cost $247,541)				246,687
PREFERRED STOCKS - 1.9%
Banks - 0.5%
Banco Santander SA, Series 6, 3-Month LIBOR + 0.52%, 4.00% (A)		49,970		1,013,392
Bank of America Corp., Series K*, Fixed until 12/15/2066, 6.45% (A) (C)		6,800		177,548
Customers Bancorp, Inc., 5.38%		88,000		1,900,800
Deutsche Bank Contingent Capital Trust II, 6.55%		39,850		1,009,799
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 7.48% (A)		136,300		3,073,565
				7,175,104

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

Transamerica Funds Semi-Annual Report 2020

Page    250

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
PREFERRED STOCKS (continued)
Capital Markets - 0.1%
Oaktree Capital Group LLC
Series A, 6.63% (C)		14,021		$   364,125
Series B, 6.55% (C)		25,871		662,815
				1,026,940
Equity Real Estate Investment Trusts - 0.2%
City Office, Inc., Series A, 6.63% (C)		35,100		716,391
Office Properties Income Trust, 5.88%		92,487		2,112,403
				2,828,794
Household Durables - 0.0% (G)
API Heat Transfer Intermediate Corp., 0.00% (J) (L)		100,682		76,518
Independent Power & Renewable Electricity Producers - 0.3%
Brookfield Renewable Partners, LP, 5.25% (C)		158,000		4,100,100
Insurance - 0.3%
American Equity Investment Life Holding Co., Series A, Fixed until 12/01/2024, 5.95% (A)		178,200		4,139,586
Athene Holding, Ltd., Series A, Fixed until 06/30/2029, 6.35% (A)		10,512		255,126
				4,394,712
Mortgage Real Estate Investment Trusts - 0.2%
AGNC Investment Corp., Series E, Fixed until 10/15/2024, 6.50% (A)		130,804		2,936,550
Oil, Gas & Consumable Fuels - 0.3%
Energy Transfer Operating, LP, Series E, Fixed until 05/15/2024, 7.60% (A)		185,150		3,915,923
Real Estate Management & Development - 0.0% (G)
Brookfield Property Partners, LP, Series A -1, 6.50% (C)		30,325		650,471
Total Preferred Stocks (Cost $29,791,371)				27,105,112

	Shares		Value
EXCHANGE-TRADED FUND - 1.4%
U.S. Fixed Income Fund - 1.4%
iShares iBoxx High Yield Corporate Bond ETF (C)		255,000		$   20,509,650
Total Exchange-Traded Fund (Cost $20,357,906)				20,509,650
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.1%
U.S. Treasury Bill
1.16% (O), 06/04/2020 (C) (P)		$  30,000,000		29,997,379
1.54% (O), 07/23/2020 (P)		600,000		599,883
Total Short-Term U.S. Government Obligations (Cost $30,565,498)				30,597,262
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 2.0%
Money Market Fund - 2.0%
State Street Institutional U.S. Government Money Market Fund, 0.22% (O)		28,872,568		28,872,568
Total Short-Term Investment Company (Cost $28,872,568)				28,872,568
OTHER INVESTMENT COMPANY - 3.9%
Securities Lending Collateral - 3.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (O)		56,356,996		56,356,996
Total Other Investment Company (Cost $56,356,996)				56,356,996
Total Investments (Cost $1,556,713,393)				1,514,128,758
Net Other Assets (Liabilities) - (4.2)%				(61,325,219	)
Net Assets - 100.0%				$  1,452,803,539

FUTURES CONTRACTS:

Short Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
5-Year U.S. Treasury Note		(328	)		06/30/2020	$	(39,874,297	)	$	(41,158,875	)	$	—	$	(1,284,578	)
10-Year U.S. Treasury Note		(853	)		06/19/2020		(113,500,350	)		(118,620,312	)		—		(5,119,962	)
10-Year U.S. Treasury Ultra Note		(147	)		06/19/2020		(23,035,174	)		(23,083,594	)		—		(48,420	)
30-Year U.S. Treasury Bond		(506	)		06/19/2020		(91,481,597	)		(91,601,812	)		—		(120,215	)
German Euro BOBL		(266	)		06/08/2020		(39,410,821	)		(39,628,880	)		—		(218,059	)
German Euro Bund		(190	)		06/08/2020		(35,925,700	)		(36,318,318	)		—		(392,618	)
U.S. Treasury Ultra Bond		(795	)		06/19/2020		(178,938,776	)		(178,701,094	)		237,682		—
Total Futures Contracts												$	237,682	$	(7,183,852	)

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

Transamerica Funds Semi-Annual Report 2020

Page    251

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty

Settlement Date

Currency Purchased

Currency Sold

Unrealized Appreciation

Unrealized Depreciation

JPMS

07/23/2020

USD

160,618,985

EUR

148,080,000

$

—

$

(1,941,979

)

INVESTMENT VALUATION:

Valuation Inputs ^(Q)

	Level 1 -  Unadjusted Quoted Prices			Level 2 -  Other Significant Observable Inputs			Level 3 -  Significant Unobservable Inputs (R)		Value
ASSETS
Investments
Asset-Backed Securities	$	—		$	94,205,392		$	—	$	94,205,392
Corporate Debt Securities		—			1,117,784,168			—		1,117,784,168
Foreign Government Obligations		—			9,654,876			—		9,654,876
Loan Assignments		—			119,081,912			—		119,081,912
U.S. Government Obligations		—			9,714,135			—		9,714,135
Common Stocks		—			118,095			128,592		246,687
Preferred Stocks		27,028,594			76,518			—		27,105,112
Exchange-Traded Fund		20,509,650			—			—		20,509,650
Short-Term U.S. Government Obligations		—			30,597,262			—		30,597,262
Short-Term Investment Company		28,872,568			—			—		28,872,568
Other Investment Company		56,356,996			—			—		56,356,996
Total Investments	$	132,767,808		$	1,381,232,358		$	128,592	$	1,514,128,758
Other Financial Instruments
Futures Contracts (S)	$	237,682		$	—		$	—	$	237,682
Total Other Financial Instruments	$	237,682		$	—		$	—	$	237,682
LIABILITIES
Other Financial Instruments
Futures Contracts (S)	$	(7,183,852	)	$	—		$	—	$	(7,183,852	)
Forward Foreign Currency Contracts (S)		—			(1,941,979	)		—		(1,941,979	)
Total Other Financial Instruments	$	(7,183,852	)	$	(1,941,979	)	$	—	$	(9,125,831	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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 exempt from registration 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 April 30, 2020, the total value of 144A securities is $342,258,443, representing 23.6% 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 $57,225,645, collateralized by cash collateral of $56,356,996 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,071,715. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Securities 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 April 30, 2020, the total value of Regulation S securities is $205,683,902, representing 14.2% of the Fund’s net assets.
(E)	Perpetual maturity. The date displayed is the next call date.
(F)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.

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

Transamerica Funds Semi-Annual Report 2020

Page    252

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(G)	Percentage rounds to less than 0.1% or (0.1)%.
(H)	All or a portion of the security represents unsettled loan commitments at April 30, 2020 where the rate will be determined at time of settlement.
(I)	Rounds to less than $1 or $(1).
(J)	Restricted securities. At April 30, 2020, 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
Loan Assignments	API Heat Transfer ThermaSys Corp. Term Loan 3-Month LIBOR + 1.00%, PIK Rate 6.45%, Cash Rate 1.00%, 12/31/2023		12/31/2018 - 03/31/2020	$	452,920	$	393,474		0.0(G	)%
Loan Assignments	Rentpath, Inc. 2nd Lien Term Loan 3-Month LIBOR + 9.00%, 10.61%, 12/17/2022		02/08/2018 - 03/15/2018		764,338		321,300		0.0(G	)
Common Stocks	API Heat Transfer Intermediate Corp.		12/31/2018		156,455		118,095		0.0(G	)
Common Stocks	Ameriforge Group, Inc.		04/20/2016 - 05/13/2016		91,268		128,592		0.0(G	)
Preferred Stocks	API Heat Transfer Intermediate Corp., 0.00%		12/31/2018		100,682		76,518		0.0(G	)
Total					$  1,565,663	$	1,037,979		0.0(G	)%

(K)	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.
(L)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2020, the total value of securities is $323,205, representing less than 0.1% of the Fund’s net assets.
(M)	Non-income producing securities.
(N)	Security is Level 3 of the fair value hierarchy.
(O)	Rates disclosed reflect the yields at April 30, 2020.
(P)	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 $30,597,262.
(Q)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(R)	Level 3 securities were not considered significant to the Fund.
(S)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATION:

EUR	Euro
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

BOBL	Bundesobligationen (German Federal Government Securities)
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
Prime Rate	Interest rate charged by banks to their most credit worthy customers
TBD	To Be Determined

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

Transamerica Funds Semi-Annual Report 2020

Page    253

Transamerica US Growth

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 99.0%
Aerospace & Defense - 0.9%
Raytheon Technologies Corp.		229,391		$  14,866,831
Beverages - 2.3%
Constellation Brands, Inc., Class A		110,193		18,147,685
Monster Beverage Corp. (A)		295,416		18,259,663
				36,407,348
Biotechnology - 3.3%
Biogen, Inc. (A)		30,068		8,925,084
Sarepta Therapeutics, Inc. (A) (B)		61,349		7,231,820
Seattle Genetics, Inc. (A)		106,112		14,561,750
Vertex Pharmaceuticals, Inc. (A)		82,849		20,811,669
				51,530,323
Building Products - 1.0%
Fortune Brands Home & Security, Inc.		336,616		16,224,891
Capital Markets - 0.6%
S&P Global, Inc.		32,151		9,416,385
Chemicals - 2.2%
PPG Industries, Inc.		127,942		11,620,972
Sherwin-Williams Co.		41,278		22,140,281
				33,761,253
Commercial Services & Supplies - 0.7%
Copart, Inc. (A)		145,756		11,676,513
Consumer Finance - 1.1%
American Express Co.		186,037		16,975,876
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.		178,669		10,264,534
Electrical Equipment - 1.6%
AMETEK, Inc.		155,193		13,016,037
Eaton Corp. PLC		140,460		11,728,410
				24,744,447
Electronic Equipment, Instruments & Components - 1.4%
CDW Corp.		97,385		10,790,258
Zebra Technologies Corp., Class A (A)		48,815		11,210,853
				22,001,111
Entertainment - 2.1%
Activision Blizzard, Inc.		246,309		15,697,273
Walt Disney Co.		158,001		17,087,808
				32,785,081
Equity Real Estate Investment Trusts - 1.7%
American Tower Corp.		111,634		26,568,892
Food & Staples Retailing - 1.6%
Costco Wholesale Corp.		84,767		25,684,401
Health Care Equipment & Supplies - 4.5%
Baxter International, Inc.		235,888		20,942,137
Becton Dickinson and Co.		53,893		13,609,599
Danaher Corp.		49,092		8,024,578
Edwards Lifesciences Corp. (A)		62,449		13,582,658
Teleflex, Inc.		42,138		14,133,085
				70,292,057
Health Care Providers & Services - 2.5%
UnitedHealth Group, Inc.		134,958		39,471,166
Hotels, Restaurants & Leisure - 0.9%
McDonald’s Corp.		77,756		14,583,915

	Shares		Value
COMMON STOCKS (continued)
Household Products - 1.9%
Colgate-Palmolive Co.		254,543		$   17,886,737
Procter & Gamble Co.		104,298		12,293,605
				30,180,342
Insurance - 0.7%
Allstate Corp.		114,826		11,680,101
Interactive Media & Services - 9.1%
Alphabet, Inc., Class A (A)		57,622		77,599,547
Facebook, Inc., Class A (A)		315,517		64,589,485
				142,189,032
Internet & Direct Marketing Retail - 7.7%
Amazon.com, Inc. (A)		48,701		120,486,274
IT Services - 9.4%
EPAM Systems, Inc. (A)		56,777		12,541,471
FleetCor Technologies, Inc. (A)		89,453		21,580,536
Global Payments, Inc.		117,028		19,428,989
GoDaddy, Inc., Class A (A)		214,283		14,877,669
Leidos Holdings, Inc.		97,423		9,626,367
Mastercard, Inc., Class A		161,653		44,449,725
PayPal Holdings, Inc. (A)		196,829		24,209,967
				146,714,724
Life Sciences Tools & Services - 1.9%
Thermo Fisher Scientific, Inc.		89,664		30,008,747
Machinery - 2.2%
Illinois Tool Works, Inc.		118,379		19,236,587
Middleby Corp. (A)		39,100		2,175,133
Nordson Corp.		82,505		13,275,880
				34,687,600
Pharmaceuticals - 1.6%
Eli Lilly & Co.		164,172		25,387,558
Professional Services - 0.7%
Equifax, Inc.		74,567		10,357,356
Road & Rail - 1.2%
Norfolk Southern Corp.		63,288		10,828,577
Uber Technologies, Inc. (A)		260,378		7,881,642
				18,710,219
Semiconductors & Semiconductor Equipment - 5.1%
Advanced Micro Devices, Inc. (A)		328,919		17,232,066
Entegris, Inc.		238,583		12,938,356
KLA Corp.		84,670		13,893,500
Marvell Technology Group, Ltd.		526,119		14,068,422
Micron Technology, Inc. (A)		236,414		11,321,867
Teradyne, Inc.		158,942		9,940,233
				79,394,444
Software - 16.2%
Adobe, Inc. (A)		97,091		34,335,261
DocuSign, Inc. (A)		109,654		11,486,256
Guidewire Software, Inc. (A)		104,508		9,493,507
Microsoft Corp.		656,414		117,635,953
salesforce.com, Inc. (A)		199,096		32,243,597
ServiceNow, Inc. (A)		62,940		22,125,928
SS&C Technologies Holdings, Inc.		204,012		11,253,302
Workday, Inc., Class A (A)		94,576		14,555,246
				253,129,050
Specialty Retail - 1.4%
TJX Cos., Inc.		431,911		21,185,235

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

Transamerica Funds Semi-Annual Report 2020

Page    254

Transamerica US Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 7.5%
Apple, Inc.		400,765		$   117,744,757
Textiles, Apparel & Luxury Goods - 3.3%
NIKE, Inc., Class B		286,500		24,977,070
PVH Corp.		150,445		7,406,408
Under Armour, Inc., Class C (A)		843,919		7,823,129
VF Corp.		208,691		12,124,947
				52,331,554
Total Common Stocks (Cost $939,693,139)				1,551,442,017

	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $17,465,344 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.38%, due 03/15/2022, and with a value of $17,817,233.		$  17,465,344		$   17,465,344
Total Repurchase Agreement (Cost $17,465,344)				17,465,344
Total Investments (Cost $957,158,483)				1,568,907,361
Net Other Assets (Liabilities) - (0.1)%				(1,910,470	)
Net Assets - 100.0%				$  1,566,996,891

INVESTMENT 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	$	1,551,442,017	$	—	$	—	$	1,551,442,017
Repurchase Agreement		—		17,465,344		—		17,465,344
Total Investments	$	1,551,442,017	$	17,465,344	$	—	$	1,568,907,361

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 $7,128,793, collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $7,272,119. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)	Rate disclosed reflects the yield at April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    255

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2020

(unaudited)

	Transamerica Balanced II		Transamerica Bond			Transamerica Capital Growth		Transamerica Dividend Focused			Transamerica Dynamic Income
Assets:
Investments, at value (A) (B)	$	118,240,988	$	1,608,579,896		$	2,379,979,223	$	395,136,652		$	140,535,600
Repurchase agreements, at value (C)		—		13,828,584			104,493,971		10,866,744			737,129
Cash		1,524,267		10,126			2,516		—			—
Cash collateral pledged at broker for:
TBA commitments		—		258,000			—		—			—
Futures contracts		178,000		12,500			—		—			—
Foreign currency, at value (D)		—		—			1,075		—			—
Receivables and other assets:
Investments sold		1,041,237		13,558			—		—			—
When-issued, delayed-delivery, forward and TBA commitments sold		—		19,150,786			—		—			—
Net income from securities lending		328		9,227			50,925		243			51,626
Shares of beneficial interest sold		33,217		8,260,324			15,952,984		31,638			56,952
Dividends		61,715		—			—		765,478			—
Interest		237,495		10,806,705			—		—			—
Tax reclaims		1,024		2,201			28,813		—			—
Prepaid expenses		244		5,041			6,032		969			245
Other assets		32,677		—			—		—			—
Total assets		121,351,192		1,660,936,948			2,500,515,539		406,801,724			141,381,552
Liabilities:
Cash collateral received upon return of:
Securities on loan		1,098,109		36,323,283			85,369,252		—			12,318,224
Cash collateral at broker for:
OTC derivatives (E)		—		—			2,995,000		—			—
Payables and other liabilities:
Investments purchased		1,149,373		11,867,099			9,212,652		—			—
When-issued, delayed-delivery, forward and TBA commitments purchased		6,829,320		87,361,690			—		—			—
Shares of beneficial interest redeemed		—		2,454,546			2,885,307		279,186			197,206
Dividends and/or distributions		—		772,023			—		—			—
Investment management fees		42,398		437,595			1,175,038		234,637			28,233
Distribution and service fees		25,251		99,456			267,825		17,087			55,536
Transfer agent fees		709		128,277			189,071		5,920			21,918
Trustees, CCO and deferred compensation fees		720		4,562			10,242		3,454			1,342
Audit and tax fees		17,746		19,699			17,155		11,651			12,199
Custody fees		7,799		61,576			87,152		21,146			2,659
Legal fees		1,358		402			13,852		6,305			2,524
Printing and shareholder reports fees		5,749		34,761			126,254		28,324			15,317
Registration fees		6,025		31,795			36,086		6,898			12,708
Other accrued expenses		2,536		10,830			21,903		6,852			14,218
Variation margin payable on futures contracts		17,323		819			—		—			—
Total liabilities		9,204,416		139,608,413			102,406,789		621,460			12,682,084
Net assets	$	112,146,776	$	1,521,328,535		$	2,398,108,750	$	406,180,264		$	128,699,468
Net assets consist of:
Paid-in capital	$	100,539,032	$	1,522,364,984		$	1,737,710,814	$	466,818,265		$	221,689,606
Total distributable earnings (accumulated losses)		11,607,744		(1,036,449	)		660,397,936		(60,638,001	)		(92,990,138	)
Net assets	$	112,146,776	$	1,521,328,535		$	2,398,108,750	$	406,180,264		$	128,699,468

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

Transamerica Funds Semi-Annual Report 2020

Page    256

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Balanced II		Transamerica Bond		Transamerica Capital Growth		Transamerica Dividend Focused		Transamerica Dynamic Income
Net assets by class:
Class A	$	—	$	139,054,114	$	506,946,308	$	69,897,473	$	43,561,040
Class C		—		88,343,900		246,731,509		4,085,526		58,441,156
Class I		—		1,126,215,353		1,251,669,185		7,129,497		26,697,272
Class I2		—		145,288,683		373,639,992		321,131,743		—
Class I3		48,091,911		—		—		—		—
Class R		64,054,865		—		—		—		—
Class R6		—		22,426,485		19,121,756		3,936,025		—
Shares outstanding (unlimited shares, no par value):
Class A		—		15,085,553		16,685,807		10,459,568		5,690,543
Class C		—		9,647,567		10,730,969		614,605		7,671,215
Class I		—		121,937,778		38,795,455		1,067,497		3,487,556
Class I2		—		15,723,130		27,468,038		48,067,916		—
Class I3		4,508,675		—		—		—		—
Class R		6,005,743		—		—		—		—
Class R6		—		2,428,667		1,405,808		589,459		—
Net asset value per share: (F)
Class A	$	—	$	9.22	$	30.38	$	6.68	$	7.65
Class C		—		9.16		22.99		6.65		7.62
Class I		—		9.24		32.26		6.68		7.66
Class I2		—		9.24		13.60		6.68		—
Class I3		10.67		—		—		—		—
Class R		10.67		—		—		—		—
Class R6		—		9.23		13.60		6.68		—
Maximum offering price per share: (G)
Class A	$	—	$	9.68	$	32.15	$	7.07	$	8.03
(A) Investments, at cost	$	108,131,263	$	1,617,277,988	$	1,709,899,490	$	417,896,541	$	153,382,244
(B) Securities on loan, at value	$	1,687,858	$	86,384,994	$	241,888,494	$	4,346,118	$	31,810,083
(C) Repurchase agreements, at cost	$	—	$	13,828,584	$	104,493,971	$	10,866,744	$	737,129
(D) Foreign currency, at cost	$	—	$	—	$	1,056	$	—	$	—

(E)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(F)	Net asset value per share for Class C, I, I2, I3, R and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(G)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Semi-Annual Report 2020

Page    257

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity			Transamerica Emerging Markets Opportunities			Transamerica Event Driven		Transamerica Floating Rate
Assets:
Investments, at value (A) (B)	$	359,425,098		$	490,437,859		$	402,099,681		$	65,468,341	$	77,543,151
Repurchase agreements, at value (C)		22,545,983			10,168,640			—			24,145,650		7,660,091
Cash		290,991			—			10,306,528			—		119,493
Cash collateral pledged at custodian for:
OTC derivatives (F)		—			—			—			3,500,000		—
Cash collateral pledged at broker for:
Securities sold short		—			—			—			2,307,472		—
OTC derivatives (F)		780,039			—			—			71,088		—
Futures contracts		—			—			840,950			2,190,809		—
Foreign currency, at value (D)		1,712,350			287,680			—			—		—
Receivables and other assets:
Investments sold		7,466,291			1,436,474			1,756,790			—		—
When-issued, delayed-delivery, forward and TBA commitments sold		—			—			—			—		3,813,145
Net income from securities lending		2,112			7,860			13,424			97		455
Shares of beneficial interest sold		268,043			284			—			—		403,797
Dividends		2,297			651,967			883,359			11,218		—
Interest		5,846,312			—			—			172,398		399,968
Tax reclaims		44,206			27,337			18,600			—		—
Variation margin receivable on futures contracts		—			—			—			69,745		—
Unrealized appreciation on forward foreign currency contracts		80,999			—			—			25,654		—
Prepaid expenses		1,132			697			798			148		—
Total assets		398,465,853			503,018,798			415,920,130			97,962,620		89,940,100
Liabilities:
Securities sold short, at value (E)		—			—			—			9,397,541		—
Foreign currency overdraft, at value (D)		—			—			8,111			—		—
Cash collateral received upon return of:
Securities on loan		11,723,975			133,300			4,431,833			—		258,000
Payables and other liabilities:
Investments purchased		9,007,317			1,603,748			1,586,280			3,024,792		500,523
When-issued, delayed-delivery, forward and TBA commitments purchased		—			—			—			—		1,520,752
Shares of beneficial interest redeemed		4,608,962			1,863,128			5,176			10,273,349		201,114
Dividends and/or distributions		—			—			—			—		2,981
Dividends, interest and fees for borrowings from securities sold short		—			—			—			2,700		—
Investment management fees		204,181			364,278			262,933			79,628		61,579
Distribution and service fees		6,790			1,262			—			—		13,970
Transfer agent fees		31,165			5,085			2,410			573		9,929
Trustees, CCO and deferred compensation fees		3,628			4,214			1,207			559		1,675
Audit and tax fees		20,198			16,496			7,913			21,069		23,756
Custody fees		99,946			197,195			313			40,929		100,135
Legal fees		7,830			11,425			1,134			1,341		2,848
Printing and shareholder reports fees		76,371			39,561			206			6,256		24,329
Registration fees		10,694			4,591			945			8,911		13,532
Other accrued expenses		5,858			10,302			1,191			15,870		5,321
Variation margin payable on futures contracts		—			—			134,849			—		—
Unrealized depreciation on forward foreign currency contracts		237,654			—			—			11,291		—
Unrealized depreciation on unfunded commitments		—			—			—			—		16,082
Total liabilities		26,044,569			4,254,585			6,444,501			22,884,809		2,756,526
Net assets	$	372,421,284		$	498,764,213		$	409,475,629		$	75,077,811	$	87,183,574
Net assets consist of:
Paid-in capital	$	524,094,511		$	685,400,318		$	478,976,796		$	73,423,857	$	122,166,284
Total distributable earnings (accumulated losses)		(151,673,227	)		(186,636,105	)		(69,501,167	)		1,653,954		(34,982,710	)
Net assets	$	372,421,284		$	498,764,213		$	409,475,629		$	75,077,811	$	87,183,574

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

Transamerica Funds Semi-Annual Report 2020

Page    258

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Emerging Markets Debt		Transamerica Emerging Markets Equity		Transamerica Emerging Markets Opportunities		Transamerica Event Driven		Transamerica Floating Rate
Net assets by class:
Class A	$	7,403,385	$	3,301,029	$	—	$	—	$	13,832,764
Class C		6,445,371		787,878		—		—		13,864,115
Class I		256,776,225		5,801,491		30,052		690,492		59,477,581
Class I2		96,256,798		488,873,815		409,445,577		74,387,319		9,114
Class R6		5,539,505		—		—		—		—
Shares outstanding (unlimited shares, no par value):
Class A		810,263		379,443		—		—		1,596,684
Class C		710,797		91,438		—		—		1,599,549
Class I		27,977,149		664,685		3,742		65,180		6,894,578
Class I2		10,486,895		56,006,641		50,961,065		7,124,037		1,052
Class R6		603,863		—		—		—		—
Net asset value per share: (G)
Class A	$	9.14	$	8.70	$	—	$	—	$	8.66
Class C		9.07		8.62		—		—		8.67
Class I		9.18		8.73		8.03		10.59		8.63
Class I2		9.18		8.73		8.03		10.44		8.66
Class R6		9.17		—		—		—		—
Maximum offering price per share: (H)
Class A	$	9.60	$	9.21	$	—	$	—	$	9.09
(A) Investments, at cost	$	414,188,290	$	492,846,907	$	446,787,077	$	66,952,361	$	91,167,055
(B) Securities on loan, at value	$	11,479,102	$	129,580	$	6,243,851	$	29,626	$	251,800
(C) Repurchase agreements, at cost	$	22,545,983	$	10,168,640	$	—	$	24,145,650	$	7,660,091
(D) Foreign currency, at cost	$	1,716,343	$	286,226	$	32,383	$	—	$	—
(E) Proceeds received from securities sold short	$	—	$	—	$	—	$	9,461,624	$	—

(F)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(G)	Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(H)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Semi-Annual Report 2020

Page    259

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Global Equity		Transamerica Government Money Market			Transamerica High Quality Bond			Transamerica High Yield Bond			Transamerica High Yield Muni
Assets:
Investments, at value (A) (B)	$	78,903,346	$	1,012,898,194		$	178,149,371		$	1,618,494,042		$	79,741,140
Repurchase agreements, at value (C)		495,639		470,483,960			—			153,596,427			5,671,816
Cash		—		—			1,697,242			775,961			—
Receivables and other assets:
Investments sold		2,655,885		—			2,950			4,215,063			386,371
Net income from securities lending		756		—			755			15,181			—
Shares of beneficial interest sold		4,528		5,938,289			36,590			3,589,466			60,743
Dividends		168,770		—			—			—			—
Interest		—		547,515			743,044			26,050,574			1,356,053
Tax reclaims		40,327		—			—			—			—
Due from distributor		—		110,575			—			623			3,603
Prepaid expenses		215		2,916			412			4,762			253
Other		—		327,690			—			—			—
Total assets		82,269,466		1,490,309,139			180,630,364			1,806,742,099			87,219,979
Liabilities:
Foreign currency overdraft, at value (D)		29		—			—			—			—
Cash collateral received upon return of:
Securities on loan		2,309,143		—			1,989,844			82,744,115			—
Payables and other liabilities:
Investments purchased		657,697		46,501,564			1,072,872			54,649,335			—
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—			—			7,895,630			—
Shares of beneficial interest redeemed		28,340		545,328			78,764			4,228,541			4,556,505
Dividends and/or distributions		—		547			—			66,679			845
Due to custodian		—		—			—			—			105,000
Due to investment manager		—		1,280,615			—			—			—
Investment management fees		36,213		236,454			50,386			663,725			32,601
Distribution and service fees		14,078		292,838			12,962			119,710			12,246
Transfer agent fees		19,357		190,317			1,016			46,441			7,236
Trustees, CCO and deferred compensation fees		671		6,315			1,408			7,576			512
Audit and tax fees		8,739		14,188			18,650			23,609			19,878
Custody fees		12,910		104,872			15,680			77,411			19,747
Legal fees		1,196		—			3,229			11,349			969
Printing and shareholder reports fees		15,365		61,248			12,700			72,157			9,974
Registration fees		4,912		3,923			3,091			11,734			15,422
Other accrued expenses		2,225		14,287			3,764			15,932			2,208
Total liabilities		3,110,875		49,252,496			3,264,366			150,633,944			4,783,143
Net assets	$	79,158,591	$	1,441,056,643		$	177,365,998		$	1,656,108,155		$	82,436,836
Net assets consist of:
Paid-in capital	$	76,237,105	$	1,441,059,435		$	187,982,633		$	1,947,773,571		$	90,058,844
Total distributable earnings (accumulated losses)		2,921,486		(2,792	)		(10,616,635	)		(291,665,416	)		(7,622,008	)
Net assets	$	79,158,591	$	1,441,056,643		$	177,365,998		$	1,656,108,155		$	82,436,836

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

Transamerica Funds Semi-Annual Report 2020

Page    260

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Global Equity			Transamerica Government Money Market		Transamerica High Quality Bond		Transamerica High Yield Bond		Transamerica High Yield Muni
Net assets by class:
Class A	$	45,241,714		$	225,469,058	$	—	$	76,745,712	$	17,144,896
Class C		6,274,373			14,052,258		—		21,225,529		10,389,608
Class I		26,982,517			18,487,156		—		131,959,407		54,891,958
Class I2		—			5,691,241		—		773,502,963		10,374
Class I3		—			93,907,372		126,875,109		202,937,118		—
Class R		—			—		12,960,738		30,280,553		—
Class R2		—			968,882,273		—		—		—
Class R4		—			114,567,285		37,530,151		375,258,071		—
Class R6		659,987			—		—		44,198,802		—
Shares outstanding (unlimited shares, no par value):
Class A		3,780,894			225,470,926		—		9,715,857		1,580,210
Class C		537,335			14,048,879		—		2,699,129		956,624
Class I		2,251,053			18,488,167		—		16,586,419		5,059,603
Class I2		—			5,690,904		—		96,915,728		955
Class I3		—			93,911,083		13,117,786		25,433,125		—
Class R		—			—		1,336,630		3,795,269		—
Class R2		—			968,891,225		—		—		—
Class R4		—			114,569,454		3,879,910		47,030,107		—
Class R6		55,019			—		—		5,539,465		—
Net asset value per share: (E)
Class A	$	11.97		$	1.00	$	—	$	7.90	$	10.85
Class C		11.68			1.00		—		7.86		10.86
Class I		11.99			1.00		—		7.96		10.85
Class I2		—			1.00		—		7.98		10.86
Class I3		—			1.00		9.67		7.98		—
Class R		—			—		9.70		7.98		—
Class R2		—			1.00		—		—		—
Class R4		—			1.00		9.67		7.98		—
Class R6		12.00			—		—		7.98		—
Maximum offering price per share: (F)
Class A	$	12.67		$	1.00	$	—	$	8.29	$	11.21
Class R2	$	—		$	1.00	$	—	$	—	$	—
(A) Investments, at cost	$	71,932,130		$	1,012,898,194	$	181,466,015	$	1,864,800,544	$	84,405,388
(B) Securities on loan, at value	$	2,259,201		$	—	$	1,949,735	$	95,762,580	$	—
(C) Repurchase agreements, at cost	$	495,639		$	470,483,960	$	—	$	153,596,427	$	5,671,816
(D) Foreign currency, at cost	$	(28	)	$	—	$	—	$	—	$	—

(E)	Net asset value per share for Class C, I, I2, I3, R, R2, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(F)	Maximum offering price per share for Class A and R2 includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Semi-Annual Report 2020

Page    261

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Inflation Opportunities		Transamerica Inflation- Protected Securities			Transamerica Intermediate Bond		Transamerica Intermediate Muni			Transamerica International Equity
Assets:
Investments, at value (A) (B)	$	112,844,543	$	109,950,949		$	2,257,903,619	$	1,788,095,459		$	3,688,796,835
Repurchase agreements, at value (C)		—		—			13,085,117		73,488,847			19,961,546
Cash		—		—			298,598		288,400			6,975
Cash collateral pledged at broker for:
TBA commitments		—		—			146,000		—			—
OTC derivatives (E)		190,000		—			—		—			—
Foreign currency, at value (D)		—		144,807			—		—			3
Receivables and other assets:
Investments sold		3,535,504		—			25,131,218		374,034			4,009,282
When-issued, delayed-delivery, forward and TBA commitments sold		—		—			61,311,422		—			—
Net income from securities lending		1,822		829			23,234		—			43,856
Shares of beneficial interest sold		51,975		—			483,818		10,433,941			8,084,337
Dividends		—		—			—		5,997			15,943,247
Interest		431,647		300,823			10,344,886		20,652,245			—
Tax reclaims		—		—			2,873		—			13,246,720
Money market waiver due from investment manager		—		—			—		46,877			—
Unrealized appreciation on forward foreign currency contracts		36,488		693			—		—			—
Prepaid expenses		182		204			3,828		5,049			8,876
Total assets		117,092,161		110,398,305			2,368,734,613		1,893,390,849			3,750,101,677
Liabilities:
Foreign currency overdraft, at value (D)		1,441,869		—			—		—			—
Cash collateral received upon return of:
Securities on loan		3,385,740		1,811,890			110,907,624		—			51,637,316
Payables and other liabilities:
Investments purchased		2,091,038		—			29,757,464		908,430			1,845,119
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—			360,511,700		12,276,935			—
Shares of beneficial interest redeemed		9,176,386		24,351			206,411		3,376,137			7,874,949
Dividends and/or distributions		—		—			—		832,530			—
Investment management fees		41,386		19,072			616,442		540,826			2,062,974
Affiliated fund fees		—		—			—		5,491			—
Distribution and service fees		847		4,635			51,601		159,735			64,606
Transfer agent fees		1,099		603			12,350		146,968			212,461
Trustees, CCO and deferred compensation fees		736		771			14,676		6,543			28,008
Audit and tax fees		17,569		18,716			31,042		27,089			33,273
Custody fees		18,779		30,906			129,870		117,460			466,503
Legal fees		1,802		1,399			36,407		10,265			57,800
Printing and shareholder reports fees		7,692		6,198			136,895		101,248			641,737
Registration fees		5,442		2,835			5,413		7,378			18,276
Other accrued expenses		2,616		1,165			24,961		17,102			54,063
Unrealized depreciation on forward foreign currency contracts		278,639		185,653			—		—			—
Total liabilities		16,471,640		2,108,194			502,442,856		18,534,137			64,997,085
Net assets	$	100,620,521	$	108,290,111		$	1,866,291,757	$	1,874,856,712		$	3,685,104,592
Net assets consist of:
Paid-in capital	$	99,951,775	$	109,473,617		$	1,745,740,138	$	1,904,734,924		$	4,429,822,209
Total distributable earnings (accumulated losses)		668,746		(1,183,506	)		120,551,619		(29,878,212	)		(744,717,617	)
Net assets	$	100,620,521	$	108,290,111		$	1,866,291,757	$	1,874,856,712		$	3,685,104,592

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

Transamerica Funds Semi-Annual Report 2020

Page    262

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Inflation Opportunities			Transamerica Inflation- Protected Securities		Transamerica Intermediate Bond		Transamerica Intermediate Muni		Transamerica International Equity
Net assets by class:
Class A	$	2,079,353		$	—	$	—	$	223,300,226	$	128,730,697
Class C		535,871			—		—		136,421,449		33,263,282
Class I		4,468,548			—		—		1,515,124,333		1,638,034,793
Class I2		93,480,906			—		1,297,120,744		10,704		1,445,569,386
Class I3		—			95,934,429		364,443,378		—		192,845,324
Class R		—			10,336,273		43,284,312		—		24,733,957
Class R4		—			2,019,409		161,443,323		—		15,535,310
Class R6		55,843			—		—		—		206,391,843
Shares outstanding (unlimited shares, no par value):
Class A		201,770			—		—		19,570,983		8,978,039
Class C		53,146			—		—		11,980,273		2,352,485
Class I		430,822			—		—		132,301,763		112,914,112
Class I2		8,990,965			—		121,317,512		934		99,552,417
Class I3		—			9,155,484		34,025,956		—		13,188,119
Class R		—			984,952		4,038,859		—		1,687,458
Class R4		—			192,317		15,070,114		—		1,062,695
Class R6		5,370			—		—		—		14,070,513
Net asset value per share: (F)
Class A	$	10.31		$	—	$	—	$	11.41	$	14.34
Class C		10.08			—		—		11.39		14.14
Class I		10.37			—		—		11.45		14.51
Class I2		10.40			—		10.69		11.46		14.52
Class I3		—			10.48		10.71		—		14.62
Class R		—			10.49		10.72		—		14.66
Class R4		—			10.50		10.71		—		14.62
Class R6		10.40			—		—		—		14.67
Maximum offering price per share: (G)
Class A	$	10.82		$	—	$	—	$	11.79	$	15.17
(A) Investments, at cost	$	112,226,896		$	104,624,226	$	2,176,373,853	$	1,784,972,437	$	4,207,805,684
(B) Securities on loan, at value	$	4,065,609		$	2,019,363	$	188,665,425	$	—	$	115,239,952
(C) Repurchase agreements, at cost	$	—		$	—	$	13,085,117	$	73,488,847	$	19,961,546
(D) Foreign currency, at cost	$	(1,428,062	)	$	142,999	$	—	$	—	$	3

(E)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(F)	Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(G)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Semi-Annual Report 2020

Page    263

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica International Growth			Transamerica International Small Cap Value			Transamerica International Stock			Transamerica Large Cap Value			Transamerica Large Core
Assets:
Investments, at value (A) (B)	$	965,761,175		$	555,323,337		$	81,889,376		$	1,354,057,513		$	165,446,513
Repurchase agreements, at value (C)		5,642,228			15,383,744			—			62,834,395			—
Cash		—			5,386			1,112,940			93,442			324,727
Foreign currency, at value (D)		18,337,818			4			—			—			—
Receivables and other assets:
Investments sold		10,261,762			107,822			2,923,109			32,796,311			—
Net income from securities lending		4,862			6,614			1,764			371			582
Shares of beneficial interest sold		19			1,111,761			—			811,873			95,386
Dividends		4,555,168			2,011,509			443,252			2,823,075			125,937
Tax reclaims		2,565,715			948,517			59,764			591,674			—
Prepaid expenses		2,472			981			399			3,342			552
Total assets		1,007,131,219			574,899,675			86,430,604			1,454,011,996			165,993,697
Liabilities:
Foreign currency overdraft, at value (D)		—			—			331			—			—
Cash collateral received upon return of:
Securities on loan		10,638,977			18,369,888			3,243,139			—			3,278,401
Payables and other liabilities:
Investments purchased		4,046,651			1,156,764			2,377,537			55,123,432			—
Shares of beneficial interest redeemed		201,963			210,478			3,784			1,181,231			3,245
Investment management fees		592,613			393,763			38,470			679,161			56,598
Distribution and service fees		24			—			82			27,467			21,395
Transfer agent fees		5,892			14,980			524			40,902			1,025
Trustees, CCO and deferred compensation fees		6,251			3,447			343			12,311			1,524
Audit and tax fees		13,884			14,486			9,524			18,566			10,925
Custody fees		105,678			106,527			12,386			75,708			16,110
Legal fees		10,820			7,872			261			25,829			3,103
Printing and shareholder reports fees		53,920			44,025			1,504			158,591			11,791
Registration fees		5,197			2,687			11,641			25,105			3,336
Other accrued expenses		12,863			6,720			1,851			23,854			3,852
Total liabilities		15,694,733			20,331,637			5,701,377			57,392,157			3,411,305
Net assets	$	991,436,486		$	554,568,038		$	80,729,227		$	1,396,619,839		$	162,582,392
Net assets consist of:
Paid-in capital	$	1,163,785,881		$	618,398,718		$	93,249,993		$	1,780,458,246		$	145,281,292
Total distributable earnings (accumulated losses)		(172,349,395	)		(63,830,680	)		(12,520,766	)		(383,838,407	)		17,301,100
Net assets	$	991,436,486		$	554,568,038		$	80,729,227		$	1,396,619,839		$	162,582,392

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

Transamerica Funds Semi-Annual Report 2020

Page    264

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica International Growth			Transamerica International Small Cap Value		Transamerica International Stock			Transamerica Large Cap Value		Transamerica Large Core
Net assets by class:
Class A	$	124,841		$	—	$	415,130		$	54,418,492	$	—
Class C		—			—		—			21,046,641		—
Class I		16,720			175,121,800		410,271			110,442,209		—
Class I2		991,285,910			379,446,238		79,498,173			1,185,546,035		—
Class I3		—			—		—			—		105,250,582
Class R		—			—		—			—		53,580,826
Class R4		—			—		—			—		3,750,984
Class R6		9,015			—		405,653			25,166,462		—
Shares outstanding (unlimited shares, no par value):
Class A		19,098			—		51,438			6,385,426		—
Class C		—			—		—			2,483,760		—
Class I		2,554			16,634,251		50,689			12,865,306		—
Class I2		151,861,480			35,990,269		9,823,513			138,230,277		—
Class I3		—			—		—			—		11,153,786
Class R		—			—		—			—		5,676,274
Class R4		—			—		—			—		397,342
Class R6		1,375			—		50,119			2,934,151		—
Net asset value per share: (E)
Class A	$	6.54		$	—	$	8.07		$	8.52	$	—
Class C		—			—		—			8.47		—
Class I		6.55			10.53		8.09			8.58		—
Class I2		6.53			10.54		8.09			8.58		—
Class I3		—			—		—			—		9.44
Class R		—			—		—			—		9.44
Class R4		—			—		—			—		9.44
Class R6		6.55	(F)		—		8.09			8.58		—
Maximum offering price per share: (G)
Class A	$	6.92		$	—	$	8.07		$	9.02	$	—
(A) Investments, at cost	$	1,037,894,384		$	570,141,193	$	92,775,959		$	1,506,650,412	$	157,267,297
(B) Securities on loan, at value	$	11,226,781		$	28,682,425	$	3,595,954		$	22,024,109	$	3,890,452
(C) Repurchase agreements, at cost	$	5,642,228		$	15,383,744	$	—		$	62,834,395	$	—
(D) Foreign currency, at cost	$	18,161,141		$	4	$	(328	)	$	—	$	—

(E)	Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(F)	Actual net asset value per share presented differs from calculated net asset value per share due to rounding.
(G)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Semi-Annual Report 2020

Page    265

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Large Growth		Transamerica Large Value Opportunities			Transamerica Mid Cap Growth		Transamerica Mid Cap Value Opportunities			Transamerica MLP & Energy Income
Assets:
Investments, at value (A) (B)	$	808,441,534	$	333,382,808		$	255,400,115	$	1,015,974,078		$	167,727,739
Repurchase agreements, at value (C)		—		—			9,191,979		74,059,072			10,824,552
Cash		5,918,473		1,236,785			—		—			146,964
Foreign currency, at value (D)		—		—			—		—			3,702
Receivables and other assets:
Investments sold		—		—			6,146,795		6,286,924			1,883,579
Net income from securities lending		13,822		1,196			1,016		2,500			2,191
Shares of beneficial interest sold		38,646		208,447			76,799		3,426,797			110,207
Dividends		173,015		308,530			18,891		338,363			640,665
Tax reclaims		14,436		—			—		—			—
Prepaid expenses		1,966		1,003			885		2,788			390
Total assets		814,601,892		335,138,769			270,836,480		1,100,090,522			181,339,989
Liabilities:
Cash collateral received upon return of:
Securities on loan		14,166,013		115,280			1,559,745		—			1,500,634
Payables and other liabilities:
Investments purchased		1,675,000		—			5,072,476		11,524,920			1,673,307
Shares of beneficial interest redeemed		180,864		79			9,247		944,477			1,657,479
Investment management fees		387,678		114,760			141,383		562,969			142,065
Distribution and service fees		53,730		27,169			10,286		45,741			8,181
Transfer agent fees		4,519		2,081			2,996		50,023			8,100
Trustees, CCO and deferred compensation fees		4,820		3,489			850		9,089			1,835
Audit and tax fees		14,834		11,642			12,223		19,998			14,080
Custody fees		58,430		23,302			9,307		70,124			14,031
Legal fees		4,551		7,122			1,017		20,327			3,820
Printing and shareholder reports fees		30,156		26,452			6,525		133,478			20,929
Registration fees		3,894		3,259			6,581		9,829			3,611
Other accrued expenses		8,174		7,096			1,867		18,975			4,395
Total liabilities		16,592,663		341,731			6,834,503		13,409,950			5,052,467
Net assets	$	798,009,229	$	334,797,038		$	264,001,977	$	1,086,680,572		$	176,287,522
Net assets consist of:
Paid-in capital	$	542,508,479	$	372,326,212		$	258,452,354	$	1,211,835,740		$	412,968,848
Total distributable earnings (accumulated losses)		255,500,750		(37,529,174	)		5,549,623		(125,155,168	)		(236,681,326	)
Net assets	$	798,009,229	$	334,797,038		$	264,001,977	$	1,086,680,572		$	176,287,522

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

Transamerica Funds Semi-Annual Report 2020

Page    266

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Large Growth		Transamerica Large Value Opportunities		Transamerica Mid Cap Growth		Transamerica Mid Cap Value Opportunities		Transamerica MLP & Energy Income
Net assets by class:
Class A	$	—	$	—	$	10,377,506	$	15,017,961	$	12,189,823
Class C		—		—		1,181,340		14,377,854		8,197,638
Class I		—		—		1,218,881		436,333,785		8,680,263
Class I2		—		—		198,363,461		193,999,679		147,219,798
Class I3		634,486,027		254,804,248		33,394,852		117,333,004		—
Class R		124,026,492		59,675,214		18,973,960		44,254,846		—
Class R4		39,496,710		20,317,576		491,977		79,649,963		—
Class R6		—		—		—		185,713,480		—
Shares outstanding (unlimited shares, no par value):
Class A		—		—		1,065,290		1,661,402		2,540,904
Class C		—		—		129,225		1,614,076		1,713,255
Class I		—		—		123,384		48,103,772		1,809,779
Class I2		—		—		19,942,201		21,371,883		30,697,453
Class I3		51,105,499		32,159,770		3,361,004		12,865,818		—
Class R		10,104,160		7,524,914		1,926,874		4,848,019		—
Class R4		3,193,490		2,562,644		49,469		8,709,057		—
Class R6		—		—		—		20,306,481		—
Net asset value per share: (E)
Class A	$	—	$	—	$	9.74	$	9.04	$	4.80
Class C		—		—		9.14		8.91		4.78
Class I		—		—		9.88		9.07		4.80
Class I2		—		—		9.95		9.08		4.80
Class I3		12.42		7.92		9.94		9.12		—
Class R		12.27		7.93		9.85		9.13		—
Class R4		12.37		7.93		9.95		9.15		—
Class R6		—		—		—		9.15		—
Maximum offering price per share: (F)
Class A	$	—	$	—	$	10.31	$	9.57	$	5.08
(A) Investments, at cost	$	582,298,435	$	364,924,280	$	243,874,300	$	1,138,834,230	$	206,137,799
(B) Securities on loan, at value	$	68,428,927	$	111,966	$	7,242,475	$	10,512,034	$	6,916,249
(C) Repurchase agreements, at cost	$	—	$	—	$	9,191,979	$	74,059,072	$	10,824,552
(D) Foreign currency, at cost	$	—	$	—	$	—	$	—	$	3,710

(E)	Net asset value per share for Class C, I, I2, I3, R, R4 and R6 Class Shares represents offering price. The redemption price for Class A and C shares equal net asset value less any applicable contingent deferred sales charge.
(F)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Semi-Annual Report 2020

Page    267

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Multi-Asset Income			Transamerica Multi-Managed Balanced		Transamerica Short-Term Bond			Transamerica Small Cap Core			Transamerica Small Cap Growth
Assets:
Investments, at value (A) (B)	$	249,877,368		$	1,035,805,571	$	2,924,373,264		$	97,821,445		$	147,885,475
Repurchase agreements, at value (C)		3,207,440			11,796,971		50,152,978			1,826,833			6,636,895
Cash		—			17,539		21,307			—			—
Cash collateral pledged at broker for:
Futures contracts		—			728,000		—			—			—
Receivables and other assets:
Investments sold		996,601			20,251,766		—			—			1,261,840
When-issued, delayed-delivery, forward and TBA commitments sold		755,938			—		—			—			—
Net income from securities lending		3,092			2,726		2,697			647			1,814
Shares of beneficial interest sold		316,544			894,668		11,290,887			26,300			92,925
Dividends		212,421			549,522		—			64,432			8,267
Interest		2,114,671			2,073,634		18,232,790			—			—
Tax reclaims		115,605			508		3,280			—			—
Prepaid expenses		917			2,406		7,105			271			397
Total assets		257,600,597			1,072,123,311		3,004,084,308			99,739,928			155,887,613
Liabilities:
Cash collateral received upon return of:
Securities on loan		3,515,809			12,232,925		24,474,643			936,534			5,525,907
Cash collateral at broker for:
TBA commitments		—			83,000		—			—			—
Payables and other liabilities:
Investments purchased		—			9,539,159		10,002,022			—			2,056,207
When-issued, delayed-delivery, forward and TBA commitments purchased		1,000,000			60,567,412		—			—			—
Dividends and/or distributions		—			—		734,363			—			—
Shares of beneficial interest redeemed		1,574,658			928,519		7,707,402			11,248			786,474
Investment management fees		89,202			504,264		889,099			51,275			87,012
Distribution and service fees		45,717			258,560		343,133			9,449			9,902
Transfer agent fees		21,806			79,719		219,046			1,306			6,567
Trustees, CCO and deferred compensation fees		1,220			5,041		13,371			1,223			898
Audit and tax fees		17,420			20,870		29,959			12,770			10,252
Custody fees		15,184			68,263		120,494			18,389			13,255
Legal fees		411			9,256		25,620			2,618			1,300
Printing and shareholder reports fees		11,879			72,238		255,914			10,947			15,898
Registration fees		8,061			9,370		17,743			7,204			9,388
Other accrued expenses		1,430			9,274		31,709			3,158			2,636
Variation margin payable on futures contracts		—			112,527		—			—			—
Total liabilities		6,302,797			84,500,397		44,864,518			1,066,121			8,525,696
Net assets	$	251,297,800		$	987,622,914	$	2,959,219,790		$	98,673,807		$	147,361,917
Net assets consist of:
Paid-in capital	$	327,064,599		$	786,976,060	$	3,077,135,569		$	153,643,692		$	126,511,533
Total distributable earnings (accumulated losses)		(75,766,799	)		200,646,854		(117,915,779	)		(54,969,885	)		20,850,384
Net assets	$	251,297,800		$	987,622,914	$	2,959,219,790		$	98,673,807		$	147,361,917

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

Transamerica Funds Semi-Annual Report 2020

Page    268

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Multi-Asset Income		Transamerica Multi-Managed Balanced		Transamerica Short-Term Bond		Transamerica Small Cap Core		Transamerica Small Cap Growth
Net assets by class:
Class A	$	33,650,365	$	533,885,637	$	656,273,074	$	1,632,370	$	13,022,598
Class C		49,433,501		196,012,716		256,589,150		318,737		3,296,470
Class I		168,202,238		242,411,885		1,716,630,712		690,314		30,776,903
Class I2		11,696		—		296,672,414		12,100,834		63,186,532
Class I3		—		—		—		58,001,444		23,556,800
Class R		—		—		—		22,073,204		13,420,020
Class R4		—		—		—		3,856,904		35,182
Class R6		—		15,312,676		33,054,440		—		67,412
Shares outstanding (unlimited shares, no par value):
Class A		3,236,094		19,233,859		65,798,987		216,355		2,340,868
Class C		4,774,906		7,204,454		25,772,079		42,943		674,819
Class I		16,168,129		8,687,720		175,074,482		91,164		5,278,858
Class I2		1,177		—		30,285,439		1,595,514		10,622,471
Class I3		—		—		—		7,569,525		3,962,457
Class R		—		—		—		2,878,130		2,299,438
Class R4		—		—		—		502,763		5,943
Class R6		—		548,734		3,372,930		—		11,338
Net asset value per share: (D)
Class A	$	10.40	$	27.76	$	9.97	$	7.54	$	5.56
Class C		10.35		27.21		9.96		7.42		4.88
Class I		10.40		27.90		9.81		7.57		5.83
Class I2		9.94		—		9.80		7.58		5.95
Class I3		—		—		—		7.66		5.94
Class R		—		—		—		7.67		5.84
Class R4		—		—		—		7.67		5.92
Class R6		—		27.91		9.80		—		5.95
Maximum offering price per share: (E)
Class A	$	11.01	$	29.38	$	10.23	$	7.98	$	5.88
(A) Investments, at cost	$	263,374,970	$	853,544,343	$	2,994,304,048	$	116,908,621	$	126,300,096
(B) Securities on loan, at value	$	8,711,825	$	30,021,015	$	23,985,820	$	6,306,467	$	15,787,486
(C) Repurchase agreements, at cost	$	3,207,440	$	11,796,971	$	50,152,978	$	1,826,833	$	6,636,895

(D)	Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(E)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Semi-Annual Report 2020

Page    269

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Small Cap Value			Transamerica Small/Mid Cap Value			Transamerica Unconstrained Bond			Transamerica US Growth
Assets:
Investments, at value (A) (B)	$	85,915,488		$	590,026,372		$	1,514,128,758		$	1,551,442,017
Repurchase agreements, at value (C)		2,754,747			23,755,035			—			17,465,344
Cash		—			—			2,816,247			—
Cash collateral pledged at broker for:
TBA commitments		—			—			720,000			—
OTC derivatives (E)		—			—			110,000			—
Foreign currency, at value (D)		—			—			366,754			—
Receivables and other assets:
Investments sold		861,046			6,995,693			13,579,132			—
When-issued, delayed-delivery, forward and TBA commitments sold		—			—			2,430,226			—
Net income from securities lending		7,226			5,088			14,614			462
Shares of beneficial interest sold		22,629			2,270,669			—			637,385
Dividends		38,106			214,233			87,946			675,255
Interest		—			—			11,700,975			—
Tax reclaims		—			—			45,796			397,619
Variation margin receivable on futures contracts		—			—			1,823,641			—
Prepaid expenses		—			1,784			3,524			5,002
Total assets		89,599,242			623,268,874			1,547,827,613			1,570,623,084
Liabilities:
Cash collateral received upon return of:
Securities on loan		1,507,055			6,345,465			56,356,996			—
Payables and other liabilities:
Investments purchased		46,398			10,169,759			18,491,259			1,666,148
When-issued, delayed-delivery, forward and TBA commitments purchased		—			—			5,846,765			—
Dividends and/or distributions		—			—			32,666			—
Shares of beneficial interest redeemed		30,596			991,106			11,560,506			641,110
Investment management fees		18,417			362,748			621,624			783,727
Distribution and service fees		3,095			106,229			—			140,455
Transfer agent fees		2,171			116,586			7,441			195,541
Trustees, CCO and deferred compensation fees		1,323			4,916			6,003			7,664
Audit and tax fees		10,802			13,574			22,464			14,907
Custody fees		18,368			44,413			98,615			75,100
Legal fees		5,028			8,695			719			5,363
Printing and shareholder reports fees		17,278			101,658			21,847			61,501
Registration fees		6,364			8,354			7,400			22,783
Other accrued expenses		2,683			10,960			7,790			11,894
Unrealized depreciation on forward foreign currency contracts		—			—			1,941,979			—
Total liabilities		1,669,578			18,284,463			95,024,074			3,626,193
Net assets	$	87,929,664		$	604,984,411		$	1,452,803,539		$	1,566,996,891
Net assets consist of:
Paid-in capital	$	106,374,813		$	671,508,685		$	1,544,083,846		$	920,819,754
Total distributable earnings (accumulated losses)		(18,445,149	)		(66,524,274	)		(91,280,307	)		646,177,137
Net assets	$	87,929,664		$	604,984,411		$	1,452,803,539		$	1,566,996,891

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

Transamerica Funds Semi-Annual Report 2020

Page    270

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica Small Cap Value		Transamerica Small/Mid Cap Value		Transamerica Unconstrained Bond		Transamerica US Growth
Net assets by class:
Class A	$	3,530,624	$	260,399,599	$	—	$	664,379,651
Class C		536,458		73,060,380		—		17,660,853
Class I		11,475,549		212,421,732		511,676		271,512,697
Class I2		44,605,080		15,933,131		1,452,291,863		490,396,392
Class I3		22,083,712		—		—		—
Class R		5,553,953		—		—		—
Class R4		101,378		—		—		—
Class R6		42,910		43,169,569		—		—
Class T		—		—		—		123,047,298
Shares outstanding (unlimited shares, no par value):
Class A		509,426		13,376,323		—		30,973,260
Class C		78,464		4,432,796		—		901,167
Class I		1,641,268		10,499,449		55,362		12,316,216
Class I2		6,376,133		786,045		157,557,414		22,250,388
Class I3		3,150,846		—		—		—
Class R		791,945		—		—		—
Class R4		14,468		—		—		—
Class R6		6,095		2,119,891		—		—
Class T		—		—		—		1,866,763
Net asset value per share: (F)
Class A	$	6.93	$	19.47	$	—	$	21.45
Class C		6.84		16.48		—		19.60
Class I		6.99		20.23		9.24		22.05
Class I2		7.00		20.27		9.22		22.04
Class I3		7.01		—		—		—
Class R		7.01		—		—		—
Class R4		7.01		—		—		—
Class R6		7.04		20.36		—		—
Class T		—		—		—		65.91
Maximum offering price per share: (G)
Class A	$	7.33	$	20.60	$	—	$	22.70
Class T	$	—	$	—	$	—	$	72.03
(A) Investments, at cost	$	96,113,159	$	594,284,795	$	1,556,713,393	$	939,693,139
(B) Securities on loan, at value	$	6,508,210	$	16,352,417	$	57,225,645	$	7,128,793
(C) Repurchase agreements, at cost	$	2,754,747	$	23,755,035	$	—	$	17,465,344
(D) Foreign currency, at cost	$	—	$	—	$	366,668	$	—

(E)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(F)	Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(G)	Maximum offering price per share for Class A and T includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Semi-Annual Report 2020

Page    271

STATEMENTS OF OPERATIONS

For the period ended April 30, 2020

(unaudited)

	Transamerica Balanced II			Transamerica Bond			Transamerica Capital Growth			Transamerica Dividend Focused			Transamerica Dynamic Income
Investment Income:
Dividend income	$	623,623		$	327,433		$	72,977		$	7,727,847		$	4,341,641
Interest income		643,934			25,943,787			148,232			37,665			2,708
Net income from securities lending		1,308			31,071			311,875			301			164,043
Withholding taxes on foreign income		(1,237	)		4,895			—			(712	)		—
Total investment income		1,267,628			26,307,186			533,084			7,765,101			4,508,392
Expenses:
Investment management fees		282,053			2,959,015			7,082,982			1,737,100			387,426
Distribution and service fees:
Class A		—			173,937			553,119			95,191			64,451
Class C		—			430,214			1,072,534			26,492			355,777
Class R		170,151			—			—			—			—
Transfer agent fees
Class A		—			136,242			294,876			15,469			33,977
Class C		—			36,925			144,705			3,432			50,859
Class I		—			629,359			623,000			5,788			17,121
Class I2		—			3,503			12,395			14,513			—
Class I3		1,855			—			—			—			—
Class R		941			—			—			—			—
Class R6		—			807			636			163			—
Trustees, CCO and deferred compensation fees		1,510			17,763			25,421			6,503			2,165
Audit and tax fees		17,921			23,656			21,184			13,662			12,359
Custody fees		6,945			58,555			76,395			17,677			2,574
Legal fees		2,633			21,471			39,042			11,556			4,115
Printing and shareholder reports fees		5,140			78,558			161,054			24,125			26,141
Registration fees		10,594			94,261			96,086			69,717			26,028
Other		6,020			29,102			47,103			16,837			19,342
Total expenses		505,763			4,693,368			10,250,532			2,058,225			1,002,335
Expenses waived and/or reimbursed:
Class A		—			—			—			—			(21,030	)
Class C		—			—			—			(859	)		(32,890	)
Class I		—			(254,945	)		—			—			(9,114	)
Class R		(161	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			—			25
Class C		—			—			—			473			46
Class I		—			—			—			—			59
Class R		161			—			—			—			—
Net expenses		505,763			4,438,423			10,250,532			2,057,839			939,431
Net investment income (loss)		761,865			21,868,763			(9,717,448	)		5,707,262			3,568,961
Net realized gain (loss) on:
Investments		1,724,486			11,055,425			16,014,876			(37,385,701	)		(16,764,930	)
Futures contracts		(183,439	)		16,994			—			—			—
Foreign currency transactions		—			—			3,778			—			—
Net realized gain (loss)		1,541,047			11,072,419			16,018,654			(37,385,701	)		(16,764,930	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,459,581	)		(48,861,989	)		461,558,135			(68,887,030	)		(10,251,438	)
Futures contracts		224,061			22,732			—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			—			(132	)		—			—
Net change in unrealized appreciation (depreciation)		(2,235,520	)		(48,839,257	)		461,558,003			(68,887,030	)		(10,251,438	)
Net realized and change in unrealized gain (loss)		(694,473	)		(37,766,838	)		477,576,657			(106,272,731	)		(27,016,368	)
Net increase (decrease) in net assets resulting from operations	$	67,392		$	(15,898,075	)	$	467,859,209		$	(100,565,469	)	$	(23,447,407	)

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

Transamerica Funds Semi-Annual Report 2020

Page    272

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2020

(unaudited)

	Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity			Transamerica Emerging Markets Opportunities (A)			Transamerica Event Driven			Transamerica Floating Rate
Investment Income:
Dividend income	$	28,213		$	6,629,597		$	1,988,693		$	251,273		$	9,724
Interest income		18,989,776			35,244			72			336,406			3,689,335
Net income from securities lending		15,353			5,973			17,883			2,391			1,412
Withholding taxes on foreign income		(98,181	)		(741,008	)		(232,190	)		—			—
Total investment income		18,935,161			5,929,806			1,774,458			590,070			3,700,471
Expenses:
Investment management fees		1,722,721			2,993,117			734,201			541,121			427,555
Distribution and service fees:
Class A		11,358			4,753			—			—			25,097
Class C		39,185			4,376			—			—			84,770
Transfer agent fees
Class A		11,845			7,807			—			—			11,491
Class C		7,731			1,085			—			—			8,702
Class I		213,829			3,731			24			420			44,999
Class I2		4,646			24,167			6,690			3,364			472
Class R6		246			—			—			—			—
Trustees, CCO and deferred compensation fees		7,556			8,931			2,939			1,212			1,582
Audit and tax fees		22,125			19,020			7,960			21,273			23,440
Custody fees		85,255			164,675			467			35,986			101,277
Legal fees		13,884			17,949			28,803			2,233			1,867
Printing and shareholder reports fees		60,152			34,448			7,383			5,194			2,749
Registration fees		42,653			50,975			4,344			13,445			28,873
Dividends, interest and fees for borrowings from securities sold short		—			—			—			17,396			—
Other		16,661			21,825			11,066			5,949			11,653
Total expenses		2,259,847			3,356,859			803,877			647,593			774,527
Expenses waived and/or reimbursed:
Class A		—			(2,518	)		—			—			(28,446	)
Class C		—			(29	)		—			—			(24,176	)
Class I		—			(234	)		(49	)		(553	)		(116,540	)
Class I2		—			(23,404	)		(388	)		(18,576	)		(10,897	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			85			—			—			7,265
Class C		—			—			—			—			7,292
Class I		—			—			36			—	(B)		31,010
Class I2		—			—			388			—			4,342
Net expenses		2,259,847			3,330,759			803,864			628,464			644,377
Net investment income (loss)		16,675,314			2,599,047			970,594			(38,394	)		3,056,094
Net realized gain (loss) on:
Investments		(35,106,562	)(C)		(9,499,061	)		(26,234,747	)		1,199,849			(9,279,328	)
Securities sold short		—			—			—			877,985			—
Written options and swaptions		—			—			—			(397,706	)		—
Swap agreements		—			—			—			(9,123	)		—
Futures contracts		—			—			(529,727	)		1,890,621			—
Forward foreign currency contracts		669,490			—			12,321			258,836			—
Foreign currency transactions		(1,010,108	)		(393,004	)		58,119			(94,249	)		—
Net realized gain (loss)		(35,447,180	)		(9,892,065	)		(26,694,034	)		3,726,213			(9,279,328	)
Net change in unrealized appreciation (depreciation) on:
Investments		(44,784,713	)(D)		(34,844,313	)		(44,687,396	)		(4,080,633	)		(3,815,010	)
Unfunded commitment		—			—			—			—			(10,144	)
Securities sold short		—			—			—			610,355			—
Written options and swaptions		—			—			—			(25,479	)		—
Swap agreements		—			—			—			12,543			—
Futures contracts		—			—			941,278			(74,477	)		—
Forward foreign currency contracts		(1,136,617	)		—			—			42,376			—
Translation of assets and liabilities denominated in foreign currencies		(628	)		(36,172	)		(31,609	)		(10,161	)		—
Net change in unrealized appreciation (depreciation)		(45,921,958	)		(34,880,485	)		(43,777,727	)		(3,525,476	)		(3,825,154	)
Net realized and change in unrealized gain (loss)		(81,369,138	)		(44,772,550	)		(70,471,761	)		200,737			(13,104,482	)
Net increase (decrease) in net assets resulting from operations	$	(64,693,824	)	$	(42,173,503	)	$	(69,501,167	)	$	162,343		$	(10,048,388	)

(A)	Commenced operations on December 19, 2019.
(B)	Rounds to less than $1.
(C)	Includes net of realized foreign capital gains tax of $86,457.
(D)	Includes net change in foreign capital gains tax of $(98,629).

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

Transamerica Funds Semi-Annual Report 2020

Page    273

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2020

(unaudited)

	Transamerica Global Equity			Transamerica Government Money Market			Transamerica High Quality Bond			Transamerica High Yield Bond			Transamerica High Yield Muni
Investment Income:
Dividend income	$	817,535		$	—		$	—		$	1,415,363		$	42,093
Interest income		2,607			9,775,298			4,050,457			43,966,599			1,970,853
Net income from securities lending		1,590			—			1,768			119,637			1,142
Withholding taxes on foreign income		(56,465	)		—			—			—			—
Total investment income		765,267			9,775,298			4,052,225			45,501,599			2,014,088
Expenses:
Investment management fees		387,274			1,591,289			397,660			4,413,590			284,433
Distribution and service fees:
Class A		65,651			241,827			—			109,626			26,360
Class C		41,778			50,838			—			124,611			58,494
Class R		—			—			31,430			83,948			—
Class R2		—			1,178,535			—			—			—
Class R4		—			132,550			49,023			494,973			—
Transfer agent fees
Class A		59,872			100,038			—			91,656			6,226
Class C		11,911			6,732			—			18,537			3,985
Class I		18,972			18,903			—			76,845			37,771
Class I2		—			187			—			22,567			—
Class I3		—			3,039			5,906			9,276			—
Class R		—			—			—			26,510			—
Class R2		—			1,321,657			—			—			—
Class R4		—			3,977			1,471			14,849			—
Class R6		33			—			—			1,753			—
Trustees, CCO and deferred compensation fees		1,309			16,499			2,744			19,286			1,369
Audit and tax fees		10,637			15,459			18,835			24,494			21,830
Custody fees		12,367			93,632			13,672			69,029			17,099
Legal fees		2,275			102,186			5,364			30,180			2,226
Printing and shareholder reports fees		13,108			59,974			10,053			72,464			8,768
Registration fees		46,722			59,161			32,767			96,539			33,189
Other		7,213			33,880			9,436			37,083			7,230
Total expenses before waiver and/or reimbursement and recapture		679,122			5,030,363			578,361			5,837,816			508,980
Expenses waived and/or reimbursed:
Class A		(29,036	)		(92,320	)		—			—			(12,153	)
Class C		(6,916	)		(21,576	)		—			—			(16,032	)
Class I		(3,498	)		(2,410	)		—			(41,549	)		(21,089	)
Class I2		—			(26	)		—			—			—
Class I3		—			(350	)		—			—			—
Class R		—			—			—			(27,340	)		—
Class R2		—			(518,464	)		—			—			—
Class R4		—			(26,991	)		(15,718	)		(30,866	)		—
Class R6		(9	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		404			83,379			—			—			236
Class C		—			2,822			—			—			88
Class I		6,129			148			—			—			—
Class R2		—			7,374			—			—			—
Class R4		—			868			371			6,329			—
Class R6		9			—			—			—			—
Net expenses		646,205			4,462,817			563,014			5,744,390			460,030
Net investment income (loss)		119,062			5,312,481			3,489,211			39,757,209			1,554,058
Net realized gain (loss) on:
Investments		(3,279,247	)		—			897,764			(6,681,837	)		(442,308	)
Foreign currency transactions		(11,015	)		—			—			—			—
Net realized gain (loss)		(3,290,262	)		—			897,764			(6,681,837	)		(442,308	)
Net change in unrealized appreciation (depreciation) on:
Investments		(7,885,068	)		—			(6,625,365	)		(210,942,052	)		(9,379,057	)
Translation of assets and liabilities denominated in foreign currencies		1,230			—			—			—			—
Net change in unrealized appreciation (depreciation)		(7,883,838	)		—			(6,625,365	)		(210,942,052	)		(9,379,057	)
Net realized and change in unrealized gain (loss)		(11,174,100	)		—			(5,727,601	)		(217,623,889	)		(9,821,365	)
Net increase (decrease) in net assets resulting from operations	$	(11,055,038	)	$	5,312,481		$	(2,238,390	)	$	(177,866,680	)	$	(8,267,307	)

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

Transamerica Funds Semi-Annual Report 2020

Page    274

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2020

(unaudited)

	Transamerica Inflation Opportunities			Transamerica Inflation- Protected Securities			Transamerica Intermediate Bond			Transamerica Intermediate Muni			Transamerica International Equity
Investment Income:
Dividend income	$	1,559		$	—		$	64,858		$	117,809		$	51,157,266
Interest income		1,388,790			1,119,936			31,458,735			18,160,459			47,880
Net income from securities lending		6,929			3,616			61,703			—			173,313
Withholding taxes on foreign income		—			—			7,084			—			(5,220,183	)
Total investment income		1,397,278			1,123,552			31,592,380			18,278,268			46,158,276
Expenses:
Investment management fees		340,944			216,256			4,371,343			3,852,399			15,787,943
Distribution and service fees:
Class A		1,347			—			—			288,433			187,094
Class C		2,624			—			—			715,201			210,531
Class R		—			23,774			118,454			—			73,436
Class R4		—			2,740			205,626			—			22,581
Transfer agent fees
Class A		446			—			—			42,070			228,734
Class C		224			—			—			44,329			43,185
Class I		2,504			—			—			767,196			1,047,589
Class I2		4,170			—			62,401			—			65,722
Class I3		—			3,830			16,420			—			7,609
Class R		—			—			703			—			425
Class R4		—			82			6,169			—			678
Class R6		2			—			—			—			9,015
Trustees, CCO and deferred compensation fees		1,539			1,445			30,799			22,097			59,114
Audit and tax fees		19,509			18,963			31,367			28,601			34,935
Custody fees		16,009			31,231			112,697			104,224			425,082
Legal fees		2,970			2,597			59,772			32,975			105,576
Printing and shareholder reports fees		6,732			5,044			109,021			101,168			430,802
Registration fees		50,663			30,274			46,476			76,282			156,694
Acquired fund fees		—			—			—			5,491			—
Other		7,904			5,424			59,029			38,378			109,805
Total expenses before waiver and/or reimbursement and recapture		457,587			341,660			5,230,277			6,118,844			19,006,550
Expenses waived and/or reimbursed:
Class A		(708	)		—			—			(115,373	)		(59,023	)
Class C		(255	)		—			—			(178,800	)		—
Class I		(2,731	)		—			—			(552,251	)		—
Class I2		(9,321	)		—			—			—			—
Class I3		—			(14,724	)		—			—			—
Class R		—			(2,660	)		—			—			—
Class R4		—			(1,742	)		(20,454	)		—			—
Class R6		(6	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		213			—			—			—			447
Class C		7			—			—			—			—
Class I		12			—			—			—			—
Class I2		66			—			—			—			—
Class R		—			219			—			—			—
Class R4		—			—			577			—			—
Class R6		2			—			—			—			—
Net expenses		444,866			322,753			5,210,400			5,272,420			18,947,974
Net investment income (loss)		952,412			800,799			26,381,980			13,005,848			27,210,302
Net realized gain (loss) on:
Investments		1,017,214			170,974			57,418,875			(5,862,419	)		(83,816,408	)
Forward foreign currency contracts		860,702			432,980			—			—			—
Foreign currency transactions		(38,755	)		(11,203	)		—			—			(17,397	)
Net realized gain (loss)		1,839,161			592,751			57,418,875			(5,862,419	)		(83,833,805	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,108,815	)		2,347,125			(11,569,475	)		(52,319,542	)		(712,368,413	)
Forward foreign currency contracts		318,707			(43,939	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		(7,088	)		(615	)		—			—			(9,460	)
Net change in unrealized appreciation (depreciation)		(1,797,196	)		2,302,571			(11,569,475	)		(52,319,542	)		(712,377,873	)
Net realized and change in unrealized gain (loss)		41,965			2,895,322			45,849,400			(58,181,961	)		(796,211,678	)
Net increase (decrease) in net assets resulting from operations	$	994,377		$	3,696,121		$	72,231,380		$	(45,176,113	)	$	(769,001,376	)

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

Transamerica Funds Semi-Annual Report 2020

Page    275

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2020

(unaudited)

	Transamerica International Growth			Transamerica International Small Cap Value			Transamerica International Stock			Transamerica Large Cap Value			Transamerica Large Core
Investment Income:
Dividend income	$	13,448,575		$	5,607,405		$	1,219,317		$	26,809,585		$	2,185,679
Interest income		47,697			21,426			—			185,542			—
Net income from securities lending		84,174			15,654			3,687			26,109			1,919
Withholding taxes on foreign income		(1,140,472	)		(573,198	)		(112,776	)		(75,049	)		—
Total investment income		12,439,974			5,071,287			1,110,228			26,946,187			2,187,598
Expenses:
Investment management fees		4,209,828			2,613,050			305,207			5,392,922			486,931
Distribution and service fees:
Class A		142			—			585			87,479			—
Class C		—			—			—			149,833			—
Class R		—			—			—			—			147,611
Class R4		—			—			—			—			5,272
Transfer agent fees
Class A		411			—			49			59,317			—
Class C		—			—			—			27,000			—
Class I		51			60,814			268			108,068			—
Class I2		41,633			16,337			3,218			53,032			—
Class I3		—			—			—			—			5,751
Class R		—			—			—			—			851
Class R4		—			—			—			—			158
Class R6		—			—			17			1,053			—
Trustees, CCO and deferred compensation fees		14,327			7,108			1,218			23,749			2,880
Audit and tax fees		16,830			15,308			11,588			20,503			12,894
Custody fees		96,605			81,891			19,299			65,885			14,297
Legal fees		24,368			13,298			1,786			44,026			5,542
Printing and shareholder reports fees		46,245			32,213			4,167			123,287			10,258
Registration fees		49,009			26,872			27,298			60,395			31,412
Other		53,995			13,730			7,462			47,858			9,701
Total expenses before waiver and/or reimbursement and recapture		4,553,444			2,880,621			382,162			6,264,407			733,558
Expenses waived and/or reimbursed:
Class A		(338	)		—			(57	)		—			—
Class I		(29	)		—			(95	)		(83,246	)		—
Class I2		—			—			(12,397	)		—			—
Class R6		—			—			(50	)		—			—
Recapture of previously waived and/or reimbursed fees:
Class A		7			—			324			—			—
Class I		—			—			145			—			—
Class I2		—			—			63,589			—			—
Class R6		—			—			342			—			—
Net expenses		4,553,084			2,880,621			433,963			6,181,161			733,558
Net investment income (loss)		7,886,890			2,190,666			676,265			20,765,026			1,454,040
Net realized gain (loss) on:
Investments		(44,419,153	)		(9,835,204	)		(2,018,705	)		(186,805,390	)		10,021,951
Foreign currency transactions		(641,141	)		104,243			(14,230	)		—			—
Net realized gain (loss)		(45,060,294	)		(9,730,961	)		(2,032,935	)		(186,805,390	)		10,021,951
Net change in unrealized appreciation (depreciation) on:
Investments		(96,379,928	)		(70,596,437	)		(13,441,027	)		(183,100,516	)		(13,834,365	)
Translation of assets and liabilities denominated in foreign currencies		227,101			631			9,888			—			—
Net change in unrealized appreciation (depreciation)		(96,152,827	)		(70,595,806	)		(13,431,139	)		(183,100,516	)		(13,834,365	)
Net realized and change in unrealized gain (loss)		(141,213,121	)		(80,326,767	)		(15,464,074	)		(369,905,906	)		(3,812,414	)
Net increase (decrease) in net assets resulting from operations	$	(133,326,231	)	$	(78,136,101	)	$	(14,787,809	)	$	(349,140,880	)	$	(2,358,374	)

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

Transamerica Funds Semi-Annual Report 2020

Page    276

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2020

(unaudited)

	Transamerica Large Growth			Transamerica Large Value Opportunities			Transamerica Mid Cap Growth			Transamerica Mid Cap Value Opportunities			Transamerica MLP & Energy Income
Investment Income:
Dividend income	$	1,646,425		$	6,335,595		$	661,434		$	14,885,945		$	6,273,598
Interest income		—			—			14,157			297,036			32,954
Net income from securities lending		69,401			3,627			8,993			4,669			10,023
Withholding taxes on foreign income		—			(5,657	)		—			—			(191,130	)
Total investment income		1,715,826			6,333,565			684,584			15,187,650			6,125,445
Expenses:
Investment management fees		2,587,437			1,007,218			842,939			4,528,356			1,228,829
Distribution and service fees:
Class A		—			—			14,316			24,701			17,018
Class C		—			—			6,753			89,652			52,005
Class R		302,768			171,964			52,079			134,525			—
Class R4		46,855			28,663			560			116,237			—
Transfer agent fees
Class A		—			—			10,396			29,994			16,203
Class C		—			—			1,172			15,168			13,259
Class I		—			—			653			248,423			6,594
Class I2		—			—			6,329			9,336			6,801
Class I3		23,908			13,517			1,364			6,361			—
Class R		1,617			995			278			924			—
Class R4		1,406			860			17			3,487			—
Class R6		—			—			—			8,045			—
Trustees, CCO and deferred compensation fees		10,168			6,119			2,916			17,523			3,073
Audit and tax fees		15,200			13,652			14,474			21,872			16,025
Custody fees		51,886			20,410			8,006			60,733			12,388
Legal fees		18,157			12,039			4,975			33,799			6,036
Printing and shareholder reports fees		31,271			21,864			11,332			117,871			19,204
Registration fees		34,897			32,296			41,480			90,629			41,254
Other		19,082			15,911			9,010			39,515			14,613
Total expenses before waiver and/or reimbursement and recapture		3,144,652			1,345,508			1,029,049			5,597,151			1,453,302
Expenses waived and/or reimbursed:
Class A		—			—			—			(10,892	)		(8,385	)
Class C		—			—			—			—			(7,144	)
Class R		—			(4,916	)		(945	)		(2,912	)		—
Class R4		(10,050	)		(2,406	)		(201	)		(53,152	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			—			33
Class C		—			—			—			—			13
Class I2		—			—			5,047			—			—
Class R		—			3,654			8,347			187			—
Class R4		—			1,457			9			30			—
Net expenses		3,134,602			1,343,297			1,041,306			5,530,412			1,437,819
Net investment income (loss)		(1,418,776	)		4,990,268			(356,722	)		9,657,238			4,687,626
Net realized gain (loss) on:
Investments		31,971,562			(4,845,002	)		(4,547,652	)		(6,841,604	)		(13,330,526	)
Foreign currency transactions		888			—			—			—			(8,911	)
Net realized gain (loss)		31,972,450			(4,845,002	)		(4,547,652	)		(6,841,604	)		(13,339,437	)
Net change in unrealized appreciation (depreciation) on:
Investments		82,165,118			(46,649,712	)		(4,651,119	)		(255,108,940	)		(45,668,333	)
Translation of assets and liabilities denominated in foreign currencies		(256	)		—			—			—			(440	)
Net change in unrealized appreciation (depreciation)		82,164,862			(46,649,712	)		(4,651,119	)		(255,108,940	)		(45,668,773	)
Net realized and change in unrealized gain (loss)		114,137,312			(51,494,714	)		(9,198,771	)		(261,950,544	)		(59,008,210	)
Net increase (decrease) in net assets resulting from operations	$	112,718,536		$	(46,504,446	)	$	(9,555,493	)	$	(252,293,306	)	$	(54,320,584	)

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

Transamerica Funds Semi-Annual Report 2020

Page    277

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2020

(unaudited)

	Transamerica  Multi-Asset  Income			Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond			Transamerica Small Cap Core			Transamerica Small Cap Growth
Investment Income:
Dividend income	$	2,889,660		$	5,382,043		$	—		$	1,358,597		$	283,830
Interest income		3,410,025			5,213,950			45,966,507			8,298			18,904
Net income from securities lending		24,552			8,845			11,012			8,291			10,477
Withholding taxes on foreign income		—			(4,583	)		7,829			(2,386	)		—
Total investment income		6,324,237			10,600,255			45,985,348			1,372,800			313,211
Expenses:
Investment management fees		783,029			3,259,760			5,696,384			588,981			657,515
Distribution and service fees:
Class A		48,997			688,594			856,663			2,994			17,763
Class C		253,385			984,667			1,384,439			2,165			18,718
Class R		—			—			—			70,340			37,652
Class R4		—			—			—			5,618			136
Transfer agent fees
Class A		21,574			222,499			193,435			3,061			13,540
Class C		22,201			86,080			143,260			397			3,211
Class I		95,631			140,307			943,395			659			18,299
Class I2		—			—			11,786			536			2,147
Class I3		—			—			—			3,414			977
Class R		—			—			—			430			217
Class R4		—			—			—			169			4
Class R6		—			542			1,223			—			3
Trustees, CCO and deferred compensation fees		3,340			12,699			37,969			1,934			1,859
Audit and tax fees		19,596			21,539			31,664			14,639			12,185
Custody fees		12,997			60,908			108,574			14,627			11,018
Legal fees		4,059			20,823			61,848			4,056			3,040
Printing and shareholder reports fees		16,120			64,329			227,664			9,639			15,133
Registration fees		77,760			46,094			120,545			41,280			51,577
Other		6,904			24,325			67,106			10,266			11,007
Total expenses before waiver and/or reimbursement and recapture		1,365,593			5,633,166			9,885,955			775,205			876,001
Expenses waived and/or reimbursed:
Class A		—			—			—			(2,118	)		(3,590	)
Class C		—			—			—			(226	)		(589	)
Class I		(56,317	)		—			—			(223	)		(1,726	)
Class I2		—			—			—			(2,305	)		(5,844	)
Class I3		—			—			—			(10,638	)		(2,294	)
Class R		—			—			—			(2,232	)		(750	)
Class R4		—			—			—			(2,932	)		(80	)
Class R6		—			—			—			—			(4	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			64			—
Class C		—			—			—			11			—
Class I		—			—			—			40			—
Class I2		—			—			—			636			846
Class I3		—			—			—			—			20
Class R4		—			—			—			160			16
Net expenses		1,309,276			5,633,166			9,885,955			755,442			862,006
Net investment income (loss)		5,014,961			4,967,089			36,099,393			617,358			(548,795	)
Net realized gain (loss) on:
Investments		1,213,876			23,789,238			(6,277,274	)		(12,765,033	)		1,869,565
Futures contracts		—			(2,606,531	)		—			—			—
Foreign currency transactions		298			—			—			(19	)		—
Net realized gain (loss)		1,214,174			21,182,707			(6,277,274	)		(12,765,052	)		1,869,565
Net change in unrealized appreciation (depreciation) on:
Investments		(35,124,998	)		(26,368,772	)		(108,644,203	)		(15,146,648	)		(11,077,016	)
Futures contracts		—			780,854			—			—			—
Translation of assets and liabilities denominated in foreign currencies		2,328			—			—			—			—
Net change in unrealized appreciation (depreciation)		(35,122,670	)		(25,587,918	)		(108,644,203	)		(15,146,648	)		(11,077,016	)
Net realized and change in unrealized gain (loss)		(33,908,496	)		(4,405,211	)		(114,921,477	)		(27,911,700	)		(9,207,451	)
Net increase (decrease) in net assets resulting from operations	$	(28,893,535	)	$	561,878		$	(78,822,084	)	$	(27,294,342	)	$	(9,756,246	)

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

Transamerica Funds Semi-Annual Report 2020

Page    278

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2020

(unaudited)

	Transamerica  Small Cap  Value			Transamerica  Small/Mid Cap  Value			Transamerica Unconstrained Bond			Transamerica US Growth
Investment Income:
Dividend income	$	883,975		$	8,250,986		$	858,859		$	6,352,719
Interest income		7,369			90,958			19,551,252			61,572
Net income from securities lending		91,419			62,424			67,554			20,785
Withholding taxes on foreign income		—			(6,927	)		—			—
Total investment income		982,763			8,397,441			20,477,665			6,435,076
Expenses:
Investment management fees		378,737			2,937,187			3,701,280			5,159,997
Distribution and service fees:
Class A		5,038			396,747			—			838,589
Class C		3,339			492,276			—			92,631
Class R		17,352			—			—			—
Class R4		239			—			—			—
Transfer agent fees
Class A		4,369			351,658			—			541,035
Class C		442			96,236			—			18,880
Class I		7,279			152,815			410			182,083
Class I2		1,738			711			43,243			18,402
Class I3		847			—			—			—
Class R		108			—			—			—
Class R4		7			—			—			—
Class R6		2			1,797			—			—
Class T		—			—			—			40,193
Trustees, CCO and deferred compensation fees		1,424			10,171			16,044			18,987
Audit and tax fees		12,402			14,005			25,341			18,874
Custody fees		15,100			38,708			109,800			63,142
Legal fees		4,894			17,444			15,791			26,462
Printing and shareholder reports fees		11,553			85,370			27,589			71,907
Registration fees		68,553			54,866			17,919			54,224
Other		10,099			25,725			20,166			29,850
Total expenses before waiver and/or reimbursement and recapture		543,522			4,675,716			3,977,583			7,175,256
Expenses waived and/or reimbursed:
Class A		(4,607	)		—			—			—
Class C		(482	)		—			—			(2,799	)
Class I		(8,100	)		—			(16	)		—
Class I2		(28,124	)		—			(28,490	)		—
Class I3		(13,894	)		—			—			—
Class R		(3,840	)		—			—			—
Class R4		(220	)		—			—			—
Class R6		(31	)		—			—			—
Recapture of previously waived and/or reimbursed fees:
Class C		—			—			—			9
Class I2		470			—			—			—
Class I3		424			—			—			—
Class R		17			—			—			—
Class R4		10			—			—			—
Class R6		1			—			—			—
Net expenses		485,146			4,675,716			3,949,077			7,172,466
Net investment income (loss)		497,617			3,721,725			16,528,588			(737,390	)
Net realized gain (loss) on:
Investments		(7,296,617	)		(43,552,232	)		(17,141,926	)		36,954,905
Futures contracts		—			—			(1,389,378	)		—
Forward foreign currency contracts		—			—			5,940,545			—
Foreign currency transactions		—			—			3,382			—
Net realized gain (loss)		(7,296,617	)		(43,552,232	)		(12,587,377	)		36,954,905
Net change in unrealized appreciation (depreciation) on:
Investments		(18,994,161	)		(130,150,822	)		(48,432,020	)		39,877,951
Unfunded commitment		—			—			4,265			—
Futures contracts		—			—			(8,028,975	)		—
Forward foreign currency contracts		—			—			(1,196,794	)		—
Translation of assets and liabilities denominated in foreign currencies		—			—			(17,266	)		3,926
Net change in unrealized appreciation (depreciation)		(18,994,161	)		(130,150,822	)		(57,670,790	)		39,881,877
Net realized and change in unrealized gain (loss)		(26,290,778	)		(173,703,054	)		(70,258,167	)		76,836,782
Net increase (decrease) in net assets resulting from operations	$	(25,793,161	)	$	(169,981,329	)	$	(53,729,579	)	$	76,099,392

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

Transamerica Funds Semi-Annual Report 2020

Page    279

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Balanced II						Transamerica Bond						Transamerica Capital Growth
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	761,865		$	1,882,430		$	21,868,763		$	33,260,379		$	(9,717,448	)	$	(14,632,538	)
Net realized gain (loss)		1,541,047			2,630,631			11,072,419			3,167,514			16,018,654			248,146,744
Net change in unrealized appreciation (depreciation)		(2,235,520	)		10,571,200			(48,839,257	)		47,815,884			461,558,003			(178,872,607	)
Net increase (decrease) in net assets resulting from operations		67,392			15,084,261			(15,898,075	)		84,243,777			467,859,209			54,641,599
Dividends and/or distributions to shareholders:
Class A		—			—			(1,909,477	)		(3,599,802	)		(42,218,785	)		(16,845,243	)
Class B (A)		—			—			—			(928	)		—			(41,993	)
Class C		—			—			(908,528	)		(1,514,060	)		(26,097,461	)		(8,569,291	)
Class I		—			—			(18,176,650	)		(24,398,329	)		(92,872,343	)		(29,773,771	)
Class I2		—			—			(1,520,112	)		(3,545,254	)		(63,098,839	)		(13,510,949	)
Class I3		(1,621,232	)		(2,359,981	)		—			—			—			—
Class R		(2,077,736	)		(3,396,677	)		—			—			—			—
Class R6 (B)		—			—			(343,187	)		(503,661	)		(3,117,851	)		—
Class T1 (C)		—			—			—			(118	)		—			(2,954	)
Advisor Class (C)		—			—			—			—			—			(16,460	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(3,698,968	)		(5,756,658	)		(22,857,954	)		(33,562,152	)		(227,405,279	)		(68,760,661	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			39,119,126			75,784,620			70,850,294			163,954,427
Class B (A)		—			—			—			1,616			—			18,955
Class C		—			—			22,277,249			45,576,088			33,527,895			103,162,094
Class I		—			—			436,775,512			867,375,933			369,827,245			785,845,665
Class I2		—			—			70,714,700			239,618			16,539,204			3,794,193
Class I3		843,826			590,339			—			—			—			—
Class R		1,108,074			2,972,488			—			—			—			—
Class R6 (B)		—			—			6,912,982			11,408,787			3,414,528			204,903
Class T1 (C)		—			—			—			—			—			9,700
Advisor Class (C)		—			—			—			—			—			3,800
		1,951,900			3,562,827			575,799,569			1,000,386,662			494,159,166			1,056,993,737
Issued from fund acquisition:
Class I2		—			—			—			—			—			171,778,728
Class R6 (B)		—			—			—			—			—			14,982,875
		—			—			—			—			—			186,761,603
Dividends and/or distributions reinvested:
Class A		—			—			1,684,841			3,182,834			39,180,696			15,744,346
Class B (A)		—			—			—			881			—			41,964
Class C		—			—			768,552			1,260,503			25,797,127			8,420,392
Class I		—			—			14,164,739			18,490,111			91,807,370			29,370,611
Class I2		—			—			1,520,112			3,545,254			63,098,839			13,510,949
Class I3		1,621,232			2,359,981			—			—			—			—
Class R		2,077,736			3,396,677			—			—			—			—
Class R6 (B)		—			—			337,340			503,661			3,117,851			—
Class T1 (C)		—			—			—			101			—			2,954
Advisor Class (C)		—			—			—			—			—			16,460
		3,698,968			5,756,658			18,475,584			26,983,345			223,001,883			67,107,676
Cost of shares redeemed:
Class A		—			—			(31,893,560	)		(41,940,624	)		(88,971,217	)		(146,505,845	)
Class B (A)		—			—			—			(48,203	)		—			(22,933	)
Class C		—			—			(11,408,652	)		(12,567,104	)		(38,175,186	)		(45,651,712	)
Class I		—			—			(374,347,581	)		(233,374,752	)		(405,922,683	)		(475,600,960	)
Class I2		—			—			(13,772,166	)		(25,998,005	)		(36,544,597	)		(35,163,964	)
Class I3		(3,182,063	)		(6,385,554	)		—			—			—			—
Class R		(7,363,659	)		(23,822,041	)		—			—			—			—
Class R6 (B)		—			—			(3,984,261	)		(2,017,577	)		(3,206,936	)		(95,904	)
Class T1 (C)		—			—			—			(10,527	)		—			(75,200	)
Advisor Class (C)		—			—			—			—			—			(426,071	)
		(10,545,722	)		(30,207,595	)		(435,406,220	)		(315,956,792	)		(572,820,619	)		(703,542,589	)

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

Transamerica Funds Semi-Annual Report 2020

Page    280

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Balanced II						Transamerica Bond						Transamerica Capital Growth
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Automatic conversions:
Class A	$	—		$	—		$	—		$	71,198		$	—		$	879,020
Class B (A)		—			—			—			(71,198	)		—			(879,020	)
		—			—			—			—			—			—
Automatic conversions:
Class A		—			—			1,211,253			2,053,180			1,840,299			5,022,289
Class C		—			—			(1,211,253	)		(2,053,180	)		(1,840,299	)		(5,022,289	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(4,894,854	)		(20,888,110	)		158,868,933			711,413,215			144,340,430			607,320,427
Net increase (decrease) in net assets		(8,526,430	)		(11,560,507	)		120,112,904			762,094,840			384,794,360			593,201,365
Net assets:
Beginning of period/year		120,673,206			132,233,713			1,401,215,631			639,120,791			2,013,314,390			1,420,113,025
End of period/year	$	112,146,776		$	120,673,206		$	1,521,328,535		$	1,401,215,631		$	2,398,108,750		$	2,013,314,390
Capital share transactions - shares:
Shares issued:
Class A		—			—			4,172,130			8,249,628			2,633,247			5,896,175
Class B (A)		—			—			—			179			—			900
Class C		—			—			2,379,542			4,971,272			1,622,056			4,669,717
Class I		—			—			46,419,668			93,962,005			12,966,221			26,697,868
Class I2		—			—			8,173,006			26,122			1,503,778			259,845
Class I3		76,801			55,932			—			—			—			—
Class R		104,196			289,343			—			—			—			—
Class R6 (B)		—			—			730,064			1,234,352			277,358			15,357
Class T1 (C)		—			—			—			—			—			382
Advisor Class (C)		—			—			—			—			—			139
		180,997			345,275			61,874,410			108,443,558			19,002,660			37,540,383
Shares issued on fund acquisition:
Class I2		—			—			—			—			—			12,844,998
Class R6 (B)		—			—			—			—			—			1,120,366
		—			—			—			—			—			13,965,364
Shares reinvested:
Class A		—			—			180,331			346,066			1,502,333			662,641
Class B (A)		—			—			—			98			—			2,296
Class C		—			—			82,810			137,907			1,303,544			449,807
Class I		—			—			1,513,662			1,998,725			3,317,871			1,174,824
Class I2		—			—			162,864			386,053			5,411,564			1,142,092
Class I3		149,468			241,447			—			—			—			—
Class R		190,350			350,180			—			—			—			—
Class R6 (B)		—			—			36,069			54,555			267,397			—
Class T1 (C)		—			—			—			11			—			124
Advisor Class (C)		—			—			—			—			—			660
		339,818			591,627			1,975,736			2,923,415			11,802,709			3,432,444
Shares redeemed:
Class A		—			—			(3,463,616	)		(4,541,197	)		(3,320,603	)		(5,295,810	)
Class B (A)		—			—			—			(5,374	)		—			(1,092	)
Class C		—			—			(1,247,559	)		(1,381,656	)		(1,889,528	)		(2,104,314	)
Class I		—			—			(40,786,116	)		(25,372,662	)		(14,446,050	)		(16,489,041	)
Class I2		—			—			(1,502,365	)		(2,820,054	)		(2,992,547	)		(2,546,337	)
Class I3		(294,847	)		(615,129	)		—			—			—			—
Class R		(691,524	)		(2,300,042	)		—			—			—			—
Class R6 (B)		—			—			(433,829	)		(217,239	)		(267,580	)		(7,090	)
Class T1 (C)		—			—			—			(1,165	)		—			(2,729	)
Advisor Class (C)		—			—			—			—			—			(14,789	)
		(986,371	)		(2,915,171	)		(47,433,485	)		(34,339,347	)		(22,916,308	)		(26,461,202	)
Automatic conversions:
Class A		—			—			—			7,812			—			30,433
Class B (A)		—			—			—			(7,801	)		—			(39,645	)
		—			—			—			11			—			(9,212	)

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

Transamerica Funds Semi-Annual Report 2020

Page    281

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Balanced II						Transamerica Bond						Transamerica Capital Growth
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Automatic conversions:
Class A	$	—		$	—		$	129,167		$	221,106		$	66,502		$	178,851
Class C		—			—			(130,028	)		(222,518	)		(86,984	)		(227,886	)
		—			—			(861	)		(1,412	)		(20,482	)		(49,035	)
Net increase (decrease) in shares outstanding:
Class A		—			—			1,018,012			4,283,415			881,479			1,472,290
Class B (A)		—			—			—			(12,898	)		—			(37,541	)
Class C		—			—			1,084,765			3,505,005			949,088			2,787,324
Class I		—			—			7,147,214			70,588,068			1,838,042			11,383,651
Class I2		—			—			6,833,505			(2,407,879	)		3,922,795			11,700,598
Class I3		(68,578	)		(317,750	)		—			—			—			—
Class R		(396,978	)		(1,660,519	)		—			—			—			—
Class R6 (B)		—			—			332,304			1,071,668			277,175			1,128,633
Class T1 (C)		—			—			—			(1,154	)		—			(2,223	)
Advisor Class (C)		—			—			—			—			—			(13,990	)
		(465,556	)		(1,978,269	)		16,415,800			77,026,225			7,868,579			28,418,742

(A)	Class ceased operations on May 6, 2019.
(B)	Class R6 commenced operations for Transamerica Capital Growth on October 18, 2019.
(C)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Semi-Annual Report 2020

Page    282

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Dividend Focused						Transamerica Dynamic Income						Transamerica Emerging Markets Debt
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	5,707,262		$	12,678,632		$	3,568,961		$	6,744,762		$	16,675,314		$	39,112,721
Net realized gain (loss)		(37,385,701	)		59,286,473			(16,764,930	)		(3,123,023	)		(35,447,180	)		(8,104,776	)
Net change in unrealized appreciation (depreciation)		(68,887,030	)		(27,626,239	)		(10,251,438	)		13,050,499			(45,921,958	)		37,871,772
Net increase (decrease) in net assets resulting from operations		(100,565,469	)		44,338,866			(23,447,407	)		16,672,238			(64,693,824	)		68,879,717
Dividends and/or distributions to shareholders:
Class A		(10,145,328	)		(12,974,346	)		(1,398,677	)		(2,377,154	)		(238,236	)		(325,061	)
Class C		(708,815	)		(782,738	)		(1,667,445	)		(3,254,419	)		(177,776	)		(289,607	)
Class I		(1,505,790	)		(2,234,630	)		(915,235	)		(1,743,915	)		(11,396,981	)		(19,384,805	)
Class I2		(53,029,500	)		(74,189,906	)		—			—			(3,546,528	)		(6,267,258	)
Class R6		(577,249	)		(672,731	)		—			—			(188,351	)		(204,543	)
Class T1 (A)		—			(2,888	)		—			(105	)		—			(87	)
Advisor Class (A)		—			(1,560	)		—			(108	)		—			(284	)
Return of capital:
Class A		—			—			—			(591,949	)		—			—
Class C		—			—			—			(810,402	)		—			—
Class I		—			—			—			(434,262	)		—			—
Class T1 (A)		—			—			—			(26	)		—			—
Advisor Class (A)		—			—			—			(28	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(65,966,682	)		(90,858,799	)		(3,981,357	)		(9,212,368	)		(15,547,872	)		(26,471,645	)
Capital share transactions:
Proceeds from shares sold:
Class A		9,585,596			8,974,798			948,254			1,587,296			1,388,477			2,444,722
Class C		384,276			3,928,096			823,130			1,482,915			252,451			823,332
Class I		856,500			3,067,457			4,520,211			16,673,685			64,574,468			153,999,298
Class I2		17,064,514			8,967,098			—			—			770,833			399,295
Class R6		668,292			936,656			—			—			2,478,058			4,043,273
Advisor Class (A)		—			—			—			—			—			428
		28,559,178			25,874,105			6,291,595			19,743,896			69,464,287			161,710,348
Dividends and/or distributions reinvested:
Class A		10,138,446			12,961,595			1,285,590			2,717,182			229,127			313,023
Class C		699,849			780,105			1,537,656			3,763,669			161,923			266,219
Class I		1,504,129			2,232,331			903,000			2,147,872			8,757,588			15,266,165
Class I2		53,029,500			74,189,906			—			—			3,546,528			6,267,258
Class R6		577,249			672,731			—			—			188,351			143,622
Class T1 (A)		—			2,888			—			131			—			87
Advisor Class (A)		—			1,560			—			136			—			284
		65,949,173			90,841,116			3,726,246			8,628,990			12,883,517			22,256,658
Cost of shares redeemed:
Class A		(6,907,837	)		(17,951,568	)		(9,200,906	)		(21,936,644	)		(2,494,993	)		(9,827,760	)
Class C		(742,903	)		(3,479,245	)		(11,161,753	)		(31,513,301	)		(1,491,233	)		(2,648,306	)
Class I		(3,240,629	)		(8,905,043	)		(14,985,057	)		(21,533,160	)		(213,537,714	)		(224,678,743	)
Class I2		(43,551,249	)		(100,875,088	)		—			—			(26,874,021	)		(43,122,922	)
Class R6		(309,537	)		(880,158	)		—			—			(1,996,097	)		(4,073,222	)
Class T1 (A)		—			(31,447	)		—			(10,441	)		—			(10,504	)
Advisor Class (A)		—			(11,234	)		—			(10,442	)		—			(34,147	)
		(54,752,155	)		(132,133,783	)		(35,347,716	)		(75,003,988	)		(246,394,058	)		(284,395,604	)
Automatic conversions:
Class A		214,352			852,319			989,070			5,544,466			228,231			389,034
Class C		(214,352	)		(852,319	)		(989,070	)		(5,544,466	)		(228,231	)		(389,034	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		39,756,196			(15,418,562	)		(25,329,875	)		(46,631,102	)		(164,046,254	)		(100,428,598	)
Net increase (decrease) in net assets		(126,775,955	)		(61,938,495	)		(52,758,639	)		(39,171,232	)		(244,287,950	)		(58,020,526	)
Net assets:
Beginning of period/year		532,956,219			594,894,714			181,458,107			220,629,339			616,709,234			674,729,760
End of period/year	$	406,180,264		$	532,956,219		$	128,699,468		$	181,458,107		$	372,421,284		$	616,709,234

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

Transamerica Funds Semi-Annual Report 2020

Page    283

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Dividend Focused						Transamerica Dynamic Income						Transamerica Emerging Markets Debt
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		1,478,010			1,015,229			105,594			175,506			132,777			235,928
Class C		53,234			442,696			92,832			164,995			25,302			81,339
Class I		106,271			337,729			502,322			1,831,892			6,279,383			14,981,143
Class I2		2,714,678			994,701			—			—			86,806			38,562
Class R6		88,722			101,927			—			—			236,228			384,484
Advisor Class (A)		—			—			—			—			—			42
		4,440,915			2,892,282			700,748			2,172,393			6,760,496			15,721,498
Shares reinvested:
Class A		1,178,728			1,545,506			150,489			301,938			23,392			30,519
Class C		81,189			93,888			180,500			420,323			16,620			26,151
Class I		174,478			266,631			105,777			238,413			894,177			1,482,558
Class I2		6,180,523			8,852,392			—			—			362,468			609,057
Class R6		67,440			80,178			—			—			19,266			13,922
Class T1 (A)		—			346			—			15			—			9
Advisor Class (A)		—			186			—			15			—			29
		7,682,358			10,839,127			436,766			960,704			1,315,923			2,162,245
Shares redeemed:
Class A		(830,553	)		(1,942,004	)		(1,060,097	)		(2,445,615	)		(245,934	)		(979,828	)
Class C		(105,407	)		(379,275	)		(1,323,402	)		(3,522,860	)		(150,363	)		(260,699	)
Class I		(468,529	)		(938,275	)		(1,712,015	)		(2,382,852	)		(22,606,241	)		(21,822,766	)
Class I2		(5,554,481	)		(10,874,035	)		—			—			(2,807,483	)		(4,169,461	)
Class R6		(38,859	)		(95,458	)		—			—			(213,110	)		(394,931	)
Class T1 (A)		—			(3,250	)		—			(1,149	)		—			(1,010	)
Advisor Class (A)		—			(1,217	)		—			(1,152	)		—			(3,268	)
		(6,997,829	)		(14,233,514	)		(4,095,514	)		(8,353,628	)		(26,023,131	)		(27,631,963	)
Automatic conversions:
Class A		27,129			96,072			112,826			604,457			22,807			37,443
Class C		(27,315	)		(96,627	)		(113,420	)		(607,675	)		(23,002	)		(37,740	)
		(186	)		(555	)		(594	)		(3,218	)		(195	)		(297	)
Net increase (decrease) in shares outstanding:
Class A		1,853,314			714,803			(691,188	)		(1,363,714	)		(66,958	)		(675,938	)
Class C		1,701			60,682			(1,163,490	)		(3,545,217	)		(131,443	)		(190,949	)
Class I		(187,780	)		(333,915	)		(1,103,916	)		(312,547	)		(15,432,681	)		(5,359,065	)
Class I2		3,340,720			(1,026,942	)		—			—			(2,358,209	)		(3,521,842	)
Class R6		117,303			86,647			—			—			42,384			3,475
Class T1 (A)		—			(2,904	)		—			(1,134	)		—			(1,001	)
Advisor Class (A)		—			(1,031	)		—			(1,137	)		—			(3,197	)
		5,125,258			(502,660	)		(2,958,594	)		(5,223,749	)		(17,946,907	)		(9,748,517	)

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

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

Transamerica Funds Semi-Annual Report 2020

Page    284

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Emerging Markets Equity						Transamerica Emerging Markets Opportunities			Transamerica Event Driven
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited) (A)			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	2,599,047		$	20,825,592		$	970,594		$	(38,394	)	$	204,205
Net realized gain (loss)		(9,892,065	)		(64,678,827	)		(26,694,034	)		3,726,213			1,472,231
Net change in unrealized appreciation (depreciation)		(34,880,485	)		108,420,035			(43,777,727	)		(3,525,476	)		2,840,617
Net increase (decrease) in net assets resulting from operations		(42,173,503	)		64,566,800			(69,501,167	)		162,343			4,517,053
Dividends and/or distributions to shareholders:
Class A		(89,219	)		(13,769	)		—			—			—
Class C		(14,115	)		—			—			—			—
Class I		(359,645	)		(69,084	)		—			(3,398	)		(15,011	)
Class I2		(22,426,314	)		(9,490,631	)		—			(386,265	)		(2,151,965	)
Class T1 (B)		—			(84	)		—			—			—
Advisor Class (B)		—			(102	)		—			—			(300	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(22,889,293	)		(9,573,670	)		—			(389,663	)		(2,167,276	)
Capital share transactions:
Proceeds from shares sold:
Class A		335,393			1,312,793			—			—			—
Class C		38,232			415,601			—			—			—
Class I		7,372,468			1,097,623			37,465			5,000			124,584
Class I2		4,751,246			1,022,132			480,808,716			2,933,681			225,690
		12,497,339			3,848,149			480,846,181			2,938,681			350,274
Dividends and/or distributions reinvested:
Class A		89,202			13,716			—			—			—
Class C		14,115			—			—			—			—
Class I		359,484			69,084			—			3,398			15,011
Class I2		22,426,314			9,490,631			—			386,265			2,151,965
Class T1 (B)		—			84			—			—			—
Advisor Class (B)		—			102			—			—			300
		22,889,115			9,573,617			—			389,663			2,167,276
Cost of shares redeemed:
Class A		(678,359	)		(1,906,888	)		—			—			—
Class C		(85,299	)		(1,159,782	)		—			—			—
Class I		(8,075,199	)		(1,277,121	)		—			(143,179	)		(33,752	)
Class I2		(283,631,742	)		(103,253,279	)		(1,869,385	)		(21,799,736	)		(27,631,941	)
Class T1 (B)		—			(10,359	)		—			—			—
Advisor Class (B)		—			(12,042	)		—			—			(16,050	)
		(292,470,599	)		(107,619,471	)		(1,869,385	)		(21,942,915	)		(27,681,743	)
		—			—			—			—			—
Automatic conversions:
Class A		5,194			17,742			—			—			—
Class C		(5,194	)		(17,742	)		—			—			—
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(257,084,145	)		(94,197,705	)		478,976,796			(18,614,571	)		(25,164,193	)
Net increase (decrease) in net assets		(322,146,941	)		(39,204,575	)		409,475,629			(18,841,891	)		(22,814,416	)
Net assets:
Beginning of period/year		820,911,154			860,115,729			—			93,919,702			116,734,118
End of period/year	$	498,764,213		$	820,911,154		$	409,475,629		$	75,077,811		$	93,919,702

