As filed with the Securities and Exchange Commission on July 1, 2022

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 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

Dennis P. Gallagher, 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, 2021 – April 30, 2022

Item 1: Report(s) to Shareholders.

  (a) The Semi-Annual Report is attached.

  (b) Not applicable.

TRANSAMERICA FUNDS

SEMI-ANNUAL REPORT

APRIL 30, 2022

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	12
Transamerica Asset Allocation Intermediate Horizon	15
Transamerica Asset Allocation Long Horizon	16
Transamerica Asset Allocation Short Horizon	17
Statements of Assets and Liabilities	18
Statements of Operations	20
Statements of Changes in Net Assets	22
Financial Highlights	27
Notes to Financial Statements	40
Liquidity Risk Management Program	53
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	54
Notice of Privacy Policy	55

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 2022

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 provided to you with information about the investments of your Fund(s). The Securities and Exchange Commission currently requires that annual and semi-annual reports be provided to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the six-month period ended April 30, 2022.

We believe it is important to understand market conditions over the last six months to provide context for reading this report. The period began on November 1, 2021, with the S&P 500^® Index at all-time highs driven by strong corporate earnings growth and continuing accommodative monetary policy from the Federal Reserve (“Fed”). While inflation had begun an upward trend it was still considered by many to be temporary and manageable, particularly as the year finished with the highest annualized U.S. gross domestic product growth rate in more than three decades. Against this backdrop stocks continued to rise into the calendar year’s close.

Stocks quickly headed into correction mode as the new year began and the Omicron variant of the COVID-19 pandemic created an exponential rise in case trends. Inflation continued to rise and after reaching levels not seen in more than 40 years, it became apparent the Fed would need to raise rates faster and higher than most had previously anticipated. In late February 2022, Russia invaded Ukraine creating a humanitarian crisis and geo-political concerns further exacerbating inflation and global market uncertainties. In March 2022, the Fed raised rates for the first time since 2018 and clearly signaled more rate hikes would soon follow.

By April, the year-over-year increase in the Consumer Price Index (“CPI”), a measure of inflation, was exceeding 8% and longer-term interest rates rose accordingly with the 10-year U.S. Treasury bond yield surpassing 2.90%, representing its highest rate in more than three years. Credit spreads also widened considerably, and as the period concluded yields for both investment grade and high yield bonds had reached their highest points since the initial months of the pandemic.

While U.S. COVID rates had dropped precipitously from earlier in the year, they remained elevated globally and China evoked widespread lockdowns spurring growth concerns in Asia and throughout emerging market regions. This contributed to further bottlenecks of global supply chains, already operating under historically constrained conditions and spurring global growth concerns. Major international stock indexes such as MSCI EAFE and MSCI Emerging Markets also suffered declines for the period.

While the reporting period ended with negative returns for both stocks and bonds, we continue to believe in the benefits of long-term investing and asset class diversification. Markets have historically not only displayed resilience, even amidst challenging market environments such as this past one, but also the ability to quickly discount future improving conditions as they appear evident.

For the six-month period ended April 30, 2022, the S&P 500^® Index returned -9.65%, while the MSCI EAFE Index, representing international developed market equities, returned -11.80%. During the same period, the Bloomberg U.S. Aggregate Bond Index returned -9.47%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial 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 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^® Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

The views expressed in this report reflect those of Transamerica Asset Management only and may not necessarily represent the views of Transamerica Funds. These views are as of the date of this report and 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 Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and it is not possible to 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, 2021, and held for the entire six-month period until April 30, 2022.

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, 2021		Ending Account Value April 30, 2022		Expenses Paid During Period (B)			Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Asset Allocation - Conservative Portfolio
Class A	$	1,000.00	$	886.40	$	2.20		$	1,022.50	$	2.36		0.47	%
Class C		1,000.00		883.20		5.88			1,018.50		6.31		1.26
Class I		1,000.00		890.50		0.80			1,024.00		0.85		0.17
Class R		1,000.00		885.60		3.41			1,021.20		3.66		0.73
Class R3		1,000.00		942.00		0.56	(D)		1,023.10		1.76		0.35
Transamerica Asset Allocation - Growth Portfolio
Class A		1,000.00		844.20		2.24			1,022.40		2.46		0.49
Class C		1,000.00		840.70		5.93			1,018.30		6.51		1.30
Class I		1,000.00		847.20		0.73			1,024.00		0.80		0.16
Class R		1,000.00		842.80		3.34			1,021.20		3.66		0.73
Class R3		1,000.00		948.80		0.56	(D)		1,023.10		1.76		0.35
Transamerica Asset Allocation - Moderate Growth Portfolio
Class A		1,000.00		863.00		2.17			1,022.50		2.36		0.47
Class C		1,000.00		859.70		5.86			1,018.50		6.36		1.27
Class I		1,000.00		866.00		0.69			1,024.10		0.75		0.15
Class R		1,000.00		862.10		3.42			1,021.10		3.71		0.74
Class R3		1,000.00		946.70		0.56	(D)		1,023.10		1.76		0.35
Transamerica Asset Allocation - Moderate Portfolio
Class A		1,000.00		878.60		2.19			1,022.50		2.36		0.47
Class C		1,000.00		874.80		5.86			1,018.50		6.31		1.26
Class I		1,000.00		881.60		0.70			1,024.10		0.75		0.15
Class R		1,000.00		877.40		3.35			1,021.20		3.61		0.72
Class R3		1,000.00		944.10		0.56	(D)		1,023.10		1.76		0.35

Transamerica Funds Semi-Annual Report 2022

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Asset Allocation Intermediate Horizon
Class R	$	1,000.00	$	880.40	$	2.80	$	1,021.80	$	3.01		0.60	%
Class R4		1,000.00		881.60		1.63		1,023.10		1.76		0.35
Transamerica Asset Allocation Long Horizon
Class R		1,000.00		844.10		2.74		1,021.80		3.01		0.60
Class R4		1,000.00		844.60		1.60		1,023.10		1.76		0.35
Transamerica Asset Allocation Short Horizon
Class R		1,000.00		919.50		2.86		1,021.80		3.01		0.60
Class R4		1,000.00		920.70		1.67		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 (181 days), and divided by the number of days in the year (365 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)	Class commenced operations on March 1, 2022. Actual expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (60 days), and divided by the number of days in the year (365 days). For comparability purposes, hypothetical expenses assume that the Funds were in operation for the entire six-month period ended April 30, 2022.

Transamerica Funds Semi-Annual Report 2022

Page    3

Schedules of Investments Composition

At April 30, 2022

(unaudited)

Transamerica Asset Allocation - Conservative Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		57.9	%
U.S. Equity Funds		22.7
International Equity Funds		11.5
International Fixed Income Funds		5.7
U.S. Mixed Allocation Fund		1.2
International Alternative Fund		0.0	*
Net Other Assets (Liabilities) ^		1.0
Total		100.0	%
Transamerica Asset Allocation - Growth Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		64.1	%
International Equity Funds		32.7
U.S. Mixed Allocation Fund		2.0
International Alternative Fund		0.0	*
Net Other Assets (Liabilities) ^		1.2
Total		100.0	%
Transamerica Asset Allocation - Moderate Growth Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		45.1	%
International Equity Funds		23.4
U.S. Fixed Income Funds		23.4
International Fixed Income Funds		4.7
U.S. Mixed Allocation Fund		1.4
International Alternative Fund		0.0	*
Net Other Assets (Liabilities) ^		2.0
Total		100.0	%
Transamerica Asset Allocation - Moderate Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		42.4	%
U.S. Equity Funds		31.9
International Equity Funds		16.7
International Fixed Income Funds		6.2
U.S. Mixed Allocation Fund		1.3
International Alternative Fund		0.0	*
Net Other Assets (Liabilities) ^		1.5
Total		100.0	%

Transamerica Asset Allocation Intermediate Horizon
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		49.7	%
U.S. Equity Funds		37.0
International Equity Fund		13.2
Money Market Fund		0.1
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%
Transamerica Asset Allocation Long Horizon
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		65.8	%
International Equity Fund		23.8
U.S. Fixed Income Funds		10.3
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%
Transamerica Asset Allocation Short Horizon
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		89.8	%
U.S. Equity Funds		7.8
International Equity Fund		2.1
Money Market Fund		0.3
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)%.

^ 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 2022

Page    4

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 2.8%
U.S. Equity Funds - 2.8%
Alerian MLP ETF		158,781		$  6,044,793
Energy Select Sector SPDR Fund		27,695		2,081,279
Health Care Select Sector SPDR Fund		6,015		783,694
Vanguard S&P 500 ETF		12,065		4,569,016
Vanguard Short-Term Treasury ETF		51,399		3,029,971
Total Exchange-Traded Funds (Cost $16,779,468)				16,508,753
INVESTMENT COMPANIES - 96.2%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		1,340		2,881
International Equity Funds - 11.5%
Transamerica Emerging Markets Opportunities (C)		1,007,935		8,325,542
Transamerica International Equity (C)		2,064,268		38,436,674
Transamerica International Focus (C)		1,136,898		9,140,664
Transamerica International Small Cap Value (C)		397,710		5,114,553
Transamerica International Stock (C)		651,730		6,491,228
				67,508,661
International Fixed Income Funds - 5.7%
Transamerica Emerging Markets Debt (C)		1,651,925		15,049,035
Transamerica Inflation Opportunities (C)		1,723,811		18,065,543
				33,114,578
U.S. Equity Funds - 19.9%
Transamerica Capital Growth (C)		27,192		204,754
Transamerica Large Cap Value (C)		3,687,470		48,232,101

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Growth (C)		459,493		$   3,492,143
Transamerica Mid Cap Value (C)		411,030		4,369,253
Transamerica Mid Cap Value Opportunities (C)		2,653		30,774
Transamerica Small Cap Growth (C)		552,524		3,530,625
Transamerica Small Cap Value (C)		425,860		2,917,141
Transamerica Sustainable Equity Income (C)		1,879,208		13,737,012
Transamerica US Growth (C)		1,647,319		39,535,645
				116,049,448
U.S. Fixed Income Funds - 57.9%
Transamerica Bond (C)		5,856,516		50,190,345
Transamerica Core Bond (C)		5,599,434		50,394,903
Transamerica Floating Rate (C)		852,523		7,954,043
Transamerica High Yield Bond (C)		1,423,301		11,941,491
Transamerica Intermediate Bond (C)		5,508,990		50,517,441
Transamerica Short-Term Bond (C)		1,948,654		19,018,865
Transamerica Total Return (C)		16,259,076		148,445,366
				338,462,454
U.S. Mixed Allocation Fund - 1.2%
Transamerica Energy Infrastructure (C)		996,335		7,133,761
Total Investment Companies (Cost $569,538,077)				562,271,783
Total Investments (Cost $586,317,545)				578,780,536
Net Other Assets (Liabilities) - 1.0%				5,902,408
Net Assets - 100.0%				$584,682,944

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		28		06/17/2022	$	5,864,708	$	5,778,500	$	—	$	(86,208	)

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	16,508,753		$	—	$	—	$	16,508,753
Investment Companies		562,268,902			—		—		562,268,902
Total	$	578,777,655		$	—	$	—	$	578,777,655
Investment Companies Measured at Net Asset Value (E)									2,881
Total Investments								$	578,780,536
LIABILITIES
Other Financial Instruments
Futures Contracts (G)	$	(86,208	)	$	—	$	—	$	(86,208	)
Total Other Financial Instruments	$	(86,208	)	$	—	$	—	$	(86,208	)

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

Transamerica Funds Semi-Annual Report 2022

Page    5

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing security.
(C)	Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	58,109,376	$	3,052,446	$	(5,000,000	)	$	(221,595	)	$	(5,749,882	)	$	50,190,345		5,856,516	$	446,050	$	299,697
Transamerica Capital Growth		32,122,256		11,197,492		(22,000,000	)		(7,194,995	)		(13,919,999	)		204,754		27,192		60,354		11,137,138
Transamerica Core Bond		57,137,475		2,867,610		(4,000,000	)		(185,262	)		(5,424,920	)		50,394,903		5,599,434		617,398		250,212
Transamerica Emerging Markets Debt		21,291,214		473,831		(4,000,000	)		(144,428	)		(2,571,582	)		15,049,035		1,651,925		473,831		—
Transamerica Emerging Markets Opportunities		14,851,862		1,065,653		(4,000,000	)		394,897			(3,986,870	)		8,325,542		1,007,935		796,536		269,117
Transamerica Energy Infrastructure		6,662,478		154,454		—			—			316,829			7,133,761		996,335		154,454		—
Transamerica Floating Rate		—		8,055,768		—			—			(101,725	)		7,954,043		852,523		33,870		—
Transamerica Global Allocation Liquidating Trust		3,128		—		—			—			(247	)		2,881		1,340		—		—
Transamerica High Yield Bond		7,766,518		7,229,193		(2,000,000	)		(86,649	)		(967,571	)		11,941,491		1,423,301		228,900		—
Transamerica Inflation Opportunities		25,029,935		3,583,520		(9,000,000	)		(204,723	)		(1,343,189	)		18,065,543		1,723,811		470,927		112,593
Transamerica Intermediate Bond		64,756,133		1,590,054		(9,000,000	)		(408,115	)		(6,420,631	)		50,517,441		5,508,990		598,090		991,964
Transamerica International Equity		29,737,218		13,055,019		—			—			(4,355,563	)		38,436,674		2,064,268		1,055,019		—
Transamerica International Focus		24,797,462		1,467,450		(12,000,000	)		1,650,352			(6,774,600	)		9,140,664		1,136,898		734,585		732,865
Transamerica International Small Cap Value		3,062,706		3,112,630		—			—			(1,060,783	)		5,114,553		397,710		79,997		32,633
Transamerica International Stock		17,309,681		1,306,784		(10,300,000	)		1,509,021			(3,334,258	)		6,491,228		651,730		484,115		822,669
Transamerica Large Cap Value		45,920,374		12,052,319		(6,000,000	)		1,092,210			(4,832,802	)		48,232,101		3,687,470		1,052,319		—
Transamerica Mid Cap Growth		2,533,448		2,707,267		—			—			(1,748,572	)		3,492,143		459,493		245,507		461,760
Transamerica Mid Cap Value		4,468,534		735,900		—			—			(835,181	)		4,369,253		411,030		60,679		675,221
Transamerica Mid Cap Value Opportunities		3,256,771		290,101		(3,300,000	)		914,122			(1,130,220	)		30,774		2,653		113,934		176,167
Transamerica Short-Term Bond		21,138,981		2,645,554		(4,000,000	)		(72,766	)		(692,904	)		19,018,865		1,948,654		143,481		—
Transamerica Small Cap Growth		8,053,837		481,517		(3,000,000	)		1,027,812			(3,032,541	)		3,530,625		552,524		86,585		394,932
Transamerica Small Cap Value		8,018,509		2,231,529		(5,000,000	)		582,947			(2,915,844	)		2,917,141		425,860		1,528,280		703,249
Transamerica Sustainable Equity Income		15,260,836		5,730,629		(3,000,000	)		(524,469	)		(3,729,984	)		13,737,012		1,879,208		1,785,505		945,124
Transamerica Total Return		184,324,432		7,162,621		(24,350,000	)		(1,895,794	)		(16,795,893	)		148,445,366		16,259,076		2,162,621		—
Transamerica US Growth		41,970,897		21,421,332		(10,000,000	)		(244,844	)		(13,611,740	)		39,535,645		1,647,319		527,755		4,097,119
Total	$	697,584,061	$	113,670,673	$	(139,950,000	)	$	(4,012,279	)	$	(105,020,672	)	$	562,271,783		56,173,195	$	13,940,792	$	22,102,460

(D) Restricted security. At April 30, 2022, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	13,784	$	2,881		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, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(G)	Derivative instruments are valued at unrealized appreciation (depreciation).

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

Transamerica Funds Semi-Annual Report 2022

Page    6

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 2.3%
U.S. Equity Funds - 2.3%
Alerian MLP ETF		232,034		$8,833,535
Energy Select Sector SPDR Fund		46,892		3,523,934
Health Care Select Sector SPDR Fund		10,514		1,369,869
Vanguard S&P 500 ETF		24,126		9,136,516
Total Exchange-Traded Funds (Cost $23,468,087)				22,863,854
INVESTMENT COMPANIES - 96.5%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		874		1,880
International Equity Funds - 32.7%
Transamerica Emerging Markets Opportunities (C)		3,674,571		30,351,960
Transamerica International Equity (C)		8,314,377		154,813,695
Transamerica International Focus (C)		10,827,194		87,050,644
Transamerica International Small Cap Value (C)		1,061,891		13,655,922
Transamerica International Stock (C)		3,547,710		35,335,190
				321,207,411
U.S. Equity Funds - 61.8%
Transamerica Capital Growth (C)		907,163		6,830,934

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Large Cap Value (C)		19,567,661		$ 255,945,005
Transamerica Mid Cap Growth (C)		2,850,497		21,663,775
Transamerica Mid Cap Value (C)		2,406,143		25,577,301
Transamerica Mid Cap Value Opportunities (C)		6,338		73,524
Transamerica Small Cap Growth (C)		1,065,192		6,806,575
Transamerica Small Cap Value (C)		1,018,053		6,973,664
Transamerica Sustainable Equity Income (C)		9,440,236		69,008,126
Transamerica US Growth (C)		8,915,375		213,968,999
				606,847,903
U.S. Mixed Allocation Fund - 2.0%
Transamerica Energy Infrastructure (C)		2,651,038		18,981,433
Total Investment Companies (Cost $850,022,063)				947,038,627
Total Investments (Cost $873,490,150)				969,902,481
Net Other Assets (Liabilities) - 1.2%				11,846,142
Net Assets - 100.0%				$981,748,623

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		100		06/17/2022	$	20,944,974	$	20,637,500	$	—	$	(307,474	)

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	22,863,854		$	—	$	—	$	22,863,854
Investment Companies		947,036,747			—		—		947,036,747
Total	$	969,900,601		$	—	$	—	$	969,900,601
Investment Companies Measured at Net Asset Value (E)									1,880
Total Investments								$	969,902,481
LIABILITIES
Other Financial Instruments
Futures Contracts (G)	$	(307,474	)	$	—	$	—	$	(307,474	)
Total Other Financial Instruments	$	(307,474	)	$	—	$	—	$	(307,474	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing security.

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

Transamerica Funds Semi-Annual Report 2022

Page    7

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(C) Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Capital Growth	$	152,469,240	$	50,353,958	$	(97,000,000	)	$	(22,358,882	)	$	(76,633,382	)	$	6,830,934		907,163	$	271,409	$	50,082,549
Transamerica Emerging Markets Opportunities		67,512,530		6,753,538		(28,000,000	)		471,582			(16,385,690	)		30,351,960		3,674,571		5,048,018		1,705,520
Transamerica Energy Infrastructure		45,653,179		198,763		(27,999,999	)		4,742,048			(3,612,558	)		18,981,433		2,651,038		711,865		—
Transamerica Global Allocation Liquidating Trust		2,041		—		—			—			(161	)		1,880		874		—		—
Transamerica International Equity		150,187,493		26,328,361		—			—			(21,702,159	)		154,813,695		8,314,377		5,328,361		—
Transamerica International Focus		127,292,467		17,532,838		(31,500,000	)		(2,144,922	)		(24,129,739	)		87,050,644		10,827,194		3,770,835		3,762,003
Transamerica International Small Cap Value		27,315,870		1,004,535		(10,000,000	)		2,331,871			(6,996,354	)		13,655,922		1,061,891		713,489		291,046
Transamerica International Stock		27,592,048		13,255,178		—			—			(5,512,036	)		35,335,190		3,547,710		835,459		1,419,719
Transamerica Large Cap Value		233,754,982		54,888,920		(12,000,000	)		(583,106	)		(20,115,791	)		255,945,005		19,567,661		3,754,861		—
Transamerica Mid Cap Growth		8,424,670		22,351,932		(2,000,000	)		(322,353	)		(6,790,474	)		21,663,775		2,850,497		816,403		1,535,529
Transamerica Mid Cap Value		39,989,252		5,925,372		(14,000,000	)		1,757,104			(8,094,427	)		25,577,301		2,406,143		488,576		5,436,796
Transamerica Mid Cap Value Opportunities		9,749,944		2,201,632		(9,950,000	)		1,235,673			(3,163,725	)		73,524		6,338		864,666		1,336,966
Transamerica Small Cap Growth		15,754,660		928,299		(6,000,000	)		1,857,461			(5,733,845	)		6,806,575		1,065,192		166,923		761,376
Transamerica Small Cap Value		15,345,225		4,156,421		(8,000,000	)		859,937			(5,387,919	)		6,973,664		1,018,053		2,846,557		1,309,864
Transamerica Sustainable Equity Income		73,421,354		20,915,914		(6,000,000	)		(1,182,200	)		(18,146,942	)		69,008,126		9,440,236		7,812,710		4,103,204
Transamerica US Growth		220,194,616		81,474,094		(12,000,000	)		(1,473,852	)		(74,225,859	)		213,968,999		8,915,375		2,906,907		22,567,187
Total	$	1,214,659,571	$	308,269,755	$	(264,449,999	)	$	(14,809,639	)	$	(296,631,061	)	$	947,038,627		76,254,313	$	36,337,039	$	94,311,759

(D) Restricted security. At April 30, 2022, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	8,994	$	1,880		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, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(G)	Derivative instruments are valued at unrealized appreciation (depreciation).

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

Transamerica Funds Semi-Annual Report 2022

Page    8

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 1.8%
U.S. Equity Funds - 1.8%
Alerian MLP ETF		332,664		$12,664,519
Energy Select Sector SPDR Fund		79,107		5,944,891
Health Care Select Sector SPDR Fund		17,273		2,250,499
Vanguard Short-Term Treasury ETF		144,103		8,494,872
Total Exchange-Traded Funds (Cost $29,028,052)				29,354,781
INVESTMENT COMPANIES - 96.2%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		5,843		12,566
International Equity Funds - 23.4%
Transamerica Emerging Markets Opportunities (C)		4,291,670		35,449,197
Transamerica International Equity (C)		9,956,518		185,390,358
Transamerica International Focus (C)		11,868,573		95,423,323
Transamerica International Small Cap Value (C)		1,205,569		15,503,613
Transamerica International Stock (C)		4,526,921		45,088,129
				376,854,620
International Fixed Income Funds - 4.7%
Transamerica Emerging Markets Debt (C)		4,653,375		42,392,243
Transamerica Inflation Opportunities (C)		3,077,767		32,254,999
				74,647,242
U.S. Equity Funds - 43.3%
Transamerica Capital Growth (C)		1,787,301		13,458,374
Transamerica Large Cap Value (C)		22,685,767		296,729,835

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Growth (C)		3,564,562		$ 27,090,671
Transamerica Mid Cap Value (C)		2,984,970		31,730,232
Transamerica Mid Cap Value Opportunities (C)		4,352		50,481
Transamerica Small Cap Growth (C)		1,325,139		8,467,639
Transamerica Small Cap Value (C)		1,418,597		9,717,392
Transamerica Sustainable Equity Income (C)		11,437,380		83,607,248
Transamerica US Growth (C)		9,417,460		226,019,045
				696,870,917
U.S. Fixed Income Funds - 23.4%
Transamerica Bond (C)		6,580,166		56,392,350
Transamerica Core Bond (C)		4,951,079		44,559,710
Transamerica Floating Rate (C)		2,451,005		22,867,875
Transamerica High Yield Bond (C)		3,580,996		30,044,555
Transamerica Intermediate Bond (C)		7,215,415		66,165,353
Transamerica Short-Term Bond (C)		2,011,920		19,636,339
Transamerica Total Return (C)		14,878,633		135,841,922
				375,508,104
U.S. Mixed Allocation Fund - 1.4%
Transamerica Energy Infrastructure (C)		3,154,614		22,587,038
Total Investment Companies (Cost $1,449,382,756)				1,546,480,487
Total Investments (Cost $1,478,410,808)				1,575,835,268
Net Other Assets (Liabilities) - 2.0%				32,433,411
Net Assets - 100.0%				$1,608,268,679

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		70		06/17/2022	$	14,663,875	$	14,446,250	$	—	$	(217,625	)

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	29,354,781		$	—	$	—	$	29,354,781
Investment Companies		1,546,467,921			—		—		1,546,467,921
Total	$	1,575,822,702		$	—	$	—	$	1,575,822,702
Investment Companies Measured at Net Asset Value (E)									12,566
Total Investments								$	1,575,835,268
LIABILITIES
Other Financial Instruments
Futures Contracts (G)	$	(217,625	)	$	—	$	—	$	(217,625	)
Total Other Financial Instruments	$	(217,625	)	$	—	$	—	$	(217,625	)

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

Transamerica Funds Semi-Annual Report 2022

Page    9

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing security.
(C)	Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	60,932,853	$	6,142,108	$	(4,000,000	)	$	(315,216	)	$	(6,367,395	)	$	56,392,350		6,580,166	$	827,495	$	314,259
Transamerica Capital Growth		183,646,849		64,017,426		(107,000,000	)		(34,146,050	)		(93,059,851	)		13,458,374		1,787,301		345,055		63,672,371
Transamerica Core Bond		74,700,428		1,029,544		(25,000,000	)		(1,681,297	)		(4,488,965	)		44,559,710		4,951,079		702,421		327,123
Transamerica Emerging Markets Debt		67,976,211		1,475,357		(19,000,000	)		(1,231,879	)		(6,827,446	)		42,392,243		4,653,375		1,475,357		—
Transamerica Emerging Markets Opportunities		72,421,610		5,459,461		(26,000,000	)		1,890,587			(18,322,461	)		35,449,197		4,291,670		4,080,744		1,378,717
Transamerica Energy Infrastructure		58,994,061		291,370		(38,000,001	)		6,987,293			(5,685,685	)		22,587,038		3,154,614		897,393		—
Transamerica Floating Rate		—		23,160,329		—			—			(292,454	)		22,867,875		2,451,005		160,329		—
Transamerica Global Allocation Liquidating Trust		13,641		—		—			—			(1,075	)		12,566		5,843		—		—
Transamerica High Yield Bond		19,971,045		12,555,474		—			—			(2,481,964	)		30,044,555		3,580,996		555,447		—
Transamerica Inflation Opportunities		28,886,378		17,919,059		(12,000,000	)		(434,395	)		(2,116,043	)		32,254,999		3,077,767		734,992		184,067
Transamerica Intermediate Bond		88,556,316		2,196,392		(15,000,000	)		(1,580,547	)		(8,006,808	)		66,165,353		7,215,415		853,281		1,343,111
Transamerica International Equity		186,378,310		37,612,341		(13,000,000	)		1,126,066			(26,726,359	)		185,390,358		9,956,518		6,612,341		—
Transamerica International Focus		159,061,684		9,412,857		(41,000,000	)		(1,353,776	)		(30,697,442	)		95,423,323		11,868,573		4,711,946		4,700,911
Transamerica International Small Cap Value		25,323,385		931,263		(6,000,000	)		1,279,286			(6,030,321	)		15,503,613		1,205,569		661,446		269,817
Transamerica International Stock		54,069,348		4,419,245		(5,000,000	)		624,155			(9,024,619	)		45,088,129		4,526,921		1,637,164		2,782,081
Transamerica Large Cap Value		266,374,532		76,273,433		(23,000,000	)		6,703,373			(29,621,503	)		296,729,835		22,685,767		5,940,099		—
Transamerica Mid Cap Growth		14,849,573		23,145,585		—			—			(10,904,487	)		27,090,671		3,564,562		1,439,017		2,706,568
Transamerica Mid Cap Value		45,219,214		7,446,931		(13,000,000	)		1,293,436			(9,229,349	)		31,730,232		2,984,970		614,037		6,832,894
Transamerica Mid Cap Value Opportunities		11,861,053		1,954,713		(12,100,000	)		2,511,022			(4,176,307	)		50,481		4,352		767,691		1,187,022
Transamerica Short-Term Bond		16,230,730		7,048,251		(3,000,000	)		(19,712	)		(622,930	)		19,636,339		2,011,920		121,244		—
Transamerica Small Cap Growth		22,270,339		1,154,840		(10,000,000	)		3,943,296			(8,900,836	)		8,467,639		1,325,139		207,660		947,180
Transamerica Small Cap Value		22,160,814		5,413,867		(12,000,000	)		2,894,879			(8,752,168	)		9,717,392		1,418,597		3,707,729		1,706,138
Transamerica Sustainable Equity Income		90,414,518		19,289,886		(3,000,000	)		(542,351	)		(22,554,805	)		83,607,248		11,437,380		7,505,836		4,927,154
Transamerica Total Return		173,323,268		2,035,238		(22,000,000	)		(2,070,971	)		(15,445,613	)		135,841,922		14,878,633		2,035,238		—
Transamerica US Growth		227,854,231		120,552,787		(46,000,000	)		(923,314	)		(75,464,659	)		226,019,045		9,417,460		2,915,887		22,636,900
Total	$	1,971,490,391	$	450,937,757	$	(455,100,001	)	$	(15,046,115	)	$	(405,801,545	)	$	1,546,480,487		139,035,592	$	49,509,849	$	115,916,313

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

Transamerica Funds Semi-Annual Report 2022

Page    10

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D) Restricted security. At April 30, 2022, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	60,118	$	12,566		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, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(G)	Derivative instruments are valued at unrealized appreciation (depreciation).

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

Transamerica Funds Semi-Annual Report 2022

Page    11

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 1.8%
U.S. Equity Funds - 1.8%
Alerian MLP ETF		225,897		$8,599,899
Energy Select Sector SPDR Fund		50,616		3,803,792
Health Care Select Sector SPDR Fund		11,265		1,467,717
Vanguard Short-Term Treasury ETF		94,279		5,557,747
Total Exchange-Traded Funds (Cost $19,222,990)				19,429,155
INVESTMENT COMPANIES - 96.7%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		3,627		7,800
International Equity Funds - 16.7%
Transamerica Emerging Markets Opportunities (C)		2,351,470		19,423,145
Transamerica International Equity (C)		4,949,953		92,168,132
Transamerica International Focus (C)		4,468,367		35,925,669
Transamerica International Small Cap Value (C)		827,835		10,645,964
Transamerica International Stock (C)		1,930,465		19,227,427
				177,390,337
International Fixed Income Funds - 6.2%
Transamerica Emerging Markets Debt (C)		3,015,243		27,468,863
Transamerica Inflation Opportunities (C)		3,631,033		38,053,226
				65,522,089
U.S. Equity Funds - 30.1%
Transamerica Capital Growth (C)		576,078		4,337,867
Transamerica Large Cap Value (C)		9,984,981		130,603,545

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Growth (C)		1,678,236		$ 12,754,594
Transamerica Mid Cap Value (C)		1,356,593		14,420,587
Transamerica Mid Cap Value Opportunities (C)		985		11,422
Transamerica Small Cap Growth (C)		973,585		6,221,206
Transamerica Small Cap Value (C)		1,149,837		7,876,382
Transamerica Sustainable Equity Income (C)		5,079,650		37,132,242
Transamerica US Growth (C)		4,485,061		107,641,460
				320,999,305
U.S. Fixed Income Funds - 42.4%
Transamerica Bond (C)		9,475,433		81,204,462
Transamerica Core Bond (C)		6,753,064		60,777,573
Transamerica Floating Rate (C)		1,598,481		14,913,831
Transamerica High Yield Bond (C)		2,510,432		21,062,522
Transamerica Intermediate Bond (C)		6,469,783		59,327,907
Transamerica Short-Term Bond (C)		3,549,481		34,642,938
Transamerica Total Return (C)		19,724,817		180,087,583
				452,016,816
U.S. Mixed Allocation Fund - 1.3%
Transamerica Energy Infrastructure (C)		1,934,859		13,853,594
Total Investment Companies (Cost $998,740,065)				1,029,789,941
Total Investments (Cost $1,017,963,055)				1,049,219,096
Net Other Assets (Liabilities) - 1.5%				15,525,429
Net Assets - 100.0%				$1,064,744,525

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		59		06/17/2022	$	12,358,211	$	12,176,125	$	—	$	(182,086	)

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	19,429,155		$	—	$	—	$	19,429,155
Investment Companies		1,029,782,141			—		—		1,029,782,141
Total	$	1,049,211,296		$	—	$	—	$	1,049,211,296
Investment Companies Measured at Net Asset Value (E)									7,800
Total Investments								$	1,049,219,096
LIABILITIES
Other Financial Instruments
Futures Contracts (G)	$	(182,086	)	$	—	$	—	$	(182,086	)
Total Other Financial Instruments	$	(182,086	)	$	—	$	—	$	(182,086	)

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

Transamerica Funds Semi-Annual Report 2022

Page    12

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing security.
(C)	Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	95,422,958	$	7,631,706	$	(12,500,000	)	$	(332,261	)	$	(9,017,941	)	$	81,204,462		9,475,433	$	1,170,241	$	461,202
Transamerica Capital Growth		78,543,800		27,379,571		(49,000,000	)		(9,512,451	)		(43,073,053	)		4,337,867		576,078		147,577		27,231,994
Transamerica Core Bond		89,630,490		1,256,586		(22,500,000	)		(1,263,318	)		(6,346,185	)		60,777,573		6,753,064		864,083		392,503
Transamerica Emerging Markets Debt		45,793,570		986,692		(14,000,000	)		(672,631	)		(4,638,768	)		27,468,863		3,015,243		986,692		—
Transamerica Emerging Markets Opportunities		40,522,043		2,793,469		(15,000,000	)		1,229,673			(10,122,040	)		19,423,145		2,351,470		2,088,014		705,455
Transamerica Energy Infrastructure		28,895,933		112,994		(15,999,999	)		2,865,617			(2,020,951	)		13,853,594		1,934,859		471,886		—
Transamerica Floating Rate		—		15,104,562		—			—			(190,731	)		14,913,831		1,598,481		104,562		—
Transamerica Global Allocation Liquidating Trust		8,468		—		—			—			(668	)		7,800		3,627		—		—
Transamerica High Yield Bond		14,423,533		8,396,059		—			(7	)		(1,757,063	)		21,062,522		2,510,432		396,039		—
Transamerica Inflation Opportunities		35,889,529		13,007,804		(8,000,000	)		(289,227	)		(2,554,880	)		38,053,226		3,631,033		815,581		192,223
Transamerica Intermediate Bond		95,228,765		2,253,955		(29,000,000	)		(1,496,098	)		(7,658,715	)		59,327,907		6,469,783		803,937		1,450,018
Transamerica International Equity		86,925,174		25,083,936		(8,000,000	)		764,273			(12,605,251	)		92,168,132		4,949,953		3,083,936		—
Transamerica International Focus		70,859,179		8,726,322		(30,000,000	)		1,487,133			(15,146,965	)		35,925,669		4,468,367		1,865,345		1,860,977
Transamerica International Small Cap Value		13,010,780		478,469		—			—			(2,843,285	)		10,645,964		827,835		339,841		138,628
Transamerica International Stock		30,853,030		2,521,707		(10,000,000	)		1,349,588			(5,496,898	)		19,227,427		1,930,465		934,197		1,587,510
Transamerica Large Cap Value		115,462,693		32,188,839		(7,000,000	)		1,752,143			(11,800,130	)		130,603,545		9,984,981		2,522,173		—
Transamerica Mid Cap Growth		9,946,549		10,932,780		(3,000,000	)		1,032,342			(6,157,077	)		12,754,594		1,678,236		670,906		1,261,874
Transamerica Mid Cap Value		23,096,559		3,803,660		(8,500,000	)		1,847,162			(5,826,794	)		14,420,587		1,356,593		313,632		3,490,028
Transamerica Mid Cap Value Opportunities		1,567,496		353,956		(1,600,000	)		406,718			(716,748	)		11,422		985		139,012		214,944
Transamerica Short-Term Bond		42,343,216		4,783,826		(11,000,001	)		(172,605	)		(1,311,498	)		34,642,938		3,549,481		283,808		—
Transamerica Small Cap Growth		14,943,259		848,465		(6,000,000	)		2,343,255			(5,913,773	)		6,221,206		973,585		152,568		695,897
Transamerica Small Cap Value		14,283,786		3,685,939		(6,000,000	)		2,558,313			(6,651,656	)		7,876,382		1,149,837		2,524,344		1,161,595
Transamerica Sustainable Equity Income		42,083,423		12,754,946		(7,000,000	)		(395,089	)		(10,311,038	)		37,132,242		5,079,650		3,478,004		2,332,708
Transamerica Total Return		202,812,013		10,526,141		(11,000,000	)		(558,095	)		(21,692,476	)		180,087,583		19,724,817		2,526,141		—
Transamerica US Growth		116,501,131		53,785,806		(24,700,000	)		(465,291	)		(37,480,186	)		107,641,460		4,485,061		1,459,017		11,326,789
Total	$	1,309,047,377	$	249,398,190	$	(299,800,000	)	$	2,479,144		$	(231,334,770	)	$	1,029,789,941		98,479,349	$	28,141,536	$	54,504,345

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

Transamerica Funds Semi-Annual Report 2022

Page    13

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D) Restricted security. At April 30, 2022, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	37,318	$	7,800		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, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(G)	Derivative instruments are valued at unrealized appreciation (depreciation).

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

Transamerica Funds Semi-Annual Report 2022

Page    14

Transamerica Asset Allocation Intermediate Horizon

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 13.2%
Transamerica International Equity (A)		1,963,047		$36,826,753
Money Market Fund - 0.1%
Transamerica Government Money Market, 0.00% (A) (B)		296,427		296,427
U.S. Equity Funds - 37.0%
Transamerica Large Growth (A)		2,922,529		30,628,104
Transamerica Large Value Opportunities (A)		3,998,071		38,981,192
Transamerica Mid Cap Growth (A)		1,009,048		7,648,586
Transamerica Mid Cap Value Opportunities (A)		747,644		8,725,008
Transamerica Small Cap Growth (A)		1,150,419		7,339,671
Transamerica Small Cap Value (A)		1,359,998		9,356,788
				102,679,349

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 49.7%
Transamerica High Quality Bond (A)		2,424,120		$ 22,956,415
Transamerica High Yield Bond (A)		2,047,611		17,179,457
Transamerica Inflation-Protected Securities (A)		3,236,084		33,525,830
Transamerica Intermediate Bond (A)		7,021,878		64,460,838
				138,122,540
Total Investment Companies (Cost $290,229,488)				277,925,069
Total Investments (Cost $290,229,488)				277,925,069
Net Other Assets (Liabilities) - (0.0)% (C)				(136,205	)
Net Assets - 100.0%				$277,788,864

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	277,925,069	$	—	$	—	$	277,925,069
Total Investments	$	277,925,069	$	—	$	—	$	277,925,069

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)	Rate disclosed reflects the yield at April 30, 2022.
(C)	Percentage rounds to less than 0.01% or (0.01)%.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    15

Transamerica Asset Allocation Long Horizon

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 23.8%
Transamerica International Equity (A)		2,067,300		$38,782,544
Money Market Fund - 0.2%
Transamerica Government Money Market, 0.00% (A) (B)		234,104		234,104
U.S. Equity Funds - 65.8%
Transamerica Large Growth (A)		2,771,276		29,042,976
Transamerica Large Value Opportunities (A)		3,911,352		38,135,683
Transamerica Mid Cap Growth (A)		1,233,525		9,350,119
Transamerica Mid Cap Value Opportunities (A)		921,422		10,752,999
Transamerica Small Cap Growth (A)		1,473,563		9,401,332
Transamerica Small Cap Value (A)		1,567,158		10,782,050
				107,465,159

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 10.3%
Transamerica High Quality Bond (A)		94,812		$ 897,868
Transamerica High Yield Bond (A)		409,668		3,437,115
Transamerica Inflation-Protected Securities (A)		557,477		5,775,458
Transamerica Intermediate Bond (A)		738,411		6,778,617
				16,889,058
Total Investment Companies (Cost $171,909,283)				163,370,865
Total Investments (Cost $171,909,283)				163,370,865
Net Other Assets (Liabilities) - (0.1)%				(81,771	)
Net Assets - 100.0%				$163,289,094

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	$	163,370,865	$	—	$	—	$	163,370,865
Total Investments	$	163,370,865	$	—	$	—	$	163,370,865

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)	Rate disclosed reflects the yield at April 30, 2022.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    16

Transamerica Asset Allocation Short Horizon

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 2.1%
Transamerica International Equity (A)		110,207		$2,067,492
Money Market Fund - 0.3%
Transamerica Government Money Market, 0.00% (A) (B)		270,285		270,285
U.S. Equity Funds - 7.8%
Transamerica Large Growth (A)		248,395		2,603,182
Transamerica Large Value Opportunities (A)		329,984		3,217,339
Transamerica Small Cap Growth (A)		139,412		889,446
Transamerica Small Cap Value (A)		146,594		1,008,568
				7,718,535
U.S. Fixed Income Funds - 89.8%
Transamerica High Quality Bond (A)		1,814,008		17,178,656

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds (continued)
Transamerica High Yield Bond (A)		1,209,204		$ 10,145,218
Transamerica Inflation-Protected Securities (A)		1,691,085		17,519,642
Transamerica Intermediate Bond (A)		4,767,939		43,769,683
				88,613,199
Total Investment Companies (Cost $104,800,085)				98,669,511
Total Investments (Cost $104,800,085)				98,669,511
Net Other Assets (Liabilities) - (0.0)%				(48,283	)
Net Assets - 100.0%				$98,621,228

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	$	98,669,511	$	—	$	—	$	98,669,511
Total Investments	$	98,669,511	$	—	$	—	$	98,669,511

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)	Rate disclosed reflects the yield at April 30, 2022.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    17

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2022

(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)	$	562,271,783	$	947,038,627	$	1,546,480,487	$	1,029,789,941
Unaffiliated investments, at value (B)		16,508,753		22,863,854		29,354,781		19,429,155
Cash		6,037,817		11,708,770		33,755,561		15,663,679
Receivables and other assets:
Shares of beneficial interest sold		130,471		140,342		200,227		75,574
Dividends		224,011		—		362,048		381,378
Contributions from affiliate		37,786		58,594		114,655		80,028
Variation margin receivable on futures contracts		271,116		968,263		677,793		571,293
Prepaid expenses		1,898		3,375		5,393		3,474
Total assets		585,483,635		982,781,825		1,610,950,945		1,065,994,522
Liabilities:
Payables and other liabilities:
Affiliated investments purchased		224,267		—		389,383		381,616
Dividends and/or distributions		—		—		—		227
Shares of beneficial interest redeemed		306,272		533,618		1,527,867		367,555
Investment management fees		48,914		83,401		131,679		88,031
Distribution and service fees		141,563		253,336		400,129		262,460
Transfer agent fees		39,723		100,553		142,029		86,779
Trustees, CCO and deferred compensation fees		6,044		9,908		15,571		10,265
Audit and tax fees		11,388		12,065		13,807		12,651
Custody fees		3,562		5,486		8,277		4,429
Legal fees		789		186		948		1,432
Printing and shareholder reports fees		11,779		26,083		39,884		24,492
Registration fees		2,251		2,769		2,989		2,998
Other accrued expenses		4,139		5,797		9,703		7,062
Total liabilities		800,691		1,033,202		2,682,266		1,249,997
Net assets	$	584,682,944	$	981,748,623	$	1,608,268,679	$	1,064,744,525
Net assets consist of:
Paid-in capital	$	581,769,594	$	821,194,763	$	1,442,582,990	$	994,286,129
Total distributable earnings (accumulated losses)		2,913,350		160,553,860		165,685,689		70,458,396
Net assets	$	584,682,944	$	981,748,623	$	1,608,268,679	$	1,064,744,525
Net assets by class:
Class A	$	530,505,675	$	864,433,037	$	1,427,966,999	$	942,783,282
Class C		38,460,562		81,030,990		118,094,259		78,364,064
Class I		14,971,321		34,902,532		60,682,471		40,865,810
Class R		735,715		1,318,473		1,509,173		2,705,506
Class R3		9,671		63,591		15,777		25,863
Shares outstanding (unlimited shares, no par value):
Class A		53,034,892		65,730,047		121,846,640		87,244,318
Class C		3,892,329		6,365,208		9,910,881		7,154,446
Class I		1,484,756		2,648,938		5,170,531		3,774,909
Class R		72,607		101,153		128,906		251,407
Class R3		964		4,836		1,346		2,393
Net asset value per share: (C)
Class A	$	10.00	$	13.15	$	11.72	$	10.81
Class C		9.88		12.73		11.92		10.95
Class I		10.08		13.18		11.74		10.83
Class R		10.13		13.03		11.71		10.76
Class R3		10.03		13.15		11.72		10.81
Maximum offering price per share: (D)
Class A	$	10.58	$	13.92	$	12.40	$	11.44
(A) Affiliated investments, at cost	$	569,538,077	$	850,022,063	$	1,449,382,756	$	998,740,065
(B) Unaffiliated investments, at cost	$	16,779,468	$	23,468,087	$	29,028,052	$	19,222,990

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

^(D)  Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Semi-Annual Report 2022

Page    18

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Asset Allocation Intermediate Horizon			Transamerica Asset Allocation Long Horizon		Transamerica Asset Allocation Short Horizon
Assets:
Affiliated investments, at value (A)	$	277,925,069		$	163,370,865	$	98,669,511
Receivables and other assets:
Affiliated investments sold		309,318			111,069		13,229
Shares of beneficial interest sold		—			1,831		—
Dividends		70,495			14,260		42,297
Total assets		278,304,882			163,498,025		98,725,037
Liabilities:
Payables and other liabilities:
Affiliated investments purchased		225,289			21,378		43,359
Shares of beneficial interest redeemed		154,524			105,800		12,167
Investment management fees		22,958			13,794		8,061
Distribution and service fees		113,191			67,922		40,219
Transfer agent fees		56			37		3
Total liabilities		516,018			208,931		103,809
Net assets	$	277,788,864		$	163,289,094	$	98,621,228
Net assets consist of:
Paid-in capital	$	280,253,552		$	158,035,187	$	104,200,487
Total distributable earnings (accumulated losses)		(2,464,688	)		5,253,907		(5,579,259	)
Net assets	$	277,788,864		$	163,289,094	$	98,621,228
Net assets by class:
Class R	$	268,826,462		$	157,440,860	$	98,130,141
Class R4		8,962,402			5,848,234		491,087
Shares outstanding (unlimited shares, no par value):
Class R		27,885,632			16,864,899		10,382,609
Class R4		929,697			625,265		51,961
Net asset value per share: (B)
Class R	$	9.64		$	9.34	$	9.45
Class R4		9.64			9.35		9.45
(A) Affiliated investments, at cost	$	290,229,488		$	171,909,283	$	104,800,085

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

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

Transamerica Funds Semi-Annual Report 2022

Page    19

STATEMENTS OF OPERATIONS

For the period ended April 30, 2022

(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	$	13,940,792		$	36,337,039		$	49,509,849		$	28,141,536
Dividend income from unaffiliated investments		68,760			45,826			22,741			14,030
Total investment income		14,009,552			36,382,865			49,532,590			28,155,566
Expenses:
Investment management fees		335,825			573,722			910,503			609,335
Distribution and service fees:
Class A		728,221			1,213,601			1,987,158			1,305,869
Class C		224,826			499,801			715,568			462,183
Class R		2,008			3,575			4,116			7,096
Class R3 (A)		4			10			5			5
Transfer agent fees:
Class A		202,778			475,802			669,077			408,243
Class C		24,528			77,502			97,592			56,303
Class I		9,156			20,446			35,067			22,943
Class R		297			645			865			1,131
Class R3 (A)		2			6			3			3
Trustees, CCO and deferred compensation fees		8,504			14,567			23,724			15,726
Audit and tax fees		12,781			14,726			17,930			15,279
Custody fees		4,221			6,570			10,675			7,452
Legal fees		14,887			24,919			40,762			27,440
Printing and shareholder reports fees		29,032			64,405			98,163			60,263
Registration fees		71,439			81,261			87,867			85,902
Other		14,006			19,282			28,892			21,162
Total expenses before waiver and/or reimbursement and recapture		1,682,515			3,090,840			4,727,967			3,106,335
Expenses waived and/or reimbursed:
Class I		(7,992	)		(17,785	)		(30,884	)		(20,237	)
Class R3 (A)		(4	)		(11	)		(4	)		(5	)
Recapture of previously waived and/or reimbursed fees:
Class R3 (A)		1			4			—			1
Net expenses		1,674,520			3,073,048			4,697,079			3,086,094
Net investment income (loss)		12,335,032			33,309,817			44,835,511			25,069,472
Net realized gain (loss) on:
Affiliated investments		(4,012,279	)		(14,809,639	)		(15,046,115	)		2,479,144
Unaffiliated Investments		250,109			1,577,423			2,002,225			973,148
Capital gain distributions received from affiliated investment companies		22,102,460			94,311,759			115,916,313			54,504,345
Futures contracts		(1,152,410	)		(1,366,667	)		(3,074,993	)		(2,240,565	)
Net realized gain (loss)		17,187,880			79,712,876			99,797,430			55,716,072
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(105,020,672	)		(296,631,061	)		(405,801,545	)		(231,334,770	)
Unaffiliated investments		(270,715	)		(604,233	)		326,729			206,165
Futures contracts		(495,765	)		(1,018,510	)		(1,070,868	)		(819,174	)
Net change in unrealized appreciation (depreciation)		(105,787,152	)		(298,253,804	)		(406,545,684	)		(231,947,779	)
Net realized and change in unrealized gain (loss)		(88,599,272	)		(218,540,928	)		(306,748,254	)		(176,231,707	)
Net increase (decrease) in net assets resulting from operations	$	(76,264,240	)	$	(185,231,111	)	$	(261,912,743	)	$	(151,162,235	)

^(A)  Class R3 commenced operations on March 1, 2022.

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

Transamerica Funds Semi-Annual Report 2022

Page    20

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2022

(unaudited)

	Transamerica Asset Allocation Intermediate Horizon			Transamerica Asset Allocation Long Horizon			Transamerica Asset Allocation Short Horizon
Investment Income:
Dividend income from affiliated investments	$	13,921,805		$	12,795,791		$	2,374,781
Total investment income		13,921,805			12,795,791			2,374,781
Expenses:
Investment management fees		185,507			113,419			64,724
Distribution and service fees:
Class R		748,428			456,501			268,353
Class R4		12,259			8,036			664
Transfer agent fees:
Class R4		368			241			20
Total expenses before waiver and/or reimbursement and recapture		946,562			578,197			333,761
Expenses waived and/or reimbursed:
Class R		(29,934	)		(18,258	)		(10,734	)
Class R4		(1,352	)		(886	)		(73	)
Net expenses		915,276			559,053			322,954
Net investment income (loss)		13,006,529			12,236,738			2,051,827
Net realized gain (loss) on:
Affiliated investments		2,185,945			1,395,350			214,763
Capital gain distributions received from affiliated investment companies		17,781,834			17,764,247			1,921,704
Net realized gain (loss)		19,967,779			19,159,597			2,136,467
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(71,588,463	)		(62,556,812	)		(13,099,753	)
Net realized and change in unrealized gain (loss)		(51,620,684	)		(43,397,215	)		(10,963,286	)
Net increase (decrease) in net assets resulting from operations	$	(38,614,155	)	$	(31,160,477	)	$	(8,911,459	)

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

Transamerica Funds Semi-Annual Report 2022

Page    21

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	12,335,032		$	16,573,608		$	33,309,817		$	4,148,610
Net realized gain (loss)		17,187,880			34,429,417			79,712,876			56,855,411
Net change in unrealized appreciation (depreciation)		(105,787,152	)		47,916,918			(298,253,804	)		320,589,009
Net increase (decrease) in net assets resulting from operations		(76,264,240	)		98,919,943			(185,231,111	)		381,593,030
Dividends and/or distributions to shareholders:
Class A		(43,293,972	)		(27,282,301	)		(79,442,839	)		(37,942,179	)
Class C		(3,257,483	)		(3,214,529	)		(7,658,393	)		(5,510,923	)
Class I		(1,388,918	)		(803,071	)		(3,254,708	)		(1,664,077	)
Class R		(53,536	)		(36,500	)		(112,935	)		(64,697	)
Class R3 (A)		(12	)		—			—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(47,993,921	)		(31,336,401	)		(90,468,875	)		(45,181,876	)
Capital share transactions:
Proceeds from shares sold:
Class A		13,796,259			28,003,380			18,708,941			33,251,641
Class C		3,311,627			8,376,620			4,647,688			10,171,870
Class I		1,715,427			10,290,360			5,681,008			9,720,988
Class R		50,005			83,011			56,412			132,267
Class R3 (A)		10,252			—			67,186			—
		18,883,570			46,753,371			29,161,235			53,276,766
Dividends and/or distributions reinvested:
Class A		41,485,374			26,134,335			76,104,412			36,294,047
Class C		3,245,809			3,176,664			7,651,109			5,473,487
Class I		1,379,332			792,079			3,172,823			1,624,233
Class R		53,536			36,500			112,935			64,697
Class R3 (A)		12			—			—			—
		46,164,063			30,139,578			87,041,279			43,456,464
Cost of shares redeemed:
Class A		(54,951,114	)		(101,447,480	)		(75,918,392	)		(144,366,822	)
Class C		(5,375,966	)		(15,975,852	)		(9,267,629	)		(28,761,520	)
Class I		(4,502,677	)		(8,660,466	)		(6,565,203	)		(13,245,657	)
Class R		(134,958	)		(163,787	)		(14,644	)		(794,977	)
		(64,964,715	)		(126,247,585	)		(91,765,868	)		(187,168,976	)
Automatic conversions:
Class A		4,634,965			39,699,383			14,016,675			56,710,871
Class C		(4,634,965	)		(39,699,383	)		(14,016,675	)		(56,710,871	)
		—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		82,918			(49,354,636	)		24,436,646			(90,435,746	)
Net increase (decrease) in net assets		(124,175,243	)		18,228,906			(251,263,340	)		245,975,408
Net assets:
Beginning of period/year		708,858,187			690,629,281			1,233,011,963			987,036,555
End of period/year	$	584,682,944		$	708,858,187		$	981,748,623		$	1,233,011,963

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

Transamerica Funds Semi-Annual Report 2022

Page    22

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		1,238,776			2,372,424			1,240,713			2,180,679
Class C		299,331			720,081			319,891			680,929
Class I		149,015			863,882			383,735			629,930
Class R		4,450			6,969			3,800			8,616
Class R3 (A)		963			—			4,836			—
		1,692,535			3,963,356			1,952,975			3,500,154
Shares reinvested:
Class A		3,688,221			2,258,602			4,925,852			2,527,441
Class C		291,416			278,337			510,414			392,646
Class I		121,984			68,085			205,627			113,345
Class R		4,696			3,120			7,372			4,540
Class R3 (A)		1			—			—			—
		4,106,318			2,608,144			5,649,265			3,037,972
Shares redeemed:
Class A		(4,902,030	)		(8,586,874	)		(5,017,606	)		(9,341,725	)
Class C		(488,501	)		(1,369,527	)		(643,841	)		(1,940,596	)
Class I		(405,672	)		(725,810	)		(443,843	)		(863,886	)
Class R		(11,149	)		(13,714	)		(1,010	)		(53,114	)
		(5,807,352	)		(10,695,925	)		(6,106,300	)		(12,199,321	)
Automatic conversions:
Class A		424,414			3,391,562			941,349			3,690,908
Class C		(429,679	)		(3,434,031	)		(972,284	)		(3,810,574	)
		(5,265	)		(42,469	)		(30,935	)		(119,666	)
Net increase (decrease) in shares outstanding:
Class A		449,381			(564,286	)		2,090,308			(942,697	)
Class C		(327,433	)		(3,805,140	)		(785,820	)		(4,677,595	)
Class I		(134,673	)		206,157			145,519			(120,611	)
Class R		(2,003	)		(3,625	)		10,162			(39,958	)
Class R3 (A)		964			—			4,836			—
		(13,764	)		(4,166,894	)		1,465,005			(5,780,861	)

(A) Class R3 commenced operations on March 1, 2022.

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

Transamerica Funds Semi-Annual Report 2022

Page    23

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation – Moderate Growth Portfolio						Transamerica Asset Allocation – Moderate Portfolio
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	44,835,511		$	22,637,004		$	25,069,472		$	23,005,376
Net realized gain (loss)		99,797,430			101,056,032			55,716,072			64,912,995
Net change in unrealized appreciation (depreciation)		(406,545,684	)		362,664,889			(231,947,779	)		157,794,534
Net increase (decrease) in net assets resulting from operations		(261,912,743	)		486,357,925			(151,162,235	)		245,712,905
Dividends and/or distributions to shareholders:
Class A		(131,632,810	)		(63,583,627	)		(84,090,817	)		(43,748,920	)
Class C		(10,372,050	)		(8,139,383	)		(6,449,318	)		(5,601,955	)
Class I		(5,750,760	)		(2,769,986	)		(3,654,292	)		(1,934,475	)
Class R		(130,442	)		(72,175	)		(220,092	)		(99,327	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(147,886,062	)		(74,565,171	)		(94,414,519	)		(51,384,677	)
Capital share transactions:
Proceeds from shares sold:
Class A		24,182,327			52,058,931			19,923,780			43,476,907
Class C		5,354,244			13,796,313			3,771,542			10,688,978
Class I		7,899,874			14,084,660			6,282,883			10,148,813
Class R		35,846			123,695			176,379			586,746
Class R3 (A)		16,642			—			27,024			—
		37,488,933			80,063,599			30,181,608			64,901,444
Dividends and/or distributions reinvested:
Class A		125,164,997			60,359,068			79,924,564			41,566,141
Class C		10,346,308			8,111,693			6,441,654			5,570,294
Class I		5,652,303			2,717,510			3,540,756			1,876,430
Class R		129,109			71,574			215,615			97,208
		141,292,717			71,259,845			90,122,589			49,110,073
Cost of shares redeemed:
Class A		(135,711,323	)		(235,890,542	)		(121,558,794	)		(165,581,050	)
Class C		(12,277,515	)		(42,174,528	)		(7,810,842	)		(28,262,092	)
Class I		(11,020,778	)		(16,479,905	)		(6,860,722	)		(14,067,490	)
Class R		(63,638	)		(815,984	)		(86,359	)		(1,164,377	)
		(159,073,254	)		(295,360,959	)		(136,316,717	)		(209,075,009	)
Automatic conversions:
Class A		20,181,146			110,183,373			10,525,567			83,877,387
Class C		(20,181,146	)		(110,183,373	)		(10,525,567	)		(83,877,387	)
		—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		19,708,396			(144,037,515	)		(16,012,520	)		(95,063,492	)
Net increase (decrease) in net assets		(390,090,409	)		267,755,239			(261,589,274	)		99,264,736
Net assets:
Beginning of period/year		1,998,359,088			1,730,603,849			1,326,333,799			1,227,069,063
End of period/year	$	1,608,268,679		$	1,998,359,088		$	1,064,744,525		$	1,326,333,799

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

Transamerica Funds Semi-Annual Report 2022

Page    24

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation – Moderate Growth Portfolio						Transamerica Asset Allocation – Moderate Portfolio
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		1,823,661			3,816,885			1,660,691			3,428,398
Class C		401,940			992,147			309,621			834,762
Class I		605,452			1,018,361			521,301			795,816
Class R		2,724			9,083			15,221			46,436
Class R3 (A)		1,346			—			2,393			—
		2,835,123			5,836,476			2,509,227			5,105,412
Shares reinvested:
Class A		9,285,237			4,604,048			6,529,785			3,390,387
Class C		753,006			609,444			517,818			448,855
Class I		419,933			207,761			289,514			153,303
Class R		9,578			5,464			17,673			7,948
		10,467,754			5,426,717			7,354,790			4,000,493
Shares redeemed:
Class A		(10,152,295	)		(17,056,512	)		(9,839,155	)		(12,994,692	)
Class C		(916,010	)		(3,029,066	)		(641,429	)		(2,207,509	)
Class I		(844,490	)		(1,195,538	)		(570,901	)		(1,103,635	)
Class R		(4,725	)		(60,387	)		(7,336	)		(93,921	)
		(11,917,520	)		(21,341,503	)		(11,058,821	)		(16,399,757	)
Automatic conversions:
Class A		1,540,029			8,040,237			882,680			6,648,908
Class C		(1,516,756	)		(7,937,046	)		(872,136	)		(6,583,023	)
		23,273			103,191			10,544			65,885
Net increase (decrease) in shares outstanding:
Class A		2,496,632			(595,342	)		(765,999	)		473,001
Class C		(1,277,820	)		(9,364,521	)		(686,126	)		(7,506,915	)
Class I		180,895			30,584			239,914			(154,516	)
Class R		7,577			(45,840	)		25,558			(39,537	)
Class R3 (A)		1,346			—			2,393			—
		1,408,630			(9,975,119	)		(1,184,260	)		(7,227,967	)

(A) Class R3 commenced operations on March 1, 2022.

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

Transamerica Funds Semi-Annual Report 2022

Page    25

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Asset Allocation Intermediate Horizon						Transamerica Asset Allocation Long Horizon						Transamerica Asset Allocation Short Horizon
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	13,006,529		$	8,083,751		$	12,236,738		$	4,111,002		$	2,051,827		$	3,183,467
Net realized gain (loss)		19,967,779			15,729,036			19,159,597			11,567,220			2,136,467			2,974,110
Net change in unrealized appreciation (depreciation)		(71,588,463	)		42,138,942			(62,556,812	)		46,307,157			(13,099,753	)		1,102,487
Net increase (decrease) in net assets resulting from operations		(38,614,155	)		65,951,729			(31,160,477	)		61,985,379			(8,911,459	)		7,260,064
Dividends and/or distributions to shareholders:
Class R		(27,340,807	)		(26,274,907	)		(22,599,166	)		(19,751,990	)		(4,934,562	)		(4,805,262	)
Class R4		(898,334	)		(816,146	)		(793,269	)		(643,392	)		(25,286	)		(23,638	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(28,239,141	)		(27,091,053	)		(23,392,435	)		(20,395,382	)		(4,959,848	)		(4,828,900	)
Capital share transactions:
Proceeds from shares sold:
Class R		615,138			1,802,547			711,784			2,528,423			1,343,451			1,496,352
Class R4		210,617			499,833			60,152			121,101			231			2,068
		825,755			2,302,380			771,936			2,649,524			1,343,682			1,498,420
Dividends and/or distributions reinvested:
Class R		27,340,807			26,274,907			22,599,166			19,751,990			4,934,562			4,805,262
Class R4		898,334			816,146			793,269			643,392			25,286			23,638
		28,239,141			27,091,053			23,392,435			20,395,382			4,959,848			4,828,900
Cost of shares redeemed:
Class R		(22,332,194	)		(38,175,447	)		(15,029,757	)		(24,875,753	)		(9,318,730	)		(16,140,381	)
Class R4		(371,891	)		(923,442	)		(50,225	)		(282,284	)		(30,773	)		(23,863	)
		(22,704,085	)		(39,098,889	)		(15,079,982	)		(25,158,037	)		(9,349,503	)		(16,164,244	)
Net increase (decrease) in net assets resulting from capital share transactions		6,360,811			(9,705,456	)		9,084,389			(2,113,131	)		(3,045,973	)		(9,836,924	)
Net increase (decrease) in net assets		(60,492,485	)		29,155,220			(45,468,523	)		39,476,866			(16,917,280	)		(7,405,760	)
Net assets:
Beginning of period/year		338,281,349			309,126,129			208,757,617			169,280,751			115,538,508			122,944,268
End of period/year	$	277,788,864		$	338,281,349		$	163,289,094		$	208,757,617		$	98,621,228		$	115,538,508
Capital share transactions - shares:
Shares issued:
Class R		58,615			157,246			69,088			219,672			131,176			139,461
Class R4		19,561			43,178			5,694			10,531			23			194
		78,176			200,424			74,782			230,203			131,199			139,655
Shares reinvested:
Class R		2,495,578			2,380,482			2,048,291			1,833,137			479,681			451,134
Class R4		82,038			73,903			71,798			59,551			2,461			2,219
		2,577,616			2,454,385			2,120,089			1,892,688			482,142			453,353
Shares redeemed:
Class R		(2,063,726	)		(3,317,556	)		(1,414,940	)		(2,117,760	)		(921,094	)		(1,508,636	)
Class R4		(36,626	)		(78,496	)		(4,605	)		(24,371	)		(3,071	)		(2,231	)
		(2,100,352	)		(3,396,052	)		(1,419,545	)		(2,142,131	)		(924,165	)		(1,510,867	)
Net increase (decrease) in shares outstanding:
Class R		490,467			(779,828	)		702,439			(64,951	)		(310,237	)		(918,041	)
Class R4		64,973			38,585			72,887			45,711			(587	)		182
		555,440			(741,243	)		775,326			(19,240	)		(310,824	)		(917,859	)

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

Transamerica Funds Semi-Annual Report 2022

Page    26

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.13		$	11.04		$	10.76		$	10.67		$	11.59		$	11.18
Investment operations:
Net investment income (loss) (A)		0.21			0.27			0.19			0.19			0.25			0.24
Net realized and unrealized gain (loss)		(1.50	)		1.33			0.47			0.65			(0.43	)		0.71
Total investment operations		(1.29	)		1.60			0.66			0.84			(0.18	)		0.95
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.27	)		(0.19	)		(0.18	)		(0.25	)		(0.25	)
Net realized gains		(0.61	)		(0.24	)		(0.19	)		(0.57	)		(0.49	)		(0.29	)
Total dividends and/or distributions to shareholders		(0.84	)		(0.51	)		(0.38	)		(0.75	)		(0.74	)		(0.54	)
Net asset value, end of period/year	$	10.00		$	12.13		$	11.04		$	10.76		$	10.67		$	11.59
Total return (B)		(11.36	)%(C)		14.80	%		6.32	%		8.64	%		(1.77	)%		8.78	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	530,506		$	637,631		$	586,536		$	610,131		$	661,621		$	734,113
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.47	%(E)		0.45	%		0.48	%		0.49	%		0.47	%		0.47	%
Including waiver and/or reimbursement and recapture		0.47	%(E)		0.45	%		0.48	%		0.49	%		0.47	%		0.47	%
Net investment income (loss) to average net assets		3.86	%(E)		2.32	%		1.78	%		1.81	%		2.21	%		2.15	%
Portfolio turnover rate		15	%(C)		6	%		28	%		4	%		20	%		18	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.99		$	10.91		$	10.68		$	10.59		$	11.49		$	11.08
Investment operations:
Net investment income (loss) (A)		0.17			0.23			0.12			0.11			0.16			0.17
Net realized and unrealized gain (loss)		(1.48	)		1.27			0.44			0.65			(0.42	)		0.69
Total investment operations		(1.31	)		1.50			0.56			0.76			(0.26	)		0.86
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.18	)		(0.14	)		(0.10	)		(0.15	)		(0.16	)
Net realized gains		(0.61	)		(0.24	)		(0.19	)		(0.57	)		(0.49	)		(0.29	)
Total dividends and/or distributions to shareholders		(0.80	)		(0.42	)		(0.33	)		(0.67	)		(0.64	)		(0.45	)
Net asset value, end of period/year	$	9.88		$	11.99		$	10.91		$	10.68		$	10.59		$	11.49
Total return (B)		(11.68	)%(C)		13.98	%		5.37	%		7.82	%		(2.46	)%		7.99	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	38,460		$	50,580		$	87,565		$	126,367		$	185,581		$	331,669
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.26	%(E)		1.23	%		1.25	%		1.26	%		1.23	%		1.23	%
Including waiver and/or reimbursement and recapture		1.26	%(E)		1.23	%		1.25	%		1.26	%		1.23	%		1.23	%
Net investment income (loss) to average net assets		3.12	%(E)		1.96	%		1.12	%		1.07	%		1.48	%		1.51	%
Portfolio turnover rate		15	%(C)		6	%		28	%		4	%		20	%		18	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(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 2022

Page    27

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.18		$	11.08		$	10.80		$	10.70		$	11.62		$	11.21
Investment operations:
Net investment income (loss) (A)		0.24			0.30			0.22			0.21			0.28			0.28
Net realized and unrealized gain (loss)		(1.51	)		1.34			0.46			0.67			(0.44	)		0.69
Total investment operations		(1.27	)		1.64			0.68			0.88			(0.16	)		0.97
Contributions from affiliate		0.03	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.30	)		(0.21	)		(0.21	)		(0.27	)		(0.27	)
Net realized gains		(0.61	)		(0.24	)		(0.19	)		(0.57	)		(0.49	)		(0.29	)
Total dividends and/or distributions to shareholders		(0.86	)		(0.54	)		(0.40	)		(0.78	)		(0.76	)		(0.56	)
Net asset value, end of period/year	$	10.08		$	12.18		$	11.08		$	10.80		$	10.70		$	11.62
Total return		(10.95	)%(B)(C)		15.07	%		6.48	%		8.95	%		(1.56	)%		8.97	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	14,971		$	19,731		$	15,655		$	16,423		$	19,845		$	29,213
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.26	%(E)		0.24	%		0.26	%		0.27	%		0.26	%		0.26	%
Including waiver and/or reimbursement and recapture		0.17	%(E)(F)(G)		0.15	%(G)		0.24	%(G)		0.27	%		0.26	%		0.26	%
Net investment income (loss) to average net assets		4.29	%(E)		2.55	%		2.04	%		1.98	%		2.51	%		2.46	%
Portfolio turnover rate		15	%(C)		6	%		28	%		4	%		20	%		18	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.03 to the class. The Total Return would have been 0.27% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.
(G)	TAM has contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.27		$	11.16		$	10.89		$	10.78		$	11.70		$	11.28
Investment operations:
Net investment income (loss) (A)		0.21			0.25			0.15			0.15			0.20			0.21
Net realized and unrealized gain (loss)		(1.52	)		1.34			0.48			0.67			(0.42	)		0.70
Total investment operations		(1.31	)		1.59			0.63			0.82			(0.22	)		0.91
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.24	)		(0.17	)		(0.14	)		(0.21	)		(0.20	)
Net realized gains		(0.61	)		(0.24	)		(0.19	)		(0.57	)		(0.49	)		(0.29	)
Total dividends and/or distributions to shareholders		(0.83	)		(0.48	)		(0.36	)		(0.71	)		(0.70	)		(0.49	)
Net asset value, end of period/year	$	10.13		$	12.27		$	11.16		$	10.89		$	10.78		$	11.70
Total return		(11.44	)%(B)		14.50	%		5.90	%		8.28	%		(2.10	)%		8.35	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	736		$	916		$	873		$	855		$	1,347		$	1,359
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.73	%(D)		0.71	%		0.76	%		0.86	%		0.83	%		0.85	%
Including waiver and/or reimbursement and recapture		0.73	%(D)		0.71	%		0.76	%		0.86	%		0.83	%		0.85	%
Net investment income (loss) to average net assets		3.79	%(D)		2.09	%		1.42	%		1.41	%		1.82	%		1.88	%
Portfolio turnover rate		15	%(B)		6	%		28	%		4	%		20	%		18	%

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

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

Transamerica Funds Semi-Annual Report 2022

Page    28

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class R3
	April 30, 2022 (unaudited) (A)
Net asset value, beginning of period	$	10.66
Investment operations:
Net investment income (loss) (B)		0.02
Net realized and unrealized gain (loss)		(0.64	)
Total investment operations		(0.62	)
Contributions from affiliate		—
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)
Net asset value, end of period	$	10.03
Total return		(5.80	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.56	%(E)
Including waiver and/or reimbursement and recapture		0.35	%(E)
Net investment income (loss) to average net assets		1.43	%(E)
Portfolio turnover rate		15	%(C)

(A)	Commenced operations on March 1, 2022.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	16.86		$	12.53		$	13.01		$	14.38		$	16.35		$	14.71
Investment operations:
Net investment income (loss) (A)		0.45			0.06			0.17			0.11			0.26			0.23
Net realized and unrealized gain (loss)		(2.88	)		4.86			0.48			0.67			(0.56	)		2.55
Total investment operations		(2.43	)		4.92			0.65			0.78			(0.30	)		2.78
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.47	)		(0.10	)		(0.21	)		(0.19	)		(0.32	)		(0.24	)
Net realized gains		(0.81	)		(0.49	)		(0.92	)		(1.96	)		(1.35	)		(0.90	)
Total dividends and/or distributions to shareholders		(1.28	)		(0.59	)		(1.13	)		(2.15	)		(1.67	)		(1.14	)
Net asset value, end of period/year	$	13.15		$	16.86		$	12.53		$	13.01		$	14.38		$	16.35
Total return (B)		(15.58	)%(C)		40.12	%		5.01	%		7.89	%		(2.33	)%		20.19	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	864,433		$	1,072,922		$	809,244		$	887,342		$	922,131		$	830,875
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.49	%(E)		0.48	%		0.53	%		0.54	%		0.51	%		0.52	%
Including waiver and/or reimbursement and recapture		0.49	%(E)		0.48	%		0.53	%		0.54	%		0.51	%		0.52	%
Net investment income (loss) to average net assets		6.04	%(E)		0.41	%		1.40	%		0.90	%		1.65	%		1.53	%
Portfolio turnover rate		18	%(C)		8	%		26	%		1	%		32	%		9	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 2022

Page    29

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	16.27		$	12.11		$	12.59		$	13.88		$	15.82		$	14.26
Investment operations:
Net investment income (loss) (A)		0.39			(0.03	)		0.09			0.03			0.15			0.13
Net realized and unrealized gain (loss)		(2.81	)		4.68			0.44			0.64			(0.55	)		2.46
Total investment operations		(2.42	)		4.65			0.53			0.67			(0.40	)		2.59
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		—			(0.09	)		—			(0.19	)		(0.13	)
Net realized gains		(0.81	)		(0.49	)		(0.92	)		(1.96	)		(1.35	)		(0.90	)
Total dividends and/or distributions to shareholders		(1.12	)		(0.49	)		(1.01	)		(1.96	)		(1.54	)		(1.03	)
Net asset value, end of period/year	$	12.73		$	16.27		$	12.11		$	12.59		$	13.88		$	15.82
Total return (B)		(15.93	)%(C)		39.09	%		4.13	%		7.10	%		(3.03	)%		19.31	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	81,031		$	116,319		$	143,282		$	205,681		$	309,195		$	628,621
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.30	%(E)		1.26	%		1.31	%		1.31	%		1.26	%		1.26	%
Including waiver and/or reimbursement and recapture		1.30	%(E)		1.26	%		1.31	%		1.31	%		1.26	%		1.26	%
Net investment income (loss) to average net assets		5.43	%(E)		(0.23	)%		0.74	%		0.25	%		1.02	%		0.91	%
Portfolio turnover rate		18	%(C)		8	%		26	%		1	%		32	%		9	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(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 I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	16.88		$	12.53		$	13.01		$	14.38		$	16.36		$	14.72
Investment operations:
Net investment income (loss) (A)		0.47			0.12			0.22			0.16			0.30			0.23
Net realized and unrealized gain (loss)		(2.87	)		4.86			0.47			0.65			(0.57	)		2.59
Total investment operations		(2.40	)		4.98			0.69			0.81			(0.27	)		2.82
Contributions from affiliate		0.02	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.51	)		(0.14	)		(0.25	)		(0.22	)		(0.36	)		(0.28	)
Net realized gains		(0.81	)		(0.49	)		(0.92	)		(1.96	)		(1.35	)		(0.90	)
Total dividends and/or distributions to shareholders		(1.32	)		(0.63	)		(1.17	)		(2.18	)		(1.71	)		(1.18	)
Net asset value, end of period/year	$	13.18		$	16.88		$	12.53		$	13.01		$	14.38		$	16.36
Total return		(15.28	)%(B)(C)		40.62	%		5.31	%		8.19	%		(2.11	)%		20.52	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	34,903		$	42,252		$	32,886		$	43,396		$	51,209		$	56,253
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.25	%(E)		0.24	%		0.26	%		0.27	%		0.26	%		0.26	%
Including waiver and/or reimbursement and recapture		0.16	%(E)(F)(G)		0.15	%(G)		0.25	%(G)		0.27	%		0.26	%		0.26	%
Net investment income (loss) to average net assets		6.32	%(E)		0.77	%		1.81	%		1.25	%		1.95	%		1.50	%
Portfolio turnover rate		18	%(C)		8	%		26	%		1	%		32	%		9	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.02 to the class. The Total Return would have been 0.13% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.
(G)	TAM has contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.

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

Transamerica Funds Semi-Annual Report 2022

Page    30

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	16.70		$	12.41		$	12.89		$	14.22		$	16.20		$	14.57
Investment operations:
Net investment income (loss) (A)		0.42			0.04			0.14			0.08			0.22			0.18
Net realized and unrealized gain (loss)		(2.86	)		4.81			0.47			0.67			(0.57	)		2.55
Total investment operations		(2.44	)		4.85			0.61			0.75			(0.35	)		2.73
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.07	)		(0.17	)		(0.12	)		(0.28	)		(0.20	)
Net realized gains		(0.81	)		(0.49	)		(0.92	)		(1.96	)		(1.35	)		(0.90	)
Total dividends and/or distributions to shareholders		(1.23	)		(0.56	)		(1.09	)		(2.08	)		(1.63	)		(1.10	)
Net asset value, end of period/year	$	13.03		$	16.70		$	12.41		$	12.89		$	14.22		$	16.20
Total return		(15.72	)%(B)		39.84	%		4.72	%		7.71	%		(2.67	)%		19.94	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,318		$	1,519		$	1,625		$	1,940		$	2,193		$	2,702
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.73	%(D)		0.72	%		0.76	%		0.80	%		0.79	%		0.80	%
Including waiver and/or reimbursement and recapture		0.73	%(D)		0.72	%		0.76	%		0.80	%		0.79	%		0.80	%
Net investment income (loss) to average net assets		5.69	%(D)		0.26	%		1.17	%		0.61	%		1.41	%		1.19	%
Portfolio turnover rate		18	%(B)		8	%		26	%		1	%		32	%		9	%

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

For a share outstanding during the period indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class R3
	April 30, 2022 (unaudited) (A)
Net asset value, beginning of period	$	13.86
Investment operations:
Net investment income (loss) (B)		(0.05	)
Net realized and unrealized gain (loss)		(0.66	)
Total investment operations		(0.71	)
Contributions from affiliate		—
Net asset value, end of period	$	13.15
Total return		(5.12	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	64
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.55	%(E)
Including waiver and/or reimbursement and recapture		0.35	%(E)
Net investment income (loss) to average net assets		(2.50	)%(E)
Portfolio turnover rate		18	%(C)

(A)	Commenced operations on March 1, 2022.
(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 2022

Page    31

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.72		$	11.87		$	12.05		$	12.81		$	14.38		$	13.34
Investment operations:
Net investment income (loss) (A)		0.33			0.17			0.18			0.16			0.27			0.26
Net realized and unrealized gain (loss)		(2.20	)		3.21			0.50			0.69			(0.50	)		1.67
Total investment operations		(1.87	)		3.38			0.68			0.85			(0.23	)		1.93
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.38	)		(0.15	)		(0.23	)		(0.21	)		(0.30	)		(0.25	)
Net realized gains		(0.75	)		(0.38	)		(0.63	)		(1.40	)		(1.04	)		(0.64	)
Total dividends and/or distributions to shareholders		(1.13	)		(0.53	)		(0.86	)		(1.61	)		(1.34	)		(0.89	)
Net asset value, end of period/year	$	11.72		$	14.72		$	11.87		$	12.05		$	12.81		$	14.38
Total return (B)		(13.70	)%(C)		29.05	%		5.75	%		8.37	%		(2.02	)%		15.32	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,427,967		$	1,756,950		$	1,423,975		$	1,531,349		$	1,589,016		$	1,434,214
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.47	%(E)		0.46	%		0.50	%		0.51	%		0.49	%		0.49	%
Including waiver and/or reimbursement and recapture		0.47	%(E)		0.46	%		0.50	%		0.51	%		0.49	%		0.49	%
Net investment income (loss) to average net assets		5.02	%(E)		1.19	%		1.59	%		1.36	%		1.98	%		1.89	%
Portfolio turnover rate		17	%(C)		8	%		28	%		3	%		32	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.85		$	11.96		$	12.10		$	12.72		$	14.28		$	13.24
Investment operations:
Net investment income (loss) (A)		0.29			0.09			0.11			0.08			0.18			0.17
Net realized and unrealized gain (loss)		(2.25	)		3.21			0.48			0.70			(0.52	)		1.65
Total investment operations		(1.96	)		3.30			0.59			0.78			(0.34	)		1.82
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.03	)		(0.10	)		(0.00	)(B)		(0.18	)		(0.14	)
Net realized gains		(0.75	)		(0.38	)		(0.63	)		(1.40	)		(1.04	)		(0.64	)
Total dividends and/or distributions to shareholders		(0.97	)		(0.41	)		(0.73	)		(1.40	)		(1.22	)		(0.78	)
Net asset value, end of period/year	$	11.92		$	14.85		$	11.96		$	12.10		$	12.72		$	14.28
Total return (C)		(14.03	)%(D)		28.03	%		4.97	%		7.60	%		(2.82	)%		14.48	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	118,094		$	166,140		$	245,806		$	354,235		$	547,237		$	1,123,771
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.27	%(F)		1.24	%		1.27	%		1.28	%		1.24	%		1.24	%
Including waiver and/or reimbursement and recapture		1.27	%(F)		1.24	%		1.27	%		1.28	%		1.24	%		1.24	%
Net investment income (loss) to average net assets		4.32	%(F)		0.66	%		0.93	%		0.68	%		1.33	%		1.25	%
Portfolio turnover rate		17	%(D)		8	%		28	%		3	%		32	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(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 2022

Page    32

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.73		$	11.87		$	12.04		$	12.80		$	14.38		$	13.34
Investment operations:
Net investment income (loss) (A)		0.35			0.21			0.22			0.19			0.30			0.27
Net realized and unrealized gain (loss)		(2.20	)		3.21			0.50			0.68			(0.51	)		1.69
Total investment operations		(1.85	)		3.42			0.72			0.87			(0.21	)		1.96
Contributions from affiliate		0.02(B)			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.41	)		(0.18	)		(0.26	)		(0.23	)		(0.33	)		(0.28	)
Net realized gains		(0.75	)		(0.38	)		(0.63	)		(1.40	)		(1.04	)		(0.64	)
Total dividends and/or distributions to shareholders		(1.16	)		(0.56	)		(0.89	)		(1.63	)		(1.37	)		(0.92	)
Net asset value, end of period/year	$	11.74		$	14.73		$	11.87		$	12.04		$	12.80		$	14.38
Total return		(13.40	)%(B)(C)		29.42	%		6.12	%		8.64	%		(1.84	)%		15.62	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	60,683		$	73,488		$	58,844		$	72,827		$	81,772		$	85,959
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.24	%(E)		0.23	%		0.25	%		0.26	%		0.25	%		0.25	%
Including waiver and/or reimbursement and recapture		0.15	%(E)(F)(G)		0.14	%(G)		0.24	%(G)		0.26	%		0.25	%		0.25	%
Net investment income (loss) to average net assets		5.36	%(E)		1.52	%		1.92	%		1.65	%		2.24	%		1.96	%
Portfolio turnover rate		17	%(C)		8	%		28	%		3	%		32	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.02 to the class. The Total Return would have been 0.15% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.
(G)	TAM has contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.68		$	11.84		$	11.99		$	12.73		$	14.30		$	13.26
Investment operations:
Net investment income (loss) (A)		0.30			0.14			0.14			0.13			0.24			0.18
Net realized and unrealized gain (loss)		(2.19	)		3.19			0.51			0.68			(0.52	)		1.70
Total investment operations		(1.89	)		3.33			0.65			0.81			(0.28	)		1.88
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.11	)		(0.17	)		(0.15	)		(0.25	)		(0.20	)
Net realized gains		(0.75	)		(0.38	)		(0.63	)		(1.40	)		(1.04	)		(0.64	)
Total dividends and/or distributions to shareholders		(1.08	)		(0.49	)		(0.80	)		(1.55	)		(1.29	)		(0.84	)
Net asset value, end of period/year	$	11.71		$	14.68		$	11.84		$	11.99		$	12.73		$	14.30
Total return		(13.79	)%(B)		28.63	%		5.51	%		8.08	%		(2.33	)%		15.03	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,509		$	1,781		$	1,979		$	2,082		$	3,268		$	4,246
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.74	%(D)		0.73	%		0.77	%		0.78	%		0.76	%		0.76	%
Including waiver and/or reimbursement and recapture		0.74	%(D)		0.73	%		0.77	%		0.78	%		0.76	%		0.76	%
Net investment income (loss) to average net assets		4.68	%(D)		1.00	%		1.26	%		1.12	%		1.74	%		1.36	%
Portfolio turnover rate		17	%(B)		8	%		28	%		3	%		32	%		14	%

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

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

Transamerica Funds Semi-Annual Report 2022

Page    33

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class R3
	April 30, 2022 (unaudited) (A)
Net asset value, beginning of period	$	12.38
Investment operations:
Net investment income (loss) (B)		0.00	(C)
Net realized and unrealized gain (loss)		(0.66	)
Total investment operations		(0.66	)
Contributions from affiliate		—
Net asset value, end of period	$	11.72
Total return		(5.33	)%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	16
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.54	%(F)
Including waiver and/or reimbursement and recapture		0.35	%(F)
Net investment income (loss) to average net assets		0.09	%(F)
Portfolio turnover rate		17	%(D)

(A)	Commenced operations on March 1, 2022.
(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 Asset Allocation – Moderate Portfolio
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	13.31		$	11.48		$	11.46		$	11.64		$	12.80		$	12.11
Investment operations:
Net investment income (loss) (A)		0.26			0.22			0.19			0.18			0.26			0.25
Net realized and unrealized gain (loss)		(1.76	)		2.11			0.47			0.69			(0.47	)		1.08
Total investment operations		(1.50	)		2.33			0.66			0.87			(0.21	)		1.33
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.20	)		(0.25	)		(0.23	)		(0.27	)		(0.23	)
Net realized gains		(0.68	)		(0.30	)		(0.39	)		(0.82	)		(0.68	)		(0.41	)
Total dividends and/or distributions to shareholders		(1.00	)		(0.50	)		(0.64	)		(1.05	)		(0.95	)		(0.64	)
Net asset value, end of period/year	$	10.81		$	13.31		$	11.48		$	11.46		$	11.64		$	12.80
Total return (B)		(12.14	)%(C)		20.68	%		5.93	%		8.51	%		(1.89	)%		11.54	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	942,783		$	1,171,334		$	1,004,834		$	1,066,485		$	1,124,731		$	1,094,724
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.47	%(E)		0.44	%		0.49	%		0.49	%		0.48	%		0.48	%
Including waiver and/or reimbursement and recapture		0.47	%(E)		0.44	%		0.49	%		0.49	%		0.48	%		0.48	%
Net investment income (loss) to average net assets		4.28	%(E)		1.76	%		1.72	%		1.64	%		2.12	%		2.07	%
Portfolio turnover rate		16	%(C)		8	%		24	%		4	%		25	%		13	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 2022

Page    34

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	13.38		$	11.52		$	11.47		$	11.55		$	12.70		$	12.01
Investment operations:
Net investment income (loss) (A)		0.21			0.17			0.12			0.10			0.17			0.17
Net realized and unrealized gain (loss)		(1.78	)		2.07			0.45			0.70			(0.48	)		1.06
Total investment operations		(1.57	)		2.24			0.57			0.80			(0.31	)		1.23
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.08	)		(0.13	)		(0.06	)		(0.16	)		(0.13	)
Net realized gains		(0.68	)		(0.30	)		(0.39	)		(0.82	)		(0.68	)		(0.41	)
Total dividends and/or distributions to shareholders		(0.86	)		(0.38	)		(0.52	)		(0.88	)		(0.84	)		(0.54	)
Net asset value, end of period/year	$	10.95		$	13.38		$	11.52		$	11.47		$	11.55		$	12.70
Total return (B)		(12.52	)%(C)		19.75	%		5.06	%		7.77	%		(2.68	)%		10.69	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	78,364		$	104,930		$	176,866		$	266,489		$	415,277		$	786,977
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.26	%(E)		1.23	%		1.27	%		1.26	%		1.23	%		1.22	%
Including waiver and/or reimbursement and recapture		1.26	%(E)		1.23	%		1.27	%		1.26	%		1.23	%		1.22	%
Net investment income (loss) to average net assets		3.54	%(E)		1.30	%		1.07	%		0.93	%		1.43	%		1.43	%
Portfolio turnover rate		16	%(C)		8	%		24	%		4	%		25	%		13	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(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 I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	13.32		$	11.48		$	11.46		$	11.63		$	12.80		$	12.11
Investment operations:
Net investment income (loss) (A)		0.27			0.27			0.22			0.20			0.29			0.28
Net realized and unrealized gain (loss)		(1.75	)		2.10			0.47			0.70			(0.48	)		1.08
Total investment operations		(1.48	)		2.37			0.69			0.90			(0.19	)		1.36
Contributions from affiliate		0.02(B)			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.23	)		(0.28	)		(0.25	)		(0.30	)		(0.26	)
Net realized gains		(0.68	)		(0.30	)		(0.39	)		(0.82	)		(0.68	)		(0.41	)
Total dividends and/or distributions to shareholders		(1.03	)		(0.53	)		(0.67	)		(1.07	)		(0.98	)		(0.67	)
Net asset value, end of period/year	$	10.83		$	13.32		$	11.48		$	11.46		$	11.63		$	12.80
Total return		(11.84	)%(B)(C)		21.03	%		6.19	%		8.86	%		(1.73	)%		11.80	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	40,866		$	47,079		$	42,338		$	49,587		$	48,287		$	59,664
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.25	%(E)		0.22	%		0.26	%		0.26	%		0.26	%		0.25	%
Including waiver and/or reimbursement and recapture		0.15	%(E)(F)(G)		0.13	%(G)		0.25	%(G)		0.26	%		0.26	%		0.25	%
Net investment income (loss) to average net assets		4.57	%(E)		2.09	%		2.00	%		1.84	%		2.40	%		2.26	%
Portfolio turnover rate		16	%(C)		8	%		24	%		4	%		25	%		13	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.02 to the class. The Total Return would have been 0.16% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.
(G)	TAM has contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.