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

Transamerica Funds Semi-Annual Report 2020

Page    285

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Emerging Markets Equity						Transamerica Emerging Markets Opportunities			Transamerica Event Driven
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited) (A)			April 30, 2020 (unaudited)			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		34,134			134,368			—			—			—
Class C		4,323			42,986			—			—			—
Class I		752,498			112,834			3,742			447			12,186
Class I2		613,182			105,627			51,224,137			266,239			21,996
		1,404,137			395,815			51,227,879			266,686			34,182
Shares reinvested:
Class A		8,694			1,524			—			—			—
Class C		1,387			—			—			—			—
Class I		35,003			7,659			—			312			1,522
Class I2		2,183,673			1,053,344			—			35,965			221,624
Class T1 (B)		—			9			—			—			—
Advisor Class (B)		—			11			—			—			30
		2,228,757			1,062,547			—			36,277			223,176
Shares redeemed:
Class A		(70,908	)		(199,075	)		—			—			—
Class C		(9,433	)		(122,998	)		—			—			—
Class I		(821,584	)		(135,354	)		—			(14,196	)		(3,206	)
Class I2		(28,049,977	)		(10,747,707	)		(263,072	)		(2,084,344	)		(2,694,147	)
Class T1 (B)		—			(1,068	)		—			—			—
Advisor Class (B)		—			(1,215	)		—			—			(1,569	)
		(28,951,902	)		(11,207,417	)		(263,072	)		(2,098,540	)		(2,698,922	)
Automatic conversions:
Class A		540			1,818			—			—			—
Class C		(546	)		(1,837	)		—			—			—
		(6	)		(19	)		—			—			—
Net increase (decrease) in shares outstanding:
Class A		(27,540	)		(61,365	)		—			—			—
Class C		(4,269	)		(81,849	)		—			—			—
Class I		(34,083	)		(14,861	)		3,742			(13,437	)		10,502
Class I2		(25,253,122	)		(9,588,736	)		50,961,065			(1,782,140	)		(2,450,527	)
Class T1 (B)		—			(1,059	)		—			—			—
Advisor Class (B)		—			(1,204	)		—			—			(1,539	)
		(25,319,014	)		(9,749,074	)		50,964,807			(1,795,577	)		(2,441,564	)

(A)	Commenced operations on December 19, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Semi-Annual Report 2020

Page    286

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Floating Rate						Transamerica Global Equity						Transamerica Government Money Market
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	3,056,094		$	28,964,447		$	119,062		$	835,834		$	5,312,481		$	20,596,108
Net realized gain (loss)		(9,279,328	)		(11,288,973	)		(3,290,262	)		4,683,969			—			—
Net change in unrealized appreciation (depreciation)		(3,825,154	)		(2,836,803	)		(7,883,838	)		2,169,415			—			—
Net increase (decrease) in net assets resulting from operations		(10,048,388	)		14,838,671			(11,055,038	)		7,689,218			5,312,481			20,596,108
Dividends and/or distributions to shareholders:
Class A		(436,918	)		(1,279,886	)		(3,113,147	)		(13,068	)		(879,042	)		(3,070,100	)
Class B (A)		—			—			—			—			—			(548	)
Class C		(305,692	)		(840,954	)		(422,012	)		—			(140,263	)		(68,665	)
Class I		(1,926,182	)		(5,991,885	)		(2,238,354	)		(74,335	)		(81,221	)		(365,363	)
Class I2		(292,733	)		(20,944,564	)		—			—			(27,240	)		(74,325	)
Class I3		—			—			—			—			(459,550	)		(1,931,043	)
Class R2		—			—			—			—			(3,257,326	)		(12,396,432	)
Class R4		—			—			—			—			(468,113	)		(2,706,954	)
Class R6		—			—			(56,693	)		(2,938	)		—			—
Class T1 (B)		—			(155	)		—			(6	)		—			—
Advisor Class (B)		—			—			—			(27	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(2,961,525	)		(29,057,444	)		(5,830,206	)		(90,374	)		(5,312,755	)		(20,613,430	)
Capital share transactions:
Proceeds from shares sold:
Class A		3,359,231			10,257,246			1,070,591			1,733,370			98,195,776			137,449,584
Class B (A)		—			—			—			4,227			—			8,567
Class C		1,953,291			4,513,734			142,056			380,046			9,699,248			12,640,089
Class I		11,647,480			50,365,367			467,537			7,563,001			4,936,995			3,446,872
Class I2		10,328			275,571			—			—			4,038,223			5,436,000
Class I3		—			—			—			—			278,703,134			520,476,831
Class R2		—			—			—			—			95,735,772			251,051,561
Class R4		—			—			—			—			81,561,480			117,122,333
Class R6		—			—			68,173			252,990			—			—
		16,970,330			65,411,918			1,748,357			9,933,634			572,870,628			1,047,631,837
Dividends and/or distributions reinvested:
Class A		431,881			1,270,733			2,885,120			12,078			868,941			3,052,122
Class B (A)		—			—			—			—			—			495
Class C		296,249			825,011			365,737			—			137,480			67,170
Class I		1,906,400			5,918,132			2,104,357			69,132			77,167			344,135
Class I2		156,540			20,944,564			—			—			27,240			74,325
Class I3		—			—			—			—			459,550			1,931,043
Class R2		—			—			—			—			3,257,352			12,396,432
Class R4		—			—			—			—			468,113			2,706,954
Class R6		—			—			56,693			2,938			—			—
Class T1 (B)		—			132			—			6			—			—
Advisor Class (B)		—			—			—			27			—			—
		2,791,070			28,958,572			5,411,907			84,181			5,295,843			20,572,676
Cost of shares redeemed:
Class A		(12,177,856	)		(23,861,842	)		(7,249,571	)		(9,805,365	)		(61,791,211	)		(125,470,775	)
Class B (A)		—			—			—			(7,503	)		—			(34,151	)
Class C		(4,697,834	)		(8,549,819	)		(1,053,968	)		(3,912,539	)		(4,441,185	)		(16,492,390	)
Class I		(44,430,207	)		(140,552,949	)		(7,804,091	)		(3,932,358	)		(4,739,723	)		(6,859,421	)
Class I2		(81,285,082	)		(404,081,506	)		—			—			(3,774,556	)		(4,127,233	)
Class I3		—			—			—			—			(320,138,225	)		(493,951,562	)
Class R2		—			—			—			—			(40,457,860	)		(81,353,120	)
Class R4		—			—			—			—			(85,193,529	)		(176,245,652	)
Class R6		—			—			(283,291	)		(302,903	)		—			—
Class T1 (B)		—			(10,534	)		—			(11,620	)		—			—
Advisor Class (B)		—			—			—			(12,483	)		—			—
		(142,590,979	)		(577,056,650	)		(16,390,921	)		(17,984,771	)		(520,536,289	)		(904,534,304	)
Automatic conversions:
Class A		—			—			—			195,226			—			424,383
Class B (A)		—			—			—			(195,226	)		—			(424,383	)
		—			—			—			—			—			—

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

Transamerica Funds Semi-Annual Report 2020

Page    287

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Floating Rate						Transamerica Global Equity						Transamerica Government Money Market
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Automatic conversions:
Class A	$	120,240		$	427,681		$	1,982,175		$	7,578,843		$	560,931		$	474,307
Class C		(120,240	)		(427,681	)		(1,982,175	)		(7,578,843	)		(560,931	)		(474,307	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(122,829,579	)		(482,686,160	)		(9,230,657	)		(7,966,956	)		57,630,182			163,670,209
Net increase (decrease) in net assets		(135,839,492	)		(496,904,933	)		(26,115,901	)		(368,112	)		57,629,908			163,652,887
Net assets:
Beginning of period/year		223,023,066			719,927,999			105,274,492			105,642,604			1,383,426,735			1,219,773,848
End of period/year	$	87,183,574		$	223,023,066		$	79,158,591		$	105,274,492		$	1,441,056,643		$	1,383,426,735
Capital share transactions - shares:
Shares issued:
Class A		351,475			1,054,717			80,384			128,526			98,195,776			137,449,585
Class B (A)		—			—			—			309			—			8,567
Class C		208,703			464,771			11,071			29,502			9,699,248			12,640,091
Class I		1,244,351			5,197,945			34,242			553,973			4,936,995			3,446,872
Class I2		1,035			28,286			—			—			4,038,223			5,436,000
Class I3		—			—			—			—			278,703,134			520,476,833
Class R2		—			—			—			—			95,735,772			251,051,562
Class R4		—			—			—			—			81,561,480			117,122,333
Class R6		—			—			5,243			18,425			—			—
		1,805,564			6,745,719			130,940			730,735			572,870,628			1,047,631,843
Shares reinvested:
Class A		46,416			130,841			204,618			974			868,941			3,052,121
Class B (A)		—			—			—			—			—			495
Class C		31,964			84,866			26,503			—			137,480			67,170
Class I		206,050			611,051			149,139			5,571			77,167			344,135
Class I2		16,342			2,153,729			—			—			27,240			74,323
Class I3		—			—			—			—			459,550			1,931,043
Class R2		—			—			—			—			3,257,352			12,396,429
Class R4		—			—			—			—			468,113			2,706,954
Class R6		—			—			4,016			237			—			—
Class T1 (B)		—			14			—			—			—			—
Advisor Class (B)		—			—			—			2			—			—
		300,772			2,980,501			384,276			6,784			5,295,843			20,572,670
Shares redeemed:
Class A		(1,321,931	)		(2,471,943	)		(570,210	)		(722,699	)		(61,791,211	)		(125,470,776	)
Class B (A)		—			—			—			(597	)		—			(34,151	)
Class C		(526,048	)		(877,761	)		(84,309	)		(298,210	)		(4,441,185	)		(16,492,389	)
Class I		(4,925,443	)		(14,490,005	)		(643,903	)		(292,946	)		(4,739,723	)		(6,859,421	)
Class I2		(8,464,440	)		(41,650,286	)		—			—			(3,774,556	)		(4,127,232	)
Class I3		—			—			—			—			(320,138,225	)		(493,951,562	)
Class R2		—			—			—			—			(40,457,860	)		(81,353,120	)
Class R4		—			—			—			—			(85,193,529	)		(176,245,652	)
Class R6		—			—			(22,144	)		(22,516	)		—			—
Class T1 (B)		—			(1,085	)		—			(848	)		—			—
Advisor Class (B)		—			—			—			(889	)		—			—
		(15,237,862	)		(59,491,080	)		(1,320,566	)		(1,338,705	)		(520,536,289	)		(904,534,303	)
Automatic conversions:
Class A		—			—			—			13,886			—			424,383
Class B (A)		—			—			—			(14,130	)		—			(424,050	)
		—			—			—			(244	)		—			333
Automatic conversions:
Class A		12,955			43,811			146,693			557,407			560,931			474,307
Class C		(12,948	)		(43,801	)		(150,592	)		(572,913	)		(560,931	)		(474,307	)
		7			10			(3,899	)		(15,506	)		—			—

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

Transamerica Funds Semi-Annual Report 2020

Page    288

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Floating Rate						Transamerica Global Equity						Transamerica Government Money Market
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Net increase (decrease) in shares outstanding:
Class A		(911,085	)		(1,242,574	)		(138,515	)		(21,906	)		37,834,437			15,929,620
Class B (A)		—			—			—			(14,418	)		—			(449,139	)
Class C		(298,329	)		(371,925	)		(197,327	)		(841,621	)		4,834,612			(4,259,435	)
Class I		(3,475,042	)		(8,681,009	)		(460,522	)		266,598			274,439			(3,068,414	)
Class I2		(8,447,063	)		(39,468,271	)		—			—			290,907			1,383,091
Class I3		—			—			—			—			(40,975,541	)		28,456,314
Class R2		—			—			—			—			58,535,264			182,094,871
Class R4		—			—			—			—			(3,163,936	)		(56,416,365	)
Class R6		—			—			(12,885	)		(3,854	)		—			—
Class T1 (B)		—			(1,071	)		—			(848	)		—			—
Advisor Class (B)		—			—			—			(887	)		—			—
		(13,131,519	)		(49,764,850	)		(809,249	)		(616,936	)		57,630,182			163,670,543

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

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

Transamerica Funds Semi-Annual Report 2020

Page    289

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica High Quality Bond						Transamerica High Yield Bond						Transamerica High Yield Muni
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	3,489,211		$	6,211,163		$	39,757,209		$	79,177,796		$	1,554,058		$	3,809,913
Net realized gain (loss)		897,764			606,443			(6,681,837	)		(11,005,992	)		(442,308	)		(297,921	)
Net change in unrealized appreciation (depreciation)		(6,625,365	)		6,034,498			(210,942,052	)		35,803,758			(9,379,057	)		5,968,897
Net increase (decrease) in net assets resulting from operations		(2,238,390	)		12,852,104			(177,866,680	)		103,975,562			(8,267,307	)		9,480,889
Dividends and/or distributions to shareholders:
Class A		—			—			(2,256,734	)		(4,797,236	)		(392,389	)		(931,266	)
Class B (A)		—			—			—			(3,047	)		—			—
Class C		—			—			(556,447	)		(1,409,698	)		(183,595	)		(349,658	)
Class I		—			—			(3,834,379	)		(4,249,037	)		(1,403,267	)		(2,528,251	)
Class I2		—			—			(17,192,574	)		(27,363,567	)		(225	)		(409	)
Class I3		(2,813,652	)		(6,076,937	)		(6,903,519	)		(16,936,055	)		—			—
Class R		(212,310	)		(336,587	)		(861,583	)		(2,021,155	)		—			—
Class R4		(690,183	)		(1,096,904	)		(10,676,732	)		(21,144,240	)		—			—
Class R6		—			—			(1,318,277	)		(2,135,745	)		—			—
Class T1 (B)		—			—			—			(159	)		—			(120	)
Advisor Class (B)		—			—			—			(285	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(3,716,145	)		(7,510,428	)		(43,600,245	)		(80,060,224	)		(1,979,476	)		(3,809,704	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			14,669,690			32,993,875			3,115,463			9,954,383
Class B (A)		—			—			—			310			—			—
Class C		—			—			1,838,750			4,570,392			1,684,999			2,273,692
Class I		—			—			133,867,724			126,945,132			28,522,599			38,371,474
Class I2		—			—			391,134,265			2,421,305			—			—
Class I3		24,152,751			73,622,348			8,655,199			8,618,013			—			—
Class R		3,260,023			2,921,142			2,168,645			5,569,276			—			—
Class R4		4,388,213			16,603,956			44,837,294			57,182,197			—			—
Class R6		—			—			11,881,207			21,170,851			—			—
		31,800,987			93,147,446			609,052,774			259,471,351			33,323,061			50,599,549
Dividends and/or distributions reinvested:
Class A		—			—			2,066,954			4,318,466			388,065			924,092
Class B (A)		—			—			—			2,963			—			—
Class C		—			—			519,467			1,308,337			182,360			347,983
Class I		—			—			3,806,722			4,104,219			1,402,668			2,521,080
Class I2		—			—			17,181,615			27,363,540			225			409
Class I3		2,813,652			6,076,937			6,903,519			16,935,672			—			—
Class R		212,310			336,587			753,837			1,802,587			—			—
Class R4		690,183			1,096,904			10,676,732			21,120,218			—			—
Class R6		—			—			1,318,274			2,135,920			—			—
Class T1 (B)		—			—			—			159			—			109
Advisor Class (B)		—			—			—			242			—			—
		3,716,145			7,510,428			43,227,120			79,092,323			1,973,318			3,793,673
Cost of shares redeemed:
Class A		—			—			(25,170,858	)		(35,269,248	)		(6,483,925	)		(20,839,014	)
Class B (A)		—			—			—			34,654			—			—
Class C		—			—			(3,564,326	)		(7,092,570	)		(1,878,710	)		(2,941,848	)
Class I		—			—			(53,788,133	)		(144,494,404	)		(43,476,855	)		(30,499,946	)
Class I2		—			—			(15,447,949	)		(33,003,586	)		—			—
Class I3		(81,164,798	)		(130,048,875	)		(63,391,119	)		(50,245,051	)		—			—
Class R		(2,412,100	)		(4,645,626	)		(3,708,693	)		(15,456,717	)		—			—
Class R4		(7,965,721	)		(14,607,954	)		(23,961,639	)		(49,754,812	)		—			—
Class R6		—			—			(7,241,981	)		(8,835,399	)		—			—
Class T1 (B)		—			—			—			(10,741	)		—			(10,956	)
Advisor Class (B)		—			—			—			(16,279	)		—			—
		(91,542,619	)		(149,302,455	)		(196,274,698	)		(344,144,153	)		(51,839,490	)		(54,291,764	)
Automatic conversions:
Class A		—			—			—			151,472			—			—
Class B (A)		—			—			—			(151,472	)		—			—
		—			—			—			—			—			—

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

Transamerica Funds Semi-Annual Report 2020

Page    290

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica High Quality Bond						Transamerica High Yield Bond						Transamerica High Yield Muni
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Automatic conversions:
Class A	$	—		$	—		$	1,295,182		$	3,727,191		$	14,752		$	139,340
Class C		—			—			(1,295,182	)		(3,727,191	)		(14,752	)		(139,340	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(56,025,487	)		(48,644,581	)		456,005,196			(5,580,479	)		(16,543,111	)		101,458
Net increase (decrease) in net assets		(61,980,022	)		(43,302,905	)		234,538,271			18,334,859			(26,789,894	)		5,772,643
Net assets:
Beginning of period/year		239,346,020			282,648,925			1,421,569,884			1,403,235,025			109,226,730			103,454,087
End of period/year	$	177,365,998		$	239,346,020		$	1,656,108,155		$	1,421,569,884		$	82,436,836		$	109,226,730
Capital share transactions - shares:
Shares issued:
Class A		—			—			1,746,080			3,720,549			269,470			865,245
Class B (A)		—			—			—			35			—			—
Class C		—			—			210,957			514,274			140,631			196,220
Class I		—			—			15,107,970			14,134,618			2,506,085			3,298,261
Class I2		—			—			44,284,111			271,649			—			—
Class I3		2,455,173			7,444,897			1,007,819			954,162			—			—
Class R		327,119			293,783			247,843			619,412			—			—
Class R4		444,514			1,674,175			4,993,773			6,342,153			—			—
Class R6		—			—			1,341,513			2,350,839			—			—
		3,226,806			9,412,855			68,940,066			28,907,691			2,916,186			4,359,726
Shares reinvested:
Class A		—			—			240,124			484,922			33,157			79,280
Class B (A)		—			—			—			341			—			—
Class C		—			—			60,771			147,698			15,605			29,737
Class I		—			—			441,995			457,566			119,749			215,036
Class I2		—			—			2,001,739			3,041,824			19			35
Class I3		293,623			615,637			792,669			1,883,526			—			—
Class R		22,259			33,991			87,023			200,610			—			—
Class R4		72,374			111,060			1,234,507			2,347,640			—			—
Class R6		—			—			152,547			237,094			—			—
Class T1 (B)		—			—			—			18			—			10
Advisor Class (B)		—			—			—			28			—			—
		388,256			760,688			5,011,375			8,801,267			168,530			324,098
Shares redeemed:
Class A		—			—			(2,899,638	)		(3,986,368	)		(570,045	)		(1,802,301	)
Class B (A)		—			—			—			3,874			—			—
Class C		—			—			(420,578	)		(804,049	)		(162,145	)		(253,677	)
Class I		—			—			(6,363,870	)		(16,186,910	)		(3,860,234	)		(2,633,965	)
Class I2		—			—			(1,805,164	)		(3,745,534	)		—			—
Class I3		(8,163,761	)		(13,151,435	)		(7,022,078	)		(5,605,265	)		—			—
Class R		(250,178	)		(467,790	)		(433,317	)		(1,717,646	)		—			—
Class R4		(808,982	)		(1,478,833	)		(2,771,625	)		(5,529,895	)		—			—
Class R6		—			—			(862,918	)		(980,597	)		—			—
Class T1 (B)		—			—			—			(1,208	)		—			(960	)
Advisor Class (B)		—			—			—			(1,816	)		—			—
		(9,222,921	)		(15,098,058	)		(22,579,188	)		(38,555,414	)		(4,592,424	)		(4,690,903	)
Automatic conversions:
Class A		—			—			—			17,005			—			—
Class B (A)		—			—			—			(17,059	)		—			—
		—			—			—			(54	)		—			—
Automatic conversions:
Class A		—			—			152,010			415,301			1,324			11,767
Class C		—			—			(152,767	)		(417,510	)		(1,322	)		(11,757	)
		—			—			(757	)		(2,209	)		2			10

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

Transamerica Funds Semi-Annual Report 2020

Page    291

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica High Quality Bond						Transamerica High Yield Bond						Transamerica High Yield Muni
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Net increase (decrease) in shares outstanding:
Class A		—			—			(761,424	)		651,409			(266,094	)		(846,009	)
Class B (A)		—			—			—			(12,809	)		—			—
Class C		—			—			(301,617	)		(559,587	)		(7,231	)		(39,477	)
Class I		—			—			9,186,095			(1,594,726	)		(1,234,400	)		879,332
Class I2		—			—			44,480,686			(432,061	)		19			35
Class I3		(5,414,965	)		(5,090,901	)		(5,221,590	)		(2,767,577	)		—			—
Class R		99,200			(140,016	)		(98,451	)		(897,624	)		—			—
Class R4		(292,094	)		306,402			3,456,655			3,159,898			—			—
Class R6		—			—			631,142			1,607,336			—			—
Class T1 (B)		—			—			—			(1,190	)		—			(950	)
Advisor Class (B)		—			—			—			(1,788	)		—			—
		(5,607,859	)		(4,924,515	)		51,371,496			(848,719	)		(1,507,706	)		(7,069	)

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

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

Transamerica Funds Semi-Annual Report 2020

Page    292

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Inflation Opportunities						Transamerica Inflation-Protected Securities						Transamerica Intermediate Bond
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	952,412		$	2,603,991		$	800,799		$	2,035,388		$	26,381,980		$	77,395,404
Net realized gain (loss)		1,839,161			530,200			592,751			(69,425	)		57,418,875			36,073,363
Net change in unrealized appreciation (depreciation)		(1,797,196	)		9,055,691			2,302,571			8,084,359			(11,569,475	)		187,996,753
Net increase (decrease) in net assets resulting from operations		994,377			12,189,882			3,696,121			10,050,322			72,231,380			301,465,520
Dividends and/or distributions to shareholders:
Class A		(6,152	)		(11,193	)		—			—			—			—
Class C		(1,371	)		(5,149	)		—			—			—			—
Class I		(33,957	)		(47,553	)		—			—			—			—
Class I2		(787,701	)		(2,338,367	)		—			—			(20,763,054	)		(54,762,627	)
Class I3		—			—			(893,327	)		(2,585,805	)		(5,522,835	)		(18,423,248	)
Class R		—			—			(61,913	)		(196,619	)		(500,308	)		(1,479,017	)
Class R4		—			—			(16,250	)		(216,656	)		(1,899,657	)		(4,868,442	)
Class R6		(391	)		(892	)		—			—			—			—
Class T1 (A)		—			(71	)		—			—			—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(829,572	)		(2,403,225	)		(971,490	)		(2,999,080	)		(28,685,854	)		(79,533,334	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,533,237			66,601			—			—			—			—
Class C		16,342			70,199			—			—			—			—
Class I		1,353,399			2,510,098			—			—			—			—
Class I2		3,842,763			735,568			—			—			45,689,693			28,253,306
Class I3		—			—			2,866,228			1,742,569			26,544,951			21,539,587
Class R		—			—			2,385,606			1,047,764			4,391,003			7,152,395
Class R4		—			—			348,856			1,306,281			13,615,581			38,761,272
		6,745,741			3,382,466			5,600,690			4,096,614			90,241,228			95,706,560
Dividends and/or distributions reinvested:
Class A		5,990			10,889			—			—			—			—
Class C		1,371			5,149			—			—			—			—
Class I		33,957			47,553			—			—			—			—
Class I2		787,701			2,338,367			—			—			20,763,054			54,762,627
Class I3		—			—			893,327			2,585,805			5,522,835			18,423,248
Class R		—			—			61,913			196,619			500,308			1,479,017
Class R4		—			—			16,250			216,656			1,899,657			4,868,442
Class R6		391			892			—			—			—			—
Class T1 (A)		—			71			—			—			—			—
		829,410			2,402,921			971,490			2,999,080			28,685,854			79,533,334
Cost of shares redeemed:
Class A		(251,279	)		(79,081	)		—			—			—			—
Class C		(12,149	)		(22,933	)		—			—			—			—
Class I		(1,600,883	)		(246,173	)		—			—			—			—
Class I2		(32,766,500	)		(39,543,990	)		—			—			(627,233,830	)		(379,471,338	)
Class I3		—			—			(14,945,544	)		(17,855,380	)		(161,632,330	)		(302,983,743	)
Class R		—			—			(1,473,407	)		(3,197,155	)		(13,936,605	)		(57,140,717	)
Class R4		—			—			(739,696	)		(14,745,076	)		(35,757,406	)		(60,752,215	)
Class T1 (A)		—			(10,259	)		—			—			—			—
		(34,630,811	)		(39,902,436	)		(17,158,647	)		(35,797,611	)		(838,560,171	)		(800,348,013	)
Automatic conversions:
Class A		1,128			9,623			—			—			—			—
Class C		(1,128	)		(9,623	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(27,055,660	)		(34,117,049	)		(10,586,467	)		(28,701,917	)		(719,633,089	)		(625,108,119	)
Net increase (decrease) in net assets		(26,890,855	)		(24,330,392	)		(7,861,836	)		(21,650,675	)		(676,087,563	)		(403,175,933	)
Net assets:
Beginning of period/year		127,511,376			151,841,768			116,151,947			137,802,622			2,542,379,320			2,945,555,253
End of period/year	$	100,620,521		$	127,511,376		$	108,290,111		$	116,151,947		$	1,866,291,757		$	2,542,379,320

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

Transamerica Funds Semi-Annual Report 2020

Page    293

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Inflation Opportunities						Transamerica Inflation-Protected Securities						Transamerica Intermediate Bond
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		149,938			6,655			—			—			—			—
Class C		1,660			7,024			—			—			—			—
Class I		131,415			246,660			—			—			—			—
Class I2		365,160			73,203			—			—			4,346,335			2,889,261
Class I3		—			—			278,053			176,654			2,535,886			2,113,402
Class R		—			—			231,256			106,195			412,503			701,311
Class R4		—			—			33,872			132,966			1,283,849			3,842,517
		648,173			333,542			543,181			415,815			8,578,573			9,546,491
Shares reinvested:
Class A		584			1,105			—			—			—			—
Class C		136			535			—			—			—			—
Class I		3,275			4,763			—			—			—			—
Class I2		75,838			235,403			—			—			1,975,142			5,405,519
Class I3		—			—			87,692			263,616			524,286			1,819,051
Class R		—			—			6,066			20,069			47,446			146,128
Class R4		—			—			1,592			22,444			180,279			479,337
Class R6		38			89			—			—			—			—
Class T1 (A)		—			7			—			—			—			—
		79,871			241,902			95,350			306,129			2,727,153			7,850,035
Shares redeemed:
Class A		(24,714	)		(7,916	)		—			—			—			—
Class C		(1,191	)		(2,394	)		—			—			—			—
Class I		(155,114	)		(24,045	)		—			—			—			—
Class I2		(3,189,739	)		(3,946,098	)		—			—			(59,032,752	)		(37,431,644	)
Class I3		—			—			(1,461,317	)		(1,810,799	)		(15,240,362	)		(29,502,427	)
Class R		—			—			(144,676	)		(322,797	)		(1,299,761	)		(5,709,001	)
Class R4		—			—			(71,977	)		(1,528,291	)		(3,394,466	)		(5,983,515	)
Class T1 (A)		—			(1,053	)		—			—			—			—
		(3,370,758	)		(3,981,506	)		(1,677,970	)		(3,661,887	)		(78,967,341	)		(78,626,587	)
Automatic conversions:
Class A		110			950			—			—			—			—
Class C		(112	)		(970	)		—			—			—			—
		(2	)		(20	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		125,918			794			—			—			—			—
Class C		493			4,195			—			—			—			—
Class I		(20,424	)		227,378			—			—			—			—
Class I2		(2,748,741	)		(3,637,492	)		—			—			(52,711,275	)		(29,136,864	)
Class I3		—			—			(1,095,572	)		(1,370,529	)		(12,180,190	)		(25,569,974	)
Class R		—			—			92,646			(196,533	)		(839,812	)		(4,861,562	)
Class R4		—			—			(36,513	)		(1,372,881	)		(1,930,338	)		(1,661,661	)
Class R6		38			89			—			—			—			—
Class T1 (A)		—			(1,046	)		—			—			—			—
		(2,642,716	)		(3,406,082	)		(1,039,439	)		(2,939,943	)		(67,661,615	)		(61,230,061	)

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

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

Transamerica Funds Semi-Annual Report 2020

Page    294

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Growth
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	13,005,848		$	37,928,061		$	27,210,302		$	113,118,662		$	7,886,890		$	24,705,628
Net realized gain (loss)		(5,862,419	)		1,651,178			(83,833,805	)		(108,226,159	)		(45,060,294	)		(62,062,587	)
Net change in unrealized appreciation (depreciation)		(52,319,542	)		92,728,203			(712,377,873	)		352,576,211			(96,152,827	)		196,243,244
Net increase (decrease) in net assets resulting from operations		(45,176,113	)		132,307,442			(769,001,376	)		357,468,714			(133,326,231	)		158,886,285
Dividends and/or distributions to shareholders:
Class A		(2,832,828	)		(5,914,290	)		(3,866,427	)		(9,317,566	)		(1,722	)		(9,584	)
Class C		(1,303,245	)		(2,669,640	)		(770,760	)		(2,326,119	)		—			—
Class I		(19,206,687	)		(29,328,247	)		(60,537,092	)		(117,072,117	)		(335	)		(2,024	)
Class I2		(145	)		(283	)		(55,020,620	)		(109,821,969	)		(23,067,648	)		(191,458,593	)
Class I3		—			—			(5,988,789	)		(10,855,310	)		—			—
Class R		—			—			(743,068	)		(1,635,400	)		—			—
Class R4		—			—			(509,323	)		(748,348	)		—			—
Class R6		—			—			(7,323,736	)		(10,172,104	)		(203	)		(1,378	)
Class T1 (A)		—			(81	)		—			(911	)		—			—
Advisor Class (A)		—			(6,499	)		—			(112,005	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(23,342,905	)		(37,919,040	)		(134,759,815	)		(262,061,849	)		(23,069,908	)		(191,471,579	)
Capital share transactions:
Proceeds from shares sold:
Class A		51,383,523			94,379,092			26,999,593			41,398,565			51,565			76,048
Class C		14,140,950			25,125,189			2,518,020			4,732,171			—			—
Class I		519,325,097			648,803,374			659,326,022			1,026,346,576			—			4,543
Class I2		—			—			57,020,279			188,968,326			14,278,576			49,084,772
Class I3		—			—			39,138,164			8,227,178			—			—
Class R		—			—			814,947			3,002,497			—			—
Class R4		—			—			1,486,051			4,038,039			—			—
Class R6		—			—			31,482,576			84,784,663			—			—
Advisor Class (A)		—			433,886			—			291,187			—			—
		584,849,570			768,741,541			818,785,652			1,361,789,202			14,330,141			49,165,363
Dividends and/or distributions reinvested:
Class A		2,574,239			5,503,603			3,381,249			8,451,921			1,722			9,584
Class C		1,086,574			2,258,292			655,134			2,019,668			—			—
Class I		15,040,613			22,952,456			55,216,987			105,994,701			335			2,024
Class I2		145			283			55,020,620			109,821,969			23,067,648			191,458,593
Class I3		—			—			5,988,789			10,855,310			—			—
Class R		—			—			743,068			1,635,400			—			—
Class R4		—			—			509,323			748,348			—			—
Class R6		—			—			7,180,647			10,172,104			203			1,378
Class T1 (A)		—			68			—			911			—			—
Advisor Class (A)		—			5,392			—			112,005			—			—
		18,701,571			30,720,094			128,695,817			249,812,337			23,069,908			191,471,579
Cost of shares redeemed:
Class A		(41,931,491	)		(167,219,326	)		(24,041,581	)		(99,752,508	)		(16,667	)		(31,835	)
Class C		(16,895,491	)		(41,082,013	)		(8,331,667	)		(24,532,497	)		—			—
Class I		(317,958,574	)		(386,435,610	)		(871,548,892	)		(1,462,817,933	)		(15	)		(968	)
Class I2		—			—			(227,819,878	)		(610,460,118	)		(51,805,568	)		(262,267,476	)
Class I3		—			—			(21,673,028	)		(31,905,385	)		—			—
Class R		—			—			(2,618,291	)		(10,823,187	)		—			—
Class R4		—			—			(2,223,526	)		(1,700,962	)		—			—
Class R6		—			—			(38,848,530	)		(45,889,518	)		—			—
Class T1 (A)		—			(10,698	)		—			(24,746	)		—			—
Advisor Class (A)		—			(1,084,313	)		—			(2,513,368	)		—			—
		(376,785,556	)		(595,831,960	)		(1,197,105,393	)		(2,290,420,222	)		(51,822,250	)		(262,300,279	)
Automatic conversions:
Class A		415,491			992,952			108,328			472,108			—			—
Class C		(415,491	)		(992,952	)		(108,328	)		(472,108	)		—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		226,765,585			203,629,675			(249,623,924	)		(678,818,683	)		(14,422,201	)		(21,663,337	)
Net increase (decrease) in net assets		158,246,567			298,018,077			(1,153,385,115	)		(583,411,818	)		(170,818,340	)		(54,248,631	)

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

Transamerica Funds Semi-Annual Report 2020

Page    295

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Growth
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Net assets:
Beginning of period/year	$	1,716,610,145		$	1,418,592,068		$	4,838,489,707		$	5,421,901,525		$	1,162,254,826		$	1,216,503,457
End of period/year	$	1,874,856,712		$	1,716,610,145		$	3,685,104,592		$	4,838,489,707		$	991,436,486		$	1,162,254,826
Capital share transactions - shares:
Shares issued:
Class A		4,361,100			8,212,786			1,619,153			2,488,391			7,008			10,986
Class C		1,203,005			2,177,778			146,865			290,315			—			—
Class I		44,099,545			55,966,706			44,632,789			61,601,712			—			647
Class I2		—			—			4,073,704			11,122,278			2,249,078			7,167,736
Class I3		—			—			2,423,705			494,016			—			—
Class R		—			—			50,602			175,667			—			—
Class R4		—			—			92,998			236,459			—			—
Class R6		—			—			1,955,201			4,986,787			—			—
Advisor Class (A)		—			38,482			—			16,507			—			—
		49,663,650			66,395,752			54,995,017			81,412,132			2,256,086			7,179,369
Shares reinvested:
Class A		218,642			476,954			187,223			548,816			224			1,561
Class C		92,490			195,742			36,682			132,611			—			—
Class I		1,272,757			1,970,538			3,025,588			6,812,010			44			329
Class I2		13			24			3,013,178			7,053,434			3,003,600			31,284,084
Class I3		—			—			325,655			692,303			—			—
Class R		—			—			40,232			103,901			—			—
Class R4		—			—			27,680			47,696			—			—
Class R6		—			—			389,195			647,080			26			224
Class T1 (A)		—			6			—			59			—			—
Advisor Class (A)		—			476			—			7,089			—			—
		1,583,902			2,643,740			7,045,433			16,044,999			3,003,894			31,286,198
Shares redeemed:
Class A		(3,594,839	)		(14,592,462	)		(1,522,561	)		(6,079,760	)		(2,242	)		(4,568	)
Class C		(1,452,520	)		(3,591,398	)		(532,182	)		(1,507,120	)		—			—
Class I		(27,330,356	)		(33,693,788	)		(58,303,473	)		(87,155,027	)		(2	)		(133	)
Class I2		—			—			(14,172,176	)		(35,993,117	)		(7,645,514	)		(38,686,421	)
Class I3		—			—			(1,228,861	)		(1,870,919	)		—			—
Class R		—			—			(165,273	)		(635,166	)		—			—
Class R4		—			—			(136,260	)		(99,848	)		—			—
Class R6		—			—			(2,416,522	)		(2,693,684	)		—			—
Class T1 (A)		—			(940	)		—			(1,469	)		—			—
Advisor Class (A)		—			(94,992	)		—			(148,360	)		—			—
		(32,377,715	)		(51,973,580	)		(78,477,308	)		(136,184,470	)		(7,647,758	)		(38,691,122	)
Automatic conversions:
Class A		35,032			84,498			6,748			27,945			—			—
Class C		(35,120	)		(84,707	)		(6,848	)		(28,416	)		—			—
		(88	)		(209	)		(100	)		(471	)		—			—
Net increase (decrease) in shares outstanding:
Class A		1,019,935			(5,818,224	)		290,563			(3,014,608	)		4,990			7,979
Class C		(192,145	)		(1,302,585	)		(355,483	)		(1,112,610	)		—			—
Class I		18,041,946			24,243,456			(10,645,096	)		(18,741,305	)		42			843
Class I2		13			24			(7,085,294	)		(17,817,405	)		(2,392,836	)		(234,601	)
Class I3		—			—			1,520,499			(684,600	)		—			—
Class R		—			—			(74,439	)		(355,598	)		—			—
Class R4		—			—			(15,582	)		184,307			—			—
Class R6		—			—			(72,126	)		2,940,183			26			224
Class T1 (A)		—			(934	)		—			(1,410	)		—			—
Advisor Class (A)		—			(56,034	)		—			(124,764	)		—			—
		18,869,749			17,065,703			(16,436,958	)		(38,727,810	)		(2,387,778	)		(225,555	)

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

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

Transamerica Funds Semi-Annual Report 2020

Page    296

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica International Small Cap Value						Transamerica International Stock						Transamerica Large Cap Value
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	2,190,666		$	12,812,331		$	676,265		$	136,453		$	20,765,026		$	41,688,988
Net realized gain (loss)		(9,730,961	)		(25,767,476	)		(2,032,935	)		(305,360	)		(186,805,390	)		22,290,004
Net change in unrealized appreciation (depreciation)		(70,595,806	)		62,097,107			(13,431,139	)		2,716,330			(183,100,516	)		(6,265,871	)
Net increase (decrease) in net assets resulting from operations		(78,136,101	)		49,141,962			(14,787,809	)		2,547,423			(349,140,880	)		57,713,121
Dividends and/or distributions to shareholders:
Class A		—			—			—			(520	)		(2,925,475	)		(10,117,977	)
Class C		—			—			—			—			(1,140,070	)		(4,908,925	)
Class I		(2,374,910	)		(19,912,659	)		(594	)		(526	)		(8,220,710	)		(38,243,845	)
Class I2		(10,778,003	)		(32,128,632	)		(114,563	)		(520	)		(60,304,469	)		(179,435,398	)
Class R6		—			—			(571	)		(520	)		(1,187,370	)		(3,093,034	)
Class T1 (A)		—			—			—			—			—			(1,018	)
Advisor Class (A)		—			—			—			—			—			(152,908	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(13,152,913	)		(52,041,291	)		(115,728	)		(2,086	)		(73,778,094	)		(235,953,105	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			12,479			17,895			4,556,384			14,954,685
Class C		—			—			—			—			1,551,849			10,691,585
Class I		99,432,968			42,457,716			—			18,226			27,482,990			148,592,891
Class I2		3,467,415			12,793,954			19,451,328			73,559,100			28,701,855			31,320,543
Class R6		—			—			—			—			3,791,560			9,596,075
Advisor Class (A)		—			—			—			—			—			15,971
		102,900,383			55,251,670			19,463,807			73,595,221			66,084,638			215,171,750
Dividends and/or distributions reinvested:
Class A		—			—			—			520			2,665,139			9,108,990
Class C		—			—			—			—			874,647			3,984,868
Class I		2,340,217			17,882,828			594			526			6,163,766			30,380,750
Class I2		10,778,003			32,128,632			114,563			520			60,304,469			179,435,398
Class R6		—			—			571			520			1,187,370			3,093,034
Class T1 (A)		—			—			—			—			—			1,018
Advisor Class (A)		—			—			—			—			—			152,908
		13,118,220			50,011,460			115,728			2,086			71,195,391			226,156,966
Cost of shares redeemed:
Class A		—			—			(17,008	)		(976	)		(17,385,841	)		(30,946,348	)
Class C		—			—			—			—			(12,505,427	)		(21,309,614	)
Class I		(16,313,731	)		(233,699,206	)		(14,527	)		—			(131,395,188	)		(270,800,517	)
Class I2		(19,982,297	)		(33,906,638	)		(1,894,308	)		—			(78,196,227	)		(219,399,362	)
Class R6		—			—			—			—			(3,494,570	)		(7,127,020	)
Class T1 (A)		—			—			—			—			—			(10,980	)
Advisor Class (A)		—			—			—			—			—			(2,057,040	)
		(36,296,028	)		(267,605,844	)		(1,925,843	)		(976	)		(242,977,253	)		(551,650,881	)
Automatic conversions:
Class A		—			—			—			—			109,734			717,014
Class C		—			—			—			—			(109,734	)		(717,014	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		79,722,575			(162,342,714	)		17,653,692			73,596,331			(105,697,224	)		(110,322,165	)
Net increase (decrease) in net assets		(11,566,439	)		(165,242,043	)		2,750,155			76,141,668			(528,616,198	)		(288,562,149	)
Net assets:
Beginning of period/year		566,134,477			731,376,520			77,979,072			1,837,404			1,925,236,037			2,213,798,186
End of period/year	$	554,568,038		$	566,134,477		$	80,729,227		$	77,979,072		$	1,396,619,839		$	1,925,236,037

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

Transamerica Funds Semi-Annual Report 2020

Page    297

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica International Small Cap Value						Transamerica International Stock						Transamerica Large Cap Value
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		—			—			1,272			1,908			490,209			1,353,084
Class C		—			—			—			—			145,538			989,741
Class I		9,621,098			3,638,479			—			2,017			2,798,827			13,415,710
Class I2		357,905			1,067,407			2,105,926			7,899,916			3,029,572			2,799,204
Class R6		—			—			—			—			405,350			863,199
Advisor Class (A)		—			—			—			—			—			1,361
		9,979,003			4,705,886			2,107,198			7,903,841			6,869,496			19,422,299
Shares reinvested:
Class A		—			—			—			62			255,034			905,886
Class C		—			—			—			—			82,335			400,620
Class I		177,559			1,668,174			60			62			583,113			2,996,684
Class I2		817,134			2,991,493			11,537			62			5,822,374			17,700,123
Class R6		—			—			57			62			114,613			304,522
Class T1 (A)		—			—			—			—			—			102
Advisor Class (A)		—			—			—			—			—			15,169
		994,693			4,659,667			11,654			248			6,857,469			22,323,106
Shares redeemed:
Class A		—			—			(1,701	)		(103	)		(1,774,362	)		(2,823,903	)
Class C		—			—			—			—			(1,242,130	)		(1,966,330	)
Class I		(1,554,514	)		(20,348,376	)		(1,450	)		—			(13,290,150	)		(24,482,018	)
Class I2		(1,649,900	)		(2,882,054	)		(243,928	)		—			(8,645,687	)		(19,378,082	)
Class R6		—			—			—			—			(341,652	)		(638,586	)
Class T1 (A)		—			—			—			—			—			(982	)
Advisor Class (A)		—			—			—			—			—			(181,043	)
		(3,204,414	)		(23,230,430	)		(247,079	)		(103	)		(25,293,981	)		(49,470,944	)
Automatic conversions:
Class A		—			—			—			—			11,163			64,937
Class C		—			—			—			—			(11,243	)		(65,403	)
		—			—			—			—			(80	)		(466	)
Net increase (decrease) in shares outstanding:
Class A		—			—			(429	)		1,867			(1,017,956	)		(499,996	)
Class C		—			—			—			—			(1,025,500	)		(641,372	)
Class I		8,244,143			(15,041,723	)		(1,390	)		2,079			(9,908,210	)		(8,069,624	)
Class I2		(474,861	)		1,176,846			1,873,535			7,899,978			206,259			1,121,245
Class R6		—			—			57			62			178,311			529,135
Class T1 (A)		—			—			—			—			—			(880	)
Advisor Class (A)		—			—			—			—			—			(164,513	)
		7,769,282			(13,864,877	)		1,871,773			7,903,986			(11,567,096	)		(7,726,005	)

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

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

Transamerica Funds Semi-Annual Report 2020

Page    298

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Large Core						Transamerica Large Growth						Transamerica Large Value Opportunities
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	1,454,040		$	3,878,705		$	(1,418,776	)	$	82,445		$	4,990,268		$	12,999,507
Net realized gain (loss)		10,021,951			(622,268	)		31,972,450			138,691,214			(4,845,002	)		(336,389	)
Net change in unrealized appreciation (depreciation)		(13,834,365	)		22,256,766			82,164,862			(21,408,050	)		(46,649,712	)		27,803,045
Net increase (decrease) in net assets resulting from operations		(2,358,374	)		25,513,203			112,718,536			117,365,609			(46,504,446	)		40,466,163
Dividends and/or distributions to shareholders:
Class I3		(1,754,819	)		(33,494,006	)		(119,368,201	)		(51,130,073	)		(7,161,592	)		(82,193,743	)
Class R		(482,880	)		(12,409,397	)		(22,410,796	)		(11,259,676	)		(1,139,564	)		(15,794,135	)
Class R4		(37,034	)		(944,680	)		(6,771,539	)		(3,067,488	)		(401,882	)		(8,730,705	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(2,274,733	)		(46,848,083	)		(148,550,536	)		(65,457,237	)		(8,703,038	)		(106,718,583	)
Capital share transactions:
Proceeds from shares sold:
Class I3		1,187,425			4,144,027			3,058,035			10,628,391			8,373,126			7,678,091
Class R		1,196,580			1,509,647			4,227,525			5,876,055			1,841,415			1,980,160
Class R4		33,672			429,993			2,791,180			3,248,277			2,165,939			16,946,049
		2,417,677			6,083,667			10,076,740			19,752,723			12,380,480			26,604,300
Dividends and/or distributions reinvested:
Class I3		1,754,819			33,494,006			119,368,201			51,130,073			7,161,592			82,193,743
Class R		482,880			12,409,397			22,410,796			11,259,676			1,139,564			15,794,135
Class R4		37,034			944,680			6,771,539			3,067,488			401,882			8,730,705
		2,274,733			46,848,083			148,550,536			65,457,237			8,703,038			106,718,583
Cost of shares redeemed:
Class I3		(87,947,033	)		(20,775,687	)		(99,726,284	)		(86,550,003	)		(157,612,980	)		(60,516,673	)
Class R		(6,370,786	)		(19,131,877	)		(14,998,936	)		(46,245,671	)		(6,290,322	)		(37,582,706	)
Class R4		(1,213,358	)		(1,267,555	)		(3,460,203	)		(10,925,695	)		(17,048,696	)		(18,029,749	)
		(95,531,177	)		(41,175,119	)		(118,185,423	)		(143,721,369	)		(180,951,998	)		(116,129,128	)
Net increase (decrease) in net assets resulting from capital share transactions		(90,838,767	)		11,756,631			40,441,853			(58,511,409	)		(159,868,480	)		17,193,755
Net increase (decrease) in net assets		(95,471,874	)		(9,578,249	)		4,609,853			(6,603,037	)		(215,075,964	)		(49,058,665	)
Net assets:
Beginning of period/year		258,054,266			267,632,515			793,399,376			800,002,413			549,873,002			598,931,667
End of period/year	$	162,582,392		$	258,054,266		$	798,009,229		$	793,399,376		$	334,797,038		$	549,873,002
Capital share transactions - shares:
Shares issued:
Class I3		136,331			429,447			258,088			932,410			1,048,430			851,620
Class R		125,784			154,338			355,636			476,392			227,572			208,849
Class R4		3,482			45,208			225,874			274,357			262,797			1,633,747
		265,597			628,993			839,598			1,683,159			1,538,799			2,694,216
Shares reinvested:
Class I3		179,008			3,947,064			10,317,044			4,893,808			813,183			9,992,136
Class R		49,667			1,466,414			1,955,567			1,081,621			131,365			1,922,607
Class R4		3,860			111,534			587,297			293,821			46,637			1,063,561
		232,535			5,525,012			12,859,908			6,269,250			991,185			12,978,304
Shares redeemed:
Class I3		(8,415,470	)		(2,164,698	)		(8,365,182	)		(6,933,037	)		(16,685,169	)		(6,537,991	)
Class R		(679,075	)		(1,987,977	)		(1,312,619	)		(3,746,333	)		(722,557	)		(3,890,110	)
Class R4		(116,465	)		(134,819	)		(295,691	)		(888,881	)		(1,840,034	)		(1,994,459	)
		(9,211,010	)		(4,287,494	)		(9,973,492	)		(11,568,251	)		(19,247,760	)		(12,422,560	)
Net increase (decrease) in shares outstanding:
Class I3		(8,100,131	)		2,211,813			2,209,950			(1,106,819	)		(14,823,556	)		4,305,765
Class R		(503,624	)		(367,225	)		998,584			(2,188,320	)		(363,620	)		(1,758,654	)
Class R4		(109,123	)		21,923			517,480			(320,703	)		(1,530,600	)		702,849
		(8,712,878	)		1,866,511			3,726,014			(3,615,842	)		(16,717,776	)		3,249,960

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

Transamerica Funds Semi-Annual Report 2020

Page    299

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Mid Cap Growth						Transamerica Mid Cap Value Opportunities						Transamerica MLP & Energy Income
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	(356,722	)	$	(418,487	)	$	9,657,238		$	16,080,885		$	4,687,626		$	7,230,982
Net realized gain (loss)		(4,547,652	)		3,052,135			(6,841,604	)		34,759,911			(13,339,437	)		(13,448,809	)
Net change in unrealized appreciation (depreciation)		(4,651,119	)		17,944,621			(255,108,940	)		86,789,438			(45,668,773	)		6,925,167
Net increase (decrease) in net assets resulting from operations		(9,555,493	)		20,578,269			(252,293,306	)		137,630,234			(54,320,584	)		707,340
Dividends and/or distributions to shareholders:
Class A		(208,795	)		(3,390,336	)		(694,686	)		(7,646,310	)		(381,683	)		(187,587	)
Class C		(26,101	)		(432,213	)		(594,668	)		(1,146,490	)		(256,429	)		(116,268	)
Class I		(16,021	)		(196,830	)		(20,206,203	)		(23,727,906	)		(358,128	)		(184,148	)
Class I2		(2,699,917	)		(2,893	)		(11,157,524	)		(21,187,078	)		(5,617,845	)		(2,515,577	)
Class I3		(654,480	)		(11,444,616	)		(8,364,562	)		(16,928,642	)		—			—
Class R		(369,115	)		(6,087,925	)		(2,016,832	)		(4,822,358	)		—			—
Class R4		(6,606	)		(1,515,560	)		(3,639,334	)		(26,495,775	)		—			—
Class R6		—			—			(9,301,409	)		(15,092,910	)		—			—
Class T1 (A)		—			(3,227	)		—			(805	)		—			(25	)
Advisor Class (A)		—			(3,406	)		—			(791	)		—			(17	)
Return of capital:
Class A		—			—			—			—			—			(779,277	)
Class C		—			—			—			—			—			(483,029	)
Class I		—			—			—			—			—			(764,978	)
Class I2		—			—			—			—			—			(10,450,350	)
Class T1 (A)		—			—			—			—			—			(87	)
Advisor Class (A)		—			—			—			—			—			(100	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(3,981,035	)		(23,077,006	)		(55,975,218	)		(117,049,065	)		(6,614,085	)		(15,481,443	)
Capital share transactions:
Proceeds from shares sold:
Class A		2,749,916			3,548,776			3,675,058			27,567,062			2,495,190			1,009,593
Class C		215,354			220,232			1,876,506			6,658,632			1,461,385			660,502
Class I		620,185			221,731			137,076,101			315,293,391			4,033,541			5,650,629
Class I2		48,029,245			152,630,204			2,318,422			1,286,706			7,193,774			502,991
Class I3		1,947,861			5,695,501			5,433,677			4,157,071			—			—
Class R		2,744,033			2,322,807			1,674,752			2,926,781			—			—
Class R4		182,945			487,798			4,500,037			18,579,319			—			—
Class R6		—			—			33,433,806			72,826,043			—			—
Class T1 (A)		—			—			—			500			—			—
		56,489,539			165,127,049			189,988,359			449,295,505			15,183,890			7,823,715
Dividends and/or distributions reinvested:
Class A		208,428			3,386,329			638,177			7,531,028			360,258			891,610
Class C		26,101			432,213			541,318			1,065,963			214,952			493,051
Class I		16,021			196,830			18,138,219			20,775,719			351,810			930,504
Class I2		2,699,917			2,893			11,157,524			21,187,078			5,617,845			12,965,927
Class I3		654,480			11,444,616			8,364,562			16,928,642			—			—
Class R		369,115			6,087,925			2,016,832			4,822,358			—			—
Class R4		6,606			1,515,560			3,639,334			26,495,775			—			—
Class R6		—			—			9,301,409			15,092,910			—			—
Class T1 (A)		—			3,227			—			805			—			112
Advisor Class (A)		—			3,406			—			791			—			117
		3,980,668			23,072,999			53,797,375			113,901,069			6,544,865			15,281,321
Cost of shares redeemed:
Class A		(3,946,836	)		(2,925,254	)		(6,362,648	)		(121,735,632	)		(3,507,353	)		(7,693,212	)
Class C		(224,221	)		(288,544	)		(3,299,425	)		(5,685,509	)		(2,182,046	)		(4,459,800	)
Class I		(105,549	)		(250,707	)		(117,113,126	)		(206,466,212	)		(6,446,525	)		(12,445,124	)
Class I2		(14,532	)		(7	)		(37,108,447	)		(30,672,823	)		(23,471,334	)		(51,703,582	)
Class I3		(5,548,871	)		(13,201,092	)		(74,973,270	)		(43,626,312	)		—			—
Class R		(3,437,016	)		(5,315,208	)		(9,265,475	)		(15,270,008	)		—			—
Class R4		(15,879	)		(5,512,863	)		(7,194,144	)		(297,491,796	)		—			—
Class R6		—			—			(24,146,039	)		(36,785,911	)		—			—
Class T1(A)		—			(10,673	)		—			(11,388	)		—			(9,769	)
Advisor Class (A)		—			(11,315	)		—			(11,305	)		—			(10,061	)
		(13,292,904	)		(27,515,663	)		(279,462,574	)		(757,756,896	)		(35,607,258	)		(76,321,548	)

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

Transamerica Funds Semi-Annual Report 2020

Page    300

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Mid Cap Growth						Transamerica Mid Cap Value Opportunities						Transamerica MLP & Energy Income
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Automatic conversions:
Class A	$	103,060		$	103,703		$	43,749		$	186,061		$	52,632		$	117,945
Class C		(103,060	)		(103,703	)		(43,749	)		(186,061	)		(52,632	)		(117,945	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		47,177,303			160,684,385			(35,676,840	)		(194,560,322	)		(13,878,503	)		(53,216,512	)
Net increase (decrease) in net assets		33,640,775			158,185,648			(343,945,364	)		(173,979,153	)		(74,813,172	)		(67,990,615	)
Net assets:
Beginning of period/year		230,361,202			72,175,554			1,430,625,936			1,604,605,089			251,100,694			319,091,309
End of period/year	$	264,001,977		$	230,361,202		$	1,086,680,572		$	1,430,625,936		$	176,287,522		$	251,100,694
Capital share transactions - shares:
Shares issued:
Class A		274,046			338,761			341,321			2,569,778			540,759			147,767
Class C		22,704			25,042			190,746			624,727			249,298			98,141
Class I		59,655			23,495			14,936,687			28,030,136			693,934			832,010
Class I2		4,799,352			14,900,203			284,853			113,962			1,790,404			72,998
Class I3		199,858			724,652			614,427			364,907			—			—
Class R		273,579			239,740			179,502			257,461			—			—
Class R4		16,561			51,866			475,718			1,655,596			—			—
Class R6		—			—			3,118,028			6,241,247			—			—
Class T1 (A)		—			—			—			42			—			—
		5,645,755			16,303,759			20,141,282			39,857,856			3,274,395			1,150,916
Shares reinvested:
Class A		19,497			442,079			54,545			763,022			73,625			132,576
Class C		2,595			59,452			46,827			108,883			44,029			73,365
Class I		1,479			25,463			1,547,629			2,096,440			69,654			138,477
Class I2		247,699			372			951,196			2,135,794			1,143,178			1,925,163
Class I3		60,099			1,472,924			710,065			1,699,663			—			—
Class R		34,146			784,526			170,773			482,718			—			—
Class R4		606			194,303			307,896			2,657,550			—			—
Class R6		—			—			787,588			1,510,802			—			—
Class T1 (A)		—			421			—			81			—			18
Advisor Class (A)		—			441			—			79			—			18
		366,121			2,979,981			4,576,519			11,455,032			1,330,486			2,269,617
Shares redeemed:
Class A		(399,002	)		(325,307	)		(642,644	)		(10,861,358	)		(591,193	)		(1,144,372	)
Class C		(25,082	)		(33,065	)		(345,343	)		(530,209	)		(386,965	)		(665,948	)
Class I		(11,273	)		(26,179	)		(12,032,526	)		(18,254,845	)		(1,139,343	)		(1,871,965	)
Class I2		(6,121	)		—			(3,510,183	)		(2,721,732	)		(4,224,809	)		(7,583,842	)
Class I3		(539,365	)		(1,357,010	)		(6,487,280	)		(3,854,179	)		—			—
Class R		(366,292	)		(545,652	)		(850,167	)		(1,373,365	)		—			—
Class R4		(1,642	)		(570,859	)		(653,345	)		(26,795,287	)		—			—
Class R6		—			—			(2,371,772	)		(3,211,701	)		—			—
Class T1 (A)		—			(1,195	)		—			(1,020	)		—			(1,354	)
Advisor Class (A)		—			(1,256	)		—			(1,000	)		—			(1,391	)
		(1,348,777	)		(2,860,523	)		(26,893,260	)		(67,604,696	)		(6,342,310	)		(11,268,872	)
Automatic conversions:
Class A		10,929			11,159			3,955			16,514			8,677			17,373
Class C		(11,643	)		(11,789	)		(4,008	)		(16,715	)		(8,706	)		(17,446	)
		(714	)		(630	)		(53	)		(201	)		(29	)		(73	)
Net increase (decrease) in shares outstanding:
Class A		(94,530	)		466,692			(242,823	)		(7,512,044	)		31,868			(846,656	)
Class C		(11,426	)		39,640			(111,778	)		186,686			(102,344	)		(511,888	)
Class I		49,861			22,779			4,451,790			11,871,731			(375,755	)		(901,478	)
Class I2		5,040,930			14,900,575			(2,274,134	)		(471,976	)		(1,291,227	)		(5,585,681	)
Class I3		(279,408	)		840,566			(5,162,788	)		(1,789,609	)		—			—
Class R		(58,567	)		478,614			(499,892	)		(633,186	)		—			—
Class R4		15,525			(324,690	)		130,269			(22,482,141	)		—			—
Class R6		—			—			1,533,844			4,540,348			—			—
Class T1 (A)		—			(774	)		—			(897	)		—			(1,336	)
Advisor Class (A)		—			(815	)		—			(921	)		—			(1,373	)
		4,662,385			16,422,587			(2,175,512	)		(16,292,009	)		(1,737,458	)		(7,848,412	)

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

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

Transamerica Funds Semi-Annual Report 2020

Page    301

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Multi-Asset Income						Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	5,014,961		$	6,598,672		$	4,967,089		$	12,013,274		$	36,099,393		$	74,632,861
Net realized gain (loss)		1,214,174			839,401			21,182,707			30,060,718			(6,277,274	)		1,541,076
Net change in unrealized appreciation (depreciation)		(35,122,670	)		13,836,796			(25,587,918	)		71,047,927			(108,644,203	)		66,195,032
Net increase (decrease) in net assets resulting from operations		(28,893,535	)		21,274,869			561,878			113,121,919			(78,822,084	)		142,368,969
Dividends and/or distributions to shareholders:
Class A		(704,498	)		(1,292,583	)		(19,474,847	)		(38,925,530	)		(8,004,347	)		(17,334,476	)
Class B (A)		—			—			—			(53,987	)		—			—
Class C		(784,953	)		(1,529,847	)		(6,326,477	)		(12,466,933	)		(2,133,069	)		(6,286,965	)
Class I		(3,726,768	)		(5,327,742	)		(8,809,710	)		(17,156,884	)		(22,441,133	)		(43,159,744	)
Class I2		(269	)		(595	)		—			—			(4,116,256	)		(7,760,016	)
Class R6		—			—			(504,468	)		(612,950	)		(428,086	)		(689,224	)
Class T1 (B)		—			(230	)		—			(693	)		—			(81	)
Advisor Class (B)		—			(2,337	)		—			(5,459	)		—			(47,660	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(5,216,488	)		(8,153,334	)		(35,115,502	)		(69,222,436	)		(37,122,891	)		(75,278,166	)
Capital share transactions:
Proceeds from shares sold:
Class A		14,194,864			10,013,616			28,540,840			48,858,902			111,631,458			215,323,232
Class B (A)		—			—			—			24,921			—			—
Class C		14,546,599			12,269,643			21,612,083			33,854,740			28,288,673			38,102,130
Class I		80,743,492			78,401,567			29,674,403			43,855,787			652,695,628			999,395,879
Class I2		—			—			—			—			182,802,258			128,088,532
Class R6		—			—			3,113,379			8,583,507			14,278,814			9,999,256
Advisor Class (B)		—			—			—			1,500			—			1,781,376
		109,484,955			100,684,826			82,940,705			135,179,357			989,696,831			1,392,690,405
Dividends and/or distributions reinvested:
Class A		684,506			1,263,288			19,153,715			38,048,394			7,417,023			16,207,781
Class B (A)		—			—			—			53,843			—			—
Class C		765,019			1,480,469			5,947,362			11,817,417			1,850,239			5,555,410
Class I		3,708,027			5,242,764			8,028,428			15,710,502			18,503,457			34,773,916
Class I2		269			595			—			—			4,111,569			7,760,016
Class R6		—			—			326,000			595,462			374,354			684,210
Class T1 (B)		—			230			—			693			—			69
Advisor Class (B)		—			2,337			—			5,459			—			42,201
		5,157,821			7,989,683			33,455,505			66,231,770			32,256,642			65,023,603
Cost of shares redeemed:
Class A		(11,401,762	)		(6,822,899	)		(55,928,420	)		(93,532,358	)		(163,286,288	)		(335,529,063	)
Class B (A)		—			—			—			(63,497	)		—			—
Class C		(5,376,801	)		(7,792,673	)		(17,314,918	)		(37,138,071	)		(34,438,916	)		(97,196,825	)
Class I		(47,153,725	)		(30,606,574	)		(31,327,642	)		(57,746,192	)		(635,347,765	)		(776,375,068	)
Class I2		—			—			—			—			(154,400,654	)		(80,213,860	)
Class R6		—			—			(1,076,703	)		(3,385,661	)		(9,165,125	)		(8,670,816	)
Class T1 (B)		—			(11,154	)		—			(11,228	)		—			(10,327	)
Advisor Class (B)		—			(112,335	)		—			(91,713	)		—			(7,302,644	)
		(63,932,288	)		(45,345,635	)		(105,647,683	)		(191,968,720	)		(996,638,748	)		(1,305,298,603	)
Automatic conversions:
Class A		—			—			—			955,910			—			—
Class B (A)		—			—			—			(955,910	)		—			—
		—			—			—			—			—			—
Automatic conversions:
Class A		784,571			473,281			2,500,678			6,556,689			24,901,208			53,677,373
Class C		(784,571	)		(473,281	)		(2,500,678	)		(6,556,689	)		(24,901,208	)		(53,677,373	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		50,710,488			63,328,874			10,748,527			9,442,407			25,314,725			152,415,405
Net increase (decrease) in net assets		16,600,465			76,450,409			(23,805,097	)		53,341,890			(90,630,250	)		219,506,208
Net assets:
Beginning of period		234,697,335			158,246,926			1,011,428,011			958,086,121			3,049,850,040			2,830,343,832
End of period	$	251,297,800		$	234,697,335		$	987,622,914		$	1,011,428,011		$	2,959,219,790		$	3,049,850,040

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

Transamerica Funds Semi-Annual Report 2020

Page    302

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Multi-Asset Income						Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		1,215,746			911,389			1,009,854			1,796,147			10,936,436			21,194,546
Class B (A)		—			—			—			910			—			—
Class C		1,247,529			1,111,565			786,008			1,272,405			2,782,380			3,758,700
Class I		7,086,212			7,063,555			1,057,441			1,603,079			65,133,607			100,085,455
Class I2		—			—			—			—			18,066,108			12,892,612
Class R6		—			—			108,681			311,720			1,425,580			991,396
Advisor Class (B)		—			—			—			59			—			180,305
		9,549,487			9,086,509			2,961,984			4,984,320			98,344,111			139,103,014
Shares reinvested:
Class A		65,251			117,538			674,774			1,512,608			730,296			1,593,881
Class B (A)		—			—			—			2,180			—			—
Class C		73,764			138,772			211,832			482,081			182,435			547,615
Class I		357,333			487,224			282,052			620,831			1,854,559			3,476,173
Class I2		27			58			—			—			413,111			776,465
Class R6		—			—			11,465			23,469			37,524			68,498
Class T1 (B)		—			22			—			28			—			7
Advisor Class (B)		—			226			—			219			—			4,265
		496,375			743,840			1,180,123			2,641,416			3,217,925			6,466,904
Shares redeemed:
Class A		(1,096,014	)		(621,223	)		(2,028,367	)		(3,440,442	)		(16,136,102	)		(33,101,024	)
Class B (A)		—			—			—			(2,378	)		—			—
Class C		(500,327	)		(714,076	)		(647,279	)		(1,399,530	)		(3,409,446	)		(9,602,674	)
Class I		(4,444,691	)		(2,825,802	)		(1,126,373	)		(2,144,954	)		(64,529,682	)		(77,856,693	)
Class I2		—			—			—			—			(16,162,139	)		(8,050,251	)
Class R6		—			—			(38,476	)		(126,455	)		(939,943	)		(867,409	)
Class T1 (B)		—			(1,022	)		—			(421	)		—			(1,023	)
Advisor Class (B)		—			(10,325	)		—			(3,462	)		—			(735,540	)
		(6,041,032	)		(4,172,448	)		(3,840,495	)		(7,117,642	)		(101,177,312	)		(130,214,614	)
Automatic conversions:
Class A		—			—			—			34,929			—			—
Class B (A)		—			—			—			(35,138	)		—			—
		—			—			—			(209	)		—			—
Automatic conversions:
Class A		67,341			41,719			88,201			236,934			2,446,795			5,244,714
Class C		(67,693	)		(41,871	)		(90,017	)		(241,566	)		(2,451,615	)		(5,253,290	)
		(352	)		(152	)		(1,816	)		(4,632	)		(4,820	)		(8,576	)
Net increase (decrease) in shares outstanding:
Class A		252,324			449,423			(255,538	)		140,176			(2,022,575	)		(5,067,883	)
Class B (A)		—			—			—			(34,426	)		—			—
Class C		753,273			494,390			260,544			113,390			(2,896,246	)		(10,549,649	)
Class I		2,998,854			4,724,977			213,120			78,956			2,458,484			25,704,935
Class I2		27			58			—			—			2,317,080			5,618,826
Class R6		—			—			81,670			208,734			523,161			192,485
Class T1 (B)		—			(1,000	)		—			(393	)		—			(1,016	)
Advisor Class (B)		—			(10,099	)		—			(3,184	)		—			(550,970	)
		4,004,478			5,657,749			299,796			503,253			379,904			15,346,728

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

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

Transamerica Funds Semi-Annual Report 2020

Page    303

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small Cap Core						Transamerica Small Cap Growth						Transamerica Small Cap Value
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	617,358		$	1,374,895		$	(548,795	)	$	(846,832	)	$	497,617		$	1,755,414
Net realized gain (loss)		(12,765,052	)		(17,271,885	)		1,869,565			9,471,121			(7,296,617	)		1,890,712
Net change in unrealized appreciation (depreciation)		(15,146,648	)		2,462,377			(11,077,016	)		6,481,845			(18,994,161	)		1,953,468
Net increase (decrease) in net assets resulting from operations		(27,294,342	)		(13,434,613	)		(9,756,246	)		15,106,134			(25,793,161	)		5,599,594
Dividends and/or distributions to shareholders:
Class A		(15,691	)		(295,764	)		(1,056,936	)		(1,414,128	)		(174,710	)		(328,985	)
Class C		—			(53,933	)		(311,870	)		(490,258	)		(24,525	)		(64,184	)
Class I		(10,955	)		(182,602	)		(2,503,008	)		(3,349,386	)		(640,358	)		(1,523,486	)
Class I2		(146,260	)		(1,837,928	)		(3,751,739	)		(3,261,131	)		(2,169,733	)		(18,710,196	)
Class I3		(1,076,203	)		(12,130,508	)		(1,779,450	)		(2,685,929	)		(1,017,542	)		(2,348,533	)
Class R		(108,031	)		(3,866,307	)		(1,064,589	)		(1,546,130	)		(286,573	)		(756,005	)
Class R4		(36,576	)		(490,834	)		(16,978	)		(625,490	)		(13,588	)		(21,805	)
Class R6		—			—			(4,843	)		(6,051	)		(2,478	)		(5,036	)
Class T1 (A)		—			(901	)		—			(9,028	)		—			(870	)
Advisor Class (A)		—			(910	)		—			(1,358	)		—			(867	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(1,393,716	)		(18,859,687	)		(10,489,413	)		(13,388,889	)		(4,329,507	)		(23,759,967	)
Capital share transactions:
Proceeds from shares sold:
Class A		345,379			333,849			1,860,235			4,069,143			853,494			2,299,973
Class C		2,374			14,279			134,085			600,532			8,028			68,878
Class I		21,377			296,546			4,726,012			17,942,491			1,416,370			16,854,295
Class I2		706,352			416,241			18,894,861			20,694,441			10,066,981			1,107,468
Class I3		2,665,113			4,244,129			1,284,011			1,023,437			5,623,105			1,779,839
Class R		164,775			800,263			870,933			1,574,222			458,937			1,024,770
Class R4		288,019			889,880			3,370			346,137			7,953			93,762
Class T1 (A)		—			4			—			537			—			—
Advisor Class (A)		—			4			—			—			—			—
		4,193,389			6,995,195			27,773,507			46,250,940			18,434,868			23,228,985
Dividends and/or distributions reinvested:
Class A		15,691			295,764			1,053,485			1,409,450			174,710			328,985
Class C		—			53,643			311,713			490,039			23,673			61,866
Class I		10,955			182,602			2,501,047			3,347,331			640,358			1,523,486
Class I2		146,260			1,837,928			2,452,204			3,261,131			2,169,733			18,710,196
Class I3		1,076,203			12,130,508			1,779,450			2,685,929			1,017,542			2,348,533
Class R		108,031			3,866,307			1,064,589			1,546,130			286,573			756,005
Class R4		36,576			490,834			16,978			625,490			13,588			21,805
Class R6		—			—			4,843			6,051			2,478			5,036
Class T1 (A)		—			901			—			4,745			—			870
Advisor Class (A)		—			910			—			1,358			—			867
		1,393,716			18,859,397			9,184,309			13,377,654			4,328,655			23,757,649
Cost of shares redeemed:
Class A		(933,616	)		(717,499	)		(2,692,808	)		(9,647,333	)		(726,502	)		(900,436	)
Class C		(96,254	)		(96,608	)		(588,412	)		(1,467,483	)		(12,201	)		(114,037	)
Class I		(417,573	)		(897,380	)		(9,100,112	)		(16,075,177	)		(1,611,331	)		(3,320,073	)
Class I2		(1,579,637	)		(4,205,712	)		(4,645,556	)		(6,938,882	)		(5,357,646	)		(164,096,780	)
Class I3		(47,555,703	)		(14,531,351	)		(2,954,558	)		(6,863,546	)		(1,727,606	)		(5,397,154	)
Class R		(3,177,525	)		(12,796,488	)		(2,261,844	)		(4,188,076	)		(835,100	)		(2,459,965	)
Class R4		(648,013	)		(1,000,080	)		(228,470	)		(6,909,904	)		(205,724	)		(27,995	)
Class T1 (A)		—			(10,591	)		—			(92,078	)		—			(10,424	)
Advisor Class (A)		—			(10,595	)		—			(15,069	)		—			(10,460	)
		(54,408,321	)		(34,266,304	)		(22,471,760	)		(52,197,548	)		(10,476,110	)		(176,337,324	)
Automatic conversions:
Class A		19,332			2,672			105,511			51,648			—			344
Class C		(19,332	)		(2,672	)		(105,511	)		(51,648	)		—			(344	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(48,821,216	)		(8,411,712	)		14,486,056			7,431,046			12,287,413			(129,350,690	)
Net increase (decrease) in net assets		(77,509,274	)		(40,706,012	)		(5,759,603	)		9,148,291			(17,835,255	)		(147,511,063	)
Net assets:
Beginning of period/year		176,183,081			216,889,093			153,121,520			143,973,229			105,764,919			253,275,982
End of period/year	$	98,673,807		$	176,183,081		$	147,361,917		$	153,121,520		$	87,929,664		$	105,764,919

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

Transamerica Funds Semi-Annual Report 2020

Page    304

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small Cap Core						Transamerica Small Cap Growth						Transamerica Small Cap Value
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		38,034			32,502			320,360			670,318			112,876			231,153
Class C		285			1,393			24,486			112,955			969			7,714
Class I		2,415			30,864			788,879			2,837,682			188,906			1,675,407
Class I2		112,824			44,490			3,169,014			3,071,290			1,556,699			119,842
Class I3		347,748			419,294			219,247			174,600			826,758			198,540
Class R		17,914			77,789			139,896			248,679			53,245			104,610
Class R4		40,084			87,344			548			54,405			1,050			9,776
Class T1 (A)		—			—			—			80			—			—
		559,304			693,676			4,662,430			7,170,009			2,740,503			2,347,042
Shares reinvested:
Class A		1,525			32,790			169,371			272,621			17,701			38,613
Class C		—			6,014			56,882			105,840			2,426			7,330
Class I		1,061			20,177			384,185			622,181			64,358			177,356
Class I2		14,159			202,862			369,308			596,185			218,064			2,178,137
Class I3		103,085			1,325,739			267,989			491,029			102,060			273,085
Class R		10,318			421,626			163,030			285,791			28,686			87,704
Class R4		3,497			53,526			2,568			114,980			1,363			2,532
Class R6		—			—			729			1,106			247			583
Class T1 (A)		—			99			—			918			—			102
Advisor Class (A)		—			100			—			253			—			100
		133,645			2,062,933			1,414,062			2,490,904			434,905			2,765,542
Shares redeemed:
Class A		(112,206	)		(72,101	)		(463,870	)		(1,500,466	)		(83,172	)		(94,020	)
Class C		(10,671	)		(9,759	)		(109,899	)		(266,126	)		(1,828	)		(12,923	)
Class I		(48,547	)		(92,235	)		(1,475,177	)		(2,565,256	)		(188,531	)		(346,542	)
Class I2		(181,825	)		(423,331	)		(764,541	)		(1,074,530	)		(655,725	)		(16,754,141	)
Class I3		(4,958,560	)		(1,437,800	)		(480,139	)		(1,037,587	)		(210,413	)		(551,808	)
Class R		(395,021	)		(1,273,746	)		(363,235	)		(657,470	)		(93,482	)		(252,491	)
Class R4		(67,912	)		(98,927	)		(34,184	)		(1,102,211	)		(20,892	)		(2,870	)
Class T1 (A)		—			(993	)		—			(15,095	)		—			(1,040	)
Advisor Class (A)		—			(998	)		—			(2,385	)		—			(1,029	)
		(5,774,742	)		(3,409,890	)		(3,691,045	)		(8,221,126	)		(1,254,043	)		(18,016,864	)
Automatic conversions:
Class A		3,131			258			16,991			8,531			—			37
Class C		(3,179	)		(262	)		(19,190	)		(9,550	)		—			(37	)
		(48	)		(4	)		(2,199	)		(1,019	)		—			—
Net increase (decrease) in shares outstanding:
Class A		(69,516	)		(6,551	)		42,852			(548,996	)		47,405			175,783
Class C		(13,565	)		(2,614	)		(47,721	)		(56,881	)		1,567			2,084
Class I		(45,071	)		(41,194	)		(302,113	)		894,607			64,733			1,506,221
Class I2		(54,842	)		(175,979	)		2,773,781			2,592,945			1,119,038			(14,456,162	)
Class I3		(4,507,727	)		307,233			7,097			(371,958	)		718,405			(80,183	)
Class R		(366,789	)		(774,331	)		(60,309	)		(123,000	)		(11,551	)		(60,177	)
Class R4		(24,331	)		41,943			(31,068	)		(932,826	)		(18,479	)		9,438
Class R6		—			—			729			1,106			247			583
Class T1 (A)		—			(894	)		—			(14,097	)		—			(938	)
Advisor Class (A)		—			(898	)		—			(2,132	)		—			(929	)
		(5,081,841	)		(653,285	)		2,383,248			1,438,768			1,921,365			(12,904,280	)

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

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

Transamerica Funds Semi-Annual Report 2020

Page    305

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small/Mid Cap Value						Transamerica Unconstrained Bond						Transamerica US Growth
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	3,721,725		$	4,684,282		$	16,528,588		$	29,729,385		$	(737,390	)	$	(1,895,812	)
Net realized gain (loss)		(43,552,232	)		13,395,335			(12,587,377	)		(24,951,032	)		36,954,905			121,338,133
Net change in unrealized appreciation (depreciation)		(130,150,822	)		41,061,548			(57,670,790	)		24,674,567			39,881,877			88,287,983
Net increase (decrease) in net assets resulting from operations		(169,981,329	)		59,141,165			(53,729,579	)		29,452,920			76,099,392			207,730,304
Dividends and/or distributions to shareholders:
Class A		(11,113,262	)		(35,533,133	)		—			—			(54,541,249	)		(55,720,551	)
Class B (A)		—			(46,031	)		—			—			—			(336,306	)
Class C		(3,497,263	)		(17,639,233	)		—			—			(1,601,166	)		(1,485,668	)
Class I		(10,236,354	)		(26,960,120	)		(11,341	)		(38,580	)		(21,547,803	)		(18,533,239	)
Class I2		(722,448	)		(1,973,487	)		(19,142,857	)		(25,928,686	)		(38,866,155	)		(18,610,200	)
Class R6		(1,753,628	)		(2,428,112	)		—			—			—			—
Class T		—			—			—			—			(3,524,318	)		(4,280,779	)
Class T1 (B)		—			(1,106	)		—			—			—			(1,290	)
Advisor Class (B)		—			(31,000	)		—			(121	)		—			(1,376	)
Return of capital:
Class I		—			—			—			(5,287	)		—			—
Class I2		—			—			—			(3,552,855	)		—			—
Advisor Class (B)		—			—			—			(18	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(27,322,955	)		(84,612,222	)		(19,154,198	)		(29,525,547	)		(120,080,691	)		(98,969,409	)
Capital share transactions:
Proceeds from shares sold:
Class A		17,684,663			27,957,215			—			—			19,912,497			18,661,331
Class B (A)		—			9,393			—			—			—			27,935
Class C		3,183,629			10,184,716			—			—			2,957,204			3,689,229
Class I		48,477,403			113,632,632			14,999			488,264			47,986,053			13,833,380
Class I2		290,885			960,735			560,321,964			315,217,999			23,580,722			4,509,941
Class R6		13,104,398			39,880,100			—			—			—			—
Class T		—			—			—			—			201,643			363,331
Advisor Class (B)		—			750			—			—			—			—
		82,740,978			192,625,541			560,336,963			315,706,263			94,638,119			41,085,147
Issued from fund acquisition:
Class A		—			—			—			—			—			57,268,942
Class C		—			—			—			—			—			3,847,753
Class I		—			—			—			—			—			52,176,672
Class I2		—			—			—			—			—			301,892,730
		—			—			—			—			—			415,186,097
Dividends and/or distributions reinvested:
Class A		10,522,945			34,017,232			—			—			53,717,534			54,741,100
Class B (A)		—			45,596			—			—			—			334,466
Class C		3,218,634			16,355,911			—			—			1,574,446			1,463,450
Class I		8,460,478			22,431,984			11,341			43,867			21,222,163			18,237,941
Class I2		722,448			1,973,487			19,110,191			29,481,541			38,866,155			18,610,200
Class R6		1,743,699			2,428,112			—			—			—			—
Class T		—			—			—			—			3,447,209			4,187,398
Class T1 (B)		—			1,106			—			—			—			1,290
Advisor Class (B)		—			31,000			—			119			—			1,376
		24,668,204			77,284,428			19,121,532			29,525,527			118,827,507			97,577,221
Cost of shares redeemed:
Class A		(44,245,173	)		(85,608,852	)		—			—			(49,454,306	)		(73,305,079	)
Class B (A)		—			(23,957	)		—			—			—			(102,374	)
Class C		(15,441,261	)		(40,704,415	)		—			—			(3,165,711	)		(3,107,802	)
Class I		(68,929,470	)		(103,925,647	)		(335,650	)		(1,463,714	)		(53,135,333	)		(22,762,544	)
Class I2		(783,076	)		(1,314,154	)		(47,613,845	)		(60,465,651	)		(51,963,542	)		(48,207,235	)
Class R6		(6,930,962	)		(7,112,981	)		—			—			—			—
Class T		—			—			—			—			(8,936,866	)		(9,445,212	)
Class T1 (B)		—			(11,101	)		—			—			—			(13,347	)
Advisor Class (B)		—			(323,549	)		—			(10,684	)		—			(14,524	)
		(136,329,942	)		(239,024,656	)		(47,949,495	)		(61,940,049	)		(166,655,758	)		(156,958,117	)

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

Transamerica Funds Semi-Annual Report 2020

Page    306

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small/Mid Cap Value						Transamerica Unconstrained Bond						Transamerica US Growth
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Automatic conversions:
Class A	$	—		$	439,615		$	—		$	—		$	—		$	3,513,726
Class B (A)		—			(439,615	)		—			—			—			(3,513,726	)
		—			—			—			—			—			—
Automatic conversions:
Class A		8,711,971			25,628,344			—			—			1,289,653			2,481,727
Class C		(8,711,971	)		(25,628,344	)		—			—			(1,289,653	)		(2,481,727	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(28,920,760	)		30,885,313			531,509,000			283,291,741			46,809,868			396,890,348
Net increase (decrease) in net assets		(226,225,044	)		5,414,256			458,625,223			283,219,114			2,828,569			505,651,243
Net assets:
Beginning of period/year		831,209,455			825,795,199			994,178,316			710,959,202			1,564,168,322			1,058,517,079
End of period/year	$	604,984,411		$	831,209,455		$	1,452,803,539		$	994,178,316		$	1,566,996,891		$	1,564,168,322
Capital share transactions - shares:
Shares issued:
Class A		871,046			1,172,179			—			—			924,535			936,835
Class B (A)		—			395			—			—			—			1,418
Class C		160,127			500,538			—			—			148,105			194,827
Class I		2,262,702			4,562,679			1,521			49,842			2,082,928			645,406
Class I2		12,991			37,712			59,657,178			32,023,619			1,225,102			212,953
Class R6		529,782			1,548,982			—			—			—			—
Class T		—			—			—			—			3,094			6,166
Advisor Class (B)		—			29			—			—			—			—
		3,836,648			7,822,514			59,658,699			32,073,461			4,383,764			1,997,605
Shares issued on fund acquisition:
Class A		—			—			—			—			—			2,699,101
Class C		—			—			—			—			—			194,819
Class I		—			—			—			—			—			2,395,604
Class I2		—			—			—			—			—			13,762,481
		—			—			—			—			—			19,052,005
Shares reinvested:
Class A		408,024			1,582,933			—			—			2,449,500			3,203,107
Class B (A)		—			2,442			—			—			—			21,196
Class C		147,037			890,360			—			—			78,370			92,099
Class I		316,043			1,007,274			1,175			4,484			942,788			1,044,556
Class I2		26,947			88,497			1,996,426			3,015,936			1,727,385			1,067,711
Class R6		64,749			108,398			—			—			—			—
Class T		—			—			—			—			51,222			84,526
Class T1 (B)		—			51			—			—			—			75
Advisor Class (B)		—			1,375			—			12			—			79
		962,800			3,681,330			1,997,601			3,020,432			5,249,265			5,513,349
Shares redeemed:
Class A		(2,004,892	)		(3,528,733	)		—			—			(2,308,768	)		(3,600,757	)
Class B (A)		—			(1,200	)		—			—			—			(5,747	)
Class C		(818,971	)		(1,977,841	)		—			—			(159,241	)		(165,490	)
Class I		(3,293,108	)		(4,158,667	)		(35,505	)		(150,631	)		(2,459,770	)		(1,099,341	)
Class I2		(32,297	)		(51,181	)		(5,165,773	)		(6,239,634	)		(2,390,458	)		(2,312,071	)
Class R6		(278,350	)		(279,877	)		—			—			—			—
Class T		—			—			—			—			(136,556	)		(161,539	)
Class T1 (B)		—			(454	)		—			—			—			(679	)
Advisor Class (B)		—			(12,615	)		—			(1,092	)		—			(723	)
		(6,427,618	)		(10,010,568	)		(5,201,278	)		(6,391,357	)		(7,454,793	)		(7,346,347	)
Automatic conversions:
Class A		—			17,661			—			—			—			170,334
Class B (A)		—			(20,374	)		—			—			—			(184,899	)
		—			(2,713	)		—			—			—			(14,565	)
Automatic conversions:
Class A		367,840			1,040,972			—			—			58,618			118,654
Class C		(433,683	)		(1,222,137	)		—			—			(63,924	)		(127,964	)
		(65,843	)		(181,165	)		—			—			(5,306	)		(9,310	)

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

Transamerica Funds Semi-Annual Report 2020

Page    307

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small/Mid Cap Value						Transamerica Unconstrained Bond						Transamerica US Growth
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
Net increase (decrease) in shares outstanding:
Class A		(357,982	)		285,012			—			—			1,123,885			3,527,274
Class B (A)		—			(18,737	)		—			—			—			(168,032	)
Class C		(945,490	)		(1,809,080	)		—			—			3,310			188,291
Class I		(714,363	)		1,411,286			(32,809	)		(96,305	)		565,946			2,986,225
Class I2		7,641			75,028			56,487,831			28,799,921			562,029			12,731,074
Class R6		316,181			1,377,503			—			—			—			—
Class T		—			—			—			—			(82,240	)		(70,847	)
Class T1 (B)		—			(403	)		—			—			—			(604	)
Advisor Class (B)		—			(11,211	)		—			(1,080	)		—			(644	)
		(1,694,013	)		1,309,398			56,455,022			28,702,536			2,172,930			19,192,737

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

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

Transamerica Funds Semi-Annual Report 2020

Page    308

STATEMENT OF CASH FLOWS

For the period ended April 30, 2020 (unaudited)

	Transamerica Event Driven
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	162,343
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		(84,958,766	)
Proceeds from long-term investments		109,876,864
Purchases to cover securities sold short		(24,540,085	)
Proceeds from securities sold short		18,568,336
Net purchases/proceeds of short-term investments		(14,865,525	)
Net change in unrealized (appreciation) depreciation		3,525,476
Net realized (gain) loss		(3,726,213	)
Net amortization (accretion) of discount and premium		(110,833	)
(Increase) decrease in receivables for interest		69,090
(Increase) decrease in receivables for dividends		(5,898	)
(Increase) decrease in receivables for net income from securities lending		536
(Increase) decrease in prepaid expenses		(148	)
Increase (decrease) in payables for investments purchased		3,024,792
Increase (decrease) in dividends, interest and fees for borrowings from securities sold short		(5,745	)
Increase (decrease) in accrued liabilities		(18,062	)
Increase (decrease) in collateral for securities on loan		(2,871,734	)
Net cash provided by (used for) swap agreement transactions		134,063
Net cash provided by (used for) written options and swaptions transactions		(423,785	)
Net cash provided by (used for) in futures contracts transactions		2,018,668
Net cash provided by (used for) in forward foreign currency contracts		216,460
Net cash provided by (used for) foreign currency transactions		(114,571	)
Net cash provided by (used for) operating activities		5,955,263
Cash flows from financing activities:
Proceeds from shares sold, net of receivable for shares sold		2,938,681
Payment of shares redeemed, net of payable for shares redeemed		(11,728,196	)
Net cash provided by (used for) financing activities		(8,789,515	)
Net increase (decrease) in cash and foreign currencies		(2,834,252	)
Cash and foreign currencies, at beginning of period (A)	$	10,903,621
Cash and foreign currencies, at end of period (A)	$	8,069,369
Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	23,141
Non-cash financing activities included herein consist of reinvestment of distributions	$	389,663

(A) For the period ended April 30, 2020, the beginning and ending cash balances consist of the following:

	Beginning of Period		End of Period
Assets:
Cash collateral pledged at custodian:
OTC derivatives	$	3,500,000	$	3,500,000
Cash collateral pledged at broker:
Securities sold short		7,150,533		2,307,472
OTC derivatives		71,088		71,088
Futures contracts		182,000		2,190,809
Total assets		10,903,621		8,069,369
Net cash per statement of assets and liabilities	$	10,903,621	$	8,069,369
Total cash and foreign currencies per statement of cash flows	$	10,903,621	$	8,069,369

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

Transamerica Funds Semi-Annual Report 2020

Page    309

FINANCIAL HIGHLIGHTS

For a share outstanding during the periods and years indicated:	Transamerica Balanced II
	Class I3
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017 (A)
Net asset value, beginning of period	$	10.99		$	10.21		$	10.17		$	10.00
Investment operations:
Net investment income (loss ) (B)		0.09			0.19			0.18			0.02
Net realized and unrealized gain (loss)		(0.05	)		1.08			0.07			0.15
Total investment operations		0.04			1.27			0.25			0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.20	)		(0.17	)		—
Net realized gains		(0.27	)		(0.29	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.36	)		(0.49	)		(0.21	)		—
Net asset value, end of period	$	10.67		$	10.99		$	10.21		$	10.17
Total return		0.31	%(C)		13.14	%		2.49	%		1.70	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	48,092		$	50,316		$	49,964		$	56,169
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.57	%(D)		0.58	%		0.59	%		0.66	%(D)
Including waiver and/or reimbursement and recapture		0.57	%(D)		0.57	%		0.50	%		0.50	%(D)
Net investment income (loss) to average net assets		1.58	%(D)		1.80	%		1.73	%		1.23	%(D)
Portfolio turnover rate		30	%(C)		45	%		60	%		40	%(C)

(A)	Commenced operations on September 15, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Balanced II
	Class R
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017 (A) (B) (C)			December 31,   2016			December 31,   2015			December 31,   2014
Net asset value, beginning of period/year	$	10.99		$	10.20		$	10.17		$	10.11		$	9.68		$	9.85		$	9.04
Investment operations:
Net investment income (loss) (D)		0.06			0.14			0.13			0.14			0.11			0.10			0.10
Net realized and unrealized gain (loss)		(0.05	)		1.09			0.06			0.91			0.63			(0.11	)		0.82
Total investment operations		0.01			1.23			0.19			1.05			0.74			(0.01	)		0.92
Dividends and/or distributions to shareholders:
Net investment income		(0.06)			(0.15)			(0.12)			(0.09	)		(0.12	)		(0.10	)		(0.11)
Net realized gains		(0.27	)		(0.29	)		(0.04	)		(0.90	)		(0.19	)		(0.06	)		—
Total dividends and/or distributions to shareholders		(0.33	)		(0.44	)		(0.16	)		(0.99	)		(0.31	)		(0.16	)		(0.11	)
Net asset value, end of period/year	$	10.67		$	10.99		$	10.20		$	10.17		$	10.11		$	9.68		$	9.85
Total return		0.04	%(E)		12.79	%		1.85	%		10.68	%(E)		7.69	%		(0.08	)%		10.35	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	64,055		$	70,357		$	82,270		$	91,171		$	90,455		$	90,541		$	77,447
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%(F)		1.07	%		1.09	%		1.20	%(F)		1.18	%		1.16	%		1.21	%
Including waiver and/or reimbursement and recapture		1.07	%(F)		1.07	%(G)		1.01	%		1.13	%(F)(H)		1.09	%(H)(I)		1.10	%		1.10	%
Net investment income (loss) to average net assets		1.09	%(F)		1.32	%		1.22	%		0.95	%(F)		1.13	%		1.00	%		1.09	%
Portfolio turnover rate		30	%(E)		45	%		60	%		40	%(E)		37	%		50	%		92	%

(A)	Transamerica Partners Balanced reorganized into the Fund on September 15, 2017. Prior to September 15, 2017, information provided reflects Transamerica Partners Balanced, which was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(B)	Effective April 21, 2017, the Fund underwent a 2.01-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on September 15, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Semi-Annual Report 2020

Page    310

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Bond
	Class A
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of period/year	$	9.43		$	8.95		$	9.34		$	9.31		$	9.22		$	9.46
Investment operations:
Net investment income (loss) (A)		0.12			0.29			0.33			0.33			0.36	(B)		0.28
Net realized and unrealized gain (loss)		(0.20	)		0.49			(0.39	)		0.05			0.07			(0.23	)
Total investment operations		(0.08	)		0.78			(0.06	)		0.38			0.43			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.30	)		(0.33	)		(0.35	)		(0.34	)		(0.29	)
Net asset value, end of period/year	$	9.22		$	9.43		$	8.95		$	9.34		$	9.31		$	9.22
Total return (C)		(0.88	)%(D)		9.00	%		(0.67	)%		4.12	%		4.78	%		0.56	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	139,055		$	132,682		$	87,523		$	83,251		$	86,305		$	68,304
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%(E)		0.94	%		0.99	%		0.97	%		0.93	%		0.88	%
Including waiver and/or reimbursement and recapture		0.88	%(E)		0.94	%(F)		0.97	%		0.97	%		0.91	%(B)		0.88	%
Net investment income (loss) to average net assets		2.61	%(E)		3.20	%		3.58	%		3.59	%		3.92	%(B)		3.03	%
Portfolio turnover rate		17	%(D)		50	%		38	%		34	%		47	%		27	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Bond
	Class C
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of period/year	$	9.37		$	8.89		$	9.28		$	9.25		$	9.16		$	9.40
Investment operations:
Net investment income (loss) (A)		0.09			0.23			0.27			0.27			0.29	(B)		0.22
Net realized and unrealized gain (loss)		(0.20	)		0.49			(0.39	)		0.05			0.07			(0.23	)
Total investment operations		(0.11	)		0.72			(0.12	)		0.32			0.36			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.24	)		(0.27	)		(0.29	)		(0.27	)		(0.23	)
Net asset value, end of period/year	$	9.16		$	9.37		$	8.89		$	9.28		$	9.25		$	9.16
Total return (C)		(1.21	)%(D)		8.24	%		(1.33	)%		3.41	%		4.18	%		(0.15	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	88,344		$	80,239		$	44,958		$	49,394		$	60,126		$	64,995
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.52	%(E)		1.56	%		1.63	%		1.65	%		1.64	%		1.59	%
Including waiver and/or reimbursement and recapture		1.52	%(E)		1.56	%(F)		1.61	%		1.65	%		1.62	%(B)		1.59	%
Net investment income (loss) to average net assets		1.97	%(E)		2.56	%		2.93	%		2.90	%		3.20	%(B)		2.32	%
Portfolio turnover rate		17	%(D)		50	%		38	%		34	%		47	%		27	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    311

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Bond
	Class I
	April 30, 2020   (unaudited)			October 31, 2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of period/year	$	9.45		$	8.96		$	9.36		$	9.32		$	9.23		$	9.47
Investment operations:
Net investment income (loss) (A)		0.14			0.33			0.36			0.36			0.38	(B)		0.31
Net realized and unrealized gain (loss)		(0.20	)		0.50			(0.40	)		0.06			0.07			(0.23	)
Total investment operations		(0.06	)		0.83			(0.04	)		0.42			0.45			0.08
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.34	)		(0.36	)		(0.38	)		(0.36	)		(0.32	)
Net asset value, end of period/year	$	9.24		$	9.45		$	8.96		$	9.36		$	9.32		$	9.23
Total return		(0.69	)%(C)		9.44	%		(0.39	)%		4.54	%		5.05	%		0.84	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,126,215		$	1,084,474		$	396,083		$	181,977		$	162,875		$	55,370
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.54	%(D)		0.58	%		0.64	%		0.67	%		0.67	%		0.61	%
Including waiver and/or reimbursement and recapture		0.50	%(D)		0.50	%		0.59	%		0.67	%		0.65	%(B)		0.61	%
Net investment income (loss) to average net assets		2.99	%(D)		3.57	%		3.94	%		3.88	%		4.20	%(B)		3.33	%
Portfolio turnover rate		17	%(C)		50	%		38	%		34	%		47	%		27	%

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

For a share outstanding during the period and years indicated:	Transamerica Bond
	Class I2
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of period/year	$	9.45		$	8.96		$	9.36		$	9.32		$	9.23		$	9.48
Investment operations:
Net investment income (loss) (A)		0.14			0.34			0.37			0.37			0.39	(B)		0.32
Net realized and unrealized gain (loss)		(0.20	)		0.49			(0.40	)		0.06			0.07			(0.24	)
Total investment operations		(0.06	)		0.83			(0.03	)		0.43			0.46			0.08
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.34	)		(0.37	)		(0.39	)		(0.37	)		(0.33	)
Net asset value, end of period/year	$	9.24		$	9.45		$	8.96		$	9.36		$	9.32		$	9.23
Total return		(0.66	)%(C)		9.49	%		(0.32	)%		4.65	%		5.17	%		0.83	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	145,289		$	84,016		$	101,251		$	118,738		$	137,246		$	355,272
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.45	%(D)		0.47	%		0.53	%		0.56	%		0.55	%		0.51	%
Including waiver and/or reimbursement and recapture		0.45	%(D)		0.47	%(E)		0.52	%		0.56	%		0.53	%(B)		0.51	%
Net investment income (loss) to average net assets		3.11	%(D)		3.73	%		4.03	%		3.99	%		4.23	%(B)		3.40	%
Portfolio turnover rate		17	%(C)		50	%		38	%		34	%		47	%		27	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    312

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Bond
	Class R6
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015 (A)
Net asset value, beginning of period/year	$	9.45		$	8.96		$	9.36		$	9.32		$	9.23		$	9.45
Investment operations:
Net investment income (loss) (B)		0.14			0.34			0.37			0.37			0.40	(C)		0.14
Net realized and unrealized gain (loss)		(0.21	)		0.49			(0.40	)		0.06			0.06			(0.21	)
Total investment operations		(0.07	)		0.83			(0.03	)		0.43			0.46			(0.07	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.34	)		(0.37	)		(0.39	)		(0.37	)		(0.15	)
Net asset value, end of period/year	$	9.23		$	9.45		$	8.96		$	9.36		$	9.32		$	9.23
Total return		(0.77	)%(D)		9.49	%		(0.30	)%		4.65	%		5.16	%		(0.79	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	22,426		$	19,805		$	9,181		$	6,283		$	3,028		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.44	%(E)		0.48	%		0.53	%		0.56	%		0.55	%		0.52	%(E)
Including waiver and/or reimbursement and recapture		0.44	%(E)		0.48	%(F)		0.51	%		0.56	%		0.52	%(C)		0.52	%(E)
Net investment income (loss) to average net assets		3.06	%(E)		3.65	%		4.05	%		4.01	%		4.38	%(C)		3.55	%(E)
Portfolio turnover rate		17	%(D)		50	%		38	%		34	%		47	%		27	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Capital Growth
	Class A
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of period/year	$	26.93		$	26.81		$	28.32		$	25.70		$	25.35		$	24.40
Investment operations:
Net investment income (loss) (A)		(0.14	)		(0.26	)		(0.21	)		(0.24	)		(0.14	)(B)		(0.19	)
Net realized and unrealized gain (loss)		6.34			1.55			4.14			7.40			1.33			1.80
Total investment operations		6.20			1.29			3.93			7.16			1.19			1.61
Dividends and/or distributions to shareholders:
Net realized gains		(2.75	)		(1.17	)		(5.44	)		(4.54	)		(0.84	)		(0.66	)
Net asset value, end of period/year	$	30.38		$	26.93		$	26.81		$	28.32		$	25.70		$	25.35
Total return (C)		24.71	%(D)		5.40	%		16.52	%		34.66	%		4.77	%		6.77	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	506,946		$	425,595		$	384,193		$	223,299		$	170,198		$	160,269
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%(E)		1.18	%		1.19	%		1.23	%		1.23	%		1.21	%
Including waiver and/or reimbursement and recapture		1.12	%(E)		1.18	%(F)		1.19	%		1.23	%		1.22	%(B)		1.21	%
Net investment income (loss) to average net assets		(1.07	)%(E)		(0.92	)%		(0.78	)%		(0.95	)%		(0.57	)%(B)		(0.75	)%
Portfolio turnover rate		22	%(D)		90	%		40	%		66	%		32	%		24	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    313

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Capital Growth
	Class C
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of period/year	$	21.08		$	21.41		$	23.83		$	22.50		$	22.46		$	21.84
Investment operations:
Net investment income (loss) (A)		(0.19	)		(0.37	)		(0.34	)		(0.35	)		(0.28	) (B)		(0.33	)
Net realized and unrealized gain (loss)		4.85			1.21			3.36			6.22			1.16			1.61
Total investment operations		4.66			0.84			3.02			5.87			0.88			1.28
Dividends and/or distributions to shareholders:
Net realized gains		(2.75	)		(1.17	)		(5.44	)		(4.54	)		(0.84	)		(0.66	)
Net asset value, end of period/year	$	22.99		$	21.08		$	21.41		$	23.83		$	22.50		$	22.46
Total return (C)		24.28	%(D)		4.57	%		15.65	%		33.68	%		4.03	%		5.98	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	246,732		$	206,156		$	149,727		$	84,852		$	69,159		$	68,922
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.87	%(E)		1.93	%		1.93	%		1.97	%		1.96	%		1.92	%
Including waiver and/or reimbursement and recapture		1.87	%(E)		1.93	%(F)		1.93	%		1.97	%		1.95	%(B)		1.92	%
Net investment income (loss) to average net assets		(1.82	)%(E)		(1.67	)%		(1.52	)%		(1.69	)%		(1.30	)%(B)		(1.47	)%
Portfolio turnover rate		22	%(D)		90	%		40	%		66	%		32	%		24	%

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

For a share outstanding during the period and years indicated:	Transamerica Capital Growth
	Class I
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of period/year	$	28.40		$	28.13		$	29.39		$	26.43		$	25.98		$	24.92
Investment operations:
Net investment income (loss) (A)		(0.12	)		(0.20	)		(0.16	)		(0.18	)		(0.07	)(B)		(0.12	)
Net realized and unrealized gain (loss)		6.73			1.64			4.34			7.68			1.36			1.84
Total investment operations		6.61			1.44			4.18			7.50			1.29			1.72
Dividends and/or distributions to shareholders:
Net realized gains		(2.75	)		(1.17	)		(5.44	)		(4.54	)		(0.84	)		(0.66	)
Net asset value, end of period/year	$	32.26		$	28.40		$	28.13		$	29.39		$	26.43		$	25.98
Total return		24.88	%(C)		5.69	%		16.77	%		35.03	%		5.09	%		7.07	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,251,669		$	1,049,618		$	719,431		$	292,452		$	164,575		$	153,719
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%(D)		0.92	%		0.94	%		0.96	%		0.94	%		0.92	%
Including waiver and/or reimbursement and recapture		0.85	%(D)		0.92	%		0.94	%		0.96	%		0.93	%(B)		0.92	%
Net investment income (loss) to average net assets		(0.80	)%(D)		(0.66	)%		(0.55	)%		(0.69	)%		(0.28	)%(B)		(0.46	)%
Portfolio turnover rate		22	%(C)		90	%		40	%		66	%		32	%		24	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    314

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Capital Growth
	Class I2
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of period/year	$	13.45		$	13.97		$	17.26		$	17.43		$	17.40		$	16.88
Investment operations:
Net investment income (loss) (A)		(0.04	)		(0.08	)		(0.05	)		(0.08	)		(0.03	)(B)		(0.06	)
Net realized and unrealized gain (loss)		2.94			0.73			2.20			4.45			0.90			1.24
Total investment operations		2.90			0.65			2.15			4.37			0.87			1.18
Dividends and/or distributions to shareholders:
Net realized gains		(2.75	)		(1.17	)		(5.44	)		(4.54	)		(0.84	)		(0.66	)
Net asset value, end of period/year	$	13.60		$	13.45		$	13.97		$	17.26		$	17.43		$	17.40
Total return		24.97	%(C)		5.82	%		16.90	%		35.14	%		5.25	%		7.19	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	373,640		$	316,761		$	165,523		$	230,981		$	241,857		$	1,039,343
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%(D)		0.80	%		0.83	%		0.85	%		0.81	%		0.79	%
Including waiver and/or reimbursement and recapture		0.74	%(D)		0.80	%		0.83	%		0.85	%		0.81	%(B)		0.79	%
Net investment income (loss) to average net assets		(0.69	)%(D)		(0.54	)%		(0.38	)%		(0.56	)%		(0.18	)%(B)		(0.34	)%
Portfolio turnover rate		22	%(C)		90	%		40	%		66	%		32	%		24	%

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

For a share outstanding during the periods indicated:	Transamerica Capital Growth
	Class R6
	April 30, 2020   (unaudited)			October 31,   2019 (A)
Net asset value, beginning of period	$	13.45		$	13.37
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.00	)(C)
Net realized and unrealized gain (loss)		2.94			0.08
Total investment operations		2.90			0.08
Dividends and/or distributions to shareholders:
Net realized gains		(2.75	)		—
Net asset value, end of period	$	13.60		$	13.45
Total return		24.97	%(D)		0.60	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	19,122		$	15,184
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%(E)		0.76	%(E)
Including waiver and/or reimbursement and recapture		0.74	%(E)		0.76	%(E)
Net investment income (loss) to average net assets		(0.69	)%(E)		(0.56	)%(E)
Portfolio turnover rate		22	%(D)		90	%

(A)	Commenced operations on October 18, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    315

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class A
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,  2015
Net asset value, beginning of period/year	$	9.57		$	10.59		$	11.53		$	11.15		$	12.75		$	13.35
Investment operations:
Net investment income (loss) (A)		0.09			0.20			0.21			0.20			0.23	(B)		0.23
Net realized and unrealized gain (loss)		(1.79	)		0.43			(0.19	)		1.92			0.23			(0.18	)
Total investment operations		(1.70	)		0.63			0.02			2.12			0.46			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.09)			(0.20)			(0.21	)		(0.24	)		(0.23	)		(0.22)
Net realized gains		(1.10	)		(1.45	)		(0.75	)		(1.50	)		(1.83	)		(0.43	)
Total dividends and/or distributions to shareholders		(1.19	)		(1.65	)		(0.96	)		(1.74	)		(2.06	)		(0.65	)
Net asset value, end of period/year	$	6.68		$	9.57		$	10.59		$	11.53		$	11.15		$	12.75
Total return (C)		(20.44	)%(D)		8.43	%		(0.20	)%		20.35	%		4.30	%		0.32	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	69,897		$	82,402		$	83,567		$	94,083		$	86,943		$	51,809
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.08	%(E)		1.05	%		1.03	%		1.01	%		0.97	%		0.97	%
Including waiver and/or reimbursement and recapture		1.08	%(E)		1.05	%		1.03	%		1.01	%		0.97	%(B)		0.97	%
Net investment income (loss) to average net assets		2.13	%(E)		2.11	%		1.85	%		1.77	%		2.09	%(B)		1.74	%
Portfolio turnover rate		17	%(D)		55	%		22	%		14	%		54	%		15	%

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

For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class C
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017			October 31,   2016			October 31,   2015
Net asset value, beginning of period/year	$	9.52		$	10.53		$	11.47		$	11.09		$	12.70		$	13.32
Investment operations:
Net investment income (loss) (A)		0.05			0.12			0.11			0.11			0.14	(B)		0.12
Net realized and unrealized gain (loss)		(1.76	)		0.44			(0.19	)		1.91			0.22			(0.19	)
Total investment operations		(1.71	)		0.56			(0.08	)		2.02			0.36			(0.07	)
Dividends and/or distributions to shareholders:
Net investment income		(0.06)			(0.12)			(0.11	)		(0.14	)		(0.14	)		(0.12)
Net realized gains		(1.10	)		(1.45	)		(0.75	)		(1.50	)		(1.83	)		(0.43	)
Total dividends and/or distributions to shareholders		(1.16	)		(1.57	)		(0.86	)		(1.64	)		(1.97	)		(0.55	)
Net asset value, end of period/year	$	6.65		$	9.52		$	10.53		$	11.47		$	11.09		$	12.70
Total return (C)		(20.72	)%(D)		7.57	%		(1.06	)%		19.42	%		3.41	%		(0.62	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,086		$	5,836		$	5,816		$	7,080		$	7,755		$	4,749
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.91	%(E)		1.91	%		1.86	%		1.84	%		1.80	%		1.81	%
Including waiver and/or reimbursement and recapture		1.90	%(E)		1.90	%		1.86	%		1.84	%		1.80	%(B)		1.81	%
Net investment income (loss) to average net assets		1.33	%(E)		1.25	%		1.02	%		0.96	%		1.23	%(B)		0.89	%
Portfolio turnover rate		17	%(D)		55	%		22	%		14	%		54	%		15	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    316

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.57		$	10.59		$	11.52		$	11.14		$	12.75		$	13.35
Investment operations:
Net investment income (loss) (A)		0.10			0.21			0.22			0.21			0.25	(B)		0.25
Net realized and unrealized gain (loss)		(1.79	)		0.44			(0.17	)		1.93			0.22			(0.18	)
Total investment operations		(1.69	)		0.65			0.05			2.14			0.47			0.07
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.22	)		(0.23	)		(0.26	)		(0.25	)		(0.24	)
Net realized gains		(1.10	)		(1.45	)		(0.75	)		(1.50	)		(1.83	)		(0.43	)
Total dividends and/or distributions to shareholders		(1.20	)		(1.67	)		(0.98	)		(1.76	)		(2.08	)		(0.67	)
Net asset value, end of period/year	$	6.68		$	9.57		$	10.59		$	11.52		$	11.14		$	12.75
Total return		(20.36	)%(C)		8.65	%		0.06	%		20.56	%		4.38	%		0.49	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,129		$	12,013		$	16,823		$	17,286		$	10,559		$	6,318
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%(D)		0.87	%		0.85	%		0.84	%		0.81	%		0.81	%
Including waiver and/or reimbursement and recapture		0.90	%(D)		0.87	%		0.85	%		0.84	%		0.80	%(B)		0.81	%
Net investment income (loss) to average net assets		2.35	%(D)		2.30	%		1.98	%		1.91	%		2.26	%(B)		1.88	%
Portfolio turnover rate		17	%(C)		55	%		22	%		14	%		54	%		15	%

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

For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.57		$	10.59		$	11.53		$	11.15		$	12.75		$	13.36
Investment operations:
Net investment income (loss) (A)		0.10			0.22			0.24			0.23			0.26	(B)		0.26
Net realized and unrealized gain (loss)		(1.79	)		0.44			(0.19	)		1.92			0.23			(0.18	)
Total investment operations		(1.69	)		0.66			0.05			2.15			0.49			0.08
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.23	)		(0.24	)		(0.27	)		(0.26	)		(0.26	)
Net realized gains		(1.10	)		(1.45	)		(0.75	)		(1.50	)		(1.83	)		(0.43	)
Total dividends and/or distributions to shareholders		(1.20	)		(1.68	)		(0.99	)		(1.77	)		(2.09	)		(0.69	)
Net asset value, end of period/year	$	6.68		$	9.57		$	10.59		$	11.53		$	11.15		$	12.75
Total return		(20.30	)%(C)		8.77	%		0.08	%		20.67	%		4.57	%		0.52	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	321,132		$	428,187		$	484,565		$	576,947		$	672,378		$	852,448
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(D)		0.77	%		0.75	%		0.74	%		0.70	%		0.71	%
Including waiver and/or reimbursement and recapture		0.79	%(D)		0.77	%		0.75	%		0.74	%		0.70	%(B)		0.71	%
Net investment income (loss) to average net assets		2.42	%(D)		2.40	%		2.14	%		2.07	%		2.31	%(B)		1.98	%
Portfolio turnover rate		17	%(C)		55	%		22	%		14	%		54	%		15	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    317

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Dividend Focused
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.57		$	10.59		$	11.52		$	11.15		$	12.75		$	13.25
Investment operations:
Net investment income (loss) (B)		0.10			0.22			0.24			0.21			0.27	(C)		0.11
Net realized and unrealized gain (loss)		(1.79	)		0.44			(0.18	)		1.93			0.22			(0.48	)
Total investment operations		(1.69	)		0.66			0.06			2.14			0.49			(0.37	)
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.23	)		(0.24	)		(0.27	)		(0.26	)		(0.13	)
Net realized gains		(1.10	)		(1.45	)		(0.75	)		(1.50	)		(1.83	)		—
Total dividends and/or distributions to shareholders		(1.20	)		(1.68	)		(0.99	)		(1.77	)		(2.09	)		(0.13	)
Net asset value, end of period/year	$	6.68		$	9.57		$	10.59		$	11.52		$	11.15		$	12.75
Total return		(20.29	)%(D)		8.77	%		0.17	%		20.67	%		4.57	%		(2.79	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,936		$	4,518		$	4,082		$	3,524		$	474		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(E)		0.77	%		0.75	%		0.74	%		0.71	%		0.72	%(E)
Including waiver and/or reimbursement and recapture		0.79	%(E)		0.77	%		0.75	%		0.74	%		0.70	%(C)		0.72	%(E)
Net investment income (loss) to average net assets		2.40	%(E)		2.37	%		2.11	%		1.90	%		2.39	%(C)		1.99	%(E)
Portfolio turnover rate		17	%(D)		55	%		22	%		14	%		54	%		15	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Dynamic Income
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.18		$	8.83		$	9.45		$	9.46		$	9.38		$	10.48
Investment operations:
Net investment income (loss) (A)		0.21			0.33			0.32			0.32			0.36	(B)		0.39
Net realized and unrealized gain (loss)		(1.50	)		0.48			(0.54	)		0.06			0.32			(0.87	)
Total investment operations		(1.29	)		0.81			(0.22	)		0.38			0.68			(0.48	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.37	)		(0.32	)		(0.32	)		(0.33	)		(0.45	)
Net realized gains		—			—			—			—			(0.20	)		(0.17	)
Return of capital		—			(0.09	)		(0.08	)		(0.07	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.46	)		(0.40	)		(0.39	)		(0.60	)		(0.62	)
Net asset value, end of period/year	$	7.65		$	9.18		$	8.83		$	9.45		$	9.46		$	9.38
Total return (C)		(14.34	)%(D)		9.35	%		(2.38	)%		4.12	%		7.79	%		(4.78	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	43,561		$	58,587		$	68,424		$	97,964		$	122,240		$	175,092
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.00	%(F)		0.99	%		0.93	%		0.89	%		0.89	%		0.89	%
Including waiver and/or reimbursement and recapture		0.92	%(F)		0.92	%		0.92	%		0.89	%		0.88	%(B)		0.89	%
Net investment income (loss) to average net assets		4.87	%(F)		3.69	%		3.48	%		3.41	%		3.89	%(B)		3.84	%
Portfolio turnover rate		33	%(D)		20	%		23	%		9	%		27	%		159	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    318

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Dynamic Income
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.14		$	8.79		$	9.41		$	9.42		$	9.34		$	10.44
Investment operations:
Net investment income (loss) (A)		0.18			0.28			0.26			0.25			0.28	(B)		0.31
Net realized and unrealized gain (loss)		(1.50	)		0.46			(0.54	)		0.06			0.33			(0.87	)
Total investment operations		(1.32	)		0.74			(0.28	)		0.31			0.61			(0.56	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.31	)		(0.27	)		(0.26	)		(0.28	)		(0.37	)
Net realized gains		—			—			—			—			(0.20	)		(0.17	)
Return of capital		—			(0.08	)		(0.07	)		(0.06	)		(0.05	)		—
Total dividends and/or distributions to shareholders		(0.20	)		(0.39	)		(0.34	)		(0.32	)		(0.53	)		(0.54	)
Net asset value, end of period/year	$	7.62		$	9.14		$	8.79		$	9.41		$	9.42		$	9.34
Total return (C)		(14.63	)%(D)		8.56	%		(3.07	)%		3.34	%		7.00	%		(5.53	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	58,441		$	80,716		$	108,855		$	161,999		$	210,600		$	289,060
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.76	%(F)		1.74	%		1.69	%		1.65	%		1.65	%		1.65	%
Including waiver and/or reimbursement and recapture		1.67	%(F)		1.67	%		1.67	%		1.65	%		1.64	%(B)		1.65	%
Net investment income (loss) to average net assets		4.15	%(F)		3.12	%		2.77	%		2.68	%		3.11	%(B)		3.09	%
Portfolio turnover rate		33	%(D)		20	%		23	%		9	%		27	%		159	%

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

For a share outstanding during the period and years indicated:	Transamerica Dynamic Income
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.18		$	8.84		$	9.45		$	9.46		$	9.38		$	10.48
Investment operations:
Net investment income (loss) (A)		0.22			0.35			0.35			0.35			0.39	(B)		0.41
Net realized and unrealized gain (loss)		(1.49	)		0.47			(0.53	)		0.06			0.31			(0.87	)
Total investment operations		(1.27	)		0.82			(0.18	)		0.41			0.70			(0.46	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.38	)		(0.34	)		(0.34	)		(0.35	)		(0.47	)
Net realized gains		—			—			—			—			(0.20	)		(0.17	)
Return of capital		—			(0.10	)		(0.09	)		(0.08	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.25	)		(0.48	)		(0.43	)		(0.42	)		(0.62	)		(0.64	)
Net asset value, end of period/year	$	7.66		$	9.18		$	8.84		$	9.45		$	9.46		$	9.38
Total return		(14.23	)%(C)		9.50	%		(2.04	)%		4.37	%		8.06	%		(4.56	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	26,697		$	42,155		$	43,330		$	66,235		$	83,297		$	144,733
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.73	%(E)		0.72	%		0.68	%		0.66	%		0.65	%		0.66	%
Including waiver and/or reimbursement and recapture		0.67	%(E)		0.67	%		0.67	%		0.66	%		0.64	%(B)		0.66	%
Net investment income (loss) to average net assets		5.20	%(E)		3.88	%		3.78	%		3.66	%		4.25	%(B)		4.05	%
Portfolio turnover rate		33	%(C)		20	%		23	%		9	%		27	%		159	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    319

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.49		$	9.85		$	10.92		$	10.50		$	9.70		$	10.75
Investment operations:
Net investment income (loss) (A)		0.29			0.57			0.51			0.55			0.63	(B)		0.60
Net realized and unrealized gain (loss)		(1.37	)		0.44			(1.23	)		0.38			0.49			(1.26	)
Total investment operations		(1.08	)		1.01			(0.72	)		0.93			1.12			(0.66	)
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.37	)		(0.32	)		(0.51	)		(0.30	)		(0.39	)
Return of capital		—			—			(0.03	)		—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.27	)		(0.37	)		(0.35	)		(0.51	)		(0.32	)		(0.39	)
Net asset value, end of period/year	$	9.14		$	10.49		$	9.85		$	10.92		$	10.50		$	9.70
Total return (C)		(10.45	)%(D)		10.42	%		(6.65	)%		8.96	%		11.86	%		(6.30	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,403		$	9,203		$	15,294		$	21,804		$	35,765		$	59,093
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.23	%(E)		1.18	%		1.12	%		1.12	%		1.15	%		1.11	%
Including waiver and/or reimbursement and recapture		1.23	%(E)		1.18	%		1.12	%		1.12	%		1.15	%(B)		1.11	%
Net investment income (loss) to average net assets		5.70	%(E)		5.52	%		4.81	%		5.20	%		6.39	%(B)		5.94	%
Portfolio turnover rate		128	%(D)		255	%		221	%		247	%		257	%		237	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.41		$	9.76		$	10.85		$	10.43		$	9.66		$	10.72
Investment operations:
Net investment income (loss) (A)		0.25			0.50			0.42			0.48			0.55(B	)		0.53
Net realized and unrealized gain (loss)		(1.36	)		0.46			(1.22	)		0.36			0.49			(1.26	)
Total investment operations		(1.11	)		0.96			(0.80	)		0.84			1.04			(0.73	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.31	)		(0.26	)		(0.42	)		(0.25	)		(0.33	)
Return of capital		—			—			(0.03	)		—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.23	)		(0.31	)		(0.29	)		(0.42	)		(0.27	)		(0.33	)
Net asset value, end of period/year	$	9.07		$	10.41		$	9.76		$	10.85		$	10.43		$	9.66
Total return (C)		(10.80	)%(D)		9.70	%		(7.36	)%		8.26	%		11.01	%		(7.02	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,445		$	8,765		$	10,089		$	14,023		$	14,363		$	17,462
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.91	%(E)		1.88	%		1.88	%		1.87	%		1.89	%		1.84	%
Including waiver and/or reimbursement and recapture		1.91	%(E)		1.88	%		1.88	%		1.87	%		1.88	%(B)		1.84	%
Net investment income (loss) to average net assets		4.99	%(E)		4.89	%		4.03	%		4.53	%		5.56	%(B)		5.23	%
Portfolio turnover rate		128	%(D)		255	%		221	%		247	%		257	%		237	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    320

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.54		$	9.88		$	10.95		$	10.52		$	9.72		$	10.78
Investment operations:
Net investment income (loss) (A)		0.31			0.62			0.54			0.60			0.66	(B)		0.64
Net realized and unrealized gain (loss)		(1.38	)		0.46			(1.24	)		0.37			0.49			(1.27	)
Total investment operations		(1.07	)		1.08			(0.70	)		0.97			1.15			(0.63	)
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.42	)		(0.33	)		(0.54	)		(0.33	)		(0.43	)
Return of capital		—			—			(0.04	)		—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.29	)		(0.42	)		(0.37	)		(0.54	)		(0.35	)		(0.43	)
Net asset value, end of period/year	$	9.18		$	10.54		$	9.88		$	10.95		$	10.52		$	9.72
Total return		(10.31	)%(C)		10.89	%		(6.36	)%		9.33	%		12.27	%		(6.03	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	256,776		$	457,449		$	481,999		$	682,535		$	618,258		$	581,888
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(D)		0.80	%		0.82	%		0.82	%		0.82	%		0.81	%
Including waiver and/or reimbursement and recapture		0.82	%(D)		0.80	%		0.82	%		0.82	%		0.82	%(B)		0.81	%
Net investment income (loss) to average net assets		6.03	%(D)		5.96	%		5.12	%		5.62	%		6.60	%(B)		6.39	%
Portfolio turnover rate		128	%(C)		255	%		221	%		247	%		257	%		237	%

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

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.54		$	9.89		$	10.95		$	10.52		$	9.72		$	10.78
Investment operations:
Net investment income (loss) (A)		0.32			0.63			0.55			0.62			0.65	(B)		0.64
Net realized and unrealized gain (loss)		(1.39	)		0.45			(1.23	)		0.36			0.51			(1.26	)
Total investment operations		(1.07	)		1.08			(0.68	)		0.98			1.16			(0.62	)
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.43	)		(0.34	)		(0.55	)		(0.33	)		(0.44	)
Return of capital		—			—			(0.04	)		—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.29	)		(0.43	)		(0.38	)		(0.55	)		(0.36	)		(0.44	)
Net asset value, end of period/year	$	9.18		$	10.54		$	9.89		$	10.95		$	10.52		$	9.72
Total return		(10.26	)%(C)		11.00	%		(6.21	)%		9.44	%		12.25	%		(5.86	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	96,257		$	135,377		$	161,794		$	214,450		$	169,122		$	60,406
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%(D)		0.70	%		0.73	%		0.72	%		0.72	%		0.70	%
Including waiver and/or reimbursement and recapture		0.72	%(D)		0.70	%		0.73	%		0.72	%		0.72	%(B)		0.70	%
Net investment income (loss) to average net assets		6.18	%(D)		6.08	%		5.21	%		5.83	%		6.48	%(B)		6.29	%
Portfolio turnover rate		128	%(C)		255	%		221	%		247	%		257	%		237	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    321

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Emerging Markets Debt
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.53		$	9.88		$	10.94		$	10.52		$	9.71		$	10.37
Investment operations:
Net investment income (loss) (B)		0.32			0.63			0.58			0.64			0.66	(C)		0.28
Net realized and unrealized gain (loss)		(1.39	)		0.45			(1.26	)		0.33			0.51			(0.66	)
Total investment operations		(1.07	)		1.08			(0.68	)		0.97			1.17			(0.38	)
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.43	)		(0.34	)		(0.55	)		(0.33	)		(0.28	)
Return of capital		—			—			(0.04	)		—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.29	)		(0.43	)		(0.38	)		(0.55	)		(0.36	)		(0.28	)
Net asset value, end of period/year	$	9.17		$	10.53		$	9.88		$	10.94		$	10.52		$	9.71
Total return		(10.17	)%(D)		11.01	%		(6.30	)%		9.45	%		12.36	%		(3.71	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,540		$	5,915		$	5,512		$	6,933		$	87		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%(E)		0.70	%		0.73	%		0.72	%		0.72	%		0.71	%(E)
Including waiver and/or reimbursement and recapture		0.72	%(E)		0.70	%		0.73	%		0.72	%		0.72	%(C)		0.71	%(E)
Net investment income (loss) to average net assets		6.22	%(E)		6.09	%		5.50	%		5.87	%		6.62	%(C)		6.66	%(E)
Portfolio turnover rate		128	%(D)		255	%		221	%		247	%		257	%		237	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Equity
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.89		$	9.25		$	11.01		$	8.83		$	8.50		$	10.25
Investment operations:
Net investment income (loss) (A)		0.02			0.18			0.07			0.12			0.07	(B)		0.06
Net realized and unrealized gain (loss)		(0.99	)		0.49			(1.75	)		2.20			0.34			(1.70	)
Total investment operations		(0.97	)		0.67			(1.68	)		2.32			0.41			(1.64	)
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.03	)		(0.08	)		(0.14	)		(0.08	)		(0.11	)
Net asset value, end of period/year	$	8.70		$	9.89		$	9.25		$	11.01		$	8.83		$	8.50
Total return (C)		(10.04	)%(D)		7.15	%		(15.32	)%		26.75	%		4.88	%		(16.17	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,301		$	4,026		$	4,331		$	10,421		$	2,368		$	1,669
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.67	%(E)(F)		1.59	%(F)		1.53	%(F)		1.59	%		1.73	%		1.60	%
Including waiver and/or reimbursement and recapture		1.54	%(E)(F)		1.57	%(F)		1.53	%(F)		1.59	%		1.72	%(B)		1.60	%
Net investment income (loss) to average net assets		0.33	%(E)		1.87	%		0.61	%		1.16	%		0.87	%(B)		0.63	%
Portfolio turnover rate		27	%(D)		49	%		75	%		49	%		61	%		89	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    322

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Equity
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.76		$	9.15		$	10.89		$	8.74		$	8.41		$	10.14
Investment operations:
Net investment income (loss) (A)		(0.02	)		0.08			0.01			0.02			0.02	(B)		0.01
Net realized and unrealized gain (loss)		(0.97	)		0.53			(1.75	)		2.22			0.34			(1.70	)
Total investment operations		(0.99	)		0.61			(1.74	)		2.24			0.36			(1.69	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		—			(0.00	)(C)		(0.09	)		(0.03	)		(0.04	)
Net asset value, end of period/year	$	8.62		$	9.76		$	9.15		$	10.89		$	8.74		$	8.41
Total return (D)		(10.30	)%(E)		6.56	%		(15.95	)%		25.97	%		4.28	%		(16.73	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	788		$	934		$	1,625		$	2,552		$	1,846		$	1,882
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.26	%(F)(H)		2.18	%(G)(H)		2.23	%(H)		2.28	%		2.33	%		2.28	%
Including waiver and/or reimbursement and recapture		2.25	%(F)(H)		2.18	%(G)(H)		2.23	%(H)		2.28	%		2.32	%(B)		2.28	%
Net investment income (loss) to average net assets		(0.37	)%(F)		0.89	%		0.09	%		0.23	%		0.23	%(B)		0.08	%
Portfolio turnover rate		27	%(E)		49	%		75	%		49	%		61	%		89	%

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

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Equity
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.95		$	9.32		$	11.07		$	8.88		$	8.55		$	10.30
Investment operations:
Net investment income (loss) (A)		0.04			0.24			0.13			0.17			0.08	(B)		0.10
Net realized and unrealized gain (loss)		(0.98	)		0.48			(1.77	)		2.19			0.36			(1.72	)
Total investment operations		(0.94	)		0.72			(1.64	)		2.36			0.44			(1.62	)
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.09	)		(0.11	)		(0.17	)		(0.11	)		(0.13	)
Net asset value, end of period/year	$	8.73		$	9.95		$	9.32		$	11.07		$	8.88		$	8.55
Total return		(9.87	)%(C)		7.86	%		(15.01	)%		27.20	%		5.30	%		(15.89	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,801		$	6,956		$	6,653		$	8,072		$	476		$	1,281
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%(D)(E)		1.07	%(E)(F)		1.20	%(E)		1.27	%		1.31	%		1.25	%
Including waiver and/or reimbursement and recapture		1.11	%(D)(E)		1.07	%(E)(F)		1.20	%(E)		1.27	%		1.31	%(B)		1.25	%
Net investment income (loss) to average net assets		0.81	%(D)		2.44	%		1.20	%		1.64	%		1.04	%(B)		1.01	%
Portfolio turnover rate		27	%(C)		49	%		75	%		49	%		61	%		89	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    323

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Equity
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.96		$	9.33		$	11.08		$	8.89		$	8.56		$	10.30
Investment operations:
Net investment income (loss) (A)		0.04			0.24			0.19			0.13			0.12	(B)		0.12
Net realized and unrealized gain (loss)		(0.98	)		0.50			(1.83	)		2.24			0.33			(1.72	)
Total investment operations		(0.94	)		0.74			(1.64	)		2.37			0.45			(1.60	)
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.11	)		(0.11	)		(0.18	)		(0.12	)		(0.14	)
Net asset value, end of period/year	$	8.73		$	9.96		$	9.33		$	11.08		$	8.89		$	8.56
Total return		(9.82	)%(C)		7.90	%		(14.94	)%		27.35	%		5.41	%		(15.74	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	488,873		$	808,995		$	847,486		$	217,617		$	146,458		$	270,402
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%(D)(E)		0.97	%(E)		1.10	%(E)		1.17	%		1.19	%		1.14	%
Including waiver and/or reimbursement and recapture		1.01	%(D)(E)		0.96	%(E)		1.10	%(E)		1.17	%		1.18	%(B)		1.14	%
Net investment income (loss) to average net assets		0.80	%(D)		2.48	%		1.83	%		1.37	%		1.46	%(B)		1.26	%
Portfolio turnover rate		27	%(C)		49	%		75	%		49	%		61	%		89	%

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

For a share outstanding during the period indicated:	Transamerica Emerging Markets Opportunities
	Class I
	April 30, 2020 (unaudited) (A)
Net asset value, beginning of period	$	10.00
Investment operations:
Net investment income (loss) (B)		0.01
Net realized and unrealized gain (loss)		(1.98	)
Total investment operations		(1.97	)
Net asset value, end of period	$	8.03
Total return		(19.70	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	30
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.09	%(E)
Including waiver and/or reimbursement and recapture		0.98	%(E)
Net investment income (loss) to average net assets		0.36	%(E)
Portfolio turnover rate		27	%(C)

(A)	Commenced operations on December 19, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    324

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica Emerging Markets Opportunities
	Class I2
	April 30, 2020 (unaudited) (A)
Net asset value, beginning of period	$	10.00
Investment operations:
Net investment income (loss) (B)		0.03
Net realized and unrealized gain (loss)		(2.00	)
Total investment operations		(1.97	)
Net asset value, end of period	$	8.03
Total return		(19.70	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	409,446
Expenses to average net assets (D)		0.90	%(E)
Net investment income (loss) to average net assets		1.09	%(E)
Portfolio turnover rate		27	%(C)

(A)	Commenced operations on December 19, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Event Driven
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.60		$	10.36		$	10.46		$	9.78
Investment operations:
Net investment income (loss) (B)		(0.00	)(C)		0.02			(0.02	)		0.10
Net realized and unrealized gain (loss)		0.03			0.41			0.08			0.60
Total investment operations		0.03			0.43			0.06			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.00	)(C)		(0.16	)		(0.02	)
Net realized gains		(0.04	)		(0.19	)		—			—
Total dividends and/or distributions to shareholders		(0.04	)		(0.19	)		(0.16	)		(0.02	)
Net asset value, end of period/year	$	10.59		$	10.60		$	10.36		$	10.46
Total return		0.32	%(D)		4.34	%		0.57	%		7.19	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	690		$	834		$	706		$	60
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.53	%(F)		1.61	%		1.69	%		1.81	%(F)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.39	%(F)		1.53	%		1.49	%		1.44	%(F)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees from borrowings from securities sold short		1.35	%(F)		1.35	%		1.35	%		1.38	%(F)
Net investment income (loss) to average net assets		(0.08	)%(F)		0.18	%		(0.15	)%		1.03	%(F)
Portfolio turnover rate		91	%(D)		214	%		514	%		633	%

(A)	Commenced operations on November 11, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    325

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Event Driven
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.45		$	10.22		$	10.31		$	9.83		$	9.66		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.00	)(C)		0.02			(0.04	)		0.16			0.15	(D)		(0.03	)(E)
Net realized and unrealized gain (loss)		0.03			0.40			0.11			0.48			0.04	(F)		(0.31	)(E)
Total investment operations		0.03			0.42			0.07			0.64			0.19			(0.34	)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.00	)(C)		(0.16	)		(0.16	)		(0.02	)		—
Net realized gains		(0.04	)		(0.19	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.04	)		(0.19	)		(0.16	)		(0.16	)		(0.02	)		—
Net asset value, end of period/year	$	10.44		$	10.45		$	10.22		$	10.31		$	9.83		$	9.66
Total return		0.32	%(G)		4.41	%		0.68	%		6.55	%		1.98	%		(3.30	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	74,388		$	93,086		$	116,012		$	90,175		$	97,399		$	125,039
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.43	%(I)		1.51	%		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		1.39	%(I)		1.54	%		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	%(I)		1.35	%		1.35	%		1.45	%		1.73	%(D)		1.66	%(I)
Net investment income (loss) to average net assets		(0.08	)%(I)		0.19	%		(0.40	)%		1.55	%		1.62	%(D)		(0.44	)%(E)(I)
Portfolio turnover rate		91	%(G)		214	%		514	%		633	%		579	%		305	%

(A)	Commenced operations on March 31, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% 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 period.
(G)	Not annualized.
(H)	Does not include expenses of the underlying investments in which the Fund invests.
(I)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Floating Rate
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.61		$	9.87		$	9.97		$	9.95		$	9.82		$	9.92
Investment operations:
Net investment income (loss) (A)		0.21			0.48			0.42			0.38			0.40	(B)		0.34
Net realized and unrealized gain (loss)		(0.96	)		(0.26	)		(0.10	)		0.03			0.12			(0.08	)
Total investment operations		(0.75	)		0.22			0.32			0.41			0.52			0.26
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.48	)		(0.42	)		(0.39	)		(0.39	)		(0.35	)
Net realized gains		—			—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.20	)		(0.48	)		(0.42	)		(0.39	)		(0.39	)		(0.36	)
Net asset value, end of period/year	$	8.66		$	9.61		$	9.87		$	9.97		$	9.95		$	9.82
Total return (C)		(7.98	)%(D)		2.44	%		3.32	%		4.14	%		5.50	%		2.73	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,833		$	24,106		$	37,011		$	38,312		$	6,327		$	3,360
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.26	%(F)		1.07	%		1.07	%		1.08	%		1.11	%		1.11	%
Including waiver and/or reimbursement and recapture		1.05	%(F)		1.05	%		1.05	%		1.05	%		1.05	%(B)		1.05	%
Net investment income (loss) to average net assets		4.52	%(F)		4.94	%		4.22	%		3.79	%		4.05	%(B)		3.46	%
Portfolio turnover rate		13	%(D)		23	%		54	%		55	%		50	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    326

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Floating Rate
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.62		$	9.87		$	9.97		$	9.95		$	9.82		$	9.92
Investment operations:
Net investment income (loss) (A)		0.18			0.41			0.35			0.30			0.32	(B)		0.27
Net realized and unrealized gain (loss)		(0.96	)		(0.25	)		(0.10	)		0.04			0.13			(0.08	)
Total investment operations		(0.78	)		0.16			0.25			0.34			0.45			0.19
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.41	)		(0.35	)		(0.32	)		(0.32	)		(0.28	)
Net realized gains		—			—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.17	)		(0.41	)		(0.35	)		(0.32	)		(0.32	)		(0.29	)
Net asset value, end of period/year	$	8.67		$	9.62		$	9.87		$	9.97		$	9.95		$	9.82
Total return (C)		(8.22	)%(D)		1.68	%		2.55	%		3.36	%		4.70	%		1.98	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,864		$	18,255		$	22,412		$	17,549		$	6,669		$	2,904
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		2.00	%(F)		1.81	%		1.83	%		1.83	%		1.84	%		1.86	%
Including waiver and/or reimbursement and recapture		1.80	%(F)		1.80	%		1.80	%		1.80	%		1.80	%(B)		1.80	%
Net investment income (loss) to average net assets		3.81	%(F)		4.22	%		3.50	%		3.05	%		3.30	%(B)		2.78	%
Portfolio turnover rate		13	%(D)		23	%		54	%		55	%		50	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Floating Rate
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.58		$	9.84		$	9.94		$	9.92		$	9.79		$	9.92
Investment operations:
Net investment income (loss) (A)		0.22			0.51			0.45			0.40			0.41	(B)		0.35
Net realized and unrealized gain (loss)		(0.96	)		(0.26	)		(0.10	)		0.04			0.14			(0.09	)
Total investment operations		(0.74	)		0.25			0.35			0.44			0.55			0.26
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.51	)		(0.45	)		(0.42	)		(0.42	)		(0.38	)
Net realized gains		—			—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.21	)		(0.51	)		(0.45	)		(0.42	)		(0.42	)		(0.39	)
Net asset value, end of period/year	$	8.63		$	9.58		$	9.84		$	9.94		$	9.92		$	9.79
Total return		(7.90	)%(C)		2.69	%		3.57	%		4.40	%		5.75	%		2.66	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	59,478		$	99,384		$	187,447		$	72,316		$	13,061		$	787
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.00	%(E)		0.82	%		0.85	%		0.85	%		0.85	%		0.87	%
Including waiver and/or reimbursement and recapture		0.80	%(E)		0.80	%		0.80	%		0.80	%		0.80	%(B)		0.80	%
Net investment income (loss) to average net assets		4.78	%(E)		5.20	%		4.56	%		4.02	%		4.21	%(B)		3.57	%
Portfolio turnover rate		13	%(C)		23	%		54	%		55	%		50	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    327

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Floating Rate
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	9.62		$	9.87		$	9.97		$	9.95		$	9.82		$	9.92
Investment operations:
Net investment income (loss) (A)		0.22			0.52			0.45			0.41			0.42	(B)		0.38
Net realized and unrealized gain (loss)		(0.97	)		(0.25	)		(0.09	)		0.03			0.13			(0.09	)
Total investment operations		(0.75	)		0.27			0.36			0.44			0.55			0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.52	)		(0.46	)		(0.42	)		(0.42	)		(0.38	)
Net realized gains		—			—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.21	)		(0.52	)		(0.46	)		(0.42	)		(0.42	)		(0.39	)
Net asset value, end of period/year	$	8.66		$	9.62		$	9.87		$	9.97		$	9.95		$	9.82
Total return		(7.91	)%(C)		2.78	%		3.64	%		4.45	%		5.81	%		2.99	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9		$	81,278		$	473,047		$	512,061		$	374,908		$	336,546
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.90	%(E)		0.72	%		0.75	%		0.75	%		0.75	%		0.77	%
Including waiver and/or reimbursement and recapture		0.80	%(E)		0.72	%		0.75	%		0.75	%		0.75	%(B)(F)		0.80	%
Net investment income (loss) to average net assets		4.41	%(E)		5.30	%		4.54	%		4.12	%		4.32	%(B)		3.79	%
Portfolio turnover rate		13	%(C)		23	%		54	%		55	%		50	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Global Equity
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	14.19		$	13.17		$	13.58		$	11.14		$	11.15		$	11.08
Investment operations:
Net investment income (loss) (A)		0.01			0.11			0.05			0.08			0.08	(B)		0.05
Net realized and unrealized gain (loss)		(1.43	)		0.91			(0.20	)		2.64			(0.09	)		0.02
Total investment operations		(1.42	)		1.02			(0.15	)		2.72			(0.01	)		0.07
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.00	)(C)		(0.26	)		(0.28	)		—			—
Net realized gains		(0.64	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.80	)		(0.00	)		(0.26	)		(0.28	)		—			—
Net asset value, end of period/year	$	11.97		$	14.19		$	13.17		$	13.58		$	11.14		$	11.15
Total return (D)		(10.86	)%(E)		7.77	%		(1.18	)%		24.92	%		(0.09	)%		0.63	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	45,242		$	55,612		$	51,912		$	42,264		$	39,699		$	48,311
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.46	%(F)(G)		1.48	%(G)		1.45	%(G)		1.49	%		1.39	%		1.36	%(G)
Including waiver and/or reimbursement and recapture		1.35	%(F)(G)		1.35	%(G)		1.35	%(G)		1.35	%		1.34	%(B)		1.35	%(G)
Net investment income (loss) to average net assets		0.21	%(F)		0.80	%		0.35	%		0.68	%		0.74	%(B)		0.46	%
Portfolio turnover rate		37	%(E)		51	%		36	%		38	%		63	%		51	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    328

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Global Equity
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	13.77		$	12.87		$	13.27		$	10.89		$	10.98		$	10.99
Investment operations:
Net investment income (loss) (A)		(0.04	)		0.01			(0.06	)		(0.01	)		0.00	(B)(C)		(0.03	)
Net realized and unrealized gain (loss)		(1.41	)		0.89			(0.19	)		2.58			(0.09	)		0.02
Total investment operations		(1.45	)		0.90			(0.25	)		2.57			(0.09	)		(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.15	)		(0.19	)		—			—
Net realized gains		(0.64	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.64	)		—			(0.15	)		(0.19	)		—			—
Net asset value, end of period/year	$	11.68		$	13.77		$	12.87		$	13.27		$	10.89		$	10.98
Total return (D)		(11.23	)%(E)		6.99	%		(1.91	)%		23.90	%		(0.82	)%		(0.09	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,274		$	10,113		$	20,289		$	44,450		$	48,720		$	61,427
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.27	%(F)(G)		2.19	%(G)		2.18	%(G)		2.21	%		2.13	%		2.10	%(G)
Including waiver and/or reimbursement and recapture		2.10	%(F)(G)		2.10	%(G)		2.10	%(G)		2.10	%		2.09	%(C)		2.10	%(G)(H)
Net investment income (loss) to average net assets		(0.56	)%(F)		0.04	%		(0.41	)%		(0.07	)%		(0.01	)%(C)		(0.29	)%
Portfolio turnover rate		37	%(E)		51	%		36	%		38	%		63	%		51	%

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

For a share outstanding during the period and years indicated:	Transamerica Global Equity
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	14.23		$	13.20		$	13.61		$	11.19		$	11.17		$	11.06
Investment operations:
Net investment income (loss) (A)		0.03			0.15			0.08			0.11			0.11	(B)		0.09
Net realized and unrealized gain (loss)		(1.44	)		0.91			(0.20	)		2.64			(0.08	)		0.02
Total investment operations		(1.41	)		1.06			(0.12	)		2.75			0.03			0.11
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.03	)		(0.29	)		(0.33	)		(0.01	)		—
Net realized gains		(0.64	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.83	)		(0.03	)		(0.29	)		(0.33	)		(0.01	)		—
Net asset value, end of period/year	$	11.99		$	14.23		$	13.20		$	13.61		$	11.19		$	11.17
Total return		(10.76	)%(C)		8.07	%		(0.94	)%		25.20	%		0.24	%		0.99	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	26,983		$	38,582		$	32,283		$	34,572		$	28,605		$	37,576
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%(D)(E)		1.11	%(E)		1.12	%(E)		1.14	%		1.04	%		1.03	%(E)
Including waiver and/or reimbursement and recapture		1.10	%(D)(E)		1.10	%(E)		1.10	%(E)		1.10	%		1.02	%(B)		1.04	%(E)
Net investment income (loss) to average net assets		0.46	%(D)		1.09	%		0.59	%		0.93	%		1.04	%(B)		0.78	%
Portfolio turnover rate		37	%(C)		51	%		36	%		38	%		63	%		51	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    329

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Global Equity
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	14.25		$	13.22		$	13.62		$	11.22		$	11.18		$	11.63
Investment operations:
Net investment income (loss) (B)		0.04			0.15			0.10			0.13			0.09	(C)		0.03
Net realized and unrealized gain (loss)		(1.44	)		0.92			(0.20	)		2.63			(0.05	)		(0.48	)(D)
Total investment operations		(1.40	)		1.07			(0.10	)		2.76			0.04			(0.45	)
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.04	)		(0.30	)		(0.36	)		(0.00	)(E)		—
Net realized gains		(0.64	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.85	)		(0.04	)		(0.30	)		(0.36	)		(0.00	)		—
Net asset value, end of period/year	$	12.00		$	14.25		$	13.22		$	13.62		$	11.22		$	11.18
Total return		(10.73	)%(F)		8.14	%		(0.80	)%		25.19	%		0.36	%		(3.87	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	660		$	967		$	949		$	1,114		$	140		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%(G)(H)		1.01	%(H)		1.02	%(H)		1.04	%		0.95	%		0.93	%(G)(H)
Including waiver and/or reimbursement and recapture		0.99	%(G)(H)		1.01	%(H)		1.02	%(H)		1.04	%		0.94	%(C)		0.93	%(G)(H)
Net investment income (loss) to average net assets		0.58	%(G)		1.08	%		0.70	%		1.01	%		0.82	%(C)		0.61	%(G)
Portfolio turnover rate		37	%(F)		51	%		36	%		38	%		63	%		51	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Annualized.
(H)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)		0.02			0.00	(B)		0.00	(B)		0.00	(B)(C)		0.00	(B)
Total investment operations		0.00	(B)		0.02			0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)(D)		(0.02	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (E)		0.47	%(D)(F)		1.64	%		0.46	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	225,469		$	187,635		$	171,707		$	191,477		$	192,607		$	105,532
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.65	%(G)		0.65	%		0.68	%		0.78	%		0.87	%		1.07	%
Including waiver and/or reimbursement and recapture		0.64	%(G)(H)		0.73	%		1.25	%		0.82	%(I)		0.43	%(C)(I)		0.27	%(I)
Net investment income (loss) to average net assets		0.91	%(G)		1.62	%		0.44	%		0.01	%		0.01	%(C)		0.00	%(J)

(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)	Distributions to shareholders from Net investment income and Total return information reflect the impact of one or more distributions paid to shareholders related to certain Rule 12b-1 fees that had been paid from the Fund to TCI but had not been subsequently paid from TCI to various service providers. These fees were returned to the Fund and distributed from Net investment income. Please reference the Distribution and service fees section of the Notes to financial statements for more information regarding Rule 12b-1 fee payments. The Distributions to shareholders from Net investment income and Total return would have been 0.00 lower and 0.09% lower, respectively, had the Fund not paid out the distribution(s).
(E)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(F)	Not annualized.
(G)	Annualized.
(H)	Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class’s yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class’s effective daily yield being negative. Any such reimbursement may result in the class’s expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(I)	Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of March 1, 2019. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(J)	Rounds to less than 0.01% or (0.01)%.

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

Transamerica Funds Semi-Annual Report 2020

Page    330

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.01			0.01			0.00	(B)		0.00	(B)		0.00	(B)(C)		0.00	(B)
Total investment operations		0.01			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	)(D)		(0.01	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (E)		1.43	%(D)(F)		0.57	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	14,052		$	9,218		$	13,477		$	19,707		$	22,189		$	21,500
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.43	%(G)		1.41	%		1.46	%		1.56	%		1.61	%		1.68	%
Including waiver and/or reimbursement and recapture		1.06	%(G)(H)		1.77	%		1.69	%(I)		0.81	%(I)		0.43	%(C)(I)		0.27	%(I)
Net investment income (loss) to average net assets		2.76	%(G)		0.57	%		0.01	%		0.01	%		0.01	%(C)		0.00	%(J)

(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)	Distributions to shareholders from Net investment income and Total return information reflect the impact of one or more distributions paid to shareholders related to certain Rule 12b-1 fees that had been paid from the Fund to TCI but had not been subsequently paid from TCI to various service providers. These fees were returned to the Fund and distributed from Net investment income. Please reference the Distribution and service fees section of the Notes to financial statements for more information regarding Rule 12b-1 fee payments. The Distributions to shareholders from Net investment income and Total return would have been 0.01 lower and 1.31% lower, respectively, had the Fund not paid out the distribution(s).
(E)	Total return has been calculated without deduction of the contingent deferred sales charge.
(F)	Not annualized.
(G)	Annualized.
(H)	Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class’s yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class’s effective daily yield being negative. Any such reimbursement may result in the class’s expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(I)	Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of March 1, 2019. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(J)	Rounds to less than 0.01% or (0.01)%.

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)		0.02			0.01			0.00	(B)		0.00	(B)(C)		0.00	(B)
Total investment operations		0.00	(B)		0.02			0.01			0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)		(0.02	)		(0.01	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.46	%(D)		1.89	%		0.95	%		0.01	%		0.01	%		0.02	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	18,487		$	18,213		$	21,281		$	21,578		$	21,185		$	18,529
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.50	%(E)		0.50	%		0.52	%		0.62	%		0.69	%		0.78	%
Including waiver and/or reimbursement and recapture		0.48	%(E)(F)		0.48	%		0.76	%(G)		0.82	%(G)		0.43	%(C)(G)		0.26	%(G)
Net investment income (loss) to average net assets		0.92	%(E)		1.87	%		0.94	%		0.01	%		0.01	%(C)		0.01	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.
(F)	Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class’s yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class’s effective daily yield being negative. Any such reimbursement may result in the class’s expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(G)	Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of March 1, 2019. 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 Semi-Annual Report 2020

Page    331

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.01			0.01			0.00	(B)		0.00	(B)		0.00	(B)(C)		0.00	(B)
Total investment operations		0.01			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	)		(0.01	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.55	%(D)		1.42	%		0.01	%		0.01	%		0.01	%		0.02	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,691		$	5,400		$	4,017		$	7,850		$	11,954		$	35,245
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.30	%(E)		0.30	%		0.32	%		0.43	%		0.48	%		0.54	%
Including waiver and/or reimbursement and recapture		0.30	%(E)(F)(G)		0.88	%		1.64	%		0.79	%(H)		0.43	%(C)(H)		0.26	%(H)
Net investment income (loss) to average net assets		1.09	%(E)		1.47	%		0.00	%(I)		0.01	%		0.01	%(C)		0.01	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.
(G)	Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class’s yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class’s effective daily yield being negative. Any such reimbursement may result in the class’s expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(H)	Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of March 1, 2019. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(I)	Rounds to less than 0.01% or (0.01)%.

For a share outstanding during the periods and years indicated:	Transamerica Government Money Market
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.01			0.02			0.01			0.00	(C)
Total investment operations		0.01			0.02			0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.55	%(D)		2.07	%		1.41	%		0.34	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	93,908		$	134,883		$	106,431		$	122,549
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.30	%(E)		0.30	%		0.32	%		0.40	%(E)
Including waiver and/or reimbursement and recapture		0.30	%(E)(F)(G)		0.30	%(F)		0.30	%		0.30	%(E)(H)
Net investment income (loss) to average net assets		1.13	%(E)		2.02	%		1.41	%		0.86	%(E)

(A)	Commenced operations on May 19, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.
(G)	Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class’s yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class’s effective daily yield being negative. Any such reimbursement may result in the class’s expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.
(H)	Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of March 1, 2019. 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 Semi-Annual Report 2020

Page    332

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Government Money Market
	Class R2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)		0.02			0.01			0.00	(C)
Total investment operations		0.00	(C)		0.02			0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.35	%(D)		1.56	%		0.91	%		0.02	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	968,882		$	910,347		$	728,262		$	634,919
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(E)		0.85	%		0.88	%		0.91	%(E)
Including waiver and/or reimbursement and recapture		0.71	%(E)(F)		0.80	%		0.80	%		0.80	%(E)
Net investment income (loss) to average net assets		0.69	%(E)		1.54	%		0.92	%		0.30	%(E)

(A)	Commenced operations on October 13, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class’s yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class’s effective daily yield being negative. Any such reimbursement may result in the class’s expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.

For a share outstanding during the periods and years indicated:	Transamerica Government Money Market
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)		0.02			0.01			0.00	(C)
Total investment operations		0.00	(C)		0.02			0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.45	%(D)		1.86	%		1.21	%		0.03	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	114,568		$	117,731		$	174,150		$	190,300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.55	%(E)		0.55	%		0.57	%		0.65	%(E)
Including waiver and/or reimbursement and recapture		0.50	%(E)(F)		0.50	%		0.50	%		0.50	%(E)
Net investment income (loss) to average net assets		0.88	%(E)		1.85	%		1.19	%		0.61	%(E)

(A)	Commenced operations on October 13, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class’s yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class’s effective daily yield being negative. Any such reimbursement may result in the class’s expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.

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

Transamerica Funds Semi-Annual Report 2020

Page    333

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica High Quality Bond
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period	$	10.00		$	9.79		$	9.97		$	10.00
Investment operations:
Net investment income (loss) (B)		0.17			0.25			0.21			0.09
Net realized and unrealized gain (loss)		(0.32	)		0.27			(0.15	)		(0.04	)
Total investment operations		(0.15	)		0.52			0.06			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.31	)		(0.24	)		(0.08	)
Net asset value, end of period	$	9.67		$	10.00		$	9.79		$	9.97
Total return		(1.43	)%(C)		5.38	%		0.57	%		0.51	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	126,875		$	185,244		$	231,291		$	242,577
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.48	%(D)		0.45	%		0.44	%		0.48	%(D)
Including waiver and/or reimbursement and recapture		0.48	%(D)		0.45	%(E)		0.40	%		0.40	%(D)
Net investment income (loss) to average net assets		3.41	%(D)		2.55	%		2.16	%		1.63	%(D)
Portfolio turnover rate		40	%(C)		69	%		120	%		31	%

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the periods and years indicated:	Transamerica High Quality Bond
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period	$	10.02		$	9.82		$	9.99		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14			0.20			0.16			0.06
Net realized and unrealized gain (loss)		(0.30	)		0.26			(0.15	)		(0.03	)
Total investment operations		(0.16	)		0.46			0.01			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.26	)		(0.18	)		(0.04	)
Net asset value, end of period	$	9.70		$	10.02		$	9.82		$	9.99
Total return		(1.57	)%(C)		4.85	%		0.14	%		0.32	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	12,961		$	12,401		$	13,520		$	19,443
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.97	%(D)		0.94	%		0.93	%		0.97	%(D)
Including waiver and/or reimbursement and recapture		0.97	%(D)		0.94	%(E)		0.90	%		0.97	%(D)
Net investment income (loss) to average net assets		2.83	%(D)		2.00	%		1.60	%		1.03	%(D)
Portfolio turnover rate		40	%(C)		69	%		120	%		31	%

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    334

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica High Quality Bond
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.00		$	9.79		$	9.97		$	9.98		$	10.03		$	10.17		$	10.29
Investment operations:
Net investment income (loss) (D)		0.16			0.22			0.19			0.11			0.14			0.10			0.13
Net realized and unrealized gain (loss)		(0.32	)		0.28			(0.16	)		0.01	(E)		(0.01	)		(0.06	)		(0.07	)
Total investment operations		(0.16	)		0.50			0.03			0.12			0.13			0.04			0.06
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.29	)		(0.21	)		(0.13	)		(0.18	)		(0.18	)		(0.18	)
Net asset value, end of period/year	$	9.67		$	10.00		$	9.79		$	9.97		$	9.98		$	10.03		$	10.17
Total return		(1.53	)%(F)		5.15	%		0.31	%		1.13	%(F)		1.31	%		0.38	%		0.55	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	37,530		$	41,701		$	37,838		$	40,216		$	56,312		$	57,227		$	58,080
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%(G)		0.70	%		0.69	%		0.75	%(G)		0.78	%		0.76	%		0.77	%
Including waiver and/or reimbursement and recapture		0.65	%(G)		0.65	%		0.65	%		0.66	%(G)(H)		0.64	%(I)		0.65	%		0.65	%
Net investment income (loss) to average net assets		3.18	%(G)		2.24	%		1.89	%		1.33	%(G)		1.34	%		1.01	%		1.21	%
Portfolio turnover rate		40	%(F)		69	%		120	%		31	%(F)		92	%		70	%		92	%

(A)	Transamerica Partners Institutional High Quality Bond reorganized into the Fund on April 21, 2017. Prior to April 21, 2017, information provided reflects Transamerica Partners Institutional High Quality Bond, which was the accounting and performance survivor of the reorganization.
(B)	Effective April 21, 2017, the Fund underwent a 1.01-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on April 21, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Not annualized.
(G)	Annualized.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class A
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of period/year	$	9.01		$	8.86		$	9.34		$	9.06		$	8.97		$	9.68
Investment operations:
Net investment income (loss) (A)		0.20			0.48			0.50			0.48			0.49	(B)		0.48
Net realized and unrealized gain (loss)		(1.09	)		0.16			(0.49	)		0.30			0.10			(0.58	)
Total investment operations		(0.89	)		0.64			0.01			0.78			0.59			(0.10	)
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.49	)		(0.49	)		(0.50	)		(0.50	)		(0.49	)
Net realized gains		—			—			—			—			—			(0.12	)
Total dividends and/or distributions to shareholders		(0.22	)		(0.49	)		(0.49	)		(0.50	)		(0.50	)		(0.61	)
Net asset value, end of period/year	$	7.90		$	9.01		$	8.86		$	9.34		$	9.06		$	8.97
Total return (C)		(10.11	)%(D)		7.79	%		(0.20	)%		8.63	%		6.95	%		(1.11	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	76,746		$	94,450		$	87,028		$	104,904		$	114,761		$	127,509
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.06	%(E)		1.09	%		1.08	%		1.04	%		1.02	%		1.00	%
Including waiver and/or reimbursement and recapture		1.06	%(E)		1.05	%		1.00	%		1.04	%		1.01	%(B)		1.00	%
Net investment income (loss) to average net assets		4.64	%(E)		5.36	%		5.45	%		5.24	%		5.64	%(B)		5.14	%
Portfolio turnover rate		18	%(D)		38	%		35	%		39	%		49	%		61	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    335

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of period/year	$	8.97		$	8.81		$	9.30		$	9.02		$	8.92		$	9.64
Investment operations:
Net investment income (loss) (A)		0.17			0.42			0.43			0.42			0.43	(B)		0.41
Net realized and unrealized gain (loss)		(1.09	)		0.16			(0.50	)		0.29			0.10			(0.59	)
Total investment operations		(0.92	)		0.58			(0.07	)		0.71			0.53			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.42	)		(0.42	)		(0.43	)		(0.43	)		(0.42	)
Net realized gains		—			—			—			—			—			(0.12	)
Total dividends and/or distributions to shareholders		(0.19	)		(0.42	)		(0.42	)		(0.43	)		(0.43	)		(0.54	)
Net asset value, end of period/year	$	7.86		$	8.97		$	8.81		$	9.30		$	9.02		$	8.92
Total return (C)		(10.37	)%(D)		6.88	%		(0.88	)%		7.91	%		6.34	%		(1.95	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	21,226		$	26,922		$	31,361		$	46,129		$	51,787		$	58,147
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.75	%(E)		1.76	%		1.75	%		1.73	%		1.74	%		1.74	%
Including waiver and/or reimbursement and recapture		1.75	%(E)		1.75	%		1.72	%		1.73	%		1.73	%(B)		1.74	%
Net investment income (loss) to average net assets		3.96	%(E)		4.68	%		4.74	%		4.56	%		4.93	%(B)		4.41	%
Portfolio turnover rate		18	%(D)		38	%		35	%		39	%		49	%		61	%

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

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,    2016			October 31, 2015
Net asset value, beginning of period/year	$	9.06		$	8.91		$	9.40		$	9.13		$	9.03		$	9.74
Investment operations:
Net investment income (loss) (A)		0.22			0.51			0.52			0.52			0.52	(B)		0.51
Net realized and unrealized gain (loss)		(1.08	)		0.16			(0.49	)		0.28			0.10			(0.59	)
Total investment operations		(0.86	)		0.67			0.03			0.80			0.62			(0.08	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.52	)		(0.52	)		(0.53	)		(0.52	)		(0.51	)
Net realized gains		—			—			—			—			—			(0.12	)
Total dividends and/or distributions to shareholders		(0.24	)		(0.52	)		(0.52	)		(0.53	)		(0.52	)		(0.63	)
Net asset value, end of period/year	$	7.96		$	9.06		$	8.91		$	9.40		$	9.13		$	9.03
Total return		(9.85	)%(C)		7.93	%		0.17	%		8.83	%		7.33	%		(0.85	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	131,959		$	67,078		$	80,141		$	164,626		$	155,777		$	127,675
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.71	%(D)		0.74	%		0.74	%		0.73	%		0.73	%		0.74	%
Including waiver and/or reimbursement and recapture		0.65	%(D)		0.74	%(E)		0.71	%		0.73	%		0.72	%(B)		0.74	%
Net investment income (loss) to average net assets		5.03	%(D)		5.66	%		5.67	%		5.54	%		5.86	%(B)		5.32	%
Portfolio turnover rate		18	%(C)		38	%		35	%		39	%		49	%		61	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    336

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class I2
	April 30, 2020   (unaudited)			October 31,   2019			October 31, 2018			October 31, 2017			October 31,    2016			October 31, 2015
Net asset value, beginning of period/year	$	9.10		$	8.94		$	9.43		$	9.15		$	9.05		$	9.77
Investment operations:
Net investment income (loss) (A)		0.23			0.52			0.54			0.53			0.53	(B)		0.52
Net realized and unrealized gain (loss)		(1.10	)		0.17			(0.50	)		0.29			0.10			(0.60	)
Total investment operations		(0.87	)		0.69			0.04			0.82			0.63			(0.08	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.53	)		(0.53	)		(0.54	)		(0.53	)		(0.52	)
Net realized gains		—			—			—			—			—			(0.12	)
Total dividends and/or distributions to shareholders		(0.25	)		(0.53	)		(0.53	)		(0.54	)		(0.53	)		(0.64	)
Net asset value, end of period/year	$	7.98		$	9.10		$	8.94		$	9.43		$	9.15		$	9.05
Total return		(9.89	)%(C)		8.17	%		0.30	%		9.05	%		7.43	%		(0.84	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	773,503		$	477,381		$	472,589		$	858,441		$	958,137		$	788,225
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.61	%(D)		0.63	%		0.63	%		0.63	%		0.63	%		0.64	%
Including waiver and/or reimbursement and recapture		0.61	%(D)		0.63	%(E)		0.61	%		0.63	%		0.62	%(B)		0.64	%
Net investment income (loss) to average net assets		5.25	%(D)		5.80	%		5.83	%		5.65	%		6.01	%(B)		5.51	%
Portfolio turnover rate		18	%(C)		38	%		35	%		39	%		49	%		61	%

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

For a share outstanding during the periods and years indicated:	Transamerica High Yield Bond
	Class I3
	April 30, 2020     (unaudited)			October 31,   2019			October 31, 2018			October 31,     2017 (A)
Net asset value, beginning of period/year	$	9.10		$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.22			0.52			0.54			0.32
Net realized and unrealized gain (loss)		(1.09	)		0.18			(0.50	)		0.18
Total investment operations		(0.87	)		0.70			0.04			0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.53	)		(0.54	)		(0.32	)
Net asset value, end of period/year	$	7.98		$	9.10		$	8.93		$	9.43
Total return		(9.79	)%(C)		8.02	%		0.33	%		5.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	202,937		$	279,020		$	298,604		$	380,900
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.61	%(D)		0.63	%		0.63	%		0.63	%(D)
Including waiver and/or reimbursement and recapture		0.61	%(D)		0.63	%(E)		0.60	%		0.60	%(D)
Net investment income (loss) to average net assets		5.07	%(D)		5.79	%		5.85	%		5.69	%(D)
Portfolio turnover rate		18	%(C)		38	%		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    337

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica High Yield Bond
	Class R
	April 30, 2020    (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.10		$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.20			0.48			0.49			0.29
Net realized and unrealized gain (loss)		(1.10	)		0.17			(0.50	)		0.19
Total investment operations		(0.90	)		0.65			(0.01	)		0.48
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.48	)		(0.49	)		(0.30	)
Net asset value, end of period/year	$	7.98		$	9.10		$	8.93		$	9.43
Total return		(10.01	)%(C)		7.51	%		(0.17	)%		5.19	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	30,281		$	35,439		$	42,802		$	55,724
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.26	%(D)		1.26	%		1.23	%		1.14	%(D)
Including waiver and/or reimbursement and recapture		1.10	%(D)		1.10	%		1.10	%		1.10	%(D)
Net investment income (loss) to average net assets		4.63	%(D)		5.33	%		5.35	%		5.12	%(D)
Portfolio turnover rate		18	%(C)		38	%		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica High Yield Bond
	Class R4
	April 30, 2020    (unaudited)			October 31, 2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	9.10		$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.21			0.50			0.52			0.31
Net realized and unrealized gain (loss)		(1.09	)		0.18			(0.51	)		0.18
Total investment operations		(0.88	)		0.68			0.01			0.49
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.51	)		(0.51	)		(0.31	)
Net asset value, end of period/year	$	7.98		$	9.10		$	8.93		$	9.43
Total return		(9.90	)%(C)		7.78	%		0.08	%		5.35	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	375,258		$	396,605		$	361,072		$	369,181
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%(D)		0.88	%		0.88	%		0.88	%(D)
Including waiver and/or reimbursement and recapture		0.85	%(D)		0.85	%		0.85	%		0.85	%(D)
Net investment income (loss) to average net assets		4.90	%(D)		5.56	%		5.61	%		5.43	%(D)
Portfolio turnover rate		18	%(C)		38	%		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    338

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica High Yield Bond
	Class R6
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.10		$	8.94		$	9.43		$	9.15		$	9.05		$	9.56
Investment operations:
Net investment income (loss) (B)		0.22			0.52			0.54			0.54			0.52	(C)		0.22
Net realized and unrealized gain (loss)		(1.09	)		0.17			(0.50	)		0.28			0.11			(0.51	)
Total investment operations		(0.87	)		0.69			0.04			0.82			0.63			(0.29	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.53	)		(0.53	)		(0.54	)		(0.53	)		(0.22	)
Net asset value, end of period/year	$	7.98		$	9.10		$	8.94		$	9.43		$	9.15		$	9.05
Total return		(9.79	)%(D)		8.05	%		0.29	%		9.06	%		7.43	%		(3.04	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	44,199		$	44,675		$	29,499		$	34,335		$	4,086		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.61	%(E)		0.63	%		0.63	%		0.63	%		0.63	%		0.63	%(E)
Including waiver and/or reimbursement and recapture		0.61	%(E)		0.63	%(F)		0.61	%		0.63	%		0.61	%(C)		0.63	%(E)
Net investment income (loss) to average net assets		5.14	%(E)		5.77	%		5.85	%		5.73	%		5.81	%(C)		5.64	%(E)
Portfolio turnover rate		18	%(D)		38	%		35	%		39	%		49	%		61	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of period/year	$	11.98		$	11.34		$	11.60		$	11.88		$	11.47		$	11.46
Investment operations:
Net investment income (loss) (A)		0.17			0.42			0.40			0.34			0.31	(B)		0.33
Net realized and unrealized gain (loss)		(1.08	)		0.64			(0.26	)		(0.11	)		0.47			0.36
Total investment operations		(0.91	)		1.06			0.14			0.23			0.78			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.42	)		(0.40	)		(0.35	)		(0.30	)		(0.32	)
Net realized gains		—			—			—			(0.16	)		(0.07	)		(0.36	)
Total dividends and/or distributions to shareholders		(0.22	)		(0.42	)		(0.40	)		(0.51	)		(0.37	)		(0.68	)
Net asset value, end of period/year	$	10.85		$	11.98		$	11.34		$	11.60		$	11.88		$	11.47
Total return (C)		(7.72	)%(D)		9.54	%		1.19	%		2.26	%		6.72	%		6.24	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	17,145		$	22,116		$	30,521		$	34,191		$	58,848		$	24,700
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.02	%(F)		1.04	%		1.00	%		1.04	%		0.98	%		1.29	%
Including waiver and/or reimbursement and recapture		0.91	%(F)		0.91	%		0.91	%		0.91	%		0.91	%(B)		0.91	%
Net investment income (loss) to average net assets		2.91	%(F)		3.63	%		3.45	%		3.02	%		2.59	%(B)		2.88	%
Portfolio turnover rate		18	%(D)		54	%		119	%		115	%		61	%		78	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    339

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of period/year	$	11.99		$	11.35		$	11.61		$	11.88		$	11.48		$	11.47
Investment operations:
Net investment income (loss) (A)		0.14			0.36			0.33			0.28			0.24	(B)		0.26
Net realized and unrealized gain (loss)		(1.09	)		0.64			(0.26	)		(0.11	)		0.46			0.37
Total investment operations		(0.95	)		1.00			0.07			0.17			0.70			0.63
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.36	)		(0.33	)		(0.28	)		(0.23	)		(0.26	)
Net realized gains		—			—			—			(0.16	)		(0.07	)		(0.36	)
Total dividends and/or distributions to shareholders		(0.18	)		(0.36	)		(0.33	)		(0.44	)		(0.30	)		(0.62	)
Net asset value, end of period/year	$	10.86		$	11.99		$	11.35		$	11.61		$	11.88		$	11.48
Total return (C)		(7.99	)%(D)		8.89	%		0.59	%		1.64	%		6.12	%		5.62	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10,390		$	11,561		$	11,389		$	12,109		$	13,670		$	3,708
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.78	%(F)		1.81	%		1.76	%		1.80	%		1.73	%		2.04	%
Including waiver and/or reimbursement and recapture		1.51	%(F)		1.51	%		1.51	%		1.51	%		1.51	%(B)		1.51	%
Net investment income (loss) to average net assets		2.33	%(F)		3.05	%		2.84	%		2.42	%		2.02	%(B)		2.31	%
Portfolio turnover rate		18	%(D)		54	%		119	%		115	%		61	%		78	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of period/year	$	12.00		$	11.36		$	11.62		$	11.89		$	11.48		$	11.47
Investment operations:
Net investment income (loss) (A)		0.18			0.44			0.42			0.36			0.33	(B)		0.34
Net realized and unrealized gain (loss)		(1.10	)		0.64			(0.26	)		(0.10	)		0.46			0.37
Total investment operations		(0.92	)		1.08			0.16			0.26			0.79			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.44	)		(0.42	)		(0.37	)		(0.31	)		(0.34	)
Net realized gains		—			—			—			(0.16	)		(0.07	)		(0.36	)
Total dividends and/or distributions to shareholders		(0.23	)		(0.44	)		(0.42	)		(0.53	)		(0.38	)		(0.70	)
Net asset value, end of period/year	$	10.85		$	12.00		$	11.36		$	11.62		$	11.89		$	11.48
Total return		(7.80	)%(C)		9.70	%		1.35	%		2.41	%		6.96	%		6.38	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	54,892		$	75,539		$	61,523		$	57,151		$	55,795		$	19,085
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.82	%(E)		0.84	%		0.79	%		0.83	%		0.77	%		1.07	%
Including waiver and/or reimbursement and recapture		0.76	%(E)		0.76	%		0.76	%		0.76	%		0.76	%(B)		0.76	%
Net investment income (loss) to average net assets		3.06	%(E)		3.79	%		3.59	%		3.17	%		2.76	%(B)		3.04	%
Portfolio turnover rate		18	%(C)		54	%		119	%		115	%		61	%		78	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    340

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica High Yield Muni
	Class I2
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016 (A)
Net asset value, beginning of period/year	$	12.00		$	11.36		$	11.62		$	11.89		$	12.10
Investment operations:
Net investment income (loss) (B)		0.18			0.45			0.42			0.37			0.03
Net realized and unrealized gain (loss)		(1.08	)		0.64			(0.26	)		(0.11	)		(0.21	)(C)
Total investment operations		(0.90	)		1.09			0.16			0.26			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.45	)		(0.42	)		(0.37	)		(0.03	)
Net realized gains		—			—			—			(0.16	)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.45	)		(0.42	)		(0.53	)		(0.03	)
Net asset value, end of period/year	$	10.86		$	12.00		$	11.36		$	11.62		$	11.89
Total return		(7.64	)%(D)		9.73	%		1.42	%		2.44	%		(1.47	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11		$	10		$	10		$	10
Expenses to average net assets (E)		0.71	%(F)		0.73	%		0.68	%		0.72	%		0.66	%(F)
Net investment income (loss) to average net assets		3.13	%(F)		3.83	%		3.67	%		3.21	%		3.22	%(F)
Portfolio turnover rate		18	%(D)		54	%		119	%		115	%		61	%

(A)	Commenced operations on September 30, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.26		$	9.58		$	9.97		$	9.99		$	9.57		$	9.95
Investment operations:
Net investment income (loss) (A)		0.09			0.16			0.20			0.14			0.08	(B)		0.00	(C)
Net realized and unrealized gain (loss)		0.02			0.67			(0.38	)		(0.03	)		0.34			(0.34	)
Total investment operations		0.11			0.83			(0.18	)		0.11			0.42			(0.34	)
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.15	)		(0.21	)		(0.13	)		—			(0.02	)
Net realized gains		—			—			—			—			—			(0.01	)
Return of capital		—			—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.06	)		(0.15	)		(0.21	)		(0.13	)		—			(0.04	)
Net asset value, end of period/year	$	10.31		$	10.26		$	9.58		$	9.97		$	9.99		$	9.57
Total return (D)		1.08	%(E)		8.73	%		(1.81	)%		1.11	%		4.39	%		(3.48	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,079		$	778		$	719		$	634		$	645		$	516
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%(F)(G)		1.07	%(G)		0.95	%(G)		1.55	%		1.00	%		0.99	%
Including waiver and/or reimbursement and recapture		1.00	%(F)(G)		1.00	%(G)		1.00	%(G)		1.00	%		0.99	%(B)		1.00	%
Net investment income (loss) to average net assets		1.70	%(F)		1.59	%		2.02	%		1.39	%		0.81	%(B)		0.01	%
Portfolio turnover rate		13	%(E)		23	%		36	%		41	%		39	%		35	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    341

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.04		$	9.41		$	9.81		$	9.84		$	9.50		$	9.94
Investment operations:
Net investment income (loss) (A)		0.03			0.08			0.13			0.07			0.01	(B)		(0.08	)
Net realized and unrealized gain (loss)		0.04			0.66			(0.38	)		(0.03	)		0.33			(0.34	)
Total investment operations		0.07			0.74			(0.25	)		0.04			0.34			(0.42	)
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.11	)		(0.15	)		(0.07	)		—			(0.01	)
Net realized gains		—			—			—			—			—			(0.01	)
Return of capital		—			—			—			—			—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.03	)		(0.11	)		(0.15	)		(0.07	)		—			(0.02	)
Net asset value, end of period/year	$	10.08		$	10.04		$	9.41		$	9.81		$	9.84		$	9.50
Total return (D)		0.66	%(E)		7.90	%		(2.59	)%		0.46	%		3.58	%		(4.22	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	536		$	529		$	456		$	709		$	517		$	371
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.84	%(F)(G)		1.80	%(G)		1.81	%(G)		1.80	%		1.77	%		1.77	%
Including waiver and/or reimbursement and recapture		1.75	%(F)(G)		1.75	%(G)		1.75	%(G)		1.75	%		1.74	%(B)		1.75	%
Net investment income (loss) to average net assets		0.65	%(F)		0.80	%		1.35	%		0.70	%		0.12	%(B)		(0.85	)%
Portfolio turnover rate		13	%(E)		23	%		36	%		41	%		39	%		35	%

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

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.32		$	9.63		$	10.03		$	10.03		$	9.59		$	9.95
Investment operations:
Net investment income (loss) (A)		0.08			0.18			0.18			0.17			0.10	(B)		0.01
Net realized and unrealized gain (loss)		0.04			0.68			(0.34	)		(0.03	)		0.34			(0.33	)
Total investment operations		0.12			0.86			(0.16	)		0.14			0.44			(0.32	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.17	)		(0.24	)		(0.14	)		—			(0.02	)
Net realized gains		—			—			—			—			—			(0.01	)
Return of capital		—			—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.07	)		(0.17	)		(0.24	)		(0.14	)		—			(0.04	)
Net asset value, end of period/year	$	10.37		$	10.32		$	9.63		$	10.03		$	10.03		$	9.59
Total return		1.19	%(C)		8.97	%		(1.67	)%		1.47	%		4.59	%		(3.22	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,469		$	4,658		$	2,156		$	270		$	1,336		$	259
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%(D)(E)		0.82	%(E)		0.82	%(E)		0.81	%		0.79	%		0.78	%
Including waiver and/or reimbursement and recapture		0.75	%(D)(E)		0.75	%(E)		0.75	%(E)		0.75	%		0.74	%(B)		0.75	%
Net investment income (loss) to average net assets		1.60	%(D)		1.80	%		1.81	%		1.76	%		0.98	%(B)		0.05	%
Portfolio turnover rate		13	%(C)		23	%		36	%		41	%		39	%		35	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    342

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31,   2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of period/year	$	10.35		$	9.65		$	10.05		$	10.05		$	9.60		$	9.96
Investment operations:
Net investment income (loss) (A)		0.08			0.19			0.24			0.17			0.10	(B)		0.02
Net realized and unrealized gain (loss)		0.04			0.68			(0.40	)		(0.02	)		0.35			(0.34	)
Total investment operations		0.12			0.87			(0.16	)		0.15			0.45			(0.32	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.17	)		(0.24	)		(0.15	)		—			(0.02	)
Net realized gains		—			—			—			—			—			(0.01	)
Return of capital		—			—			—			—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.07	)		(0.17	)		(0.24	)		(0.15	)		—			(0.04	)
Net asset value, end of period/year	$	10.40		$	10.35		$	9.65		$	10.05		$	10.05		$	9.60
Total return		1.19	%(C)		9.09	%		(1.63	)%		1.53	%		4.69	%		(3.19	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	93,481		$	121,491		$	148,450		$	171,965		$	178,853		$	234,802
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%(D)(E)		0.71	%(E)		0.70	%(E)		0.70	%		0.68	%		0.66	%
Including waiver and/or reimbursement and recapture		0.75	%(D)(E)		0.71	%(E)		0.70	%(E)		0.70	%		0.67	%(B)		0.66	%
Net investment income (loss) to average net assets		1.63	%(D)		1.86	%		2.38	%		1.67	%		0.99	%(B)		0.21	%
Portfolio turnover rate		13	%(C)		23	%		36	%		41	%		39	%		35	%

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

For a share outstanding during the periods and years indicated:	Transamerica Inflation Opportunities
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	10.35		$	9.66		$	10.05		$	10.05		$	9.92
Investment operations:
Net investment income (loss) (B)		0.09			0.19			0.24			0.17			0.03	(C)
Net realized and unrealized gain (loss)		0.03			0.67			(0.39	)		(0.02	)		0.10
Total investment operations		0.12			0.86			(0.15	)		0.15			0.13
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.17	)		(0.24	)		(0.15	)		—
Net asset value, end of period/year	$	10.40		$	10.35		$	9.66		$	10.05		$	10.05
Total return		1.19	%(D)		8.97	%		(1.53	)%		1.53	%		1.31	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	56		$	55		$	51		$	51		$	51
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(E)(F)		0.71	%(F)		0.70	%(F)		0.70	%		0.66	%(E)
Including waiver and/or reimbursement and recapture		0.75	%(E)(F)		0.71	%(F)		0.70	%(F)		0.70	%		0.64	%(C)(E)
Net investment income (loss) to average net assets		1.65	%(E)		1.87	%		2.37	%		1.69	%		1.15	%(C)(E)
Portfolio turnover rate		13	%(D)		23	%		36	%		41	%		39	%

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Semi-Annual Report 2020

Page    343

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Inflation-Protected Securities
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.21		$	9.63		$	9.97		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.17			0.26			0.08
Net realized and unrealized gain (loss)		0.29			0.65			(0.34	)		(0.06	)
Total investment operations		0.36			0.82			(0.08	)		0.02
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.24	)		(0.26	)		(0.05	)
Net asset value, end of period/year	$	10.48		$	10.21		$	9.63		$	9.97
Total return		3.56	%(C)		8.58	%		(0.88	)%		0.16	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	95,935		$	104,687		$	111,874		$	144,334
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.55	%(E)		0.49	%		0.56	%		0.52	%(E)
Including waiver and/or reimbursement and recapture		0.53	%(E)		0.47	%		0.40	%		0.40	%(E)
Net investment income (loss) to average net assets		1.44	%(E)		1.73	%		2.59	%		1.45	%(E)
Portfolio turnover rate		6	%(C)		14	%		134	%		51	%(C)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Inflation-Protected Securities
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.23		$	9.65		$	9.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.05			0.11			0.21			0.05
Net realized and unrealized gain (loss)		0.28			0.67			(0.34	)		(0.07	)
Total investment operations		0.33			0.78			(0.13	)		(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.20	)		(0.20	)		(0.00	)(C)
Net asset value, end of period/year	$	10.49		$	10.23		$	9.65		$	9.98
Total return		3.21	%(D)		8.24	%		(1.29	)%		(0.20	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10,336		$	9,125		$	10,508		$	12,683
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.05	%(F)		0.98	%		1.05	%		1.01	%(F)
Including waiver and/or reimbursement and recapture		1.00	%(F)		1.00	%		0.92	%		1.00	%(F)
Net investment income (loss) to average net assets		1.05	%(F)		1.13	%		2.07	%		0.85	%(F)
Portfolio turnover rate		6	%(D)		14	%		134	%		51	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    344

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Inflation-Protected Securities
	Class R4
	April 30, 2020 (unaudited)			October 31,      2019			October 31,   2018			October 31,       2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.23		$	9.63		$	9.97		$	9.93		$	9.69		$	9.93		$	9.85
Investment operations:
Net investment income (loss) (D)		0.07			0.10			0.23			0.12			0.11			(0.01	)		0.09
Net realized and unrealized gain (loss)		0.28			0.72			(0.34	)		0.01	(E)		0.26			(0.21	)		0.19
Total investment operations		0.35			0.82			(0.11	)		0.13			0.37			(0.22	)		0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.22	)		(0.23	)		(0.09	)		(0.13	)		—			(0.14	)
Net realized gains		—			—			—			—			—			—			(0.03	)
Return of capital		—			—			—			—			—			(0.02	)		(0.03	)
Total dividends and/or distributions to shareholders		(0.08	)		(0.22	)		(0.23	)		(0.09	)		(0.13	)		(0.02	)		(0.20	)
Net asset value, end of period/year	$	10.50		$	10.23		$	9.63		$	9.97		$	9.93		$	9.69		$	9.93
Total return		3.42	%(F)		8.58	%		(1.15	)%		1.37	%(F)		3.76	%		(2.18	)%		2.74	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,019		$	2,340		$	15,421		$	23,203		$	63,638		$	76,421		$	85,490
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.80	%(G)(H)		0.74	%(H)		0.81	%(H)		0.81	%(G)(H)		0.82	%		0.80	%		0.78	%
Including waiver and/or reimbursement and recapture		0.65	%(G)(H)		0.65	%(H)		0.65	%(H)(I)		0.66	%(G)(H)(I)		0.64	%(J)		0.65	%		0.65	%
Net investment income (loss) to average net assets		1.33	%(G)		1.07	%		2.33	%		1.41	%(G)		1.13	%		(0.13	)%		0.93	%
Portfolio turnover rate		6	%(F)		14	%		134	%		51	%(F)		52	%		54	%		81	%

(A)	Transamerica Partners Institutional Inflation-Protected Securities reorganized into the Fund on April 21, 2017. Prior to April 21, 2017, information provided reflects Transamerica Partners Institutional Inflation-Protected Securities, which was the accounting and performance survivor of the reorganization.
(B)	Effective April 21, 2017, the Fund underwent a 0.97-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on April 21, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Not annualized.
(G)	Annualized.
(H)	Does not include expenses of the underlying investments in which the Fund invests.
(I)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(J)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the periods and years indicated:	Transamerica Intermediate Bond
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.50		$	9.70		$	10.20		$	10.08
Investment operations:
Net investment income (loss) (B)		0.12			0.28			0.27			0.14
Net realized and unrealized gain (loss)		0.20			0.81			(0.49	)		0.14
Total investment operations		0.32			1.09			(0.22	)		0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.29	)		(0.28	)		(0.16	)
Net asset value, end of period/year	$	10.69		$	10.50		$	9.70		$	10.20
Total return		3.12	%(C)		11.39	%		(2.22	)%		2.92	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,297,121		$	1,826,481		$	1,971,571		$	2,058,090
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%(D)		0.42	%		0.41	%		0.43	%(D)
Including waiver and/or reimbursement and recapture		0.42	%(D)		0.42	%(E)		0.41	%		0.43	%(D)
Net investment income (loss) to average net assets		2.31	%(D)		2.77	%		2.68	%		2.29	%(D)
Portfolio turnover rate		25	%(C)		49	%		49	%		22	%(C)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    345

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Intermediate Bond
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.51		$	9.72		$	10.22		$	10.08
Investment operations:
Net investment income (loss) (B)		0.12			0.28			0.27			0.14
Net realized and unrealized gain (loss)		0.21			0.80			(0.49	)		0.15
Total investment operations		0.33			1.08			(0.22	)		0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.29	)		(0.28	)		(0.15	)
Net asset value, end of period/year	$	10.71		$	10.51		$	9.72		$	10.22
Total return		3.21	%(C)		11.26	%		(2.21	)%		2.87	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	364,444		$	485,794		$	697,789		$	628,055
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%(D)		0.42	%		0.41	%		0.42	%(D)
Including waiver and/or reimbursement and recapture		0.42	%(D)		0.42	%(E)		0.40	%		0.40	%(D)
Net investment income (loss) to average net assets		2.31	%(D)		2.78	%		2.70	%		2.33	%(D)
Portfolio turnover rate		25	%(C)		49	%		49	%		22	%(C)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the periods and years indicated:	Transamerica Intermediate Bond
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.52		$	9.73		$	10.22		$	10.08
Investment operations:
Net investment income (loss) (B)		0.10			0.23			0.22			0.11
Net realized and unrealized gain (loss)		0.21			0.80			(0.48	)		0.14
Total investment operations		0.31			1.03			(0.26	)		0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.24	)		(0.23	)		(0.11	)
Net asset value, end of period/year	$	10.72		$	10.52		$	9.73		$	10.22
Total return		2.99	%(C)		10.68	%		(2.61	)%		2.50	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	43,284		$	51,335		$	94,748		$	112,450
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%(D)		0.91	%		0.91	%		0.91	%(D)
Including waiver and/or reimbursement and recapture		0.92	%(D)		0.91	%(E)		0.90	%		0.91	%(D)
Net investment income (loss) to average net assets		1.81	%(D)		2.29	%		2.18	%		1.75	%(D)
Portfolio turnover rate		25	%(C)		49	%		49	%		22	%(C)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    346

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Intermediate Bond
	Class R4
	April 30, 2020   (unaudited)			October 31,   2019			October 31,   2018			October 31,   2017 (A) (B) (C)			December 31,   2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.52		$	9.72		$	10.22		$	10.03		$	10.04		$	10.32		$	10.10
Investment operations:
Net investment income (loss) (D)		0.11			0.26			0.24			0.17			0.22			0.21			0.24
Net realized and unrealized gain (loss)		0.20			0.81			(0.49	)		0.21			0.10			(0.18	)		0.37
Total investment operations		0.31			1.07			(0.25	)		0.38			0.32			0.03			0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.27	)		(0.25	)		(0.19	)		(0.24	)		(0.23	)		(0.27	)
Net realized gains		—			—			—			—			(0.09	)		(0.08	)		(0.12	)
Total dividends and/or distributions to shareholders		(0.12	)		(0.27	)		(0.25	)		(0.19	)		(0.33	)		(0.31	)		(0.39	)
Net asset value, end of period/year	$	10.71		$	10.52		$	9.72		$	10.22		$	10.03		$	10.04		$	10.32
Total return		2.99	%(E)		11.10	%		(2.46	)%		3.75	%(E)		3.21	%		0.21	%		5.99	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	161,443		$	178,769		$	181,447		$	291,565		$	317,150		$	373,605		$	410,662
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.67	%(F)		0.67	%		0.66	%		0.68	%(F)		0.71	%		0.71	%		0.72	%
Including waiver and/or reimbursement and recapture		0.65	%(F)		0.65	%		0.65	%		0.65	%(F)		0.63	%(G)		0.65	%		0.65	%
Net investment income (loss) to average net assets		2.08	%(F)		2.54	%		2.41	%		1.99	%(F)		2.08	%		1.99	%		2.32	%
Portfolio turnover rate		25	%(E)		49	%		49	%		22	%(E)		50	%		46	%		184	%

(A)	Transamerica Partners Institutional Core Bond reorganized into the Fund on March 24, 2017. Prior to March 24, 2017, information provided reflects Transamerica Partners Institutional Core Bond, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 24, 2017, the Fund underwent a 1.06-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 24, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017 – October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class A
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of period/year	$	11.80		$	11.06		$	11.40		$	11.57		$	11.31		$	11.16
Investment operations:
Net investment income (loss) (A)		0.08			0.28			0.26			0.23			0.21	(B)		0.19
Net realized and unrealized gain (loss)		(0.33	)		0.75			(0.34	)		(0.10	)		0.30			0.29
Total investment operations		(0.25	)		1.03			(0.08	)		0.13			0.51			0.48
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.29	)		(0.26	)		(0.23	)		(0.20	)		(0.18	)
Net realized gains		—			—			—			(0.07	)		(0.05	)		(0.15	)
Total dividends and/or distributions to shareholders		(0.14	)		(0.29	)		(0.26	)		(0.30	)		(0.25	)		(0.33	)
Net asset value, end of period/year	$	11.41		$	11.80		$	11.06		$	11.40		$	11.57		$	11.31
Total return (C)		(2.12	)%(D)		9.35	%		(0.73	)%		1.20	%		4.58	%		4.37	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	223,300		$	218,941		$	269,452		$	312,347		$	426,748		$	117,387
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.75	%(F)		0.78	%		0.77	%		0.78	%		0.78	%		0.89	%
Including waiver and/or reimbursement and recapture		0.65	%(F)		0.68	%		0.67	%		0.68	%		0.68	%(B)		0.86	%
Net investment income (loss) to average net assets		1.33	%(F)		2.47	%		2.29	%		2.00	%		1.79	%(B)		1.69	%
Portfolio turnover rate		11	%(D)		14	%		34	%		55	%		34	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    347

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class C
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of period/year	$	11.78		$	11.03		$	11.38		$	11.54		$	11.28		$	11.14
Investment operations:
Net investment income (loss) (A)		0.04			0.21			0.19			0.16			0.14	(B)		0.12
Net realized and unrealized gain (loss)		(0.32	)		0.75			(0.35	)		(0.09	)		0.31			0.29
Total investment operations		(0.28	)		0.96			(0.16	)		0.07			0.45			0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.21	)		(0.19	)		(0.16	)		(0.14	)		(0.12	)
Net realized gains		—			—			—			(0.07	)		(0.05	)		(0.15	)
Total dividends and/or distributions to shareholders		(0.11	)		(0.21	)		(0.19	)		(0.23	)		(0.19	)		(0.27	)
Net asset value, end of period/year	$	11.39		$	11.78		$	11.03		$	11.38		$	11.54		$	11.28
Total return (C)		(2.43	)%(D)		8.80	%		(1.43	)%		0.67	%		4.00	%		3.70	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	136,422		$	143,332		$	148,672		$	180,744		$	199,784		$	47,543
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.52	%(F)		1.55	%		1.53	%		1.54	%		1.53	%		1.65	%
Including waiver and/or reimbursement and recapture		1.27	%(F)		1.30	%		1.28	%		1.29	%		1.29	%(B)		1.46	%
Net investment income (loss) to average net assets		0.71	%(F)		1.86	%		1.67	%		1.39	%		1.18	%(B)		1.09	%
Portfolio turnover rate		11	%(D)		14	%		34	%		55	%		34	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class I
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016			October 31, 2015
Net asset value, beginning of period/year	$	11.85		$	11.11		$	11.46		$	11.62		$	11.36		$	11.20
Investment operations:
Net investment income (loss) (A)		0.09			0.30			0.27			0.24			0.22	(B)		0.20
Net realized and unrealized gain (loss)		(0.34	)		0.74			(0.35	)		(0.09	)		0.30			0.31
Total investment operations		(0.25	)		1.04			(0.08	)		0.15			0.52			0.51
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.30	)		(0.27	)		(0.24	)		(0.21	)		(0.20	)
Net realized gains		—			—			—			(0.07	)		(0.05	)		(0.15	)
Total dividends and/or distributions to shareholders		(0.15	)		(0.30	)		(0.27	)		(0.31	)		(0.26	)		(0.35	)
Net asset value, end of period/year	$	11.45		$	11.85		$	11.11		$	11.46		$	11.62		$	11.36
Total return		(2.12	)%(C)		9.45	%		(0.71	)%		1.39	%		4.62	%		4.59	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,515,124		$	1,354,326		$	999,826		$	914,290		$	833,151		$	215,560
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.56	%(E)		0.59	%		0.58	%		0.59	%		0.59	%		0.70	%
Including waiver and/or reimbursement and recapture		0.49	%(E)		0.56	%		0.58	%		0.59	%		0.61	%(B)		0.71	%
Net investment income (loss) to average net assets		1.49	%(E)		2.59	%		2.38	%		2.09	%		1.86	%(B)		1.82	%
Portfolio turnover rate		11	%(C)		14	%		34	%		55	%		34	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    348

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Intermediate Muni
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	11.86		$	11.11		$	11.46		$	11.62		$	11.78
Investment operations:
Net investment income (loss) (B)		0.09			0.31			0.28			0.25			0.02
Net realized and unrealized gain (loss)		(0.33	)		0.75			(0.35	)		(0.09	)		(0.16	)(C)
Total investment operations		(0.24	)		1.06			(0.07	)		0.16			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.31	)		(0.28	)		(0.25	)		(0.02	)
Net realized gains		—			—			—			(0.07	)		—
Total dividends and/or distributions to shareholders		(0.16	)		(0.31	)		(0.28	)		(0.32	)		(0.02	)
Net asset value, end of period/year	$	11.46		$	11.86		$	11.11		$	11.46		$	11.62
Total return		(2.09	)%(D)		9.64	%		(0.60	)%		1.49	%		(1.18	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11		$	10		$	10		$	10
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.46	%(F)		0.48	%		0.47	%		0.48	%		0.48	%(F)
Including waiver and/or reimbursement and recapture		0.46	%(F)		0.48	%		0.47	%		0.48	%		0.48	%(F)
Net investment income (loss) to average net assets		1.50	%(F)		2.68	%		2.49	%		2.20	%		2.02	%(F)
Portfolio turnover rate		11	%(D)		14	%		34	%		55	%		34	%

(A)	Commenced operations on September 30, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	17.65		$	17.30		$	19.29		$	16.49		$	17.37		$	17.61
Investment operations:
Net investment income (loss) (A)		0.07			0.32			0.33			0.43			0.29	(B)		0.33
Net realized and unrealized gain (loss)		(2.95	)		0.83			(1.79	)		2.61			(0.78	)		(0.00	)(C)
Total investment operations		(2.88	)		1.15			(1.46	)		3.04			(0.49	)		0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.28	)		(0.53	)		(0.20	)		(0.30	)		(0.29	)
Net realized gains		—			(0.52	)		—			(0.04	)		(0.09	)		(0.28	)
Total dividends and/or distributions to shareholders		(0.43	)		(0.80	)		(0.53	)		(0.24	)		(0.39	)		(0.57	)
Net asset value, end of period/year	$	14.34		$	17.65		$	17.30		$	19.29		$	16.49		$	17.37
Total return (D)		(16.83	)%(E)		7.28	%		(7.82	)%		18.72	%		(2.83	)%		1.94	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	128,731		$	153,300		$	202,462		$	274,610		$	313,394		$	249,773
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.33	%(F)		1.28	%		1.23	%		1.20	%		1.24	%		1.42	%
Including waiver and/or reimbursement and recapture		1.25	%(F)		1.25	%		1.22	%		1.20	%		1.30	%(B)		1.32	%
Net investment income (loss) to average net assets		0.85	%(F)		1.94	%		1.74	%		2.43	%		1.78	%(B)		1.87	%
Portfolio turnover rate		8	%(E)		13	%		21	%		22	%		19	%		21	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    349

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	17.34		$	16.97		$	18.97		$	16.22		$	17.11		$	17.34
Investment operations:
Net investment income (loss) (A)		0.01			0.19			0.21			0.29			0.17	(B)		0.20
Net realized and unrealized gain (loss)		(2.92	)		0.83			(1.78	)		2.58			(0.76	)		(0.00	)(C)
Total investment operations		(2.91	)		1.02			(1.57	)		2.87			(0.59	)		0.20
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.13	)		(0.43	)		(0.08	)		(0.21	)		(0.15	)
Net realized gains		—			(0.52	)		—			(0.04	)		(0.09	)		(0.28	)
Total dividends and/or distributions to shareholders		(0.29	)		(0.65	)		(0.43	)		(0.12	)		(0.30	)		(0.43	)
Net asset value, end of period/year	$	14.14		$	17.34		$	16.97		$	18.97		$	16.22		$	17.11
Total return (D)		(17.12	)%(E)		6.50	%		(8.49	)%		17.88	%		(3.47	)%		1.21	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	33,263		$	46,960		$	64,847		$	72,542		$	60,630		$	62,013
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.98	%(F)		1.96	%		1.94	%		1.94	%		1.96	%		1.96	%
Including waiver and/or reimbursement and recapture		1.98	%(F)		1.96	%		1.94	%		1.94	%		1.96	%(B)		1.96	%
Net investment income (loss) to average net assets		0.09	%(F)		1.15	%		1.12	%		1.64	%		1.07	%(B)		1.13	%
Portfolio turnover rate		8	%(E)		13	%		21	%		22	%		19	%		21	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	17.89		$	17.54		$	19.55		$	16.73		$	17.60		$	17.80
Investment operations:
Net investment income (loss) (A)		0.10			0.39			0.42			0.50			0.36	(B)		0.39
Net realized and unrealized gain (loss)		(2.98	)		0.83			(1.83	)		2.63			(0.79	)		(0.00	)(C)
Total investment operations		(2.88	)		1.22			(1.41	)		3.13			(0.43	)		0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.50	)		(0.35	)		(0.60	)		(0.27	)		(0.35	)		(0.31	)
Net realized gains		—			(0.52	)		—			(0.04	)		(0.09	)		(0.28	)
Total dividends and/or distributions to shareholders		(0.50	)		(0.87	)		(0.60	)		(0.31	)		(0.44	)		(0.59	)
Net asset value, end of period/year	$	14.51		$	17.89		$	17.54		$	19.55		$	16.73		$	17.60
Total return		(16.65	)%(D)		7.66	%		(7.49	)%		19.09	%		(2.46	)%		2.29	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,638,035		$	2,210,381		$	2,495,943		$	2,242,175		$	1,552,632		$	1,043,345
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%(E)		0.86	%		0.89	%		0.89	%		0.90	%		0.93	%
Including waiver and/or reimbursement and recapture		0.88	%(E)		0.86	%		0.89	%		0.89	%		0.90	%(B)		0.93	%
Net investment income (loss) to average net assets		1.20	%(E)		2.31	%		2.17	%		2.77	%		2.20	%(B)		2.20	%
Portfolio turnover rate		8	%(D)		13	%		21	%		22	%		19	%		21	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    350

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	17.91		$	17.57		$	19.58		$	16.75		$	17.62		$	17.81
Investment operations:
Net investment income (loss) (A)		0.11			0.39			0.43			0.52			0.37	(B)		0.41
Net realized and unrealized gain (loss)		(2.98	)		0.84			(1.82	)		2.63			(0.79	)		(0.00	)(C)
Total investment operations		(2.87	)		1.23			(1.39	)		3.15			(0.42	)		0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.52	)		(0.37	)		(0.62	)		(0.28	)		(0.36	)		(0.32	)
Net realized gains		—			(0.52	)		—			(0.04	)		(0.09	)		(0.28	)
Total dividends and/or distributions to shareholders		(0.52	)		(0.89	)		(0.62	)		(0.32	)		(0.45	)		(0.60	)
Net asset value, end of period/year	$	14.52		$	17.91		$	17.57		$	19.58		$	16.75		$	17.62
Total return		(16.61	)%(D)		7.72	%		(7.40	)%		19.23	%		(2.38	)%		2.40	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,445,570		$	1,910,356		$	2,186,243		$	2,298,782		$	1,704,610		$	573,806
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(E)		0.77	%		0.79	%		0.79	%		0.81	%		0.83	%
Including waiver and/or reimbursement and recapture		0.78	%(E)		0.77	%		0.79	%		0.79	%		0.80	%(B)		0.83	%
Net investment income (loss) to average net assets		1.30	%(E)		2.31	%		2.21	%		2.87	%		2.27	%(B)		2.28	%
Portfolio turnover rate		8	%(D)		13	%		21	%		22	%		19	%		21	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica International Equity
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	18.04		$	17.68		$	19.58		$	17.24
Investment operations:
Net investment income (loss) (B)		0.11			0.41			0.43			0.45
Net realized and unrealized gain (loss)		(3.01	)		0.84			(1.84	)		1.89
Total investment operations		(2.90	)		1.25			(1.41	)		2.34
Dividends and/or distributions to shareholders:
Net investment income		(0.52	)		(0.37	)		(0.49	)		—
Net realized gains		—			(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.52	)		(0.89	)		(0.49	)		—
Net asset value, end of period/year	$	14.62		$	18.04		$	17.68		$	19.58
Total return		(16.66	)%(C)		7.78	%		(7.41	)%		13.57	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	192,845		$	210,438		$	218,378		$	270,144
Expenses to average net assets		0.78	%(D)		0.77	%		0.79	%		0.79	%(D)
Net investment income (loss) to average net assets		1.38	%(D)		2.40	%		2.21	%		3.70	%(D)
Portfolio turnover rate		8	%(C)		13	%		21	%		22	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    351

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica International Equity
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	18.03		$	17.65		$	19.51		$	17.24
Investment operations:
Net investment income (loss) (B)		0.07			0.32			0.34			0.48
Net realized and unrealized gain (loss)		(3.01	)		0.84			(1.83	)		1.79
Total investment operations		(2.94	)		1.16			(1.49	)		2.27
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.26	)		(0.37	)		—
Net realized gains		—			(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.43	)		(0.78	)		(0.37	)		—
Net asset value, end of period/year	$	14.66		$	18.03		$	17.65		$	19.51
Total return		(16.81	)%(C)		7.23	%		(7.89	)%		13.22	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	24,734		$	31,770		$	37,376		$	45,713
Expenses to average net assets		1.28	%(D)		1.26	%		1.28	%		1.29	%(D)
Net investment income (loss) to average net assets		0.81	%(D)		1.89	%		1.72	%		4.08	%(D)
Portfolio turnover rate		8	%(C)		13	%		21	%		22	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica International Equity
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	18.01		$	17.65		$	19.54		$	17.24
Investment operations:
Net investment income (loss) (B)		0.09			0.36			0.38			0.48
Net realized and unrealized gain (loss)		(3.00	)		0.83			(1.82	)		1.82
Total investment operations		(2.91	)		1.19			(1.44	)		2.30
Dividends and/or distributions to shareholders:
Net investment income		(0.48	)		(0.31	)		(0.45	)		—
Net realized gains		—			(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.48	)		(0.83	)		(0.45	)		—
Net asset value, end of period/year	$	14.62		$	18.01		$	17.65		$	19.54
Total return		(16.70	)%(C)		7.44	%		(7.59	)%		13.34	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	15,535		$	19,425		$	15,775		$	21,339
Expenses to average net assets		1.03	%(D)		1.02	%		1.04	%		1.04	%(D)
Net investment income (loss) to average net assets		1.06	%(D)		2.14	%		1.95	%		4.04	%(D)
Portfolio turnover rate		8	%(C)		13	%		21	%		22	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    352

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica International Equity
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	18.09		$	17.73		$	19.76		$	16.90		$	17.62		$	18.65
Investment operations:
Net investment income (loss) (B)		0.11			0.41			0.46			0.56			0.42	(C)		0.10
Net realized and unrealized gain (loss)		(3.01	)		0.84			(1.87	)		2.62			(0.84	)		(1.13	)
Total investment operations		(2.90	)		1.25			(1.41	)		3.18			(0.42	)		(1.03	)
Dividends and/or distributions to shareholders:
Net investment income		(0.52	)		(0.37	)		(0.62	)		(0.28	)		(0.21	)		—
Net realized gains		—			(0.52	)		—			(0.04	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.52	)		(0.89	)		(0.62	)		(0.32	)		(0.30	)		—
Net asset value, end of period/year	$	14.67		$	18.09		$	17.73		$	19.76		$	16.90		$	17.62
Total return		(16.61	)%(D)		7.76	%		(7.43	)%		19.24	%		(2.37	)%		(5.52	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	206,392		$	255,860		$	198,633		$	180,679		$	56,917		$	47
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(E)		0.77	%		0.79	%		0.79	%		0.81	%		0.83	%(E)
Including waiver and/or reimbursement and recapture		0.78	%(E)		0.77	%		0.79	%		0.79	%		0.80	%(C)		0.83	%(E)
Net investment income (loss) to average net assets		1.32	%(E)		2.42	%		2.35	%		3.06	%		2.53	%(C)		1.35	%(E)
Portfolio turnover rate		8	%(D)		13	%		21	%		22	%		19	%		21	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the periods and year indicated:	Transamerica International Growth
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	7.53		$	7.85		$	8.89
Investment operations:
Net investment income (loss) (B)		0.04			0.14			0.09
Net realized and unrealized gain (loss)		(0.91	)		0.75			(1.13	)
Total investment operations		(0.87	)		0.89			(1.04	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.11	)		—
Net realized gains		—			(1.10	)		—
Total dividends and/or distributions to shareholders		(0.12	)		(1.21	)		—
Net asset value, end of period/year	$	6.54		$	7.53		$	7.85
Total return (C)		(11.78	)%(D)		14.77	%		(11.70	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	125		$	106		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.79	%(E)		1.74	%		1.43	%(E)
Including waiver and/or reimbursement and recapture		1.20	%(E)		1.23	%		1.30	%(E)
Net investment income (loss) to average net assets		1.24	%(E)		2.06	%		1.49	%(E)
Portfolio turnover rate		15	%(D)		25	%		119	%

(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.

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

Transamerica Funds Semi-Annual Report 2020

Page    353

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica International Growth
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	7.55		$	7.86		$	8.89
Investment operations:
Net investment income (loss) (B)		0.04			0.14			0.13
Net realized and unrealized gain (loss)		(0.91	)		0.77			(1.16	)
Total investment operations		(0.87	)		0.91			(1.03	)
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.12	)		—
Net realized gains		—			(1.10	)		—
Total dividends and/or distributions to shareholders		(0.13	)		(1.22	)		—
Net asset value, end of period/year	$	6.55		$	7.55		$	7.86
Total return		(11.74	)%(C)		14.99	%		(11.59	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	17		$	19		$	13
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.36	%(D)		1.43	%		1.36	%(D)
Including waiver and/or reimbursement and recapture		1.05	%(D)		1.05	%		1.05	%(D)
Net investment income (loss) to average net assets		1.20	%(D)		1.93	%		2.27	%(D)
Portfolio turnover rate		15	%(C)		25	%		119	%

(A)	Commenced operations on March 1, 2018.
(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 Growth
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	7.53		$	7.87		$	9.02		$	7.27		$	7.80		$	8.51
Investment operations:
Net investment income (loss) (A)		0.05			0.15			0.16			0.11			0.11	(B)		0.13
Net realized and unrealized gain (loss)		(0.90	)		0.76			(1.16	)		1.72			(0.40	)		(0.08	)
Total investment operations		(0.85	)		0.91			(1.00	)		1.83			(0.29	)		0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.15	)		(0.15	)		(0.08	)		(0.08	)		(0.15	)
Net realized gains		—			(1.10	)		—			—			(0.16	)		(0.61	)
Total dividends and/or distributions to shareholders		(0.15	)		(1.25	)		(0.15	)		(0.08	)		(0.24	)		(0.76	)
Net asset value, end of period/year	$	6.53		$	7.53		$	7.87		$	9.02		$	7.27		$	7.80
Total return		(11.59	)%(C)		15.22	%		(11.29	)%		25.45	%		(3.75	)%		0.74	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	991,285		$	1,162,120		$	1,216,433		$	1,368,414		$	1,164,016		$	675,208
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(D)		0.81	%		0.87	%		0.95	%		0.97	%		1.00	%
Including waiver and/or reimbursement and recapture		0.82	%(D)		0.81	%		0.87	%		0.95	%		0.96	%(B)		1.00	%
Net investment income (loss) to average net assets		1.42	%(D)		2.20	%		1.80	%		1.36	%		1.52	%(B)		1.58	%
Portfolio turnover rate		15	%(C)		25	%		119	%		15	%		15	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    354

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica International Growth
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	7.57		$	7.87		$	8.89
Investment operations:
Net investment income (loss) (B)		0.05			0.16			0.16
Net realized and unrealized gain (loss)		(0.92	)		0.77			(1.18	)
Total investment operations		(0.87	)		0.93			(1.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.13	)		—
Net realized gains		—			(1.10	)		—
Total dividends and/or distributions to shareholders		(0.15	)		(1.23	)		—
Net asset value, end of period/year	$	6.55		$	7.57		$	7.87
Total return		(11.78	)%(C)		15.35	%		(11.47	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9		$	10		$	9
Expenses to average net assets		0.81	%(D)		0.80	%		0.83	%(D)
Net investment income (loss) to average net assets		1.44	%(D)		2.26	%		2.72	%(D)
Portfolio turnover rate		15	%(C)		25	%		119	%

(A)	Commenced operations on March 1, 2018.
(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 Small Cap Value
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	12.60		$	12.44		$	13.67		$	11.39		$	12.40		$	11.81
Investment operations:
Net investment income (loss) (A)		0.05			0.24			0.27			0.18			0.25	(B)		0.22
Net realized and unrealized gain (loss)		(1.84	)		0.83			(1.08	)		2.42			(0.55	)		0.64
Total investment operations		(1.79	)		1.07			(0.81	)		2.60			(0.30	)		0.86
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.22	)		(0.42	)		(0.24	)		(0.29	)		(0.18	)
Net realized gains		—			(0.69	)		—			(0.08	)		(0.42	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.28	)		(0.91	)		(0.42	)		(0.32	)		(0.71	)		(0.27	)
Net asset value, end of period/year	$	10.53		$	12.60		$	12.44		$	13.67		$	11.39		$	12.40
Total return		(14.64	)%(C)		9.84	%		(6.20	)%		23.51	%		(2.48	)%		7.52	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	175,122		$	105,692		$	291,455		$	326,445		$	273,540		$	367,502
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%(D)		1.10	%		1.12	%		1.12	%		1.12	%		1.12	%
Including waiver and/or reimbursement and recapture		1.12	%(D)		1.10	%		1.12	%		1.12	%		1.11	%(B)		1.12	%
Net investment income (loss) to average net assets		0.88	%(D)		2.07	%		1.92	%		1.48	%		2.18	%(B)		1.78	%
Portfolio turnover rate		6	%(C)		18	%		20	%		25	%		20	%		26	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    355

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Small Cap Value
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	12.63		$	12.47		$	13.70		$	11.42		$	12.43		$	11.82
Investment operations:
Net investment income (loss) (A)		0.05			0.24			0.27			0.19			0.27	(B)		0.22
Net realized and unrealized gain (loss)		(1.84	)		0.85			(1.07	)		2.42			(0.56	)		0.66
Total investment operations		(1.79	)		1.09			(0.80	)		2.61			(0.29	)		0.88
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.24	)		(0.43	)		(0.25	)		(0.30	)		(0.18	)
Net realized gains		—			(0.69	)		—			(0.08	)		(0.42	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.30	)		(0.93	)		(0.43	)		(0.33	)		(0.72	)		(0.27	)
Net asset value, end of period/year	$	10.54		$	12.63		$	12.47		$	13.70		$	11.42		$	12.43
Total return		(14.65	)%(C)		9.97	%		(6.11	)%		23.58	%		(2.38	)%		7.73	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	379,446		$	460,442		$	439,922		$	525,571		$	440,438		$	598,764
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%(D)		1.00	%		1.02	%		1.02	%		1.02	%		1.02	%
Including waiver and/or reimbursement and recapture		1.02	%(D)		1.00	%		1.02	%		1.02	%		1.01	%(B)		1.02	%
Net investment income (loss) to average net assets		0.77	%(D)		2.05	%		1.95	%		1.56	%		2.36	%(B)		1.84	%
Portfolio turnover rate		6	%(C)		18	%		20	%		25	%		20	%		26	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the periods and year indicated:	Transamerica International Stock
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.60		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.06			0.18			(0.01	)
Net realized and unrealized gain (loss)		(1.59	)		0.24			(0.80	)
Total investment operations		(1.53	)		0.42			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		—
Net asset value, end of period/year	$	8.07		$	9.60		$	9.19
Total return (C)		(15.94	)%(D)		4.59	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	415		$	498		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.14	%(F)		3.11	%		14.60	%(F)
Including waiver and/or reimbursement and recapture		1.25	%(F)		1.24	%		1.25	%(F)
Net investment income (loss) to average net assets		1.24	%(F)		1.95	%		(0.74	)%(F)
Portfolio turnover rate		32	%(D)		35	%		2	%(D)

(A)	Commenced operations on September 28, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    356

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica International Stock
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.62		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.20			(0.00	)(C)
Net realized and unrealized gain (loss)		(1.59	)		0.24			(0.81	)
Total investment operations		(1.52	)		0.44			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—
Net asset value, end of period/year	$	8.09		$	9.62		$	9.19
Total return		(15.81	)%(D)		4.81	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	410		$	501		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.98	%(F)		2.95	%		14.44	%(F)
Including waiver and/or reimbursement and recapture		1.00	%(F)		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		1.47	%(F)		2.21	%		(0.49	)%(F)
Portfolio turnover rate		32	%(D)		35	%		2	%(D)

(A)	Commenced operations on September 28, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the periods and year indicated:	Transamerica International Stock
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.62		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.11			(0.00	)(C)
Net realized and unrealized gain (loss)		(1.59	)		0.33			(0.81	)
Total investment operations		(1.52	)		0.44			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—
Net asset value, end of period/year	$	8.09		$	9.62		$	9.19
Total return		(15.80	)%(D)		4.81	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	79,498		$	76,498		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.87	%(F)		2.85	%		14.35	%(F)
Including waiver and/or reimbursement and recapture		0.99	%(F)		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		1.55	%(F)		1.24	%		(0.49	)%(F)
Portfolio turnover rate		32	%(D)		35	%		2	%(D)

(A)	Commenced operations on September 28, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    357

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica International Stock
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.62		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.20			(0.00	)(C)
Net realized and unrealized gain (loss)		(1.59	)		0.24			(0.81	)
Total investment operations		(1.52	)		0.44			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—
Net asset value, end of period/year	$	8.09		$	9.62		$	9.19
Total return		(15.81	)%(D)		4.81	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	406		$	482		$	460
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.87	%(F)		2.85	%		14.35	%(F)
Including waiver and/or reimbursement and recapture		1.00	%(F)		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		1.50	%(F)		2.20	%		(0.50	)%(F)
Portfolio turnover rate		32	%(D)		35	%		2	%(D)

(A)	Commenced operations on September 28, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Large Cap Value
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.97		$	12.09		$	13.56		$	12.36		$	12.71		$	13.30
Investment operations:
Net investment income (loss) (A)		0.10			0.19			0.14			0.14			0.14(B	)		0.16
Net realized and unrealized gain (loss)		(2.13	)		(0.02	)(C)		(0.04	)		2.28			0.98			0.54
Total investment operations		(2.03	)		0.17			0.10			2.42			1.12			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.19	)		(0.12	)		(0.17	)		(0.15	)		(0.15	)
Net realized gains		(0.31	)		(1.10	)		(1.45	)		(1.05	)		(1.32	)		(1.14	)
Total dividends and/or distributions to shareholders		(0.42	)		(1.29	)		(1.57	)		(1.22	)		(1.47	)		(1.29	)
Net asset value, end of period/year	$	8.52		$	10.97		$	12.09		$	13.56		$	12.36		$	12.71
Total return (D)		(19.23	)%(E)		2.51	%		0.56	%		20.29	%		9.83	%		5.44	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	54,418		$	81,213		$	95,523		$	103,851		$	71,700		$	31,566
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%(F)		1.08	%		1.08	%		1.06	%		1.05	%		1.05	%
Including waiver and/or reimbursement and recapture		1.09	%(F)		1.08	%		1.08	%		1.06	%		1.04	%(B)		1.05	%
Net investment income (loss) to average net assets		2.03	%(F)		1.69	%		1.06	%		1.11	%		1.16	%(B)		1.23	%
Portfolio turnover rate		65	%(E)		162	%		139	%		128	%		127	%		129	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    358

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Cap Value
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.90		$	12.01		$	13.48		$	12.31		$	12.67		$	13.26
Investment operations:
Net investment income (loss) (A)		0.06			0.11			0.04			0.04			0.05	(B)		0.06
Net realized and unrealized gain (loss)		(2.12	)		(0.02	)(C)		(0.02	)		2.27			0.98			0.55
Total investment operations		(2.06	)		0.09			0.02			2.31			1.03			0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.10	)		(0.04	)		(0.09	)		(0.07	)		(0.06	)
Net realized gains		(0.31	)		(1.10	)		(1.45	)		(1.05	)		(1.32	)		(1.14	)
Total dividends and/or distributions to shareholders		(0.37	)		(1.20	)		(1.49	)		(1.14	)		(1.39	)		(1.20	)
Net asset value, end of period/year	$	8.47		$	10.90		$	12.01		$	13.48		$	12.31		$	12.67
Total return (D)		(19.58	)%(E)		1.81	%		(0.16	)%		19.37	%		9.00	%		4.68	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	21,047		$	38,234		$	49,839		$	49,014		$	22,482		$	11,128
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.85	%(F)		1.82	%		1.80	%		1.79	%		1.80	%		1.81	%
Including waiver and/or reimbursement and recapture		1.85	%(F)		1.82	%		1.80	%		1.79	%		1.80	%(B)		1.81	%
Net investment income (loss) to average net assets		1.28	%(F)		0.96	%		0.33	%		0.30	%		0.43	%(B)		0.45	%
Portfolio turnover rate		65	%(E)		162	%		139	%		128	%		127	%		129	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Large Cap Value
	Class I
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	11.05		$	12.16		$	13.64		$	12.43		$	12.77		$	13.35
Investment operations:
Net investment income (loss) (A)		0.13			0.23			0.17			0.15			0.17	(B)		0.19
Net realized and unrealized gain (loss)		(2.16	)		(0.02	)(C)		(0.04	)		2.31			0.99			0.56
Total investment operations		(2.03	)		0.21			0.13			2.46			1.16			0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.22	)		(0.16	)		(0.20	)		(0.18	)		(0.19	)
Net realized gains		(0.31	)		(1.10	)		(1.45	)		(1.05	)		(1.32	)		(1.14	)
Total dividends and/or distributions to shareholders		(0.44	)		(1.32	)		(1.61	)		(1.25	)		(1.50	)		(1.33	)
Net asset value, end of period/year	$	8.58		$	11.05		$	12.16		$	13.64		$	12.43		$	12.77
Total return		(18.99	)%(D)		2.88	%		0.78	%		20.55	%		10.14	%		5.78	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	110,442		$	251,629		$	375,161		$	245,508		$	56,161		$	15,090
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(E)		0.79	%		0.80	%		0.79	%		0.79	%		0.78	%
Including waiver and/or reimbursement and recapture		0.70	%(E)		0.77	%(F)		0.80	%		0.79	%		0.78	%(B)		0.78	%
Net investment income (loss) to average net assets		2.44	%(E)		2.02	%		1.31	%		1.17	%		1.37	%(B)		1.49	%
Portfolio turnover rate		65	%(D)		162	%		139	%		128	%		127	%		129	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has contractually agreed to reimburse 0.09% of the sub-transfer agency fees through March 1, 2021. These amounts are not subject to recapture by TAM.