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

Transamerica Funds Semi-Annual Report 2022

Page    35

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	13.24		$	11.42		$	11.39		$	11.57		$	12.72		$	12.03
Investment operations:
Net investment income (loss) (A)		0.24			0.17			0.16			0.17			0.22			0.17
Net realized and unrealized gain (loss)		(1.75	)		2.11			0.47			0.66			(0.46	)		1.13
Total investment operations		(1.51	)		2.28			0.63			0.83			(0.24	)		1.30
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.16	)		(0.21	)		(0.19	)		(0.23	)		(0.20	)
Net realized gains		(0.68	)		(0.30	)		(0.39	)		(0.82	)		(0.68	)		(0.41	)
Total dividends and/or distributions to shareholders		(0.97	)		(0.46	)		(0.60	)		(1.01	)		(0.91	)		(0.61	)
Net asset value, end of period/year	$	10.76		$	13.24		$	11.42		$	11.39		$	11.57		$	12.72
Total return		(12.26	)%(B)		20.34	%		5.72	%		8.21	%		(2.08	)%		11.20	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,706		$	2,991		$	3,031		$	3,058		$	4,313		$	4,693
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.72	%(D)		0.70	%		0.73	%		0.74	%		0.73	%		0.73	%
Including waiver and/or reimbursement and recapture		0.72	%(D)		0.70	%		0.73	%		0.74	%		0.73	%		0.73	%
Net investment income (loss) to average net assets		3.97	%(D)		1.36	%		1.46	%		1.54	%		1.82	%		1.38	%
Portfolio turnover rate		16	%(B)		8	%		24	%		4	%		25	%		13	%

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

For a share outstanding during the period indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class R3
	April 30, 2022 (unaudited) (A)
Net asset value, beginning of period	$	11.45
Investment operations:
Net investment income (loss) (B)		0.01
Net realized and unrealized gain (loss)		(0.65	)
Total investment operations		(0.64	)
Contributions from affiliate		—
Net asset value, end of period	$	10.81
Total return		(5.59	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	26
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.55	%(E)
Including waiver and/or reimbursement and recapture		0.35	%(E)
Net investment income (loss) to average net assets		0.62	%(E)
Portfolio turnover rate		16	%(C)

(A)	Commenced operations on March 1, 2022.
(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 2022

Page    36

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Asset Allocation Intermediate Horizon
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.97		$	10.66		$	10.57		$	10.22		$	10.38		$	10.00
Investment operations:
Net investment income (loss) (B)		0.45			0.28			0.16			0.24			0.16			0.05
Net realized and unrealized gain (loss)		(1.77	)		1.98			0.58			0.69			(0.16	)		0.37
Total investment operations		(1.32	)		2.26			0.74			0.93			—			0.42
Dividends and/or distributions to shareholders:
Net investment income		(0.46	)		(0.28	)		(0.16	)		(0.24	)		(0.16	)		(0.04	)
Net realized gains		(0.55	)		(0.67	)		(0.49	)		(0.34	)		—			—
Total dividends and/or distributions to shareholders		(1.01	)		(0.95	)		(0.65	)		(0.58	)		(0.16	)		(0.04	)
Net asset value, end of period/year	$	9.64		$	11.97		$	10.66		$	10.57		$	10.22		$	10.38
Total return		(11.96	)%(C)		22.01	%		7.33	%		9.85	%		(0.07	)%		4.24	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	268,827		$	327,930		$	300,319		$	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	%		0.62	%		0.62	%(E)
Including waiver and/or reimbursement and recapture		0.60	%(E)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%(E)
Net investment income (loss) to average net assets		8.41	%(E)		2.38	%		1.53	%		2.35	%		1.51	%		0.99	%(E)
Portfolio turnover rate		15	%(C)		32	%		48	%		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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	11.97		$	10.66		$	10.57		$	10.22		$	10.38		$	9.58		$	9.23
Investment operations:
Net investment income (loss) (D)		0.46			0.30			0.18			0.26			0.18			0.13			0.18
Net realized and unrealized gain (loss)		(1.76	)		1.99			0.59			0.69			(0.16	)		0.78			0.35
Total investment operations		(1.30	)		2.29			0.77			0.95			0.02			0.91			0.53
Dividends and/or distributions to shareholders:
Net investment income		(0.48	)		(0.31	)		(0.19	)		(0.26	)		(0.18	)		(0.11	)		(0.18	)
Net realized gains		(0.55	)		(0.67	)		(0.49	)		(0.34	)		—			—			—
Total dividends and/or distributions to shareholders		(1.03	)		(0.98	)		(0.68	)		(0.60	)		(0.18	)		(0.11	)		(0.18	)
Net asset value, end of period/year	$	9.64		$	11.97		$	10.66		$	10.57		$	10.22		$	10.38		$	9.58
Total return		(11.84	)%(E)		22.33	%		7.61	%		10.10	%		0.18	%		9.53	%(E)		5.74	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	8,962		$	10,351		$	8,807		$	9,321		$	15,632		$	20,852		$	78,806
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.38	%(G)		0.38	%		0.38	%		0.38	%		0.38	%		0.21	%(G)		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%(G)		0.35	%		0.35	%		0.35	%		0.35	%		0.20	%(G)		0.10	%
Net investment income (loss) to average net assets		8.56	%(G)		2.58	%		1.75	%		2.60	%		1.73	%		1.37	%(G)		1.88	%
Portfolio turnover rate		15	%(E)		32	%		48	%		35	%		27	%		26	%(E)		45	%

(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 2022

Page    37

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Asset Allocation Long Horizon
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.49		$	10.12		$	10.50		$	10.64		$	10.68		$	10.00
Investment operations:
Net investment income (loss) (B)		0.69			0.23			0.12			0.22			0.10			0.01
Net realized and unrealized gain (loss)		(2.42	)		3.37			0.67			0.68			(0.05	)(C)		0.68
Total investment operations		(1.73	)		3.60			0.79			0.90			0.05			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.74	)		(0.25	)		(0.13	)		(0.23	)		(0.09	)		(0.01	)
Net realized gains		(0.68	)		(0.98	)		(1.04	)		(0.81	)		—			—
Total dividends and/or distributions to shareholders		(1.42	)		(1.23	)		(1.17	)		(1.04	)		(0.09	)		(0.01	)
Net asset value, end of period/year	$	9.34		$	12.49		$	10.12		$	10.50		$	10.64		$	10.68
Total return		(15.59	)%(D)		37.55	%		7.72	%		10.28	%		0.47	%		6.90	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	157,441		$	201,847		$	164,147		$	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	%		0.62	%		0.62	%(F)
Including waiver and/or reimbursement and recapture		0.60	%(F)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%(F)
Net investment income (loss) to average net assets		12.94	%(F)		2.00	%		1.19	%		2.16	%		0.86	%		0.14	%(F)
Portfolio turnover rate		16	%(D)		23	%		52	%		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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	12.51		$	10.13		$	10.51		$	10.64		$	10.68		$	9.38		$	8.87
Investment operations:
Net investment income (loss) (D)		0.70			0.26			0.14			0.25			0.12			0.06			0.11
Net realized and unrealized gain (loss)		(2.43	)		3.38			0.67			0.67			(0.04	)(E)		1.31			0.51
Total investment operations		(1.73	)		3.64			0.81			0.92			0.08			1.37			0.62
Dividends and/or distributions to shareholders:
Net investment income		(0.75	)		(0.28	)		(0.15	)		(0.24	)		(0.12	)		(0.07	)		(0.11	)
Net realized gains		(0.68	)		(0.98	)		(1.04	)		(0.81	)		—			—			—
Total dividends and/or distributions to shareholders		(1.43	)		(1.26	)		(1.19	)		(1.05	)		(0.12	)		(0.07	)		(0.11	)
Net asset value, end of period/year	$	9.35		$	12.51		$	10.13		$	10.51		$	10.64		$	10.68		$	9.38
Total return		(15.54	)%(F)		37.96	%		7.98	%		10.57	%		0.72	%		14.69	%(F)		7.07	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,848		$	6,911		$	5,134		$	8,695		$	25,038		$	32,618		$	28,489
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.38	%(H)		0.38	%		0.38	%		0.38	%		0.38	%		0.28	%(H)		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%(H)		0.35	%		0.35	%		0.35	%		0.35	%		0.26	%(H)		0.10	%
Net investment income (loss) to average net assets		13.02	%(H)		2.21	%		1.44	%		2.47	%		1.09	%		0.64	%(H)		1.29	%
Portfolio turnover rate		16	%(F)		23	%		52	%		40	%		30	%		35	%(F)		28	%

(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 2022

Page    38

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Asset Allocation Short Horizon
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.75		$	10.54		$	10.29		$	9.76		$	10.10		$	10.00
Investment operations:
Net investment income (loss) (B)		0.19			0.28			0.20			0.25			0.22			0.08
Net realized and unrealized gain (loss)		(1.02	)		0.35			0.30			0.57			(0.34	)		0.09
Total investment operations		(0.83	)		0.63			0.50			0.82			(0.12	)		0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.28	)		(0.20	)		(0.26	)		(0.22	)		(0.07	)
Net realized gains		(0.28	)		(0.14	)		(0.05	)		(0.03	)		—			—
Total dividends and/or distributions to shareholders		(0.47	)		(0.42	)		(0.25	)		(0.29	)		(0.22	)		(0.07	)
Net asset value, end of period/year	$	9.45		$	10.75		$	10.54		$	10.29		$	9.76		$	10.10
Total return		(8.05	)%(C)		6.10	%		5.02	%		8.51	%		(1.21	)%		1.72	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	98,130		$	114,974		$	122,392		$	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	%		0.62	%		0.62	%(E)
Including waiver and/or reimbursement and recapture		0.60	%(E)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%(E)
Net investment income (loss) to average net assets		3.80	%(E)		2.63	%		1.91	%		2.53	%		2.21	%		1.77	%(E)
Portfolio turnover rate		15	%(C)		22	%		29	%		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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	10.75		$	10.54		$	10.29		$	9.76		$	10.10		$	9.81		$	9.63
Investment operations:
Net investment income (loss) (D)		0.20			0.31			0.24			0.28			0.23			0.17			0.25
Net realized and unrealized gain (loss)		(1.01	)		0.35			0.29			0.57			(0.33	)		0.28			0.18
Total investment operations		(0.81	)		0.66			0.53			0.85			(0.10	)		0.45			0.43
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.31	)		(0.23	)		(0.29	)		(0.24	)		(0.16	)		(0.25	)
Net realized gains		(0.28	)		(0.14	)		(0.05	)		(0.03	)		—			—			—
Total dividends and/or distributions to shareholders		(0.49	)		(0.45	)		(0.28	)		(0.32	)		(0.24	)		(0.16	)		(0.25	)
Net asset value, end of period/year	$	9.45		$	10.75		$	10.54		$	10.29		$	9.76		$	10.10		$	9.81
Total return		(7.93	)%(E)		6.37	%		5.29	%		8.78	%		(1.01	)%		4.49	%(E)		4.48	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	491		$	565		$	552		$	2,762		$	3,156		$	6,959		$	11,896
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.38	%(G)		0.38	%		0.38	%		0.38	%		0.38	%		0.23	%(G)		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%(G)		0.35	%		0.35	%		0.35	%		0.35	%		0.22	%(G)		0.10	%
Net investment income (loss) to average net assets		4.06	%(G)		2.86	%		2.32	%		2.75	%		2.30	%		1.98	%(G)		2.53	%
Portfolio turnover rate		15	%(E)		22	%		29	%		26	%		52	%		22	%(E)		49	%

(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 2022

Page    39

NOTES TO FINANCIAL STATEMENTS

At April 30, 2022

(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 covered by this report (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)	A,C,I,R,R3
Transamerica Asset Allocation – Growth Portfolio (“Asset Allocation – Growth”) (A)	A,C,I,R,R3
Transamerica Asset Allocation – Moderate Growth Portfolio (“Asset Allocation – Moderate Growth”) (A)	A,C,I,R,R3
Transamerica Asset Allocation – Moderate Portfolio (“Asset Allocation – Moderate”) (A)	A,C,I,R,R3
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

^(A)  Class R3 commenced operations on March 1, 2022.

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

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

This report must be accompanied or preceded by 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 has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of 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

Transamerica Funds Semi-Annual Report 2022

Page    40

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

1. ORGANIZATION (continued)

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Transamerica Funds Semi-Annual Report 2022

Page    41

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

3. INVESTMENT VALUATION (continued)

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, 2022, 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.

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

Restricted securities held at April 30, 2022, 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.

Transamerica Funds Semi-Annual Report 2022

Page    42

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which 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, 2022, the Funds have not utilized the program.

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 strategies, 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:

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, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

The following is a summary of the location and each Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2022. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the period.

Transamerica Funds Semi-Annual Report 2022

Page    43

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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
Asset Allocation – Conservative
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	(86,208	)	$	—	$	—	$	(86,208	)
Total	$	—	$	—	$	(86,208	)	$	—	$	—	$	(86,208	)
Asset Allocation – Growth
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	(307,474	)	$	—	$	—	$	(307,474	)
Total	$	—	$	—	$	(307,474	)	$	—	$	—	$	(307,474	)
Asset Allocation – Moderate Growth
Futures contracts:
Total distributable earnings (accumulated losses) (A)(B)	$	—	$	—	$	(217,625	)	$	—	$	—	$	(217,625	)
Total	$	—	$	—	$	(217,625	)	$	—	$	—	$	(217,625	)
Asset Allocation – Moderate
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	(182,086	)	$	—	$	—	$	(182,086	)
Total	$	—	$	—	$	(182,086	)	$	—	$	—	$	(182,086	)

^(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, 2022. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the period.

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts			Credit Contracts		Commodity Contracts		Total
Asset Allocation – Conservative
Futures contracts	$	(529,226	)	$	—	$	(623,184	)	$	—	$	—	$	(1,152,410	)
Total	$	(529,226	)	$	—	$	(623,184	)	$	—	$	—	$	(1,152,410	)
Asset Allocation – Growth
Futures contracts	$	—		$	—	$	(1,366,670	)	$	—	$	—	$	(1,366,670	)
Total	$	—		$	—	$	(1,366,670	)	$	—	$	—	$	(1,366,670	)
Asset Allocation – Moderate Growth
Futures contracts	$	(1,451,979	)	$	—	$	(1,623,014	)	$	—	$	—	$	(3,074,993	)
Total	$	(1,451,979	)	$	—	$	(1,623,014	)	$	—	$	—	$	(3,074,993	)
Asset Allocation – Moderate
Futures contracts	$	(963,463	)	$	—	$	(1,277,102	)	$	—	$	—	$	(2,240,565	)
Total	$	(963,463	)	$	—	$	(1,277,102	)	$	—	$	—	$	(2,240,565	)

Transamerica Funds Semi-Annual Report 2022

Page    44

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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
Asset Allocation – Conservative
Futures contracts	$	—	$	—	$	(495,765	)	$	—	$	—	$	(495,765	)
Total	$	—	$	—	$	(495,765	)	$	—	$	—	$	(495,765	)
Asset Allocation – Growth
Futures contracts	$	—	$	—	$	(1,018,510	)	$	—	$	—	$	(1,018,510	)
Total	$	—	$	—	$	(1,018,510	)	$	—	$	—	$	(1,018,510	)
Asset Allocation – Moderate Growth
Futures contracts	$	—	$	—	$	(1,070,868	)	$	—	$	—	$	(1,070,868	)
Total	$	—	$	—	$	(1,070,868	)	$	—	$	—	$	(1,070,868	)
Asset Allocation – Moderate
Futures contracts	$	—	$	—	$	(819,174	)	$	—	$	—	$	(819,174	)
Total	$	—	$	—	$	(819,174	)	$	—	$	—	$	(819,174	)

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2022.

	Asset Allocation – Conservative		Asset Allocation – Growth		Asset Allocation – Moderate Growth		Asset Allocation – Moderate
Futures contracts:
Average notional value of contracts – long	$	14,395,834	$	25,639,709	$	32,666,919	$	24,470,424

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.

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.

Market risk: The market prices of a Fund’s securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health

Transamerica Funds Semi-Annual Report 2022

Page    45

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

7. RISK FACTORS (continued)

emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of a Fund’s securities and assets fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, 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. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. 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 go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a Fund’s securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of a Fund’s investments.

Europe. A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through “Brexit,” the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom’s economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund’s investments.

Additional Market Disruption. Russia’s invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia’s military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be

Transamerica Funds Semi-Annual Report 2022

Page    46

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

7. RISK FACTORS (continued)

particularly adversely affected. Whether or not a Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of a Fund’s investments.

Asset allocation risk: A Fund’s investment performance is significantly impacted by a Fund’s asset allocation and reallocation from time to time. The sub-adviser’s decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying funds may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser’s judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying funds selected by the sub-adviser may underperform the market or similar funds.

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

Equity securities risk: Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company’s financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by a Fund fall, the value of your investment in a Fund will decline. A Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

Fixed income securities risk: Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, 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 falls, the value of your investment will go down. A Fund may lose its entire investment in the fixed-income securities of an issuer.

Foreign investments risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of a Fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers.

8. FEES AND OTHER AFFILIATED TRANSACTIONS

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

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

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, AUIM, AAM UK, 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

Transamerica Funds Semi-Annual Report 2022

Page    47

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Funds. The Funds do pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statements of Operations.

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

As of April 30, 2022, 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	$	1,052,429		0.18	%
Asset Allocation – Growth		—		—
Asset Allocation – Moderate Growth		2,090,749		0.13

Fund	Account Balance		Percentage of Net Assets
Asset Allocation – Moderate	$	1,597,117		0.15	%
Intermediate Horizon		277,788,864		100.00
Long Horizon		163,289,094		100.00
Short Horizon		98,621,228		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 average net assets at the following rates:

Fund	Rate
Asset Allocation – Conservative (A)
First $1 billion		0.1040	%
Over $1 billion up to $3 billion		0.0975
Over $3 billion up to $5 billion		0.0925
Over $5 billion up to $7 billion		0.0850
Over $7 billion		0.0800
Asset Allocation – Growth (A)
First $1 billion		0.1040
Over $1 billion up to $3 billion		0.0975
Over $3 billion up to $5 billion		0.0925
Over $5 billion up to $7 billion		0.0850
Over $7 billion		0.0800
Asset Allocation – Moderate Growth (A)
First $1 billion		0.1040
Over $1 billion up to $3 billion		0.0975
Over $3 billion up to $5 billion		0.0925
Over $5 billion up to $7 billion		0.0850
Over $7 billion		0.0800

Fund	Rate
Asset Allocation – Moderate (A)
First $1 billion		0.1040	%
Over $1 billion up to $3 billion		0.0975
Over $3 billion up to $5 billion		0.0925
Over $5 billion up to $7 billion		0.0850
Over $7 billion		0.0800
Intermediate Horizon		0.1200
Long Horizon		0.1200
Short Horizon		0.1200

^(A)  TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2023. These amounts are not subject to recapture by TAM.

On April 18, 2022, TFS, the Funds’ transfer agent, returned to Class I of applicable Funds certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as a “Contributions from affiliate” within each applicable Fund’s Statement of Assets and Liabilities and Financial Highlights in this shareholder report.

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 average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Transamerica Funds Semi-Annual Report 2022

Page    48

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Asset Allocation – Conservative
Class A		0.60	%		March 1, 2023
Class C		1.35			March 1, 2023
Class I		0.35			March 1, 2023
Class R		0.95			March 1, 2023
Class R3 (A)		0.35			March 1, 2025
Asset Allocation – Growth
Class A		0.60			March 1, 2023
Class C		1.35			March 1, 2023
Class I		0.35			March 1, 2023
Class R		0.95			March 1, 2023
Class R3 (A)		0.35			March 1, 2025
Asset Allocation – Moderate Growth
Class A		0.60			March 1, 2023
Class C		1.35			March 1, 2023
Class I		0.35			March 1, 2023
Class R		0.85			March 1, 2023
Class R3 (A)		0.35			March 1, 2025

Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Asset Allocation – Moderate
Class A		0.60	%		March 1, 2023
Class C		1.35			March 1, 2023
Class I		0.35			March 1, 2023
Class R		0.85			March 1, 2023
Class R3 (A)		0.35			March 1, 2025
Intermediate Horizon
Class R		0.60			March 1, 2023
Class R4		0.35			March 1, 2023
Long Horizon
Class R		0.60			March 1, 2023
Class R4		0.35			March 1, 2023
Short Horizon
Class R		0.60			March 1, 2023
Class R4		0.35			March 1, 2023

^(A)  Class R3 commenced operations on March 1, 2022.

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, 2022 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 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 voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2022, the balances available for recapture by TAM for each Fund are as follows. Funds and/or classes not listed in the subsequent table do not have balances available for recapture during the period.

	Amounts Available
Fund	2019 (A)		2020		2021		2022		Total
Asset Allocation – Conservative
Class R3 (B)	$	—	$	—	$	—	$	3	$	3
Asset Allocation – Growth
Class R3 (B)		—		—		—		8		8
Asset Allocation – Moderate Growth
Class R3 (B)		—		—		—		4		4
Asset Allocation – Moderate
Class R3 (B)		—		—		—		4		4
Intermediate Horizon
Class R		33,966		62,371		65,585		29,934		191,856
Class R4		1,915		2,620		2,815		1,352		8,702
Long Horizon
Class R		18,104		33,633		39,623		18,258		109,618
Class R4		2,786		2,336		1,781		886		7,789
Short Horizon
Class R		13,492		25,251		24,082		10,734		73,559
Class R4		442		577		157		73		1,249

^(A)  For the six-month period of May 1, 2019 through October 31, 2019.

^(B)  Class R3 commenced operations on March 1, 2022.

Transamerica Funds Semi-Annual Report 2022

Page    49

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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

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

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets 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 R3 (B)		0.25
Class R4		0.25

(A)	12b-1 fees are not applicable for Class I.
(B)	Class R3 commenced operations on March 1, 2022.

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, 2022, 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	$	88,829	$	765
Class C		—		3,694
Asset Allocation – Growth
Class A		252,375		905
Class C		—		5,297

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Asset Allocation – Moderate Growth
Class A	$	309,333	$	1,217
Class C		—		5,151
Asset Allocation – Moderate
Class A		177,335		193
Class C		—		3,517

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on assets, 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. Please reference the Funds’ Prospectuses and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2022, 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	$	231,633	$	38,381
Asset Allocation – Growth		565,574		98,275
Asset Allocation – Moderate Growth		788,238		138,272
Asset Allocation – Moderate		479,049		84,177
Intermediate Horizon		368		56
Long Horizon		241		37
Short Horizon		20		3

Deferred compensation plan: Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. 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 each series of 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

Transamerica Funds Semi-Annual Report 2022

Page    50

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

(“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the period ended April 30, 2022, 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, 2022.

9. PURCHASES AND SALES OF SECURITIES

For the period ended April 30, 2022, 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	$	94,279,468	$	139,950,000
Asset Allocation – Growth		200,134,752		264,449,999
Asset Allocation – Moderate Growth		313,261,386		455,100,001
Asset Allocation – Moderate		185,389,656		299,800,000
Intermediate Horizon		46,199,655		69,021,756
Long Horizon		31,030,762		45,967,086
Short Horizon		16,644,801		25,057,722

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, 2022, 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	$	586,317,545	$	29,822,902	$	(37,446,119	)	$	(7,623,217	)
Asset Allocation – Growth		873,490,150		112,669,826		(16,564,969	)		96,104,857
Asset Allocation – Moderate Growth		1,478,410,808		155,542,950		(58,336,115	)		97,206,835
Asset Allocation – Moderate		1,017,963,055		80,746,374		(49,672,419	)		31,073,955
Intermediate Horizon		290,229,488		8,585,021		(20,889,440	)		(12,304,419	)
Long Horizon		171,909,283		4,269,080		(12,807,498	)		(8,538,418	)
Short Horizon		104,800,085		1,195,893		(7,326,467	)		(6,130,574	)

Transamerica Funds Semi-Annual Report 2022

Page    51

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

11. STOCK SPLIT

Effective as of the close of business on the date listed in the subsequent table, the respective Fund’s Class R4 shares 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

Transamerica Funds Semi-Annual Report 2022

Page    52

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 9-10, 2022 (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 during the 2021 reporting period, and assessed the Program’s adequacy and effectiveness, including the operation of the Funds’ Highly Liquid Investment Minimum (“HLIM”) as applicable, and material changes to the Program (the “Report”). The Report covered the period from January 1, 2021, through December 31, 2021 (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 three material changes to the classification methodology during the Program Reporting Period. The Report reviewed the changes and why the Committee believes the changes are 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 (a) complied with the key factors for consideration under the Liquidity Rule for monitoring the adequacy and effectiveness of the Program and (b) 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 2022

Page    53

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) on the Transamerica Funds website at https://www.transamerica.com/sites/default/files/files/e070d/TF%20NPX%202021.pdf 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 provide 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. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, 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 2022

Page    54

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, such as on applications or other forms, which may include your name, address, and account number;

• Information about your transactions with us, our affiliates, or non-affiliated third parties, such as your account balance and purchase/redemption history; and

• Information we receive from 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 non-affiliated companies that perform services on our behalf and to financial institutions with which we have joint marketing agreements.

We 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 to assist in providing products or services to you and as otherwise permitted by law. We maintain physical, technical, and procedural safeguards designed to protect your nonpublic personal information and to safeguard the disposal of such information.

Contact Us

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 2022

Page    55

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

2171298 04/22

© 2022 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

SEMI-ANNUAL REPORT

APRIL 30, 2022

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	38
Transamerica Emerging Markets Debt	40
Transamerica Emerging Markets Opportunities	48
Transamerica Energy Infrastructure	53
Transamerica Floating Rate	55
Transamerica Government Money Market	70
Transamerica High Quality Bond	73
Transamerica High Yield Bond	78
Transamerica High Yield ESG	88
Transamerica High Yield Muni	94
Transamerica Inflation Opportunities	102
Transamerica Inflation-Protected Securities	106
Transamerica Intermediate Bond	110
Transamerica Intermediate Muni	121
Transamerica International Equity	146
Transamerica International Focus (formerly, Transamerica International Growth)	150
Transamerica International Small Cap Value	153
Transamerica International Stock	157
Transamerica Large Cap Value	161
Transamerica Large Core	163
Transamerica Large Growth	167
Transamerica Large Value Opportunities	170
Transamerica Mid Cap Growth	173
Transamerica Mid Cap Value Opportunities	175
Transamerica Multi-Asset Income	177
Transamerica Multi-Managed Balanced	183
Transamerica Short-Term Bond	196
Transamerica Small Cap Growth	207
Transamerica Small Cap Value	209
Transamerica Small/Mid Cap Value	212
Transamerica Sustainable Bond	216
Transamerica Sustainable Equity Income	221
Transamerica Unconstrained Bond	223
Transamerica US Growth	249
Statements of Assets and Liabilities	251
Statements of Operations	267
Statements of Changes in Net Assets	275
Financial Highlights	299
Notes to Financial Statements	385
Liquidity Risk Management Program	426
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	427
Notice of Privacy Policy	428

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 2022

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 provided to you with information about the investments of your Fund(s). The Securities and Exchange Commission currently requires that annual and semi-annual reports be provided to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the six-month period ended April 30, 2022.

We believe it is important to understand market conditions over the last six months to provide context for reading this report. The period began on November 1, 2021, with the S&P 500^® Index at all-time highs driven by strong corporate earnings growth and continuing accommodative monetary policy from the Federal Reserve (“Fed”). While inflation had begun an upward trend it was still considered by many to be temporary and manageable, particularly as the year finished with the highest annualized U.S. gross domestic product growth rate in more than three decades. Against this backdrop stocks continued to rise into the calendar year’s close.

Stocks quickly headed into correction mode as the new year began and the Omicron variant of the COVID-19 pandemic created an exponential rise in case trends. Inflation continued to rise and after reaching levels not seen in more than 40 years, it became apparent the Fed would need to raise rates faster and higher than most had previously anticipated. In late February 2022, Russia invaded Ukraine creating a humanitarian crisis and geo-political concerns further exacerbating inflation and global market uncertainties. In March 2022, the Fed raised rates for the first time since 2018 and clearly signaled more rate hikes would soon follow.

By April, the year-over-year increase in the Consumer Price Index (“CPI”), a measure of inflation, was exceeding 8% and longer-term interest rates rose accordingly with the 10-year U.S. Treasury bond yield surpassing 2.90%, representing its highest rate in more than three years. Credit spreads also widened considerably, and as the period concluded yields for both investment grade and high yield bonds had reached their highest points since the initial months of the pandemic.

While U.S. COVID rates had dropped precipitously from earlier in the year, they remained elevated globally and China evoked widespread lockdowns spurring growth concerns in Asia and throughout emerging market regions. This contributed to further bottlenecks of global supply chains, already operating under historically constrained conditions and spurring global growth concerns. Major international stock indexes such as MSCI EAFE and MSCI Emerging Markets also suffered declines for the period.

While the reporting period ended with negative returns for both stocks and bonds, we continue to believe in the benefits of long-term investing and asset class diversification. Markets have historically not only displayed resilience, even amidst challenging market environments such as this past one, but also the ability to quickly discount future improving conditions as they appear evident.

For the six-month period ended April 30, 2022, the S&P 500^® Index returned -9.65%, while the MSCI EAFE Index, representing international developed market equities, returned -11.80%. During the same period, the Bloomberg U.S. Aggregate Bond Index returned -9.47%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial 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 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^® Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

The views expressed in this report reflect those of Transamerica Asset Management only and may not necessarily represent the views of Transamerica Funds. These views are as of the date of this report and 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 Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and it is not possible to 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, 2021, and held for the entire six-month period until April 30, 2022.

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, 2021		Ending Account Value April 30, 2022		Expenses Paid During Period (B)			Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Balanced II
Class I3	$	1,000.00	$	909.90	$	2.70		$	1,022.00	$	2.86		0.57	%
Class R		1,000.00		907.60		5.06			1,019.50		5.36		1.07
Transamerica Bond
Class A		1,000.00		912.10		4.22			1,020.40		4.46		0.89
Class C		1,000.00		908.60		7.24			1,017.20		7.65		1.53
Class I		1,000.00		914.10		2.37			1,022.30		2.51		0.50
Class I2		1,000.00		913.40		2.13			1,022.60		2.26		0.45
Class R		1,000.00		938.20		1.82	(C)		1,019.10		5.71		1.14
Class R6		1,000.00		913.30		2.13			1,022.60		2.26		0.45
Transamerica Capital Growth
Class A		1,000.00		486.80		3.91			1,019.50		5.31		1.06
Class C		1,000.00		485.00		6.66			1,015.80		9.05		1.81
Class I		1,000.00		488.00		2.95			1,020.80		4.01		0.80
Class I2		1,000.00		487.40		2.62			1,021.30		3.56		0.71
Class R		1,000.00		752.40		1.99	(C)		1,018.00		6.90		1.38
Class R6		1,000.00		487.40		2.62			1,021.30		3.56		0.71
Transamerica Emerging Markets Debt
Class A		1,000.00		876.20		5.81			1,018.60		6.26		1.25
Class C		1,000.00		872.50		8.96			1,015.20		9.64		1.93
Class I		1,000.00		880.80		3.96			1,020.60		4.26		0.85
Class I2		1,000.00		877.40		3.54			1,021.00		3.81		0.76
Class R6		1,000.00		878.20		3.54			1,021.00		3.81		0.76

Transamerica Funds Semi-Annual Report 2022

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Emerging Markets Opportunities
Class I	$	1,000.00	$	781.80	$	4.20	$	1,020.10	$	4.76		0.95	% (D)
Class I2		1,000.00		781.50		3.75		1,020.60		4.26		0.85	(D)
Class R6		1,000.00		781.20		3.75		1,020.60		4.26		0.85	(D)
Transamerica Energy Infrastructure
Class A		1,000.00		1,068.30		8.21		1,016.90		8.00		1.60
Class C		1,000.00		1,062.90		12.02		1,013.10		11.73		2.35
Class I		1,000.00		1,070.30		6.62		1,018.40		6.46		1.29
Class I2		1,000.00		1,070.70		6.11		1,018.90		5.96		1.19
Transamerica Floating Rate
Class A		1,000.00		995.70		5.20		1,019.60		5.26		1.05	(D)
Class C		1,000.00		990.90		8.89		1,015.90		9.00		1.80	(D)
Class I		1,000.00		996.80		3.96		1,020.80		4.01		0.80	(D)
Class I2		1,000.00		997.30		3.57		1,021.20		3.61		0.72	(D)
Transamerica Government Money Market
Class A		1,000.00		1,000.00		0.79		1,024.00		0.80		0.16
Class C		1,000.00		1,000.00		0.84		1,024.00		0.85		0.17
Class I		1,000.00		1,000.00		0.84		1,024.00		0.85		0.17
Class I2		1,000.00		1,000.10		0.69		1,024.10		0.70		0.14
Class I3		1,000.00		1,000.10		0.84		1,024.00		0.85		0.17
Class R2		1,000.00		1,000.00		0.84		1,024.00		0.85		0.17
Class R4		1,000.00		1,000.20		0.69		1,024.10		0.70		0.14
Transamerica High Quality Bond
Class I3		1,000.00		967.70		2.34		1,022.40		2.41		0.48
Class R		1,000.00		965.30		4.73		1,020.00		4.86		0.97
Class R4		1,000.00		967.70		3.17		1,021.60		3.26		0.65
Transamerica High Yield Bond
Class A		1,000.00		930.30		4.74		1,019.90		4.96		0.99
Class C		1,000.00		925.50		8.21		1,016.30		8.60		1.72
Class I		1,000.00		931.80		2.92		1,021.80		3.06		0.61
Class I2		1,000.00		930.90		2.87		1,021.80		3.01		0.60
Class I3		1,000.00		930.90		2.87		1,021.80		3.01		0.60
Class R		1,000.00		928.60		5.26		1,019.30		5.51		1.10
Class R4		1,000.00		930.50		4.07		1,020.60		4.26		0.85
Class R6		1,000.00		930.90		2.87		1,021.80		3.01		0.60
Transamerica High Yield ESG
Class I		1,000.00		924.50		3.67		1,021.00		3.86		0.77
Class I2		1,000.00		924.50		3.58		1,021.10		3.76		0.75
Transamerica High Yield Muni
Class A		1,000.00		887.90		4.26		1,020.30		4.56		0.91	(D)
Class C		1,000.00		885.40		7.06		1,017.30		7.55		1.51	(D)
Class I		1,000.00		888.50		3.56		1,021.00		3.81		0.76	(D)
Class I2		1,000.00		888.50		3.09		1,021.50		3.31		0.66	(D)
Transamerica Inflation Opportunities
Class A		1,000.00		955.60		4.85		1,019.80		5.01		1.00	(D)
Class C		1,000.00		952.80		8.28		1,016.30		8.55		1.71	(D)
Class I		1,000.00		957.50		3.15		1,021.60		3.26		0.65	(D)
Class I2		1,000.00		956.90		3.11		1,021.60		3.21		0.64	(D)
Class R6		1,000.00		957.80		3.11		1,021.60		3.21		0.64	(D)
Transamerica Inflation-Protected Securities
Class I3		1,000.00		960.00		2.48		1,022.30		2.56		0.51	(D)
Class R		1,000.00		958.30		4.81		1,019.90		4.96		0.99	(D)
Class R4		1,000.00		960.00		3.11		1,021.60		3.21		0.64	(D)
Transamerica Intermediate Bond
Class I2		1,000.00		910.90		1.99		1,022.70		2.11		0.42
Class I3		1,000.00		910.10		1.99		1,022.70		2.11		0.42
Class R		1,000.00		908.90		4.35		1,020.20		4.61		0.92
Class R4		1,000.00		910.00		3.08		1,021.60		3.26		0.65
Class R6		1,000.00		911.10		1.94		1,022.80		2.06		0.41

Transamerica Funds Semi-Annual Report 2022

Page    3

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Intermediate Muni
Class A	$	1,000.00	$	907.30	$	3.03	$	1,021.60	$	3.21		0.64	%(D)
Class C		1,000.00		905.00		5.95		1,018.50		6.31		1.26	(D)
Class I		1,000.00		909.10		2.32		1,022.40		2.46		0.49	(D)
Class I2		1,000.00		908.60		2.18		1,022.50		2.31		0.46	(D)
Transamerica International Equity
Class A		1,000.00		889.90		5.86		1,018.60		6.26		1.25
Class C		1,000.00		887.30		8.89		1,015.40		9.49		1.90
Class I		1,000.00		892.00		4.03		1,020.50		4.31		0.86
Class I2		1,000.00		892.00		3.57		1,021.00		3.81		0.76
Class I3		1,000.00		891.90		3.57		1,021.00		3.81		0.76
Class R		1,000.00		889.50		5.90		1,018.50		6.31		1.26
Class R4		1,000.00		890.80		4.74		1,019.80		5.06		1.01
Class R6		1,000.00		892.20		3.57		1,021.00		3.81		0.76
Transamerica International Focus
Class A		1,000.00		844.80		5.53		1,018.80		6.06		1.21
Class I		1,000.00		846.30		4.39		1,020.00		4.81		0.96
Class I2		1,000.00		847.20		3.71		1,020.80		4.06		0.81
Class R6		1,000.00		846.80		3.71		1,020.80		4.06		0.81
Transamerica International Small Cap Value
Class I		1,000.00		818.90		4.96		1,019.30		5.51		1.10
Class I2		1,000.00		818.20		4.51		1,019.80		5.01		1.00
Transamerica International Stock
Class A		1,000.00		916.10		5.94		1,018.60		6.26		1.25	(D)
Class I		1,000.00		919.00		4.76		1,019.80		5.01		1.00	(D)
Class I2		1,000.00		918.00		3.95		1,020.70		4.16		0.83	(D)
Class R6		1,000.00		917.60		4.47		1,020.10		4.71		0.94	(D)
Transamerica Large Cap Value
Class A		1,000.00		942.60		4.67		1,020.00		4.86		0.97
Class C		1,000.00		939.40		8.37		1,016.20		8.70		1.74
Class I		1,000.00		945.00		3.04		1,021.70		3.16		0.63
Class I2		1,000.00		944.60		2.99		1,021.70		3.11		0.62
Class R6		1,000.00		944.60		2.99		1,021.70		3.11		0.62
Transamerica Large Core
Class I3		1,000.00		920.80		2.52		1,022.20		2.66		0.53	(D)
Class R		1,000.00		918.50		4.90		1,019.70		5.16		1.03	(D)
Class R4		1,000.00		919.60		3.71		1,020.90		3.91		0.78	(D)
Transamerica Large Growth
Class I3		1,000.00		636.00		2.80		1,021.40		3.46		0.69
Class R		1,000.00		635.00		4.82		1,018.90		5.96		1.19
Class R4		1,000.00		635.50		3.65		1,020.30		4.51		0.90
Class R6		1,000.00		636.10		2.84		1,021.30		3.51		0.70
Transamerica Large Value Opportunities
Class I3		1,000.00		994.20		2.47		1,022.30		2.51		0.50	(D)
Class R		1,000.00		991.60		4.94		1,019.80		5.01		1.00	(D)
Class R4		1,000.00		992.90		3.71		1,021.10		3.76		0.75	(D)
Transamerica Mid Cap Growth
Class A		1,000.00		701.70		5.11		1,018.80		6.06		1.21
Class C		1,000.00		698.20		8.34		1,015.00		9.89		1.98
Class I		1,000.00		703.60		3.72		1,020.40		4.41		0.88
Class I2		1,000.00		702.80		3.29		1,020.90		3.91		0.78
Class I3		1,000.00		702.70		3.29		1,020.90		3.91		0.78
Class R		1,000.00		701.40		5.40		1,018.40		6.41		1.28
Class R4		1,000.00		702.20		4.01		1,020.10		4.76		0.95
Class R6		1,000.00		703.40		3.29		1,020.90		3.91		0.78

Transamerica Funds Semi-Annual Report 2022

Page    4

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Expenses Paid During Period (B)			Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Mid Cap Value Opportunities
Class A	$	1,000.00	$	1,005.90	$	5.97		$	1,018.80	$	6.01		1.20	%
Class C		1,000.00		1,003.40		9.24			1,015.60		9.30		1.86
Class I		1,000.00		1,009.20		4.23			1,020.60		4.26		0.85
Class I2		1,000.00		1,009.50		3.74			1,021.10		3.76		0.75
Class I3		1,000.00		1,009.50		3.74			1,021.10		3.76		0.75
Class R		1,000.00		1,006.60		6.22			1,018.60		6.26		1.25
Class R4		1,000.00		1,008.30		4.48			1,020.30		4.51		0.90
Class R6		1,000.00		1,008.80		3.74			1,021.10		3.76		0.75
Transamerica Multi-Asset Income
Class A		1,000.00		957.00		4.85			1,019.80		5.01		1.00	(D)
Class C		1,000.00		953.60		8.33			1,016.30		8.60		1.72	(D)
Class I		1,000.00		958.60		3.50			1,021.20		3.61		0.72	(D)
Class I2		1,000.00		958.60		3.16			1,021.60		3.26		0.65	(D)
Transamerica Multi-Managed Balanced
Class A		1,000.00		907.40		4.49			1,020.10		4.76		0.95
Class C		1,000.00		904.00		8.07			1,016.30		8.55		1.71
Class I		1,000.00		909.20		3.50			1,021.10		3.71		0.74
Class R		1,000.00		947.40		2.13	(C)		1,018.20		6.66		1.33
Class R6		1,000.00		908.50		3.03			1,021.60		3.21		0.64
Transamerica Short-Term Bond
Class A		1,000.00		967.80		3.46			1,021.30		3.56		0.71
Class C		1,000.00		963.90		7.30			1,017.40		7.50		1.50
Class I		1,000.00		970.00		2.49			1,022.30		2.56		0.51
Class I2		1,000.00		969.50		2.05			1,022.70		2.11		0.42
Class R6		1,000.00		969.50		2.05			1,022.70		2.11		0.42
Transamerica Small Cap Growth
Class A		1,000.00		719.20		5.97			1,017.90		7.00		1.40
Class C		1,000.00		717.00		8.94			1,014.40		10.49		2.10
Class I		1,000.00		721.00		4.57			1,019.50		5.36		1.07
Class I2		1,000.00		721.40		4.27			1,019.80		5.01		1.00
Class I3		1,000.00		721.10		4.27			1,019.80		5.01		1.00
Class R		1,000.00		719.40		6.35			1,017.40		7.45		1.49
Class R4		1,000.00		721.20		4.91			1,019.10		5.76		1.15
Class R6		1,000.00		722.20		4.27			1,019.80		5.01		1.00
Transamerica Small Cap Value
Class A		1,000.00		946.10		5.98			1,018.60		6.21		1.24
Class C		1,000.00		942.00		9.63			1,014.90		9.99		2.00
Class I		1,000.00		947.70		4.64			1,020.00		4.81		0.96
Class I2		1,000.00		947.20		4.15			1,020.50		4.31		0.86
Class I3		1,000.00		947.80		4.15			1,020.50		4.31		0.86
Class R		1,000.00		945.90		6.56			1,018.10		6.81		1.36
Class R4		1,000.00		946.30		5.31			1,019.30		5.51		1.10
Class R6		1,000.00		947.80		4.15			1,020.50		4.31		0.86
Transamerica Small/Mid Cap Value
Class A		1,000.00		970.60		6.01			1,018.70		6.16		1.23
Class C		1,000.00		967.10		9.66			1,015.00		9.89		1.98
Class I		1,000.00		973.00		4.55			1,020.20		4.66		0.93
Class I2		1,000.00		972.50		4.11			1,020.60		4.21		0.84
Class R6		1,000.00		972.60		4.11			1,020.60		4.21		0.84
Transamerica Sustainable Bond
Class I		1,000.00		901.70		2.36			1,022.30		2.51		0.50
Class I2		1,000.00		900.90		2.12			1,022.60		2.26		0.45
Transamerica Sustainable Equity Income
Class A		1,000.00		902.90		4.86			1,019.70		5.16		1.03
Class C		1,000.00		899.50		8.95			1,015.40		9.49		1.90
Class I		1,000.00		907.70		3.59			1,021.00		3.81		0.76
Class I2		1,000.00		904.30		3.54			1,021.10		3.76		0.75
Class R6		1,000.00		904.40		3.54			1,021.10		3.76		0.75

Transamerica Funds Semi-Annual Report 2022

Page    5

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Unconstrained Bond
Class A	$	1,000.00	$	959.90	$	5.10	$	1,019.60	$	5.26		1.05	% (D)
Class I		1,000.00		961.70		3.89		1,020.80		4.01		0.80	(D)
Class I2		1,000.00		960.30		3.40		1,021.30		3.51		0.70	(D)
Transamerica US Growth
Class A		1,000.00		800.80		4.60		1,019.70		5.16		1.03
Class C		1,000.00		797.30		8.16		1,015.70		9.15		1.83
Class I		1,000.00		802.60		3.53		1,020.90		3.96		0.79
Class I2		1,000.00		802.10		3.04		1,021.40		3.41		0.68
Class R6		1,000.00		802.10		3.04		1,021.40		3.41		0.68
Class T		1,000.00		801.70		3.22		1,021.20		3.61		0.72

(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 (181 days), and divided by the number of days in the year (365 days).
(C)	Class commenced operations on March 1, 2022. Actual expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (59 days), and divided by the number of days in the year (365 days).
(D)	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 2022

Page    6

Schedules of Investments Composition

At April 30, 2022

(unaudited)

Transamerica Balanced II
Asset Allocation	Percentage of Net Assets
Common Stocks		58.1	%
Corporate Debt Securities		14.4
U.S. Government Obligations		10.8
U.S. Government Agency Obligations		9.1
Commercial Paper		7.0
Asset-Backed Securities		2.7
Mortgage-Backed Securities		2.7
Other Investment Company		1.3
Short-Term U.S. Government Obligations		1.3
Foreign Government Obligations		0.4
Preferred Stock		0.0	*
Net Other Assets (Liabilities) ^		(7.8	)
Total		100.0	%
Transamerica Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		51.5	%
Asset-Backed Securities		15.4
Mortgage-Backed Securities		14.8
U.S. Government Obligations		13.5
U.S. Government Agency Obligations		2.9
Commercial Paper		2.8
Other Investment Company		2.0
Foreign Government Obligations		0.8
Loan Assignment		0.6
Short-Term U.S. Government Obligation		0.2
Repurchase Agreement		0.2
Net Other Assets (Liabilities) ^		(4.7	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		8.63
Duration †		5.63
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		16.6	%
AAA		12.3
AA		4.6
A		13.4
BBB		30.2
BB		13.8
B		7.0
CCC and Below		0.8
Not Rated		6.0
Net Other Assets (Liabilities) ^		(4.7	)
Total		100.0	%
Transamerica Capital Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		98.4	%
Other Investment Company		5.0
Repurchase Agreement		1.5
Over-the-Counter Foreign Exchange Options Purchased		0.3
Net Other Assets (Liabilities)		(5.2	)
Total		100.0	%

Transamerica Emerging Markets Debt
Asset Allocation	Percentage of Net Assets
Foreign Government Obligations		52.1	%
Corporate Debt Securities		41.6
Repurchase Agreement		5.0
Other Investment Company		3.0
Net Other Assets (Liabilities) ^		(1.7	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		10.12
Duration †		5.65
Credit Quality ‡	Percentage of Net Assets
AAA		5.0	%
AA		5.5
A		7.1
BBB		35.1
BB		22.0
B		12.6
CCC and Below		6.2
Not Rated		8.0
Cu		0.2
Net Other Assets (Liabilities) ^		(1.7	)
Total		100.0	%
Transamerica Emerging Markets Opportunities
Asset Allocation	Percentage of Net Assets
Common Stocks		92.4	%
Preferred Stocks		3.4
Other Investment Company		0.0	*
Net Other Assets (Liabilities) ^		4.2
Total		100.0	%
Transamerica Energy Infrastructure
Asset Allocation	Percentage of Net Assets
Common Stocks		70.7	%
Master Limited Partnerships		25.5
Other Investment Company		1.7
Repurchase Agreement		1.5
Corporate Debt Securities		1.2
Net Other Assets (Liabilities)		(0.6	)
Total		100.0	%
Transamerica Floating Rate
Asset Allocation	Percentage of Net Assets
Loan Assignments		88.6	%
Repurchase Agreement		9.7
Corporate Debt Securities		6.6
Exchange-Traded Funds		0.9
Preferred Stocks		0.1
Common Stocks		0.1
Other Investment Company		0.0	*
Net Other Assets (Liabilities)		(6.0	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2022

Page    7

Schedules of Investments Composition (continued)

At April 30, 2022

(unaudited)

Transamerica Floating Rate (continued)
Fund Characteristics	Years
Average Maturity §		4.77	%
Duration †		0.46
Credit Quality ‡	Percentage of Net Assets
AAA		9.7	%
BBB		0.8
BB		23.2
B		68.5
CCC and Below		2.6
Not Rated		1.2
Net Other Assets (Liabilities)		(6.0	)
Total		100.0	%
Transamerica Government Money Market**
Asset Allocation	Percentage of Net Assets
Repurchase Agreements		46.6	%
U.S. Government Agency Obligations		19.0
Short-Term U.S. Government Obligations		17.1
Short-Term U.S. Government Agency Obligations		15.1
U.S. Government Obligations		3.7
Net Other Assets (Liabilities)		(1.5	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		0.24
Duration †		0.09
Transamerica High Quality Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		51.5	%
Asset-Backed Securities		30.7
Mortgage-Backed Securities		11.3
U.S. Government Agency Obligations		2.9
U.S. Government Obligations		2.8
Other Investment Company		2.1
Net Other Assets (Liabilities)		(1.3	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		2.11
Duration †		1.59
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		5.7	%
AAA		14.6
AA		8.6
A		27.8
BBB		39.2
BB		0.9
Not Rated		4.5
Net Other Assets (Liabilities)		(1.3	)
Total		100.0	%

Transamerica High Yield Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		97.0	%
Other Investment Company		6.6
Repurchase Agreement		0.7
Loan Assignments		0.6
Common Stocks		0.1
Rights		0.0	*
Warrant		0.0	*
Net Other Assets (Liabilities)		(5.0	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		6.87
Duration †		4.16
Credit Quality ‡	Percentage of Net Assets
AAA		0.7	%
BBB		5.5
BB		48.8
B		36.4
CCC and Below		6.6
Not Rated		7.0
Net Other Assets (Liabilities)		(5.0	)
Total		100.0	%
Transamerica High Yield ESG
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		95.3	%
Other Investment Company		12.7
Net Other Assets (Liabilities)		(8.0	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		6.30
Duration †		4.30
Credit Quality ‡	Percentage of Net Assets
BBB		6.2	%
BB		50.4
B		34.9
CCC and Below		3.8
Not Rated		12.7
Net Other Assets (Liabilities)		(8.0	)
Total		100.0	%
Transamerica High Yield Muni
Asset Allocation	Percentage of Net Assets
Municipal Government Obligations		92.5	%
Corporate Debt Security		0.2
Net Other Assets (Liabilities)		7.3
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		19.76
Duration †		11.24

Transamerica Funds Semi-Annual Report 2022

Page    8

Schedules of Investments Composition (continued)

At April 30, 2022

(unaudited)

Transamerica High Yield Muni (continued)
Credit Quality ‡	Percentage of Net Assets
AAA		0.3	%
AA		7.5
A		0.7
BBB		22.7
BB		11.3
B		0.7
CCC and Below		0.0
Not Rated		49.5
Net Other Assets (Liabilities)		7.3
Total		100.0	%
Transamerica Inflation Opportunities
Asset Allocation	Percentage of Net Assets
U.S. Government Obligations		54.0	%
Foreign Government Obligations		25.2
Corporate Debt Securities		19.3
Other Investment Company		1.6
Short-Term Investment Company		0.7
Net Other Assets (Liabilities) ^		(0.8	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		8.12
Duration †		6.94
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		54.0	%
AAA		11.6
AA		7.9
A		5.0
BBB		15.4
BB		3.0
B		0.1
Not Rated		3.8
Net Other Assets (Liabilities) ^		(0.8	)
Total		100.0	%
Transamerica Inflation-Protected Securities
Asset Allocation	Percentage of Net Assets
U.S. Government Obligations		80.8	%
Foreign Government Obligations		11.8
Corporate Debt Securities		6.7
Other Investment Company		3.8
Short-Term Investment Company		0.4
Net Other Assets (Liabilities) ^		(3.5	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		8.00
Duration †		6.94
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		80.8	%
AAA		7.7
AA		2.0
A		0.7
BBB		6.3
BB		1.3
Not Rated		4.7
Net Other Assets (Liabilities) ^		(3.5	)
Total		100.0	%

Transamerica Intermediate Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		36.1	%
U.S. Government Obligations		22.9
U.S. Government Agency Obligations		22.3
Commercial Paper		19.1
Mortgage-Backed Securities		7.8
Asset-Backed Securities		6.7
Short-Term U.S. Government Obligation		2.6
Repurchase Agreement		1.1
Foreign Government Obligations		0.9
Other Investment Company		0.5
Preferred Stocks		0.1
Municipal Government Obligation		0.0	*
Net Other Assets (Liabilities)		(20.1	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		8.59
Duration †		6.14
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		47.8	%
AAA		11.8
AA		2.7
A		7.7
BBB		25.0
BB		4.1
B		0.3
CCC and Below		0.4
Not Rated		20.3
Net Other Assets (Liabilities)		(20.1	)
Total		100.0	%
Transamerica Intermediate Muni
Asset Allocation	Percentage of Net Assets
Municipal Government Obligations		97.6	%
Net Other Assets (Liabilities)		2.4
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		10.49
Duration †		7.43
Credit Quality ‡	Percentage of Net Assets
AAA		3.9	%
AA		60.9
A		17.0
BBB		10.2
BB		0.5
B		0.0
CCC and Below		0.0
Not Rated		5.1
Net Other Assets (Liabilities)		2.4
Total		100.0	%
Transamerica International Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		96.8	%
Other Investment Company		6.8
Repurchase Agreement		2.2
Net Other Assets (Liabilities)		(5.8	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2022

Page    9

Schedules of Investments Composition (continued)

At April 30, 2022

(unaudited)

Transamerica International Focus
Asset Allocation	Percentage of Net Assets
Common Stocks		96.9	%
Other Investment Company		7.3
Repurchase Agreement		0.7
Net Other Assets (Liabilities)		(4.9	)
Total		100.0	%
Transamerica International Small Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		98.8	%
Other Investment Company		3.6
Repurchase Agreement		0.4
Net Other Assets (Liabilities)		(2.8	)
Total		100.0	%
Transamerica International Stock
Asset Allocation	Percentage of Net Assets
Common Stocks		94.8	%
Exchange-Traded Fund		1.4
Preferred Stock		0.8
Other Investment Company		0.0	*
Net Other Assets (Liabilities)		3.0
Total		100.0	%
Transamerica Large Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		98.0	%
Repurchase Agreement		2.5
Net Other Assets (Liabilities)		(0.5	)
Total		100.0	%
Transamerica Large Core
Asset Allocation	Percentage of Net Assets
Common Stocks		97.8	%
Exchange-Traded Fund		1.8
Net Other Assets (Liabilities)		0.4
Total		100.0	%
Transamerica Large Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		97.2	%
Other Investment Company		2.3
Over-the-Counter Foreign Exchange Options Purchased		0.1
Net Other Assets (Liabilities)		0.4
Total		100.0	%
Transamerica Large Value Opportunities
Asset Allocation	Percentage of Net Assets
Common Stocks		97.7	%
Exchange-Traded Fund		2.0
Other Investment Company		0.8
Net Other Assets (Liabilities)		(0.5	)
Total		100.0	%

Transamerica Mid Cap Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		99.8	%
Other Investment Company		1.3
Repurchase Agreement		0.4
Net Other Assets (Liabilities)		(1.5	)
Total		100.0	%
Transamerica Mid Cap Value Opportunities
Asset Allocation	Percentage of Net Assets
Common Stocks		94.7	%
Repurchase Agreement		5.9
Net Other Assets (Liabilities)		(0.6	)
Total		100.0	%
Transamerica Multi-Asset Income
Asset Allocation	Percentage of Net Assets
Common Stocks		44.4	%
Corporate Debt Securities		40.5
Other Investment Company		7.1
Exchange-Traded Funds		6.7
Preferred Stocks		4.0
Repurchase Agreement		3.3
Master Limited Partnership		0.1
Net Other Assets (Liabilities)		(6.1	)
Total		100.0	%
Transamerica Multi-Managed Balanced
Asset Allocation	Percentage of Net Assets
Common Stocks		58.9	%
Corporate Debt Securities		14.0
U.S. Government Obligations		10.2
U.S. Government Agency Obligations		8.9
Commercial Paper		7.7
Asset-Backed Securities		2.7
Mortgage-Backed Securities		2.7
Short-Term U.S. Government Obligations		1.2
Repurchase Agreement		1.0
Foreign Government Obligations		0.4
Other Investment Company		0.2
Preferred Stocks		0.0	*
Net Other Assets (Liabilities) ^		(7.9	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		8.50
Duration †		6.19
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		20.3	%
AAA		5.2
AA		1.0
A		3.4
BBB		9.7
BB		1.3
B		0.2
Not Rated		66.8
Net Other Assets (Liabilities) ^		(7.9	)
Total		100.0	%

Transamerica Funds Semi-Annual Report 2022

Page    10

Schedules of Investments Composition (continued)

At April 30, 2022

(unaudited)

Transamerica Short-Term Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		63.3	%
Mortgage-Backed Securities		17.7
Asset-Backed Securities		11.0
U.S. Government Obligations		6.6
Repurchase Agreement		0.9
U.S. Government Agency Obligations		0.7
Loan Assignment		0.3
Other Investment Company		0.1
Foreign Government Obligation		0.1
Net Other Assets (Liabilities) ^		(0.7	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		2.40
Duration †		1.59
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		7.3	%
AAA		11.9
AA		4.2
A		23.0
BBB		45.8
BB		6.0
B		1.6
CCC and Below		0.1
Not Rated		0.8
Net Other Assets (Liabilities) ^		(0.7	)
Total		100.0	%
Transamerica Small Cap Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		96.4	%
Repurchase Agreement		3.1
Other Investment Company		0.6
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%
Transamerica Small Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		99.3	%
Repurchase Agreement		0.7
Other Investment Company		0.6
Net Other Assets (Liabilities)		(0.6	)
Total		100.0	%
Transamerica Small/Mid Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		96.9	%
Repurchase Agreement		3.3
Other Investment Company		0.0	*
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

Transamerica Sustainable Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		47.0	%
U.S. Government Agency Obligations		17.3
Asset-Backed Securities		15.4
Commercial Paper		12.4
Mortgage-Backed Securities		10.3
U.S. Government Obligations		5.7
Other Investment Company		4.7
Foreign Government Obligations		2.0
Loan Assignments		1.0
Net Other Assets (Liabilities)		(15.8	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		8.11
Duration †		6.14
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		23.0	%
AAA		7.0
AA		6.9
A		16.7
BBB		23.3
BB		11.1
B		4.1
Not Rated		23.7
Net Other Assets (Liabilities)		(15.8	)
Total		100.0	%
Transamerica Sustainable Equity Income
Asset Allocation	Percentage of Net Assets
Common Stocks		99.8	%
Other Investment Company		0.3
Repurchase Agreement		0.2
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%
Transamerica Unconstrained Bond
Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		43.1	%
U.S. Government Obligations		14.7
Asset-Backed Securities		12.8
Loan Assignments		9.8
Short-Term U.S. Government Obligations		8.7
Other Investment Company		5.9
Foreign Government Obligations		5.5
Short-Term Investment Company		5.2
Preferred Stocks		0.3
Common Stocks		0.1
Net Other Assets (Liabilities) ^		(6.1	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		6.14
Duration †		1.53

Transamerica Funds Semi-Annual Report 2022

Page    11

Schedules of Investments Composition (continued)

At April 30, 2022

(unaudited)

Transamerica Unconstrained Bond (continued)
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		23.4	%
AAA		8.7
AA		6.1
A		7.2
BBB		15.5
BB		15.1
B		15.7
CCC and Below		1.6
Not Rated		12.8
Net Other Assets (Liabilities) ^		(6.1	)
Total		100.0	%
Transamerica US Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		98.4	%
Repurchase Agreement		1.9
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%

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

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

** You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

§ 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 2022

Page    12

Transamerica Balanced II

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 58.1%
Aerospace & Defense - 0.6%
Northrop Grumman Corp.		393		$172,684
Raytheon Technologies Corp.		4,164		395,205
Textron, Inc.		2,216		153,458
				721,347
Air Freight & Logistics - 0.7%
FedEx Corp.		1,010		200,728
United Parcel Service, Inc., Class B		3,295		593,034
				793,762
Airlines - 0.1%
Southwest Airlines Co. (A)		2,842		132,778
Auto Components - 0.1%
Aptiv PLC (A)		519		55,222
Magna International, Inc.		1,682		101,374
				156,596
Automobiles - 1.3%
General Motors Co. (A)		3,013		114,223
Rivian Automotive, Inc., Class A (A) (B)		597		18,053
Tesla, Inc. (A)		1,498		1,304,399
				1,436,675
Banks - 2.2%
Bank of America Corp.		16,158		576,517
Citigroup, Inc.		5,310		255,995
Fifth Third Bancorp		4,216		158,226
Regions Financial Corp.		5,061		104,864
SVB Financial Group (A)		187		91,189
Truist Financial Corp.		4,453		215,303
US Bancorp		8,919		433,107
Wells Fargo & Co.		14,929		651,352
				2,486,553
Beverages - 1.1%
Coca-Cola Co.		13,507		872,687
Constellation Brands, Inc., Class A		1,087		267,500
PepsiCo, Inc.		528		90,663
				1,230,850
Biotechnology - 1.5%
AbbVie, Inc.		5,876		863,067
Biogen, Inc. (A)		595		123,427
BioMarin Pharmaceutical, Inc. (A)		442		35,957
Neurocrine Biosciences, Inc. (A)		450		40,513
Regeneron Pharmaceuticals, Inc. (A)		515		339,441
Vertex Pharmaceuticals, Inc. (A)		1,281		349,995
				1,752,400
Building Products - 0.4%
Masco Corp.		2,673		140,840
Trane Technologies PLC		2,537		354,901
				495,741
Capital Markets - 1.5%
Goldman Sachs Group, Inc.		639		195,208
Intercontinental Exchange, Inc.		1,465		169,662
Morgan Stanley		3,479		280,373
S&P Global, Inc.		1,395		525,217
State Street Corp.		4,797		321,255
T. Rowe Price Group, Inc.		1,966		241,897
				1,733,612

	Shares		Value
COMMON STOCKS (continued)
Chemicals - 1.1%
Air Products & Chemicals, Inc.		432		$101,118
Celanese Corp.		651		95,658
DuPont de Nemours, Inc.		1,820		119,993
Eastman Chemical Co.		2,112		216,839
Linde PLC		1,601		499,448
PPG Industries, Inc.		1,853		237,165
				1,270,221
Commercial Services & Supplies - 0.1%
Cintas Corp.		195		77,466
Communications Equipment - 0.1%
Motorola Solutions, Inc.		268		57,269
Construction Materials - 0.1%
Martin Marietta Materials, Inc.		436		154,440
Consumer Finance - 0.3%
American Express Co.		1,174		205,109
Capital One Financial Corp.		1,088		135,587
				340,696
Containers & Packaging - 0.1%
Avery Dennison Corp.		628		113,417
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B (A)		3,297		1,064,371
Voya Financial, Inc. (B)		922		58,215
				1,122,586
Diversified Telecommunication Services - 0.2%
Verizon Communications, Inc.		4,724		218,721
Electric Utilities - 1.3%
Edison International		1,660		114,191
Evergy, Inc.		1,522		103,268
Exelon Corp.		10,636		497,552
FirstEnergy Corp.		5,032		217,936
NextEra Energy, Inc.		6,990		496,430
				1,429,377
Electrical Equipment - 0.4%
Eaton Corp. PLC		2,878		417,368
Energy Equipment & Services - 0.1%
Baker Hughes Co.		2,265		70,260
Entertainment - 0.3%
Netflix, Inc. (A)		954		181,604
Walt Disney Co. (A)		924		103,146
				284,750
Equity Real Estate Investment Trusts - 1.6%
Camden Property Trust		1,447		227,020
Equinix, Inc.		285		204,938
Equity Lifestyle Properties, Inc.		1,766		136,477
Host Hotels & Resorts, Inc.		3,641		74,094
Kimco Realty Corp.		4,907		124,294
Prologis, Inc.		3,436		550,756
SBA Communications Corp.		370		128,431
Sun Communities, Inc.		1,022		179,433
UDR, Inc.		545		28,999
Ventas, Inc.		3,778		209,868
				1,864,310

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

Transamerica Funds Semi-Annual Report 2022

Page    13

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing - 0.5%
Costco Wholesale Corp.		510		$271,177
Walmart, Inc.		1,883		288,080
				559,257
Food Products - 0.3%
Mondelez International, Inc., Class A		5,784		372,952
Health Care Equipment & Supplies - 1.6%
Abbott Laboratories		3,728		423,128
ABIOMED, Inc. (A)		82		23,500
Baxter International, Inc.		3,252		231,087
Boston Scientific Corp. (A)		6,535		275,189
DexCom, Inc. (A)		177		72,319
Intuitive Surgical, Inc. (A)		994		237,864
Medtronic PLC		3,364		351,067
Zimmer Biomet Holdings, Inc.		1,658		200,203
				1,814,357
Health Care Providers & Services - 1.9%
Anthem, Inc.		792		397,529
Centene Corp. (A)		4,598		370,369
Humana, Inc.		332		147,594
McKesson Corp.		525		162,545
UnitedHealth Group, Inc.		2,231		1,134,575
				2,212,612
Hotels, Restaurants & Leisure - 1.3%
Booking Holdings, Inc. (A)		120		265,237
Chipotle Mexican Grill, Inc. (A)		119		173,217
Expedia Group, Inc. (A)		1,104		192,924
Hilton Worldwide Holdings, Inc. (A)		1,413		219,425
McDonald’s Corp.		2,081		518,502
Royal Caribbean Cruises Ltd. (A)		408		31,714
Yum! Brands, Inc.		573		67,047
				1,468,066
Household Durables - 0.3%
D.R. Horton, Inc.		258		17,954
Lennar Corp., Class A		3,059		233,983
PulteGroup, Inc.		465		19,418
Toll Brothers, Inc.		1,486		68,906
				340,261
Household Products - 1.0%
Kimberly-Clark Corp.		1,670		231,846
Procter & Gamble Co.		5,797		930,708
				1,162,554
Industrial Conglomerates - 0.2%
Honeywell International, Inc.		1,288		249,241
Insurance - 1.3%
Arthur J Gallagher & Co.		1,355		228,304
Chubb Ltd.		715		147,612
Hartford Financial Services Group, Inc.		4,488		313,846
Progressive Corp.		4,653		499,546
Prudential Financial, Inc.		1,343		145,729
Travelers Cos., Inc.		733		125,387
				1,460,424
Interactive Media & Services - 3.5%
Alphabet, Inc., Class A (A)		724		1,652,306
Alphabet, Inc., Class C (A)		553		1,271,529

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (continued)
Meta Platforms, Inc., Class A (A)		4,549		$911,938
ZoomInfo Technologies, Inc. (A)		1,824		86,458
				3,922,231
Internet & Direct Marketing Retail - 2.0%
Amazon.com, Inc. (A)		913		2,269,380
IT Services - 2.6%
Accenture PLC, Class A		2,049		615,438
Affirm Holdings, Inc. (A) (B)		850		24,395
Automatic Data Processing, Inc.		1,016		221,671
FleetCor Technologies, Inc. (A)		839		209,347
Mastercard, Inc., Class A		2,729		991,664
Shopify, Inc., Class A (A)		100		42,682
Visa, Inc., Class A		4,246		904,950
				3,010,147
Life Sciences Tools & Services - 1.0%
Danaher Corp.		1,193		299,598
Illumina, Inc. (A)		272		80,689
Thermo Fisher Scientific, Inc.		1,408		778,511
				1,158,798
Machinery - 1.5%
Deere & Co.		1,625		613,519
Dover Corp.		1,032		137,565
Ingersoll Rand, Inc.		2,093		92,008
Otis Worldwide Corp.		4,132		300,975
Parker-Hannifin Corp.		873		236,426
Stanley Black & Decker, Inc.		2,232		268,175
				1,648,668
Media - 0.6%
Charter Communications, Inc., Class A (A)		718		307,656
Comcast Corp., Class A		9,800		389,648
Fox Corp., Class A		434		15,554
Interpublic Group of Cos., Inc.		758		24,726
				737,584
Metals & Mining - 0.2%
Freeport-McMoRan, Inc.		2,305		93,468
Nucor Corp.		556		86,057
				179,525
Multi-Utilities - 0.4%
Ameren Corp.		1,623		150,777
CenterPoint Energy, Inc.		7,982		244,329
DTE Energy Co.		642		84,127
				479,233
Multiline Retail - 0.1%
Dollar General Corp.		281		66,746
Oil, Gas & Consumable Fuels - 2.3%
Cheniere Energy, Inc.		893		121,278
Chevron Corp.		4,013		628,717
ConocoPhillips		7,691		734,644
Coterra Energy, Inc.		1,449		41,717
Diamondback Energy, Inc.		2,901		366,193
EOG Resources, Inc.		2,551		297,855
Phillips 66		985		85,459
Pioneer Natural Resources Co.		1,648		383,110
				2,658,973

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

Transamerica Funds Semi-Annual Report 2022

Page    14

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Personal Products - 0.2%
Estee Lauder Cos., Inc., Class A		733		$193,556
Pharmaceuticals - 2.2%
Bristol-Myers Squibb Co.		9,386		706,484
Eli Lilly & Co.		2,102		614,057
Johnson & Johnson		3,749		676,545
Merck & Co., Inc.		2,817		249,840
Pfizer, Inc.		5,516		270,670
				2,517,596
Professional Services - 0.3%
Booz Allen Hamilton Holding Corp.		1,028		83,916
Leidos Holdings, Inc.		2,040		211,160
				295,076
Road & Rail - 0.6%
Lyft, Inc., Class A (A)		2,003		65,298
Norfolk Southern Corp.		1,415		364,900
Uber Technologies, Inc. (A)		599		18,857
Union Pacific Corp.		1,101		257,953
				707,008
Semiconductors & Semiconductor Equipment - 3.5%
Advanced Micro Devices, Inc. (A)		4,744		405,707
Analog Devices, Inc.		2,845		439,211
Applied Materials, Inc.		1,958		216,065
KLA Corp.		240		76,622
Lam Research Corp.		908		422,910
Microchip Technology, Inc.		2,338		152,438
Micron Technology, Inc.		2,083		142,040
NVIDIA Corp.		4,218		782,312
NXP Semiconductors NV		2,411		412,040
QUALCOMM, Inc.		1,321		184,531
Texas Instruments, Inc.		4,454		758,294
				3,992,170
Software - 5.1%
Adobe, Inc. (A)		317		125,516
Fortinet, Inc. (A)		263		76,010
Intuit, Inc.		1,140		477,375
Microsoft Corp.		16,274		4,516,360
Oracle Corp.		3,092		226,953
Salesforce, Inc. (A)		1,123		197,581
Workday, Inc., Class A (A)		1,086		224,476
				5,844,271
Specialty Retail - 1.8%
AutoNation, Inc. (A)		425		49,262
AutoZone, Inc. (A)		69		134,927
Best Buy Co., Inc.		2,774		249,466
Burlington Stores, Inc. (A) (B)		330		67,175
Home Depot, Inc.		1,240		372,496
Lowe’s Cos., Inc.		3,270		646,577
O’Reilly Automotive, Inc. (A)		525		318,439
TJX Cos., Inc.		3,469		212,580
				2,050,922
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.		29,619		4,669,435
Seagate Technology Holdings PLC		3,752		307,814
				4,977,249

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 0.4%
NIKE, Inc., Class B		3,532		$440,440
Tobacco - 0.5%
Altria Group, Inc.		5,230		290,631
Philip Morris International, Inc.		2,956		295,600
				586,231
Wireless Telecommunication Services - 0.3%
T-Mobile US, Inc. (A)		2,572		316,716
Total Common Stocks (Cost $44,100,410)				66,053,439
PREFERRED STOCK - 0.0% (C)
Electric Utilities - 0.0% (C)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (D)		320		7,501
Total Preferred Stock (Cost $8,784)				7,501
	Principal		Value
ASSET-BACKED SECURITIES - 2.7%
Accelerated LLC Series 2021-1H, Class A, 1.35%, 10/20/2040 (E)		$  65,763		61,798
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (E)		21,567		21,303
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (E)		16,810		16,660
CIFC Funding Ltd. Series 2013-2A, Class A1L2, 3-Month LIBOR + 1.00%, 2.04% (D), 10/18/2030 (E)		350,000		348,056
GoodLeap Sustainable Home Solutions Trust Series 2021-4GS, Class A, 1.93%, 07/20/2048 (E)		89,962		79,421
Series 2022-1GS, Class A, 2.70%, 01/20/2049 (E)		241,931		221,089
JGWPT XXVI LLC Series 2012-2A, Class A, 3.84%, 10/15/2059 (E)		119,057		118,104
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (E)		123,813		118,427
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (E)		13,785		13,859
MVW Owner Trust Series 2016-1A, Class A, 2.25%, 12/20/2033 (E)		10,935		10,945
New Residential Advance Receivables Trust Series 2020-T1, Class AT1, 1.43%, 08/15/2053 (E)		330,000		321,870
NRZ Advance Receivables Trust Series 2020-T2, Class AT2, 1.48%, 09/15/2053 (E)		330,000		319,636

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

Transamerica Funds Semi-Annual Report 2022

Page    15

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Octagon Investment Partners 33 Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 2.25% (D), 01/20/2031 (E)		$200,000		$199,222
Ocwen Master Advance Receivables Trust Series 2020-T1, Class AT1, 1.28%, 08/15/2052 (E)		110,547		110,067
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 03/08/2029 (E)		40,383		40,349
Series 2019-A, Class A, 3.06%, 04/09/2038 (E)		70,854		68,907
Palmer Square CLO Ltd. Series 2015-2A, Class A1R2, 3-Month LIBOR + 1.10%, 2.16% (D), 07/20/2030 (E)		250,000		249,010
Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class A, 0.99%, 11/20/2037 (E)		105,015		99,172
Towd Point Mortgage Trust Series 2016-2, Class A1A, 2.75% (D), 08/25/2055 (E)	1,833		1,831
Series 2017-1, Class A1, 2.75% (D), 10/25/2056 (E)		24,452		24,372
Series 2017-3, Class A1, 2.75% (D), 07/25/2057 (E)		17,775		17,739
Series 2017-6, Class A1, 2.75% (D), 10/25/2057 (E)		30,146		29,665
Series 2018-1, Class A1, 3.00% (D), 01/25/2058 (E)		50,508		49,942
Series 2018-3, Class A1, 3.75% (D), 05/25/2058 (E)		105,590		104,761
Series 2018-4, Class A1, 3.00% (D), 06/25/2058 (E)		147,966		143,867
Series 2020-4, Class A1, 1.75%, 10/25/2060 (E)		140,417		130,341
Trafigura Securitisation Finance PLC Series 2021-1A, Class A2, 1.08%, 01/15/2025 (E)		130,000		123,025
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (E)		10,167		10,009
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (E)		29,515		29,075
Total Asset-Backed Securities (Cost $3,191,526)				3,082,522
CORPORATE DEBT SECURITIES - 14.4%
Aerospace & Defense - 0.2%
BAE Systems PLC 3.40%, 04/15/2030 (B) (E)		41,000		38,286
Boeing Co.
3.50%, 03/01/2039		91,000		70,207
5.15%, 05/01/2030		85,000		84,737
Huntington Ingalls Industries, Inc. 2.04%, 08/16/2028 (E)		108,000		94,472
				287,702

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Air Freight & Logistics - 0.1%
GXO Logistics, Inc. 2.65%, 07/15/2031 (E)		$153,000		$125,592
Airlines - 0.2%
American Airlines Pass-Through Trust 3.20%, 12/15/2029		48,303		45,342
JetBlue Pass-Through Trust 2.75%, 11/15/2033		79,575		71,621
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027 (E)		86,902		88,640
United Airlines Pass-Through Trust 3.75%, 03/03/2028		55,912		54,650
				260,253
Auto Components - 0.1%
Aptiv PLC / Aptiv Corp. 3.25%, 03/01/2032 (B)		54,000		47,697
BorgWarner, Inc. 3.38%, 03/15/2025 (B)		36,000		35,692
				83,389
Automobiles - 0.1%
Ford Motor Co. 4.35%, 12/08/2026 (B)		63,000		60,480
General Motors Co.
4.88%, 10/02/2023		23,000		23,477
6.25%, 10/02/2043		15,000		15,535
				99,492
Banks - 2.1%
Banco Santander SA 2.75%, 12/03/2030		200,000		163,653
Bank of America Corp.
Fixed until 09/21/2031, 2.48% (D), 09/21/2036		112,000		89,795
Fixed until 06/19/2040, 2.68% (D), 06/19/2041		47,000		35,240
Fixed until 12/20/2027, 3.42% (D), 12/20/2028		72,000		68,197
Fixed until 04/27/2032, 4.57% (D), 04/27/2033		196,000		195,454
Citigroup, Inc. Fixed until 10/27/2027, 3.52% (D), 10/27/2028		219,000		208,547
Commerzbank AG 8.13%, 09/19/2023 (E)		255,000		265,469
Intesa Sanpaolo SpA
Fixed until 06/01/2031, 4.20% (D), 06/01/2032 (E)		200,000		165,846
5.02%, 06/26/2024 (E)		65,000		63,577
JPMorgan Chase & Co.
Fixed until 05/13/2030, 2.96% (D), 05/13/2031		154,000		135,510
Fixed until 01/25/2032, 2.96% (D), 01/25/2033		108,000		95,137
Fixed until 02/01/2027, 3.78% (D), 02/01/2028		59,000		57,300
4.13%, 12/15/2026		85,000		84,559
Svenska Handelsbanken AB 0.41%, 05/24/2022		250,000		249,895

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

Transamerica Funds Semi-Annual Report 2022

Page    16

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
UniCredit SpA Fixed until 06/03/2031, 3.13% (D), 06/03/2032 (E)		$200,000		$165,498
Wells Fargo & Co.
Fixed until 03/15/2026 (F), 3.90% (D)		35,000		31,936
4.10%, 06/03/2026		139,000		138,461
4.61% (D), 04/25/2053		143,000		141,568
Fixed until 06/15/2024 (F), 5.90% (D)		40,000		39,100
				2,394,742
Beverages - 0.2%
Anheuser-Busch InBev Worldwide, Inc.
4.44%, 10/06/2048		90,000		82,883
4.75%, 01/23/2029		78,000		80,341
Constellation Brands, Inc.
3.15%, 08/01/2029		63,000		57,864
3.70%, 12/06/2026 (B)		16,000		15,868
Keurig Dr. Pepper, Inc. 3.20%, 05/01/2030 (B)		56,000		51,368
				288,324
Biotechnology - 0.2%
AbbVie, Inc.
3.20%, 05/14/2026		47,000		45,804
4.05%, 11/21/2039		40,000		36,682
Amgen, Inc. 2.00%, 01/15/2032		82,000		67,793
CSL UK Holdings Ltd. 4.63%, 04/27/2042 (E)		48,000		47,257
Gilead Sciences, Inc. 4.15%, 03/01/2047 (B)		24,000		21,999
				219,535
Building Products - 0.3%
Carlisle Cos., Inc.
2.20%, 03/01/2032		77,000		62,828
3.75%, 12/01/2027		72,000		70,191
Carrier Global Corp. 2.72%, 02/15/2030 (B)		74,000		65,504
Owens Corning 7.00%, 12/01/2036		114,000		131,180
				329,703
Capital Markets - 0.7%
Charles Schwab Corp. Fixed until 06/01/2026 (F), 4.00% (B) (D)		145,000		131,479
Deutsche Bank AG Fixed until 09/18/2030, 3.55% (D), 09/18/2031		150,000		132,480
Goldman Sachs Group, Inc.
Fixed until 02/24/2032, 3.10% (D), 02/24/2033		181,000		158,279
6.75%, 10/01/2037		75,000		86,687
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 2.63%, 10/15/2031		102,000		83,965
Morgan Stanley
Fixed until 12/10/2025, 0.99% (D), 12/10/2026		68,000		60,737