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

Transamerica Funds Semi-Annual Report 2020

Page    359

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Cap Value
	Class I2
	April 30, 2020       (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of period/year	$	11.04		$	12.16		$	13.63		$	12.42		$	12.76		$	13.34
Investment operations:
Net investment income (loss) (A)		0.12			0.23			0.19			0.19			0.19	(B)		0.20
Net realized and unrealized gain (loss)		(2.14	)		(0.02	)(C)		(0.03	)		2.28			0.98			0.56
Total investment operations		(2.02	)		0.21			0.16			2.47			1.17			0.76
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.23	)		(0.18	)		(0.21	)		(0.19	)		(0.20	)
Net realized gains		(0.31	)		(1.10	)		(1.45	)		(1.05	)		(1.32	)		(1.14	)
Total dividends and/or distributions to shareholders		(0.44	)		(1.33	)		(1.63	)		(1.26	)		(1.51	)		(1.34	)
Net asset value, end of period/year	$	8.58		$	11.04		$	12.16		$	13.63		$	12.42		$	12.76
Total return		(19.00	)%(D)		2.90	%		0.96	%		20.66	%		10.25	%		5.90	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,185,547		$	1,523,734		$	1,664,184		$	1,899,205		$	1,898,665		$	1,818,476
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%(E)		0.69	%		0.69	%		0.69	%		0.69	%		0.68	%
Including waiver and/or reimbursement and recapture		0.68	%(E)		0.69	%		0.69	%		0.69	%		0.68	%(B)		0.68	%
Net investment income (loss) to average net assets		2.44	%(E)		2.06	%		1.46	%		1.44	%		1.60	%(B)		1.58	%
Portfolio turnover rate		65	%(D)		162	%		139	%		128	%		127	%		129	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Large Cap Value
	Class R6
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.04		$	12.16		$	13.63		$	12.42		$	12.76		$	13.07
Investment operations:
Net investment income (loss) (B)		0.12			0.23			0.18			0.17			0.15	(C)		0.08
Net realized and unrealized gain (loss)		(2.14	)		(0.02	)(D)		(0.02	)		2.30			1.02			(0.28	)(D)
Total investment operations		(2.02	)		0.21			0.16			2.47			1.17			(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.23	)		(0.18	)		(0.21	)		(0.19	)		(0.11	)
Net realized gains		(0.31	)		(1.10	)		(1.45	)		(1.05	)		(1.32	)		—
Total dividends and/or distributions to shareholders		(0.44	)		(1.33	)		(1.63	)		(1.26	)		(1.51	)		(0.11	)
Net asset value, end of period/year	$	8.58		$	11.04		$	12.16		$	13.63		$	12.42		$	12.76
Total return		(19.00	)%(E)		2.90	%		0.96	%		20.66	%		10.25	%		(1.53	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	25,166		$	30,426		$	27,069		$	16,356		$	3,391		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%(F)		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%(F)
Including waiver and/or reimbursement and recapture		0.68	%(F)		0.69	%		0.69	%		0.69	%		0.68	%(C)		0.69	%(F)
Net investment income (loss) to average net assets		2.44	%(F)		2.06	%		1.42	%		1.29	%		1.25	%(C)		1.48	%(F)
Portfolio turnover rate		65	%(E)		162	%		139	%		128	%		127	%		129	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    360

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Core
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.95		$	11.12		$	11.02		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.16			0.14			0.09
Net realized and unrealized gain (loss)		(0.48	)		0.64			0.55			1.01
Total investment operations		(0.41	)		0.80			0.69			1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.16	)		(0.14	)		(0.08	)
Net realized gains		(0.00	)(C)		(1.81	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(0.10	)		(1.97	)		(0.59	)		(0.08	)
Net asset value, end of period/year	$	9.44		$	9.95		$	11.12		$	11.02
Total return		(4.06	)%(D)		10.53	%		6.20	%		11.09	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	105,250		$	191,543		$	189,483		$	200,790
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.54	%(E)(F)		0.51	%(F)		0.66	%(F)		0.72	%(E)
Including waiver and/or reimbursement and recapture		0.54	%(E)(F)		0.57	%(F)		0.64	%(F)		0.64	%(E)
Net investment income (loss) to average net assets		1.48	%(E)		1.63	%		1.24	%		1.32	%(E)
Portfolio turnover rate		42	%(D)		82	%		130	%		41	%(D)

(A)	Commenced operations on March 10, 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)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the periods and years indicated:	Transamerica Large Core
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.95		$	11.11		$	11.01		$	10.00
Investment operations:
Net investment income (loss) (B)		0.05			0.11			0.08			0.05
Net realized and unrealized gain (loss)		(0.48	)		0.65			0.55			1.01
Total investment operations		(0.43	)		0.76			0.63			1.06
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.11	)		(0.08	)		(0.05	)
Net realized gains		(0.00	)(C)		(1.81	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(0.08	)		(1.92	)		(0.53	)		(0.05	)
Net asset value, end of period/year	$	9.44		$	9.95		$	11.11		$	11.01
Total return		(4.34	)%(D)		10.05	%		5.67	%		10.68	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	53,581		$	61,472		$	72,764		$	76,828
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%(E)(F)		1.01	%(F)		1.15	%(F)		1.22	%(E)
Including waiver and/or reimbursement and recapture		1.03	%(E)(F)		1.06	%(F)		1.14	%(F)		1.14	%(E)
Net investment income (loss) to average net assets		1.00	%(E)		1.15	%		0.74	%		0.82	%(E)
Portfolio turnover rate		42	%(D)		82	%		130	%		41	%(D)

(A)	Commenced operations on March 10, 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)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Semi-Annual Report 2020

Page    361

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Core
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	9.95		$	11.12		$	11.01		$	9.52		$	8.98		$	9.17		$	8.05
Investment operations:
Net investment income (loss) (D)		0.06			0.13			0.12			0.09			0.15			0.10			0.06
Net realized and unrealized gain (loss)		(0.48	)		0.64			0.55			1.50			0.54			(0.20	)		1.12
Total investment operations		(0.42	)		0.77			0.67			1.59			0.69			(0.10	)		1.18
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.13	)		(0.11	)		(0.10	)		(0.15	)		(0.09	)		(0.06	)
Net realized gains		(0.00	)(E)		(1.81	)		(0.45	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.09	)		(1.94	)		(0.56	)		(0.10	)		(0.15	)		(0.09	)		(0.06	)
Net asset value, end of period/year	$	9.44		$	9.95		$	11.12		$	11.01		$	9.52		$	8.98		$	9.17
Total return		(4.21	)%(F)		10.15	%		6.00	%		16.72	%(F)		7.79	%		(1.02	)%		14.80	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,751		$	5,039		$	5,386		$	11,636		$	10,633		$	11,995		$	7,872
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(G)(H)		0.76	%(H)		0.91	%(H)		1.05	%(G)		1.34	%		1.28	%		1.43	%
Including waiver and/or reimbursement and recapture		0.79	%(G)(H)		0.88	%(H)		0.89	%(H)		0.90	%(G)		0.90	%(I)		0.90	%		0.90	%
Net investment income (loss) to average net assets		1.27	%(G)		1.33	%		1.01	%		1.10	%(G)		1.65	%		1.04	%		0.75	%
Portfolio turnover rate		42	%(F)		82	%		130	%		41	%(F)		47	%		64	%		70	%

(A)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(B)	Transamerica Partners Institutional Large Core reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Large Core, which was the accounting and performance survivor of the reorganization.
(C)	Effective March 10, 2017, the Fund underwent a 0.81-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(D)	Calculated based on average number of shares outstanding.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Annualized.
(H)	Does not include expenses of the underlying investments in which the Fund invests.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the periods and years indicated:	Transamerica Large Growth
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.09		$	12.45		$	11.72		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.02	)		0.01			0.03			0.03
Net realized and unrealized gain (loss)		1.82			1.66			1.22			1.72
Total investment operations		1.80			1.67			1.25			1.75
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		(0.07	)		(0.03	)
Net realized gains		(2.47	)		(1.02	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(2.47	)		(1.03	)		(0.52	)		(0.03	)
Net asset value, end of period/year	$	12.42		$	13.09		$	12.45		$	11.72
Total return		15.16	%(C)		15.57	%		10.94	%		17.49	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	634,486		$	640,098		$	622,541		$	666,225
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%(D)		0.70	%		0.70	%		0.72	%(D)
Including waiver and/or reimbursement and recapture		0.70	%(D)		0.69	%		0.65	%		0.65	%(D)
Net investment income (loss) to average net assets		(0.27	)%(D)		0.10	%		0.20	%		0.40	%(D)
Portfolio turnover rate		18	%(C)		63	%		34	%		21	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    362

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Growth
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.00		$	12.41		$	11.71		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.05	)		(0.05	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		1.79			1.66			1.23			1.72
Total investment operations		1.74			1.61			1.19			1.71
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.04	)		—
Net realized gains		(2.47	)		(1.02	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(2.47	)		(1.02	)		(0.49	)		—
Net asset value, end of period/year	$	12.27		$	13.00		$	12.41		$	11.71
Total return		14.75	%(C)		15.06	%		10.39	%		17.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	124,026		$	118,346		$	140,192		$	146,404
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%(D)		1.19	%		1.19	%		1.22	%(D)
Including waiver and/or reimbursement and recapture		1.20	%(D)		1.19	%(E)		1.15	%		1.22	%(D)
Net investment income (loss) to average net assets		(0.77	)%(D)		(0.38	)%		(0.30	)%		(0.10	)%(D)
Portfolio turnover rate		18	%(C)		63	%		34	%		21	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the periods and years indicated:	Transamerica Large Growth
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	13.06		$	12.44		$	11.72		$	9.14		$	9.08		$	8.35		$	7.57
Investment operations:
Net investment income (loss) (D)		(0.03	)		(0.01	)		(0.01	)		0.01			0.01			0.01			0.01
Net realized and unrealized gain (loss)		1.81			1.65			1.23			2.58			0.06			0.73			0.78
Total investment operations		1.78			1.64			1.22			2.59			0.07			0.74			0.79
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.05	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Net realized gains		(2.47	)		(1.02	)		(0.45	)		—			—			—			—
Total dividends and/or distributions to shareholders		(2.47	)		(1.02	)		(0.50	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Net asset value, end of period/year	$	12.37		$	13.06		$	12.44		$	11.72		$	9.14		$	9.08		$	8.35
Total return		15.03	%(E)		15.29	%		10.68	%		28.42	%(E)		0.84	%		8.89	%		10.46	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	39,497		$	34,955		$	37,269		$	38,038		$	82,546		$	107,369		$	110,430
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%(F)		0.95	%		0.95	%		0.99	%(F)		1.01	%		0.99	%		1.01	%
Including waiver and/or reimbursement and recapture		0.90	%(F)		0.90	%		0.90	%		0.90	%(F)		0.88	%(G)		0.90	%		0.90	%
Net investment income (loss) to average net assets		(0.47	)%(F)		(0.10	)%		(0.04	)%		0.14	%(F)		0.15	%		0.07	%		0.17	%
Portfolio turnover rate		18	%(E)		63	%		34	%		21	%(E)		36	%		33	%		73	%

(A)	Transamerica Partners Institutional Large Growth reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Large Growth, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 10, 2017, the Fund underwent a 1.35-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Semi-Annual Report 2020

Page    363

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Value Opportunities
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.32		$	10.75		$	10.71		$	10.00
Investment operations:
Net investment income (loss) (B)		0.10			0.22			0.18			0.08
Net realized and unrealized gain (loss)		(1.33	)		0.28			0.21			0.71
Total investment operations		(1.23	)		0.50			0.39			0.79
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.22	)		(0.17	)		(0.08	)
Net realized gains		(0.05	)		(1.71	)		(0.18	)		—
Total dividends and/or distributions to shareholders		(0.17	)		(1.93	)		(0.35	)		(0.08	)
Net asset value, end of period/year	$	7.92		$	9.32		$	10.75		$	10.71
Total return		(13.40	)%(C)		7.58	%		3.60	%		7.94	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	254,804		$	438,107		$	458,786		$	520,709
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.51	%(D)(E)		0.49	%(E)		0.52	%(E)		0.57	%(D)
Including waiver and/or reimbursement and recapture		0.51	%(D)(E)		0.50	%(E)		0.49	%(E)		0.49	%(D)
Net investment income (loss) to average net assets		2.29	%(D)		2.38	%		1.64	%		1.69	%(D)
Portfolio turnover rate		59	%(C)		118	%		137	%		33	%(C)

(A)	Commenced operations on May 5, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the periods and years indicated:	Transamerica Large Value Opportunities
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.33		$	10.75		$	10.71		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.18			0.13			0.08
Net realized and unrealized gain (loss)		(1.33	)		0.28			0.21			0.69
Total investment operations		(1.25	)		0.46			0.34			0.77
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.17	)		(0.12	)		(0.06	)
Net realized gains		(0.05	)		(1.71	)		(0.18	)		—
Total dividends and/or distributions to shareholders		(0.15	)		(1.88	)		(0.30	)		(0.06	)
Net asset value, end of period/year	$	7.93		$	9.33		$	10.75		$	10.71
Total return		(13.54	)%(C)		6.97	%		3.08	%		7.69	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	59,675		$	73,596		$	103,701		$	113,861
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%(D)(E)		0.99	%(E)		1.01	%(E)		1.06	%(D)
Including waiver and/or reimbursement and recapture		1.00	%(D)(E)(F)		1.00	%(E)		0.99	%(E)		0.99	%(D)
Net investment income (loss) to average net assets		1.84	%(D)		1.91	%		1.14	%		1.36	%(D)
Portfolio turnover rate		59	%(C)		118	%		137	%		33	%(C)

(A)	Commenced operations on May 5, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    364

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Value Opportunities
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	9.33		$	10.75		$	10.71		$	9.84		$	9.18		$	9.36		$	8.63
Investment operations:
Net investment income (loss) (D)		0.09			0.20			0.15			0.14			0.16			0.12			0.08
Net realized and unrealized gain (loss)		(1.33	)		0.29			0.21			0.85			0.67			(0.18	)		0.74
Total investment operations		(1.24	)		0.49			0.36			0.99			0.83			(0.06	)		0.82
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.20	)		(0.14	)		(0.12	)		(0.17	)		(0.12	)		(0.09	)
Net realized gains		(0.05	)		(1.71	)		(0.18	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.16	)		(1.91	)		(0.32	)		(0.12	)		(0.17	)		(0.12	)		(0.09	)
Net asset value, end of period/year	$	7.93		$	9.33		$	10.75		$	10.71		$	9.84		$	9.18		$	9.36
Total return		(13.43	)%(E)		7.31	%		3.32	%		9.99	%(E)		9.14	%		(0.69	)%		9.54	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	20,318		$	38,170		$	36,445		$	53,449		$	99,292		$	99,418		$	102,791
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(F)(G)		0.74	%(G)		0.77	%(G)		0.83	%(F)		0.84	%		0.83	%		0.83	%
Including waiver and/or reimbursement and recapture		0.75	%(F)(G)		0.75	%(G)		0.74	%(G)		0.74	%(F)		0.74	%(H)		0.75	%		0.75	%
Net investment income (loss) to average net assets		2.06	%(F)		2.14	%		1.39	%		1.35	%(F)		1.80	%		1.21	%		0.96	%
Portfolio turnover rate		59	%(E)		118	%		137	%		33	%(E)		48	%		65	%		69	%

(A)	Effective May 5, 2017, the Fund underwent a 1.56-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(B)	Transamerica Partners Institutional Large Value reorganized into the Fund on May 5, 2017. Prior to May 5, 2017, information provided reflects Transamerica Partners Institutional Large Value, which was the accounting and performance survivor of the reorganization. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on May 5, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017. Please reference the Reorganization section of the Notes to the Financial Statements for additional information.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.33		$	12.98		$	14.14		$	13.12
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.06	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		(0.38	)		1.58			(0.91	)(C)		1.03
Total investment operations		(0.41	)		1.52			(0.92	)		1.02
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		(0.01	)		—
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.18	)		(4.17	)		(0.24	)		—
Net asset value, end of period/year	$	9.74		$	10.33		$	12.98		$	14.14
Total return (D)		(4.11	)%(E)		23.15	%		(6.88	)%		7.77	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10,378		$	11,984		$	8,997		$	9,903
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.21	%(F)		1.31	%		1.28	%		1.30	%(F)
Including waiver and/or reimbursement and recapture		1.21	%(F)		1.20	%		1.10	%		1.30	%(F)
Net investment income (loss) to average net assets		(0.64	)%(F)		(0.62	)%		(0.04	)%		(0.10	)%(F)
Portfolio turnover rate		45	%(E)		136	%		61	%		30	%(E)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    365

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.74		$	12.55		$	13.77		$	12.84
Investment operations:
Net investment income (loss) (B)		(0.07	)		(0.12	)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		(0.35	)		1.47			(0.88	)(C)		1.00
Total investment operations		(0.42	)		1.35			(0.99	)		0.93
Dividends and/or distributions to shareholders:
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Net asset value, end of period/year	$	9.14		$	9.74		$	12.55		$	13.77
Total return (D)		(4.47	)%(E)		22.29	%		(7.58	)%		7.24	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,181		$	1,370		$	1,268		$	1,448
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.95	%(F)		2.06	%		2.05	%		2.05	%(F)
Including waiver and/or reimbursement and recapture		1.95	%(F)		1.93	%		1.85	%		2.05	%(F)
Net investment income (loss) to average net assets		(1.38	)%(F)		(1.34	)%		(0.79	)%		(0.85	)%(F)
Portfolio turnover rate		45	%(E)		136	%		61	%		30	%(E)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.46		$	13.09		$	14.27		$	13.21
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.03	)		0.03			0.02
Net realized and unrealized gain (loss)		(0.38	)		1.60			(0.93	)(C)		1.04
Total investment operations		(0.40	)		1.57			(0.90	)		1.06
Dividends and/or distributions to shareholders:
Net investment income		—			(0.04	)		(0.05	)		—
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.18	)		(4.20	)		(0.28	)		—
Net asset value, end of period/year	$	9.88		$	10.46		$	13.09		$	14.27
Total return		(3.96	)%(D)		23.45	%		(6.64	)%		8.02	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,219		$	769		$	664		$	664
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%(E)		1.00	%		0.99	%		0.98	%(E)
Including waiver and/or reimbursement and recapture		0.90	%(E)		0.90	%		0.85	%		0.98	%(E)
Net investment income (loss) to average net assets		(0.34	)%(E)		(0.32	)%		0.20	%		0.22	%(E)
Portfolio turnover rate		45	%(D)		136	%		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    366

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.53		$	13.10		$	14.31		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.01	)		(0.04	)		0.07			0.03
Net realized and unrealized gain (loss)		(0.39	)		1.63			(0.99	)(C)		1.04
Total investment operations		(0.40	)		1.59			(0.92	)		1.07
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.06	)		—
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.18	)		(4.16	)		(0.29	)		—
Net asset value, end of period/year	$	9.95		$	10.53		$	13.10		$	14.31
Total return		(3.94	)%(D)		23.34	%		(6.60	)%		8.08	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	198,363		$	156,858		$	9		$	155,629
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(E)		0.88	%		0.86	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.79	%(E)		0.85	%		0.74	%		0.87	%(E)
Net investment income (loss) to average net assets		(0.22	)%(E)		(0.41	)%		0.45	%		0.35	%(E)
Portfolio turnover rate		45	%(D)		136	%		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.51		$	13.14		$	14.32		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.01	)		(0.03	)		0.05			0.04
Net realized and unrealized gain (loss)		(0.38	)		1.61			(0.95	)(C)		1.04
Total investment operations		(0.39	)		1.58			(0.90	)		1.08
Dividends and/or distributions to shareholders:
Net investment income		—			(0.05	)		(0.05	)		—
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.18	)		(4.21	)		(0.28	)		—
Net asset value, end of period/year	$	9.94		$	10.51		$	13.14		$	14.32
Total return		(3.94	)%(D)		23.41	%		(6.49	)%		8.16	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	33,395		$	38,275		$	36,797		$	48,330
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(E)		0.88	%		0.87	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.78	%(E)		0.84	%		0.75	%		0.75	%(E)
Net investment income (loss) to average net assets		(0.22	)%(E)		(0.27	)%		0.32	%		0.50	%(E)
Portfolio turnover rate		45	%(D)		136	%		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    367

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.45		$	13.08		$	14.26		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.07	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		(0.38	)		1.60			(0.92	)(C)		1.03
Total investment operations		(0.42	)		1.53			(0.95	)		1.02
Dividends and/or distributions to shareholders:
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Net asset value, end of period/year	$	9.85		$	10.45		$	13.08		$	14.26
Total return		(4.16	)%(D)		22.79	%		(6.89	)%		7.70	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	18,974		$	20,748		$	19,711		$	26,153
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.28	%(E)		1.37	%		1.37	%		1.37	%(E)
Including waiver and/or reimbursement and recapture		1.35	%(E)		1.35	%		1.27	%		1.35	%(E)
Net investment income (loss) to average net assets		(0.78	)%(E)		(0.76	)%		(0.19	)%		(0.16	)%(E)
Portfolio turnover rate		45	%(D)		136	%		61	%		30	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	10.53		$	13.13		$	14.30		$	12.70		$	12.50		$	15.44		$	16.72
Investment operations:
Net investment income (loss) (D)		(0.02	)		(0.03	)		0.02			0.01			(0.01	)		(0.05	)		0.06
Net realized and unrealized gain (loss)		(0.38	)		1.60			(0.95	)(E)		1.92			1.48			(0.24	)		1.16
Total investment operations		(0.40	)		1.57			(0.93	)		1.93			1.47			(0.29	)		1.22
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		(0.01	)		—			—			—			(0.07	)
Net realized gains		(0.18	)		(4.16	)		(0.23	)		(0.33	)		(1.27	)		(2.65	)		(2.34	)
Return of capital		—			—			—			—			—			—			(0.09	)
Total dividends and/or distributions to shareholders		(0.18	)		(4.17	)		(0.24	)		(0.33	)		(1.27	)		(2.65	)		(2.50	)
Net asset value, end of period/year	$	9.95		$	10.53		$	13.13		$	14.30		$	12.70		$	12.50		$	15.44
Total return		(3.94	)%(F)		23.05	%		(6.64	)%		15.34	%(F)		12.13	%		(1.60	)%		7.83	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	492		$	357		$	4,709		$	10,232		$	16,767		$	17,075		$	22,686
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%(G)		1.13	%		1.12	%		1.20	%(G)		1.36	%		1.22	%		1.24	%
Including waiver and/or reimbursement and recapture		0.95	%(G)		0.95	%		0.95	%		0.98	%(G)(H)		0.95	%(I)		0.95	%		0.95	%
Net investment income (loss) to average net assets		(0.38	)%(G)		(0.32	)%		0.17	%		0.13	%(G)		(0.09	)%		(0.31	)%		0.34	%
Portfolio turnover rate		45	%(F)		136	%		61	%		30	%(F)		79	%		70	%		60	%

(A)	Transamerica Partners Institutional Mid Growth reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Mid Growth, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 10, 2017, the Fund underwent a 0.84-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Not annualized.
(G)	Annualized.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Semi-Annual Report 2020

Page    368

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	11.63		$	11.53		$	11.86		$	11.80		$	11.37		$	10.68
Investment operations:
Net investment income (loss) (A)		0.06			0.11			0.09			0.07			0.06	(B)		0.11
Net realized and unrealized gain (loss)		(2.27	)		0.83			0.50			0.95			0.78			0.68
Total investment operations		(2.21	)		0.94			0.59			1.02			0.84			0.79
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.11	)		(0.09	)		(0.12	)		(0.14	)		(0.03	)
Net realized gains		(0.34	)		(0.73	)		(0.83	)		(0.84	)		(0.27	)		(0.07	)
Total dividends and/or distributions to shareholders		(0.38	)		(0.84	)		(0.92	)		(0.96	)		(0.41	)		(0.10	)
Net asset value, end of period/year	$	9.04		$	11.63		$	11.53		$	11.86		$	11.80		$	11.37
Total return (C)		(19.76	)%(D)		9.64	%		4.75	%		8.77	%		7.72	%		7.50	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	15,018		$	22,143		$	108,568		$	116,047		$	75,556		$	18,794
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%(E)		1.33	%		1.25	%		1.09	%		1.08	%		1.05	%
Including waiver and/or reimbursement and recapture		1.20	%(E)		1.11	%		1.05	%		1.09	%		1.08	%(B)		1.05	%
Net investment income (loss) to average net assets		1.16	%(E)		1.01	%		0.78	%		0.57	%		0.55	%(B)		1.02	%
Portfolio turnover rate		44	%(D)		77	%		85	%		76	%		95	%		31	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class C
	April 30, 2020       (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of period/year	$	11.48		$	11.35		$	11.71		$	11.70		$	11.31		$	10.68
Investment operations:
Net investment income (loss) (A)		0.02			(0.00	)(B)		0.01			(0.03	)		(0.04	)(C)		0.03
Net realized and unrealized gain (loss)		(2.24	)		0.88			0.48			0.95			0.79			0.68
Total investment operations		(2.22	)		0.88			0.49			0.92			0.75			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.02	)		(0.02	)		(0.07	)		(0.09	)		(0.01	)
Net realized gains		(0.34	)		(0.73	)		(0.83	)		(0.84	)		(0.27	)		(0.07	)
Total dividends and/or distributions to shareholders		(0.35	)		(0.75	)		(0.85	)		(0.91	)		(0.36	)		(0.08	)
Net asset value, end of period/year	$	8.91		$	11.48		$	11.35		$	11.71		$	11.70		$	11.31
Total return (D)		(20.05	)%(E)		9.00	%		4.00	%		7.95	%		6.87	%		6.72	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	14,378		$	19,808		$	17,476		$	17,808		$	7,104		$	1,241
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.93	%(F)		1.89	%		1.88	%		1.89	%		1.90	%		1.80	%
Including waiver and/or reimbursement and recapture		1.93	%(F)		1.86	%		1.80	%		1.89	%		1.90	%(C)		1.80	%
Net investment income (loss) to average net assets		0.43	%(F)		(0.04	)%		0.06	%		(0.29	)%		(0.37	)%(C)		0.30	%
Portfolio turnover rate		44	%(E)		77	%		85	%		76	%		95	%		31	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    369

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I
	April 30, 2020       (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of period/year	$	11.73		$	11.60		$	11.93		$	11.85		$	11.41		$	10.69
Investment operations:
Net investment income (loss) (A)		0.08			0.11			0.13			0.10			0.11	(B)		0.13
Net realized and unrealized gain (loss)		(2.28	)		0.89			0.49			0.95			0.75			0.69
Total investment operations		(2.20	)		1.00			0.62			1.05			0.86			0.82
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.14	)		(0.12	)		(0.13	)		(0.15	)		(0.03	)
Net realized gains		(0.34	)		(0.73	)		(0.83	)		(0.84	)		(0.27	)		(0.07	)
Total dividends and/or distributions to shareholders		(0.46	)		(0.87	)		(0.95	)		(0.97	)		(0.42	)		(0.10	)
Net asset value, end of period/year	$	9.07		$	11.73		$	11.60		$	11.93		$	11.85		$	11.41
Total return		(19.61	)%(C)		9.99	%		5.16	%		8.94	%		8.00	%		7.78	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	436,334		$	512,150		$	368,787		$	394,378		$	298,589		$	147,712
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%(D)		0.85	%		0.85	%		0.86	%		0.86	%		0.84	%
Including waiver and/or reimbursement and recapture		0.86	%(D)		0.84	%		0.80	%		0.86	%		0.86	%(B)		0.84	%
Net investment income (loss) to average net assets		1.49	%(D)		0.94	%		1.09	%		0.79	%		0.97	%(B)		1.19	%
Portfolio turnover rate		44	%(C)		77	%		85	%		76	%		95	%		31	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I2
	April 30, 2020       (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of period/year	$	11.74		$	11.62		$	11.95		$	11.87		$	11.41		$	10.69
Investment operations:
Net investment income (loss) (A)		0.08			0.12			0.14			0.11			0.15	(B)		0.16
Net realized and unrealized gain (loss)		(2.27	)		0.88			0.49			0.95			0.74			0.67
Total investment operations		(2.19	)		1.00			0.63			1.06			0.89			0.83
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.15	)		(0.13	)		(0.14	)		(0.16	)		(0.04	)
Net realized gains		(0.34	)		(0.73	)		(0.83	)		(0.84	)		(0.27	)		(0.07	)
Total dividends and/or distributions to shareholders		(0.47	)		(0.88	)		(0.96	)		(0.98	)		(0.43	)		(0.11	)
Net asset value, end of period/year	$	9.08		$	11.74		$	11.62		$	11.95		$	11.87		$	11.41
Total return		(19.53	)%(C)		10.04	%		5.26	%		9.09	%		8.12	%		7.80	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	194,000		$	277,692		$	280,299		$	298,655		$	323,275		$	465,775
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(D)		0.75	%		0.75	%		0.76	%		0.74	%		0.74	%
Including waiver and/or reimbursement and recapture		0.76	%(D)		0.75	%(E)		0.71	%		0.76	%		0.74	%(B)		0.74	%
Net investment income (loss) to average net assets		1.58	%(D)		1.09	%		1.15	%		0.92	%		1.37	%(B)		1.42	%
Portfolio turnover rate		44	%(C)		77	%		85	%		76	%		95	%		31	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    370

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.80		$	11.67		$	11.96		$	11.93
Investment operations:
Net investment income (loss) (B)		0.08			0.12			0.14			0.06
Net realized and unrealized gain (loss)		(2.29	)		0.90			0.48			(0.03	)(C)
Total investment operations		(2.21	)		1.02			0.62			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.16	)		(0.08	)		—
Net realized gains		(0.34	)		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.47	)		(0.89	)		(0.91	)		—
Net asset value, end of period/year	$	9.12		$	11.80		$	11.67		$	11.96
Total return		(19.60	)%(D)		10.10	%		5.19	%		0.25	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	117,333		$	212,674		$	231,307		$	275,016
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(E)		0.75	%		0.75	%		0.76	%(E)
Including waiver and/or reimbursement and recapture		0.76	%(E)		0.75	%(F)		0.70	%		0.70	%(E)
Net investment income (loss) to average net assets		1.50	%(E)		1.09	%		1.16	%		0.79	%(E)
Portfolio turnover rate		44	%(D)		77	%		85	%		76	%(D)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.77		$	11.63		$	11.92		$	11.93
Investment operations:
Net investment income (loss) (B)		0.06			0.07			0.07			0.02
Net realized and unrealized gain (loss)		(2.29	)		0.88			0.50			(0.03	)(C)
Total investment operations		(2.23	)		0.95			0.57			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.08	)		(0.03	)		—
Net realized gains		(0.34	)		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.41	)		(0.81	)		(0.86	)		—
Net asset value, end of period/year	$	9.13		$	11.77		$	11.63		$	11.92
Total return		(19.74	)%(D)		9.45	%		4.70	%		(0.08	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	44,255		$	62,961		$	69,546		$	88,909
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.26	%(E)		1.25	%		1.26	%		1.27	%(E)
Including waiver and/or reimbursement and recapture		1.25	%(E)		1.25	%(F)		1.24	%		1.25	%(E)
Net investment income (loss) to average net assets		1.10	%(E)		0.60	%		0.63	%		0.26	%(E)
Portfolio turnover rate		44	%(D)		77	%		85	%		76	%(D)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    371

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.79		$	11.66		$	11.94		$	11.93
Investment operations:
Net investment income (loss) (B)		0.08			0.12			0.11			0.04
Net realized and unrealized gain (loss)		(2.30	)		0.87			0.50			(0.03	)(C)
Total investment operations		(2.22	)		0.99			0.61			0.01
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.13	)		(0.06	)		—
Net realized gains		(0.34	)		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.86	)		(0.89	)		—
Net asset value, end of period/year	$	9.15		$	11.79		$	11.66		$	11.94
Total return		(19.60	)%(D)		9.83	%		5.07	%		0.08	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	79,650		$	101,137		$	362,082		$	424,122
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%(E)		1.00	%		1.00	%		1.01	%(E)
Including waiver and/or reimbursement and recapture		0.90	%(E)		0.90	%		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		1.46	%(E)		1.06	%		0.96	%		0.58	%(E)
Portfolio turnover rate		44	%(D)		77	%		85	%		76	%(D)

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	11.83		$	11.70		$	12.03		$	11.87		$	11.87
Investment operations:
Net investment income (loss) (B)		0.09			0.12			0.04			0.08			0.01	(C)
Net realized and unrealized gain (loss)		(2.30	)		0.90			0.59			0.98			(0.01	)(D)
Total investment operations		(2.21	)		1.02			0.63			1.06			—
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.16	)		(0.13	)		(0.06	)		—
Net realized gains		(0.34	)		(0.73	)		(0.83	)		(0.84	)		—
Total dividends and/or distributions to shareholders		(0.47	)		(0.89	)		(0.96	)		(0.90	)		—
Net asset value, end of period/year	$	9.15		$	11.83		$	11.70		$	12.03		$	11.87
Total return		(19.55	)%(E)		10.06	%		5.22	%		9.09	%		0.00	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	185,713		$	222,061		$	166,519		$	16,391		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(F)		0.75	%		0.75	%		0.76	%		0.79	%(F)
Including waiver and/or reimbursement and recapture		0.76	%(F)		0.75	%(G)		0.71	%		0.76	%		0.78	%(C)(F)
Net investment income (loss) to average net assets		1.60	%(F)		1.08	%		0.30	%		0.68	%		0.18	%(C)(F)
Portfolio turnover rate		44	%(E)		77	%		85	%		76	%		95	%(E)

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    372

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class A
	April 30, 2020     (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	6.52		$	6.88		$	7.37		$	7.59		$	7.94		$	11.62
Investment operations:
Net investment income (loss) (A)		0.12			0.16			0.03			0.15			0.24	(B)		0.29
Net realized and unrealized gain (loss)		(1.67	)		(0.17	)		(0.16	)		0.04			(0.33	)(C)		(3.62	)
Total investment operations		(1.55	)		(0.01	)		(0.13	)		0.19			(0.09	)		(3.33	)
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.07	)		(0.07	)		(0.30	)		(0.26	)		(0.09	)
Net realized gains		—			—			—			—			—			(0.07	)
Return of capital		—			(0.28	)		(0.29	)		(0.11	)		—			(0.19	)
Total dividends and/or distributions to shareholders		(0.17	)		(0.35	)		(0.36	)		(0.41	)		(0.26	)		(0.35	)
Net asset value, end of period/year	$	4.80		$	6.52		$	6.88		$	7.37		$	7.59		$	7.94
Total return (D)		(23.81	)%(E)		(0.20	)%		(1.85	)%		2.30	%		(0.87	)%		(29.17	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,190		$	16,363		$	23,096		$	32,083		$	43,221		$	46,624
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.72	%(F)		1.63	%		1.61	%		1.58	%		1.57	%		1.52	%
Including waiver and/or reimbursement and recapture		1.60	%(F)		1.60	%		1.60	%		1.58	%		1.56	%(B)		1.52	%
Net investment income (loss) to average net assets		4.10	%(F)		2.27	%		0.40	%		1.97	%		3.50	%(B)		2.84	%
Portfolio turnover rate		12	%(E)		20	%		33	%		41	%		79	%		67	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class C
	April 30, 2020     (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	6.50		$	6.85		$	7.34		$	7.55		$	7.91		$	11.57
Investment operations:
Net investment income (loss) (A)		0.10			0.10			(0.02	)		0.09			0.19	(B)		0.21
Net realized and unrealized gain (loss)		(1.67	)		(0.15	)		(0.17	)		0.05			(0.35	)(C)		(3.60	)
Total investment operations		(1.57	)		(0.05	)		(0.19	)		0.14			(0.16	)		(3.39	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.06	)		(0.06	)		(0.25	)		(0.20	)		(0.06	)
Net realized gains		—			—			—			—			—			(0.07	)
Return of capital		—			(0.24	)		(0.24	)		(0.10	)		—			(0.14	)
Total dividends and/or distributions to shareholders		(0.15	)		(0.30	)		(0.30	)		(0.35	)		(0.20	)		(0.27	)
Net asset value, end of period/year	$	4.78		$	6.50		$	6.85		$	7.34		$	7.55		$	7.91
Total return (D)		(24.25	)%(E)		(0.84	)%		(2.66	)%		1.64	%		(1.79	)%		(29.61	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	8,198		$	11,796		$	15,955		$	23,673		$	31,067		$	37,877
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.49	%(F)		2.42	%		2.39	%		2.36	%		2.36	%		2.27	%
Including waiver and/or reimbursement and recapture		2.35	%(F)		2.35	%		2.35	%		2.35	%		2.35	%(B)		2.27	%
Net investment income (loss) to average net assets		3.29	%(F)		1.52	%		(0.29	)%		1.10	%		2.73	%(B)		2.11	%
Portfolio turnover rate		12	%(E)		20	%		33	%		41	%		79	%		67	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    373

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class I
	April 30, 2020     (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	6.52		$	6.89		$	7.37		$	7.59		$	7.95		$	11.63
Investment operations:
Net investment income (loss) (A)		0.13			0.18			0.07			0.16			0.26	(B)		0.31
Net realized and unrealized gain (loss)		(1.67	)		(0.18	)		(0.17	)		0.05			(0.34	)(C)		(3.61	)
Total investment operations		(1.54	)		—			(0.10	)		0.21			(0.08	)		(3.30	)
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.07	)		(0.08	)		(0.31	)		(0.28	)		(0.10	)
Net realized gains		—			—			—			—			—			(0.07	)
Return of capital		—			(0.30	)		(0.30	)		(0.12	)		—			(0.21	)
Total dividends and/or distributions to shareholders		(0.18	)		(0.37	)		(0.38	)		(0.43	)		(0.28	)		(0.38	)
Net asset value, end of period/year	$	4.80		$	6.52		$	6.89		$	7.37		$	7.59		$	7.95
Total return		(23.67	)%(D)		(0.03	)%		(1.42	)%		2.61	%		(0.68	)%		(28.92	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	8,680		$	14,258		$	21,257		$	48,023		$	39,716		$	63,695
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.34	%(E)		1.30	%		1.30	%		1.29	%		1.26	%		1.23	%
Including waiver and/or reimbursement and recapture		1.34	%(E)		1.30	%		1.30	%		1.29	%		1.25	%(B)		1.23	%
Net investment income (loss) to average net assets		4.29	%(E)		2.56	%		1.02	%		2.05	%		3.79	%(B)		3.08	%
Portfolio turnover rate		12	%(D)		20	%		33	%		41	%		79	%		67	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class I2
	April 30, 2020     (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	6.52		$	6.89		$	7.38		$	7.60		$	7.95		$	11.63
Investment operations:
Net investment income (loss) (A)		0.13			0.18			0.07			0.17			0.25	(B)		0.33
Net realized and unrealized gain (loss)		(1.67	)		(0.17	)		(0.17	)		0.05			(0.31	)(C)		(3.62	)
Total investment operations		(1.54	)		0.01			(0.10	)		0.22			(0.06	)		(3.29	)
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.07	)		(0.08	)		(0.32	)		(0.29	)		(0.10	)
Net realized gains		—			—			—			—			—			(0.07	)
Return of capital		—			(0.31	)		(0.31	)		(0.12	)		—			(0.22	)
Total dividends and/or distributions to shareholders		(0.18	)		(0.38	)		(0.39	)		(0.44	)		(0.29	)		(0.39	)
Net asset value, end of period/year	$	4.80		$	6.52		$	6.89		$	7.38		$	7.60		$	7.95
Total return		(23.77	)%(D)		0.08	%		(1.44	)%		2.70	%		(0.45	)%		(28.84	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	147,220		$	208,684		$	258,764		$	209,277		$	268,516		$	346,050
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.24	%(E)		1.20	%		1.20	%		1.19	%		1.16	%		1.14	%
Including waiver and/or reimbursement and recapture		1.24	%(E)		1.20	%		1.20	%		1.19	%		1.15	%(B)		1.14	%
Net investment income (loss) to average net assets		4.39	%(E)		2.60	%		0.95	%		2.18	%		3.69	%(B)		3.26	%
Portfolio turnover rate		12	%(D)		20	%		33	%		41	%		79	%		67	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    374

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Asset Income
	Class A
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	11.64		$	10.91		$	10.96		$	9.97		$	9.97		$	10.30
Investment operations:
Net investment income (loss) (A)		0.20			0.40			0.39			0.39			0.35	(B)		0.37
Net realized and unrealized gain (loss)		(1.22	)		0.82			(0.05	)		0.96			0.03			(0.20	)
Total investment operations		(1.02	)		1.22			0.34			1.35			0.38			0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.36	)		(0.35	)		(0.36	)		(0.34	)		(0.39	)
Net realized gains		(0.01	)		(0.13	)		(0.04	)		—			(0.04	)		(0.11	)
Total dividends and/or distributions to shareholders		(0.22	)		(0.49	)		(0.39	)		(0.36	)		(0.38	)		(0.50	)
Net asset value, end of period/year	$	10.40		$	11.64		$	10.91		$	10.96		$	9.97		$	9.97
Total return (C)		(8.83	)%(D)		11.72	%		3.11	%		13.77	%		3.88	%		1.60	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	33,650		$	34,731		$	27,644		$	20,733		$	2,153		$	1,600
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%(E)		1.12	%		1.20	%		1.19	%		1.21	%(F)		1.31	%(F)
Including waiver and/or reimbursement and recapture		1.04	%(E)		1.12	%		1.20	%		1.21	%(G)		1.20	%(B)(F)		1.20	%(F)
Net investment income (loss) to average net assets		3.58	%(E)		3.59	%		3.50	%		3.74	%		3.60	%(B)		3.67	%
Portfolio turnover rate		35	%(D)		53	%		38	%		79	%		51	%		77	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.
(G)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica Multi-Asset Income
	Class C
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	11.59		$	10.86		$	10.92		$	9.94		$	9.94		$	10.29
Investment operations:
Net investment income (loss) (A)		0.16			0.31			0.31			0.31			0.28	(B)		0.28
Net realized and unrealized gain (loss)		(1.22	)		0.84			(0.07	)		0.97			0.03			(0.20	)
Total investment operations		(1.06	)		1.15			0.24			1.28			0.31			0.08
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.29	)		(0.26	)		(0.30	)		(0.27	)		(0.32	)
Net realized gains		(0.01	)		(0.13	)		(0.04	)		—			(0.04	)		(0.11	)
Total dividends and/or distributions to shareholders		(0.18	)		(0.42	)		(0.30	)		(0.30	)		(0.31	)		(0.43	)
Net asset value, end of period/year	$	10.35		$	11.59		$	10.86		$	10.92		$	9.94		$	9.94
Total return (C)		(9.21	)%(D)		11.00	%		2.24	%		12.97	%		3.17	%		0.78	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	49,434		$	46,600		$	38,322		$	43,076		$	4,173		$	3,024
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.77	%(E)		1.85	%		1.92	%		1.94	%		1.94	%(F)		2.01	%(F)
Including waiver and/or reimbursement and recapture		1.77	%(E)		1.85	%		1.92	%		1.94	%		1.95	%(B)(F)		1.95	%(F)
Net investment income (loss) to average net assets		2.87	%(E)		2.86	%		2.80	%		2.99	%		2.86	%(B)		2.78	%
Portfolio turnover rate		35	%(D)		53	%		38	%		79	%		51	%		77	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Semi-Annual Report 2020

Page    375

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Asset Income
	Class I
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of period/year	$	11.64		$	10.91		$	10.97		$	9.97		$	9.97		$	10.31
Investment operations:
Net investment income (loss) (A)		0.22			0.43			0.42			0.42			0.38	(B)		0.40
Net realized and unrealized gain (loss)		(1.23	)		0.83			(0.06	)		0.97			0.02			(0.22	)
Total investment operations		(1.01	)		1.26			0.36			1.39			0.40			0.18
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.40	)		(0.38	)		(0.39	)		(0.36	)		(0.41	)
Net realized gains		(0.01	)		(0.13	)		(0.04	)		—			(0.04	)		(0.11	)
Total dividends and/or distributions to shareholders		(0.23	)		(0.53	)		(0.42	)		(0.39	)		(0.40	)		(0.52	)
Net asset value, end of period/year	$	10.40		$	11.64		$	10.91		$	10.97		$	9.97		$	9.97
Total return		(8.76	)%(C)		12.14	%		3.27	%		14.10	%		4.13	%		1.77	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	168,202		$	153,353		$	92,148		$	71,827		$	41,691		$	30,300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(D)		0.85	%		0.93	%		0.94	%		1.01	%(E)		1.09	%(E)
Including waiver and/or reimbursement and recapture		0.72	%(D)		0.83	%		0.95	%		0.96	%(F)		0.95	%(B)(E)		0.95	%(E)
Net investment income (loss) to average net assets		3.92	%(D)		3.86	%		3.75	%		4.02	%		3.83	%(B)		3.90	%
Portfolio turnover rate		35	%(C)		53	%		38	%		79	%		51	%		77	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica Multi-Asset Income
	Class I2
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	11.14		$	10.47		$	10.52		$	9.62		$	9.89		$	10.30
Investment operations:
Net investment income (loss) (A)		0.22			0.41			0.42			0.40			0.09	(B)		0.42
Net realized and unrealized gain (loss)		(1.18	)		0.79			(0.06	)		0.90			0.04			(0.44	)
Total investment operations		(0.96	)		1.20			0.36			1.30			0.13			(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.40	)		(0.37	)		(0.40	)		(0.36	)		(0.28	)
Net realized gains		(0.01	)		(0.13	)		(0.04	)		—			(0.04	)		(0.11	)
Total dividends and/or distributions to shareholders		(0.24	)		(0.53	)		(0.41	)		(0.40	)		(0.40	)		(0.39	)
Net asset value, end of period/year	$	9.94		$	11.14		$	10.47		$	10.52		$	9.62		$	9.89
Total return		(8.68	)%(C)		12.03	%		3.45	%		13.70	%		1.38	%		(0.28	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12		$	13		$	11		$	11		$	0	(D)	$	0	(D)
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%(E)		0.74	%		0.82	%		0.84	%		0.00	%(F)(G)		1.00	%(G)
Including waiver and/or reimbursement and recapture		0.68	%(E)		0.82	%		0.82	%		0.96	%(H)		0.00	%(B)(F)(G)		0.95	%(G)
Net investment income (loss) to average net assets		4.12	%(E)		3.89	%		3.88	%		3.94	%		0.96	%(B)		4.02	%
Portfolio turnover rate		35	%(C)		53	%		38	%		79	%		51	%		77	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Rounds to less than $1,000.
(E)	Annualized.
(F)	Rounds to less than 0.01% or (0.01)%.
(G)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    376

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class A
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of period/year	$	28.66		$	27.54		$	27.90		$	24.88		$	24.86		$	25.61
Investment operations:
Net investment income (loss) (A)		0.15			0.36			0.34			0.28			0.25	(B)		0.24
Net realized and unrealized gain (loss)		(0.04	)		2.79			0.24			3.15			0.61			0.41
Total investment operations		0.11			3.15			0.58			3.43			0.86			0.65
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.37	)		(0.35	)		(0.32	)		(0.26	)		(0.25	)
Net realized gains		(0.85	)		(1.66	)		(0.59	)		(0.09	)		(0.58	)		(1.15	)
Total dividends and/or distributions to shareholders		(1.01	)		(2.03	)		(0.94	)		(0.41	)		(0.84	)		(1.40	)
Net asset value, end of period/year	$	27.76		$	28.66		$	27.54		$	27.90		$	24.88		$	24.86
Total return (C)		0.31	%(D)		12.53	%		2.05	%		13.89	%		3.57	%		2.58	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	533,885		$	558,639		$	532,861		$	573,224		$	406,606		$	210,457
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%(E)		1.04	%		1.03	%		1.03	%		1.10	%		1.14	%
Including waiver and/or reimbursement and recapture		1.03	%(E)		1.04	%		1.03	%		1.03	%		1.08	%(B)		1.14	%
Net investment income (loss) to average net assets		1.08	%(E)		1.34	%		1.22	%		1.07	%		1.04	%(B)		0.97	%
Portfolio turnover rate		33	%(D)		41	%		48	%		39	%		35	%		39	%

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

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class C
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of period/year	$	28.11		$	27.04		$	27.41		$	24.45		$	24.44		$	25.21
Investment operations:
Net investment income (loss) (A)		0.04			0.15			0.13			0.08			0.08	(B)		0.07
Net realized and unrealized gain (loss)		(0.03	)		2.75			0.22			3.09			0.59			0.40
Total investment operations		0.01			2.90			0.35			3.17			0.67			0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.17	)		(0.13	)		(0.12	)		(0.08	)		(0.09	)
Net realized gains		(0.85	)		(1.66	)		(0.59	)		(0.09	)		(0.58	)		(1.15	)
Total dividends and/or distributions to shareholders		(0.91	)		(1.83	)		(0.72	)		(0.21	)		(0.66	)		(1.24	)
Net asset value, end of period/year	$	27.21		$	28.11		$	27.04		$	27.41		$	24.45		$	24.44
Total return (C)		(0.08	)%(D)		11.73	%		1.25	%		13.02	%		2.84	%		1.87	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	196,013		$	195,175		$	184,727		$	222,884		$	208,410		$	184,907
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.79	%(E)		1.80	%		1.79	%		1.79	%		1.83	%		1.84	%
Including waiver and/or reimbursement and recapture		1.79	%(E)		1.80	%		1.79	%		1.79	%		1.82	%(B)		1.84	%
Net investment income (loss) to average net assets		0.32	%(E)		0.58	%		0.47	%		0.32	%		0.33	%(B)		0.27	%
Portfolio turnover rate		33	%(D)		41	%		48	%		39	%		35	%		39	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    377

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class I
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015
Net asset value, beginning of period/year	$	28.81		$	27.67		$	28.03		$	24.99		$	24.96		$	25.70
Investment operations:
Net investment income (loss) (A)		0.18			0.43			0.41			0.34			0.32	(B)		0.31
Net realized and unrealized gain (loss)		(0.05	)		2.80			0.23			3.16			0.60			0.42
Total investment operations		0.13			3.23			0.64			3.50			0.92			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.43	)		(0.41	)		(0.37	)		(0.31	)		(0.32	)
Net realized gains		(0.85	)		(1.66	)		(0.59	)		(0.09	)		(0.58	)		(1.15	)
Total dividends and/or distributions to shareholders		(1.04	)		(2.09	)		(1.00	)		(0.46	)		(0.89	)		(1.47	)
Net asset value, end of period/year	$	27.90		$	28.81		$	27.67		$	28.03		$	24.99		$	24.96
Total return		0.39	%(C)		12.79	%		2.26	%		14.13	%		3.83	%		2.90	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	242,412		$	244,156		$	232,308		$	266,637		$	208,512		$	199,378
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%(D)		0.82	%		0.82	%		0.82	%		0.84	%		0.86	%
Including waiver and/or reimbursement and recapture		0.81	%(D)		0.82	%		0.82	%		0.82	%		0.84	%(B)		0.86	%
Net investment income (loss) to average net assets		1.29	%(D)		1.55	%		1.44	%		1.28	%		1.32	%(B)		1.26	%
Portfolio turnover rate		33	%(C)		41	%		48	%		39	%		35	%		39	%

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

For a share outstanding during the periods and years indicated:	Transamerica Multi-Managed Balanced
	Class R6
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,     2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	28.81		$	27.67		$	28.03		$	24.99		$	24.95		$	25.40
Investment operations:
Net investment income (loss) (B)		0.20			0.44			0.44			0.37			0.25	(C)		0.13
Net realized and unrealized gain (loss)		(0.04	)		2.82			0.23			3.16			0.71			(0.40	)(D)
Total investment operations		0.16			3.26			0.67			3.53			0.96			(0.27	)
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.46	)		(0.44	)		(0.40	)		(0.34	)		(0.18	)
Net realized gains		(0.85	)		(1.66	)		(0.59	)		(0.09	)		(0.58	)		—
Total dividends and/or distributions to shareholders		(1.06	)		(2.12	)		(1.03	)		(0.49	)		(0.92	)		(0.18	)
Net asset value, end of period/year	$	27.91		$	28.81		$	27.67		$	28.03		$	24.99		$	24.95
Total return		0.49	%(E)		12.92	%		2.37	%		14.25	%		3.99	%		(1.07	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	15,313		$	13,458		$	7,149		$	9,749		$	6,316		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.71	%(F)		0.71	%		0.71	%		0.71	%		0.73	%		0.75	%(F)
Including waiver and/or reimbursement and recapture		0.71	%(F)		0.71	%		0.71	%		0.71	%		0.73	%(C)		0.75	%(F)
Net investment income (loss) to average net assets		1.40	%(F)		1.62	%		1.54	%		1.39	%		1.02	%(C)		1.19	%(F)
Portfolio turnover rate		33	%(E)		41	%		48	%		39	%		35	%		39	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    378

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class A
	April 30, 2020     (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.29		$	10.05		$	10.22		$	10.23		$	10.19		$	10.37
Investment operations:
Net investment income (loss) (A)		0.11			0.26			0.22			0.19			0.20	(B)		0.20
Net realized and unrealized gain (loss)		(0.31	)		0.24			(0.17	)		0.01			0.06			(0.15	)
Total investment operations		(0.20	)		0.50			0.05			0.20			0.26			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.26	)		(0.22	)		(0.21	)		(0.20	)		(0.21	)
Net realized gains		—			—			—			—			—			(0.02	)
Return of capital		—			—			—			—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.12	)		(0.26	)		(0.22	)		(0.21	)		(0.22	)		(0.23	)
Net asset value, end of period/year	$	9.97		$	10.29		$	10.05		$	10.22		$	10.23		$	10.19
Total return (C)		(1.98	)%(D)		5.04	%		0.53	%		1.90	%		2.60	%		0.53	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	656,273		$	698,062		$	732,815		$	940,515		$	934,615		$	976,715
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%(E)		0.82	%		0.85	%		0.84	%		0.85	%		0.84	%
Including waiver and/or reimbursement and recapture		0.72	%(E)		0.82	%		0.85	%		0.84	%		0.84	%(B)		0.84	%
Net investment income (loss) to average net assets		2.26	%(E)		2.54	%		2.16	%		1.84	%		1.95	%(B)		1.94	%
Portfolio turnover rate		26	%(D)		61	%		60	%		52	%		45	%		66	%

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

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class C
	April 30, 2020     (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.27		$	10.03		$	10.20		$	10.21		$	10.17		$	10.35
Investment operations:
Net investment income (loss) (A)		0.07			0.18			0.14			0.11			0.12	(B)		0.12
Net realized and unrealized gain (loss)		(0.30	)		0.24			(0.16	)		0.01			0.06			(0.14	)
Total investment operations		(0.23	)		0.42			(0.02	)		0.12			0.18			(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.18	)		(0.15	)		(0.13	)		(0.12	)		(0.14	)
Net realized gains		—			—			—			—			—			(0.02	)
Return of capital		—			—			—			—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.08	)		(0.18	)		(0.15	)		(0.13	)		(0.14	)		(0.16	)
Net asset value, end of period/year	$	9.96		$	10.27		$	10.03		$	10.20		$	10.21		$	10.17
Total return (C)		(2.27	)% (D)		4.23	%		(0.24	)%		1.12	%		1.82	%		(0.23	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	256,589		$	294,497		$	393,543		$	517,918		$	621,425		$	721,293
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.52	%(E)		1.61	%		1.62	%		1.61	%		1.61	%		1.60	%
Including waiver and/or reimbursement and recapture		1.52	%(E)		1.61	%		1.62	%		1.61	%		1.60	%(B)		1.60	%
Net investment income (loss) to average net assets		1.47	%(E)		1.77	%		1.40	%		1.07	%		1.18	%(B)		1.19	%
Portfolio turnover rate		26	%(D)		61	%		60	%		52	%		45	%		66	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    379

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class I
	April 30, 2020     (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.11		$	9.88		$	10.05		$	10.05		$	10.01		$	10.19
Investment operations:
Net investment income (loss) (A)		0.12			0.27			0.24			0.20			0.21	(B)		0.22
Net realized and unrealized gain (loss)		(0.29	)		0.24			(0.17	)		0.02			0.07			(0.15	)
Total investment operations		(0.17	)		0.51			0.07			0.22			0.28			0.07
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.28	)		(0.24	)		(0.22	)		(0.21	)		(0.23	)
Net realized gains		—			—			—			—			—			(0.02	)
Return of capital		—			—			—			—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.13	)		(0.28	)		(0.24	)		(0.22	)		(0.24	)		(0.25	)
Net asset value, end of period/year	$	9.81		$	10.11		$	9.88		$	10.05		$	10.05		$	10.01
Total return		(1.74	)% (C)		5.20	%		0.71	%		2.21	%		2.82	%		0.71	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,716,631		$	1,745,843		$	1,451,634		$	1,312,220		$	979,858		$	822,063
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.52	%(D)		0.62	%		0.65	%		0.64	%		0.64	%		0.63	%
Including waiver and/or reimbursement and recapture		0.52	%(D)		0.62	%		0.65	%		0.64	%		0.63	%(B)		0.63	%
Net investment income (loss) to average net assets		2.46	%(D)		2.74	%		2.39	%		2.04	%		2.15	%(B)		2.15	%
Portfolio turnover rate		26	%(C)		61	%		60	%		52	%		45	%		66	%

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

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class I2
	April 30, 2020     (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.11		$	9.87		$	10.04		$	10.04		$	10.01		$	10.18
Investment operations:
Net investment income (loss) (A)		0.13			0.28			0.24			0.22			0.22	(B)		0.23
Net realized and unrealized gain (loss)		(0.31	)		0.25			(0.16	)		0.01			0.06			(0.14	)
Total investment operations		(0.18	)		0.53			0.08			0.23			0.28			0.09
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.29	)		(0.25	)		(0.23	)		(0.22	)		(0.24	)
Net realized gains		—			—			—			—			—			(0.02	)
Return of capital		—			—			—			—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.13	)		(0.29	)		(0.25	)		(0.23	)		(0.25	)		(0.26	)
Net asset value, end of period/year	$	9.80		$	10.11		$	9.87		$	10.04		$	10.04		$	10.01
Total return		(1.79	)%(C)		5.41	%		0.81	%		2.31	%		2.81	%		0.91	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	296,672		$	282,641		$	220,648		$	427,397		$	282,016		$	1,223,002
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%(D)		0.52	%		0.55	%		0.54	%		0.54	%		0.53	%
Including waiver and/or reimbursement and recapture		0.42	%(D)		0.52	%		0.55	%		0.54	%		0.54	%(B)		0.53	%
Net investment income (loss) to average net assets		2.55	%(D)		2.85	%		2.45	%		2.15	%		2.21	%(B)		2.25	%
Portfolio turnover rate		26	%(C)		61	%		60	%		52	%		45	%		66	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    380

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Short-Term Bond
	Class R6
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.11		$	9.87		$	10.03		$	10.04		$	10.01		$	10.12
Investment operations:
Net investment income (loss) (B)		0.13			0.28			0.26			0.21			0.23	(C)		0.09
Net realized and unrealized gain (loss)		(0.31	)		0.25			(0.17	)		0.01			0.05			(0.10	)
Total investment operations		(0.18	)		0.53			0.09			0.22			0.28			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.29	)		(0.25	)		(0.23	)		(0.22	)		(0.10	)
Return of capital		—			—			—			—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.13	)		(0.29	)		(0.25	)		(0.23	)		(0.25	)		(0.10	)
Net asset value, end of period/year	$	9.80		$	10.11		$	9.87		$	10.03		$	10.04		$	10.01
Total return		(1.79	)%(D)		5.42	%		0.92	%		2.21	%		2.82	%		(0.09	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	33,055		$	28,807		$	26,240		$	1,412		$	372		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%(E)		0.52	%		0.55	%		0.54	%		0.54	%		0.53	%(E)
Including waiver and/or reimbursement and recapture		0.42	%(E)		0.52	%		0.55	%		0.54	%		0.52	%(C)		0.53	%(E)
Net investment income (loss) to average net assets		2.56	%(E)		2.85	%		2.65	%		2.14	%		2.26	%(C)		2.22	%(E)
Portfolio turnover rate		26	%(D)		61	%		60	%		52	%		45	%		66	%

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

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Core
	Class A
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.65		$	11.48		$	11.72		$	11.36
Investment operations:
Net investment income (loss) (B)		0.03			0.05			0.04			0.02
Net realized and unrealized gain (loss)		(2.08	)		(0.89	)		0.24			0.34
Total investment operations		(2.05	)		(0.84	)		0.28			0.36
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.06	)		(0.15	)		—
Net realized gains		—			(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.06	)		(0.99	)		(0.52	)		—
Net asset value, end of period/year	$	7.54		$	9.65		$	11.48		$	11.72
Total return (C)		(21.45	)%(D)		(6.56	)%		2.24	%		3.17	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,632		$	2,759		$	3,356		$	3,490
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.47	%(E)		1.39	%		1.32	%		1.35	%(E)
Including waiver and/or reimbursement and recapture		1.30	%(E)		1.26	%		1.20	%		1.30	%(E)
Net investment income (loss) to average net assets		0.66	%(E)		0.50	%		0.34	%		0.22	%(E)
Portfolio turnover rate		59	%(D)		94	%		86	%		53	%(D)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    381

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Core
	Class C
	April 30, 2020     (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.48		$	11.30		$	11.54		$	11.24
Investment operations:
Net investment income (loss) (C)		—			(0.02	)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss)		(2.06	)		(0.87	)		0.24			0.34
Total investment operations		(2.06	)		(0.89	)		0.19			0.30
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.06	)		—
Net realized gains		—			(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		—			(0.93	)		(0.43	)		—
Net asset value, end of period/year	$	7.42		$	9.48		$	11.30		$	11.54
Total return (D)		(21.73	)%(E)		(7.17	)%		1.58	%		2.67	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	319		$	536		$	668		$	638
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.15	%(F)		2.09	%		2.06	%		2.07	%(F)
Including waiver and/or reimbursement and recapture		2.05	%(F)		2.01	%		1.95	%		2.05	%(F)
Net investment income (loss) to average net assets		(0.09	)%(F)		(0.25	)%		(0.40	)%		(0.49	)%(F)
Portfolio turnover rate		59	%(E)		94	%		86	%		53	%(E)

(A)	Commenced operations on March 10, 2017.
(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)	Calculated based on average number of shares outstanding.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Core
	Class I
	April 30, 2020     (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.70		$	11.53		$	11.78		$	11.40
Investment operations:
Net investment income (loss) (B)		0.04			0.08			0.07			0.04
Net realized and unrealized gain (loss)		(2.09	)		(0.89	)		0.23			0.34
Total investment operations		(2.05	)		(0.81	)		0.30			0.38
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.09	)		(0.18	)		—
Net realized gains		—			(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.08	)		(1.02	)		(0.55	)		—
Net asset value, end of period/year	$	7.57		$	9.70		$	11.53		$	11.78
Total return		(21.35	)%(C)		(6.24	)%		2.38	%		3.33	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	690		$	1,321		$	2,047		$	1,689
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.08	%(D)		1.05	%		1.02	%		0.99	%(D)
Including waiver and/or reimbursement and recapture		1.05	%(D)		1.01	%		0.95	%		1.05	%(D)
Net investment income (loss) to average net assets		0.89	%(D)		0.79	%		0.57	%		0.48	%(D)
Portfolio turnover rate		59	%(C)		94	%		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    382

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Core
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.72		$	11.56		$	11.79		$	11.40
Investment operations:
Net investment income (loss) (B)		0.04			0.08			0.09			0.05
Net realized and unrealized gain (loss)		(2.09	)		(0.89	)		0.24			0.34
Total investment operations		(2.05	)		(0.81	)		0.33			0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.10	)		(0.19	)		—
Net realized gains		—			(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.09	)		(1.03	)		(0.56	)		—
Net asset value, end of period/year	$	7.58		$	9.72		$	11.56		$	11.79
Total return		(21.33	)%(C)		(6.21	)%		2.63	%		3.42	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,101		$	16,035		$	21,106		$	29,564
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.97	%(D)		0.94	%		0.92	%		0.85	%(D)
Including waiver and/or reimbursement and recapture		0.95	%(D)		0.93	%		0.86	%		0.93	%(D)
Net investment income (loss) to average net assets		1.00	%(D)		0.84	%		0.72	%		0.63	%(D)
Portfolio turnover rate		59	%(C)		94	%		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Core
	Class I3
	April 30, 2020   (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.82		$	11.67		$	11.80		$	11.40
Investment operations:
Net investment income (loss) (B)		0.05			0.08			0.09			0.05
Net realized and unrealized gain (loss)		(2.12	)		(0.90	)		0.22			0.35
Total investment operations		(2.07	)		(0.82	)		0.31			0.40
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.10	)		(0.07	)		—
Net realized gains		—			(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.09	)		(1.03	)		(0.44	)		—
Net asset value, end of period/year	$	7.66		$	9.82		$	11.67		$	11.80
Total return		(21.32	)%(C)		(6.31	)%		2.57	%		3.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	58,001		$	118,570		$	137,326		$	153,587
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.97	%(D)		0.94	%		0.92	%		0.98	%(D)
Including waiver and/or reimbursement and recapture		0.95	%(D)		0.93	%		0.85	%		0.85	%(D)
Net investment income (loss) to average net assets		0.97	%(D)		0.82	%		0.71	%		0.70	%(D)
Portfolio turnover rate		59	%(C)		94	%		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    383

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Core
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.80		$	11.62		$	11.75		$	11.40
Investment operations:
Net investment income (loss) (B)		0.02			0.04			0.02			0.01
Net realized and unrealized gain (loss)		(2.12	)		(0.89	)		0.24			0.34
Total investment operations		(2.10	)		(0.85	)		0.26			0.35
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.04	)		(0.02	)		—
Net realized gains		—			(0.93	)		(0.37	)		—
Total dividends and/or distributions to shareholders		(0.03	)		(0.97	)		(0.39	)		—
Net asset value, end of period/year	$	7.67		$	9.80		$	11.62		$	11.75
Total return		(21.48	)%(C)		(6.71	)%		2.12	%		3.07	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	22,074		$	31,787		$	46,718		$	53,017
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.47	%(D)		1.44	%		1.42	%		1.48	%(D)
Including waiver and/or reimbursement and recapture		1.45	%(D)		1.43	%		1.35	%		1.48	%(D)
Net investment income (loss) to average net assets		0.50	%(D)		0.38	%		0.20	%		0.08	%(D)
Portfolio turnover rate		59	%(C)		94	%		86	%		53	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Core
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	9.82		$	11.64		$	11.78		$	11.53		$	9.45		$	10.57		$	10.25
Investment operations:
Net investment income (loss) (D)		0.04			0.06			0.06			0.04			0.08			0.08			0.08
Net realized and unrealized gain (loss)		(2.12	)		(0.88	)		0.22			0.22			2.08			(1.11	)		0.32
Total investment operations		(2.08	)		(0.82	)		0.28			0.26			2.16			(1.03	)		0.40
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.07	)		(0.05	)		(0.01	)		(0.08	)		(0.09	)		(0.08	)
Net realized gains		—			(0.93	)		(0.37	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.07	)		(1.00	)		(0.42	)		(0.01	)		(0.08	)		(0.09	)		(0.08	)
Net asset value, end of period/year	$	7.67		$	9.82		$	11.64		$	11.78		$	11.53		$	9.45		$	10.57
Total return		(21.34	)%(E)		(6.44	)%		2.27	%		2.27	%(E)		23.08	%		(9.72	)%		3.94	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,857		$	5,175		$	5,648		$	8,970		$	14,540		$	12,719		$	27,550
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.22	%(F)		1.19	%		1.17	%		1.30	%(F)		1.50	%		1.32	%		1.28	%
Including waiver and/or reimbursement and recapture		1.10	%(F)		1.10	%		1.10	%		1.11	%(F)(G)		1.07	%(H)		1.10	%		1.10	%
Net investment income (loss) to average net assets		0.85	%(F)		0.64	%		0.50	%		0.34	%(F)		0.80	%		0.82	%		0.78	%
Portfolio turnover rate		59	%(E)		94	%		86	%		53	%(E)		122	%		132	%		148	%

(A)	Transamerica Partners Institutional Small Core reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Small Core, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 10, 2017, the Fund underwent a 1.44-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(H)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Semi-Annual Report 2020

Page    384

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	6.43		$	6.51		$	6.89		$	12.15		$	12.82		$	12.87
Investment operations:
Net investment income (loss) (A)		(0.03	)		(0.05	)		(0.04	)		(0.06	)		(0.10	)(B)		(0.03	)
Net realized and unrealized gain (loss)		(0.38	)		0.61			0.34			2.42			0.49			1.03
Total investment operations		(0.41	)		0.56			0.30			2.36			0.39			1.00
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		(7.62	)		(1.06	)		(1.05	)
Net asset value, end of period/year	$	5.56		$	6.43		$	6.51		$	6.89		$	12.15		$	12.82
Total return (C)		(7.18	)%(D)		11.11	%		4.50	%		26.31	%		3.42	%		8.27	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,023		$	14,777		$	18,537		$	15,520		$	8,835		$	2,882
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.45	%(E)		1.47	%		1.41	%		1.51	%		1.36	%		1.30	%
Including waiver and/or reimbursement and recapture		1.40	%(E)		1.35	%		1.25	%		1.41	%(F)		1.35	%(B)		1.30	%
Net investment income (loss) to average net assets		(0.98	)%(E)		(0.81	)%		(0.55	)%		(0.92	)%		(0.82	)%(B)		(0.26	)%
Portfolio turnover rate		31	%(D)		72	%		55	%		80	%		43	%		60	%

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

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	5.72		$	5.91		$	6.35		$	11.77		$	12.55		$	12.70
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.09	)		(0.08	)		(0.10	)		(0.18	)(B)		(0.15	)
Net realized and unrealized gain (loss)		(0.33	)		0.54			0.32			2.30			0.46			1.05
Total investment operations		(0.38	)		0.45			0.24			2.20			0.28			0.90
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		(7.62	)		(1.06	)		(1.05	)
Net asset value, end of period/year	$	4.88		$	5.72		$	5.91		$	6.35		$	11.77		$	12.55
Total return (C)		(7.39	)%(D)		10.28	%		3.87	%		25.22	%		2.56	%		7.54	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,296		$	4,131		$	4,604		$	3,588		$	1,369		$	1,380
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.18	%(E)		2.19	%		2.15	%		2.23	%		2.10	%		2.02	%
Including waiver and/or reimbursement and recapture		2.15	%(E)		2.10	%		2.00	%		2.16	%(F)		2.09	%(B)		2.02	%
Net investment income (loss) to average net assets		(1.73	)%(E)		(1.55	)%		(1.32	)%		(1.69	)%		(1.54	)%(B)		(1.20	)%
Portfolio turnover rate		31	%(D)		72	%		55	%		80	%		43	%		60	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    385

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	6.71		$	6.74		$	7.09		$	12.30		$	12.94		$	12.94
Investment operations:
Net investment income (loss) (A)		(0.02	)		(0.03	)		(0.02	)		(0.05	)		(0.06	)(B)		(0.06	)
Net realized and unrealized gain (loss)		(0.40	)		0.64			0.35			2.46			0.48			1.11
Total investment operations		(0.42	)		0.61			0.33			2.41			0.42			1.05
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		(7.62	)		(1.06	)		(1.05	)
Net asset value, end of period/year	$	5.83		$	6.71		$	6.74		$	7.09		$	12.30		$	12.94
Total return		(7.02	)%(C)		11.50	%		4.82	%		26.40	%		3.64	%		8.63	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	30,777		$	37,424		$	31,592		$	27,564		$	2,042		$	2,540
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%(D)		1.13	%		1.11	%		1.18	%		1.03	%		1.00	%
Including waiver and/or reimbursement and recapture		1.11	%(D)		1.07	%		1.00	%		1.16	%(E)		1.03	%(B)		1.00	%
Net investment income (loss) to average net assets		(0.68	)%(D)		(0.54	)%		(0.31	)%		(0.69	)%		(0.48	)%(B)		(0.44	)%
Portfolio turnover rate		31	%(C)		72	%		55	%		80	%		43	%		60	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.
(E)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	6.83		$	6.85		$	7.18		$	12.36		$	12.99		$	12.97
Investment operations:
Net investment income (loss) (A)		(0.02	)		(0.03	)		(0.01	)		(0.04	)		(0.04	)(B)		0.01
Net realized and unrealized gain (loss)		(0.40	)		0.65			0.36			2.48			0.47			1.06
Total investment operations		(0.42	)		0.62			0.35			2.44			0.43			1.07
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		(7.62	)		(1.06	)		(1.05	)
Net asset value, end of period/year	$	5.95		$	6.83		$	6.85		$	7.18		$	12.36		$	12.99
Total return		(6.90	)%(C)		11.48	%		5.06	%		26.63	%		3.71	%		8.78	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	63,187		$	53,600		$	35,995		$	47,690		$	53,790		$	539,006
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%(D)		1.04	%		1.01	%		1.09	%		0.92	%		0.89	%
Including waiver and/or reimbursement and recapture		1.00	%(D)		1.00	%		0.91	%		1.09	%		0.91	%(B)		0.89	%
Net investment income (loss) to average net assets		(0.60	)%(D)		(0.46	)%		(0.20	)%		(0.57	)%		(0.32	)%(B)		0.07	%
Portfolio turnover rate		31	%(C)		72	%		55	%		80	%		43	%		60	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    386

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	6.83		$	6.84		$	7.19		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.03	)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		(0.41	)		0.66			0.34			0.77
Total investment operations		(0.43	)		0.63			0.33			0.75
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	5.94		$	6.83		$	6.84		$	7.19
Total return		(6.90	)%(C)		11.48	%		4.90	%		11.65	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	23,557		$	26,997		$	29,619		$	34,587
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%(D)		1.04	%		1.01	%		1.07	%(D)
Including waiver and/or reimbursement and recapture		1.00	%(D)		0.99	%		0.90	%		0.90	%(D)
Net investment income (loss) to average net assets		(0.58	)%(D)		(0.46	)%		(0.20	)%		(0.47	)%(D)
Portfolio turnover rate		31	%(C)		72	%		55	%		80	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	6.72		$	6.79		$	7.16		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.06	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		(0.39	)		0.63			0.36			0.77
Total investment operations		(0.42	)		0.57			0.31			0.72
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	5.84		$	6.72		$	6.79		$	7.16
Total return		(7.02	)%(C)		10.78	%		4.48	%		11.18	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,420		$	15,869		$	16,846		$	17,479
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.51	%(D)		1.53	%		1.50	%		1.57	%(D)
Including waiver and/or reimbursement and recapture		1.50	%(D)		1.49	%		1.42	%		1.55	%(D)
Net investment income (loss) to average net assets		(1.08	)%(D)		(0.94	)%		(0.73	)%		(1.17	)%(D)
Portfolio turnover rate		31	%(C)		72	%		55	%		80	%

(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 Semi-Annual Report 2020

Page    387

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	6.80		$	6.81		$	7.18		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.02	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		(0.40	)		0.65			0.34			0.77
Total investment operations		(0.42	)		0.63			0.31			0.74
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	5.92		$	6.80		$	6.81		$	7.18
Total return		(6.93	)%(C)		11.54	%		4.60	%		11.49	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	35		$	252		$	6,609		$	5,943
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.27	%(D)		1.29	%		1.26	%		1.32	%(D)
Including waiver and/or reimbursement and recapture		1.15	%(D)		1.15	%		1.15	%		1.15	%(D)
Net investment income (loss) to average net assets		(0.66	)%(D)		(0.38	)%		(0.46	)%		(0.77	)%(D)
Portfolio turnover rate		31	%(C)		72	%		55	%		80	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016 (A)
Net asset value, beginning of period/year	$	6.83		$	6.85		$	7.18		$	12.36		$	12.65
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.03	)		(0.02	)		(0.04	)		(0.01	)(C)
Net realized and unrealized gain (loss)		(0.40	)		0.65			0.37			2.48			(0.28	)(D)
Total investment operations		(0.42	)		0.62			0.35			2.44			(0.29	)
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		(7.62	)		—
Net asset value, end of period/year	$	5.95		$	6.83		$	6.85		$	7.18		$	12.36
Total return		(6.90	)%(E)		11.48	%		5.06	%		26.63	%		(2.29	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	67		$	72		$	65		$	62		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%(F)		1.03	%		1.01	%		1.09	%		0.97	%(F)
Including waiver and/or reimbursement and recapture		1.01	%(F)		1.00	%		0.91	%		1.09	%		0.95	%(C)(F)
Net investment income (loss) to average net assets		(0.59	)%(F)		(0.46	)%		(0.22	)%		(0.58	)%		(0.37	)%(C)(F)
Portfolio turnover rate		31	%(E)		72	%		55	%		80	%		43	%

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    388

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.83		$	10.66		$	11.94		$	11.07
Investment operations:
Net investment income (loss) (B)		0.03			(0.01	)		0.02			0.01
Net realized and unrealized gain (loss)		(2.54	)		0.11			(0.82	)		0.86
Total investment operations		(2.51	)		0.10			(0.80	)		0.87
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.06	)		(0.01	)		—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.39	)		(0.93	)		(0.48	)		—
Net asset value, end of period/year	$	6.93		$	9.83		$	10.66		$	11.94
Total return (C)		(26.72	)%(D)		2.35	%		(7.12	)%		7.76	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,531		$	4,543		$	3,050		$	2,757
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.53	%(E)		1.36	%		1.45	%(F)		1.49	%(E)
Including waiver and/or reimbursement and recapture		1.30	%(E)		1.27	%		1.20	%(F)		1.30	%(E)
Net investment income (loss) to average net assets		0.80	%(E)		(0.08	)%		0.20	%		0.19	%(E)
Portfolio turnover rate		50	%(D)		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.67		$	10.50		$	11.85		$	11.03
Investment operations:
Net investment income (loss) (B)		0.00	(C)		(0.07	)		(0.06	)		(0.03	)
Net realized and unrealized gain (loss)		(2.51	)		0.11			(0.82	)		0.85
Total investment operations		(2.51	)		0.04			(0.88	)		0.82
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		—			—			—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.87	)		(0.47	)		—
Net asset value, end of period/year	$	6.84		$	9.67		$	10.50		$	11.85
Total return (D)		(26.95	)%(E)		1.60	%		(7.88	)%		7.34	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	536		$	744		$	786		$	891
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.19	%(F)		2.02	%		2.06	%(G)		2.05	%(F)
Including waiver and/or reimbursement and recapture		2.05	%(F)		2.00	%		1.95	%(G)		2.05	%(F)
Net investment income (loss) to average net assets		0.08	%(F)		(0.75	)%		(0.52	)%		(0.56	)%(F)
Portfolio turnover rate		50	%(E)		168	%		84	%		35	%(E)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.
(G)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Semi-Annual Report 2020

Page    389

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.93		$	10.75		$	12.03		$	11.14
Investment operations:
Net investment income (loss) (B)		0.05			0.02			0.07			0.00	(C)
Net realized and unrealized gain (loss)		(2.58	)		0.12			(0.83	)		0.89
Total investment operations		(2.53	)		0.14			(0.76	)		0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.09	)		(0.05	)		—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.41	)		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	6.99		$	9.93		$	10.75		$	12.03
Total return		(26.67	)%(D)		2.66	%		(6.86	)%		7.89	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11,476		$	15,653		$	756		$	2,521
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.17	%(E)		1.00	%		1.07	%(F)		1.05	%(E)
Including waiver and/or reimbursement and recapture		1.05	%(E)		0.99	%		0.95	%(F)		1.05	%(E)
Net investment income (loss) to average net assets		1.06	%(E)		0.19	%		0.57	%		0.01	%(E)
Portfolio turnover rate		50	%(D)		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.94		$	10.76		$	12.04		$	11.15
Investment operations:
Net investment income (loss) (B)		0.05			0.09			0.07			0.03
Net realized and unrealized gain (loss)		(2.57	)		0.05			(0.83	)		0.86
Total investment operations		(2.52	)		0.14			(0.76	)		0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.09	)		(0.05	)		—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	7.00		$	9.94		$	10.76		$	12.04
Total return		(26.59	)%(D)		2.66	%(C)		(6.81	)%		7.89	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	44,605		$	52,241		$	212,025		$	255,161
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%(E)		0.90	%		0.96	%(F)		0.93	%(E)
Including waiver and/or reimbursement and recapture		0.95	%(E)		0.90	%(G)		0.86	%(F)		0.93	%(E)
Net investment income (loss) to average net assets		1.08	%(E)		0.89	%		0.58	%		0.55	%(E)
Portfolio turnover rate		50	%(D)		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return reflects certain litigation payments received by the Fund in the year. Had these payments not occurred, the total return would be 0.30% lower.
(D)	Not annualized.
(E)	Annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    390

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class I3
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.96		$	10.77		$	12.05		$	11.15
Investment operations:
Net investment income (loss) (B)		0.05			0.04			0.07			0.05
Net realized and unrealized gain (loss)		(2.58	)		0.11			(0.84	)		0.85
Total investment operations		(2.53	)		0.15			(0.77	)		0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.09	)		(0.04	)		—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.96	)		(0.51	)		—
Net asset value, end of period/year	$	7.01		$	9.96		$	10.77		$	12.05
Total return		(26.62	)%(C)		2.77	%		(6.78	)%		8.07	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	22,084		$	24,216		$	27,065		$	35,000
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%(D)		0.90	%		0.96	%(E)		0.94	%(D)
Including waiver and/or reimbursement and recapture		0.95	%(D)		0.90	%(F)		0.85	%(E)		0.85	%(D)
Net investment income (loss) to average net assets		1.17	%(D)		0.40	%		0.60	%		0.82	%(D)
Portfolio turnover rate		50	%(C)		168	%		84	%		35	%(C)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class R
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.93		$	10.73		$	12.01		$	11.15
Investment operations:
Net investment income (loss) (B)		0.03			(0.01	)		0.01			0.00	(C)
Net realized and unrealized gain (loss)		(2.58	)		0.10			(0.82	)		0.86
Total investment operations		(2.55	)		0.09			(0.81	)		0.86
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.02	)		—			—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.37	)		(0.89	)		(0.47	)		—
Net asset value, end of period/year	$	7.01		$	9.93		$	10.73		$	12.01
Total return		(26.79	)%(D)		2.13	%		(7.25	)%		7.71	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,554		$	7,982		$	9,264		$	11,811
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.57	%(E)		1.40	%		1.45	%(F)		1.43	%(E)
Including waiver and/or reimbursement and recapture		1.45	%(E)		1.39	%		1.35	%(F)		1.43	%(E)
Net investment income (loss) to average net assets		0.67	%(E)		(0.08	)%		0.10	%		0.01	%(E)
Portfolio turnover rate		50	%(D)		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.

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

Transamerica Funds Semi-Annual Report 2020

Page    391

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class R4
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015			December 31, 2014
Net asset value, beginning of period/year	$	9.95		$	10.74		$	12.01		$	11.25		$	9.52		$	10.23		$	9.62
Investment operations:
Net investment income (loss) (D)		0.05			(0.01	)		0.04			0.01			0.06			0.07			0.07
Net realized and unrealized gain (loss)		(2.58	)		0.14			(0.84	)		0.76			1.75			(0.72	)		0.61
Total investment operations		(2.53	)		0.13			(0.80	)		0.77			1.81			(0.65	)		0.68
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.05	)		—			(0.01	)		(0.08	)		(0.06	)		(0.07	)
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.41	)		(0.92	)		(0.47	)		(0.01	)		(0.08	)		(0.06	)		(0.07	)
Net asset value, end of period/year	$	7.01		$	9.95		$	10.74		$	12.01		$	11.25		$	9.52		$	10.23
Total return		(26.65	)%(E)		2.57	%		(6.99	)%		6.85	%(E)		19.24	%		(6.33	)%		7.08	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	101		$	328		$	253		$	345		$	7,065		$	6,709		$	8,537
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.32	%(F)		1.15	%		1.21	%(G)		2.06	%(F)		1.72	%		1.73	%		1.67	%
Including waiver and/or reimbursement and recapture		1.10	%(F)		1.10	%		1.10	%(G)		1.17	%(F)(H)		1.11	%(H)(I)		1.10	%		1.10	%
Net investment income (loss) to average net assets		1.04	%(F)		(0.07	)%		0.36	%		0.06	%(F)		0.67	%		0.73	%		0.73	%
Portfolio turnover rate		50	%(E)		168	%		84	%		35	%(E)		89	%		133	%		18	%

(A)	Transamerica Partners Institutional Small Value reorganized into the Fund on April 21, 2017. Prior to April 21, 2017, information provided reflects Transamerica Partners Institutional Small Value, which was the accounting and performance survivor of the reorganization.
(B)	Effective April 21, 2017, the Fund underwent a 2.16-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on April 21, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.00		$	10.81		$	12.10		$	11.20
Investment operations:
Net investment income (loss) (B)		0.05			0.03			0.07			0.00	(C)
Net realized and unrealized gain (loss)		(2.59	)		0.12			(0.84	)		0.90
Total investment operations		(2.54	)		0.15			(0.77	)		0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.09	)		(0.05	)		—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	7.04		$	10.00		$	10.81		$	12.10
Total return		(26.62	)%(D)		2.84	%		(6.85	)%		7.93	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	43		$	58		$	57		$	61
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%(E)		0.90	%		0.95	%(F)		0.93	%(E)
Including waiver and/or reimbursement and recapture		0.96	%(E)		0.90	%(G)		0.86	%(F)		0.93	%(E)
Net investment income (loss) to average net assets		1.17	%(E)		0.35	%		0.57	%		0.55	%(E)
Portfolio turnover rate		50	%(D)		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    392

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	25.45		$	26.61		$	29.46		$	25.09		$	26.18		$	28.88
Investment operations:
Net investment income (loss) (A)		0.11			0.13			0.14			0.03			0.24	(B)		0.05
Net realized and unrealized gain (loss)		(5.27	)		1.41			0.61			5.92			0.87			0.04
Total investment operations		(5.16	)		1.54			0.75			5.95			1.11			0.09
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.14	)		(0.06	)		(0.22	)		(0.03	)		(0.03	)
Net realized gains		(0.69	)		(2.56	)		(3.54	)		(1.36	)		(2.17	)		(2.76	)
Total dividends and/or distributions to shareholders		(0.82	)		(2.70	)		(3.60	)		(1.58	)		(2.20	)		(2.79	)
Net asset value, end of period/year	$	19.47		$	25.45		$	26.61		$	29.46		$	25.09		$	26.18
Total return (C)		(21.07	)%(D)		7.63	%		2.25	%		24.23	%		4.69	%		0.17	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	260,399		$	349,550		$	357,948		$	362,890		$	338,577		$	400,506
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.32	%(E)		1.31	%		1.29	%		1.28	%		1.34	%		1.31	%
Including waiver and/or reimbursement and recapture		1.32	%(E)		1.31	%		1.29	%		1.28	%		1.33	%(B)		1.31	%
Net investment income (loss) to average net assets		0.91	%(E)		0.54	%		0.49	%		0.09	%		0.99	%(B)		0.20	%
Portfolio turnover rate		37	%(D)		60	%		61	%		104	%		74	%		68	%

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

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	21.62		$	23.05		$	26.07		$	22.37		$	23.70		$	26.54
Investment operations:
Net investment income (loss) (A)		0.02			(0.02	)		(0.03	)		(0.15	)		0.07	(B)		(0.12	)
Net realized and unrealized gain (loss)		(4.47	)		1.15			0.55			5.28			0.77			0.04
Total investment operations		(4.45	)		1.13			0.52			5.13			0.84			(0.08	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.07	)		—			—
Net realized gains		(0.69	)		(2.56	)		(3.54	)		(1.36	)		(2.17	)		(2.76	)
Total dividends and/or distributions to shareholders		(0.69	)		(2.56	)		(3.54	)		(1.43	)		(2.17	)		(2.76	)
Net asset value, end of period/year	$	16.48		$	21.62		$	23.05		$	26.07		$	22.37		$	23.70
Total return (C)		(21.36	)%(D)		6.85	%		1.60	%		23.43	%		3.99	%		(0.53	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	73,060		$	116,291		$	165,647		$	241,737		$	237,404		$	278,388
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.04	%(E)		2.00	%		1.96	%		1.95	%		2.02	%		1.98	%
Including waiver and/or reimbursement and recapture		2.04	%(E)		2.00	%		1.96	%		1.95	%		2.01	%(B)		1.98	%
Net investment income (loss) to average net assets		0.19	%(E)		(0.09	)%		(0.11	)%		(0.59	)%		0.31	%(B)		(0.47	)%
Portfolio turnover rate		37	%(D)		60	%		61	%		104	%		74	%		68	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    393

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	26.46		$	27.56		$	30.40		$	25.84		$	26.91		$	29.63
Investment operations:
Net investment income (loss) (A)		0.15			0.23			0.24			0.10			0.34	(B)		0.16
Net realized and unrealized gain (loss)		(5.47	)		1.46			0.63			6.14			0.89			0.03
Total investment operations		(5.32	)		1.69			0.87			6.24			1.23			0.19
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.23	)		(0.17	)		(0.32	)		(0.13	)		(0.15	)
Net realized gains		(0.69	)		(2.56	)		(3.54	)		(1.36	)		(2.17	)		(2.76	)
Total dividends and/or distributions to shareholders		(0.91	)		(2.79	)		(3.71	)		(1.68	)		(2.30	)		(2.91	)
Net asset value, end of period/year	$	20.23		$	26.46		$	27.56		$	30.40		$	25.84		$	26.91
Total return		(20.95	)%(C)		8.03	%		2.60	%		24.68	%		5.06	%		0.51	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	212,422		$	296,684		$	270,188		$	242,460		$	158,538		$	188,583
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.96	%(D)		0.95	%		0.94	%		0.94	%		0.98	%		0.95	%
Including waiver and/or reimbursement and recapture		0.96	%(D)		0.95	%		0.94	%		0.94	%		0.97	%(B)		0.95	%
Net investment income (loss) to average net assets		1.27	%(D)		0.90	%		0.82	%		0.35	%		1.35	%(B)		0.57	%
Portfolio turnover rate		37	%(C)		60	%		61	%		104	%		74	%		68	%

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

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	26.52		$	27.62		$	30.45		$	25.88		$	26.95		$	29.68
Investment operations:
Net investment income (loss) (A)		0.17			0.26			0.27			0.15			0.36	(B)		0.18
Net realized and unrealized gain (loss)		(5.49	)		1.46			0.63			6.12			0.90			0.03
Total investment operations		(5.32	)		1.72			0.90			6.27			1.26			0.21
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.26	)		(0.19	)		(0.34	)		(0.16	)		(0.18	)
Net realized gains		(0.69	)		(2.56	)		(3.54	)		(1.36	)		(2.17	)		(2.76	)
Total dividends and/or distributions to shareholders		(0.93	)		(2.82	)		(3.73	)		(1.70	)		(2.33	)		(2.94	)
Net asset value, end of period/year	$	20.27		$	26.52		$	27.62		$	30.45		$	25.88		$	26.95
Total return		(20.90	)%(C)		8.14	%		2.72	%		24.80	%		5.18	%		0.57	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	15,933		$	20,641		$	19,429		$	20,628		$	18,082		$	19,012
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%(D)		0.85	%		0.84	%		0.84	%		0.88	%		0.86	%
Including waiver and/or reimbursement and recapture		0.85	%(D)		0.85	%		0.84	%		0.84	%		0.87	%(B)		0.86	%
Net investment income (loss) to average net assets		1.38	%(D)		1.01	%		0.95	%		0.51	%		1.46	%(B)		0.66	%
Portfolio turnover rate		37	%(C)		60	%		61	%		104	%		74	%		68	%

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

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

Transamerica Funds Semi-Annual Report 2020

Page    394

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small/Mid Cap Value
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	26.64		$	27.74		$	30.56		$	25.97		$	26.95		$	28.36
Investment operations:
Net investment income (loss) (B)		0.17			0.20			0.18			0.10			0.44	(C)		0.05
Net realized and unrealized gain (loss)		(5.52	)		1.52			0.74			6.19			0.82			(1.46	)(D)
Total investment operations		(5.35	)		1.72			0.92			6.29			1.26			(1.41	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.26	)		(0.20	)		(0.34	)		(0.07	)		—
Net realized gains		(0.69	)		(2.56	)		(3.54	)		(1.36	)		(2.17	)		—
Total dividends and/or distributions to shareholders		(0.93	)		(2.82	)		(3.74	)		(1.70	)		(2.24	)		—
Net asset value, end of period/year	$	20.36		$	26.64		$	27.74		$	30.56		$	25.97		$	26.95
Total return		(20.88	)%(E)		8.11	%		2.75	%		24.79	%		5.18	%		(4.97	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	43,170		$	48,043		$	11,822		$	3,961		$	941		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%(F)		0.85	%		0.84	%		0.84	%		0.88	%		0.86	%(F)
Including waiver and/or reimbursement and recapture		0.85	%(F)		0.85	%		0.84	%		0.84	%		0.86	%(C)		0.86	%(F)
Net investment income (loss) to average net assets		1.38	%(F)		0.80	%		0.62	%		0.33	%		1.72	%(C)		0.43	%(F)
Portfolio turnover rate		37	%(E)		60	%		61	%		104	%		74	%		68	%

(A)	Commenced operations on May 29, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Unconstrained Bond
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.85		$	9.85		$	10.23		$	9.92		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.13			0.41			0.37			0.22			0.42	(C)		0.27
Net realized and unrealized gain (loss)		(0.59	)		0.00	(D)(E)		(0.38	)		0.38			0.04			(0.18	)
Total investment operations		(0.46	)		0.41			(0.01	)		0.60			0.46			0.09
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.36	)		(0.33	)		(0.29	)		(0.37	)		(0.26	)
Net realized gains		—			—			(0.00	)(D)		—			—			—
Return of capital		—			(0.05	)		(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.15	)		(0.41	)		(0.37	)		(0.29	)		(0.37	)		(0.26	)
Net asset value, end of period/year	$	9.24		$	9.85		$	9.85		$	10.23		$	9.92		$	9.83
Total return		(4.69	)%(F)		4.23	%		(0.14	)%		6.07	%		4.86	%		0.95	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	512		$	869		$	1,817		$	2,110		$	287		$	288
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(G)(H)		0.83	%(G)		0.87	%(G)		0.91	%		0.95	%		1.05	%(H)
Including waiver and/or reimbursement and recapture		0.79	%(G)(H)(I)		0.83	%(G)(I)		0.87	%(G)(I)		0.93	%		0.95	%(C)		0.95	%(H)
Net investment income (loss) to average net assets		2.69	%(H)		4.22	%		3.62	%		2.18	%		4.33	%(C)		3.03	%(H)
Portfolio turnover rate		52	%(F)		87	%		72	%		87	%		141	%		95	%(F)

(A)	Commenced operations on December 8, 2014.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	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)	Not annualized.
(G)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Annualized.
(I)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2020

Page    395

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Unconstrained Bond
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.83		$	9.81		$	10.20		$	9.91		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14			0.42			0.40			0.27			0.43	(C)		0.27
Net realized and unrealized gain (loss)		(0.59	)		0.02	(D)		(0.41	)		0.35			0.03			(0.17	)
Total investment operations		(0.45	)		0.44			(0.01	)		0.62			0.46			0.10
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.37	)		(0.34	)		(0.33	)		(0.38	)		(0.27	)
Net realized gains		—			—			(0.00	) (E)		—			—			—
Return of capital		—			(0.05	)		(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.16	)		(0.42	)		(0.38	)		(0.33	)		(0.38	)		(0.27	)
Net asset value, end of period/year	$	9.22		$	9.83		$	9.81		$	10.20		$	9.91		$	9.83
Total return		(4.75	)%(F)		4.54	%		(0.10	)%		6.32	%		4.87	%		0.99	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,452,292		$	993,309		$	709,125		$	266,887		$	219,009		$	202,883
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%(G)(H)		0.73	%(G)		0.78	%(G)		0.81	%		0.84	%		0.94	%(H)
Including waiver and/or reimbursement and recapture		0.68	%(G)(H)		0.73	%(G)(I)		0.78	%(G)(I)		0.81	%		0.84	%(C)		0.94	%(H)
Net investment income (loss) to average net assets		2.87	%(H)		4.25	%		3.97	%		2.70	%		4.40	%(C)		3.04	%(H)
Portfolio turnover rate		52	%(F)		87	%		72	%		87	%		141	%		95	%(F)

(A)	Commenced operations on December 8, 2014.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Annualized.
(I)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class A
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	22.16		$	20.92		$	20.75		$	16.87		$	17.45		$	19.22
Investment operations:
Net investment income (loss) (A)		(0.03	)		(0.06	)		(0.07	)		0.01			0.00	(B)(C)		0.00	(C)
Net realized and unrealized gain (loss)		1.16			3.44			2.36			4.25			(0.17	)		1.95
Total investment operations		1.13			3.38			2.29			4.26			(0.17	)		1.95
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.00	)(C)		(0.01	)		(0.00	)(C)		(0.02	)
Net realized gains		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Total dividends and/or distributions to shareholders		(1.84	)		(2.14	)		(2.12	)		(0.38	)		(0.41	)		(3.72	)
Net asset value, end of period/year	$	21.45		$	22.16		$	20.92		$	20.75		$	16.87		$	17.45
Total return (D)		4.90	%(E)		19.17	%		11.74	%		25.76	%		(0.95	)%		11.59	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	664,380		$	661,541		$	550,529		$	500,587		$	432,130		$	470,702
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.10	%(F)		1.16	%		1.16	%		1.18	%		1.20	%		1.19	%
Including waiver and/or reimbursement and recapture		1.10	%(F)		1.16	%		1.16	%		1.18	%		1.18	%(B)		1.19	%
Net investment income (loss) to average net assets		(0.29	)%(F)		(0.32	)%		(0.35	)%		0.07	%		0.03	%(B)		0.01	%
Portfolio turnover rate		10	%(E)		37	%		27	%		35	%		34	%		38	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    396

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class C
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	20.47		$	19.63		$	19.75		$	16.18		$	16.89		$	18.82
Investment operations:
Net investment income (loss) (A)		(0.10	)		(0.21	)		(0.22	)		(0.13	)		(0.12	)(B)		(0.13	)
Net realized and unrealized gain (loss)		1.07			3.19			2.22			4.07			(0.18	)		1.90
Total investment operations		0.97			2.98			2.00			3.94			(0.30	)		1.77
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.00	)(C)		—			—
Net realized gains		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Total dividends and/or distributions to shareholders		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Net asset value, end of period/year	$	19.60		$	20.47		$	19.63		$	19.75		$	16.18		$	16.89
Total return (D)		4.50	%(E)		18.30	%		10.78	%		24.84	%		(1.77	)%		10.72	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	17,661		$	18,378		$	13,930		$	48,087		$	44,877		$	53,482
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.89	%(F)		1.93	%		1.96	%		1.97	%		1.99	%		1.98	%
Including waiver and/or reimbursement and recapture		1.86	%(F)		1.93	%		1.96	%		1.97	%		1.97	%(B)		1.98	%
Net investment income (loss) to average net assets		(1.05	)%(F)		(1.09	)%		(1.09	)%		(0.72	)%		(0.76	)%(B)		(0.78	)%
Portfolio turnover rate		10	%(E)		37	%		27	%		35	%		34	%		38	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class I
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	22.70		$	21.31		$	21.11		$	17.15		$	17.74		$	19.49
Investment operations:
Net investment income (loss) (A)		(0.00	)(B)		(0.01	)		(0.01	)		0.07			0.06	(C)		0.06
Net realized and unrealized gain (loss)		1.19			3.54			2.39			4.33			(0.18	)		1.98
Total investment operations		1.19			3.53			2.38			4.40			(0.12	)		2.04
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.06	)		(0.07	)		(0.06	)		(0.09	)
Net realized gains		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Total dividends and/or distributions to shareholders		(1.84	)		(2.14	)		(2.18	)		(0.44	)		(0.47	)		(3.79	)
Net asset value, end of period/year	$	22.05		$	22.70		$	21.31		$	21.11		$	17.15		$	17.74
Total return		5.06	%(D)		19.56	%		12.01	%		26.21	%		(0.67	)%		11.96	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	271,513		$	266,730		$	186,752		$	183,788		$	160,628		$	182,714
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(E)		0.86	%		0.87	%		0.88	%		0.87	%		0.86	%
Including waiver and/or reimbursement and recapture		0.82	%(E)		0.86	%		0.87	%		0.88	%		0.85	%(C)		0.86	%
Net investment income (loss) to average net assets		(0.00	)%(E)(F)		(0.03	)%		(0.06	)%		0.37	%		0.35	%(C)		0.34	%
Portfolio turnover rate		10	%(D)		37	%		27	%		35	%		34	%		38	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	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 Semi-Annual Report 2020

Page    397

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class I2
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	22.68		$	21.27		$	21.07		$	17.13		$	17.72		$	19.48
Investment operations:
Net investment income (loss) (A)		0.01			0.01			0.02			0.09			0.08	(B)		0.08
Net realized and unrealized gain (loss)		1.19			3.54			2.39			4.31			(0.18	)		1.98
Total investment operations		1.20			3.55			2.41			4.40			(0.10	)		2.06
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.09	)		(0.09	)		(0.08	)		(0.12	)
Net realized gains		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Total dividends and/or distributions to shareholders		(1.84	)		(2.14	)		(2.21	)		(0.46	)		(0.49	)		(3.82	)
Net asset value, end of period/year	$	22.04		$	22.68		$	21.27		$	21.07		$	17.13		$	17.72
Total return		5.10	%(C)		19.70	%		12.18	%		26.29	%		(0.53	)%		12.10	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	490,396		$	491,921		$	190,514		$	230,952		$	258,722		$	361,470
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%(D)		0.74	%		0.75	%		0.75	%		0.74	%		0.73	%
Including waiver and/or reimbursement and recapture		0.69	%(D)		0.74	%		0.75	%		0.75	%		0.72	%(B)		0.73	%
Net investment income (loss) to average net assets		0.12	%(D)		0.07	%		0.08	%		0.50	%		0.48	%(B)		0.47	%
Portfolio turnover rate		10	%(C)		37	%		27	%		35	%		34	%		38	%

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

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class T
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	64.44		$	56.19		$	52.20		$	41.76		$	42.47		$	41.55
Investment operations:
Net investment income (loss) (A)		0.02			0.02			0.00	(B)		0.20			0.17	(C)		0.16
Net realized and unrealized gain (loss)		3.29			10.37			6.16			10.66			(0.43	)		4.54
Total investment operations		3.31			10.39			6.16			10.86			(0.26	)		4.70
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.05	)		(0.05	)		(0.04	)		(0.08	)
Net realized gains		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)		(3.70	)
Total dividends and/or distributions to shareholders		(1.84	)		(2.14	)		(2.17	)		(0.42	)		(0.45	)		(3.78	)
Net asset value, end of period/year	$	65.91		$	64.44		$	56.19		$	52.20		$	41.76		$	42.47
Total return (D)		5.07	%(E)		19.63	%		12.10	%		26.24	%		(0.59	)%		12.01	%
Ratios and supplemental data:
Net assets end of period/year (000’s)	$	123,047		$	125,598		$	113,486		$	109,183		$	94,877		$	105,379
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%(F)		0.80	%		0.81	%		0.82	%		0.82	%		0.82	%
Including waiver and/or reimbursement and recapture		0.75	%(F)		0.80	%		0.81	%		0.82	%		0.80	%(C)		0.82	%
Net investment income (loss) to average net assets		0.06	%(F)		0.04	%		0.02	%		0.43	%		0.40	%(C)		0.38	%
Portfolio turnover rate		10	%(E)		37	%		27	%		35	%		34	%		38	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the initial sales charge.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    398

NOTES TO FINANCIAL STATEMENTS

At April 30, 2020

(unaudited)

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,C,I,I2,R6
Transamerica Capital Growth (“Capital Growth”)	A,C,I,I2,R6
Transamerica Dividend Focused (“Dividend Focused”)	A,C,I,I2,R6
Transamerica Dynamic Income (“Dynamic Income”)	A,C,I
Transamerica Emerging Markets Debt (“Emerging Markets Debt”)	A,C,I,I2,R6
Transamerica Emerging Markets Equity (“Emerging Markets Equity”)	A,C,I,I2
Transamerica Emerging Markets Opportunities (“Emerging Markets Opportunities”) (A)	I,I2
Transamerica Event Driven (“Event Driven”)	I,I2
Transamerica Floating Rate (“Floating Rate”)	A,C,I,I2
Transamerica Global Equity (“Global Equity”)	A,C,I,R6
Transamerica Government Money Market (“Government Money Market”)	A,C,I,I2,I3,R2,R4
Transamerica High Quality Bond (“High Quality Bond”)	I3,R,R4
Transamerica High Yield Bond (“High Yield Bond”)	A,C,I,I2,I3,R,R4,R6
Transamerica High Yield Muni (“High Yield Muni”)	A,C,I,I2
Transamerica Inflation Opportunities (“Inflation Opportunities”)	A,C,I,I2,R6
Transamerica Inflation-Protected Securities (“Inflation-Protected Securities”)	I3,R,R4
Transamerica Intermediate Bond (“Intermediate Bond”)	I2,I3,R,R4
Transamerica Intermediate Muni (“Intermediate Muni”)	A,C,I,I2
Transamerica International Equity (“International Equity”)	A,C,I,I2,I3,R,R4,R6
Transamerica International Growth (“International Growth”)	A,I,I2,R6
Transamerica International Small Cap Value (“International Small Cap Value”)	I,I2
Transamerica International Stock (“International Stock”)	A,I,I2,R6
Transamerica Large Cap Value (“Large Cap Value”)	A,C,I,I2,R6
Transamerica Large Core (“Large Core”)	I3,R,R4
Transamerica Large Growth (“Large Growth”)	I3,R,R4
Transamerica Large Value Opportunities (“Large Value Opportunities”)	I3,R,R4
Transamerica Mid Cap Growth (“Mid Cap Growth”)	A,C,I,I2,I3,R,R4
Transamerica Mid Cap Value Opportunities (“Mid Cap Value Opportunities”)	A,C,I,I2,I3,R,R4,R6
Transamerica MLP & Energy Income (“MLP & Energy Income”)	A,C,I,I2
Transamerica Multi-Asset Income (“Multi-Asset Income”)	A,C,I,I2
Transamerica Multi-Managed Balanced (“Multi-Managed Balanced”)	A,C,I,R6
Transamerica Short-Term Bond (“Short-Term Bond”)	A,C,I,I2,R6
Transamerica Small Cap Core (“Small Cap Core”)	A,C,I,I2,I3,R,R4
Transamerica Small Cap Growth (“Small Cap Growth”)	A,C,I,I2,I3,R,R4,R6
Transamerica Small Cap Value (“Small Cap Value”)	A,C,I,I2,I3,R,R4,R6
Transamerica Small/Mid Cap Value (“Small/Mid Cap Value”)	A,C,I,I2,R6
Transamerica Unconstrained Bond (“Unconstrained Bond”)	I,I2
Transamerica US Growth (“US Growth”)	A,C,I,I2,T

(A) Fund commenced operations on December 19, 2019.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective September 16, 2018, Class C shares will convert to Class A shares ten years from the date of purchase.