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Morgan Stanley (continued)
Fixed until 09/16/2031, 2.48% (D), 09/16/2036		$102,000		$81,708
5.00%, 11/24/2025		60,000		61,631
				796,966
Chemicals - 0.1%
International Flavors & Fragrances, Inc. 2.30%, 11/01/2030 (E)		74,000		62,161
Commercial Services & Supplies - 0.4%
ADT Security Corp. 4.13%, 08/01/2029 (E)		79,000		67,073
Ashtead Capital, Inc. 4.25%, 11/01/2029 (E)		200,000		191,236
ERAC USA Finance LLC 3.85%, 11/15/2024 (E)		111,000		111,798
Triton Container International Ltd. / TAL International Container Corp. 3.25%, 03/15/2032		160,000		136,503
				506,610
Construction & Engineering - 0.0% (C)
Quanta Services, Inc. 2.90%, 10/01/2030		56,000		48,918
Consumer Finance - 0.4%
Ally Financial, Inc. 8.00%, 11/01/2031		110,000		130,997
BMW US Capital LLC 2.80%, 04/11/2026 (E)		65,000		62,771
Nissan Motor Acceptance Co. LLC 2.45%, 09/15/2028 (E)		100,000		85,164
Volkswagen Group of America Finance LLC 1.63%, 11/24/2027 (B) (E)		200,000		174,810
				453,742
Containers & Packaging - 0.1%
Sonoco Products Co.
2.25%, 02/01/2027		64,000		59,499
2.85%, 02/01/2032 (B)		45,000		39,385
				98,884
Diversified Financial Services - 0.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.85%, 10/29/2041		160,000		124,300
4.45%, 04/03/2026		150,000		146,499
Aviation Capital Group LLC
1.95%, 01/30/2026 (E)		49,000		43,805
5.50%, 12/15/2024 (E)		147,000		149,270
Element Fleet Management Corp.
1.60%, 04/06/2024 (E)		42,000		40,348
3.85%, 06/15/2025 (E)		56,000		55,656
Kaupthing Bank 7.63%, 02/28/2020 (G) (H) (I)		710,000		0
				559,878
Diversified Telecommunication Services - 0.3%
Level 3 Financing, Inc. 3.40%, 03/01/2027 (E)		60,000		54,000
Sprint Capital Corp. 6.88%, 11/15/2028		24,000		26,340

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

Transamerica Funds Semi-Annual Report 2022

Page    17

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.
1.68%, 10/30/2030		$177,000		$143,625
2.99%, 10/30/2056		105,000		74,874
				298,839
Electric Utilities - 0.5%
Appalachian Power Co. 3.40%, 06/01/2025 (B)		66,000		65,904
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		34,000		36,608
DTE Electric Co. 4.30%, 07/01/2044 (B)		101,000		96,845
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		108,000		90,981
Duke Energy Progress LLC 3.60%, 09/15/2047 (B)		64,000		54,688
Entergy Arkansas LLC 3.70%, 06/01/2024		48,000		48,518
Oncor Electric Delivery Co. LLC 5.30%, 06/01/2042 (B)		20,000		21,739
Pacific Gas & Electric Co. 2.50%, 02/01/2031		69,000		54,678
PacifiCorp
3.60%, 04/01/2024 (B)		61,000		61,423
5.75%, 04/01/2037 (B)		20,000		22,177
Public Service Electric & Gas Co. 3.00%, 05/15/2025 (B)		49,000		48,089
				601,650
Electronic Equipment, Instruments & Components - 0.2%
Arrow Electronics, Inc. 2.95%, 02/15/2032		58,000		49,722
Keysight Technologies, Inc. 4.60%, 04/06/2027 (B)		86,000		88,262
Sensata Technologies, Inc. 4.38%, 02/15/2030 (E)		50,000		45,484
				183,468
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (E)		90,000		87,321
Schlumberger Investment SA 3.65%, 12/01/2023		26,000		26,184
				113,505
Equity Real Estate Investment Trusts - 1.2%
Broadstone Net Lease LLC 2.60%, 09/15/2031		123,000		103,344
Corporate Office Properties LP
2.00%, 01/15/2029		25,000		20,864
2.25%, 03/15/2026		35,000		32,487
2.75%, 04/15/2031		18,000		15,290
Host Hotels & Resorts LP 2.90%, 12/15/2031		65,000		54,948
Invitation Homes Operating Partnership LP 4.15%, 04/15/2032		48,000		45,936
Office Properties Income Trust 3.45%, 10/15/2031		76,000		59,598
Physicians Realty LP 2.63%, 11/01/2031		94,000		79,127

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Piedmont Operating Partnership LP 2.75%, 04/01/2032		$61,000		$49,529
SBA Tower Trust
1.63%, 05/15/2051 (E)		110,000		101,565
1.88%, 07/15/2050 (E)		56,000		51,909
2.84%, 01/15/2050 (E)		300,000		291,258
3.45%, 03/15/2048 (E)		78,000		78,087
Simon Property Group LP 2.20%, 02/01/2031		73,000		61,938
Ventas Realty LP 3.25%, 10/15/2026		86,000		83,433
VICI Properties LP 4.95%, 02/15/2030		118,000		117,196
Weyerhaeuser Co. 4.00%, 04/15/2030 (B)		69,000		66,471
				1,312,980
Food & Staples Retailing - 0.2%
7-Eleven, Inc. 1.80%, 02/10/2031 (E)		123,000		99,564
Sysco Corp. 3.30%, 07/15/2026		104,000		101,479
				201,043
Food Products - 0.2%
Bunge Ltd. Finance Corp. 2.75%, 05/14/2031		94,000		81,460
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 3.00%, 02/02/2029 (E)		76,000		67,736
Pilgrim’s Pride Corp. 3.50%, 03/01/2032 (E)		102,000		86,190
				235,386
Health Care Equipment & Supplies - 0.2%
Alcon Finance Corp. 2.75%, 09/23/2026 (E)		200,000		190,536
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030		69,000		61,459
Koninklijke Philips NV 5.00%, 03/15/2042		37,000		37,515
				289,510
Health Care Providers & Services - 0.5%
Anthem, Inc. 2.25%, 05/15/2030		61,000		52,807
Centene Corp.
3.00%, 10/15/2030		80,000		69,600
3.38%, 02/15/2030		60,000		53,607
Cigna Corp. 2.40%, 03/15/2030		61,000		53,415
CVS Health Corp.
2.70%, 08/21/2040		50,000		37,804
3.75%, 04/01/2030		86,000		82,262
HCA, Inc.
4.13%, 06/15/2029		28,000		26,843
5.25%, 04/15/2025		16,000		16,491
5.50%, 06/15/2047		50,000		49,206
Health Care Service Corp. 2.20%, 06/01/2030 (E)		75,000		64,715

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

Transamerica Funds Semi-Annual Report 2022

Page    18

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Laboratory Corp. of America Holdings 2.95%, 12/01/2029		$51,000		$46,606
Molina Healthcare, Inc. 4.38%, 06/15/2028 (E)		49,000		45,798
				599,154
Hotels, Restaurants & Leisure - 0.2%
Expedia Group, Inc.
2.95%, 03/15/2031		22,000		18,902
3.80%, 02/15/2028		65,000		61,971
Hyatt Hotels Corp. 1.80%, 10/01/2024		41,000		38,995
Magallanes, Inc. 5.05%, 03/15/2042 (E)		114,000		103,831
				223,699
Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		74,000		74,189
Industrial Conglomerates - 0.0% (C)
General Electric Co. 4.13%, 10/09/2042		48,000		44,603
Insurance - 0.7%
Enstar Group Ltd. 3.10%, 09/01/2031		92,000		77,763
Fairfax Financial Holdings Ltd. 3.38%, 03/03/2031		151,000		134,292
Global Atlantic Finance Co. 3.13%, 06/15/2031 (E)		159,000		134,675
Ohio National Financial Services, Inc.
5.80%, 01/24/2030 (E)		224,000		223,543
6.63%, 05/01/2031 (E)		45,000		46,297
Prudential Financial, Inc. Fixed until 07/01/2030, 3.70% (D), 10/01/2050		94,000		82,322
Reinsurance Group of America, Inc. 3-Month LIBOR + 2.67%, 3.49% (D), 12/15/2065		161,000		144,095
				842,987
Interactive Media & Services - 0.3%
Baidu, Inc. 4.38%, 05/14/2024		200,000		202,338
Tencent Holdings Ltd. 3.28%, 04/11/2024 (E)		97,000		96,239
				298,577
IT Services - 0.1%
Rackspace Technology Global, Inc. 3.50%, 02/15/2028 (B) (E)		78,000		67,460
Machinery - 0.1%
Flowserve Corp. 2.80%, 01/15/2032		77,000		63,485
Media - 0.1%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		44,000		36,150
Clear Channel Outdoor Holdings, Inc. 5.13%, 08/15/2027 (E)		35,000		32,889

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Comcast Corp. 2.94%, 11/01/2056 (E)		$17,000		$12,208
NBCUniversal Media LLC 4.45%, 01/15/2043		24,000		23,017
Paramount Global 4.20%, 05/19/2032 (B)		44,000		40,625
				144,889
Metals & Mining - 0.3%
Anglo American Capital PLC 4.00%, 09/11/2027 (E)		200,000		195,069
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		47,000		47,111
4.55%, 11/14/2024		49,000		49,613
Glencore Funding LLC 2.63%, 09/23/2031 (E)		82,000		68,548
				360,341
Multi-Utilities - 0.1%
Black Hills Corp. 4.25%, 11/30/2023 (B)		71,000		71,881
CMS Energy Corp.
3.88%, 03/01/2024 (B)		17,000		17,106
4.88%, 03/01/2044		26,000		26,091
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		6,000		6,011
				121,089
Oil, Gas & Consumable Fuels - 0.9%
Boardwalk Pipelines LP 3.40%, 02/15/2031		46,000		40,774
BP Capital Markets PLC 3.12%, 05/04/2026		147,000		141,997
Chevron USA, Inc. 3.25%, 10/15/2029		47,000		45,265
Energy Transfer LP
5.15%, 03/15/2045		133,000		120,595
5.95%, 10/01/2043		28,000		27,257
Enterprise Products Operating LLC 4.25%, 02/15/2048		104,000		91,701
Kinder Morgan Energy Partners LP 4.15%, 02/01/2024 (B)		52,000		52,569
Occidental Petroleum Corp. 5.55%, 03/15/2026		62,000		63,550
Petroleos Mexicanos
6.84%, 01/23/2030		139,000		126,671
7.69%, 01/23/2050		17,000		13,319
Pioneer Natural Resources Co. 2.15%, 01/15/2031		90,000		75,998
Plains All American Pipeline LP / PAA Finance Corp. 3.55%, 12/15/2029		52,000		47,417
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		41,000		40,251
Shell International Finance BV
2.50%, 09/12/2026		103,000		98,265
3.75%, 09/12/2046		30,000		27,134
Williams Cos., Inc. 5.40%, 03/04/2044		28,000		28,065
				1,040,828

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

Transamerica Funds Semi-Annual Report 2022

Page    19

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals - 0.2%
AstraZeneca Finance LLC 1.20%, 05/28/2026		$ 40,000		$ 36,392
AstraZeneca PLC 4.38%, 08/17/2048		34,000		34,690
Bristol-Myers Squibb Co. 1.45%, 11/13/2030 (B)		67,000		54,548
Royalty Pharma PLC 2.20%, 09/02/2030		77,000		64,319
Viatris, Inc. 2.30%, 06/22/2027		76,000		67,313
				257,262
Professional Services - 0.2%
Equifax, Inc. 2.60%, 12/01/2024		52,000		50,666
Experian Finance PLC 2.75%, 03/08/2030 (E)		200,000		180,731
				231,397
Road & Rail - 0.1%
Avolon Holdings Funding Ltd.
2.88%, 02/15/2025 (E)		121,000		113,692
5.50%, 01/15/2026 (E)		47,000		47,103
				160,795
Semiconductors & Semiconductor Equipment - 0.6%
Broadcom, Inc. 1.95%, 02/15/2028 (E)		31,000		26,864
Entegris Escrow Corp. 4.75%, 04/15/2029 (E)		98,000		94,448
KLA Corp. 3.30%, 03/01/2050 (B)		56,000		46,691
Microchip Technology, Inc. 0.98%, 09/01/2024 (E)		70,000		65,698
Micron Technology, Inc. 2.70%, 04/15/2032		122,000		101,607
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.25%, 11/30/2051 (E)		39,000		28,586
3.40%, 05/01/2030 (E)		75,000		68,403
QUALCOMM, Inc.
3.25%, 05/20/2027		48,000		47,048
3.25%, 05/20/2050 (B)		39,000		33,218
Skyworks Solutions, Inc. 1.80%, 06/01/2026		39,000		35,514
TSMC Global Ltd. 1.38%, 09/28/2030 (E)		200,000		161,725
				709,802
Software - 0.3%
Crowdstrike Holdings, Inc. 3.00%, 02/15/2029 (B)		15,000		13,315
Infor, Inc. 1.75%, 07/15/2025 (E)		68,000		63,371
Take-Two Interactive Software, Inc. 3.55%, 04/14/2025		114,000		112,944
Workday, Inc. 3.50%, 04/01/2027		104,000		101,469
				291,099

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail - 0.1%
Lowe’s Cos., Inc. 3.75%, 04/01/2032		$ 80,000		$ 75,491
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc. 2.65%, 05/11/2050		40,000		30,607
Dell International LLC / EMC Corp. 6.02%, 06/15/2026		60,000		63,379
Seagate HDD Cayman 4.13%, 01/15/2031 (B)		115,000		100,913
Western Digital Corp. 2.85%, 02/01/2029		117,000		103,626
				298,525
Tobacco - 0.3%
Altria Group, Inc. 2.45%, 02/04/2032		83,000		66,585
BAT Capital Corp.
2.26%, 03/25/2028		128,000		109,425
4.91%, 04/02/2030		52,000		50,181
BAT International Finance PLC 4.45%, 03/16/2028		70,000		67,468
				293,659
Wireless Telecommunication Services - 0.3%
Rogers Communications, Inc. 3.80%, 03/15/2032 (E)		132,000		122,272
Sprint Corp. 7.88%, 09/15/2023		42,000		43,837
T-Mobile USA, Inc. 3.88%, 04/15/2030		135,000		127,995
				294,104
Total Corporate Debt Securities (Cost $18,030,694)				16,345,707
FOREIGN GOVERNMENT OBLIGATIONS - 0.4%
Colombia - 0.2%
Colombia Government International Bond 4.50%, 01/28/2026 (B)		200,000		191,666
Mexico - 0.1%
Mexico Government International Bond 3.75%, 01/11/2028		116,000		111,759
Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025		100,000		109,474
Total Foreign Government Obligations (Cost $433,954)				412,899
MORTGAGE-BACKED SECURITIES - 2.7%
Alternative Loan Trust Series 2007-22, Class 2A16, 6.50%, 09/25/2037		144,166		72,705
BB-UBS Trust Series 2012-TFT, Class A, 2.89%, 06/05/2030 (E)		41,796		41,512
CIM Trust Series 2021-R6, Class A1, 1.43% (D), 07/25/2061 (E)		210,790		195,389

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

Transamerica Funds Semi-Annual Report 2022

Page    20

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		$ 23,007		$ 22,933
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		65,000		65,463
Series 2015-GC27, Class B,
3.77%, 02/10/2048		157,700		153,536
Citigroup Mortgage Loan Trust, Inc. Series 2018-RP1, Class A1, 3.00% (D), 09/25/2064 (E)		36,684		36,325
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (D), 08/10/2050		120,000		121,617
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (E)		83,258		82,593
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (E)		310,000		301,542
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (E)		132,000		129,222
CSMC Trust
Series 2021-RPL2, Class A1A,
1.11% (D), 01/25/2060 (E)		164,101		148,247
Series 2021-RPL6, Class A1,
2.00% (D), 10/25/2060 (E)		148,276		138,463
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class B, 3.45%, 12/10/2036 (E)		150,000		145,247
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 3.22% (D), 03/18/2035		11,347		10,701
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (D), 04/10/2031 (E)		285,000		282,578
Impac CMB Trust Series 2004-6, Class 1A1, 1-Month LIBOR + 0.80%, 1.47% (D), 10/25/2034		15,226		14,986
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.06% (D), 08/25/2037		89,645		78,249
Merrill Lynch Mortgage Investors Trust Series 2003-F, Class A1, 1-Month LIBOR + 0.64%, 1.31% (D), 10/25/2028		9,930		9,675
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (D), 12/25/2052 (E)		31,211		29,828
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (E)		15,346		15,046
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (E)		36,779		35,693
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (E)		28,638		28,114
Series 2016-3A, Class A1B,
3.25% (D), 09/25/2056 (E)		24,681		23,759

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2017-1A, Class A1,
4.00% (D), 02/25/2057 (E)		$ 53,263		$ 52,672
Series 2017-3A, Class A1,
4.00% (D), 04/25/2057 (E)		91,197		90,052
Series 2017-4A, Class A1,
4.00% (D), 05/25/2057 (E)		30,524		29,895
Series 2018-RPL1, Class A1,
3.50% (D), 12/25/2057 (E)		35,457		35,307
Series 2019-4A, Class A1B,
3.50% (D), 12/25/2058 (E)		116,748		114,459
Series 2019-5A, Class A1B,
3.50% (D), 08/25/2059 (E)		102,209		100,542
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (E)		195,000		194,172
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 1.25% (D), 01/19/2034		36,462		35,824
Towd Point Mortgage Trust Series 2021-1, Class A1, 2.25% (D), 11/25/2061 (E)		183,458		174,560
Total Mortgage-Backed Securities (Cost $3,183,461)				3,010,906
U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.1%
Federal Home Loan Mortgage Corp. 12-Month LIBOR + 1.90%, 2.40% (D), 02/01/2041		1,718		1,738
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
1.38%, 06/25/2030		245,000		210,731
2.89%, 06/25/2027		57,733		57,725
3.01%, 07/25/2025		188,000		187,098
3.06% (D), 07/25/2023 - 08/25/2024		448,880		447,795
3.53% (D), 10/25/2023		110,000		110,822
Federal National Mortgage Association
12-Month LIBOR + 1.75%, 2.25% (D), 03/01/2041		482		480
3.33% (D), 10/25/2023		29,014		29,002
3.50%, 11/01/2028 - 01/01/2029		38,717		38,956
4.00%, 10/01/2025 - 07/01/2026		8,102		8,258
4.50%, 02/01/2025		760		775
5.00%, 04/01/2039 - 11/01/2039		65,170		68,352
5.50%, 09/01/2036 - 12/01/2041		123,710		132,815
6.00%, 05/01/2038 - 04/01/2040		66,043		73,013
6.50%, 05/01/2040		18,582		20,261
Government National Mortgage Association, Interest Only STRIPS 0.64% (D), 02/16/2053		84,556		1,578
Tennessee Valley Authority 5.88%, 04/01/2036		79,000		98,447
Uniform Mortgage-Backed Security
2.00%, TBA (J)		2,638,000		2,387,882
2.50%, TBA (J)		2,497,000		2,295,987
3.00%, TBA (J)		1,564,000		1,476,330

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

Transamerica Funds Semi-Annual Report 2022

Page    21

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Uniform Mortgage-Backed Security (continued)
3.50%, TBA (J)		$ 1,655,000		$ 1,606,902
4.00%, TBA (J)		1,123,000		1,117,802
Total U.S. Government Agency Obligations (Cost $10,640,437)				10,372,749
U.S. GOVERNMENT OBLIGATIONS - 10.8%
U.S. Treasury - 9.5%
U.S. Treasury Bond
1.25%, 05/15/2050		589,000		394,630
1.38%, 08/15/2050		102,000		70,547
1.88%, 02/15/2051 - 11/15/2051		749,000		589,951
2.00%, 02/15/2050		301,000		244,010
2.25%, 08/15/2046		95,000		80,498
2.38%, 05/15/2051		95,000		84,016
2.50%, 02/15/2045 - 05/15/2046		355,000		315,478
2.75%, 08/15/2042 - 11/15/2047		632,500		592,626
2.88%, 08/15/2045 - 05/15/2049		356,300		343,146
3.00%, 05/15/2042 - 08/15/2048		166,100		163,409
3.13%, 02/15/2042 - 05/15/2048		269,500		268,787
3.63%, 02/15/2044		242,300		259,261
5.25%, 02/15/2029		309,000		352,743
U.S. Treasury Note
0.13%, 12/31/2022 - 05/31/2023		333,000		326,358
0.25%, 08/31/2025 (B)		249,000		228,039
0.63%, 05/15/2030 - 08/15/2030		672,000		560,964
0.88%, 06/30/2026		435,000		400,013
1.13%, 02/15/2031		635,000		548,655
1.25%, 11/30/2026		381,000		353,794
1.38%, 11/15/2031		397,000		347,189
1.50%, 08/15/2026 - 02/15/2030		517,300		478,037
1.63%, 11/15/2022 - 05/15/2031		1,127,900		1,055,766
1.75%, 05/15/2023		204,000		203,115
1.88%, 02/15/2032		890,000		813,794
2.00%, 02/15/2025		93,000		90,849
2.13%, 05/15/2025 (B)		110,000		107,555
2.25%, 11/15/2025 - 11/15/2027		348,300		338,261
2.38%, 01/31/2023 - 02/29/2024		270,000		270,002
2.50%, 08/15/2023 - 01/31/2024		545,000		545,059
2.88%, 08/15/2028		95,000		94,544
3.13%, 11/15/2028		260,500		263,146
				10,784,242
U.S. Treasury Inflation-Protected Securities - 1.3%
U.S. Treasury Inflation-Protected Indexed Bond
0.25%, 02/15/2050		187,546		178,408
1.75%, 01/15/2028		97,479		109,084
2.50%, 01/15/2029		360,284		426,017
U.S. Treasury Inflation-Protected Indexed Note
0.13%, 07/15/2030		193,592		197,749
0.63%, 01/15/2024		509,430		531,737
				1,442,995
Total U.S. Government Obligations (Cost $13,263,305)				12,227,237

	Principal		Value
COMMERCIAL PAPER - 7.0%
Banks - 2.4%
Bedford Row Funding Corp.
0.30% (K), 05/09/2022		$ 250,000		$ 249,967
0.51% (K), 05/09/2022		333,000		332,956
Korea Development Bank 0.84% (K), 06/08/2022		490,000		489,564
Mackinac Funding Co. LLC 0.68% (K), 06/02/2022		375,000		374,703
Macquarie Bank Ltd. 0.68% (K), 06/06/2022		500,000		499,702
Royal Bank of Canada 1.02% (K), 06/15/2022		360,000		359,596
Standard Chartered Bank 1.10% (K), 06/14/2022		450,000		449,498
				2,755,986
Consumer Finance - 0.4%
Toyota Motor Credit Corp. 1.02% (K), 07/14/2022		500,000		498,840
Diversified Financial Services - 3.1%
Atlantic Asset Securitization LLC 1.43% (K), 08/17/2022		500,000		497,918
Glencove Funding LLC 0.99% (K), 07/08/2022		350,000		349,263
Lexington Parker Capital Co. LLC 0.53% (K), 05/16/2022		475,000		474,860
Longship Funding LLC 0.68% (K), 05/23/2022		425,000		424,785
Ridgefield Funding Co. LLC 1.02% (K), 06/10/2022		500,000		499,499
Sheffield Receivables Co. LLC 1.02% (K), 06/08/2022		500,000		499,532
Starbird Funding Corp. 0.31% (K), 05/13/2022		450,000		449,899
Victory Receivables Corp. 1.02% (K), 07/08/2022		350,000		349,210
				3,544,966
Food Products - 0.5%
Britannia Funding Co. LLC 0.36% (K), 05/13/2022		500,000		499,886
Machinery - 0.2%
Illinois Tool Works, Inc. 0.82% (K), 07/11/2022		250,000		249,472
Software - 0.4%
Manhattan Asset Funding Co. LLC 1.07% (K), 08/02/2022		450,000		448,494
Total Commercial Paper (Cost $7,998,219)				7,997,644
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.3%
U.S. Treasury Bill
0.19% (K), 05/05/2022		125,000		124,999
0.33% (K), 06/02/2022		225,000		224,936
0.39% (K), 06/09/2022 - 06/16/2022		670,000		669,678
0.49% (K), 06/23/2022		50,000		49,957
0.51% (K), 06/30/2022		390,000		389,553
Total Short-Term U.S. Government Obligations (Cost $1,459,262)				1,459,123

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

Transamerica Funds Semi-Annual Report 2022

Page    22

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
OTHER INVESTMENT COMPANY - 1.3%
Securities Lending Collateral - 1.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (K)		1,519,655		$ 1,519,655
Total Other Investment Company (Cost $1,519,655)				1,519,655
Total Investments (Cost $103,829,707)				122,489,382
Net Other Assets (Liabilities) - (7.8)%				(8,883,281	)
Net Assets - 100.0%				$113,606,101

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		3		06/17/2022	$	649,884	$	619,125	$	—	$	(30,759	)

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
Common Stocks	$	66,053,439		$	—	$	—	$	66,053,439
Preferred Stock		7,501			—		—		7,501
Asset-Backed Securities		—			3,082,522		—		3,082,522
Corporate Debt Securities		—			16,345,707		0		16,345,707
Foreign Government Obligations		—			412,899		—		412,899
Mortgage-Backed Securities		—			3,010,906		—		3,010,906
U.S. Government Agency Obligations		—			10,372,749		—		10,372,749
U.S. Government Obligations		—			12,227,237		—		12,227,237
Commercial Paper		—			7,997,644		—		7,997,644
Short-Term U.S. Government Obligations		—			1,459,123		—		1,459,123
Other Investment Company		1,519,655			—		—		1,519,655
Total Investments	$	67,580,595		$	54,908,787	$	0	$	122,489,382
LIABILITIES
Other Financial Instruments
Futures Contracts (N)	$	(30,759	)	$	—	$	—	$	(30,759	)
Total Other Financial Instruments	$	(30,759	)	$	—	$	—	$	(30,759	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,159,759, collateralized by cash collateral of $1,519,655 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $685,584. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Percentage rounds to less than 0.1% or (0.1)%.

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

Transamerica Funds Semi-Annual Report 2022

Page    23

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $10,824,283, representing 9.5% of the Fund’s net assets.
(F)	Perpetual maturity. The date displayed is the next call date.
(G)	Security is Level 3 of the fair value hierarchy.
(H)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2022, the value of the security is $0, representing 0.00% of the Fund’s net assets.
(I)	Security deemed worthless.
(J)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(K)	Rates disclosed reflect the yields at April 30, 2022.
(L)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(M)	Level 3 securities were not considered significant to the Fund.
(N)	Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
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 2022

Page    24

Transamerica Bond

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 15.4%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (A)		$521,023		$536,637
Accelerated LLC
Series 2021-1H, Class B, 1.90%, 10/20/2040 (A)		4,529,464		4,212,656
Series 2021-1H, Class D, 3.58%, 10/20/2040 (A)		2,712,742		2,517,189
Anchorage Capital CLO 16 Ltd. Series 2020-16A, Class CR, 3-Month LIBOR + 2.40%, 3.44% (B), 01/19/2035 (A)		2,700,000		2,648,371
Anchorage Capital CLO 25 Ltd. Series 2022-25A, Class C, 3-Month SOFR + 2.35%, 2.59% (B), 04/20/2035 (A)		4,400,000		4,375,527
Anchorage Capital CLO 9 Ltd. Series 2016-9A, Class AR2, 3-Month LIBOR + 1.14%, 2.18% (B), 07/15/2032 (A)		3,600,000		3,574,836
Apidos CLO XXXI Series 2019-31A, Class BR, 3-Month LIBOR + 1.55%, 2.59% (B), 04/15/2031 (A)		2,500,000		2,470,885
Aqua Finance Trust Series 2021-A, Class A, 1.54%, 07/17/2046 (A)		3,184,550		3,003,701
Battalion CLO XVI Ltd. Series 2019-16A, Class CR, 3-Month LIBOR + 2.25%, 3.31% (B), 12/19/2032 (A)		3,100,000		3,021,843
Battalion CLO XXI Ltd. Series 2021-21A, Class A, 3-Month LIBOR + 1.18%, 2.22% (B), 07/15/2034 (A)		2,880,000		2,843,873
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (A)		124,010		122,492
BXG Receivables Note Trust
Series 2015-A, Class A, 2.88%, 05/02/2030 (A)		463,040		458,907
Series 2020-A, Class A, 1.55%, 02/28/2036 (A)		1,234,691		1,160,033
CARS-DB4 LP
Series 2020-1A, Class A1, 2.69%, 02/15/2050 (A)		1,102,460		1,068,100
Series 2020-1A, Class A4, 3.19%, 02/15/2050 (A)		5,983,706		5,778,958
CARS-DB5 LP Series 2021-1A, Class A3, 1.92%, 08/15/2051 (A)		4,120,000		3,702,902
CIFC Funding Ltd. Series 2015-2A, Class BR2, 3-Month LIBOR + 1.50%, 2.54% (B), 04/15/2030 (A)		7,030,000		6,978,751
Countrywide Asset-Backed Certificates Series 2002-S3, Class A5, 4.93% (B), 05/25/2032		6,731		6,643

	Principal		Value
ASSET-BACKED SECURITIES (continued)
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 02/27/2051 (A)		$ 5,727,000		$ 5,248,296
Diamond Infrastructure Funding LLC Series 2021-1A, Class A, 1.76%, 04/15/2049 (A)		3,375,000		2,991,859
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 02/20/2032 (A)		760,187		750,938
ExteNet LLC Series 2019-1A, Class A2, 3.20%, 07/26/2049 (A)		2,765,000		2,738,092
GoodLeap Sustainable Home Solutions Trust
Series 2021-4GS, Class A, 1.93%, 07/20/2048 (A)		2,977,738		2,628,841
Series 2021-5CS, Class A, 2.31%, 10/20/2048 (A)		3,272,266		2,937,824
Series 2022-1GS, Class A, 2.70%, 01/20/2049 (A)		4,161,215		3,802,735
GSAA Home Equity Trust Series 2006-1, Class A3, 1-Month LIBOR + 0.66%, 1.33% (B), 01/25/2036		1,047,548		540,645
Hilton Grand Vacations Trust Series 2018-AA, Class C, 4.00%, 02/25/2032 (A)		617,521		608,395
ICG US CLO Ltd. Series 2014-1A, Class A1A2, 3-Month LIBOR + 1.20%, 2.26% (B), 10/20/2034 (A)		4,500,000		4,439,552
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048 (A)		373,740		374,966
JGWPT XXIII LLC Series 2011-1A, Class A, 4.70%, 10/15/2056 (A)		1,218,268		1,258,938
Lehman XS Trust Series 2005-8, Class 1A3, 1-Month LIBOR + 0.70%, 1.37% (B), 12/25/2035		908,641		992,715
Longfellow Place CLO Ltd. Series 2013-1A, Class AR3, 3-Month LIBOR + 1.00%, 2.04% (B), 04/15/2029 (A)		3,038,811		3,025,914
MVW LLC
Series 2019-2A, Class B, 2.44%, 10/20/2038 (A)		801,236		768,040
Series 2021-1WA, Class C, 1.94%, 01/22/2041 (A)		2,500,271		2,330,470
MVW Owner Trust Series 2019-1A, Class A, 2.89%, 11/20/2036 (A)		1,388,307		1,359,495
NADG NNN Operating LP Series 2019-1, Class A, 3.37%, 12/28/2049 (A)		5,386,417		5,212,394

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

Transamerica Funds Semi-Annual Report 2022

Page    25

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
New Residential Advance Receivables Trust
Series 2020-APT1, Class DT1, 2.00%, 12/16/2052 (A)		$ 400,000		$ 393,448
Series 2020-T1, Class AT1, 1.43%, 08/15/2053 (A)		13,300,000		12,972,319
Series 2020-T1, Class BT1, 1.82%, 08/15/2053 (A)		2,400,000		2,336,173
Series 2020-T1, Class DT1, 3.01%, 08/15/2053 (A)		3,390,000		3,303,831
NRZ Advance Receivables Trust
Series 2020-T2, Class AT2, 1.48%, 09/15/2053 (A)		20,913,000		20,256,188
Series 2020-T2, Class CT2, 2.17%, 09/15/2053 (A)		1,200,000		1,162,450
Series 2020-T3, Class AT3, 1.32%, 10/15/2052 (A)		4,144,000		4,138,486
Series 2020-T3, Class BT3, 1.57%, 10/15/2052 (A)		120,000		119,919
Series 2020-T3, Class CT3, 1.81%, 10/15/2052 (A)		600,000		600,006
Series 2020-T3, Class DT3, 2.46%, 10/15/2052 (A)		480,000		480,227
Octagon 54 Ltd. Series 2021-1A, Class A1, 3-Month LIBOR + 1.12%, 2.16% (B), 07/15/2034 (A)		2,750,000		2,714,825
Ocwen Master Advance Receivables Trust
Series 2020-T1, Class AT1, 1.28%, 08/15/2052 (A)		9,477,095		9,435,958
Series 2020-T1, Class BT1, 1.77%, 08/15/2052 (A)		1,335,937		1,329,502
Series 2020-T1, Class CT1, 2.32%, 08/15/2052 (A)		553,674		551,731
Series 2020-T1, Class DT1, 3.06%, 08/15/2052 (A)		1,298,463		1,295,975
Orange Lake Timeshare Trust
Series 2016-A, Class A, 2.61%, 03/08/2029 (A)		232,510		232,311
Series 2018-A, Class C, 3.74%, 11/08/2030 (A)		474,918		471,923
Series 2019-A, Class A, 3.06%, 04/09/2038 (A)		372,914		362,669
Series 2019-A, Class C, 3.61%, 04/09/2038 (A)		372,912		363,214
OZLM Funding IV Ltd. Series 2013-4A, Class A2R, 3-Month LIBOR + 1.70%, 2.84% (B), 10/22/2030 (A)		3,750,000		3,718,256
Pikes Peak CLO 4 Series 2019-4A, Class AR, 3-Month LIBOR + 1.20%, 2.24% (B), 07/15/2034 (A)		4,395,000		4,345,969
Sierra Timeshare Receivables Funding LLC
Series 2018-3A, Class A, 3.69%, 09/20/2035 (A)		600,073		602,124
Series 2018-3A, Class D, 5.20%, 09/20/2035 (A)		645,361		646,283
Series 2019-1A, Class B, 3.42%, 01/20/2036 (A)		457,722		451,160

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC (continued)
Series 2019-2A, Class A, 2.59%, 05/20/2036 (A)		$ 626,136		$ 612,475
Series 2019-2A, Class D, 4.54%, 05/20/2036 (A)		635,286		620,290
Series 2020-2A, Class A, 1.33%, 07/20/2037 (A)		312,881		296,879
Series 2020-2A, Class B, 2.32%, 07/20/2037 (A)		1,519,403		1,475,852
Series 2021-1A, Class C, 1.79%, 11/20/2037 (A)		3,193,537		3,027,296
Series 2021-1A, Class D, 3.17%, 11/20/2037 (A)		2,213,395		2,105,730
SPS Servicer Advance Receivables Trust II
Series 2020-T1, Class AT1, 1.28%, 11/15/2052 (A)		3,169,333		3,141,327
Series 2020-T1, Class CT1, 1.82%, 11/15/2052 (A)		654,667		649,088
Series 2020-T1, Class DT1, 2.37%, 11/15/2052 (A)		360,000		356,954
STORE Master Funding I LLC Series 2015-1A, Class A2, 4.17%, 04/20/2045 (A)		1,037,375		1,010,222
STORE Master Funding I-VII & XIV Series 2019-1, Class A3, 3.32%, 11/20/2049 (A)		1,129,189		1,073,339
Sunnova Helios II Issuer LLC Series 2021-A, Class A, 1.80%, 02/20/2048 (A)		2,490,071		2,278,945
TICP CLO III Ltd. Series 2018-3R, Class B, 3-Month LIBOR + 1.35%, 2.41% (B), 04/20/2028 (A)		1,250,000		1,250,563
Towd Point Mortgage Trust
Series 2016-2, Class A1A, 2.75% (B), 08/25/2055 (A)		17,481		17,457
Series 2016-4, Class A1, 2.25% (B), 07/25/2056 (A)		86,883		86,790
Series 2017-1, Class A1, 2.75% (B), 10/25/2056 (A)		542,843		541,066
Series 2017-3, Class A1, 2.75% (B), 07/25/2057 (A)		382,696		381,927
Series 2017-4, Class A1, 2.75% (B), 06/25/2057 (A)		2,441,079		2,401,431
Series 2017-6, Class A1, 2.75% (B), 10/25/2057 (A)		2,339,651		2,302,371
Series 2018-2, Class A1, 3.25% (B), 03/25/2058 (A)		2,101,660		2,089,173
Series 2018-4, Class A1, 3.00% (B), 06/25/2058 (A)		3,417,064		3,322,407
Series 2018-5, Class A1A, 3.25% (B), 07/25/2058 (A)		1,245,524		1,236,905
Series 2019-1, Class A1, 3.66% (B), 03/25/2058 (A)		6,197,664		6,113,667
Series 2020-4, Class A1, 1.75%, 10/25/2060 (A)		9,229,922		8,567,649
Vantage Data Centers Issuer LLC Series 2020-1A, Class A2, 1.65%, 09/15/2045 (A)		6,085,000		5,577,587

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

Transamerica Funds Semi-Annual Report 2022

Page    26

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
VSE VOI Mortgage LLC Series 2018-A, Class A, 3.56%, 02/20/2036 (A)		$ 407,543		$ 407,394
Welk Resorts LLC Series 2019-AA, Class A, 2.80%, 06/15/2038 (A)		884,453		875,927
Wellfleet CLO Ltd.
Series 2015-1A, Class BR4, 3-Month LIBOR + 1.55%, 2.61% (B), 07/20/2029 (A)		3,815,000		3,774,008
Series 2016-2A, Class A2R, 3-Month LIBOR + 1.58%, 2.64% (B), 10/20/2028 (A)		4,975,000		4,937,832
Series 2017-2A, Class A2R, 3-Month LIBOR + 1.62%, 2.68% (B), 10/20/2029 (A)		4,000,000		3,968,604
Total Asset-Backed Securities (Cost $235,179,008)				227,278,515
CORPORATE DEBT SECURITIES - 51.5%
Aerospace & Defense - 0.9%
BAE Systems PLC 3.40%, 04/15/2030 (A)		1,460,000		1,363,356
Boeing Co.
5.15%, 05/01/2030		3,195,000		3,185,109
5.93%, 05/01/2060		2,833,000		2,813,634
Embraer Finance BV 6.95%, 01/17/2028 (A)		2,343,000		2,357,234
Huntington Ingalls Industries, Inc. 2.04%, 08/16/2028 (A)		3,768,000		3,296,020
				13,015,353
Air Freight & Logistics - 0.3%
GXO Logistics, Inc. 2.65%, 07/15/2031 (A)		5,315,000		4,362,903
Airlines - 1.2%
American Airlines Pass-Through Trust
3.15%, 08/15/2033		2,336,812		2,105,876
3.70%, 04/01/2028		1,128,549		1,074,651
4.00%, 01/15/2027		1,643,983		1,547,176
Delta Air Lines Pass-Through Trust 3.20%, 10/25/2025		1,655,000		1,629,636
Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.75%, 10/20/2028 (A)		2,086,000		2,069,193
JetBlue Pass-Through Trust 2.75%, 11/15/2033		2,604,923		2,344,565
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027 (A)		2,916,556		2,974,887
United Airlines Pass-Through Trust
2.70%, 11/01/2033		983,293		876,390
3.75%, 03/03/2028		1,312,023		1,282,394
4.15%, 02/25/2033		1,911,197		1,869,853
US Airways Pass-Through Trust 3.95%, 05/15/2027		224,229		212,300
				17,986,921
Auto Components - 0.4%
Aptiv PLC / Aptiv Corp. 3.25%, 03/01/2032 (C)		1,762,000		1,556,342

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Auto Components (continued)
Clarios Global LP / Clarios US Finance Co. 6.25%, 05/15/2026 (A)		$ 2,977,000		$ 3,006,770
Weichai International Hong Kong Energy Group Co. Ltd. Fixed until 09/14/2022 (D), 3.75% (B) (E)		1,600,000		1,603,288
				6,166,400
Automobiles - 0.2%
General Motors Co. 6.25%, 10/02/2043		2,723,000		2,820,083
Banks - 5.5%
ABN AMRO Bank NV Fixed until 12/13/2031, 3.32% (B), 03/13/2037 (A)		3,600,000		3,032,009
Banco Santander SA 2.75%, 12/03/2030		3,600,000		2,945,757
Bank of America Corp.
Fixed until 09/21/2031, 2.48% (B), 09/21/2036		3,809,000		3,053,844
Fixed until 06/19/2040, 2.68% (B), 06/19/2041		3,406,000		2,553,766
Fixed until 04/27/2032, 4.57% (B), 04/27/2033		6,338,000		6,320,358
Barclays PLC Fixed until 03/15/2028 (D), 4.38% (B)		5,310,000		4,427,213
BBVA Bancomer SA
Fixed until 09/13/2029, 5.88% (B), 09/13/2034 (A)		4,955,000		4,720,629
6.75%, 09/30/2022 (A) (C)		1,500,000		1,519,275
BPCE SA 4.50%, 03/15/2025 (A)		4,654,000		4,639,383
Citigroup, Inc. Fixed until 12/10/2025 (D), 4.00% (B)		3,111,000		2,823,233
Commerzbank AG 8.13%, 09/19/2023 (A)		4,661,000		4,852,364
Credit Suisse AG 6.50%, 08/08/2023 (A)		3,070,000		3,146,750
Intesa Sanpaolo SpA
Fixed until 06/01/2031, 4.20% (B), 06/01/2032 (A)		3,837,000		3,181,758
5.02%, 06/26/2024 (A)		595,000		581,974
JPMorgan Chase & Co.
Fixed until 01/25/2032, 2.96% (B), 01/25/2033		3,473,000		3,059,358
Fixed until 02/01/2025 (D), 4.60% (B)		5,533,000		5,092,407
Lloyds Banking Group PLC
Fixed until 09/14/2041, 3.37% (B), 12/14/2046		3,629,000		2,717,586
Fixed until 06/27/2026 (D), 6.75% (B) (C)		2,567,000		2,585,482
Truist Financial Corp. Fixed until 09/01/2025 (D), 4.95% (B) (C)		5,369,000		5,362,289
UniCredit SpA
Fixed until 06/03/2031, 3.13% (B), 06/03/2032 (A)		5,335,000		4,414,669
Fixed until 06/30/2030, 5.46% (B), 06/30/2035 (A)		1,858,000		1,678,099

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

Transamerica Funds Semi-Annual Report 2022

Page    27

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Wells Fargo & Co.
Fixed until 03/15/2026 (D), 3.90% (B)		$ 3,903,000		$ 3,561,292
4.61% (B), 04/25/2053		4,601,000		4,554,911
Wells Fargo Bank NA 5.95%, 08/26/2036		459,000		509,993
				81,334,399
Beverages - 0.9%
Anheuser-Busch InBev Worldwide, Inc.
4.44%, 10/06/2048		1,089,000		1,002,890
4.75%, 01/23/2029		5,088,000		5,240,686
Constellation Brands, Inc.
3.15%, 08/01/2029		1,344,000		1,234,429
3.70%, 12/06/2026		771,000		764,653
Primo Water Holdings, Inc. 4.38%, 04/30/2029 (A)		5,160,000		4,483,885
				12,726,543
Biotechnology - 0.5%
AbbVie, Inc.
3.20%, 05/14/2026		1,682,000		1,639,192
3.25%, 10/01/2022		770,000		771,683
4.05%, 11/21/2039		1,711,000		1,569,073
Amgen, Inc. 2.00%, 01/15/2032		2,822,000		2,333,074
CSL UK Holdings Ltd. 4.63%, 04/27/2042 (A)		1,546,000		1,522,057
				7,835,079
Building Products - 0.8%
Builders FirstSource, Inc. 5.00%, 03/01/2030 (A)		859,000		794,575
Carlisle Cos., Inc.
2.20%, 03/01/2032		2,572,000		2,098,613
3.75%, 12/01/2027		2,784,000		2,714,043
Carrier Global Corp. 2.72%, 02/15/2030		2,936,000		2,598,920
Owens Corning 7.00%, 12/01/2036		1,811,000		2,083,924
Standard Industries, Inc. 3.38%, 01/15/2031 (A)		2,179,000		1,740,280
				12,030,355
Capital Markets - 2.2%
Charles Schwab Corp. Fixed until 12/01/2027 (D), 5.00% (B) (C)		3,340,000		3,046,748
Credit Suisse Group AG Fixed until 08/21/2026 (D), 6.38% (A) (B) (C)		7,047,000		6,633,975
Deutsche Bank AG Fixed until 04/08/2030, 5.88% (B), 07/08/2031		3,012,000		2,927,577
Goldman Sachs Group, Inc. Fixed until 02/24/2032, 3.10% (B), 02/24/2033		5,793,000		5,065,792
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 2.63%, 10/15/2031		3,449,000		2,839,168
Lazard Group LLC 4.50%, 09/19/2028		2,336,000		2,320,082
LPL Holdings, Inc. 4.00%, 03/15/2029 (A)		3,175,000		2,889,250

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Morgan Stanley
Fixed until 09/16/2031, 2.48% (B), 09/16/2036		$ 3,556,000		$ 2,848,567
4.00%, 07/23/2025		4,024,000		4,022,464
				32,593,623
Chemicals - 0.6%
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028 (A)		1,005,000		884,400
International Flavors & Fragrances, Inc. 2.30%, 11/01/2030 (A)		2,647,000		2,223,504
Mosaic Co. 4.05%, 11/15/2027		800,000		794,347
NOVA Chemicals Corp. 4.88%, 06/01/2024 (A)		2,800,000		2,761,500
Nutrien Ltd. 4.20%, 04/01/2029		2,514,000		2,513,365
				9,177,116
Commercial Services & Supplies - 1.0%
ADT Security Corp. 4.13%, 08/01/2029 (A)		2,728,000		2,316,154
Ashtead Capital, Inc.
2.45%, 08/12/2031 (A)		1,494,000		1,219,242
4.25%, 11/01/2029 (A)		1,358,000		1,298,491
Stericycle, Inc.
3.88%, 01/15/2029 (A)		1,868,000		1,647,296
5.38%, 07/15/2024 (A)		3,987,000		3,973,285
Triton Container International Ltd. / TAL International Container Corp. 3.25%, 03/15/2032		5,371,000		4,582,219
				15,036,687
Communications Equipment - 0.5%
CommScope, Inc. 4.75%, 09/01/2029 (A)		7,885,000		6,592,570
Construction & Engineering - 0.6%
Ashton Woods USA LLC / Ashton Woods Finance Co. 4.63%, 08/01/2029 - 04/01/2030 (A)		2,660,000		2,209,198
IHS Holding Ltd. 5.63%, 11/29/2026 (A)		2,561,000		2,432,950
IHS Netherlands Holdco BV 8.00%, 09/18/2027 (A)		1,975,000		1,982,702
Quanta Services, Inc. 2.90%, 10/01/2030		2,043,000		1,784,643
				8,409,493
Construction Materials - 0.5%
CRH America Finance, Inc. 3.40%, 05/09/2027 (A) (C)		2,580,000		2,520,482
Holcim Finance US LLC 3.50%, 09/22/2026 (A)		2,427,000		2,376,260
Martin Marietta Materials, Inc. 2.50%, 03/15/2030		2,925,000		2,554,273
				7,451,015
Consumer Finance - 1.1%
Ally Financial, Inc. 8.00%, 11/01/2031		3,848,000		4,582,533

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

Transamerica Funds Semi-Annual Report 2022

Page    28

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
BMW US Capital LLC 2.80%, 04/11/2026 (A)		$ 2,644,000		$ 2,553,331
Ford Motor Credit Co. LLC 3.38%, 11/13/2025		4,705,000		4,434,768
Nissan Motor Acceptance Co. LLC 2.45%, 09/15/2028 (A)		3,359,000		2,860,650
Volkswagen Group of America Finance LLC 1.63%, 11/24/2027 (A) (C)		2,089,000		1,825,892
				16,257,174
Containers & Packaging - 1.2%
Clydesdale Acquisition Holdings, Inc. 6.63%, 04/15/2029 (A)		2,004,000		2,016,525
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024 (A)		5,810,000		5,667,655
Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC 4.00%, 10/15/2027 (A)		6,000,000		5,235,000
Sonoco Products Co.
2.25%, 02/01/2027		2,168,000		2,015,519
2.85%, 02/01/2032		846,000		740,448
WRKCo, Inc. 3.90%, 06/01/2028		2,405,000		2,350,746
				18,025,893
Diversified Financial Services - 3.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.85%, 10/29/2041		3,574,000		2,776,554
4.45%, 04/03/2026		3,579,000		3,495,468
4.50%, 09/15/2023		4,183,000		4,192,390
Aviation Capital Group LLC
1.95%, 01/30/2026 (A)		1,920,000		1,716,442
3.50%, 11/01/2027 (A)		1,507,000		1,387,712
5.50%, 12/15/2024 (A)		6,418,000		6,517,110
Element Fleet Management Corp.
1.60%, 04/06/2024 (A)		1,549,000		1,488,078
3.85%, 06/15/2025 (A)		3,784,000		3,760,736
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 4.25%, 02/01/2027 (A)		5,711,000		5,249,551
Mexico Remittances Funding Fiduciary Estate Management SARL 4.88%, 01/15/2028 (A)		6,098,000		5,092,440
United Wholesale Mortgage LLC 5.50%, 11/15/2025 (A)		4,725,000		4,339,676
Virgin Media Secured Finance PLC
4.50%, 08/15/2030 (A)		2,800,000		2,430,008
5.50%, 05/15/2029 (A)		3,940,000		3,644,500
				46,090,665
Diversified Telecommunication Services - 1.2%
Axian Telecom 7.38%, 02/16/2027 (A)		1,148,000		1,114,074
Level 3 Financing, Inc. 3.40%, 03/01/2027 (A)		4,475,000		4,027,500
Lumen Technologies, Inc.
5.13%, 12/15/2026 (A)		4,440,000		3,996,000
7.50%, 04/01/2024		1,750,000		1,797,250

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.
1.68%, 10/30/2030		$ 1,973,000		$ 1,600,975
1.75%, 01/20/2031		2,923,000		2,389,489
4.13%, 03/16/2027		2,134,000		2,144,475
				17,069,763
Electric Utilities - 1.0%
Cleveland Electric Illuminating Co. 3.50%, 04/01/2028 (A)		5,178,000		4,879,302
EDP Finance BV 3.63%, 07/15/2024 (A)		6,300,000		6,245,643
NRG Energy, Inc.
3.38%, 02/15/2029 (A)		598,000		506,805
3.63%, 02/15/2031 (A)		854,000		710,955
Pacific Gas & Electric Co. 2.50%, 02/01/2031		2,323,000		1,840,824
				14,183,529
Electronic Equipment, Instruments & Components - 0.4%
Arrow Electronics, Inc. 2.95%, 02/15/2032		1,991,000		1,706,837
Keysight Technologies, Inc. 4.60%, 04/06/2027		2,980,000		3,058,377
Sensata Technologies, Inc.
3.75%, 02/15/2031 (A)		210,000		177,563
4.38%, 02/15/2030 (A)		1,498,000		1,362,716
				6,305,493
Energy Equipment & Services - 0.2%
Investment Energy Resources Ltd. 6.25%, 04/26/2029 (A)		1,793,000		1,768,794
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (A)		1,737,000		1,685,296
				3,454,090
Equity Real Estate Investment Trusts - 3.1%
Broadstone Net Lease LLC 2.60%, 09/15/2031		3,745,000		3,146,529
Corporate Office Properties LP
2.00%, 01/15/2029 (C)		879,000		733,581
2.25%, 03/15/2026		1,251,000		1,161,162
2.75%, 04/15/2031		670,000		569,128
EPR Properties 3.75%, 08/15/2029		2,420,000		2,144,902
HAT Holdings I LLC / HAT Holdings II LLC 3.38%, 06/15/2026 (A)		1,830,000		1,680,910
Host Hotels & Resorts LP 2.90%, 12/15/2031		2,275,000		1,923,185
Invitation Homes Operating Partnership LP 4.15%, 04/15/2032		1,602,000		1,533,100
Iron Mountain, Inc. 5.25%, 03/15/2028 (A)		3,750,000		3,571,987
iStar, Inc.
4.25%, 08/01/2025		2,171,000		2,083,509
5.50%, 02/15/2026		3,496,000		3,402,902
Office Properties Income Trust 3.45%, 10/15/2031		2,556,000		2,004,386
Physicians Realty LP 2.63%, 11/01/2031		3,138,000		2,641,481

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

Transamerica Funds Semi-Annual Report 2022

Page    29

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Piedmont Operating Partnership LP 2.75%, 04/01/2032		$ 2,053,000		$ 1,666,940
SBA Tower Trust
1.63%, 05/15/2051 (A)		1,660,000		1,532,706
2.84%, 01/15/2050 (A)		6,883,000		6,682,431
3.45%, 03/15/2048 (A)		995,000		996,104
Simon Property Group LP 2.20%, 02/01/2031		2,546,000		2,160,210
VICI Properties LP 4.95%, 02/15/2030 (C)		3,802,000		3,776,108
Weyerhaeuser Co. 4.00%, 04/15/2030		2,433,000		2,343,807
				45,755,068
Food & Staples Retailing - 0.9%
7-Eleven, Inc. 1.80%, 02/10/2031 (A)		4,817,000		3,899,166
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP 4.63%, 01/15/2027 (A)		4,890,000		4,580,341
InRetail Consumer 3.25%, 03/22/2028 (A)		3,042,000		2,692,201
Sysco Corp. 5.95%, 04/01/2030		2,267,000		2,472,687
				13,644,395
Food Products - 1.0%
Bunge Ltd. Finance Corp.
1.63%, 08/17/2025		2,035,000		1,893,020
2.75%, 05/14/2031		3,156,000		2,734,975
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 3.00%, 02/02/2029 (A)		2,556,000		2,278,061
Pilgrim’s Pride Corp. 3.50%, 03/01/2032 (A)		3,473,000		2,934,685
Post Holdings, Inc.
4.63%, 04/15/2030 (A)		680,000		581,400
5.50%, 12/15/2029 (A)		3,964,000		3,607,240
5.63%, 01/15/2028 (A)		800,000		756,400
				14,785,781
Health Care Equipment & Supplies - 0.6%
Alcon Finance Corp. 2.75%, 09/23/2026 (A)		2,053,000		1,955,852
Boston Scientific Corp. 4.70%, 03/01/2049		529,000		529,768
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030		2,596,000		2,312,304
Mozart Debt Merger Sub, Inc.
3.88%, 04/01/2029 (A)		2,443,000		2,131,518
5.25%, 10/01/2029 (A) (C)		489,000		425,430
Stryker Corp. 1.95%, 06/15/2030		2,312,000		1,961,531
				9,316,403
Health Care Providers & Services - 1.8%
Anthem, Inc. 2.25%, 05/15/2030		2,121,000		1,836,127
Centene Corp.
3.00%, 10/15/2030		2,115,000		1,840,050

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Centene Corp. (continued)
3.38%, 02/15/2030		$ 3,806,000		$ 3,400,471
4.25%, 12/15/2027		1,047,000		1,011,590
CHS / Community Health Systems, Inc.
5.25%, 05/15/2030 (A)		1,927,000		1,689,305
8.00%, 03/15/2026 (A)		725,000		749,505
Cigna Corp. 2.40%, 03/15/2030		2,085,000		1,825,750
CVS Health Corp. 4.78%, 03/25/2038		4,372,000		4,331,845
HCA, Inc.
4.13%, 06/15/2029		3,725,000		3,571,104
7.50%, 11/06/2033		1,031,000		1,208,848
Laboratory Corp. of America Holdings 2.95%, 12/01/2029		1,695,000		1,548,957
Molina Healthcare, Inc. 4.38%, 06/15/2028 (A)		1,730,000		1,616,962
Tenet Healthcare Corp. 5.13%, 11/01/2027 (A)		1,400,000		1,359,351
				25,989,865
Hotels, Restaurants & Leisure - 2.3%
Boyd Gaming Corp. 4.75%, 12/01/2027		849,000		802,424
Boyne USA, Inc. 4.75%, 05/15/2029 (A)		999,000		926,573
Expedia Group, Inc.
2.95%, 03/15/2031		846,000		726,862
3.80%, 02/15/2028		1,761,000		1,678,951
GLP Capital LP / GLP Financing II, Inc. 4.00%, 01/15/2030		2,357,000		2,192,199
Hilton Domestic Operating Co., Inc. 3.75%, 05/01/2029 (A)		3,099,000		2,807,756
Hyatt Hotels Corp. 1.80%, 10/01/2024		1,368,000		1,301,105
International Game Technology PLC 6.50%, 02/15/2025 (A)		2,792,000		2,840,860
Magallanes, Inc. 5.05%, 03/15/2042 (A)		3,726,000		3,393,628
Marriott International, Inc.
2.75%, 10/15/2033		2,965,000		2,439,674
5.75%, 05/01/2025		292,000		306,200
MGM Resorts International
4.75%, 10/15/2028 (C)		1,627,000		1,494,481
5.75%, 06/15/2025		3,379,000		3,356,124
NCL Corp. Ltd. 5.88%, 03/15/2026 (A)		3,416,000		3,155,735
Royal Caribbean Cruises Ltd. 5.50%, 04/01/2028 (A) (C)		1,364,000		1,244,650
Scientific Games International, Inc.
7.00%, 05/15/2028 (A)		699,000		715,627
7.25%, 11/15/2029 (A) (C)		796,000		833,917
Viking Cruises Ltd. 5.88%, 09/15/2027 (A)		4,525,000		3,833,354
				34,050,120
Household Durables - 0.5%
Century Communities, Inc.
3.88%, 08/15/2029 (A)		2,383,000		1,998,741

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

Transamerica Funds Semi-Annual Report 2022

Page    30

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables (continued)
Century Communities, Inc. (continued)
6.75%, 06/01/2027		$ 1,319,000		$ 1,333,522
D.R. Horton, Inc. 4.38%, 09/15/2022		2,438,000		2,444,215
KB Home 7.63%, 05/15/2023		795,000		814,875
				6,591,353
Independent Power & Renewable Electricity Producers - 0.3%
Calpine Corp. 3.75%, 03/01/2031 (A)		4,515,000		3,803,887
Industrial Conglomerates - 0.1%
General Electric Co. 3-Month LIBOR + 3.33%, 4.16% (B), 06/15/2022 (D)		1,442,000		1,362,502
Insurance - 2.4%
AXA SA 8.60%, 12/15/2030		3,593,000		4,522,473
Cloverie PLC for Zurich Insurance Co. Ltd. Fixed until 06/24/2026, 5.63% (B), 06/24/2046 (E)		6,400,000		6,524,979
Fairfax Financial Holdings Ltd. 3.38%, 03/03/2031		5,700,000		5,069,313
Global Atlantic Finance Co. Fixed until 07/15/2026, 4.70% (B), 10/15/2051 (A)		5,907,000		5,360,603
Ohio National Financial Services, Inc.
5.80%, 01/24/2030 (A)		5,254,000		5,243,282
6.63%, 05/01/2031 (A)		1,451,000		1,492,811
Prudential Financial, Inc. Fixed until 07/01/2030, 3.70% (B), 10/01/2050		1,788,000		1,565,877
Reinsurance Group of America, Inc. 3-Month LIBOR + 2.67%, 3.49% (B), 12/15/2065		6,275,000		5,616,125
				35,395,463
Interactive Media & Services - 0.3%
Baidu, Inc. 4.38%, 05/14/2024		2,436,000		2,464,483
Tencent Holdings Ltd. 3.28%, 04/11/2024 (A)		1,686,000		1,672,768
				4,137,251
IT Services - 0.2%
Gartner, Inc. 4.50%, 07/01/2028 (A)		413,000		395,826
Rackspace Technology Global, Inc. 3.50%, 02/15/2028 (A)		3,084,000		2,667,259
				3,063,085
Leisure Products - 0.0% (F)
Mattel, Inc. 5.88%, 12/15/2027 (A)		360,000		368,280
Life Sciences Tools & Services - 0.1%
Charles River Laboratories International, Inc.
3.75%, 03/15/2029 (A)		846,000		765,630

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Life Sciences Tools & Services (continued)
Charles River Laboratories International, Inc. (continued)
4.00%, 03/15/2031 (A)		$ 846,000		$ 755,317
				1,520,947
Machinery - 0.1%
Flowserve Corp. 2.80%, 01/15/2032		2,566,000		2,115,632
Marine - 0.2%
MV24 Capital BV 6.75%, 06/01/2034 (A)		3,409,089		3,232,669
Media - 1.8%
Charter Communications Operating LLC / Charter Communications Operating Capital 5.13%, 07/01/2049		4,520,000		3,892,240
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/2027 (A)		1,443,000		1,355,987
7.50%, 06/01/2029 (A)		1,392,000		1,313,630
Comcast Corp. 4.15%, 10/15/2028		3,261,000		3,286,505
CSC Holdings LLC
4.50%, 11/15/2031 (A)		2,454,000		2,031,268
4.63%, 12/01/2030 (A)		1,217,000		931,005
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026 (A)		1,040,000		379,600
6.63%, 08/15/2027 (A)		690,000		143,175
Directv Financing LLC / Directv Financing Co-Obligor, Inc. 5.88%, 08/15/2027 (A)		1,031,000		970,429
DISH DBS Corp.
5.00%, 03/15/2023		1,500,000		1,486,020
5.88%, 07/15/2022		5,471,000		5,477,510
Gray Television, Inc. 4.75%, 10/15/2030 (A)		1,640,000		1,417,452
Paramount Global 4.20%, 05/19/2032		1,611,000		1,487,425
Univision Communications, Inc. 6.63%, 06/01/2027 (A)		725,000		726,813
VZ Secured Financing BV 5.00%, 01/15/2032 (A)		1,917,000		1,653,412
				26,552,471
Metals & Mining - 0.8%
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		5,502,000		5,514,985
Glencore Funding LLC 2.63%, 09/23/2031 (A)		2,750,000		2,298,881
Novelis Corp.
3.25%, 11/15/2026 (A)		236,000		215,338
3.88%, 08/15/2031 (A)		236,000		202,370
Teck Resources Ltd. 6.25%, 07/15/2041		2,662,000		2,892,154
				11,123,728
Multi-Utilities - 0.3%
Black Hills Corp.
3.15%, 01/15/2027		1,874,000		1,807,162
4.25%, 11/30/2023		2,854,000		2,889,415
				4,696,577

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

Transamerica Funds Semi-Annual Report 2022

Page    31

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels - 3.6%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.38%, 06/15/2029 (A)		$ 1,175,000		$ 1,101,762
7.88%, 05/15/2026 (A)		2,739,000		2,863,944
Boardwalk Pipelines LP 3.40%, 02/15/2031		1,514,000		1,341,999
Cheniere Energy Partners LP
4.00%, 03/01/2031		4,568,000		4,134,520
4.50%, 10/01/2029		1,735,000		1,661,262
Chevron USA, Inc. 3.25%, 10/15/2029		2,562,000		2,467,411
Citgo Holding, Inc. 9.25%, 08/01/2024 (A) (C)		700,000		695,625
Energy Transfer LP 6.00%, 06/15/2048		5,423,000		5,322,250
EnLink Midstream Partners LP 5.05%, 04/01/2045		1,095,000		843,051
EQM Midstream Partners LP 6.50%, 07/15/2048		2,310,000		2,125,200
Exxon Mobil Corp. 3.04%, 03/01/2026		2,435,000		2,398,316
Lukoil International Finance BV 6.66%, 06/07/2022 (A)		1,000,000		680,000
NuStar Logistics LP
5.63%, 04/28/2027		2,000,000		1,918,785
5.75%, 10/01/2025		950,000		945,250
6.00%, 06/01/2026		350,000		349,174
Occidental Petroleum Corp. 5.55%, 03/15/2026		5,870,000		6,016,750
ONEOK Partners LP 4.90%, 03/15/2025		1,134,000		1,158,115
Petroleos Mexicanos
6.50%, 01/23/2029 (C)		3,507,000		3,226,440
6.84%, 01/23/2030		3,538,000		3,224,179
6.88%, 10/16/2025		2,440,000		2,452,200
7.69%, 01/23/2050		1,593,000		1,248,116
Pioneer Natural Resources Co. 2.15%, 01/15/2031		3,530,000		2,980,825
Plains All American Pipeline LP / PAA Finance Corp. 3.55%, 12/15/2029		1,710,000		1,559,305
Southwestern Energy Co. 5.38%, 03/15/2030		655,000		646,714
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 4.00%, 01/15/2032		1,723,000		1,559,591
				52,920,784
Paper & Forest Products - 0.1%
Celulosa Arauco y Constitucion SA 5.50%, 04/30/2049 (A) (C)		1,560,000		1,429,366
Pharmaceuticals - 0.9%
AstraZeneca Finance LLC 1.20%, 05/28/2026		2,543,000		2,313,637
Bausch Health Cos., Inc.
5.00%, 02/15/2029 (A)		970,000		680,756
5.25%, 01/30/2030 - 02/15/2031 (A)		3,724,000		2,585,120
6.13%, 04/15/2025 (A)		1,631,000		1,637,116

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Bausch Health Cos., Inc. (continued)
6.25%, 02/15/2029 (A)		$ 520,000		$ 378,435
7.00%, 01/15/2028 (A)		617,000		505,755
Bayer US Finance II LLC 4.38%, 12/15/2028 (A)		2,041,000		2,026,603
Royalty Pharma PLC 2.20%, 09/02/2030		2,746,000		2,293,775
Viatris, Inc. 2.30%, 06/22/2027		1,187,000		1,051,327
				13,472,524
Professional Services - 0.1%
Equifax, Inc. 2.60%, 12/01/2024		1,680,000		1,636,911
Road & Rail - 0.5%
Avolon Holdings Funding Ltd.
2.88%, 02/15/2025 (A)		3,386,000		3,181,479
5.50%, 01/15/2026 (A)		4,641,000		4,651,199
				7,832,678
Semiconductors & Semiconductor Equipment - 1.5%
Broadcom, Inc. 1.95%, 02/15/2028 (A)		1,219,000		1,056,347
Entegris Escrow Corp. 4.75%, 04/15/2029 (A)		3,173,000		3,058,010
KLA Corp. 4.10%, 03/15/2029		2,500,000		2,515,015
Microchip Technology, Inc. 0.98%, 09/01/2024 (A)		2,433,000		2,283,479
Micron Technology, Inc. 2.70%, 04/15/2032		4,095,000		3,410,513
QUALCOMM, Inc.
3.25%, 05/20/2027 (C)		1,698,000		1,664,337
3.25%, 05/20/2050		1,428,000		1,216,286
Skyworks Solutions, Inc. 1.80%, 06/01/2026		1,359,000		1,237,515
TSMC Global Ltd. 1.38%, 09/28/2030 (A)		6,595,000		5,332,877
				21,774,379
Software - 0.9%
Crowdstrike Holdings, Inc. 3.00%, 02/15/2029		583,000		517,497
Infor, Inc. 1.75%, 07/15/2025 (A)		2,364,000		2,203,083
NCR Corp.
5.00%, 10/01/2028 (A)		695,000		641,527
5.13%, 04/15/2029 (A)		1,572,000		1,507,155
5.25%, 10/01/2030 (A)		2,183,000		2,062,935
Take-Two Interactive Software, Inc. 3.55%, 04/14/2025		3,675,000		3,640,979
Workday, Inc. 3.50%, 04/01/2027		3,475,000		3,390,421
				13,963,597
Specialty Retail - 0.2%
Gap, Inc.
3.63%, 10/01/2029 (A) (C)		494,000		401,822
3.88%, 10/01/2031 (A) (C)		494,000		393,817

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

Transamerica Funds Semi-Annual Report 2022

Page    32

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail (continued)
Lowe’s Cos., Inc. 3.75%, 04/01/2032 (C)		$ 2,608,000		$ 2,460,993
				3,256,632
Technology Hardware, Storage & Peripherals - 0.6%
Apple, Inc. 2.85%, 02/23/2023		1,092,000		1,098,058
Dell International LLC / EMC Corp. 6.02%, 06/15/2026		4,238,000		4,476,671
Seagate HDD Cayman 4.13%, 01/15/2031		402,000		352,755
Western Digital Corp. 2.85%, 02/01/2029		3,952,000		3,500,257
				9,427,741
Tobacco - 0.9%
Altria Group, Inc. 2.45%, 02/04/2032		3,220,000		2,583,186
BAT Capital Corp.
2.26%, 03/25/2028		5,410,000		4,624,906
4.76%, 09/06/2049		2,713,000		2,219,461
4.91%, 04/02/2030		1,903,000		1,836,435
BAT International Finance PLC 4.45%, 03/16/2028		2,311,000		2,227,400
Reynolds American, Inc. 7.25%, 06/15/2037		439,000		482,790
				13,974,178
Trading Companies & Distributors - 0.1%
Air Lease Corp. 3.25%, 03/01/2025		1,116,000		1,081,140
Wireless Telecommunication Services - 1.0%
Altice France SA 5.50%, 10/15/2029 (A)		3,032,000		2,584,780
Rogers Communications, Inc. 3.80%, 03/15/2032 (A)		4,304,000		3,986,792
Sprint Corp. 7.88%, 09/15/2023		2,510,000		2,619,813
T-Mobile USA, Inc.
3.50%, 04/15/2031		2,000,000		1,772,660
3.88%, 04/15/2030		1,419,000		1,345,365
Vmed O2 Financing I PLC 4.75%, 07/15/2031 (A)		2,500,000		2,143,750
				14,453,160
Total Corporate Debt Securities (Cost $833,151,248)				761,653,714
FOREIGN GOVERNMENT OBLIGATIONS - 0.8%
Colombia - 0.1%
Colombia Government International Bond 4.50%, 01/28/2026 (C)		1,300,000		1,245,829
Dominican Republic - 0.1%
Dominican Republic International Bond
4.88%, 09/23/2032 (A)		782,000		657,912
5.50%, 01/27/2025 (E)		1,122,000		1,148,339
				1,806,251

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Ecuador - 0.1%
Ecuador Government International Bond
Zero Coupon, 07/31/2030 (A)		$ 119,808		$ 65,015
0.50% (G), 07/31/2040 (A)		435,840		236,670
1.00% (G), 07/31/2035 (A)		950,976		594,631
5.00% (G), 07/31/2030 (A)		362,880		294,044
				1,190,360
Indonesia - 0.1%
Indonesia Government International Bond 4.75%, 01/08/2026 (A)		2,195,000		2,265,175
Mongolia - 0.0% (F)
Mongolia Government International Bond 5.63%, 05/01/2023 (A)		253,000		251,199
Qatar - 0.2%
Qatar Government International Bond 3.88%, 04/23/2023 (A)		2,657,000		2,687,524
Uzbekistan - 0.2%
Republic of Uzbekistan International Bond 3.90%, 10/19/2031 (A)		3,049,000		2,481,276
Total Foreign Government Obligations (Cost $12,903,501)				11,927,614
LOAN ASSIGNMENT - 0.6%
Commercial Services & Supplies - 0.6%
Spin Holdco, Inc. Term Loan, 3-Month LIBOR + 4.00%, 4.75% (B), 03/04/2028 (H)		8,469,250		8,422,364
Total Loan Assignment (Cost $8,413,953)				8,422,364
MORTGAGE-BACKED SECURITIES - 14.8%
20 Times Square Trust Series 2018-20TS, Class C, 3.20% (B), 05/15/2035 (A)		2,400,000		2,315,597
280 Park Avenue Mortgage Trust Series 2017-280P, Class E, 1-Month LIBOR + 2.12%, 2.61% (B), 09/15/2034 (A)		4,630,000		4,513,934
Alternative Loan Trust
Series 2005-14, Class 2A1,
1-Month LIBOR + 0.42%, 1.09% (B), 05/25/2035		498,268		471,054
Series 2005-14, Class 4A1,
1-Month LIBOR + 0.44%, 1.11% (B), 05/25/2035		768,968		722,294
Series 2006-OC1, Class 2A3A,
1-Month LIBOR + 0.64%, 1.31% (B), 03/25/2036		974,336		904,194
American Home Mortgage Assets Trust Series 2007-2, Class A1, 1-Month LIBOR + 0.13%, 0.79% (B), 03/25/2047		311,802		290,109
Ashford Hospitality Trust Series 2018-ASHF, Class D, 1-Month LIBOR + 2.10%, 2.65% (B), 04/15/2035 (A)		3,988,000		3,849,125

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

Transamerica Funds Semi-Annual Report 2022

Page    33

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Austin Fairmont Hotel Trust Series 2019-FAIR, Class D, 1-Month LIBOR + 1.80%, 2.35% (B), 09/15/2032 (A)		$ 5,000,000		$ 4,836,976
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class BNM,
3.47%, 11/05/2032 (A)		5,000,000		4,760,572
Series 2019-BPR, Class CNM,
3.84% (B), 11/05/2032 (A)		3,970,000		3,718,739
Banc of America Funding Trust Series 2007-3, Class TA2, 1-Month LIBOR + 0.18%, 0.85% (B), 04/25/2037		206,705		197,321
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 1.75% (B), 08/15/2036 (A)		2,339,000		2,297,209
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 2.25% (B), 08/15/2036 (A)		2,130,000		2,086,749
Series 2017-DELC, Class E,
1-Month LIBOR + 2.50%, 3.05% (B), 08/15/2036 (A)		1,890,000		1,840,029
Series 2018-TALL, Class C,
1-Month LIBOR + 1.12%, 1.68% (B), 03/15/2037 (A)		7,065,000		6,654,378
Series 2018-TALL, Class E,
1-Month LIBOR + 2.44%, 2.99% (B), 03/15/2037 (A)		2,570,000		2,328,074
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 (A)		1,300,000		1,297,762
BHMS Mortgage Trust Series 2018-ATLS, Class C, 1-Month LIBOR + 1.90%, 2.45% (B), 07/15/2035 (A)		4,065,000		3,932,530
BX Commercial Mortgage Trust
Series 2019-XL, Class D,
1-Month LIBOR + 1.45%, 2.00% (B), 10/15/2036 (A)		5,469,750		5,414,875
Series 2020-VKNG, Class D,
1-Month LIBOR + 1.70%, 2.25% (B), 10/15/2037 (A)		3,346,950		3,261,189
BX Trust Series 2018-GW, Class C, 1-Month LIBOR + 1.22%, 1.77% (B), 05/15/2035 (A)		1,900,000		1,859,619
BXP Trust Series 2017-CQHP, Class D, 1-Month LIBOR + 2.00%, 2.55% (B), 11/15/2034 (A)		1,825,000		1,705,783
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 2.30% (B), 07/15/2030 (A)		2,200,000		2,195,504

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CHL Mortgage Pass-Through Trust
Series 2005-11, Class 4A1,
1-Month LIBOR + 0.27%, 0.94% (B), 04/25/2035		$ 95,696		$ 90,461
Series 2006-3, Class 3A1,
1-Month LIBOR + 0.50%, 1.17% (B), 02/25/2036		2,482,215		2,333,753
CHT Mortgage Trust
Series 2017-CSMO, Class C,
1-Month LIBOR + 1.50%, 2.05% (B), 11/15/2036 (A)		9,000,000		8,926,857
Series 2017-CSMO, Class D,
1-Month LIBOR + 2.25%, 2.80% (B), 11/15/2036 (A)		5,750,000		5,692,318
CIM Trust Series 2021-R6, Class A1, 1.43% (B), 07/25/2061 (A)		7,118,221		6,598,132
Citigroup Commercial Mortgage Trust Series 2019-PRM, Class C, 3.90%, 05/10/2036 (A)		2,380,000		2,397,986
Citigroup Mortgage Loan Trust
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		43,808		42,321
Series 2015-PS1, Class A1,
3.75% (B), 09/25/2042 (A)		353,688		345,494
Colony Trust Series 2019-IKPR, Class C, 1-Month LIBOR + 1.68%, 2.23% (B), 11/15/2038 (A)		5,700,000		5,485,882
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (A)		2,225,000		2,178,171
CORE Mortgage Trust Series 2019-CORE, Class C, 1-Month LIBOR + 1.30%, 1.85% (B), 12/15/2031 (A)		5,895,200		5,687,875
CSMC Trust
Series 2014-11R, Class 17A1,
1-Month LIBOR + 0.15%, 0.61% (B), 12/27/2036 (A)		220,983		223,055
Series 2020-RPL4, Class A1,
2.00% (B), 01/25/2060 (A)		7,157,087		6,813,042
Series 2021-RPL2, Class A1A,
1.11% (B), 01/25/2060 (A)		6,713,229		6,064,637
Series 2021-RPL3, Class A1,
2.00% (B), 01/25/2060 (A)		2,589,986		2,490,959
Series 2021-RPL6, Class A1,
2.00% (B), 10/25/2060 (A)		4,777,788		4,461,589
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class D, 4.10% (B), 12/10/2036 (A)		7,902,000		7,632,290
Great Wolf Trust Series 2019-WOLF, Class C, 1-Month LIBOR + 1.63%, 2.19% (B), 12/15/2036 (A)		6,222,000		6,050,361
GS Mortgage Securities Corp. Trust Series 2017-SLP, Class B, 3.77%, 10/10/2032 (A)		5,242,000		5,236,216

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

Transamerica Funds Semi-Annual Report 2022

Page    34

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (B), 04/10/2031 (A)		$ 2,000,000		$ 1,983,003
GSCG Trust
Series 2019-600C, Class B,
3.16%, 09/06/2034 (A)		1,660,000		1,591,852
Series 2019-600C, Class C,
3.46%, 09/06/2034 (A)		4,480,000		4,254,770
GSR Mortgage Loan Trust Series 2007-OA1, Class 2A1, 1-Month LIBOR + 0.13%, 0.79% (B), 05/25/2037		156,681		90,462
ILPT Trust Series 2019-SURF, Class C, 4.44% (B), 02/11/2041 (A)		1,930,000		1,740,368
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.06% (B), 08/25/2037		632,526		552,119
InTown Hotel Portfolio Trust Series 2018-STAY, Class C, 1-Month LIBOR + 1.65%, 2.21% (B), 01/15/2033 (A)		3,835,000		3,808,137
JPMorgan Chase Commercial Mortgage Securities Trust
1.00% (B), 04/15/2037 (A) (H)		3,100,000		2,982,382
Series 2020-NNN, Class CFX,
3.27%, 01/16/2037 (A)		2,675,000		2,536,974
MBRT Series 2019-MBR, Class D, 1-Month LIBOR + 1.95%, 2.50% (B), 11/15/2036 (A)		3,033,000		2,965,732
Merrill Lynch Mortgage Investors Trust Series 2006-A1, Class 1A1, 2.86% (B), 03/25/2036		885,054		653,841
MetLife Securitization Trust Series 2019-1A, Class A1A, 3.75% (B), 04/25/2058 (A)		601,203		601,849
Mill City Mortgage Loan Trust Series 2019-1, Class A1, 3.25% (B), 10/25/2069 (A)		5,289,655		5,174,229
Morgan Stanley Capital I Trust Series 2018-SUN, Class C, 1-Month LIBOR + 1.40%, 1.95% (B), 07/15/2035 (A)		2,015,000		1,959,493
MSCG Trust
Series 2018-SELF, Class C,
1-Month LIBOR + 1.18%, 1.73% (B), 10/15/2037 (A)		1,375,000		1,342,211
Series 2018-SELF, Class D,
1-Month LIBOR + 1.65%, 2.20% (B), 10/15/2037 (A)		5,710,000		5,560,113
New Residential Mortgage Loan Trust
Series 2016-2A, Class A1,
3.75% (B), 11/26/2035 (A)		392,016		383,141
Series 2017-1A, Class A1,
4.00% (B), 02/25/2057 (A)		1,472,200		1,455,843
Series 2017-2A, Class A3,
4.00% (B), 03/25/2057 (A)		6,698,279		6,585,105
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		648,678		640,531

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2018-2A, Class A1,
4.50% (B), 02/25/2058 (A)		$ 421,646		$ 420,314
Series 2018-RPL1, Class A1,
3.50% (B), 12/25/2057 (A)		2,467,828		2,457,386
Series 2019-2A, Class A1,
4.25% (B), 12/25/2057 (A)		1,683,706		1,671,892
Series 2019-3A, Class A1A,
3.75% (B), 11/25/2058 (A)		4,429,836		4,326,645
Series 2019-5A, Class A1B,
3.50% (B), 08/25/2059 (A)		4,731,427		4,654,242
Series 2019-6A, Class A1B,
3.50% (B), 09/25/2059 (A)		4,448,508		4,331,383
Series 2019-RPL2, Class A1,
3.25% (B), 02/25/2059 (A)		2,946,151		2,913,562
RALI Trust
Series 2006-QO1, Class 3A1,
1-Month LIBOR + 0.54%, 1.21% (B), 02/25/2046		2,674,127		1,465,536
Series 2007-QH5, Class AI1,
1-Month LIBOR + 0.42%, 1.09% (B), 06/25/2037		127,157		120,954
Residential Asset Securitization Trust Series 2004-A4, Class A11, 5.50%, 08/25/2034		1,537,564		1,517,677
Tharaldson Hotel Portfolio Trust Series 2018-THL, Class C, 1-Month LIBOR + 1.65%, 2.10% (B), 11/11/2034 (A)		1,405,489		1,376,121
Towd Point Mortgage Trust Series 2019-4, Class A1, 2.90% (B), 10/25/2059 (A)		3,372,795		3,298,182
VNDO Mortgage Trust Series 2012-6AVE, Class E, 3.45% (B), 11/15/2030 (A)		4,000,000		4,012,206
Total Mortgage-Backed Securities (Cost $227,802,181)				219,633,270
U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.9%
Federal Home Loan Mortgage Corp., Interest Only STRIPS 5.00%, 08/01/2035		446,862		78,489
Uniform Mortgage-Backed Security
2.00%, TBA (H)		15,483,000		13,673,424
2.50%, TBA (H)		12,377,000		11,303,682
3.00%, TBA (H)		6,414,000		6,054,465
3.50%, TBA (H)		3,708,000		3,600,236
4.00%, TBA (H)		7,692,000		7,656,395
Total U.S. Government Agency Obligations (Cost $43,777,566)				42,366,691
U.S. GOVERNMENT OBLIGATIONS - 13.5%
U.S. Treasury - 12.3%
U.S. Treasury Bond
1.25%, 05/15/2050		16,304,000		10,923,680
1.88%, 02/15/2051		4,857,000		3,824,888
2.00%, 02/15/2050		6,987,000		5,664,110
2.25%, 05/15/2041 - 08/15/2049		31,913,900		27,328,574

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

Transamerica Funds Semi-Annual Report 2022

Page    35

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
2.38%, 02/15/2042 (C)		$ 10,704,000		$ 9,483,075
2.38%, 05/15/2051		2,664,000		2,355,975
2.50%, 05/15/2046		9,450,000		8,409,023
2.75%, 08/15/2042 - 11/15/2047		48,742,000		45,661,494
2.88%, 11/15/2046 - 05/15/2049		12,716,200		12,289,952
3.00%, 08/15/2048 - 02/15/2049		9,386,000		9,284,751
3.13%, 05/15/2048		1,568,000		1,587,723
3.50%, 02/15/2039		13,095,000		13,961,009
U.S. Treasury Note
0.88%, 06/30/2026		1,625,300		1,494,578
1.25%, 08/15/2031		1,499,000		1,299,914
1.38%, 11/15/2031		2,489,000		2,176,708
1.50%, 01/31/2027		2,330,000		2,183,101
1.63%, 05/15/2031		8,269,000		7,441,777
1.88%, 02/15/2032		17,788,000		16,264,903
				181,635,235
U.S. Treasury Inflation-Protected Securities - 1.2%
U.S. Treasury Inflation-Protected Indexed Bond 0.25%, 02/15/2050		13,487,845		12,830,664
U.S. Treasury Inflation-Protected Indexed Note 0.13%, 07/15/2030		4,807,719		4,910,947
				17,741,611
Total U.S. Government Obligations (Cost $223,376,372)				199,376,846
COMMERCIAL PAPER - 2.8%
Banks - 1.4%
Australia & New Zealand Banking Group Ltd. 0.98% (I), 06/10/2022		2,000,000		1,998,078
Macquarie Bank Ltd. 0.68% (I), 06/06/2022		4,050,000		4,047,589
Standard Chartered Bank 1.10% (I), 06/14/2022		15,000,000		14,983,248
				21,028,915
Capital Markets - 0.0% (F)
Cedar Springs Capital Co. LLC 0.39% (I), 05/02/2022		500,000		499,985
Consumer Finance - 0.2%
Toyota Motor Credit Corp. 1.02% (I), 07/14/2022		2,637,000		2,630,882
Diversified Financial Services - 0.9%
Atlantic Asset Securitization LLC 1.43% (I), 08/17/2022		500,000		497,918

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Chariot Funding LLC 1.30% (I), 07/28/2022		$ 500,000		$ 498,450
Fairway Finance Co. LLC 0.30% (I), 05/03/2022		700,000		699,972
Lexington Parker Capital Co. LLC 0.53% (I), 05/16/2022		1,400,000		1,399,588
Sheffield Receivables Co. LLC 1.02% (I), 06/08/2022		11,000,000		10,989,696
				14,085,624
Food Products - 0.3%
Britannia Funding Co. LLC 0.36% (I), 05/13/2022		4,000,000		3,999,085
Total Commercial Paper (Cost $42,239,841)				42,244,491
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.2%
U.S. Treasury Bill 0.40% (I), 06/09/2022		3,318,000		3,316,490
Total Short-Term U.S. Government Obligation (Cost $3,316,564)				3,316,490
	Shares		Value
OTHER INVESTMENT COMPANY - 2.0%
Securities Lending Collateral - 2.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (I)		30,184,363		30,184,363
Total Other Investment Company (Cost $30,184,363)				30,184,363
	Principal		Value
REPURCHASE AGREEMENT - 0.2%
Fixed Income Clearing Corp., 0.00% (I), dated 04/29/2022, to be repurchased at $2,519,315 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.25%, due 09/30/2028, and with a value of $2,569,773.		$2,519,315		2,519,315
Total Repurchase Agreement (Cost $2,519,315)				2,519,315
Total Investments (Cost $1,662,863,912)				1,548,923,673
Net Other Assets (Liabilities) - (4.7)%				(69,034,890	)
Net Assets - 100.0%				$1,479,888,783

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
U.S. Treasury Ultra Bond		1		06/21/2022	$	183,284	$	160,438	$	—	$	(22,846	)

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

Transamerica Funds Semi-Annual Report 2022

Page    36

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(J)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—		$	227,278,515	$	—	$	227,278,515
Corporate Debt Securities		—			761,653,714		—		761,653,714
Foreign Government Obligations		—			11,927,614		—		11,927,614
Loan Assignment		—			8,422,364		—		8,422,364
Mortgage-Backed Securities		—			219,633,270		—		219,633,270
U.S. Government Agency Obligations		—			42,366,691		—		42,366,691
U.S. Government Obligations		—			199,376,846		—		199,376,846
Commercial Paper		—			42,244,491		—		42,244,491
Short-Term U.S. Government Obligation		—			3,316,490		—		3,316,490
Other Investment Company		30,184,363			—		—		30,184,363
Repurchase Agreement		—			2,519,315		—		2,519,315
Total Investments	$	30,184,363		$	1,518,739,310	$	—	$	1,548,923,673
LIABILITIES
Other Financial Instruments
Futures Contracts (K)	$	(22,846	)	$	—	$	—	$	(22,846	)
Total Other Financial Instruments	$	(22,846	)	$	—	$	—	$	(22,846	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $788,398,358, representing 53.3% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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 $30,775,099, collateralized by cash collateral of $30,184,363 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,228,895. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	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, 2022, the total value of Regulation S securities is $9,276,606, representing 0.6% of the Fund’s net assets.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of April 30, 2022; the maturity dates disclosed are the ultimate maturity dates.
(H)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(I)	Rates disclosed reflect the yields at April 30, 2022.
(J)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(K)	Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
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 2022

Page    37

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 98.4%
Automobiles - 0.4%
Rivian Automotive, Inc., Class A (A) (B)		274,830		$8,310,859
Biotechnology - 1.0%
Alnylam Pharmaceuticals, Inc. (A)		59,185		7,897,055
Ginkgo Bioworks Holdings, Inc. (A) (B)		1,868,677		5,419,163
Moderna, Inc. (A)		63,251		8,501,567
				21,817,785
Capital Markets - 1.2%
Coinbase Global, Inc., Class A (A) (B)		243,138		27,404,084
Commercial Services & Supplies - 0.3%
Aurora Innovation, Inc. (A) (B)		1,695,105		7,221,147
Consumer Finance - 0.4%
Upstart Holdings, Inc. (A) (B)		122,871		9,217,782
Entertainment - 4.6%
ROBLOX Corp., Class A (A)		2,370,792		72,664,775
Sea Ltd., ADR (A)		382,335		31,642,044
				104,306,819
Health Care Equipment & Supplies - 0.6%
DexCom, Inc. (A)		31,465		12,855,970
Health Care Providers & Services - 2.5%
agilon health, Inc. (A) (B)		1,989,831		35,359,297
Guardant Health, Inc. (A) (B)		369,540		22,800,618
				58,159,915
Health Care Technology - 5.0%
Doximity, Inc., Class A (A) (B)		584,464		23,302,580
GoodRx Holdings, Inc., Class A (A) (B)		875,338		11,860,830
Veeva Systems, Inc., Class A (A)		428,702		78,002,329
				113,165,739
Hotels, Restaurants & Leisure - 2.6%
Airbnb, Inc., Class A (A)		386,459		59,209,383
Interactive Media & Services - 4.8%
Snap, Inc., Class A (A)		2,128,840		60,586,787
Twitter, Inc. (A)		238,201		11,676,613
ZoomInfo Technologies, Inc. (A)		792,236		37,551,986
				109,815,386
Internet & Direct Marketing Retail - 12.7%
Chewy, Inc., Class A (A) (B)		1,125,094		32,695,232
Coupang, Inc. (A)		2,545,153		32,756,119
DoorDash, Inc., Class A (A)		1,376,080		112,054,194
Grab Holdings Ltd., Class A (A) (B)		8,244,868		24,322,361
MercadoLibre, Inc. (A)		53,761		52,343,322
Wayfair, Inc., Class A (A) (B)		462,872		35,613,372
				289,784,600
IT Services - 26.5%
Adyen NV (A) (C)		28,625		48,012,523
Block, Inc. (A)		881,519		87,746,401
Cloudflare, Inc., Class A (A)		2,032,482		175,078,000
MongoDB, Inc. (A)		129,736		46,047,198
Shopify, Inc., Class A (A)		208,370		88,936,483
Snowflake, Inc., Class A (A)		913,562		156,621,069
				602,441,674
Leisure Products - 0.5%
Peloton Interactive, Inc., Class A (A)		599,058		10,519,459

	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services - 1.9%
10X Genomics, Inc., Class A (A) (B)		597,196		$ 28,522,081
Illumina, Inc. (A)		49,577		14,707,017
				43,229,098
Pharmaceuticals - 5.5%
Royalty Pharma PLC, Class A		2,957,223		125,918,555
Road & Rail - 3.5%
Uber Technologies, Inc. (A)		2,567,849		80,835,887
Semiconductors & Semiconductor Equipment - 2.5%
ASML Holding NV		101,827		57,407,008
Software - 20.7%
Bill.com Holdings, Inc. (A)		499,942		85,345,099
Datadog, Inc., Class A (A)		972,665		117,478,479
Trade Desk, Inc., Class A (A)		2,166,673		127,660,373
Unity Software, Inc. (A) (B)		1,162,820		77,222,876
Zoom Video Communications, Inc., Class A (A)		631,041		62,832,752
				470,539,579
Specialty Retail - 1.2%
Carvana Co. (A) (B)		490,343		28,420,280
Total Common Stocks (Cost $2,780,266,444)				2,240,581,009
OTHER INVESTMENT COMPANY - 5.0%
Securities Lending Collateral - 5.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (D)		112,866,836		112,866,836
Total Other Investment Company (Cost $112,866,836)				112,866,836
	Principal		Value
REPURCHASE AGREEMENT - 1.5%
Fixed Income Clearing Corp., 0.00% (D), dated 04/29/2022, to be repurchased at $34,486,190 on 05/02/2022. Collateralized by a U.S. Government Obligation, 3.13%, due 11/15/2028, and with a value of $35,176,002.		$34,486,190		34,486,190
Total Repurchase Agreement (Cost $34,486,190)				34,486,190
Total Investments Excluding Options Purchased (Cost $2,927,619,470)				2,387,934,035
Total Options Purchased - 0.3% (Cost $18,185,419)				5,880,612
Total Investments (Cost $2,945,804,889)				2,393,814,647
Net Other Assets (Liabilities) - (5.2)%				(117,355,486	)
Net Assets - 100.0%				$2,276,459,161

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

Transamerica Funds Semi-Annual Report 2022

Page    38

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(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	GSI	USD	7.27	11/10/2022	USD	1,297,619,540	$	6,229,372	$	4,052,466
Put - USD vs. CNH	JPM	USD	7.28	07/22/2022	USD	1,275,536,690		5,942,521		1,014,052
Put - USD vs. CNH	JPM	USD	7.38	07/27/2022	USD	371,973,815		1,973,321		228,764
Put - USD vs. CNH	JPM	USD	7.31	08/05/2022	USD	594,847,613		4,040,205		585,330
Total							$	18,185,419	$	5,880,612

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	$	2,192,568,486	$	48,012,523	$	—	$	2,240,581,009
Other Investment Company		112,866,836		—		—		112,866,836
Repurchase Agreement		—		34,486,190		—		34,486,190
Over-the-Counter Foreign Exchange Options Purchased		—		5,880,612		—		5,880,612
Total Investments	$	2,305,435,322	$	88,379,325	$	—	$	2,393,814,647

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 $218,449,304, collateralized by cash collateral of $112,866,836 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $111,932,884. 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. Security may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the value of the 144A security is $48,012,523, representing 2.1% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at April 30, 2022.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 ABBREVIATIONS:

GSI	Goldman Sachs International
JPM	JPMorgan Chase Bank, N.A.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2022

Page    39

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 41.6%
Argentina - 0.9%
Pampa Energia SA 7.50%, 01/24/2027 (A)		$315,000		$292,560
7.50%, 01/24/2027 (B)		1,500,000		1,393,140
YPF SA 2.50% (C), 06/30/2029 (A)		1,670,000		1,217,029
				2,902,729
Bermuda - 1.2%
Digicel Group Holdings Ltd. PIK Rate 2.00%, Cash Rate 8.00%, 04/01/2024 (D)		1,812,091		1,809,590
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 4.85%, 10/14/2038 (B)		800,000		764,400
Tengizchevroil Finance Co. International Ltd. 4.00%, 08/15/2026 (B)		1,160,000		1,050,227
				3,624,217
Brazil - 0.7%
Banco do Brasil SA Fixed until 06/18/2024 (E), 9.00% (A) (F) (G)		950,000		969,000
Oi SA PIK Rate 4.00%, Cash Rate 8.00%, 07/27/2025 (D)		1,700,000		1,361,292
				2,330,292
Canada - 0.2%
First Quantum Minerals Ltd. 6.88%, 10/15/2027 (B)		500,000		502,500
Cayman Islands - 3.4%
Alibaba Group Holding Ltd. 2.13%, 02/09/2031		610,000		506,336
2.70%, 02/09/2041		1,230,000		872,776
CIFI Holdings Group Co. Ltd. 4.45%, 08/17/2026 (A)		900,000		684,000
Country Garden Holdings Co. Ltd. 5.40%, 05/27/2025 (A)		645,000		469,238
7.25%, 04/08/2026 (A)		715,000		525,525
IHS Holding Ltd. 6.25%, 11/29/2028 (B)		975,000		918,352
Kaisa Group Holdings Ltd. 9.38%, 06/30/2024 (A) (H) (I)		2,120,000		429,830
11.25%, 04/16/2025 (A)		350,000		70,438
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036 (B)		1,712,885		1,604,117
Longfor Group Holdings Ltd. 3.85%, 01/13/2032 (A)		885,000		745,294
Melco Resorts Finance Ltd. 5.38%, 12/04/2029 (A)		490,000		392,103
5.75%, 07/21/2028 (A)		210,000		174,405
SA Global Sukuk Ltd. 2.69%, 06/17/2031 (B)		1,750,000		1,573,617
Vale Overseas Ltd. 3.75%, 07/08/2030		1,900,000		1,717,125
				10,683,156
Chile - 1.6%
Agrosuper SA 4.60%, 01/20/2032 (B)		1,155,000		1,042,388

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chile (continued)
Alfa Desarrollo SpA 4.55%, 09/27/2051 (B)		$ 1,495,956		$ 1,172,904
Cia Cervecerias Unidas SA 3.35%, 01/19/2032 (B)		1,100,000		976,250
Enel Chile SA 4.88%, 06/12/2028		860,000		846,670
Sociedad de Transmision Austral SA 4.00%, 01/27/2032 (B)		1,200,000		1,118,748
				5,156,960
Colombia - 0.8%
Ecopetrol SA 5.88%, 11/02/2051		910,000		692,737
Empresas Publicas de Medellin ESP 4.38%, 02/15/2031 (B)		980,000		805,080
Interconexion Electrica SA ESP 3.83%, 11/26/2033 (B)		1,235,000		1,105,325
				2,603,142
Guatemala - 0.3%
CT Trust 5.13%, 02/03/2032 (B)		870,000		810,492
India - 0.5%
Muthoot Finance Ltd. 4.40%, 09/02/2023 (B) (G)		500,000		494,750
6.13%, 10/31/2022 (B)		1,050,000		1,052,625
				1,547,375
Indonesia - 1.7%
Freeport Indonesia PT 5.32%, 04/14/2032 (B)		1,855,000		1,794,712
6.20%, 04/14/2052 (B) (G)		1,575,000		1,505,165
Indofood CBP Sukses Makmur Tbk PT 4.75%, 06/09/2051 (A)		2,400,000		1,925,707
				5,225,584
Ireland - 0.0% (J)
Lukoil Capital DAC 3.60%, 10/26/2031 (B)		400,000		140,000
Sovcombank Via SovCom Capital DAC Fixed until 02/17/2027 (E), 7.60% (B) (F)		640,000		12,800
				152,800
Israel - 0.9%
Energean Israel Finance Ltd. 4.88%, 03/30/2026 (A)		700,000		648,900
5.88%, 03/30/2031 (A)		850,000		762,875
Leviathan Bond Ltd. 6.75%, 06/30/2030 (A)		1,400,000		1,373,954
				2,785,729
Jersey, Channel Islands - 0.8%
Galaxy Pipeline Assets Bidco Ltd. 1.75%, 09/30/2027 (B)		892,020		838,382
2.16%, 03/31/2034 (A)		1,671,896		1,470,010
2.16%, 03/31/2034 (B)		321,888		283,019
				2,591,411
Kazakhstan - 0.8%
Fund of National Welfare Samruk-Kazyna JSC 2.00%, 10/28/2026 (B)		660,000		577,104

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

Transamerica Funds Semi-Annual Report 2022

Page    40

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Kazakhstan (continued)
KazMunayGas National Co. JSC 6.38%, 10/24/2048 (A)		$ 2,060,000		$ 1,966,293
				2,543,397
Luxembourg - 3.1%
CSN Resources SA 5.88%, 04/08/2032 (B)		1,620,000		1,441,800
EIG Pearl Holdings SARL
3.55%, 08/31/2036 (B)		1,130,000		1,000,884
4.39%, 11/30/2046 (B)		1,340,000		1,132,889
Guara Norte SARL 5.20%, 06/15/2034 (B)		988,326		874,827
JBS Finance Luxembourg SARL 3.63%, 01/15/2032 (B)		1,160,000		984,852
Kenbourne Invest SA 6.88%, 11/26/2024 (B)		1,100,000		1,049,125
MC Brazil Downstream Trading SARL 7.25%, 06/30/2031 (B)		1,200,000		1,044,000
Movida Europe SA 5.25%, 02/08/2031 (B)		1,500,000		1,230,015
Rumo Luxembourg SARL 4.20%, 01/18/2032 (B) (G)		1,150,000		959,675
				9,718,067
Mauritius - 0.1%
Axian Telecom 7.38%, 02/16/2027 (B)		400,000		388,179
Mexico - 7.8%
America Movil SAB de CV 5.38%, 04/04/2032 (B)		2,845,000		2,588,410
Banco Mercantil del Norte SA Fixed until 01/24/2032 (E), 6.63% (B) (F)		1,520,000		1,360,400
Braskem Idesa SAPI 6.99%, 02/20/2032 (B)		920,000		825,580
CIBANCO SA Institucion de Banca Multiple Trust 4.38%, 07/22/2031 (B)		1,400,000		1,126,314
Comision Federal de Electricidad
4.69%, 05/15/2029 (B)		1,350,000		1,252,125
6.26%, 02/15/2052 (B)		1,900,000		1,664,344
Grupo Bimbo SAB de CV Fixed until 04/17/2023 (E), 5.95% (B) (F)		1,200,000		1,206,000
Infraestructura Energetica Nova SAB de CV 4.75%, 01/15/2051 (B)		1,980,000		1,627,580
Mexico City Airport Trust 5.50%, 07/31/2047 (B)		2,840,000		2,268,478
Petroleos Mexicanos
6.50%, 03/13/2027		1,150,000		1,098,584
6.63%, 06/15/2035		3,630,000		2,943,930
6.70%, 02/16/2032		4,275,000		3,683,682
7.19%, 09/12/2024 (A)		MXN  39,590,000		1,802,323
Total Play Telecomunicaciones SA de CV 6.38%, 09/20/2028 (B) (G)		$1,320,000		1,096,933
				24,544,683

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Morocco - 0.5%
OCP SA
3.75%, 06/23/2031 (B)		$ 890,000		$ 752,543
5.13%, 06/23/2051 (B)		1,245,000		962,086
				1,714,629
Multi-National - 0.7%
Digicel International Finance Ltd. / Digicel International Holdings Ltd. 8.75%, 05/25/2024 (B)		1,040,000		1,026,501
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 5.50%, 01/15/2030 (B)		1,060,000		1,046,750
				2,073,251
Netherlands - 2.6%
Braskem Netherlands Finance BV 5.88%, 01/31/2050 (B) (G)		1,850,000		1,653,900
IHS Netherlands Holdco BV 8.00%, 09/18/2027 (B)		1,375,000		1,380,363
Mong Duong Finance Holdings BV 5.13%, 05/07/2029 (B)		1,745,000		1,561,775
MV24 Capital BV 6.75%, 06/01/2034 (B)		541,842		513,802
Prosus NV
3.83%, 02/08/2051 (B) (G)		1,845,000		1,224,221
4.99%, 01/19/2052 (B)		900,000		707,358
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/2026		1,325,000		1,136,214
				8,177,633
Nigeria - 0.5%
SEPLAT Energy PLC 7.75%, 04/01/2026 (B)		1,500,000		1,421,250
Northern Mariana Islands - 0.9%
Azure Power Solar Energy Pvt Ltd. 5.65%, 12/24/2024 (B)		1,100,000		1,100,286
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025 (B) (G)		1,850,000		1,804,675
				2,904,961
Oman - 0.4%
OQ SAOC 5.13%, 05/06/2028 (B)		1,300,000		1,262,625
Peru - 0.4%
Consorcio Transmantaro SA 5.20%, 04/11/2038 (B) (G)		1,240,000		1,155,060
Qatar - 1.2%
Qatar Energy
1.38%, 09/12/2026 (B)		1,310,000		1,186,205
2.25%, 07/12/2031 (B)		3,085,000		2,691,663
				3,877,868
Republic of South Africa - 0.5%
Eskom Holdings SOC Ltd. 7.50%, 09/15/2033		ZAR  34,000,000		1,581,503
Saudi Arabia - 1.2%
Saudi Arabian Oil Co.
2.88%, 04/16/2024 (B)		$2,100,000		2,074,069
4.25%, 04/16/2039 (A)		1,850,000		1,767,139
				3,841,208

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

Transamerica Funds Semi-Annual Report 2022

Page    41

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Singapore - 0.9%
LLPL Capital Pte Ltd.
6.88%, 02/04/2039 (B)		$ 1,220,380		$ 1,186,197
6.88%, 02/04/2039 (A)		26,151		25,419
Medco Laurel Tree Pte Ltd. 6.95%, 11/12/2028 (B)		1,795,000		1,678,925
				2,890,541
Thailand - 0.4%
GC Treasury Center Co. Ltd. 5.20%, 03/30/2052 (B)		1,275,000		1,198,718
Turkey - 0.5%
QNB Finansbank AS 6.88%, 09/07/2024 (B)		1,400,000		1,439,396
United Arab Emirates - 1.2%
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/02/2047 (A)		900,000		890,172
Acwa Power Management & Investments One Ltd. 5.95%, 12/15/2039 (B)		1,547,055		1,603,832
Sweihan PV Power Co. PJSC 3.63%, 01/31/2049 (B)		1,400,000		1,219,266
				3,713,270
United Kingdom - 1.6%
Energean PLC 6.50%, 04/30/2027 (B)		1,130,000		1,061,635
Liquid Telecommunications Financing PLC 5.50%, 09/04/2026 (B)		750,000		716,250
Tullow Oil PLC 10.25%, 05/15/2026 (B)		1,875,000		1,861,687
Vedanta Resources Finance II PLC
8.95%, 03/11/2025 (B)		1,070,000		1,017,035
13.88%, 01/21/2024 (B)		500,000		519,000
				5,175,607
United States - 2.7%
Kosmos Energy Ltd. 7.75%, 05/01/2027 (B)		1,030,000		1,019,700
New Fortress Energy, Inc. 6.50%, 09/30/2026 (B)		1,120,000		1,083,958
Sasol Financing USA LLC 5.50%, 03/18/2031		1,700,000		1,530,000
TSMC Arizona Corp.
2.50%, 10/25/2031		1,065,000		926,359
4.13%, 04/22/2029		1,250,000		1,245,525
4.25%, 04/22/2032		2,545,000		2,534,878
				8,340,420
Venezuela - 0.1%
Petroleos de Venezuela SA 8.50%, 10/27/2020 (A) (H) (I)		1,945,000		311,200
Virgin Islands, British - 0.5%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 5.25%, 04/27/2029 (B)		1,010,000		962,025
Studio City Finance Ltd. 6.50%, 01/15/2028 (A)		940,000		737,900
				1,699,925
Total Corporate Debt Securities (Cost $146,059,894)				130,889,778

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 52.1%
Angola - 1.9%
Angolan Government International Bond
8.75%, 04/14/2032 (B)		$ 1,670,000		$ 1,579,402
9.50%, 11/12/2025 (A)		4,000,000		4,249,120
				5,828,522
Argentina - 2.5%
Argentina Government International Bond
0.50% (C), 07/09/2030		5,540,000		1,747,039
1.13% (C), 07/09/2035 -  07/09/2046		20,875,000		6,032,512
2.00% (C), 01/09/2038		302,183		108,514
				7,888,065
Brazil - 4.1%
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2023 - 01/01/2033		BRL  66,859,000		12,901,728
Chile - 1.3%
Bonos de la Tesoreria de la Republica EN pesos
4.70%, 09/01/2030 (A)		CLP  2,030,000,000		2,106,653
5.00%, 10/01/2028 (A)		825,000,000		885,998
Chile Government International Bond 2.55%, 07/27/2033		$1,250,000		1,043,675
				4,036,326
China - 0.8%
China Government Bond 3.27%, 11/19/2030		CNY  15,000,000		2,348,887
Colombia - 1.8%
Colombia Government International Bond
4.50%, 03/15/2029		$1,500,000		1,359,510
5.00%, 06/15/2045		2,015,000		1,500,386
5.63%, 02/26/2044		1,500,000		1,210,456
Colombia TES Series B, 6.00%, 04/28/2028		COP  7,164,500,000		1,484,272
				5,554,624
Cote d’Ivoire - 0.9%
Ivory Coast Government International Bond
6.13%, 06/15/2033 (B)		$1,205,000		1,105,949
6.88%, 10/17/2040 (B)		EUR  1,815,000		1,612,023
				2,717,972
Dominican Republic - 0.8%
Dominican Republic International Bond
5.50%, 02/22/2029 (B)		$900,000		841,050
6.00%, 02/22/2033 (B)		1,930,000		1,752,440
				2,593,490
Ecuador - 0.6%
Ecuador Government International Bond 5.00% (C), 07/31/2030 (A)		2,390,000		1,936,632

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

Transamerica Funds Semi-Annual Report 2022

Page    42

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Egypt - 0.8%
Egypt Government International Bond 8.88%, 05/29/2050 (B)		$ 3,515,000		$ 2,583,525
El Salvador - 0.3%
El Salvador Government International Bond 5.88%, 01/30/2025 (B)		1,775,000		842,844
Gabon - 0.4%
Gabon Government International Bond 6.95%, 06/16/2025 (B)		1,375,000		1,365,100
Ghana - 0.9%
Ghana Government International Bond 7.63%, 05/16/2029 (B)		4,690,000		2,949,494
Hungary - 0.9%
Hungary Government Bond 1.50%, 08/26/2026		HUF  920,430,000		2,037,861
Hungary Government International Bond 3.13%, 09/21/2051 (B)		$1,345,000		926,969
				2,964,830
Indonesia - 5.3%
Indonesia Government International Bond
4.35%, 01/08/2027 (B)		6,000,000		6,141,850
4.63%, 04/15/2043 (B)		2,395,000		2,270,340
Indonesia Treasury Bond
8.25%, 05/15/2036		IDR  35,691,000,000		2,639,048
8.38%, 03/15/2034		51,892,000,000		3,886,889
Series FR73,
8.75%, 05/15/2031		23,819,000,000		1,816,932
				16,755,059
Kenya - 0.3%
Republic of Kenya Government International Bond 6.88%, 06/24/2024 (B)		$900,000		867,852
Lebanon - 0.1%
Lebanon Government International Bond 6.85%, 03/23/2027 (A) (H) (I)		1,630,000		186,635
Malaysia - 2.7%
Malaysia Government Bond
3.76%, 05/22/2040		MYR  15,116,000		2,971,323
4.89%, 06/08/2038		10,801,000		2,458,143
Malaysia Sovereign Sukuk Bhd. 3.04%, 04/22/2025 (B)		$3,000,000		2,976,668
				8,406,134
Mexico - 5.8%
Mexico Bonos
7.50%, 06/03/2027		MXN  94,777,100		4,353,063
Series M,
7.75%, 05/29/2031		56,450,000		2,536,287
8.50%, 05/31/2029		84,940,000		4,036,820
10.00%, 11/20/2036		18,750,000		980,175

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Mexico (continued)
Mexico Government International Bond
3.75%, 01/11/2028		$2,575,000		$ 2,480,858
4.28%, 08/14/2041		1,360,000		1,131,574
4.40%, 02/12/2052		3,365,000		2,690,082
				18,208,859
Nigeria - 0.8%
Nigeria Government International Bond 8.38%, 03/24/2029 (B)		2,625,000		2,445,607
Oman - 0.8%
Oman Government International Bond
6.25%, 01/25/2031 (B)		1,250,000		1,271,975
7.00%, 01/25/2051 (B)		1,370,000		1,315,885
				2,587,860
Panama - 1.5%
Panama Government International Bond
3.75%, 03/16/2025		500,000		497,875
4.50%, 04/16/2050 - 01/19/2063		5,215,000		4,361,151
				4,859,026
Peru - 2.1%
Peru Government International Bond
2.39%, 01/23/2026		2,680,000		2,515,689
2.78%, 01/23/2031		1,550,000		1,344,361
3.00%, 01/15/2034		1,245,000		1,038,666
6.90%, 08/12/2037 (B)		PEN  7,908,000		1,822,863
				6,721,579
Poland - 1.3%
Republic of Poland Government Bond Series 0432, 1.75%, 04/25/2032		PLN  26,996,000		4,094,231
Qatar - 0.9%
Qatar Government International Bond 3.40%, 04/16/2025 (B) (G)		$2,750,000		2,754,840
Republic of Korea - 0.8%
Export-Import Bank of Korea 8.00%, 05/15/2024 (B)		IDR  35,800,000,000		2,542,326
Republic of South Africa - 4.3%
Republic of South Africa Government Bond
7.00%, 02/28/2031		ZAR  50,271,700		2,594,997
7.30%, 04/20/2052 (G)		$3,340,000		3,123,568
8.00%, 01/31/2030		22,357,100		1,267,032
8.25%, 03/31/2032		41,976,000		2,313,763
8.88%, 02/28/2035		75,723,000		4,176,333
				13,475,693

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

Transamerica Funds Semi-Annual Report 2022

Page    43

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Romania - 1.3%
Romania Government Bond 5.00%, 02/12/2029		RON  10,560,000		$ 2,003,440
Romania Government International Bond
2.88%, 04/13/2042 (B)		EUR  600,000		422,975
3.00%, 02/27/2027 (B)		$1,000,000		928,770
5.13%, 06/15/2048 (B)		900,000		815,760
				4,170,945
Russian Federation - 0.1%
Russian Federation Federal Bond - OFZ 7.70%, 03/23/2033		RUB  180,458,000		154,913
Saudi Arabia - 1.3%
Saudi Arabia Government International Bond
3.25%, 10/26/2026 (B)		$2,277,000		2,263,475
4.63%, 10/04/2047 (B)		1,913,000		1,867,176
				4,130,651
Supranational - 0.3%
Banque Ouest Africaine de Developpement 4.70%, 10/22/2031 (B)		1,050,000		1,038,723
Thailand - 1.1%
Thailand Government Bond
1.59%, 12/17/2035		THB  87,162,000		2,070,322
3.78%, 06/25/2032		42,413,000		1,333,575
				3,403,897
Tunisia - 0.2%
Tunisian Republic 5.75%, 01/30/2025 (A)		$920,000		625,572
Turkey - 0.7%
Turkey Government International Bond
6.38%, 10/14/2025 (G)		1,330,000		1,273,475
6.50%, 09/20/2033 (G)		1,110,000		938,505
				2,211,980
Ukraine - 0.8%
Ukraine Government International Bond
Zero Coupon (F), 05/31/2040 (A)		3,360,000		964,925
7.75%, 09/01/2023 - 09/01/2025 (A)		4,730,000		1,607,496
				2,572,421

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Arab Emirates - 0.6%
Finance Department Government of Sharjah 3.63%, 03/10/2033 (B) (G)		$ 2,200,000		$ 1,936,009
Venezuela - 0.2%
Venezuela Government International Bond 9.00%, 05/07/2023 (A) (H) (I)		9,260,000		745,430
Virgin Islands, British - 0.4%
1MDB Global Investments Ltd. 4.40%, 03/09/2023 (A)		1,200,000		1,191,068
Zambia - 0.4%
Zambia Government International Bond 5.38%, 09/20/2022 (A)		1,940,000		1,386,945
Total Foreign Government Obligations (Cost $189,689,203)				163,986,294
	Shares		Value
OTHER INVESTMENT COMPANY - 3.0%
Securities Lending Collateral - 3.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (K)		9,425,925		9,425,925
Total Other Investment Company (Cost $9,425,925)				9,425,925
	Principal		Value
REPURCHASE AGREEMENT - 5.0%
Fixed Income Clearing Corp., 0.00% (K), dated 04/29/2022, to be repurchased at $15,570,874 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.25%, due 09/30/2028, and with a value of $15,882,358.		$15,570,874		15,570,874
Total Repurchase Agreement (Cost $15,570,874)				15,570,874
Total Investments (Cost $360,745,896)				319,872,871
Net Other Assets (Liabilities) - (1.7)%				(5,335,898	)
Net Assets - 100.0%				$314,536,973

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

Transamerica Funds Semi-Annual Report 2022

Page    44

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date		Currency Purchased		Currency Sold		Unrealized Appreciation		Unrealized Depreciation
BCLY		05/31/2022	USD	1,659,145	PLN	7,445,413	$	—	$	(13,771	)
GSB		05/03/2022	USD	3,064,894	BRL	15,076,522		18,284		—
GSB		05/03/2022	BRL	15,076,522	USD	3,027,414		19,196		—
GSB		06/02/2022	USD	3,150,000	BRL	15,840,405		—		(20,042	)
HSBC		05/03/2022	USD	2,562,442	BRL	12,604,908		15,287		—
HSBC		05/03/2022	BRL	12,604,908	USD	2,522,495		24,660		—
HSBC		05/31/2022	USD	1,872,683	RON	8,838,126		—		(3,598	)
HSBC		05/31/2022	THB	107,526,592	USD	3,126,546		14,063		—
HSBC		05/31/2022	CZK	98,582,843	USD	4,218,395		—		(7,550	)
JPM		05/31/2022	PLN	7,826,610	USD	1,746,173		12,394		—
MSC		05/03/2022	USD	4,142,525	BRL	19,734,269		154,694		—
MSC		05/03/2022	BRL	19,734,269	USD	4,011,764		—		(23,933	)
MSC		05/23/2022	CLP	1,595,059,561	USD	1,934,578		—		(73,076	)
MSC		05/31/2022	USD	2,175,926	EUR	2,061,362		—		(1,546	)
MSC		05/31/2022	USD	925,551	ZAR	14,779,843		—		(6,992	)
SCB		05/03/2022	USD	1,756,504	BRL	8,473,375		44,234		—
SCB		05/03/2022	BRL	8,473,375	USD	1,722,546		—		(10,276	)
Total							$	302,812	$	(160,784	)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Foreign Government Obligations		51.3	%	$	163,986,294
Oil, Gas & Consumable Fuels		12.8			40,899,790
Electric Utilities		6.0			19,357,505
Metals & Mining		2.6			8,497,337
Chemicals		2.2			6,922,827
Wireless Telecommunication Services		2.0			6,473,626
Food Products		1.9			6,205,697
Energy Equipment & Services		1.7			5,328,152
Semiconductors & Semiconductor Equipment		1.5			4,706,762
Diversified Telecommunication Services		1.4			4,373,146
Real Estate Management & Development		1.3			4,050,639
Banks		1.2			3,781,596
Internet & Direct Marketing Retail		1.0			3,310,691
Transportation Infrastructure		1.0			3,228,153
Construction & Engineering		0.7			2,298,715
Beverages		0.6			1,938,275
Road & Rail		0.5			1,604,117
Professional Services		0.5			1,603,832
Consumer Finance		0.5			1,547,375
Hotels, Restaurants & Leisure		0.4			1,304,408
Specialty Retail		0.4			1,230,015
Pharmaceuticals		0.3			1,136,214
Capital Markets		0.2			577,104
Marine		0.2			513,802
Investments		92.2			294,876,072
Short-Term Investments		7.8			24,996,799
Total Investments		100.0	%	$	319,872,871

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

Transamerica Funds Semi-Annual Report 2022

Page    45

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(L)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	130,889,778		$	—	$	130,889,778
Foreign Government Obligations		—		163,986,294			—		163,986,294
Other Investment Company		9,425,925		—			—		9,425,925
Repurchase Agreement		—		15,570,874			—		15,570,874
Total Investments	$	9,425,925	$	310,446,946		$	—	$	319,872,871
Other Financial Instruments
Forward Foreign Currency Contracts (M)	$	—	$	302,812		$	—	$	302,812
Total Other Financial Instruments	$	—	$	302,812		$	—	$	302,812
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (M)	$	—	$	(160,784	)	$	—	$	(160,784	)
Total Other Financial Instruments	$	—	$	(160,784	)	$	—	$	(160,784	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	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, 2022, the total value of Regulation S securities is $35,537,788, representing 11.3% of the Fund’s net assets.
(B)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $135,993,153, representing 43.2% of the Fund’s net assets.
(C)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of April 30, 2022; the maturity dates disclosed are the ultimate maturity dates.
(D)	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.
(E)	Perpetual maturity. The date displayed is the next call date.
(F)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(G)	All or a portion of the securities are on loan. The total value of all securities on loan is $12,991,478, collateralized by cash collateral of $9,425,925 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $3,844,690. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(H)	Non-income producing securities.
(I)	Securities in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2022, the total value of such securities is $1,673,095, representing 0.5% of the Fund’s net assets.
(J)	Percentage rounds to less than 0.1% or (0.1)%.
(K)	Rates disclosed reflect the yields at April 30, 2022.
(L)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(M)	Derivative instruments are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
CLP	Chilean Peso

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

Transamerica Funds Semi-Annual Report 2022

Page    46

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

CURRENCY ABBREVIATIONS (continued):

CNY	Chinese Yuan Renminbi (onshore)
COP	Columbian Peso
CZK	Czech Republic Koruna
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Sol
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
THB	Thai Baht
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
GSB	Goldman Sachs Bank
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
MSC	Morgan Stanley & Co.
SCB	Standard Chartered Bank

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

Transamerica Funds Semi-Annual Report 2022

Page    47

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 92.4%
Brazil - 5.7%
Banco do Brasil SA		924,400		$6,211,343
Energisa SA		608,136		5,860,011
Hapvida Participacoes e Investimentos SA (A)		1,567,848		2,781,182
Magazine Luiza SA		2,568,676		2,535,450
Petroleo Brasileiro SA		2,452,451		16,587,943
Raia Drogasil SA		589,329		2,494,899
Telefonica Brasil SA		652,500		7,019,989
Vale SA, ADR		990,141		16,723,482
				60,214,299
Cayman Islands - 0.0% (B)
New Oriental Education & Technology Group, Inc., ADR (C)		38,349		481,280
China - 35.5%
Airtac International Group		137,635		3,735,161
Alibaba Group Holding Ltd. (C)		1,365,469		16,655,551
Amoy Diagnostics Co. Ltd., A Shares		205,551		1,418,132
Angang Steel Co. Ltd., A Shares		2,993,400		1,564,332
Angang Steel Co. Ltd., H Shares		904,000		395,438
Anhui Conch Cement Co. Ltd., H Shares		803,000		4,363,527
ANTA Sports Products Ltd.		288,198		3,312,112
Asymchem Laboratories Tianjin Co. Ltd., H Shares (A) (C)		64,000		1,378,608
Baidu, Inc., Class A (C)		360,500		5,747,705
Baoshan Iron & Steel Co. Ltd., A Shares		3,731,000		3,630,959
China Construction Bank Corp., H Shares		19,511,922		13,900,274
China Longyuan Power Group Corp. Ltd., H Shares		5,296,175		10,215,329
China Merchants Bank Co. Ltd., H Shares (D)		1,310,068		7,896,100
China National Building Material Co. Ltd., H Shares		3,968,000		5,280,661
China Pacific Insurance Group Co. Ltd., H Shares		1,656,888		3,673,276
China Railway Group Ltd., A Shares		2,592,800		2,779,728
China Tourism Group Duty Free Corp. Ltd., A Shares		347,806		9,465,763
China Vanke Co. Ltd., H Shares		1,048,400		2,472,126
China Yangtze Power Co. Ltd., A Shares		1,119,260		3,847,292
CIFI Holdings Group Co. Ltd. (D)		8,634,272		4,153,237
CITIC Ltd.		1,488,000		1,539,350
Contemporary Amperex Technology Co. Ltd., A Shares (C)		271,200		16,579,550
Country Garden Services Holdings Co. Ltd.		553,079		2,331,106
CSC Financial Co. Ltd., H Shares (A)		5,422,033		4,991,918
CSPC Pharmaceutical Group Ltd.		2,241,981		2,292,079
ENN Energy Holdings Ltd.		561,236		7,517,798
Ganfeng Lithium Co. Ltd., H Shares (A)		442,292		5,293,887
GDS Holdings Ltd., ADR (C)		26,634		836,840
Glodon Co. Ltd., A Shares		219,800		1,528,524
Guangzhou Tinci Materials Technology Co. Ltd., A Shares		352,200		3,950,941
Haidilao International Holding Ltd. (A) (C) (D)		1,948,000		3,781,064
Hangzhou Tigermed Consulting Co. Ltd., A Shares		25,900		348,076
Hangzhou Tigermed Consulting Co. Ltd., H Shares (A)		171,100		1,658,214

	Shares		Value
COMMON STOCKS (continued)
China (continued)
Industrial & Commercial Bank of China Ltd., H Shares		18,001,503		$ 10,851,419
JD.com, Inc., ADR (C)		80,291		4,950,743
JD.com, Inc., Class A (C)		116,788		3,641,279
KE Holdings, Inc., ADR (C)		613,566		8,700,366
Kingdee International Software Group Co. Ltd. (C)		2,555,000		5,213,714
LI Ning Co. Ltd.		1,154,552		8,998,771
Longfor Group Holdings Ltd. (A)		664,396		3,290,476
Meituan, Class B (A) (C)		660,812		14,158,819
Metallurgical Corp. of China Ltd., A Shares		3,595,100		1,898,248
Microport Scientific Corp. (C) (D)		342,800		673,794
NetEase, Inc.		423,900		8,119,918
Ping An Insurance Group Co. of China Ltd., H Shares		1,536,158		9,709,614
Proya Cosmetics Co. Ltd., A Shares		246,951		7,537,650
Qinghai Salt Lake Industry Co. Ltd., A Shares (C)		454,300		1,974,142
Remegen Co. Ltd., H Shares (A) (C) (D)		78,000		325,874
Sany Heavy Industry Co. Ltd., A Shares		987,100		2,456,145
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		2,929,078		3,120,487
Shanghai Putailai New Energy Technology Co. Ltd., A Shares		209,000		3,708,164
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares		87,200		4,122,987
Sinoma Science & Technology Co. Ltd., A Shares		1,284,100		3,912,423
TAL Education Group, ADR (C)		95,398		323,399
Tencent Holdings Ltd.		1,174,802		55,362,409
Trip.com Group Ltd., ADR (C)		116,147		2,746,877
Trip.com Group Ltd. (C)		41,100		970,520
WuXi AppTec Co. Ltd., H Shares (A)		191,148		2,599,955
Wuxi Biologics Cayman, Inc. (A) (C)		150,825		1,113,211
Wuxi Lead Intelligent Equipment Co. Ltd., A Shares		242,900		1,604,634
XPeng, Inc., ADR (C)		290,433		7,147,556
XPeng, Inc., A Shares (C) (D)		165,100		2,051,498
Yatsen Holding Ltd., ADR (C) (D)		1,524,725		937,248
Yifeng Pharmacy Chain Co. Ltd., A Shares		459,688		2,554,027
Yihai International Holding Ltd. (D)		1,895,241		5,335,250
Yum China Holdings, Inc.		41,757		1,745,443
Yunnan Botanee Bio-Technology Group Co. Ltd., A Shares		132,200		3,935,414
Yunnan Energy New Material Co. Ltd., A Shares		223,601		6,810,329
Zhejiang HangKe Technology, Inc. Co., A Shares		182,620		1,199,419
Zhongsheng Group Holdings Ltd.		497,500		3,287,388
Zijin Mining Group Co. Ltd., H Shares		2,706,000		3,940,228
Zoomlion Heavy Industry Science & Technology Co. Ltd., A Shares		3,131,078		2,736,984
				372,301,480
Czech Republic - 0.9%
Komercni Banka AS		292,631		9,609,978

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

Transamerica Funds Semi-Annual Report 2022

Page    48

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Greece - 0.3%
Hellenic Telecommunications Organization SA		161,333		$ 3,103,733
Hong Kong - 2.3%
AIA Group Ltd.		1,483,741		14,575,912
China Gas Holdings Ltd.		2,887,006		3,519,165
China Overseas Land & Investment Ltd.		286,000		883,533
ESR Cayman Ltd. (A) (C)		700,383		2,126,087
Melco Resorts & Entertainment Ltd., ADR (C)		616,011		3,523,583
				24,628,280
India - 11.7%
Apollo Hospitals Enterprise Ltd.		30,898		1,783,437
Axis Bank Ltd., GDR (C)		201,558		9,574,005
Axis Bank Ltd. (C)		642,897		6,071,939
Bharat Electronics Ltd.		887,828		2,738,059
Bharti Airtel Ltd. (C)		2,102,847		19,625,825
Housing Development Finance Corp. Ltd.		160,657		4,629,653
Infosys Ltd., ADR		607,864		12,078,258
Kotak Mahindra Bank Ltd.		627,105		14,534,528
Mahindra & Mahindra Ltd., GDR		453,334		5,394,674
Mahindra & Mahindra Ltd.		113,077		1,357,483
PI Industries Ltd.		35,955		1,326,495
Power Grid Corp. of India Ltd.		1,465,132		4,378,881
Reliance Industries Ltd., GDR (A)		128,230		9,309,498
Reliance Industries Ltd.		551,042		20,033,206
SBI Life Insurance Co. Ltd. (A)		190,894		2,739,392
Tata Consultancy Services Ltd.		44,367		2,045,550
Tata Steel Ltd.		135,111		2,216,576
UPL Ltd.		255,814		2,748,258
				122,585,717
Indonesia - 3.8%
Aneka Tambang Tbk (C)		6,798,200		1,214,913
Bank Central Asia Tbk PT		15,595,363		8,746,996
Bank Rakyat Indonesia Persero Tbk PT (E)		54,447,832		18,141,310
Telkom Indonesia Persero Tbk PT		35,551,500		11,329,788
				39,433,007
Japan - 0.7%
Tokyo Electron Ltd.		16,833		7,102,624
Jordan - 0.2%
Hikma Pharmaceuticals PLC		70,261		1,650,460
Macau - 0.9%
Sands China Ltd. (C)		4,140,800		9,127,048
Mexico - 0.4%
Grupo Mexico SAB de CV, Series B		844,643		3,956,554
Netherlands - 0.6%
ASML Holding NV		12,027		6,825,785
Peru - 0.7%
Credicorp Ltd.		52,442		7,283,669
Philippines - 1.4%
Ayala Land, Inc.		4,520,754		2,759,327
BDO Unibank, Inc.		4,974,910		12,293,342
				15,052,669
Republic of Korea - 6.1%
E-MART, Inc.		54,666		5,656,747
Kangwon Land, Inc. (C)		221,955		4,664,275

	Shares		Value
COMMON STOCKS (continued)
Republic of Korea (continued)
POSCO Holdings, Inc.		12,919		$ 2,949,754
Samsung Electronics Co. Ltd.		583,890		31,117,568
Shinhan Financial Group Co. Ltd.		226,432		7,523,113
SK Innovation Co. Ltd. (C) (D)		35,256		5,611,206
SK Telecom Co. Ltd.		150,512		6,789,324
				64,311,987
Republic of South Africa - 3.8%
Discovery Ltd. (C)		39,317		377,507
FirstRand Ltd.		3,268,699		14,077,240
Gold Fields Ltd.		779,012		10,555,274
Impala Platinum Holdings Ltd.		240,867		3,115,715
Old Mutual Ltd.		7,354,140		5,899,852
Rand Merchant Investment Holdings Ltd.		1,706,245		2,918,200
Sibanye Stillwater Ltd.		978,540		3,385,407
				40,329,195
Russian Federation - 0.0%
Gazprom PJSC, ADR (F) (G) (H) (I)		2,525,844		0
Lukoil PJSC, ADR (F) (G) (H) (I)		192,700		0
MMC Norilsk Nickel PJSC (F) (G) (H) (I)		7,371		0
Mobile TeleSystems PJSC, ADR (F) (G) (H) (I)		382,338		0
Novatek PJSC, GDR (F) (G) (H) (I)		2,914		0
Sberbank of Russia PJSC (F) (G) (H) (I)		1,980,987		0
Yandex NV, Class A (C) (F) (G) (H) (I)		137,164		0
				0
Saudi Arabia - 0.3%
SABIC Agri-Nutrients Co.		29,965		1,290,850
Saudi Basic Industries Corp.		65,609		2,272,805
				3,563,655
Singapore - 0.2%
Sea Ltd., ADR (C)		19,294		1,596,771
Taiwan - 12.1%
ASE Technology Holding Co. Ltd.		1,909,295		6,091,342
ASMedia Technology, Inc.		47,115		2,217,463
China Development Financial Holding Corp.		3,942,000		2,377,192
Feng TAY Enterprise Co. Ltd.		199,000		1,281,182
Globalwafers Co. Ltd.		222,504		3,877,707
MediaTek, Inc.		516,400		14,236,104
Nan Ya Printed Circuit Board Corp.		145,000		1,925,954
Realtek Semiconductor Corp.		584,834		7,935,912
Taiwan Semiconductor Manufacturing Co. Ltd.		4,625,678		83,644,496
Yageo Corp.		216,343		2,920,096
				126,507,448
Thailand - 2.6%
Bangkok Dusit Medical Services PCL, Class F		1,861,400		1,388,688
Central Pattana PCL		797,818		1,409,284
CP ALL PCL		2,343,400		4,447,329
Kasikornbank PCL		3,870,835		17,034,212
PTT Exploration & Production PCL		707,200		3,117,875
				27,397,388
United Arab Emirates - 0.1%
Emaar Properties PJSC		474,499		818,441

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

Transamerica Funds Semi-Annual Report 2022

Page    49

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
United Kingdom - 1.6%
Anglo American PLC		174,869		$ 7,745,118
Standard Chartered PLC		1,267,680		8,666,268
				16,411,386
United States - 0.5%
Parade Technologies Ltd.		101,683		4,835,696
Total Common Stocks (Cost $1,138,759,405)				969,128,550
PREFERRED STOCKS - 3.4%
Brazil - 1.6%
Banco Bradesco SA, 5.08% (J)		3,815,513		13,876,137
Gerdau SA, 11.23% (J)		549,100		3,106,489
				16,982,626

	Shares		Value
PREFERRED STOCKS (continued)
Republic of Korea - 1.8%
Samsung Electronics Co. Ltd., 2.44% (J)		397,515		$ 18,636,949
Total Preferred Stocks (Cost $38,096,057)				35,619,575
OTHER INVESTMENT COMPANY - 0.0% (B)
United States - 0.0% (B)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (J)		381,995		381,995
Total Other Investment Company (Cost $381,995)				381,995
Total Investments (Cost $1,177,237,457)				1,005,130,120
Net Other Assets (Liabilities) - 4.2%				43,824,727
Net Assets - 100.0%				$1,048,954,847

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
MSCI Emerging Markets Index		488		06/17/2022	$	26,158,014	$	25,800,560	$	—	$	(357,454	)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Banks		17.4	%	$	174,591,827
Semiconductors & Semiconductor Equipment		13.6			136,767,124
Metals & Mining		6.9			69,794,126
Interactive Media & Services		6.1			61,110,114
Oil, Gas & Consumable Fuels		5.4			54,659,731
Technology Hardware, Storage & Peripherals		4.9			49,754,517
Insurance		4.0			39,893,753
Internet & Direct Marketing Retail		3.9			39,406,392
Real Estate Management & Development		2.9			28,943,983
Chemicals		2.8			27,994,407
Hotels, Restaurants & Leisure		2.6			26,558,810
Wireless Telecommunication Services		2.6			26,415,149
Diversified Telecommunication Services		2.1			21,453,510
Electrical Equipment		1.8			17,778,969
Automobiles		1.6			15,951,211
Food & Staples Retailing		1.5			15,153,002
IT Services		1.5			14,960,648
Diversified Financial Services		1.4			14,077,240
Independent Power & Renewable Electricity Producers		1.4			14,062,621
Textiles, Apparel & Luxury Goods		1.3			13,592,065
Specialty Retail		1.3			12,753,151
Personal Products		1.2			12,410,312
Gas Utilities		1.1			11,036,963
Machinery		1.0			10,532,924
Electric Utilities		1.0			10,238,892
Entertainment		1.0			9,716,689
Construction Materials		1.0			9,644,188

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

Transamerica Funds Semi-Annual Report 2022

Page    50

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Health Care Equipment & Supplies		0.8	%	$	7,917,268
Software		0.7			6,742,238
Health Care Providers & Services		0.6			5,953,307
Life Sciences Tools & Services		0.6			5,719,456
Food Products		0.5			5,335,250
Pharmaceuticals		0.5			5,321,147
Capital Markets		0.5			4,991,918
Electronic Equipment, Instruments & Components		0.5			4,846,050
Construction & Engineering		0.5			4,677,976
Thrifts & Mortgage Finance		0.5			4,629,653
Aerospace & Defense		0.3			2,738,059
Multiline Retail		0.2			2,535,450
Biotechnology		0.2			1,744,006
Industrial Conglomerates		0.2			1,539,350
Diversified Consumer Services		0.1			804,679
Investments		100.0			1,004,748,125
Short-Term Investments		0.0	(B)		381,995
Total Investments		100.0	%	$	1,005,130,120

INVESTMENT VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (L)		Value
ASSETS
Investments
Common Stocks	$	140,801,063		$	828,327,487	$	0	$	969,128,550
Preferred Stocks		16,982,626			18,636,949		—		35,619,575
Other Investment Company		381,995			—		—		381,995
Total Investments	$	158,165,684		$	846,964,436	$	0	$	1,005,130,120
LIABILITIES
Other Financial Instruments
Futures Contracts (M)	$	(357,454	)	$	—	$	—	$	(357,454	)
Total Other Financial Instruments	$	(357,454	)	$	—	$	—	$	(357,454	)
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 (H)	$	0		$	—	$	0	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $55,548,185, representing 5.3% of the Fund’s net assets.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	Non-income producing securities.
(D)	All or a portion of the securities are on loan. The total value of all securities on loan is $28,734,943, collateralized by cash collateral of $381,995 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $30,403,216. 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 2022

Page    51

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(E)	When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2022. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(F)	Securities are Level 3 of the fair value hierarchy.
(G)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2022, the total value of securities is $0, representing less than 0.1% of the Fund’s net assets.
(H)	For the period ended April 30, 2022, the valuation technique changed for investments in Russian Federation Common Stocks with a total value of $5 from using market comparable and market transactions, to being worthless because of the Russian invasion of Ukraine, liquidity concerns and US sanctions. This was considered to be a more relevant measure of fair value as of April 30, 2022.
(I)	Securities deemed worthless.
(J)	Rates disclosed reflect the yields at April 30, 2022.
(K)	The Fund recognized transfers in and out of Level 3 as of the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(L)	Level 3 securities were not considered significant to the Fund.
(M)	Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2022

Page    52

Transamerica Energy Infrastructure

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 70.7%
Electric Utilities - 3.9%
Eversource Energy		7,400		$646,760
NextEra Energy, Inc.		51,800		3,678,836
Xcel Energy, Inc.		23,700		1,736,262
				6,061,858
Independent Power & Renewable Electricity Producers - 14.1%
AES Corp.		51,200		1,045,504
Atlantica Sustainable Infrastructure PLC (A)		202,645		6,261,731
Brookfield Renewable Corp., Class A		19,000		682,100
Clearway Energy, Inc., Class C		141,500		4,319,995
Innergex Renewable Energy, Inc. (A)		85,800		1,148,764
Northland Power, Inc. (A)		104,500		3,153,750
Polaris Infrastructure, Inc. (A)		100,000		1,462,655
ReNew Energy Global PLC, A Shares (A) (B)		87,400		697,452
TransAlta Corp. (A)		286,100		3,068,897
				21,840,848
Multi-Utilities - 1.8%
Dominion Energy, Inc.		17,100		1,396,044
Sempra Energy		8,300		1,339,288
				2,735,332
Oil, Gas & Consumable Fuels - 50.9%
Cheniere Energy, Inc.		65,616		8,911,309
DT Midstream, Inc. (B)		35,400		1,902,750
Enbridge, Inc.		130,100		5,677,564
Enviva, Inc.		30,600		2,580,804
Kinder Morgan, Inc.		356,000		6,461,400
ONEOK, Inc.		45,700		2,894,181
Pembina Pipeline Corp.		168,900		6,392,865
Phillips 66		65,900		5,717,484
Plains GP Holdings LP, Class A (A) (B)		489,600		5,468,832
Targa Resources Corp.		185,600		13,624,896
TC Energy Corp.		140,136		7,413,194
Williams Cos., Inc.		344,300		11,806,047
				78,851,326
Total Common Stocks (Cost $76,649,284)				109,489,364
MASTER LIMITED PARTNERSHIPS - 25.5% (C)
Independent Power & Renewable Electricity Producers - 6.9%
Brookfield Renewable Partners LP (B)		158,250		5,570,400
NextEra Energy Partners LP		77,200		5,146,152
				10,716,552
Multi-Utilities - 1.0%
Brookfield Infrastructure Partners LP		25,300		1,579,479
Oil, Gas & Consumable Fuels - 17.6%
Energy Transfer LP		747,900		8,286,732
Enterprise Products Partners LP		305,500		7,915,505
Magellan Midstream Partners LP		45,200		2,189,940
MPLX LP		233,400		7,552,824
Rattler Midstream LP		95,100		1,279,095
				27,224,096
Total Master Limited Partnerships (Cost $33,242,561)				39,520,127

	Principal		Value
CORPORATE DEBT SECURITIES - 1.2%
Oil, Gas & Consumable Fuels - 1.2%
Energy Transfer LP 6.00%, 06/15/2048		$460,000		$ 451,454
Enterprise Products Operating LLC 4.20%, 01/31/2050		540,000		475,119
Kinder Morgan, Inc. 5.55%, 06/01/2045		460,000		463,575
Williams Cos., Inc. 5.10%, 09/15/2045		460,000		449,911
Total Corporate Debt Securities (Cost $1,856,290)				1,840,059
	Shares		Value
OTHER INVESTMENT COMPANY - 1.7%
Securities Lending Collateral - 1.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (D)		2,636,555		2,636,555
Total Other Investment Company (Cost $2,636,555)				2,636,555
	Principal		Value
REPURCHASE AGREEMENT - 1.5%
Fixed Income Clearing Corp., 0.00% (D), dated 04/29/2022, to be repurchased at $2,290,739 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $2,336,626.		$2,290,739		2,290,739
Total Repurchase Agreement (Cost $2,290,739)				2,290,739
Total Investments (Cost $116,675,429)				155,776,844
Net Other Assets (Liabilities) - (0.6)%				(967,293	)
Net Assets - 100.0%				$154,809,551

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

Transamerica Funds Semi-Annual Report 2022

Page    53

Transamerica Energy Infrastructure

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(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	$	109,489,364	$	—	$	—	$	109,489,364
Master Limited Partnerships		39,520,127		—		—		39,520,127
Corporate Debt Securities		—		1,840,059		—		1,840,059
Other Investment Company		2,636,555		—		—		2,636,555
Repurchase Agreement		—		2,290,739		—		2,290,739
Total Investments	$	151,646,046	$	4,130,798	$	—	$	155,776,844

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $5,347,406, collateralized by cash collateral of $2,636,555 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,949,935. 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.
(B)	Non-income producing securities.
(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, 2022.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    54

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 6.6%
Chemicals - 0.3%
Olympus Water US Holding Corp. 4.25%, 10/01/2028 (A)		$1,500,000		$1,325,490
Commercial Services & Supplies - 1.0%
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL 4.63%, 06/01/2028 (A)		2,150,000		1,901,250
Garda World Security Corp. 4.63%, 02/15/2027 (A)		2,750,000		2,495,625
GFL Environmental, Inc.
3.75%, 08/01/2025 (A)		150,000		142,125
4.25%, 06/01/2025 (A)		640,000		620,730
				5,159,730
Communications Equipment - 0.4%
Avaya, Inc. 6.13%, 09/15/2028 (A)		2,100,000		1,948,282
CommScope, Inc. 6.00%, 03/01/2026 (A)		250,000		235,800
				2,184,082
Construction & Engineering - 0.1%
Artera Services LLC 9.03%, 12/04/2025 (A)		417,000		394,065
Containers & Packaging - 0.2%
Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC 4.00%, 10/15/2027 (A)		1,250,000		1,090,625
Diversified Telecommunication Services - 0.4%
Cablevision Lightpath LLC 3.88%, 09/15/2027 (A)		2,000,000		1,758,760
Zayo Group Holdings, Inc. 4.00%, 03/01/2027 (A)		500,000		435,000
				2,193,760
Health Care Providers & Services - 1.0%
Legacy LifePoint Health LLC
4.38%, 02/15/2027 (A)		1,500,000		1,387,500
6.75%, 04/15/2025 (A)		500,000		510,000
Tenet Healthcare Corp.
4.25%, 06/01/2029 (A)		769,000		694,784
4.63%, 09/01/2024 - 06/15/2028 (A)		500,000		485,875
4.88%, 01/01/2026 (A)		2,000,000		1,946,980
				5,025,139
Hotels, Restaurants & Leisure - 0.3%
1011778 BC ULC / New Red Finance, Inc. 3.88%, 01/15/2028 (A)		1,765,000		1,623,800
Household Products - 0.2%
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5.00%, 12/31/2026 (A)		1,304,000		1,154,040
IT Services - 0.4%
Conduent Business Services LLC / Conduent State & Local Solutions, Inc. 6.00%, 11/01/2029 (A)		750,000		690,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services (continued)
MoneyGram International, Inc. 5.38%, 08/01/2026 (A)		$ 1,000,000		$ 1,015,000
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. 5.75%, 06/01/2025 (A)		500,000		503,750
				2,208,750
Machinery - 0.5%
Madison IAQ LLC 4.13%, 06/30/2028 (A)		1,273,000		1,121,806
Vertiv Group Corp. 4.13%, 11/15/2028 (A)		1,395,000		1,215,394
				2,337,200
Media - 0.8%
Arches Buyer, Inc. 4.25%, 06/01/2028 (A)		500,000		444,375
CSC Holdings LLC 5.38%, 02/01/2028 (A)		1,500,000		1,377,202
LCPR Senior Secured Financing DAC
5.13%, 07/15/2029 (A)		250,000		227,576
6.75%, 10/15/2027 (A)		1,260,000		1,252,157
Scripps Escrow II, Inc. 3.88%, 01/15/2029 (A)		100,000		88,890
Univision Communications, Inc.
5.13%, 02/15/2025 (A)		250,000		245,625
6.63%, 06/01/2027 (A)		333,000		333,833
				3,969,658
Personal Products - 0.2%
Coty, Inc. 5.00%, 04/15/2026 (A)		1,000,000		944,400
Pharmaceuticals - 0.2%
Bausch Health Cos., Inc. 4.88%, 06/01/2028 (A)		1,000,000		887,250
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.13%, 04/30/2028 (A)		250,000		231,657
				1,118,907
Software - 0.3%
Helios Software Holdings, Inc. / ION Corp. Solutions Finance SARL 4.63%, 05/01/2028 (A)		1,950,000		1,716,000
Transportation Infrastructure - 0.2%
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00%, 07/31/2029 (A)		1,000,000		890,730
Wireless Telecommunication Services - 0.1%
Altice France SA 5.50%, 01/15/2028 (A)		250,000		220,312
Total Corporate Debt Securities (Cost $36,868,967)				33,556,688

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

Transamerica Funds Semi-Annual Report 2022

Page    55

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS - 88.6%
Aerospace & Defense - 0.7%
Avolon TLB Borrower 1 LLC
Term Loan B3,
1-Month LIBOR + 1.75%, 2.50% (B), 01/15/2025		$ 246,256		$ 243,537
Term Loan B4,
1-Month LIBOR + 1.50%, 2.25% (B), 02/12/2027		98,000		95,841
Castlelake Aviation Ltd. Term Loan B, 3-Month LIBOR + 2.75%, 3.25% (B), 10/22/2026		1,543,250		1,523,188
TransDigm, Inc. Term Loan G, TBD, 08/22/2024 (C) (D)		2,000,000		1,968,334
				3,830,900
Air Freight & Logistics - 0.3%
RLG Holdings LLC Term Loan, 1-Month LIBOR + 4.25%, 5.01% (B), 07/07/2028		1,745,625		1,708,530
Airlines - 0.1%
American Airlines, Inc. Term Loan B, 1-Month LIBOR + 1.75%, 2.45% (B), 06/27/2025		175,000		168,612
United Airlines, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 4.50% (B), 04/21/2028		495,000		490,600
				659,212
Auto Components - 1.6%
Clarios Global LP Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (B), 04/30/2026		1,866,010		1,833,821
First Brands Group LLC Term Loan, 3-Month LIBOR + 5.00%, 6.00% (B), 03/30/2027 (C)		4,235,935		4,216,522
Mavis Tire Express Services Corp. Term Loan B, 1-Month LIBOR + 4.00%, 4.75% (B), 05/04/2028		2,215,813		2,199,502
				8,249,845
Automobiles - 0.4%
American Auto Auction Group LLC Term Loan B, 3-Month SOFR + 5.00%, 5.80% (B), 12/30/2027		1,122,188		1,105,355
CWGS Group LLC Term Loan B, 1-Month LIBOR + 2.50%, 3.25% - 3.26% (B), 06/03/2028		640,789		600,206
Thor Industries, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.81% (B), 02/01/2026		523,069		517,620
				2,223,181

	Principal		Value
LOAN ASSIGNMENTS (continued)
Beverages - 0.3%
Naked Juice LLC
2nd Lien Term Loan,
3-Month SOFR + 6.00%, 6.65% (B), 01/24/2030		$ 1,000,000		$ 992,500
Term Loan,
2-Month SOFR + 3.25%, 4.00% (B), 01/24/2029		500,000		490,070
				1,482,570
Biotechnology - 0.6%
Curium BidCo SARL
Term Loan,
3-Month LIBOR + 4.25%, 5.00% (B), 12/02/2027 (C)		300,000		296,250
Term Loan B,
3-Month LIBOR + 4.00%, 5.01% (B), 07/09/2026		2,702,908		2,658,986
				2,955,236
Building Products - 3.1%
Anvil International LLC 1st Lien Term Loan, 3-Month LIBOR + 5.00%, 6.24% (B), 05/28/2026		997,442		966,273
Chamberlain Group, Inc. Term Loan B, 3-Month LIBOR + 3.50%, 4.51% (B), 11/03/2028		2,244,375		2,202,293
Cornerstone Building Brands, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 3.80% (B), 04/12/2028		2,124,606		1,989,162
Griffon Corp. Term Loan B, TBD, 01/24/2029 (C) (D)		1,300,000		1,287,000
Janus International Group LLC Term Loan B1, 1-Month LIBOR + 3.25%, 4.25% (B), 02/12/2025		1,738,185		1,703,421
LBM Acquisition LLC
Term Loan B,
1-Month LIBOR + 3.75%, 4.51% (B), 12/17/2027 (C)		1,080,407		1,017,203
Term Loan B2,
3-Month LIBOR + 3.75%, 4.50% (B), 12/17/2027		165,415		159,419
Quikrete Holdings, Inc.
1st Lien Term Loan,
1-Month LIBOR + 2.63%, 3.39% (B), 02/01/2027 (C)		2,114,266		2,050,083
Term Loan B1,
3-Month LIBOR + 3.00%, 3.76% (B), 06/11/2028		350,000		340,521
Tamko Building Products LLC Term Loan B, 3-Month LIBOR + 3.00%, 3.51% - 4.24% (B), 06/01/2026		1,959,836		1,913,290

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

Transamerica Funds Semi-Annual Report 2022

Page    56

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Building Products (continued)
VT Topco, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.25%, 4.26% (B), 08/01/2025		$ 661,844		$ 651,916
Term Loan,
1-Month LIBOR + 3.75%, 4.76% (B), 08/01/2025		1,688,291		1,677,036
				15,957,617
Capital Markets - 2.4%
Blucora, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 5.01% (B), 05/22/2024		2,270,846		2,265,168
CRCI Longhorn Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 3.95% (B), 08/08/2025		1,240,360		1,212,452
Deerfield Dakota Holding LLC Term Loan B, 3-Month SOFR + 3.75%, 4.75% (B), 04/09/2027		3,384,443		3,372,357
Illuminate Merger Sub Corp. Term Loan, 3-Month LIBOR + 3.50%, 4.51% (B), 07/21/2028		997,500		935,364
Kingpin Intermediate Holdings LLC Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 07/03/2024		1,648,863		1,628,767
Tiger Acquisition LLC Term Loan, 3-Month LIBOR + 3.25%, 3.76% (B), 06/01/2028		1,960,188		1,871,979
Victory Capital Holdings, Inc.
Term Loan B,
3-Month LIBOR + 2.25%, 3.22% (B), 07/01/2026		6,171		6,109
3-Month LIBOR + 2.25%, 3.26% (B), 12/29/2028		825,743		816,109
				12,108,305
Chemicals - 0.5%
Tronox Finance LLC
Term Loan,
TBD, 04/04/2029 (C) (D)		1,000,000		992,500
Term Loan B,
1-Month LIBOR + 2.25%, 3-Month LIBOR + 2.25%, 3.00% - 3.01% (B), 03/10/2028		875,382		865,807
VAC Germany Holdings GmbH Term Loan B, 3-Month LIBOR + 4.00%, 5.01% (B), 03/08/2025		611,692		597,929
				2,456,236

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies - 7.8%
ADMI Corp.
Term Loan B2,
1-Month LIBOR + 3.38%, 4.14% (B), 12/23/2027		$ 445,500		$ 438,420
Term Loan B3,
1-Month LIBOR + 3.50%, 4.26% (B), 12/23/2027		995,000		983,391
APX Group, Inc. Term Loan B, 1-Month LIBOR + 3.50%, Prime Rate + 2.50%, 4.05% - 6.00% (B), 07/10/2028		2,239,373		2,215,735
Asurion LLC
Term Loan B6,
1-Month LIBOR + 3.13%, 3.89% (B), 11/03/2023		1,000,000		995,208
Term Loan B8,
1-Month LIBOR + 3.25%, 4.01% (B), 12/23/2026		1,139,356		1,112,771
Term Loan B9,
1-Month LIBOR + 3.25%, 4.01% (B), 07/31/2027		1,091,481		1,065,558
BIFM CA Buyer, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.26% (B), 06/01/2026		2,719,412		2,682,020
Creative Artists Agency LLC
Term Loan B,
1-Month LIBOR + 3.75%, 4.51% (B), 11/27/2026		2,156,394		2,145,948
Term Loan B1,
1-Month LIBOR + 4.25%, 5.25% (B), 11/27/2026		786,000		784,035
Driven Holdings LLC Term Loan B, 3-Month LIBOR + 3.00%, 3.92% (B), 12/17/2028		2,000,000		1,975,000
Ensemble RCM LLC Term Loan, 3-Month LIBOR + 3.75%, 4.99% (B), 08/03/2026		2,527,626		2,518,147
EWT Holdings III Corp. Term Loan, 1-Month LIBOR + 2.50%, 3.31% (B), 04/01/2028		1,391,987		1,382,128
Garda World Security Corp. Term Loan B, 1-Month LIBOR + 4.25%, 4.92% (B), 10/30/2026		1,000,000		989,167
GFL Environmental, Inc. Term Loan, 3-Month LIBOR + 3.00%, 4.24% (B), 05/30/2025 (C)		2,635,465		2,627,888
Harsco Corp. Term Loan, 1-Month LIBOR + 2.25%, 3.13% (B), 03/10/2028		496,250		479,502

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

Transamerica Funds Semi-Annual Report 2022

Page    57

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies (continued)
Jadex, Inc. Term Loan, 1-Month LIBOR + 4.75%, 5.51% (B), 02/18/2028		$ 1,734,981		$ 1,691,607
PECF USS Intermediate Holding III Corp. Term Loan B, 3-Month LIBOR + 4.25%, 4.76% (B), 12/15/2028		2,693,250		2,651,168
Prime Security Services Borrower LLC Term Loan, 3-Month LIBOR + 2.75%, 6-Month LIBOR + 2.75%, 3.50% (B), 09/23/2026		2,515,736		2,483,504
Spectrum Holdings III Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.26% (B), 01/31/2025		2,735,119		2,632,552
Spin Holdco, Inc. Term Loan, 3-Month LIBOR + 4.00%, 4.75% (B), 03/04/2028 (C)		3,974,975		3,952,969
Technimark Holdings LLC Term Loan, 1-Month LIBOR + 3.75%, 4.30% (B), 07/09/2029		1,318,658		1,275,801
TruGreen LP Term Loan, 1-Month LIBOR + 4.00%, 4.76% (B), 11/02/2027		2,969,962		2,954,186
				40,036,705
Communications Equipment - 0.9%
Avaya, Inc. Term Loan B2, 1-Month LIBOR + 4.00%, 4.55% (B), 12/15/2027		1,000,000		983,250
CommScope, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (B), 04/06/2026		2,162,429		2,076,606
Securus Technologies Holdings, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.50%, 5.51% (B), 11/01/2024		1,454,143		1,382,043
				4,441,899
Construction & Engineering - 3.2%
Artera Services LLC
1st Lien Term Loan,
3-Month LIBOR + 3.25%, 4.26% (B), 03/06/2025		249,696		232,998
Term Loan,
3-Month LIBOR + 3.50%, 4.51% (B), 03/06/2025		794,000		741,894
Centuri Group, Inc. Term Loan B, 3-Month LIBOR + 2.50%, 3.01% (B), 08/27/2028		442,915		437,157

	Principal		Value
LOAN ASSIGNMENTS (continued)
Construction & Engineering (continued)
LRS Holdings LLC Term Loan B, 1-Month LIBOR + 4.25%, 5.01% (B), 08/13/2028		$ 1,197,000		$ 1,182,411
Osmose Utilities Services, Inc. Term Loan, 1-Month LIBOR + 3.25%, 4.01% (B), 06/23/2028		2,488,123		2,449,246
Pike Corp. Term Loan B, 1-Month LIBOR + 3.00%, 3.77% (B), 01/21/2028 (C)		3,365,614		3,345,629
Refficiency Holdings LLC Term Loan, 1-Month LIBOR + 3.75%, 4.51% (B), 12/16/2027		1,851,603		1,834,630
VM Consolidated, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 4.26% (B), 03/19/2028		2,835,203		2,809,510
WIN Waste Innovations Holdings, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 3.76% (B), 03/24/2028		3,223,175		3,182,885
				16,216,360
Construction Materials - 0.3%
Smyrna Ready Mix Concrete LLC Term Loan B, 3-Month SOFR + 4.25%, 5.05% (B), 04/02/2029		1,500,000		1,477,500
Containers & Packaging - 6.5%
Anchor Glass Container Corp. 1st Lien Term Loan, 3-Month LIBOR + 2.75%, 3.75% - 3.76% (B), 12/07/2023		473,192		406,280
Berlin Packaging LLC
1st Lien Term Loan B,
1-Month LIBOR + 3.75%, 3-Month LIBOR + 3.75%, 4.25% - 5.00% (B), 03/11/2028		1,990,000		1,966,902
Term Loan B,
3-Month LIBOR + 3.25%, 4.26% (B), 03/11/2028		991,880		975,762
Berry Global, Inc. Term Loan Z, 1-Month LIBOR + 1.75%, 2.24% (B), 07/01/2026		223,401		219,847
Canister International Group, Inc. Term Loan B, 1-Month LIBOR + 4.75%, 5.51% (B), 12/21/2026 (C)		1,996,985		1,976,182
Clydesdale Acquisition Holdings, Inc. Term Loan B, 3-Month SOFR + 4.25%, 4.78% (B), 04/13/2029		2,450,000		2,416,592

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

Transamerica Funds Semi-Annual Report 2022

Page    58

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging (continued)
Golden West Packaging Group LLC Term Loan, 1-Month LIBOR + 5.25%, 6.01% (B), 11/23/2027		$ 525,000		$ 521,062
Graham Packaging Co., Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.76% (B), 08/04/2027		2,870,939		2,806,343
Klockner-Pentaplast of America, Inc. Term Loan B, 6-Month LIBOR + 4.75%, 5.55% (B), 02/12/2026		594,000		527,175
LABL, Inc. 1st Lien Term Loan, 1-Month LIBOR + 5.00%, 5.76% (B), 10/29/2028 (C)		625		612
Liqui-Box Holdings, Inc. Term Loan B, 3-Month LIBOR + 4.50%, 5.50% (B), 02/26/2027		494,990		461,579
Packaging Coordinators Midco, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 4.76% (B), 11/30/2027		3,174,215		3,145,648
Plastipak Packaging, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.26% (B), 12/01/2028		1,995,000		1,956,347
Plaze, Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.76% (B), 08/03/2026		246,875		237,926
Pregis TopCo Corp.
1st Lien Term Loan,
1-Month LIBOR + 4.00%, 4.76% (B), 07/31/2026 (C)		1,860,139		1,823,516
Term Loan,
1-Month LIBOR + 4.00%, 4.76% (B), 07/31/2026		373,125		365,663
Pretium PKG Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 3-Month LIBOR + 4.00%, 4.50% - 4.97% (B), 10/02/2028		1,496,250		1,451,362
Printpack Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 4.00% (B), 07/26/2023		594,249		586,821
Proampac PG Borrower LLC Term Loan, 3-Month LIBOR + 3.75%, 4.50% - 6.25% (B), 11/03/2025		2,482,519		2,441,557
Reynolds Group Holdings, Inc.
Term Loan B,
1-Month LIBOR + 3.50%, 4.26% (B), 09/20/2028		248,750		242,220
Term Loan B2,
1-Month LIBOR + 3.25%, 4.01% (B), 02/05/2026		997,475		969,628

	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging (continued)
Tosca Services LLC Term Loan, 1-Month LIBOR + 3.50%, 4.26% (B), 08/18/2027		$ 2,209,884		$ 2,147,731
TricorBraun Holdings, Inc. Term Loan, 1-Month LIBOR + 3.25%, 4.01% (B), 03/03/2028		2,984,104		2,913,977
Trident TPI Holdings, Inc. Term Loan B1, 3-Month LIBOR + 3.25%, 4.26% (B), 10/17/2024		2,777,489		2,758,972
				33,319,704
Diversified Consumer Services - 1.9%
Mister Car Wash Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 3.76% (B), 05/14/2026		2,790,675		2,764,264
Pre-Paid Legal Services, Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.25% (B), 12/15/2028		2,250,000		2,222,343
Solis IV BV Term Loan B1, 3-Month SOFR + 3.50%, 4.00% (B), 02/26/2029		2,000,000		1,898,750
William Morris Endeavor Entertainment LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.52% (B), 05/18/2025		2,974,240		2,918,473
				9,803,830
Diversified Financial Services - 2.1%
AlixPartners LLP Term Loan B, 1-Month LIBOR + 2.75%, 3.51% (B), 02/04/2028		1,831,500		1,810,641
BCP Raptor II LLC 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 5.51% (B), 11/03/2025		427,630		426,205
Messer Industries GmbH Term Loan, 3-Month LIBOR + 2.50%, 3.51% (B), 03/02/2026		600,462		594,672
NAB Holdings LLC Term Loan, 3-Month SOFR + 3.00%, 3.80% (B), 11/23/2028		3,241,875		3,197,974
NBG Acquisition, Inc. Term Loan, 6-Month LIBOR + 5.50%, 7.00% (B), 04/26/2024		453,484		289,852
Primary Products Finance LLC Term Loan, 3-Month LIBOR + 4.00%, 4.50% (B), 04/02/2029		750,000		746,875

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

Transamerica Funds Semi-Annual Report 2022

Page    59

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Financial Services (continued)
Russell Investments US Institutional Holdco, Inc. Term Loan, 6-Month LIBOR + 3.50%, 5.00% (B), 05/30/2025 (C)		$ 2,969,689		$ 2,933,310
TransUnion LLC Term Loan B6, 1-Month LIBOR + 2.25%, 3.01% (B), 12/01/2028		868,468		858,500
				10,858,029
Diversified Telecommunication Services - 1.0%
CenturyLink, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 3.01% (B), 03/15/2027		288,363		276,227
Global Tel*Link Corp. 1st Lien Term Loan, 1-Month LIBOR + 4.25%, 5.01% (B), 11/29/2025		1,824,637		1,734,317
Virgin Media Bristol LLC
Term Loan N,
1-Month LIBOR + 2.50%, 3.05% (B), 01/31/2028		225,000		221,563
Term Loan Q,
1-Month LIBOR + 3.25%, 3.80% (B), 01/31/2029 (C)		2,232,278		2,219,257
Zayo Group Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.76% (B), 03/09/2027		500,000		473,542
				4,924,906
Electrical Equipment - 0.4%
C&D Technologies, Inc. Term Loan B, 1-Month LIBOR + 5.75%, 3-Month LIBOR + 5.75%, 6.00% - 6.51% (B), 12/20/2025		1,041,923		1,015,354
Electrical Components International, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.25%, 5.01% (B), 06/26/2025 (C)		1,110,217		1,069,972
				2,085,326
Electronic Equipment, Instruments & Components - 0.8%
Badger Buyer Corp. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 09/30/2024		430,171		398,983
Electro Rent Corp. 1st Lien Term Loan, 3-Month LIBOR + 5.00%, 6.10% (B), 01/31/2024		2,971,013		2,968,042
II-VI, Inc. Term Loan B, TBD, 12/01/2028 (C) (D)		800,000		795,800
				4,162,825

	Principal		Value
LOAN ASSIGNMENTS (continued)
Entertainment - 0.2%
AMC Entertainment Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 3.49% (B), 04/22/2026 (C)		$ 989,255		$ 880,900
Food & Staples Retailing - 1.8%
BW Gas & Convenience Holdings LLC Term Loan B, 1-Month LIBOR + 3.50%, 4.26% (B), 03/31/2028		2,734,350		2,707,007
Chef’s Warehouse Leasing Co. LLC Term Loan, 1-Month LIBOR + 5.50%, 6.26% (B), 06/22/2025 (C)		1,340,733		1,334,029
Hostess Brands LLC Term Loan, 1-Month LIBOR + 2.25%, 3-Month LIBOR + 2.25%, 3.01% - 3.49% (B), 08/03/2025		2,169,395		2,139,566
Quirch Foods Holdings LLC Term Loan, 3-Month LIBOR + 4.50%, 5.50% (B), 10/27/2027		1,494,956		1,480,006
US Foods, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 3.26% (B), 11/22/2028		1,496,250		1,486,197
				9,146,805
Food Products - 2.4%
8th Avenue Food & Provisions, Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.75%, 4.51% (B), 10/01/2025		857,697		737,620
Term Loan,
1-Month LIBOR + 4.75%, 5.51% (B), 10/01/2025		497,500		437,489
B&G Foods, Inc. Term Loan B4, 1-Month LIBOR + 2.50%, 3.26% (B), 10/10/2026		2,455,154		2,398,889
BCPE North Star US HoldCo 2, Inc. Term Loan, 3-Month LIBOR + 4.00%, 5.01% (B), 06/09/2028		1,730,652		1,685,222
C.J. Foods, Inc. Term Loan B, 3-Month LIBOR + 6.00%, 7.50% (B), 03/16/2027		147,369		145,896
CHG PPC Parent LLC Term Loan, 1-Month LIBOR + 3.00%, 3.81% (B), 12/08/2028		2,000,000		1,960,000
Del Monte Foods, Inc. Term Loan, TBD, 02/15/2029 (C) (D)		2,000,000		1,972,500
Froneri International Ltd. Term Loan, 1-Month LIBOR + 2.25%, 3.01% (B), 01/29/2027		240,713		234,394

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

Transamerica Funds Semi-Annual Report 2022

Page    60

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Food Products (continued)
Monogram Food Solutions LLC Term Loan B, 1-Month LIBOR + 4.00%, 4.81% (B), 08/28/2028		$ 748,125		$ 736,903
Shearer’s Foods, Inc. Term Loan, 1-Month LIBOR + 3.50%, 4.26% (B), 09/23/2027		1,956,613		1,890,088
WEI Sales LLC Term Loan B, 1-Month LIBOR + 3.00%, 3.76% (B), 03/31/2025		208,558		200,998
				12,399,999
Health Care Equipment & Supplies - 2.2%
Agiliti Health, Inc.
Term Loan,
1-Month LIBOR + 2.75%, 3.25% (B), 01/04/2026		641,104		634,693
1-Month LIBOR + 2.75%, 3.50% (B), 01/04/2026		1,743,292		1,725,859
Carestream Dental Equipment, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.25%, 4.26% (B), 09/01/2024		389,155		381,372
Term Loan,
1-Month LIBOR + 4.50%, 5.26% (B), 09/01/2024		1,376,009		1,355,369
Medline Borrower LP Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (B), 10/23/2028		2,465,000		2,421,581
Ortho-Clinical Diagnostics SA Term Loan B, 1-Month LIBOR + 3.00%, 3.23% (B), 06/30/2025		4,546,015		4,532,517
YI LLC 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 5.00% (B), 11/07/2024		220,815		217,227
				11,268,618
Health Care Providers & Services - 6.5%
AHP Health Partners, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.26% (B), 08/24/2028 (C)		3,935,244		3,908,189
Forefront Management Holdings LLC Term Loan B, 3-Month SOFR + 4.25%, 4.75% (B), 03/23/2029		1,685,039		1,679,774
Heartland Dental LLC
1st Lien Term Loan,
1-Month LIBOR + 3.50%, 4.26% (B), 04/30/2025		742,294		735,057
Term Loan,
1-Month LIBOR + 4.00%, 4.63% (B), 04/30/2025		496,250		492,295