Emerging Markets Debt, Event Driven, High Yield Muni and MLP & Energy Income are “non-diversified” funds, as defined under the 1940 Act.

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

Transamerica Funds Semi-Annual Report 2020

Page    399

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

1. ORGANIZATION (continued)

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Transamerica Funds Semi-Annual Report 2020

Page    400

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

Foreign taxes: The Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

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

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

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

Commissions recaptured are included within Net realized gain (loss) within the Statements of Operations. For the period ended April 30, 2020, commissions recaptured are as follows. Funds not listed in the subsequent table do not have any commissions recaptured during the period.

Fund	Commissions Recaptured
Dividend Focused	$	4,212
Emerging Markets Equity		95,973
Emerging Markets Opportunities		113
International Equity		113,636
International Small Cap Value		5,573
International Stock		6,040
Large Cap Value		15,954

Transamerica Funds Semi-Annual Report 2020

Page    401

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Fund	Commissions Recaptured
Large Core	$	8,618
Large Growth		1,328
Large Value Opportunities		26,378
Mid Cap Growth		83
Mid Cap Value Opportunities		52,629
Multi-Asset Income		3,356
Multi-Managed Balanced		4,958
Small Cap Growth		2,996
Small Cap Value		36,265
Small/Mid Cap Value		30,620
US Growth		3,850

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 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. INVESTMENT 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 April 30, 2020, is disclosed within the Investment 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

Transamerica Funds Semi-Annual Report 2020

Page    402

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

3. INVESTMENT VALUATION (continued)

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.

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.

Transamerica Funds Semi-Annual Report 2020

Page    403

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

3. INVESTMENT 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: A Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Government Money Market values all security positions using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government agency obligations: U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

U.S. government obligations: U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Warrants: Warrants may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the warrants are priced at zero. Warrants are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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

Transamerica Funds Semi-Annual Report 2020

Page    404

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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. In connection with these commitments a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income is recognized ratably over the commitment period and reflected in Interest income within the Statements of Operations. The unfunded amounts are marked-to-market and included in Unrealized appreciation (depreciation) on unfunded commitments within the Statements of Assets and Liabilities. Funds not listed in the subsequent table do not have any unfunded commitments during the period.

Fund	Principal Commitment		Unrealized Appreciation (Depreciation)
Floating Rate
Safety Products / JHC Acquisition Corp.	$	54,837	$	(5,386	)
Tosca Services, LLC		18,193		(1,161	)
United PF Holdings, LLC		30,142		(9,535	)
Total	$	103,172	$	(16,082	)

Open loan participations and assignments at April 30, 2020, 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 April 30, 2020, if any, are identified within the Schedule of Investments.

Real estate investment trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management’s estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year’s classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at April 30, 2020, if any, are identified within the Schedule of Investments.

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

Transamerica Funds Semi-Annual Report 2020

Page    405

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

4. SECURITIES AND OTHER INVESTMENTS (continued)

Restricted securities held at April 30, 2020, 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 April 30, 2020, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statements of Operations, with a corresponding adjustment to Investments, at cost within the Statements of Assets and Liabilities.

When-issued, delayed-delivery, forward, and to be announced (“TBA”) commitment transactions: The Funds may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Funds will segregate with their custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund’s other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2020, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings.

Transamerica Funds Semi-Annual Report 2020

Page    406

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2020, 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 April 30, 2020.

Repurchase agreements at April 30, 2020, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Securities lending: The Funds may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Funds is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Each Fund receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statements of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2020, if any, are shown on a gross basis within the Schedule of Investments.

Short sales: A short sale is a transaction in which the Funds sell securities they do not own, but have borrowed, in anticipation of a decline in the fair market value of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends and/or interest payable on securities in a short position and these payables, if any, are reflected as Dividends, interest and fees for borrowings from securities sold short within the Statements of Assets and Liabilities. The Funds also bear other costs, such as charges for the prime brokerage accounts, in connection with short positions. These costs are reported as Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations.

Transamerica Funds Semi-Annual Report 2020

Page    407

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Open short sale transactions at April 30, 2020, 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, and the remaining contractual maturity of those transactions as of April 30, 2020. 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	$	50,619	$	—	$	—	$	—	$	50,619
Corporate Debt Securities		883,444		—		—		—		883,444
U.S. Government Obligations		164,046		—		—		—		164,046
Total Securities Lending Transactions	$	1,098,109	$	—	$	—	$	—	$	1,098,109
Total Borrowings	$	1,098,109	$	—	$	—	$	—	$	1,098,109
Bond
Securities Lending Transactions
Corporate Debt Securities	$	19,673,458	$	—	$	—	$	—	$	19,673,458
U.S. Government Obligations		16,649,825		—		—		—		16,649,825
Total Securities Lending Transactions	$	36,323,283	$	—	$	—	$	—	$	36,323,283
Total Borrowings	$	36,323,283	$	—	$	—	$	—	$	36,323,283
Capital Growth
Securities Lending Transactions
Common Stocks	$	85,369,252	$	—	$	—	$	—	$	85,369,252
Total Borrowings	$	85,369,252	$	—	$	—	$	—	$	85,369,252
Dynamic Income
Securities Lending Transactions
Exchange-Traded Funds	$	12,318,224	$	—	$	—	$	—	$	12,318,224
Total Borrowings	$	12,318,224	$	—	$	—	$	—	$	12,318,224
Emerging Markets Debt
Securities Lending Transactions
Corporate Debt Securities	$	6,449,194	$	—	$	—	$	—	$	6,449,194
Foreign Government Obligations		5,274,781		—		—		—		5,274,781
Total Securities Lending Transactions	$	11,723,975	$	—	$	—	$	—	$	11,723,975
Total Borrowings	$	11,723,975	$	—	$	—	$	—	$	11,723,975
Emerging Markets Equity
Securities Lending Transactions
Common Stocks	$	133,300	$	—	$	—	$	—	$	133,300
Total Borrowings	$	133,300	$	—	$	—	$	—	$	133,300
Emerging Markets Opportunities
Securities Lending Transactions
Common Stocks	$	3,718,749	$	—	$	—	$	—	$	3,718,749
Exchange-Traded Funds		713,084		—		—		—		713,084
Total Securities Lending Transactions	$	4,431,833	$	—	$	—	$	—	$	4,431,833
Total Borrowings	$	4,431,833	$	—	$	—	$	—	$	4,431,833

Transamerica Funds Semi-Annual Report 2020

Page    408

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Floating Rate
Securities Lending Transactions
Exchange-Traded Funds	$	258,000	$	—	$	—	$	—	$	258,000
Total Borrowings	$	258,000	$	—	$	—	$	—	$	258,000
Global Equity
Securities Lending Transactions
Common Stocks	$	2,309,143	$	—	$	—	$	—	$	2,309,143
Total Borrowings	$	2,309,143	$	—	$	—	$	—	$	2,309,143
High Quality Bond
Securities Lending Transactions
U.S. Government Obligations	$	1,989,844	$	—	$	—	$	—	$	1,989,844
Total Borrowings	$	1,989,844	$	—	$	—	$	—	$	1,989,844
High Yield Bond
Securities Lending Transactions
Corporate Debt Securities	$	81,824,413	$	—	$	—	$	—	$	81,824,413
Preferred Stocks		919,702		—		—		—		919,702
Total Securities Lending Transactions	$	82,744,115	$	—	$	—	$	—	$	82,744,115
Total Borrowings	$	82,744,115	$	—	$	—	$	—	$	82,744,115
Inflation Opportunities
Securities Lending Transactions
Corporate Debt Securities	$	656,595	$	—	$	—	$	—	$	656,595
U.S. Government Agency Obligations		1,206,789		—		—		—		1,206,789
U.S. Government Obligations		1,522,356		—		—		—		1,522,356
Total Securities Lending Transactions	$	3,385,740	$	—	$	—	$	—	$	3,385,740
Total Borrowings	$	3,385,740	$	—	$	—	$	—	$	3,385,740
Inflation-Protected Securities
Securities Lending Transactions
Corporate Debt Securities	$	1,811,890	$	—	$	—	$	—	$	1,811,890
Total Borrowings	$	1,811,890	$	—	$	—	$	—	$	1,811,890
Intermediate Bond
Securities Lending Transactions
Corporate Debt Securities	$	15,420,226	$	—	$	—	$	—	$	15,420,226
Foreign Government Obligations		2,967,299		—		—		—		2,967,299
U.S. Government Obligations		92,520,099		—		—		—		92,520,099
Total Securities Lending Transactions	$	110,907,624	$	—	$	—	$	—	$	110,907,624
Total Borrowings	$	110,907,624	$	—	$	—	$	—	$	110,907,624
International Equity
Securities Lending Transactions
Common Stocks	$	51,637,316	$	—	$	—	$	—	$	51,637,316
Total Borrowings	$	51,637,316	$	—	$	—	$	—	$	51,637,316

Transamerica Funds Semi-Annual Report 2020

Page    409

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
International Growth
Securities Lending Transactions
Common Stocks	$	10,638,977	$	—	$	—	$	—	$	10,638,977
Total Borrowings	$	10,638,977	$	—	$	—	$	—	$	10,638,977
International Small Cap Value
Securities Lending Transactions
Common Stocks	$	18,369,888	$	—	$	—	$	—	$	18,369,888
Total Borrowings	$	18,369,888	$	—	$	—	$	—	$	18,369,888
International Stock
Securities Lending Transactions
Common Stocks	$	3,243,139	$	—	$	—	$	—	$	3,243,139
Total Borrowings	$	3,243,139	$	—	$	—	$	—	$	3,243,139
Large Core
Securities Lending Transactions
Exchange-Traded Funds	$	3,278,401	$	—	$	—	$	—	$	3,278,401
Total Borrowings	$	3,278,401	$	—	$	—	$	—	$	3,278,401
Large Growth
Securities Lending Transactions
Common Stocks	$	14,166,013	$	—	$	—	$	—	$	14,166,013
Total Borrowings	$	14,166,013	$	—	$	—	$	—	$	14,166,013
Large Value Opportunities
Securities Lending Transactions
Common Stocks	$	115,280	$	—	$	—	$	—	$	115,280
Total Borrowings	$	115,280	$	—	$	—	$	—	$	115,280
Mid Cap Growth
Securities Lending Transactions
Common Stocks	$	1,559,745	$	—	$	—	$	—	$	1,559,745
Total Borrowings	$	1,559,745	$	—	$	—	$	—	$	1,559,745
MLP & Energy Income
Securities Lending Transactions
Common Stocks	$	1,500,634	$	—	$	—	$	—	$	1,500,634
Total Borrowings	$	1,500,634	$	—	$	—	$	—	$	1,500,634
Multi-Asset Income
Securities Lending Transactions
Common Stocks	$	1,465,963	$	—	$	—	$	—	$	1,465,963
Corporate Debt Securities		2,049,846		—		—		—		2,049,846
Total Securities Lending Transactions	$	3,515,809	$	—	$	—	$	—	$	3,515,809
Total Borrowings	$	3,515,809	$	—	$	—	$	—	$	3,515,809

Transamerica Funds Semi-Annual Report 2020

Page    410

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Multi-Managed Balanced
Securities Lending Transactions
Corporate Debt Securities	$	935,827	$	—	$	—	$	—	$	935,827
U.S. Government Obligations		11,297,098		—		—		—		11,297,098
Total Securities Lending Transactions	$	12,232,925	$	—	$	—	$	—	$	12,232,925
Total Borrowings	$	12,232,925	$	—	$	—	$	—	$	12,232,925
Short-Term Bond
Securities Lending Transactions
Corporate Debt Securities	$	24,474,643	$	—	$	—	$	—	$	24,474,643
Total Borrowings	$	24,474,643	$	—	$	—	$	—	$	24,474,643
Small Cap Core
Securities Lending Transactions
Common Stocks	$	936,534	$	—	$	—	$	—	$	936,534
Total Borrowings	$	936,534	$	—	$	—	$	—	$	936,534
Small Cap Growth
Securities Lending Transactions
Common Stocks	$	5,525,907	$	—	$	—	$	—	$	5,525,907
Total Borrowings	$	5,525,907	$	—	$	—	$	—	$	5,525,907
Small Cap Value
Securities Lending Transactions
Common Stocks	$	1,507,055	$	—	$	—	$	—	$	1,507,055
Total Borrowings	$	1,507,055	$	—	$	—	$	—	$	1,507,055
Small/Mid Cap Value
Securities Lending Transactions
Common Stocks	$	6,345,465	$	—	$	—	$	—	$	6,345,465
Total Borrowings	$	6,345,465	$	—	$	—	$	—	$	6,345,465
Unconstrained Bond
Securities Lending Transactions
Corporate Debt Securities	$	36,877,850	$	—	$	—	$	—	$	36,877,850
Foreign Government Obligations		1,739,710		—		—		—		1,739,710
U.S. Government Obligations		2,095,062		—		—		—		2,095,062
Preferred Stocks		721,816		—		—		—		721,816
Exchange-Traded Funds		14,922,558		—		—		—		14,922,558
Total Securities Lending Transactions	$	56,356,996	$	—	$	—	$	—	$	56,356,996
Total Borrowings	$	56,356,996	$	—	$	—	$	—	$	56,356,996

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

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

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

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

Transamerica Funds Semi-Annual Report 2020

Page    411

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

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

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

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

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

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

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

Option contracts: The Funds are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds, with the exception of High Yield Bond and Government Money Market, may enter into option contracts to manage exposure to various market fluctuations. The Funds may purchase or write call and put options on securities and derivative instruments in which each Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

Options on exchange-traded funds and/or securities: The Funds may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Funds the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

Options on foreign currency: The Funds may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Funds the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

Options on indices: The Funds may purchase or write options on indices. Purchasing or writing an option on indices gives the Funds the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

Options on futures: The Funds may purchase or write options on futures. Purchasing or writing options on futures gives the Funds the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

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.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

Written options: Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Funds write a covered call or put option, the premium received is recorded as a liability within the Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Funds could result in the Funds selling or buying a security or currency at a price different from the current market value.

Open option contracts at April 30, 2020, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statements of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Funds and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Funds, with the exception of Government Money Market, may enter into credit default, cross-currency, interest rate, total return, including contracts for difference (“CFD”), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statements of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Fund, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statements of Operations.

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 April 30, 2020, 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

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

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 April 30, 2020, 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 April 30, 2020. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the period.

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Balanced II
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	227,487	$	—	$	—	$	227,487
Total	$	—	$	—	$	227,487	$	—	$	—	$	227,487
Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	22,732	$	—	$	—	$	—	$	—	$	22,732
Total	$	22,732	$	—	$	—	$	—	$	—	$	22,732
Capital Growth
Purchased options and swaptions:
Investments, at value (A)	$	—	$	3,089,690	$	—	$	—	$	—	$	3,089,690
Total	$	—	$	3,089,690	$	—	$	—	$	—	$	3,089,690
Emerging Markets Debt
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	80,999	$	—	$	—	$	—	$	80,999
Total	$	—	$	80,999	$	—	$	—	$	—	$	80,999
Emerging Markets Opportunities
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	941,278	$	—	$	—	$	941,278
Total	$	—	$	—	$	941,278	$	—	$	—	$	941,278
Event Driven
Purchased options and swaptions:
Investments, at value (A)	$	—	$	—	$	3,000	$	—	$	—	$	3,000
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		25,654		—		—		—		25,654
Total	$	—	$	25,654	$	3,000	$	—	$	—	$	28,654
Inflation Opportunities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	36,488	$	—	$	—	$	—	$	36,488
Total	$	—	$	36,488	$	—	$	—	$	—	$	36,488

Transamerica Funds Semi-Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	693		$	—		$	—	$	—	$	693
Total	$	—	$	693		$	—		$	—	$	—	$	693
Multi-Managed Balanced
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—		$	995,050		$	—	$	—	$	995,050
Total	$	—	$	—		$	995,050		$	—	$	—	$	995,050
Unconstrained Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	237,682	$	—		$	—		$	—	$	—	$	237,682
Total	$	237,682	$	—		$	—		$	—	$	—	$	237,682
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	$	—	$	(237,654	)	$	—		$	—	$	—	$	(237,654	)
Total	$	—	$	(237,654	)	$	—		$	—	$	—	$	(237,654	)
Event Driven
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—		$	(172,457	)	$	—	$	—	$	(172,457	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—		(11,291	)		—			—		—		(11,291	)
Total	$	—	$	(11,291	)	$	(172,457	)	$	—	$	—	$	(183,748	)
Inflation Opportunities
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—	$	(278,639	)	$	—		$	—	$	—	$	(278,639	)
Total	$	—	$	(278,639	)	$	—		$	—	$	—	$	(278,639	)
Inflation-Protected Securities
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—	$	(185,653	)	$	—		$	—	$	—	$	(185,653	)
Total	$	—	$	(185,653	)	$	—		$	—	$	—	$	(185,653	)

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

Liability Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Unconstrained Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	(7,183,852	)	$	—		$	—	$	—	$	—	$	(7,183,852	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(1,941,979	)		—		—		—		(1,941,979	)
Total	$	(7,183,852	)	$	(1,941,979	)	$	—	$	—	$	—	$	(9,125,831	)

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

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of April 30, 2020.

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	$	—		$	—		$	(183,439	)	$	—	$	—	$	(183,439	)
Total	$	—		$	—		$	(183,439	)	$	—	$	—	$	(183,439	)
Bond
Futures contracts	$	16,994		$	—		$	—		$	—	$	—	$	16,994
Total	$	16,994		$	—		$	—		$	—	$	—	$	16,994
Capital Growth
Purchased options and swaptions (A)	$	—		$	(1,418,397	)	$	—		$	—	$	—	$	(1,418,397	)
Total	$	—		$	(1,418,397	)	$	—		$	—	$	—	$	(1,418,397	)
Emerging Markets Debt
Forward foreign currency contracts	$	—		$	669,490		$	—		$	—	$	—	$	669,490
Total	$	—		$	669,490		$	—		$	—	$	—	$	669,490
Emerging Markets Opportunities
Futures contracts	$	—		$	—		$	(529,727	)	$	—	$	—	$	(529,727	)
Forward foreign currency contracts		—			12,321			—			—		—		12,321
Total	$	—		$	12,321		$	(529,727	)	$	—	$	—	$	(517,406	)
Event Driven
Purchased options and swaptions (A)	$	—		$	—		$	1,910,447		$	—	$	—	$	1,910,447
Written options and swaptions		—			—			(397,706	)		—		—		(397,706	)
Swap agreements		(9,123	)		—			—			—		—		(9,123	)
Futures contracts		—			—			1,890,621			—		—		1,890,621
Forward foreign currency contracts		—			258,836			—			—		—		258,836
Total	$	(9,123	)	$	258,836		$	3,403,362		$	—	$	—	$	3,653,075
Inflation Opportunities
Forward foreign currency contracts	$	—		$	860,702		$	—		$	—	$	—	$	860,702
Total	$	—		$	860,702		$	—		$	—	$	—	$	860,702

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts			Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Forward foreign currency contracts	$	—		$	432,980	$	—		$	—	$	—	$	432,980
Total	$	—		$	432,980	$	—		$	—	$	—	$	432,980
Multi-Managed Balanced
Futures contracts	$	—		$	—	$	(2,606,531	)	$	—	$	—	$	(2,606,531	)
Total	$	—		$	—	$	(2,606,531	)	$	—	$	—	$	(2,606,531	)
Unconstrained Bond
Futures contracts	$	(1,389,378	)	$	—	$	—		$	—	$	—	$	(1,389,378	)
Forward foreign currency contracts		—			5,940,545		—			—		—		5,940,545
Total	$	(1,389,378	)	$	5,940,545	$	—		$	—	$	—	$	4,551,167

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	$	—	$	—		$	224,061		$	—	$	—	$	224,061
Total	$	—	$	—		$	224,061		$	—	$	—	$	224,061
Bond
Futures contracts	$	22,732	$	—		$	—		$	—	$	—	$	22,732
Total	$	22,732	$	—		$	—		$	—	$	—	$	22,732
Capital Growth
Purchased options and swaptions (B)	$	—	$	836,015		$	—		$	—	$	—	$	836,015
Total	$	—	$	836,015		$	—		$	—	$	—	$	836,015
Emerging Markets Debt
Forward foreign currency contracts	$	—	$	(1,136,617	)	$	—		$	—	$	—	$	(1,136,617	)
Total	$	—	$	(1,136,617	)	$	—		$	—	$	—	$	(1,136,617	)
Emerging Markets Opportunities
Futures contracts	$	—	$	—		$	941,278		$	—	$	—	$	941,278
Total	$	—	$	—		$	941,278		$	—	$	—	$	941,278
Event Driven
Purchased options and swaptions (B)	$	—	$	—		$	180,113		$	—	$	—	$	180,113
Written options and swaptions		—		—			(25,479	)		—		—		(25,479	)
Swap agreements		12,543		—			—			—		—		12,543
Futures contracts		—		—			(74,477	)		—		—		(74,477	)
Forward foreign currency contracts		—		42,376			—			—		—		42,376
Total	$	12,543	$	42,376		$	80,157		$	—	$	—	$	135,076
Inflation Opportunities
Forward foreign currency contracts	$	—	$	318,707		$	—		$	—	$	—	$	318,707
Total	$	—	$	318,707		$	—		$	—	$	—	$	318,707
Inflation-Protected Securities
Forward foreign currency contracts	$	—	$	(43,939	)	$	—		$	—	$	—	$	(43,939	)
Total	$	—	$	(43,939	)	$	—		$	—	$	—	$	(43,939	)
Multi-Managed Balanced
Futures contracts	$	—	$	—		$	780,854		$	—	$	—	$	780,854
Total	$	—	$	—		$	780,854		$	—	$	—	$	780,854

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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
Unconstrained Bond
Futures contracts	$	(8,028,975	)	$	—		$	—	$	—	$	—	$	(8,028,975	)
Forward foreign currency contracts		—			(1,196,794	)		—		—		—		(1,196,794	)
Total	$	(8,028,975	)	$	(1,196,794	)	$	—	$	—	$	—	$	(9,225,769	)

(A)	Included within Net realized gain (loss) on Investments in the Statements of Operations.
(B)	Included within Net change in unrealized appreciation (depreciation) on Investments in the Statements of Operations.

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2020.

	Balanced II		Bond		Capital Growth		Emerging Markets Debt		Emerging Markets Opportunities
Options:
Average value of option contracts purchased	$	—	$	—	$	2,315,866	$	—	$	—
Average value of option contracts written		—		—		—		—		—
Futures contracts:
Average notional value of contracts — long		639,442		165,518		—		—		2,487,536
Average notional value of contracts — short		—		—		—		—		—
Forward foreign currency exchange contracts:
Average amounts purchased — in USD		—		—		—		55,555,850		—
Average amounts sold — in USD		—		—		—		61,723,965		—

	Event Driven			Inflation Opportunities		Inflation- Protected Securities		Multi- Managed Balanced		Unconstrained Bond
Options:
Average value of option contracts purchased	$	134,383		$	—	$	—	$	—	$	—
Average value of option contracts written		(33,173	)		—		—		—		—
Total return swaps:
Average notional value — short		1,110,226			—		—		—		—
Futures contracts:
Average notional value of contracts — long		—			—		—		6,496,523		—
Average notional value of contracts — short		(2,903,879	)		—		—		—		(181,518,902	)
Forward foreign currency exchange contracts:
Average amounts purchased — in USD		899,714			2,354,186		270,001		—		5,739,833
Average amounts sold — in USD		7,779,525			25,210,963		10,950,681		—		172,477,332

The applicable Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with their contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Funds and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Funds exercise their right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Funds’ net liability may be delayed or denied.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

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

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

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

The following is a summary of the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Funds as of April 30, 2020. 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 period.

	Gross Amounts of Assets Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities						Net Amount		Gross Amounts of Liabilities Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities						Net Amount
Counterparty			Financial Instruments			Collateral Received (B)							Financial Instruments			Collateral Pledged (B)
	Assets										Liabilities
Capital Growth
Royal Bank of Scotland PLC	$	3,089,690	$	—		$	(2,995,000	)	$	94,690	$	—	$	—		$	—		$	—
Total	$	3,089,690	$	—		$	(2,995,000	)	$	94,690	$	—	$	—		$	—		$	—
Emerging Markets Debt
Barclays Bank PLC	$	30,123	$	(30,123	)	$	—		$	—	$	33,457	$	(30,123	)	$	—		$	3,334
JPMorgan Chase Bank, N.A.		—		—			—			—		20,505		—			(20,505	)		—
Standard Chartered Bank		33,093		(33,093	)		—			—		106,206		(33,093	)		(40,039	)		33,074
Toronto Dominion Bank		17,783		(17,783	)		—			—		77,486		(17,783	)		(59,703	)		—
Total	$	80,999	$	(80,999	)	$	—		$	—	$	237,654	$	(80,999	)	$	(120,247	)	$	36,408
Event Driven
State Street Bank & Trust Co.	$	25,654	$	(11,291	)	$	—		$	14,363	$	11,291	$	(11,291	)	$	—		$	—
Other Derivatives (C)		3,000		—			—			3,000		172,457		—			—			172,457
Total	$	28,654	$	(11,291	)	$	—		$	17,363	$	183,748	$	(11,291	)	$	—		$	172,457
Inflation Opportunities
J.P. Morgan Securities LLC	$	36,488	$	(36,488	)	$	—		$	—	$	278,639	$	(36,488	)	$	—		$	242,151
Total	$	36,488	$	(36,488	)	$	—		$	—	$	278,639	$	(36,488	)	$	—		$	242,151
Inflation-Protected Securities
J.P. Morgan Securities LLC	$	693	$	(693	)	$	—		$	—	$	185,653	$	(693	)	$	—		$	184,960
Total	$	693	$	(693	)	$	—		$	—	$	185,653	$	(693	)	$	—		$	184,960

Transamerica Funds Semi-Annual Report 2020

Page    419

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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				Net Amount		Gross Amounts of Liabilities Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities					Net Amount
Counterparty			Financial Instruments		Collateral Received (B)						Financial Instruments		Collateral Pledged (B)
	Assets								Liabilities
Unconstrained Bond
J.P. Morgan Securities LLC	$	—	$	—	$	—	$	—	$	1,941,979	$	—	$	(1,941,979	)	$	—
Other Derivatives (C)		237,682		—		—		237,682		7,183,852		—		—			7,183,852
Total	$	237,682	$	—	$	—	$	237,682	$	9,125,831	$	—	$	(1,941,979	)	$	7,183,852

(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, exchange-traded swap agreements and occasionally forward positions, that are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented within the Schedule of Investments.

7. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets are subject to heightened foreign investments risks. Emerging market countries tend to have economic, political and legal systems and regulatory and accounting standards that are less developed, and that can be expected to be less stable. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation and may be based on only a few industries. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will. 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 extreme price volatility. An investment in emerging market securities should be considered speculative.

Fixed income risk: Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by a Fund fall, the value of your investment will go down. The prices of fixed-income securities will generally go down when interest rates rise. Interest rates in the U.S. and certain foreign markets have been low relative to historic levels, so the Fund faces a heightened risk that interest rates may rise. 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 risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund’s foreign investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Lack of information and weaker legal systems and accounting standards also may affect the value of these securities. Foreign investments may have lower liquidity and be more difficult to value than investments in U.S. issuers.

Government money market fund risk: Government Money Market operates as a “government” money market Fund under applicable federal regulations. The Fund continues to use the special pricing and valuation conventions that currently facilitate a stable share price of $1.00, although there is no guarantee that the Fund will be able to maintain a $1.00 share price. The Fund does not currently intend to avail itself of the ability to impose “liquidity fees” and/or “redemption gates” on Fund redemptions, as permitted under the applicable regulations. However, the Board reserves the right, with notice to shareholders, to change this policy, thereby permitting the Fund to impose such fees and gates in the future.

Growth risk: Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices

Transamerica Funds Semi-Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

7. RISK FACTORS (continued)

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. Issuers of junk bonds are typically in weaker financial health. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities, and they may result in losses for the Funds. 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. The market for U.S. Treasury inflation-protected securities (“TIPS”) and corporate inflation-protected securities (“CIPS”) may be less developed or liquid, and more volatile, than certain other securities markets. 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.

LIBOR Risk: Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate (“LIBOR”). LIBOR is widely used in financial markets. In July 2017, the United Kingdom’s financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect the Fund’s performance or NAV.

Market risk: The market prices of a Fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as overall economic trends or events, government actions or interventions, market disruptions caused by trade disputes or other factors, political factors or adverse investor sentiment. The market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. If the market prices of the securities owned by a Fund fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. The COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, a Fund’s exposure to the risks described in the Fund’s prospectus will likely increase. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund’s investments may be negatively 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. Energy and natural resources MLPs may be adversely affected by changes in and volatility of commodity prices. 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

Transamerica Funds Semi-Annual Report 2020

Page    421

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

7. RISK FACTORS (continued)

of a Fund’s investments in such securities may decline if interest rates rise. Further, rising interest rates could adversely impact the financial performance of MLPs and other issuers in the energy sector by increasing their cost of capital. This may reduce their ability to execute acquisitions or expansion projects in a cost-effective manner. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs are generally considered interest-rate sensitive investments, and during period of interest rate volatility, may not provide attractive returns.

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, which could negatively impact a Fund. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, a Fund or portfolio may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.

Municipal security risk: The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent a Fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, a Fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

Real estate investment trusts (“REIT”) and real estate risk: Investing in real estate investment trusts “REITs” involves unique risks. When a Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, a Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to a Fund.

Recent events risk: The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of a Fund’s investments. The ultimate economic fallout from the pandemic, and

Transamerica Funds Semi-Annual Report 2020

Page    422

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

7. RISK FACTORS (continued)

the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, may not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.

Small and medium capitalization risk: The Fund will be exposed to additional risks as a result of its investments in these securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

8. FEES AND OTHER AFFILIATED TRANSACTIONS

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

With respect to Balanced II, Bond, Floating Rate, High Yield Bond, Intermediate Bond, Multi-Managed Balanced, and Short-Term Bond, TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC (“AUIM”), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the applicable Funds, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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

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

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

As of April 30, 2020, 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	$	112,146,776		100.00	%
Bond		160,652,293		10.56
Capital Growth		370,987,424		15.47
Dividend Focused		359,550,770		88.52
Emerging Markets Debt		91,094,246		24.46
Emerging Markets Equity		478,514,386		95.94
Emerging Markets Opportunities		398,583,577		97.34
Event Driven		73,493,669		97.89
Floating Rate		8,718		0.01
Global Equity		657,016		0.83
Government Money Market		1,177,487,383		81.71
High Quality Bond		177,365,998		100.00
High Yield Bond		1,385,003,250		83.63
High Yield Muni		187,486		0.01
Inflation Opportunities		73,925,897		73.47
Inflation-Protected Securities		108,290,111		100.00
Intermediate Bond		1,810,489,633		97.01
Intermediate Muni		10,676		0.00	(A)
International Equity		1,598,966,882		43.39

Fund	Account Balance		Percentage of Net Assets
International Growth	$	970,120,602		97.85	%
International Small Cap Value		373,057,919		67.27
International Stock		74,658,389		92.48
Large Cap Value		1,195,366,920		85.59
Large Core		157,965,052		97.16
Large Growth		785,161,280		98.39
Large Value Opportunities		331,884,304		99.13
Mid Cap Growth		246,287,444		93.29
Mid Cap Value Opportunities		426,630,793		39.26
MLP & Energy Income		136,587,572		77.48
Multi-Asset Income		11,696		0.00	(A)
Multi-Managed Balanced		9,283,655		0.94
Short-Term Bond		264,554,249		8.94
Small Cap Core		96,720,066		98.02
Small Cap Growth		67,550,703		45.84
Small Cap Value		69,227,024		78.73
Small/Mid Cap Value		57,957,507		9.58
Unconstrained Bond		1,452,512,978		99.98
US Growth		489,843,228		31.26

(A) Rounds to less than 0.01%.

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

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Fund	Rate
Balanced II		0.4800	%
Bond
First $500 million		0.4100
Over $500 million up to $1 billion		0.3900
Over $1 billion up to $1.5 billion		0.3800
Over $1.5 billion		0.3750
Capital Growth
First $1.5 billion		0.7075
Over $1.5 billion up to $3 billion		0.6415
Over $3 billion up to $5 billion		0.6300
Over $5 billion		0.5800
Dividend Focused
First $200 million		0.7800
Over $200 million up to $500 million Over $500 million up to $1.5 billion Over $1.5 billion up to $2.5 billion		0.6800 0.6300 0.5900
Over $2.5 billion		0.5800

Fund	Rate
Dynamic Income
First $500 million		0.5000	%
Over $500 million up to $1 billion		0.4900
Over $1 billion up to $1.5 billion		0.4800
Over $1.5 billion up to $2 billion		0.4700
Over $2 billion up to $2.5 billion		0.4600
Over $2.5 billion		0.4500
Emerging Markets Debt
First $400 million		0.6300
Over $400 million		0.6100
Emerging Markets Equity
First $250 million		0.9500
Over $250 million up to $500 million Over $500 million up to $1 billion		0.9100 0.8600
Over $1 billion		0.8400
Emerging Markets Opportunities
First $250 million		0.8300
Over $250 million up to $500 million		0.8000
Over $500 million		0.7500

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Page    424

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Rate
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		0.7900
Over $250 million up to $1 billion		0.7400
Over $1 billion up to $2 billion		0.7300
Over $2 billion		0.7000
Government Money Market
First $1 billion		0.2400
Over $1 billion up to $3 billion		0.2200
Over $3 billion		0.2100
High Quality Bond		0.3800
High Yield Bond
Effective January 6, 2020
First $1.25 billion		0.5540
Over $1.25 billion up to $2 billion		0.5440
Over $2 billion		0.5200
Prior to January 6, 2020
First $1.25 billion		0.5800
Over $1.25 billion up to $2 billion		0.5550
Over $2 billion		0.5300
High Yield Muni
First $500 million		0.5400
Over $500 million up to $1 billion		0.5300
Over $1 billion		0.5000
Inflation Opportunities
First $200 million		0.5800
Over $200 million up to $500 million		0.5700
Over $500 million		0.5400
Inflation Protected-Securities		0.3800
Intermediate Bond
First $2 billion		0.3800
Over $2 billion up to $3.5 billion		0.3650
Over $3.5 billion up to $5 billion		0.3600
Over $5 billion		0.3550
Intermediate Muni
First $150 million		0.4700
Over $150 million up to $350 million		0.4500
Over $350 million up to $650 million		0.4400
Over $650 million up to $1 billion		0.4200
Over $1 billion		0.3900

Fund	Rate
International Equity
First $500 million		0.7700	%
Over $500 million up to $1 billion		0.7500
Over $1 billion up to $2 billion		0.7200
Over $2 billion up to $6 billion		0.6900
Over $6 billion		0.6800
International Growth
First $500 million		0.7700
Over $500 million up to $1 billion		0.7600
Over $1 billion up to $2 billion		0.7100
Over $2 billion up to $3 billion		0.6950
Over $3 billion		0.6800
International Small Cap Value
First $300 million		0.9550
Over $300 million up to $750 million Over $750 million up to $1 billion		0.9300 0.8800
Over $1 billion		0.8400
International Stock
First $500 million		0.7000
Over $500 million up to $1 billion		0.6800
Over $1 billion up to $2 billion		0.6700
Over $2 billion up to $3 billion		0.6400
Over $3 billion		0.6300
Large Cap Value
First $750 million		0.6500
Over $750 million up to $1 billion		0.6200
Over $1 billion up to $2 billion		0.6000
Over $2 billion up to $3 billion		0.5900
Over $3 billion		0.5800
Large Core
First $250 million		0.4500
Over $250 million up to $750 million		0.4400
Over $750 million		0.4300
Large Growth
First $1 billion		0.6500
Over $1 billion up to $1.5 billion		0.6350
Over $1.5 billion up to $2 billion		0.6150
Over $2 billion up to $3 billion		0.6050
Over $3 billion up to $4 billion		0.5900
Over $4 billion up to $5 billion		0.5750
Over $5 billion		0.5700
Large Value Opportunities
First $250 million		0.4500
Over $250 million up to $750 million		0.4400
Over $750 million		0.4300
Mid Cap Growth
First $200 million		0.7050
Over $200 million up to $1 billion		0.6850
Over $1 billion		0.6700

Transamerica Funds Semi-Annual Report 2020

Page    425

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Rate
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-Asset Income
First $500 million		0.5740
Over $500 million up to $1 billion		0.5700
Over $1 billion up to $1.5 billion		0.5450
Over $1.5 billion up to $2 billion		0.5350
Over $2 billion		0.5150
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		0.4200
Over $250 million up to $500 million		0.3900
Over $500 million up to $1 billion		0.3700
Over $1 billion		0.3600
Small Cap Core
First $300 million		0.8300
Over $300 million		0.8000

Fund	Rate
Small Cap Growth
First $300 million		0.8700	%
Over $300 million		0.8300
Small Cap Value
First $300 million		0.8000
Over $300 million up to $800 million		0.7500
Over $800 million		0.7100
Small/Mid Cap Value
First $350 million		0.7900
Over $350 million up to $500 million		0.7800
Over $500 million up to $750 million		0.7650
Over $750 million up to $1 billion		0.7550
Over $1 billion up to $1.5 billion		0.7350
Over $1.5 billion up to $2 billion		0.7300
Over $2 billion		0.7250
Unconstrained Bond
First $500 million		0.6500
Over $500 million up to $1 billion		0.6400
Over $1 billion up to $2 billion		0.6200
Over $2 billion		0.6100
US Growth
First $500 million		0.6800
Over $500 million up to $800 million		0.6700
Over $800 million up to $1 billion		0.6575
Over $1 billion up to $2 billion		0.6130
Over $2 billion up to $3 billion		0.6050
Over $3 billion up to $4 billion		0.5900
Over $4 billion up to $5 billion		0.5750
Over $5 billion		0.5700

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Balanced II
Class I3		0.75	%
Class R		1.10
Bond
Class A		1.00			1.10	%
Class C		1.65			1.75
Class I		0.50
Class I2, Class R6		0.65			0.75
Capital Growth
Class A		1.25
Class C		2.00
Class I		1.10
Class I2, Class R6		1.00

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Dividend Focused
Class A		1.15	%
Class C		1.90
Class I		0.90
Class I2, Class R6		0.85
Dynamic Income
Class A		0.92
Class C		1.67
Class I		0.67
Emerging Markets Debt
Class A		1.25
Class C		2.00
Class I, Class I2, Class R6		0.85

Transamerica Funds Semi-Annual Report 2020

Page    426

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Emerging Markets Equity
Class A		1.55	%
Class C		2.30
Class I		1.40
Class I2		1.30
Emerging Markets Opportunities
Class I		0.98
Class I2		0.95
Event Driven
Class I, Class I2		1.35
Floating Rate
Class A		1.05
Class C		1.80
Class I, Class I2		0.80
Global Equity
Class A		1.35
Class C		2.10
Class I, Class R6		1.10
Government Money Market
Class A		0.73
Class C		1.48
Class I		0.48
Class I2, Class I3		0.38			0.48	%
Class R2		0.80
Class R4		0.50
High Quality Bond
Class I3		0.55
Class R		1.00
Class R4		0.65
High Yield Bond
Class A		1.15
Class C		1.85
Class I, Class R4		0.85
Class I2, Class I3		0.75
Class R		1.10
Class R6		0.75			0.85
High Yield Muni
Class A		1.01
Class C		1.76
Class I, Class I2		0.76
Inflation Opportunities
Class A		1.00
Class C		1.75
Class I, Class I2, Class R6		0.75

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Inflation-Protected Securities
Class I3		0.53	%
Class R		1.00
Class R4		0.65
Intermediate Bond
Class I2, Class I3		0.50
Class R		1.00
Class R4		0.65
Intermediate Muni
Class A		0.85
Class C		1.60
Class I		0.49
Class I2		0.60
International Equity
Class A		1.25
Class C		2.00
Class I		1.00
Class I2, Class I3, Class R6		0.90			1.00	%
Class R		1.40
Class R4		1.15
International Growth
Class A		1.20
Class I		1.05
Class I2, Class R6		0.95
International Small Cap Value
Class I		1.22
Class I2		1.12
International Stock
Class A		1.25
Class I, Class I2, Class R6		1.00
Large Cap Value
Class A		1.15
Class C		1.90
Class I		0.90
Class I2, Class R6		0.80
Large Core
Class I3		0.65
Class R		1.15
Class R4		0.90
Large Growth
Class I3		0.75
Class R		1.25
Class R4		0.90
Large Value Opportunities
Class I3		0.65
Class R		1.00
Class R4		0.75

Transamerica Funds Semi-Annual Report 2020

Page    427

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Mid Cap Growth
Class A		1.30	%
Class C		2.05
Class I		1.05
Class I2, Class I3		0.85
Class R		1.35
Class R4		0.95
Mid Cap Value Opportunities
Class A		1.20
Class C		1.95
Class I		0.90			0.95	%
Class I2, Class I3, Class R6		0.80
Class R		1.25
Class R4		0.90
MLP & Energy Income
Class A		1.60
Class C		2.35
Class I		1.35
Class I2		1.25
Multi-Asset Income
Class A		1.20
Class C		1.95
Class I		0.72
Class I2		0.95
Multi-Managed Balanced
Class A		1.15
Class C		1.90
Class I		0.90
Class R6		0.80
Short-Term Bond
Class A		0.90
Class C		1.75
Class I		0.75
Class I2, Class R6		0.65

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Small Cap Core
Class A		1.30	%
Class C		2.05
Class I		1.05
Class I2, Class I3		0.95
Class R		1.50
Class R4		1.10
Small Cap Growth
Class A		1.40
Class C		2.15
Class I, Class R4, Class R6		1.15
Class I2, Class I3		1.00
Class R		1.55
Small Cap Value
Class A		1.30
Class C		2.05
Class I		1.05
Class I2, Class I3		0.95
Class R		1.50
Class R4		1.10
Class R6		0.95			1.05	%
Small/Mid Cap Value
Class A		1.40
Class C		2.05
Class I		1.00
Class I2, Class R6		0.90
Unconstrained Bond
Class I		0.95
Class I2		0.85
US Growth
Class A		1.25
Class C		1.86
Class I, Class T		1.00
Class I2		0.90

(A)	Current operating expense limit is effective through March 1, 2021.
(B)	Prior operating expense limit was effective through March 1, 2020.
(C)	No rate present indicates no change to the operating expense limit during the period.

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2020 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

TAM, on a voluntary and/or contractual basis and in addition to the operating expense limits 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 discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

Transamerica Funds Semi-Annual Report 2020

Page    428

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

For the years ended October 31, 2017, October 31, 2018, October 31, 2019 and period ended April 30, 2020, 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 period. Government Money Market is discussed in further detail in proceeding notes and tables:

	Amounts Available
Fund	2017		2018		2019		2020		Total
Balanced II
Class I3	$	11,077	$	50,758	$	2,618	$	—	$	64,453
Bond
Class I		—		116,954		537,645		254,945		909,544
Class R6		—		1,551		228		—		1,779
Dividend Focused
Class C		—		—		12		859		871
Dynamic Income
Class A		—		3,269		43,680		21,030		67,979
Class C		—		18,987		77,138		32,890		129,015
Class I		—		6,557		23,027		9,114		38,698
Emerging Markets Equity
Class A		—		—		185		2,384		2,569
Emerging Markets Opportunities (A)
Class I		—		—		—		13		13
Event Driven
Class I		—		—		1,061		553		1,614
Class I2		50,251		100,411		69,871		18,576		239,109
Floating Rate
Class A		—		8,076		10,999		28,446		47,521
Class C		—		1,277		6,710		24,176		32,163
Class I		—		33,104		50,520		116,540		200,164
Class I2		—		—		—		6,555		6,555
Global Equity
Class A		18,133		55,928		97,975		29,036		201,072
Class C		13,352		43,510		30,558		6,916		94,336
Class I		—		—		15,323		3,498		18,821
High Quality Bond
Class I3		86,961		90,825		7,845		—		185,631
Class R4		11,821		14,866		22,814		15,718		65,219
High Yield Bond
Class A		—		—		33,227		—		33,227
Class C		—		—		3,092		—		3,092
Class I3		54,691		109,498		9,383		—		173,572
Class R		16,806		63,766		61,948		27,340		169,860
Class R4		33,187		124,439		120,069		30,866		308,561
High Yield Muni
Class A		13,307		1,063		12,183		1,609		28,162
Class C		8,194		1,672		6,525		1,409		17,800
Class I		32,381		22,998		59,242		21,089		135,710
Inflation Opportunities
Class A		—		2,834		666		709		4,209
Class C		261		419		357		255		1,292
Class I		—		—		3,113		2,730		5,843
Class I2		—		—				9,255		9,255
Class R6		—		—		—		4		4

	Amounts Available
Fund	2017		2018		2019		2020		Total
Inflation-Protected Securities
Class I3	$	63,433	$	212,731	$	39,848	$	11,940	$	327,952
Class R		—		—		6,019		2,403		8,422
Class R4		17,453		30,803		11,831		1,681		61,768
Intermediate Bond
Class I3		73,499		103,194		8,593		—		185,286
Class R4		31,816		37,880		33,189		20,454		123,339
Intermediate Muni
Class I		—		—		296,110		552,251		848,361
International Equity
Class A		—		—		65,530		59,023		124,553
International Growth
Class A		—		—		491		338		829
Class I		—		23		61		29		113
International Stock
Class A		—		—		14,470		60		14,530
Class I		—		—		15,233		99		15,332
Class I2		—		—		101,742		9,430		111,172
Class R6		—		—		14,260		53		14,313
Large Growth
Class I3		280,340		320,429		25,498		—		626,267
Class R4		22,747		18,921		20,283		10,050		72,001
Large Value Opportunities
Class I3		108,200		107,301		12		—		215,513
Class R		9,993		20,958		3,354		4,916		39,221
Class R4		10,086		8,830		1,618		2,406		22,940
Mid Cap Growth
Class A		—		—		10,442		—		10,442
Class C		—		19		1,570		—		1,589
Class I		—		—		549		—		549
Class I3		36,650		60,653		14,439		—		111,742
Class R		—		—		4,308		945		5,253
Class R4		7,781		14,856		9,681		201		32,519
Mid Cap Value Opportunities
Class A		—		56,699		129,295		10,892		196,886
Class C		—		—		5,315		—		5,315
Class I		—		—		53,758		—		53,758
Class I3		102,223		133,669		9,172		—		245,064
Class R		—		18,286		5,826		2,912		27,024
Class R4		265,730		404,966		337,696		53,152		1,061,544

Transamerica Funds Semi-Annual Report 2020

Page    429

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available
Fund	2017		2018		2019		2020		Total
MLP & Energy Income
Class A	$	—	$	—	$	8,016	$	8,385	$	16,401
Class C		—		9,316		11,062		7,144		27,522
Multi-Asset Income
Class I		—		5,364		55,842		56,317		117,523
Small Cap Core
Class A		1,408		1,307		3,804		2,118		8,637
Class C		276		194		434		226		1,130
Class I		135		597		613		223		1,568
Class I2		—		—		—		1,669		1,669
Class I3		87,903		108,519		9,778		10,638		216,838
Class R4		4,705		5,846		4,936		2,932		18,419

	Amounts Available
Fund	2017		2018		2019		2020		Total
Small Cap Growth
Class A	$	8,119	$	7,029	$	18,220	$	3,590	$	36,958
Class C		731		1,259		3,765		589		6,344
Class I		—		1,597		15,778		—		17,375
Class I2		—		—		11,926		5,844		17,770
Class I3		35,590		42,159		12,903		2,294		92,946
Class R4		5,862		8,393		4,298		80		18,633
Small Cap Value
Class A		2,554		4,581		3,832		4,607		15,574
Class C		—		40		188		482		710
Class I		—		2		1,849		8,100		9,951
Class I2		—		—		—		27,654		27,654
Class I3		16,150		37,587		1,032		13,470		68,239
Class R		—		—		—		2,254		2,254
Class R4		488		390		215		220		1,313
Class R6		—		—		—		21		21
US Growth
Class C		—		—		—		2,790		2,790

(A) The Fund commenced operations on December 19, 2019.

Government Money Market: TAM or any of its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of Government Money Market to such level(s) as the Trust’s officers may reasonably determine from time to time in an effort to prevent the fund’s yield from falling below zero. Any such voluntary waiver or expense reimbursement is in addition to any contractual expense limitation arrangements in effect from time to time and may be discontinued by TAM or its affiliates at any time. TAM is entitled to reimbursement by the applicable class(es) of the fund of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class’s effective daily yield being negative. Any such reimbursement may result in the class’s expenses exceeding the contractual expense cap for the class. There can be no assurance that Government Money Market will be able to prevent a negative yield.

Voluntarily 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,” in each case included in Government Money Market’s Statement of Operations included in this shareholder report. 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 in the Fund’s Financial Highlights in this shareholder report. In the past, amounts recaptured by TAM under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. TAM is developing a plan to address amounts previously recaptured in excess of the contractual expense limits. The relevant earlier recaptures were discontinued by TAM as of March 1, 2019, but as addressed earlier there could be future recaptures above the contractual expense cap.

For the years ended October 31, 2017, October 31, 2018, October 30, 2019 and the period ended April 30, 2020, the amounts waived by TAM due to the maintenance of the yield are as follows:

	Amounts Waived
	2017		2018		2019		2020		Total
Class A	$	1,045	$	—	$	—	$	38,199	$	39,244
Class C		48,709		7,148		—		15,326		71,183
Class I		—		—		—		83		83
Class I2		5,796		—		—		26		5,822
Class I3		47		—		—		350		397
Class R2		—		—		—		224,594		224,594
Class R4		—		—		—		519		519

Transamerica Funds Semi-Annual Report 2020

Page    430

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

As of April 30, 2020, the balances available for recapture by TAM due to the maintenance of the yield is as follows:

	Amounts Available
	2017		2018		2019(A)		2020		Total
Class A	$	—	$	—	$	—	$	—	$	—
Class C		48,709		7,148		—		—		55,857
Class I		—		—		—		—		—
Class I2		—		—		—		—		—
Class I3		26		—		—		—		26
Class R2		—		—		—		4,376		4,376
Class R4		—		—		—		—		—

(A) Effective March 1, 2019, TAM discontinued the earlier recaptures under the voluntary yield waiver.

For the years ended October 31, 2017, October 31, 2018, October 31, 2019 and the period ended April 30, 2020, the amounts waived by TAM due to the operating expense limitation is as follows:

	Amounts Waived
	2017		2018		2019		2020		Total
Class A	$	81,543	$	33,727	$	7,016	$	1,253	$	123,539
Class C		12,450		3,861		1,060		84		17,455
Class I		19,182		8,755		3,684		2,327		33,948
Class I2		2,876		1,207		—		—		4,083
Class I3		6,004		24,051		227		—		30,282
Class R2		35,908		573,624		405,211		106,825		1,121,568
Class R4		14,414		129,445		66,995		26,472		237,326

As of April 30, 2020, the balances available for recapture by TAM due to the operating expense limitation is as follows:

	Amounts Available
	2017		2018		2019		2020		Total
Class A	$	7,410	$	33,727	$	7,016	$	1,253	$	49,406
Class C		12,450		3,861		1,060		84		17,455
Class I		19,182		8,755		3,684		2,327		33,948
Class I3		—		16,108		227		—		16,335
Class R2		—		563,164		405,211		106,825		1,075,200
Class R4		12,592		129,445		66,995		26,472		235,504

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

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

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

Class (A)	Rate
Class A		0.25	%
Class C		1.00
Class R		0.50
Class R2		0.25
Class R4		0.25

(A) 12b-1 fees are not applicable for Class I, Class I2, Class I3, Class R6, and Class T.

Transamerica Funds Semi-Annual Report 2020

Page    431

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

TAM has contractually agreed to waive a portion of the 12b-1 fees at the following annual rates. These amounts are not subject to recapture by TAM in future years. Funds not listed in the subsequent table do not have a 12b-1 waiver.

Fund	Class A Waiver			Class C Waiver			12b-1 Expense Waiver Effective Through
High Yield Muni		0.10	%		0.25	%		March 1, 2021
Intermediate Muni		0.10			0.25			March 1, 2021

Shareholder fees: Class A and Class T shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 2020, 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	$	162,997	$	3,694
Class C		—		15,442
Capital Growth
Class A		895,583		1,066
Class C		—		30,204
Dividend Focused
Class A		18,230		23
Class C		—		12
Dynamic Income
Class A		5,743		—
Class C		—		235
Emerging Markets Debt
Class A		2,705		5
Emerging Markets Equity
Class A		2,680		8
Floating Rate
Class A		24,950		9,768
Class C		—		1,824
Global Equity
Class A		8,598		—
Class C		—		86
Government Money Market
Class A		—		19,890
Class C		—		1,232
High Yield Bond
Class A		65,133		2,031
Class C		—		3,034
High Yield Muni
Class A		22,080		25
Class C		—		43
Intermediate Muni
Class A		154,275		966
Class C		—		5,506

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
International Equity
Class A	$	32,723	$	87
Class C		—		983
International Growth
Class A		1,503		—
International Stock
Class A		40		—
Large Cap Value
Class A		41,779		11
Class C		—		6,197
Mid Cap Growth
Class A		8,352		—
Class C		—		40
Mid Cap Value Opportunities
Class A		36,003		11
Class C		—		981
MLP & Energy Income
Class A		41,407		—
Class C		—		1,179
Multi-Asset Income
Class A		241,510		340
Class C		—		4,525
Multi-Managed Balanced
Class A		339,970		461
Class C		—		5,451
Short-Term Bond
Class A		79,727		37,623
Class C		—		15,171
Small Cap Core
Class A		2,003		—
Class C		—		13
Small Cap Growth
Class A		12,750		—
Class C		—		24
Small Cap Value
Class A		4,332		2
Class C		—		15

Transamerica Funds Semi-Annual Report 2020

Page    432

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Small/Mid Cap Value
Class A	$	72,056	$	6
Class C		—		2,100
US Growth
Class A		129,522		5
Class C		—		675

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 period ended April 30, 2020, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Balanced II	$	1,855	$	284
Bond		790,763		123,574
Capital Growth		1,051,660		176,819
Dividend Focused		38,045		5,307
Dynamic Income		99,502		20,635
Emerging Markets Debt		231,843		27,971
Emerging Markets Equity		36,628		5,003
Emerging Markets Opportunities		6,713		2,410
Event Driven		3,772		568
Floating Rate		63,726		8,910
Global Equity		89,383		18,689
Government Money Market		130,003		21,447
High Quality Bond		7,377		1,016
High Yield Bond		258,679		45,185
High Yield Muni		46,544		6,623
Inflation Opportunities		7,273		1,078
Inflation-Protected Securities		3,912		603
Intermediate Bond		84,990		11,994
Intermediate Muni		830,969		138,413
International Equity		1,370,349		197,150

Fund	Fees Paid to TFS		Fees Due to TFS
International Growth	$	42,093	$	5,891
International Small Cap Value		75,833		14,540
International Stock		3,538		518
Large Cap Value		242,974		37,296
Large Core		5,924		636
Large Growth		25,314		3,804
Large Value Opportunities		14,377		1,612
Mid Cap Growth		19,746		2,812
Mid Cap Value Opportunities		313,414		46,211
MLP & Energy Income		42,261		7,779
Multi-Asset Income		136,460		21,152
Multi-Managed Balanced		436,134		73,932
Short-Term Bond		1,257,168		203,998
Small Cap Core		8,173		1,061
Small Cap Growth		37,406		6,076
Small Cap Value		14,407		1,987
Small/Mid Cap Value		592,961		111,787
Unconstrained Bond		43,641		7,433
US Growth		786,370		189,717

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 period ended April 30, 2020, 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 investment manager or sub-adviser(s) for the period ended April 30, 2020.

Cross-trades: The Funds are authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Funds and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of each Fund participating in the transaction.

Transamerica Funds Semi-Annual Report 2020

Page    433

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

For the period ended April 30, 2020, 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 period.

Fund	Purchases		Sales		Net Realized Gains (Losses)
Capital Growth	$	2,808,902	$	—	$	—
Emerging Markets Opportunities		85,297		—		—

9. PURCHASES AND SALES OF SECURITIES

For the period ended April 30, 2020, 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	$	28,238,247	$	4,642,609	$	32,248,591	$	7,351,271
Bond		397,095,936		62,935,389		171,370,017		95,066,916
Capital Growth		454,946,059		—		640,456,050		—
Dividend Focused		80,046,125		—		99,266,586		—
Dynamic Income		51,112,821		—		76,228,450		—
Emerging Markets Debt		656,728,035		236,672		824,770,799		240,122
Emerging Markets Equity		173,853,413		—		456,387,019		—
Emerging Markets Opportunities		537,648,774		—		69,058,670		—
Event Driven		77,957,000		—		100,712,884		—
Floating Rate		15,513,261		—		105,264,440		—
Global Equity		34,840,604		—		51,271,699		—
High Quality Bond		16,210,890		65,370,355		45,362,141		84,610,525
High Yield Bond		631,135,565		—		267,866,392		—
High Yield Muni		17,774,864		—		31,977,607		—
Inflation Opportunities		6,691,469		8,803,761		22,966,363		20,175,080
Inflation-Protected Securities		2,723,599		4,430,965		5,590,531		13,903,510
Intermediate Bond		204,972,074		282,547,650		520,075,973		537,688,648
Intermediate Muni		376,204,856		—		199,507,444		—
International Equity		344,226,280		—		710,176,561		—
International Growth		162,792,227		—		199,626,713		—
International Small Cap Value		93,955,917		—		30,860,123		—
International Stock		44,576,680		—		26,958,571		—
Large Cap Value		1,073,711,345		—		1,194,487,486		—
Large Core		87,724,880		—		179,005,063		—
Large Growth		143,590,261		—		233,162,267		—
Large Value Opportunities		256,916,242		—		419,639,632		—
Mid Cap Growth		141,012,563		—		106,440,800		—
Mid Cap Value Opportunities		530,374,363		—		567,406,021		—
MLP & Energy Income		24,391,007		—		40,296,079		—
Multi-Asset Income		144,223,594		—		92,331,271		—
Multi-Managed Balanced		273,101,492		33,751,615		269,185,838		49,945,970
Short-Term Bond		865,747,850		—		791,644,501		—
Small Cap Core		79,089,128		—		127,716,952		—
Small Cap Growth		51,730,282		—		45,590,751		—
Small Cap Value		54,478,674		—		46,448,630		—
Small/Mid Cap Value		267,173,777		—		309,630,545		—
Unconstrained Bond		1,016,962,827		90,257,556		451,334,945		91,389,599
US Growth		157,639,576		—		232,492,478		—

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

Transamerica Funds Semi-Annual Report 2020

Page    434

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

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.

As of April 30, 2020, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Balanced II	$	108,131,263	$	15,025,924	$	(4,688,712	)	$	10,337,212
Bond		1,631,106,572		65,331,514		(74,006,874	)		(8,675,360	)
Capital Growth		1,814,393,461		751,475,096		(81,395,363	)		670,079,733
Dividend Focused		428,763,285		25,275,737		(48,035,626	)		(22,759,889	)
Dynamic Income		154,119,373		4,712,489		(17,559,133	)		(12,846,644	)
Emerging Markets Debt		436,734,273		5,952,284		(60,872,131	)		(54,919,847	)
Emerging Markets Equity		503,015,547		63,749,205		(66,158,253	)		(2,409,048	)
Emerging Markets Opportunities		446,787,077		9,365,990		(53,112,108	)		(43,746,118	)
Event Driven		91,098,011		3,563,065		(5,141,096	)		(1,578,031	)
Floating Rate		98,827,146		6,517		(13,630,421	)		(13,623,904	)
Global Equity		72,427,769		14,325,164		(7,353,948	)		6,971,216
Government Money Market		1,483,382,154		—		—			—
High Quality Bond		181,466,015		1,702,973		(5,019,617	)		(3,316,644	)
High Yield Bond		2,018,396,971		22,898,339		(269,204,841	)		(246,306,502	)
High Yield Muni		90,077,204		1,232,917		(5,897,165	)		(4,664,248	)
Inflation Opportunities		112,226,896		5,473,717		(5,098,221	)		375,496
Inflation-Protected Securities		104,624,226		6,481,687		(1,339,924	)		5,141,763
Intermediate Bond		2,189,458,970		108,862,532		(27,332,766	)		81,529,766
Intermediate Muni		1,858,461,284		40,177,311		(37,054,289	)		3,123,022
International Equity		4,227,767,230		332,985,338		(851,994,187	)		(519,008,849	)
International Growth		1,043,536,612		85,347,858		(157,481,067	)		(72,133,209	)
International Small Cap Value		585,524,937		79,790,762		(94,608,618	)		(14,817,856	)
International Stock		92,775,959		2,066,715		(12,953,298	)		(10,886,583	)
Large Cap Value		1,569,484,807		77,859,888		(230,452,787	)		(152,592,899	)
Large Core		157,267,297		20,856,068		(12,676,852	)		8,179,216
Large Growth		582,298,435		239,475,468		(13,332,369	)		226,143,099
Large Value Opportunities		364,924,280		16,971,614		(48,513,086	)		(31,541,472	)
Mid Cap Growth		253,066,279		31,431,672		(19,905,857	)		11,525,815
Mid Cap Value Opportunities		1,212,893,302		60,711,983		(183,572,135	)		(122,860,152	)
MLP & Energy Income		216,962,351		11,049,611		(49,459,671	)		(38,410,060	)
Multi-Asset Income		266,582,410		15,084,044		(28,581,646	)		(13,497,602	)
Multi-Managed Balanced		865,341,314		210,324,949		(27,068,671	)		183,256,278
Short-Term Bond		3,044,457,026		32,890,505		(102,821,289	)		(69,930,784	)
Small Cap Core		118,735,454		6,642,197		(25,729,373	)		(19,087,176	)
Small Cap Growth		132,936,991		28,753,495		(7,168,116	)		21,585,379
Small Cap Value		98,867,906		4,639,343		(14,837,014	)		(10,197,671	)
Small/Mid Cap Value		618,039,830		75,945,584		(80,204,007	)		(4,258,423	)
Unconstrained Bond		1,556,713,393		17,138,026		(59,722,661	)		(42,584,635	)
US Growth		957,158,483		643,429,555		(31,680,677	)		611,748,878

Transamerica Funds Semi-Annual Report 2020

Page    435

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

11. RECLASSIFICATION

Certain amounts prior to November 1, 2015, have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the net increase (decrease) in net assets resulting from operations. The Trust concluded that it was appropriate to reclassify certain borrowing costs, which relate to charges from a broker for securities sold short positions, as an expense which is included in Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations. Previously, the borrowing costs had been included in Net realized gain (loss) on securities sold short within the Statements of Operations. Corresponding reclassifications have been made to Net investment income (loss) per share, Net realized and unrealized gain (loss) per share and Expenses to average net asset ratios within the Financial Highlights. The impact of the reclassification is an increase to realized gain (loss) and total expenses, and a decrease in net investment income. All impacted amounts, as identified within the Financial Highlights, have been adjusted for purposes of comparability.

12. NEW ACCOUNTING PRONOUNCEMENT

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

13. CHANGE IN ACCOUNTING PRINCIPLE

The Funds have adopted the FASB Accounting Standards Update 2017-08 “Premium Amortization of Callable Debt Securities” (“ASU 2017-08”), which amends the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with explicit non-contingent call features to the earliest call date.

It is impracticable to evaluate the effect on individual prior periods, therefore the Funds applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the net asset value of each Fund’s financial statements.

The cumulative effect adjustments that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments were as follows:

Fund	Amount
Balanced II	$	2,724
Bond		213,201
Emerging Markets Debt		4,354
High Quality Bond		53,790
High Yield Bond		2,127,451
High Yield Muni		235,537
Inflation-Protected Securities		261
Inflation Opportunities		3,896
Intermediate Bond		297,845
Intermediate Muni		9,218,946
Multi-Asset Income		183,964
Multi-Managed Balanced		74,763
Short-Term Bond		217,883
Unconstrained Bond		426,254

Transamerica Funds Semi-Annual Report 2020

Page    436

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

14. STOCK SPLIT

Effective as of the close of business on the date listed in the subsequent table, the respective Fund’s classes underwent a stock split. Funds not listed in the table did not have a stock split. There was no impact to the aggregate market value of shares outstanding. The historical per share data presented within the Financial Highlights has 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

15. REORGANIZATION

US Growth: Following the close of business on August 2, 2019, US Growth acquired all of the net assets of Transamerica Multi-Cap Growth (“Multi-Cap Growth”) pursuant to a Plan of Reorganization. US Growth is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of US Growth for shares of Multi-Cap Growth outstanding following the close of business on August 2, 2019. The cost basis of the investments received from Multi-Cap Growth was carried forward to align ongoing reporting of the US Growth’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Multi-Cap Growth shareholders, along with the exchange ratio of the reorganization for US Growth, were as follows:

Multi-Cap Growth Class	Multi-Cap Growth Shares		US Growth Class	US Growth Shares		Dollar Amount		Exchange Ratio (A)
Class A		7,844,908	Class A		2,626,174	$	55,685,141		0.33
Class C		507,451	Class C		134,699		2,641,935		0.27
Class I		5,552,868	Class I		2,050,971		44,511,618		0.37
Class I2		19,223,117	Class I2		7,236,705		156,880,191		0.38

(A) Calculated by dividing the US Growth shares issuable by the Multi-Cap Growth shares outstanding on August 2, 2019.

The net assets of Multi-Cap Growth, including unrealized appreciation (depreciation), were combined with those of US Growth. These amounts were as follows:

Multi-Cap Growth Unrealized Appreciation (Depreciation)	Multi-Cap Growth Net Assets	US Growth Net Assets Prior to Reorganization	Net Assets After Reorganization
$  57,052,474	$  259,718,885	$  1,113,166,249	$  1,372,885,134

Additionally, following the close of business on October 18, 2019, US Growth acquired all of the net assets of Transamerica Concentrated Growth (“Concentrated Growth”) pursuant to a Plan of Reorganization. US Growth is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of US Growth for shares of Concentrated Growth, outstanding following the close of business on October 18, 2019. The cost basis of the investments received from Concentrated Growth was carried forward to align ongoing reporting of the US Growth’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Transamerica Funds Semi-Annual Report 2020

Page    437

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

15. REORGANIZATION (continued)

Shares issued to Concentrated Growth shareholders, along with the exchange ratio of the reorganization US Growth, were as follows:

Concentrated Growth Class	Concentrated Growth Shares		US Growth Class	US Growth Shares		Dollar Amount		Exchange Ratio (A)
Class A		95,613	Class A		72,927	$	1,583,801		0.76
Class C		76,226	Class C		60,120		1,205,818		0.79
Class I		464,728	Class I		344,633		7,665,054		0.74
Class I2		8,655,199	Class I2		6,525,776		145,012,539		0.75

(A) Calculated by dividing the US Growth shares issuable by the Concentrated Growth shares outstanding on October 18, 2019.

The net assets of Concentrated Growth, including unrealized appreciation (depreciation), were combined with those of US Growth. These amounts were as follows:

Concentrated Growth Unrealized Appreciation (Depreciation)	Concentrated Growth Net Assets	US Growth Net Assets Prior to Reorganization	Net Assets After Reorganization
$  59,754,359	$  155,467,212	$  1,381,888,625	$  1,537,355,837

Capital Growth: Following the close of business on October 18, 2019, Capital Growth acquired all of the net assets of Transamerica Growth (“Growth”) pursuant to a Plan of Reorganization. Capital Growth is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Capital Growth for shares of Growth outstanding following the close of business on October 18, 2019. The cost basis of the investments received from Growth was carried forward to align ongoing reporting of the Capital Growth’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Growth shareholders, along with the exchange ratio of the reorganization for Capital Growth, were as follows:

Growth Class	Growth Shares		Capital Growth Class	Capital Growth Shares		Dollar Amount		Exchange Ratio (A)
Class I2		23,439,002	Class I2		12,844,998	$	171,778,728		0.55
Class R6		2,044,737	Class R6		1,120,366		14,982,875		0.55

(A) Calculated by dividing the Capital Growth shares issuable by the Growth shares outstanding on October 18, 2019.

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

Growth Unrealized Appreciation (Depreciation)	Growth Net Assets	Capital Growth Net Assets Prior to Reorganization	Net Assets After Reorganization
$  85,371,924	$  186,761,603	$  1,852,085,270	$  2,038,846,873

16. 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.

Transamerica Funds Semi-Annual Report 2020

Page    438

TRANSAMERICA EMERGING MARKETS OPPORTUNITIES

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 December 4-5, 2019, the Board considered the approval of the proposed management agreement (the “Management Agreement”) between TAM and Transamerica Funds, on behalf of Transamerica Emerging Markets Opportunities (the “Fund”) and the proposed investment sub-advisory agreement (the “WMC Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) for the Fund between TAM and Wellington Management Company LLP (“WMC”), on behalf of the Fund.

Following its review and consideration, the Board determined that the terms of the Management Agreement and the WMC Sub-Advisory Agreement were reasonable and that the approval of each of the Agreements was in the best interests of the Fund and its future shareholders. The Board, including the Independent Board Members, unanimously approved each of the Agreements for an initial two-year period.

Prior to reaching their decision, the Board Members requested and received from TAM and WMC 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 WMC as part of their regular oversight of other funds managed by TAM and sub-advised by WMC, and knowledge they gained over time through meeting with TAM and WMC. Among other materials, the Board Members considered comparative fee, expense and performance information prepared by TAM.

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

Nature, Extent and Quality of the Services to be Provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and WMC. The Board also considered the proposed investment approach for the Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; the continuous and regular management services to be provided by WMC; the experience of WMC with the proposed investment strategy; and the professional qualifications and experience of WMC’s portfolio management team.

The Board also considered the continuous and regular investment management and other services to be provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains after payment of the sub-advisory fees. The Board noted that the investment management and other services to be provided by TAM would include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of WMC to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund’s prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings; and ongoing cash management services. The Board considered that TAM’s investment management services would also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, which would include the Fund, oversees the services provided by the custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance. The Board Members considered WMC’s 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. The Board Members considered simulated, back-tested performance information for the Fund’s proposed strategy, including relative to the historical performance of (i) WMC’s Emerging Markets Research Equity all-cap strategy and (ii) the Fund’s proposed benchmark, MSCI Emerging Markets Index, in each case for various trailing periods ended June 30, 2019. 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 the sub-advisory services to be provided by WMC, the Board concluded that TAM and WMC are capable of generating a level of investment performance that is appropriate in scope and extent in light of the Fund’s proposed investment objective, policies and strategies, the competitive landscape of the investment company business and investor needs.

Transamerica Funds Semi-Annual Report 2020

Page    439

TRANSAMERICA EMERGING MARKETS OPPORTUNITIES

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL (continued)

(unaudited)

Management and Sub-Advisory Fees and Total Expense Ratio. The Board considered the proposed management fee and anticipated total expense ratio of the Fund, including information provided by TAM comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in the Broadridge and Morningstar peer universes.

The Board also considered the fees to be charged by WMC 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 noted that the proposed management fee and the estimated total expense ratio of each class of the Fund would be below the applicable Broadridge and Morningstar peer universes. The Board also considered 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 considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and WMC under the Management Agreement and the WMC Sub-Advisory Agreement are reasonable in light of the services to be provided.

Cost of Services to be Provided and Level of Profitability. The Board 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 reviewed projected profitability information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund by TAM and its affiliates. The Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not anticipated to be excessive.

With respect to WMC, the Board noted that the proposed sub-advisory fees are the product of arm’s-length negotiation between TAM and WMC, which is not affiliated with TAM, and would be paid by TAM and not the Fund. As a result, the Board did not consider WMC’s anticipated profitability to be material to its decision to approve the WMC 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 WMC as sub-adviser had the potential to attract additional assets due to WMC’s known asset management capabilities. The Board Members concluded that the proposed fees and breakpoints may benefit shareholders by permitting economies of scale in the form of 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 WMC, in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and/or WMC from their Relationships with the Fund. The Board considered other benefits expected to be derived by TAM, its affiliates, and/or WMC from their relationships with the Fund. The Board noted that TAM would not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with WMC or the Fund, and that WMC may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements. The Board noted that it would have the opportunity in the future to review the benefits over time.

Other Considerations. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its future 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 WMC. The Board also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including the Independent Board Members, concluded that the approval of the Management Agreement and the WMC Sub-Advisory Agreement was in the best interests of the Fund and its future shareholders and voted to approve the Agreements.

Transamerica Funds Semi-Annual Report 2020

Page    440

LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The series of Transamerica Funds (the “Trust”), excluding Transamerica Government Money Market (for purposes of this section only, the “Funds”), have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the “Program”). The Board of Trustees of the Trust (the “Board”) has appointed Transamerica Asset Management, Inc. (“TAM”), the investment manager to the Funds, as the Program administrator for the Funds. TAM has established a Liquidity Risk Management Committee (the “Committee”) to manage the Program for the Funds, including oversight of the liquidity risk management process, reporting to the Board, and reviewing the Program’s effectiveness.

The Board met on March 11-12, 2020 (the “Meeting”) to review the Program with respect to the Funds, pursuant to the Liquidity Rule. At the Meeting, the Committee provided the Board with a written report that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation, including the operation of the Funds’ Highly Liquid Investment Minimum (“HLIM”) as applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology. The Report noted that the Funds utilize analysis from a third-party liquidity metrics service, which takes into account a variety of factors including market, trading and other investment specific considerations. The Report also discussed the Committee’s methodology in establishing a Fund’s HLIM, as applicable, and the Committee’s periodic review of each HLIM established. The Report noted one material change to the classification methodology during the Program Reporting Period. The Report reviewed the change and why the Committee believes the change is an enhancement to the prior method. The Report also noted that the Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for monitoring the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including: (1) the Fund’s investment strategy and portfolio liquidity during normal and reasonably foreseeable stressed conditions, (2) cash flow projections during normal and reasonably foreseeable stressed conditions and (3) holdings of cash and cash equivalents, borrowings and other funding sources.

The Report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Funds’ liquidity risk pursuant to the requirements of the Liquidity Rule.

Transamerica Funds Semi-Annual Report 2020

Page    441

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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

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

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

On a monthly basis, Government Money Market will file with the SEC portfolio holdings information on Form N-MFP2. A complete schedule of portfolio holdings is also available at www.tranasmercia.com.

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

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds Semi-Annual Report 2020

Page    442

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 Semi-Annual Report 2020

Page    443

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

256615 04/20

© 2020 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

SEMI-ANNUAL REPORT

APRIL 30, 2020

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

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

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

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Schedules of Investments Composition	3
Schedules of Investments
Transamerica Core Bond	4
Transamerica Global Real Estate Securities	27
Transamerica Mid Cap Value	31
Transamerica Total Return	34
Statements of Assets and Liabilities	50
Statements of Operations	51
Statements of Changes in Net Assets	52
Statement of Cash Flows	54
Financial Highlights	55
Notes to Financial Statements	57
Liquidity Risk Management Program	76
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	77
Notice of Privacy Policy	78

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

Transamerica Funds Semi-Annual Report 2020

Dear Shareholder,

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

This semi-annual report provides certain information about your Fund(s) during the period covered by the report. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report covers the six-month period ended April 30, 2020.

We believe it is important to understand market conditions over the six-month period to provide a context for reading this report. The period began in November 2019 with equity and credit markets strong following three consecutive rate cuts by the Federal Reserve (“Fed”) in the preceding months. The S&P 500^®, NASDAQ and Dow Jones Industrial Average all closed the calendar year near their highest levels ever. As 2020 began, investors had reason for optimism based on continued economic growth, benign inflation, lower interest rates, solid credit fundamentals and rising corporate earnings growth. Uncertainties surrounded mostly U.S./China trade relations, and when a Phase I trade agreement was signed in mid-January, equity markets continued to move towards record highs, and by mid-February stocks had reached record highs, even as reports of COVID-19 and its spread within China were making their way into daily news reports.

By early March, the presence of COVID-19 was being reported globally, and as cases and fatalities quickly grew exponentially in the U.S., the Fed cut rates by 0.50%, serving as evidence to many investors of the economic risk being created by the pandemic. By mid-March, most companies had sent workers home indefinitely, schools, sporting events and local businesses had closed, and states issued stay-at-home orders, while the Fed once again cut rates, this time to a Fed Funds target of 0 - 0.25%. Economic forecasts dropped as a full-fledged recession of immense proportions was now apparent. By March 23, the S&P 500^® had experienced its fastest 35% decline ever off of its February 19 record high, credit spreads had close to tripled and the 10-year U.S. Treasury yield had fallen below 1% for the first time in history. By the end of March, it was evident COVID-19 would be taking a tragic toll on human life and delivering a historic shock to the economy.

On March 27, Congress passed the CARES Act, providing more than $2 trillion in fiscal assistance to the economy. The Fed also dramatically expanded its balance sheet through additional trillions in open market purchases, and despite the first negative U.S. gross domestic product report in six years, the equity and credit markets rebounded strongly during the month of April, as daily COVID-19 case trends appeared to have peaked and guidelines for business re-openings were introduced, even as the nation braced for some of the worst economic reports since the 1930s.

Although the period ended with markets having recovered from their worst levels, uncertainties remain prevalent throughout the U.S. and global economy. While there is some belief that the worst of the pandemic may be over, this is yet to be proven out COVID-19 has proven to be a true black swan of historic magnitude, and market volatility is likely to continue in the months ahead.

For the six-month period ended April 30, 2020, the S&P 500^® returned -3.16%, while the MSCI EAFE Index, representing international developed market equities, returned -14.00%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.86%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns, as recent months have shown, 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.

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 involved 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 November 1, 2019, and held for the entire six-month period until April 30, 2020.

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 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 November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Core Bond	$	1,000.00	$	1,034.30	$	2.43	$	1,022.50	$	2.41		0.48	%
Transamerica Global Real Estate Securities		1,000.00		817.10		8.58		1,015.40		9.52		1.90
Transamerica Mid Cap Value		1,000.00		811.10		4.19		1,020.20		4.67		0.93
Transamerica Total Return		1,000.00		1,037.80		3.45		1,021.50		3.42		0.68

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s net 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 (182 days), and divided by the number of days in the year (366 days).

Transamerica Funds Semi-Annual Report 2020

Page    2

Schedules of Investments Composition

At April 30, 2020

(unaudited)

Transamerica Core Bond
Asset Allocation	Percentage of Net Assets
U.S. Government Agency Obligations		32.3	%
Corporate Debt Securities		25.6
U.S. Government Obligations		22.4
Asset-Backed Securities		12.0
Other Investment Company		8.2
Mortgage-Backed Securities		3.8
Repurchase Agreement		2.2
Foreign Government Obligations		0.8
Municipal Government Obligations		0.7
Net Other Assets (Liabilities)		(8.0	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		7.98
Duration †		6.08
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		54.7	%
AAA		6.7
AA		4.9
A		11.6
BBB		13.2
BB		0.2
B		0.0	*
CCC and Below		0.1
Not Rated		16.6
Net Other Assets (Liabilities)		(8.0	)
Total		100.0	%
Transamerica Global Real Estate Securities
Asset Allocation	Percentage of Net Assets
Common Stocks		100.1	%
Repurchase Agreement		23.2
Other Investment Company		0.7
Net Other Assets (Liabilities) ^		(24.0	)
Total		100.0	%
Transamerica Mid Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		96.3	%
Repurchase Agreement		3.9
Other Investment Company		0.4
Net Other Assets (Liabilities)		(0.6	)
Total		100.0	%

Transamerica Total Return
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		44.3	%
U.S. Government Obligations		34.6
U.S. Government Agency Obligations		26.8
Asset-Backed Securities		10.6
Mortgage-Backed Securities		8.0
Repurchase Agreements		4.7
Foreign Government Obligations		2.8
Short-Term U.S. Government Obligations		2.5
Other Investment Company		2.1
Municipal Government Obligations		0.5
Exchange-Traded Options Purchased		0.0	*
Common Stock		0.0	*
Over-the-Counter Options Purchased		0.0	*
Net Other Assets (Liabilities) ^		(36.9	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		5.22
Duration †		5.05
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		63.9	%
AAA		15.3
AA		2.4
A		11.6
BBB		30.6
BB		4.5
B		1.8
CCC and Below		3.4
Not Rated		3.4
Net Other Assets (Liabilities)		(36.9	)
Total		100.0	%

	Current and future portfolio holdings are subject to change and risk.
§	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)%.
^	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 Semi-Annual Report 2020

Page    3

Transamerica Core Bond

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 12.0%
ABFC Trust Series 2005-AQ1, Class A4, 4.65% (A), 01/25/2034		$  92,590		$  93,147
Academic Loan Funding Trust Series 2013-1A, Class A,
1-Month LIBOR + 0.80%, 1.29% (A), 12/26/2044 (B)		454,713		435,206
American Credit Acceptance Receivables Trust Series 2016-3, Class C, 4.26%, 08/12/2022 (B)		289,261		289,413
American Homes 4 Rent Trust
Series 2014-SFR2, Class A,
3.79%, 10/17/2036 (B)		2,004,560		2,080,979
Series 2014-SFR2, Class E,
6.23%, 10/17/2036 (B)		200,000		197,111
Series 2014-SFR3, Class D,
5.04%, 12/17/2036 (B)		270,000		271,719
Series 2014-SFR3, Class E,
6.42%, 12/17/2036 (B)		725,000		665,848
Series 2015-SFR1, Class A,
3.47%, 04/17/2052 (B)		908,767		937,347
Series 2015-SFR1, Class D,
4.41%, 04/17/2052 (B)		1,800,000		1,804,370
Series 2015-SFR1, Class E,
5.64%, 04/17/2052 (B)		825,000		832,685
Series 2015-SFR2, Class E,
6.07%, 10/17/2052 (B)		1,155,000		1,132,327
American Tower Trust #1 Series 2013-2A, Class 2A, 3.07%, 03/15/2048 (B)		400,000		405,386
AmeriCredit Automobile Receivables Trust
Series 2016-4, Class B,
1.83%, 12/08/2021		59,197		59,209
Series 2017-1, Class B,
2.30%, 02/18/2022		205,087		205,339
Series 2017-1, Class C,
2.71%, 08/18/2022		218,000		219,558
Series 2017-1, Class D,
3.13%, 01/18/2023		489,000		487,349
B2R Mortgage Trust
Series 2015-2, Class A,
3.34%, 11/15/2048 (B)		235,017		235,036
Series 2016-1, Class A,
2.57%, 06/15/2049 (B)		827,001		825,828
Business Jet Securities LLC
Series 2018-1, Class A,
4.34%, 02/15/2033 (B)		713,133		615,953
Series 2018-2, Class A,
4.45%, 06/15/2033 (B)		1,237,321		1,047,703
Series 2019-1, Class A,
4.21%, 07/15/2034 (B)		2,509,068		2,162,039
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/02/2027 (B)		68,065		66,887
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 07/17/2023		185,000		185,531

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Camillo Trust Series 2016-SFR1, 5.00%, 12/05/2023 (C) (D)		$   1,861,107		$   1,857,036
Capital Auto Receivables Asset Trust Series 2018-1, Class A3, 2.79%, 01/20/2022 (B)		962,694		964,899
Carvana Auto Receivables Trust Series 2019-3A, Class D, 3.04%, 04/15/2025 (B)		2,770,000		2,408,030
Chase Funding Trust
Series 2003-2, Class 2A2,
1-Month LIBOR + 0.56%, 1.05% (A), 02/25/2033		419,129		363,340
Series 2003-6, Class 1A5,
5.01% (A), 11/25/2034		179,641		182,201
CIG Auto Receivables Trust Series 2017-1A, Class A, 2.71%, 05/15/2023 (B)		56,712		56,729
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-UP1, Class A, 3.95% (A), 04/25/2032 (B)		29		29
Colony American Finance, Ltd. Series 2016-2, Class A, 2.55%, 11/15/2048 (B)		416,861		416,280
COOF Securitization Trust, Ltd., Interest Only STRIPS Series 2014-1, Class A, 2.87% (A), 06/25/2040 (B)		222,167		20,567
Corevest American Finance Trust
Series 2019-1, Class B,
3.88%, 03/15/2052 (B)		1,300,000		1,154,865
Series 2019-3, Class A,
2.71%, 10/15/2052 (B)		1,327,015		1,286,572
CPS Auto Receivables Trust
Series 2015-A, Class C,
4.00%, 02/16/2021 (B)		4,347		4,350
Series 2015-C, Class D,
4.63%, 08/16/2021 (B)		244,317		245,134
Series 2017-C, Class C,
2.86%, 06/15/2023 (B)		524,353		524,508
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class B,
3.04%, 12/15/2025 (B)		1,029		1,030
Series 2017-1A, Class C,
3.48%, 02/17/2026 (B)		250,000		250,102
Series 2017-2A, Class C,
3.35%, 06/15/2026 (B)		272,000		271,997
Series 2018-1A, Class A,
3.01%, 02/16/2027 (B)		672,528		674,202
CSMA SFR Holdings LLC Series 2019-1, Class A, 2.00%, 04/25/2023		1,948,971		1,890,502
Diamond Resorts Owner Trust
Series 2017-1A, Class A,
3.27%, 10/22/2029 (B)		376,265		367,317
Series 2018-1, Class A,
3.70%, 01/21/2031 (B)		728,693		712,220

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

Transamerica Funds Semi-Annual Report 2020

Page    4

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Drive Auto Receivables Trust
Series 2016-CA, Class D,
4.18%, 03/15/2024 (B)		$   844,185		$   848,955
Series 2017-1, Class D,
3.84%, 03/15/2023		1,495,401		1,512,023
Series 2017-3, Class D,
3.53%, 12/15/2023 (B)		3,445,033		3,450,236
Series 2017-AA, Class D,
4.16%, 05/15/2024 (B)		546,680		550,792
Series 2018-3, Class C,
3.72%, 09/16/2024		1,350,826		1,358,620
Series 2019-1, Class D,
4.09%, 06/15/2026		645,000		633,592
DT Asset Trust Series 2017, Class B, 5.84%, 12/16/2022 (D)		1,100,000		1,101,206
DT Auto Owner Trust
Series 2016-4A, Class D,
3.77%, 10/17/2022 (B)		190,520		190,816
Series 2017-1A, Class D,
3.55%, 11/15/2022 (B)		288,860		289,242
Series 2017-3A, Class D,
3.58%, 05/15/2023 (B)		472,218		472,564
Series 2018-1A, Class C,
3.47%, 12/15/2023 (B)		561,241		561,376
Series 2018-1A, Class D,
3.81%, 12/15/2023 (B)		681,000		683,557
Series 2019-4A, Class C,
2.73%, 07/15/2025 (B)		1,819,000		1,775,395
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 02/22/2022 (B)		11,499		11,500
Exeter Automobile Receivables Trust
Series 2017-1A, Class C,
3.95%, 12/15/2022 (B)		252,611		245,748
Series 2018-4A, Class B,
3.64%, 11/15/2022 (B)		498,471		499,317
First Investors Auto Owner Trust
Series 2017-2A, Class B,
2.65%, 11/15/2022 (B)		866,000		866,389
Series 2017-2A, Class C,
3.00%, 08/15/2023 (B)		1,500,000		1,497,353
Series 2017-3A, Class A2,
2.41%, 12/15/2022 (B)		469,701		470,298
Flagship Credit Auto Trust
Series 2015-3, Class C,
4.65%, 03/15/2022 (B)		122,508		123,079
Series 2016-1, Class C,
6.22%, 06/15/2022 (B)		988,356		1,002,552
Series 2016-4, Class C,
2.71%, 11/15/2022 (B)		551,993		552,807
Series 2018-3, Class C,
3.79%, 12/16/2024 (B)		2,029,000		2,030,753
Series 2019-4, Class D,
3.12%, 01/15/2026 (B)		2,200,000		2,146,229
Fort Cre LLC
Series 2018-1A, Class C,
1-Month LIBOR + 2.83%, 3.45% (A), 11/16/2035 (B)		3,195,000		2,791,216

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Foundation Finance Trust Series 2019-1A, Class A, 3.86%, 11/15/2034 (B)		$   726,639		$   716,672
FREED ABS Trust
Series 2018-1, Class A,
3.61%, 07/18/2024 (B)		181,054		179,566
Series 2018-2, Class A,
3.99%, 10/20/2025 (B)		478,675		474,112
Series 2019-2, Class A,
2.62%, 11/18/2026 (B)		819,477		802,715
FTF Funding II LLC Series 2019-1, Class A, Zero Coupon, 08/15/2020 (D)		2,158,893		2,160,139
GLS Auto Receivables Trust
Series 2016-1A, Class C,
6.90%, 10/15/2021 (B)		230,318		231,924
Series 2017-1A, Class B,
2.98%, 12/15/2021 (B)		234,890		234,844
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 03/17/2031 (B)		57,332		57,291
Golden Bear LLC Series 2016-R, Class R, 5.65%, 09/20/2047 (B)		280,352		274,598
Goodgreen Trust
Series 2017, Class R1,
5.00%, 10/20/2051		1,928,514		1,905,036
Series 2017-1A, Class A,
3.74%, 10/15/2052 (B)		228,983		235,770
Series 2017-2A, Class A,
3.26%, 10/15/2053 (B)		1,145,349		1,159,630
Series 2019-2A, Class A,
2.76%, 10/15/2054 (B)		1,333,686		1,293,095
Hero Funding Trust
Series 2016-3A, Class A1,
3.08%, 09/20/2042 (B)		275,456		278,466
Series 2017-1A, Class A2,
4.46%, 09/20/2047 (B)		736,371		799,666
Series 2017-3A, Class A2,
3.95%, 09/20/2048 (B)		987,499		1,016,284
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (B)		208,775		200,678
Kabbage Funding LLC Series 2019-1, Class A, 3.83%, 03/15/2024 (B)		3,278,000		3,154,013
KGS-Alpha SBA COOF Trust, Interest Only STRIPS
Series 2012-2, Class A,
0.79% (A), 08/25/2038 (B)		1,192,145		24,145
Series 2014-2, Class A,
3.32% (A), 04/25/2040 (B)		213,150		18,318
Lendingpoint Asset Securitization Trust Series 2019-2, Class A, 3.07%, 11/10/2025 (B)		1,639,291		1,609,683
LL ABS Trust Series 2019-1A, Class A, 2.87%, 03/15/2027 (B)		924,421		905,475
LV Tower 52 Series 2013-1, Class A, 5.75%, 07/15/2019 (B) (D)		824,147		831,227

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

Transamerica Funds Semi-Annual Report 2020

Page    5

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Mariner Finance Issuance Trust Series 2019-AA, Class B, 3.51%, 07/20/2032 (B)		$   1,335,000		$   1,097,088
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 04/18/2022 (B)		696,000		696,010
Oportun Funding IX LLC Series 2018-B, Class A, 3.91%, 07/08/2024 (B)		2,329,000		2,164,469
Oportun Funding VII LLC Series 2017-B, Class A, 3.22%, 10/10/2023 (B)		542,000		527,093
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 03/08/2024 (B)		1,251,000		1,168,230
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/08/2024 (B)		3,554,000		3,287,984
Progress Residential Trust
Series 2017-SFR1, Class C,
3.32%, 08/17/2034 (B)		3,000,000		2,986,739
Series 2018-SFR2, Class E,
4.66%, 08/17/2035 (B)		1,284,000		1,178,448
Purchasing Power Funding LLC Series 2018-A, Class A, 3.34%, 08/15/2022 (B)		2,909,948		2,909,948
Renew Series 2017-1A, Class A, 3.67%, 09/20/2052 (B)		302,906		322,484
Rice Park Financing Trust Series 2016-A, Class A, 4.63%, 10/31/2041 (B)		950,999		988,632
Santander Retail Auto Lease Trust Series 2018-A, Class A3, 2.93%, 05/20/2021 (B)		664,779		666,401
SART Series 2018-1, 4.75%, 06/15/2025		2,058,269		2,042,832
SFR Holdco LLC Series 2019-STL, Class A, 7.25%, 10/11/2026 (C) (D) (E)		1,400,000		1,400,000
Sofi Consumer Loan Program LLC Series 2016-2A, Class A, 3.09%, 10/27/2025 (B)		31,326		31,086
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2002-AL1, Class A2,
3.45%, 02/25/2032		52,870		50,326
Series 2004-6XS, Class A5A,
6.03% (A), 03/25/2034		95,501		95,767
Series 2004-6XS, Class A5B,
6.05% (A), 03/25/2034		95,501		95,765
Synchrony Card Funding LLC Series 2019-A1, Class A, 2.95%, 03/15/2025		3,013,000		3,038,613
Synchrony Card Issuance Trust Series 2018-A1, Class A1, 3.38%, 09/15/2024		1,580,000		1,620,858

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Tricolor Auto Securitization Trust Series 2018-1A, Class A, 5.05%, 12/15/2020 (B)		$   300,846		$   298,538
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (B)		637,217		638,572
Upgrade Receivables Trust Series 2018-1A, Class A, 3.76%, 11/15/2024 (B)		36,987		36,928
US Auto Funding LLC Series 2018-1A, Class A, 5.50%, 07/15/2023 (B)		732,321		735,264
Vericrest Opportunity Loan Trust
Series 2019-NPL7, Class A1A,
3.18% (A), 10/25/2049 (B)		962,432		834,992
Series 2019-NPL8, Class A1A,
3.28% (A), 11/25/2049 (B)		1,513,717		1,329,079
Series 2020-NPL2, Class A1A,
2.98% (A), 02/25/2050 (B)		1,657,436		1,493,921
Series 2020-NPL3, Class A1A,
2.98% (A), 02/25/2050 (B)		1,660,968		1,466,560
Verizon Owner Trust
Series 2017-3A, Class A1A,
2.06%, 04/20/2022 (B)		770,484		772,293
Series 2018-1A, Class A1A,
2.82%, 09/20/2022 (B)		3,148,649		3,173,632
VM Debt Trust Series 2019-1, 7.50%, 06/15/2024		1,750,000		1,642,123
VOLT FT1 Series 2018-FT1, Class A1, 3.26%, 01/27/2023		213,991		208,106
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38% (A), 10/25/2047 (B)		839,115		775,534
VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09% (A), 10/25/2049 (B)		2,300,000		1,710,132
VOLT LXXXIII LLC Series 2019-NPL9, Class A1A, 3.33% (A), 11/26/2049 (B)		1,633,690		1,472,686
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23% (A), 01/25/2050 (B)		1,397,389		1,277,460
VSE Voi Mortgage LLC Series 2018-A, Class A, 3.56%, 02/20/2036 (B)		559,342		543,539
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (B)		200,874		194,255
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		1,385,000		1,420,268
World Omni Automobile Lease Securitization Trust Series 2018-A, Class A3, 2.83%, 07/15/2021		736,232		737,272
Total Asset-Backed Securities (Cost $124,974,685)				120,266,769

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

Transamerica Funds Semi-Annual Report 2020

Page    6

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 25.6%
Aerospace & Defense - 0.5%
Airbus SE
3.15%, 04/10/2027 (B) (F)		$   327,000		$   327,422
3.95%, 04/10/2047 (B)		150,000		153,188
Boeing Co.
4.51%, 05/01/2023		1,060,000		1,060,000
4.88%, 05/01/2025		290,000		290,000
5.15%, 05/01/2030		450,000		450,000
L3 Harris Technologies, Inc. 3.83%, 04/27/2025		400,000		429,853
Lockheed Martin Corp. 4.50%, 05/15/2036		300,000		374,622
Northrop Grumman Corp.
3.20%, 02/01/2027		268,000		289,495
3.25%, 01/15/2028		130,000		141,151
Precision Castparts Corp. 4.20%, 06/15/2035		150,000		189,172
Raytheon Technologies Corp.
3.75%, 11/01/2046		285,000		335,992
4.15%, 05/15/2045		148,000		180,990
4.50%, 06/01/2042		542,000		689,205
6.70%, 08/01/2028		260,000		334,135
Rockwell Collins, Inc. 3.20%, 03/15/2024		140,000		148,561
				5,393,786
Airlines - 0.7%
Air Canada Pass-Through Trust
3.30%, 07/15/2031 (B)		632,392		546,044
3.55%, 07/15/2031 (B)		373,896		304,359
3.60%, 09/15/2028 (B)		474,823		427,339
4.13%, 11/15/2026 (B)		495,401		456,505
American Airlines Pass-Through Trust
3.00%, 04/15/2030		851,901		759,691
3.65%, 02/15/2029		717,805		645,839
3.70%, 04/15/2027 - 04/01/2028		591,065		419,750
British Airways Pass-Through Trust
3.30%, 06/15/2034 (B)		434,797		377,309
4.13%, 03/20/2033 (B)		487,910		361,416
Continental Airlines Pass-Through Trust
4.00%, 04/29/2026		172,000		151,618
5.98%, 10/19/2023		182,142		175,197
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		48,685		48,650
6.82%, 02/10/2024		87,220		83,523
Spirit Airlines Pass-Through Trust 3.38%, 08/15/2031		247,277		211,137
United Airlines Pass-Through Trust
2.88%, 04/07/2030		520,707		442,821
3.50%, 09/01/2031		637,257		560,394
3.65%, 07/07/2027		190,602		137,299
4.15%, 02/25/2033		599,961		533,052
4.55%, 08/25/2031		533,676		408,867
				7,050,810
Automobiles - 0.0% (G)
Kia Motors Corp. 2.63%, 04/21/2021 (B)		200,000		200,300

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks - 5.2%
ABN AMRO Bank NV
2.45%, 06/04/2020 (B)		$   279,000		$   279,246
4.75%, 07/28/2025 (B)		600,000		641,393
AIB Group PLC 4.75%, 10/12/2023 (B)		700,000		724,436
ANZ New Zealand International, Ltd. 3.45%, 07/17/2027 (B)		222,000		237,944
ASB Bank, Ltd. 3.13%, 05/23/2024 (B)		550,000		572,635
Australia & New Zealand Banking Group, Ltd. 4.40%, 05/19/2026 (B)		200,000		212,561
Banco Santander SA 3.13%, 02/23/2023		200,000		202,834
Bank of America Corp.
Fixed until 02/13/2030, 2.50% (A), 02/13/2031, MTN		1,345,000		1,361,763
Fixed until 12/20/2022, 3.00% (A), 12/20/2023		2,539,000		2,623,934
Fixed until 01/20/2022, 3.12% (A), 01/20/2023, MTN		1,037,000		1,064,429
3.25%, 10/21/2027, MTN		398,000		425,326
Fixed until 01/23/2025, 3.37% (A), 01/23/2026		200,000		213,432
Fixed until 12/20/2027, 3.42% (A), 12/20/2028		306,000		328,421
Fixed until 04/24/2027, 3.71% (A), 04/24/2028		1,300,000		1,418,750
Fixed until 03/05/2028, 3.97% (A), 03/05/2029, MTN		1,300,000		1,446,511
Bank of Montreal Fixed until 12/15/2027, 3.80% (A), 12/15/2032		223,000		230,136
Bank of Nova Scotia 1.63%, 05/01/2023		1,420,000		1,419,965
Barclays PLC
3.65%, 03/16/2025		223,000		231,719
3.68%, 01/10/2023		300,000		306,701
Fixed until 02/15/2022, 4.61% (A), 02/15/2023		600,000		623,420
BNP Paribas SA
Fixed until 01/13/2030, 3.05% (A), 01/13/2031 (B)		585,000		587,902
3.38%, 01/09/2025 (B)		320,000		333,689
3.50%, 03/01/2023 (B)		250,000		258,253
BNZ International Funding, Ltd. 2.65%, 11/03/2022 (B) (F)		650,000		665,009
BPCE SA 4.63%, 07/11/2024 (B)		600,000		629,030
Capital One NA 2.95%, 07/23/2021		250,000		252,290
Citigroup, Inc.
2.75%, 04/25/2022		650,000		665,532
Fixed until 04/08/2025, 3.11% (A), 04/08/2026		1,000,000		1,047,644
Fixed until 04/24/2024, 3.35% (A), 04/24/2025		175,000		183,913
3.40%, 05/01/2026		400,000		424,857
Fixed until 03/20/2029, 3.98% (A), 03/20/2030		850,000		936,256

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

Transamerica Funds Semi-Annual Report 2020

Page    7

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Citizens Bank NA 3.70%, 03/29/2023		$   475,000		$   497,651
Commonwealth Bank of Australia
2.85%, 05/18/2026 (B)		410,000		432,092
3.45%, 03/16/2023 (B)		410,000		434,148
4.50%, 12/09/2025 (B)		200,000		215,385
Cooperatieve Rabobank UA
3.75%, 07/21/2026		315,000		331,442
5.80%, 09/30/2110 (B)		300,000		512,694
Credit Agricole SA 4.38%, 03/17/2025 (B)		200,000		211,588
Danske Bank A/S
2.00%, 09/08/2021 (B)		201,000		200,921
2.70%, 03/02/2022 (B)		213,000		215,692
Discover Bank 4.20%, 08/08/2023 (F)		550,000		573,459
Fifth Third Bancorp 3.95%, 03/14/2028 (F)		340,000		386,183
Fifth Third Bank 3.85%, 03/15/2026		200,000		214,970
HSBC Holdings PLC
Fixed until 11/22/2022, 3.03% (A), 11/22/2023		447,000		460,069
Fixed until 05/18/2023, 3.95% (A), 05/18/2024		1,007,000		1,069,062
Fixed until 03/13/2027, 4.04% (A), 03/13/2028		695,000		750,533
4.25%, 03/14/2024		500,000		530,476
Industrial & Commercial Bank of China, Ltd. 2.45%, 10/20/2021		400,000		405,556
ING Groep NV
3.95%, 03/29/2027		200,000		217,469
4.10%, 10/02/2023		775,000		829,323
KeyBank NA 3.18%, 10/15/2027		250,000		256,339
KeyCorp 4.15%, 10/29/2025, MTN		235,000		259,368
Lloyds Banking Group PLC
Fixed until 11/07/2022, 2.91% (A), 11/07/2023		200,000		203,332
4.38%, 03/22/2028		339,000		377,506
4.58%, 12/10/2025		200,000		216,207
Macquarie Bank, Ltd. 3.90%, 01/15/2026 (B)		570,000		611,374
Mitsubishi UFJ Financial Group, Inc.
2.53%, 09/13/2023		200,000		202,596
2.67%, 07/25/2022		270,000		275,282
2.95%, 03/01/2021		297,000		301,607
3.41%, 03/07/2024		670,000		703,729
3.75%, 07/18/2039		430,000		474,208
Mizuho Financial Group, Inc.
Fixed until 05/25/2025, 2.23% (A), 05/25/2026		680,000		679,602
2.63%, 04/12/2021 (B)		263,000		266,710
Fixed until 09/13/2029, 2.87% (A), 09/13/2030		402,000		410,108
National Australia Bank, Ltd.
2.50%, 07/12/2026		250,000		258,967

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
National Australia Bank, Ltd. (continued)
3.38%, 01/14/2026		$   500,000		$   541,808
Fixed until 08/02/2029, 3.93% (A), 08/02/2034 (B) (F)		590,000		613,554
NatWest Markets PLC 3.63%, 09/29/2022 (B)		515,000		531,505
Nordea Bank Abp 4.25%, 09/21/2022 (B)		384,000		399,965
Regions Financial Corp. 3.80%, 08/14/2023		200,000		211,152
Royal Bank of Canada 3.70%, 10/05/2023, MTN		600,000		642,855
Royal Bank of Scotland Group PLC
Fixed until 11/01/2024, 3.75% (A), 11/01/2029		554,000		552,589
3.88%, 09/12/2023		350,000		367,031
Fixed until 03/22/2024, 4.27% (A), 03/22/2025		255,000		270,051
Fixed until 05/08/2029, 4.45% (A), 05/08/2030		570,000		636,810
Santander Group Holdings PLC 3.57%, 01/10/2023		360,000		366,822
Societe Generale SA
3.00%, 01/22/2030 (B)		941,000		927,538
3.88%, 03/28/2024 (B)		540,000		564,157
4.25%, 04/14/2025 (B)		270,000		277,217
Standard Chartered PLC
Fixed until 09/10/2021, 2.74% (A), 09/10/2022 (B)		1,000,000		1,002,482
Fixed until 05/21/2029, 4.31% (A), 05/21/2030 (B)		200,000		214,906
Fixed until 03/15/2028, 4.87% (A), 03/15/2033 (B)		300,000		312,794
Sumitomo Mitsui Financial Group, Inc.
2.44%, 10/19/2021		239,000		242,324
2.78%, 07/12/2022 - 10/18/2022		729,000		746,931
2.85%, 01/11/2022		400,000		406,310
2.93%, 03/09/2021		270,000		274,300
3.04%, 07/16/2029		755,000		791,497
3.10%, 01/17/2023		241,000		249,791
Truist Bank 3.30%, 05/15/2026		215,000		228,786
Truist Financial Corp. 2.90%, 03/03/2021		265,000		268,654
Wells Fargo & Co.
Fixed until 06/17/2026, 3.20% (A), 06/17/2027, MTN		810,000		856,455
3.30%, 09/09/2024, MTN		1,300,000		1,382,178
3.55%, 09/29/2025, MTN		400,000		432,015
3.75%, 01/24/2024, MTN		395,000		421,588
4.10%, 06/03/2026, MTN		121,000		130,710
4.30%, 07/22/2027, MTN		246,000		268,200
4.40%, 06/14/2046, MTN		165,000		185,946
4.65%, 11/04/2044, MTN		184,000		215,776
4.75%, 12/07/2046, MTN		419,000		496,735
4.90%, 11/17/2045, MTN		202,000		242,328
Westpac Banking Corp.
2.85%, 05/13/2026		300,000		314,545