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services (continued)
ICON Luxembourg SARL Term Loan, 3-Month LIBOR + 2.25%, 3.31% (B), 07/03/2028		$ 852,442		$ 846,189
Midwest Physician Administrative Services LLC Term Loan, 3-Month LIBOR + 3.25%, 4.26% (B), 03/12/2028		2,728,095		2,671,261
Pacific Dental Services LLC Term Loan, 1-Month LIBOR + 3.25%, 4.00% (B), 05/05/2028		1,992,102		1,974,671
Pathway Vet Alliance LLC Term Loan, 1-Month LIBOR + 3.75%, 4.51% (B), 03/31/2027		2,142,035		2,118,830
Pearl Intermediate Parent LLC
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 3.51% (B), 02/14/2025		632,807		625,424
Term Loan,
1-Month LIBOR + 3.25%, 4.01% (B), 02/14/2025		992,288		980,711
PetVet Care Centers LLC Term Loan B3, 1-Month LIBOR + 3.50%, 4.26% (B), 02/14/2025		1,191,372		1,182,808
Quorum Health Corp. Term Loan, 3-Month LIBOR + 6.50%, 7.50% (B), 04/29/2025		1,474,877		1,150,404
Radnet Management, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.75% (B), 04/21/2028		3,078,282		3,045,575
RegionalCare Hospital Partners Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.50% (B), 11/16/2025		768,459		758,565
Sound Inpatient Physicians
1st Lien Term Loan,
1-Month LIBOR + 2.75%, 3.51% (B), 06/27/2025		1,200,373		1,186,869
Term Loan B,
1-Month LIBOR + 3.00%, 3.67% (B), 06/27/2025		497,497		494,388
Southern Veterinary Partners LLC Term Loan, 3-Month LIBOR + 4.00%, 5.00% (B), 10/05/2027		1,789,346		1,777,604
Surgery Center Holdings, Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.50% (B), 08/31/2026		3,976,146		3,935,831

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

Transamerica Funds Semi-Annual Report 2022

Page    61

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services (continued)
Women’s Care Enterprises LLC Term Loan, 3-Month LIBOR + 4.50%, 5.74% (B), 01/15/2028		$ 994,994		$ 983,178
WP CityMD Bidco LLC 1st Lien Term Loan B, 6-Month LIBOR + 3.25%, 3.75% (B), 12/22/2028		2,734,419		2,700,238
				33,247,861
Health Care Technology - 0.9%
Athenahealth, Inc. Term Loan B, 1-Month SOFR + 3.50%, 4.01% (B), 02/15/2029		1,068,841		1,056,015
Change Healthcare Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 3.50% (B), 03/01/2024		3,381,988		3,373,533
				4,429,548
Hotels, Restaurants & Leisure - 6.2%
19th Holdings Golf LLC Term Loan B, 3-Month SOFR + 3.25%, 3.75% (B), 02/07/2029		500,000		491,250
Caesars Resort Collection LLC
1st Lien Term Loan B,
1-Month LIBOR + 2.75%, 3.51% (B), 12/23/2024		336,545		334,747
Term Loan B1,
1-Month LIBOR + 3.50%, 4.26% (B), 07/21/2025		2,987,367		2,978,032
ClubCorp Holdings, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 3.76% (B), 09/18/2024 (C)		2,436,776		2,370,104
Everi Holdings, Inc. Term Loan B, 3-Month LIBOR + 2.50%, 3.01% (B), 08/03/2028		1,864,146		1,848,301
Flynn Restaurant Group LP
1st Lien Term Loan,
1-Month LIBOR + 3.50%, 4.26% (B), 06/27/2025		575,601		569,845
Term Loan B,
1-Month LIBOR + 4.25%, 5.14% (B), 12/01/2028		1,246,875		1,230,666
Hilton Grand Vacations Borrower LLC Term Loan B, 1-Month LIBOR + 3.00%, 3.76% (B), 08/02/2028		2,744,817		2,732,237
IRB Holding Corp.
Term Loan B,
1-Month SOFR + 3.00%, 3.75% (B), 12/15/2027		992,462		977,575
6-Month LIBOR + 2.75%, 3.76% (B), 02/05/2025		2,287,606		2,264,730

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
NEP / NCP Holdco, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.01% (B), 10/20/2025		$ 2,825,578		$ 2,766,416
Penn National Gaming, Inc. TBD, 04/20/2029 (C) (D)		1,350,000		1,343,813
Refficiency Holdings LLC Delayed Draw Term Loan, 1-Month LIBOR + 3.75%, 3.75% - 4.51% (B), 12/16/2027		9,709		9,620
Scientific Games Holdings LP Term Loan B, 3-Month SOFR + 3.50%, 4.18% (B), 04/04/2029 (C)		1,750,000		1,730,626
Scientific Games International, Inc. Term Loan, 3-Month SOFR + 3.00%, 3.57% (B), 04/14/2029		2,300,000		2,277,718
Seattle Spinco, Inc. Term Loan B5, 3-Month SOFR + 4.00%, 4.67% (B), 02/26/2027		1,246,875		1,235,965
SeaWorld Parks & Entertainment, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 3.81% (B), 08/25/2028		1,941,497		1,910,918
Twin River Worldwide Holdings, Inc. Term Loan B, 6-Month LIBOR + 3.25%, 3.75% (B), 10/02/2028		2,493,750		2,468,501
United PF Holdings LLC
1st Lien Term Loan,
3-Month LIBOR + 4.00%, 5.01% (B), 12/30/2026		1,814,540		1,753,866
Term Loan,
3-Month LIBOR + 8.50%, 9.51% (B), 12/30/2026		197,000		195,522
Univision Communications, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (B), 01/31/2029		150,000		148,387
				31,638,839
Household Durables - 1.8%
ACProducts, Inc. Term Loan B, 6-Month LIBOR + 4.25%, 4.75% (B), 05/17/2028		1,156,263		996,192
American Residential Services LLC Term Loan B, 3-Month LIBOR + 3.50%, 4.51% (B), 10/15/2027		1,986,181		1,951,423
Hoffmaster Group, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.01% (B), 11/21/2023		1,963,446		1,834,187
Instant Brands Holdings, Inc. Term Loan, 3-Month LIBOR + 5.00%, 5.75% (B), 04/12/2028		1,887,500		1,727,063

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

Transamerica Funds Semi-Annual Report 2022

Page    62

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Household Durables (continued)
Libbey Glass, Inc. Term Loan, 3-Month LIBOR + 8.00%, 9.02% (B), 11/13/2025 (E)		$ 650,629		$ 667,979
Lifetime Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 02/28/2025		1,911,180		1,889,679
				9,066,523
Household Products - 1.6%
Conair Holdings LLC Term Loan B, 3-Month LIBOR + 3.75%, 4.76% (B), 05/17/2028		3,064,616		2,997,194
Diamond BV Term Loan B, 1-Month LIBOR + 2.75%, 3.51% - 3.99% (B), 09/29/2028		2,992,500		2,884,022
Energizer Holdings, Inc. Term Loan, 1-Month LIBOR + 2.25%, 2.94% (B), 12/22/2027		993,097		981,924
Journey Personal Care Corp. Term Loan B, 3-Month LIBOR + 4.25%, 5.26% (B), 03/01/2028		694,750		649,591
Safety Products / JHC Acquisition Corp.
1st Lien Term Loan,
1-Month LIBOR + 4.50%, 5.26% (B), 06/28/2026		428,354		404,795
Delayed Draw Term Loan,
1-Month LIBOR + 4.50%, 5.26% (B), 06/28/2026		23,156		21,882
				7,939,408
Independent Power & Renewable Electricity Producers - 0.2%
Calpine Construction Finance Co. LP Term Loan B, 1-Month LIBOR + 2.00%, 2.76% (B), 01/15/2025		940,402		927,472
Industrial Conglomerates - 0.3%
Magenta Buyer LLC 1st Lien Term Loan, 3-Month LIBOR + 5.00%, 6.23% (B), 07/27/2028		1,762,397		1,739,817
Insurance - 1.7%
Acrisure LLC
1st Lien Term Loan B,
1-Month LIBOR + 4.25%, 5.01% (B), 02/15/2027		299,250		297,131
Term Loan B,
1-Month LIBOR + 3.50%, 4.26% (B), 02/15/2027		1,139,276		1,120,999
1-Month LIBOR + 3.75%, 4.51% (B), 02/15/2027		497,500		492,733
Alliant Holdings Intermediate LLC Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (B), 05/09/2025 (C)		2,360,971		2,337,066

	Principal		Value
LOAN ASSIGNMENTS (continued)
Insurance (continued)
AmWINS Group, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 3.00% - 3.01% (B), 02/19/2028		$ 992,467		$ 974,212
Hub International Ltd.
Term Loan B,
3-Month LIBOR + 3.00%, 4.00% (B), 04/25/2025		1,235,881		1,221,514
3-Month LIBOR + 3.25%, 4.00% - 4.18% (B), 04/25/2025		1,992,437		1,980,751
				8,424,406
IT Services - 2.4%
Banff Merger Sub, Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.51% (B), 10/02/2025		1,242,787		1,225,854
Conduent Business Services LLC Term Loan B, 1-Month LIBOR + 4.25%, 5.01% (B), 10/16/2028		2,163,578		2,140,319
Moneygram International, Inc. Term Loan B, 6-Month LIBOR + 4.50%, 4.95% (B), 07/21/2026 (C)		1,624,897		1,616,367
Peraton Corp. Term Loan B, 1-Month LIBOR + 3.75%, 4.51% (B), 02/01/2028		2,271,658		2,251,781
Rackspace Technology Global, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 3.50% (B), 02/15/2028		2,835,900		2,766,775
Tempo Acquisition LLC
Term Loan,
1-Month LIBOR + 2.75%, 3.51% (B), 05/01/2024		27,640		27,433
Term Loan B,
1-Month LIBOR + 3.00%, 3.50% (B), 08/31/2028		248,750		245,226
1-Month SOFR + 3.00%, 3.70% (B), 08/31/2028		1,987,438		1,971,290
				12,245,045
Leisure Products - 1.2%
Bombardier Recreational Products, Inc. Term Loan, 1-Month LIBOR + 2.00%, 2.49% (B), 05/24/2027		486,306		477,188
Polaris Newco LLC Term Loan B, 1-Month LIBOR + 4.00%, 4.76% (B), 06/02/2028		2,487,500		2,467,118
Recess Holdings, Inc. 1st Lien Term Loan, TBD, 09/30/2024 (C) (D)		212,943		210,813
SP PF Buyer LLC Term Loan, 1-Month LIBOR + 4.50%, 5.26% (B), 12/22/2025		2,155,156		2,009,683

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

Transamerica Funds Semi-Annual Report 2022

Page    63

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Leisure Products (continued)
SRAM LLC Term Loan B, 3-Month LIBOR + 2.75%, 6-Month LIBOR + 2.75%, 3.25% - 3.51% (B), 05/18/2028		$ 1,090,909		$ 1,078,636
				6,243,438
Life Sciences Tools & Services - 0.6%
Parexel International Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 4.26% (B), 11/15/2028		3,325,000		3,299,025
Machinery - 2.5%
Alliance Laundry Systems LLC Term Loan B, 1-Month LIBOR + 3.50%, 3-Month LIBOR + 3.50%, 4.25% - 4.52% (B), 10/08/2027 (C)		1,970,788		1,957,649
Columbus McKinnon Corp. Term Loan B, 3-Month LIBOR + 2.75%, 3.81% (B), 05/14/2028		477,687		471,119
Filtration Group Corp.
1st Lien Term Loan,
1-Month LIBOR + 3.00%, 3.76% (B), 03/29/2025		803,856		792,356
Term Loan,
1-Month LIBOR + 3.50%, 4.26% (B), 10/21/2028		1,990,000		1,964,628
GrafTech Finance, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 3.76% (B), 02/12/2025		81,197		80,537
Hillman Group, Inc.
Delayed Draw Term Loan,
1-Month LIBOR + 2.75%, 2.75% - 3.00% (B), 07/14/2028 (C)		115,202		111,948
Term Loan B1,
1-Month LIBOR + 2.75%, 3.38% (B), 07/14/2028 (C)		1,363,683		1,325,159
Ingersoll-Rand Services Co. Term Loan, 1-Month LIBOR + 1.75%, 2.51% (B), 03/01/2027		245		242
Madison IAQ LLC Term Loan, 6-Month LIBOR + 3.25%, 4.52% (B), 06/21/2028		1,491,237		1,450,228
Patriot Container Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 4.75% (B), 03/20/2025		2,536,999		2,410,149
SPX Flow, Inc. Term Loan, 1-Month SOFR + 4.60%, 5.30% (B), 04/05/2029 (C)		2,050,000		1,991,062
Welbilt, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.26% (B), 10/23/2025		253,846		252,365
				12,807,442

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media - 6.3%
ABG Intermediate Holdings 2 LLC Term Loan B1, 3-Month SOFR + 3.50%, 4.00% (B), 12/21/2028		$ 1,050,000		$ 1,040,812
Arches Buyer, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (B), 12/06/2027		2,529,306		2,464,098
CMG Media Corp. Term Loan, 1-Month LIBOR + 3.50%, 4.26% (B), 12/17/2026		1,978,772		1,948,029
Cogeco Financing 2 LP Term Loan B, 1-Month LIBOR + 2.50%, 3.26% (B), 09/01/2028 (C)		2,500,000		2,462,500
Coral-US Co-Borrower LLC Term Loan B6, 1-Month LIBOR + 3.00%, 3.54% (B), 10/15/2029 (C)		2,484,000		2,455,434
CSC Holdings LLC Term Loan B1, 1-Month LIBOR + 2.25%, 2.80% (B), 07/17/2025		490,956		481,260
Diamond Sports Group LLC
2nd Lien Term Loan,
3-Month SOFR + 3.25%, 3.66% (B), 08/24/2026		403,621		132,354
Term Loan,
1-Month SOFR + 8.00%, 9.00% (B), 05/26/2026		1,000,000		1,018,750
DirecTV Financing LLC Term Loan, 1-Month LIBOR + 5.00%, 5.76% (B), 08/02/2027		1,480,250		1,473,157
E.W. Scripps Co.
Term Loan B2,
3-Month LIBOR + 2.56%, 3.33% (B), 05/01/2026		192,045		190,045
Term Loan B3,
1-Month LIBOR + 3.00%, 3.51% (B), 01/07/2028 (C)		2,503,140		2,491,014
Gray Television, Inc. Term Loan D, 1-Month LIBOR + 3.00%, 3.46% (B), 12/01/2028		2,992,500		2,970,056
LCPR Loan Financing LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.30% (B), 10/16/2028		855,000		851,794
MH Sub I LLC
1st Lien Term Loan,
1-Month LIBOR + 3.50%, 4.26% (B), 09/13/2024		989,637		982,568
Term Loan,
1-Month LIBOR + 3.75%, 4.75% (B), 09/13/2024		2,531,605		2,515,430

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

Transamerica Funds Semi-Annual Report 2022

Page    64

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
Mission Broadcasting, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 2.96% (B), 06/02/2028 (C)		$ 648,875		$ 642,850
NAI Entertainment Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 3.50% (B), 05/08/2025		637,219		625,271
Nexstar Broadcasting, Inc. Term Loan B4, 1-Month LIBOR + 2.50%, 2.96% (B), 09/18/2026		799,054		792,312
Numericable Group SA Term Loan B11, 1-Month LIBOR + 2.75%, 3.51% (B), 07/31/2025		781,766		766,410
Sinclair Television Group, Inc.
Term Loan B2B,
1-Month LIBOR + 2.50%, 3.27% (B), 09/30/2026 (C)		987,500		950,469
Term Loan B4,
3-Month SOFR + 3.75%, 4.42% (B), 04/13/2029		250,000		242,188
Univision Communications, Inc. 1st Lien Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (B), 03/15/2026		1,492,481		1,478,676
UPC Financing Partnership Term Loan AX, 1-Month LIBOR + 3.00%, 3.55% (B), 01/31/2029		2,227,285		2,203,818
Ziggo Financing Partnership Term Loan I, 1-Month LIBOR + 2.50%, 3.05% (B), 04/30/2028		769,000		753,620
				31,932,915
Multiline Retail - 0.0% (F)
Highline Aftermarket Acquisition LLC Term Loan B, 3-Month LIBOR + 4.50%, 5.51% (B), 11/09/2027		262,350		251,200
Oil, Gas & Consumable Fuels - 0.8%
Citgo Petroleum Corp. Term Loan B, 1-Month LIBOR + 6.25%, 7.25% (B), 03/28/2024		1,741,675		1,735,506
Delek US Holdings, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 3.00% (B), 03/31/2025		249,354		244,522
EG America LLC Term Loan, 3-Month LIBOR + 4.00%, 5.00% (B), 02/07/2025 (C)		1,240,375		1,211,175
EG Group Ltd. Term Loan, 3-Month LIBOR + 4.25%, 5.25% (B), 03/31/2026		397,352		388,710

	Principal		Value
LOAN ASSIGNMENTS (continued)
Oil, Gas & Consumable Fuels (continued)
Phoenix Services International LLC Term Loan, 1-Month LIBOR + 3.75%, 4.75% (B), 03/01/2025		$ 771,328		$ 709,622
Prairie ECI Acquiror LP Term Loan B, 1-Month LIBOR + 4.75%, 5.51% (B), 03/11/2026		2,163		2,113
				4,291,648
Paper & Forest Products - 0.7%
Domtar Corp.
Delayed Draw Term Loan,
TBD, 09/20/2028 (C) (D)		129,032		128,119
Term Loan B,
1-Month LIBOR + 5.50%, 6.25% (B), 11/30/2028		1,457,959		1,447,632
Pixelle Specialty Solutions LLC Term Loan B, 1-Month LIBOR + 6.50%, 7.50% (B), 10/31/2024		2,107,861		2,083,490
				3,659,241
Personal Products - 0.4%
KDC/ONE Development Corp., Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.51% (B), 12/22/2025		1,464,269		1,443,220
Kronos Acquisition Holdings, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 4.51% (B), 12/22/2026 (C)		648,125		600,164
				2,043,384
Pharmaceuticals - 0.7%
Amneal Pharmaceuticals LLC Term Loan B, 1-Month LIBOR + 3.50%, 4.31% (B), 05/04/2025		472,371		466,112
Bausch Health Cos., Inc.
Term Loan B,
TBD, 01/27/2027 (C) (D)		750,000		725,391
1-Month LIBOR + 2.75%, 3.51% (B), 11/27/2025		647,611		643,564
1-Month LIBOR + 3.00%, 3.76% (B), 06/02/2025		675,869		671,926
Elanco Animal Health, Inc. Term Loan B, 1-Month LIBOR + 1.75%, 2.21% (B), 08/01/2027		222,638		218,046
Organon & Co. Term Loan, 3-Month LIBOR + 3.00%, 3.56% (B), 06/02/2028		707,979		703,775
Perrigo Investments LLC Term Loan B, 3-Month SOFR + 2.50%, 3.14% (B), 04/20/2029		238,636		237,443
				3,666,257

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

Transamerica Funds Semi-Annual Report 2022

Page    65

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Professional Services - 0.7%
Ankura Consulting Group LLC Term Loan, 1-Month LIBOR + 4.50%, 5.25% (B), 03/17/2028		$ 497,672		$ 493,939
Dun & Bradstreet Corp.
Term Loan,
1-Month LIBOR + 3.25%, 3.92% (B), 02/06/2026		698,232		692,704
Term Loan B2,
1-Month SOFR + 3.25%, 3.92% (B), 01/18/2029		2,400,000		2,379,749
				3,566,392
Real Estate Management & Development - 1.6%
Brookfield WEC Holdings, Inc. Term Loan, 1-Month LIBOR + 2.75%, 3.51% (B), 08/01/2025 (C)		2,080,835		2,043,474
Cushman & Wakefield US Borrower LLC Term Loan B, 1-Month LIBOR + 2.75%, 3.51% (B), 08/21/2025		2,912,268		2,877,685
RE/MAX International, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.31% (B), 07/21/2028		2,621,191		2,555,661
Redstone Holdco 2 LP Term Loan, 3-Month LIBOR + 4.75%, 5.93% (B), 04/27/2028		721,375		691,843
				8,168,663
Road & Rail - 0.8%
Avis Budget Car Rental LLC Term Loan C, 1-Month SOFR + 3.50%, 4.30% (B), 03/16/2029		2,250,000		2,243,437
Fly Funding II SARL Term Loan B, 3-Month LIBOR + 6.00%, 7.01% (B), 10/08/2025		1,623,679		1,623,679
				3,867,116
Semiconductors & Semiconductor Equipment - 0.8%
Entegris, Inc. Term Loan B, TBD, 03/02/2029 (C) (D)		1,250,000		1,250,000
MKS Instruments, Inc.
TBD, 04/08/2029 (C) (D)		1,650,000		1,642,781
Term Loan,
TBD, 10/21/2028 (C) (D)		1,000,000		990,625
				3,883,406
Software - 5.2%
Altium Packaging LLC Term Loan B, 1-Month LIBOR + 2.75%, 3.52% (B), 02/03/2028		1,289,481		1,237,500

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
AppLovin Corp.
Term Loan B,
1-Month LIBOR + 3.00%, 3.76% (B), 10/25/2028		$ 249,375		$ 247,453
1-Month LIBOR + 3.25%, 4.01% (B), 08/15/2025		1,705,070		1,696,012
Ceridian HCM Holding, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.26% (B), 04/30/2025		1,974,631		1,945,835
Cornerstone OnDemand, Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.51% (B), 10/16/2028		750,000		738,281
Epicor Software Corp. Term Loan, 1-Month LIBOR + 3.25%, 4.01% (B), 07/30/2027		2,728,624		2,710,784
GoTo Group, Inc. Term Loan B, 1-Month LIBOR + 4.75%, 5.30% (B), 08/31/2027		2,307,742		2,226,971
Helios Software Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.55% (B), 03/11/2028		955,714		947,591
MA FinanceCo. LLC Term Loan B, 3-Month LIBOR + 4.25%, 5.25% (B), 06/05/2025		920,166		913,840
Mitchell International, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.25% (B), 10/15/2028		1,825,000		1,795,344
NCR Corp. Term Loan, 3-Month LIBOR + 2.50%, 3.74% (B), 08/28/2026		1,886,164		1,829,579
Quest Software US Holdings, Inc. Term Loan, 3-Month SOFR + 4.25%, 4.75% (B), 02/01/2029		1,500,000		1,470,937
Seattle Spinco, Inc. Term Loan B3, 1-Month LIBOR + 2.75%, 3.51% (B), 06/21/2024		209,525		206,906
Sophia LP
Term Loan B,
3-Month LIBOR + 3.25%, 4.26% (B), 10/07/2027		3,076,282		3,038,788
3-Month SOFR + 4.25%, 4.95% (B), 10/07/2027		500,000		497,500
SS&C European Holdings SARL Term Loan B4, 1-Month LIBOR + 1.75%, 2.51% (B), 04/16/2025		315,702		310,797

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

Transamerica Funds Semi-Annual Report 2022

Page    66

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
SS&C Technologies, Inc.
Term Loan B3,
1-Month LIBOR + 1.75%, 2.51% (B), 04/16/2025		$ 388,901		$ 382,859
Term Loan B6,
TBD, 03/22/2029 (C) (D)		212,418		210,666
Term Loan B7,
TBD, 03/22/2029 (C) (D)		287,582		285,209
Ultimate Software Group, Inc.
Term Loan,
3-Month LIBOR + 3.25%, 4.21% (B), 05/04/2026		2,638,752		2,608,593
Term Loan B,
3-Month LIBOR + 3.75%, 4.76% (B), 05/04/2026		1,332,813		1,326,863
				26,628,308
Specialty Retail - 2.3%
Apro LLC Term Loan, 3-Month LIBOR + 3.75%, 4.50% (B), 11/14/2026		2,234,956		2,208,416
Great Outdoors Group LLC Term Loan B1, 1-Month LIBOR + 3.75%, 4.51% (B), 03/06/2028		2,479,403		2,451,510
Petco Health & Wellness Co., Inc. Term Loan B, TBD, 03/03/2028 (C) (D)		850,000		842,107
PetSmart, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 4.50% (B), 02/11/2028		2,684,731		2,656,541
Rent-A-Center, Inc. 1st Lien Term Loan B, 3-Month LIBOR + 3.25%, 3.81% (B), 02/17/2028		1,417,475		1,384,401
Staples, Inc. Term Loan B2, 3-Month LIBOR + 4.50%, 4.82% (B), 09/12/2024		381,639		374,165
WOOF Holdings, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 4.68% (B), 12/21/2027		1,588,975		1,573,085
				11,490,225
Technology Hardware, Storage & Peripherals - 0.3%
Diebold, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.25% (B), 11/06/2023		1,483,941		1,409,744
Textiles, Apparel & Luxury Goods - 0.3%
Augusta Sportswear Group, Inc. Term Loan B, 3-Month LIBOR + 4.50%, 5.51% (B), 10/26/2023		287,679		285,881

	Principal		Value
LOAN ASSIGNMENTS (continued)
Textiles, Apparel & Luxury Goods (continued)
Crocs, Inc. Term Loan B, 3-Month SOFR + 3.50%, 3.50% - 4.45% (B), 02/17/2029		$ 1,100,000		$ 1,073,416
				1,359,297
Transportation Infrastructure - 0.1%
First Student Bidco, Inc.
Term Loan B,
3-Month LIBOR + 3.00%, 3.98% (B), 07/21/2028		364,283		357,225
Term Loan C,
3-Month LIBOR + 3.00%, 3.98% (B), 07/21/2028		134,804		132,192
				489,417
Wireless Telecommunication Services - 0.2%
Altice France SA Term Loan B13, 3-Month LIBOR + 4.00%, 4.51% (B), 08/14/2026		994,845		986,555
Total Loan Assignments (Cost $458,789,401)				452,357,630
	Shares		Value
COMMON STOCKS - 0.1%
Health Care Providers & Services - 0.0%
Valitas Holdings, Inc. (G) (H) (I)		21,887		0
Household Durables - 0.1%
API Heat Transfer Intermediate Corp. (I)		889,572		1
LG Parent Holdco, Inc. (E) (I)		30,405		395,265
				395,266
Software - 0.0% (F)
Avaya Holdings Corp. (J) (K)		4		37
Textiles, Apparel & Luxury Goods - 0.0% (F)
Men’s Wearhouse, Inc. (H) (L)		7,650		9,562
Total Common Stocks (Cost $375,454)				404,865
PREFERRED STOCKS - 0.1%
Household Durables - 0.1%
API Heat Transfer Intermediate Corp., 0.00% (G) (I)		189,500		0
LG Parent Holdco, Inc., 0.00% (E) (I)		4,064		520,239
Total Preferred Stocks (Cost $372,397)				520,239
EXCHANGE-TRADED FUNDS - 0.9%
U.S. Fixed Income Funds - 0.9%
Invesco Senior Loan ETF		110,400		2,380,224
SPDR Blackstone Senior Loan ETF (K)		53,300		2,370,251
Total Exchange-Traded Funds (Cost $4,845,907)				4,7 50,475

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

Transamerica Funds Semi-Annual Report 2022

Page    67

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
OTHER INVESTMENT COMPANY - 0.0% (F)
Securities Lending Collateral - 0.0% (F)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (M)		26,345		$ 26,345
Total Other Investment Company (Cost $26,345)				26,345
	Principal		Value
REPURCHASE AGREEMENT - 9.7%
Fixed Income Clearing Corp., 0.00% (M), dated 04/29/2022, to be repurchased at $49,260,250 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.50%, due 11/30/2028, and with a value of $50,245,463.		$49,260,250		49,260,250
Total Repurchase Agreement (Cost $49,260,250)				49,260,250
Total Investments (Cost $550,538,721)				540,876,492
Net Other Assets (Liabilities) - (6.0)%				(30,657,723	)
Net Assets - 100.0%				$510,218,769

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	$	—	$	33,556,688	$	—	$	33,556,688
Loan Assignments		—		452,357,630		—		452,357,630
Common Stocks		37		395,266		9,562		404,865
Preferred Stocks		—		520,239		—		520,239
Exchange-Traded Funds		4,750,475		—		—		4,750,475
Other Investment Company		26,345		—		—		26,345
Repurchase Agreement		—		49,260,250		—		49,260,250
Total Investments	$	4,776,857	$	536,090,073	$	9,562	$	540,876,492
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 (L)	$	—	$	—	$	9,562	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $33,556,688, representing 6.6% of the Fund’s net assets.

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

Transamerica Funds Semi-Annual Report 2022

Page    68

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(B)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(D)	All or a portion of the security represents unsettled loan commitments at April 30, 2022 where the rate will be determined at time of settlement.
(E)	Restricted securities. At April 30, 2022, 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	Libbey Glass, Inc. Term Loan 9.02%, 11/13/2025		11/13/2020 - 01/13/2022	$	654,773	$	667,979		0.1	%
Common Stocks	LG Parent Holdco, Inc.		11/13/2020		30,405		395,265		0.1
Preferred Stocks	LG Parent Holdco, Inc., 0.00%		11/13/2020		182,897		520,239		0.1
Total				$	868,075	$	1,583,483		0.3	%

(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Securities deemed worthless.
(H)	Securities are Level 3 of the fair value hierarchy.
(I)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2022, the total value of securities is $915,505, representing 0.2% of the Fund’s net assets.
(J)	Non-income producing security.
(K)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,370,288, collateralized by cash collateral of $26,345 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,398,844. 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.
(L)	Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.
(M)	Rates disclosed reflect the yields at April 30, 2022.
(N)	The Fund recognized transfers in and out of Level 3 as of the six-month period ended April 30, 2022. 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
SOFR	Secured Overnight Financing Rate
TBD	To Be Determined

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

Transamerica Funds Semi-Annual Report 2022

Page    69

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 19.0%
Federal Farm Credit Banks Funding Corp.
3-Month SOFR + 0.01%, 0.29% (A), 11/22/2022		$6,795,000		$6,794,903
3-Month SOFR + 0.02%, 0.30% (A), 05/16/2023		3,835,000		3,834,903
3-Month SOFR + 0.03%, 0.31% (A), 07/25/2023		1,760,000		1,759,934
3-Month SOFR + 0.04%, 0.32% (A), 03/10/2023		1,475,000		1,475,193
3-Month SOFR + 0.05%, 0.33% (A), 08/22/2023 - 10/16/2023		8,370,000		8,370,000
0.33% (A), 02/20/2024		10,000,000		10,000,000
3-Month SOFR + 0.06%, 0.34% (A), 12/13/2022 - 01/10/2024		6,390,000		6,390,577
3-Month SOFR + 0.09%, 0.37% (A), 10/07/2022		5,245,000		5,245,000
3-Month SOFR + 0.10%, 0.38% (A), 09/02/2022		2,305,000		2,305,000
3-Month SOFR + 0.19%, 0.47% (A), 07/14/2022		4,205,000		4,205,000
FFR + 0.18%, 0.51% (A), 07/20/2022		14,420,000		14,419,683
3-Month Treasury Money Market Yield + 0.12%, 1.01% (A), 05/02/2022		1,885,000		1,884,999
Federal Home Loan Bank
3-Month SOFR + 0.01%, 0.29% (A), 09/06/2022		3,175,000		3,175,000
3-Month SOFR + 0.02%, 0.30% (A), 12/16/2022 - 05/02/2023		17,370,000		17,370,000
3-Month SOFR + 0.06%, 0.34% (A), 05/12/2022 - 12/08/2022		28,865,000		28,868,015
Federal Home Loan Mortgage Corp. 0.13%, 07/25/2022	2,435,000		2,435,254
Total U.S. Government Agency Obligations (Cost $118,533,461)				118,533,461
U.S. GOVERNMENT OBLIGATIONS - 3.7%
U.S. Treasury - 3.7%
U.S. Treasury Floating Rate Note
3-Month Treasury Money Market Yield + 0.03%, 0.92% (A), 07/31/2023		8,000,000		8,000,304
3-Month Treasury Money Market Yield + 0.06%, 0.95% (A), 07/31/2022		254,100		254,100
U.S. Treasury Note
0.13%, 06/30/2022 - 03/31/2023		6,455,000		6,375,044
1.63%, 12/15/2022		2,000,000		2,003,398
2.13%, 05/15/2022		865,000		865,730
2.63%, 02/28/2023		5,315,000		5,372,477
Total U.S. Government Obligations (Cost $22,871,053)				22,871,053
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.1%
Federal Farm Credit Banks Funding Corp. 0.07% (B), 08/10/2022		7,510,000		7,509,895
Federal Farm Credit Discount Notes
0.06% (B), 06/21/2022		2,465,000		2,464,786

	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Farm Credit Discount Notes (continued)
0.41% (B), 11/01/2022		$ 2,220,000		$ 2,215,437
1.33% (B), 11/14/2022		3,240,000		3,216,834
Federal Home Loan Bank
0.06% (B), 05/23/2022		2,470,000		2,469,991
3-Month SOFR + 0.00%, 0.28% (A), 05/03/2022 - 05/13/2022		13,660,000		13,660,000
0.28% (B), 08/19/2022		6,055,000		6,055,000
3-Month SOFR + 0.01%, 0.29% (A), 08/04/2022		20,000,000		20,000,000
Federal Home Loan Bank Discount Notes
0.33% (B), 05/24/2022		18,895,000		18,890,843
0.41% (B), 06/15/2022		6,045,000		6,041,910
0.49% (B), 06/15/2022		5,380,000		5,376,714
0.84% (B), 07/15/2022		4,345,000		4,337,387
1.11% (B), 10/03/2022		2,355,000		2,343,877
Total Short-Term U.S. Government Agency Obligations (Cost $94,582,674)				94,582,674
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 17.1%
U.S. Cash Management Bill
0.52% (B), 07/05/2022		14,255,000		14,241,541
0.82% (B), 08/02/2022		8,350,000		8,332,449
0.98% (B), 08/16/2022		6,000,000		5,982,630
1.13% (B), 08/30/2022		8,445,000		8,414,014
U.S. Treasury Bill
0.08% (B), 09/08/2022		2,451,600		2,450,931
0.13% (B), 06/16/2022		7,560,000		7,558,717
0.15% (B), 06/23/2022		7,075,000		7,073,461
0.16% (B), 06/23/2022		3,495,000		3,494,161
0.22% (B), 07/07/2022		3,640,000		3,638,487
0.28% (B), 05/31/2022		2,660,000		2,659,358
0.39% (B), 07/28/2022		1,465,000		1,463,624
0.40% (B), 12/29/2022		720,000		718,105
0.64% (B), 01/26/2023		2,790,000		2,776,768
0.68% (B), 09/01/2022		4,070,000		4,060,608
0.71% (B), 09/08/2022		240,000		239,389
0.72% (B), 09/08/2022		18,000,000		17,953,495
0.78% (B), 08/18/2022		1,650,000		1,646,118
0.83% (B), 09/15/2022		2,915,000		2,905,837
0.89% (B), 09/22/2022		2,325,000		2,316,853
1.07% (B), 09/29/2022		2,040,000		2,030,956
1.13% (B), 10/06/2022		4,234,000		4,213,243
1.17% (B), 02/23/2023		2,465,000		2,441,558
Total Short-Term U.S. Government Obligations (Cost $106,612,303)				106,612,303
REPURCHASE AGREEMENTS - 46.6%
Barclays Capital, Inc., 0.30% (B), dated 04/29/2022, to be repurchased at $31,000,775 on 05/02/2022. Collateralized by U.S. Government Obligations, 1.88% - 5.25%, due 08/31/2024 - 11/15/2028, and with a total value of $31,620,009.		31,000,000		31,000,000

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

Transamerica Funds Semi-Annual Report 2022

Page    70

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
REPURCHASE AGREEMENTS (continued)
BNP Paribas SA, 0.27% (B), dated 04/29/2022, to be repurchased at $35,000,788 on 05/02/2022. Collateralized by U.S. Government Obligations, 0.00% - 3.63%, due 04/15/2028 - 08/15/2048, and with a total value of $35,700,016.		$ 35,000,000		$ 35,000,000
BNP Paribas SA, 0.28% (B), dated 04/29/2022, to be repurchased at $15,000,350 on 05/02/2022. Collateralized by U.S. Government Obligations and U.S. Government Agency Obligations, 2.13% - 6.50%, due 06/01/2023 - 09/01/2051, and with a total value of $15,330,792.		15,000,000		15,000,000
Citigroup Global Markets, Inc., 0.30% (B), dated 04/29/2022, to be repurchased at $45,001,125 on 05/02/2022. Collateralized by U.S. Government Obligations, 1.13% - 4.38%, due 05/15/2040 - 08/15/2040, and with a total value of $45,927,350.		45,000,000		45,000,000
Fixed Income Clearing Corp., 0.00% (B), dated 04/29/2022, to be repurchased at $406,813 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.25%, due 09/30/2028, and with a value of $414,970.		406,813		406,813
Goldman Sachs & Co., 0.30% (B), dated 04/29/2022, to be repurchased at $43,001,075 on 05/02/2022. Collateralized by U.S. Government Obligations and U.S. Government Agency Obligations, 2.00% - 3.00%, due 02/15/2050 - 04/20/2050, and with a total value of $43,860,006.		43,000,000		43,000,000
JPMorgan Chase & Co., 0.30% (B), dated 04/29/2022, to be repurchased at $30,000,750 on 05/02/2022. Collateralized by U.S. Government Obligations and U.S. Government Agency Obligations, 0.98% - 2.00%, due 08/11/2022 - 03/20/2052, and with a total value of $30,600,002.		30,000,000		30,000,000

	Principal		Value
REPURCHASE AGREEMENTS (continued)
Merrill Lynch & Co., Inc., 0.28% (B), dated 04/29/2022, to be repurchased at $5,000,117 on 05/02/2022. Collateralized by a U.S. Government Obligation, 0.63%, due 04/15/2023, and with a value of $5,100,004.		$ 5,000,000		$ 5,000,000
Merrill Lynch & Co., Inc., 0.30% (B), dated 04/29/2022, to be repurchased at $20,000,500 on 05/02/2022. Collateralized by U.S. Government Agency Obligations, 4.00% - 4.50%, due 08/20/2049 - 11/20/2051, and with a total value of $20,400,000.		20,000,000		20,000,000
Toronto-Dominion Bank, 0.28% (B), dated 04/29/2022, to be repurchased at $50,001,167 on 05/02/2022. Collateralized by U.S. Government Obligations, 0.13% - 2.75%, due 01/31/2023 - 02/15/2031, and with a total value of $51,000,035.		50,000,000		50,000,000
Toronto-Dominion Bank, 0.30% (B), dated 04/29/2022, to be repurchased at $17,000,425 on 05/02/2022. Collateralized by U.S. Government Obligations, 0.25% - 1.50%, due 02/28/2023 - 05/31/2027, and with a total value of $17,340,076.		17,000,000		17,000,000
Total Repurchase Agreements (Cost $291,406,813)				291,406,813
Total Investments (Cost $634,006,304)				634,006,304
Net Other Assets (Liabilities) - (1.5)%				(9,271,271	)
Net Assets - 100.0%				$624,735,033

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	$	—	$	118,533,461	$	—	$	118,533,461
U.S. Government Obligations		—		22,871,053		—		22,871,053
Short-Term U.S. Government Agency Obligations		—		94,582,674		—		94,582,674
Short-Term U.S. Government Obligations		—		106,612,303		—		106,612,303
Repurchase Agreements		—		291,406,813		—		291,406,813
Total Investments	$	—	$	634,006,304	$	—	$	634,006,304

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

Transamerica Funds Semi-Annual Report 2022

Page    71

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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, 2022.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

FFR	Federal Funds Rate
SOFR	Secured Overnight Financing Rate

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

Transamerica Funds Semi-Annual Report 2022

Page    72

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 30.7%
American Express Credit Account Master Trust Series 2017-7, Class B, 2.54%, 05/15/2025		$1,000,000		$1,002,657
AmeriCredit Automobile Receivables Trust
Series 2018-1, Class D, 3.82%, 03/18/2024		3,000,000		3,021,324
Series 2018-2, Class D, 4.01%, 07/18/2024		3,000,000		3,024,333
Series 2020-2, Class D, 2.13%, 03/18/2026		1,360,000		1,321,447
Avis Budget Rental Car Funding AESOP LLC
Series 2018-2A, Class A, 4.00%, 03/20/2025 (A)		1,425,000		1,431,114
Series 2020-1A, Class B, 2.68%, 08/20/2026 (A)		520,000		489,088
CarMax Auto Owner Trust Series 2019-1, Class B, 3.45%, 11/15/2024		920,000		926,738
CLI Funding VIII LLC Series 2021-1A, Class A, 1.64%, 02/18/2046 (A)		1,479,942		1,333,270
CNH Equipment Trust
Series 2018-A, Class B, 3.47%, 10/15/2025		1,700,000		1,701,038
Series 2019-C, Class B, 2.35%, 04/15/2027		1,730,000		1,702,097
Domino’s Pizza Master Issuer LLC
Series 2015-1A, Class A2II, 4.47%, 10/25/2045 (A)		1,228,500		1,233,764
Series 2018-1A, Class A2I, 4.12%, 07/25/2048 (A)		772,000		771,950
Evergreen Credit Card Trust Series 2019-2, Class B, 2.27%, 09/15/2024 (A)		625,000		625,801
FirstKey Homes Trust Series 2020-SFR2, Class D, 1.97%, 10/19/2037 (A)		2,000,000		1,834,688
Ford Credit Auto Lease Trust Series 2021-A, Class C, 0.78%, 09/15/2025		1,725,000		1,677,411
Ford Credit Auto Owner Trust
Series 2019-1, Class A, 3.52%, 07/15/2030 (A)		1,500,000		1,505,952
Series 2019-C, Class B, 2.13%, 05/15/2025		2,130,000		2,110,445
Series 2020-1, Class C, 2.54%, 08/15/2031 (A)		1,135,000		1,079,376
Series 2022-A, Class C, 2.14%, 07/15/2029		1,625,000		1,532,572
GM Financial Consumer Automobile Receivables Trust Series 2019-1, Class C, 3.52%, 09/16/2024		1,000,000		1,006,065
GMF Floorplan Owner Revolving Trust
Series 2020-1, Class B, 1.03%, 08/15/2025 (A)		715,000		696,303

	Principal		Value
ASSET-BACKED SECURITIES (continued)
GMF Floorplan Owner Revolving Trust (continued)
Series 2020-2, Class C, 1.31%, 10/15/2025 (A)		$ 1,860,000		$ 1,794,483
Hilton Grand Vacations Trust Series 2018-AA, Class A, 3.54%, 02/25/2032 (A)		361,124		359,828
HPEFS Equipment Trust Series 2022-1A, Class C, 1.96%, 05/21/2029 (A)		1,100,000		1,050,286
Hyundai Auto Receivables Trust Series 2021-A, Class C, 1.33%, 11/15/2027		1,350,000		1,254,066
Master Credit Card Trust II Series 2018-1A, Class C, 3.74%, 07/21/2024 (A)		675,000		678,310
MVW LLC Series 2019-2A, Class A, 2.22%, 10/20/2038 (A)		646,998		622,628
MVW Owner Trust
Series 2016-1A, Class A, 2.25%, 12/20/2033 (A)		109,349		109,446
Series 2017-1A, Class A, 2.42%, 12/20/2034 (A)		245,980		243,817
PFS Financing Corp. Series 2021-A, Class A, 0.71%, 04/15/2026 (A)		900,000		849,075
Progress Residential Trust
Series 2019-SFR3, Class D, 2.87%, 09/17/2036 (A)		1,000,000		946,299
Series 2020-SFR3, Class D, 1.90%, 10/17/2027 (A)		1,355,000		1,204,382
Sierra Timeshare Receivables Funding LLC Series 2018-2A, Class A, 3.50%, 06/20/2035 (A)		211,518		210,237
Synchrony Credit Card Master Note Trust Series 2017-2, Class C, 3.01%, 10/15/2025		640,000		641,043
Verizon Master Trust
Series 2021-1, Class C, 0.89%, 05/20/2027		950,000		898,230
Series 2022-1, Class C, 1.39% (B), 01/20/2027		1,250,000		1,223,910
Verizon Owner Trust
Series 2019-A, Class C, 3.22%, 09/20/2023		725,000		727,352
Series 2019-B, Class C, 2.60%, 12/20/2023		1,535,000		1,538,411
Series 2020-A, Class C, 2.06%, 07/22/2024		450,000		446,611
Series 2020-B, Class C, 0.83%, 02/20/2025		1,000,000		962,012
Volvo Financial Equipment LLC
Series 2019-1A, Class B, 3.26%, 01/16/2024 (A)		660,000		662,982
Series 2019-2A, Class B, 2.28%, 11/15/2024 (A)		930,000		921,602

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

Transamerica Funds Semi-Annual Report 2022

Page    73

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (A)		$ 353,317		$ 347,821
World Omni Auto Receivables Trust Series 2019-B, Class B, 2.86%, 06/16/2025		625,000		625,249
World Omni Select Auto Trust Series 2021-A, Class C, 1.09%, 11/15/2027		1,515,000		1,411,555
Total Asset-Backed Securities (Cost $51,189,451)				49,757,068
CORPORATE DEBT SECURITIES - 51.5%
Airlines - 0.9%
United Airlines Pass-Through Trust 4.63%, 03/03/2024		1,390,824		1,396,293
Banks - 15.8%
Bank of America Corp. Fixed until 02/13/2025, 2.02% (B), 02/13/2026		2,485,000		2,352,466
Bank of Montreal 0.63%, 07/09/2024		1,220,000		1,148,786
Barclays PLC 3-Month LIBOR + 1.38%, 1.84% (B), 05/16/2024		2,000,000		2,012,598
BNP Paribas SA Fixed until 06/09/2025, 2.22% (B), 06/09/2026 (A)		1,600,000		1,493,590
Citigroup, Inc. 4.05%, 07/30/2022		2,600,000		2,613,967
Credit Suisse AG 1.00%, 05/05/2023		1,095,000		1,072,211
DNB Bank ASA Fixed until 03/28/2024, 2.97% (B), 03/28/2025 (A)		1,140,000		1,125,565
HSBC Holdings PLC Fixed until 03/10/2025, 3.00% (B), 03/10/2026		1,320,000		1,272,446
JPMorgan Chase & Co.
Fixed until 06/23/2024, 0.97% (B), 06/23/2025		1,260,000		1,185,929
Fixed until 09/22/2026, 1.47% (B), 09/22/2027		1,170,000		1,039,809
Lloyds Banking Group PLC Fixed until 11/07/2022, 2.91% (B), 11/07/2023		1,545,000		1,542,505
Morgan Stanley Fixed until 02/18/2025, 2.63% (B), 02/18/2026		1,500,000		1,444,718
NatWest Group PLC Fixed until 03/22/2024, 4.27% (B), 03/22/2025		1,250,000		1,250,756
PNC Bank NA 2.50%, 08/27/2024		2,170,000		2,126,986
Sumitomo Mitsui Financial Group, Inc. 3-Month SOFR + 0.88%, 1.16% (B), 01/14/2027		1,445,000		1,435,673
Sumitomo Mitsui Trust Bank Ltd. 0.80%, 09/12/2023 (A)		1,075,000		1,041,653

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Wells Fargo & Co. Fixed until 04/30/2025, 2.19% (B), 04/30/2026		$ 1,470,000		$ 1,389,315
				25,548,973
Capital Markets - 3.2%
Ameriprise Financial, Inc. 3.00%, 04/02/2025		1,579,000		1,560,198
Charles Schwab Corp. 3-Month SOFR + 1.05%, 1.29% (B), 03/03/2027		450,000		450,212
Goldman Sachs Group, Inc. Fixed until 02/24/2027, 2.64% (B), 02/24/2028		3,400,000		3,127,222
				5,137,632
Consumer Finance - 2.8%
American Express Co. 3-Month SOFR + 0.65%, 0.82% (B), 11/04/2026		1,210,000		1,197,892
Capital One Financial Corp. 3.50%, 06/15/2023		965,000		970,904
General Motors Financial Co., Inc. 3-Month SOFR + 1.20%, 1.40% (B), 11/17/2023		1,760,000		1,762,055
Volkswagen Group of America Finance LLC 0.88%, 11/22/2023 (A)		635,000		609,810
				4,540,661
Diversified Financial Services - 0.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.65%, 10/29/2024		1,015,000		945,857
4.50%, 09/15/2023		235,000		235,527
				1,181,384
Diversified Telecommunication Services - 1.1%
AT&T, Inc. 3-Month LIBOR + 1.18%, 1.98% (B), 06/12/2024 (C)		1,770,000		1,783,346
Electric Utilities - 3.5%
Berkshire Hathaway Energy Co. 4.05%, 04/15/2025 (C)		1,040,000		1,053,937
Constellation Energy Generation LLC 3.25%, 06/01/2025		1,000,000		980,388
Edison International 4.95%, 04/15/2025		1,526,000		1,553,321
Entergy Louisiana LLC 0.95%, 10/01/2024		810,000		764,230
NextEra Energy Capital Holdings, Inc. 0.65%, 03/01/2023		1,250,000		1,230,376
RGS AEGCO Funding Corp. 9.82%, 12/07/2022		69,817		69,745
				5,651,997
Energy Equipment & Services - 1.0%
Halliburton Co. 3.50%, 08/01/2023		1,690,000		1,697,776

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

Transamerica Funds Semi-Annual Report 2022

Page    74

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts - 4.8%
American Tower Corp. 2.40%, 03/15/2025		$ 965,000		$ 928,145
Kimco Realty Corp. 4.45%, 01/15/2024		850,000		859,088
Office Properties Income Trust
4.00%, 07/15/2022		875,000		875,658
4.50%, 02/01/2025		950,000		943,064
Simon Property Group LP 3.50%, 09/01/2025(C)		1,425,000		1,415,673
Ventas Realty LP 3.50%, 02/01/2025		805,000		797,274
WEA Finance LLC / Westfield UK & Europe Finance PLC 3.75%, 09/17/2024 (A)		1,340,000		1,324,255
Welltower, Inc. 3.63%, 03/15/2024		650,000		650,189
				7,793,346
Food & Staples Retailing - 0.7%
7-Eleven, Inc. 0.80%, 02/10/2024 (A)		1,225,000		1,167,434
Food Products - 0.7%
Mondelez International, Inc. 2.13%, 03/17/2024		1,120,000		1,100,100
Gas Utilities - 0.4%
Atmos Energy Corp. 0.63%, 03/09/2023		705,000		692,717
Health Care Providers & Services - 0.1%
Cigna Corp. 3.50%, 06/15/2024		250,000		250,611
Household Durables - 1.5%
Panasonic Holdings Corp 2.54%, 07/19/2022 (A)		2,400,000		2,398,068
Insurance - 1.1%
Berkshire Hathaway Finance Corp. 2.30%, 03/15/2027 (C)		1,835,000		1,754,108
IT Services - 0.8%
Fiserv, Inc. 2.75%, 07/01/2024		1,255,000		1,236,239
Life Sciences Tools & Services - 0.9%
Illumina, Inc. 0.55%, 03/23/2023		995,000		976,223
Thermo Fisher Scientific, Inc. 3-Month SOFR + 0.53%, 0.81% (B), 10/18/2024		515,000		512,842
				1,489,065
Machinery - 0.4%
Caterpillar Financial Services Corp. 0.65%, 07/07/2023		680,000		664,481
Media - 0.8%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.91%, 07/23/2025		1,223,000		1,245,333

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities - 1.9%
Dominion Energy, Inc. 3-Month LIBOR + 0.53%, 1.36% (B), 09/15/2023		$ 1,775,000		$ 1,771,871
DTE Energy Co. 1.05%, 06/01/2025		1,425,000		1,312,048
				3,083,919
Oil, Gas & Consumable Fuels - 1.9%
Energy Transfer LP 4.75%, 01/15/2026		1,565,000		1,584,741
Phillips 66 3.70%, 04/06/2023		440,000		443,249
Williams Cos., Inc. 3.90%, 01/15/2025		990,000		988,561
				3,016,551
Pharmaceuticals - 1.0%
AstraZeneca PLC 3-Month LIBOR + 0.67%, 1.13% (B), 08/17/2023		1,562,000		1,568,307
Road & Rail - 2.6%
Canadian Pacific Railway Co. 1.35%, 12/02/2024		1,295,000		1,226,989
Norfolk Southern Corp. 5.59%, 05/17/2025		1,432,000		1,509,670
NTT Finance Corp.
0.58%, 03/01/2024 (A)		460,000		438,708
1.16%, 04/03/2026 (A)		1,075,000		971,340
				4,146,707
Semiconductors & Semiconductor Equipment - 1.8%
Advanced Micro Devices, Inc. 7.50%, 08/15/2022		1,691,000		1,713,541
Intel Corp. 3.40%, 03/25/2025		1,270,000		1,271,475
				2,985,016
Software - 1.1%
Oracle Corp. 2.50%, 04/01/2025		1,155,000		1,102,942
VMware, Inc. 0.60%, 08/15/2023		765,000		740,362
				1,843,304
Total Corporate Debt Securities (Cost $86,610,243)				83,373,368
MORTGAGE-BACKED SECURITIES - 11.3%
BX Commercial Mortgage Trust
Series 2019-XL, Class F,
1-Month LIBOR + 2.00%, 2.55% (B), 10/15/2036 (A)		1,555,500		1,524,293
Series 2021-SOAR, Class D,
1-Month LIBOR + 1.40%, 1.96% (B), 06/15/2038 (A)		1,730,000		1,678,007
Series 2021-VOLT, Class C,
1-Month LIBOR + 1.10%, 1.65% (B), 09/15/2036 (A)		700,000		676,108

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

Transamerica Funds Semi-Annual Report 2022

Page    75

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BX Trust Series 2021-LGCY, Class D, 1-Month LIBOR + 1.30%, 1.86% (B), 10/15/2023 (A)		$ 1,700,000		$ 1,619,286
CGDB Commercial Mortgage Trust Series 2019-MOB, Class D, 1-Month LIBOR + 1.65%, 2.20% (B), 11/15/2036 (A)		2,210,000		2,160,122
CHC Commercial Mortgage Trust Series 2019-CHC, Class D, 1-Month LIBOR + 2.05%, 2.60% (B), 06/15/2034 (A)		1,757,174		1,706,383
Citigroup Commercial Mortgage Trust Series 2019-SMRT, Class B, 4.38%, 01/10/2036 (A)		1,600,000		1,603,271
Cold Storage Trust Series 2020-ICE5, Class D, 1-Month LIBOR + 2.10%, 2.65% (B), 11/15/2037 (A)		1,474,486		1,459,285
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class D, 1-Month LIBOR + 1.60%, 2.15% (B), 05/15/2036 (A)		1,810,000		1,788,379
DBGS Mortgage Trust Series 2018-BIOD, Class E, 1-Month LIBOR + 1.70%, 2.19% (B), 05/15/2035 (A)		822,386		807,956
Extended Stay America Trust Series 2021-ESH, Class C, 1-Month LIBOR + 1.70%, 2.26% (B), 07/15/2038 (A)		447,247		440,276
Morgan Stanley Capital I Trust Series 2017-CLS, Class D, 1-Month LIBOR + 1.40%, 1.95% (B), 11/15/2034 (A)		1,305,000		1,293,444
STWD Trust Series 2021-FLWR, Class D, 1-Month LIBOR + 1.38%, 1.93% (B), 07/15/2036 (A)		1,700,000		1,634,603
Total Mortgage-Backed Securities (Cost $18,897,480)				18,391,413
U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.9%
Federal Home Loan Mortgage Corp.
1-Year CMT + 2.04%, 2.20% (B), 06/01/2033		334,517		345,969
4.50%, 09/01/2026		108,918		111,087
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Interest Only STRIPS
0.61% (B), 08/25/2031		17,698,461		697,868
0.81% (B), 12/25/2030		4,792,779		242,256
1.03% (B), 09/25/2030		19,933,301		1,248,802
1.14% (B), 06/25/2031		7,595,816		578,341
1.43% (B), 07/25/2026		20,605,735		884,235

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association, Interest Only STRIPS 0.13% (B), 11/25/2022		$ 21,537,086		$ 2
Government National Mortgage Association 5.75%, 12/15/2022		4,822		4,717
Seasoned Loans Structured Transaction Trust Series 2018-1, Class A1, 3.50%, 06/25/2028		572,963		566,436
Total U.S. Government Agency Obligations (Cost $4,975,348)				4,679,713
U.S. GOVERNMENT OBLIGATIONS - 2.8%
U.S. Treasury - 2.8%
U.S. Treasury Note
0.50%, 02/28/2026		4,365,000		3,981,698
1.50%, 02/15/2025		510,000		491,234
Total U.S. Government Obligations (Cost $4,761,028)				4,472,932
	Shares		Value
OTHER INVESTMENT COMPANY - 2.1%
Securities Lending Collateral - 2.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (D)		3,389,848		3,389,848
Total Other Investment Company (Cost $3,389,848)				3,389,848
Total Investments (Cost $169,823,398)				164,064,342
Net Other Assets (Liabilities) - (1.3)%				(2,100,833	)
Net Assets - 100.0%				$161,963,509

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

Transamerica Funds Semi-Annual Report 2022

Page    76

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(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
Asset-Backed Securities	$	—	$	49,757,068	$	—	$	49,757,068
Corporate Debt Securities		—		83,373,368		—		83,373,368
Mortgage-Backed Securities		—		18,391,413		—		18,391,413
U.S. Government Agency Obligations		—		4,679,713		—		4,679,713
U.S. Government Obligations		—		4,472,932		—		4,472,932
Other Investment Company		3,389,848		—		—		3,389,848
Total Investments	$	3,389,848	$	160,674,494	$	—	$	164,064,342

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $49,964,338, representing 30.8% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $3,316,376, collateralized by cash collateral of $3,389,848. 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, 2022.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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
SOFR	Secured Overnight Financing Rate
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 2022

Page    77

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 97.0%
Aerospace & Defense - 0.7%
TransDigm, Inc.
4.88%, 05/01/2029		$6,520,000		$5,713,150
5.50%, 11/15/2027		3,768,000		3,455,218
Triumph Group, Inc.
7.75%, 08/15/2025 (A)		2,962,000		2,880,545
8.88%, 06/01/2024 (B)		1,385,000		1,433,503
				13,482,416
Airlines - 1.0%
American Airlines Group, Inc. 3.75%, 03/01/2025 (A) (B)		10,118,000		9,030,315
American Airlines, Inc. / AAdvantage Loyalty IP Ltd.
5.50%, 04/20/2026 (B)		2,427,000		2,405,764
5.75%, 04/20/2029 (B)		2,126,000		2,048,560
United Airlines Holdings, Inc. 4.88%, 01/15/2025 (A)		4,033,000		3,891,845
United Airlines Pass-Through Trust 4.63%, 03/03/2024		735,378		738,270
				18,114,754
Auto Components - 2.0%
Clarios Global LP / Clarios US Finance Co.
6.25%, 05/15/2026 (B)		4,001,000		4,041,010
8.50%, 05/15/2027 (B)		5,876,000		5,872,357
Dana, Inc.
4.50%, 02/15/2032		4,562,000		3,763,650
5.38%, 11/15/2027		2,558,000		2,417,310
5.63%, 06/15/2028 (A)		1,897,000		1,809,264
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027 (A)		2,986,000		2,784,624
5.00%, 05/31/2026 - 07/15/2029 (A)		6,916,000		6,368,452
9.50%, 05/31/2025		3,986,000		4,180,317
Patrick Industries, Inc. 7.50%, 10/15/2027 (B)		5,897,000		5,955,970
				37,192,954
Automobiles - 0.1%
Ford Motor Credit Co. LLC 4.95%, 05/28/2027		2,256,000		2,197,141
Banks - 1.6%
Barclays PLC
Fixed until 09/15/2023 (C), 7.75% (D)		3,017,000		3,043,399
Fixed until 06/15/2024 (C), 8.00% (D)		3,262,000		3,361,899
Citigroup, Inc. Fixed until 09/12/2024 (C), 5.00% (D)		7,691,000		7,277,608
Intesa Sanpaolo SpA
Fixed until 06/01/2031, 4.20% (D), 06/01/2032 (B)		1,694,000		1,404,717
5.71%, 01/15/2026 (B)		6,247,000		6,220,520
JPMorgan Chase & Co. Fixed until 02/01/2025 (C), 4.60% (D)		4,140,000		3,810,332
Lloyds Banking Group PLC Fixed until 06/27/2024 (C), 7.50% (A) (D)		4,252,000		4,337,040
				29,455,515
Beverages - 0.5%
Primo Water Holdings, Inc. 4.38%, 04/30/2029 (B)		10,746,000		9,337,952

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology - 0.3%
Grifols Escrow Issuer SA 4.75%, 10/15/2028 (A) (B)		$ 6,086,000		$ 5,553,475
Building Products - 0.9%
Builders FirstSource, Inc.
4.25%, 02/01/2032 (B)		1,173,000		1,001,449
5.00%, 03/01/2030 (B)		694,000		641,950
6.75%, 06/01/2027 (B)		2,884,000		2,974,125
Cornerstone Building Brands, Inc. 6.13%, 01/15/2029 (B)		6,056,000		5,038,895
Standard Industries, Inc.
3.38%, 01/15/2031 (B)		2,864,000		2,287,362
4.38%, 07/15/2030 (B)		1,140,000		950,595
5.00%, 02/15/2027 (B)		5,281,000		5,003,747
				17,898,123
Capital Markets - 1.8%
Credit Suisse Group AG
Fixed until 02/11/2027 (C), 5.25% (B) (D)		2,250,000		1,977,187
Fixed until 12/18/2024 (C), 6.25% (B) (D)		1,350,000		1,309,160
Fixed until 08/21/2026 (C), 6.38% (A) (B) (D)		3,782,000		3,560,337
Fixed until 09/12/2025 (C), 7.25% (B) (D)		3,450,000		3,364,440
Fixed until 07/17/2023 (C), 7.50% (B) (D)		1,971,000		1,951,881
Fixed until 12/11/2023 (C), 7.50% (B) (D)		5,403,000		5,406,728
Deutsche Bank AG
Fixed until 10/14/2030, 3.73% (D), 01/14/2032		3,428,000		2,833,589
Fixed until 10/30/2025 (C), 6.00% (A) (D)		1,400,000		1,302,000
LPL Holdings, Inc. 4.00%, 03/15/2029 (B)		5,744,000		5,227,040
MSCI, Inc. 3.63%, 09/01/2030 (B)		8,369,000		7,380,621
				34,312,983
Chemicals - 1.7%
ASP Unifrax Holdings, Inc.
5.25%, 09/30/2028 (B)		1,345,000		1,183,600
7.50%, 09/30/2029 (B)		2,702,000		2,239,755
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC 7.50%, 05/01/2025 (B)		7,289,000		6,555,727
NOVA Chemicals Corp.
4.88%, 06/01/2024 (B)		4,559,000		4,496,314
5.25%, 06/01/2027 (B)		9,169,000		8,733,472
Olin Corp.
5.00%, 02/01/2030		4,180,000		3,959,296
5.13%, 09/15/2027		3,235,000		3,204,915
5.63%, 08/01/2029		1,906,000		1,876,838
				32,249,917
Commercial Services & Supplies - 2.3%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.38%, 03/01/2029 (A) (B)		4,957,000		4,647,187
5.75%, 07/15/2027 (A) (B)		7,120,000		6,978,185
Covanta Holding Corp.
4.88%, 12/01/2029 (B)		3,394,000		3,087,861
5.00%, 09/01/2030		2,742,000		2,474,655
Garda World Security Corp.
4.63%, 02/15/2027 (B)		3,945,000		3,580,087
6.00%, 06/01/2029 (B)		4,381,000		3,630,053

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

Transamerica Funds Semi-Annual Report 2022

Page    78

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies (continued)
Garda World Security Corp. (continued)
9.50%, 11/01/2027 (B)		$ 2,287,000		$ 2,246,978
Harsco Corp. 5.75%, 07/31/2027 (B)		186,000		169,493
Nielsen Finance LLC / Nielsen Finance Co.
4.50%, 07/15/2029 (B)		3,752,000		3,545,640
5.63%, 10/01/2028 (B)		6,699,000		6,491,666
5.88%, 10/01/2030 (B)		640,000		616,000
Stericycle, Inc.
3.88%, 01/15/2029 (B)		2,077,000		1,831,602
5.38%, 07/15/2024 (B)		4,899,000		4,882,147
				44,181,554
Communications Equipment - 1.2%
Avaya, Inc. 6.13%, 09/15/2028 (B)		9,218,000		8,552,031
CommScope Technologies LLC 6.00%, 06/15/2025 (B)		6,343,000		5,518,410
CommScope, Inc.
4.75%, 09/01/2029 (B)		5,420,000		4,531,608
6.00%, 03/01/2026 (B)		2,723,000		2,568,333
8.25%, 03/01/2027 (B)		2,579,000		2,217,940
				23,388,322
Construction & Engineering - 0.6%
Abengoa Abenewco 2 SA PIK Rate 1.50%, Cash Rate 0.00%, 10/26/2024 (B) (E)		2,023,470		10,117
Ashton Woods USA LLC / Ashton Woods Finance Co.
4.63%, 08/01/2029 - 04/01/2030 (B)		4,776,000		3,945,753
6.63%, 01/15/2028 (B)		5,109,000		4,967,634
Taylor Morrison Communities, Inc. 6.63%, 07/15/2027 (B)		1,890,000		1,890,498
				10,814,002
Construction Materials - 0.1%
Eco Material Technologies, Inc. 7.88%, 01/31/2027 (B)		1,006,000		973,934
Consumer Finance - 1.9%
Altice Financing SA 5.00%, 01/15/2028 (B)		1,771,000		1,478,785
Ford Motor Credit Co. LLC
2.70%, 08/10/2026		2,120,000		1,889,938
3.38%, 11/13/2025		3,975,000		3,746,696
4.00%, 11/13/2030		5,368,000		4,656,740
4.38%, 08/06/2023		3,548,000		3,550,129
4.39%, 01/08/2026		9,034,000		8,717,810
5.13%, 06/16/2025		1,812,000		1,807,470
Navient Corp.
5.00%, 03/15/2027		1,020,000		928,491
5.50%, 03/15/2029		1,898,000		1,680,679
5.88%, 10/25/2024		7,127,000		7,073,547
				35,530,285
Containers & Packaging - 4.1%
ARD Finance SA PIK Rate 7.25%, Cash Rate 6.50%, 06/30/2027 (B) (E)		4,132,216		3,471,061

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Containers & Packaging (continued)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
3.25%, 09/01/2028 (A) (B)		$ 3,741,000		$ 3,264,023
4.00%, 09/01/2029 (B)		7,007,000		6,005,209
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 5.25%, 08/15/2027 (A) (B)		3,241,000		2,767,133
Ball Corp. 2.88%, 08/15/2030		11,339,000		9,534,965
Cascades, Inc. / Cascades USA, Inc. 5.13%, 01/15/2026 (B)		1,069,000		1,039,603
5.38%, 01/15/2028 (B)		8,954,000		8,640,610
Clydesdale Acquisition Holdings, Inc. 6.63%, 04/15/2029 (B)		4,236,000		4,262,475
Crown Americas LLC / Crown Americas Capital Corp. VI 4.75%, 02/01/2026		11,582,000		11,529,881
Graphic Packaging International LLC 3.50%, 03/15/2028 - 03/01/2029 (B)		8,058,000		7,189,883
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024 (B)		3,000		2,927
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023 (B)		2,558,000		2,589,975
6.38%, 08/15/2025 (B)		820,000		817,950
Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC 4.00%, 10/15/2027 (B)		4,977,000		4,342,432
Trident TPI Holdings, Inc. 9.25%, 08/01/2024 (B)		5,237,000		5,145,352
Trivium Packaging Finance BV
5.50%, 08/15/2026 (B)		4,224,000		4,081,440
8.50%, 08/15/2027 (A) (B)		1,785,000		1,762,688
				76,447,607
Diversified Consumer Services - 0.3%
WW International, Inc. 4.50%, 04/15/2029 (A) (B)		6,788,000		5,371,005
Diversified Financial Services - 3.4%
Avation Capital SA PIK Rate 9.00%, Cash Rate 8.25%, 10/31/2026 (B) (E)		6,211,919		5,156,951
Dana Financing SARL 5.75%, 04/15/2025 (B)		11,877,000		11,728,537
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 4.05% (D), 12/21/2065 (B)		17,977,000		14,022,060
ILFC E-Capital Trust II 1.80% + Max of 3-Month LIBOR, 15-Year CMT or 30-Year CMT, 4.30% (D), 12/21/2065 (B)		2,974,000		2,379,200
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.25%, 02/01/2027 (B)		4,427,000		4,069,298
5.25%, 10/01/2025 (B)		3,485,000		3,424,013
United Wholesale Mortgage LLC
5.50%, 11/15/2025 - 04/15/2029 (B)		9,405,000		8,273,520
5.75%, 06/15/2027 (B)		3,938,000		3,416,215

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

Transamerica Funds Semi-Annual Report 2022

Page    79

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Virgin Media Secured Finance PLC
4.50%, 08/15/2030 (B)		$ 3,149,000		$ 2,732,891
5.50%, 05/15/2029 (B)		9,769,000		9,036,325
				64,239,010
Diversified Telecommunication Services - 4.0%
Frontier Communications Holdings LLC
5.00%, 05/01/2028 (B)		2,400,000		2,190,108
6.00%, 01/15/2030 (A) (B)		4,982,000		4,331,799
6.75%, 05/01/2029 (B)		4,144,000		3,734,158
Hughes Satellite Systems Corp. 6.63%, 08/01/2026		6,033,000		6,002,835
Iliad Holding SASU
6.50%, 10/15/2026 (B)		4,421,000		4,249,510
7.00%, 10/15/2028 (B)		5,031,000		4,754,295
Intelsat Jackson Holdings SA 8.50%, 10/15/2024 (B) (F) (G)		3,274,000		0
Level 3 Financing, Inc.
3.63%, 01/15/2029 (B)		5,877,000		4,773,358
3.75%, 07/15/2029 (B)		1,968,000		1,599,000
4.25%, 07/01/2028 (B)		4,398,000		3,716,310
4.63%, 09/15/2027 (B)		2,435,000		2,188,456
Lumen Technologies, Inc.
4.50%, 01/15/2029 (B)		5,144,000		4,063,760
5.13%, 12/15/2026 (B)		7,590,000		6,831,000
5.38%, 06/15/2029 (B)		5,213,000		4,251,123
7.50%, 04/01/2024 (A)		5,811,000		5,967,897
Switch Ltd.
3.75%, 09/15/2028 (B)		4,829,000		4,551,333
4.13%, 06/15/2029 (A) (B)		3,830,000		3,657,650
Telecom Italia Capital SA
6.00%, 09/30/2034		2,860,000		2,498,096
6.38%, 11/15/2033		2,908,000		2,540,865
Zayo Group Holdings, Inc. 4.00%, 03/01/2027 (B)		3,657,000		3,181,590
				75,083,143
Electric Utilities - 0.8%
Elwood Energy LLC 8.16%, 07/05/2026		1,964,376		1,984,019
NRG Energy, Inc.
3.38%, 02/15/2029 (B)		2,072,000		1,756,020
3.88%, 02/15/2032 (B)		1,894,000		1,581,007
Vistra Operations Co. LLC
4.38%, 05/01/2029 (B)		4,683,000		4,249,729
5.00%, 07/31/2027 (B)		5,812,000		5,535,930
5.63%, 02/15/2027 (B)		611,000		601,835
				15,708,540
Electronic Equipment, Instruments & Components - 0.3%
Sensata Technologies BV 4.00%, 04/15/2029 (B)		4,272,000		3,808,339
Sensata Technologies, Inc.
3.75%, 02/15/2031 (B)		667,000		563,975
4.38%, 02/15/2030 (B)		1,386,000		1,260,830
				5,633,144
Energy Equipment & Services - 1.2%
Archrock Partners LP / Archrock Partners Finance Corp. 6.25%, 04/01/2028 (B)		5,467,000		5,302,990

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
CSI Compressco LP / CSI Compressco Finance, Inc.
7.50%, 04/01/2025 (A) (B)		$ 1,431,000		$ 1,376,321
7.50%, 04/01/2025 (B)		1,546,000		1,486,927
PIK Rate 3.50%, Cash Rate 7.25%, 04/01/2026 (B) (E)		6,792,675		6,588,895
Sunnova Energy Corp. 5.88%, 09/01/2026 (A) (B)		3,788,000		3,466,020
USA Compression Partners LP / USA Compression Finance Corp. 6.88%, 09/01/2027		4,444,000		4,343,166
				22,564,319
Entertainment - 0.7%
CDI Escrow Issuer, Inc. 5.75%, 04/01/2030 (B)		4,778,000		4,605,562
Netflix, Inc. 4.88%, 04/15/2028		3,886,000		3,804,161
4.88%, 06/15/2030 (A) (B)		2,651,000		2,584,751
5.38%, 11/15/2029 (B)		1,275,000		1,276,275
Scientific Games Holdings LP / Scientific Games US FinCo, Inc. 6.63%, 03/01/2030 (B)		775,000		736,250
				13,006,999
Equity Real Estate Investment Trusts - 3.0%
HAT Holdings I LLC / HAT Holdings II LLC
3.38%, 06/15/2026 (B)		4,945,000		4,542,131
6.00%, 04/15/2025 (B)		3,212,000		3,260,180
Iron Mountain Information Management Services, Inc. 5.00%, 07/15/2032 (B)		3,167,000		2,790,697
Iron Mountain, Inc.
4.50%, 02/15/2031 (B)		1,881,000		1,611,773
5.25%, 03/15/2028 (B)		6,992,000		6,660,090
iStar, Inc.
4.25%, 08/01/2025		4,591,000		4,405,983
5.50%, 02/15/2026		5,248,000		5,108,246
MPT Operating Partnership LP / MPT Finance Corp. 3.50%, 03/15/2031		5,269,000		4,485,236
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.88%, 10/01/2028 (B)		2,397,000		2,325,090
7.50%, 06/01/2025 (B)		6,323,000		6,542,408
SBA Communications Corp.
3.13%, 02/01/2029		5,735,000		4,919,483
3.88%, 02/15/2027		3,057,000		2,901,704
VICI Properties LP / VICI Note Co., Inc.
3.88%, 02/15/2029		3,431,000		3,259,450
4.63%, 06/15/2025		1,364,000		1,357,180
5.75%, 02/01/2027 (B)		2,539,000		2,538,949
				56,708,600
Food & Staples Retailing - 1.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP
3.25%, 03/15/2026 (B)		1,607,000		1,466,388

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

Transamerica Funds Semi-Annual Report 2022

Page    80

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing (continued)
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP (continued)
3.50%, 03/15/2029 (B)		$ 5,957,000		$ 5,018,177
4.63%, 01/15/2027 (B)		5,537,000		5,186,369
7.50%, 03/15/2026 (B)		1,383,000		1,453,623
Rite Aid Corp.
7.50%, 07/01/2025 (B)		4,594,000		3,933,153
8.00%, 11/15/2026 (A) (B)		5,255,000		4,414,418
				21,472,128
Food Products - 2.6%
Kraft Heinz Foods Co.
3.88%, 05/15/2027		4,454,000		4,359,571
4.88%, 10/01/2049		3,922,000		3,651,708
5.00%, 07/15/2035 - 06/04/2042		11,174,000		10,985,149
6.88%, 01/26/2039		1,374,000		1,576,706
Pilgrim’s Pride Corp.
3.50%, 03/01/2032 (B)		3,721,000		3,144,245
5.88%, 09/30/2027 (B)		8,243,000		8,303,215
Post Holdings, Inc.
4.50%, 09/15/2031 (B)		3,825,000		3,180,870
4.63%, 04/15/2030 (B)		2,134,000		1,824,570
5.50%, 12/15/2029 (B)		9,336,000		8,495,760
5.63%, 01/15/2028 (A) (B)		3,856,000		3,645,848
				49,167,642
Health Care Equipment & Supplies - 0.4%
Mozart Debt Merger Sub, Inc. 3.88%, 04/01/2029 (B)		7,815,000		6,818,588
Health Care Providers & Services - 5.8%
Acadia Healthcare Co., Inc. 5.00%, 04/15/2029 (B)		5,836,000		5,529,610
AdaptHealth LLC
4.63%, 08/01/2029 (B)		705,000		597,487
5.13%, 03/01/2030 (A) (B)		1,261,000		1,084,460
6.13%, 08/01/2028 (B)		5,472,000		5,171,040
Centene Corp.
3.38%, 02/15/2030		501,000		447,618
4.25%, 12/15/2027		1,993,000		1,925,597
4.63%, 12/15/2029		1,024,000		990,720
CHS / Community Health Systems, Inc.
5.25%, 05/15/2030 (B)		6,407,000		5,616,697
5.63%, 03/15/2027 (B)		398,000		379,391
6.88%, 04/15/2029 (A) (B)		674,000		591,044
8.00%, 03/15/2026 (B)		11,296,000		11,677,805
DaVita, Inc.
3.75%, 02/15/2031 (B)		11,037,000		8,995,155
4.63%, 06/01/2030 (B)		5,365,000		4,667,550
Encompass Health Corp.
4.50%, 02/01/2028		2,185,000		2,020,098
4.63%, 04/01/2031		638,000		563,035
4.75%, 02/01/2030		2,206,000		1,993,672
5.75%, 09/15/2025 (A)		6,707,000		6,824,372
HCA, Inc.
3.50%, 09/01/2030		3,454,000		3,100,328
5.38%, 02/01/2025		4,023,000		4,132,878
5.88%, 02/15/2026 - 02/01/2029		12,238,000		12,658,433
7.50%, 11/06/2033		441,000		517,073

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Molina Healthcare, Inc. 4.38%, 06/15/2028 (B)		$ 5,903,000		$ 5,517,298
Tenet Healthcare Corp.
4.25%, 06/01/2029 (B)		5,038,000		4,551,783
4.88%, 01/01/2026 (B)		2,460,000		2,394,785
5.13%, 11/01/2027 (B)		3,225,000		3,131,362
6.13%, 10/01/2028 (B)		11,941,000		11,458,942
6.75%, 06/15/2023		2,401,000		2,470,053
				109,008,286
Hotels, Restaurants & Leisure - 7.6%
1011778 BC ULC / New Red Finance, Inc.
3.88%, 01/15/2028 (B)		3,641,000		3,349,720
4.00%, 10/15/2030 (B)		4,993,000		4,267,517
Boyd Gaming Corp.
4.75%, 12/01/2027 (A)		4,758,000		4,496,976
4.75%, 06/15/2031 (B)		1,179,000		1,066,170
8.63%, 06/01/2025 (B)		675,000		704,531
Boyne USA, Inc. 4.75%, 05/15/2029 (B)		5,940,000		5,509,350
Caesars Entertainment, Inc.
4.63%, 10/15/2029 (B)		6,231,000		5,343,082
6.25%, 07/01/2025 (B)		2,816,000		2,846,610
Carnival Corp.
6.00%, 05/01/2029 (B)		5,225,000		4,689,437
7.63%, 03/01/2026 (B)		2,058,000		2,016,840
10.50%, 02/01/2026 (B)		2,643,000		2,907,300
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/2030		4,109,000		3,975,458
5.38%, 05/01/2025 (B)		1,265,000		1,290,692
5.75%, 05/01/2028 (B)		493,000		500,025
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.
4.88%, 07/01/2031 (B)		5,142,000		4,490,509
5.00%, 06/01/2029 (B)		3,665,000		3,307,663
International Game Technology PLC
4.13%, 04/15/2026 (B)		1,852,000		1,739,973
5.25%, 01/15/2029 (B)		780,000		739,729
6.25%, 01/15/2027 (B)		3,038,000		3,084,694
6.50%, 02/15/2025 (B)		2,946,000		2,997,555
Lions Gate Capital Holdings LLC 5.50%, 04/15/2029 (B)		5,857,000		5,192,172
MGM Resorts International
4.63%, 09/01/2026		942,000		886,921
4.75%, 10/15/2028 (A)		3,858,000		3,543,766
5.50%, 04/15/2027		5,448,000		5,266,091
5.75%, 06/15/2025		5,750,000		5,711,072
6.75%, 05/01/2025		1,938,000		1,983,843
NCL Corp. Ltd. 5.88%, 03/15/2026 - 02/15/2027 (B)		11,303,000		10,508,866
Royal Caribbean Cruises Ltd.
4.25%, 07/01/2026 (B)		1,545,000		1,396,294
5.38%, 07/15/2027 (B)		3,082,000		2,827,735
5.50%, 04/01/2028 (A) (B)		2,469,000		2,252,963
9.13%, 06/15/2023 (B)		1,021,000		1,054,014
10.88%, 06/01/2023 (B)		1,718,000		1,797,458
11.50%, 06/01/2025 (B)		861,000		936,079

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

Transamerica Funds Semi-Annual Report 2022

Page    81

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
Scientific Games International, Inc. 7.00%, 05/15/2028 (B)		$ 5,340,000		$ 5,467,025
Station Casinos LLC 4.50%, 02/15/2028 (B)		7,333,000		6,655,981
Travel & Leisure Co.
4.50%, 12/01/2029 (B)		5,812,000		5,143,620
5.65%, 04/01/2024		3,970,000		3,999,775
6.00%, 04/01/2027		6,016,000		6,061,240
Viking Cruises Ltd.
5.88%, 09/15/2027 (B)		6,859,000		5,810,602
6.25%, 05/15/2025 (B)		5,512,000		5,043,480
7.00%, 02/15/2029 (A) (B)		2,205,000		1,962,450
				142,825,278
Household Durables - 1.4%
Beazer Homes USA, Inc.
5.88%, 10/15/2027 (A)		3,210,000		2,961,225
6.75%, 03/15/2025		4,144,000		4,130,325
7.25%, 10/15/2029 (A)		5,316,000		5,076,727
Century Communities, Inc. 6.75%, 06/01/2027		2,071,000		2,093,802
KB Home
7.50%, 09/15/2022		3,108,000		3,156,562
7.63%, 05/15/2023		4,095,000		4,197,375
Meritage Homes Corp.
5.13%, 06/06/2027		1,570,000		1,534,675
6.00%, 06/01/2025		2,754,000		2,802,168
				25,952,859
Household Products - 0.5%
Central Garden & Pet Co. 4.13%, 04/30/2031 (B)		4,043,000		3,466,873
Energizer Holdings, Inc. 6.50%, 12/31/2027 (B)		1,287,000		1,235,520
Spectrum Brands, Inc. 3.88%, 03/15/2031 (B)		5,086,000		4,259,525
				8,961,918
Independent Power & Renewable Electricity Producers - 1.1%
Calpine Corp.
3.75%, 03/01/2031 (B)		6,247,000		5,263,097
4.50%, 02/15/2028 (B)		4,965,000		4,596,200
5.00%, 02/01/2031 (B)		1,552,000		1,323,437
5.13%, 03/15/2028 (B)		2,702,000		2,450,525
5.25%, 06/01/2026 (B)		1,978,000		1,953,275
Clearway Energy Operating LLC
3.75%, 02/15/2031 (B)		2,875,000		2,472,500
4.75%, 03/15/2028 (B)		3,167,000		2,992,815
				21,051,849
Insurance - 1.7%
Global Atlantic Finance Co.
Fixed until 07/15/2026, 4.70% (D), 10/15/2051 (B)		5,575,000		5,059,313
Hartford Financial Services Group, Inc.
3-Month LIBOR + 2.13%, 2.63% (D), 02/12/2067 (B)		7,827,000		6,876,565
Lincoln National Corp.
3-Month LIBOR + 2.36%, 2.83% (D), 05/17/2066		14,233,000		11,991,302

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Ohio National Financial Services, Inc. 5.80%, 01/24/2030 (B)		$ 7,641,000		$ 7,625,413
				31,552,593
IT Services - 1.0%
Conduent Business Services LLC / Conduent State & Local Solutions, Inc. 6.00%, 11/01/2029 (B)		6,217,000		5,719,640
Gartner, Inc.
3.63%, 06/15/2029 (B)		326,000		291,770
3.75%, 10/01/2030 (B)		2,262,000		2,017,251
4.50%, 07/01/2028 (B)		5,333,000		5,111,230
Rackspace Technology Global, Inc. 3.50%, 02/15/2028 (B)		7,748,000		6,701,013
				19,840,904
Leisure Products - 0.2%
Mattel, Inc.
5.45%, 11/01/2041		2,583,000		2,570,085
6.20%, 10/01/2040		615,000		638,063
				3,208,148
Life Sciences Tools & Services - 0.1%
Charles River Laboratories International, Inc.
3.75%, 03/15/2029 (B)		1,438,000		1,301,390
4.00%, 03/15/2031 (B)		1,438,000		1,283,860
				2,585,250
Machinery - 1.7%
Allison Transmission, Inc. 3.75%, 01/30/2031 (B)		4,268,000		3,691,820
Madison IAQ LLC
4.13%, 06/30/2028 (B)		3,181,000		2,803,193
5.88%, 06/30/2029 (B)		994,000		810,090
Meritor, Inc. 4.50%, 12/15/2028 (A) (B)		883,000		880,792
SPX FLOW, Inc. 8.75%, 04/01/2030 (A) (B)		6,781,000		6,098,730
SRM Escrow Issuer LLC 6.00%, 11/01/2028 (B)		10,029,000		9,627,840
Vertiv Group Corp. 4.13%, 11/15/2028 (B)		4,399,000		3,832,629
Wabash National Corp. 4.50%, 10/15/2028 (B)		4,710,000		3,942,270
				31,687,364
Media - 10.8%
Adelphia Communications Corp.
9.25%, 10/01/2049 (F) (H) (I)		1,305,000		91
10.25%, 06/15/2049 - 11/01/2049 (F) (H) (I)		1,460,000		102
Arches Buyer, Inc.
4.25%, 06/01/2028 (B)		4,944,000		4,393,980
6.13%, 12/01/2028 (B)		3,193,000		2,777,910
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25%, 02/01/2031 - 01/15/2034 (B)		7,189,000		5,873,377
4.50%, 08/15/2030 (B)		6,451,000		5,628,498
4.50%, 05/01/2032		6,830,000		5,786,376
4.75%, 03/01/2030 - 02/01/2032 (B)		9,694,000		8,574,181
5.00%, 02/01/2028 (B)		5,511,000		5,250,109

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

Transamerica Funds Semi-Annual Report 2022

Page    82

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
CCO Holdings LLC / CCO Holdings Capital Corp. (continued)
5.38%, 06/01/2029 (B)		$ 2,325,000		$ 2,202,938
5.50%, 05/01/2026 (B)		2,764,000		2,770,910
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/2027 (B)		6,856,000		6,442,583
7.50%, 06/01/2029 (B)		2,162,000		2,040,279
7.75%, 04/15/2028 (B)		4,647,000		4,379,798
CSC Holdings LLC
4.50%, 11/15/2031 (B)		4,250,000		3,517,884
4.63%, 12/01/2030 (B)		13,730,000		10,503,450
5.00%, 11/15/2031 (B)		1,950,000		1,507,994
5.38%, 02/01/2028 (A) (B)		3,600,000		3,305,286
5.75%, 01/15/2030 (B)		1,767,000		1,453,358
6.50%, 02/01/2029 (B)		3,262,000		3,098,900
7.50%, 04/01/2028 (B)		3,331,000		3,070,682
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026 (B)		10,476,000		3,823,740
6.63%, 08/15/2027 (B)		609,000		126,368
Directv Financing LLC / Directv Financing Co-Obligor, Inc. 5.88%, 08/15/2027 (B)		9,774,000		9,199,777
DISH DBS Corp.
5.00%, 03/15/2023		4,230,000		4,190,576
5.25%, 12/01/2026 (B)		3,875,000		3,557,831
5.75%, 12/01/2028 (B)		3,966,000		3,547,508
5.88%, 07/15/2022		2,238,000		2,240,663
7.38%, 07/01/2028 (A)		3,175,000		2,794,000
7.75%, 07/01/2026		3,358,000		3,158,753
Gray Escrow II, Inc. 5.38%, 11/15/2031 (B)		5,048,000		4,351,174
Gray Television, Inc.
4.75%, 10/15/2030 (A) (B)		6,827,000		5,900,576
7.00%, 05/15/2027 (A) (B)		7,283,000		7,528,801
iHeartCommunications, Inc.
6.38%, 05/01/2026		1,873,000		1,889,389
8.38%, 05/01/2027		8,588,759		8,502,871
LCPR Senior Secured Financing DAC
5.13%, 07/15/2029 (B)		1,093,000		994,963
6.75%, 10/15/2027 (B)		7,323,000		7,277,414
Sinclair Television Group, Inc.
4.13%, 12/01/2030 (B)		2,429,000		2,014,734
5.50%, 03/01/2030 (A) (B)		5,395,000		4,410,413
Sirius XM Radio, Inc.
3.13%, 09/01/2026 (B)		1,825,000		1,681,281
4.13%, 07/01/2030 (B)		3,750,000		3,292,838
5.00%, 08/01/2027 (B)		250,000		241,250
5.50%, 07/01/2029 (B)		3,198,000		3,075,389
TEGNA, Inc.
4.63%, 03/15/2028		3,058,000		2,942,408
4.75%, 03/15/2026 (B)		2,229,000		2,209,496
Univision Communications, Inc.
6.63%, 06/01/2027 (B)		4,399,000		4,409,998
9.50%, 05/01/2025 (B)		979,000		1,023,055
UPC Broadband Finco BV
4.88%, 07/15/2031 (B)		4,157,000		3,652,964

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
UPC Holding BV
5.50%, 01/15/2028 (B)		$ 3,000,000		$ 2,837,520
Virgin Media Finance PLC
5.00%, 07/15/2030 (B)		5,449,000		4,740,630
VZ Secured Financing BV
5.00%, 01/15/2032 (B)		13,109,000		11,306,512
Ziggo Bond Co. BV
6.00%, 01/15/2027 (B)		3,225,000		3,160,500
				202,662,078
Metals & Mining - 4.4%
Big River Steel LLC / BRS Finance Corp.
6.63%, 01/31/2029 (B)		3,323,000		3,397,767
Cleveland-Cliffs, Inc.
6.75%, 03/15/2026 (B)		5,109,000		5,351,422
Constellium SE
5.63%, 06/15/2028 (B)		9,589,000		9,181,467
5.88%, 02/15/2026 (B)		8,910,000		8,822,326
First Quantum Minerals Ltd.
7.25%, 04/01/2023 (B)		1,666,000		1,665,617
7.50%, 04/01/2025 (B)		2,002,000		2,031,930
FMG Resources August 2006 Pty Ltd.
5.88%, 04/15/2030 (B)		4,672,000		4,638,362
6.13%, 04/15/2032 (B)		1,476,000		1,462,819
Freeport-McMoRan, Inc.
4.13%, 03/01/2028		3,142,000		3,035,958
4.25%, 03/01/2030		2,492,000		2,344,723
4.38%, 08/01/2028		4,277,000		4,141,205
4.55%, 11/14/2024		2,275,000		2,303,438
4.63%, 08/01/2030 (A)		3,527,000		3,420,837
5.45%, 03/15/2043		3,827,000		3,825,316
Mineral Resources Ltd.
8.13%, 05/01/2027 (B)		6,732,000		6,834,528
8.50%, 05/01/2030 (B)		7,088,000		7,034,840
New Gold, Inc.
6.38%, 05/15/2025 (B)		1,037,000		1,055,044
7.50%, 07/15/2027 (B)		7,732,000		7,780,325
Novelis Corp.
3.25%, 11/15/2026 (B)		595,000		542,908
3.88%, 08/15/2031 (B)		612,000		524,790
4.75%, 01/30/2030 (B)		4,021,000		3,698,234
				83,093,856
Oil, Gas & Consumable Fuels - 11.4%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.38%, 06/15/2029 (B)		4,910,000		4,603,960
7.88%, 05/15/2026 (B)		4,584,000		4,793,106
Antero Resources Corp.
8.38%, 07/15/2026 (B)		874,000		941,866
Callon Petroleum Co.
6.13%, 10/01/2024		6,134,000		6,055,546
6.38%, 07/01/2026		2,575,000		2,484,875
8.00%, 08/01/2028 (A) (B)		813,000		840,902
8.25%, 07/15/2025		4,645,000		4,656,612
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/2025		2,801,000		2,909,147
Cheniere Energy Partners LP
4.00%, 03/01/2031		5,672,000		5,133,756

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

Transamerica Funds Semi-Annual Report 2022

Page    83

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Cheniere Energy, Inc.
4.63%, 10/15/2028		$ 2,121,000		$ 2,052,068
Civitas Resources, Inc.
5.00%, 10/15/2026 (B)		2,697,000		2,562,150
7.50%, 04/30/2026		651,618		651,618
Comstock Resources, Inc.
5.88%, 01/15/2030 (B)		3,966,000		3,816,521
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
8.00%, 04/01/2029 (B)		8,532,000		8,894,610
CrownRock LP / CrownRock Finance, Inc.
5.00%, 05/01/2029 (B)		223,000		218,230
5.63%, 10/15/2025 (B)		13,411,000		13,411,000
DCP Midstream LP
Fixed until 12/15/2022 (C), 7.38% (D)		5,081,000		4,826,950
DCP Midstream Operating LP
5.38%, 07/15/2025		5,293,000		5,319,465
DT Midstream, Inc.
4.13%, 06/15/2029 (B)		3,338,000		3,037,580
4.38%, 06/15/2031 (B)		835,000		748,060
eG Global Finance PLC
6.75%, 02/07/2025 (B)		5,529,000		5,373,912
8.50%, 10/30/2025 (B)		2,947,000		2,947,000
EQM Midstream Partners LP
6.00%, 07/01/2025 (B)		1,507,000		1,493,512
6.50%, 07/01/2027 (B)		2,980,000		3,009,800
Hess Midstream Operations LP
4.25%, 02/15/2030 (B)		272,000		249,503
5.13%, 06/15/2028 (A) (B)		4,881,000		4,722,367
Holly Energy Partners LP / Holly Energy Finance Corp.
6.38%, 04/15/2027 (B)		3,913,000		3,991,260
Ithaca Energy North Sea PLC
9.00%, 07/15/2026 (A) (B)		6,000,000		6,118,740
Kinder Morgan, Inc.
8.05%, 10/15/2030		2,486,000		2,948,710
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/2026 (B)		853,000		782,192
10.50%, 05/15/2027 (B)		3,210,000		3,129,750
NuStar Logistics LP
5.63%, 04/28/2027		4,354,000		4,177,195
5.75%, 10/01/2025		1,223,000		1,216,885
6.00%, 06/01/2026		531,000		529,747
Oasis Petroleum, Inc.
6.38%, 06/01/2026 (B)		4,432,000		4,453,540
Occidental Petroleum Corp.
5.88%, 09/01/2025		4,668,000		4,794,363
6.13%, 01/01/2031 (A)		871,000		915,473
6.20%, 03/15/2040		3,040,000		3,146,400
6.45%, 09/15/2036		9,951,000		10,796,835
6.60%, 03/15/2046		1,860,000		2,027,400
6.63%, 09/01/2030		3,228,000		3,498,345
7.15%, 05/15/2028		4,012,000		4,332,960
Ovintiv, Inc.
7.38%, 11/01/2031 (A)		2,355,000		2,724,856
Parkland Corp.
4.50%, 10/01/2029 (B)		1,943,000		1,700,786

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Parkland Corp. (continued)
4.63%, 05/01/2030 (B)		$ 1,108,000		$ 969,500
5.88%, 07/15/2027 (B)		3,894,000		3,776,012
PDC Energy, Inc.
6.13%, 09/15/2024		4,929,000		4,940,189
SM Energy Co.
6.50%, 07/15/2028 (A)		512,000		504,755
6.63%, 01/15/2027 (A)		4,965,000		4,927,762
6.75%, 09/15/2026 (A)		4,303,000		4,281,313
Southwestern Energy Co. 4.75%, 02/01/2032		1,828,000		1,729,745
5.38%, 03/15/2030		2,407,000		2,376,551
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.75%, 04/15/2025		4,578,000		3,662,400
8.50%, 10/15/2026 (B)		2,171,000		2,026,911
Summit Midstream Partners LP Fixed until 12/15/2022 (C), 9.50%		4,423,000		3,485,324
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 4.00%, 01/15/2032		2,747,000		2,486,475
4.88%, 02/01/2031		7,857,000		7,560,261
5.00%, 01/15/2028		3,140,000		3,079,398
5.50%, 03/01/2030		4,336,000		4,291,209
6.50%, 07/15/2027		1,228,000		1,265,012
Western Midstream Operating LP 5.30%, 03/01/2048		6,085,000		5,278,737
5.45%, 04/01/2044		2,246,000		2,049,475
				215,730,582
Paper & Forest Products - 0.6%
Domtar Corp. 6.75%, 10/01/2028 (B)		4,560,000		4,520,100
Glatfelter Corp. 4.75%, 11/15/2029 (B)		8,159,000		6,527,200
				11,047,300
Personal Products - 0.5%
Coty, Inc. 5.00%, 04/15/2026 (B)		5,205,000		4,915,602
6.50%, 04/15/2026 (A) (B)		4,074,000		3,953,084
				8,868,686
Pharmaceuticals - 2.1%
Bausch Health Americas, Inc. 8.50%, 01/31/2027 (A) (B)		5,188,000		4,901,778
9.25%, 04/01/2026 (B)		2,121,000		2,105,517
Bausch Health Cos., Inc. 5.00%, 01/30/2028 - 02/15/2029 (B)		2,425,000		1,723,411
5.25%, 01/30/2030 - 02/15/2031 (B)		3,033,000		2,106,309
5.50%, 11/01/2025 (B)		1,745,000		1,688,287
6.13%, 04/15/2025 (B)		3,285,000		3,297,319
7.00%, 01/15/2028 (B)		3,255,000		2,668,123
9.00%, 12/15/2025 (B) (J)		1,753,000		1,759,583
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.00%, 06/30/2028 (A) (B)		5,260,000		2,261,800
9.50%, 07/31/2027 (A) (B)		1,889,000		1,482,865

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

Transamerica Funds Semi-Annual Report 2022

Page    84

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Endo Luxembourg Finance Co. I SARL / Endo US, Inc. 6.13%, 04/01/2029 (B)		$ 3,300,000		$ 2,887,500
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.13%, 04/30/2028 (B)		4,260,000		3,947,444
5.13%, 04/30/2031 (B)		2,195,000		1,983,731
Par Pharmaceutical, Inc. 7.50%, 04/01/2027 (B)		8,513,000		7,767,091
				40,580,758
Real Estate Management & Development - 0.2%
Cushman & Wakefield US Borrower LLC 6.75%, 05/15/2028 (B)		4,118,000		4,200,442
Road & Rail - 1.1%
Hertz Corp. 4.63%, 12/01/2026 (B)		593,000		540,531
5.00%, 12/01/2029 (B)		2,876,000		2,509,310
Uber Technologies, Inc. 4.50%, 08/15/2029 (B)		6,522,000		5,614,301
7.50%, 09/15/2027 (B)		6,466,000		6,655,518
8.00%, 11/01/2026 (B)		4,886,000		5,118,085
				20,437,745
Software - 1.4%
Crowdstrike Holdings, Inc. 3.00%, 02/15/2029 (A)		6,095,000		5,410,196
Helios Software Holdings, Inc. / ION Corp. Solutions Finance SARL 4.63%, 05/01/2028 (B)		7,057,000		6,210,160
NCR Corp. 5.00%, 10/01/2028 (B)		2,808,000		2,591,952
5.13%, 04/15/2029 (B)		4,740,000		4,544,475
5.25%, 10/01/2030 (B)		2,215,000		2,093,175
5.75%, 09/01/2027 (B)		1,656,000		1,593,900
6.13%, 09/01/2029 (A) (B)		4,085,000		3,911,388
				26,355,246
Specialty Retail - 1.3%
Bath & Body Works, Inc. 5.25%, 02/01/2028		963,000		924,480
6.75%, 07/01/2036		2,541,000		2,464,770
6.88%, 11/01/2035		1,903,000		1,859,212
7.50%, 06/15/2029		4,485,000		4,636,683
9.38%, 07/01/2025 (B)		522,000		587,250
Gap, Inc. 3.63%, 10/01/2029 (A) (B)		1,052,000		855,702
3.88%, 10/01/2031 (A) (B)		1,052,000		838,654
Sally Holdings LLC / Sally Capital, Inc. 8.75%, 04/30/2025 (B)		4,968,000		5,210,190
Staples, Inc. 7.50%, 04/15/2026 (B)		6,865,000		6,556,075
				23,933,016
Technology Hardware, Storage & Peripherals - 0.5%
Seagate HDD Cayman 4.88%, 03/01/2024		3,521,000		3,538,605
Western Digital Corp. 4.75%, 02/15/2026		5,292,000		5,253,368
				8,791,973

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Trading Companies & Distributors - 1.2%
Boise Cascade Co. 4.88%, 07/01/2030 (B)		$ 6,950,000		$ 6,536,124
Herc Holdings, Inc. 5.50%, 07/15/2027 (B)		8,525,000		8,351,943
United Rentals North America, Inc. 3.75%, 01/15/2032		3,473,000		3,021,510
4.00%, 07/15/2030		6,263,000		5,617,231
				23,526,808
Wireless Telecommunication Services - 1.8%
Altice France SA 5.50%, 10/15/2029 (B)		5,391,000		4,595,827
8.13%, 02/01/2027 (B)		3,803,000		3,831,522
Sprint Corp. 7.13%, 06/15/2024		8,138,000		8,565,245
7.63%, 03/01/2026		1,850,000		2,009,433
T-Mobile USA, Inc.
2.25%, 02/15/2026		1,363,000		1,250,553
2.63%, 02/15/2029		1,439,000		1,243,958
2.88%, 02/15/2031		1,460,000		1,239,321
3.38%, 04/15/2029 (B)		4,097,000		3,721,039
Vmed O2 Financing I PLC
4.25%, 01/31/2031 (B)		4,955,000		4,186,628
4.75%, 07/15/2031 (B)		3,279,000		2,811,743
				33,455,269
Total Corporate Debt Securities (Cost $1,967,292,523)				1,826,262,260
LOAN ASSIGNMENTS - 0.6%
Communications Equipment - 0.4%
Avaya, Inc.
Term Loan B,
1-Month LIBOR + 4.25%, 4.80% (D), 12/15/2027		5,009,865		4,924,698
Term Loan B2,
1-Month LIBOR + 4.00%, 4.55% (D), 12/15/2027		2,625,000		2,581,031
				7,505,729
Diversified Telecommunication Services - 0.2%
Zayo Group Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.76% (D), 03/09/2027		4,476,329		4,239,455
Total Loan Assignments (Cost $12,044,608)				11,745,184
	Shares		Value
COMMON STOCKS - 0.1%
Diversified Telecommunication Services - 0.1%
Intelsat SA		31,634		909,477
Electric Utilities - 0.0% (K)
Homer City Generation LLC (F) (H) (J)		270,659		2,707
Oil, Gas & Consumable Fuels - 0.0% (K)
Ultra Resources, Inc. (F) (H) (L)		3,226		0
Software - 0.0% (K)
ASG WT Corp. (F) (H)		1,265		109,030
Total Common Stocks (Cost $16,880,061)				1,021,214

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

Transamerica Funds Semi-Annual Report 2022

Page    85

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
RIGHTS - 0.0% (K)
Diversified Telecommunication Services - 0.0% (K)
Intelsat Jackson Holdings SA, (M)  Exercise Price $0.10, Expiration Date 12/05/2025		$ 6,624		$ 28,152
Total Rights (Cost $0)				28,152
WARRANT - 0.0% (K)
Construction & Engineering - 0.0% (K)
Abengoa Abenewco 2 SA, (H) (M) Exercise Price EUR 0, Expiration Date 10/26/2024		2,023,470		20
Total Warrant (Cost $273,488)				20
OTHER INVESTMENT COMPANY - 6.6%
Securities Lending Collateral - 6.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (N)		124,987,378		124,987,378
Total Other Investment Company (Cost $124,987,378)				124,987,378

	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.00% (N), dated 04/29/2022, to be repurchased at $13,407,101 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.50%, due 11/30/2028, and with a value of $13,675,244.		$13,407,101		$ 13,407,101
Total Repurchase Agreement (Cost $13,407,101)				13,407,101
Total Investments (Cost $2,134,885,159)				1,977,451,309
Net Other Assets (Liabilities) - (5.0)%				(94,523,946	)
Net Assets - 100.0%				$1,882,927,363

INVESTMENT VALUATION:

Valuation Inputs ^(O)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (P)		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	1,826,262,067	$	193	$	1,826,262,260
Loan Assignments		—		11,745,184		—		11,745,184
Common Stocks		—		909,477		111,737		1,021,214
Rights		—		28,152		—		28,152
Warrant		—		20		—		20
Other Investment Company		124,987,378		—		—		124,987,378
Repurchase Agreement		—		13,407,101		—		13,407,101
Total Investments	$	124,987,378	$	1,852,352,001	$	111,930	$	1,977,451,309

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 $125,359,829, collateralized by cash collateral of $124,987,378 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,982,195. 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.
(B)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $1,279,862,691, representing 68.0% of the Fund’s net assets.
(C)	Perpetual maturity. The date displayed is the next call date.
(D)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately.

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

Transamerica Funds Semi-Annual Report 2022

Page    86

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(F)	Securities are Level 3 of the fair value hierarchy.
(G)	Rounds to less than $1 or $(1).
(H)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2022, the total value of securities is $111,950, representing less than 0.1% of the Fund’s net assets.
(I)	Escrow positions. Positions represents remaining escrow balances expected to be received upon finalization of restructuring.
(J)	Restricted securities. At April 30, 2022, 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	Bausch Health Cos., Inc. 9.00%, 12/15/2025		06/02/2021	$	1,875,710	$	1,759,583		0.1	%
Common Stocks	Homer City Generation LLC		01/10/2011 - 03/24/2017		13,906,767		2,707		0.0	(K)
Total				$	15,782,477	$	1,762,290		0.1	%

(K)	Percentage rounds to less than 0.1% or (0.1)%.
(L)	Security deemed worthless.
(M)	Non-income producing securities.
(N)	Rates disclosed reflect the yields at April 30, 2022.
(O)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(P)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

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 2022

Page    87

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 95.3%
Auto Components - 2.4%
Clarios Global LP / Clarios US Finance Co. 6.25%, 05/15/2026 (A)		$30,000		$30,300
8.50%, 05/15/2027 (A)		45,000		44,972
Dana, Inc. 4.50%, 02/15/2032		96,000		79,200
5.63%, 06/15/2028 (B)		140,000		133,525
Goodyear Tire & Rubber Co. 4.88%, 03/15/2027 (B)		40,000		37,302
5.00%, 07/15/2029 (B)		35,000		31,209
9.50%, 05/31/2025 (B)		18,000		18,878
Patrick Industries, Inc. 7.50%, 10/15/2027 (A)		99,000		99,990
				475,376
Banks - 1.7%
Citigroup, Inc.
Fixed until 12/10/2025 (C), 4.00% (D)		18,000		16,335
Fixed until 09/12/2024 (C), 5.00% (D)		60,000		56,775
Intesa Sanpaolo SpA Fixed until 06/01/2031, 4.20% (D), 06/01/2032 (A)		200,000		165,846
JPMorgan Chase & Co. Fixed until 02/01/2025 (C), 4.60% (D)		100,000		92,037
				330,993
Beverages - 1.2%
Primo Water Holdings, Inc. 4.38%, 04/30/2029 (A)		266,000		231,146
Biotechnology - 0.9%
Grifols Escrow Issuer SA 4.75%, 10/15/2028 (A) (B)		200,000		182,500
Building Products - 2.4%
Builders FirstSource, Inc. 4.25%, 02/01/2032 (A)		12,000		10,245
5.00%, 03/01/2030 (A)		60,000		55,500
6.75%, 06/01/2027 (A)		63,000		64,969
Cornerstone Building Brands, Inc. 6.13%, 01/15/2029 (A)		356,000		296,210
Standard Industries, Inc. 4.38%, 07/15/2030 (A)		12,000		10,006
5.00%, 02/15/2027 (A) (B)		45,000		42,637
				479,567
Capital Markets - 1.5%
LPL Holdings, Inc. 4.00%, 03/15/2029 (A)		207,000		188,370
4.63%, 11/15/2027 (A) (B)		50,000		47,437
MSCI, Inc. 3.63%, 09/01/2030 (A)		73,000		64,379
				300,186
Chemicals - 0.1%
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028 (A)		13,000		11,440
7.50%, 09/30/2029 (A)		15,000		12,434
				23,874

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies - 4.9%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.38%, 03/01/2029 (A) (B)		$ 55,000		$ 51,563
5.75%, 07/15/2027 (A)		147,000		144,072
Covanta Holding Corp. 5.00%, 09/01/2030		189,000		170,572
Garda World Security Corp. 4.63%, 02/15/2027 (A)		100,000		90,750
6.00%, 06/01/2029 (A)		39,000		32,315
Harsco Corp. 5.75%, 07/31/2027 (A) (B)		118,000		107,528
Nielsen Finance LLC / Nielsen Finance Co. 4.50%, 07/15/2029 (A)		107,000		101,115
5.63%, 10/01/2028 (A)		168,000		162,800
Stericycle, Inc. 5.38%, 07/15/2024 (A)		95,000		94,673
				955,388
Communications Equipment - 2.0%
Avaya, Inc. 6.13%, 09/15/2028 (A)		131,000		121,536
CommScope Technologies LLC 6.00%, 06/15/2025 (A)		83,000		72,210
CommScope, Inc. 4.75%, 09/01/2029 (A)		127,000		106,183
6.00%, 03/01/2026 (A)		90,000		84,888
				384,817
Construction & Engineering - 1.0%
Ashton Woods USA LLC / Ashton Woods Finance Co. 4.63%, 08/01/2029 - 04/01/2030 (A)		78,000		64,585
6.63%, 01/15/2028 (A)		80,000		77,786
Taylor Morrison Communities, Inc. 5.88%, 06/15/2027 (A)		50,000		49,634
				192,005
Construction Materials - 1.2%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027 (A)		230,000		222,237
Eco Material Technologies, Inc. 7.88%, 01/31/2027 (A)		22,000		21,299
				243,536
Consumer Finance - 0.9%
Ford Motor Credit Co. LLC 4.00%, 11/13/2030		200,000		173,500
Containers & Packaging - 3.2%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25%, 09/01/2028 (A) (B)		200,000		174,500
Cascades, Inc. / Cascades USA, Inc. 5.13%, 01/15/2026 (A)		135,000		131,287
5.38%, 01/15/2028 (A) (B)		137,000		132,205
Graphic Packaging International LLC 3.50%, 03/15/2028 - 03/01/2029 (A)		108,000		97,060
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024 (A)		50,000		48,775
Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC 4.00%, 10/15/2027 (A) (B)		40,000		34,900

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

Transamerica Funds Semi-Annual Report 2022

Page    88

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Containers & Packaging (continued)
Trident TPI Holdings, Inc. 9.25%, 08/01/2024 (A)		$ 16,000		$ 15,720
				634,447
Diversified Consumer Services - 0.3%
WW International, Inc. 4.50%, 04/15/2029 (A) (B)		68,000		53,805
Diversified Financial Services - 1.5%
Dana Financing SARL 5.75%, 04/15/2025 (A)		140,000		138,250
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.25%, 10/01/2025 (A)		40,000		39,300
United Wholesale Mortgage LLC 5.50%, 11/15/2025 - 04/15/2029 (A)		131,000		117,044
				294,594
Diversified Telecommunication Services - 5.6%
Frontier Communications Holdings LLC 5.00%, 05/01/2028 (A)		80,000		73,004
6.00%, 01/15/2030 (A) (B)		47,000		40,866
Hughes Satellite Systems Corp. 6.63%, 08/01/2026 (B)		102,000		101,490
Iliad Holding SASU 6.50%, 10/15/2026 (A)		200,000		192,242
Level 3 Financing, Inc. 3.63%, 01/15/2029 (A)		18,000		14,620
3.75%, 07/15/2029 (A) (B)		66,000		53,625
4.25%, 07/01/2028 (A)		83,000		70,135
Lumen Technologies, Inc. 5.13%, 12/15/2026 (A)		185,000		166,500
5.38%, 06/15/2029 (A)		46,000		37,512
7.50%, 04/01/2024		60,000		61,620
Switch Ltd. 3.75%, 09/15/2028 (A)		75,000		70,688
4.13%, 06/15/2029 (A) (B)		79,000		75,445
Telecom Italia Capital SA 6.00%, 09/30/2034 (B)		18,000		15,722
6.38%, 11/15/2033		19,000		16,601
Zayo Group Holdings, Inc. 4.00%, 03/01/2027 (A)		116,000		100,920
				1,090,990
Electric Utilities - 2.0%
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 4.50%, 08/15/2028 (A) (B)		425,000		397,375
Electrical Equipment - 0.1%
Atkore, Inc. 4.25%, 06/01/2031 (A)		12,000		10,620
Electronic Equipment, Instruments & Components - 1.0%
Sensata Technologies BV 4.88%, 10/15/2023 (A)		95,000		95,242
Sensata Technologies, Inc. 4.38%, 02/15/2030 (A)		100,000		90,969
				186,211
Energy Equipment & Services - 1.9%
CSI Compressco LP / CSI Compressco Finance, Inc. 7.50%, 04/01/2025 (A) (B)		45,000		43,281

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Enviva Partners LP / Enviva Partners Finance Corp. 6.50%, 01/15/2026 (A)		$ 62,000		$ 63,175
Sunnova Energy Corp. 5.88%, 09/01/2026 (A) (B)		190,000		173,850
USA Compression Partners LP / USA Compression Finance Corp. 6.88%, 09/01/2027		100,000		97,731
				378,037
Entertainment - 0.3%
Netflix, Inc. 4.88%, 06/15/2030 (A) (B)		70,000		68,251
Equity Real Estate Investment Trusts - 4.7%
HAT Holdings I LLC / HAT Holdings II LLC 3.38%, 06/15/2026 (A)		142,000		130,431
3.75%, 09/15/2030 (A)		110,000		94,875
6.00%, 04/15/2025 (A) (B)		50,000		50,750
Iron Mountain Information Management Services, Inc. 5.00%, 07/15/2032 (A)		32,000		28,198
Iron Mountain, Inc. 4.50%, 02/15/2031 (A)		15,000		12,853
5.25%, 03/15/2028 (A)		215,000		204,794
iStar, Inc. 5.50%, 02/15/2026		37,000		36,015
MPT Operating Partnership LP / MPT Finance Corp. 3.50%, 03/15/2031		165,000		140,456
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 5.88%, 10/01/2028 (A)		48,000		46,560
SBA Communications Corp. 3.13%, 02/01/2029		144,000		123,523
3.88%, 02/15/2027		55,000		52,206
				920,661
Food & Staples Retailing - 1.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP 4.63%, 01/15/2027 (A)		150,000		140,501
Rite Aid Corp. 7.50%, 07/01/2025 (A)		100,000		85,615
				226,116
Food Products - 2.8%
Darling Ingredients, Inc. 5.25%, 04/15/2027 (A)		205,000		205,000
Kraft Heinz Foods Co. 3.88%, 05/15/2027		90,000		88,092
4.88%, 10/01/2049		90,000		83,798
Post Holdings, Inc. 4.50%, 09/15/2031 (A)		27,000		22,453
4.63%, 04/15/2030 (A)		121,000		103,455
5.50%, 12/15/2029 (A)		52,000		47,320
				550,118
Health Care Equipment & Supplies - 0.3%
Mozart Debt Merger Sub, Inc. 3.88%, 04/01/2029 (A)		74,000		64,565

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

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Page    89

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 4.6%
Acadia Healthcare Co., Inc. 5.00%, 04/15/2029 (A)		$ 63,000		$ 59,692
AdaptHealth LLC 4.63%, 08/01/2029 (A)		5,000		4,238
5.13%, 03/01/2030 (A) (B)		12,000		10,320
6.13%, 08/01/2028 (A) (B)		115,000		108,675
DaVita, Inc. 3.75%, 02/15/2031 (A)		79,000		64,385
4.63%, 06/01/2030 (A)		75,000		65,250
Encompass Health Corp. 4.63%, 04/01/2031		5,000		4,412
4.75%, 02/01/2030		140,000		126,525
HCA, Inc. 3.50%, 09/01/2030		110,000		98,737
5.88%, 02/15/2026		85,000		87,797
Molina Healthcare, Inc. 4.38%, 06/15/2028 (A)		62,000		57,949
Tenet Healthcare Corp. 4.25%, 06/01/2029 (A)		44,000		39,754
6.13%, 10/01/2028 (A)		180,000		172,733
				900,467
Hotels, Restaurants & Leisure - 6.8%
1011778 BC ULC / New Red Finance, Inc. 3.88%, 01/15/2028 (A)		32,000		29,440
Boyd Gaming Corp. 4.75%, 12/01/2027 (B)		79,000		74,666
Boyne USA, Inc. 4.75%, 05/15/2029 (A)		159,000		147,472
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/2025		110,000		111,958
Hilton Domestic Operating Co., Inc. 4.88%, 01/15/2030		190,000		183,825
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. 4.88%, 07/01/2031 (A)		187,000		163,307
5.00%, 06/01/2029 (A)		23,000		20,758
Lions Gate Capital Holdings LLC 5.50%, 04/15/2029 (A)		68,000		60,281
NCL Corp. Ltd. 5.88%, 03/15/2026 (A)		98,000		90,533
Royal Caribbean Cruises Ltd. 4.25%, 07/01/2026 (A)		14,000		12,653
10.88%, 06/01/2023 (A) (B)		65,000		68,006
Travel & Leisure Co. 4.50%, 12/01/2029 (A)		70,000		61,950
5.65%, 04/01/2024		100,000		100,750
6.60%, 10/01/2025		75,000		77,813
Viking Cruises Ltd. 6.25%, 05/15/2025 (A)		150,000		137,250
				1,340,662
Household Durables - 2.2%
Beazer Homes USA, Inc. 7.25%, 10/15/2029		70,000		66,849
KB Home 4.80%, 11/15/2029		70,000		63,809
7.63%, 05/15/2023		100,000		102,500

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables (continued)
Meritage Homes Corp. 5.13%, 06/06/2027		$ 45,000		$ 43,988
6.00%, 06/01/2025		37,000		37,647
Newell Brands, Inc. 4.88%, 06/01/2025		110,000		111,427
				426,220
Household Products - 0.4%
Central Garden & Pet Co. 4.13%, 04/30/2031 (A)		42,000		36,015
Spectrum Brands, Inc. 3.88%, 03/15/2031 (A)		42,000		35,175
				71,190
Independent Power & Renewable Electricity Producers - 2.4%
Calpine Corp. 4.50%, 02/15/2028 (A)		85,000		78,686
5.00%, 02/01/2031 (A)		90,000		76,746
Clearway Energy Operating LLC 3.75%, 02/15/2031 (A)		20,000		17,200
4.75%, 03/15/2028 (A)		306,000		289,170
				461,802
Insurance - 1.9%
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 2.63%(D), 02/12/2067 (A)		60,000		52,714
Lincoln National Corp. 3-Month LIBOR + 2.36%, 2.83%(D), 05/17/2066		151,000		127,218
Ohio National Financial Services, Inc. 5.80%, 01/24/2030 (A)		200,000		199,592
				379,524
IT Services - 0.8%
Conduent Business Services LLC / Conduent State & Local Solutions, Inc. 6.00%, 11/01/2029 (A)		53,000		48,760
Gartner, Inc. 3.75%, 10/01/2030 (A)		17,000		15,160
4.50%, 07/01/2028 (A)		50,000		47,921
Rackspace Technology Global, Inc. 3.50%, 02/15/2028 (A) (B)		53,000		45,838
				157,679
Leisure Products - 0.2%
Mattel, Inc. 5.45%, 11/01/2041		29,000		28,855
6.20%, 10/01/2040 (B)		7,000		7,263
				36,118
Life Sciences Tools & Services - 0.5%
Charles River Laboratories International, Inc. 3.75%, 03/15/2029 (A)		52,000		47,060
4.00%, 03/15/2031 (A)		52,000		46,426
				93,486
Machinery - 3.2%
Madison IAQ LLC 4.13%, 06/30/2028 (A) (B)		116,000		102,223
5.88%, 06/30/2029 (A)		31,000		25,264
Meritor, Inc. 6.25%, 06/01/2025 (A)		190,000		196,745

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

Transamerica Funds Semi-Annual Report 2022

Page    90

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery (continued)
SPX FLOW, Inc. 8.75%, 04/01/2030 (A) (B)		$ 51,000		$ 45,869
SRM Escrow Issuer LLC 6.00%, 11/01/2028 (A)		65,000		62,400
Vertiv Group Corp. 4.13%, 11/15/2028 (A)		88,000		76,670
Wabash National Corp. 4.50%, 10/15/2028 (A)		142,000		118,854
				628,025
Media - 13.4%
Arches Buyer, Inc. 4.25%, 06/01/2028 (A)		38,000		33,773
6.13%, 12/01/2028 (A)		22,000		19,140
CCO Holdings LLC / CCO Holdings Capital Corp. 4.25%, 02/01/2031 - 01/15/2034 (A)		99,000		82,290
4.50%, 06/01/2033 (A)		40,000		32,713
4.75%, 02/01/2032 (A)		64,000		55,120
5.00%, 02/01/2028 (A)		75,000		71,449
Clear Channel Outdoor Holdings, Inc. 5.13%, 08/15/2027 (A)		65,000		61,081
7.50%, 06/01/2029 (A)		20,000		18,874
7.75%, 04/15/2028 (A)		50,000		47,125
CSC Holdings LLC 4.50%, 11/15/2031 (A)		200,000		165,547
Diamond Sports Group LLC / Diamond Sports Finance Co. 5.38%, 08/15/2026 (A)		60,000		21,900
Directv Financing LLC / Directv Financing Co-Obligor, Inc. 5.88%, 08/15/2027 (A)		65,000		61,181
DISH DBS Corp. 5.25%, 12/01/2026 (A)		38,000		34,890
5.75%, 12/01/2028 (A)		39,000		34,885
5.88%, 07/15/2022		33,000		33,039
7.75%, 07/01/2026		70,000		65,847
Gray Escrow II, Inc. 5.38%, 11/15/2031 (A)		48,000		41,374
Gray Television, Inc. 4.75%, 10/15/2030 (A) (B)		205,000		177,181
7.00%, 05/15/2027 (A) (B)		94,000		97,172
iHeartCommunications, Inc. 6.38%, 05/01/2026		100,000		100,875
8.38%, 05/01/2027		68,000		67,320
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (A)		180,000		178,879
Nexstar Media, Inc. 4.75%, 11/01/2028 (A) (B)		23,000		20,873
5.63%, 07/15/2027 (A)		152,000		147,916
Sinclair Television Group, Inc. 5.50%, 03/01/2030 (A) (B)		60,000		49,050
Sirius XM Radio, Inc. 3.13%, 09/01/2026 (A)		37,000		34,086
4.13%, 07/01/2030 (A)		130,000		114,152
Summer BC Bidco B LLC 5.50%, 10/31/2026 (A)		200,000		192,040
TEGNA, Inc. 4.63%, 03/15/2028		120,000		115,464
4.75%, 03/15/2026 (A)		34,000		33,703

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Univision Communications, Inc. 6.63%, 06/01/2027 (A)		$ 70,000		$ 70,175
UPC Broadband Finco BV 4.88%, 07/15/2031 (A)		200,000		175,750
VZ Secured Financing BV 5.00%, 01/15/2032 (A)		200,000		172,500
				2,627,364
Metals & Mining - 2.4%
Big River Steel LLC / BRS Finance Corp. 6.63%, 01/31/2029 (A)		91,000		93,047
Mineral Resources Ltd. 8.13%, 05/01/2027 (A)		45,000		45,685
8.50%, 05/01/2030		50,000		49,625
New Gold, Inc. 7.50%, 07/15/2027 (A)		187,000		188,169
Novelis Corp. 3.25%, 11/15/2026 (A)		42,000		38,323
3.88%, 08/15/2031 (A)		12,000		10,290
4.75%, 01/30/2030 (A)		45,000		41,388
				466,527
Oil, Gas & Consumable Fuels - 2.0%
Cheniere Energy Partners LP 4.00%, 03/01/2031		100,000		90,511
DCP Midstream LP Fixed until 12/15/2022 (C), 7.38% (D)		27,000		25,650
DCP Midstream Operating LP 5.38%, 07/15/2025		38,000		38,190
Hess Midstream Operations LP 5.13%, 06/15/2028 (A) (B)		115,000		111,262
NuStar Logistics LP 5.63%, 04/28/2027 (B)		50,000		47,970
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 5.50%, 03/01/2030		85,000		84,122
				397,705
Paper & Forest Products - 0.3%
Glatfelter Corp. 4.75%, 11/15/2029 (A)		77,000		61,600
Personal Products - 0.4%
Coty, Inc. 5.00%, 04/15/2026 (A)		46,000		43,442
6.50%, 04/15/2026 (A)		33,000		32,021
				75,463
Pharmaceuticals - 0.9%
Bausch Health Cos., Inc. 5.00%, 02/15/2029 (A) (B)		10,000		7,018
5.25%, 01/30/2030 (A)		40,000		27,764
5.25%, 02/15/2031 (A) (B)		3,000		2,085
6.13%, 04/15/2025 (A)		118,000		118,443
9.00%, 12/15/2025 (A)		28,000		28,105
				183,415
Real Estate Management & Development - 0.2%
Cushman & Wakefield US Borrower LLC 6.75%, 05/15/2028 (A)		45,000		45,901

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

Transamerica Funds Semi-Annual Report 2022

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Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail - 1.1%
Hertz Corp. 4.63%, 12/01/2026 (A) (B)		$ 6,000		$ 5,469
5.00%, 12/01/2029 (A)		12,000		10,470
Uber Technologies, Inc. 4.50%, 08/15/2029 (A)		71,000		61,119
6.25%, 01/15/2028 (A) (B)		5,000		4,950
8.00%, 11/01/2026 (A)		128,000		134,080
				216,088
Software - 0.7%
NCR Corp. 5.00%, 10/01/2028 (A)		15,000		13,846
5.13%, 04/15/2029 (A)		40,000		38,350
5.25%, 10/01/2030 (A)		9,000		8,505
6.13%, 09/01/2029 (A) (B)		90,000		86,175
				146,876
Specialty Retail - 0.1%
Gap, Inc. 3.63%, 10/01/2029 (A) (B)		10,000		8,134
3.88%, 10/01/2031 (A) (B)		10,000		7,972
				16,106
Technology Hardware, Storage & Peripherals - 0.7%
Western Digital Corp. 4.75%, 02/15/2026		144,000		142,949
Trading Companies & Distributors - 2.8%
Boise Cascade Co. 4.88%, 07/01/2030 (A)		240,000		225,708
Herc Holdings, Inc. 5.50%, 07/15/2027 (A)		75,000		73,478
United Rentals North America, Inc. 3.75%, 01/15/2032		80,000		69,600
4.00%, 07/15/2030		191,000		171,306
				540,092

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 2.2%
Sprint Corp. 7.88%, 09/15/2023		$ 150,000		$ 156,563
T-Mobile USA, Inc. 3.38%, 04/15/2029 (A)		31,000		28,155
Vmed O2 Financing I PLC 4.75%, 07/15/2031 (A)		280,000		240,100
				424,818
Total Corporate Debt Securities (Cost $20,539,292)				18,688,755
	Shares		Value
OTHER INVESTMENT COMPANY - 12.7%
Securities Lending Collateral - 12.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (E)		2,495,080		2,495,080
Total Other Investment Company (Cost $2,495,080)				2,495,080
Total Investments (Cost $23,034,372)				21,183,835
Net Other Assets (Liabilities) - (8.0)%				(1,577,691	)
Net Assets - 100.0%				$19,606,144

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	18,688,755	$	—	$	18,688,755
Other Investment Company		2,495,080		—		—		2,495,080
Total Investments	$	2,495,080	$	18,688,755	$	—	$	21,183,835

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)

Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $14,347,098, representing 73.2% 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 $2,490,326, collateralized by cash collateral of $2,495,080 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $47,870. 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 2022

Page    92

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(C)	Perpetual maturity. The date displayed is the next call date.
(D)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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)	Rate disclosed reflects the yield at April 30, 2022.
(F)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

LIBOR London Interbank Offered Rate

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

Transamerica Funds Semi-Annual Report 2022

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITY - 0.2%
Commercial Services & Supplies - 0.2%
Wildflower Improvement Association 6.63%, 03/01/2031 (A) (B)		$329,040		$324,937
Total Corporate Debt Security (Cost $320,958)				324,937
MUNICIPAL GOVERNMENT OBLIGATIONS - 92.5%
Alabama - 1.2%
Alabama State University, Revenue Bonds, 5.00%, 09/01/2040 (C)		1,045,000		1,123,618
County of Perry, General Obligation Unlimited, Series B, 7.38%, 12/01/2030		295,000		295,252
Muscle Shoals Sheffield & Tuscumbia Solid Waste Disposal Authority, Revenue Bonds, Series A, 6.00%, 05/01/2040 (A)		500,000		513,394
				1,932,264
Arizona - 5.0%
Arizona Industrial Development Authority, Revenue Bonds,
5.00%, 07/01/2055 (A)		195,000		183,295
Class A,
4.00%, 07/01/2051		1,500,000		1,290,964
Glendale Industrial Development Authority, Revenue Bonds, 5.00%, 05/15/2056		1,340,000		1,374,303
Industrial Development Authority of the City of Phoenix, Revenue Bonds, 4.63%, 07/01/2026 (A) (B)		600,000		615,333
Industrial Development Authority of the County of Pima, Revenue Bonds,
5.00%, 07/01/2056 (A)		2,310,000		2,090,124
6.95%, 07/01/2041		150,000		150,148
La Paz County Industrial Development Authority, Revenue Bonds, 5.88%, 06/15/2048 (A)		500,000		500,071
Maricopa County Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2036		110,000		113,766
Tempe Industrial Development Authority, Revenue Bonds, Class B, 4.00%, 12/01/2056		2,130,000		1,790,351
				8,108,355
Arkansas - 0.1%
County of Independence Hydroelectric Power Revenue, Revenue Bonds,
ACA, 5.30%, 05/01/2033		45,000		45,051
Series B, ACA, 4.80%, 05/01/2024		110,000		109,782
Saline County Property Owners Improvement District No. 49, General Obligation Limited, Series A, 5.75%, 02/01/2036		15,000		15,007
				169,840

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California - 6.7%
California County Tobacco Securitization Agency, Revenue Bonds,
5.88%, 06/01/2035		$ 135,000		$ 136,882
Series A, 5.88%, 06/01/2043		35,000		35,012
California Health Facilities Financing Authority, Revenue Bonds, 5.00%, 09/01/2048		375,000		406,048
California Infrastructure & Economic Development Bank, Revenue Bonds, Series A-1, 5.00%, 01/01/2056 (A)		400,000		376,449
California Municipal Finance Authority, Revenue Bonds,
4.00%, 11/15/2056		750,000		653,832
Series A, 5.50%, 06/01/2038 (A)		700,000		721,580
California Public Finance Authority, Revenue Bonds,
3.13%, 05/15/2029 (A)		1,500,000		1,406,153
5.00%, 11/15/2046 - 11/15/2056 (A)		4,575,000		4,519,828
Series A, 5.00%, 06/15/2049 (A)		250,000		250,201
California Statewide Communities Development Authority, Revenue Bonds,
Series A, 5.25%, 12/01/2056 (A)		500,000		518,141
5.75%, 01/15/2045 (A)		475,000		479,534
Series B, 6.00%, 12/01/2024		210,000		222,480
California Statewide Financing Authority, Revenue Bonds, Series B, 6.00%, 05/01/2037		55,000		55,912
Golden State Tobacco Securitization Corp., Revenue Bonds, Series B-2, Zero Coupon, 06/01/2066		5,000,000		538,283
Palomar Health, Revenue Bonds, 5.00%, 11/01/2028		45,000		48,673
Upland Community Facilities District, Special Tax, Series A, 3.50%, 09/01/2049		600,000		505,544
				10,874,552
Colorado - 13.9%
Aerotropolis Regional Transportation Authority, Revenue Bonds, 5.00%, 12/01/2051		290,000		287,774
Baseline Metropolitan District No. 1, General Obligation Unlimited, Series A, 5.00%, 12/01/2051		1,000,000		885,365
Brighton Crossing Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2047		500,000		498,435

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

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Page    94

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Brighton Crossing Metropolitan District No. 6, General Obligation Limited, Series A, 5.00%, 12/01/2050		$ 2,000,000		$ 1,859,431
Bromley Park Metropolitan District No. 2, General Obligation Limited, Series B, 6.38%, 12/15/2047		937,000		931,614
Clear Creek Transit Metropolitan District No. 2, General Obligation Limited, Series A, 5.00%, 12/01/2041 - 12/01/2050		1,075,000		988,252
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, 4.00%, 11/01/2035 - 10/01/2061		830,000		698,672
Colorado Health Facilities Authority, Revenue Bonds, Series A, 5.00%, 09/15/2053		150,000		153,937
Colorado International Center Metropolitan District No. 14, General Obligation Limited, 5.88%, 12/01/2046		1,000,000		1,019,586
Denver Health & Hospital Authority, Revenue Bonds, Series A, 4.00%, 12/01/2040		500,000		488,872
Denver International Business Center Metropolitan District No. 1, General Obligation Limited, 6.00%, 12/01/2048		500,000		506,831
High Plains Metropolitan District, General Obligation Unlimited, NATL, 4.00%, 12/01/2047		290,000		296,349
Hogback Metropolitan District, General Obligation Limited, Series A, 5.00%, 12/01/2051		1,550,000		1,327,062
Painted Prairie Metropolitan District No. 2, General Obligation Limited, 5.25%, 12/01/2048		2,000,000		1,991,631
Peak Metropolitan District No. 1, General Obligation Limited, Series A, 5.00%, 12/01/2051 (A)		1,150,000		1,063,257
Public Authority for Colorado Energy, Revenue Bonds, 6.50%, 11/15/2038		65,000		82,640
Rampart Range Metropolitan District No. 5, Revenue Bonds, 4.00%, 12/01/2051		3,000,000		2,327,993
Ridgeline Vista Metropolitan District, General Obligation Limited, Series A, 5.25%, 12/01/2060		2,530,000		2,546,999

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Town of Frisco Marina Enterprise Revenue, Revenue Bonds, 5.00%, 12/01/2048		$ 150,000		$ 150,190
Transport Metropolitan District No. 3, General Obligation Limited,
Series A-1,
4.13%, 12/01/2031		1,000,000		961,002
5.00%, 12/01/2041		1,365,000		1,384,850
Westerly Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2040 - 12/01/2050		2,200,000		2,076,695
				22,527,437
Connecticut - 0.5%
Connecticut State Health & Educational Facilities Authority, Revenue Bonds,
Series A, 5.00%, 01/01/2055 (A)		500,000		507,845
Series B-1, 3.25%, 01/01/2027 (A)		275,000		270,779
				778,624
Delaware - 0.5%
Delaware State Economic Development Authority, Revenue Bonds, 5.00%, 08/01/2054		835,000		824,378
				824,378
District of Columbia - 3.1%
District of Columbia, Revenue Bonds, Series B, 5.00%, 07/01/2048		100,000		102,480
District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds,
6.50%, 05/15/2033		5,000		5,224
Series A, Zero Coupon, 06/15/2046		100,000		20,937
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds, AGM, 4.00%, 10/01/2052		4,900,000		4,823,405
				4,952,046
Florida - 8.9%
Capital Trust Agency, Inc., Revenue Bonds, Zero Coupon, 07/01/2061 (A)		7,000,000		371,477
Series A, 5.00%, 01/01/2056 (A)		450,000		413,714
City of Tampa, Revenue Bonds, Series A, Zero Coupon, 09/01/2053		2,000,000		490,040
County of Lake, Revenue Bonds, 5.00%, 01/15/2039 - 01/15/2054 (A)		1,025,000		1,010,140
Edgewater East Community Development District, Special Assessment, 4.00%, 05/01/2052		1,500,000		1,308,969
Florida Development Finance Corp., Revenue Bonds,
4.00%, 07/01/2035 - 07/01/2045		1,325,000		1,217,334

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

Transamerica Funds Semi-Annual Report 2022

Page    95

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Florida Development Finance Corp., Revenue Bonds, (continued)
5.13%, 06/01/2040 (A)		$ 500,000		$ 512,775
Series A, 4.00%, 06/01/2030		500,000		474,747
Series B, 7.38%, 01/01/2049 (A)		1,000,000		1,022,391
Miami-Dade County Industrial Development Authority, Revenue Bonds,
Series A,
4.25%, 06/01/2030 (A)		660,000		617,804
5.00%, 06/01/2047 (A)		350,000		318,368
Pinellas County Educational Facilities Authority, Revenue Bonds,
4.00%, 06/01/2046 (A)		500,000		403,402
5.00%, 06/01/2056 (A)		1,000,000		914,776
Rustic Oaks Community Development District, Special Assessment, 4.00%, 05/01/2052		1,500,000		1,320,784
Silver Palms West Community Development District, Special Assessment, 3.25%, 06/15/2042		1,000,000		837,990
St. Johns County Industrial Development Authority, Revenue Bonds, 4.00%, 12/15/2050		2,300,000		1,927,287
Tern Bay Community Development District, Special Assessment, 4.00%, 06/15/2052		1,500,000		1,318,518
				14,480,516
Georgia - 3.7%
Development Authority of Lagrange, Revenue Bonds, 5.00%, 10/15/2052		4,000,000		3,624,054
George L Smith II Congress Center Authority, Revenue Bonds, 5.00%, 01/01/2054 (A)		2,520,000		2,400,649
				6,024,703
Idaho - 1.3%
Idaho Housing & Finance Association, Revenue Bonds,
Series A,
5.00%, 06/01/2035		285,000		291,031
6.00%, 07/01/2049 - 07/01/2054 (A)		1,725,000		1,857,679
				2,148,710
Illinois - 7.1%
Chicago Board of Education, General Obligation Unlimited, Series A, AGM, 5.00%, 12/01/2035		550,000		601,611
City of Chicago, General Obligation Unlimited,
7.52%, 01/01/2040		215,000		251,450
Series A, 5.00%, 01/01/2044		1,000,000		1,047,871
Series B, 6.21%, 01/01/2032		250,000		264,803

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Chicago, General Obligation Unlimited, (continued)
Series C, 5.00%, 01/01/2038		$ 1,000,000		$ 1,044,012
Cook County School District No. 132, General Obligation Limited, Series A, AGM, 4.20%, 12/01/2027		301,000		315,444
Illinois Finance Authority, Revenue Bonds, 4.00%, 08/01/2032 - 11/01/2056		2,630,000		2,405,468
Series A, 5.00%, 11/01/2049		1,000,000		994,080
State of Illinois, General Obligation Unlimited,
4.13%, 03/01/2028		35,000		35,057
5.00%, 02/01/2027		500,000		515,726
6.63%, 02/01/2035		25,000		26,975
6.75%, 03/01/2029		115,000		129,956
7.10%, 07/01/2035		155,000		175,832
7.35%, 07/01/2035		20,000		22,328
Series A, 5.00%, 12/01/2034 - 05/01/2041		635,000		661,070
Series M, 5.10% (D), 06/01/2033		680,000		617,007
Village of Oak Lawn, General Obligation Unlimited,
Series A, 3.35%, 12/01/2026		315,000		311,922
5.23%, 12/01/2024		700,000		692,778
Village of Rosemont, General Obligation Unlimited, Series A, AGC, 6.00%, 12/01/2035		15,000		17,008
Western Illinois Economic Development Authority, Revenue Bonds, 4.00%, 06/01/2036		1,480,000		1,256,148
Will County Community High School District No. 210, General Obligation Unlimited,
Series A, 3.25%, 01/01/2030		45,000		45,011
3.38%, 01/01/2033		25,000		25,007
5.00%, 01/01/2027		55,000		55,771
				11,512,335
Indiana - 2.4%
Indiana Finance Authority, Revenue Bonds, Series A, 4.00%, 11/15/2026 - 11/15/2041		2,410,000		2,176,898
Indiana Housing & Community Development Authority, Revenue Bonds, Series A, 5.25%, 04/01/2041 (A)		2,000,000		1,733,435
				3,910,333

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

Transamerica Funds Semi-Annual Report 2022

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Iowa - 0.7%
Iowa Finance Authority, Revenue Bonds, Series A, 4.00%, 05/15/2053		$ 1,500,000		$ 1,204,619
Kansas - 0.4%
City of Manhattan, Revenue Bonds, Series A, 4.00%, 06/01/2046		525,000		464,040
Wyandotte County Unified Government Special Obligation Revenue, Revenue Bonds, NATL, Zero Coupon, 12/01/2027		155,000		124,033
				588,073
Kentucky - 0.0% (E)
Edmonson County Industrial Building Revenue, Revenue Bonds, 5.00%, 03/01/2027		20,000		19,344
Kentucky Area Development Districts, Certificate of Participation, Series M, 5.35%, 12/01/2028		25,000		24,021
				43,365
Louisiana - 1.0%
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, 3.88%, 11/01/2045 (A)		1,285,000		1,051,058
Parish of St. James, Revenue Bonds, Series 2, 6.35%, 07/01/2040 (A)		500,000		568,938
				1,619,996
Maryland - 0.1%
Maryland Economic Development Corp., Revenue Bonds, 5.75%, 09/01/2025		165,000		165,360
Massachusetts - 0.3%
Massachusetts Development Finance Agency, Revenue Bonds, 5.00%, 10/01/2049		500,000		523,691
Michigan - 0.8%
Kentwood Economic Development Corp., Revenue Bonds, 4.00%, 11/15/2045		400,000		373,349
Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Series C, Zero Coupon, 06/01/2058		20,000,000		928,610
				1,301,959
Minnesota - 2.6%
City of Apple Valley, Revenue Bonds, 4.00%, 09/01/2051 - 09/01/2061		1,695,000		1,351,896
City of Deephaven, Revenue Bonds, Series A, 5.25%, 07/01/2037		80,000		82,482
City of Ham Lake, Revenue Bonds, Series A, 4.00%, 07/01/2028		375,000		375,269

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
City of Woodbury, Revenue Bonds, 4.00%, 07/01/2056		$ 505,000		$ 423,386
Duluth Economic Development Authority, Revenue Bonds, 4.00%, 07/01/2041		930,000		834,179
Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds,
Series A, 5.00%, 12/01/2050		550,000		560,279
Series B, 5.25%, 04/01/2043		400,000		363,616
Township of Baytown, Revenue Bonds,
Series A, 4.00%, 08/01/2041		200,000		176,207
4.25%, 08/01/2046		120,000		105,932
				4,273,246
Missouri - 0.0% (E)
Health & Educational Facilities Authority, Revenue Bonds, 4.25%, 12/01/2042 (A) (B)		75,000		75,364
Montana - 0.1%
City of Forsyth, Revenue Bonds, Series A, 3.90% (F), 03/01/2031		135,000		136,432
Lewistown Special Improvement District No. 2005, Special Assessment, 4.60%, 07/01/2022		25,000		25,002
				161,434
Nevada - 0.0% (E)
City of Reno, Special Assessment, 7.25%, 12/01/2025		30,000		29,966
New Jersey - 1.9%
County of Essex, General Obligation Unlimited, Series A, 0.05%, 08/15/2037		875,000		476,492
Essex County Improvement Authority, Revenue Bonds,
Series A, 5.00%, 12/01/2035 (G) (H)		500,000		367,500
5.13%, 12/01/2045 (G) (H)		30,000		22,050
New Jersey Economic Development Authority, Revenue Bonds,
Series A, 5.13%, 09/01/2052 (A)		760,000		766,109
Series B, 6.50%, 04/01/2031 (B)		9,404		9,814
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 5.00%, 07/01/2030		40,000		43,426
Tobacco Settlement Financing Corp., Revenue Bonds, Series B, 5.00%, 06/01/2046		1,320,000		1,377,523
				3,062,914

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

Transamerica Funds Semi-Annual Report 2022

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Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York - 3.6%
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds, Series A, 5.00%, 08/01/2052		$ 500,000		$ 505,475
Build NYC Resource Corp., Revenue Bonds,
Series A, 4.00%, 06/15/2056		450,000		376,031
5.00%, 12/01/2051 (A)		750,000		755,128
New York City Industrial Development Agency, Revenue Bonds, FGIC, CPI + 0.89%, 8.76% (F), 03/01/2027		20,000		20,439
New York Counties Tobacco Trust I, Revenue Bonds, Series B, 6.50%, 06/01/2035		10,000		10,000
New York Counties Tobacco Trust IV, Revenue Bonds, Series A, 5.00%, 06/01/2038		25,000		25,050
New York Counties Tobacco Trust VI, Revenue Bonds,
Series A-2B, 5.00%, 06/01/2045		870,000		900,422
Series C, 3.75%, 06/01/2045		2,070,000		1,717,986
New York State Dormitory Authority, Revenue Bonds, AMBAC, 5.25%, 07/01/2025		100,000		105,324
New York Transportation Development Corp., Revenue Bonds, 3.00%, 08/01/2031		1,000,000		925,569
Village of Brewster, General Obligation Unlimited, 5.00%, 05/01/2033		50,000		57,457
Yonkers Economic Development Corp., Revenue Bonds, Series A, 5.00%, 10/15/2054		465,000		463,505
				5,862,386
North Carolina - 1.3%
North Carolina Medical Care Commission, Revenue Bonds, 4.00%, 09/01/2046 - 09/01/2051	1,565,000		1,494,354
Series A, 5.00%, 10/01/2050		560,000		583,387
				2,077,741
Ohio - 4.0%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Series B-2, Class 2, 5.00%, 06/01/2055		4,685,000		4,556,185
Series B-3, Class 2, Zero Coupon, 06/01/2057		14,000,000		1,852,333
City of Cleveland, Revenue Bonds, 5.38%, 09/15/2027 (B)		20,000		20,027

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
County of Greene, Revenue Bonds, Series A, ACA, 5.10%, 09/01/2029		$ 110,000		$ 106,851
				6,535,396
Oregon - 1.6%
Oregon State Facilities Authority, Revenue Bonds, Series B, 6.75%, 06/15/2022 (A) (B)		85,000		85,085
Salem Hospital Facility Authority, Revenue Bonds, 4.00%, 05/15/2040 - 05/15/2057		1,900,000		1,745,519
Yamhill County Hospital Authority, Revenue Bonds, Series A, 5.00%, 11/15/2056		750,000		681,558
				2,512,162
Pennsylvania - 2.3%
Cumberland County Municipal Authority, Revenue Bonds, 5.00%, 01/01/2039 - 01/01/2045		650,000		665,011
Pennsylvania Economic Development Financing Authority, Revenue Bonds, 4.00%, 07/01/2046		3,000,000		3,007,290
Susquehanna Area Regional Airport Authority, Revenue Bonds, Series B, 9.88%, 01/01/2034		10,000		11,628
				3,683,929
Puerto Rico - 2.8%
Children’s Trust Fund, Revenue Bonds,
5.38%, 05/15/2033		10,000		10,237
5.50%, 05/15/2039		55,000		56,295
5.63%, 05/15/2043		45,000		45,755
Commonwealth of Puerto Rico, Revenue Bonds, 5.50%, 07/01/2029		158,085		165,697
Commonwealth of Puerto Rico Public Improvement Revenue, Revenue Bonds, 5.50%, 07/01/2022		50,668		50,587
Puerto Rico Electric Power Authority, Revenue Bonds,
Series DDD, AGM,
3.63%, 07/01/2023		350,000		353,734
3.65%, 07/01/2024		210,000		212,241
Series RR, AGC,
5.00%, 07/01/2028		270,000		274,820
Series SS, AGM,
5.00%, 07/01/2030		110,000		111,964
Series TT, AGC-ICC,
5.00%, 07/01/2032		265,000		269,730
Series TT, AGM-CR,
5.00%, 07/01/2027		25,000		25,446
Series UU, AGC,
4.25%, 07/01/2027		365,000		368,903
5.00%, 07/01/2026		165,000		167,945
Series UU, AGM,
5.00%, 07/01/2022 - 07/01/2024		315,000		320,622

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

Transamerica Funds Semi-Annual Report 2022

Page    98

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Highway & Transportation Authority, Revenue Bonds,
AGC-ICC,
5.00%, 07/01/2028		$ 55,000		$ 55,382
Series AA, AGC-ICC,
5.00%, 07/01/2035		85,000		85,590
Series AA-1, AGM,
4.95%, 07/01/2026		155,000		156,004
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		650,000		654,513
Series E, AGM,
5.50%, 07/01/2023		150,000		154,636
Series K, AGC-ICC,
4.40%, 07/01/2025		30,000		30,041
5.00%, 07/01/2030		30,000		30,208
Series M, AGC-ICC,
5.00%, 07/01/2032		160,000		161,129
Series N, AGC,
5.25%, 07/01/2036		120,000		125,584
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2026		265,000		282,097
Puerto Rico Municipal Finance Agency, Revenue Bonds,
Series A, AGM,
4.75%, 08/01/2022		140,000		140,646
5.00%, 08/01/2022		160,000		161,111
Series A, AGM-CR,
4.75%, 08/01/2025		70,000		70,788
				4,541,705
South Carolina - 0.1%
County of Lancaster, Special Assessment, Series A, 3.13%, 12/01/2022		130,000		129,626
Tennessee - 1.2%
Metropolitan Government Nashville & Davidson County Industrial Development Board, Special Assessment,
Zero Coupon, 06/01/2043 (A)		4,000,000		1,262,160
4.00%, 06/01/2051 (A)		750,000		621,661
				1,883,821
Texas - 4.2%
Bexar County Health Facilities Development Corp., Revenue Bonds, 5.00%, 07/15/2042		550,000		571,634
City of Lavon, Special Assessment, 4.13%, 09/15/2052 (A)		1,000,000		850,199
City of Rowlett, Special Assessment,
4.13%, 09/15/2041 (A)		448,000		394,550
4.25%, 09/15/2051 (A)		514,000		438,805
Harris County Municipal Utility District No. 406, General Obligation Unlimited, Series A, 4.00%, 09/01/2047		855,000		783,921
Harris County-Houston Sports Authority, Revenue Bonds, NATL, Zero Coupon, 11/15/2023		10,000		9,487

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds,
4.00%, 11/01/2049 - 11/01/2055		$ 2,250,000		$ 2,053,023
5.00%, 01/01/2047 - 01/01/2055		1,000,000		919,068
Newark Higher Education Finance Corp., Revenue Bonds, 5.00%, 06/15/2048		50,000		50,091
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 5.00%, 08/15/2036		435,000		437,966
Van Alstyne Economic Development Corp., Revenue Bonds, 4.00%, 08/15/2031		240,000		225,180
				6,733,924
Virginia - 4.1%
Buena Vista Public Recreational Facilities Authority, Revenue Bonds, Series A, ACA, 5.50%, 07/15/2035 (I)		50,000		49,078
Buena Vista Public Service Authority, Revenue Bonds,
Series A,
5.13%, 01/01/2023		10,000		10,004
6.00%, 01/01/2027		50,000		49,997
Henrico County Economic Development Authority, Revenue Bonds, Series C, 5.00%, 12/01/2047		375,000		379,716
James City County Economic Development Authority, Revenue Bonds, Series A, 4.00%, 12/01/2050		2,500,000		2,056,033
Tobacco Settlement Financing Corp., Revenue Bonds, Series B-1, 5.00%, 06/01/2047		190,000		190,244
Virginia College Building Authority, Revenue Bonds, 4.00%, 06/01/2046		565,000		528,337
Virginia Small Business Financing Authority, Revenue Bonds, 4.00%, 12/01/2051		4,000,000		3,396,455
				6,659,864
West Virginia - 0.0% (E)
Tobacco Settlement Finance Authority, Revenue Bonds, Series B, Zero Coupon, 06/01/2047		450,000		40,688
Wisconsin - 5.0%
Public Finance Authority, Revenue Bonds,
4.00%, 07/01/2051		250,000		213,095
5.00%, 06/15/2053		175,000		177,605
Series A,
4.25%, 12/01/2051 (A)		1,500,000		1,287,956
5.00%, 06/15/2049 (A)		90,000		91,737

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

Transamerica Funds Semi-Annual Report 2022

Page    99

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Public Finance Authority, Revenue Bonds, (continued)
Series A, AGM,
4.00%, 07/01/2059		$ 1,000,000		$ 984,696
5.00%, 07/01/2054		1,000,000		1,071,550
Wisconsin Health & Educational Facilities Authority, Revenue Bonds,
4.00%, 12/01/2041 - 12/01/2056		2,350,000		2,011,682
5.00%, 08/01/2039		500,000		454,184

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, (continued)
Series A,
5.13%, 04/01/2057		$ 2,000,000		$ 1,753,117
				8,045,622
Total Municipal Government Obligations (Cost $168,823,722)				150,000,944
Total Investments (Cost $169,144,680)				150,325,881
Net Other Assets (Liabilities) - 7.3%				11,831,607
Net Assets - 100.0%				$162,157,488

INVESTMENT VALUATION:

Valuation Inputs ^(J)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Security	$	—	$	324,937	$	—	$	324,937
Municipal Government Obligations		—		150,000,944		—		150,000,944
Total Investments	$	—	$	150,325,881	$	—	$	150,325,881

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $34,166,281, representing 21.1% of the Fund’s net assets.
(B)	Restricted securities. At April 30, 2022, 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 Security	Wildflower Improvement Association 6.63%, 03/01/2031	12/10/2020	$	323,035	$	324,937		0.2	%
Municipal Government Obligations	Industrial Development Authority of the City of Phoenix Revenue Bonds 4.63%, 07/01/2026	04/06/2016		600,010		615,333		0.4
Municipal Government Obligations	Health & Educational Facilities Authority Revenue Bonds 4.25%, 12/01/2042	09/10/2019		78,020		75,364		0.0	(E)
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series B 6.50%, 04/01/2031	01/22/2015		9,907		9,814		0.0	(E)
Municipal Government Obligations	City of Cleveland Revenue Bonds 5.38%, 09/15/2027	07/27/2015		20,062		20,027		0.0	(E)

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

Transamerica Funds Semi-Annual Report 2022

Page    100

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	Oregon State Facilities Authority Revenue Bonds Series B 6.75%, 06/15/2022		11/19/2015	$	85,002	$	85,085		0.1	%
Total				$	1,116,036	$	1,130,560		0.7	%

(C)	When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2022. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(D)	Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2022; the maturity date disclosed is the ultimate maturity date.
(E)	Percentage rounds to less than 0.1% or (0.1)%.
(F)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(G)	Securities in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2022, the total value of such securities is $389,550, representing 0.2% of the Fund’s net assets.
(H)	Non-income producing securities.
(I)	Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At April 30, 2022, the value of this security is $49,078, representing less than 0.1% of the Fund’s net assets.
(J)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

MUNICIPAL INSURER ABBREVIATIONS:

ACA	ACA Financial Guaranty Corp.
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
FGIC	Financial Guaranty Insurance Co.
NATL	National Public Finance Guarantee Corp.

PORTFOLIO ABBREVIATIONS:

CPI	Consumer Price Index
CR	Custodial Receipts
ICC	Insured Custody Certificate

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

Transamerica Funds Semi-Annual Report 2022

Page    101

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 19.3%
Banks - 6.0%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% (A), 05/16/2022 (B) (C)		$726,000		$600,748
Banco Santander Chile 3.18%, 10/26/2031 (D)		489,000		444,379
Bank of America Corp.
Fixed until 10/20/2031, 2.57% (A), 10/20/2032		500,000		422,933
4.18%, 11/25/2027		528,000		519,566
CPI-YoY + 1.10%, 9.54% (A), 11/19/2024		1,000,000		1,078,020
Barclays Bank PLC CPI-YoY + 1.00%, 8.04% (A), 05/22/2023		2,600,000		2,570,264
BBVA Bancomer SA Fixed until 01/18/2028, 5.13% (A), 01/18/2033 (D)		321,000		298,934
BPCE SA Fixed until 10/19/2041, 3.58% (A), 10/19/2042 (D)		605,000		468,274
Citigroup, Inc. Fixed until 11/03/2031, 2.52% (A), 11/03/2032		320,000		267,917
Corestates Capital II 3-Month LIBOR + 0.65%, 1.69% (A), 01/15/2027 (D)		269,000		258,120
Intesa Sanpaolo SpA Fixed until 06/01/2041, 4.95% (A), 06/01/2042 (D)		215,000		168,502
NatWest Group PLC Fixed until 08/28/2030, 3.03% (A), 11/28/2035		381,000		319,742
UniCredit SpA Fixed until 06/30/2030, 5.46% (A), 06/30/2035 (D)		621,000		560,871
				7,978,270
Capital Markets - 2.3%
Deutsche Bank AG Fixed until 05/28/2031, 3.04% (A), 05/28/2032		1,319,000		1,100,352
Goldman Sachs Group, Inc.
Fixed until 07/21/2031, 2.38% (A), 07/21/2032		600,000		496,486
Fixed until 11/10/2022 (B), 5.00% (A) (C)		702,000		672,165
Morgan Stanley
Fixed until 09/16/2031, 2.48% (A), 09/16/2036		111,000		88,917
CPI-YoY + 2.00%, 8.00% (A), 04/25/2023 - 06/09/2023		643,000		665,716
				3,023,636
Chemicals - 0.2%
Westlake Corp. 3.38%, 08/15/2061		461,000		331,815
Commercial Services & Supplies - 0.6%
Triton Container International Ltd. 3.15%, 06/15/2031 (D)		880,000		750,698

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance - 0.8%
Ford Motor Credit Co. LLC 2.90%, 02/16/2028		$ 622,000		$ 534,920
Synchrony Financial 2.88%, 10/28/2031		650,000		529,977
				1,064,897
Food Products - 0.4%
Smithfield Foods, Inc. 5.20%, 04/01/2029 (D)		581,000		583,485
Hotels, Restaurants & Leisure - 0.4%
Magallanes, Inc. 5.14%, 03/15/2052 (D)		675,000		605,905
Insurance - 1.0%
Enstar Group Ltd. 3.10%, 09/01/2031		742,000		627,177
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 2.63% (A), 02/12/2067 (D)		898,000		788,955
				1,416,132
Metals & Mining - 3.9%
Anglo American Capital PLC 3.88%, 03/16/2029 (D)		1,575,000		1,494,223
AngloGold Ashanti Holdings PLC 3.75%, 10/01/2030		466,000		416,860
Glencore Funding LLC
2.63%, 09/23/2031 (D)		423,000		353,610
2.85%, 04/27/2031 (D)		791,000		675,701
Newcrest Finance Pty Ltd. 5.75%, 11/15/2041 (D)		446,000		464,553
South32 Treasury Ltd. 4.35%, 04/14/2032 (C)		849,000		818,003
Teck Resources Ltd. 6.25%, 07/15/2041		790,000		858,303
Vale Overseas Ltd. 3.75%, 07/08/2030		88,000		79,530
				5,160,783
Multiline Retail - 0.1%
Nordstrom, Inc. 4.25%, 08/01/2031 (C)		127,000		107,644
Oil, Gas & Consumable Fuels - 2.8%
Apache Corp. 4.25%, 01/15/2030 (C)		500,000		464,530
Cenovus Energy, Inc. 4.25%, 04/15/2027		397,000		397,582
Diamondback Energy, Inc. 4.40%, 03/24/2051 (C)		424,000		381,896
Enbridge, Inc. Fixed until 07/15/2027, 5.50% (A), 07/15/2077 (C)		731,000		700,723
Energy Transfer LP
4.95%, 05/15/2028		253,000		252,698
Fixed until 02/15/2023 (B), 6.25% (A)		691,000		587,350
EnLink Midstream Partners LP Fixed until 12/15/2022 (B), 6.00% (A)		133,000		98,420
Enterprise Products Operating LLC
3.70%, 01/31/2051		435,000		353,666

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

Transamerica Funds Semi-Annual Report 2022

Page    102

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC (continued)
Fixed until 08/16/2027, 5.25% (A), 08/16/2077		$ 243,000		$ 222,174
Williams Cos., Inc. 3.50%, 10/15/2051		342,000		263,054
				3,722,093
Semiconductors & Semiconductor Equipment - 0.8%
Broadcom, Inc. 2.60%, 02/15/2033 (D)		1,286,000		1,034,787
Total Corporate Debt Securities (Cost $28,642,996)				25,780,145
FOREIGN GOVERNMENT OBLIGATIONS - 25.2%
Australia - 4.4%
Australia Government Bond
0.75%, 11/21/2027 (E)		AUD  5,000,000		3,967,349
2.50%, 09/20/2030 (E)		1,750,000		1,828,308
				5,795,657
Canada - 1.6%
Canadian Government Real Return Bond
4.00%, 12/01/2031		CAD  562,062		582,002
4.25%, 12/01/2026		1,670,920		1,565,433
				2,147,435
Germany - 1.2%
Deutsche Bundesrepublik Inflation-Linked Bond 0.50%, 04/15/2030 (E)		EUR  1,234,893		1,603,796
Japan - 3.2%
Japan Government CPI-Linked Bond 0.10%, 03/10/2026		JPY  281,855,750		2,285,904
0.01%, 03/10/2031		243,590,400		2,006,535
				4,292,439
Mexico - 0.4%
Mexico Government International Bond 4.28%, 08/14/2041		$  686,000		570,779
New Zealand - 4.4%
New Zealand Government Inflation-Linked Bond 2.00%, 09/20/2025 (E)		NZD  7,375,000		5,849,113
Spain - 2.1%
Spain Government Inflation-Linked Bond
0.70%, 11/30/2033 (E)		EUR  1,199,781		1,459,575
1.00%, 11/30/2030 (E)		1,109,100		1,391,175
				2,850,750

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Kingdom - 7.9%
U.K. Inflation-Linked Gilt
0.13%, 03/22/2024 - 03/22/2044 (E)		GBP  4,951,898		$ 7,318,149
1.25%, 11/22/2032 (E)		1,769,148		3,209,298
				10,527,447
Total Foreign Government Obligations (Cost $34,957,025)				33,637,416
U.S. GOVERNMENT OBLIGATIONS - 54.0%
U.S. Treasury Inflation-Protected Securities - 54.0%
U.S. Treasury Inflation-Protected Indexed Bond
0.13%, 02/15/2051 - 02/15/2052		$5,595,975		5,179,988
0.75%, 02/15/2042 - 02/15/2045		2,318,943		2,447,309
1.00%, 02/15/2046		2,274,357		2,534,664
1.38%, 02/15/2044		973,592		1,155,621
2.13%, 02/15/2040		918,582		1,213,557
2.38%, 01/15/2025		3,159,870		3,472,524
3.38%, 04/15/2032		1,917,504		2,590,503
3.88%, 04/15/2029		2,242,916		2,875,401
U.S. Treasury Inflation-Protected Indexed Note
0.13%, 01/15/2023 - 07/15/2031		22,282,593		22,958,973
0.25%, 01/15/2025 - 07/15/2029		3,193,366		3,308,569
0.38%, 07/15/2025 - 07/15/2027		5,991,023		6,268,596
0.50%, 01/15/2028		1,724,790		1,805,791
0.63%, 04/15/2023 - 01/15/2026		15,643,440		16,338,136
Total U.S. Government Obligations (Cost $71,016,245)				72,149,632
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.7%
Money Market Fund - 0.7%
State Street Institutional U.S. Government Money Market Fund, 0.29% (F)		964,017		964,017
Total Short-Term Investment Company (Cost $964,017)				964,017
OTHER INVESTMENT COMPANY - 1.6%
Securities Lending Collateral - 1.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (F)		2,157,750		2,157,750
Total Other Investment Company (Cost $2,157,750)				2,157,750
Total Investments (Cost $137,738,033)				134,688,960
Net Other Assets (Liabilities) - (0.8)%				(1,011,747	)
Net Assets - 100.0%				$133,677,213

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

Transamerica Funds Semi-Annual Report 2022

Page    103

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date		Currency Purchased		Currency Sold		Unrealized Appreciation		Unrealized Depreciation
JPMS		05/12/2022	USD	4,645,779	AUD	6,500,000	$	52,282	$	—
JPMS		05/12/2022	USD	785,639	CAD	1,000,000		7,245		—
JPMS		05/12/2022	USD	6,005,840	EUR	5,275,000		438,223		—
JPMS		05/12/2022	USD	11,457,906	GBP	8,531,000		730,765		—
JPMS		05/12/2022	USD	4,513,516	JPY	550,130,000		272,773		—
JPMS		05/12/2022	USD	1,643,387	MXN	34,000,000		—		(18,725	)
JPMS		05/12/2022	USD	4,633,737	NZD	7,000,000		114,410		—
JPMS		05/12/2022	MXN	34,000,000	USD	1,662,340		—		(228	)
JPMS		05/12/2022	EUR	1,000,000	USD	1,098,273		—		(42,801	)
JPMS		05/12/2022	GBP	175,000	USD	227,439		—		(7,388	)
Total							$	1,615,698	$	(69,142	)

INVESTMENT VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	25,780,145		$	—	$	25,780,145
Foreign Government Obligations		—		33,637,416			—		33,637,416
U.S. Government Obligations		—		72,149,632			—		72,149,632
Short-Term Investment Company		964,017		—			—		964,017
Other Investment Company		2,157,750		—			—		2,157,750
Total Investments	$	3,121,767	$	131,567,193		$	—	$	134,688,960
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	1,615,698		$	—	$	1,615,698
Total Other Financial Instruments	$	—	$	1,615,698		$	—	$	1,615,698
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	(69,142	)	$	—	$	(69,142	)
Total Other Financial Instruments	$	—	$	(69,142	)	$	—	$	(69,142	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,987,077, collateralized by cash collateral of $2,157,750 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $892,005. 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 pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $8,950,997, representing 6.7% of the Fund’s net assets.
(E)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2022, the total value of Regulation S securities is $26,626,763, representing 19.9% of the Fund’s net assets.
(F)	Rates disclosed reflect the yields at April 30, 2022.