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

Transamerica Funds Semi-Annual Report 2020

Page    8

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Westpac Banking Corp. (continued)
Fixed until 11/23/2026, 4.32% (A), 11/23/2031, MTN		$   260,000		$   275,924
4.42%, 07/24/2039		335,000		369,285
				51,769,093
Beverages - 0.8%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.
4.70%, 02/01/2036		3,044,000		3,407,252
4.90%, 02/01/2046		170,000		196,144
Anheuser-Busch InBev Finance, Inc. 4.70%, 02/01/2036		154,000		170,360
Anheuser-Busch InBev Worldwide, Inc.
3.50%, 06/01/2030 (F)		305,000		326,784
4.35%, 06/01/2040		480,000		525,203
4.44%, 10/06/2048		520,000		565,494
4.50%, 06/01/2050		630,000		705,081
4.60%, 06/01/2060		225,000		247,551
Coca-Cola Femsa SAB de CV 2.75%, 01/22/2030		435,000		432,161
Constellation Brands, Inc.
4.40%, 11/15/2025		185,000		204,045
5.25%, 11/15/2048		110,000		135,617
Diageo Capital PLC 4.83%, 07/15/2020		90,000		90,754
Keurig Dr. Pepper, Inc.
3.13%, 12/15/2023		275,000		288,829
3.43%, 06/15/2027		120,000		127,450
4.42%, 05/25/2025		112,000		125,372
4.99%, 05/25/2038		162,000		196,093
				7,744,190
Biotechnology - 0.4%
AbbVie, Inc.
3.20%, 11/21/2029 (B)		1,438,000		1,527,813
4.05%, 11/21/2039 (B)		1,420,000		1,574,982
4.40%, 11/06/2042		425,000		495,675
4.45%, 05/14/2046		165,000		192,285
				3,790,755
Building Products - 0.1%
Masco Corp. 6.50%, 08/15/2032		410,000		514,383
Capital Markets - 2.2%
Charles Schwab Corp. 3.20%, 03/02/2027 (F)		500,000		532,856
Credit Suisse Group AG
Fixed until 01/12/2028, 3.87% (A), 01/12/2029 (B)		250,000		264,896
4.28%, 01/09/2028 (B)		400,000		431,774
Credit Suisse Group Funding Guernsey, Ltd. 3.75%, 03/26/2025		950,000		1,006,692
Daiwa Securities Group, Inc. 3.13%, 04/19/2022 (B)		244,000		245,461
Deutsche Bank AG
3.30%, 11/16/2022		200,000		196,680
3.70%, 05/30/2024		700,000		677,481
Goldman Sachs Group, Inc.
Fixed until 10/31/2021, 2.88% (A), 10/31/2022		2,150,000		2,184,051

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Goldman Sachs Group, Inc. (continued)
Fixed until 07/24/2022, 2.91% (A), 07/24/2023		$   300,000		$   307,153
Fixed until 06/05/2022, 2.91% (A), 06/05/2023		474,000		484,489
Fixed until 09/29/2024, 3.27% (A), 09/29/2025		725,000		757,969
3.50%, 01/23/2025 - 11/16/2026		362,000		383,768
Fixed until 06/05/2027, 3.69% (A), 06/05/2028		907,000		968,011
3.85%, 01/26/2027		815,000		883,044
Fixed until 04/23/2038, 4.41% (A), 04/23/2039		450,000		509,260
6.75%, 10/01/2037		200,000		273,148
Invesco Finance PLC 4.00%, 01/30/2024		160,000		168,787
Macquarie Group, Ltd.
Fixed until 11/28/2027, 3.76% (A), 11/28/2028 (B)		495,000		512,375
Fixed until 01/15/2029, 5.03% (A), 01/15/2030 (B)		600,000		683,900
6.25%, 01/14/2021 (B)		725,000		746,597
Morgan Stanley
Fixed until 04/28/2025, 2.19% (A), 04/28/2026		450,000		455,502
Fixed until 07/22/2027, 3.59% (A), 07/22/2028		1,067,000		1,157,052
3.63%, 01/20/2027		457,000		497,135
Fixed until 04/24/2023, 3.74% (A), 04/24/2024		1,315,000		1,394,367
Fixed until 01/24/2028, 3.77% (A), 01/24/2029, MTN		278,000		305,306
3.88%, 01/27/2026, MTN		1,279,000		1,406,408
4.10%, 05/22/2023, MTN		150,000		158,399
4.30%, 01/27/2045		280,000		337,626
5.00%, 11/24/2025		497,000		561,453
Nomura Holdings, Inc. 2.65%, 01/16/2025		603,000		609,054
Northern Trust Corp.
1.95%, 05/01/2030 (H)		905,000		904,499
Fixed until 05/08/2027, 3.38% (A), 05/08/2032		343,000		359,873
State Street Corp. 2.65%, 05/19/2026		150,000		158,192
UBS Group AG
Fixed until 08/15/2022, 2.86% (A), 08/15/2023 (B)		200,000		204,055
Fixed until 08/13/2029, 3.13% (A), 08/13/2030 (B)		320,000		333,658
3.49%, 05/23/2023 (B)		400,000		411,648
4.13%, 09/24/2025 (B)		200,000		219,965
				21,692,584
Chemicals - 0.3%
Air Liquide Finance SA 2.25%, 09/27/2023 (B)		228,000		233,176
Albemarle Corp. 5.45%, 12/01/2044		200,000		203,399
Celanese US Holdings LLC 3.50%, 05/08/2024		453,000		453,436

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

Transamerica Funds Semi-Annual Report 2020

Page    9

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals (continued)
DuPont de Nemours, Inc. 5.32%, 11/15/2038		$   145,000		$   176,154
International Flavors & Fragrances, Inc.
4.45%, 09/26/2028		158,000		168,278
5.00%, 09/26/2048		187,000		207,537
Nutrien, Ltd.
4.13%, 03/15/2035		450,000		483,012
5.00%, 04/01/2049		140,000		180,511
Sherwin-Williams Co. 3.13%, 06/01/2024		136,000		142,663
Union Carbide Corp.
7.50%, 06/01/2025		400,000		468,130
7.75%, 10/01/2096		210,000		261,837
				2,978,133
Commercial Services & Supplies - 0.1%
ERAC USA Finance LLC
4.50%, 08/16/2021 (B)		175,000		179,961
5.25%, 10/01/2020 (B)		65,000		65,861
5.63%, 03/15/2042 (B)		141,000		155,588
Waste Management, Inc. 3.45%, 06/15/2029 (F)		245,000		278,359
				679,769
Construction Materials - 0.1%
CRH America, Inc. 5.13%, 05/18/2045 (B)		200,000		222,472
Martin Marietta Materials, Inc. 3.45%, 06/01/2027		276,000		281,831
				504,303
Consumer Finance - 0.2%
BMW US Capital LLC 2.25%, 09/15/2023 (B)		330,000		327,601
Capital One Financial Corp.
3.20%, 02/05/2025		123,000		125,461
3.75%, 07/28/2026 (F)		200,000		197,982
4.20%, 10/29/2025		150,000		153,813
Daimler Finance North America LLC 3.35%, 02/22/2023 (B)		300,000		299,252
Hyundai Capital America 3.00%, 03/18/2021 (B) (F)		250,000		249,090
John Deere Capital Corp.
2.25%, 09/14/2026, MTN		240,000		250,428
2.80%, 09/08/2027, MTN		200,000		217,893
PACCAR Financial Corp. 2.25%, 02/25/2021, MTN		156,000		157,201
				1,978,721
Containers & Packaging - 0.1%
International Paper Co. 8.70%, 06/15/2038		120,000		183,267
WRKCo, Inc.
3.00%, 09/15/2024		350,000		357,612
3.75%, 03/15/2025		300,000		316,972
				857,851
Diversified Consumer Services - 0.3%
Pepperdine University 3.30%, 12/01/2059		310,000		331,068
President & Fellows of Harvard College 3.30%, 07/15/2056		414,000		470,299

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Consumer Services (continued)
SART 4.75%, 07/15/2024		$   1,859,834		$   1,843,653
University of Southern California 3.23%, 10/01/2120		310,000		295,492
				2,940,512
Diversified Financial Services - 0.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.30%, 01/23/2023		157,000		140,210
Aviation Capital Group LLC 2.88%, 01/20/2022 (B)		300,000		259,806
Brookfield Finance, Inc.
3.90%, 01/25/2028		211,000		216,867
4.70%, 09/20/2047		242,000		244,827
4.85%, 03/29/2029		254,000		278,935
China Southern Power Grid International Finance BVI Co., Ltd. 3.50%, 05/08/2027 (B)		480,000		519,522
GE Capital International Funding Unlimited Co. 4.42%, 11/15/2035		1,753,000		1,826,919
Jefferies Group LLC
6.25%, 01/15/2036		260,000		273,780
6.45%, 06/08/2027		133,000		149,395
Mitsubishi UFJ Lease & Finance Co., Ltd. 2.65%, 09/19/2022 (B)		294,000		294,374
ORIX Corp. 2.90%, 07/18/2022		201,000		204,356
				4,408,991
Diversified Telecommunication Services - 0.7%
AT&T, Inc.
3.55%, 06/01/2024		230,000		243,972
3.60%, 07/15/2025		225,000		241,470
3.95%, 01/15/2025		282,000		305,488
4.90%, 08/15/2037		1,224,000		1,417,238
6.00%, 08/15/2040		200,000		262,890
Deutsche Telekom AG 3.63%, 01/21/2050 (B)		464,000		509,736
Deutsche Telekom International Finance BV
2.82%, 01/19/2022 (B)		150,000		152,926
3.60%, 01/19/2027 (B)		180,000		195,794
GTP Acquisition Partners I LLC
2.35%, 06/15/2045 (B)		77,000		77,575
3.48%, 06/15/2050 (B)		81,000		82,732
Verizon Communications, Inc.
4.27%, 01/15/2036		400,000		479,804
4.33%, 09/21/2028		307,000		363,163
4.40%, 11/01/2034		1,531,000		1,854,733
4.67%, 03/15/2055		385,000		519,218
4.86%, 08/21/2046		447,000		606,612
				7,313,351
Electric Utilities - 1.7%
AEP Texas, Inc. 6.65%, 02/15/2033		100,000		136,572
AEP Transmission Co. LLC 3.15%, 09/15/2049		165,000		181,787

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

Transamerica Funds Semi-Annual Report 2020

Page    10

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Alabama Power Co.
5.60%, 03/15/2033		$   160,000		$   209,663
6.00%, 03/01/2039		248,000		346,727
Appalachian Power Co.
6.38%, 04/01/2036		200,000		255,141
6.70%, 08/15/2037		200,000		271,054
Arizona Public Service Co. 5.05%, 09/01/2041		303,000		382,952
Baltimore Gas & Electric Co. 3.50%, 08/15/2046		188,000		212,500
Comision Federal de Electricidad 4.88%, 05/26/2021 (B)		261,000		262,305
Duke Energy Carolinas LLC
6.00%, 12/01/2028		500,000		640,179
6.45%, 10/15/2032		100,000		139,681
Duke Energy Indiana LLC 3.75%, 05/15/2046		200,000		235,547
Duke Energy Progress LLC
3.60%, 09/15/2047		130,000		149,902
3.70%, 10/15/2046		215,000		251,767
Duquesne Light Holdings, Inc. 3.62%, 08/01/2027 (B) (F)		460,000		460,637
Edison International
4.13%, 03/15/2028		225,000		234,952
5.75%, 06/15/2027 (F)		350,000		397,686
EDP Finance BV 3.63%, 07/15/2024 (B)		300,000		315,441
Emera US Finance, LP 4.75%, 06/15/2046		350,000		373,287
Enel Finance International NV
3.50%, 04/06/2028 (B)		265,000		275,714
3.63%, 05/25/2027 (B)		270,000		282,530
4.63%, 09/14/2025 (B)		200,000		218,523
Entergy Louisiana LLC
2.40%, 10/01/2026		237,000		243,992
3.05%, 06/01/2031		189,000		207,957
3.25%, 04/01/2028		387,000		420,265
Evergy Metro, Inc. 5.30%, 10/01/2041		500,000		657,921
FirstEnergy Corp.
2.65%, 03/01/2030		700,000		711,678
3.40%, 03/01/2050		660,000		702,849
4.85%, 07/15/2047		105,000		135,468
Florida Power & Light Co.
5.13%, 06/01/2041		112,000		157,724
5.40%, 09/01/2035		100,000		140,797
Fortis, Inc. 3.06%, 10/04/2026		620,000		629,674
Hydro-Quebec 8.40%, 01/15/2022		420,000		473,931
ITC Holdings Corp. 2.70%, 11/15/2022		300,000		307,244
John Sevier Combined Cycle Generation LLC 4.63%, 01/15/2042		442,746		546,170
Korea Southern Power Co., Ltd. 3.00%, 01/29/2021 (B)		200,000		203,272
Massachusetts Electric Co. 4.00%, 08/15/2046 (B)		201,000		226,414

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Mid-Atlantic Interstate Transmission LLC 4.10%, 05/15/2028 (B)		$   195,000		$   215,860
Nevada Power Co.
5.38%, 09/15/2040		52,000		67,607
5.45%, 05/15/2041		400,000		527,155
New England Power Co. 3.80%, 12/05/2047 (B)		140,000		151,810
New York State Electric & Gas Corp. 3.25%, 12/01/2026 (B)		151,000		162,810
Northern States Power Co. 6.20%, 07/01/2037		89,000		134,147
NRG Energy, Inc. 4.45%, 06/15/2029 (B)		375,000		385,365
Ohio Edison Co. 6.88%, 07/15/2036		150,000		205,031
PPL Capital Funding, Inc. 4.20%, 06/15/2022		165,000		171,636
Public Service Electric & Gas Co.
2.25%, 09/15/2026, MTN		140,000		146,544
3.65%, 09/01/2042, MTN		138,000		162,071
Southern California Edison Co.
4.05%, 03/15/2042		300,000		331,998
5.50%, 03/15/2040		130,000		168,635
Southern Power Co. 5.15%, 09/15/2041		260,000		292,040
Southwestern Public Service Co. 4.50%, 08/15/2041		100,000		124,589
Three Gorges Finance I Cayman Islands, Ltd. 3.15%, 06/02/2026 (B)		200,000		212,532
Toledo Edison Co. 6.15%, 05/15/2037		200,000		287,155
Tri-State Generation & Transmission Association, Inc. 4.25%, 06/01/2046		124,000		145,855
Virginia Electric & Power Co.
2.75%, 03/15/2023		127,000		132,400
2.95%, 01/15/2022		157,000		160,713
6.00%, 05/15/2037		140,000		192,632
Wisconsin Electric Power Co. 3.65%, 12/15/2042 (F)		144,000		151,117
Xcel Energy, Inc.
2.40%, 03/15/2021		150,000		151,193
4.80%, 09/15/2041		116,000		138,499
				16,819,297
Electrical Equipment - 0.1%
Eaton Corp. 7.63%, 04/01/2024		500,000		568,063
Siemens Financieringsmaatschappij NV 3.13%, 03/16/2024 (B)		500,000		532,299
				1,100,362
Electronic Equipment, Instruments & Components - 0.0% (G)
Arrow Electronics, Inc.
3.25%, 09/08/2024		175,000		176,648
3.50%, 04/01/2022		100,000		100,936
3.88%, 01/12/2028		133,000		133,088
				410,672

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

Transamerica Funds Semi-Annual Report 2020

Page    11

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services - 0.2%
ANR Pipeline Co. 9.63%, 11/01/2021		$   200,000		$   221,658
Baker Hughes Holdings LLC 5.13%, 09/15/2040		200,000		204,207
Boardwalk Pipelines, LP, Co. 4.80%, 05/03/2029 (F)		250,000		220,149
Halliburton Co.
4.85%, 11/15/2035		130,000		113,877
7.60%, 08/15/2096 (B)		160,000		128,729
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (B)		170,000		163,496
Texas Eastern Transmission, LP
2.80%, 10/15/2022 (B)		462,000		457,373
3.50%, 01/15/2028 (B)		60,000		58,786
				1,568,275
Entertainment - 0.1%
Walt Disney Co.
7.70%, 10/30/2025		300,000		386,832
8.88%, 04/26/2023		200,000		239,015
				625,847
Equity Real Estate Investment Trusts - 0.9%
Alexandria Real Estate Equities, Inc. 4.00%, 02/01/2050		419,000		463,382
American Tower Corp.
2.25%, 01/15/2022		300,000		304,192
3.38%, 10/15/2026		281,000		302,647
5.00%, 02/15/2024		139,000		155,522
Boston Properties, LP
3.20%, 01/15/2025		228,000		236,154
3.65%, 02/01/2026		408,000		427,129
Brixmor Operating Partnership, LP 3.85%, 02/01/2025		400,000		401,850
Crown Castle International Corp.
4.88%, 04/15/2022		200,000		212,893
5.25%, 01/15/2023		200,000		218,290
Digital Realty Trust, LP 3.70%, 08/15/2027		154,000		164,582
Duke Realty, LP 3.63%, 04/15/2023 (F)		168,000		173,400
Essex Portfolio, LP 2.65%, 03/15/2032		400,000		385,926
GAIF Bond Issuer Pty, Ltd. 3.40%, 09/30/2026 (B)		353,000		370,483
Healthpeak Properties, Inc.
3.50%, 07/15/2029		447,000		447,003
3.88%, 08/15/2024		337,000		346,741
Life Storage, LP 4.00%, 06/15/2029		522,000		543,620
National Retail Properties, Inc.
3.50%, 10/15/2027		150,000		145,013
3.60%, 12/15/2026		218,000		220,497
Office Properties Income Trust 4.00%, 07/15/2022		416,000		407,967
ProLogis, LP 3.25%, 10/01/2026		107,000		115,552
Realty Income Corp.
3.25%, 10/15/2022		250,000		256,437
3.88%, 04/15/2025		290,000		304,547
4.65%, 03/15/2047		113,000		124,823

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Regency Centers, LP 2.95%, 09/15/2029		$   420,000		$   416,892
Scentre Group Trust 1 / Scentre Group Trust 2 3.50%, 02/12/2025 (B) (F)		500,000		499,742
UDR, Inc. 3.20%, 01/15/2030, MTN		500,000		516,613
Ventas Realty, LP
3.75%, 05/01/2024		300,000		300,624
3.85%, 04/01/2027		203,000		203,455
Welltower, Inc.
3.10%, 01/15/2030		330,000		312,164
4.25%, 04/01/2026		250,000		260,795
				9,238,935
Food & Staples Retailing - 0.3%
Alimentation Couche-Tard, Inc. 3.80%, 01/25/2050 (B)		445,000		417,602
CK Hutchison International 16, Ltd.
1.88%, 10/03/2021 (B)		241,000		240,797
2.75%, 10/03/2026 (B) (F)		350,000		361,697
CK Hutchison International 19, Ltd. 3.63%, 04/11/2029 (B) (F)		285,000		315,171
CVS Pass-Through Trust
4.70%, 01/10/2036 (B)		486,900		489,704
5.77%, 01/10/2033 (B)		144,599		159,330
5.93%, 01/10/2034 (B)		509,905		562,672
Kroger Co. 8.00%, 09/15/2029		175,000		246,360
				2,793,333
Food Products - 0.3%
Campbell Soup Co. 4.80%, 03/15/2048 (F)		200,000		253,770
Cargill, Inc.
2.13%, 04/23/2030 (B)		712,000		722,025
3.25%, 03/01/2023 (B)		140,000		146,806
3.30%, 03/01/2022 (B)		250,000		259,453
Conagra Brands, Inc. 5.30%, 11/01/2038		130,000		162,999
General Mills, Inc. 4.00%, 04/17/2025		305,000		335,817
Kraft Heinz Foods Co. 2.80%, 07/02/2020		53,000		52,898
Mead Johnson Nutrition Co. 4.13%, 11/15/2025 (F)		288,000		328,971
Mondelez International 1.50%, 05/04/2025		180,000		179,035
Mondelez International, Inc. 2.75%, 04/13/2030		336,000		357,643
Tyson Foods, Inc. 4.88%, 08/15/2034 (F)		100,000		126,434
				2,925,851
Gas Utilities - 0.3%
Atmos Energy Corp. 4.13%, 03/15/2049		570,000		703,716
Boston Gas Co. 4.49%, 02/15/2042 (B)		330,000		396,262
Brooklyn Union Gas Co. 4.27%, 03/15/2048 (B)		280,000		330,233

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

Transamerica Funds Semi-Annual Report 2020

Page    12

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Gas Utilities (continued)
CenterPoint Energy Resources Corp. 4.50%, 01/15/2021		$   352,000		$   356,769
KeySpan Gas East Corp. 2.74%, 08/15/2026 (B)		172,000		181,236
Southern Co. Gas Capital Corp.
3.25%, 06/15/2026		85,000		87,502
3.50%, 09/15/2021		601,000		612,235
5.88%, 03/15/2041		109,000		137,852
Southwest Gas Corp. 3.80%, 09/29/2046		177,000		186,798
				2,992,603
Health Care Equipment & Supplies - 0.2%
Abbott Laboratories 4.90%, 11/30/2046		680,000		957,635
Boston Scientific Corp.
3.75%, 03/01/2026		335,000		365,122
4.00%, 03/01/2029 (F)		660,000		740,857
DH Europe Finance II Sarl 3.25%, 11/15/2039		134,000		145,273
Zimmer Biomet Holdings, Inc. 3.70%, 03/19/2023		136,000		142,908
				2,351,795
Health Care Providers & Services - 1.2%
Advocate Health & Hospitals Corp. 2.21%, 06/15/2030 (H)		310,000		311,207
Aetna, Inc.
4.50%, 05/15/2042		153,000		174,658
6.75%, 12/15/2037		305,000		417,474
Anthem, Inc.
3.13%, 05/15/2022		200,000		207,352
4.10%, 03/01/2028		425,000		475,541
4.38%, 12/01/2047		110,000		130,321
Bon Secours Mercy Health, Inc. 3.46%, 06/01/2030		650,000		687,719
Cigna Corp. 4.50%, 02/25/2026 (B)		367,000		416,543
Cottage Health Obligated Group 3.30%, 11/01/2049		360,000		366,776
CVS Health Corp.
3.25%, 08/15/2029		515,000		550,920
4.30%, 03/25/2028		567,000		642,959
5.05%, 03/25/2048		1,440,000		1,824,797
Hartford HealthCare Corp. 3.45%, 07/01/2054		780,000		716,799
HCA, Inc.
5.13%, 06/15/2039		420,000		489,844
5.25%, 06/15/2026		500,000		557,482
Laboratory Corp. of America Holdings 3.20%, 02/01/2022		170,000		175,915
Mayo Clinic 4.13%, 11/15/2052		198,000		237,591
Memorial Health Services 3.45%, 11/01/2049		720,000		667,927
NYU Langone Hospitals 3.38%, 07/01/2055		300,000		272,195
Partners Healthcare System, Inc. 3.34%, 07/01/2060		1,261,000		1,310,856

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Providence St. Joseph Health Obligated Group 2.75%, 10/01/2026		$   168,000		$   179,459
Rush Obligated Group 3.92%, 11/15/2029		607,000		661,499
Texas Health Resources 4.33%, 11/15/2055		175,000		213,234
UnitedHealth Group, Inc. 4.63%, 07/15/2035		234,000		294,602
				11,983,670
Hotels, Restaurants & Leisure - 0.1%
McDonald’s Corp. 4.70%, 12/09/2035, MTN		465,000		575,627
Industrial Conglomerates - 0.0% (G)
General Electric Co. 4.65%, 10/17/2021, MTN		258,000		267,977
Insurance - 1.4%
AIA Group, Ltd.
3.60%, 04/09/2029 (B)		200,000		217,506
3.90%, 04/06/2028 (B)		335,000		369,446
AIG SunAmerica Global Financing X 6.90%, 03/15/2032 (B)		400,000		549,126
Assurant, Inc. 4.20%, 09/27/2023		425,000		445,513
Athene Global Funding
2.75%, 06/25/2024 (B)		550,000		545,806
2.95%, 11/12/2026 (B)		1,340,000		1,306,473
Berkshire Hathaway Finance Corp. 4.40%, 05/15/2042		268,000		333,883
CNA Financial Corp. 3.95%, 05/15/2024		164,000		173,441
Dai-ichi Life Insurance Co., Ltd. Fixed until 07/24/2026 (I), 4.00% (A) (B)		421,000		444,155
Harborwalk Funding Trust Fixed until 02/15/2049, 5.08% (A), 02/15/2069 (B)		600,000		696,559
Hartford Financial Services Group, Inc. 4.30%, 04/15/2043		360,000		412,915
Jackson National Life Global Funding 3.05%, 04/29/2026 (B)		303,000		317,328
Liberty Mutual Group, Inc.
3.95%, 10/15/2050 (B)		300,000		305,087
4.57%, 02/01/2029 (B)		200,000		224,262
Liberty Mutual Insurance Co. 8.50%, 05/15/2025 (B)		200,000		249,408
Lincoln National Corp.
3.05%, 01/15/2030		375,000		372,479
4.00%, 09/01/2023		300,000		320,286
4.20%, 03/15/2022		211,000		218,740
Manulife Financial Corp. Fixed until 02/24/2027, 4.06% (A), 02/24/2032		350,000		359,727
Massachusetts Mutual Life Insurance Co. 3.73%, 10/15/2070 (B)		281,000		285,252
MassMutual Global Funding II 2.75%, 06/22/2024 (B)		400,000		418,447
Metropolitan Life Global Funding I 3.00%, 09/19/2027 (B)		350,000		367,494

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

Transamerica Funds Semi-Annual Report 2020

Page    13

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
New York Life Global Funding
2.35%, 07/14/2026 (B)		$   226,000		$   232,683
3.00%, 01/10/2028 (B)		202,000		213,881
New York Life Insurance Co. 4.45%, 05/15/2069 (B)		330,000		410,369
OneBeacon Holdings, Inc. 4.60%, 11/09/2022		500,000		529,882
Pacific Life Insurance Co. Fixed until 10/24/2047, 4.30% (A), 10/24/2067 (B)		198,000		189,176
Progressive Corp. Fixed until 03/15/2023 (I), 5.38% (A)		245,000		237,483
Prudential Financial, Inc. 3.91%, 12/07/2047		164,000		176,961
Prudential Insurance Co. of America 8.30%, 07/01/2025 (B)		900,000		1,160,592
Reliance Standard Life Global Funding II
2.75%, 01/21/2027 (B)		380,000		370,730
3.85%, 09/19/2023 (B)		300,000		314,194
Sumitomo Life Insurance Co. Fixed until 09/14/2027, 4.00% (A), 09/14/2077 (B) (F)		250,000		263,125
Teachers Insurance & Annuity Association of America
4.27%, 05/15/2047 (B)		260,000		303,201
4.90%, 09/15/2044 (B)		150,000		191,678
Travelers Property Casualty Corp. 7.75%, 04/15/2026		200,000		267,392
				13,794,680
Internet & Direct Marketing Retail - 0.1%
Amazon.com, Inc. 3.88%, 08/22/2037		500,000		608,895
IT Services - 0.5%
DXC Technology Co. 4.25%, 04/15/2024 (F)		172,000		179,045
Fiserv, Inc.
3.20%, 07/01/2026		230,000		246,282
4.40%, 07/01/2049		220,000		262,555
Global Payments, Inc. 4.15%, 08/15/2049		460,000		495,371
IBM Corp. 1.70%, 05/15/2027		1,285,000		1,282,623
IBM Credit LLC 3.00%, 02/06/2023		500,000		527,101
International Business Machines Corp.
3.30%, 05/15/2026		930,000		1,025,406
7.00%, 10/30/2025		508,000		653,919
Western Union Co. 3.60%, 03/15/2022		400,000		410,523
				5,082,825
Life Sciences Tools & Services - 0.0% (G)
Thermo Fisher Scientific, Inc.
2.95%, 09/19/2026		161,000		174,205
4.15%, 02/01/2024		217,000		239,541
				413,746
Machinery - 0.1%
nVent Finance Sarl 4.55%, 04/15/2028		337,000		363,432

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery (continued)
Otis Worldwide Corp. 2.57%, 02/15/2030 (B)		$   775,000		$   781,004
				1,144,436
Media - 0.8%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.80%, 03/01/2050		625,000		703,520
5.05%, 03/30/2029 (F)		400,000		469,791
6.83%, 10/23/2055		150,000		201,178
Comcast Cable Holdings LLC 10.13%, 04/15/2022		414,000		479,612
Comcast Corp.
3.15%, 03/01/2026 - 02/15/2028		755,000		820,749
3.25%, 11/01/2039		380,000		414,010
3.45%, 02/01/2050		1,119,000		1,255,480
3.95%, 10/15/2025		335,000		377,134
4.60%, 10/15/2038		415,000		521,580
4.95%, 10/15/2058		525,000		744,631
Cox Communications, Inc. 4.60%, 08/15/2047 (B)		196,000		224,897
Discovery Communications LLC 4.38%, 06/15/2021		344,000		352,029
NBCUniversal Media LLC 5.95%, 04/01/2041		210,000		298,068
SES SA 3.60%, 04/04/2023 (B)		100,000		98,273
Time Warner Cable LLC 5.50%, 09/01/2041		400,000		467,388
Time Warner Entertainment Co., LP 8.38%, 07/15/2033		250,000		363,678
ViacomCBS, Inc.
2.90%, 01/15/2027		250,000		239,571
4.00%, 01/15/2026		208,000		216,164
4.85%, 07/01/2042		150,000		152,489
				8,400,242
Metals & Mining - 0.2%
Anglo American Capital PLC 3.63%, 09/11/2024 (B)		200,000		200,208
Barrick Gold Corp. 6.45%, 10/15/2035		140,000		186,057
BHP Billiton Finance, Ltd. 4.13%, 02/24/2042		150,000		184,897
Nucor Corp. 6.40%, 12/01/2037		390,000		537,947
Steel Dynamics, Inc. 3.45%, 04/15/2030		522,000		496,803
				1,605,912
Multi-Utilities - 0.3%
CMS Energy Corp. 3.88%, 03/01/2024		350,000		374,484
Consolidated Edison Co. of New York, Inc. 5.70%, 06/15/2040		154,000		211,408
Delmarva Power & Light Co.
4.00%, 06/01/2042		294,000		324,943
4.15%, 05/15/2045		270,000		318,675
Dominion Energy, Inc.
2.75%, 09/15/2022		165,000		168,193
5.25%, 08/01/2033		500,000		579,294

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

Transamerica Funds Semi-Annual Report 2020

Page    14

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
NiSource, Inc. 5.80%, 02/01/2042		$   600,000		$   782,532
San Diego Gas & Electric Co.
6.00%, 06/01/2026 (F)		320,000		389,744
6.13%, 09/15/2037		100,000		135,924
WEC Energy Group, Inc. 3.55%, 06/15/2025		115,000		124,330
				3,409,527
Multiline Retail - 0.0% (G)
Dollar General Corp. 4.13%, 05/01/2028 (F)		280,000		314,728
Oil, Gas & Consumable Fuels - 1.6%
Apache Corp. 4.75%, 04/15/2043		268,000		183,479
APT Pipelines, Ltd. 4.25%, 07/15/2027 (B)		386,000		404,320
BP Capital Markets PLC 3.28%, 09/19/2027		321,000		332,462
Cameron LNG LLC 3.70%, 01/15/2039 (B)		554,000		530,633
CNOOC Finance Pty, Ltd. 2.63%, 05/05/2020		328,000		327,934
Ecopetrol SA 5.38%, 06/26/2026		135,000		133,651
Enbridge, Inc.
4.50%, 06/10/2044		200,000		202,878
Fixed until 03/01/2028, 6.25% (A), 03/01/2078 (F)		300,000		274,650
Energy Transfer Operating, LP
4.75%, 01/15/2026		173,000		171,955
6.05%, 06/01/2041		538,000		520,331
Eni SpA 5.70%, 10/01/2040 (B)		900,000		909,561
Enterprise Products Operating LLC
3.70%, 02/15/2026 - 01/31/2051		417,000		407,372
3.90%, 02/15/2024		362,000		383,843
3.95%, 01/31/2060		185,000		170,250
4.20%, 01/31/2050		235,000		233,084
4.45%, 02/15/2043		161,000		163,237
7.55%, 04/15/2038		161,000		207,473
EQT Corp. 3.90%, 10/01/2027		264,000		221,760
Exxon Mobil Corp.
2.61%, 10/15/2030		680,000		709,228
2.99%, 03/19/2025		750,000		800,948
3.00%, 08/16/2039		515,000		525,510
4.11%, 03/01/2046		294,000		349,762
Kinder Morgan, Inc. 4.30%, 03/01/2028		700,000		742,970
Magellan Midstream Partners, LP 4.20%, 12/01/2042 - 10/03/2047		648,000		598,216
MPLX, LP
4.13%, 03/01/2027		155,000		149,889
4.50%, 04/15/2038		280,000		249,998
5.25%, 01/15/2025 (B)		214,000		213,964
5.50%, 02/15/2049		305,000		302,635

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Noble Energy, Inc.
3.25%, 10/15/2029		$   290,000		$   210,157
5.25%, 11/15/2043		400,000		296,309
ONEOK Partners, LP 6.65%, 10/01/2036		220,000		209,709
ONEOK, Inc.
3.40%, 09/01/2029		495,000		411,277
5.20%, 07/15/2048		300,000		264,738
Ovintiv, Inc.
7.20%, 11/01/2031		200,000		132,239
7.38%, 11/01/2031		250,000		166,726
Phillips 66 Partners, LP
3.15%, 12/15/2029		300,000		271,301
4.90%, 10/01/2046		144,000		141,455
Plains All American Pipeline, LP / PAA Finance Corp.
4.30%, 01/31/2043		150,000		116,416
4.70%, 06/15/2044		160,000		131,498
Southern Natural Gas Co. LLC
4.80%, 03/15/2047 (B)		136,000		148,311
8.00%, 03/01/2032		105,000		137,068
Spectra Energy Partners, LP 3.50%, 03/15/2025		633,000		647,084
Suncor Energy, Inc.
5.95%, 12/01/2034		550,000		568,817
7.88%, 06/15/2026		100,000		110,900
Sunoco Logistics Partners Operations, LP
3.90%, 07/15/2026		195,000		183,810
6.10%, 02/15/2042		500,000		484,534
TC PipeLines, LP 3.90%, 05/25/2027		141,000		138,056
Total Capital International SA 3.46%, 07/12/2049		480,000		501,816
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		135,000		140,462
4.88%, 01/15/2026		370,000		411,322
Williams Cos., Inc. 4.85%, 03/01/2048		249,000		253,842
				16,499,840
Personal Products - 0.1%
Estee Lauder Cos., Inc. 2.60%, 04/15/2030 (F)		1,049,000		1,093,461
Unilever Capital Corp. 3.38%, 03/22/2025		180,000		196,902
				1,290,363
Pharmaceuticals - 0.5%
Allergan Funding SCS
3.85%, 06/15/2024		211,000		226,109
4.55%, 03/15/2035		300,000		346,373
Allergan, Inc.
2.80%, 03/15/2023		162,000		165,227
3.38%, 09/15/2020		125,000		125,223
AstraZeneca PLC 6.45%, 09/15/2037		180,000		266,690
Bristol-Myers Squibb Co.
3.20%, 06/15/2026 (B)		559,000		616,888
4.13%, 06/15/2039 (B)		377,000		467,237

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

Transamerica Funds Semi-Annual Report 2020

Page    15

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Bristol-Myers Squibb Co. (continued)
4.55%, 02/20/2048 (B)		$   370,000		$   497,429
5.00%, 08/15/2045 (B)		150,000		207,550
5.70%, 10/15/2040 (B)		160,000		227,230
Mylan NV 3.95%, 06/15/2026		185,000		196,259
Mylan, Inc. 5.40%, 11/29/2043		100,000		109,917
Pfizer, Inc. 3.90%, 03/15/2039		600,000		734,321
Shire Acquisitions Investments Ireland DAC
2.88%, 09/23/2023		334,000		347,303
3.20%, 09/23/2026		778,000		844,946
				5,378,702
Real Estate Management & Development - 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust
3.13%, 03/20/2022 (B)		314,000		316,348
3.88%, 03/20/2027 (B)		325,000		330,772
				647,120
Road & Rail - 0.3%
Avolon Holdings Funding, Ltd. 4.38%, 05/01/2026 (B)		510,000		437,044
Burlington Northern Santa Fe LLC
3.55%, 02/15/2050		327,000		369,552
5.75%, 05/01/2040		300,000		417,602
7.29%, 06/01/2036		90,000		133,130
CSX Corp.
4.75%, 11/15/2048		215,000		280,336
6.00%, 10/01/2036, MTN		340,000		456,635
JB Hunt Transport Services, Inc. 3.88%, 03/01/2026		315,000		340,789
Norfolk Southern Corp. 3.85%, 01/15/2024		266,000		286,386
Ryder System, Inc. 2.50%, 05/11/2020, MTN		158,000		157,986
				2,879,460
Semiconductors & Semiconductor Equipment - 0.2%
Analog Devices, Inc. 4.50%, 12/05/2036		226,000		260,635
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
3.63%, 01/15/2024		663,000		692,218
3.88%, 01/15/2027		200,000		208,496
Broadcom, Inc. 4.75%, 04/15/2029 (B)		925,000		1,016,731
				2,178,080
Software - 0.2%
Microsoft Corp.
3.50%, 02/12/2035		277,000		329,878
3.95%, 08/08/2056		221,000		290,568
4.00%, 02/12/2055		321,000		422,208
4.10%, 02/06/2037		489,000		609,305
4.20%, 11/03/2035		103,000		131,203
Oracle Corp. 2.95%, 05/15/2025		200,000		214,811

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software (continued)
VMware, Inc. 2.95%, 08/21/2022		$   521,000		$   528,591
				2,526,564
Specialty Retail - 0.2%
Home Depot, Inc. 3.13%, 12/15/2049		735,000		777,726
Lowe’s Cos., Inc.
3.65%, 04/05/2029		472,000		519,030
4.55%, 04/05/2049		413,000		501,723
O’Reilly Automotive, Inc. 3.60%, 09/01/2027		247,000		256,292
				2,054,771
Technology Hardware, Storage & Peripherals - 0.5%
Apple, Inc.
2.45%, 08/04/2026		296,000		317,984
2.90%, 09/12/2027		597,000		651,738
3.00%, 06/20/2027		637,000		704,740
3.20%, 05/13/2025 - 05/11/2027		446,000		495,159
3.25%, 02/23/2026		266,000		295,546
3.35%, 02/09/2027		603,000		675,877
3.45%, 02/09/2045		528,000		602,362
3.75%, 09/12/2047		500,000		604,383
3.85%, 08/04/2046		207,000		252,958
4.65%, 02/23/2046		119,000		161,328
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (B)		500,000		542,982
				5,305,057
Tobacco - 0.0% (G)
BAT Capital Corp. 4.54%, 08/15/2047		290,000		303,662
Trading Companies & Distributors - 0.3%
Air Lease Corp. 3.25%, 03/01/2025 - 10/01/2029		1,153,000		948,060
BOC Aviation, Ltd.
2.75%, 09/18/2022 (B)		270,000		269,125
3.50%, 10/10/2024 (B) (F)		200,000		202,856
International Lease Finance Corp.
5.88%, 08/15/2022		154,000		150,326
8.63%, 01/15/2022		700,000		714,030
WW Grainger, Inc. 4.60%, 06/15/2045		198,000		243,961
				2,528,358
Transportation Infrastructure - 0.1%
Mexico City Airport Trust 5.50%, 07/31/2047 (B)		200,000		166,000
Penske Truck Leasing Co., LP / PTL Finance Corp.
4.13%, 08/01/2023 (B)		233,000		241,804
4.88%, 07/11/2022 (B)		500,000		523,839
				931,643
Water Utilities - 0.1%
American Water Capital Corp.
3.85%, 03/01/2024		300,000		330,258
4.00%, 12/01/2046		172,000		206,547
				536,805

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

Transamerica Funds Semi-Annual Report 2020

Page    16

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 0.5%
America Movil SAB de CV
3.13%, 07/16/2022		$   236,000		$   240,950
3.63%, 04/22/2029		505,000		534,634
4.38%, 04/22/2049		251,000		290,759
Crown Castle Towers LLC 3.22%, 05/15/2042 (B)		200,000		200,705
Rogers Communications, Inc. 4.35%, 05/01/2049		350,000		421,296
T-Mobile USA, Inc.
3.50%, 04/15/2025 (B)		755,000		798,352
3.75%, 04/15/2027 (B)		1,210,000		1,299,576
Vodafone Group PLC
4.88%, 06/19/2049		545,000		651,556
5.25%, 05/30/2048		260,000		325,030
				4,762,858
Total Corporate Debt Securities (Cost $242,363,667)				256,070,050
FOREIGN GOVERNMENT OBLIGATIONS - 0.8%
Canada - 0.0% (G)
Province of Quebec 6.35%, 01/30/2026, MTN		285,000		358,027
Colombia - 0.1%
Colombia Government International Bond
4.00%, 02/26/2024		300,000		304,593
5.00%, 06/15/2045		200,000		199,802
7.38%, 09/18/2037		200,000		248,000
				752,395
Israel - 0.4%
Israel Government AID Bond Series 2011-Z, Zero Coupon, 11/15/2026		1,400,000		1,308,845
Israel Government AID Bond, Principal Only STRIPS Series 2, Zero Coupon, 11/01/2024		2,250,000		2,157,422
				3,466,267
Mexico - 0.3%
Mexico Government International Bond
3.75%, 01/11/2028		1,042,000		1,007,614
4.13%, 01/21/2026 (F)		615,000		630,381
4.35%, 01/15/2047		183,000		160,583
4.60%, 02/10/2048		200,000		181,752
4.75%, 03/08/2044, MTN		190,000		176,037
5.75%, 10/12/2110, MTN		550,000		521,818
				2,678,185
Panama - 0.0% (G)
Panama Government International Bond 4.50%, 04/16/2050		200,000		224,002
Total Foreign Government Obligations (Cost $7,287,420)				7,478,876
MORTGAGE-BACKED SECURITIES - 3.8%
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75% (A), 12/25/2035 (B)		2,919		2,988

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Funding Trust
Series 2004-3, Class 1A1,
5.50%, 10/25/2034		$   65,719		$   69,477
Series 2004-C, Class 1A1,
4.41% (A), 12/20/2034		20,293		18,585
Series 2005-E, Class 4A1,
4.44% (A), 03/20/2035		65,017		65,008
Banc of America Mortgage Trust Series 2003-C, Class 3A1, 4.00% (A), 04/25/2033		27,880		25,534
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/05/2036 (B)		1,500,000		1,526,233
BCAP LLC Trust Series 2009-RR5, Class 8A1, 5.50% (A), 11/26/2034 (B)		22,205		22,158
Bear Stearns ARM Trust
Series 2003-4, Class 3A1,
4.37% (A), 07/25/2033		33,587		31,945
Series 2004-2, Class 14A,
3.74% (A), 05/25/2034		22,799		19,925
Bear Stearns Commercial Mortgage Securities Trust, Interest Only STRIPS Series 2005-PWR8, Class X1, 0.74% (A), 06/11/2041 (B)		56,986		69
CD Commercial Mortgage Trust, Interest Only STRIPS Series 2007-CD4, Class XC, 1.38% (A), 12/11/2049 (B)		25,008		946
Chase Mortgage Finance Trust
Series 2007-A1, Class 1A3,
4.22% (A), 02/25/2037		371,107		349,692
Series 2007-A1, Class 2A1,
4.68% (A), 02/25/2037		67,496		63,415
Series 2007-A1, Class 7A1,
4.55% (A), 02/25/2037		55,596		51,713
Series 2007-A1, Class 9A1,
4.34% (A), 02/25/2037		22,947		21,573
Series 2007-A2, Class 1A1,
4.39% (A), 06/25/2035		18,106		16,499
Series 2007-A2, Class 2A1,
4.13% (A), 06/25/2035		119,562		111,514
CHL Mortgage Pass-Through Trust
Series 2004-3, Class A26,
5.50%, 04/25/2034		102,677		102,010
Series 2004-3, Class A4,
5.75%, 04/25/2034		154,015		153,507
Series 2004-5, Class 1A4,
5.50%, 06/25/2034		132,226		131,046
Series 2004-8, Class 2A1,
4.50%, 06/25/2019		259		263
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-HYB1, Class A, 4.24% (A), 09/25/2033		41,510		38,263
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4,
5.25%, 09/25/2033		44,969		44,014
Series 2005-2, Class 2A11,
5.50%, 05/25/2035		100,179		103,889

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

Transamerica Funds Semi-Annual Report 2020

Page    17

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust, Inc. (continued)
Series 2009-10, Class 1A1,
4.31% (A), 09/25/2033 (B)		$   126,590		$   119,847
COBALT CMBS Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C1, Class IO, 1.09% (A), 08/15/2048		511,586		2,020
COMM Mortgage Trust
Series 2015-CR25, Class A4,
3.76%, 08/10/2048		562,000		598,864
Series 2018-HOME, Class A,
3.94% (A), 04/10/2033 (B)		2,410,000		2,637,288
COMM Mortgage Trust, Interest Only STRIPS Series 2012-CR2, Class XA, 1.79% (A), 08/15/2045		1,716,661		49,875
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4,
5.25%, 09/25/2033		36,471		37,669
Series 2003-AR15, Class 3A1,
4.16% (A), 06/25/2033		67,636		62,584
Series 2004-5, Class 3A1,
5.25%, 08/25/2019		13,645		12,476
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A4,
5.25%, 11/25/2033		66,430		68,467
Series 2003-29, Class 5A1,
7.00%, 12/25/2033		78,621		82,351
Series 2004-4, Class 2A4,
5.50%, 09/25/2034		75,715		76,009
Series 2004-8, Class 1A4,
5.50%, 12/25/2034		122,580		121,891
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 09/15/2037 (B)		500,000		411,333
CSMC Trust Series 2010-17R, Class 1A1, 4.03% (A), 06/26/2036 (B)		3,609		3,606
GS Mortgage Securities Trust, Interest Only STRIPS Series 2006-GG8, Class X, 1.27% (A), 11/10/2039 (B)		814,268		3,256
GSMPS Mortgage Loan Trust Series 2005-RP3, Class 1AF,
1-Month LIBOR + 0.35%, 0.84% (A), 09/25/2035 (B)		645,192		525,272
GSMPS Mortgage Loan Trust, Interest Only STRIPS Series 2005-RP3, Class 1AS, 3.51% (A), 09/25/2035 (B)		483,894		70,372
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4,
5.25%, 06/25/2033		192,288		199,158
Series 2004-8F, Class 2A3,
6.00%, 09/25/2034		125,574		125,945
Series 2005-5F, Class 8A3,
1-Month LIBOR + 0.50%, 0.99% (A), 06/25/2035		9,631		8,791

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Headlands Residential LLC
Series 2017-RPL1, Class A,
3.88% (A), 08/25/2022 (B)		$   1,980,000		$   1,996,236
Series 2018-RPL1, Class A,
4.25% (A), 06/25/2023 (B)		2,410,000		2,418,972
Series 2019-RPL1, Class NOTE,
3.97% (A), 06/25/2024 (B)		2,300,000		2,070,244
Impac CMB Trust Series 2005-4, Class 2A1,
1-Month LIBOR + 0.60%, 1.09% (A), 05/25/2035		94,273		79,515
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 08/25/2033		39,022		37,837
Impac Secured Assets Trust
Series 2006-1, Class 2A1,
1-Month LIBOR + 0.35%, 0.84% (A), 05/25/2036		188,644		161,058
Series 2006-2, Class 2A1,
1-Month LIBOR + 0.35%, 0.84% (A), 08/25/2036		50,565		49,439
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 07/10/2035 (B)		1,590,000		1,607,995
JPMorgan Chase Commercial Mortgage Securities Trust, Interest Only STRIPS Series 2006-CB15, Class X1, 0.38% (A), 06/12/2043		2,137,724		2,789
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1,
4.91% (A), 07/25/2034		4,297		4,325
Series 2004-A4, Class 1A1,
4.82% (A), 09/25/2034		16,598		15,215
Series 2004-S1, Class 1A7,
5.00%, 09/25/2034		1,564		1,576
Series 2005-A1, Class 3A4,
4.17% (A), 02/25/2035		61,342		56,228
Series 2006-A2, Class 5A3,
4.11% (A), 11/25/2033		116,625		111,268
Series 2006-A3, Class 6A1,
4.08% (A), 08/25/2034		13,584		12,111
LB-UBS Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C1, Class XCL, 0.39% (A), 02/15/2041 (B)		957,552		111
LHOME Mortgage Trust Series 2019-RTL3, Class A1, 3.87%, 07/25/2024 (B)		2,210,000		2,047,523
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1,
4.35% (A), 04/21/2034		132,787		126,665
Series 2004-13, Class 3A7,
4.68% (A), 11/21/2034		85,966		83,106
MASTR Alternative Loan Trust Series 2003-9, Class 2A1, 6.00%, 12/25/2033		11,470		11,970
MASTR Asset Securitization Trust
Series 2003-11, Class 9A6,
5.25%, 12/25/2033		184,826		189,489

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

Transamerica Funds Semi-Annual Report 2020

Page    18

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
MASTR Asset Securitization Trust (continued)
Series 2004-P7, Class A6,
5.50%, 12/27/2033 (B)		$   28,026		$   27,997
MASTR Resecuritization Trust, Principal Only STRIPS Series 2005, Class 3, Zero Coupon, 05/28/2035 (B)		9,726		7,094
Merrill Lynch Mortgage Investors Trust
Series 2003-A4, Class 2A,
4.38% (A), 07/25/2033		36,908		34,419
Series 2003-A5, Class 2A6,
3.91% (A), 08/25/2033		26,987		24,957
Series 2004-1, Class 2A1,
3.59% (A), 12/25/2034		97,276		91,219
Series 2004-A4, Class A2,
4.12% (A), 08/25/2034		46,135		44,481
Series 2004-D, Class A2,
6-Month LIBOR + 0.72%, 2.39% (A), 09/25/2029		90,561		82,450
ML-CFC Commercial Mortgage Trust, Interest Only STRIPS Series 2006-4, Class XC, 0.75% (A), 12/12/2049 (B)		201,404		3
Morgan Stanley Capital I Trust, Interest Only STRIPS
Series 2006-IQ12, Class X1,
0.59% (A), 12/15/2043 (B)		410,224		7
Series 2006-T21, Class X,
0.08% (A), 10/12/2052 (B)		3,620,126		2,147
Series 2007-HQ11, Class X,
0.37% (A), 02/12/2044 (B)		323,884		225
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.62% (A), 04/25/2034		127,401		133,158
MRCD Mortgage Trust Series 2019-PARK, Class D, 2.72%, 12/15/2036 (B)		1,443,000		1,359,551
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 02/25/2034		42,995		44,611
Prime Mortgage Trust, Principal Only STRIPS Series 2004-CL1, Class 1, Zero Coupon, 02/25/2034		2,754		2,248
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.82% (A), 05/25/2035		4,981		4,965
RAMP Trust Series 2004-SL2, Class A3, 7.00%, 10/25/2031		81,068		82,820
RBSSP Resecuritization Trust Series 2009-1, Class 1A1, 6.50% (A), 02/26/2036 (B)		113,466		115,199
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT,
3.50%, 07/25/2058		2,493,358		2,726,270
Series 2019-3, Class MB,
3.50%, 10/25/2058		978,323		1,127,667
Series 2019-4, Class M55D,
4.00%, 02/25/2059		1,928,008		2,096,765

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust
Series 2004-11, Class A1,
1-Month LIBOR + 0.60%, 1.32% (A), 12/20/2034		$   171,163		$   155,213
Series 2004-11, Class A3,
1-Month LIBOR + 0.60%, 1.32% (A), 12/20/2034		55,318		53,947
Series 2004-12, Class A3,
6-Month LIBOR + 0.32%, 2.22% (A), 01/20/2035		77,086		66,564
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1,
1-Month LIBOR + 0.66%, 1.38% (A), 10/19/2034		173,536		160,590
Structured Asset Securities Corp.
Series 2003-37A, Class 2A,
4.01% (A), 12/25/2033		42,240		38,258
Series 2004-4XS, Class 1A5,
5.15% (A), 02/25/2034		226,456		237,424
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1,
1-Month LIBOR + 0.64%, 1.13% (A), 09/25/2043		76,728		71,633
Series 2004-1, Class II2A,
2.71% (A), 03/25/2044		35,176		33,173
Toorak Mortgage Corp., Ltd. Series 2019-2, Class A1, 3.72% (A), 09/25/2022		1,548,000		1,404,763
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (B)		1,000,000		1,012,738
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class A4,
3.53%, 05/10/2063		650,000		666,621
Series 2012-C2, Class XA,
1.46% (A), 05/10/2063 (B)		4,104,565		94,430
V.M. Jog Engineering, Ltd. Series 2017, Class A,
1-Month LIBOR + 4.60%, 6.56%, 12/15/2020		2,090,000		2,090,000
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (B)		1,000,000		1,012,187
Wachovia Bank Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C24, Class XC, 0.00% (A), 03/15/2045 (B)		520,142		5
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR6, Class A1,
4.66% (A), 06/25/2033		139,506		132,934
Series 2003-AR7, Class A7,
4.43% (A), 08/25/2033		50,273		46,999
Series 2003-AR8, Class A,
4.45% (A), 08/25/2033		20,938		19,948
Series 2003-AR9, Class 1A6,
4.31% (A), 09/25/2033		110,257		101,036
Series 2003-S3, Class 1A4,
5.50%, 06/25/2033		148,677		155,326

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

Transamerica Funds Semi-Annual Report 2020

Page    19

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates Trust (continued)
Series 2003-S4, Class 2A10,
(2.75) * 1-Month LIBOR + 17.46%, 16.12% (A), 06/25/2033		$   6,626		$   8,660
Series 2003-S9, Class A8,
5.25%, 10/25/2033		66,810		68,879
Series 2004-AR3, Class A1,
4.07% (A), 06/25/2034		13,915		12,921
Series 2004-AR3, Class A2,
4.07% (A), 06/25/2034		143,123		132,593
Series 2004-S2, Class 2A4,
5.50%, 06/25/2034		144,076		148,993
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA2, Class 2A, 7.00%, 07/25/2033		41,698		43,877
Wells Fargo Commercial Mortgage Trust Series 2016-C35, Class A4, 2.93%, 07/15/2048		1,915,000		1,965,197
Wells Fargo Mortgage-Backed Securities Trust Series 2004-U, Class A1, 4.49% (A), 10/25/2034		260,839		259,916
WFRBS Commercial Mortgage Trust Series 2011-C3, Class A4, 4.38%, 03/15/2044 (B)		528,564		532,358
Total Mortgage-Backed Securities (Cost $38,211,414)				38,006,448
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.7%
California - 0.2%
State of California, General Obligation Unlimited, 7.30%, 10/01/2039		520,000		824,450
University of California Regents Medical Center Pooled Revenue, Revenue Bonds, 3.71%, 05/15/2120		820,000		831,701
				1,656,151
New York - 0.2%
New York State Dormitory Authority, Revenue Bonds, 5.60%, 03/15/2040		280,000		352,397
Port Authority of New York & New Jersey, Revenue Bonds,
4.46%, 10/01/2062		800,000		990,992
5.65%, 11/01/2040		655,000		862,890
				2,206,279
Ohio - 0.3%
American Municipal Power, Inc., Revenue Bonds, Series B, 7.50%, 02/15/2050		640,000		995,590
Ohio State University, Revenue Bonds, Series A, 4.80%, 06/01/2111		1,370,000		1,639,520
				2,635,110
Total Municipal Government Obligations (Cost $5,239,989)				6,497,540

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 32.3%
Federal Home Loan Mortgage Corp.
6-Month LIBOR + 1.54%, 3.43% (A), 05/01/2037		$   59,939		$   60,859
3.50%, 06/01/2042 - 07/15/2042		2,156,503		2,369,609
6-Month LIBOR + 1.70%, 3.51% (A), 10/01/2036		18,250		18,611
12-Month LIBOR + 1.58%, 3.61% (A), 12/01/2036		121,826		125,838
12-Month LIBOR + 1.70%, 3.70% (A), 02/01/2037		22,257		23,165
12-Month LIBOR + 1.64%, 3.77% (A), 11/01/2036		35,372		36,714
1-Year CMT + 2.25%, 3.88% (A), 01/01/2035		224,783		235,129
12-Month LIBOR + 1.91%, 3.91% (A), 04/01/2037		1,342		1,351
6-Month LIBOR + 2.01%, 3.94% (A), 05/01/2037		34,254		35,307
12-Month LIBOR + 1.98%, 3.98% (A), 04/01/2037		17,136		17,337
12-Month LIBOR + 2.00%, 4.00% (A), 11/01/2036		6,566		6,614
4.00%, 04/01/2043 - 09/01/2049		5,353,702		5,825,202
1-Year CMT + 2.24%, 4.04% (A), 11/01/2036		121,108		126,483
12-Month LIBOR + 2.03%, 4.07% (A), 05/01/2037		31,769		32,340
12-Month LIBOR + 1.67%, 4.09% (A), 12/01/2036		104,849		108,913
12-Month LIBOR + 1.90%, 4.10% (A), 05/01/2038		12,784		12,842
12-Month LIBOR + 1.82%, 4.22% (A), 09/01/2037		20,055		20,491
1-Year CMT + 2.25%, 4.22% (A), 02/01/2036		222,629		232,196
12-Month LIBOR + 2.35%, 4.35% (A), 03/01/2037		28,850		28,999
1-Year CMT + 2.25%, 4.37% (A), 07/01/2036		161,334		168,220
1-Year CMT + 2.36%, 4.49% (A), 10/01/2037		16,321		16,430
4.50%, 05/01/2041 - 07/01/2047		9,800,401		10,839,175
1-Year CMT + 2.65%, 4.59% (A), 10/01/2037		91,429		91,048
1-Year CMT + 2.43%, 4.72% (A), 12/01/2031		236,981		238,803
12-Month LIBOR + 2.47%, 4.76% (A), 03/01/2036		70,834		74,783
5.00%, 08/01/2040		253,776		290,013
12-Month LIBOR + 2.33%, 5.06% (A), 05/01/2036		18,412		19,440
12-Month LIBOR + 2.18%, 5.06% (A), 05/01/2037		89,712		94,295
5.50%, 02/01/2021 - 12/01/2035		550,656		602,262
6.00%, 12/01/2036 - 06/01/2037		171,259		192,845
6.50%, 05/01/2035 - 03/01/2038		787,883		915,648
7.50%, 02/01/2038 - 09/01/2038		36,555		43,225
10.00%, 03/17/2026 - 10/01/2030		7,635		8,133
11.00%, 02/17/2021		273		276

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

Transamerica Funds Semi-Annual Report 2020

Page    20

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
1-Month LIBOR + 0.70%, 1.69% (A), 09/25/2022		$   157,701		$   157,781
2.27%, 01/25/2023		2,500,000		2,588,536
2.31%, 12/25/2022		2,336,689		2,429,777
2.33%, 06/25/2021		2,100,000		2,121,779
2.60% (J), 09/25/2020		818		820
2.72%, 07/25/2026		1,456,000		1,535,990
2.74%, 09/25/2025		1,000,000		1,066,651
2.81%, 09/25/2024		4,140,000		4,437,575
2.84%, 09/25/2022		708,571		740,227
2.93%, 01/25/2023		1,008,513		1,065,590
3.12%, 06/25/2027		654,000		729,622
3.24%, 04/25/2027		1,097,000		1,232,080
3.30% (A), 11/25/2027		965,000		1,090,784
3.33%, 05/25/2027		590,000		664,182
3.34% (A), 04/25/2028		970,000		1,068,238
3.35%, 01/25/2028		1,595,000		1,811,070
3.90% (A), 08/25/2028		1,720,000		2,034,893
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.25%, 1.06% (A), 08/15/2023		91,817		91,503
1-Month LIBOR + 0.30%, 1.11% (A), 03/15/2036		27,338		27,063
1-Month LIBOR + 0.40%, 1.98% (A), 07/15/2037		448,279		447,856
1-Month LIBOR + 1.20%, 2.01% (A), 07/15/2039		18,382		18,607
4.00%, 11/15/2041 - 07/15/2042		3,169,277		3,775,672
4.50%, 06/15/2025		1,390,456		1,477,958
5.00%, 07/15/2033 - 07/15/2041		8,917,261		10,705,864
5.30%, 01/15/2033		315,753		364,414
5.50%, 02/15/2022 - 01/15/2039		2,192,921		2,510,778
(3.62) * 1-Month LIBOR + 27.21%, 5.50% (A), 05/15/2041		436,347		489,608
(3.67) * 1-Month LIBOR + 27.50%, 5.50% (A), 05/15/2041		501,131		557,347
5.70% (A), 10/15/2038		194,447		219,503
6.00%, 05/15/2034 - 06/15/2038		1,293,622		1,562,463
6.25%, 10/15/2023		80,397		85,669
6.50%, 08/15/2021 - 06/15/2032		679,785		764,250
6.98% (A), 11/15/2021		11,588		11,780
7.00%, 12/15/2036		343,829		418,011
7.36% (A), 11/15/2046		459,699		561,686
7.50%, 11/15/2036 - 12/15/2036		415,967		513,133
(1.50) * 1-Month LIBOR + 9.08%, 7.55% (A), 11/15/2033		50,437		55,536
(7.27) * 1-Month LIBOR + 48.00%, 8.00% (A), 06/15/2035		13,338		16,073
(1.83) * 1-Month LIBOR + 14.85%, 13.36% (A), 06/15/2033		23,726		32,191
(3.33) * 1-Month LIBOR + 17.50%, 14.79% (A), 02/15/2040		315,954		467,254
(2.50) * 1-Month LIBOR + 17.45%, 15.42% (A), 02/15/2038		10,634		13,957
(3.00) * 1-Month LIBOR + 20.22%, 17.78% (A), 07/15/2035		23,331		37,491

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. REMIC (continued)
(4.00) * 1-Month LIBOR + 22.00%, 18.74% (A), 05/15/2035		$   38,934		$   60,352
(2.60) * 1-Month LIBOR + 20.93%, 18.81% (A), 08/15/2031		31,092		47,593
(4.50) * 1-Month LIBOR + 24.75%, 21.09% (A), 06/15/2035		57,059		109,430
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS
2.24% (A), 01/15/2040		326,934		17,912
4.00%, 11/15/2029		195,418		3,929
4.50%, 12/15/2024		1,435		14
5.00%, 10/15/2039 - 08/15/2040		788,856		74,289
(1.00) * 1-Month LIBOR + 6.00%, 5.19% (A), 11/15/2037 - 10/15/2040		677,684		125,038
(1.00) * 1-Month LIBOR + 6.05%, 5.24% (A), 05/15/2038		93,200		13,705
(1.00) * 1-Month LIBOR + 6.10%, 5.29% (A), 05/15/2039		41,519		6,393
(1.00) * 1-Month LIBOR + 6.25%, 5.44% (A), 12/15/2039		148,686		29,920
(1.00) * 1-Month LIBOR + 6.34%, 5.53% (A), 12/15/2039		434,944		83,305
(1.00) * 1-Month LIBOR + 6.40%, 5.59% (A), 01/15/2037		37,400		6,341
(1.00) * 1-Month LIBOR + 6.45%, 5.64% (A), 11/15/2037		19,394		4,034
(1.00) * 1-Month LIBOR + 6.80%, 5.99% (A), 09/15/2039		132,279		21,778
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS 09/15/2032 - 12/15/2043		3,852,861		3,485,102
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
2.25% (A), 10/25/2037		322,863		357,902
5.23%, 05/25/2043		733,596		840,154
6.50%, 02/25/2043		245,965		300,204
6.50% (A), 09/25/2043		109,241		135,041
7.00%, 02/25/2043 - 07/25/2043		280,803		349,553
7.50%, 02/25/2042 - 09/25/2043		344,576		417,923
Federal Home Loan Mortgage Corp., Interest Only STRIPS (1.00) * 1-Month LIBOR + 7.70%, 6.89% (A), 08/15/2036		301,505		75,146
Federal National Mortgage Association
1-Month LIBOR + 0.22%, 0.71% (A), 03/25/2045 - 02/25/2046		113,740		113,614
1-Month LIBOR + 0.40%, 0.89% (A), 05/25/2042		183,369		182,428
1-Month LIBOR + 0.55%, 1.04% (A), 08/25/2042		664,122		670,383
2.15%, 01/25/2023		1,552,913		1,585,470
2.38%, 10/01/2026		1,487,109		1,592,430
2.43%, 08/01/2026		1,897,203		2,026,384
2.49%, 05/01/2026 - 05/25/2026		2,984,738		3,186,329
2.57% (A), 12/25/2026		415,806		448,186
1-Month LIBOR + 0.93%, 2.59% (A), 11/25/2022		336,023		335,881
2.61%, 06/01/2026		1,012,000		1,093,319

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

Transamerica Funds Semi-Annual Report 2020

Page    21

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
2.62%, 11/01/2031		$   4,165,000		$   4,584,083
2.63%, 03/01/2026		2,889,395		3,117,221
2.64%, 06/01/2026		2,477,000		2,680,450
2.67%, 04/01/2025		1,131,263		1,214,179
2.70%, 07/01/2026		1,266,755		1,376,361
2.80%, 10/01/2025 - 01/01/2028		14,665,224		15,901,928
2.90%, 06/25/2027		2,038,745		2,193,433
2.92%, 01/01/2025		2,498,614		2,702,267
2.93%, 06/01/2030		1,000,000		1,104,410
2.94% (A), 01/25/2026		3,486,000		3,727,483
2.94%, 12/01/2028		5,000,000		5,566,713
2.98%, 06/01/2027		1,715,000		1,893,811
2.99%, 08/01/2029		3,000,000		3,354,615
3.00%, 06/01/2043		1,080,334		1,162,095
3.02%, 07/01/2024 - 07/01/2029		7,581,636		8,375,048
3.04%, 06/01/2024 - 07/01/2029		6,867,110		7,617,915
3.06% (A), 05/25/2027		1,700,000		1,867,145
3.08%, 12/01/2024		1,850,694		2,006,847
3.09%, 09/01/2029		3,797,000		4,285,039
6-Month LIBOR + 1.31%, 3.10% (A), 09/01/2036		27,602		27,819
3.11%, 03/01/2027		1,930,374		2,145,628
3.15% (A), 03/25/2028		1,138,000		1,281,334
3.15%, 04/01/2031		2,942,645		3,263,402
3.17%, 02/01/2030		963,212		1,078,563
6-Month LIBOR + 1.29%, 3.18% (A), 07/01/2037		55,677		55,957
3.18% (A), 06/25/2027		1,771,000		1,940,571
3.19% (A), 02/25/2030		815,000		921,528
3.21%, 03/01/2029		5,000,000		5,666,278
3.24%, 06/01/2026		900,401		997,088
3.28%, 11/01/2030		1,957,638		2,226,096
3.29%, 08/01/2026		1,988,765		2,216,806
3.30% (A), 04/25/2029		1,419,000		1,593,784
3.32%, 04/01/2029		5,000,000		5,708,387
6-Month LIBOR + 1.48%, 3.36% (A), 02/01/2037		45,311		45,916
3.37%, 05/01/2037		896,361		1,049,794
3.38%, 12/01/2029		779,710		882,168
6-Month LIBOR + 1.54%, 3.42% (A), 02/01/2037		20,388		20,728
3.50% (A), 07/25/2028		2,032,000		2,332,189
3.50%, 04/01/2043 - 01/01/2044		2,216,250		2,365,986
3.52%, 10/01/2029		794,573		903,462
3.59%, 01/01/2031		926,522		1,069,344
12-Month LIBOR + 1.63%, 3.63% (A), 04/01/2037		7,220		7,335
12-Month LIBOR + 1.68%, 3.68% (A), 04/01/2036		27,631		28,738
12-Month LIBOR + 1.46%, 3.71% (A), 09/01/2037		23,629		24,103
3.73%, 05/01/2029		845,781		993,515
12-Month LIBOR + 1.86%, 3.75% (A), 11/01/2036		16,289		16,398
3.76%, 12/01/2035		1,873,451		2,256,122
12-Month LIBOR + 1.41%, 3.77% (A), 11/01/2037		38,263		39,291

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
12-Month LIBOR + 1.79%, 3.86% (A), 12/01/2036		$   14,991		$   15,295
12-Month LIBOR + 1.63%, 3.88% (A), 09/01/2036		90,116		93,363
12-Month LIBOR + 1.94%, 3.94% (A), 12/01/2036		49,189		49,627
3.97%, 12/01/2025		404,000		459,138
12-Month LIBOR + 1.77%, 3.97% (A), 10/01/2036		23,647		23,810
4.00%, 01/01/2043 - 08/01/2048		6,124,033		6,659,893
4.02%, 11/01/2028		627,904		728,605
4.05%, 01/01/2021		1,565,000		1,574,823
12-Month LIBOR + 1.82%, 4.07% (A), 09/01/2036		17,267		17,390
12-Month LIBOR + 1.64%, 4.09% (A), 07/01/2037		28,270		29,299
1-Year CMT + 2.06%, 4.21% (A), 11/01/2037		81,385		84,424
12-Month LIBOR + 1.88%, 4.22% (A), 08/01/2036		4,207		4,233
4.23%, 02/01/2029		3,999,940		4,765,160
12-Month LIBOR + 2.28%, 4.23% (A), 11/01/2036		5,809		5,881
4.25%, 04/01/2021		1,500,000		1,522,330
4.26%, 07/01/2021		2,361,715		2,415,710
4.34%, 06/01/2021		7,000,000		7,145,904
12-Month LIBOR + 1.80%, 4.34% (A), 07/01/2037		27,276		27,531
4.45%, 07/01/2026		1,301,317		1,503,455
6-Month LIBOR + 2.50%, 4.46% (A), 03/01/2036		157,334		164,152
4.50%, 08/01/2021		3,000,000		3,079,533
4.55%, 06/25/2043		77,971		86,764
12-Month LIBOR + 2.38%, 4.60% (A), 03/01/2036		72,073		75,991
12-Month LIBOR + 1.83%, 4.61% (A), 06/01/2036		55,952		58,289
12-Month LIBOR + 1.80%, 4.67% (A), 05/01/2036		43,967		44,549
12-Month LIBOR + 2.37%, 4.99% (A), 08/01/2037		27,290		27,978
5.00%, 04/01/2022 - 08/01/2040		622,399		707,425
5.50%, 11/01/2032 - 07/01/2037		1,158,068		1,303,154
6.00%, 08/01/2021 - 11/01/2037		1,831,933		2,041,773
6.50%, 06/01/2023 - 07/25/2042		1,195,841		1,383,863
7.00%, 12/25/2033 - 02/25/2044		977,152		1,165,650
7.50%, 10/01/2037 - 12/25/2045		585,837		726,536
8.00%, 10/01/2031		53,586		61,741
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.24%, 0.73% (A), 10/25/2046		108,702		108,549
1-Month LIBOR + 0.29%, 0.78% (A), 07/25/2036		98,236		97,339
1-Month LIBOR + 0.40%, 0.89% (A), 06/25/2037		24,384		24,264
1-Month LIBOR + 0.55%, 1.04% (A), 08/25/2041		236,353		236,617

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

Transamerica Funds Semi-Annual Report 2020

Page    22

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC (continued)
1-Month LIBOR + 0.60%, 1.09% (A), 04/25/2040		$   176,487		$   176,873
1-Month LIBOR + 0.25%, 1.27% (A), 06/27/2036		135,863		133,690
3.00%, 01/25/2046		708,737		730,921
3.50%, 02/25/2043		860,055		951,139
4.28% (A), 12/25/2039		130,106		134,889
4.50%, 02/25/2039 - 05/25/2041		929,073		1,044,098
5.50%, 08/25/2025 - 10/25/2040		5,775,981		6,713,344
5.61%, 01/25/2032 (K)		48,378		53,072
5.75%, 08/25/2034		756,090		866,620
5.79% (A), 12/25/2042		97,394		108,787
5.89% (A), 05/25/2051		171,777		201,695
6.00%, 03/25/2029 - 12/25/2049		1,763,085		2,019,428
6.00% (A), 06/25/2040		129,060		150,051
6.21% (A), 02/25/2040		161,465		184,728
6.25%, 09/25/2038		20,069		23,229
6.44% (A), 03/25/2040		214,061		245,333
6.50%, 04/18/2028 - 11/25/2041		609,733		715,469
6.75%, 04/25/2037		50,004		56,405
7.00%, 03/25/2038 - 11/25/2041		1,356,151		1,613,197
7.50%, 05/17/2024		53,976		58,349
8.00%, 02/25/2023		173,726		186,065
(2.00) * 1-Month LIBOR + 12.66%, 11.69% (A), 03/25/2040		203,571		274,076
(2.00) * 1-Month LIBOR + 16.20%, 15.23% (A), 01/25/2034		12,702		15,175
(2.50) * 1-Month LIBOR + 16.88%, 15.66% (A), 08/25/2035 - 10/25/2035		51,883		74,016
(3.33) * 1-Month LIBOR + 17.67%, 16.04% (A), 04/25/2040		163,690		231,670
(2.75) * 1-Month LIBOR + 17.88%, 16.54% (A), 09/25/2024		65,903		79,586
(2.75) * 1-Month LIBOR + 19.53%, 18.19% (A), 05/25/2034		93,563		146,347
(2.75) * 1-Month LIBOR + 20.13%, 18.79% (A), 05/25/2035		105,509		139,445
(3.33) * 1-Month LIBOR + 22.67%, 21.04% (A), 04/25/2037		51,772		88,398
(3.67) * 1-Month LIBOR + 24.57%, 22.78% (A), 11/25/2035		53,176		81,910
Federal National Mortgage Association REMIC, Interest Only STRIPS
2.08% (A), 04/25/2041		230,224		15,184
2.13% (A), 01/25/2038		52,578		2,315
3.00%, 01/25/2021		44,462		311
(1.00) * 1-Month LIBOR + 4.44%, 3.95% (A), 11/25/2040		710,748		90,939
(1.00) * 1-Month LIBOR + 5.00%, 4.51% (A), 07/25/2040		713,354		108,608
5.00%, 07/25/2039		63,428		10,680
(1.00) * 1-Month LIBOR + 5.90%, 5.41% (A), 10/25/2039		30,303		4,611
5.50%, 10/25/2039		90,999		16,504
(1.00) * 1-Month LIBOR + 6.00%, 5.51% (A), 02/25/2038 - 06/25/2039		565,008		97,525
(1.00) * 1-Month LIBOR + 6.18%, 5.69% (A), 12/25/2039		9,399		1,449

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC, Interest Only STRIPS (continued)
(1.00) * 1-Month LIBOR + 6.25%, 5.76% (A), 01/25/2040		$   225,647		$   50,087
(1.00) * 1-Month LIBOR + 6.35%, 5.86% (A), 12/25/2037		475,497		89,770
(1.00) * 1-Month LIBOR + 6.40%, 5.91% (A), 07/25/2037 - 05/25/2040		545,071		112,309
(1.00) * 1-Month LIBOR + 6.42%, 5.93% (A), 04/25/2040		85,827		15,025
(1.00) * 1-Month LIBOR + 6.45%, 5.96% (A), 10/25/2037 - 12/25/2037		238,956		48,153
(1.00) * 1-Month LIBOR + 6.62%, 6.13% (A), 07/25/2037		123,133		20,325
(1.00) * 1-Month LIBOR + 6.65%, 6.16% (A), 10/25/2026 - 03/25/2039		411,884		66,795
(1.00) * 1-Month LIBOR + 6.70%, 6.21% (A), 03/25/2036		932,712		208,729
(1.00) * 1-Month LIBOR + 6.99%, 6.50% (A), 03/25/2038		116,264		25,894
(1.00) * 1-Month LIBOR + 7.10%, 6.61% (A), 02/25/2040		94,670		16,932
Federal National Mortgage Association REMIC, Principal Only STRIPS 10/25/2023 - 12/25/2043		2,512,640		2,355,046
Federal National Mortgage Association, Principal Only STRIPS 09/25/2024 - 08/25/2032		308,491		296,325
FREMF Mortgage Trust
3.70% (A), 11/25/2049 (B)		920,000		924,190
3.81% (A), 01/25/2048 (B)		4,355,000		4,510,371
3.81% (A), 01/25/2048 (B)		1,405,000		1,321,806
3.96% (A), 11/25/2047 (B)		2,000,000		1,899,885
3.97% (A), 07/25/2049 (B)		750,000		759,626
4.21% (A), 11/25/2047 (B)		853,000		817,545
Government National Mortgage Association
1-Month LIBOR + 0.45%, 1.81% (A), 03/20/2060		9,228		9,141
1-Month LIBOR + 0.47%, 1.83% (A), 05/20/2063		1,298,624		1,294,245
1-Month LIBOR + 0.50%, 1.86% (A), 06/20/2067		1,905,942		1,896,564
1-Month LIBOR + 0.52%, 1.88% (A), 10/20/2062		1,106,149		1,103,794
1-Month LIBOR + 0.53%, 1.89% (A), 10/20/2062		1,062,851		1,067,490
1-Month LIBOR + 0.58%, 1.94% (A), 05/20/2066		796,896		796,637
1-Month LIBOR + 0.60%, 1.96% (A), 11/20/2065		2,667,619		2,663,871
1-Month LIBOR + 0.65%, 2.01% (A), 05/20/2061 - 01/20/2066		5,299,688		5,302,950
1-Month LIBOR + 0.70%, 2.06% (A), 05/20/2061 - 03/20/2066		4,289,435		4,299,245
1-Month LIBOR + 1.00%, 2.36% (A), 12/20/2066		733,226		740,964
4.50%, 11/20/2034 - 11/20/2049		3,734,043		4,111,071
5.50%, 01/16/2033 - 09/20/2039		3,059,112		3,493,696
5.75%, 02/20/2036 - 10/20/2037		477,595		539,725
5.82% (A), 10/20/2033		195,211		220,663
6.00%, 11/20/2033 - 08/20/2038		709,282		815,905

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

Transamerica Funds Semi-Annual Report 2020

Page    23

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
6.50%, 12/20/2031 - 12/15/2035		$   638,009		$   731,900
7.00%, 09/15/2031 - 10/16/2040		670,847		786,500
(6.25) * 1-Month LIBOR + 44.50%, 7.00% (A), 09/20/2034		10,458		11,460
7.50%, 09/16/2035 - 10/15/2037		121,956		147,509
(1.83) * 1-Month LIBOR + 14.70%, 13.25% (A), 11/17/2032		15,998		18,234
(2.92) * 1-Month LIBOR + 17.50%, 15.41% (A), 02/20/2034		39,937		53,080
(3.50) * 1-Month LIBOR + 23.28%, 20.76% (A), 04/20/2037		109,369		167,612
Government National Mortgage Association, Interest Only STRIPS
1.66% (A), 06/20/2067		4,500,354		400,081
(1.00) * 1-Month LIBOR + 5.83%, 5.11% (A), 02/20/2038		55,657		7,911
(1.00) * 1-Month LIBOR + 5.90%, 5.18% (A), 09/20/2038		362,453		70,682
(1.00) * 1-Month LIBOR + 5.95%, 5.23% (A), 02/20/2039 - 06/20/2039		144,379		19,473
(1.00) * 1-Month LIBOR + 6.05%, 5.26% (A), 08/16/2039		209,850		33,028
(1.00) * 1-Month LIBOR + 6.00%, 5.28% (A), 02/20/2038		596,244		95,751
(1.00) * 1-Month LIBOR + 6.10%, 5.31% (A), 07/16/2039		224,482		34,514
(1.00) * 1-Month LIBOR + 6.04%, 5.32% (A), 02/20/2039		47,603		5,763
(1.00) * 1-Month LIBOR + 6.09%, 5.37% (A), 09/20/2039		356,976		75,397
(1.00) * 1-Month LIBOR + 6.10%, 5.38% (A), 11/20/2034		289,298		36,554
(1.00) * 1-Month LIBOR + 6.15%, 5.43% (A), 07/20/2038		394,217		64,533
(1.00) * 1-Month LIBOR + 6.20%, 5.48% (A), 03/20/2037 - 06/20/2038		154,147		26,848
(1.00) * 1-Month LIBOR + 6.30%, 5.58% (A), 03/20/2039		1,002		4
(1.00) * 1-Month LIBOR + 6.40%, 5.61% (A), 06/16/2039 - 11/16/2039		247,587		43,368
(1.00) * 1-Month LIBOR + 6.40%, 5.68% (A), 12/20/2038		55,321		3,316
(1.00) * 1-Month LIBOR + 6.55%, 5.76% (A), 11/16/2033		60,159		6,749
(1.00) * 1-Month LIBOR + 6.55%, 5.83% (A), 11/20/2037		37,569		5,437
(1.00) * 1-Month LIBOR + 6.60%, 5.88% (A), 05/20/2041		246,176		46,454
(1.00) * 1-Month LIBOR + 6.68%, 5.96% (A), 07/20/2037		226,130		44,028
(1.00) * 1-Month LIBOR + 6.70%, 5.98% (A), 06/20/2037		425,950		74,850
6.50%, 03/20/2039		32,723		5,890
(1.00) * 1-Month LIBOR + 7.30%, 6.58% (A), 12/20/2038		241,496		52,490
(1.00) * 1-Month LIBOR + 7.60%, 6.88% (A), 09/20/2038		27,887		4,793
(1.00) * 1-Month LIBOR + 7.70%, 6.91% (A), 04/16/2038		22,051		4,300

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association, Principal Only STRIPS 12/20/2032 - 12/20/2040		$   865,733		$   824,562
National Credit Union Administration Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40% (J), 12/08/2020		12,128		12,179
Residual Funding Corp., Principal Only STRIPS
07/15/2020 - 10/15/2020		2,790,000		2,787,171
01/15/2030		2,000,000		1,745,538
Resolution Funding Corp., Principal Only STRIPS Zero Coupon, 10/15/2027		80,000		72,647
Tennessee Valley Authority
4.25%, 09/15/2065		365,000		582,862
4.63%, 09/15/2060		451,000		719,883
5.88%, 04/01/2036		2,565,000		3,988,244
Tennessee Valley Authority, Principal Only STRIPS 11/01/2025 - 05/01/2030		3,300,000		2,971,570
Vendee Mortgage Trust
6.75%, 06/15/2028		193,131		225,630
7.25%, 02/15/2023		135,871		145,102
Total U.S. Government Agency Obligations (Cost $304,278,000)				322,017,553
U.S. GOVERNMENT OBLIGATIONS - 22.4%
U.S. Treasury - 22.1%
U.S. Treasury Bond
2.00%, 02/15/2050 (F)		8,099,000		9,553,340
2.25%, 08/15/2046		280,000		340,725
2.38%, 11/15/2049 (F)		9,055,000		11,503,741
2.50%, 02/15/2045		2,300,000		2,903,031
2.75%, 08/15/2042 (F)		3,348,000		4,358,024
2.75%, 11/15/2042		3,500,000		4,555,469
2.88%, 08/15/2045 (F)		2,000,000		2,695,234
3.00%, 02/15/2048		430,000		603,646
3.13%, 02/15/2043 - 05/15/2048 (F)		2,841,000		3,932,840
3.38%, 05/15/2044		3,000,000		4,327,031
3.63%, 08/15/2043		5,400,000		8,022,586
3.63%, 02/15/2044 (F)		4,790,000		7,149,636
3.75%, 11/15/2043		6,290,000		9,532,790
3.88%, 08/15/2040		60,000		90,509
U.S. Treasury Bond, Principal Only STRIPS
05/15/2020 - 08/15/2020 (F)		860,000		859,823
02/15/2021 - 02/15/2033 (F)		40,543,000		40,248,316
05/15/2023 - 08/15/2041		13,995,000		13,373,351
U.S. Treasury Note
1.25%, 10/31/2021		4,800,000		4,876,687
1.50%, 02/28/2023		5,000,000		5,178,320
1.50%, 08/15/2026 (F)		142,000		150,975
1.63%, 10/31/2023		7,000,000		7,327,852
1.63%, 02/15/2026 (F)		88,400		94,357
1.75%, 02/28/2022 (F)		13,790,000		14,179,998
1.75%, 07/15/2022 - 12/31/2026		21,394,200		22,263,250
1.88%, 11/30/2021 (F)		2,800,000		2,874,484
1.88%, 08/31/2022 - 08/31/2024		4,398,000		4,578,664

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

Transamerica Funds Semi-Annual Report 2020

Page    24

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note (continued)
2.00%, 10/31/2021 - 11/15/2026		$   5,369,000		$   5,545,566
2.00%, 02/15/2023 - 08/15/2025 (F)		546,800		575,233
2.13%, 01/31/2021 - 02/29/2024		2,279,000		2,354,763
2.13%, 03/31/2024 (F)		1,000,000		1,070,859
2.25%, 11/15/2024 - 02/15/2027 (F)		4,435,000		4,842,092
2.50%, 08/15/2023 (F)		2,000,000		2,146,250
2.50%, 05/15/2024		148,000		160,979
2.63%, 05/15/2021		2,163,600		2,219,042
2.75%, 05/31/2023		334,000		359,533
2.75%, 02/15/2024 (F)		6,000,000		6,552,891
2.88%, 05/31/2025		2,396,000		2,697,465
2.88%, 05/15/2028 (F)		656,000		775,336
U.S. Treasury Strip Coupon, Principal Only STRIPS Zero Coupon, 11/15/2041		7,200,000		5,432,486
				220,307,174
U.S. Treasury Inflation-Protected Securities - 0.3%
U.S. Treasury Inflation-Indexed Note 0.13%, 01/15/2022		3,322,120		3,292,227
Total U.S. Government Obligations (Cost $199,846,025)				223,599,401

	Shares		Value
OTHER INVESTMENT COMPANY - 8.2%
Securities Lending Collateral - 8.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (J)		81,802,926		$   81,802,926
Total Other Investment Company (Cost $81,802,926)				81,802,926
	Principal		Value
REPURCHASE AGREEMENT - 2.2%
Fixed Income Clearing Corp., 0.00% (J), dated 04/30/2020, to be repurchased at $22,218,724 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $22,665,425.		$  22,218,724		22,218,724
Total Repurchase Agreement (Cost $22,218,724)				22,218,724
Total Investments (Cost $1,026,222,850)				1,077,958,287
Net Other Assets (Liabilities) - (8.0)%				(79,548,628	)
Net Assets - 100.0%				$  998,409,659

INVESTMENT VALUATION:

Valuation Inputs ^(L)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (M)		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	117,009,733	$	3,257,036	$	120,266,769
Corporate Debt Securities		—		256,070,050		—		256,070,050
Foreign Government Obligations		—		7,478,876		—		7,478,876
Mortgage-Backed Securities		—		38,006,448		—		38,006,448
Municipal Government Obligations		—		6,497,540		—		6,497,540
U.S. Government Agency Obligations		—		322,017,553		—		322,017,553
U.S. Government Obligations		—		223,599,401		—		223,599,401
Other Investment Company		81,802,926		—		—		81,802,926
Repurchase Agreement		—		22,218,724		—		22,218,724
Total Investments	$	81,802,926	$	992,898,325	$	3,257,036	$	1,077,958,287
Transfers
Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Asset-Backed Securities (E)	$	—	$	—	$	1,400,000	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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 Semi-Annual Report 2020

Page    25

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(B)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $183,189,385, representing 18.3% of the Fund’s net assets.
(C)	Securities are Level 3 of the fair value hierarchy.
(D)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2020, the total value of securities is $7,349,608, representing 0.7% of the Fund’s net assets.
(E)	Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.
(F)	All or a portion of the securities are on loan. The total value of all securities on loan is $115,002,786, collateralized by cash collateral of $81,802,926 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $35,548,951. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(G)	Percentage rounds to less than 0.1% or (0.1)%.
(H)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(I)	Perpetual maturity. The date displayed is the next call date.
(J)	Rates disclosed reflect the yields at April 30, 2020.
(K)	Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2020; the maturity date disclosed is the ultimate maturity date.
(L)	The Fund recognizes transfers in and out of Level 3 as of April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(M)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities

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

Transamerica Funds Semi-Annual Report 2020

Page    26

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 100.1%
Australia - 5.0%
Centuria Capital Group		72,351		$  75,371
Centuria Industrial, REIT		40,697		69,794
Centuria Office, REIT		13,000		16,381
Charter Hall Group, REIT		2,928		14,469
Charter Hall Long Wale, REIT		4,026		11,671
Dexus, REIT		10,290		61,085
Goodman Group, REIT (A)		23,249		198,017
Lendlease Group (B)		6,770		53,929
Lendlease Group		9,202		73,302
NEXTDC, Ltd. (A) (C)		6,411		36,586
Scentre Group, REIT		19,716		29,618
Viva Energy, REIT		33,402		52,190
				692,413
Belgium - 0.7%
Aedifica SA, REIT		1,057		102,442
Canada - 1.6%
Allied Properties, REIT		4,528		144,953
Canadian Apartment Properties, REIT		2,225		76,567
				221,520
Cayman Islands - 1.4%
ESR Cayman, Ltd. (C) (D)		86,600		189,581
China - 0.8%
GDS Holdings, Ltd., ADR (C)		1,329		76,178
Guangzhou R&F Properties Co., Ltd., H Shares		28,000		35,557
				111,735
Germany - 2.9%
LEG Immobilien AG		1,469		168,648
Vonovia SE		4,584		226,674
				395,322
Hong Kong - 6.3%
CK Asset Holdings, Ltd.		39,500		249,590
Kerry Properties, Ltd.		10,500		29,001
Link, REIT		23,100		205,919
New World Development Co., Ltd.		88,000		103,967
Sun Hung Kai Properties, Ltd.		5,000		68,369
Swire Properties, Ltd.		48,800		136,872
Wheelock & Co., Ltd.		9,000		65,961
				859,679
Japan - 13.3%
Activia Properties, Inc., REIT		34		99,188
Comforia Residential, Inc., REIT		24		71,260
Daito Trust Construction Co., Ltd.		1,100		104,594
Daiwa House Industry Co., Ltd.		6,300		159,644
Daiwa House Investment Corp., REIT		33		79,847
Hankyu Hanshin, Inc., REIT		13		14,009
Heiwa Real Estate Co., Ltd.		300		8,055
Heiwa Real Estate, Inc., REIT		16		14,112
Hulic, Inc., REIT		72		80,360
Ichigo Office Investment Corp., REIT (A)		122		76,910
Japan Hotel Investment Corp., REIT		288		95,588
Japan Real Estate Investment Corp., REIT		18		97,223
Katitas Co., Ltd. (A)		500		8,726
Kenedix Office Investment Corp., REIT (A)		23		113,624
MCUBS MidCity Investment Corp., REIT		135		93,699
Mitsubishi Estate Logistics Investment Corp., REIT		29		94,440

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Mitsui Fudosan Co., Ltd.		13,100		$   240,869
Nippon Building Fund, Inc., REIT		7		41,743
Nippon Prologis, Inc., REIT		12		33,220
Sumitomo Realty & Development Co., Ltd.		4,300		115,165
Tokyu Fudosan Holdings Corp.		37,400		182,969
				1,825,245
Luxembourg - 1.7%
Aroundtown SA		43,877		236,009
Norway - 0.6%
Entra ASA (A) (D)		7,108		89,496
Republic of Korea - 0.1%
LOTTE Co., Ltd., REIT		1,950		8,497
Singapore - 2.5%
AIMS APAC, REIT		88,400		71,726
Cromwell European, REIT		101,400		43,581
Lendlease Global Commercial, REIT		372,694		150,468
Mapletree Commercial Trust, REIT		20,400		28,090
Mapletree Logistics Trust, REIT		34,700		43,956
				337,821
Spain - 2.4%
Aedas Homes SA (C) (D)		4,235		64,786
Cellnex Telecom SA (D)		1,780		93,102
Inmobiliaria Colonial Socimi SA, REIT		17,920		173,088
				330,976
Sweden - 2.5%
Castellum AB		9,436		165,506
Kungsleden AB		22,561		171,812
				337,318
United Kingdom - 6.1%
Assura PLC, REIT		166,917		160,099
Big Yellow Group PLC, REIT		2,788		37,528
Derwent London PLC, REIT		3,659		142,973
Grainger PLC		30,883		103,758
LondonMetric Property PLC, REIT		37,684		92,070
Primary Health Properties PLC, REIT		46,814		90,672
Segro PLC, REIT		20,286		212,628
				839,728
United States - 52.2%
Alexandria Real Estate Equities, Inc., REIT		2,094		328,946
American Homes 4 Rent, Class A, REIT		10,173		245,576
Boston Properties, Inc., REIT		2,350		228,373
CareTrust, Inc., REIT		6,962		114,734
CoreSite Realty Corp., REIT		1,027		124,462
Cousins Properties, Inc., REIT		6,104		184,158
Crown Castle International Corp., REIT		647		103,151
CyrusOne, Inc., REIT		2,920		204,838
EPR Properties, REIT		4,509		132,655
Equinix, Inc., REIT		1,009		681,277
Equity Residential, REIT		6,121		398,232
Extra Space Storage, Inc., REIT		3,766		332,312
Federal Realty Investment Trust, REIT		1,572		130,900
Healthcare Trust of America, Inc., Class A, REIT		5,651		139,184
Healthpeak Properties, Inc., REIT		8,562		223,811
Host Hotels & Resorts, Inc., REIT		10,657		131,188
Hudson Pacific Properties, Inc., REIT		4,536		111,495

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

Transamerica Funds Semi-Annual Report 2020

Page    27

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Mid-America Apartment Communities, Inc., REIT		2,315		$   259,095
Pebblebrook Hotel Trust, REIT		4,749		56,228
Prologis, Inc., REIT		8,174		729,366
Regency Centers Corp., REIT		4,215		185,081
Rexford Industrial Realty, Inc., REIT		6,899		280,927
RLJ Lodging Trust, REIT		5,787		53,761
SBA Communications Corp., REIT		340		98,573
Simon Property Group, Inc., REIT		2,380		158,913
Spirit Realty Capital, Inc., REIT		6,936		213,351
STAG Industrial, Inc., REIT		6,609		173,486
Sun Communities, Inc., REIT		2,445		328,608
Switch, Inc.		4,576		78,570
UDR, Inc., REIT		6,207		232,576
Ventas, Inc., REIT		1,000		32,350
VEREIT, Inc.		21,033		115,261
VICI Properties, Inc., REIT		13,744		239,420
Welltower, Inc., REIT		2,308		118,239
				7,169,097
Total Common Stocks (Cost $13,907,893)				13,746,879

	Shares		Value
OTHER INVESTMENT COMPANY - 0.7%
Securities Lending Collateral - 0.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (E)		94,022		$   94,022
Total Other Investment Company (Cost $94,022)				94,022
	Principal		Value
REPURCHASE AGREEMENT - 23.2%
Fixed Income Clearing Corp., 0.00% (E), dated 04/30/2020, to be repurchased at $3,183,496 on 05/01/2020. Collateralized by a U.S. Government Obligation, 1.88%, due 03/31/2022, and with a value of $3,249,842.		$  3,183,496		3,183,496
Total Repurchase Agreement (Cost $3,183,496)				3,183,496
Total Investments (Cost $17,185,411)				17,024,397
Net Other Assets (Liabilities) - (24.0)%				(3,291,530	)
Net Assets - 100.0%				$  13,732,867

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BNP	07/15/2020		USD	366		THB	12,000	$	—	$	(5	)
BNP	07/15/2020		CAD	58,000		USD	41,763		—		(87	)
BOA	07/15/2020		USD	92,427		SEK	921,000		—		(2,049	)
BOA	07/15/2020		ZAR	120,000		USD	6,556		—		(130	)
BOA	07/15/2020		EUR	141,000		USD	153,090		1,672		—
BOA	07/15/2020		AUD	1,000		USD	650		1		—
CITI	07/15/2020		ILS	318,000		USD	89,531		1,918		—
CITI	07/15/2020		HKD	1,686,000		USD	217,347		—		(81	)
GSI	07/15/2020		USD	15,048		CAD	21,000		—		(42	)
GSI	07/15/2020		USD	163,040		HKD	1,265,000		25		—
GSI	07/15/2020		USD	6,323		JPY	678,000		—		(2	)
GSI	07/15/2020		SGD	276,000		USD	195,109		682		—
GSI	07/15/2020		NOK	175,000		USD	16,444		645		—
HSBC	07/15/2020		USD	12,101		AUD	19,000		—		(282	)
HSBC	07/15/2020		USD	39,442		HKD	306,000		10		—
HSBC	07/15/2020		USD	119,848		NZD	197,000		—		(940	)
HSBC	07/15/2020		EUR	29,000		USD	31,713		117		—
HSBC	07/15/2020		HKD	15,000		USD	1,933		—		—
HSBC	07/15/2020		CAD	1,000		USD	711		8		—
HSBC	07/15/2020		JPY	10,664,000		USD	99,791		—		(298	)
HSBC	07/15/2020		SEK	476,000		USD	48,144		684		—
HSBC	07/15/2020		SGD	20,000		USD	14,162		26		—
JPM	07/15/2020		USD	94,388		AUD	148,000		—		(2,073	)
JPM	07/15/2020		USD	37,045		EUR	34,000		—		(273	)
JPM	07/15/2020		USD	283,572		GBP	227,000		—		(2,425	)
JPM	07/15/2020		USD	66,211		JPY	7,117,000		—		(189	)
JPM	07/15/2020		USD	101,358		NOK	1,038,000		—		(3	)
JPM	07/15/2020		AUD	232,000		USD	149,677		1,533		—
JPM	07/15/2020		CHF	180,000		USD	186,657		236		—
JPM	07/15/2020		EUR	89,000		USD	97,355		332		—
JPM	07/15/2020		NZD	164,000		USD	99,553		1,000		—

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

Transamerica Funds Semi-Annual Report 2020

Page    28

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
JPM		07/15/2020		JPY	45,538,000		USD	426,448	$	—	$	(1,590	)
JPM		07/15/2020		GBP	8,000		USD	9,976		103		—
JPM		07/15/2020		NOK	194,000		USD	18,604		340		—
SSB		07/15/2020		USD	36,516		AUD	58,000		—		(1,287	)
SSB		07/15/2020		USD	37,445		JPY	4,011,000		23		—
SSB		07/15/2020		GBP	94,000		USD	116,969		1,461		—
SSB		07/15/2020		NZD	187,000		USD	112,800		1,856		—
SSB		07/15/2020		THB	12,000		USD	369		2		—
SSB		07/15/2020		SGD	145,000		USD	102,604		257		—
UBS		07/15/2020		USD	4,383		HKD	34,000		1		—
UBS		07/15/2020		JPY	11,442,000		USD	106,376		375		—
UBS		07/15/2020		HKD	228,000		USD	29,386		—		(5	)
UBS		07/15/2020		EUR	28,000		USD	30,410		324		—
UBS		07/15/2020		AUD	16,000		USD	10,110		318		—
UBS		07/15/2020		SGD	8,000		USD	5,642		33		—
Total									$	13,982	$	(11,761	)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Equity Real Estate Investment Trusts		60.7	%	$	10,334,232
Real Estate Management & Development		17.9			3,052,840
IT Services		1.1			191,334
Diversified Telecommunication Services		0.6			93,102
Capital Markets		0.4			75,371
Investments		80.7			13,746,879
Short-Term Investments		19.3			3,277,518
Total Investments		100.0	%	$	17,024,397

INVESTMENT 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	$	7,466,795	$	6,280,084		$	—	$	13,746,879
Other Investment Company		94,022		—			—		94,022
Repurchase Agreement		—		3,183,496			—		3,183,496
Total Investments	$	7,560,817	$	9,463,580		$	—	$	17,024,397
Other Financial Instruments
Forward Foreign Currency Contracts (G)	$	—	$	13,982		$	—	$	13,982
Total Other Financial Instruments	$	—	$	13,982		$	—	$	13,982
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (G)	$	—	$	(11,761	)	$	—	$	(11,761	)
Total Other Financial Instruments	$	—	$	(11,761	)	$	—	$	(11,761	)

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

Transamerica Funds Semi-Annual Report 2020

Page    29

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

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 $502,221, collateralized by cash collateral of $94,022 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $434,532. 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)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2020, the value of the security is $53,929, representing 0.4% of the Fund’s net assets.
(C)	Non-income producing securities.
(D)	Securities are exempt from registration 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 April 30, 2020, the total value of 144A securities is $436,965, representing 3.2% of the Fund’s net assets.
(E)	Rates disclosed reflect the yields at April 30, 2020.
(F)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(G)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
ILS	Israel New Shekel
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BNP	BNP Paribas
BOA	Bank of America, N.A.
CITI	Citibank, N.A.
GSI	Goldman Sachs International
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
SSB	State Street Bank & Trust Co.
UBS	UBS AG

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 Semi-Annual Report 2020

Page    30

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 96.3%
Airlines - 0.6%
Southwest Airlines Co.		21,298		$  665,563
Auto Components - 0.7%
BorgWarner, Inc.		25,508		728,764
Banks - 7.7%
Citizens Financial Group, Inc.		38,961		872,337
Fifth Third Bancorp		68,280		1,276,153
First Republic Bank		10,269		1,070,954
Huntington Bancshares, Inc.		76,387		705,816
M&T Bank Corp.		15,740		1,764,139
Regions Financial Corp.		75,364		810,163
TCF Financial Corp. (A)		23,520		698,309
Truist Financial Corp.		12,906		481,652
Zions Bancorp NA		17,188		543,312
				8,222,835
Beverages - 1.5%
Constellation Brands, Inc., Class A		6,188		1,019,102
Keurig Dr. Pepper, Inc. (A)		21,250		562,275
				1,581,377
Building Products - 0.8%
Fortune Brands Home & Security, Inc.		17,261		831,980
Capital Markets - 5.4%
Ameriprise Financial, Inc.		11,874		1,364,798
Northern Trust Corp.		15,366		1,216,373
Raymond James Financial, Inc.		17,782		1,172,189
T. Rowe Price Group, Inc.		17,423		2,014,621
				5,767,981
Chemicals - 1.2%
Sherwin-Williams Co.		2,405		1,289,970
Communications Equipment - 0.4%
CommScope Holding Co., Inc. (B)		34,177		376,289
Construction Materials - 1.0%
Martin Marietta Materials, Inc.		5,453		1,037,324
Consumer Finance - 0.2%
Discover Financial Services		5,862		251,890
Containers & Packaging - 3.4%
Ball Corp.		16,449		1,078,890
Packaging Corp. of America		5,835		563,953
Silgan Holdings, Inc.		32,739		1,129,495
WestRock Co.		26,390		849,494
				3,621,832
Distributors - 0.6%
Genuine Parts Co.		8,677		687,913
Electric Utilities - 4.4%
Edison International		24,096		1,414,676
Entergy Corp.		13,301		1,270,379
Xcel Energy, Inc.		31,920		2,028,835
				4,713,890
Electrical Equipment - 2.7%
Acuity Brands, Inc.		10,392		899,843
AMETEK, Inc.		13,886		1,164,619
Hubbell, Inc.		6,156		765,991
				2,830,453

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components - 3.7%
Amphenol Corp., Class A		12,874		$   1,136,259
CDW Corp.		9,988		1,106,671
Keysight Technologies, Inc. (B)		8,499		822,448
SYNNEX Corp.		10,412		911,675
				3,977,053
Equity Real Estate Investment Trusts - 11.5%
American Campus Communities, Inc.		12,743		449,701
American Homes 4 Rent, Class A		31,785		767,290
AvalonBay Communities, Inc.		9,071		1,478,119
Boston Properties, Inc.		13,446		1,306,682
Brixmor Property Group, Inc.		52,886		605,545
Essex Property Trust, Inc.		3,761		918,060
Federal Realty Investment Trust		10,607		883,245
JBG SMITH Properties		14,915		506,364
Kimco Realty Corp.		49,096		535,637
Outfront Media, Inc.		31,225		489,920
Rayonier, Inc.		34,269		823,484
Regency Centers Corp.		11,686		513,132
Ventas, Inc.		10,648		344,463
Vornado Realty Trust		22,551		988,185
Weyerhaeuser Co.		35,006		765,581
WP Carey, Inc.		12,852		845,405
				12,220,813
Food & Staples Retailing - 1.2%
Kroger Co.		31,284		988,887
US Foods Holding Corp. (B)		13,200		283,800
				1,272,687
Food Products - 1.0%
Post Holdings, Inc. (B)		11,505		1,056,734
Gas Utilities - 1.0%
National Fuel Gas Co.		25,240		1,034,840
Health Care Equipment & Supplies - 1.5%
Zimmer Biomet Holdings, Inc.		13,224		1,582,913
Health Care Providers & Services - 6.4%
AmerisourceBergen Corp.		14,742		1,321,768
Cigna Corp.		5,898		1,154,710
Henry Schein, Inc. (B)		15,342		837,060
Humana, Inc.		2,049		782,349
Laboratory Corp. of America Holdings (B)		9,169		1,507,842
Universal Health Services, Inc., Class B		11,711		1,237,736
				6,841,465
Household Durables - 1.7%
Mohawk Industries, Inc. (B)		10,096		885,621
Newell Brands, Inc.		63,617		883,004
				1,768,625
Household Products - 0.8%
Energizer Holdings, Inc.		20,889		813,835
Industrial Conglomerates - 0.8%
Carlisle Cos., Inc.		6,681		808,134
Insurance - 6.5%
Alleghany Corp.		1,351		721,042
Hartford Financial Services Group, Inc.		30,730		1,167,433
Lincoln National Corp.		14,527		515,273
Loews Corp.		51,487		1,784,539
Marsh & McLennan Cos., Inc.		10,491		1,021,089

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

Transamerica Funds Semi-Annual Report 2020

Page    31

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Progressive Corp.		13,027		$   1,006,987
WR Berkley Corp.		12,668		684,072
				6,900,435
Internet & Direct Marketing Retail - 0.5%
Expedia Group, Inc.		6,856		486,639
IT Services - 0.8%
Jack Henry & Associates, Inc.		5,339		873,193
Machinery - 4.9%
IDEX Corp.		7,684		1,180,493
ITT, Inc.		20,453		1,078,282
Lincoln Electric Holdings, Inc.		13,443		1,082,296
Middleby Corp. (B)		13,403		745,609
Snap-on, Inc.		8,760		1,141,340
				5,228,020
Media - 3.6%
Discovery, Inc., Class C (B)		52,919		1,080,077
DISH Network Corp., Class A (B)		19,988		500,000
Liberty Broadband Corp., Class C (B)		7,971		977,882
Liberty Media Corp. - Liberty SiriusXM, Class C (B)		36,416		1,240,693
				3,798,652
Multi-Utilities - 5.1%
CMS Energy Corp.		32,054		1,829,963
Sempra Energy		13,837		1,713,713
WEC Energy Group, Inc.		20,746		1,878,550
				5,422,226
Multiline Retail - 0.6%
Kohl’s Corp.		18,273		337,320
Nordstrom, Inc. (A)		14,852		278,920
				616,240
Oil, Gas & Consumable Fuels - 5.5%
Cabot Oil & Gas Corp.		54,348		1,175,004
Diamondback Energy, Inc.		34,623		1,507,485
EQT Corp.		55,298		806,798
Equitrans Midstream Corp. (A)		49,265		412,841
Williams Cos., Inc.		99,871		1,934,501
				5,836,629
Personal Products - 0.2%
Coty, Inc., Class A		37,798		205,999
Real Estate Management & Development - 1.4%
CBRE Group, Inc., Class A (B)		28,122		1,207,277
Cushman & Wakefield PLC (B)		26,397		321,252
				1,528,529
Semiconductors & Semiconductor Equipment - 0.8%
Analog Devices, Inc.		7,458		817,397
Software - 1.1%
Synopsys, Inc. (B)		7,202		1,131,578
Specialty Retail - 3.4%
AutoZone, Inc. (B)		1,730		1,765,154
Best Buy Co., Inc.		17,829		1,368,019
Gap, Inc.		55,944		454,265
				3,587,438