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

Transamerica Funds Semi-Annual Report 2022

Page    104

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(G)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(H)	Derivative instruments 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:

LIBOR	London Interbank Offered Rate
CPI-YoY	Consumer Price Index-Year over Year

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

Transamerica Funds Semi-Annual Report 2022

Page    105

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 6.7%
Banks - 1.2%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% (A), 05/16/2022 (B)		$394,000		$326,026
Banco Santander Chile 3.18%, 10/26/2031 (C)		263,000		239,001
Bank of America Corp. 4.18%, 11/25/2027		150,000		147,604
Citigroup, Inc. Fixed until 11/03/2031, 2.52% (A), 11/03/2032		170,000		142,331
Intesa Sanpaolo SpA Fixed until 06/01/2041, 4.95% (A), 06/01/2042 (C)		215,000		168,502
NatWest Group PLC Fixed until 08/28/2030, 3.03% (A), 11/28/2035		200,000		167,843
				1,191,307
Capital Markets - 0.3%
Goldman Sachs Group, Inc. Fixed until 07/21/2031, 2.38% (A), 07/21/2032		350,000		289,617
Morgan Stanley Fixed until 09/16/2031, 2.48% (A), 09/16/2036		55,000		44,058
				333,675
Chemicals - 0.2%
Westlake Corp. 3.38%, 08/15/2061		230,000		165,548
Commercial Services & Supplies - 0.2%
Triton Container International Ltd. 3.15%, 06/15/2031 (C)		274,000		233,740
Consumer Finance - 0.2%
Ford Motor Credit Co. LLC 2.90%, 02/16/2028		203,000		174,580
Food Products - 0.2%
Smithfield Foods, Inc. 5.20%, 04/01/2029 (C)		200,000		200,856
Hotels, Restaurants & Leisure - 0.2%
Magallanes, Inc. 5.14%, 03/15/2052 (C)		247,000		221,716
Insurance - 0.6%
Enstar Group Ltd. 3.10%, 09/01/2031		197,000		166,515
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 2.63% (A), 02/12/2067 (C) (D)		487,000		427,863
				594,378
Metals & Mining - 1.7%
Anglo American Capital PLC 3.88%, 03/16/2029 (C)		575,000		545,510
AngloGold Ashanti Holdings PLC 3.75%, 10/01/2030 (D)		200,000		178,910
Glencore Funding LLC
2.63%, 09/23/2031 (C)		152,000		127,066
2.85%, 04/27/2031 (C)		200,000		170,847

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
South32 Treasury Ltd. 4.35%, 04/14/2032 (C) (D)		$ 311,000		$ 299,645
Teck Resources Ltd. 6.25%, 07/15/2041		368,000		399,817
Vale Overseas Ltd. 3.75%, 07/08/2030		49,000		44,284
				1,766,079
Multiline Retail - 0.1%
Nordstrom, Inc. 4.25%, 08/01/2031 (D)		66,000		55,941
Oil, Gas & Consumable Fuels - 1.7%
Apache Corp. 4.25%, 01/15/2030 (D)		140,000		130,068
Cenovus Energy, Inc. 4.25%, 04/15/2027		166,000		166,243
Diamondback Energy, Inc. 4.40%, 03/24/2051 (D)		221,000		199,055
Enbridge, Inc. Fixed until 07/15/2027, 5.50% (A), 07/15/2077 (D)		397,000		380,557
Energy Transfer LP
4.95%, 05/15/2028 (D)		169,000		168,798
Fixed until 02/15/2023 (B), 6.25% (A) (D)		375,000		318,750
Enterprise Products Operating LLC
3.70%, 01/31/2051		152,000		123,580
Fixed until 08/16/2027, 5.25% (A), 08/16/2077 (D)		132,000		120,687
Williams Cos., Inc. 3.50%, 10/15/2051 (D)		170,000		130,758
				1,738,496
Semiconductors & Semiconductor Equipment - 0.1%
Broadcom, Inc. 2.60%, 02/15/2033 (C) (D)		150,000		120,698
Total Corporate Debt Securities (Cost $7,632,748)				6,797,014
FOREIGN GOVERNMENT OBLIGATIONS - 11.8%
Australia - 2.8%
Australia Government Bond
0.75%, 11/21/2027 (E)		AUD  1,200,000		952,164
2.50%, 09/20/2030 (E)		1,775,000		1,854,426
				2,806,590
Canada - 1.8%
Canadian Government Real Return Bond 4.25%, 12/01/2026		CAD  1,963,331		1,839,384
Japan - 1.0%
Japan Government CPI-Linked Bond 0.10%, 03/10/2026		JPY  61,495,800		498,743
0.01%, 03/10/2031		60,897,600		501,634
				1,000,377
Mexico - 0.3%
Mexico Government International Bond 4.28%, 08/14/2041		$351,000		292,046

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

Transamerica Funds Semi-Annual Report 2022

Page    106

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
New Zealand - 3.1%
New Zealand Government Inflation-Linked Bond 2.00%, 09/20/2025 (E)		NZD  3,900,000		$ 3,093,091
Spain - 0.8%
Spain Government Inflation-Linked Bond 0.70%, 11/30/2033 (E)		EUR  654,426		796,132
United Kingdom - 2.0%
U.K. Inflation-Linked Gilt 0.13%, 03/22/2024 - 03/22/2044 (E)		GBP  1,383,834		2,046,390
Total Foreign Government Obligations (Cost $11,946,628)				11,874,010
U.S. GOVERNMENT OBLIGATIONS - 80.8%
U.S. Treasury Inflation-Protected Securities - 80.8%
U.S. Treasury Inflation-Protected Indexed Bond
0.13%, 02/15/2051 - 02/15/2052		$2,649,469		2,454,229
0.25%, 02/15/2050		1,103,210		1,049,457
0.63%, 02/15/2043		55,514		57,190
0.75%, 02/15/2042 - 02/15/2045		2,098,349		2,218,030
1.00%, 02/15/2046 - 02/15/2048		4,286,705		4,822,478
1.38%, 02/15/2044		1,034,455		1,227,863
1.75%, 01/15/2028		2,795,742		3,128,582
2.00%, 01/15/2026		3,050,979		3,371,213
2.13%, 02/15/2040 - 02/15/2041		3,107,781		4,109,309
2.38%, 01/15/2025 - 01/15/2027		5,070,809		5,672,555
2.50%, 01/15/2029		1,149,190		1,358,861
3.38%, 04/15/2032		577,488		780,173
3.63%, 04/15/2028		832,969		1,029,379
U.S. Treasury Inflation-Protected Indexed Note
0.13%, 01/15/2023 - 07/15/2031		16,693,921		17,209,569
0.13%, 01/15/2032 (D)		2,148,699		2,186,749

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities (continued)
U.S. Treasury Inflation-Protected Indexed Note (continued)
0.25%, 01/15/2025		$ 3,233,223		$ 3,363,183
0.38%, 07/15/2023 - 07/15/2027		12,470,579		13,009,589
0.50%, 01/15/2028		2,529,622		2,648,420
0.63%, 04/15/2023 - 01/15/2026		10,255,542		10,717,622
0.75%, 07/15/2028		1,129,930		1,205,803
Total U.S. Government Obligations (Cost $78,763,648)				81,620,254
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.4%
Money Market Fund - 0.4%
State Street Institutional U.S. Government Money Market Fund, 0.29% (F)		363,499		363,499
Total Short-Term Investment Company (Cost $363,499)				363,499
OTHER INVESTMENT COMPANY - 3.8%
Securities Lending Collateral - 3.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (F)		$3,864,498		3,864,498
Total Other Investment Company (Cost $3,864,498)				3,864,498
Total Investments (Cost $102,571,021)				104,519,275
Net Other Assets (Liabilities) - (3.5)%				(3,547,736	)
Net Assets - 100.0%				$100,971,539

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date		Currency Purchased		Currency Sold		Unrealized Appreciation		Unrealized Depreciation
JPMS		05/12/2022	USD	2,501,573	AUD	3,500,000	$	28,152	$	—
JPMS		05/12/2022	USD	1,453,432	CAD	1,850,000		13,403		—
JPMS		05/12/2022	USD	882,040	EUR	775,000		64,049		—
JPMS		05/12/2022	USD	2,211,730	GBP	1,645,000		143,257		—
JPMS		05/12/2022	USD	1,045,662	JPY	127,974,000		59,160		—
JPMS		05/12/2022	USD	2,846,438	NZD	4,300,000		70,280		—
JPMS		05/12/2022	GBP	20,000	USD	25,993		—		(845	)
Total							$	378,301	$	(845	)

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

Transamerica Funds Semi-Annual Report 2022

Page    107

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	6,797,014		$	—	$	6,797,014
Foreign Government Obligations		—		11,874,010			—		11,874,010
U.S. Government Obligations		—		81,620,254			—		81,620,254
Short-Term Investment Company		363,499		—			—		363,499
Other Investment Company		3,864,498		—			—		3,864,498
Total Investments	$	4,227,997	$	100,291,278		$	—	$	104,519,275
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	378,301		$	—	$	378,301
Total Other Financial Instruments	$	—	$	378,301		$	—	$	378,301
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	(845	)	$	—	$	(845	)
Total Other Financial Instruments	$	—	$	(845	)	$	—	$	(845	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $2,755,444, representing 2.7% 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 $4,083,375, collateralized by cash collateral of $3,864,498 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $302,720. 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, 2022, the total value of Regulation S securities is $8,742,203, representing 8.7% of the Fund’s net assets.
(F)	Rates disclosed reflect the yields at April 30, 2022.
(G)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(H)	Derivative instruments 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 2022

Page    108

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATION:

LIBOR London Interbank Offered Rate

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

Transamerica Funds Semi-Annual Report 2022

Page    109

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 6.7%
Accelerated LLC Series 2021-1H, Class A, 1.35%, 10/20/2040 (A)		$1,109,744		$1,042,843
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (A)		365,236		361,977
CIFC Funding Ltd. Series 2013-2A, Class A1L2, 3-Month LIBOR + 1.00%, 2.04% (B), 10/18/2030 (A)		11,780,000		11,714,562
GoodLeap Sustainable Home Solutions Trust
Series 2021-4GS, Class A,
1.93%, 07/20/2048 (A)		2,977,738		2,628,841
Series 2021-5CS, Class A,
2.31%, 10/20/2048 (A)		3,133,806		2,813,516
Series 2022-1GS, Class A,
2.70%, 01/20/2049 (A)		3,835,091		3,504,706
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (A)		342,013		337,714
ICG US CLO Ltd. Series 2014-1A, Class A1A2, 3-Month LIBOR + 1.20%, 2.26% (B), 10/20/2034 (A)		2,755,000		2,717,992
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048 (A)		412,622		413,975
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (A)		614,760		615,637
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (A)		1,012,787		968,731
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (A)		519,678		522,469
MVW Owner Trust
Series 2016-1A, Class A,
2.25%, 12/20/2033 (A)		929,462		930,294
Series 2019-1A, Class A,
2.89%, 11/20/2036 (A)		487,377		477,263
New Residential Advance Receivables Trust Series 2020-T1, Class AT1, 1.43%, 08/15/2053 (A)		11,450,000		11,167,898
NRZ Advance Receivables Trust
Series 2020-T2, Class AT2,
1.48%, 09/15/2053 (A)		7,645,000		7,404,894
Series 2020-T3, Class AT3,
1.32%, 10/15/2052 (A)		496,000		495,340
Octagon Investment Partners 33 Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 2.25% (B), 01/20/2031 (A)		3,600,000		3,585,989
Ocwen Master Advance Receivables Trust Series 2020-T1, Class AT1, 1.28%, 08/15/2052 (A)		5,544,232		5,520,166

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Orange Lake Timeshare Trust
Series 2015-AA, Class A,
2.88%, 09/08/2027 (A)		$ 215,589		$ 215,621
Series 2018-A, Class A,
3.10%, 11/08/2030 (A)		968,655		966,200
Series 2018-A, Class B,
3.35%, 11/08/2030 (A)		792,529		790,315
Series 2019-A, Class A,
3.06%, 04/09/2038 (A)		633,954		616,538
Palmer Square CLO Ltd. Series 2015-2A, Class A1R2, 3-Month LIBOR + 1.10%, 2.16% (B), 07/20/2030 (A)		6,450,000		6,424,464
RAAC Trust Series 2007-RP4, Class A, 1-Month LIBOR + 0.35%, 1.02% (B), 11/25/2046 (A)		460,040		442,347
Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class A, 0.99%, 11/20/2037 (A)		3,683,607		3,478,660
Towd Point Mortgage Trust
Series 2016-2, Class A1A,
2.75% (B), 08/25/2055 (A)		81,054		80,944
Series 2016-4, Class A1,
2.25% (B), 07/25/2056 (A)		282,764		282,462
Series 2017-1, Class A1,
2.75% (B), 10/25/2056 (A)		834,875		832,141
Series 2017-3, Class A1,
2.75% (B), 07/25/2057 (A)		385,718		384,943
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)		1,198,507		1,179,411
Series 2018-1, Class A1,
3.00% (B), 01/25/2058 (A)		3,771,234		3,728,991
Series 2018-4, Class A1,
3.00% (B), 06/25/2058 (A)		2,723,532		2,648,087
Series 2020-4, Class A1,
1.75%, 10/25/2060 (A)		2,632,977		2,444,053
Trafigura Securitisation Finance PLC Series 2021-1A, Class A2, 1.08%, 01/15/2025 (A)		4,500,000		4,258,548
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (A)		1,067,577		1,050,968
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (A)		1,751,241		1,725,146
Wellfleet CLO Ltd. Series 2016-2A, Class A1R, 3-Month LIBOR + 1.14%, 2.20% (B), 10/20/2028 (A)		5,989,439		5,959,019
Total Asset-Backed Securities (Cost $97,643,160)				94,733,665
CORPORATE DEBT SECURITIES - 36.1%
Aerospace & Defense - 0.7%
BAE Systems PLC 3.40%, 04/15/2030 (A)		2,003,000		1,870,412
Boeing Co.
3.50%, 03/01/2039		3,904,000		3,011,950
5.15%, 05/01/2030		2,754,000		2,745,475

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

Transamerica Funds Semi-Annual Report 2022

Page    110

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Aerospace & Defense (continued)
Huntington Ingalls Industries, Inc. 2.04%, 08/16/2028 (A)		$ 2,471,000		$ 2,161,482
				9,789,319
Air Freight & Logistics - 0.3%
GXO Logistics, Inc. 2.65%, 07/15/2031 (A)		5,332,000		4,376,857
Airlines - 0.6%
American Airlines Pass-Through Trust 3.20%, 12/15/2029		171		161
JetBlue Pass-Through Trust 2.75%, 11/15/2033		3,814,091		3,432,878
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027 (A)		2,691,319		2,745,145
Southwest Airlines Co. Pass-Through Trust 6.15%, 02/01/2024		35,922		36,092
United Airlines Pass-Through Trust 3.75%, 03/03/2028		2,193,270		2,143,740
				8,358,016
Auto Components - 0.2%
Aptiv PLC / Aptiv Corp. 3.25%, 03/01/2032 (C)		1,668,000		1,473,313
BorgWarner, Inc. 3.38%, 03/15/2025 (C)		1,948,000		1,931,304
				3,404,617
Automobiles - 0.2%
General Motors Co.
4.88%, 10/02/2023		1,960,000		2,000,678
6.25%, 10/02/2043		772,000		799,524
				2,800,202
Banks - 4.9%
ABN AMRO Bank NV Fixed until 12/13/2031, 3.32% (B), 03/13/2037 (A)		3,400,000		2,863,564
Banco Santander SA 2.75%, 12/03/2030		2,000,000		1,636,532
Bank of America Corp.
Fixed until 09/21/2031, 2.48% (B), 09/21/2036		3,722,000		2,984,092
Fixed until 06/19/2040, 2.68% (B), 06/19/2041		1,942,000		1,456,082
Fixed until 12/20/2027, 3.42% (B), 12/20/2028		3,090,000		2,926,801
Fixed until 04/27/2032, 4.57% (B), 04/27/2033		5,972,000		5,955,376
Citigroup, Inc. Fixed until 10/27/2027, 3.52% (B), 10/27/2028		6,415,000		6,108,811
Commerzbank AG 8.13%, 09/19/2023 (A)		4,227,000		4,400,546
Intesa Sanpaolo SpA
Fixed until 06/01/2031, 4.20% (B), 06/01/2032 (A)		1,044,000		865,717
5.02%, 06/26/2024 (A)		2,745,000		2,684,906

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
JPMorgan Chase & Co.
Fixed until 05/13/2030, 2.96% (B), 05/13/2031		$ 5,355,000		$ 4,712,043
Fixed until 01/25/2032, 2.96% (B), 01/25/2033		3,321,000		2,925,461
Fixed until 02/01/2027, 3.78% (B), 02/01/2028		1,322,000		1,283,902
4.13%, 12/15/2026		2,997,000		2,981,446
Svenska Handelsbanken AB 0.41%, 05/24/2022		10,250,000		10,245,672
UniCredit SpA Fixed until 06/03/2031, 3.13% (B), 06/03/2032 (A)		5,001,000		4,138,287
Wells Fargo & Co.
Fixed until 03/15/2026 (D), 3.90% (B)		1,268,000		1,156,987
4.10%, 06/03/2026		3,911,000		3,895,829
4.61%, 04/25/2053		4,383,000		4,339,095
Fixed until 06/15/2024 (D), 5.90% (B)		1,573,000		1,537,608
				69,098,757
Beverages - 0.6%
Anheuser-Busch InBev Worldwide, Inc.
4.44%, 10/06/2048		2,365,000		2,177,993
4.75%, 01/23/2029		2,770,000		2,853,125
Constellation Brands, Inc.
3.15%, 08/01/2029		770,000		707,225
3.70%, 12/06/2026		1,010,000		1,001,685
Keurig Dr. Pepper, Inc. 3.20%, 05/01/2030		2,574,000		2,361,088
				9,101,116
Biotechnology - 0.5%
AbbVie, Inc.
3.20%, 05/14/2026		1,254,000		1,222,085
4.05%, 11/21/2039		1,702,000		1,560,819
Amgen, Inc. 2.00%, 01/15/2032		2,617,000		2,163,591
CSL UK Holdings Ltd. 4.63%, 04/27/2042 (A)		1,471,000		1,448,219
Gilead Sciences, Inc. 4.15%, 03/01/2047		852,000		780,965
				7,175,679
Building Products - 0.7%
Carlisle Cos., Inc.
2.20%, 03/01/2032		2,047,000		1,670,241
3.75%, 12/01/2027		1,999,000		1,948,769
Carrier Global Corp. 2.72%, 02/15/2030		2,353,000		2,082,854
Owens Corning 7.00%, 12/01/2036		3,696,000		4,253,000
				9,954,864
Capital Markets - 1.9%
Charles Schwab Corp. Fixed until 06/01/2026 (D), 4.00% (B)		4,047,000		3,669,617
Credit Suisse Group AG Fixed until 09/11/2024, 2.59% (B), 09/11/2025 (A)		2,419,000		2,308,150

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

Transamerica Funds Semi-Annual Report 2022

Page    111

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Deutsche Bank AG
Fixed until 11/26/2024, 3.96% (B), 11/26/2025		$ 1,617,000		$ 1,594,582
Fixed until 04/08/2030, 5.88% (B), 07/08/2031		2,738,000		2,661,257
Goldman Sachs Group, Inc.
Fixed until 02/24/2032, 3.10% (B), 02/24/2033		5,550,000		4,853,297
6.75%, 10/01/2037		2,654,000		3,067,563
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 2.63%, 10/15/2031		3,321,000		2,733,800
Morgan Stanley
Fixed until 12/10/2025, 0.99% (B), 12/10/2026		1,181,000		1,054,866
Fixed until 09/16/2031, 2.48% (B), 09/16/2036		3,544,000		2,838,954
5.00%, 11/24/2025		2,215,000		2,275,226
				27,057,312
Chemicals - 0.2%
International Flavors & Fragrances, Inc. 2.30%, 11/01/2030 (A)		2,654,000		2,229,384
Commercial Services & Supplies - 0.8%
ADT Security Corp. 4.13%, 08/01/2029 (A)		2,731,000		2,318,701
Ashtead Capital, Inc.
2.45%, 08/12/2031 (A)		1,478,000		1,206,184
4.25%, 11/01/2029 (A)		1,623,000		1,551,879
ERAC USA Finance LLC
2.70%, 11/01/2023 (A)		1,479,000		1,467,634
3.85%, 11/15/2024 (A)		2,171,000		2,186,615
Triton Container International Ltd. / TAL International Container Corp. 3.25%, 03/15/2032		3,232,000		2,757,351
				11,488,364
Construction & Engineering - 0.1%
Quanta Services, Inc. 2.90%, 10/01/2030		1,999,000		1,746,207
Consumer Finance - 1.0%
Ally Financial, Inc. 8.00%, 11/01/2031		3,475,000		4,138,333
BMW US Capital LLC 2.80%, 04/11/2026 (A)		2,662,000		2,570,713
Ford Motor Credit Co. LLC 3.38%, 11/13/2025		3,928,000		3,702,395
Nissan Motor Acceptance Co. LLC 2.45%, 09/15/2028 (A)		2,548,000		2,169,972
Volkswagen Group of America Finance LLC 1.63%, 11/24/2027 (A) (C)		1,851,000		1,617,868
				14,199,281
Containers & Packaging - 0.2%
Sonoco Products Co.
2.25%, 02/01/2027		1,999,000		1,858,406
2.85%, 02/01/2032		1,400,000		1,225,327
				3,083,733

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.85%, 10/29/2041		$ 3,414,000		$ 2,652,254
4.45%, 04/03/2026		3,330,000		3,252,280
4.50%, 09/15/2023		2,332,000		2,337,235
Aviation Capital Group LLC
1.95%, 01/30/2026 (A)		1,781,000		1,592,179
5.50%, 12/15/2024 (A)		4,523,000		4,592,846
Element Fleet Management Corp.
1.60%, 04/06/2024 (A)		1,511,000		1,451,572
3.85%, 06/15/2025 (A)		2,275,000		2,261,013
				18,139,379
Diversified Telecommunication Services - 0.7%
Level 3 Financing, Inc. 3.40%, 03/01/2027 (A)		2,546,000		2,291,400
Sprint Capital Corp. 6.88%, 11/15/2028		822,000		902,145
Verizon Communications, Inc.
1.68%, 10/30/2030		3,127,000		2,537,379
2.99%, 10/30/2056		5,214,000		3,718,011
				9,448,935
Electric Utilities - 1.3%
Appalachian Power Co. 3.40%, 06/01/2025 (C)		2,210,000		2,206,786
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		328,000		353,155
DTE Electric Co. 4.30%, 07/01/2044		3,898,000		3,737,645
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		5,399,000		4,933,907
Duke Energy Progress LLC 3.60%, 09/15/2047		1,457,000		1,245,015
Entergy Arkansas LLC 3.70%, 06/01/2024		798,000		806,618
Oncor Electric Delivery Co. LLC 5.30%, 06/01/2042		378,000		410,867
Pacific Gas & Electric Co. 2.50%, 02/01/2031		2,614,000		2,071,423
PacifiCorp
3.60%, 04/01/2024		1,559,000		1,569,823
5.75%, 04/01/2037		286,000		317,128
Public Service Electric & Gas Co. 3.00%, 05/15/2025		1,045,000		1,025,567
				18,677,934
Electronic Equipment, Instruments & Components - 0.4%
Arrow Electronics, Inc. 2.95%, 02/15/2032		1,920,000		1,645,970
Keysight Technologies, Inc. 4.60%, 04/06/2027		1,815,000		1,862,737
Sensata Technologies, Inc. 4.38%, 02/15/2030 (A)		2,585,000		2,351,549
				5,860,256
Energy Equipment & Services - 0.2%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (A)		2,916,000		2,829,201

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

Transamerica Funds Semi-Annual Report 2022

Page    112

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Schlumberger Investment SA 3.65%, 12/01/2023		$ 599,000		$ 603,239
				3,432,440
Equity Real Estate Investment Trusts - 2.9%
American Tower Trust #1 3.65%, 03/23/2028 (A)		1,500,000		1,479,774
Broadstone Net Lease LLC 2.60%, 09/15/2031		3,319,000		2,788,606
Corporate Office Properties LP
2.00%, 01/15/2029		868,000		724,401
2.25%, 03/15/2026		646,000		599,609
2.75%, 04/15/2031		636,000		540,246
Host Hotels & Resorts LP 2.90%, 12/15/2031		2,079,000		1,757,496
Invitation Homes Operating Partnership LP 4.15%, 04/15/2032		1,520,000		1,454,627
Office Properties Income Trust 3.45%, 10/15/2031		2,467,000		1,934,593
Physicians Realty LP 2.63%, 11/01/2031		3,021,000		2,542,994
Piedmont Operating Partnership LP 2.75%, 04/01/2032		2,002,000		1,625,530
SBA Tower Trust
1.63%, 05/15/2051 (A)		3,426,000		3,163,283
1.88%, 07/15/2050 (A)		1,100,000		1,019,646
2.84%, 01/15/2050 (A)		9,139,000		8,872,692
3.45%, 03/15/2048 (A)		2,261,000		2,263,509
Simon Property Group LP 2.20%, 02/01/2031		2,001,000		1,697,793
Ventas Realty LP 3.25%, 10/15/2026		2,682,000		2,601,953
VICI Properties LP 4.95%, 02/15/2030		3,606,000		3,581,443
Weyerhaeuser Co. 4.00%, 04/15/2030		2,942,000		2,834,147
				41,482,342
Food & Staples Retailing - 0.4%
7-Eleven, Inc. 1.80%, 02/10/2031 (A)		3,122,000		2,527,133
Sysco Corp. 3.30%, 07/15/2026		3,170,000		3,093,165
				5,620,298
Food Products - 0.5%
Bunge Ltd. Finance Corp. 2.75%, 05/14/2031		2,579,000		2,234,949
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 3.00%, 02/02/2029 (A)		2,337,000		2,082,875
Pilgrim’s Pride Corp. 3.50%, 03/01/2032 (A)		3,367,000		2,845,115
				7,162,939
Health Care Equipment & Supplies - 0.4%
Alcon Finance Corp. 2.75%, 09/23/2026 (A)		1,862,000		1,773,890
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030		2,762,000		2,460,164

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
Koninklijke Philips NV 5.00%, 03/15/2042		$ 1,155,000		$ 1,171,076
				5,405,130
Health Care Providers & Services - 1.4%
Anthem, Inc. 2.25%, 05/15/2030		1,698,000		1,469,941
Centene Corp. 3.38%, 02/15/2030		2,847,000		2,543,652
Cigna Corp. 2.40%, 03/15/2030		2,421,000		2,119,971
CVS Health Corp.
2.70%, 08/21/2040		1,856,000		1,403,292
3.75%, 04/01/2030		2,886,000		2,760,545
HCA, Inc.
4.13%, 06/15/2029		999,000		957,727
5.25%, 04/15/2025		959,000		988,405
5.50%, 06/15/2047		1,546,000		1,521,451
Health Care Service Corp. 2.20%, 06/01/2030 (A)		2,810,000		2,424,653
Laboratory Corp. of America Holdings 2.95%, 12/01/2029		1,566,000		1,431,072
Molina Healthcare, Inc. 4.38%, 06/15/2028 (A)		1,710,000		1,598,269
				19,218,978
Hotels, Restaurants & Leisure - 0.5%
Expedia Group, Inc.
2.95%, 03/15/2031		795,000		683,044
3.80%, 02/15/2028		1,497,000		1,427,252
Hyatt Hotels Corp. 1.80%, 10/01/2024		1,324,000		1,259,256
Magallanes, Inc. 5.05%, 03/15/2042 (A)		3,482,000		3,171,394
				6,540,946
Household Durables - 0.2%
D.R. Horton, Inc. 4.38%, 09/15/2022		2,223,000		2,228,666
Industrial Conglomerates - 0.1%
General Electric Co. 4.13%, 10/09/2042		1,481,000		1,376,199
Insurance - 1.8%
Enstar Group Ltd. 3.10%, 09/01/2031		2,952,000		2,495,183
Fairfax Financial Holdings Ltd. 3.38%, 03/03/2031		4,754,000		4,227,985
Global Atlantic Finance Co. 3.13%, 06/15/2031 (A)		4,979,000		4,217,264
Ohio National Financial Services, Inc.
5.80%, 01/24/2030 (A)		4,906,000		4,895,992
6.63%, 05/01/2031 (A)		1,348,000		1,386,842
Prudential Financial, Inc. Fixed until 07/01/2030, 3.70% (B), 10/01/2050		3,249,000		2,845,377
Reinsurance Group of America, Inc. 3-Month LIBOR + 2.67%, 3.49% (B), 12/15/2065		5,842,000		5,228,590
				25,297,233

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

Transamerica Funds Semi-Annual Report 2022

Page    113

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Interactive Media & Services - 0.5%
Baidu, Inc. 4.38%, 05/14/2024		$ 4,652,000		$ 4,706,395
Tencent Holdings Ltd. 3.28%, 04/11/2024 (A)		2,683,000		2,661,943
				7,368,338
IT Services - 0.2%
Rackspace Technology Global, Inc. 3.50%, 02/15/2028 (A)		2,902,000		2,509,853
Machinery - 0.1%
Flowserve Corp. 2.80%, 01/15/2032		2,501,000		2,062,040
Media - 0.5%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		1,925,000		1,581,573
Clear Channel Outdoor Holdings, Inc. 5.13%, 08/15/2027 (A)		2,020,000		1,898,194
Comcast Corp. 2.94%, 11/01/2056 (A)		866,000		621,873
NBCUniversal Media LLC 4.45%, 01/15/2043		1,792,000		1,718,621
Paramount Global 4.20%, 05/19/2032		1,572,000		1,451,417
				7,271,678
Metals & Mining - 0.6%
Anglo American Capital PLC
4.00%, 09/11/2027 (A)		2,277,000		2,220,858
4.75%, 04/10/2027 (A)		905,000		908,311
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		3,864,000		3,873,119
Glencore Funding LLC 2.63%, 09/23/2031 (A)		2,659,000		2,222,809
				9,225,097
Multi-Utilities - 0.3%
Black Hills Corp. 4.25%, 11/30/2023		2,555,000		2,586,705
CMS Energy Corp.
3.88%, 03/01/2024 (C)		387,000		389,411
4.88%, 03/01/2044		521,000		522,813
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		1,115,000		1,117,103
				4,616,032
Oil, Gas & Consumable Fuels - 2.7%
Boardwalk Pipelines LP 3.40%, 02/15/2031		1,670,000		1,480,277
BP Capital Markets PLC 3.12%, 05/04/2026		4,209,000		4,065,751
Chevron USA, Inc. 3.25%, 10/15/2029		2,185,000		2,104,329
Energy Transfer LP
4.90%, 02/01/2024		1,530,000		1,551,782
5.15%, 03/15/2045		891,000		807,893
5.95%, 10/01/2043		691,000		672,676
7.60%, 02/01/2024		2,160,000		2,277,676

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC 4.25%, 02/15/2048		$ 4,458,000		$ 3,930,780
Kinder Morgan Energy Partners LP 4.15%, 02/01/2024		1,698,000		1,716,565
Occidental Petroleum Corp. 5.55%, 03/15/2026		5,039,000		5,164,975
Petroleos Mexicanos
6.84%, 01/23/2030		3,109,000		2,833,232
6.88%, 08/04/2026		1,410,000		1,402,442
7.69%, 01/23/2050		641,000		502,223
Pioneer Natural Resources Co. 2.15%, 01/15/2031		3,281,000		2,770,563
Plains All American Pipeline LP / PAA Finance Corp. 3.55%, 12/15/2029		1,655,000		1,509,152
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		1,544,000		1,515,794
Saudi Arabian Oil Co. 1.25%, 11/24/2023 (A)		323,000		313,815
Shell International Finance BV
2.50%, 09/12/2026		1,668,000		1,591,329
3.75%, 09/12/2046		1,527,000		1,381,103
Williams Cos., Inc. 5.40%, 03/04/2044		585,000		586,353
				38,178,710
Personal Products - 0.2%
GSK Consumer Healthcare Capital US LLC 3.38%, 03/24/2027 (A)		3,635,000		3,519,698
Pharmaceuticals - 0.6%
Astrazzeneca Finance LLC 1.20%, 05/28/2026		1,383,000		1,258,262
AstraZeneca PLC 4.38%, 08/17/2048		1,275,000		1,300,872
Bayer US Finance II LLC 4.38%, 12/15/2028 (A)		2,230,000		2,214,270
Bristol-Myers Squibb Co. 1.45%, 11/13/2030		1,702,000		1,385,676
Royalty Pharma PLC 2.20%, 09/02/2030		2,221,000		1,855,235
Viatris, Inc. 2.30%, 06/22/2027		1,329,000		1,177,096
				9,191,411
Professional Services - 0.3%
Equifax, Inc. 2.60%, 12/01/2024		2,138,000		2,083,164
Experian Finance PLC 2.75%, 03/08/2030 (A)		2,582,000		2,333,228
				4,416,392
Road & Rail - 0.4%
Avolon Holdings Funding Ltd.
2.88%, 02/15/2025 (A)		4,672,000		4,389,802
5.50%, 01/15/2026 (A)		1,741,000		1,744,826
				6,134,628
Semiconductors & Semiconductor Equipment - 1.6%
Broadcom, Inc. 1.95%, 02/15/2028 (A)		1,106,000		958,425

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

Transamerica Funds Semi-Annual Report 2022

Page    114

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment (continued)
Entegris Escrow Corp. 4.75%, 04/15/2029 (A)		$ 2,986,000		$ 2,877,787
KLA Corp. 3.30%, 03/01/2050		2,318,000		1,932,680
Microchip Technology, Inc. 0.98%, 09/01/2024 (A)		2,438,000		2,288,172
Micron Technology, Inc. 2.70%, 04/15/2032		3,930,000		3,273,093
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.25%, 11/30/2051 (A)		1,240,000		908,872
3.40%, 05/01/2030 (A)		1,216,000		1,109,046
QUALCOMM, Inc. 3.25%, 05/20/2027 - 05/20/2050		3,497,000		3,222,305
Skyworks Solutions, Inc. 1.80%, 06/01/2026		1,350,000		1,229,319
TSMC Global Ltd. 1.38%, 09/28/2030 (A)		5,908,000		4,777,352
				22,577,051
Software - 0.7%
Crowdstrike Holdings, Inc. 3.00%, 02/15/2029		570,000		505,958
Infor, Inc. 1.75%, 07/15/2025 (A)		2,732,000		2,546,033
Take-Two Interactive Software, Inc. 3.55%, 04/14/2025		3,484,000		3,451,747
Workday, Inc. 3.50%, 04/01/2027		3,274,000		3,194,314
				9,698,052
Specialty Retail - 0.2%
Lowe’s Cos., Inc. 3.75%, 04/01/2032 (C)		2,476,000		2,336,434
Technology Hardware, Storage & Peripherals - 0.7%
Apple, Inc. 2.65%, 05/11/2050		1,986,000		1,519,650
Dell International LLC / EMC Corp. 6.02%, 06/15/2026		2,232,000		2,357,699
Seagate HDD Cayman 4.13%, 01/15/2031		3,751,000		3,291,502
Western Digital Corp. 2.85%, 02/01/2029		3,762,000		3,331,976
				10,500,827
Tobacco - 0.7%
Altria Group, Inc. 2.45%, 02/04/2032		3,009,000		2,413,915
BAT Capital Corp.
2.26%, 03/25/2028		3,028,000		2,588,580
4.91%, 04/02/2030		2,213,000		2,135,591
BAT International Finance PLC 4.45%, 03/16/2028		2,197,000		2,117,524
				9,255,610
Wireless Telecommunication Services - 0.8%
America Movil SAB de CV 4.38%, 07/16/2042		2,100,000		1,973,536
Rogers Communications, Inc. 3.80%, 03/15/2032 (A)		4,017,000		3,720,944

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services (continued)
Sprint Corp. 7.88%, 09/15/2023		$ 1,290,000		$ 1,346,437
T-Mobile USA, Inc.
3.50%, 04/15/2031		700,000		620,431
3.88%, 04/15/2030		3,631,000		3,442,581
				11,103,929
Total Corporate Debt Securities (Cost $562,297,236)				513,721,163
FOREIGN GOVERNMENT OBLIGATIONS - 0.9%
Chile - 0.1%
Chile Government International Bond 3.50%, 01/25/2050		825,000		655,462
Colombia - 0.2%
Colombia Government International Bond 4.50%, 01/28/2026		3,650,000		3,497,904
Indonesia - 0.2%
Indonesia Government International Bond 4.75%, 01/08/2026 (A)		3,205,000		3,307,465
Mexico - 0.2%
Mexico Government International Bond 3.75%, 01/11/2028 (C)		2,481,000		2,390,295
Panama - 0.1%
Panama Government International Bond 3.88%, 03/17/2028		735,000		710,326
Peru - 0.0% (E)
Peru Government International Bond 7.35%, 07/21/2025		390,000		426,949
Poland - 0.0% (E)
Republic of Poland Government International Bond 3.00%, 03/17/2023		500,000		499,214
Qatar - 0.1%
Qatar Government International Bond 3.88%, 04/23/2023 (A)		913,000		923,489
Total Foreign Government Obligations (Cost $12,926,288)				12,411,104
MORTGAGE-BACKED SECURITIES - 7.8%
Alternative Loan Trust
Series 2005-36, Class 2A1A,
1-Month LIBOR + 0.62%, 1.29% (B), 08/25/2035		362,075		320,032
Series 2005-50CB, Class 1A1,
5.50%, 11/25/2035		500,170		445,568
Series 2005-51, Class 3A3A,
1-Month LIBOR + 0.64%, 1.23% (B), 11/20/2035		368,756		320,398
Series 2007-22, Class 2A16,
6.50%, 09/25/2037		4,754,989		2,398,009
Series 2007-5CB, Class 1A31,
5.50%, 04/25/2037		726,231		465,737
BB-UBS Trust Series 2012-TFT, Class A, 2.89%, 06/05/2030 (A)		1,893,357		1,880,496

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

Transamerica Funds Semi-Annual Report 2022

Page    115

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 (A)		$ 1,100,000		$ 1,098,106
Bear Stearns Alt-A Trust Series 2004-11, Class 2A2, 2.74% (B), 11/25/2034		27,360		27,412
CHL Mortgage Pass-Through Trust
Series 2003-60, Class 1A1,
2.17% (B), 02/25/2034		20,957		20,887
Series 2005-3, Class 1A2,
1-Month LIBOR + 0.58%, 1.25% (B), 04/25/2035		75,466		68,678
CIM Trust Series 2021-R6, Class A1, 1.43% (B), 07/25/2061 (A)		6,891,216		6,387,713
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		830,796		828,132
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		2,065,000		2,079,705
Citigroup Mortgage Loan Trust
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		265,367		256,364
Series 2015-PS1, Class A1,
3.75% (B), 09/25/2042 (A)		276,520		270,113
Citigroup Mortgage Loan Trust, Inc. Series 2018-RP1, Class A1, 3.00% (B), 09/25/2064 (A)		1,467,347		1,452,993
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (B), 08/10/2050		565,000		572,616
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (A)		1,669,325		1,655,988
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		4,680,000		4,692,975
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (A)		8,485,000		8,253,489
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (A)		7,035,000		6,886,935
CSMC Trust
Series 2014-11R, Class 17A1,
1-Month LIBOR + 0.15%, 0.61% (B), 12/27/2036 (A)		321,913		324,932
Series 2021-RPL2, Class A1A,
1.11% (B), 01/25/2060 (A)		6,892,249		6,226,360
Series 2021-RPL6, Class A1,
2.00% (B), 10/25/2060 (A)		4,695,412		4,384,665
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class B, 3.45%, 12/10/2036 (A)		6,050,000		5,858,286
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 3.22% (B), 03/18/2035		3,782		3,567
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (B), 04/10/2031 (A)		4,664,567		4,624,925

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
HarborView Mortgage Loan Trust Series 2004-4, Class 2A, 1-Month LIBOR + 0.56%, 1.11% (B), 06/19/2034		$ 172,563		$ 163,328
Impac CMB Trust Series 2004-6, Class 1A1, 1-Month LIBOR + 0.80%, 1.47% (B), 10/25/2034		6,525		6,423
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.06% (B), 08/25/2037		303,212		264,667
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY, Class B, 3.77%, 06/10/2027 (A)		4,800,000		1,326,528
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1,
1.70% (B), 02/25/2034		12,632		11,830
Series 2006-A2, Class 5A1,
2.28% (B), 11/25/2033		10,217		10,257
Series 2006-S3, Class 1A12,
6.50%, 08/25/2036		152,661		74,652
MASTR Adjustable Rate Mortgages Trust Series 2007-R5, Class A1, 2.81% (B), 11/25/2035 (A)		200,842		138,744
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1,
1-Month LIBOR + 0.64%, 1.31% (B), 10/25/2028		7,282		7,095
Series 2004-A1, Class 2A1,
2.32% (B), 02/25/2034		51,158		51,430
Series 2005-A4, Class 2A2,
2.45% (B), 07/25/2035		48,378		45,389
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class AS,
3.48%, 11/15/2045		1,800,000		1,800,659
Series 2013-C11, Class B,
4.50% (B), 08/15/2046		1,035,000		760,785
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (B), 12/25/2052 (A)		900,401		860,481
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (B), 01/25/2054 (A)		369,594		362,360
Series 2014-2A, Class A3,
3.75% (B), 05/25/2054 (A)		275,840		267,700
Series 2014-3A, Class AFX3,
3.75% (B), 11/25/2054 (A)		967,547		949,862
Series 2015-2A, Class A1,
3.75% (B), 08/25/2055 (A)		1,226,405		1,194,699
Series 2016-2A, Class A1,
3.75% (B), 11/26/2035 (A)		1,129,730		1,104,151
Series 2016-3A, Class A1B,
3.25% (B), 09/25/2056 (A)		1,579,591		1,520,610
Series 2017-1A, Class A1,
4.00% (B), 02/25/2057 (A)		1,997,377		1,975,186
Series 2017-2A, Class A3,
4.00% (B), 03/25/2057 (A)		869,762		855,067

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

Transamerica Funds Semi-Annual Report 2022

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Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		$ 3,183,080		$ 3,143,105
Series 2017-4A, Class A1,
4.00% (B), 05/25/2057 (A)		1,572,088		1,539,697
Series 2018-1A, Class A1A,
4.00% (B), 12/25/2057 (A)		977,491		959,033
Series 2019-4A, Class A1B,
3.50% (B), 12/25/2058 (A)		3,571,376		3,501,363
Series 2019-5A, Class A1B,
3.50% (B), 08/25/2059 (A)		1,664,730		1,637,573
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (A)		9,507,000		9,466,648
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (A)		6,500,000		6,060,858
RALI Trust Series 2007-QO4, Class A1A, 1-Month LIBOR + 0.38%, 1.05% (B), 05/25/2047		301,163		285,783
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-15, Class 1A1,
3.02% (B), 07/25/2035		210,348		143,418
Series 2007-3, Class 3A1,
3.26% (B), 04/25/2047		530,267		303,005
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 1.25% (B), 01/19/2034		15,426		15,156
Towd Point Mortgage Trust Series 2021-1, Class A1, 2.25% (B), 11/25/2061 (A)		5,051,798		4,806,774
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR8, Class 2A1A,
1-Month LIBOR + 0.58%, 1.25% (B), 07/25/2045		20,349		19,747
Series 2007-OA6, Class 1A1B,
12-MTA + 0.81%, 1.03% (B), 07/25/2047		24,628		491
Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class B, 3.78%, 02/15/2048		3,000,000		2,889,297
Total Mortgage-Backed Securities (Cost $120,622,260)				110,328,932
MUNICIPAL GOVERNMENT OBLIGATION - 0.0% (E)
Georgia - 0.0% (E)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		270,000		331,329
Total Municipal Government Obligation (Cost $319,562)				331,329

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 22.3%
Federal Home Loan Mortgage Corp.
6-Month LIBOR + 1.36%, 1.79% (B), 05/01/2037		$ 14,005		$ 14,355
6-Month LIBOR + 1.57%, 1.82% (B), 02/01/2037		2,473		2,465
6-Month LIBOR + 1.57%, 1.91% (B), 04/01/2037		21,704		22,057
12-Month LIBOR + 1.66%, 1.96% (B), 01/01/2038		54,097		55,635
12-Month LIBOR + 1.73%, 1.98% (B), 09/01/2035		171,105		176,074
12-Month LIBOR + 1.75%, 2.00% (B), 12/01/2034		6,378		6,477
12-Month LIBOR + 1.80%, 2.05% (B), 09/01/2037		10,279		10,662
6-Month LIBOR + 2.12%, 2.25% (B), 05/01/2037		4,907		4,916
12-Month LIBOR + 1.90%, 2.40% (B), 02/01/2041		49,829		50,401
5.00%, 12/01/2035		228,372		243,668
6.00%, 05/01/2031		160,626		173,416
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		3,879,233		3,878,744
3.01%, 07/25/2025		12,812,000		12,750,531
3.06% (B), 08/25/2024		4,914,595		4,898,787
3.17%, 10/25/2024		2,140,000		2,143,149
3.49%, 01/25/2024		6,965,000		7,011,879
Federal National Mortgage Association
6-Month LIBOR + 0.93%, 1.26% (B), 08/01/2037		1,127		1,141
6-Month LIBOR + 1.51%, 1.73% (B), 01/01/2035		4,779		4,929
6-Month LIBOR + 1.53%, 1.78% (B), 08/01/2034		714		715
12-Month LIBOR + 1.74%, 2.09% (B), 08/01/2035		19,146		19,892
12-Month LIBOR + 1.75%, 2.25% (B), 03/01/2041		12,453		12,397
3.50%, 07/01/2028 - 01/01/2029		1,064,149		1,070,535
4.50%, 02/01/2025 - 04/01/2025		35,359		36,138
5.00%, 04/01/2039 - 11/01/2039		5,335,787		5,563,587
5.50%, 04/01/2036 - 12/01/2041		2,524,826		2,718,499
6.00%, 02/01/2034 - 01/01/2040		2,390,201		2,607,555
6.50%, 06/01/2038 - 05/01/2040		953,209		1,039,608
Government National Mortgage Association, Interest Only STRIPS 0.64% (B), 02/16/2053		2,815,851		52,550
Tennessee Valley Authority 5.88%, 04/01/2036		2,768,000		3,449,390
Uniform Mortgage-Backed Security
2.00%, TBA (F)		82,063,000		74,291,527
2.50%, TBA (F)		76,545,000		70,382,834
3.00%, TBA (F)		50,126,000		47,316,203
3.50%, TBA (F)		47,806,000		46,416,638
4.00%, TBA (F)		30,902,000		30,758,957
Total U.S. Government Agency Obligations (Cost $324,336,172)				317,186,311

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

Transamerica Funds Semi-Annual Report 2022

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Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 22.9%
U.S. Treasury - 19.1%
U.S. Treasury Bond
1.25%, 05/15/2050		$ 3,201,000		$ 2,144,670
1.38%, 08/15/2050		1,413,000		977,288
1.88%, 02/15/2051 - 11/15/2051		20,739,000		16,336,299
2.00%, 02/15/2050		9,112,000		7,386,771
2.25%, 08/15/2046		3,501,000		2,966,551
2.38%, 05/15/2051		3,830,000		3,387,156
2.50%, 02/15/2045 - 05/15/2046		42,510,200		37,780,197
2.75%, 08/15/2042 - 11/15/2047		7,431,500		6,955,493
2.88%, 08/15/2045 - 05/15/2049		9,895,500		9,492,922
3.00%, 05/15/2042 - 08/15/2048		7,297,300		7,167,099
3.13%, 02/15/2042 - 05/15/2048		15,626,000		15,575,350
3.63%, 02/15/2044		9,479,600		10,143,172
5.25%, 02/15/2029		4,198,100		4,792,394
U.S. Treasury Note
0.25%, 05/31/2025		3,253,000		3,001,020
0.63%, 05/15/2030 - 08/15/2030		11,796,000		9,839,996
0.88%, 06/30/2026		2,410,100		2,216,256
1.13%, 02/15/2031 (C)		5,731,000		4,951,718
1.25%, 11/30/2026		12,997,000		12,068,933
1.38%, 11/15/2031		4,848,000		4,239,728
1.50%, 08/15/2026 - 02/15/2030		18,226,700		17,073,287
1.63%, 05/15/2026 - 05/15/2031		21,211,900		19,583,957
1.75%, 05/15/2023		1,619,200		1,612,179
1.88%, 02/15/2032		5,049,000		4,616,679
2.13%, 06/30/2022		2,305,000		2,310,461
2.25%, 11/15/2025 - 11/15/2027		13,649,900		13,190,291
2.38%, 01/31/2023		1,558,000		1,563,964
2.63%, 02/15/2029		2,275,400		2,231,225
2.88%, 05/15/2028 - 08/15/2028		35,899,800		35,732,872
3.13%, 11/15/2028		13,172,000		13,305,778
				272,643,706
U.S. Treasury Inflation-Protected Securities - 3.8%
U.S. Treasury Inflation-Protected Indexed Bond
0.25%, 02/15/2050		7,151,007		6,802,582
1.75%, 01/15/2028		4,218,794		4,721,053
2.50%, 01/15/2029		12,655,226		14,964,187
U.S. Treasury Inflation-Protected Indexed Note
0.13%, 07/15/2030		7,388,577		7,547,220
0.63%, 01/15/2024		18,944,294		19,773,847
				53,808,889
Total U.S. Government Obligations (Cost $351,486,587)				326,452,595
	Shares		Value
PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 7.70% (B)		52,502		1,423,329

	Shares		Value
PREFERRED STOCKS (continued)
Electric Utilities - 0.0% (E)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (B)		7,998		$ 187,473
Total Preferred Stocks (Cost $1,614,154)				1,610,802
	Principal		Value
COMMERCIAL PAPER - 19.1%
Banks - 2.3%
Korea Development Bank 0.84% (G), 06/08/2022		$15,000,000		14,986,666
Mackinac Funding Co. LLC 0.68% (G), 06/02/2022		16,000,000		15,987,322
Macquarie Bank Ltd. 0.68% (G), 06/06/2022		2,320,000		2,318,619
				33,292,607
Capital Markets - 1.1%
Cedar Springs Capital Co. LLC 0.39% (G), 05/02/2022		16,000,000		15,999,524
Consumer Finance - 1.2%
Toyota Motor Credit Corp. 1.02% (G), 07/14/2022		17,500,000		17,459,398
Diversified Financial Services - 13.3%
Atlantic Asset Securitization LLC 1.43% (G), 08/17/2022		12,773,000		12,719,804
Chariot Funding LLC 1.30% (G), 07/28/2022		16,000,000		15,950,400
Fairway Finance Co. LLC 0.30% (G), 05/03/2022		16,000,000		15,999,355
Glencove Funding LLC 0.99% (G), 07/08/2022		7,900,000		7,883,364
Lexington Parker Capital Co. LLC 0.53% (G), 05/16/2022		17,700,000		17,694,793
Liberty Funding LLC 0.39% (G), 05/13/2022		15,000,000		14,996,646
LMA-Americas LLC 1.13% (G), 07/18/2022		9,000,000		8,976,200
Mont Blanc Capital Corp. 0.92% (G), 06/13/2022		4,008,000		4,003,591
Old Line Funding LLC 0.53% (G), 05/24/2022		14,908,000		14,900,618
Ridgefield Funding Co. LLC
0.97% (G), 06/07/2022		17,000,000		16,984,604
1.02% (G), 06/10/2022		15,000,000		14,984,985
Sheffield Receivables Co. LLC 1.02% (G), 06/08/2022		15,000,000		14,985,950
Starbird Funding Corp.
0.31% (G), 05/13/2022		3,000,000		2,999,326
0.32% (G), 05/13/2022		9,425,000		9,422,881
1.02% (G), 07/11/2022		2,350,000		2,344,706
Victory Receivables Corp.
0.56% (G), 05/05/2022		7,060,000		7,059,525
1.02% (G), 07/08/2022		7,000,000		6,984,211
				188,890,959

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

Transamerica Funds Semi-Annual Report 2022

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Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
COMMERCIAL PAPER (continued)
Electric Utilities - 0.1%
Siemens Capital Co. LLC 0.32% (G), 05/16/2022		$ 1,700,000		$ 1,699,577
Food Products - 1.1%
Britannia Funding Co. LLC 0.36% (G), 05/13/2022		15,000,000		14,996,570
Total Commercial Paper (Cost $272,353,272)				272,338,635
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.6%
U.S. Treasury Bill 0.51% (G), 06/30/2022		36,931,000		36,888,632
Total Short-Term U.S. Government Obligation (Cost $36,899,304)				36,888,632
	Shares		Value
OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (G)		6,827,531		6,827,531
Total Other Investment Company (Cost $6,827,531)				6,827,531

	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 0.00% (G), dated 04/29/2022, to be repurchased at $16,224,878 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.50%, due 11/30/2028, and with a value of $16,549,432.		$16,224,878		$ 16,224,878
Total Repurchase Agreement (Cost $16,224,878)				16,224,878
Total Investments (Cost $1,803,550,404)				1,709,055,577
Net Other Assets (Liabilities) - (20.1)%				(285,841,823	)
Net Assets - 100.0%				$1,423,213,754

INVESTMENT VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	94,733,665	$	—	$	94,733,665
Corporate Debt Securities		—		513,721,163		—		513,721,163
Foreign Government Obligations		—		12,411,104		—		12,411,104
Mortgage-Backed Securities		—		110,328,932		—		110,328,932
Municipal Government Obligation		—		331,329		—		331,329
U.S. Government Agency Obligations		—		317,186,311		—		317,186,311
U.S. Government Obligations		—		326,452,595		—		326,452,595
Preferred Stocks		1,610,802		—		—		1,610,802
Commercial Paper		—		272,338,635		—		272,338,635
Short-Term U.S. Government Obligation		—		36,888,632		—		36,888,632
Other Investment Company		6,827,531		—		—		6,827,531
Repurchase Agreement		—		16,224,878		—		16,224,878
Total Investments	$	8,438,333	$	1,700,617,244	$	—	$	1,709,055,577

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)

Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $345,216,860, representing 24.3% of the Fund’s net assets.

(B)

Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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 2022

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Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $6,938,420, collateralized by cash collateral of $6,827,531 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $257,705. 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)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(G)	Rates disclosed reflect the yields at April 30, 2022.
(H)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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
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 2022

Page    120

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 97.6%
Alabama - 4.0%
Alabama Special Care Facilities Financing Authority, Revenue Bonds, 5.00%, 11/15/2046		$3,875,000		$4,118,330
Alabama State University, Revenue Bonds, 5.00%, 09/01/2038 - 09/01/2039		6,075,000		6,549,923
Bibb County Board of Education, Special Tax, Series B, BAM, 4.00%, 04/01/2045 - 04/01/2050		800,000		789,421
Black Belt Energy Gas District, Revenue Bonds, Fixed until 12/01/2031, 4.00% (A), 06/01/2051		8,925,000		9,173,277
County of Jefferson Sewer Revenue, Revenue Bonds, Series A, AGM, 5.50%, 10/01/2053		1,015,000		1,072,294
Dekalb-Jackson Cooperative District, Revenue Bonds, AGM, 4.05%, 01/01/2050		140,000		138,482
Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc., Revenue Bonds, AGM, 4.00%, 04/01/2025		70,000		72,204
Health Care Authority of the City of Huntsville, Revenue Bonds, Series B-1, 5.00%, 06/01/2038		4,050,000		4,439,621
Marshall County Board of Education, Special Tax, AGM, 4.00%, 03/01/2032		230,000		235,658
Muscle Shoals Sheffield & Tuscumbia Solid Waste Disposal Authority, Revenue Bonds, Series A, 6.00%, 05/01/2040 (B)		2,850,000		2,926,344
Phenix City Board of Education, Special Tax, BAM, 4.00%, 08/01/2044		2,730,000		2,728,672
Saraland Board of Education, Special Tax, Series B, AGM, 4.00%, 06/01/2031		1,170,000		1,232,996
Saraland Public Educational Building Authority, Revenue Bonds, AGM, 4.00%, 12/01/2030		1,540,000		1,643,068
Southeast Energy Authority Cooperative District, Revenue Bonds, Series B, Fixed until 12/01/2031, 4.00% (A), 12/01/2051		45,000,000		45,597,033

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Alabama (continued)
University of North Alabama, Revenue Bonds, Series A, BAM, 4.00%, 11/01/2044		$ 4,760,000		$ 4,867,309
				85,584,632
Alaska - 0.0% (C)
State of Alaska International Airports System, Revenue Bonds, Series A, 5.00%, 10/01/2031		65,000		69,278
Arizona - 1.8%
Arizona Industrial Development Authority, Revenue Bonds, 4.00%, 02/01/2050		4,675,000		4,570,594
Series A, 4.00%, 10/01/2049		950,000		931,756
5.00%, 03/01/2037		680,000		722,668
Series A, BAM, 5.00%, 06/01/2049 - 06/01/2058		17,280,000		18,620,568
Series B, 4.00%, 07/01/2041 - 07/01/2051		1,650,000		1,440,955
BluePath Trust, Revenue Bonds, 2.75%, 09/01/2026 (B) (D)		3,254,984		3,080,262
City of Litchfield Park Excise Tax Revenue, Revenue Bonds, 4.00%, 07/01/2041		775,000		797,117
County of Pima, Certificate of Participation, 5.00%, 12/01/2026		35,000		36,462
County of Santa Cruz Pledged Revenue, Revenue Bonds, AGM, 4.00%, 07/01/2026		140,000		145,863
Glendale Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2038		250,000		240,595
Goodyear McDowell Road Commercial Corridor Improvement District, Special Assessment, BAM, 3.00%, 01/01/2025		805,000		815,809
Industrial Development Authority of the City of Phoenix, Revenue Bonds, 5.00%, 07/01/2036		1,440,000		1,470,470
Industrial Development Authority of the County of Pima, Revenue Bonds, 4.00%, 04/01/2035 - 04/01/2036		1,665,000		1,669,532
La Paz County Industrial Development Authority, Revenue Bonds, 4.90%, 06/15/2028 (B)		460,000		457,577
Maricopa County Industrial Development Authority, Revenue Bonds, 4.00%, 07/01/2049 - 07/01/2054		2,650,000		2,682,590
Series A, 5.00%, 01/01/2034		175,000		182,292
Maricopa County Unified School District No. 89, General Obligation Limited, 5.00%, 07/01/2023		40,000		41,286

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

Transamerica Funds Semi-Annual Report 2022

Page    121

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arizona (continued)
Tempe Industrial Development Authority, Revenue Bonds, Class A, 4.00%, 12/01/2022 - 12/01/2026		$ 715,000		$ 725,090
				38,631,486
Arkansas - 0.5%
Little Rock School District, General Obligation Limited, 3.00%, 02/01/2026 - 02/01/2030		10,545,000		10,532,279
California - 13.7%
Adelanto Elementary School District Community Facilities District No. 1, Special Tax, BAM, 5.00%, 09/01/2036 - 09/01/2039		3,200,000		3,621,061
Adelanto School District, Special Tax, BAM, 4.00%, 09/01/2035 - 09/01/2036		555,000		569,884
Alameda Corridor Transportation Authority, Revenue Bonds, Series B, AGM, 4.00%, 10/01/2035 - 10/01/2037		2,510,000		2,566,200
Avalon Community Improvement Agency Successor Agency, Tax Allocation, Series A, AGM, 5.00%, 09/01/2025 - 09/01/2026		815,000		878,307
Baldwin Park / Monrovia School Facilities Grant Financing Authority, Revenue Bonds,
AGM, 3.00%, 10/01/2033		60,000		58,553
4.00%, 10/01/2027		185,000		194,307
Beaumont Public Improvement Authority, Revenue Bonds, Series A, AGM, 5.00%, 09/01/2038 - 09/01/2049		7,970,000		8,660,925
California County Tobacco Securitization Agency, Revenue Bonds, Series B-1, 1.75%, 06/01/2030		75,000		74,957
California Educational Facilities Authority, Revenue Bonds, 5.00%, 04/01/2051		7,000,000		8,574,474
California Health Facilities Financing Authority, Revenue Bonds, 5.00%, 08/15/2051 - 08/15/2055		3,420,000		3,757,160
Series B, 5.00%, 11/15/2031		75,000		81,676
California Housing Finance Agency, Revenue Bonds, Series E, FNMA, 2.50%, 02/01/2038		74,052		65,340
California Municipal Finance Authority, Revenue Bonds,
4.00%, 10/01/2050		4,450,000		4,327,681
4.38%, 07/01/2025 (B)		520,000		531,629
5.00%, 01/01/2035 - 01/01/2049		14,900,000		16,413,785

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Municipal Finance Authority, Revenue Bonds, (continued)
BAM, 4.00%, 05/15/2034 - 05/15/2046		$ 14,535,000		$ 14,547,162
BAM-TCRS, 5.00%, 05/15/2038 - 05/15/2041		8,500,000		9,157,171
Series A, 4.00%, 11/01/2031 (D)		14,905,000		16,028,664
4.00%, 10/01/2034 - 02/01/2051		13,130,000		12,878,525
4.50%, 06/01/2028 (B)		200,000		202,445
5.00%, 10/01/2044 - 02/01/2047		11,220,000		12,118,953
California Public Finance Authority, Revenue Bonds, Series A, 4.25%, 06/15/2029 (B)		735,000		730,957
California School Finance Authority, Revenue Bonds, Series A, 4.00%, 08/01/2025 (B)		350,000		353,788
California Statewide Communities Development Authority, Revenue Bonds, AGM, 5.00%, 10/01/2026		50,000		52,983
Series A, 3.00%, 11/01/2022 (B)		440,000		440,901
5.00%, 12/01/2025 - 12/01/2029 (B)		775,000		818,612
5.00%, 08/15/2041 - 08/15/2046		3,350,000		3,621,503
5.75%, 01/15/2045 (B)		100,000		100,955
California Statewide Communities Development Authority, Special Assessment, 4.00%, 09/02/2028 - 09/02/2044		2,840,000		2,822,432
5.00%, 09/02/2034		870,000		937,149
Carmichael Water District, Certificate of Participation, Series A, 4.00%, 11/01/2037		2,130,000		2,179,783
Cascade Union Elementary School District, General Obligation Unlimited,
Series B, AGM, 4.00%, 08/01/2036		80,000		81,679
Series B, AGM, 4.00%, 08/01/2034 - 08/01/2039		365,000		371,362
Chico Unified School District, General Obligation Unlimited, Series C, 4.00%, 08/01/2044		2,000,000		2,012,045
Chino Valley Unified School District, General Obligation Limited, Series B, 5.00%, 08/01/2055		30,760,000		33,968,151
Chowchilla Elementary School District, General Obligation Unlimited, 5.00%, 08/01/2048		650,000		696,469
City of Azusa, Special Tax, AGM, 5.00%, 09/01/2049		1,400,000		1,546,014

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

Transamerica Funds Semi-Annual Report 2022

Page    122

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
City of Beaumont, Special Tax, 5.00%, 09/01/2044		$ 345,000		$ 365,563
City of Fontana, Special Tax, 4.00%, 09/01/2045 - 09/01/2050		600,000		548,590
City of Lathrop, Special Assessment, 4.00%, 09/02/2022		145,000		145,887
City of Lemoore Water Revenue, Revenue Bonds, BAM, 5.00%, 06/01/2049		6,100,000		6,734,789
City of Los Angeles Department of Airports, Revenue Bonds, Series C, 5.00%, 05/15/2038		4,605,000		4,860,421
City of Porterville Sewer Revenue, Certificate of Participation, Series C, AGM, 4.00%, 09/15/2049		3,135,000		3,090,021
City of Sacramento, Special Tax, Series 02, 5.00%, 09/01/2044 - 09/01/2049		2,325,000		2,450,435
Coachella Redevelopment Successor Agency, Tax Allocation, AGM, 5.00%, 09/01/2026		70,000		73,998
Series A, AGM, 4.00%, 09/01/2032		110,000		113,415
5.00%, 09/01/2029 - 09/01/2030		610,000		667,966
Colton Joint Unified School District, General Obligation Unlimited,
BAM, 4.00%, 02/01/2033		55,000		56,641
5.00%, 02/01/2029		105,000		113,657
Compton Unified School District, General Obligation Unlimited,
Series B, BAM, Zero Coupon, 06/01/2034		430,000		265,615
Series B, BAM, 4.00%, 06/01/2049		5,855,000		5,762,126
County of El Dorado, Special Tax, 5.00%, 09/01/2029		1,110,000		1,207,514
BAM, 3.00%, 09/01/2025 - 09/01/2026		260,000		263,824
County of San Bernardino, Special Tax, 4.00%, 09/01/2047		100,000		93,478
Coyote Canyon Public Facilities Community Facilities District No. 2004-1, Special Tax, Series A, AGM, 4.00%, 09/01/2029		60,000		62,983
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, Revenue Bonds,
Series B, 3.00%, 12/01/2031		3,170,000		3,066,426
3.25%, 12/01/2036		3,250,000		3,117,113
Desert Community College District, General Obligation Unlimited, Series A, 4.00%, 08/01/2040 - 08/01/2051		13,925,000		13,817,577

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Durham Unified School District, General Obligation Unlimited, Series A, AGM, 4.00%, 08/01/2037 - 08/01/2039		$ 710,000		$ 718,058
Elk Grove Unified School District, Certificate of Participation, BAM, 5.00%, 02/01/2027 - 02/01/2028		2,245,000		2,428,980
Etiwanda School District, Special Tax,
Series 2, 3.00%, 09/01/2022		85,000		85,211
3.50%, 09/01/2023		75,000		75,375
Eureka City Schools, General Obligation Unlimited, BAM, 4.00%, 08/01/2038		85,000		86,570
Fairfield-Suisun Unified School District Public Financing Authority, Special Tax, BAM, 2.25%, 08/15/2023		2,215,000		2,213,393
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Series A, AGM, 5.00%, 01/15/2042		70,000		72,712
Golden State Tobacco Securitization Corp., Revenue Bonds, Series B-2, Zero Coupon, 06/01/2066		55,000,000		5,921,113
Heber Elementary School District, General Obligation Unlimited, Series A, AGM, 4.00%, 08/01/2035 - 08/01/2038		360,000		365,824
Inglewood Unified School District, General Obligation Unlimited, Series A, AGM, 4.00%, 08/01/2051		1,500,000		1,461,302
Jurupa Community Services District, Special Tax, Series A, 4.00%, 09/01/2045 - 09/01/2050		665,000		605,189
Konocti Unified School District, General Obligation Unlimited, AGM, 5.00%, 08/01/2042		680,000		733,097
Lynwood Unified School District, General Obligation Unlimited, Series B, BAM, 4.00%, 08/01/2045 - 08/01/2049		5,125,000		5,081,968
Madera County Public Financing Authority, Revenue Bonds, BAM, 4.00%, 10/01/2050		8,130,000		8,149,515
Marin Healthcare District, General Obligation Unlimited, Series A, 5.00%, 08/01/2041		2,240,000		2,442,859

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

Transamerica Funds Semi-Annual Report 2022

Page    123

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
McFarland Unified School District, General Obligation Unlimited, Series A, BAM, 4.00%, 11/01/2040 - 11/01/2045		$ 550,000		$ 548,255
Menifee Union School District Public Financing Authority, Special Tax,
Series A, 5.00%, 09/01/2023		225,000		230,925
Series A, BAM, 5.00%, 09/01/2029 - 09/01/2034		1,155,000		1,234,719
Mountain House Public Financing Authority, Revenue Bonds,
4.00%, 10/01/2046 - 10/01/2051		4,350,000		4,294,378
Series A, BAM, 4.00%, 12/01/2036 - 12/01/2038		610,000		627,247
Mountain View School District, General Obligation Unlimited, Series D, AGM, 4.00%, 08/01/2049		1,000,000		985,677
Oakdale Public Financing Authority, Special Tax, 2.63%, 09/01/2022		110,000		110,103
Ontario International Airport Authority, Revenue Bonds, Series A, AGM, 5.00%, 05/15/2046		1,500,000		1,647,191
Oxnard Financing Authority, Revenue Bonds, Series A, BAM, 4.00%, 06/01/2055		2,970,000		2,973,967
Palomar Health, Certificate of Participation, AGM-CR, 4.00%, 11/01/2047		375,000		390,376
Parlier Unified School District, General Obligation Unlimited, Series B, AGM, 4.00%, 08/01/2048 - 08/01/2051		1,010,000		1,003,814
Pollock Pines Elementary School District, General Obligation Unlimited, AGM, 4.00%, 08/01/2049		1,565,000		1,540,054
Rancho Cordova Community Facilities District, Special Tax, 4.00%, 09/01/2041		325,000		310,465
Rio Elementary School District Community Facilities District, Special Tax, BAM, 5.00%, 09/01/2029 - 09/01/2032		1,510,000		1,639,028
River Islands Public Financing Authority, Revenue Bonds, AGM, 4.00%, 09/01/2045 - 09/01/2050		2,400,000		2,411,536
River Islands Public Financing Authority, Special Tax, 4.00%, 09/01/2051		665,000		601,787

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Robla School District, General Obligation Unlimited,
Series A, AGM,
4.00%, 08/01/2037 - 08/01/2038		$ 1,075,000		$ 1,092,595
5.00%, 08/01/2044		1,720,000		1,878,187
San Bernardino County Redevelopment Successor Agency, Tax Allocation, Series B, AGM, 5.00%, 09/01/2025 - 09/01/2026		230,000		247,119
San Diego Public Facilities Financing Authority, Revenue Bonds, Series A, 5.00%, 10/15/2044		365,000		387,789
San Diego Unified School District, General Obligation Unlimited,
Series K-2,
Zero Coupon, 07/01/2030		1,350,000		1,035,771
Series L,
4.00%, 07/01/2049		3,000,000		2,981,490
San Leandro Unified School District, General Obligation Unlimited, AGC, Zero Coupon (E), 08/01/2039		305,000		278,010
Sanger Unified School District, Certificate of Participation, AGM, 5.00%, 06/01/2052		2,500,000		2,552,525
Sanger Unified School District, General Obligation Unlimited, Series A, BAM, 4.00%, 08/01/2055		1,500,000		1,464,806
Santa Ana Unified School District, General Obligation Unlimited, Series A, 4.00%, 08/01/2048		4,265,000		4,211,654
Saugus Union School District Financing Authority, Revenue Bonds, Series A, BAM, 4.00%, 09/01/2049		875,000		861,034
Snowline Joint Unified School District, Special Tax, Series A, 3.00%, 09/01/2022		280,000		280,722
Stockton Public Financing Authority, Special Tax, Series A, BAM, 4.00%, 09/02/2030		685,000		714,793
Successor Agency to the Upland Community Redevelopment Agency, Tax Allocation, AGM, 5.00%, 09/01/2022		60,000		60,663
Sunnyvale School District, General Obligation Unlimited, Series A, 4.00%, 09/01/2050		3,805,000		3,839,584

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

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Page    124

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Sutter Union High School District, General Obligation Unlimited, BAM, Zero Coupon, 08/01/2028		$ 140,000		$ 113,421
Tahoe-Truckee Unified School District, Certificate of Participation, BAM, 4.00%, 06/01/2043		1,000,000		1,002,010
Temescal Valley Water District, Special Tax, 4.00%, 09/01/2025		390,000		399,229
Tulare Local Health Care District, General Obligation Unlimited, BAM, 4.00%, 08/01/2039		1,500,000		1,532,716
Upland Community Facilities District, Special Tax, Series A, 4.00%, 09/01/2049		750,000		692,732
Vacaville Unified School District, Certificate of Participation, AGM, 4.00%, 12/01/2024		105,000		109,097
Washington Township Health Care District, General Obligation Unlimited, Series DT, 4.00%, 08/01/2034 - 08/01/2036		1,610,000		1,675,870
West Kern Community College District, Certificate of Participation, AGM, 4.00%, 11/01/2040 - 11/01/2044		1,390,000		1,404,517
				292,728,703
Colorado - 2.0%
BNC Metropolitan District No. 1, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2032		360,000		392,598
Bradburn Metropolitan District No. 2, General Obligation Limited, Series A, 4.00%, 12/01/2028 (D)		294,000		289,150
Brighton Crossing Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2037		525,000		529,235
Brighton Crossing Metropolitan District No. 6, General Obligation Limited, Series A, 5.00%, 12/01/2050		2,005,000		1,864,079
Bromley Park Metropolitan District No. 2, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2031		285,000		316,054
Castle Oaks Metropolitan District No. 3, General Obligation Limited, AGM, 4.00%, 12/01/2040 - 12/01/2050		2,470,000		2,545,558

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
City of Arvada, Certificate of Participation, 4.00%, 12/01/2032 - 12/01/2033		$ 1,080,000		$ 1,125,484
Colorado Educational & Cultural Facilities Authority, Revenue Bonds,
4.00%, 08/01/2024 - 08/01/2026		180,000		186,778
5.00%, 06/15/2029 - 08/01/2031		1,590,000		1,701,705
Series A,
5.00%, 06/01/2036		200,000		211,898
Colorado Health Facilities Authority, Revenue Bonds,
Series A,
4.00%, 08/01/2049 - 09/01/2050		4,800,000		4,479,836
5.00%, 12/01/2033		100,000		103,751
Series B,
4.00%, 01/01/2040		5,000,000		4,954,035
Denver Health & Hospital Authority, Revenue Bonds, Series A, 4.00%, 12/01/2040		750,000		733,308
Erie Commons Metropolitan District No. 2, General Obligation Limited, Series A, AGM, 4.00%, 12/01/2039		1,260,000		1,308,385
Flying Horse Metropolitan District No. 2, General Obligation Limited, Series A, AGM, 4.00%, 12/01/2050		745,000		730,568
Heather Gardens Metropolitan District, General Obligation Unlimited, AGM, 4.00%, 12/01/2025 - 12/01/2030		755,000		800,583
Highpointe Vista Metropolitan District No. 2, General Obligation Limited, BAM, 4.00%, 12/01/2046		525,000		547,876
Northglenn Urban Renewal Authority, Tax Allocation, 4.00%, 12/01/2024 - 12/01/2038		2,215,000		2,233,888
Park Creek Metropolitan District, Revenue Bonds,
Series A,
5.00%, 12/01/2032 - 12/01/2037		1,205,000		1,276,006
Series A, AGM,
4.00%, 12/01/2046		6,530,000		6,718,633
Series A, NATL-IBC,
5.00%, 12/01/2045		1,220,000		1,282,540
Rampart Range Metropolitan District No. 5, Revenue Bonds, 4.00%, 12/01/2051		4,000,000		3,103,991
Sand Creek Metropolitan District, General Obligation Limited, AGM, 4.00%, 12/01/2032 - 12/01/2033		965,000		1,022,065
Silver Peaks Metropolitan District No. 2, General Obligation Limited, BAM, 5.00%, 12/01/2037 - 12/01/2042		1,520,000		1,632,397

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

Transamerica Funds Semi-Annual Report 2022

Page    125

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
South Sloan’s Lake Metropolitan District No. 2, General Obligation Limited, AGM, 4.00%, 12/01/2044		$ 435,000		$ 449,270
Transport Metropolitan District No. 3, General Obligation Limited, Series A-2, Zero Coupon (E), 12/01/2051		1,000,000		834,135
Wyndham Hill Metropolitan District No. 2, General Obligation Limited, Series A, BAM, 4.00%, 12/01/2034		540,000		562,875
				41,936,681
Connecticut - 0.6%
City of Hartford, General Obligation Unlimited,
Series A,
5.00%, 04/01/2030		20,000		20,050
Series A, AGM,
5.00%, 07/01/2025 - 07/01/2032		460,000		491,778
Series A, BAM-TCRS,
5.00%, 04/01/2025		765,000		767,129
City of New Haven, General Obligation Unlimited,
Series A,
5.50%, 08/01/2035 - 08/01/2037		555,000		619,581
Series A, BAM-TCRS,
5.00%, 08/01/2037		435,000		470,959
Series B, BAM,
5.00%, 08/15/2025		40,000		42,908
Connecticut Housing Finance Authority, Revenue Bonds, Series 24, 3.80%, 06/15/2031		120,000		122,365
Connecticut State Health & Educational Facilities Authority, Revenue Bonds,
Series A, AGM-CR,
2.13%, 07/01/2031		7,790,000		6,967,554
Series B-2,
2.75%, 01/01/2026 (B)		650,000		634,678
Series J,
5.00%, 07/01/2034		310,000		311,797
State of Connecticut, General Obligation Unlimited, Series B, 4.00%, 03/01/2029		25,000		25,310
Town of Hamden, General Obligation Unlimited,
BAM,
6.00%, 08/15/2033		665,000		769,289
Series A, BAM,
5.00%, 08/01/2027		440,000		488,339
				11,731,737
Delaware - 0.1%
Delaware Municipal Electric Corp., Revenue Bonds, Series A, BAM, 5.00%, 10/01/2035 - 10/01/2038		1,425,000		1,616,470

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Delaware (continued)
Delaware State Economic Development Authority, Revenue Bonds, 5.00%, 08/01/2049		$ 875,000		$ 871,403
				2,487,873
District of Columbia - 1.3%
District of Columbia, Revenue Bonds,
4.00%, 07/01/2049		1,000,000		885,148
Series A,
4.13%, 07/01/2027		1,010,000		1,010,342
5.00%, 07/01/2032		1,500,000		1,514,157
District of Columbia Housing Finance Agency, Revenue Bonds, Series A, 3.70%, 09/01/2033		1,510,000		1,529,770
District of Columbia Water & Sewer Authority, Revenue Bonds, Series A, 5.00%, 10/01/2023		25,000		25,294
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds,
AGM,
4.00%, 10/01/2052		20,000,000		19,687,368
Series B, AGM,
4.00%, 10/01/2053		1,325,000		1,303,950
Series B, AGM-CR,
6.50% (E), 10/01/2044		1,065,000		1,288,981
Series C, AGC,
6.50% (E), 10/01/2041		285,000		330,983
				27,575,993
Florida - 3.4%
Board of Governors International University Dormitory Revenue, Revenue Bonds, Series A, BAM, 4.00%, 07/01/2032		2,195,000		2,304,152
Bridgewater Community Development District, Special Assessment, 4.50%, 05/01/2031		25,000		25,430
Capital Trust Agency, Inc., Revenue Bonds, 3.50%, 07/01/2022 (B)		570,000		569,159
City of Cape Coral Water & Sewer Revenue, Special Assessment,
AGM,
2.13%, 09/01/2022		80,000		80,181
2.75%, 09/01/2025 - 09/01/2026		250,000		250,458
City of Fort Myers, Revenue Bonds, 4.00%, 12/01/2032 - 12/01/2033		310,000		320,235
City of Jacksonville, Revenue Bonds, Series C, 5.00%, 10/01/2031		100,000		101,360
City of Miami Parking System Revenue, Revenue Bonds, BAM, 5.00%, 10/01/2028 - 10/01/2029		745,000		840,604
City of Orlando Tourist Development Tax Revenue, Revenue Bonds,
Series A, AGM,
5.00%, 11/01/2027 - 11/01/2032		11,230,000		12,496,630

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

Transamerica Funds Semi-Annual Report 2022

Page    126

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
City of Orlando Tourist Development Tax Revenue, Revenue Bonds, (continued)
Series B, AGM,
5.00%, 11/01/2025 - 11/01/2038		$ 7,870,000		$ 8,619,582
City of Tallahassee, Revenue Bonds, 5.00%, 10/01/2023		55,000		55,649
City of Tampa, Revenue Bonds,
Series A,
5.00%, 11/15/2025		150,000		150,206
Series B,
4.00%, 07/01/2045		1,000,000		978,815
5.00%, 07/01/2050		550,000		591,684
County of Polk Utility System Revenue, Revenue Bonds, BAM, 5.00%, 10/01/2043		10,000,000		10,381,676
Florida Development Finance Corp., Revenue Bonds,
AGM,
4.00%, 02/01/2042 - 02/01/2046		6,065,000		5,898,120
Series A,
5.00%, 06/15/2035 - 06/15/2040		2,000,000		2,061,672
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, 5.00%, 04/01/2035		1,050,000		1,131,957
Florida Keys Aqueduct Authority, Revenue Bonds, Series A, 5.00%, 09/01/2049		500,000		527,643
Florida State Board of Governors, Revenue Bonds, Series A, AGM, 5.00%, 11/01/2028		390,000		436,616
Herons Glen Recreation District, Special Assessment, BAM, 3.00%, 05/01/2034 - 05/01/2035		495,000		458,874
Hillsborough County Industrial Development Authority, Revenue Bonds, 4.00%, 08/01/2055		6,040,000		5,710,381
Lee County Industrial Development Authority, Revenue Bonds, 5.00%, 11/15/2039 - 11/15/2044		3,500,000		3,749,055
Miami-Dade County Industrial Development Authority, Revenue Bonds, Series A, 5.00%, 06/01/2047 (B)		1,875,000		1,705,544
North Sumter County Utility Dependent District, Revenue Bonds,
5.00%, 10/01/2042		135,000		136,685
BAM,
5.00%, 10/01/2036 - 10/01/2037		500,000		562,425
Orange County Health Facilities Authority, Revenue Bonds,
Series A,
5.00%, 10/01/2033 - 10/01/2034		8,200,000		8,881,841
Series B,
5.00%, 10/01/2044		300,000		322,250

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Palm Beach County Health Facilities Authority, Revenue Bonds, 5.00%, 05/15/2032		$ 900,000		$ 929,049
St. Johns County Industrial Development Authority, Revenue Bonds, 4.00%, 12/15/2022 - 12/15/2024		370,000		372,610
Village Community Development District No. 12, Special Assessment, 3.25%, 05/01/2023 (B)		185,000		184,932
Volusia County School Board, Certificate of Participation, Series A, BAM, 5.00%, 08/01/2027 - 08/01/2028		625,000		676,810
				71,512,285
Georgia - 3.0%
Bibb County Development Authority, Revenue Bonds, 5.25%, 06/01/2050		4,920,000		5,418,011
City of Bainbridge Combined Utility Revenue, Revenue Bonds, BAM, 4.00%, 12/01/2051		1,200,000		1,226,557
Cobb County Kennestone Hospital Authority Revenue, Revenue Bonds, 5.00%, 04/01/2050		7,075,000		7,723,034
Cornelia Urban Redevelopment Agency, Revenue Bonds, AGM, 5.00%, 10/01/2054		1,140,000		1,251,515
Development Authority of Lagrange, Revenue Bonds, 4.50%, 10/15/2031		1,975,000		1,850,292
Fulton County Development Authority Revenue, Revenue Bonds, 4.00%, 07/01/2039 - 04/01/2050		11,035,000		10,731,845
Gainesville & Hall County Hospital Authority, Revenue Bonds, Class A, 4.00%, 02/15/2051		10,785,000		10,509,056
George L Smith II Congress Center Authority, Revenue Bonds, 4.00%, 01/01/2036		1,250,000		1,185,819
Georgia Housing & Finance Authority, Revenue Bonds,
Series A-1,
3.20%, 12/01/2036		415,000		397,517
3.25%, 12/01/2037		1,320,000		1,268,182
Main Street Natural Gas, Inc., Revenue Bonds, Series A, 5.00%, 05/15/2049		5,000,000		5,514,729
Municipal Electric Authority of Georgia, Revenue Bonds, AGM, 5.00%, 01/01/2062		15,810,000		17,070,773
				64,147,330

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

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Guam - 0.0% (C)
Guam Government Waterworks Authority, Revenue Bonds, 5.00%, 07/01/2023 - 07/01/2031		$ 335,000		$ 355,015
Guam Power Authority, Revenue Bonds,
Series A,
5.00%, 10/01/2034		120,000		121,682
Series A, AGM,
5.00%, 10/01/2026		215,000		218,014
				694,711
Idaho - 0.5%
County of Nez Perce, Revenue Bonds, 2.75%, 10/01/2024		4,500,000		4,508,293
Idaho Housing & Finance Association, Revenue Bonds,
Series A,
4.00%, 07/01/2026		160,000		160,364
4.63%, 07/01/2029 (B)		185,000		191,696
Idaho State Health Facilities Authority Revenue, Revenue Bonds, 4.00%, 03/01/2046		5,000,000		4,878,578
				9,738,931
Illinois - 14.9%
Adams County School District No. 172, General Obligation Unlimited,
AGM,
3.00%, 02/01/2033		335,000		325,727
4.00%, 02/01/2032 - 02/01/2035		3,000,000		3,093,603
5.00%, 02/01/2029		1,320,000		1,421,988
Berwyn Municipal Securitization Corp., Revenue Bonds, Series A, AGM- CR, 5.00%, 01/01/2035		8,230,000		9,179,934
Carol Stream Park District, General Obligation Unlimited, BAM, 5.00%, 01/01/2037		1,375,000		1,481,177
Channahon Park District, General Obligation Unlimited, Series A, BAM, 4.00%, 12/15/2038		50,000		51,503
Chicago Board of Education, General Obligation Unlimited, Series A, NATL, Zero Coupon, 12/01/2022		25,000		24,652
Chicago O’Hare International Airport, Revenue Bonds, Series D, BAM-TCRS, 5.00%, 01/01/2039		25,000		25,362
City of Chicago Wastewater Transmission Revenue, Revenue Bonds,
AGM-CR,
5.00%, 01/01/2024		100,000		100,214
Series A, AGM,
5.25%, 01/01/2042		645,000		709,507
City of Chicago Waterworks Revenue, Revenue Bonds,
4.00%, 11/01/2023		500,000		504,224

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Chicago Waterworks Revenue, Revenue Bonds, (continued)
5.00%, 11/01/2028		$ 500,000		$ 524,690
AGM-CR,
5.00%, 11/01/2027		165,000		167,570
City of Country Club Hills, General Obligation Unlimited,
BAM,
4.00%, 12/01/2028 - 12/01/2031		1,340,000		1,402,725
4.50%, 12/01/2030 - 12/01/2031		1,295,000		1,337,306
City of East Moline, General Obligation Unlimited, Series A, AGM, 4.00%, 01/15/2036 - 01/15/2037		1,100,000		1,115,910
City of Flora, General Obligation Unlimited, BAM, 3.50%, 11/01/2023		95,000		96,888
City of Monmouth, General Obligation Unlimited, Series A, AGM, Zero Coupon, 12/01/2044		100,000		33,706
City of North Chicago, General Obligation Unlimited, Series B, AGM, 4.00%, 11/01/2023		40,000		40,868
City of Peoria, General Obligation Unlimited, Series B, BAM-TCRS, 5.00%, 01/01/2026 - 01/01/2027		1,445,000		1,549,363
City of Rock Island, General Obligation Unlimited, Series B, 4.00%, 12/01/2030		255,000		272,067
City of Waukegan, General Obligation Unlimited,
Series A, AGM,
5.00%, 12/30/2035 - 12/30/2036		2,220,000		2,425,402
Series B, AGM,
5.00%, 12/30/2030 - 12/30/2032		1,620,000		1,778,724
Cook & Will Counties Community College District No. 515, General Obligation Limited, 5.00%, 12/01/2024		45,000		47,619
Cook & Will Counties School District No. 194, General Obligation Limited, Series B, BAM, 5.00%, 12/01/2033		775,000		822,093
Cook & Will Counties School District No. 194, General Obligation Unlimited, BAM, 4.13%, 12/01/2035		680,000		706,793
Cook County Community College District No. 508, General Obligation Unlimited, 5.00%, 12/01/2022 - 12/01/2024		1,375,000		1,412,092
BAM-TCRS, 5.25%, 12/01/2027 - 12/01/2043		3,050,000		3,170,306
Cook County High School District No. 209 Proviso Township, General Obligation Limited, Series B, AGM, 5.00%, 12/01/2032		1,500,000		1,675,695

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

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Page    128

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Cook County School District No. 111, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2037		$ 2,350,000		$ 2,613,510
Cook County School District No. 111, General Obligation Unlimited, AGM, 4.00%, 12/01/2033 - 12/01/2034		1,195,000		1,245,056
Cook County School District No. 149, General Obligation Limited, Series A-1, AGM, 4.00%, 12/01/2028		980,000		1,010,822
Cook County School District No. 160, General Obligation Unlimited, Series A, BAM, 4.00%, 12/01/2026 - 12/01/2027		235,000		248,227
Cook County School District No. 94, General Obligation Unlimited, BAM, 4.00%, 12/01/2037 - 12/01/2040		1,230,000		1,260,039
Cook County Township High School District No. 220, General Obligation Unlimited, BAM, 5.00%, 12/01/2028 - 12/01/2034		1,265,000		1,421,406
County of Cook, General Obligation Unlimited, Series C, AGM-CR, 5.00%, 11/15/2024		1,500,000		1,524,785
County of Logan, General Obligation Unlimited, Series B, BAM, 3.25%, 11/01/2037		50,000		49,275
County of Sangamon, General Obligation Limited, BAM, 4.00%, 12/15/2040		300,000		310,286
DeKalb & Kane Counties Community Unit School District No. 427, General Obligation Limited, Series B, BAM, 4.00%, 02/01/2039 - 02/01/2040		805,000		830,282
Douglas & Champaign Counties Community Unit School District No. 302, General Obligation Unlimited, Series B, AGM, 4.00%, 12/01/2034		385,000		405,079
Henry & Whiteside Counties Community Unit School District No. 228, General Obligation Unlimited, Series A, AGM, 5.00%, 08/15/2028		150,000		161,543
Illinois Finance Authority, Revenue Bonds,
4.00%, 08/01/2032 - 08/15/2038		20,415,000		20,090,725
5.00%, 08/01/2025 - 04/01/2034		4,955,000		5,398,700
AGM, 4.00%, 12/01/2023		140,000		143,451