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 1.7%
Carter’s, Inc.		5,499		$   430,022
PVH Corp.		10,599		521,789
Ralph Lauren Corp.		11,321		835,263
				1,787,074
Total Common Stocks (Cost $76,928,860)				102,205,209
OTHER INVESTMENT COMPANY - 0.4%
Securities Lending Collateral - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (C)		436,823		436,823
Total Other Investment Company (Cost $436,823)				436,823
	Principal		Value
REPURCHASE AGREEMENT - 3.9%
Fixed Income Clearing Corp., 0.00% (C), dated 04/30/2020, to be repurchased at $4,099,602 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $4,184,708.		$  4,099,602		4,099,602
Total Repurchase Agreement (Cost $4,099,602)				4,099,602
Total Investments (Cost $81,465,285)				106,741,634
Net Other Assets (Liabilities) - (0.6)%				(625,118	)
Net Assets - 100.0%				$  106,116,516

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

Transamerica Funds Semi-Annual Report 2020

Page    32

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	102,205,209	$	—	$	—	$	102,205,209
Other Investment Company		436,823		—		—		436,823
Repurchase Agreement		—		4,099,602		—		4,099,602
Total Investments	$	102,642,032	$	4,099,602	$	—	$	106,741,634

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 $1,932,773, collateralized by cash collateral of $436,823 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,551,126. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Non-income producing securities.
(C)	Rates disclosed reflect the yields at April 30, 2020.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    33

Transamerica Total Return

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 10.6%
ABFC Trust
Series 2004-OPT4, Class A1,
1-Month LIBOR + 0.62%, 1.11% (A), 04/25/2034		$ 72,876		$  72,730
Series 2004-OPT5, Class A1,
1-Month LIBOR + 0.70%, 1.19% (A), 06/25/2034		149,711		138,448
Aurium CLO II DAC Series 2A, Class AR, 3-Month EURIBOR + 0.68%, 0.68% (A), 10/13/2029 (B)		EUR  1,900,000		2,034,646
B&M CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 0.73%, 1.91% (A), 04/16/2026 (B)		$ 98,088		97,293
Barings Euro CLO Series 2016-1A, Class A1R, 3-Month EURIBOR + 0.68%, 0.68% (A), 07/27/2030 (B)		EUR  1,900,000		2,033,132
Bear Stearns Asset-Backed Securities I Trust
Series 2005-AQ1, Class M2,
1-Month LIBOR + 0.65%, 1.14% (A), 03/25/2035		$  913,342		908,853
Series 2006-HE1, Class 1M2,
1-Month LIBOR + 0.43%, 0.92% (A), 12/25/2035		3,373,074		3,361,670
Series 2006-HE1, Class 2M2,
1-Month LIBOR + 0.43%, 1.59% (A), 02/25/2036		711,631		708,931
Series 2006-HE10, Class 21A3,
1-Month LIBOR + 0.24%, 0.73% (A), 12/25/2036		2,698,769		2,002,515
Series 2007-AQ1, Class A1,
1-Month LIBOR + 0.11%, 0.60% (A), 04/25/2031		101,184		164,062
Bear Stearns Asset-Backed Securities Trust Series 2002-2, Class A1, 1-Month LIBOR + 0.66%, 1.15% (A), 10/25/2032		2,940		2,856
C-BASS Trust Series 2007-CB1, Class AF1A, 1-Month LIBOR + 0.07%, 0.56% (A), 01/25/2037		313,701		111,136
CIFC Funding, Ltd. Series 2015-5A, Class A1R, 3-Month LIBOR + 0.86%, 1.85% (A), 10/25/2027 (B)		1,900,000		1,869,064
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates Series 2004-OPT1, Class M3, 1-Month LIBOR + 0.95%, 1.43% (A), 10/25/2034		1,595,751		1,492,786
Citigroup Mortgage Loan Trust, Inc. Series 2007-FS1, Class 1A1, 4.50% (A), 10/25/2037 (B)		684,028		697,362

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Countrywide Asset-Backed Certificates
Series 2006-15, Class A6,
4.57% (A), 10/25/2046		$   502,536		$   483,093
Series 2006-2, Class M1,
1-Month LIBOR + 0.40%, 0.89% (A), 06/25/2036		400,000		373,887
Series 2006-26, Class 2A3,
1-Month LIBOR + 0.17%, 0.66% (A), 06/25/2037		113,140		112,872
Credit Acceptance Auto Loan Trust Series 2018-2A, Class A, 3.47%, 05/17/2027 (B)		2,000,000		2,013,725
CVP Cascade CLO-1, Ltd. Series 2013-CLO1, Class A1R, 3-Month LIBOR + 1.15%, 2.33% (A), 01/16/2026 (B)		143,613		142,472
CWABS, Inc. Asset-Backed Certificates Trust
Series 2005-17, Class MV1,
1-Month LIBOR + 0.46%, 0.95% (A), 05/25/2036		1,500,000		1,405,685
Series 2006-14, Class 1A,
1-Month LIBOR + 0.14%, 0.63% (A), 02/25/2037		796,998		686,271
Denali Capital CLO X LLC Series 2013-1A, Class A1LR, 3-Month LIBOR + 1.05%, 2.04% (A), 10/26/2027 (B)		1,200,000		1,159,445
Dorchester Park CLO DAC Series 2015-1A, Class AR, 3-Month LIBOR + 0.90%, 2.04% (A), 04/20/2028 (B)		1,800,000		1,755,859
Dryden XXV Senior Loan Fund Series 2012-25A, Class ARR, 3-Month LIBOR + 0.90%, 2.12% (A), 10/15/2027 (B)		1,557,760		1,520,252
Evergreen Credit Card Trust Series 2019-2, Class A, 1.90%, 09/15/2024 (B)		2,000,000		1,979,079
First Franklin Mortgage Loan Trust Series 2004-FFH3, Class M2, 1-Month LIBOR + 0.93%, 1.42% (A), 10/25/2034		1,383,804		1,300,065
Flagship CLO VIII, Ltd. Series 2014-8A, Class ARR, 3-Month LIBOR + 0.85%, 2.03% (A), 01/16/2026 (B)		737,818		723,478
Home Equity Asset Trust Series 2002-1, Class A4, 1-Month LIBOR + 0.60%, 1.09% (A), 11/25/2032		1,026		818
Home Equity Mortgage Loan Asset-Backed Trust Series 2007-A, Class 1A, 1-Month LIBOR + 0.22%, 0.71% (A), 04/25/2037		419,782		330,495
JMP Credit Advisors CLO IIIR, Ltd. Series 2014-1RA, Class A, 3-Month LIBOR + 0.85%, 1.98% (A), 01/17/2028 (B)		1,898,960		1,827,399

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

Transamerica Funds Semi-Annual Report 2020

Page    34

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
JPMorgan Mortgage Acquisition Trust Series 2007-CH3, Class A5, 1-Month LIBOR + 0.26%, 0.75% (A), 03/25/2037		$   3,500,000		$   3,217,598
KVK CLO, Ltd. Series 2013-1A, Class AR, 3-Month LIBOR + 0.90%, 2.21% (A), 01/14/2028 (B)		1,233,276		1,200,728
LoanCore Issuer, Ltd. Series 2018-CRE1, Class A, 1-Month LIBOR + 1.13%, 1.94% (A), 05/15/2028 (B)		1,600,000		1,534,888
LP Credit Card ABS Master Trust Series 2018-1, Class A, 1-Month LIBOR + 1.55%, 2.32% (A), 08/20/2024 (B)		1,393,949		1,373,561
Merrill Lynch Mortgage Investors Trust Series 2006-FM1, Class A2C, 1-Month LIBOR + 0.16%, 1.27% (A), 04/25/2037		1,570,962		826,185
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1,
6.00% (A), 02/25/2037		122,515		84,805
Series 2007-8XS, Class A1,
5.75% (A), 04/25/2037		181,533		109,112
Mountain Hawk III CLO, Ltd. Series 2014-3A, Class AR, 3-Month LIBOR + 1.20%, 2.34% (A), 04/18/2025 (B)		237,619		235,083
Mountain View CLO, Ltd. Series 2014-1A, Class ARR, 3-Month LIBOR + 0.80%, 2.02% (A), 10/15/2026 (B)		1,089,351		1,067,056
Navient Private Education Refinance Loan Trust Series 2018-CA, Class A1, 3.01%, 06/16/2042 (B)		250,533		250,879
New Century Home Equity Loan Trust Series 2006-1, Class A2B, 1-Month LIBOR + 0.18%, 0.67% (A), 05/25/2036		53,487		42,761
Octagon Investment Partners XIX, Ltd. Series 2014-1A, Class AR, 3-Month LIBOR + 1.10%, 2.32% (A), 04/15/2026 (B)		15,453		15,410
Octagon Investment Partners XXIII, Ltd. Series 2015-1A, Class A1R, 3-Month LIBOR + 0.85%, 2.07% (A), 07/15/2027 (B)		1,000,000		967,732
Option One Mortgage Loan Trust Series 2007-4, Class 2A4, 1-Month LIBOR + 0.31%, 0.80% (A), 04/25/2037		4,005,632		2,720,408
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M2, 1-Month LIBOR + 0.80%, 1.28% (A), 07/25/2035		484,587		462,810

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class M1, 1-Month LIBOR + 0.39%, 0.88% (A), 02/25/2036		$   379,773		$   366,721
Securitized Asset-Backed Receivables LLC Trust Series 2007-HE1, Class A2A, 1-Month LIBOR + 0.06%, 0.55% (A), 12/25/2036		60,994		17,280
SLM Student Loan Trust Series 2005-4, Class A3, 3-Month LIBOR + 0.12%, 1.11% (A), 01/25/2027		745,706		729,974
Sofi Consumer Loan Program LLC Series 2016-3, Class A, 3.05%, 12/26/2025 (B)		75,267		74,836
Sofi Professional Loan Program Trust Series 2018-B, Class A1FX, 2.64%, 08/25/2047 (B)		215,450		215,509
Sound Point CLO, Ltd. Series 2015-3A, Class AR, 3-Month LIBOR + 0.89%, 2.03% (A), 01/20/2028 (B)		870,425		853,057
Specialty Underwriting & Residential Finance Trust Series 2004-BC2, Class M1, 1-Month LIBOR + 0.83%, 1.31% (A), 05/25/2035		1,847,606		1,758,006
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC1, Class A6, 1-Month LIBOR + 0.27%, 0.76% (A), 03/25/2036		828,588		699,492
Sudbury Mill CLO, Ltd.
Series 2013-1A, Class A1R,
3-Month LIBOR + 1.15%, 2.28% (A), 01/17/2026 (B)		460,758		455,550
Series 2013-1A, Class A2R,
3-Month LIBOR + 1.17%, 2.30% (A), 01/17/2026 (B)		460,758		457,922
Telos CLO, Ltd. Series 2014-5A, Class A1R, 3-Month LIBOR + 0.95%, 2.08% (A), 04/17/2028 (B)		1,879,699		1,816,484
Tralee CLO, Ltd. Series 2018-5A, Class A1, 3-Month LIBOR + 1.11%, 2.25% (A), 10/20/2028 (B)		2,300,000		2,208,656
U.S. Small Business Administration
Series 2003-20I, Class 1,
5.13%, 09/01/2023		2,673		2,794
Series 2004-20C, Class 1,
4.34%, 03/01/2024		25,136		26,165
Venture XII CLO, Ltd. Series 2012-12A, Class ARR, 3-Month LIBOR + 0.80%, 2.41% (A), 02/28/2026 (B)		1,219,240		1,193,217

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

Transamerica Funds Semi-Annual Report 2020

Page    35

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2005-4, Class M2, 1-Month LIBOR + 0.48%, 0.97% (A), 12/25/2035		$   6,249,453		$   6,110,179
Westlake Automobile Receivables Trust Series 2018-3A, Class A2A, 2.98%, 01/18/2022 (B)		380,894		381,360
WhiteHorse X, Ltd. Series 2015-10A, Class A1R, 3-Month LIBOR + 0.93%, 2.06% (A), 04/17/2027 (B)		703,290		691,082
Total Asset-Backed Securities (Cost $59,812,062)				63,677,679
CORPORATE DEBT SECURITIES - 44.3%
Aerospace & Defense - 0.3%
Raytheon Technologies Corp. 3.65%, 08/16/2023		220,000		237,764
Textron, Inc. 3-Month LIBOR + 0.55%, 2.28% (A), 11/10/2020		1,500,000		1,487,029
				1,724,793
Airlines - 0.1%
Latam Airlines Pass-Through Trust 4.20%, 08/15/2029		1,147,755		895,249
Automobiles - 0.3%
BMW Finance NV 2.25%, 08/12/2022 (B)		1,700,000		1,694,544
Banks - 9.5%
AIB Group PLC 4.75%, 10/12/2023 (B)		1,900,000		1,966,327
Bank of America Corp.
3-Month LIBOR + 0.79%, 2.10% (A), 03/05/2024, MTN		1,000,000		976,676
Fixed until 12/20/2022, 3.00% (A), 12/20/2023		4,319,000		4,463,479
Banque Federative du Credit Mutuel SA 3-Month LIBOR + 0.96%, 2.10% (A), 07/20/2023 (B)		2,200,000		2,158,677
Barclays Bank PLC
7.63%, 11/21/2022		3,900,000		4,090,125
10.18%, 06/12/2021 (B)		1,840,000		1,971,850
Barclays PLC
Fixed until 10/06/2022, 2.38% (A), 10/06/2023, MTN (C)		GBP     600,000		755,758
3.68%, 01/10/2023		$  1,100,000		1,124,571
BBVA USA 3-Month LIBOR + 0.73%, 1.50% (A), 06/11/2021		1,800,000		1,775,245
Citigroup, Inc. 3-Month LIBOR + 1.43%, 3.01% (A), 09/01/2023		500,000		500,667
Discover Bank 4.20%, 08/08/2023		1,800,000		1,876,776
ING Groep NV 4.10%, 10/02/2023		2,100,000		2,247,197

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Intesa Sanpaolo SpA 3.25%, 09/23/2024 (B)		$   1,500,000		$   1,479,895
JPMorgan Chase & Co.
3-Month LIBOR + 0.90%, 1.89% (A), 04/25/2023		1,700,000		1,685,012
Fixed until 07/23/2023, 3.80% (A), 07/23/2024		1,800,000		1,921,766
Lloyds Banking Group PLC
4.00%, 03/07/2025, MTN		AUD  2,000,000		1,367,999
Fixed until 06/27/2020 (D), 6.38% (A) (C)		EUR     500,000		530,730
Fixed until 06/27/2023 (D), 7.63% (A) (C)		GBP     700,000		870,453
Mitsubishi UFJ Financial Group, Inc. 3.46%, 03/02/2023		$  1,600,000		1,667,260
Mizuho Financial Group, Inc. Fixed until 09/11/2023, 3.92% (A), 09/11/2024		2,100,000		2,235,957
National Australia Bank, Ltd. 3.63%, 06/20/2023		1,900,000		2,026,540
NatWest Markets PLC 0.63%, 03/02/2022, MTN (C)		EUR  1,700,000		1,834,493
Royal Bank of Scotland Group PLC
Fixed until 08/10/2020 (D), 7.50% (A)		$  1,800,000		1,717,884
Fixed until 08/15/2021 (D), 8.63% (A)		800,000		816,000
Santander PLC 3.75%, 11/15/2021		2,200,000		2,259,826
Societe Generale SA 4.25%, 09/14/2023 (B)		1,800,000		1,901,413
Standard Chartered PLC Fixed until 01/20/2022, 4.25% (A), 01/20/2023 (B)		1,900,000		1,949,130
Synchrony Bank 3.65%, 05/24/2021		1,700,000		1,698,040
UniCredit SpA 7.83%, 12/04/2023 (B)		4,100,000		4,464,244
Virgin Money UK PLC Fixed until 09/25/2025, 4.00% (A), 09/25/2026, MTN (C)		GBP     100,000		122,437
Wells Fargo & Co. 2.63%, 07/22/2022, MTN		$  2,300,000		2,355,296
				56,811,723
Beverages - 1.2%
Anheuser-Busch InBev Worldwide, Inc. 4.60%, 06/01/2060		1,500,000		1,650,343
Bacardi, Ltd. 4.45%, 05/15/2025 (B)		1,200,000		1,265,400
Keurig Dr. Pepper, Inc. 4.06%, 05/25/2023		1,700,000		1,822,434
Pernod Ricard SA 4.25%, 07/15/2022 (B)		700,000		738,210
Suntory Holdings, Ltd. 2.55%, 06/28/2022 (B)		1,600,000		1,618,507
				7,094,894
Biotechnology - 0.2%
AbbVie, Inc. 2.50%, 05/14/2020		1,253,000		1,253,464

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

Transamerica Funds Semi-Annual Report 2020

Page    36

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets - 3.7%
Credit Suisse Group AG
3-Month LIBOR + 1.24%, 2.02% (A), 06/12/2024 (B)		$   1,800,000		$   1,730,457
Fixed until 12/18/2024 (D), 6.25% (A) (B)		400,000		410,000
Credit Suisse Group Funding Guernsey, Ltd.
3.13%, 12/10/2020		1,400,000		1,410,099
3.80%, 09/15/2022 - 06/09/2023		2,700,000		2,818,573
Deutsche Bank AG
3-Month EURIBOR + 0.50%, 0.03% (A), 12/07/2020, MTN (C)		EUR  1,400,000		1,514,371
2.70%, 07/13/2020		$  1,500,000		1,498,379
3.95%, 02/27/2023		1,900,000		1,893,896
4.25%, 02/04/2021 - 10/14/2021		4,600,000		4,621,348
Goldman Sachs Group, Inc.
3-Month LIBOR + 1.17%, 2.86% (A), 05/15/2026		1,600,000		1,541,229
3.20%, 02/23/2023		1,000,000		1,037,429
Morgan Stanley Fixed until 04/24/2023, 3.74% (A), 04/24/2024		400,000		424,142
UBS AG 7.63%, 08/17/2022		600,000		648,000
UBS Group AG 4.13%, 09/24/2025 (B)		2,200,000		2,419,610
				21,967,533
Chemicals - 0.4%
Syngenta Finance NV
3.93%, 04/23/2021 (B)		1,200,000		1,189,574
5.18%, 04/24/2028 (B)		1,300,000		1,317,141
				2,506,715
Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance, Ltd.
6.72%, 12/01/2022 (B)		389,932		292,940
PIK Rate 1.00%, Cash Rate 6.72%, 12/01/2026 (B) (E)		1,924,420		190,036
Odebrecht Oil & Gas Finance, Ltd. Zero Coupon, 05/29/2020 (B) (D)		266,175		2,263
				485,239
Consumer Finance - 4.1%
Capital One Financial Corp. 4.25%, 04/30/2025		1,500,000		1,597,555
Daimler Finance North America LLC
2.55%, 08/15/2022 (B)		2,100,000		2,073,392
3.35%, 05/04/2021 (B)		1,600,000		1,604,031
3.40%, 02/22/2022 (B)		2,200,000		2,201,735
Ford Motor Credit Co. LLC
1.74%, 07/19/2024, MTN		EUR  1,500,000		1,377,209
3-Month LIBOR + 0.93%, 2.13% (A), 09/24/2020, MTN		$  2,600,000		2,562,042
3-Month LIBOR + 1.24%, 2.93% (A), 02/15/2023		1,200,000		1,014,000
5.88%, 08/02/2021		900,000		891,000
General Motors Financial Co., Inc.
3-Month LIBOR + 0.54%, 2.28% (A), 11/06/2020		1,300,000		1,277,504

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
General Motors Financial Co., Inc. (continued)
2.45%, 11/06/2020		$   1,900,000		$   1,880,256
3.20%, 07/13/2020		1,500,000		1,497,212
Harley-Davidson Financial Services, Inc. 3.55%, 05/21/2021 (B)		1,700,000		1,708,638
Navient Corp. 5.00%, 10/26/2020		900,000		882,486
Nissan Motor Acceptance Corp.
3-Month LIBOR + 0.69%, 2.06% (A), 09/28/2022 (B)		300,000		263,915
2.60%, 09/28/2022 (B) (F)		500,000		462,575
Springleaf Finance Corp.
7.75%, 10/01/2021		200,000		199,000
8.25%, 12/15/2020		1,200,000		1,196,940
Volkswagen Group of America Finance LLC 3-Month LIBOR + 0.77%, 2.48% (A), 11/13/2020 (B)		1,900,000		1,881,667
				24,571,157
Diversified Financial Services - 3.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.13%, 07/03/2023		1,800,000		1,691,083
5.00%, 10/01/2021		1,800,000		1,721,315
Aviation Capital Group LLC
2.88%, 01/20/2022 (B)		7,200,000		6,235,344
4.13%, 08/01/2025 (B)		1,400,000		1,154,541
BGC Partners, Inc. 5.38%, 07/24/2023		1,500,000		1,500,718
SMBC Aviation Capital Finance DAC
3.00%, 07/15/2022 (B)		1,600,000		1,576,682
4.13%, 07/15/2023 (B)		1,800,000		1,813,259
Tayarra, Ltd. 3.63%, 02/15/2022		1,655,052		1,695,488
Washington Prime Group, LP 6.45%, 08/15/2024 (F)		3,800,000		2,113,750
				19,502,180
Diversified Telecommunication Services - 1.4%
AT&T, Inc. 3-Month LIBOR + 1.18%, 1.96% (A), 06/12/2024		1,800,000		1,764,227
Telstra Corp., Ltd. 4.80%, 10/12/2021 (B)		1,800,000		1,885,088
Verizon Communications, Inc. 3.38%, 02/15/2025		4,590,000		5,018,331
				8,667,646
Electric Utilities - 2.0%
Evergy, Inc. 2.45%, 09/15/2024		1,600,000		1,657,576
FirstEnergy Corp. 2.85%, 07/15/2022		1,500,000		1,530,324
NextEra Energy Capital Holdings, Inc.
1.95%, 09/01/2022		1,600,000		1,623,934
3-Month LIBOR + 0.72%, 2.40% (A), 02/25/2022 (F)		1,800,000		1,783,528
3.20%, 02/25/2022		1,500,000		1,544,992

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

Transamerica Funds Semi-Annual Report 2020

Page    37

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Oncor Electric Delivery Co. LLC 4.10%, 06/01/2022		$   1,500,000		$   1,577,138
PPL Capital Funding, Inc. 3.50%, 12/01/2022		2,000,000		2,075,360
				11,792,852
Entertainment - 0.3%
Activision Blizzard, Inc. 2.30%, 09/15/2021		1,600,000		1,621,661
Equity Real Estate Investment Trusts - 3.2%
American Tower Corp.
2.40%, 03/15/2025		1,800,000		1,854,000
3.38%, 05/15/2024		2,200,000		2,347,566
AvalonBay Communities, Inc. 3.50%, 11/15/2024, MTN		1,595,000		1,669,418
Boston Properties, LP 3.40%, 06/21/2029		1,600,000		1,660,867
Crown Castle International Corp.
3.40%, 02/15/2021		1,850,000		1,867,076
3.70%, 06/15/2026		1,700,000		1,846,016
4.88%, 04/15/2022		900,000		958,019
Digital Realty Trust, LP 2.75%, 02/01/2023		1,400,000		1,427,418
National Retail Properties, Inc. 3.50%, 10/15/2027		1,600,000		1,546,802
Service Properties Trust 4.35%, 10/01/2024		1,600,000		1,354,940
Simon Property Group, LP 2.50%, 09/01/2020		2,500,000		2,499,645
				19,031,767
Food Products - 1.1%
Campbell Soup Co. 3.30%, 03/15/2021		1,900,000		1,926,006
Danone SA
2.59%, 11/02/2023 (B)		3,294,000		3,413,735
3.00%, 06/15/2022 (B) (F)		1,100,000		1,141,313
				6,481,054
Health Care Equipment & Supplies - 0.3%
Boston Scientific Corp. 3.38%, 05/15/2022		1,600,000		1,667,384
Health Care Providers & Services - 1.5%
Aetna, Inc. 2.75%, 11/15/2022		2,000,000		2,063,053
Anthem, Inc. 2.38%, 01/15/2025		1,900,000		1,955,339
Cigna Corp. 3-Month LIBOR + 0.89%, 2.11% (A), 07/15/2023		1,100,000		1,066,017
CVS Health Corp.
3.50%, 07/20/2022		1,300,000		1,352,104
3.63%, 04/01/2027		2,300,000		2,509,456
				8,945,969
Hotels, Restaurants & Leisure - 1.3%
Choice Hotels International, Inc. 3.70%, 12/01/2029		1,400,000		1,274,140

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
GLP Capital, LP / GLP Financing II, Inc. 5.30%, 01/15/2029		$   2,400,000		$   2,302,560
Marriott International, Inc. 2.13%, 10/03/2022		1,600,000		1,509,151
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
4.25%, 05/30/2023 (B)		1,500,000		1,398,750
5.50%, 03/01/2025 (B)		1,800,000		1,602,000
				8,086,601
Household Durables - 0.3%
D.R. Horton, Inc. 4.38%, 09/15/2022		1,800,000		1,850,386
Household Products - 0.7%
Reckitt Benckiser Treasury Services PLC 2.38%, 06/24/2022 (B)		3,900,000		3,970,858
Industrial Conglomerates - 0.2%
General Electric Co. 4.65%, 10/17/2021, MTN		1,300,000		1,350,272
Insurance - 0.8%
Allstate Corp. 3-Month LIBOR + 0.63%, 2.00% (A), 03/29/2023		1,300,000		1,268,721
Ambac LSNI LLC 3-Month LIBOR + 5.00%, 6.45% (A), 02/12/2023 (B)		1,877,312		1,783,446
Jackson National Life Global Funding 2.38%, 09/15/2022 (B)		1,700,000		1,735,793
				4,787,960
Machinery - 0.5%
CNH Industrial Capital LLC 4.38%, 11/06/2020 (F)		1,300,000		1,303,605
Westinghouse Air Brake Technologies Corp. 3-Month LIBOR + 1.30%, 2.04% (A), 09/15/2021		1,700,000		1,640,181
				2,943,786
Media - 0.8%
Charter Communications Operating LLC / Charter Communications Operating Capital
3.58%, 07/23/2020		1,800,000		1,802,466
4.46%, 07/23/2022		600,000		632,077
Interpublic Group of Cos., Inc. 3.50%, 10/01/2020		2,200,000		2,214,145
				4,648,688
Oil, Gas & Consumable Fuels - 1.0%
Continental Resources, Inc. 5.00%, 09/15/2022		330,000		310,200
Enbridge, Inc. 3-Month LIBOR + 0.70%, 1.44% (A), 06/15/2020		1,500,000		1,497,864
Marathon Oil Corp. 2.80%, 11/01/2022		1,000,000		940,949
Sabine Pass Liquefaction LLC 5.63%, 02/01/2021		1,500,000		1,500,040

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

Transamerica Funds Semi-Annual Report 2020

Page    38

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Shell International Finance BV 2.75%, 04/06/2030 (F)		$   1,600,000		$   1,674,198
				5,923,251
Pharmaceuticals - 1.3%
Bayer US Finance II LLC
3-Month LIBOR + 1.01%, 1.75% (A), 12/15/2023 (B)		2,200,000		2,124,674
3-Month LIBOR + 0.63%, 1.85% (A), 06/25/2021 (B)		1,900,000		1,867,782
Mylan NV 3.15%, 06/15/2021		1,800,000		1,810,726
Teva Pharmaceutical Finance II BV 4.50%, 03/01/2025		EUR  1,100,000		1,169,272
Teva Pharmaceutical Finance III BV 6.00%, 04/15/2024 (F)		$  1,100,000		1,094,280
				8,066,734
Professional Services - 0.3%
Equifax, Inc. 3-Month LIBOR + 0.87%, 2.56% (A), 08/15/2021		2,100,000		2,070,747
Real Estate Management & Development - 0.2%
Tesco Property Finance 6 PLC 5.41%, 07/13/2044 (C)		GBP  758,521		1,214,312
Semiconductors & Semiconductor Equipment - 1.0%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 2.20%, 01/15/2021		$  1,900,000		1,893,829
Micron Technology, Inc. 4.98%, 02/06/2026		1,800,000		1,983,173
NXP BV / NXP Funding LLC 4.88%, 03/01/2024 (B)		1,900,000		2,062,697
				5,939,699
Software - 0.6%
Oracle Corp. 3.85%, 04/01/2060		1,300,000		1,506,190
VMware, Inc. 2.95%, 08/21/2022		2,400,000		2,434,968
				3,941,158
Specialty Retail - 0.1%
QVC, Inc. 5.13%, 07/02/2022		800,000		786,000
Technology Hardware, Storage & Peripherals - 1.0%
Dell International LLC / EMC Corp.
4.42%, 06/15/2021 (B)		2,000,000		2,032,478
5.45%, 06/15/2023 (B)		2,200,000		2,328,441
Hewlett Packard Enterprise Co. 3-Month LIBOR + 0.72%, 2.09% (A), 10/05/2021		1,500,000		1,474,267
				5,835,186
Tobacco - 0.6%
Imperial Brands Finance PLC
3.13%, 07/26/2024 (B)		1,700,000		1,674,532
3.75%, 07/21/2022 (B)		297,000		300,923
Reynolds American, Inc. 4.00%, 06/12/2022		1,800,000		1,872,707
				3,848,162

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 0.7%
Altice France SA
5.88%, 02/01/2027 (B)		EUR  1,200,000		$   1,362,360
7.38%, 05/01/2026 (B)		$     900,000		940,500
Vodafone Group PLC 3-Month LIBOR + 0.99%, 2.17% (A), 01/16/2024		1,700,000		1,656,712
				3,959,572
Total Corporate Debt Securities (Cost $267,719,049)				265,939,196
FOREIGN GOVERNMENT OBLIGATIONS - 2.8%
Israel - 0.4%
State of Israel 3.88%, 07/03/2050		1,900,000		2,101,590
Japan - 1.1%
Japan Bank for International Cooperation 2.88%, 07/21/2027		1,700,000		1,912,603
Japan Finance Organization for Municipalities
2.63%, 04/20/2022 (B)		1,400,000		1,448,720
3.38%, 09/27/2023 (B)		2,900,000		3,137,829
				6,499,152
Kuwait - 0.2%
Kuwait International Government Bond 2.75%, 03/20/2022 (C)		1,400,000		1,430,041
Peru - 0.3%
Peru Government International Bond 5.94%, 02/12/2029 (B)		PEN  6,200,000		2,070,497
Qatar - 0.8%
Qatar Government International Bond
3.38%, 03/14/2024 (C)		$  2,100,000		2,216,395
4.00%, 03/14/2029 (C)		2,100,000		2,330,118
				4,546,513
Total Foreign Government Obligations (Cost $15,310,830)				16,647,793
MORTGAGE-BACKED SECURITIES - 8.0%
Alternative Loan Trust
Series 2005-J12, Class 2A1,
1-Month LIBOR + 0.54%, 1.03% (A), 08/25/2035		918,981		558,141
Series 2006-30T1, Class 1A3,
6.25%, 11/25/2036		108,507		91,687
Series 2006-J8, Class A2,
6.00%, 02/25/2037		144,258		89,399
Series 2006-OA12, Class A1B,
1-Month LIBOR + 0.19%, 0.91% (A), 09/20/2046		510,859		425,936
Series 2006-OC7, Class 2A2A,
1-Month LIBOR + 0.17%, 0.66% (A), 07/25/2046		289,858		305,897
Series 2006-OC8, Class 2A2B,
1-Month LIBOR + 0.17%, 0.66% (A), 11/25/2036		199,847		197,441

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

Transamerica Funds Semi-Annual Report 2020

Page    39

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Alternative Loan Trust (continued)
Series 2007-2CB, Class 1A13,
1-Month LIBOR + 1.00%, 5.75% (A), 03/25/2037		$   170,958		$   124,017
Series 2007-HY4, Class 1A1,
3.37% (A), 06/25/2037		262,521		209,948
Series 2007-J1, Class 2A8,
6.00%, 03/25/2037		1,299,158		703,368
Ashford Hospitality Trust Series 2018-AHT1, Class A, 1-Month LIBOR + 1.00%, 1.81% (A), 06/15/2035 (B)		2,200,000		1,907,860
Banc of America Funding Trust
Series 2005-D, Class A1,
4.33% (A), 05/25/2035		89,929		85,880
Series 2006-4, Class A12,
6.00%, 07/25/2036		747,707		670,445
Series 2006-J, Class 4A1,
4.18% (A), 01/20/2047		20,733		18,456
BBCMS Trust Series 2015-STP, Class A, 3.32%, 09/10/2028 (B)		1,646,294		1,644,271
BCAP LLC Trust Series 2011-RR8, Class 2A1, 0.01% (A), 08/26/2037 (B)		14,095		14,062
Bear Stearns Alt-A Trust
Series 2006-6, Class 31A1,
3.91% (A), 11/25/2036		732,232		620,110
Series 2006-6, Class 32A1,
3.79% (A), 11/25/2036		163,599		124,914
Bear Stearns ARM Trust
Series 2003-5, Class 2A1,
4.19% (A), 08/25/2033		92,506		87,064
Series 2003-8, Class 2A1,
4.10% (A), 01/25/2034		3,308		3,231
Series 2003-8, Class 4A1,
4.25% (A), 01/25/2034		34,848		33,249
Series 2006-4, Class 1A1,
4.32% (A), 10/25/2036		25,362		23,566
Bear Stearns Structured Products, Inc. Trust Series 2007-R6, Class 1A1, 3.71% (A), 01/26/2036		82,892		67,781
CGMS Commercial Mortgage Trust Series 2017-MDRA, Class A, 3.66%, 07/10/2030 (B)		1,900,000		1,916,499
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3A, Class A1, 1-Month LIBOR + 0.25%, 0.74% (A), 08/25/2035 (B)		42,414		39,217
CHL Mortgage Pass-Through Trust Series 2004-12, Class 12A1, 4.10% (A), 08/25/2034		22,393		22,101
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A2,
1-Year CMT + 2.15%, 2.29% (A), 09/25/2035		28,393		26,770
Series 2009-3, Class 5A3,
6.00% (A), 02/25/2037 (B)		704,007		660,810

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CitiMortgage Alternative Loan Trust Series 2006-A7, Class 1A9, 1-Month LIBOR + 0.65%, 1.14% (A), 12/25/2036		$   1,069,094		$   849,720
COMM Mortgage Trust Series 2015-CR26, Class ASB, 3.37%, 10/10/2048		1,400,000		1,452,235
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A,
2.30% (A), 03/25/2032 (B)		184		159
Series 2003-AR15, Class 2A1,
3.92% (A), 06/25/2033		150,200		136,415
Series 2003-AR28, Class 2A1,
3.79% (A), 12/25/2033		1,148,013		1,039,394
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6, Class 2A3, 5.50%, 12/25/2035		196,508		180,272
First Horizon Alternative Mortgage Securities Trust Series 2007-FA4, Class 1A8, 6.25%, 08/25/2037		118,516		79,545
First Horizon Mortgage Pass-Through Trust Series 2005-AR3, Class 2A1, 4.62% (A), 08/25/2035		10,356		8,127
GS Mortgage Securities Corp. Trust Series 2016-RENT, Class A, 3.20%, 02/10/2029 (B)		1,400,000		1,396,581
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 4.09% (A), 09/25/2035		14,004		13,443
HarborView Mortgage Loan Trust
Series 2005-14, Class 4A1A,
3.76% (A), 12/19/2035		134,721		89,606
Series 2006-6, Class 5A1A,
4.30% (A), 08/19/2036		53,583		50,090
Hawksmoor Mortgages Series 2019-1A, Class A, SONIA + 1.05%, 1.76% (A), 05/25/2053 (B)		GBP  6,100,248		7,582,210
Hilton USA Trust Series 2016-SFP, Class A, 2.83%, 11/05/2035 (B)		$  1,700,000		1,624,082
IndyMac INDX Mortgage Loan Trust Series 2005-AR11, Class A3, 3.60% (A), 08/25/2035		755,886		624,347
JPMorgan Alternative Loan Trust Series 2006-A2, Class 1A1, 1-Month LIBOR + 0.18%, 0.67% (A), 05/25/2036		856,870		728,781
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2018-LAQ, Class A,
1-Month LIBOR + 1.00%, 1.81% (A), 06/15/2032 (B)		1,851,827		1,684,648

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

Transamerica Funds Semi-Annual Report 2020

Page    40

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (continued)
Series 2018-PHH, Class A,
1-Month LIBOR + 0.91%, 1.72% (A), 06/15/2035 (B)		$   1,744,354		$   1,553,578
Ludgate Funding PLC Series 2007-1, Class A2A, 3-Month GBP LIBOR + 0.16%, 0.73% (A), 01/01/2061 (C)		GBP  1,345,322		1,551,971
MASTR Alternative Loan Trust Series 2006-2, Class 2A1, 1-Month LIBOR + 0.40%, 0.89% (A), 03/25/2036		$  88,123		6,504
Morgan Stanley Capital I Trust Series 2014-CPT, Class AM, 3.52% (A), 07/13/2029 (B)		1,400,000		1,424,890
RALI Trust Series 2008-QR1, Class 1A1, 1-Month LIBOR + 1.40%, 1.89% (A), 08/25/2036		204,386		190,667
Reperforming Loan REMIC Trust
Series 2004-R1, Class 2A,
6.50%, 11/25/2034 (B)		83,507		81,272
Series 2005-R2, Class 1AF1,
1-Month LIBOR + 0.34%, 0.83% (A), 06/25/2035 (B)		273,030		248,721
RFMSI Trust Series 2003-S9, Class A1, 6.50%, 03/25/2032		438		461
RMAC Securities No. 1 PLC Series 2007-NS1X, Class A2B, 3-Month LIBOR + 0.15%, 0.93% (A), 06/12/2044 (C)		1,681,322		1,495,675
Sequoia Mortgage Trust
Series 2004-11, Class A2,
6-Month LIBOR + 0.64%, 2.56% (A), 12/20/2034		588,385		542,939
Series 2007-1, Class 1A1,
3.30% (A), 01/20/2047		157,186		113,360
Series 2007-3, Class 2AA1,
3.98% (A), 07/20/2037		890,959		751,910
Series 2010, Class 2A1,
1-Month LIBOR + 0.76%, 1.48% (A), 10/20/2027		3,756		3,442
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-12, Class 3A1,
3.83% (A), 09/25/2034		100,295		97,580
Series 2004-19, Class 2A1,
12-MTA + 1.40%, 3.27% (A), 01/25/2035		66,523		56,629
Structured Asset Mortgage Investments II Trust
Series 2005-AR5, Class A1,
1-Month LIBOR + 0.25%, 0.97% (A), 07/19/2035		10,799		9,290
Series 2005-AR5, Class A2,
1-Month LIBOR + 0.25%, 0.97% (A), 07/19/2035		10,667		9,497

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Structured Asset Mortgage Investments II Trust (continued)
Series 2005-AR5, Class A3,
1-Month LIBOR + 0.25%, 0.97% (A), 07/19/2035		$   27,071		$   24,558
Series 2005-AR8, Class A1A,
1-Month LIBOR + 0.28%, 0.77% (A), 02/25/2036		206,811		178,797
Structured Asset Mortgage Investments Trust Series 2002-AR3, Class A1, 1-Month LIBOR + 0.66%, 1.38% (A), 09/19/2032		2,984		2,773
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-22A, Class 2A1, 3.99% (A), 06/25/2033		88,390		83,920
Towd Point Mortgage Funding Series 2019-A13A, Class A1, SONIA + 0.90%, 1.39% (A), 07/20/2045 (B)		GBP  5,276,376		6,513,035
Towd Point Mortgage Funding PLC Series 2019-GR4A, Class A1, 3-Month GBP LIBOR + 1.03%, 1.68% (A), 10/20/2051 (B)		1,983,749		2,459,902
UBS Commercial Mortgage Trust Series 2019-C17, Class A4, 2.92%, 10/15/2052		$  1,300,000		1,328,208
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR9, Class 2A, 4.38% (A), 09/25/2033		156,609		140,802
Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR1, Class 2A4, 4.07% (A), 03/25/2036		801,400		755,377
Total Mortgage-Backed Securities (Cost $49,713,441)				47,837,533
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.5%
Illinois - 0.5%
City of Chicago, General Obligation Unlimited, Series B, 7.75%, 01/01/2042		170,000		189,458
State of Illinois, General Obligation Unlimited,
6.63%, 02/01/2035		1,500,000		1,522,800
7.35%, 07/01/2035		1,015,000		1,065,791
Total Municipal Government Obligations (Cost $2,820,589)				2,778,049
U.S. GOVERNMENT AGENCY OBLIGATIONS - 26.8%
Federal Home Loan Mortgage Corp.
12-Month LIBOR + 1.35%, 3.75% (A), 09/01/2035		8,834		9,046
1-Year CMT + 2.23%, 3.76% (A), 03/01/2034		28,752		30,021
1-Year CMT + 2.22%, 3.97% (A), 11/01/2033		17,892		18,054

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

Transamerica Funds Semi-Annual Report 2020

Page    41

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. (continued)
4.00%, 09/01/2048 - 10/01/2048		$   844,246		$   899,252
1-Year CMT + 2.26%, 4.01% (A), 01/01/2036		507,569		512,873
12-Month LIBOR + 1.87%, 4.17% (A), 09/01/2035		55,643		56,078
4.50%, 08/01/2025 - 05/01/2037		22,332		24,709
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.40%, 1.21% (A), 06/15/2041		861,976		858,460
6.50%, 04/15/2029		813		898
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
12-MTA + 1.20%, 3.07% (A), 10/25/2044		120,897		119,225
12-MTA + 1.40%, 3.27% (A), 07/25/2044		117,743		123,073
6.50%, 07/25/2043		7,676		9,479
Federal National Mortgage Association
1-Month LIBOR + 0.35%, 1.30% (A), 09/25/2042		111,525		110,913
3.00%, TBA (G)		20,900,000		22,045,776
12-MTA + 1.20%, 3.17% (A), 03/01/2044 - 10/01/2044		373,431		374,372
3.31%, 07/01/2023		3,212,340		3,423,532
3.50%, 02/01/2027		93,859		99,311
3.50%, TBA (G)		11,000,000		11,604,140
12-Month LIBOR + 1.71%, 3.71% (A), 03/01/2034		40,455		42,054
4.00%, 09/01/2048 - 12/01/2048		4,394,152		4,676,013
1-Year CMT + 2.27%, 4.02% (A), 11/01/2033		18,843		18,937
12-Month LIBOR + 1.33%, 4.08% (A), 07/01/2035		33,275		33,958
1-Year CMT + 2.04%, 4.12% (A), 09/01/2035		88,684		90,021
1-Year CMT + 2.19%, 4.19% (A), 01/01/2026		1,312		1,325
1-Year CMT + 2.22%, 4.31% (A), 01/01/2028		7,802		7,839
4.50%, 12/01/2024		74,164		78,466
5.00%, 10/01/2029		127,695		139,694
6.00%, 07/01/2035 - 06/01/2040		770,179		888,021
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.45%, 2.03% (A), 09/25/2046		412,616		406,952
6.30%, 10/17/2038		44,181		44,383
Federal National Mortgage Association REMIC, Interest Only STRIPS (1.00) * 1-Month LIBOR + 7.10%, 6.61% (A), 07/25/2034		274,176		57,014
Government National Mortgage Association
1-Month LIBOR + 0.60%, 1.96% (A), 08/20/2065 - 10/20/2065		2,993,687		2,982,390
1-Month LIBOR + 0.95%, 2.31% (A), 12/20/2066		1,172,235		1,181,626
1-Month LIBOR + 1.00%, 2.36% (A), 12/20/2065		4,502,229		4,546,551
3.00%, TBA (G)		1,000,000		1,062,759

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
1-Year CMT + 1.50%, 3.88% (A), 05/20/2024		$   7,684		$   7,874
4.00%, 06/20/2047		1,634,370		1,771,271
4.00%, TBA (G)		1,000,000		1,061,874
4.50%, TBA (G)		18,000,000		19,257,188
Government National Mortgage Association, Interest Only STRIPS
(1.00) * 1-Month LIBOR + 6.56%, 5.77% (A), 04/16/2033 - 10/16/2033		295,504		28,119
(1.00) * 1-Month LIBOR + 6.60%, 5.81% (A), 08/16/2033		575,304		58,822
(1.00) * 1-Month LIBOR + 6.60%, 5.88% (A), 09/20/2034		312,940		62,591
Uniform Mortgage-Backed Security
2.50%, TBA (G)		26,400,000		27,393,187
3.00%, TBA (G)		23,000,000		24,213,854
3.50%, TBA (G)		27,900,000		29,512,859
5.00%, TBA (G)		1,000,000		1,049,867
Total U.S. Government Agency Obligations (Cost $160,049,470)				160,994,721
U.S. GOVERNMENT OBLIGATIONS - 34.6%
U.S. Treasury - 34.6%
U.S. Treasury Bond
2.75%, 08/15/2042 (F) (H)		3,000,000		3,905,039
2.75%, 11/15/2042 (H)		7,000,000		9,110,938
2.88%, 05/15/2043 (H)		3,600,000		4,782,375
2.88%, 08/15/2045 (F) (H)		10,800,000		14,554,266
3.00%, 05/15/2042 - 02/15/2048 (H)		10,200,000		14,196,047
3.13%, 02/15/2043		1,000,000		1,378,125
3.13%, 08/15/2044 (H)		12,400,000		17,258,281
3.38%, 05/15/2044 (H)		6,100,000		8,798,297
3.63%, 02/15/2044 (F)		1,400,000		2,089,664
4.25%, 05/15/2039 (H)		900,000		1,410,574
4.38%, 11/15/2039 - 05/15/2040 (H)		6,300,000		10,048,910
4.63%, 02/15/2040 (H)		700,000		1,148,492
U.S. Treasury Note
1.75%, 06/30/2024 (H) (I)		4,300,000		4,554,641
1.88%, 07/31/2022 (J) (K)		900,000		933,609
1.88%, 08/31/2022 (H) (I) (J)		4,000,000		4,154,219
2.00%, 12/31/2021 (H)		60,100,000		61,888,914
2.00%, 10/31/2022 (K)		400,000		417,641
2.13%, 09/30/2024 (H)		11,100,000		11,970,656
2.25%, 08/15/2027 (F) (H) (J)		5,900,000		6,630,586
2.38%, 05/15/2029 (H)		4,600,000		5,319,109
2.63%, 02/15/2029 (H)		9,500,000		11,156,191
2.88%, 05/15/2049 (H)		8,400,000		11,665,500
Total U.S. Government Obligations (Cost $179,395,374)				207,372,074
	Shares		Value
COMMON STOCK - 0.0% (L)
Household Durables - 0.0% (L)
Urbi Desarrollos Urbanos SAB de CV (M)		7,629		285
Total Common Stock (Cost $417,591)				285

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

Transamerica Funds Semi-Annual Report 2020

Page    42

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.5%
U.S. Cash Management Bill 0.11% (N), 08/04/2020		$  9,300,000		$   9,297,276
U.S. Treasury Bill 0.13% (N), 07/23/2020		5,900,000		5,898,299
Total Short-Term U.S. Government Obligations (Cost $15,195,575)				15,195,575
	Shares		Value
OTHER INVESTMENT COMPANY - 2.1%
Securities Lending Collateral - 2.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (N)		12,308,038		12,308,038
Total Other Investment Company (Cost $12,308,038)				12,308,038
	Principal		Value
REPURCHASE AGREEMENTS - 4.7%
Fixed Income Clearing Corp., 0.00% (N), dated 04/30/2020, to be repurchased at $283,951 on 05/01/2020. Collateralized by a U.S. Government Obligation, 1.88%, due 03/31/2022, and with a value of $294,501.		$  283,951		283,951
HSBC Bank PLC, 0.07% (N), dated 04/30/2020, to be repurchased at $27,700,054 on 05/01/2020. Collateralized by a U.S. Government Obligation, 1.75%, due 10/31/2020, and with a value of $28,600,596.		27,700,000		27,700,000

	Principal			Value
REPURCHASE AGREEMENTS (continued)
Total Repurchase Agreements (Cost $27,983,951)					$   27,983,951
Total Investments Excluding Options Purchased (Cost $790,725,970)					820,734,894
Total Options Purchased - 0.0% (L) (Cost $15,112)					8,822
Total Investments (Cost $790,741,082)					820,743,716
Net Other Assets (Liabilities) - (36.9)%					(221,276,110	)
Net Assets - 100.0%					$  599,467,606
	Face Value			Value Including Accrued Interest
REVERSE REPURCHASE AGREEMENTS - (13.5)% (O)
Bank of Nova Scotia, 0.24% (N), dated 04/09/2020, to be repurchased at $(8,236,244) on 07/09/2020. Collateralized by U.S. Government Obligations, 1.38% - 2.88%, due 05/15/2029 - 08/15/2045, and with a total value of $(8,317,103).		$  (8,231,250	)		$  (8,232,457	)
Bank of Nova Scotia, 0.24% (N), dated 04/13/2020, to be repurchased at $(72,843,415) on 07/13/2020. Collateralized by U.S. Government Obligations, 1.38% - 2.63%, due 12/31/2021 - 02/15/2044, and with a total value of $(73,167,110).		(72,799,250	)		(72,807,986	)
Total Reverse Repurchase Agreements		$  (81,030,500	)		$  (81,040,443	)

EXCHANGE-TRADED OPTIONS PURCHASED:
Description	Exercise Price			Expiration Date		Notional Amount			Number of Contracts		Premiums Paid		Value
Call - 10-Year U.S. Treasury Note Futures		USD	200.00		05/22/2020		USD	834,360		6		$  6,007		$  6
Call - U.S. Treasury Note Futures		USD	196.00		05/22/2020		USD	23,171,840		128		1,102		8,000
Put - 5-Year U.S. Treasury Note Futures		USD	113.00		05/22/2020		USD	101,136,880		806		6,940		806
Put - 10-Year U.S. Treasury Note Futures		USD	119.50		05/22/2020		USD	973,420		7		60		7
Put - 10-Year U.S. Treasury Note Futures		USD	120.00		05/22/2020		USD	417,180		3		26		3
Total												$  14,135		$  8,822

OVER-THE-COUNTER OPTIONS PURCHASED:

Description

Counterparty

Exercise Price

Expiration Date

Notional Amount

Number of Contracts

Premiums Paid

Value

Put - Federal National Mortgage Association, 3.00%, TBA

JPM

USD

72.00

05/06/2020

USD

25,000,000

25,000,000

$  977

$  0(P

)

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

Transamerica Funds Semi-Annual Report 2020

Page    43

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

OVER-THE-COUNTER CREDIT DEFAULT SWAPTIONS WRITTEN:
Description	Counterparty		Pay/Receive Floating Rate		Exercise Rate		Expiration Date		Notional Amount/ Number of Contracts			Premiums (Received)			Value
Put - North America Investment Grade Index - Series 29		BNP		Pay		0.80		06/17/2020		USD	2,800,000		$  (2,954	)		$  (16,667	)
Put - North America Investment Grade Index - Series 30		MSC		Pay		0.85		06/17/2020		USD	900,000		(1,161	)		(4,371	)
Put - North America Investment Grade Index - Series 30		DUB		Pay		0.85		06/17/2020		USD	600,000		(690	)		(2,914	)
Total													$  (4,805	)		$  (23,952	)

	Premiums (Received)			Value
TOTAL WRITTEN OPTIONS AND SWAPTIONS		$  (4,805	)		$  (23,952	)

CENTRALLY CLEARED SWAP AGREEMENTS:
Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (Q)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at April 30, 2020 (R)			Notional Amount (S)			Value (T)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
AT&T Inc., 2.45%, 06/30/2020		1.00	%		Quarterly		12/20/2020		1.02	%		USD	900,000	$	1,056		$	4,301		$	(3,245	)
Boeing Co., 8.75%, 08/15/2021		1.00			Quarterly		12/20/2020		3.97			USD	1,500,000		(26,771	)		6,553			(33,324	)
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		12/20/2023		1.70			USD	600,000		(13,056	)		(21,487	)		8,431
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		06/20/2024		1.76			USD	200,000		(5,507	)		(490	)		(5,017	)
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		12/20/2024		1.83			USD	700,000		(23,555	)		(8,922	)		(14,633	)
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00			Quarterly		06/20/2021		0.57			USD	1,000,000		6,093			3,930			2,163
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00			Quarterly		12/20/2021		0.61			USD	1,400,000		10,610			6,538			4,072
Rolls-Royce Holdings PLC, 2.13%, 06/18/2021		1.00			Quarterly		12/20/2024		4.37			EUR	1,300,000		(195,432	)		(6,513	)		(188,919	)
Tesco PLC, 6.00%, 12/14/2029		1.00			Quarterly		06/20/2022		0.34			EUR	1,200,000		20,094			(21,825	)		41,919
Total														$	(226,468	)	$	(37,915	)	$	(188,553	)

Interest Rate Swap Agreements
Floating Rate Index	Pay/ Receive Fixed Rate	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR	Receive		2.80	%		Quarterly/Semi-Annually		08/22/2023		USD	6,700,000	$	557,208		$	(159	)	$	557,367
6-Month GBP-LIBOR	Pay		0.75			Semi-Annually		03/18/2030		GBP	600,000		(19,491	)		5,851			(25,342	)
6-Month GBP-LIBOR	Pay		0.75			Semi-Annually		03/18/2050		GBP	1,000,000		(117,659	)		23,821			(141,480	)
6-Month GBP-LIBOR	Pay		1.00			Semi-Annually		06/17/2050		GBP	4,700,000		(989,848	)		85,149			(1,074,997	)
6-Month JPY-LIBOR	Pay		0.00			Semi-Annually		09/18/2026		JPY	350,000,000		398			(2,123	)		2,521

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

Transamerica Funds Semi-Annual Report 2020

Page    44

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

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 JPY-LIBOR		Pay		0.00	%		Semi-Annually		09/18/2026		JPY	560,000,000	$	628		$	(3,223	)	$	3,851
6-Month JPY-LIBOR		Pay		0.00			Semi-Annually		09/19/2026		JPY	207,000,000		156			28			128
6-Month JPY-LIBOR		Pay		0.00			Semi-Annually		09/19/2026		JPY	207,000,000		722			28			694
6-Month JPY-LIBOR		Receive		0.00			Semi-Annually		09/24/2026		JPY	252,000,000		(3,418	)		323			(3,741	)
6-Month JPY-LIBOR		Receive		0.00			Semi-Annually		10/22/2038		JPY	90,000,000		—			(63,319	)		63,319
6-Month JPY-LIBOR		Pay		0.00			Semi-Annually		08/22/2039		JPY	650,000,000		—			(2,012	)		2,012
6-Month JPY-LIBOR		Pay		0.00			Semi-Annually		08/22/2039		JPY	410,000,000		—			(1,329	)		1,329
6-Month JPY-LIBOR		Pay		0.00			Semi-Annually		08/28/2039		JPY	90,000,000		49			(28,390	)		28,439
6-Month JPY-LIBOR		Receive		0.04			Semi-Annually		03/10/2038		JPY	78,000,000		(10,877	)		—			(10,877	)
6-Month JPY-LIBOR		Receive		0.04			Semi-Annually		03/10/2038		JPY	78,000,000		(10,342	)		—			(10,342	)
6-Month JPY-LIBOR		Receive		0.06			Semi-Annually		09/18/2026		JPY	560,000,000		5,564			(229	)		5,793
6-Month JPY-LIBOR		Receive		0.06			Semi-Annually		09/19/2026		JPY	207,000,000		1,733			—			1,733
6-Month JPY-LIBOR		Receive		0.06			Semi-Annually		09/19/2026		JPY	207,000,000		1,609			—			1,609
6-Month JPY-LIBOR		Receive		0.07			Semi-Annually		09/18/2026		JPY	350,000,000		2,255			—			2,255
6-Month JPY-LIBOR		Receive		0.09			Semi-Annually		09/20/2026		JPY	104,000,000		(672	)		—			(672	)
6-Month JPY-LIBOR		Receive		0.09			Semi-Annually		09/13/2026		JPY	210,000,000		(1,492	)		—			(1,492	)
6-Month JPY-LIBOR		Receive		0.10			Semi-Annually		09/13/2026		JPY	420,000,000		(3,720	)		—			(3,720	)
6-Month JPY-LIBOR		Receive		0.10			Semi-Annually		08/28/2039		JPY	90,000,000		(5,694	)		—			(5,694	)
6-Month JPY-LIBOR		Receive		0.12			Semi-Annually		08/22/2039		JPY	650,000,000		(18,564	)		50,648			(69,212	)
6-Month JPY-LIBOR		Receive		0.12			Semi-Annually		08/22/2039		JPY	410,000,000		(11,335	)		7,605			(18,940	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/18/2026		JPY	1,120,000,000		(238,808	)		(45,560	)		(193,248	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/18/2026		JPY	2,260,000,000		(489,121	)		(72,945	)		(416,176	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		09/20/2027		JPY	840,000,000		(214,548	)		(24,897	)		(189,651	)
6-Month JPY-LIBOR		Pay		0.30			Semi-Annually		03/20/2028		JPY	300,000,000		(80,078	)		16,799			(96,877	)
6-Month JPY-LIBOR		Receive		0.38			Semi-Annually		06/18/2028		JPY	740,000,000		252,102			35,167			216,935
6-Month JPY-LIBOR		Pay		0.45			Semi-Annually		03/20/2029		JPY	440,000,000		(181,930	)		(26,848	)		(155,082	)
6-Month JPY-LIBOR		Pay		0.71			Semi-Annually		10/31/2038		JPY	260,000,000		(267,741	)		15,339			(283,080	)
6-Month JPY-LIBOR		Pay		0.75			Semi-Annually		03/20/2038		JPY	522,000,000		(554,797	)		13,544			(568,341	)
6-Month JPY-LIBOR		Pay		0.75			Semi-Annually		12/20/2038		JPY	767,200,000		(847,731	)		38,435			(886,166	)
6-Month JPY-LIBOR		Pay		0.79			Semi-Annually		11/12/2038		JPY	60,000,000		(70,254	)		190			(70,444	)
6-Month JPY-LIBOR		Pay		0.80			Semi-Annually		10/22/2038		JPY	90,000,000		(104,581	)		—			(104,581	)
Total													$	(3,420,277	)	$	21,893		$	(3,442,170	)

OVER-THE-COUNTER SWAP AGREEMENTS:
Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (Q)
Reference Obligation	Counterparty		Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at April 30, 2020 (R)			Notional Amount (S)			Value (T)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Republic of South Africa Government International Bond, 5.50%, 03/09/2020		GSI		1.00	%		Quarterly		06/20/2024		3.96	%		USD	1,900,000		$  (209,872	)		$  (62,631	)		$  (147,241	)
Russian Foreign Bond - Eurobond, 7.50%,  03/31/2030		GSI		1.00			Quarterly		12/20/2024		1.57			USD	1,500,000		(36,888	)		8,555			(45,443	)
Total																	$  (246,760	)		$  (54,076	)		$  (192,684	)

	Value
OTC Swap Agreements, at value (Liabilities)	$	(246,760	)

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

Transamerica Funds Semi-Annual Report 2020

Page    45

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FUTURES CONTRACTS:
Long Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
5-Year U.S. Treasury Note		624			06/30/2020	$	76,344,194		$	78,302,249		$	1,958,055	$	—
10-Year U.S. Treasury Note		374			06/19/2020		51,739,924			52,009,375			269,451		—
German Euro BUXL		2			06/08/2020		477,485			480,420			2,935		—
OTC Put Options Exercise Price EUR 106 on German Euro Bund Futures		123			05/22/2020		1,417			1,348			—		(69	)
OTC Put Options Exercise Price EUR 155 on German Euro Bund Futures		31			05/22/2020		357			340			—		(17	)
Total												$	2,230,441	$	(86	)
Short Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
30-Year U.S. Treasury Bond		(317	)		06/19/2020	$	(54,917,019	)	$	(57,386,906	)	$	—	$	(2,469,887	)
German Euro Bund		(2	)		06/08/2020		(383,151	)		(382,298	)		853		—
Total												$	853	$	(2,469,887	)
Total Futures Contracts												$	2,231,294	$	(2,469,973	)

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY		05/04/2020		GBP	5,743,000		USD	7,026,325	$	207,048	$	—
BNP		05/04/2020		USD	576,428		EUR	525,000		1,068		—
BNP		05/05/2020		USD	706,166		EUR	649,000		—		(5,101	)
BNP		05/05/2020		EUR	4,745,000		USD	5,160,485		39,761		—
BNP		05/15/2020		GBP	953,000		USD	1,174,939		25,426		—
BOA		05/15/2020		USD	1,458,646		JPY	152,300,000		39,174		—
CITI		05/04/2020		USD	7,147,199		GBP	5,743,000		—		(86,174	)
CITI		05/05/2020		EUR	3,137,000		USD	3,377,640		60,331		—
CITI		05/15/2020		USD	18,254,722		GBP	14,147,000		435,655		—
CITI		05/15/2020		USD	12,149,630		JPY	1,341,500,000		—		(353,465	)
CITI		05/15/2020		JPY	1,424,000,000		USD	13,057,901		214,115		—
CITI		06/02/2020		GBP	5,743,000		USD	7,148,193		86,049		—
CITI		07/02/2020		USD	3,989,707		BRL	16,900,000		895,633		—
DUB		05/05/2020		USD	85,774		BRL	440,581		4,784		—
DUB		05/05/2020		BRL	440,581		USD	81,183		—		(193	)
GSB		05/15/2020		USD	673,430		GBP	577,000		—		(53,339	)
GSB		05/15/2020		GBP	8,086,000		USD	9,877,354		307,488		—
HSBC		05/04/2020		USD	1,336,490		AUD	2,181,000		—		(84,772	)
HSBC		05/04/2020		USD	217,590		CAD	309,000		—		(4,400	)
HSBC		05/05/2020		USD	81,183		BRL	440,581		193		—
HSBC		05/05/2020		USD	688,267		EUR	633,000		—		(5,465	)
HSBC		05/05/2020		EUR	3,184,000		USD	3,452,148		37,333		—
HSBC		05/05/2020		BRL	440,581		USD	81,589		—		(598	)
HSBC		05/15/2020		USD	6,059,233		GBP	4,710,000		126,682		—
HSBC		05/15/2020		GBP	3,617,000		USD	4,606,625		—		(50,778	)
HSBC		06/02/2020		USD	81,419		BRL	440,581		625		—
HSBC		06/02/2020		USD	1,527,712		EUR	1,406,000		—		(14,036	)
JPM		05/15/2020		USD	21,101,196		GBP	16,240,000		645,860		—
JPM		07/02/2020		BRL	16,900,000		USD	3,269,807		—		(175,733	)
SCB		05/05/2020		USD	22,487,995		EUR	20,469,000		55,149		—
SCB		06/02/2020		USD	11,709,592		EUR	10,685,000		—		(7,033	)
Total									$	3,182,374	$	(841,087	)

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

Transamerica Funds Semi-Annual Report 2020

Page    46

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(U)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—		$	63,677,679		$	—	$	63,677,679
Corporate Debt Securities		—			265,939,196			—		265,939,196
Foreign Government Obligations		—			16,647,793			—		16,647,793
Mortgage-Backed Securities		—			47,837,533			—		47,837,533
Municipal Government Obligations		—			2,778,049			—		2,778,049
U.S. Government Agency Obligations		—			160,994,721			—		160,994,721
U.S. Government Obligations		—			207,372,074			—		207,372,074
Common Stock		285			—			—		285
Short-Term U.S. Government Obligations		—			15,195,575			—		15,195,575
Other Investment Company		12,308,038			—			—		12,308,038
Repurchase Agreements		—			27,983,951			—		27,983,951
Exchange-Traded Options Purchased		8,822			—			—		8,822
Over-the-Counter Options Purchased		—			0			—		0
Total	$	12,317,145		$	808,426,571		$	—	$	820,743,716
Other Financial Instruments
Centrally Cleared Credit Default Swap Agreements	$	—		$	37,853		$	—	$	37,853
Centrally Cleared Interest Rate Swap Agreements		—			822,424			—		822,424
Futures Contracts (V)		2,231,294			—			—		2,231,294
Forward Foreign Currency Contracts (V)		—			3,182,374			—		3,182,374
Total Other Financial Instruments	$	2,231,294		$	4,042,651		$	—	$	6,273,945
LIABILITIES
Other Financial Instruments
Reverse Repurchase Agreements	$	—		$	(81,040,443	)	$	—	$	(81,040,443	)
Over-the-Counter Credit Default Swaptions Written		—			(23,952	)		—		(23,952	)
Centrally Cleared Credit Default Swap Agreements		—			(264,321	)		—		(264,321	)
Centrally Cleared Interest Rate Swap Agreements		—			(4,242,701	)		—		(4,242,701	)
Over-the-Counter Credit Default Swap Agreements		—			(246,760	)		—		(246,760	)
Futures Contracts (V)		(2,469,973	)		—			—		(2,469,973	)
Forward Foreign Currency Contracts (V)		—			(841,087	)		—		(841,087	)
Total Other Financial Instruments	$	(2,469,973	)	$	(86,659,264	)	$	—	$	(89,129,237	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2020. 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 exempt from registration 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 April 30, 2020, the total value of 144A securities is $151,616,426, representing 25.3% of the Fund’s net assets.
(C)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2020, the total value of Regulation S securities is $15,866,754, representing 2.6% of the Fund’s net assets.
(D)	Perpetual maturity. The date displayed is the next call date.

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

Transamerica Funds Semi-Annual Report 2020

Page    47

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(E)	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.
(F)	All or a portion of the securities are on loan. The total value of all securities on loan is $20,258,599, collateralized by cash collateral of $12,308,038 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $8,362,176. 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 April 30, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)	Securities are subject to sale-buyback transactions. The average amount of sale buy-backs outstanding during the period ended April 30, 2020 was $996,670 at a weighted average interest rate of 1.01%.
(I)	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 $1,620,730.
(J)	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 $3,275,772.
(K)	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 $328,402.
(L)	Percentage rounds to less than 0.1% or (0.1)%.
(M)	Non-income producing security.
(N)	Rates disclosed reflect the yields at April 30, 2020.
(O)	The average amount of reverse repurchase agreements outstanding during the period ended April 30, 2020 was $161,827,153 at a weighted average interest rate of 1.63%.
(P)	Rounds to less than $1 or $(1).
(Q)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
(R)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(S)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(T)	The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap agreement, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(U)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(V)	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
JPY	Japanese Yen
PEN	Peruvian Sol
USD	United States Dollar

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

Transamerica Funds Semi-Annual Report 2020

Page    48

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2020

(unaudited)

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.
MSC	Morgan Stanley & Co.
SCB	Standard Chartered Bank

PORTFOLIO ABBREVIATIONS:

BUXL	Bundesanleihen (German Long-Term Debt)
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offer Rate
LIBOR	London Interbank Offered Rate
MTA	Month Treasury Average
MTN	Medium Term Note
OTC	Over-the-Counter
PIK	Payment in-kind
SONIA	Sterling Overnight Interbank Average
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

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

Transamerica Funds Semi-Annual Report 2020

Page    49

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2020

(unaudited)

	Transamerica Core Bond		Transamerica Global Real Estate Securities			Transamerica Mid Cap Value		Transamerica Total Return
Assets:
Investments, at value (A) (B)	$	1,055,739,563	$	13,840,901		$	102,642,032	$	792,759,765
Repurchase agreements, at value (C)		22,218,724		3,183,496			4,099,602		27,983,951
Cash		2,905,767		—			13,998		962
Cash collateral pledged at broker for:
Centrally cleared swap agreements		—		—			—		554,000
Foreign currency, at value (D)		—		52,855			—		1,459,470
Receivables and other assets:
Investments sold		4,457,679		69,749			133,724		3,916,735
When-issued, delayed-delivery, forward and TBA commitments sold		—		—			—		548,018,113
Net income from securities lending		15,183		73			257		5,040
Dividends		—		49,495			29,184		—
Interest		4,377,832		—			—		4,109,612
Tax reclaims		—		3,136			—		—
Variation margin receivable on centrally cleared swap agreements		—		—			—		319,554
Variation margin receivable on futures contracts		—		—			—		449,954
Unrealized appreciation on forward foreign currency contracts		—		13,982			—		3,182,374
Prepaid expenses		2,098		41			260		960
Total assets		1,089,716,846		17,213,728			106,919,057		1,382,760,490
Liabilities:
Cash collateral received upon return of:
Securities on loan		81,802,926		94,022			436,823		12,308,038
Cash collateral at broker for:
TBA commitments		—		—			—		6,426,000
OTC derivatives (G)		—		—			—		2,580,557
Written options and swaptions, at value (E)		—		—			—		23,952
Reverse repurchase agreements, at value (F)		—		—			—		81,040,443
OTC swap agreements, at value		—		—			—		246,760
Payables and other liabilities:
Investments purchased		3,600,587		58,766			182,464		—
When-issued, delayed-delivery, forward and TBA commitments purchased		1,211,570		—			—		679,034,121
Shares of beneficial interest redeemed		4,126,965		3,199,541			86,147		310,838
Investment management fees		368,171		10,293			71,998		296,885
Transfer agent fees		6,380		100			614		3,685
Trustees, CCO and deferred compensation fees		5,459		160			987		3,194
Audit and tax fees		28,607		11,164			9,516		24,299
Custody fees		124,985		81,579			8,500		132,333
Legal fees		12,753		245			1,670		8,661
Printing and shareholder reports fees		6,617		487			1,134		4,173
Registration fees		1,144		8,162			330		807
Other accrued expenses		11,023		4,581			2,358		7,051
Unrealized depreciation on forward foreign currency contracts		—		11,761			—		841,087
Total liabilities		91,307,187		3,480,861			802,541		783,292,884
Net assets	$	998,409,659	$	13,732,867		$	106,116,516	$	599,467,606
Net assets consist of:
Paid-in capital	$	930,919,194	$	15,054,196		$	72,386,231	$	567,708,017
Total distributable earnings (accumulated losses)		67,490,465		(1,321,329	)		33,730,285		31,759,589
Net assets	$	998,409,659	$	13,732,867		$	106,116,516	$	599,467,606
Shares outstanding (unlimited shares, no par value)		95,460,182		1,181,101			11,013,566		55,933,721
Net asset value and offering price per share	$	10.46	$	11.63		$	9.64	$	10.72
(A) Investments, at cost	$	1,004,004,126	$	14,001,915		$	77,365,683	$	762,757,131
(B) Securities on loan, at value	$	115,002,786	$	502,221		$	1,932,773	$	20,258,599
(C) Repurchase agreements, at cost	$	22,218,724	$	3,183,496		$	4,099,602	$	27,983,951
(D) Foreign currency, at cost	$	—	$	53,065		$	—	$	1,463,273
(E) Premium received on written options and swaptions	$	—	$	—		$	—	$	(4,805	)
(F) Reverse repurchase agreements, at face value	$	—	$	—		$	—	$	81,030,500

(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 Semi-Annual Report 2020

Page    50

STATEMENTS OF OPERATIONS

For the period ended April 30, 2020

(unaudited)

	Transamerica Core Bond		Transamerica Global Real Estate Securities			Transamerica Mid Cap Value			Transamerica Total Return
Investment Income:
Dividend income	$	—	$	313,279		$	1,559,748		$	—
Interest income		17,279,261		733			5,470			10,446,566
Net income from securities lending		28,191		317			1,778			20,179
Withholding taxes on foreign income		669		(11,744	)		—			3,745
Total investment income		17,308,121		302,585			1,566,996			10,470,490
Expenses:
Investment management fees		2,339,838		75,504			547,315			2,052,045
Transfer agent fees		40,830		735			4,724			22,895
Trustees, CCO and deferred compensation fees		13,764		291			1,801			7,725
Audit and tax fees		29,120		11,368			11,414			26,283
Custody fees		110,418		71,652			7,977			123,745
Legal fees		24,457		466			3,052			14,772
Printing and shareholder reports fees		6,730		762			1,388			4,505
Registration fees		6,610		11,791			1,639			4,184
Interest expense on sale-buybacks		—		—			—			5,084
Filing fees		7,476		12,326			2,284			4,976
Other		15,664		1,031			1,905			11,892
Total expenses before waiver and/or reimbursement and recapture		2,594,907		185,926			583,499			2,278,106
Expense waived and/or reimbursed		—		—			—			(194,477	)
Net expenses		2,594,907		185,926			583,499			2,083,629
Net investment income (loss)		14,713,214		116,659			983,497			8,386,861
Net realized gain (loss) on:
Investments		20,129,420		(750,293	)		8,708,999			10,513,903
Written options and swaptions		—		—			—			154,911
Swap agreements		—		5,312			—			247,479
Futures contracts		—		—			—			(2,048,639	)
Forward foreign currency contracts		—		(623	)		—			(827,573	)
Foreign currency transactions		—		(2,953	)		—			(311,585	)
TBA short commitments		—		—			—			(313,257	)
Net realized gain (loss)		20,129,420		(748,557	)		8,708,999			7,415,239
Net change in unrealized appreciation (depreciation) on:
Investments		551,735		(3,338,446	)		(33,908,900	)		(3,715	)
Written options and swaptions		—		—			—			(63,897	)
Swap agreements		—		(1,530	)		—			(431,250	)
Futures contracts		—		—			—			262,929
Forward foreign currency contracts		—		1,983			—			5,377,480
Translation of assets and liabilities denominated in foreign currencies		—		828			—			90,286
Net change in unrealized appreciation (depreciation)		551,735		(3,337,165	)		(33,908,900	)		5,231,833
Net realized and change in unrealized gain (loss)		20,681,155		(4,085,722	)		(25,199,901	)		12,647,072
Net increase (decrease) in net assets resulting from operations	$	35,394,369	$	(3,969,063	)	$	(24,216,404	)	$	21,033,933

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

Transamerica Funds Semi-Annual Report 2020

Page    51

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Core Bond						Transamerica Global Real Estate Securities						Transamerica Mid Cap Value
	April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019			April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	14,713,214		$	32,601,090		$	116,659		$	279,917		$	983,497		$	1,572,028
Net realized gain (loss)		20,129,420			4,845,574			(748,557	)		1,318,784			8,708,999			11,306,161
Net change in unrealized appreciation (depreciation)		551,735			87,934,165			(3,337,165	)		2,570,124			(33,908,900	)		1,489,868
Net increase (decrease) in net assets resulting from operations		35,394,369			125,380,829			(3,969,063	)		4,168,825			(24,216,404	)		14,368,057
Dividends and/or distributions to shareholders:
Dividends and/or distributions to shareholders		(15,659,967	)		(34,419,718	)		(1,502,983	)		(623,318	)		(12,553,396	)		(32,341,429	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(15,659,967	)		(34,419,718	)		(1,502,983	)		(623,318	)		(12,553,396	)		(32,341,429	)
Capital share transactions:
Proceeds from shares sold		43,082,599			13,919,165			1,846,232			102,677			5,310,630			2,824,740
Dividends and/or distributions reinvested		15,659,967			34,419,718			1,502,983			623,318			12,553,396			32,341,429
Cost of shares redeemed		(195,396,864	)		(196,251,611	)		(5,973,873	)		(4,656,328	)		(14,212,303	)		(30,074,176	)
Net increase (decrease) in net assets resulting from capital share transactions		(136,654,298	)		(147,912,728	)		(2,624,658	)		(3,930,333	)		3,651,723			5,091,993
Net increase (decrease) in net assets		(116,919,896	)		(56,951,617	)		(8,096,704	)		(384,826	)		(33,118,077	)		(12,881,379	)
Net assets:
Beginning of period/year		1,115,329,555			1,172,281,172			21,829,571			22,214,397			139,234,593			152,115,972
End of period/year	$	998,409,659		$	1,115,329,555		$	13,732,867		$	21,829,571		$	106,116,516		$	139,234,593
Capital share transactions - shares:
Shares issued		4,169,122			1,416,459			137,128			7,158			604,934			229,266
Shares reinvested		1,523,925			3,471,146			107,433			47,086			1,013,188			2,978,032
Shares redeemed		(18,911,877	)		(19,788,527	)		(487,426	)		(333,265	)		(1,285,952	)		(2,389,577	)
Net increase (decrease) in shares outstanding		(13,218,830	)		(14,900,922	)		(242,865	)		(279,021	)		332,170			817,721

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

Transamerica Funds Semi-Annual Report 2020

Page    52

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Total Return
	April 30, 2020 (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	8,386,861		$	20,075,209
Net realized gain (loss)		7,415,239			19,903,426
Net change in unrealized appreciation (depreciation)		5,231,833			30,323,400
Net increase (decrease) in net assets resulting from operations		21,033,933			70,302,035
Dividends and/or distributions to shareholders:
Dividends and/or distributions to shareholders		(15,739,319	)		(17,911,910	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(15,739,319	)		(17,911,910	)
Capital share transactions:
Proceeds from shares sold		52,341,357			2,689,511
Dividends and/or distributions reinvested		15,739,319			17,911,910
Cost of shares redeemed		(104,377,287	)		(188,564,211	)
Net increase (decrease) in net assets resulting from capital share transactions		(36,296,611	)		(167,962,790	)
Net increase (decrease) in net assets		(31,001,997	)		(115,572,665	)
Net assets:
Beginning of period/year		630,469,603			746,042,268
End of period/year	$	599,467,606		$	630,469,603
Capital share transactions - shares:
Shares issued		4,989,392			263,661
Shares reinvested		1,519,920			1,767,006
Shares redeemed		(10,029,922	)		(18,378,709	)
Net increase (decrease) in shares outstanding		(3,520,610	)		(16,348,042	)

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

Transamerica Funds Semi-Annual Report 2020

Page    53

STATEMENT OF CASH FLOWS

For the period ended April 30, 2020

(unaudited)

	Transamerica Total Return
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	21,033,933
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		(2,307,509,665	)
Proceeds from long-term investments		2,662,197,484
Purchases to cover securities sold short		(307,693,308	)
Proceeds from securities sold short		307,380,051
Net purchases/proceeds of short-term investments		(34,826,264	)
Net change in unrealized (appreciation) depreciation		(5,231,833	)
Net realized (gain) loss		(7,415,239	)
Net amortization (accretion) of discount and premium		(163,982	)
(Increase) decrease in receivables for investments sold		(205,309,507	)
(Increase) decrease in receivables for interest		1,141,760
(Increase) decrease in receivable for tax reclaim		5,706
(Increase) decrease in receivables for net income from securities lending		348
(Increase) decrease in prepaid expenses		(960	)
Increase (decrease) in payables for investments purchased		77,821,251
Increase (decrease) in accrued liabilities		(24,312	)
Increase (decrease) in collateral for securities on loan		(40,887	)
Net cash provided by (used for) swap agreement transactions		1,440,407
Net cash provided by (used for) written options and swaptions transactions		96,411
Net cash provided by (used for) in futures contracts transactions		(1,296,770	)
Net cash provided by (used for) in forward foreign currency contracts		(6,205,053	)
Net cash provided by (used for) foreign currency transactions		(131,013	)
Net cash provided by (used for) operating activities		195,268,558
Cash flows from financing activities:
Increase (decrease) in payable to custodian for cash overdraft		(1,890	)
Increase (decrease) in payable reverse repurchase agreements		(156,274,793	)
Proceeds from shares sold, net of receivable for shares sold		52,341,357
Payment of shares redeemed, net of payable for shares redeemed		(104,522,964	)
Proceeds from Sale-buyback financing transactions		105,746,563
Payments from Sale-buyback financing transactions		(103,372,610	)
Net cash provided by (used for) financing activities		(206,084,337	)
Net increase (decrease) in cash and foreign currencies		(10,815,779	)
Cash and foreign currencies, at beginning of period (A)	$	3,823,654
Cash and foreign currencies, at end of period (A)	$	(6,992,125	)
Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	5,084
Non-cash financing activities included herein consist of reinvestment of distributions	$	15,739,319

(A) For the period ended April 30, 2020, the beginning and ending cash balances consist of the following:

	Beginning of Period		End of Period
Assets:
Cash	$	—	$	962
Cash collateral pledged at broker:
Reverse repurchase agreements		903,000		—
Centrally cleared swap agreements		1,371,000		554,000
Foreign currency, at value		2,564,654		1,459,470
Total assets		4,838,654		2,014,432
Liabilities:
Cash collateral received at broker:
TBA Commitments		685,000		6,426,000
OTC derivatives		330,000		2,580,557
Total liabilities		1,015,000		9,006,557
Net cash per statement of assets and liabilities	$	3,823,654	$	(6,992,125	)
Total cash and foreign currencies per statement of cash flows	$	3,823,654	$	(6,992,125	)

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

Transamerica Funds Semi-Annual Report 2020

Page    54

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	Transamerica Core Bond
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.26		$	9.49		$	9.97		$	10.15		$	10.02		$	10.16
Investment operations:
Net investment income (loss) (A)		0.14			0.28			0.28			0.26			0.24	(B)		0.27
Net realized and unrealized gain (loss)		0.21			0.79			(0.46	)		(0.15	)		0.16			(0.03	)
Total investment operations		0.35			1.07			(0.18	)		0.11			0.40			0.24
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.30	)		(0.30	)		(0.29	)		(0.27	)		(0.30	)
Net realized gains		—			—			—			—			—			(0.08	)
Total dividends and/or distributions to shareholders		(0.15	)		(0.30	)		(0.30	)		(0.29	)		(0.27	)		(0.38	)
Net asset value, end of period/year	$	10.46		$	10.26		$	9.49		$	9.97		$	10.15		$	10.02
Total return		3.43	%(C)		11.40	%		(1.84	)%		1.11	%		4.03	%		2.44	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	998,410		$	1,115,330		$	1,172,281		$	1,309,829		$	1,267,278		$	930,168
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.48	%(D)		0.47	%		0.46	%		0.49	%		0.49	%		0.52	%
Including waiver and/or reimbursement and recapture		0.48	%(D)		0.47	%		0.46	%(E)		0.49	%(E)		0.48	%(B)		0.52	%
Net investment income (loss) to average net assets		2.70	%(D)		2.83	%		2.85	%		2.60	%		2.40	%(B)		2.65	%
Portfolio turnover rate		12	%(C)		13	%		28	%		29	%		22	%		17	%

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

For a share outstanding during the period and years indicated:	Transamerica Global Real Estate Securities
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	15.33		$	13.04		$	14.07		$	13.84		$	14.26		$	14.42
Investment operations:
Net investment income (loss) (A)		0.08			0.18			0.20			0.19			0.30	(B)		0.22
Net realized and unrealized gain (loss)		(2.69	)		2.50			(0.70	)		0.51			(0.39	)		(0.06	)
Total investment operations		(2.61	)		2.68			(0.50	)		0.70			(0.09	)		0.16
Dividends and/or distributions to shareholders:
Net investment income		(0.58	)		(0.39	)		(0.53	)		(0.47	)		(0.33	)		(0.32	)
Net realized gains		(0.51	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(1.09	)		(0.39	)		(0.53	)		(0.47	)		(0.33	)		(0.32	)
Net asset value, end of period/year	$	11.63		$	15.33		$	13.04		$	14.07		$	13.84		$	14.26
Total return		(18.29	)%(C)		21.12	%		(3.76	)%		5.26	%		(0.65	)%		1.13	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,733		$	21,830		$	22,214		$	27,333		$	38,432		$	51,635
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.90	%(D)		1.62	%		1.64	%		1.44	%		1.22	%		1.15	%
Including waiver and/or reimbursement and recapture		1.90	%(D)		1.62	%		1.64	%		1.44	%		1.16	%(B)		1.15	%
Net investment income (loss) to average net assets		1.19	%(D)		1.28	%		1.46	%		1.39	%		2.12	%(B)		1.52	%
Portfolio turnover rate		65	%(C)		149	%		150	%		109	%		52	%		49	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.06% higher and 0.06% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2020

Page    55

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	13.04		$	15.42		$	17.02		$	15.60		$	15.95		$	17.77
Investment operations:
Net investment income (loss) (A)		0.09			0.14			0.20			0.14			0.13	(B)		0.17
Net realized and unrealized gain (loss)		(2.28	)		0.85			(0.17	)(C)		2.44			0.64			0.57
Total investment operations		(2.19	)		0.99			0.03			2.58			0.77			0.74
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.23	)		(0.16	)		(0.15	)		(0.13	)		(0.17	)
Net realized gains		(1.05	)		(3.14	)		(1.47	)		(1.01	)		(0.99	)		(2.39	)
Total dividends and/or distributions to shareholders		(1.21	)		(3.37	)		(1.63	)		(1.16	)		(1.12	)		(2.56	)
Net asset value, end of period/year	$	9.64		$	13.04		$	15.42		$	17.02		$	15.60		$	15.95
Total return		(18.89	)%(D)		10.78	%		(0.17	)%		17.08	%		5.24	%		3.96	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	106,117		$	139,235		$	152,116		$	215,915		$	260,300		$	271,303
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.93	%(E)		0.91	%		0.91	%		0.89	%		0.89	%		0.88	%
Including waiver and/or reimbursement and recapture		0.93	%(E)		0.91	%		0.91	%		0.89	%		0.88	%(B)		0.88	%
Net investment income (loss) to average net assets		1.56	%(E)		1.10	%		1.25	%		0.84	%		0.84	%(B)		1.02	%
Portfolio turnover rate		11	%(D)		9	%		19	%		11	%		23	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Total Return
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015
Net asset value, beginning of period/year	$	10.60		$	9.84		$	10.28		$	10.43		$	10.46		$	10.65
Investment operations:
Net investment income (loss) (A)		0.14			0.29			0.23			0.22			0.24	(B)		0.19
Net realized and unrealized gain (loss)		0.25			0.73			(0.47	)		0.06			0.23			(0.02	)
Total investment operations		0.39			1.02			(0.24	)		0.28			0.47			0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.26	)		(0.20	)		(0.16	)		(0.31	)		(0.18	)
Net realized gains		(0.08	)		—			—			(0.27	)		(0.19	)		(0.18	)
Total dividends and/or distributions to shareholders		(0.27	)		(0.26	)		(0.20	)		(0.43	)		(0.50	)		(0.36	)
Net asset value, end of period/year	$	10.72		$	10.60		$	9.84		$	10.28		$	10.43		$	10.46
Total return		3.78	%(C)		10.50	%		(2.34	)%		2.87	%		4.70	%		1.62	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	599,468		$	630,470		$	746,042		$	625,067		$	556,626		$	608,634
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%(D)		0.75	%		0.78	%		0.76	%		0.78	%		0.79	%
Including waiver and/or reimbursement and recapture		0.68	%(D)		0.71	%(E)		0.75	%		0.76	%		0.76	%(B)		0.79	%
Net investment income (loss) to average net assets		2.75	%(D)		2.87	%		2.31	%		2.13	%		2.35	%(B)		1.78	%
Portfolio turnover rate (F)		9	%(C)		32	%		38	%		84	%		31	%		62	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Not annualized.
(D)	Annualized.
(E)	Includes extraordinary expenses outside the operating expense limit.
(F)	Excludes sale-buyback transactions.

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

Transamerica Funds Semi-Annual Report 2020

Page    56

NOTES TO FINANCIAL STATEMENTS

At April 30, 2020

(unaudited)

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 Mid Cap Value (“Mid Cap Value”)

Transamerica Total Return (“Total Return”)

Global Real Estate Securities is a “non-diversified” fund, as defined under the 1940 Act.

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

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

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

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; 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.

Transamerica Funds Semi-Annual Report 2020

Page    57

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES

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

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

Foreign taxes: The Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

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 period ended April 30, 2020, commissions recaptured are as follows. Funds not listed in the subsequent table do not have any commissions recaptured during the period.

Fund	Commissions Recaptured
Mid Cap Value	$	1,369

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

Transamerica Funds Semi-Annual Report 2020

Page    58

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

have been determined to be at a level requiring a Statement of Cash Flows. A Statement of Cash Flows has been prepared for Total Return 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. INVESTMENT 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 April 30, 2020, is disclosed within the Investment 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:

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.

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At April 30, 2020

(unaudited)

3. INVESTMENT VALUATION (continued)

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.

Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Foreign government obligations: Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Municipal government obligations: The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

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

Short-term notes: A Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government agency obligations: U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

U.S. government obligations: U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

3. INVESTMENT VALUATION (continued)

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

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 April 30, 2020, if any, are identified within the Schedule of Investments.

When-issued, delayed-delivery, forward, and to be announced (“TBA”) commitment transactions: The Funds may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Funds will segregate with their custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund’s other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by the Funds’ and the counterparty. Cash collateral that has been pledged to cover the obligations of the Funds’ and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by the Funds’, if any, is disclosed within the Schedule of Investments. Typically, the Funds’ are permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to the Funds’ are not fully collateralized, contractually or otherwise, the Funds’ bear the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at April 30, 2020, 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2020, 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 April 30, 2020.

Repurchase agreements at April 30, 2020, if any, are included within the Schedule of Investments and 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.

Open reverse repurchase agreements at April 30, 2020, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities. The interest expense is included in Interest income on the 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

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Sale-buyback financing transactions expose the Funds to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds, the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price. The Funds’ obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Funds’ forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Funds’ portfolio turnover rates. The Funds recognize price drop fee income on a straight line basis over the period of the roll. For the period ended April 30, 2020, Total Return earned price drop fee income of $230,272. The price drop fee is included in Interest income within the 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. The interest expense is included within Interest income on the 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 included in Interest income on the Statements of Operations.

Open sale-buyback financing transactions at April 30, 2020, if any, are identified within the Schedule of Investments.

Securities lending: The Funds may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Funds is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Each Fund receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statements of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2020, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2020. 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	$	6,693,443	$	—	$	—	$	—	$	6,693,443
Foreign Government Obligations		637,516		—		—		—		637,516
U.S. Government Obligations		74,471,967		—		—		—		74,471,967
Total Securities Lending Transactions	$	81,802,926	$	—	$	—	$	—	$	81,802,926
Total Borrowings	$	81,802,926	$	—	$	—	$	—	$	81,802,926
Global Real Estate Securities
Securities Lending Transactions
Common Stocks	$	94,022	$	—	$	—	$	—	$	94,022
Total Borrowings	$	94,022	$	—	$	—	$	—	$	94,022

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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
Mid Cap Value
Securities Lending Transactions
Common Stocks	$	436,823	$	—	$	—	$	—	$	436,823
Total Borrowings	$	436,823	$	—	$	—	$	—	$	436,823
Total Return
Securities Lending Transactions
Corporate Debt Securities	$	6,200,933	$	—	$	—	$	—	$	6,200,933
U.S. Government Obligations		6,107,105		—		—		—		6,107,105
Total Securities Lending Transactions	$	12,308,038	$	—	$	—	$	—	$	12,308,038
Reverse Repurchase Agreements
U.S. Government Obligations	$	—	$	—	$	81,040,443	$	—	$	81,040,443
Total Borrowings	$	12,308,038	$	—	$	81,040,443	$	—	$	93,348,481

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

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

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

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

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

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

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

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

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

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

Option contracts: The Funds are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds 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

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At April 30, 2020

(unaudited)

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

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 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.

Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Funds pay premiums, which are included within the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Funds write a covered call or put option, the premium received is recorded as a liability within the Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Funds could result in the Funds selling or buying a security or currency at a price different from the current market value.

Open option contracts at April 30, 2020, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statements of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Funds and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Funds may enter into credit default, cross-currency, interest rate, total return, including contracts for difference (“CFD”), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statements of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Fund, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statements of Operations.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

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 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.

Open centrally cleared swap agreements and open OTC swap agreements at April 30, 2020, if any, are listed within the Schedule of Investments.

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

Open futures contracts at April 30, 2020, if any, are listed within the Schedule of Investments. Open futures contracts at April 30, 2020, 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 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. 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.

Transamerica Funds Semi-Annual Report 2020

Page    66

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

Open forward foreign currency contracts at April 30, 2020, 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 April 30, 2020. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the period.

Asset Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts			Commodity Contracts		Total
Global Real Estate Securities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—		$	13,982			—	$	—			—	$	13,982
Total	$	—		$	13,982			—	$	—			—	$	13,982
Total Return
Purchased options and swaptions:
Investments, at value (A)	$	8,822		$	—		$	—	$	—		$	—	$	8,822
Centrally cleared swaps:
Total distributable earnings (accumulated losses) (A) (B)		822,424			—			—		37,853			—		860,277
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		2,231,294			—			—		—			—		2,231,294
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—			3,182,374			—		—			—		3,182,374
Total	$	3,062,540		$	3,182,374		$	—	$	37,853		$	—	$	6,282,767
Liability Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts			Commodity Contracts		Total
Global Real Estate Securities
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(11,761	)	$	—	$	—		$	—	$	(11,761	)
Total	$	—		$	(11,761	)	$	—	$	—		$	—	$	(11,761	)
Total Return
Written options and swaptions:
Written options and swaptions, at value (A)	$	(23,952	)	$	—		$	—	$	—		$	—	$	(23,952	)
Centrally cleared swaps:
Total distributable earnings (accumulated losses) (A) (B)		(4,242,701	)		—			—		(264,321	)		—		(4,507,022	)
OTC Swaps:
OTC swap agreements, at value		—			—			—		(246,760	)		—		(246,760	)
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		(2,469,973	)		—			—		—			—		(2,469,973	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(841,087	)		—		—			—		(841,087	)
Total	$	(6,736,626	)	$	(841,087	)	$	—	$	(511,081	)	$	—	$	(8,088,794	)

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

Transamerica Funds Semi-Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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 April 30, 2020.

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Global Real Estate Securities
Swap agreements	$	—		$	—		$	5,312	$	—	$	—	$	5,312
Forward foreign currency contracts		—			(623	)		—		—		—		(623	)
Total	$	—		$	(623	)	$	5,312	$	—	$	—	$	4,689
Total Return
Purchased options and swaptions (A)	$	(44,263	)	$	(900	)	$	—	$	—	$	—	$	(45,163	)
Written options and swaptions		154,911			—			—		—		—		154,911
Swap agreements		(759,847	)		—			—		1,007,326		—		247,479
Futures contracts		(2,048,639	)		—			—		—		—		(2,048,639	)
Forward foreign currency contracts		—			(827,573	)		—		—		—		(827,573	)
Total	$	(2,697,838	)	$	(828,473	)	$	—	$	1,007,326	$	—	$	(2,518,985	)

Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts			Credit Contracts			Commodity Contracts		Total
Global Real Estate Securities
Swap agreements	$	—		$	—	$	(1,530	)	$	—		$	—	$	(1,530	)
Forward foreign currency contracts		—			1,983		—			—			—		1,983
Total	$	—		$	1,983	$	(1,530	)	$	—		$	—	$	453
Total Return
Purchased options and swaptions (B)	$	32,552		$	891	$	—		$	—		$	—	$	33,443
Written options and swaptions		(44,750	)		—		—			(19,147	)		—		(63,897	)
Swap agreements		(45,280	)		—		—			(385,970	)		—		(431,250	)
Futures contracts		262,929			—		—			—			—		262,929
Forward foreign currency contracts		—			5,377,480		—			—			—		5,377,480
Total	$	205,451		$	5,378,371	$	—		$	(405,117	)	$	—	$	5,178,705

(A)	Included within Net realized gain (loss) on Investments in the Statements of Operations.
(B)	Included within Net change in unrealized appreciation (depreciation) on Investments in the Statements of Operations.

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2020.

	Global Real Estate Securities		Total Return
Options:
Average value of option contracts purchased	$	—	$	22,990
Average notional value of swaption contracts purchased		—		142,857
Average value of option contracts written		—		(114,166	)
Average notional value of swaption contracts written		—		(3,385,714	)
Credit default swaps:
Average notional value – buy protection		—		40,885,714
Average notional value – sell protection		—		18,053,732
Interest rate swaps:
Average notional value – pays fixed rate		—		79,584,749
Average notional value – receives fixed rate		—		47,227,874
Total return swaps:
Average notional value – long		33,532		—

Transamerica Funds Semi-Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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

	Global Real Estate Securities		Total Return
Futures contracts:
Average notional value of contracts – long	$	—	$	182,232,444
Average notional value of contracts – short		—		(126,259,607	)
Forward foreign currency exchange contracts:
Average amounts purchased – in USD		2,875,037		96,519,723
Average amounts sold – in USD		2,698,942		156,456,426

The applicable Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with their contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Funds and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Funds exercise their right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Funds’ net liability may be delayed or denied.

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

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

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

The following is a summary of the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Funds as of April 30, 2020. 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.

Transamerica Funds Semi-Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

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
Global Real Estate Securities
Bank of America, N.A.	$	1,673	$	(1,673	)	$	—		$	—	$	2,179	$	(1,673	)	$	—		$	506
BNP Paribas		—		—			—			—		92		—			—			92
Citibank, N.A.		1,918		(81	)		—			1,837		81		(81	)		—			—
Goldman Sachs International		1,352		(44	)		—			1,308		44		(44	)		—			—
HSBC Bank USA		845		(845	)		—			—		1,520		(845	)		—			675
JPMorgan Chase Bank, N.A.		3,544		(3,544	)		—			—		6,553		(3,544	)		—			3,009
State Street Bank & Trust Co.		3,599		(1,287	)		—			2,312		1,287		(1,287	)		—			—
UBS AG		1,051		(5	)		—			1,046		5		(5	)		—			—
Total	$	13,982	$	(7,479	)	$	—		$	6,503	$	11,761	$	(7,479	)	$	—		$	4,282
Total Return
Bank of America, N.A.	$	39,174	$	—		$	—		$	39,174	$	—	$	—		$	—		$	—
Barclays Bank PLC		207,048		—			—			207,048		—		—			—			—
BNP Paribas		66,255		(21,768	)		—			44,487		21,768		(21,768	)		—			—
Citibank, N.A.		1,691,783		(439,639	)		(1,252,144	)		—		439,639		(439,639	)		—			—
Deutsche Bank AG		4,784		(3,107	)		(1,677	)		—		3,107		(3,107	)		—			—
Goldman Sachs Bank		307,488		(53,339	)		—			254,149		53,339		(53,339	)		—			—
Goldman Sachs International		—		—			—			—		246,760		—			(246,760	)		—
HSBC Bank USA		164,833		(160,049	)		(4,784	)		—		160,049		(160,049	)		—			—
JPMorgan Chase Bank, N.A.		645,860		(175,733	)		(470,127	)		—		175,733		(175,733	)		—			—
Morgan Stanley & Co., Inc.		—		—			—			—		4,371		—			(4,371	)		—
Standard Chartered Bank		55,149		(7,033	)		(48,116	)		—		7,033		(7,033	)		—			—
Other Derivatives (C)		3,100,393		—			—			3,100,393		6,976,995		—			—			6,976,995
Total	$	6,282,767	$	(860,668	)	$	(1,776,848	)	$	3,645,251	$	8,088,794	$	(860,668	)	$	(251,131	)	$	6,976,995

(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, exchange-traded swap agreements and occasionally forward positions, that are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented within the Schedule of Investments.

7. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets are subject to heightened foreign investments risks. Emerging market countries tend to have economic, political and legal systems and regulatory and accounting standards that are less developed, and that can be expected to be less stable. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation and may be based on only a few industries. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will. 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 extreme price volatility. An investment in emerging market securities should be considered speculative.

Fixed income risk: Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by a Fund fall, the value of your investment will go down. The prices of fixed-income securities will generally go down when interest rates rise. Interest rates in the U.S. and certain foreign markets have been low

Transamerica Funds Semi-Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

7. RISK FACTORS (continued)

relative to historic levels, so the Fund faces a heightened risk that interest rates may rise. 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 risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund’s foreign investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Lack of information and weaker legal systems and accounting standards also may affect the value of these securities. Foreign investments may have lower liquidity and be more difficult to value than investments in U.S. issuers.

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 and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth 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. Issuers of junk bonds are typically in weaker financial health. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities, and they may result in losses for the Funds. Junk bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments.

LIBOR Risk: Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate (“LIBOR”). LIBOR is widely used in financial markets. In July 2017, the United Kingdom’s financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect the Fund’s performance or NAV.

Market risk: The market prices of a Fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as overall economic trends or events, government actions or interventions, market disruptions caused by trade disputes or other factors, political factors or adverse investor sentiment. The market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. If the market prices of the securities owned by a Fund fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. The COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, a Fund’s exposure to the risks described in the Fund’s prospectus will likely increase. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund’s investments may be negatively affected.

Real estate investment trusts (“REIT”) and real estate risk: Investing in real estate investment trusts (“REITs”) involves unique risks. When a Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, a Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it

Transamerica Funds Semi-Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

7. RISK FACTORS (continued)

invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to a Fund.

Recent events risk: The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of a Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, may not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.

8. FEES AND OTHER AFFILIATED TRANSACTIONS

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

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

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

As of April 30, 2020, 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	$	934,012,236		93.55	%
Global Real Estate Securities		10,604,520		77.22
Mid Cap Value		101,160,875		95.33
Total Return		508,048,796		84.75

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

Transamerica Funds Semi-Annual Report 2020

Page    72

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Fund	Rate
Core Bond
First $750 million		0.450	%
Over $750 million up to $1 billion		0.390
Over $1 billion up to $1.5 billion		0.375
Over $1.5 billion up to $3 billion		0.370
Over $3 billion		0.365
Global Real Estate Securities
First $250 million		0.770
Over $250 million up to $500 million		0.750
Over $500 million up to $750 million		0.700
Over $750 million		0.680

Fund	Rate
Mid Cap Value
First $100 million		0.880	%
Over $100 million up to $750 million		0.830
Over $750 million up to $1.5 billion		0.810
Over $1.5 billion		0.800
Total Return
First $250 million		0.680
Over $250 million up to $500 million		0.670
Over $500 million up to $750 million		0.660
Over $750 million up to $1 billion		0.630
Over $1 billion up to $3 billion		0.600
Over $3 billion		0.570

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Fund	Current Operating Expense Limit			Operating Expense Limit Effective Through
Core Bond		0.60	%		March 1, 2021
Global Real Estate Securities		N/A			March 1, 2021
Mid Cap Value		1.05			March 1, 2021
Total Return		0.68			March 1, 2021

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2020 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

TAM, on a voluntary and/or contractual basis and in addition to the operating expense limits 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 discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the years ended October 31, 2017, October 31, 2018, October 31, 2019 and the period ended April 30, 2020, 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 period.

	Amounts Available
Fund	2017		2018		2019		2020		Total
Total Return	$	—	$	34,500	$	374,151	$	194,477	$	603,128

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.

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

Transamerica Funds Semi-Annual Report 2020

Page    73

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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 period ended April 30, 2020, 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 investment manager or sub-adviser(s) for the period ended April 30, 2020.

Cross-trades: The Funds are authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Funds 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 period ended April 30, 2020, the Funds did not engage in cross-trade transactions.

9. PURCHASES AND SALES OF SECURITIES

For the period ended April 30, 2020, 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	$	64,356,229	$	65,364,720	$	60,175,846	$	200,708,715
Global Real Estate Securities		12,486,157		—		16,372,445		—
Mid Cap Value		13,461,583		—		21,420,505		—
Total Return		23,749,767		40,719,057		151,330,398		91,138,799

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.

As of April 30, 2020, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Core Bond	$	1,026,222,850	$	63,656,396	$	(11,920,959	)	$	51,735,437
Global Real Estate Securities		17,185,411		1,320,590		(1,479,383	)		(158,793	)
Mid Cap Value		81,465,285		35,832,542		(10,556,193	)		25,276,349
Total Return		790,741,082		49,272,810		(21,010,122	)		28,262,688

Transamerica Funds Semi-Annual Report 2020

Page    74

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

11. NEW ACCOUNTING PRONOUNCEMENT

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

12. CHANGE IN ACCOUNTING PRINCIPLE

The Funds have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2017-08 “Premium Amortization of Callable Debt Securities” (“ASU 2017-08”), which amends the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with explicit non-contingent call features to the earliest call date.

It is impracticable to evaluate the effect on individual prior periods, therefore the Funds applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments by $14,023 and $98,929 for Core Bond and Total Return, respectively. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the net asset value of each Fund’s financial statements.

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.

Transamerica Funds Semi-Annual Report 2020

Page    75

LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The series of Transamerica Funds (the “Trust”), excluding Transamerica Government Money Market (for purposes of this section only, the “Funds”), have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the “Program”). The Board of Trustees of the Trust (the “Board”) has appointed Transamerica Asset Management, Inc. (“TAM”), the investment manager to the Funds, as the Program administrator for the Funds. TAM has established a Liquidity Risk Management Committee (the “Committee”) to manage the Program for the Funds, including oversight of the liquidity risk management process, reporting to the Board, and reviewing the Program’s effectiveness.

The Board met on March 11-12, 2020 (the “Meeting”) to review the Program with respect to the Funds, pursuant to the Liquidity Rule. At the Meeting, the Committee provided the Board with a written report that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation, including the operation of the Funds’ Highly Liquid Investment Minimum (“HLIM”) as applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology. The Report noted that the Funds utilize analysis from a third-party liquidity metrics service, which takes into account a variety of factors including market, trading and other investment specific considerations. The Report also discussed the Committee’s methodology in establishing a Fund’s HLIM, as applicable, and the Committee’s periodic review of each HLIM established. The Report noted one material change to the classification methodology during the Program Reporting Period. The Report reviewed the change and why the Committee believes the change is an enhancement to the prior method. The Report also noted that the Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for monitoring the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including: (1) the Fund’s investment strategy and portfolio liquidity during normal and reasonably foreseeable stressed conditions, (2) cash flow projections during normal and reasonably foreseeable stressed conditions and (3) holdings of cash and cash equivalents, borrowings and other funding sources.

The Report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Funds’ liquidity risk pursuant to the requirements of the Liquidity Rule.

Transamerica Funds Semi-Annual Report 2020

Page    76

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds Semi-Annual Report 2020

Page    77

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 Semi-Annual Report 2020

Page    78

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

256614 04/20

© 2020 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

SEMI-ANNUAL REPORT

APRIL 30, 2020

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

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

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

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Schedules of Investments Composition	4
Schedules of Investments
Transamerica ClearTrack® 2015	5
Transamerica ClearTrack® 2020	6
Transamerica ClearTrack® 2025	7
Transamerica ClearTrack® 2030	8
Transamerica ClearTrack® 2035	9
Transamerica ClearTrack® 2040	10
Transamerica ClearTrack® 2045	11
Transamerica ClearTrack® 2050	12
Transamerica ClearTrack® 2055	13
Transamerica ClearTrack® 2060	14
Transamerica ClearTrack® Retirement Income	15
Statements of Assets and Liabilities	16
Statements of Operations	19
Statements of Changes in Net Assets	22
Financial Highlights	26
Notes to Financial Statements	43
Liquidity Risk Management Program	52
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	53
Notice of Privacy Policy	54

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

Transamerica Funds Semi-Annual Report 2020

Dear Shareholder,

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

This semi-annual report is provides certain information about your Fund(s) during the period covered by the report. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report covers the six-month period ended April 30, 2020.

We believe it is important to understand market conditions over the six-month period to provide a context for reading this report. The period began in November 2019 with equity and credit markets strong following three consecutive rate cuts by the Federal Reserve (“Fed”) in the preceding months. The S&P 500^®, NASDAQ and Dow Jones Industrial Average all closed the calendar year near their highest levels ever. As 2020 began, investors had reason for optimism based on continued economic growth, benign inflation, lower interest rates, solid credit fundamentals and rising corporate earnings growth. Uncertainties surrounded mostly U.S./China trade relations, and when a Phase I trade agreement was signed in mid-January, equity markets continued to move towards record highs, and by mid-February stocks had reached record highs, even as reports of COVID-19 and its spread within China were making their way into daily news reports.

By early March, the presence of COVID-19 was being reported globally, and as cases and fatalities quickly grew exponentially in the U.S., the Fed cut rates by 0.50%, serving as evidence to many investors of the economic risk being created by the pandemic. By mid-March, most companies had sent workers home indefinitely, schools, sporting events and local businesses had closed, and states issued stay-at-home orders, while the Fed once again cut rates, this time to a Fed Funds target of 0 - 0.25%. Economic forecasts dropped as a full-fledged recession of immense proportions was now apparent. By March 23, the S&P 500^® had experienced its fastest 35% decline ever off of its February 19 record high, credit spreads had close to tripled and the 10-year U.S. Treasury yield had fallen below 1% for the first time in history. By the end of March, it was evident COVID-19 would be taking a tragic toll on human life and delivering a historic shock to the economy.

On March 27, Congress passed the CARES Act, providing more than $2 trillion in fiscal assistance to the economy. The Fed also dramatically expanded its balance sheet through additional trillions in open market purchases, and despite the first negative U.S. gross domestic product report in six years, the equity and credit markets rebounded strongly during the month of April, as daily COVID-19 case trends appeared to have peaked and guidelines for business re-openings were introduced, even as the nation braced for some of the worst economic reports since the 1930s.

Although the period ended with markets having recovered from their worst levels, uncertainties remain prevalent throughout the U.S. and global economy. While there is some belief that the worst of the pandemic may be over, this is yet to be proven out. COVID-19 has proven to be a true black swan of historic magnitude, and market volatility is likely to continue in the months ahead.

For the six-month period ended April 30, 2020, the S&P 500^® returned -3.16%, while the MSCI EAFE Index, representing international developed market equities, returned -14.00%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.86%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns, as recent months have shown, 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.

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 involved 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 November 1, 2019, and held for the entire six-month period until April 30, 2020.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as 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 November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica ClearTrack® 2015
Class R1	$	1,000.00	$	987.30	$	5.58	$	1,019.20	$	5.67		1.13	%
Class R3		1,000.00		989.00		4.35		1,020.50		4.42		0.88
Class R6		1,000.00		991.20		2.38		1,022.50		2.41		0.48
Transamerica ClearTrack® 2020
Class R1		1,000.00		903.10		5.25		1,019.30		5.57		1.11
Class R3		1,000.00		904.70		4.07		1,020.60		4.32		0.86
Class R6		1,000.00		906.70		2.18		1,022.60		2.31		0.46
Transamerica ClearTrack® 2025
Class R1		1,000.00		898.00		5.24		1,019.30		5.57		1.11
Class R3		1,000.00		899.00		4.06		1,020.60		4.32		0.86
Class R6		1,000.00		901.20		2.17		1,022.60		2.31		0.46
Transamerica ClearTrack® 2030
Class R1		1,000.00		967.80		5.58		1,019.20		5.72		1.14
Class R3		1,000.00		957.80		4.33		1,020.40		4.47		0.89
Class R6		1,000.00		970.90		2.40		1,022.40		2.46		0.49
Transamerica ClearTrack® 2035
Class R1		1,000.00		955.60		5.59		1,019.10		5.77		1.15
Class R3		1,000.00		957.80		4.38		1,020.40		4.52		0.90
Class R6		1,000.00		959.50		2.44		1,022.40		2.51		0.50

Transamerica Funds Semi-Annual Report 2020

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Ending Account Value April 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica ClearTrack® 2040
Class R1	$	1,000.00	$	948.30	$	5.57	$	1,019.10	$	5.77		1.15	%
Class R3		1,000.00		949.50		4.36		1,020.40		4.52		0.90
Class R6		1,000.00		950.70		2.43		1,022.40		2.51		0.50
Transamerica ClearTrack® 2045
Class R1		1,000.00		937.50		5.54		1,019.10		5.77		1.15
Class R3		1,000.00		938.00		4.29		1,020.40		4.47		0.90
Class R6		1,000.00		940.00		2.41		1,022.40		2.51		0.50
Transamerica ClearTrack® 2050
Class R1		1,000.00		928.20		5.56		1,019.10		5.82		1.16
Class R3		1,000.00		929.50		4.37		1,020.30		4.57		0.91
Class R6		1,000.00		931.50		2.45		1,022.30		2.56		0.51
Transamerica ClearTrack® 2055
Class R1		1,000.00		928.80		5.51		1,019.10		5.77		1.15
Class R3		1,000.00		930.40		4.32		1,020.40		4.52		0.90
Class R6		1,000.00		931.90		2.40		1,022.40		2.51		0.50
Transamerica ClearTrack® 2060
Class R1		1,000.00		928.50		5.56		1,019.10		5.82		1.16
Class R3		1,000.00		930.10		4.37		1,020.20		4.57		0.91
Class R6		1,000.00		932.60		2.45		1,022.30		2.56		0.51
Transamerica ClearTrack® Retirement Income
Class R1		1,000.00		1,000.70		5.62		1,019.20		5.67		1.13
Class R3		1,000.00		1,001.40		4.38		1,020.49		4.42		0.88
Class R6		1,000.00		1,003.60		2.39		1,022.50		2.41		0.48

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s net 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 (182 days), and divided by the number of days in the year (366 days).
(C)	Net annualized expense ratios, as disclosed in the table, do not include the expenses of the Underlying ETFs in which the Funds invest. The net annualized expense ratios, as stated in the fee table of the Funds’ Prospectus, may differ from the expense ratios disclosed in this report.

Transamerica Funds Semi-Annual Report 2020

Page    3

Schedules of Investments Composition

At April 30, 2020

(unaudited)

Transamerica ClearTrack® 2015
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		46.3	%
U.S. Equity Funds		34.9
International Equity Funds		11.7
International Fixed Income Fund		5.8
Repurchase Agreement		1.4
Other Investment Company		0.7
Net Other Assets (Liabilities)		(0.8	)
Total		100.0	%
Transamerica ClearTrack® 2020
Asset Allocation	Percentage of Net Assets
Repurchase Agreement		94.5	%
U.S. Fixed Income Funds		2.4
U.S. Equity Funds		2.2
International Equity Funds		0.8
Other Investment Company		0.2
International Fixed Income Fund		0.2
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%
Transamerica ClearTrack® 2025
Asset Allocation	Percentage of Net Assets
Repurchase Agreement		94.6	%
U.S. Equity Funds		2.3
U.S. Fixed Income Funds		2.1
International Equity Funds		1.0
Other Investment Company		0.1
International Fixed Income Fund		0.1
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%
Transamerica ClearTrack® 2030
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		44.0	%
U.S. Fixed Income Funds		34.0
International Equity Funds		19.2
International Fixed Income Fund		1.9
Other Investment Company		1.7
Repurchase Agreement		0.9
Net Other Assets (Liabilities)		(1.7	)
Total		100.0	%
Transamerica ClearTrack® 2035
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		51.3	%
U.S. Fixed Income Funds		24.1
International Equity Funds		22.2
International Fixed Income Fund		1.4
Repurchase Agreement		1.1
Other Investment Company		0.7
Net Other Assets (Liabilities)		(0.8	)
Total		100.0	%

Transamerica ClearTrack® 2040
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		55.2	%
International Equity Funds		23.9
U.S. Fixed Income Fund		18.7
Repurchase Agreement		1.4
International Fixed Income Fund		0.9
Other Investment Company		0.4
Net Other Assets (Liabilities)		(0.5	)
Total		100.0	%
Transamerica ClearTrack® 2045
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		61.4	%
International Equity Funds		26.5
U.S. Fixed Income Fund		11.2
Repurchase Agreement		1.0
Other Investment Company		1.0
Net Other Assets (Liabilities)		(1.1	)
Total		100.0	%
Transamerica ClearTrack® 2050
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		65.2	%
International Equity Funds		28.1
U.S. Fixed Income Fund		5.9
Other Investment Company		1.0
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(1.2	)
Total		100.0	%
Transamerica ClearTrack® 2055
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		66.5	%
International Equity Funds		28.6
U.S. Fixed Income Fund		5.9
Other Investment Company		1.1
Net Other Assets (Liabilities)		(2.1	)
Total		100.0	%
Transamerica ClearTrack® 2060
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		66.7	%
International Equity Funds		28.6
U.S. Fixed Income Fund		6.0
Other Investment Company		0.6
Net Other Assets (Liabilities)		(1.9	)
Total		100.0	%
Transamerica ClearTrack® Retirement Income
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		54.6	%
U.S. Equity Funds		28.4
International Fixed Income Fund		10.2
International Equity Funds		6.1
Repurchase Agreement		0.8
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Semi-Annual Report 2020

Page    4

Transamerica ClearTrack^® 2015

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.7%
International Equity Funds - 11.7%
Vanguard FTSE Developed Markets ETF		92,450		$  3,298,616
Vanguard FTSE Emerging Markets ETF		19,138		692,221
				3,990,837
International Fixed Income Fund - 5.8%
Vanguard Total International Bond ETF (A)		34,663		1,985,497
U.S. Equity Funds - 34.9%
Schwab U.S. Large-Cap ETF (A)		156,276		10,812,736
Schwab U.S. Small-Cap ETF		17,690		1,044,595
				11,857,331
U.S. Fixed Income Funds - 46.3%
iShares Core U.S. Aggregate Bond ETF		105,356		12,337,188
iShares TIPS Bond ETF		18,503		2,244,599
Xtrackers USD High Yield Corporate Bond ETF		25,198		1,154,572
				15,736,359
Total Exchange-Traded Funds (Cost $30,321,430)				33,570,024
OTHER INVESTMENT COMPANY - 0.7%
Securities Lending Collateral - 0.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		239,850		239,850
Total Other Investment Company (Cost $239,850)				239,850

	Principal		Value
REPURCHASE AGREEMENT - 1.4%
Fixed Income Clearing Corp., 0.00% (B), dated 04/30/2020, to be repurchased at $461,844 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $476,011.		$  461,844		$   461,844
Total Repurchase Agreement (Cost $461,844)				461,844
Total Investments (Cost $31,023,124)				34,271,718
Net Other Assets (Liabilities) - (0.8)%				(274,895	)
Net Assets - 100.0%				$  33,996,823

INVESTMENT 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	$	33,570,024	$	—	$	—	$	33,570,024
Other Investment Company		239,850		—		—		239,850
Repurchase Agreement		—		461,844		—		461,844
Total Investments	$	33,809,874	$	461,844	$	—	$	34,271,718

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 $456,256, collateralized by cash collateral of $239,850 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $226,400. 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 April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    5

Transamerica ClearTrack^® 2020

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 5.6%
International Equity Funds - 0.8%
Vanguard FTSE Developed Markets ETF		7,831		$  279,410
Vanguard FTSE Emerging Markets ETF		1,605		58,053
				337,463
International Fixed Income Fund - 0.2%
Vanguard Total International Bond ETF (A)		1,572		90,044
U.S. Equity Funds - 2.2%
Schwab U.S. Large-Cap ETF		11,957		827,305
Schwab U.S. Small-Cap ETF		1,200		70,860
				898,165
U.S. Fixed Income Funds - 2.4%
iShares Core U.S. Aggregate Bond ETF		6,939		812,557
iShares TIPS Bond ETF		892		108,208
Xtrackers USD High Yield Corporate Bond ETF		1,341		61,445
				982,210
Total Exchange-Traded Funds (Cost $1,941,854)				2,307,882
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		91,026		91,026
Total Other Investment Company (Cost $91,026)				91,026

	Principal		Value
REPURCHASE AGREEMENT - 94.5%
Fixed Income Clearing Corp., 0.00% (B), dated 04/30/2020, to be repurchased at $39,446,614 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $40,235,967.		$  39,446,614		$   39,446,614
Total Repurchase Agreement (Cost $39,446,614)				39,446,614
Total Investments (Cost $41,479,494)				41,845,522
Net Other Assets (Liabilities) - (0.3)%				(115,240	)
Net Assets - 100.0%				$  41,730,282

INVESTMENT 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	$	2,307,882	$	—	$	—	$	2,307,882
Other Investment Company		91,026		—		—		91,026
Repurchase Agreement		—		39,446,614		—		39,446,614
Total Investments	$	2,398,908	$	39,446,614	$	—	$	41,845,522

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $89,128, collateralized by cash collateral of $91,026. 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 April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    6

Transamerica ClearTrack^® 2025

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 5.5%
International Equity Funds - 1.0%
Vanguard FTSE Developed Markets ETF		14,121		$  503,837
Vanguard FTSE Emerging Markets ETF		2,847		102,976
				606,813
International Fixed Income Fund - 0.1%
Vanguard Total International Bond ETF (A)		1,400		80,192
U.S. Equity Funds - 2.3%
Schwab U.S. Large-Cap ETF		19,528		1,351,143
Schwab U.S. Small-Cap ETF		1,683		99,381
				1,450,524
U.S. Fixed Income Funds - 2.1%
iShares Core U.S. Aggregate Bond ETF		9,693		1,135,050
iShares TIPS Bond ETF		1,062		128,831
Xtrackers USD High Yield Corporate Bond ETF		1,412		64,698
				1,328,579
Total Exchange-Traded Funds (Cost $2,817,833)				3,466,108
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		81,081		81,081
Total Other Investment Company (Cost $81,081)				81,081

	Principal		Value
REPURCHASE AGREEMENT - 94.6%
Fixed Income Clearing Corp., 0.00% (B), dated 04/30/2020, to be repurchased at $60,679,949 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $61,897,062.		$  60,679,949		$   60,679,949
Total Repurchase Agreement (Cost $60,679,949)				60,679,949
Total Investments (Cost $63,578,863)				64,227,138
Net Other Assets (Liabilities) - (0.2)%				(116,896	)
Net Assets - 100.0%				$  64,110,242

INVESTMENT 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	$	3,466,108	$	—	$	—	$	3,466,108
Other Investment Company		81,081		—		—		81,081
Repurchase Agreement		—		60,679,949		—		60,679,949
Total Investments	$	3,547,189	$	60,679,949	$	—	$	64,227,138

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $79,390, collateralized by cash collateral of $81,081. 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 April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    7

Transamerica ClearTrack^® 2030

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.1%
International Equity Funds - 19.2%
Vanguard FTSE Developed Markets ETF		234,250		$  8,358,040
Vanguard FTSE Emerging Markets ETF		48,288		1,746,577
				10,104,617
International Fixed Income Fund - 1.9%
Vanguard Total International Bond ETF (A)		17,501		1,002,457
U.S. Equity Funds - 44.0%
Schwab U.S. Large-Cap ETF		309,351		21,403,996
Schwab U.S. REIT ETF (A)		8,386		295,774
Schwab U.S. Small-Cap ETF		25,208		1,488,532
				23,188,302
U.S. Fixed Income Funds - 34.0%
iShares Core U.S. Aggregate Bond ETF		134,903		15,797,141
iShares TIPS Bond ETF		12,345		1,497,572
Xtrackers USD High Yield Corporate Bond ETF		13,448		616,188
				17,910,901
Total Exchange-Traded Funds (Cost $46,446,224)				52,206,277
OTHER INVESTMENT COMPANY - 1.7%
Securities Lending Collateral - 1.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		874,107		874,107
Total Other Investment Company (Cost $874,107)				874,107

	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 0.00% (B), dated 04/30/2020, to be repurchased at $494,636 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $507,396.		$  494,636		$   494,636
Total Repurchase Agreement (Cost $494,636)				494,636
Total Investments (Cost $47,814,967)				53,575,020
Net Other Assets (Liabilities) - (1.7)%				(896,282	)
Net Assets - 100.0%				$  52,678,738

INVESTMENT 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	$	52,206,277	$	—	$	—	$	52,206,277
Other Investment Company		874,107		—		—		874,107
Repurchase Agreement		—		494,636		—		494,636
Total Investments	$	53,080,384	$	494,636	$	—	$	53,575,020

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 $1,285,188, collateralized by cash collateral of $874,107 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $438,278. 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 April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    8

Transamerica ClearTrack^® 2035

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.0%
International Equity Funds - 22.2%
Vanguard FTSE Developed Markets ETF		274,768		$  9,803,723
Vanguard FTSE Emerging Markets ETF		57,901		2,094,279
				11,898,002
International Fixed Income Fund - 1.4%
Vanguard Total International Bond ETF (A)		12,924		740,287
U.S. Equity Funds - 51.3%
Schwab U.S. Large-Cap ETF		365,147		25,264,521
Schwab U.S. REIT ETF (A)		11,688		412,236
Schwab U.S. Small-Cap ETF		29,105		1,718,650
				27,395,407
U.S. Fixed Income Funds - 24.1%
iShares Core U.S. Aggregate Bond ETF		105,633		12,369,624
iShares TIPS Bond ETF		4,039		489,971
				12,859,595
Total Exchange-Traded Funds (Cost $46,234,041)				52,893,291
OTHER INVESTMENT COMPANY - 0.7%
Securities Lending Collateral - 0.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		362,367		362,367
Total Other Investment Company (Cost $362,367)				362,367

	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 0.00% (B), dated 04/30/2020, to be repurchased at $573,919 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $585,859.		$  573,919		$   573,919
Total Repurchase Agreement (Cost $573,919)				573,919
Total Investments (Cost $47,170,327)				53,829,577
Net Other Assets (Liabilities) - (0.8)%				(409,055	)
Net Assets - 100.0%				$  53,420,522

INVESTMENT 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	$	52,893,291	$	—	$	—	$	52,893,291
Other Investment Company		362,367		—		—		362,367
Repurchase Agreement		—		573,919		—		573,919
Total Investments	$	53,255,658	$	573,919	$	—	$	53,829,577

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security are on loan. The total value of all securities on loan is $354,993, collateralized by cash collateral of $362,367. 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 April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    9

Transamerica ClearTrack^® 2040

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.7%
International Equity Funds - 23.9%
Vanguard FTSE Developed Markets ETF		260,212		$  9,284,364
Vanguard FTSE Emerging Markets ETF		54,453		1,969,565
				11,253,929
International Fixed Income Fund - 0.9%
Vanguard Total International Bond ETF (A)		7,465		427,595
U.S. Equity Funds - 55.2%
Schwab U.S. Large-Cap ETF		347,295		24,029,341
Schwab U.S. REIT ETF (A)		11,898		419,643
Schwab U.S. Small-Cap ETF		26,367		1,556,971
				26,005,955
U.S. Fixed Income Fund - 18.7%
iShares Core U.S. Aggregate Bond ETF		75,114		8,795,850
Total Exchange-Traded Funds (Cost $40,674,719)				46,483,329
OTHER INVESTMENT COMPANY - 0.4%
Securities Lending Collateral - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		192,465		192,465
Total Other Investment Company (Cost $192,465)				192,465

	Principal		Value
REPURCHASE AGREEMENT - 1.4%
Fixed Income Clearing Corp., 0.00% (B), dated 04/30/2020, to be repurchased at $650,526 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $664,322.		$  650,526		$   650,526
Total Repurchase Agreement (Cost $650,526)				650,526
Total Investments (Cost $41,517,710)				47,326,320
Net Other Assets (Liabilities) - (0.5)%				(239,365	)
Net Assets - 100.0%				$  47,086,955

INVESTMENT 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	$	46,483,329	$	—	$	—	$	46,483,329
Other Investment Company		192,465		—		—		192,465
Repurchase Agreement		—		650,526		—		650,526
Total Investments	$	46,675,794	$	650,526	$	—	$	47,326,320

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 $227,695, collateralized by cash collateral of $192,465 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $40,073. 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 April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    10

Transamerica ClearTrack^® 2045

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.1%
International Equity Funds - 26.5%
Vanguard FTSE Developed Markets ETF		186,950		$  6,670,376
Vanguard FTSE Emerging Markets ETF		38,950		1,408,821
				8,079,197
U.S. Equity Funds - 61.4%
Schwab U.S. Large-Cap ETF		249,977		17,295,909
Schwab U.S. REIT ETF (A)		8,582		302,687
Schwab U.S. Small-Cap ETF		18,571		1,096,617
				18,695,213
U.S. Fixed Income Fund - 11.2%
iShares Core U.S. Aggregate Bond ETF		29,165		3,415,222
Total Exchange-Traded Funds (Cost $26,083,971)				30,189,632
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		305,856		305,856
Total Other Investment Company (Cost $305,856)				305,856

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 0.00% (B), dated 04/30/2020, to be repurchased at $312,399 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $319,084.		$  312,399		$   312,399
Total Repurchase Agreement (Cost $312,399)				312,399
Total Investments (Cost $26,702,226)				30,807,887
Net Other Assets (Liabilities) - (1.1)%				(329,847	)
Net Assets - 100.0%				$  30,478,040

INVESTMENT 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	$	30,189,632	$	—	$	—	$	30,189,632
Other Investment Company		305,856		—		—		305,856
Repurchase Agreement		—		312,399		—		312,399
Total Investments	$	30,495,488	$	312,399	$	—	$	30,807,887

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $299,654, collateralized by cash collateral of $305,856. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    11

Transamerica ClearTrack^® 2050

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.2%
International Equity Funds - 28.1%
Vanguard FTSE Developed Markets ETF		164,347		$  5,863,901
Vanguard FTSE Emerging Markets ETF		33,724		1,219,797
				7,083,698
U.S. Equity Funds - 65.2%
Schwab U.S. Large-Cap ETF		220,747		15,273,485
Schwab U.S. REIT ETF (A)		7,334		258,670
Schwab U.S. Small-Cap ETF		15,438		911,614
				16,443,769
U.S. Fixed Income Fund - 5.9%
iShares Core U.S. Aggregate Bond ETF		12,668		1,483,423
Total Exchange-Traded Funds (Cost $21,678,613)				25,010,890
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		261,360		261,360
Total Other Investment Company (Cost $261,360)				261,360

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 0.00% (B), dated 04/30/2020, to be repurchased at $240,744 on 05/01/2020. Collateralized by a U.S. Government Obligation, 2.50%, due 02/15/2022, and with a value of $245,852.		$  240,744		$   240,744
Total Repurchase Agreement (Cost $240,744)				240,744
Total Investments (Cost $22,180,717)				25,512,994
Net Other Assets (Liabilities) - (1.2)%				(308,604	)
Net Assets - 100.0%				$  25,204,390

INVESTMENT 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	$	25,010,890	$	—	$	—	$	25,010,890
Other Investment Company		261,360		—		—		261,360
Repurchase Agreement		—		240,744		—		240,744
Total Investments	$	25,272,250	$	240,744	$	—	$	25,512,994

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $256,060, collateralized by cash collateral of $261,360. 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 April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    12

Transamerica ClearTrack^® 2055

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 101.0%
International Equity Funds - 28.6%
Vanguard FTSE Developed Markets ETF		4,022		$  143,505
Vanguard FTSE Emerging Markets ETF (A)		810		29,298
				172,803
U.S. Equity Funds - 66.5%
Schwab U.S. Large-Cap ETF		5,403		373,834
Schwab U.S. REIT ETF (A)		188		6,631
Schwab U.S. Small-Cap ETF		370		21,848
				402,313
U.S. Fixed Income Fund - 5.9%
iShares Core U.S. Aggregate Bond ETF		305		35,715
Total Exchange-Traded Funds (Cost $606,681)				610,831

	Shares		Value
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		6,696		$   6,696
Total Other Investment Company (Cost $6,696)				6,696
Total Investments (Cost $613,377)				617,527
Net Other Assets (Liabilities) - (2.1)%				(12,736	)
Net Assets - 100.0%				$  604,791

INVESTMENT 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	$	610,831	$	—	$	—	$	610,831
Other Investment Company		6,696		—		—		6,696
Total Investments	$	617,527	$	—	$	—	$	617,527

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 $35,532, collateralized by cash collateral of $6,696 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $29,637. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rate disclosed reflects the yield at April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    13

Transamerica ClearTrack^® 2060

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 101.3%
International Equity Funds - 28.6%
Vanguard FTSE Developed Markets ETF		3,863		$  137,832
Vanguard FTSE Emerging Markets ETF (A)		765		27,670
				165,502
U.S. Equity Funds - 66.7%
Schwab U.S. Large-Cap ETF		5,191		359,165
Schwab U.S. REIT ETF (A)		154		5,432
Schwab U.S. Small-Cap ETF		362		21,376
				385,973
U.S. Fixed Income Fund - 6.0%
iShares Core U.S. Aggregate Bond ETF		298		34,896
Total Exchange-Traded Funds (Cost $581,240)				586,371

	Shares		Value
OTHER INVESTMENT COMPANY - 0.6%
Securities Lending Collateral - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.19% (B)		3,492		$   3,492
Total Other Investment Company (Cost $3,492)				3,492
Total Investments (Cost $584,732)				589,863
Net Other Assets (Liabilities) - (1.9)%				(10,758	)
Net Assets - 100.0%				$  579,105

INVESTMENT 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	$	586,371	$	—	$	—	$	586,371
Other Investment Company		3,492		—		—		3,492
Total Investments	$	589,863	$	—	$	—	$	589,863

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 $30,802, collateralized by cash collateral of $3,492 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $28,009. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rate disclosed reflects the yield at April 30, 2020.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    14

Transamerica ClearTrack^® Retirement Income

SCHEDULE OF INVESTMENTS

At April 30, 2020

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.3%
International Equity Funds - 6.1%
Vanguard FTSE Developed Markets ETF		80,314		$  2,865,603
Vanguard FTSE Emerging Markets ETF		19,046		688,894
				3,554,497
International Fixed Income Fund - 10.2%
Vanguard Total International Bond ETF		104,523		5,987,078
U.S. Equity Funds - 28.4%
Schwab U.S. Large-Cap ETF		213,718		14,787,149
Schwab U.S. Small-Cap ETF		31,141		1,838,876
				16,626,025
U.S. Fixed Income Funds - 54.6%
iShares Core U.S. Aggregate Bond ETF		213,996		25,058,932
iShares TIPS Bond ETF		32,891		3,990,007
Xtrackers USD High Yield Corporate Bond ETF		65,297		2,991,908
				32,040,847
Total Exchange-Traded Funds (Cost $54,589,332)				58,208,447

	Principal		Value
REPURCHASE AGREEMENT - 0.8%
Fixed Income Clearing Corp., 0.00% (A), dated 04/30/2020, to be repurchased at $490,426 on 05/01/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 04/15/2022, and with a value of $501,541.		$  490,426		$   490,426
Total Repurchase Agreement (Cost $490,426)				490,426
Total Investments (Cost $55,079,758)				58,698,873
Net Other Assets (Liabilities) - (0.1)%				(82,229	)
Net Assets - 100.0%				$  58,616,644

INVESTMENT 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	$	58,208,447	$	—	$	—	$	58,208,447
Repurchase Agreement		—		490,426		—		490,426
Total Investments	$	58,208,447	$	490,426	$	—	$	58,698,873

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rate disclosed reflects the yield at April 30, 2020.
(B)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Semi-Annual Report 2020

Page    15

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2020

(unaudited)

	Transamerica ClearTrack® 2015			Transamerica ClearTrack® 2020		Transamerica ClearTrack® 2025			Transamerica ClearTrack® 2030		Transamerica ClearTrack® 2035
Assets:
Investments, at value (A) (B)	$	33,809,874		$	2,398,908	$	3,547,189		$	53,080,384	$	53,255,658
Repurchase agreements, at value (C)		461,844			39,446,614		60,679,949			494,636		573,919
Receivables and other assets:
Net income from securities lending		611			46		53			578		883
Shares of beneficial interest sold		245			10,546		12,532			24,310		95
Due from investment manager		8,207			10,528		9,011			2,022		1,599
Prepaid expenses		71			88		161			121		128
Total assets		34,280,852			41,866,730		64,248,895			53,602,051		53,832,282
Liabilities:
Cash collateral received upon return of:
Securities on loan		239,850			91,026		81,081			874,107		362,367
Payables and other liabilities:
Shares of beneficial interest redeemed		6,171			43		668			42		156
Distribution and service fees		13,396			17,087		25,424			20,695		20,813
Transfer agent fees		4,223			5,386		8,019			6,523		6,561
Trustees, CCO and deferred compensation fees		250			292		382			304		305
Audit and tax fees		8,826			8,904		8,969			8,899		8,903
Custody fees		1,593			2,294		1,713			1,694		1,542
Legal fees		467			721		791			620		627
Printing and shareholder reports fees		2,967			4,206		4,920			3,937		3,981
Registration fees		4,795			4,805		4,825			4,811		4,812
Other accrued expenses		1,491			1,684		1,861			1,681		1,693
Total liabilities		284,029			136,448		138,653			923,313		411,760
Net assets	$	33,996,823		$	41,730,282	$	64,110,242		$	52,678,738	$	53,420,522
Net assets consist of:
Paid-in capital	$	30,802,592		$	41,438,727	$	62,328,917		$	46,292,931	$	46,356,389
Total distributable earnings (accumulated losses)		3,194,231			291,555		1,781,325			6,385,807		7,064,133
Net assets	$	33,996,823		$	41,730,282	$	64,110,242		$	52,678,738	$	53,420,522
Net assets by class:
Class R1	$	33,441,546		$	41,258,526	$	61,950,697		$	52,089,072	$	52,682,123
Class R3		10,568			9,667		9,609			10,357		10,223
Class R6		544,709			462,089		2,149,936			579,309		728,176
Shares outstanding (unlimited shares, no par value):
Class R1		3,277,476			4,483,260		6,372,160			4,871,134		4,885,001
Class R3		1,038			1,053		990			971		950
Class R6		53,060			49,871		219,455			53,733		66,981
Net asset value per share:
Class R1	$	10.20		$	9.20	$	9.72		$	10.69	$	10.78
Class R3		10.19	(D)		9.18		9.70	(D)		10.67		10.76
Class R6		10.27			9.27		9.80			10.78		10.87
(A) Investments, at cost	$	30,561,280		$	2,032,880	$	2,898,914		$	47,320,331	$	46,596,408
(B) Securities on loan, at value	$	456,256		$	89,128	$	79,390		$	1,285,188	$	354,993
(C) Repurchase agreements, at cost	$	461,844		$	39,446,614	$	60,679,949		$	494,636	$	573,919

(D) Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

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

Transamerica Funds Semi-Annual Report 2020

Page    16

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica ClearTrack® 2040			Transamerica ClearTrack® 2045		Transamerica ClearTrack® 2050			Transamerica ClearTrack® 2055			Transamerica ClearTrack® 2060
Assets:
Investments, at value (A) (B)	$	46,675,794		$	30,495,488	$	25,272,250		$	617,527		$	589,863
Repurchase agreements, at value (C)		650,526			312,399		240,744			—			—
Cash		—			—		—			9,118			7,919
Receivables and other assets:
Net income from securities lending		818			443		434			26			30
Shares of beneficial interest sold		120			1,294		273			—			—
Due from investment manager		3,801			9,046		9,378			8,066			8,043
Prepaid expenses		117			76		62			2			1
Total assets		47,331,176			30,818,746		25,523,141			634,739			605,856
Liabilities:
Cash collateral received upon return of:
Securities on loan		192,465			305,856		261,360			6,696			3,492
Payables and other liabilities:
Shares of beneficial interest redeemed		6,818			56		26,075			17			9
Distribution and service fees		18,092			11,756		9,604			108			108
Transfer agent fees		5,705			3,707		3,029			37			37
Trustees, CCO and deferred compensation fees		276			186		145			7			3
Audit and tax fees		8,873			8,802		8,771			8,661			8,661
Custody fees		1,464			1,207		1,265			2,322			2,340
Legal fees		544			372		284			5			5
Printing and shareholder reports fees		3,559			2,537		2,083			107			107
Registration fees		4,806			4,791		4,786			10,923			10,923
Other accrued expenses		1,619			1,436		1,349			1,065			1,066
Total liabilities		244,221			340,706		318,751			29,948			26,751
Net assets	$	47,086,955		$	30,478,040	$	25,204,390		$	604,791		$	579,105
Net assets consist of:
Paid-in capital	$	40,565,744		$	25,882,660	$	21,753,079		$	595,701		$	569,053
Total distributable earnings (accumulated losses)		6,521,211			4,595,380		3,451,311			9,090			10,052
Net assets	$	47,086,955		$	30,478,040	$	25,204,390		$	604,791		$	579,105
Net assets by class:
Class R1	$	46,113,466		$	30,023,363	$	24,687,433		$	273,841		$	273,898
Class R3		10,126			10,009		9,908			9,928			9,932
Class R6		963,363			444,668		507,049			321,022			295,275
Shares outstanding (unlimited shares, no par value):
Class R1		4,266,243			2,744,880		2,239,666			26,844			26,869
Class R3		940			918		903			977			977
Class R6		88,031			40,313		45,596			31,397			28,902
Net asset value per share:
Class R1	$	10.81		$	10.94	$	11.02		$	10.20		$	10.19
Class R3		10.78	(D)		10.90		10.98	(D)		10.17	(D)		10.16	(D)
Class R6		10.94			11.03		11.12			10.22			10.22
(A) Investments, at cost	$	40,867,184		$	26,389,827	$	21,939,973		$	613,377		$	584,732
(B) Securities on loan, at value	$	227,695		$	299,654	$	256,060		$	35,532		$	30,802
(C) Repurchase agreements, at cost	$	650,526		$	312,399	$	240,744		$	—		$	—

(D) Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

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

Transamerica Funds Semi-Annual Report 2020

Page    17

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2020

(unaudited)

	Transamerica ClearTrack® Retirement Income
Assets:
Investments, at value (A)	$	58,208,447
Repurchase agreements, at value (B)		490,426
Receivables and other assets:
Net income from securities lending		972
Shares of beneficial interest sold		80
Prepaid expenses		115
Total assets		58,700,040
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		26,577
Investment management fees		2,426
Distribution and service fees		23,547
Transfer agent fees		7,422
Trustees, CCO and deferred compensation fees		335
Audit and tax fees		8,945
Custody fees		2,086
Legal fees		796
Printing and shareholder reports fees		4,654
Registration fees		4,817
Other accrued expenses		1,791
Total liabilities		83,396
Net assets	$	58,616,644
Net assets consist of:
Paid-in capital	$	54,580,704
Total distributable earnings (accumulated losses)		4,035,940
Net assets	$	58,616,644
Net assets by class:
Class R1	$	57,969,062
Class R3		10,714
Class R6		636,868
Shares outstanding (unlimited shares, no par value):
Class R1		5,645,626
Class R3		1,044
Class R6		61,550
Net asset value per share:
Class R1	$	10.27
Class R3		10.26
Class R6		10.35
(A) Investments, at cost	$	54,589,332
(B) Repurchase agreements, at cost	$	490,426

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

Transamerica Funds Semi-Annual Report 2020

Page    18

STATEMENTS OF OPERATIONS

For the period ended April 30, 2020

(unaudited)

	Transamerica ClearTrack® 2015			Transamerica ClearTrack® 2020			Transamerica ClearTrack® 2025			Transamerica ClearTrack® 2030			Transamerica ClearTrack® 2035
Investment Income:
Dividend income	$	475,113		$	544,322		$	764,244		$	691,707		$	690,442
Interest income		947			1,563			2,839			1,362			2,113
Net income from securities lending		3,243			2,584			4,157			5,375			5,486
Total investment income		479,303			548,469			771,240			698,444			698,041
Expenses:
Investment management fees		68,980			93,038			137,247			105,992			107,967
Distribution and service fees:
Class R1		89,752			121,265			177,125			138,384			140,655
Class R3		13			13			13			13			13
Transfer agent fees
Class R1		28,272			38,199			55,794			43,590			44,306
Class R3		8			8			8			8			8
Class R6		15			17			52			16			21
Trustees, CCO and deferred compensation fees		524			647			929			718			728
Audit and tax fees		8,960			9,034			9,121			9,044			9,047
Custody fees		1,540			2,025			1,694			1,557			1,527
Legal fees		850			1,222			1,598			1,237			1,258
Printing and shareholder reports fees		3,072			4,150			5,081			4,104			4,156
Registration fees		41,921			41,985			42,108			42,022			42,028
Filing fees		3,900			4,027			4,150			4,030			4,038
Other		533			757			1,016			787			793
Total expenses before waiver and/or reimbursement and recapture		248,340			316,387			435,936			351,502			356,545
Expenses waived and/or reimbursed:
Class R1		(45,670	)		(48,082	)		(40,549	)		(34,628	)		(32,683	)
Class R3		(14	)		(11	)		(7	)		(8	)		(7	)
Class R6		(556	)		(466	)		(951	)		(308	)		(362	)
Recapture of previously waived and/or reimbursed fees:
Class R1		1,717			2,430			1,807			—			1,397
Class R3		1			1			1			1			1
Class R6		74			42			199			45			54
Net expenses		203,892			270,301			396,436			316,604			324,945
Net investment income (loss)		275,411			278,168			374,804			381,840			373,096
Net realized gain (loss) on:
Investments		373,782			895,750			1,379,448			603,859			390,200
Net change in unrealized appreciation (depreciation) on:
Investments		(1,166,977	)		(5,719,796	)		(9,006,337	)		(2,730,861	)		(3,437,575	)
Net realized and change in unrealized gain (loss)		(793,195	)		(4,824,046	)		(7,626,889	)		(2,127,002	)		(3,047,375	)
Net increase (decrease) in net assets resulting from operations	$	(517,784	)	$	(4,545,878	)	$	(7,252,085	)	$	(1,745,162	)	$	(2,674,279	)

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

Transamerica Funds Semi-Annual Report 2020

Page    19

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2020

(unaudited)

	Transamerica ClearTrack® 2040			Transamerica ClearTrack® 2045			Transamerica ClearTrack® 2050			Transamerica ClearTrack® 2055			Transamerica ClearTrack® 2060
Investment Income:
Dividend income	$	619,257		$	399,491		$	320,145		$	7,595		$	7,407
Interest income		1,427			976			802			—			—
Net income from securities lending		5,428			3,879			3,532			146			152
Total investment income		626,112			404,346			324,479			7,741			7,559
Expenses:
Investment management fees		96,428			63,374			50,734			1,186			1,156
Distribution and service fees:
Class R1		124,862			82,320			65,650			725			725
Class R3		13			13			13			13			13
Transfer agent fees
Class R1		39,333			25,932			20,680			228			228
Class R3		8			8			8			8			8
Class R6		30			16			16			12			12
Trustees, CCO and deferred compensation fees		655			435			343			12			8
Audit and tax fees		9,018			8,941			8,907			8,788			8,789
Custody fees		1,462			1,169			1,212			544			544
Legal fees		1,114			744			583			13			12
Printing and shareholder reports fees		3,767			2,761			2,338			388			386
Registration fees		41,996			41,906			41,872			28,364			28,364
Filing fees		3,990			3,865			3,809			3,617			3,617
Other		706			471			368			8			7
Total expenses before waiver and/or reimbursement and recapture		323,382			231,955			196,533			43,906			43,869
Expenses waived and/or reimbursed:
Class R1		(34,846	)		(41,737	)		(42,903	)		(19,206	)		(19,700	)
Class R3		(8	)		(13	)		(17	)		(696	)		(714	)
Class R6		(608	)		(551	)		(746	)		(21,475	)		(20,939	)
Recapture of previously waived and/or reimbursed fees:
Class R1		1,237			745			544			—			—
Class R3		1			—			—			—			—
Class R6		72			32			50			—			—
Net expenses		289,230			190,431			153,461			2,529			2,516
Net investment income (loss)		336,882			213,915			171,018			5,212			5,043
Net realized gain (loss) on:
Investments		718,661			528,619			116,644			4,977			4,900
Net change in unrealized appreciation (depreciation) on:
Investments		(3,668,271	)		(2,853,937	)		(2,225,476	)		(53,907	)		(52,885	)
Net realized and change in unrealized gain (loss)		(2,949,610	)		(2,325,318	)		(2,108,832	)		(48,930	)		(47,985	)
Net increase (decrease) in net assets resulting from operations	$	(2,612,728	)	$	(2,111,403	)	$	(1,937,814	)	$	(43,718	)	$	(42,942	)

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

Transamerica Funds Semi-Annual Report 2020

Page    20

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2020

(unaudited)

	Transamerica ClearTrack® Retirement Income
Investment Income:
Dividend income	$	871,834
Interest income		1,404
Net income from securities lending		5,124
Total investment income		878,362
Expenses:
Investment management fees		118,483
Distribution and service fees:
Class R1		154,510
Class R3		13
Transfer agent fees
Class R1		48,671
Class R3		8
Class R6		21
Trustees, CCO and deferred compensation fees		798
Audit and tax fees		9,081
Custody fees		1,862
Legal fees		1,451
Printing and shareholder reports fees		4,805
Registration fees		42,056
Filing fees		4,100
Other		911
Total expenses before waiver and/or reimbursement and recapture		386,770
Expenses waived and/or reimbursed:
Class R1		(37,372	)
Class R3		(8	)
Class R6		(357	)
Recapture of previously waived and/or reimbursed fees:
Class R1		1,480
Class R3		2
Class R6		40
Net expenses		350,555
Net investment income (loss)		527,807
Net realized gain (loss) on:
Investments		387,077
Net change in unrealized appreciation (depreciation) on:
Investments		(1,004,188	)
Net realized and change in unrealized gain (loss)		(617,111	)
Net increase (decrease) in net assets resulting from operations	$	(89,304	)

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

Transamerica Funds Semi-Annual Report 2020

Page    21

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica ClearTrack® 2015						Transamerica ClearTrack® 2020						Transamerica ClearTrack® 2025
	April 30, 2020  (unaudited)			October 31, 2019			April 30, 2020  (unaudited)			October 31, 2019			April 30, 2020  (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	275,411		$	612,459		$	278,168		$	837,873		$	374,804		$	1,070,879
Net realized gain (loss)		373,782			192,405			895,750			550,072			1,379,448			785,917
Net change in unrealized appreciation (depreciation)		(1,166,977	)		3,029,963			(5,719,796	)		4,021,542			(9,006,337	)		6,008,471
Net increase (decrease) in net assets resulting from operations		(517,784	)		3,834,827			(4,545,878	)		5,409,487			(7,252,085	)		7,865,267
Dividends and/or distributions to shareholders:
Class R1		(1,199,368	)		(2,108,221	)		(2,250,540	)		(3,804,283	)		(1,936,113	)		(4,579,460	)
Class R3 (A)		(387	)		—			(521	)		—			(318	)		—
Class R6		(14,893	)		(25,209	)		(23,186	)		(48,106	)		(42,780	)		(97,898	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(1,214,648	)		(2,133,430	)		(2,274,247	)		(3,852,389	)		(1,979,211	)		(4,677,358	)
Capital share transactions:
Proceeds from shares sold:
Class R1		665,320			669,424			595,904			1,074,064			1,028,253			1,972,794
Class R3 (A)		—			10,000			—			10,000			—			10,000
Class R6		166,963			11,417			58,519			27,781			994,563			89,482
		832,283			690,841			654,423			1,111,845			2,022,816			2,072,276
Dividends and/or distributions reinvested:
Class R1		1,199,368			2,108,221			2,250,540			3,804,283			1,936,113			4,579,460
Class R3 (A)		387			—			521			—			318			—
Class R6		14,893			25,209			23,186			48,106			42,780			97,898
		1,214,648			2,133,430			2,274,247			3,852,389			1,979,211			4,677,358
Cost of shares redeemed:
Class R1		(4,622,507	)		(8,122,342	)		(6,487,884	)		(14,681,880	)		(5,970,022	)		(8,964,120	)
Class R6		(482	)		(91,672	)		(559	)		(312,305	)		(4,875	)		(322,570	)
		(4,622,989	)		(8,214,014	)		(6,488,443	)		(14,994,185	)		(5,974,897	)		(9,286,690	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,576,058	)		(5,389,743	)		(3,559,773	)		(10,029,951	)		(1,972,870	)		(2,537,056	)
Net increase (decrease) in net assets		(4,308,490	)		(3,688,346	)		(10,379,898	)		(8,472,853	)		(11,204,166	)		650,853
Net assets:
Beginning of period/year		38,305,313			41,993,659			52,110,180			60,583,033			75,314,408			74,663,555
End of period/year	$	33,996,823		$	38,305,313		$	41,730,282		$	52,110,180		$	64,110,242		$	75,314,408
Capital share transactions - shares:
Shares issued:
Class R1		67,363			65,536			60,523			105,986			97,115			184,963
Class R3 (A)		—			1,001			—			1,003			—			962
Class R6		16,446			1,122			6,183			2,700			101,069			8,338
		83,809			67,659			66,706			109,689			198,184			194,263
Shares reinvested:
Class R1		113,041			224,279			214,541			406,007			173,331			475,541
Class R3 (A)		37			—			50			—			28			—
Class R6		1,397			2,670			2,200			5,112			3,806			10,113
		114,475			226,949			216,791			411,119			177,165			485,654
Shares redeemed:
Class R1		(455,653	)		(797,441	)		(643,217	)		(1,432,999	)		(559,549	)		(847,057	)
Class R6		(47	)		(9,260	)		(55	)		(29,985	)		(460	)		(29,915	)
		(455,700	)		(806,701	)		(643,272	)		(1,462,984	)		(560,009	)		(876,972	)
Net increase (decrease) in shares outstanding:
Class R1		(275,249	)		(507,626	)		(368,153	)		(921,006	)		(289,103	)		(186,553	)
Class R3 (A)		37			1,001			50			1,003			28			962
Class R6		17,796			(5,468	)		8,328			(22,173	)		104,415			(11,464	)
		(257,416	)		(512,093	)		(359,775	)		(942,176	)		(184,660	)		(197,055	)

(A) Class R3 commenced operations on March 1, 2019.

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

Transamerica Funds Semi-Annual Report 2020

Page    22

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica ClearTrack® 2030						Transamerica ClearTrack® 2035						Transamerica ClearTrack® 2040
	April 30, 2020  (unaudited)			October 31, 2019			April 30, 2020  (unaudited)			October 31, 2019			April 30, 2020  (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	381,840		$	793,755		$	373,096		$	771,109		$	336,882		$	669,692
Net realized gain (loss)		603,859			828,410			390,200			434,218			718,661			531,630
Net change in unrealized appreciation (depreciation)		(2,730,861	)		4,622,025			(3,437,575	)		5,175,000			(3,668,271	)		4,467,726
Net increase (decrease) in net assets resulting from operations		(1,745,162	)		6,244,190			(2,674,279	)		6,380,327			(2,612,728	)		5,669,048
Dividends and/or distributions to shareholders:
Class R1		(1,624,355	)		(3,552,266	)		(1,190,693	)		(3,819,723	)		(1,204,569	)		(3,376,290	)
Class R3 (A)		(343	)		—			(257	)		—			(284	)		—
Class R6		(13,470	)		(26,756	)		(14,659	)		(34,336	)		(23,108	)		(60,060	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(1,638,168	)		(3,579,022	)		(1,205,609	)		(3,854,059	)		(1,227,961	)		(3,436,350	)
Capital share transactions:
Proceeds from shares sold:
Class R1		836,256			2,085,501			1,389,480			1,932,771			964,045			1,397,506
Class R3 (A)		—			10,000			—			10,000			—			10,000
Class R6		496,750			64,716			233,790			60,367			227,332			80,176
		1,333,006			2,160,217			1,623,270			2,003,138			1,191,377			1,487,682
Dividends and/or distributions reinvested:
Class R1		1,624,355			3,552,266			1,190,693			3,819,723			1,204,569			3,376,290
Class R3 (A)		343			—			257			—			284			—
Class R6		13,470			26,756			14,659			34,336			23,108			60,060
		1,638,168			3,579,022			1,205,609			3,854,059			1,227,961			3,436,350
Cost of shares redeemed:
Class R1		(4,423,535	)		(8,441,701	)		(3,737,786	)		(8,422,307	)		(4,072,607	)		(6,224,577	)
Class R6		(290,817	)		(111,785	)		(1,180	)		(60,521	)		(8,469	)		(205,720	)
		(4,714,352	)		(8,553,486	)		(3,738,966	)		(8,482,828	)		(4,081,076	)		(6,430,297	)
Net increase (decrease) in net assets resulting from capital share transactions		(1,743,178	)		(2,814,247	)		(910,087	)		(2,625,631	)		(1,661,738	)		(1,506,265	)
Net increase (decrease) in net assets		(5,126,508	)		(149,079	)		(4,789,975	)		(99,363	)		(5,502,427	)		726,433
Net assets:
Beginning of period/year		57,805,246			57,954,325			58,210,497			58,309,860			52,589,382			51,862,949
End of period/year	$	52,678,738		$	57,805,246		$	53,420,522		$	58,210,497		$	47,086,955		$	52,589,382
Capital share transactions - shares:
Shares issued:
Class R1		79,756			193,234			122,381			176,844			90,368			125,791
Class R3 (A)		—			941			—			929			—			916
Class R6		46,701			5,990			21,480			5,460			21,006			7,229
		126,457			200,165			143,861			183,233			111,374			133,936
Shares reinvested:
Class R1		141,865			363,589			101,508			388,974			101,139			341,384
Class R3 (A)		30			—			21			—			24			—
Class R6		1,169			2,722			1,242			3,475			1,921			6,018
		143,064			366,311			102,771			392,449			103,084			347,402
Shares redeemed:
Class R1		(404,506	)		(781,506	)		(352,085	)		(767,223	)		(366,619	)		(560,474	)
Class R6		(27,224	)		(10,361	)		(106	)		(5,439	)		(765	)		(18,641	)
		(431,730	)		(791,867	)		(352,191	)		(772,662	)		(367,384	)		(579,115	)
Net increase (decrease) in shares outstanding:
Class R1		(182,885	)		(224,683	)		(128,196	)		(201,405	)		(175,112	)		(93,299	)
Class R3 (A)		30			941			21			929			24			916
Class R6		20,646			(1,649	)		22,616			3,496			22,162			(5,394	)
		(162,209	)		(225,391	)		(105,559	)		(196,980	)		(152,926	)		(97,777	)

(A) Class R3 commenced operations on March 1, 2019.

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

Transamerica Funds Semi-Annual Report 2020

Page    23

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica ClearTrack® 2045						Transamerica ClearTrack® 2050						Transamerica ClearTrack® 2055
	April 30, 2020  (unaudited)			October 31, 2019			April 30, 2020  (unaudited)			October 31, 2019			April 30, 2020  (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	213,915		$	437,769		$	171,018		$	351,127		$	5,212		$	9,082
Net realized gain (loss)		528,619			387,759			116,644			193,006			4,977			6,906
Net change in unrealized appreciation (depreciation)		(2,853,937	)		3,071,322			(2,225,476	)		2,507,848			(53,907	)		52,965
Net increase (decrease) in net assets resulting from operations		(2,111,403	)		3,896,850			(1,937,814	)		3,051,981			(43,718	)		68,953
Dividends and/or distributions to shareholders:
Class R1		(808,476	)		(2,183,104	)		(531,050	)		(1,482,412	)		(7,111	)		(9,982	)
Class R3 (A)		(292	)		—			(248	)		—			(290	)		—
Class R6		(12,552	)		(33,787	)		(11,140	)		(44,238	)		(9,886	)		(12,082	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(821,320	)		(2,216,891	)		(542,438	)		(1,526,650	)		(17,287	)		(22,064	)
Capital share transactions:
Proceeds from shares sold:
Class R1		500,308			965,089			1,424,458			1,083,633			—			—
Class R3 (A)		—			10,000			—			10,000			—			10,000
Class R6		58,161			27,031			111,525			82,496			21,333			23,705
		558,469			1,002,120			1,535,983			1,176,129			21,333			33,705
Dividends and/or distributions reinvested:
Class R1		808,476			2,183,104			531,050			1,482,412			7,111			9,982
Class R3 (A)		292			—			248			—			290			—
Class R6		12,552			33,787			11,140			44,238			9,886			12,082
		821,320			2,216,891			542,438			1,526,650			17,287			22,064
Cost of shares redeemed:
Class R1		(2,669,088	)		(4,668,479	)		(1,692,468	)		(3,481,789	)		—			—
Class R6		(6,055	)		(168,829	)		(1,236	)		(424,285	)		(1,958	)		(5,970	)
		(2,675,143	)		(4,837,308	)		(1,693,704	)		(3,906,074	)		(1,958	)		(5,970	)
Net increase (decrease) in net assets resulting from capital share transactions		(1,295,354	)		(1,618,297	)		384,717			(1,203,295	)		36,662			49,799
Net increase (decrease) in net assets		(4,228,077	)		61,662			(2,095,535	)		322,036			(24,343	)		96,688
Net assets:
Beginning of period/year		34,706,117			34,644,455			27,299,925			26,977,889			629,134			532,446
End of period/year	$	30,478,040		$	34,706,117		$	25,204,390		$	27,299,925		$	604,791		$	629,134
Capital share transactions - shares:
Shares issued:
Class R1		41,774			85,699			122,228			94,906			—			—
Class R3 (A)		—			894			—			883			—			951
Class R6		5,365			2,396			10,146			7,268			2,062			2,242
		47,139			88,989			132,374			103,057			2,062			3,193
Shares reinvested:
Class R1		65,944			218,092			42,518			146,339			615			1,066
Class R3 (A)		24			—			20			—			26			—
Class R6		1,017			3,355			886			4,341			855			1,289
		66,985			221,447			43,424			150,680			1,496			2,355
Shares redeemed:
Class R1		(232,796	)		(414,793	)		(145,046	)		(302,748	)		—			—
Class R6		(566	)		(14,826	)		(100	)		(36,898	)		(181	)		(567	)
		(233,362	)		(429,619	)		(145,146	)		(339,646	)		(181	)		(567	)
Net increase (decrease) in shares outstanding:
Class R1		(125,078	)		(111,002	)		19,700			(61,503	)		615			1,066
Class R3 (A)		24			894			20			883			26			951
Class R6		5,816			(9,075	)		10,932			(25,289	)		2,736			2,964
		(119,238	)		(119,183	)		30,652			(85,909	)		3,377			4,981

(A) Class R3 commenced operations on March 1, 2019.

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

Transamerica Funds Semi-Annual Report 2020

Page    24

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica ClearTrack® 2060						Transamerica ClearTrack® Retirement Income
	April 30, 2020  (unaudited)			October 31, 2019			April 30, 2020  (unaudited)			October 31, 2019
From operations:
Net investment income (loss)	$	5,043		$	8,956		$	527,807		$	1,096,126
Net realized gain (loss)		4,900			7,218			387,077			355,920
Net change in unrealized appreciation (depreciation)		(52,885	)		52,602			(1,004,188	)		5,456,349
Net increase (decrease) in net assets resulting from operations		(42,942	)		68,776			(89,304	)		6,908,395
Dividends and/or distributions to shareholders:
Class R1		(7,309	)		(10,048	)		(1,451,761	)		(5,016,283	)
Class R3 (A)		(297	)		—			(284	)		—
Class R6		(9,635	)		(12,018	)		(15,033	)		(33,470	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(17,241	)		(22,066	)		(1,467,078	)		(5,049,753	)
Capital share transactions:
Proceeds from shares sold:
Class R1		—			—			138,891			1,166,705
Class R3 (A)		—			10,000			—			10,000
Class R6		6,556			18,664			135,013			46,391
		6,556			28,664			273,904			1,223,096
Dividends and/or distributions reinvested:
Class R1		7,309			10,048			1,451,761			5,016,283
Class R3 (A)		297			—			284			—
Class R6		9,635			12,018			15,033			33,470
		17,241			22,066			1,467,078			5,049,753
Cost of shares redeemed:
Class R1		—			—			(7,005,086	)		(15,592,052	)
Class R6		(50	)		(9,912	)		(9,012	)		(11,473	)
		(50	)		(9,912	)		(7,014,098	)		(15,603,525	)
Net increase (decrease) in net assets resulting from capital share transactions		23,747			40,818			(5,273,116	)		(9,330,676	)
Net increase (decrease) in net assets		(36,436	)		87,528			(6,829,498	)		(7,472,034	)
Net assets:
Beginning of period/year		615,541			528,013			65,446,142			72,918,176
End of period/year	$	579,105		$	615,541		$	58,616,644		$	65,446,142
Capital share transactions - shares:
Shares issued:
Class R1		—			—			13,644			114,042
Class R3 (A)		—			951			—			1,017
Class R6		616			1,845			12,957			4,542
		616			2,796			26,601			119,601
Shares reinvested:
Class R1		633			1,073			138,659			538,228
Class R3 (A)		26			—			27			—
Class R6		834			1,284			1,428			3,572
		1,493			2,357			140,114			541,800
Shares redeemed:
Class R1		—			—			(688,721	)		(1,554,507	)
Class R6		(5	)		(946	)		(839	)		(1,127	)
		(5	)		(946	)		(689,560	)		(1,555,634	)
Net increase (decrease) in shares outstanding:
Class R1		633			1,073			(536,418	)		(902,237	)
Class R3 (A)		26			951			27			1,017
Class R6		1,445			2,183			13,546			6,987
		2,104			4,207			(522,845	)		(894,233	)

(A) Class R3 commenced operations on March 1, 2019.

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

Transamerica Funds Semi-Annual Report 2020

Page    25

FINANCIAL HIGHLIGHTS

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2015
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.67		$	10.24		$	10.66		$	9.85		$	9.76		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.16			0.15			0.13			0.11	(C)		0.08
Net realized and unrealized gain (loss)		(0.21	)		0.81			(0.33	)		0.82			0.03			(0.32	)
Total investment operations		(0.13	)		0.97			(0.18	)		0.95			0.14			(0.24	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.17	)		(0.14	)		(0.12	)		(0.05	)		—
Net realized gains		(0.18	)		(0.37	)		(0.10	)		(0.02	)		(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.34	)		(0.54	)		(0.24	)		(0.14	)		(0.05	)		—
Net asset value, end of period/year	$	10.20		$	10.67		$	10.24		$	10.66		$	9.85		$	9.76
Total return		(1.27	)%(E)		10.23	%		(1.76	)%		9.72	%		1.52	%		(2.40	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	33,441		$	37,914		$	41,573		$	52,926		$	44,735		$	15,821
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.38	%(G)		1.26	%		1.19	%		1.17	%		1.22	%		3.19	%(G)
Including waiver and/or reimbursement and recapture (H)		1.13	%(G)		1.12	%		1.12	%		1.11	%		1.08	%(C)		1.06	%(G)
Net investment income (loss) to average net assets		1.51	%(G)		1.53	%		1.42	%		1.28	%		1.18	%(C)		1.32	%(G)
Portfolio turnover rate		6	%(E)		42	%		23	%		9	%		43	%		43	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods indicated:	Transamerica ClearTrack® 2015
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	10.68		$	9.99
Investment operations:
Net investment income (loss) (B)		0.09			0.11
Net realized and unrealized gain (loss)		(0.20	)		0.58
Total investment operations		(0.11	)		0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		—
Net realized gains		(0.18	)		—
Total dividends and/or distributions to shareholders		(0.38	)		—
Net asset value, end of period	$	10.19		$	10.68
Total return		(1.10	)%(C)		6.91	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.13	%(E)		1.01	%(E)
Including waiver and/or reimbursement and recapture (F)		0.88	%(E)		0.87	%(E)
Net investment income (loss) to average net assets		1.75	%(E)		1.54	%(E)
Portfolio turnover rate		6	%(C)		42	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    26

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2015
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.77		$	10.34		$	10.77		$	9.93		$	9.80		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.23			0.22			0.20			0.18	(C)		0.13
Net realized and unrealized gain (loss)		(0.19	)		0.82			(0.33	)		0.83			0.02			(0.33	)
Total investment operations		(0.08	)		1.05			(0.11	)		1.03			0.20			(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.25	)		(0.22	)		(0.17	)		(0.07	)		—
Net realized gains		(0.18	)		(0.37	)		(0.10	)		(0.02	)		(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.62	)		(0.32	)		(0.19	)		(0.07	)		—
Net asset value, end of period/year	$	10.27		$	10.77		$	10.34		$	10.77		$	9.93		$	9.80
Total return		(0.88	)%(E)		11.00	%		(1.16	)%		10.50	%		2.11	%		(2.00	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	545		$	380		$	421		$	415		$	317		$	245
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.73	%(G)		0.61	%		0.54	%		0.52	%		0.57	%		2.54	%(G)
Including waiver and/or reimbursement and recapture (H)		0.48	%(G)		0.47	%		0.47	%		0.46	%		0.43	%(C)		0.41	%(G)
Net investment income (loss) to average net assets		2.06	%(G)		2.21	%		2.06	%		1.91	%		1.87	%(C)		1.96	%(G)
Portfolio turnover rate		6	%(E)		42	%		23	%		9	%		43	%		43	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2020
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.65		$	10.38		$	10.73		$	9.81		$	9.75		$	10.00
Investment operations:
Net investment income (loss) (B)		0.06			0.15			0.15			0.12			0.12	(C)		0.09
Net realized and unrealized gain (loss)		(1.03	)		0.79			(0.31	)		0.92			(0.01	)(D)		(0.34	)
Total investment operations		(0.97	)		0.94			(0.16	)		1.04			0.11			(0.25	)
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.16	)		(0.13	)		(0.11	)		(0.05	)		—
Net realized gains		(0.31	)		(0.51	)		(0.06	)		(0.01	)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.48	)		(0.67	)		(0.19	)		(0.12	)		(0.05	)		—
Net asset value, end of period/year	$	9.20		$	10.65		$	10.38		$	10.73		$	9.81		$	9.75
Total return		(9.69	)%(F)		9.99	%		(1.55	)%		10.79	%		1.21	%		(2.50	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	41,258		$	51,652		$	59,914		$	76,819		$	56,817		$	15,345
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.30	%(H)		1.20	%		1.15	%		1.14	%		1.20	%		3.27	%(H)
Including waiver and/or reimbursement and recapture (I)		1.11	%(H)		1.12	%		1.12	%		1.11	%		1.08	%(C)		1.05	%(H)
Net investment income (loss) to average net assets		1.13	%(H)		1.46	%		1.38	%		1.21	%		1.19	%(C)		1.36	%(H)
Portfolio turnover rate		4	%(F)		50	%		25	%		5	%		42	%		73	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    27

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica ClearTrack® 2020
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	10.65		$	9.97
Investment operations:
Net investment income (loss) (B)		0.07			0.10
Net realized and unrealized gain (loss)		(1.02	)		0.58
Total investment operations		(0.95	)		0.68
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		—
Net realized gains		(0.31	)		—
Total dividends and/or distributions to shareholders		(0.52	)		—
Net asset value, end of period	$	9.18		$	10.65
Total return		(9.53	)%(C)		6.82	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.05	%(E)		0.95	%(E)
Including waiver and/or reimbursement and recapture (F)		0.86	%(E)		0.87	%(E)
Net investment income (loss) to average net assets		1.34	%(E)		1.52	%(E)
Portfolio turnover rate		4	%(C)		50	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2020
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.76		$	10.49		$	10.85		$	9.89		$	9.79		$	10.00
Investment operations:
Net investment income (loss) (B)		0.09			0.22			0.22			0.19			0.18	(C)		0.13
Net realized and unrealized gain (loss)		(1.03	)		0.80			(0.32	)		0.94			(0.01	)(D)		(0.34	)
Total investment operations		(0.94	)		1.02			(0.10	)		1.13			0.17			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.24	)		(0.20	)		(0.16	)		(0.07	)		—
Net realized gains		(0.31	)		(0.51	)		(0.06	)		(0.01	)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.55	)		(0.75	)		(0.26	)		(0.17	)		(0.07	)		—
Net asset value, end of period/year	$	9.27		$	10.76		$	10.49		$	10.85		$	9.89		$	9.79
Total return		(9.33	)%(F)		10.77	%		(1.00	)%		11.62	%		1.80	%		(2.10	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	462		$	447		$	669		$	673		$	517		$	245
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.65	%(H)		0.55	%		0.50	%		0.49	%		0.55	%		2.62	%(H)
Including waiver and/or reimbursement and recapture (I)		0.46	%(H)		0.47	%		0.47	%		0.46	%		0.43	%(C)		0.40	%(H)
Net investment income (loss) to average net assets		1.72	%(H)		2.17	%		2.01	%		1.85	%		1.90	%(C)		1.95	%(H)
Portfolio turnover rate		4	%(F)		50	%		25	%		5	%		42	%		73	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    28

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2025
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.11		$	10.70		$	11.06		$	9.98		$	9.77		$	10.00
Investment operations:
Net investment income (loss) (B)		0.06			0.15			0.14			0.12			0.12	(C)		0.08
Net realized and unrealized gain (loss)		(1.15	)		0.94			(0.32	)		1.07			0.14			(0.31	)
Total investment operations		(1.09	)		1.09			(0.18	)		1.19			0.26			(0.23	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.16	)		(0.12	)		(0.11	)		(0.05	)		—
Net realized gains		(0.14	)		(0.52	)		(0.06	)		(0.00	)(D)		(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.30	)		(0.68	)		(0.18	)		(0.11	)		(0.05	)		—
Net asset value, end of period/year	$	9.72		$	11.11		$	10.70		$	11.06		$	9.98		$	9.77
Total return		(10.20	)%(E)		11.23	%		(1.65	)%		12.06	%		2.70	%		(2.30	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	61,950		$	74,011		$	73,294		$	90,501		$	63,893		$	14,942
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.22	%(G)		1.17	%		1.14	%		1.13	%		1.19	%		3.19	%(G)
Including waiver and/or reimbursement and recapture (H)		1.11	%(G)		1.14	%		1.13	%		1.12	%		1.09	%(C)		1.07	%(G)
Net investment income (loss) to average net assets		1.03	%(G)		1.43	%		1.30	%		1.15	%		1.22	%(C)		1.19	%(G)
Portfolio turnover rate		11	%(E)		20	%		25	%		6	%		3	%		6	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods indicated:	Transamerica ClearTrack® 2025
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	11.11		$	10.40
Investment operations:
Net investment income (loss) (B)		0.07			0.11
Net realized and unrealized gain (loss)		(1.14	)		0.60
Total investment operations		(1.07	)		0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		—
Net realized gains		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.34	)		—
Net asset value, end of period	$	9.70		$	11.11
Total return		(10.10	)%(C)		6.83	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.97	%(E)		0.91	%(E)
Including waiver and/or reimbursement and recapture (F)		0.86	%(E)		0.89	%(E)
Net investment income (loss) to average net assets		1.25	%(E)		1.52	%(E)
Portfolio turnover rate		11	%(C)		20	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    29

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2025
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.23		$	10.83		$	11.19		$	10.07		$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.22			0.22			0.18			0.19	(C)		0.13
Net realized and unrealized gain (loss)		(1.14	)		0.94			(0.32	)		1.09			0.14			(0.32	)
Total investment operations		(1.06	)		1.16			(0.10	)		1.27			0.33			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.20	)		(0.15	)		(0.07	)		—
Net realized gains		(0.14	)		(0.52	)		(0.06	)		(0.00	)(D)		(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.37	)		(0.76	)		(0.26	)		(0.15	)		(0.07	)		—
Net asset value, end of period/year	$	9.80		$	11.23		$	10.83		$	11.19		$	10.07		$	9.81
Total return		(9.88	)%(E)		11.89	%		(1.00	)%		12.83	%		3.37	%		(1.90	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,150		$	1,292		$	1,370		$	1,378		$	570		$	245
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.57	%(G)		0.52	%		0.49	%		0.48	%		0.54	%		2.54	%(G)
Including waiver and/or reimbursement and recapture (H)		0.46	%(G)		0.49	%		0.48	%		0.47	%		0.44	%(C)		0.42	%(G)
Net investment income (loss) to average net assets		1.53	%(G)		2.10	%		1.93	%		1.69	%		1.93	%(C)		1.91	%(G)
Portfolio turnover rate		11	%(E)		20	%		25	%		6	%		3	%		6	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2030
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.36		$	10.91		$	11.27		$	10.04		$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.15			0.15			0.12			0.11	(C)		0.08
Net realized and unrealized gain (loss)		(0.42	)		0.98			(0.29	)		1.22			0.16			(0.26	)
Total investment operations		(0.34	)		1.13			(0.14	)		1.34			0.27			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.16	)		(0.13	)		(0.11	)		(0.05	)		—
Net realized gains		(0.17	)		(0.52	)		(0.09	)		—			(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.33	)		(0.68	)		(0.22	)		(0.11	)		(0.05	)		—
Net asset value, end of period/year	$	10.69		$	11.36		$	10.91		$	11.27		$	10.04		$	9.82
Total return		(3.22	)%(E)		11.38	%		(1.34	)%		13.43	%		2.74	%		(1.80	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	52,090		$	57,414		$	57,571		$	70,037		$	53,935		$	12,041
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.27	%(G)		1.20	%		1.16	%		1.15	%		1.21	%		3.89	%(G)
Including waiver and/or reimbursement and recapture (H)		1.14	%(G)		1.15	%		1.13	%		1.12	%		1.09	%(C)		1.08	%(G)
Net investment income (loss) to average net assets		1.37	%(G)		1.38	%		1.28	%		1.16	%		1.14	%(C)		1.27	%(G)
Portfolio turnover rate		11	%(E)		16	%		26	%		9	%		0	%(I)		1	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(I)	Rounds to less than 1%.

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

Transamerica Funds Semi-Annual Report 2020

Page    30

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica ClearTrack® 2030
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	11.36		$	10.63
Investment operations:
Net investment income (loss) (B)		0.09			0.11
Net realized and unrealized gain (loss)		(0.41	)		0.62
Total investment operations		(0.32	)		0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		—
Net realized gains		(0.17	)		—
Total dividends and/or distributions to shareholders		(0.37	)		—
Net asset value, end of period	$	10.67		$	11.36
Total return		(3.08	)%(C)		6.87	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.02	%(E)		0.94	%(E)
Including waiver and/or reimbursement and recapture (F)		0.89	%(E)		0.90	%(E)
Net investment income (loss) to average net assets		1.60	%(E)		1.50	%(E)
Portfolio turnover rate		11	%(C)		16	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2030
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.49		$	11.04		$	11.40		$	10.13		$	9.86		$	10.00
Investment operations:
Net investment income (loss) (B)		0.10			0.22			0.22			0.19			0.19	(C)		0.14
Net realized and unrealized gain (loss)		(0.41	)		0.99			(0.29	)		1.23			0.14			(0.28	)
Total investment operations		(0.31	)		1.21			(0.07	)		1.42			0.33			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.20	)		(0.15	)		(0.06	)		—
Net realized gains		(0.17	)		(0.52	)		(0.09	)		—			(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.40	)		(0.76	)		(0.29	)		(0.15	)		(0.06	)		—
Net asset value, end of period/year	$	10.78		$	11.49		$	11.04		$	11.40		$	10.13		$	9.86
Total return		(2.91	)%(E)		12.13	%		(0.69	)%		14.20	%		3.40	%		(1.40	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	579		$	380		$	383		$	353		$	307		$	247
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.62	%(G)		0.55	%		0.51	%		0.50	%		0.57	%		3.24	%(G)
Including waiver and/or reimbursement and recapture (H)		0.49	%(G)		0.50	%		0.48	%		0.47	%		0.44	%(C)		0.43	%(G)
Net investment income (loss) to average net assets		1.79	%(G)		2.02	%		1.92	%		1.81	%		1.90	%(C)		2.05	%(G)
Portfolio turnover rate		11	%(E)		16	%		26	%		9	%		0	%(I)		1	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(I)	Rounds to less than 1%.

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

Transamerica Funds Semi-Annual Report 2020

Page    31

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2035
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.51		$	11.09		$	11.47		$	10.01		$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.14			0.15			0.14			0.13	(C)		0.10
Net realized and unrealized gain (loss)		(0.56	)		1.03			(0.33	)		1.44			0.13			(0.29	)(D)
Total investment operations		(0.49	)		1.17			(0.18	)		1.58			0.26			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.17	)		(0.13	)		(0.12	)		(0.06	)		—
Net realized gains		(0.09	)		(0.58	)		(0.07	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.75	)		(0.20	)		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	10.78		$	11.51		$	11.09		$	11.47		$	10.01		$	9.81
Total return		(4.44	)%(F)		11.65	%		(1.62	)%		15.97	%		2.63	%		(1.90	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	52,683		$	57,683		$	57,851		$	70,958		$	50,718		$	9,888
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.26	%(H)		1.20	%		1.16	%		1.15	%		1.22	%		4.29	%(H)
Including waiver and/or reimbursement and recapture (I)		1.15	%(H)		1.15	%		1.13	%		1.12	%		1.09	%(C)		1.07	%(H)
Net investment income (loss) to average net assets		1.31	%(H)		1.32	%		1.27	%		1.28	%		1.34	%(C)		1.56	%(H)
Portfolio turnover rate		8	%(F)		12	%		24	%		8	%		0	%(J)		3	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(J)	Rounds to less than 1%.

For a share outstanding during the periods indicated:	Transamerica ClearTrack® 2035
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	11.50		$	10.77
Investment operations:
Net investment income (loss) (B)		0.09			0.11
Net realized and unrealized gain (loss)		(0.55	)		0.62
Total investment operations		(0.46	)		0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.28	)		—
Net asset value, end of period	$	10.76		$	11.50
Total return		(4.22	)%(C)		6.78	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.01	%(E)		0.94	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)		0.90	%(E)
Net investment income (loss) to average net assets		1.56	%(E)		1.47	%(E)
Portfolio turnover rate		8	%(C)		12	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    32

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2035
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.63		$	11.23		$	11.59		$	10.10		$	9.85		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.22			0.22			0.20			0.20	(C)		0.15
Net realized and unrealized gain (loss)		(0.55	)		1.01			(0.30	)		1.46			0.12			(0.30	)(D)
Total investment operations		(0.44	)		1.23			(0.08	)		1.66			0.32			(0.15	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.25	)		(0.21	)		(0.17	)		(0.07	)		—
Net realized gains		(0.09	)		(0.58	)		(0.07	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.83	)		(0.28	)		(0.17	)		(0.07	)		—
Net asset value, end of period/year	$	10.87		$	11.63		$	11.23		$	11.59		$	10.10		$	9.85
Total return		(4.05	)%(F)		12.22	%		(0.81	)%		16.61	%		3.30	%		(1.50	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	728		$	516		$	459		$	525		$	370		$	246
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.61	%(H)		0.55	%		0.51	%		0.50	%		0.57	%		3.64	%(H)
Including waiver and/or reimbursement and recapture (I)		0.50	%(H)		0.50	%		0.48	%		0.47	%		0.44	%(C)		0.42	%(H)
Net investment income (loss) to average net assets		1.89	%(H)		1.97	%		1.87	%		1.88	%		2.01	%(C)		2.26	%(H)
Portfolio turnover rate		8	%(F)		12	%		24	%		8	%		0	%(J)		3	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(J)	Rounds to less than 1%.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2040
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.66		$	11.26		$	11.58		$	9.93		$	9.79		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.14			0.14			0.14			0.14	(C)		0.12
Net realized and unrealized gain (loss)		(0.65	)		1.02			(0.27	)		1.63			0.06			(0.33	)(D)
Total investment operations		(0.58	)		1.16			(0.13	)		1.77			0.20			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.16	)		(0.14	)		(0.12	)		(0.06	)		—
Net realized gains		(0.12	)		(0.60	)		(0.05	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.27	)		(0.76	)		(0.19	)		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	10.81		$	11.66		$	11.26		$	11.58		$	9.93		$	9.79
Total return		(5.17	)%(F)		11.54	%		(1.17	)%		18.05	%		2.09	%		(2.10	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	46,113		$	51,798		$	51,048		$	60,367		$	39,903		$	10,385
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.28	%(H)		1.22	%		1.17	%		1.17	%		1.26	%		4.29	%(H)
Including waiver and/or reimbursement and recapture (I)		1.15	%(H)		1.15	%		1.13	%		1.12	%		1.09	%(C)		1.07	%(H)
Net investment income (loss) to average net assets		1.32	%(H)		1.29	%		1.20	%		1.33	%		1.40	%(C)		1.86	%(H)
Portfolio turnover rate		7	%(F)		15	%		20	%		6	%		2	%		4	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    33

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica ClearTrack® 2040
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	11.65		$	10.92
Investment operations:
Net investment income (loss) (B)		0.09			0.11
Net realized and unrealized gain (loss)		(0.65	)		0.62
Total investment operations		(0.56	)		0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(0.12	)		—
Total dividends and/or distributions to shareholders		(0.31	)		—
Net asset value, end of period	$	10.78		$	11.65
Total return		(5.05	)%(C)		6.68	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.04	%(E)		0.96	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)		0.90	%(E)
Net investment income (loss) to average net assets		1.56	%(E)		1.47	%(E)
Portfolio turnover rate		7	%(C)		15	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2040
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.84		$	11.43		$	11.76		$	10.05		$	9.86		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.22			0.22			0.21			0.20	(C)		0.17
Net realized and unrealized gain (loss)		(0.66	)		1.03			(0.29	)		1.67			0.07			(0.31	)(D)
Total investment operations		(0.55	)		1.25			(0.07	)		1.88			0.27			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.21	)		(0.17	)		(0.08	)		—
Net realized gains		(0.12	)		(0.60	)		(0.05	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.35	)		(0.84	)		(0.26	)		(0.17	)		(0.08	)		—
Net asset value, end of period/year	$	10.94		$	11.84		$	11.43		$	11.76		$	10.05		$	9.86
Total return		(4.93	)%(F)		12.36	%		(0.62	)%		18.95	%		2.76	%		(1.40	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	963		$	780		$	815		$	738		$	428		$	247
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.63	%(H)		0.57	%		0.52	%		0.52	%		0.61	%		3.64	%(H)
Including waiver and/or reimbursement and recapture (I)		0.50	%(H)		0.50	%		0.48	%		0.47	%		0.44	%(C)		0.42	%(H)
Net investment income (loss) to average net assets		1.91	%(H)		1.94	%		1.84	%		1.88	%		2.05	%(C)		2.58	%(H)
Portfolio turnover rate		7	%(F)		15	%		20	%		6	%		2	%		4	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    34

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2045
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.94		$	11.45		$	11.76		$	9.94		$	9.78		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.14			0.13			0.14			0.12	(C)		0.11
Net realized and unrealized gain (loss)		(0.78	)		1.09			(0.24	)		1.80			0.10			(0.33	)(D)
Total investment operations		(0.71	)		1.23			(0.11	)		1.94			0.22			(0.22	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.16	)		(0.13	)		(0.12	)		(0.06	)		—
Net realized gains		(0.14	)		(0.58	)		(0.07	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.29	)		(0.74	)		(0.20	)		(0.12	)		(0.06	)		—
Net asset value, end of period/year	$	10.94		$	11.94		$	11.45		$	11.76		$	9.94		$	9.78
Total return		(6.25	)%(F)		11.97	%		(0.97	)%		19.67	%		2.28	%		(2.20	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	30,023		$	34,278		$	34,139		$	38,516		$	27,305		$	6,731
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.40	%(H)		1.29	%		1.22	%		1.22	%		1.32	%		5.88	%(H)
Including waiver and/or reimbursement and recapture (I)		1.15	%(H)		1.15	%		1.14	%		1.13	%		1.10	%(C)		1.08	%(H)
Net investment income (loss) to average net assets		1.27	%(H)		1.26	%		1.12	%		1.25	%		1.24	%(C)		1.67	%(H)
Portfolio turnover rate		5	%(F)		15	%		15	%		6	%		2	%		3	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods indicated:	Transamerica ClearTrack® 2045
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	11.93		$	11.18
Investment operations:
Net investment income (loss) (B)		0.09			0.11
Net realized and unrealized gain (loss)		(0.79	)		0.64
Total investment operations		(0.70	)		0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.33	)		—
Net asset value, end of period	$	10.90		$	11.93
Total return		(6.20	)%(C)		6.71	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.15	%(E)		1.03	%
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)		0.90	%(E)
Net investment income (loss) to average net assets		1.52	%(E)		1.48	%(E)
Portfolio turnover rate		5	%(C)		15	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    35

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2045
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	12.08		$	11.59		$	11.90		$	10.03		$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.22			0.21			0.21			0.18	(C)		0.15
Net realized and unrealized gain (loss)		(0.79	)		1.09			(0.25	)		1.82			0.11			(0.33	)(D)
Total investment operations		(0.68	)		1.31			(0.04	)		2.03			0.29			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.20	)		(0.16	)		(0.08	)		—
Net realized gains		(0.14	)		(0.58	)		(0.07	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.37	)		(0.82	)		(0.27	)		(0.16	)		(0.08	)		—
Net asset value, end of period/year	$	11.03		$	12.08		$	11.59		$	11.90		$	10.03		$	9.82
Total return		(6.00	)%(F)		12.70	%		(0.35	)%		20.53	%		2.95	%		(1.80	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	445		$	417		$	505		$	585		$	426		$	245
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.75	%(H)		0.64	%		0.57	%		0.57	%		0.67	%		5.23	%(H)
Including waiver and/or reimbursement and recapture (I)		0.50	%(H)		0.50	%		0.49	%		0.48	%		0.45	%(C)		0.43	%(H)
Net investment income (loss) to average net assets		1.90	%(H)		1.90	%		1.70	%		1.87	%		1.88	%(C)		2.31	%(H)
Portfolio turnover rate		5	%(F)		15	%		15	%		6	%		2	%		3	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2050
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	12.10		$	11.52		$	11.79		$	9.93		$	9.77		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.15			0.13			0.13			0.11	(C)		0.11
Net realized and unrealized gain (loss)		(0.91	)		1.09			(0.24	)		1.84			0.11			(0.34	)(D)
Total investment operations		(0.84	)		1.24			(0.11	)		1.97			0.22			(0.23	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.16	)		(0.12	)		(0.11	)		(0.06	)		—
Net realized gains		(0.09	)		(0.50	)		(0.04	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.66	)		(0.16	)		(0.11	)		(0.06	)		—
Net asset value, end of period/year	$	11.02		$	12.10		$	11.52		$	11.79		$	9.93		$	9.77
Total return		(7.18	)%(F)		11.87	%		(1.04	)%		20.00	%		2.31	%		(2.30	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	24,687		$	26,865		$	26,279		$	29,329		$	19,435		$	5,305
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.48	%(H)		1.36	%		1.26	%		1.28	%		1.47	%		7.19	%(H)
Including waiver and/or reimbursement and recapture (I)		1.16	%(H)		1.15	%		1.14	%		1.13	%		1.10	%(C)		1.08	%(H)
Net investment income (loss) to average net assets		1.27	%(H)		1.29	%		1.09	%		1.17	%		1.16	%(C)		1.73	%(H)
Portfolio turnover rate		3	%(F)		13	%		13	%		3	%		0	%(J)		4	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(J)	Rounds to less than 1%.

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

Transamerica Funds Semi-Annual Report 2020

Page    36

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica ClearTrack® 2050
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	12.08		$	11.33
Investment operations:
Net investment income (loss) (B)		0.09			0.12
Net realized and unrealized gain (loss)		(0.91	)		0.63
Total investment operations		(0.82	)		0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.28	)		—
Net asset value, end of period	$	10.98		$	12.08
Total return		(7.05	)%(C)		6.62	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.24	%(E)		1.10	%(E)
Including waiver and/or reimbursement and recapture (F)		0.91	%(E)		0.90	%(E)
Net investment income (loss) to average net assets		1.52	%(E)		1.50	%(E)
Portfolio turnover rate		3	%(C)		13	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2050
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	12.24		$	11.66		$	11.92		$	10.02		$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.23			0.21			0.20			0.18	(C)		0.15
Net realized and unrealized gain (loss)		(0.91	)		1.10			(0.24	)		1.85			0.11			(0.34	)(D)
Total investment operations		(0.80	)		1.33			(0.03	)		2.05			0.29			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.25	)		(0.19	)		(0.15	)		(0.08	)		—
Net realized gains		(0.09	)		(0.50	)		(0.04	)		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.75	)		(0.23	)		(0.15	)		(0.08	)		—
Net asset value, end of period/year	$	11.12		$	12.24		$	11.66		$	11.92		$	10.02		$	9.81
Total return		(6.85	)%(F)		12.62	%		(0.34	)%		20.72	%		2.99	%		(1.90	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	507		$	424		$	699		$	627		$	476		$	245
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.83	%(H)		0.71	%		0.62	%		0.63	%		0.83	%		6.54	%(H)
Including waiver and/or reimbursement and recapture (I)		0.51	%(H)		0.50	%		0.49	%		0.48	%		0.45	%(C)		0.43	%(H)
Net investment income (loss) to average net assets		1.87	%(H)		1.98	%		1.75	%		1.82	%		1.87	%(C)		2.33	%(H)
Portfolio turnover rate		3	%(F)		13	%		13	%		3	%		0	%(J)		4	%(F)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Rounds to less than $0.01 or $(0.01).
(F)	Not annualized.
(G)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(H)	Annualized.
(I)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(J)	Rounds to less than 1%.

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

Transamerica Funds Semi-Annual Report 2020

Page    37

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2055
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.24		$	10.44		$	10.61		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.13			0.12			0.02
Net realized and unrealized gain (loss)		(0.83	)		1.07			(0.21	)		0.59
Total investment operations		(0.76	)		1.20			(0.09	)		0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.14	)		(0.07	)		—
Net realized gains		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.28	)		(0.40	)		(0.08	)		—
Net asset value, end of period/year	$	10.20		$	11.24		$	10.44		$	10.61
Total return		(7.12	)%(C)		12.22	%		(0.96	)%		6.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	274		$	295		$	262		$	265
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		14.41	%(E)		14.43	%		11.72	%		40.02	%(E)
Including waiver and/or reimbursement and recapture (F)		1.15	%(E)		1.15	%		1.13	%		1.06	%(E)
Net investment income (loss) to average net assets		1.33	%(E)		1.25	%		1.10	%		0.54	%(E)
Portfolio turnover rate		8	%(C)		25	%		35	%		2	%(C)

(A)	Commenced operations on July 7, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods indicated:	Transamerica ClearTrack® 2055
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	11.22		$	10.51
Investment operations:
Net investment income (loss) (B)		0.09			0.11
Net realized and unrealized gain (loss)		(0.83	)		0.60
Total investment operations		(0.74	)		0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		—
Net realized gains		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.31	)		—
Net asset value, end of period	$	10.17		$	11.22
Total return		(6.96	)%(C)		6.76	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		14.16	%(E)		14.18	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%(E)		0.90	%(E)
Net investment income (loss) to average net assets		1.58	%(E)		1.49	%(E)
Portfolio turnover rate		8	%(C)		25	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    38

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2055
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.29		$	10.50		$	10.64		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.20			0.19			0.04
Net realized and unrealized gain (loss)		(0.83	)		1.06			(0.22	)		0.60
Total investment operations		(0.72	)		1.26			(0.03	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.21	)		(0.10	)		—
Net realized gains		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.35	)		(0.47	)		(0.11	)		—
Net asset value, end of period/year	$	10.22		$	11.29		$	10.50		$	10.64
Total return		(6.81	)%(C)		12.89	%		(0.37	)%		6.40	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	321		$	323		$	270		$	266
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		13.76	%(E)		13.78	%		11.07	%		39.37	%(E)
Including waiver and/or reimbursement and recapture (F)		0.50	%(E)		0.50	%		0.48	%		0.41	%(E)
Net investment income (loss) to average net assets		1.97	%(E)		1.89	%		1.75	%		1.19	%(E)
Portfolio turnover rate		8	%(C)		25	%		35	%		2	%(C)

(A)	Commenced operations on July 7, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2060
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.24		$	10.44		$	10.61		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.13			0.12			0.02
Net realized and unrealized gain (loss)		(0.84	)		1.07			(0.21	)		0.59
Total investment operations		(0.77	)		1.20			(0.09	)		0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.14	)		(0.07	)		—
Net realized gains		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.28	)		(0.40	)		(0.08	)		—
Net asset value, end of period/year	$	10.19		$	11.24		$	10.44		$	10.61
Total return		(7.15	)%(C)		12.25	%		(0.96	)%		6.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	274		$	295		$	263		$	265
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		14.75	%(E)		14.59	%		11.74	%		39.93	%(E)
Including waiver and/or reimbursement and recapture (F)		1.16	%(E)		1.15	%		1.13	%		1.06	%(E)
Net investment income (loss) to average net assets		1.33	%(E)		1.24	%		1.10	%		0.54	%(E)
Portfolio turnover rate		6	%(C)		25	%		35	%		2	%(C)

(A)	Commenced operations on July 7, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    39

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica ClearTrack® 2060
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	11.22		$	10.51
Investment operations:
Net investment income (loss) (B)		0.08			0.11
Net realized and unrealized gain (loss)		(0.83	)		0.60
Total investment operations		(0.75	)		0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		—
Net realized gains		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.31	)		—
Net asset value, end of period	$	10.16		$	11.22
Total return		(6.99	)%(C)		6.76	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		14.51	%(E)		14.33	%(E)
Including waiver and/or reimbursement and recapture (F)		0.91	%(E)		0.90	%(E)
Net investment income (loss) to average net assets		1.57	%(E)		1.49	%(E)
Portfolio turnover rate		6	%(C)		25	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2060
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.29		$	10.50		$	10.64		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11			0.20			0.19			0.04
Net realized and unrealized gain (loss)		(0.83	)		1.06			(0.22	)		0.60
Total investment operations		(0.72	)		1.26			(0.03	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.21	)		(0.10	)		—
Net realized gains		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.35	)		(0.47	)		(0.11	)		—
Net asset value, end of period/year	$	10.22		$	11.29		$	10.50		$	10.64
Total return		(6.74	)%(C)		12.92	%		(0.37	)%		6.40	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	295		$	310		$	265		$	266
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		14.10	%(E)		13.94	%		11.09	%		39.28	%(E)
Including waiver and/or reimbursement and recapture (F)		0.51	%(E)		0.50	%		0.48	%		0.41	%(E)
Net investment income (loss) to average net assets		1.97	%(E)		1.89	%		1.75	%		1.19	%(E)
Portfolio turnover rate		6	%(C)		25	%		35	%		2	%(C)

(A)	Commenced operations on July 7, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    40

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® Retirement Income
	Class R1
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.50		$	10.23		$	10.63		$	10.11		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.09			0.16			0.16			0.14			0.13	(C)		0.11
Net realized and unrealized gain (loss)		(0.08	)		0.85			(0.35	)		0.50			0.20			(0.28	)
Total investment operations		0.01			1.01			(0.19	)		0.64			0.33			(0.17	)
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.18	)		(0.16	)		(0.12	)		(0.05	)		—
Net realized gains		(0.06	)		(0.56	)		(0.05	)		—			(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.74	)		(0.21	)		(0.12	)		(0.05	)		—
Net asset value, end of period/year	$	10.27		$	10.50		$	10.23		$	10.63		$	10.11		$	9.83
Total return		0.07	%(E)		10.76	%		(1.86	)%		6.41	%		3.36	%		(1.70	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	57,969		$	64,925		$	72,493		$	98,838		$	72,075		$	12,186
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.25	%(G)		1.18	%		1.13	%		1.12	%		1.18	%		3.66	%(G)
Including waiver and/or reimbursement and recapture (H)		1.13	%(G)		1.12	%		1.11	%		1.09	%		1.07	%(C)		1.08	%(G)
Net investment income (loss) to average net assets		1.69	%(G)		1.61	%		1.54	%		1.40	%		1.30	%(C)		1.76	%(G)
Portfolio turnover rate		7	%(E)		19	%		24	%		7	%		–	%		1	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the periods indicated:	Transamerica ClearTrack® Retirement Income
	Class R3
	April 30, 2020 (unaudited)			October 31, 2019 (A)
Net asset value, beginning of period	$	10.52		$	9.83
Investment operations:
Net investment income (loss) (B)		0.10			0.10
Net realized and unrealized gain (loss)		(0.08	)		0.59
Total investment operations		0.02			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		—
Net realized gains		(0.06	)		—
Total dividends and/or distributions to shareholders		(0.28	)		—
Net asset value, end of period	$	10.26		$	10.52
Total return		0.14	%(C)		7.02	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.99	%(E)		0.93	%(E)
Including waiver and/or reimbursement and recapture (F)		0.88	%(E)		0.87	%(E)
Net investment income (loss) to average net assets		1.91	%(E)		1.50	%(E)
Portfolio turnover rate		7	%(C)		19	%

(A)	Commenced operations on March 1, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    41

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® Retirement Income
	Class R6
	April 30, 2020 (unaudited)			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.62		$	10.35		$	10.75		$	10.20		$	9.87		$	10.00
Investment operations:
Net investment income (loss) (B)		0.12			0.23			0.23			0.21			0.21	(C)		0.14
Net realized and unrealized gain (loss)		(0.08	)		0.86			(0.35	)		0.50			0.18			(0.27	)
Total investment operations		0.04			1.09			(0.12	)		0.71			0.39			(0.13	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.26	)		(0.23	)		(0.16	)		(0.06	)		—
Net realized gains		(0.06	)		(0.56	)		(0.05	)		—			(0.00	)(D)		—
Total dividends and/or distributions to shareholders		(0.31	)		(0.82	)		(0.28	)		(0.16	)		(0.06	)		—
Net asset value, end of period/year	$	10.35		$	10.62		$	10.35		$	10.75		$	10.20		$	9.87
Total return		0.36	%(E)		11.53	%		(1.19	)%		7.12	%		4.01	%		(1.30	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	637		$	510		$	425		$	409		$	257		$	247
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.60	%(G)		0.53	%		0.48	%		0.47	%		0.53	%		3.01	%(G)
Including waiver and/or reimbursement and recapture (H)		0.48	%(G)		0.47	%		0.46	%		0.44	%		0.42	%(C)		0.43	%(G)
Net investment income (loss) to average net assets		2.29	%(G)		2.22	%		2.15	%		1.98	%		2.08	%(C)		2.16	%(G)
Portfolio turnover rate		7	%(E)		19	%		24	%		7	%		–	%		1	%(E)

(A)	Commenced operations on March 2, 2015.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(G)	Annualized.
(H)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

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

Transamerica Funds Semi-Annual Report 2020

Page    42

NOTES TO FINANCIAL STATEMENTS

At April 30, 2020

(unaudited)

1. ORGANIZATION

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

Fund	Class
Transamerica ClearTrack® 2015 (“ClearTrack® 2015”)	R1,R3,R6
Transamerica ClearTrack® 2020 (“ClearTrack® 2020”)	R1,R3,R6
Transamerica ClearTrack® 2025 (“ClearTrack® 2025”)	R1,R3,R6
Transamerica ClearTrack® 2030 (“ClearTrack® 2030”)	R1,R3,R6
Transamerica ClearTrack® 2035 (“ClearTrack® 2035”)	R1,R3,R6
Transamerica ClearTrack® 2040 (“ClearTrack® 2040”)	R1,R3,R6
Transamerica ClearTrack® 2045 (“ClearTrack® 2045”)	R1,R3,R6
Transamerica ClearTrack® 2050 (“ClearTrack® 2050”)	R1,R3,R6
Transamerica ClearTrack® 2055 (“ClearTrack® 2055”)	R1,R3,R6
Transamerica ClearTrack® 2060 (“ClearTrack® 2060”)	R1,R3,R6
Transamerica ClearTrack® Retirement Income (“ClearTrack® Retirement Income”)	R1,R3,R6

As of April 30, 2020, the only investors of the Funds are affiliated and eligible retirement plans as defined in the Funds’ current prospectus.

Each Fund, a “fund of funds”, normally invests during its glide path period the majority of its assets in underlying exchange-traded funds that each are managed to track an index by an 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. ClearTrack^® 2020 and ClearTrack^® 2025 are each in their Dynamic Rebalancing Period and are not managed strictly according to the glide path period strategy. Instead, the Fund’s sub-adviser employs the Dynamic Risk Management strategy that attempts to limit downside volatility within the applicable Fund during the Dynamic Rebalancing Period. In response to certain levels of negative Fund performance during the Dynamic Rebalancing Period, the sub-adviser may deviate from the standard target allocation in accordance with the glide path by increasing the Fund’s exposure to short-term defensive instruments (“de-risking”), based on a formula that takes into account the Fund’s current Net Asset Value (“NAV”), macroeconomic conditions and the Fund’s underlying volatility.

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

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

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor 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

Transamerica Funds Semi-Annual Report 2020

Page    43

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

1. ORGANIZATION (continued)

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

There were no commissions recaptured during the period ended April 30, 2020 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. INVESTMENT VALUATION

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

Transamerica Funds Semi-Annual Report 2020

Page    44

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

3. INVESTMENT VALUATION (continued)

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

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

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

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

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 April 30, 2020, is disclosed within the Investment 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 places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2020, the Funds have not utilized the program.

Transamerica Funds Semi-Annual Report 2020

Page    45

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

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 April 30, 2020.

Repurchase agreements at April 30, 2020, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Securities lending: The Funds may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Funds is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Each Fund receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statements of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2020, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of April 30, 2020. Funds not listed in the subsequent table have not entered into secured borrowing transactions.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
ClearTrack® 2015
Securities Lending Transactions
Exchange-Traded Funds	$	239,850	$	—	$	—	$	—	$	239,850
Total Borrowings	$	239,850	$	—	$	—	$	—	$	239,850
ClearTrack® 2020
Securities Lending Transactions
Exchange-Traded Funds	$	91,026	$	—	$	—	$	—	$	91,026
Total Borrowings	$	91,026	$	—	$	—	$	—	$	91,026
ClearTrack® 2025
Securities Lending Transactions
Exchange-Traded Funds	$	81,081	$	—	$	—	$	—	$	81,081
Total Borrowings	$	81,081	$	—	$	—	$	—	$	81,081

Transamerica Funds Semi-Annual Report 2020

Page    46

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
ClearTrack® 2030
Securities Lending Transactions
Exchange-Traded Funds	$	874,107	$	—	$	—	$	—	$	874,107
Total Borrowings	$	874,107	$	—	$	—	$	—	$	874,107
ClearTrack® 2035
Securities Lending Transactions
Exchange-Traded Funds	$	362,367	$	—	$	—	$	—	$	362,367
Total Borrowings	$	362,367	$	—	$	—	$	—	$	362,367
ClearTrack® 2040
Securities Lending Transactions
Exchange-Traded Funds	$	192,465	$	—	$	—	$	—	$	192,465
Total Borrowings	$	192,465	$	—	$	—	$	—	$	192,465
ClearTrack® 2045
Securities Lending Transactions
Exchange-Traded Funds	$	305,856	$	—	$	—	$	—	$	305,856
Total Borrowings	$	305,856	$	—	$	—	$	—	$	305,856
ClearTrack® 2050
Securities Lending Transactions
Exchange-Traded Funds	$	261,360	$	—	$	—	$	—	$	261,360
Total Borrowings	$	261,360	$	—	$	—	$	—	$	261,360
ClearTrack® 2055
Securities Lending Transactions
Exchange-Traded Funds	$	6,696	$	—	$	—	$	—	$	6,696
Total Borrowings	$	6,696	$	—	$	—	$	—	$	6,696
ClearTrack® 2060
Securities Lending Transactions
Exchange-Traded Funds	$	3,492	$	—	$	—	$	—	$	3,492
Total Borrowings	$	3,492	$	—	$	—	$	—	$	3,492

5. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

Market risk: The market prices of a Fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as overall economic trends or events, government actions or interventions, market disruptions caused by trade disputes or other factors, political factors or adverse investor sentiment. The market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. If the market prices of the securities owned by a Fund fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. The COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, a Fund’s exposure to the risks described in the Fund’s prospectus will likely increase. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund’s investments may be negatively affected.

Transamerica Funds Semi-Annual Report 2020

Page    47

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

5. RISK FACTORS (continued)

Recent events risk: The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of a Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, may not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.

6. FEES AND OTHER AFFILIATED TRANSACTIONS

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

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

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

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

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

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Breakpoints	Rate
First $2.5 billion		0.38	%
Over $2.5 billion up to $4 billion		0.37
Over $4 billion		0.36

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through each Fund’s investment in the Underlying ETFs, but excluding, as applicable, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization 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, 2021
Class R3		0.95		March 1, 2021
Class R6		0.55		March 1, 2021

Transamerica Funds Semi-Annual Report 2020

Page    48

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2020 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 discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the years ended October 31, 2017, October 31, 2018, October 31, 2019 and the period ended April 30, 2020, the balances available for recapture by TAM for each Fund are as follows:

	Amounts Available
Fund	2017		2018		2019		2020		Total
ClearTrack® 2015
Class R1	$	11,097	$	49,944	$	75,946	$	45,670	$	182,657
Class R3 (A)		—		—		8		14		22
Class R6		83		479		740		556		1,858
ClearTrack® 2020
Class R1		6,634		44,459		70,079		48,082		169,254
Class R3 (A)		—		—		4		11		15
Class R6		56		434		770		466		1,726
ClearTrack® 2025
Class R1		4,402		29,328		49,561		40,549		123,840
Class R3 (A)		—		—		1		7		8
Class R6		—		306		929		951		2,186
ClearTrack® 2030
Class R1		7,694		37,701		54,646		34,628		134,669
Class R3 (A)		—		—		2		8		10
Class R6		22		217		363		308		910
ClearTrack® 2035
Class R1		6,906		37,414		54,311		32,683		131,314
Class R3 (A)		—		—		2		7		9
Class R6		48		272		464		362		1,146
ClearTrack® 2040
Class R1		10,247		38,451		56,202		34,846		139,746
Class R3 (A)		—		—		3		8		11
Class R6		116		529		856		608		2,109
ClearTrack® 2045
Class R1		11,081		40,470		67,908		41,737		161,196
Class R3 (A)		—		—		9		13		22
Class R6		162		636		888		551		2,237
ClearTrack® 2050
Class R1		13,865		46,296		73,719		42,903		176,783
Class R3 (A)		—		—		14		17		31
Class R6		276		1,112		1,579		746		3,713
ClearTrack® 2055 (B)
Class R1		7,876		44,707		45,167		19,206		116,956
Class R3 (A)		—		—		910		696		1,606
Class R6		7,117		45,066		48,125		21,475		121,783

Transamerica Funds Semi-Annual Report 2020

Page    49

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available
Fund	2017		2018		2019		2020		Total
ClearTrack® 2060 (B)
Class R1	$	7,621	$	44,755	$	45,761	$	19,700	$	117,837
Class R3 (A)		—		—		921		714		1,635
Class R6		7,226		45,017		47,523		20,939		120,705
ClearTrack® Retirement Income
Class R1		12,349		45,469		61,086		37,372		156,276
Class R3 (A)		—		—		2		8		10
Class R6		45		229		446		357		1,077

^(A)  Class commenced operations on March 1, 2019.

^(B)  Fund commenced operations on July 7, 2017.

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

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

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

Class (A)	Rate
Class R1		0.50	%
Class R3		0.25

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

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

For the period ended April 30, 2020, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
ClearTrack® 2015	$	1,362	$	204
ClearTrack® 2020		1,836		259
ClearTrack® 2025		2,709		392
ClearTrack® 2030		2,092		314
ClearTrack® 2035		2,131		316
ClearTrack® 2040		1,903		277
ClearTrack® 2045		1,251		179
ClearTrack® 2050		1,001		147
ClearTrack® 2055		23		4
ClearTrack® 2060		23		4
ClearTrack® Retirement Income		2,339		357

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 period ended April 30, 2020, 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 investment manager or sub-adviser(s) for the period ended April 30, 2020.

Transamerica Funds Semi-Annual Report 2020

Page    50

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020

(unaudited)

7. PURCHASES AND SALES OF SECURITIES

For the period ended April 30, 2020, 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	$	2,287,361	$	5,964,692
ClearTrack® 2020		1,622,498		46,207,818
ClearTrack® 2025		5,915,236		69,160,380
ClearTrack® 2030		5,822,307		8,611,496
ClearTrack® 2035		4,712,538		6,453,642
ClearTrack® 2040		3,673,048		6,258,141
ClearTrack® 2045		1,674,025		3,589,301
ClearTrack® 2050		850,140		944,677
ClearTrack® 2055		62,525		50,223
ClearTrack® 2060		37,774		38,216
ClearTrack® Retirement Income		4,206,457		10,351,992

8. 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.

As of April 30, 2020, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
ClearTrack® 2015	$	31,023,124	$	3,366,162	$	(117,568	)	$	3,248,594
ClearTrack® 2020		41,479,494		370,735		(4,707	)		366,028
ClearTrack® 2025		63,578,863		652,829		(4,554	)		648,275
ClearTrack® 2030		47,814,967		6,086,977		(326,924	)		5,760,053
ClearTrack® 2035		47,170,327		6,824,838		(165,588	)		6,659,250
ClearTrack® 2040		41,517,710		6,156,748		(348,138	)		5,808,610
ClearTrack® 2045		26,702,226		4,259,644		(153,983	)		4,105,661
ClearTrack® 2050		22,180,717		3,509,128		(176,851	)		3,332,277
ClearTrack® 2055		613,377		36,915		(32,765	)		4,150
ClearTrack® 2060		584,732		37,913		(32,782	)		5,131
ClearTrack® Retirement Income		55,079,758		3,925,134		(306,019	)		3,619,115

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.

Transamerica Funds Semi-Annual Report 2020

Page    51

LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The series of Transamerica Funds (the “Trust”), excluding Transamerica Government Money Market (for purposes of this section only, the “Funds”), have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the “Program”). The Board of Trustees of the Trust (the “Board”) has appointed Transamerica Asset Management, Inc. (“TAM”), the investment manager to the Funds, as the Program administrator for the Funds. TAM has established a Liquidity Risk Management Committee (the “Committee”) to manage the Program for the Funds, including oversight of the liquidity risk management process, reporting to the Board, and reviewing the Program’s effectiveness.

The Board met on March 11-12, 2020 (the “Meeting”) to review the Program with respect to the Funds, pursuant to the Liquidity Rule. At the Meeting, the Committee provided the Board with a written report that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation, including the operation of the Funds’ Highly Liquid Investment Minimum (“HLIM”) as applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology. The Report noted that the Funds utilize analysis from a third-party liquidity metrics service, which takes into account a variety of factors including market, trading and other investment specific considerations. The Report also discussed the Committee’s methodology in establishing a Fund’s HLIM, as applicable, and the Committee’s periodic review of each HLIM established. The Report noted one material change to the classification methodology during the Program Reporting Period. The Report reviewed the change and why the Committee believes the change is an enhancement to the prior method. The Report also noted that the Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for monitoring the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including: (1) the Fund’s investment strategy and portfolio liquidity during normal and reasonably foreseeable stressed conditions, (2) cash flow projections during normal and reasonably foreseeable stressed conditions and (3) holdings of cash and cash equivalents, borrowings and other funding sources.

The Report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Funds’ liquidity risk pursuant to the requirements of the Liquidity Rule.

Transamerica Funds Semi-Annual Report 2020

Page    52

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds Semi-Annual Report 2020

Page    53

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 Semi-Annual Report 2020

Page    54

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

256612 04/20

© 2020 Transamerica Capital, Inc.

Item 2: Code of Ethics.

Not applicable for semi-annual reports.

Item 3: Audit Committee Financial Experts.

Not applicable for semi-annual reports.

Item 4: Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5: Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6: Schedule of Investments.

(a) The schedules of investments and consolidated schedules of investments are included in the Semi-Annual Report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable

Item 10: Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11: Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c)

under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal half- year that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13: Exhibits.

(a)(1) Not Applicable.

(a)(2) Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Transamerica Funds
(Registrant)
By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	July 2, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	July 2, 2020
By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Treasurer
	(Principal Financial Officer)
Date:	July 2, 2020

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
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

EX-99.CERT

Exhibit 13(a)(2)(i)

Section 302 N-CSR Certification of Principal Executive Officer

TRANSAMERICA FUNDS (THE “FUND”)

FOR THE PERIOD ENDED APRIL 30, 2020

FORM N-CSR CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT

I, Marijn P. Smit, certify that:

1. I have reviewed this report on Form N-CSR of Transamerica Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal half- year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s Board of Trustees (or persons performing equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:      July 2, 2020	By:	/s/ Marijn P. Smit
		Marijn P. Smit
	Title:	Chief Executive Officer
		(Principal Executive Officer)

Exhibit 13(a)(2)(ii)

Section 302 N-CSR Certification of Principal Financial Officer

TRANSAMERICA FUNDS (THE “FUND”)

FOR THE PERIOD ENDED APRIL 30, 2020

FORM N-CSR CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT

I, Vincent J. Toner, certify that:

1. I have reviewed this report on Form N-CSR of Transamerica Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s Board of Trustees (or persons performing equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:       July 2, 2020	By:	/s/ Vincent J. Toner
		Vincent J. Toner
	Title:	Treasurer
		(Principal Financial Officer)

EX-99.906CERT

Exhibit 13(b)

Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED APRIL 30, 2020

FORM N-CSR CERTIFICATION

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Transamerica Funds (the “Fund”) on Form N-CSR for the period ended April 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies that, to his or her knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

/s/ Marijn P. Smit	Date:     July 2, 2020
Marijn P. Smit
Chief Executive Officer
(Principal Executive Officer)
/s/ Vincent J. Toner	Date:     July 2, 2020
Vincent J. Toner
Treasurer
(Principal Financial Officer)

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.