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois Finance Authority, Revenue Bonds, (continued)
5.00%, 12/01/2036		$ 1,900,000		$ 2,038,413
Series A, 4.00%, 11/01/2023 - 05/01/2050		2,005,000		2,010,350
4.13%, 05/15/2047		5,335,000		5,280,886
5.00%, 07/01/2022 - 11/01/2029		5,485,000		5,823,640
Illinois Housing Development Authority, Revenue Bonds, FNMA, 2.63%, 09/01/2032		1,428,693		1,299,964
Illinois Sports Facilities Authority, Revenue Bonds, BAM-TCRS, 5.00%, 06/15/2029		1,980,000		2,233,858
Illinois State Toll Highway Authority, Revenue Bonds, Series A, 5.00%, 01/01/2044		1,500,000		1,648,041
Series B, 5.00%, 01/01/2037		140,000		149,650
Kane Cook & DuPage Counties School District No. U-46, General Obligation Limited, Series A, 5.00%, 01/01/2033		135,000		139,663
Kane Cook & DuPage Counties School District No. U-46, General Obligation Unlimited, Series D, 5.00%, 01/01/2025 - 01/01/2026		130,000		135,267
Knox & Warren Counties Community Unit School District No. 205, General Obligation Unlimited, Series A, BAM, 4.00%, 12/01/2039		1,300,000		1,324,502
Series B, 3.50%, 01/01/2027		135,000		136,131
Series B, BAM, 4.00%, 01/01/2034 - 01/01/2036		1,785,000		1,839,749
Lake County Community Unit School District No. 116, General Obligation Limited, Series B, 3.00%, 01/15/2023		105,000		105,795
Macon County School District No. 61, General Obligation Unlimited, AGM, 5.00%, 12/01/2040		550,000		609,214
Series C, AGM, 4.00%, 01/01/2040 - 01/01/2045		4,530,000		4,617,556
Macoupin Sangamon & Montgomery Counties Community Unit School District, General Obligation Unlimited, BAM, 4.50%, 12/01/2036 - 12/01/2041		1,625,000		1,667,278

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

Transamerica Funds Semi-Annual Report 2022

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Madison & Jersey Counties Unit School District No. 11, General Obligation Unlimited, BAM, 5.00%, 12/01/2030		$ 3,270,000		$ 3,661,759
Series B, BAM, 3.50%, 03/01/2029		1,700,000		1,724,652
Madison-Macoupin Etc. Counties Community College District No. 536, General Obligation Unlimited, Series A, AGM, 5.00%, 11/01/2031 - 11/01/2033		3,580,000		3,837,502
Series A, BAM-TCRS, 5.00%, 11/01/2026		975,000		1,022,427
McHenry County Community Unit School District No. 12, General Obligation Unlimited, BAM, 5.00%, 01/01/2035		2,625,000		2,772,371
McHenry County Conservation District, General Obligation Unlimited, 5.00%, 02/01/2026		110,000		117,183
McLean County Public Building Commission, Revenue Bonds, 4.00%, 12/01/2034		1,245,000		1,282,867
Metropolitan Pier & Exposition Authority, Revenue Bonds, NATL, 5.70% (E), 06/15/2023		165,000		171,192
Series B, BAM-TCRS, 5.00%, 06/15/2052		315,000		334,429
Northeastern Illinois University, Certificate of Participation, AGM, 3.00%, 07/01/2023		525,000		522,257
4.00%, 07/01/2025		245,000		247,118
Northeastern Illinois University, Revenue Bonds, Series 1, BAM, 4.00%, 07/01/2022		670,000		672,812
Northern Illinois University, Certificate of Participation, AGM, 5.00%, 09/01/2024		105,000		110,166
Northern Illinois University, Revenue Bonds, BAM, 4.00%, 10/01/2043		1,275,000		1,241,737
Series B, BAM, 4.00%, 04/01/2036 - 04/01/2041		4,595,000		4,575,284
5.00%, 04/01/2027		355,000		386,493
Pulaski Massac Alexander & Johnson Counties Community Unit School District No. 10, General Obligation Unlimited, Series C, AGM, 4.00%, 12/01/2026 - 12/01/2029		625,000		640,666

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Regional Transportation Authority, Revenue Bonds, Series A, NATL, 5.50%, 07/01/2025		$ 65,000		$ 71,147
Rock Island County Public Building Commission, Revenue Bonds, AGM, 5.00%, 12/01/2025 - 12/01/2041		1,530,000		1,671,805
Sales Tax Securitization Corp., Revenue Bonds, BAM-TCRS, 5.00%, 01/01/2038		6,525,000		7,056,266
Sangamon County Water Reclamation District, General Obligation Unlimited, Series A, BAM-TCRS, 4.00%, 01/01/2044		14,135,000		14,489,442
Sangamon Logan & Menard Counties Community Unit School District No. 15, General Obligation Unlimited, Series B, BAM, 4.00%, 12/01/2038 - 12/01/2040		1,270,000		1,314,312
5.00%, 12/01/2036		345,000		387,890
Southern Illinois University, Certificate of Participation, Series A-1, BAM, 4.00%, 02/15/2026		455,000		464,953
Southern Illinois University, Revenue Bonds, BAM, 4.00%, 04/01/2028 - 04/01/2040		1,300,000		1,349,117
Series A, AGM, 5.50%, 04/01/2023		370,000		381,734
Southwestern Illinois Development Authority, Revenue Bonds, Series B, BAM-TCRS, 5.00%, 10/15/2026		1,000,000		1,081,508
St. Clair County High School District No. 201, General Obligation Unlimited, Series B, BAM, 5.00%, 02/01/2025		4,040,000		4,292,774
St. Clair County School District No. 119, General Obligation Unlimited, Series A, AGM, 4.00%, 04/01/2038		500,000		531,461
State of Illinois, General Obligation Unlimited,
5.00%, 02/01/2023 - 11/01/2038		6,880,000		7,114,385
5.25%, 07/01/2030		1,020,000		1,047,802
5.50%, 07/01/2025 - 05/01/2039		5,910,000		6,405,836
5.75%, 05/01/2045		1,350,000		1,480,360
BAM-TCRS, 4.00%, 06/01/2041		17,625,000		17,438,869
Series A, 4.00%, 01/01/2030		225,000		225,329
5.00%, 04/01/2024		3,350,000		3,418,835
Series B, 4.00%, 12/01/2039		1,250,000		1,170,548
5.00%, 12/01/2032 - 10/01/2033		22,150,000		23,883,710

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

Transamerica Funds Semi-Annual Report 2022

Page    130

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
State of Illinois, General Obligation Unlimited, (continued)
Series C, 5.00%, 11/01/2029		$ 8,865,000		$ 9,465,269
Taylorville Community Unit School District No. 3, General Obligation Limited, Series A, AGM, 4.00%, 12/01/2040		585,000		603,732
Tazewell County School District No. 51, General Obligation Unlimited, NATL, 9.00%, 12/01/2022		770,000		802,256
University of Illinois, Revenue Bonds, Series A, AGM, 4.00%, 04/01/2043		5,845,000		5,852,320
Series A, BAM-TCRS, 4.00%, 04/01/2031		1,170,000		1,203,578
Village of Bedford Park Water System Revenue, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2026		95,000		98,442
Village of Bellwood, General Obligation Unlimited,
AGM,
5.00%, 12/01/2027		235,000		249,340
Series B, AGM,
3.00%, 12/01/2029		1,000,000		987,807
Village of Calumet Park, General Obligation Unlimited, BAM, 4.00%, 12/01/2022 - 12/01/2032		2,105,000		2,178,301
Village of Crestwood, General Obligation Unlimited,
BAM,
4.50%, 12/15/2027 - 12/15/2029		2,395,000		2,425,081
Series B, BAM,
5.00%, 12/15/2028 - 12/15/2035		7,305,000		7,532,088
Village of Dolton, General Obligation Unlimited, Series A, AGC, 4.50%, 12/01/2024		300,000		300,624
Village of Franklin Park, Revenue Bonds, BAM, 5.00%, 04/01/2026		230,000		246,157
Village of Lombard, General Obligation Unlimited, 5.00%, 01/01/2024		250,000		259,794
Village of Lyons, General Obligation Unlimited,
Series B, BAM,
4.00%, 12/01/2036 - 12/01/2037		2,055,000		2,177,313
5.00%, 12/01/2032		125,000		127,113
Series C, BAM,
4.00%, 12/01/2023		235,000		237,469
Village of Matteson, Revenue Bonds, BAM, 5.00%, 12/01/2024 - 12/01/2035		3,610,000		3,954,533

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Montgomery, Special Assessment,
BAM,
2.85%, 03/01/2024		$ 171,000		$ 171,616
3.00%, 03/01/2025		130,000		130,499
3.10%, 03/01/2026		190,000		191,336
3.30%, 03/01/2028		182,000		183,749
3.40%, 03/01/2029		658,000		665,572
3.45%, 03/01/2030		124,000		125,394
Village of Mundelein, General Obligation Unlimited, AGM, 4.00%, 12/15/2039		720,000		743,652
Village of Rosemont, General Obligation Unlimited,
Series A, BAM,
4.00%, 12/01/2049		27,180,000		27,146,155
5.00%, 12/01/2042		11,270,000		12,515,628
Western Illinois Economic Development Authority, Revenue Bonds, 4.00%, 06/01/2022 - 06/01/2033		3,020,000		2,916,776
Western Illinois University, Revenue Bonds, BAM, 5.00%, 04/01/2023 - 04/01/2024		400,000		413,474
Will County Community High School District No. 210, General Obligation Unlimited, Series A, AGM-CR, 5.00%, 01/01/2027		3,475,000		3,524,889
Will County Community Unit School District No. 201, General Obligation Limited, Series C, AGM, 5.00%, 01/01/2027		1,075,000		1,166,197
Will County School District No. 86, General Obligation Unlimited, Series C, AGM-CR, 5.00%, 03/01/2024		6,105,000		6,412,172
				316,878,175
Indiana - 1.2%
Bloomington Redevelopment District, Tax Allocation, Series A-1, 5.00%, 02/01/2026 - 02/01/2040		1,600,000		1,775,421
City of Rockport, Revenue Bonds, Series A, 2.75%, 06/01/2025		4,540,000		4,518,388
Evansville Redevelopment Authority, Revenue Bonds,
BAM,
4.00%, 02/01/2029		1,545,000		1,620,331
5.00%, 02/01/2026		675,000		730,651
Indiana Finance Authority, Revenue Bonds,
5.00%, 10/01/2035		2,295,000		2,477,967
Series A,
3.00%, 11/01/2030		3,500,000		3,137,173

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

Transamerica Funds Semi-Annual Report 2022

Page    131

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Indiana (continued)
Indiana Finance Authority, Revenue Bonds, (continued)
Series B,
3.00%, 11/01/2030		$ 625,000		$ 560,209
Series B,
2.50%, 11/01/2030		2,500,000		2,154,938
Indiana Health Facility Financing Authority, Revenue Bonds, 5.00%, 11/15/2034		1,725,000		1,840,922
Merrillville Building Corp., Revenue Bonds, BAM, 4.00%, 07/15/2036 - 12/15/2039		2,720,000		2,844,045
Merrillville Redevelopment Authority, Revenue Bonds, BAM, 4.00%, 07/15/2036 - 12/15/2039		2,810,000		2,950,437
Wawasee High School Building Corp., Revenue Bonds, 5.00%, 07/15/2038		1,250,000		1,354,986
				25,965,468
Iowa - 0.5%
Iowa Finance Authority, Revenue Bonds,
5.00%, 05/15/2041 - 05/15/2047		7,840,000		7,887,761
Series A,
4.00%, 05/15/2053		2,500,000		2,007,699
				9,895,460
Kansas - 0.2%
Marais Des Cygnes Public Utility Authority, Revenue Bonds, AGM, 3.00%, 12/01/2026 - 12/01/2027		725,000		728,887
University of Kansas Hospital Authority, Revenue Bonds, Series A, 5.00%, 03/01/2047		2,750,000		3,001,643
				3,730,530
Kentucky - 3.1%
City of Winchester Combined Utilities Revenue, Revenue Bonds, Series A, BAM, 4.00%, 07/01/2029		685,000		726,311
County of Hardin, Revenue Bonds, AGM, 5.75%, 08/01/2033 - 08/01/2045		105,000		109,503
County of Knox, General Obligation Unlimited, BAM, 5.00%, 10/01/2035		585,000		646,725
Kentucky Bond Development Corp., Revenue Bonds, BAM, 5.00%, 09/01/2049		16,690,000		18,587,034
Kentucky Economic Development Finance Authority, Revenue Bonds, Series A, AGM, 5.00%, 12/01/2045 - 12/01/2047		9,555,000		10,508,624

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky (continued)
Kentucky Municipal Power Agency, Revenue Bonds,
NATL,
5.00%, 09/01/2032		$ 1,000,000		$ 1,078,491
Series A,
Fixed until 03/01/2026, 3.45% (A), 09/01/2042		2,500,000		2,465,337
Series A, NATL,
5.00%, 09/01/2023		115,000		118,850
Kentucky State Property & Building Commission, Revenue Bonds,
BAM,
5.00%, 05/01/2034		2,000,000		2,195,290
BAM-TCRS,
5.00%, 04/01/2029		3,150,000		3,453,546
Kentucky State University, Certificate of Participation, BAM, 4.00%, 11/01/2041 - 11/01/2046		2,850,000		2,905,647
Louisville & Jefferson County Visitors & Convention Commission, Revenue Bonds, AGM-CR, 4.00%, 06/01/2024 - 06/01/2029		15,935,000		16,733,758
Louisville / Jefferson County Metropolitan Government, Revenue Bonds, Series A, 4.00%, 10/01/2039 - 10/01/2040		725,000		725,269
Morehead State University, Revenue Bonds, Series A, 4.00%, 04/01/2030 - 04/01/2032		435,000		447,845
Nicholas County School District Finance Corp., Revenue Bonds,
2.00%, 02/01/2023		55,000		55,011
3.00%, 02/01/2028 - 02/01/2032		315,000		313,019
Northern Kentucky University, Revenue Bonds, Series A, AGM, 4.00%, 09/01/2030		1,130,000		1,175,542
Paducah Electric Plant Board, Revenue Bonds, Series A, AGM, 5.00%, 10/01/2029 - 10/01/2032		2,355,000		2,578,208
University of Louisville, Revenue Bonds, Series B, BAM, 4.00%, 09/01/2031		1,195,000		1,270,999
				66,095,009
Louisiana - 2.6%
Jefferson Sales Tax District, Revenue Bonds,
Series B, AGM,
4.00%, 12/01/2039		1,935,000		1,970,431
5.00%, 12/01/2032		35,000		38,829

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

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Louisiana (continued)
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds,
AGM,
5.00%, 08/01/2026 - 08/01/2029		$ 11,870,000		$ 13,090,812
BAM,
5.00%, 10/01/2028		385,000		432,010
Louisiana Public Facilities Authority, Revenue Bonds,
5.00%, 07/01/2022 - 07/01/2027 (F) (G)		3,160,000		2,970,400
Series A,
4.00%, 05/15/2049		765,000		734,743
New Orleans Aviation Board, Revenue Bonds, AGM, 5.00%, 10/01/2033 - 10/01/2048		10,195,000		11,260,449
Parish of St. John the Baptist, Revenue Bonds,
Fixed until 07/01/2024, 2.10% (A), 06/01/2037		1,220,000		1,184,227
Fixed until 07/01/2026, 2.20% (A), 06/01/2037		4,210,000		3,951,347
Series B-2,
Fixed until 07/01/2026, 2.38% (A), 06/01/2037		11,000,000		10,397,596
St. Tammany Parish Hospital Service District No. 1, Revenue Bonds, Series A, 5.00%, 07/01/2034 - 07/01/2048		8,750,000		9,612,890
				55,643,734
Maine - 0.3%
City of Portland General Airport Revenue, Revenue Bonds, 5.00%, 01/01/2028		640,000		680,840
Maine Governmental Facilities Authority, Revenue Bonds, Series A, 5.00%, 10/01/2028		350,000		382,894
Maine Health & Higher Educational Facilities Authority Revenue, Revenue Bonds, 4.00%, 07/01/2051		3,800,000		3,721,030
Maine State Housing Authority, Revenue Bonds,
Series B,
3.15%, 11/15/2039		495,000		452,887
3.35%, 11/15/2044		130,000		113,777
Series C,
2.75%, 11/15/2031		950,000		903,713
Series D-1,
2.50%, 11/15/2026		160,000		157,495
				6,412,636
Maryland - 2.7%
City of Rockville, Revenue Bonds,
Series A-1,
5.00%, 11/01/2023		300,000		305,400

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Maryland (continued)
City of Rockville, Revenue Bonds, (continued)
Series A-2,
2.25%, 11/01/2022		$ 85,000		$ 84,406
5.00%, 11/01/2023		345,000		351,210
County of Prince George, General Obligation Limited, Series A, 3.00%, 07/01/2033 - 07/01/2034		20,655,000		20,529,782
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, 4.00%, 07/01/2045 - 07/01/2050		705,000		685,413
Maryland Stadium Authority Built to Learn Revenue, Revenue Bonds, Series A, 4.00%, 06/01/2052		27,000,000		26,442,952
Washington Suburban Sanitary Commission, Revenue Bonds, 5.00%, 06/01/2022		10,000,000		10,030,211
				58,429,374
Massachusetts - 1.0%
Commonwealth of Massachusetts, General Obligation Limited, Series A, 5.00%, 07/01/2037		45,000		47,944
Lynn Housing Authority & Neighborhood Development, Revenue Bonds,
4.25%, 10/01/2028		315,000		318,526
4.38%, 10/01/2029		300,000		303,647
Massachusetts Development Finance Agency, Revenue Bonds,
5.00%, 10/01/2039		250,000		265,021
Series C, AGM,
4.00%, 10/01/2045		1,040,000		1,019,370
Series J-2,
5.00%, 07/01/2048 - 07/01/2053		17,615,000		18,898,627
Massachusetts Housing Finance Agency, Revenue Bonds,
Series 183,
2.80%, 06/01/2031		175,000		174,534
Series C,
2.85%, 06/01/2028		40,000		39,381
2.90%, 12/01/2028		125,000		123,319
				21,190,369
Michigan - 3.1%
Allendale Public School District, General Obligation Unlimited, 5.00%, 11/01/2026		100,000		108,966
Capac Community School District, General Obligation Unlimited, BAM, 4.00%, 05/01/2027 - 05/01/2029		575,000		608,351
Clarkston Community Schools, General Obligation Unlimited, Series I, 5.00%, 05/01/2041		20,000		21,897

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

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Detroit Wayne County Stadium Authority, Revenue Bonds, AGM, 5.00%, 10/01/2026		$ 2,795,000		$ 2,831,399
Eastern Michigan University, Revenue Bonds, Series A, BAM-TCRS, 4.00%, 03/01/2047		1,845,000		1,887,242
Grand Rapids Economic Development Corp., Revenue Bonds, 3.00%, 11/01/2022		410,000		409,520
Grand Rapids Public Schools, General Obligation Unlimited, AGM, 5.00%, 05/01/2030		695,000		751,829
Lake City Area Schools, General Obligation Unlimited, BAM, 5.00%, 05/01/2035		2,725,000		2,943,538
Michigan Finance Authority, Revenue Bonds,
4.00%, 12/01/2046		2,050,000		2,011,739
5.00%, 05/15/2054		38,800,000		41,026,134
Series A,
4.00%, 11/15/2050		450,000		436,879
Series C,
5.25%, 10/01/2043		20,000		20,847
Michigan Strategic Fund, Revenue Bonds, 5.00%, 11/15/2049		2,500,000		2,587,152
Southgate Community School District, General Obligation Unlimited, 5.00%, 05/01/2032 - 05/01/2035		1,950,000		2,111,853
Stockbridge Community Schools, General Obligation Unlimited, Series A, 5.00%, 05/01/2031		375,000		407,141
Sturgis Public School District, General Obligation Unlimited, Series A, 5.00%, 05/01/2026		45,000		48,295
Tri-County Area School District, General Obligation Unlimited, AGM, 4.00%, 05/01/2044		5,170,000		5,283,053
Warren Consolidated Schools, General Obligation Unlimited, AGM, 4.00%, 05/01/2027		500,000		526,930
Wayne County Airport Authority, Revenue Bonds, Series A, 5.00%, 12/01/2032		250,000		271,715
Zeeland Public Schools, General Obligation Unlimited, Series B, BAM, 5.00%, 05/01/2028 - 05/01/2030		750,000		823,210
				65,117,690

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota - 1.6%
City of Apple Valley, Revenue Bonds, 4.25%, 09/01/2038		$ 1,000,000		$ 942,504
City of Deephaven, Revenue Bonds,
Series A,
4.38%, 10/01/2027		240,000		237,883
4.40%, 07/01/2025		90,000		90,851
City of Minneapolis, Revenue Bonds,
4.00%, 11/15/2037		1,645,000		1,673,617
Series A, AGM-CR,
5.00%, 11/15/2035 - 11/15/2036		21,225,000		23,312,567
City of Red Wing, Revenue Bonds, Series A, 5.00%, 08/01/2047		1,250,000		1,127,357
City of Stillwater, Tax Allocation,
3.00%, 02/01/2023 - 02/01/2027		1,570,000		1,564,257
4.00%, 02/01/2030		500,000		504,027
Duluth Economic Development Authority, Revenue Bonds, 4.00%, 07/01/2041		930,000		834,179
Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds,
Series A,
5.00%, 11/15/2025 - 12/01/2030		1,205,000		1,296,488
Series B,
4.25%, 04/01/2025		100,000		99,295
Minnesota Housing Finance Agency, Revenue Bonds,
Series A,
4.00%, 08/01/2031		100,000		103,350
Series D, GNMA, FNMA, FHLMC,
1.95%, 01/01/2032		1,145,000		995,841
2.00%, 07/01/2032		555,000		487,845
Series F, GNMA, FNMA, FHLMC,
2.30%, 07/01/2032		615,000		593,691
Township of Baytown, Revenue Bonds, Series A, 4.00%, 08/01/2036		675,000		615,867
				34,479,619
Mississippi - 0.6%
Mississippi Development Bank, Revenue Bonds,
AGM,
6.88%, 12/01/2040		3,160,000		3,327,307
AGM-CR,
5.25%, 02/01/2049		4,945,000		5,489,656
BAM,
4.00%, 07/01/2050		4,580,000		4,491,883
				13,308,846
Missouri - 0.9%
Branson Industrial Development Authority, Tax Allocation, Series A, 4.00%, 11/01/2022		350,000		349,982
City of Kansas City, Revenue Bonds, Series A, 5.00%, 09/01/2034		100,000		100,295

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

Transamerica Funds Semi-Annual Report 2022

Page    134

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Missouri (continued)
City of St. Louis Industrial Development Authority, Tax Allocation, 3.75%, 11/01/2027		$ 70,000		$ 70,000
Health & Educational Facilities Authority, Revenue Bonds,
Series A,
4.00%, 02/15/2049		500,000		477,990
5.00%, 02/01/2029		2,145,000		2,281,537
Kansas City Industrial Development Authority, Revenue Bonds, AGM-CR, 5.00%, 03/01/2033		4,605,000		5,127,352
Lincoln University Auxiliary System Revenue, Revenue Bonds,
AGM,
4.00%, 06/01/2037		315,000		323,283
5.00%, 06/01/2027		830,000		919,476
Missouri Health & Educational Facilities Authority Revenue, Revenue Bonds, 4.00%, 06/01/2053		4,950,000		4,812,335
Missouri Housing Development Commission, Revenue Bonds, Series B, GNMA, FNMA, FHLMC, 2.55%, 11/01/2029		185,000		175,766
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, 5.00%, 12/01/2043		250,000		270,046
Missouri Southern State University, Revenue Bonds, Series A, AGM, 4.00%, 10/01/2037		170,000		174,042
St. Louis Municipal Finance Corp., Revenue Bonds, Series A, AGM, 5.00%, 02/15/2030 - 02/15/2033		2,835,000		3,092,679
St. Louis Municipal Library District, Certificate of Participation, BAM, 4.00%, 03/15/2048		560,000		563,826
				18,738,609
Montana - 0.1%
Montana Facility Finance Authority, Revenue Bonds,
5.00%, 07/01/2030		545,000		595,663
Series C,
5.00%, 06/01/2025		425,000		452,737
				1,048,400
Nebraska - 0.6%
Central Plains Energy Project, Revenue Bonds, Series A, 5.00%, 09/01/2034		580,000		644,734
Madison County Hospital Authority No. 1, Revenue Bonds, 5.00%, 07/01/2025		1,765,000		1,882,955

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Nebraska (continued)
Southeast Community College Area, Revenue Bonds, AGM, 4.00%, 03/15/2042 - 03/15/2052		$ 10,155,000		$ 10,202,162
				12,729,851
Nevada - 0.0% (C)
Henderson Local Improvement Districts, Special Assessment, 2.50%, 09/01/2025		120,000		116,764
Nevada System of Higher Education, Revenue Bonds, Series A, 5.00%, 07/01/2024		25,000		25,784
				142,548
New Jersey - 5.3%
Atlantic County Improvement Authority, Revenue Bonds, AGM, 4.00%, 07/01/2053		700,000		704,776
City of Atlantic City, General Obligation Unlimited, Series B, AGM, 5.00%, 03/01/2037		900,000		983,656
City of Paterson, General Obligation Unlimited, BAM, 5.00%, 01/15/2024		775,000		788,517
County of Essex, General Obligation Unlimited, Series A, 2.00%, 08/15/2033		2,190,000		1,803,376
Series B, 2.00%, 08/15/2033 - 08/15/2034		4,410,000		3,595,270
Essex County Improvement Authority, Revenue Bonds, Series A, 5.00%, 12/01/2035 (F) (G)		535,000		393,225
Garden State Preservation Trust, Revenue Bonds, Series A, AGM, 5.75%, 11/01/2028		5,050,000		5,729,099
Greater Egg Harbor Regional High School District, General Obligation Unlimited, AGM, 5.00%, 02/01/2023		130,000		132,910
Lindenwold Boro School District, General Obligation Unlimited, 4.00%, 02/01/2039 - 02/01/2044		9,065,000		9,138,698
New Jersey Building Authority, Revenue Bonds, Series A, BAM, 5.00%, 06/15/2028		640,000		690,204
New Jersey Economic Development Authority, Revenue Bonds,
5.00%, 11/01/2044		7,295,000		7,652,950

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

Transamerica Funds Semi-Annual Report 2022

Page    135

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Jersey Economic Development Authority, Revenue Bonds, (continued)
Series A, 3.50%, 09/01/2022 (B) (D)		$ 40,000		$ 40,031
4.25%, 09/01/2027 (B)		200,000		202,981
5.00%, 09/01/2037 (B)		750,000		761,507
Series A, BAM, 3.13%, 07/01/2031		2,695,000		2,583,371
5.00%, 07/01/2027 - 07/01/2028		7,200,000		7,889,799
Series A, BAM-TCRS, 5.00%, 06/15/2027 - 06/15/2030		15,765,000		17,255,673
Series B, 4.25%, 09/01/2022 (B) (D)		50,000		49,974
Series C, BAM-TCRS, 5.00%, 06/15/2026		2,755,000		2,988,067
Series DDD, 5.00%, 06/15/2042		2,000,000		2,100,780
Series DDD, BAM-TCRS, 5.00%, 06/15/2026 - 06/15/2030		5,905,000		6,456,161
Series PP, AGM-CR, 5.00%, 06/15/2025		12,765,000		13,347,058
Series WW, 5.25%, 06/15/2040		1,095,000		1,147,541
New Jersey Educational Facilities Authority, Revenue Bonds,
Series A, 4.00%, 07/01/2050		740,000		710,254
Series H, AGM, 5.00%, 07/01/2026		85,000		90,537
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 5.00%, 07/01/2023		70,000		70,331
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Series A, 2.38%, 12/01/2029		585,000		577,380
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Series A, 2.60%, 11/01/2024		395,000		394,786
New Jersey Transportation Trust Fund Authority, Revenue Bonds,
Series C, AGM, Zero Coupon, 12/15/2029		5,190,000		3,962,553
Series C, AMBAC, BAM-TCRS, Zero Coupon, 12/15/2028		2,625,000		2,087,935
Parking Authority of the City of Trenton, Revenue Bonds, Series B, AGM, 4.00%, 04/01/2027		640,000		668,466
Salem County Improvement Authority, Revenue Bonds, AGM, 4.00%, 08/15/2048		225,000		217,946
State of New Jersey, General Obligation Unlimited, 5.00%, 06/01/2039 - 06/01/2041		10,025,000		10,909,478

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.25%, 06/01/2046		$ 7,000,000		$ 7,475,521
				113,600,811
New York - 6.3%
Brookhaven Local Development Corp., Revenue Bonds, Series B, 4.00%, 11/01/2045		1,000,000		1,020,779
Brooklyn Arena Local Development Corp., Revenue Bonds, Series A, AGM, 4.00%, 07/15/2029 - 07/15/2035		3,935,000		4,048,392
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds,
5.00%, 10/01/2037		400,000		414,830
Series A, 3.88%, 08/01/2027		2,545,000		2,543,086
5.00%, 08/01/2037		1,320,000		1,356,644
Buffalo Municipal Water Finance Authority, Revenue Bonds, Series A, AGM, 5.00%, 07/01/2039		55,000		59,494
Build NYC Resource Corp., Revenue Bonds, 5.00%, 07/01/2041		100,000		106,118
City of Niagara Falls, General Obligation Limited, BAM, 5.00%, 05/15/2028		55,000		59,862
Colonie Public Improvement, General Obligation Unlimited, Series A, AGM, 2.00%, 03/01/2029		115,000		103,594
County of Nassau, General Obligation Limited, Series A, AGM, 5.00%, 04/01/2043		1,200,000		1,341,978
County of Suffolk, General Obligation Limited, Series D, BAM, 4.00%, 10/15/2027 - 10/15/2029		14,270,000		14,971,362
East Ramapo Central School District, General Obligation Unlimited, AGM, 5.00%, 03/15/2039 - 03/15/2047		7,235,000		7,990,922
Jefferson County Civic Facility Development Corp., Revenue Bonds, Series A, 4.00%, 11/01/2030		350,000		350,329
Lockport City School District, General Obligation Unlimited,
2.25%, 08/01/2027		620,000		602,079
2.50%, 08/01/2028		645,000		643,503

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

Transamerica Funds Semi-Annual Report 2022

Page    136

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Metropolitan Transportation Authority, Revenue Bonds,
Series C, AGM-CR, 5.00%, 11/15/2038		$ 5,000,000		$ 5,423,781
Series D-1, BAM, 5.00%, 11/15/2033		14,955,000		16,046,248
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds, Series A, 5.00%, 11/15/2051		2,000,000		2,003,554
New York City Housing Development Corp., Revenue Bonds,
Series A, AGM, 4.10%, 07/01/2042		25,000		25,039
Series C-1, 2.25%, 05/01/2026		185,000		180,899
2.30%, 11/01/2026		470,000		457,841
2.45%, 11/01/2027		65,000		63,084
2.55%, 05/01/2028		180,000		173,883
Series I, FNMA, Fixed until 02/01/2026, 2.95% (A), 11/01/2045		4,950,000		4,971,121
New York City Industrial Development Agency, Revenue Bonds,
AGM, 4.00%, 03/01/2032 - 03/01/2045		7,550,000		7,771,700
5.00%, 01/01/2030		1,325,000		1,464,349
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, 4.00%, 07/15/2036		2,850,000		2,934,871
New York Counties Tobacco Trust VI, Revenue Bonds, Series C, 3.75%, 06/01/2045		180,000		149,390
New York State Dormitory Authority, Revenue Bonds,
4.00%, 07/01/2046		750,000		737,255
FHA, 4.00%, 02/01/2034 - 02/01/2040		1,885,000		1,902,625
Series A, 4.00%, 07/01/2048		4,250,000		4,170,119
5.00%, 10/01/2033 - 10/01/2048		7,465,000		8,978,512
Series A, AGM, 4.00%, 10/01/2034		3,900,000		4,161,314
5.00%, 10/01/2033		1,155,000		1,289,187
Series A, AGM, 5.00%, 10/01/2034		210,000		233,094
Series A-1, 4.00%, 07/01/2028 - 07/01/2046		3,510,000		3,632,561
Series C, AGM, 4.00%, 10/01/2035		490,000		521,560
New York State Thruway Authority, Revenue Bonds,
Series A, 5.25%, 01/01/2056		4,690,000		5,008,273
Series A, 5.00%, 01/01/2051		75,000		79,235

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
New York State Thruway Authority, Revenue Bonds, (continued)
Series O, 4.00%, 01/01/2041		$ 9,820,000		$ 9,831,568
Niagara Tobacco Asset Securitization Corp., Revenue Bonds, 4.00%, 05/15/2029		125,000		125,093
Oneida County Local Development Corp. Revenue, Revenue Bonds, AGM, 4.00%, 12/01/2049		2,000,000		2,039,639
Port Authority of New York & New Jersey, Revenue Bonds, 5.00%, 09/01/2048		1,350,000		1,481,836
State of New York Mortgage Agency, Revenue Bonds, Series 190, 3.45%, 10/01/2030		110,000		110,288
Town of North Hempstead, General Obligation Limited,
Series A, 2.50%, 03/15/2030		1,230,000		1,208,492
2.75%, 03/15/2031 - 03/15/2033		2,330,000		2,297,720
Town of Oyster Bay, General Obligation Limited, Series B, AGM, 3.00%, 08/15/2029 - 08/15/2034		9,640,000		9,381,447
TSASC, Inc., Revenue Bonds, Series A, 5.00%, 06/01/2024		140,000		145,233
Windsor Central School District, General Obligation Unlimited, 3.00%, 06/15/2030 - 06/15/2031		285,000		277,452
				134,891,235
North Carolina - 1.4%
North Carolina Housing Finance Agency, Revenue Bonds,
Series 38-B, 2.38%, 01/01/2025		1,060,000		1,062,842
2.45%, 07/01/2025		670,000		670,196
North Carolina Medical Care Commission, Revenue Bonds,
4.00%, 11/01/2049		10,000,000		9,824,087
5.00%, 01/01/2038		560,000		592,203
Series A, 5.00%, 10/01/2040 - 10/01/2050		3,990,000		4,185,759
Series B-1, 2.55%, 09/01/2026		1,575,000		1,517,196
Series B-2, 2.30%, 09/01/2025		1,250,000		1,209,733
North Carolina Turnpike Authority, Revenue Bonds, AGM, 5.00%, 01/01/2035 - 01/01/2049		6,295,000		6,938,322
Winston-Salem State University, Revenue Bonds, BAM, 5.00%, 06/01/2029 - 06/01/2036		2,990,000		3,236,753
				29,237,091

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

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Page    137

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Dakota - 0.3%
City of Grand Forks, Revenue Bonds, 4.00%, 12/01/2051		$ 7,305,000		$ 6,901,522
County of Burleigh, Revenue Bonds, 3.60%, 05/01/2024		260,000		256,312
Fargo Public School District No. 1, General Obligation Limited, Series A, 3.00%, 08/01/2026		25,000		25,214
				7,183,048
Ohio - 3.2%
Brunswick City School District, General Obligation Unlimited, Series A, 5.00%, 12/01/2032 - 12/01/2034		170,000		175,350
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds,
Series B-2, Class 2,
5.00%, 06/01/2055		47,035,000		45,741,759
Series B-3, Class 2,
Zero Coupon, 06/01/2057		38,000,000		5,027,761
Cardinal Local School District, Certificate of Participation, 5.25%, 04/01/2038		1,620,000		1,528,144
Cleveland Heights & University Heights City School District, General Obligation Unlimited, 4.00%, 12/01/2029 - 12/01/2030		845,000		891,670
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Series C, 3.00%, 05/15/2022		115,000		115,069
Conotton Valley Union Local School District, Certificate of Participation,
AGM,
4.00%, 12/01/2035		150,000		154,672
AGM,
4.00%, 12/01/2037		440,000		452,952
County of Butler, Revenue Bonds, 5.00%, 11/15/2027		65,000		72,037
County of Franklin, Revenue Bonds, Series A, 5.00%, 12/01/2047		890,000		955,537
County of Scioto, Revenue Bonds, AGM-CR, 3.50%, 02/15/2038		330,000		333,190
Dayton City School District, Certificate of Participation, 4.00%, 12/01/2026		295,000		310,457
East Knox Local School District, General Obligation Unlimited, BAM, 4.00%, 12/01/2030		240,000		250,861
Euclid City School District, Certificate of Participation, BAM, 4.00%, 12/01/2044		565,000		581,937

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Little Miami Local School District, General Obligation Unlimited, Series B, 5.00%, 11/01/2048		$ 1,795,000		$ 1,903,464
Ohio Air Quality Development Authority, Revenue Bonds,
Series B,
Fixed until 11/01/2024, 1.38% (A), 02/01/2026		1,700,000		1,608,484
Series C,
Fixed until 11/04/2025, 1.50% (A), 02/01/2026		2,000,000		1,854,168
Ohio Higher Educational Facility Commission, Revenue Bonds, 4.00%, 07/01/2046		1,100,000		1,104,035
Ohio Housing Finance Agency, Revenue Bonds,
Series D, GNMA, FNMA, FHLMC,
3.05%, 09/01/2032		630,000		622,177
3.40%, 09/01/2037		1,680,000		1,674,831
Pinnacle Community Infrastructure Financing Authority, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2031		1,040,000		1,073,820
Summit County Development Finance Authority, Revenue Bonds, 4.00%, 12/01/2028 - 12/01/2032		570,000		575,531
Wayne County Southeast Local School District, Certificate of Participation, BAM, 4.00%, 12/01/2028 - 12/01/2033		1,365,000		1,448,730
				68,456,636
Oklahoma - 0.1%
Cleveland County Educational Facilities Authority, Revenue Bonds, 5.00%, 06/01/2023		45,000		46,387
Garfield County Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 09/01/2027		1,315,000		1,436,063
Grady County School Finance Authority, Revenue Bonds, 5.00%, 09/01/2022		115,000		116,328
Oklahoma City Public Property Authority, Revenue Bonds, 4.50%, 10/01/2036		150,000		150,161
Oklahoma Housing Finance Agency, Revenue Bonds, Series A, GNMA, FNMA, FHLMC, 2.75%, 09/01/2034		80,000		75,539
				1,824,478
Oregon - 1.1%
City of Boardman, General Obligation Unlimited, BAM, 3.00%, 06/15/2037 - 06/15/2039		1,055,000		959,518

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

Transamerica Funds Semi-Annual Report 2022

Page    138

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Oregon (continued)
City of Sherwood, General Obligation Limited, Series B, 4.00%, 06/01/2051		$ 3,215,000		$ 3,283,021
County of Jackson Airport Revenue, Revenue Bonds, AGM, 5.00%, 12/01/2030 - 12/01/2032		255,000		276,680
Klamath Falls Intercommunity Hospital Authority, Revenue Bonds, 3.00%, 09/01/2035		770,000		711,988
Medford Hospital Facilities Authority, Revenue Bonds,
Series A,
4.00%, 08/15/2050		1,615,000		1,560,255
5.00%, 08/15/2037		2,000,000		2,218,433
Series A, AGM,
4.00%, 08/15/2040		4,125,000		4,096,676
Oregon State Facilities Authority, Revenue Bonds, Series A, 5.50%, 06/15/2035 (B)		750,000		769,569
State of Oregon Housing & Community Services Department, Revenue Bonds,
Series A,
2.45%, 07/01/2034		3,345,000		3,024,226
2.65%, 07/01/2039		7,605,000		6,757,855
				23,658,221
Pennsylvania - 6.2%
Aliquippa Municipal Water Authority Water & Sewer Revenue, Revenue Bonds, BAM, 4.00%, 11/15/2051		630,000		627,515
Allegheny County Hospital Development Authority, Revenue Bonds, Series A, 4.00%, 07/15/2036 - 07/15/2038		13,775,000		13,879,165
Allegheny County Sanitary Authority, Revenue Bonds, AGM, 4.00%, 12/01/2035		295,000		304,679
Beaver County Economic Development Authority, Revenue Bonds, BAM, 4.00%, 11/15/2035 - 11/15/2036		3,500,000		3,598,917
Borough of Monaca, General Obligation Unlimited, Series C, BAM, 4.00%, 11/15/2050		500,000		506,208
Bradys Run Sanitary Authority Sewer System Revenue, Revenue Bonds, AGM, 4.00%, 12/01/2045		540,000		545,191
Bristol Township School District, General Obligation Limited, BAM-TCRS, 5.00%, 06/01/2027		80,000		82,448

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Bucks County Industrial Development Authority, Revenue Bonds, 5.00%, 10/01/2033 - 10/01/2037		$ 1,950,000		$ 2,065,227
Coatesville School District, General Obligation Limited, Series A, BAM, Zero Coupon, 10/01/2037 - 10/01/2038		555,000		275,603
County of Lackawanna, General Obligation Unlimited, BAM, 4.00%, 09/15/2032 - 09/15/2033		6,965,000		7,257,804
Cumberland County Municipal Authority, Revenue Bonds, 5.00%, 01/01/2029		900,000		945,678
Delaware County Authority, Revenue Bonds, 4.00%, 10/01/2022		190,000		191,332
Delaware Valley Regional Finance Authority, Revenue Bonds, Series B, AMBAC, 5.70%, 07/01/2027		350,000		394,690
Erie County Conventional Center Authority, Revenue Bonds, 5.00%, 01/15/2026		1,725,000		1,841,627
Erie Sewer Authority, Revenue Bonds, Series B, AGM, 5.00%, 12/01/2036		2,000,000		2,258,374
Fairview School District, General Obligation Limited, Series A, 4.00%, 02/01/2026		130,000		134,531
Geisinger Authority, Revenue Bonds, Series A-1, 5.00%, 02/15/2045		4,775,000		5,114,989
Indiana County Hospital Authority, Revenue Bonds, Series A, 5.50%, 06/01/2029		250,000		254,083
Lancaster Industrial Development Authority, Revenue Bonds, 4.00%, 12/01/2044		1,070,000		1,095,287
Lancaster School District, General Obligation Limited, Series A, AGM, 5.00%, 06/01/2031		75,000		79,940
Montgomery County Industrial Development Authority, Revenue Bonds, 4.00%, 10/01/2041		665,000		618,650
Mountaintop Area Joint Sanitary Authority, Revenue Bonds,
BAM,
4.00%, 12/15/2049		3,855,000		3,850,160
Series A, BAM,
4.00%, 12/15/2046		1,510,000		1,522,073
Penn Delco School District, General Obligation Limited, 4.00%, 06/01/2045		975,000		993,719

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

Transamerica Funds Semi-Annual Report 2022

Page    139

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Penn Hills School District, General Obligation Limited, Series A, BAM, 5.00%, 11/15/2025		$ 85,000		$ 91,630
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds,
4.00%, 08/15/2044 - 08/15/2049		20,295,000		19,768,063
Series AAGM,
4.00%, 05/01/2040 - 05/01/2041		9,000,000		9,194,320
Pennsylvania Housing Finance Agency, Revenue Bonds,
Series 121,
2.20%, 04/01/2026		1,425,000		1,396,762
2.25%, 10/01/2026		550,000		537,215
Series 124B,
2.30%, 04/01/2026		145,000		142,133
2.40%, 10/01/2026		375,000		367,074
2.55%, 10/01/2027		1,300,000		1,269,072
2.65%, 04/01/2028		1,010,000		984,518
2.75%, 10/01/2028		1,555,000		1,519,227
Series 129,
2.20%, 04/01/2027		220,000		213,575
2.25%, 10/01/2027		80,000		77,102
2.40%, 10/01/2028		1,135,000		1,089,188
2.45%, 04/01/2029 - 10/01/2029		2,570,000		2,457,564
2.55%, 04/01/2030		1,280,000		1,215,259
2.60%, 10/01/2030		455,000		431,555
Pennsylvania Turnpike Commission, Revenue Bonds,
Series A,
5.00%, 12/01/2044		8,510,000		9,163,333
Series A, AGM,
4.00%, 12/01/2049		11,700,000		11,685,431
Series B,
5.00%, 12/01/2034 - 12/01/2038		1,275,000		1,404,181
Series B, BAM-TCRS,
5.25%, 12/01/2044		8,075,000		8,636,607
Series C,
5.00%, 12/01/2044		500,000		522,230
Series E,
6.38% (E), 12/01/2038		660,000		766,129
Philadelphia Gas Works Co., Revenue Bonds,
4.00%, 10/01/2036 - 10/01/2037		300,000		308,211
5.00%, 08/01/2024		150,000		157,779
Series A, AGM,
5.00%, 08/01/2050		1,445,000		1,570,315
Reading School District, General Obligation Unlimited, Series A, AGM, 5.00%, 02/01/2026 - 02/01/2027		1,940,000		2,053,704
School District of Philadelphia, General Obligation Limited, Series A, 4.00%, 09/01/2036		1,235,000		1,269,857
State Public School Building Authority, Revenue Bonds,
5.00%, 09/15/2022		80,000		81,038

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
State Public School Building Authority, Revenue Bonds, (continued)
Series A, AGM,
5.00%, 06/01/2032		$ 1,840,000		$ 2,000,138
Township of Northampton, General Obligation Limited, 4.00%, 05/15/2046		350,000		352,960
Upper Dublin School District, General Obligation Limited,
Series A,
4.00%, 05/15/2037 - 05/15/2044		1,425,000		1,447,307
Series A,
4.00%, 05/15/2038 - 05/15/2039		420,000		427,720
Wilkes-Barre Area School District, General Obligation Limited,
BAM,
4.00%, 04/15/2054		1,505,000		1,496,868
5.00%, 04/15/2059		440,000		480,961
				133,016,916
Puerto Rico - 0.6%
Children’s Trust Fund, Revenue Bonds, 5.63%, 05/15/2043		125,000		127,098
Commonwealth of Puerto Rico, Revenue Bonds,
4.00%, 07/01/2022		315,794		316,036
5.50%, 07/01/2029		90,334		94,684
Puerto Rico Electric Power Authority, Revenue Bonds,
Series DDD, AGM,
3.65%, 07/01/2024		620,000		626,615
5.00%, 07/01/2023		40,000		40,714
Series RR, AGC,
5.00%, 07/01/2028		345,000		351,158
Series SS, AGC,
4.38%, 07/01/2030		145,000		146,723
Series SS, AGM,
5.00%, 07/01/2030		2,100,000		2,137,486
Series TT, AGC-ICC,
5.00%, 07/01/2032		50,000		50,893
Series UU, AGC,
4.25%, 07/01/2027		20,000		20,214
5.00%, 07/01/2026		650,000		661,603
Series UU, AGM,
4.00%, 07/01/2023		120,000		121,282
5.00%, 07/01/2022 - 07/01/2024		965,000		982,226
Series VV, AGM,
5.25%, 07/01/2027		40,000		41,489
Puerto Rico Highway & Transportation Authority, Revenue Bonds,
AGC-ICC,
5.00%, 07/01/2028		30,000		30,208
Series A, AGC-ICC,
4.75%, 07/01/2038		185,000		185,854
Series A, AGM-CR,
4.75%, 07/01/2038		395,000		396,824
Series CC, AGM,
5.25%, 07/01/2034 - 07/01/2036		300,000		313,894

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

Transamerica Funds Semi-Annual Report 2022

Page    140

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	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		$ 169,873
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		3,575,000		3,599,822
Series E, AGM,
5.50%, 07/01/2023		65,000		67,009
Series M, AGC-ICC,
5.00%, 07/01/2032 - 07/01/2037		1,175,000		1,183,288
Series N, AGC,
5.25%, 07/01/2034 - 07/01/2036		260,000		272,078
Series N, AGM-CR, AGC,
5.25%, 07/01/2034		335,000		350,498
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2025		95,000		100,937
Puerto Rico Municipal Finance Agency, Revenue Bonds, Series A, AGM, 5.00%, 08/01/2022 - 08/01/2027		1,520,000		1,537,524
				13,926,030
Rhode Island - 0.9%
Providence Public Building Authority, Revenue Bonds, Series A, AGM, 5.00%, 09/15/2026 - 09/15/2037		11,215,000		12,215,276
Providence Redevelopment Agency, Revenue Bonds, Series A, AGM-CR, 5.00%, 04/01/2027		1,200,000		1,279,418
Rhode Island Commerce Corp., Revenue Bonds, BAM-TCRS, 5.00%, 07/01/2034		1,395,000		1,524,529
Rhode Island Health & Educational Building Corp., Revenue Bonds,
5.00%, 05/15/2028 - 05/15/2029		2,510,000		2,697,537
Series C,
5.00%, 09/15/2027		180,000		196,230
Rhode Island Turnpike & Bridge Authority, Revenue Bonds, Series A, 5.00%, 10/01/2024		130,000		137,536
Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.00%, 06/01/2023 - 06/01/2027		1,140,000		1,190,419
				19,240,945
South Carolina - 0.8%
Patriots Energy Group, Revenue Bonds, Series A, 4.00%, 06/01/2051		1,600,000		1,553,618
South Carolina Jobs-Economic Development Authority, Revenue Bonds,
4.00%, 12/01/2044		12,205,000		12,073,972
5.00%, 10/01/2026 (B)		2,050,000		2,105,850

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Carolina (continued)
Spartanburg Regional Health Services District, Revenue Bonds, Series A, AGM, 4.00%, 04/15/2036 - 04/15/2045		$ 2,055,000		$ 2,038,799
				17,772,239
South Dakota - 0.2%
South Dakota Housing Development Authority, Revenue Bonds,
Series B, GNMA, FNMA, FHLMC,
2.55%, 05/01/2026		55,000		54,297
2.75%, 05/01/2027		145,000		143,690
2.80%, 11/01/2027		55,000		54,484
2.85%, 05/01/2028		475,000		467,857
2.95%, 11/01/2028		280,000		276,683
Series F, GNMA, FNMA, FHLMC,
2.60%, 05/01/2027		610,000		598,877
2.70%, 05/01/2028		390,000		380,960
2.75%, 11/01/2028		1,425,000		1,391,497
				3,368,345
Tennessee - 1.5%
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds, 5.00%, 10/01/2027		85,000		89,008
City of Jackson, Revenue Bonds, 5.00%, 04/01/2041		150,000		164,479
Greeneville Health & Educational Facilities Board, Revenue Bonds,
4.00%, 07/01/2040		5,000,000		4,997,763
Series A,
5.00%, 07/01/2034		3,035,000		3,096,724
Knox County Health Educational & Housing Facility Board, Revenue Bonds, Series A, 5.00%, 01/01/2026		100,000		108,083
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, Revenue Bonds, 5.00%, 07/01/2031		10,280,000		11,545,104
Tennessee Housing Development Agency, Revenue Bonds,
Series 1,
2.75%, 01/01/2025		40,000		40,025
2.95%, 01/01/2026		45,000		45,112
Series B-2,
2.25%, 01/01/2025		295,000		291,051
2.80%, 07/01/2027		2,150,000		2,133,663
2.85%, 01/01/2028		2,930,000		2,899,663
2.95%, 07/01/2028		2,655,000		2,634,853
3.05%, 07/01/2029		2,840,000		2,828,706
				30,874,234
Texas - 2.0%
Board of Managers Joint Guadalupe County-City of Seguin Hospital, Revenue Bonds, 5.00%, 12/01/2022		2,115,000		2,142,173

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

Transamerica Funds Semi-Annual Report 2022

Page    141

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Central Texas Regional Mobility Authority, Revenue Bonds, Series B, 5.00%, 01/01/2045		$ 2,400,000		$ 2,553,177
City of Laredo International Toll Bridge System Revenue, Revenue Bonds, AGM, 5.00%, 10/01/2022		90,000		91,262
City of Liberty Hill, Special Assessment, 3.38%, 09/01/2042 (B)		1,000,000		835,215
City of Pearland, General Obligation Limited, 5.00%, 03/01/2023		25,000		25,624
City of Round Rock, Revenue Bonds, AGM, 4.00%, 12/01/2035 - 12/01/2037		1,445,000		1,511,173
City of Rowlett, Special Assessment, 3.13%, 09/15/2031 (B)		226,000		205,319
City of Temple, Tax Allocation, BAM, 4.00%, 08/01/2039 - 08/01/2041		700,000		720,540
County of Kaufman, General Obligation Limited, Series A, 4.00%, 02/15/2045		250,000		255,464
Dallas County Flood Control District No. 1, General Obligation Unlimited, 5.00%, 04/01/2023 - 04/01/2024 (B)		2,320,000		2,338,169
Dallas-Fort Worth International Airport, Revenue Bonds, Series C, 5.00%, 11/01/2034		40,000		41,278
Decatur Hospital Authority, Revenue Bonds, Series B, AGM, 4.00%, 09/01/2050		4,395,000		4,339,160
Denton County Fresh Water Supply District No. 10, General Obligation Unlimited, AGM, 2.75%, 09/01/2030		80,000		77,371
El Paso County Hospital District, General Obligation Limited, 5.00%, 08/15/2026		150,000		154,438
Fort Bend County Levee Improvement District No. 15, General Obligation Unlimited, BAM, 4.00%, 09/01/2029 - 09/01/2032		380,000		386,788
Grand Parkway Transportation Corp., Revenue Bonds, Series B, 5.00%, 04/01/2053		25,000		25,936
Grant Road Public Utility District, General Obligation Unlimited, AGC, 3.50%, 10/01/2023		750,000		750,805

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Guadalupe-Blanco River Authority, Revenue Bonds, 4.00%, 08/15/2051		$ 1,450,000		$ 1,464,851
Harris County Municipal Utility District No. 399, General Obligation Unlimited, AGM, 4.00%, 09/01/2033		270,000		275,086
Harris County-Houston Sports Authority, Revenue Bonds, Series A, AGM, 5.00%, 11/15/2027		35,000		36,835
Houston Higher Education Finance Corp., Revenue Bonds, 5.00%, 08/15/2024		340,000		358,527
Montgomery County Municipal Utility District No. 113, General Obligation Unlimited, AGM, 3.00%, 09/01/2033		150,000		143,672
Nacogdoches County Hospital District, Revenue Bonds, AGM, 4.00%, 05/15/2037		400,000		400,284
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds,
3.00%, 01/01/2024		80,000		77,625
5.00%, 01/01/2024 - 01/01/2028		3,125,000		3,221,537
North Central Texas Health Facility Development Corp., Revenue Bonds, 5.00%, 08/15/2022		90,000		90,923
Northwoods Road District No. 1, General Obligation Unlimited, BAM, 4.00%, 08/15/2027		280,000		294,628
Old Spanish Trail-Alemda Corridors Redevelopment Authority, Tax Allocation, BAM, 4.00%, 09/01/2036 - 09/01/2037		2,450,000		2,559,222
Pecos Barstow Toyah Independent School District, General Obligation Unlimited, 4.00%, 02/15/2041		2,000,000		2,046,817
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 3.88%, 08/15/2026		350,000		343,817
Southwest Houston Redevelopment Authority, Tax Allocation, Series B, AGM, 5.00%, 09/01/2034		2,000,000		2,168,489
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, 5.00%, 02/15/2041		1,000,000		1,081,171
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, 5.00%, 12/15/2032		6,240,000		6,778,651

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

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Texas Water Development Board, Revenue Bonds, 4.00%, 10/15/2049		$ 900,000		$ 913,477
Travis County Municipal Utility District No. 4, General Obligation Unlimited, AGM, 4.00%, 09/01/2035		450,000		452,100
Viridian Municipal Management District, General Obligation Unlimited, BAM, 4.00%, 12/01/2026		580,000		600,130
Wichita Falls Economic Development Corp., Revenue Bonds, AGM, 4.00%, 09/01/2046 - 09/01/2050		2,260,000		2,326,258
				42,087,992
U.S. Virgin Islands - 0.0% (C)
Virgin Islands Public Finance Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 10/01/2032 (D)		200,000		201,599
Utah - 0.1%
City of Herriman Water Revenue, Revenue Bonds, AGM, 4.00%, 01/01/2038		500,000		524,409
Utah Charter School Finance Authority, Revenue Bonds,
4.00%, 10/15/2022 - 10/15/2026		1,115,000		1,145,227
4.25%, 04/15/2034		120,000		121,018
Series A,
5.00%, 10/15/2025		160,000		169,079
				1,959,733
Vermont - 0.2%
City of Burlington, General Obligation Unlimited, Series A, 5.00%, 11/01/2035		215,000		241,899
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds, Series A, 5.00%, 12/01/2027		575,000		624,674
Vermont Housing Finance Agency, Revenue Bonds,
Series A, GNMA, FNMA, FHLMC,
3.13%, 11/01/2042		755,000		704,169
Series D, GNMA, FNMA, FHLMC,
2.90%, 05/01/2029		130,000		130,155
Vermont Municipal Bond Bank, Revenue Bonds, Series A, 4.00%, 10/01/2040		400,000		415,779
Vermont Public Power Supply Authority, Revenue Bonds, Series A, 5.00%, 07/01/2023 - 07/01/2027		2,125,000		2,266,182
				4,382,858

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Virginia - 0.4%
Chesapeake Bay Bridge & Tunnel District, Revenue Bonds, AGM, 5.00%, 07/01/2041		$ 3,995,000		$ 4,224,364
Henrico County Economic Development Authority, Revenue Bonds, Series C, 3.50%, 12/01/2027		445,000		432,662
Loudoun County Economic Development Authority, Revenue Bonds, Zero Coupon, 07/01/2049		8,050,000		2,944,491
Virginia Small Business Financing Authority, Revenue Bonds, 4.00%, 11/01/2036		1,650,000		1,679,806
				9,281,323
Washington - 0.3%
Central Puget Sound Regional Transit Authority, Revenue Bonds, NATL, 4.75%, 02/01/2028		45,000		47,073
Washington Health Care Facilities Authority, Revenue Bonds, 5.00%, 10/01/2044		4,115,000		4,292,605
Series A,
4.00%, 08/15/2046		100,000		100,253
Series B,
5.00%, 10/01/2026		85,000		92,619
Washington State Housing Finance Commission, Revenue Bonds,
3.70%, 07/01/2023 (B)		100,000		99,592
5.00%, 07/01/2033 (B)		375,000		375,820
Series 3-N, GNMA, FNMA, FHLMC,
2.85%, 12/01/2028		265,000		263,865
				5,271,827
West Virginia - 0.1%
City of Buckhannon, Revenue Bonds, Series C, 4.25%, 08/01/2022 - 08/01/2023		1,090,000		1,087,264
West Virginia Housing Development Fund, Revenue Bonds, Series B, 3.70%, 11/01/2032		1,000,000		1,009,997
				2,097,261
Wisconsin - 1.3%
Public Finance Authority, Revenue Bonds,
3.00%, 04/01/2025 (B)		255,000		251,634
4.00%, 09/01/2029 (B)		850,000		858,579
4.00% (A), 10/01/2041		16,820,000		17,030,798
Series A,
4.00%, 01/01/2045		1,500,000		1,468,637
5.00%, 06/01/2027 - 07/01/2038		725,000		759,596
Series A, AGM,
4.00%, 07/01/2038 - 07/01/2055		2,530,000		2,517,536
5.00%, 07/01/2036 - 07/01/2054		1,145,000		1,240,989
Wisconsin Health & Educational Facilities Authority, Revenue Bonds,
3.50%, 08/01/2022		190,000		189,397

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

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Page    143

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, (continued)
5.00%, 08/15/2022 - 08/01/2039		$ 3,325,000		$ 3,278,613
				27,595,779
Wyoming - 1.0%
Carbon County Specific Purpose Tax Joint Powers Board, Revenue Bonds, Series A, 4.00%, 06/15/2026 - 06/15/2035		4,245,000		4,380,403
University of Wyoming, Revenue Bonds, Series C, 4.00%, 06/01/2037 - 06/01/2038		14,025,000		14,256,175

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wyoming (continued)
Wyoming Community Development Authority, Revenue Bonds,
Series 1,
2.30%, 12/01/2031		$ 305,000		$ 278,886
Series 2,
2.95%, 06/01/2033		2,485,000		2,339,011
				21,254,475
Total Municipal Government Obligations (Cost $2,255,368,149)				2,078,361,313
Total Investments (Cost $2,255,368,149)				2,078,361,313
Net Other Assets (Liabilities) - 2.4%				51,384,409
Net Assets - 100.0%				$2,129,745,722

INVESTMENT VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Municipal Government Obligations	$	—	$	2,078,361,313	$	—	$	2,078,361,313
Total Investments	$	—	$	2,078,361,313	$	—	$	2,078,361,313

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $21,823,719, representing 1.0% of the Fund’s net assets.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Restricted securities. At April 30, 2022, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	BluePath Trust Revenue Bonds 2.75%, 09/01/2026		06/27/2016	$	3,254,990	$	3,080,262		0.1	%
Municipal Government Obligations	California Municipal Finance Authority Revenue Bonds Series A 4.00%, 11/01/2031		01/04/2022		18,336,848		16,028,664		0.8
Municipal Government Obligations	Bradburn Metropolitan District No. 2 General Obligation Limited Series A 4.00%, 12/01/2028		03/08/2018		291,210		289,150		0.0	(C)

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

Transamerica Funds Semi-Annual Report 2022

Page    144

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series A 3.50%, 09/01/2022		09/18/2017	$	39,984	$	40,031		0.0	%(C)
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series B 4.25%, 09/01/2022		09/18/2017		49,913		49,974		0.0	(C)
Municipal Government Obligations	Virgin Islands Public Finance Authority Revenue Bonds Series A, AGM-CR 5.00%, 10/01/2032		07/14/2020 - 02/09/2021		212,946		201,599		0.0	(C)
Total				$	22,185,891	$	19,689,680		0.9	%

(E)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of April 30, 2022; the maturity dates disclosed are the ultimate maturity dates.
(F)	Securities in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2022, the total value of such securities is $3,363,625, representing 0.2% of the Fund’s net assets.
(G)	Non-income producing securities.
(H)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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.
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
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 2022

Page    145

Transamerica International Equity

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 96.8%
Australia - 4.0%
BHP Group Ltd., ADR		408,676		$27,373,119
BHP Group Ltd.		511,500		17,091,990
Lendlease Corp. Ltd. (A)		3,160,500		27,073,969
Macquarie Group Ltd.		447,000		64,351,452
Santos Ltd.		12,392,800		69,251,834
				205,142,364
Austria - 0.2%
ams-OSRAM AG (B)		890,100		10,888,739
Belgium - 2.5%
Anheuser-Busch InBev SA (A)		1,053,300		60,606,384
Groupe Bruxelles Lambert SA		356,420		33,631,948
KBC Group NV		526,500		35,818,766
				130,057,098
Canada - 0.4%
TFI International, Inc.		266,100		21,405,655
China - 0.0% (C)
JD.com, Inc., Class A (B)		1,033		32,207
Tencent Holdings Ltd.		21,700		1,022,610
				1,054,817
Finland - 1.1%
Nokia OYJ		11,224,800		56,910,519
France - 9.7%
Air Liquide SA (A)		5,646		976,805
Airbus SE (A)		137,200		15,019,537
Amundi SA (D)		557,600		33,528,497
Capgemini SE		264,152		53,775,792
Cie de Saint-Gobain		27,037		1,577,289
Dassault Aviation SA		183,760		30,835,872
Engie SA (A)		6,903,200		81,461,004
Rexel SA		1,593,817		32,648,799
Sanofi (A)		780,601		82,505,530
TotalEnergies SE		1,169,100		57,406,277
Ubisoft Entertainment SA (B)		502,100		22,701,409
Veolia Environnement SA		2,761,923		80,583,446
				493,020,257
Germany - 10.5%
Allianz SE		161,702		36,485,482
BASF SE		973,300		51,256,871
Bayer AG		455,352		29,994,510
Continental AG		10,442		715,706
Deutsche Boerse AG		363,400		63,265,953
Deutsche Post AG		1,468,701		62,746,519
Fresenius SE & Co. KGaA		1,373,800		48,561,021
HeidelbergCement AG		950,635		54,763,636
Infineon Technologies AG		1,379,827		39,163,923
SAP SE		635,347		64,389,843
Siemens AG		526,495		64,735,178
Talanx AG		438,884		18,248,648
				534,327,290
Hong Kong - 2.4%
CK Asset Holdings Ltd.		6,477,600		43,912,552
CK Hutchison Holdings Ltd.		11,008,400		77,256,146
				121,168,698

	Shares		Value
COMMON STOCKS (continued)
Ireland - 3.5%
AerCap Holdings NV (B)		592,200		$ 27,661,662
AIB Group PLC		12,645,900		27,468,604
DCC PLC		703,231		53,283,075
Ryanair Holdings PLC, ADR (B)		111,372		9,725,003
Smurfit Kappa Group PLC		1,450,015		61,271,495
				179,409,839
Israel - 1.0%
Check Point Software Technologies Ltd. (B)		383,800		48,470,102
Italy - 0.5%
Enel SpA		236,781		1,539,761
Prysmian SpA		734,022		23,873,997
				25,413,758
Japan - 19.5%
Astellas Pharma, Inc.		3,712,600		56,526,990
Denka Co. Ltd.		769,780		20,636,262
Denso Corp.		19,500		1,188,432
FANUC Corp.		257,600		39,471,546
Fujitsu Ltd.		320,960		48,512,834
Hitachi Ltd.		1,211,180		57,441,967
Japan Airlines Co. Ltd. (B)		201,000		3,318,403
Kirin Holdings Co. Ltd.		2,206,900		32,171,581
Kyocera Corp.		1,008,100		52,932,240
Nintendo Co. Ltd.		132,700		60,563,047
Olympus Corp.		2,177,100		38,319,396
ORIX Corp.		4,170,700		76,069,232
Panasonic Holdings Corp.		121,000		1,078,497
Rakuten Group, Inc. (A)		6,410,700		45,066,462
SBI Holdings, Inc.		1,603,900		35,874,598
Sega Sammy Holdings, Inc.		1,447,300		25,645,603
Seven & i Holdings Co. Ltd.		1,917,700		84,794,738
Sony Group Corp.		1,317,000		113,658,437
Square Enix Holdings Co. Ltd.		653,000		26,071,523
Sumitomo Mitsui Financial Group, Inc. (A)		2,064,800		62,385,733
Toshiba Corp.		1,304,550		54,175,780
Toyota Industries Corp.		1,041,400		62,459,826
				998,363,127
Luxembourg - 0.9%
ArcelorMittal SA		1,613,135		47,035,297
Netherlands - 3.6%
ASML Holding NV		93,100		52,837,832
EXOR NV		226,400		15,710,983
Heineken Holding NV (A)		661,085		51,605,753
Koninklijke Philips NV		826,934		21,608,710
NXP Semiconductors NV		248,000		42,383,200
				184,146,478
Norway - 1.5%
DNB Bank ASA (A)		1,782,300		34,536,179
Mowi ASA		1,547,500		43,712,268
				78,248,447
Republic of Korea - 1.6%
E-MART, Inc.		3,672		379,972
KB Financial Group, Inc.		25,031		1,164,544
LG Corp.		11,149		643,837
Samsung Electronics Co. Ltd.		1,518,519		80,927,261
				83,115,614

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

Transamerica Funds Semi-Annual Report 2022

Page    146

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Singapore - 1.5%
CapitaLand Integrated Commercial Trust, REIT		508,300		$ 851,703
DBS Group Holdings Ltd.		2,973,300		72,134,094
Oversea-Chinese Banking Corp. Ltd.		116,900		1,037,907
				74,023,704
Sweden - 2.6%
Essity AB, Class B		1,589,200		41,908,765
Husqvarna AB, B Shares		521,900		4,988,897
Investor AB, B Shares		1,647,388		31,700,523
Lundin Energy AB (A)		686,300		28,375,655
Swedbank AB, A Shares		70,960		1,122,533
Volvo AB, B Shares		1,607,737		25,648,919
				133,745,292
Switzerland - 11.9%
ABB Ltd.		1,925,900		57,780,734
Alcon, Inc.		188,073		13,428,564
Cie Financiere Richemont SA, Class A		357,500		41,538,169
Glencore PLC		7,364,900		45,380,040
Nestle SA		1,005,764		129,838,174
Novartis AG		945,215		83,527,933
Roche Holding AG		281,561		104,406,680
Siemens Energy AG		1,785,897		34,400,421
UBS Group AG		5,638,674		95,725,689
				606,026,404
United Kingdom - 17.9%
Ashtead Group PLC		455,800		23,568,155
Aviva PLC		8,422,101		45,185,632
Barratt Developments PLC		3,123,442		19,109,349
BP PLC		10,977,700		52,998,068
British Land Co. PLC, REIT (A)		1,514,200		9,753,591
Bunzl PLC		981,248		37,857,159
CNH Industrial NV		3,219,400		45,606,943
Entain PLC		1,236,700		23,237,995
GlaxoSmithKline PLC		2,661,100		59,988,062
Imperial Brands PLC		1,388,294		28,898,077
Inchcape PLC		2,189,896		19,594,453
Informa PLC (B)		4,583,851		32,517,358
Kingfisher PLC		13,254,500		41,798,992
Liberty Global PLC, Class C (B)		1,749,900		41,472,630

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Linde PLC		167,200		$ 52,159,712
Lloyds Banking Group PLC		99,619,754		56,580,302
Melrose Industries PLC		20,721,520		30,110,381
Persimmon PLC		1,149,200		29,930,072
Reckitt Benckiser Group PLC		880,800		68,689,683
Smith & Nephew PLC		3,396,900		55,058,851
Tesco PLC		18,576,732		63,111,063
Unilever PLC		1,619,414		75,286,748
				912,513,276
United States - 0.0% (C)
Amazon.com, Inc. (B)		308		765,574
Total Common Stocks (Cost $4,602,075,497)				4,945,252,349
OTHER INVESTMENT COMPANY - 6.8%
Securities Lending Collateral - 6.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (E)		348,764,521		348,764,521
Total Other Investment Company (Cost $348,764,521)				348,764,521
	Principal		Value
REPURCHASE AGREEMENT - 2.2%
Fixed Income Clearing Corp., 0.00% (E), dated 04/29/2022, to be repurchased at $111,023,285 on 05/02/2022. Collateralized by U.S. Government Obligations, 1.38% - 3.13%, due 10/31/2028 - 11/15/2028, and with a total value of $113,243,752.		$111,023,285		111,023,285
Total Repurchase Agreement (Cost $111,023,285)				111,023,285
Total Investments (Cost $5,061,863,303)				5,405,040,155
Net Other Assets (Liabilities) - (5.8)%				(294,114,353	)
Net Assets - 100.0%				$5,110,925,802

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Pharmaceuticals		7.7	%	$	416,949,705
Industrial Conglomerates		6.2			337,646,364
Capital Markets		5.4			292,746,189
Banks		5.4			292,248,662
Oil, Gas & Consumable Fuels		3.9			208,031,834
Machinery		3.3			178,176,131
Food Products		3.2			173,550,442
Household Durables		3.0			163,776,355
Multi-Utilities		3.0			162,044,450
Diversified Financial Services		2.9			157,112,686
Food & Staples Retailing		2.7			148,285,773

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

Transamerica Funds Semi-Annual Report 2022

Page    147

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Semiconductors & Semiconductor Equipment		2.7	%	$	145,273,694
Beverages		2.7			144,383,718
Metals & Mining		2.5			136,880,446
Health Care Equipment & Supplies		2.4			128,415,521
Chemicals		2.3			125,029,650
Trading Companies & Distributors		2.3			121,735,775
Electrical Equipment		2.1			116,055,152
Software		2.1			112,859,945
Household Products		2.0			110,598,448
Entertainment		2.0			109,335,979
IT Services		1.9			102,288,626
Insurance		1.9			99,919,762
Technology Hardware, Storage & Peripherals		1.5			80,927,261
Personal Products		1.4			75,286,748
Real Estate Management & Development		1.3			70,986,521
Air Freight & Logistics		1.2			62,746,519
Containers & Packaging		1.1			61,271,495
Communications Equipment		1.1			56,910,519
Construction Materials		1.0			54,763,636
Electronic Equipment, Instruments & Components		1.0			52,932,240
Health Care Providers & Services		0.9			48,561,021
Internet & Direct Marketing Retail		0.9			45,864,243
Aerospace & Defense		0.9			45,855,409
Specialty Retail		0.8			41,798,992
Textiles, Apparel & Luxury Goods		0.8			41,538,169
Diversified Telecommunication Services		0.8			41,472,630
Media		0.6			32,517,358
Tobacco		0.5			28,898,077
Leisure Products		0.5			25,645,603
Hotels, Restaurants & Leisure		0.4			23,237,995
Road & Rail		0.4			21,405,655
Distributors		0.4			19,594,453
Airlines		0.2			13,043,406
Equity Real Estate Investment Trusts		0.2			10,605,294
Auto Components		0.0	(C)		1,904,138
Building Products		0.0	(C)		1,577,289
Electric Utilities		0.0	(C)		1,539,761
Interactive Media & Services		0.0	(C)		1,022,610
Investments		91.5			4,945,252,349
Short-Term Investments		8.5			459,787,806
Total Investments		100.0	%	$	5,405,040,155

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	$	271,416,657	$	4,673,835,692	$	—	$	4,945,252,349
Other Investment Company		348,764,521		—		—		348,764,521
Repurchase Agreement		—		111,023,285		—		111,023,285
Total Investments	$	620,181,178	$	4,784,858,977	$	—	$	5,405,040,155

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

Transamerica Funds Semi-Annual Report 2022

Page    148

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(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 $354,778,915, collateralized by cash collateral of $348,764,521 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $24,111,937. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Non-income producing securities.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the value of the 144A security is $33,528,497, representing 0.7% of the Fund’s net assets.
(E)	Rates disclosed reflect the yields at April 30, 2022.
(F)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    149

Transamerica International Focus

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 96.9%
Australia - 1.9%
Northern Star Resources Ltd.		3,195,843		$21,967,546
Austria - 1.5%
Erste Group Bank AG		532,328		16,574,433
China - 3.1%
Airtac International Group		639,144		17,345,194
ANTA Sports Products Ltd.		1,515,900		17,421,461
				34,766,655
Finland - 1.5%
Neste OYJ		387,724		16,636,783
France - 11.3%
LVMH Moet Hennessy Louis Vuitton SE		31,856		20,615,133
Sanofi (A)		352,560		37,263,788
TotalEnergies SE		693,694		34,062,432
Vinci SA (A)		371,540		36,051,959
				127,993,312
Germany - 2.8%
Bayerische Motoren Werke AG		389,845		31,836,990
Ireland - 8.0%
ICON PLC (B)		138,465		31,322,168
Kingspan Group PLC		355,919		33,131,450
Smurfit Kappa Group PLC		604,302		25,535,244
				89,988,862
Israel - 3.9%
Bank Leumi Le-Israel BM		2,036,133		21,368,699
Nice Ltd., ADR (A) (B)		107,859		22,263,176
				43,631,875
Italy - 4.5%
Amplifon SpA (A)		472,678		18,857,423
Enel SpA		3,550,759		23,090,205
Interpump Group SpA		224,057		9,058,565
				51,006,193
Japan - 16.6%
Asahi Group Holdings Ltd.		347,100		13,083,175
Food & Life Cos. Ltd.		715,600		16,981,633
Haseko Corp.		1,067,100		11,692,245
ITOCHU Corp.		842,900		25,439,543
Lasertec Corp. (A)		139,400		18,624,026
Nidec Corp.		144,600		9,348,255
Open House Group Co. Ltd.		495,400		19,169,333
Pan Pacific International Holdings Corp.		1,005,800		15,402,170
Taiyo Yuden Co. Ltd. (A)		607,900		23,882,842
Tokyo Electron Ltd.		79,900		33,713,517
				187,336,739
Netherlands - 1.3%
Euronext NV (C)		180,764		14,483,197
Norway - 6.1%
DNB Bank ASA (A)		1,511,815		29,294,908
Equinor ASA		1,173,412		39,660,813
				68,955,721
Republic of Korea - 2.1%
Samsung Electronics Co. Ltd.		438,629		23,376,094
Singapore - 3.5%
DBS Group Holdings Ltd.		1,613,400		39,142,080

	Shares		Value
COMMON STOCKS (continued)
Spain - 2.2%
Iberdrola SA		2,200,478		$ 25,285,259
Sweden - 3.4%
Epiroc AB, Class A		404,864		8,207,833
Epiroc AB, Class B		1,165,330		20,330,166
Thule Group AB (A) (C)		283,922		9,848,432
				38,386,431
Switzerland - 7.9%
Lonza Group AG		43,353		25,562,396
Roche Holding AG		109,385		40,561,458
Swiss Life Holding AG		39,627		23,170,504
				89,294,358
Taiwan - 2.2%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		265,533		24,675,982
United Kingdom - 13.1%
Ashtead Group PLC		465,583		24,074,007
Beazley PLC		2,263,514		12,284,444
British American Tobacco PLC		613,159		25,698,934
Diageo PLC		460,987		22,998,113
Legal & General Group PLC		9,252,863		28,842,053
Rio Tinto PLC, ADR (A)		484,107		34,429,690
				148,327,241
Total Common Stocks (Cost $951,061,807)				1,093,665,751
OTHER INVESTMENT COMPANY - 7.3%
Securities Lending Collateral - 7.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (D)		82,804,472		82,804,472
Total Other Investment Company (Cost $82,804,472)				82,804,472
	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.00% (D), dated 04/29/2022, to be repurchased at $7,650,829 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.25%, due 09/30/2028, and with a value of $7,803,926.		$7,650,829		7,650,829
Total Repurchase Agreement (Cost $7,650,829)				7,650,829
Total Investments (Cost $1,041,517,108)				1,184,121,052
Net Other Assets (Liabilities) - (4.9)%				(55,104,363	)
Net Assets - 100.0%				$1,129,016,689

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

Transamerica Funds Semi-Annual Report 2022

Page    150

Transamerica International Focus

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Banks		9.0	%	$	106,380,120
Oil, Gas & Consumable Fuels		7.6			90,360,028
Pharmaceuticals		6.6			77,825,246
Semiconductors & Semiconductor Equipment		6.5			77,013,525
Insurance		5.4			64,297,001
Life Sciences Tools & Services		4.8			56,884,564
Metals & Mining		4.8			56,397,236
Machinery		4.6			54,941,758
Trading Companies & Distributors		4.2			49,513,550
Electric Utilities		4.1			48,375,464
Textiles, Apparel & Luxury Goods		3.2			38,036,594
Beverages		3.1			36,081,288
Construction & Engineering		3.0			36,051,959
Building Products		2.8			33,131,450
Automobiles		2.7			31,836,990
Household Durables		2.6			30,861,578
Tobacco		2.2			25,698,934
Containers & Packaging		2.2			25,535,244
Electronic Equipment, Instruments & Components		2.0			23,882,842
Technology Hardware, Storage & Peripherals		2.0			23,376,094
Software		1.9			22,263,176
Health Care Providers & Services		1.6			18,857,423
Hotels, Restaurants & Leisure		1.4			16,981,633
Multiline Retail		1.3			15,402,170
Capital Markets		1.2			14,483,197
Leisure Products		0.8			9,848,432
Electrical Equipment		0.8			9,348,255
Investments		92.4			1,093,665,751
Short-Term Investments		7.6			90,455,301
Total Investments		100.0	%	$	1,184,121,052

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	$	112,691,016	$	980,974,735	$	—	$	1,093,665,751
Other Investment Company		82,804,472		—		—		82,804,472
Repurchase Agreement		—		7,650,829		—		7,650,829
Total Investments	$	195,495,488	$	988,625,564	$	—	$	1,184,121,052

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 $144,208,395, collateralized by cash collateral of $82,804,472 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $67,090,998. 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.

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

Transamerica Funds Semi-Annual Report 2022

Page    151

Transamerica International Focus

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(C)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $24,331,629, representing 2.2% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at April 30, 2022.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    152

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 98.8%
Australia - 3.6%
BlueScope Steel Ltd.		770,500		$10,953,117
Charter Hall Group, REIT		619,232		6,655,138
Omni Bridgeway Ltd. (A) (B)		2,559,169		6,012,709
				23,620,964
Austria - 0.8%
ams-OSRAM AG (A)		434,000		5,309,193
Belgium - 6.6%
Barco NV		329,734		7,425,562
D’ieteren Group		82,108		13,179,373
Fagron		326,248		6,119,692
Groupe Bruxelles Lambert SA		97,427		9,193,255
Telenet Group Holding NV (B)		229,200		6,830,709
				42,748,591
Denmark - 2.7%
Scandinavian Tobacco Group AS, Class A (C)		556,928		11,609,569
Schouw & Co. AS		82,067		6,274,124
				17,883,693
Finland - 0.9%
Kamux Corp.		216,600		2,191,961
Raisio OYJ, V Shares		1,529,083		3,582,229
				5,774,190
France - 5.4%
Elis SA (A)		618,700		8,872,929
ICADE, REIT		81,600		4,871,997
Kaufman & Broad SA (B)		222,229		6,758,581
Rothschild & Co.		366,619		14,363,734
				34,867,241
Germany - 5.9%
Bertrandt AG		36,509		1,696,082
Borussia Dortmund GmbH & Co. KGaA (A)		554,480		2,171,653
DIC Asset AG		476,678		6,668,683
DWS Group GmbH & Co. KGaA (C)		99,500		3,274,388
Gerresheimer AG		151,400		10,516,597
Hamburger Hafen und Logistik AG		337,640		5,494,599
SAF-Holland SE (A)		518,300		3,939,240
Takkt AG		297,613		4,808,363
				38,569,605
Greece - 1.0%
Motor Oil Hellas Corinth Refineries SA		412,151		6,520,291
Hong Kong - 1.2%
Great Eagle Holdings Ltd.		1,432,493		3,342,418
Kerry Logistics Network Ltd.		426,681		981,214
Pacific Textiles Holdings Ltd.		7,261,900		3,197,292
				7,520,924
Ireland - 4.4%
Bank of Ireland Group PLC (A)		1,742,100		10,558,356
C&C Group PLC (A)		1,922,185		5,017,822
Grafton Group PLC		77,700		941,045
Smurfit Kappa Group PLC		286,710		12,115,151
				28,632,374
Italy - 4.2%
BFF Bank SpA (C)		976,600		6,089,694
Buzzi Unicem SpA (B)		285,000		5,277,823
Danieli & C Officine Meccaniche SpA		163,790		2,562,200

	Shares		Value
COMMON STOCKS (continued)
Italy (continued)
doValue SpA (B) (C)		424,000		$ 3,605,176
Prysmian SpA		305,752		9,944,555
				27,479,448
Japan - 29.2%
Aida Engineering Ltd.		396,100		2,934,502
Air Water, Inc.		391,100		5,191,031
Capcom Co. Ltd.		779,100		20,558,189
CKD Corp.		281,800		3,649,228
Denka Co. Ltd.		413,960		11,097,440
DTS Corp.		348,900		7,655,337
Fuji Corp.		369,800		6,169,942
Furyu Corp.		113,100		893,301
GMO internet, Inc.		373,700		7,468,460
Hikari Tsushin, Inc.		53,000		6,205,940
Horiba Ltd.		153,000		7,443,959
Hosokawa Micron Corp.		107,000		2,028,510
Japan Petroleum Exploration Co. Ltd.		121,000		2,412,012
Kintetsu World Express, Inc.		580,600		13,831,342
Kumiai Chemical Industry Co. Ltd. (B)		747,100		5,054,252
Kyushu Railway Co.		150,000		2,940,112
MatsukiyoCocokara & Co.		221,600		7,325,062
Meitec Corp.		108,100		5,737,938
Nakanishi, Inc.		608,700		9,949,199
Nextage Co. Ltd.		157,900		2,413,256
Nichiha Corp.		223,000		4,031,757
Nippon Parking Development Co. Ltd.		3,021,000		3,573,463
Paramount Bed Holdings Co. Ltd.		356,600		5,939,153
PCA Corp. (B)		305,500		3,071,322
Rohto Pharmaceutical Co. Ltd.		226,600		6,051,251
Sanwa Holdings Corp.		1,076,600		9,808,101
Shinoken Group Co. Ltd.		430,000		3,348,419
Square Enix Holdings Co. Ltd.		264,300		10,552,379
Takasago Thermal Engineering Co. Ltd.		320,000		4,185,802
Token Corp. (B)		84,200		5,604,806
Wakita & Co. Ltd.		358,700		2,984,747
				190,110,212
Netherlands - 4.2%
ASM International NV (B)		38,000		11,418,700
Euronext NV (C)		77,780		6,231,900
Van Lanschot Kempen NV, CVA		368,800		9,604,120
				27,254,720
New Zealand - 0.3%
Pushpay Holdings Ltd. (A) (B)		2,141,100		1,805,843
Norway - 2.5%
ABG Sundal Collier Holding ASA		5,098,727		3,881,390
Aker ASA, A Shares (B)		72,300		5,893,230
Kongsberg Gruppen ASA		159,100		6,833,756
				16,608,376
Philippines - 0.3%
Alliance Global Group, Inc.		7,988,900		1,801,858
Republic of Korea - 3.3%
Eugene Technology Co. Ltd.		307,509		10,343,610
Gradiant Corp.		567,719		2,003,857
Value Added Technology Co. Ltd.		293,900		9,333,809
				21,681,276

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

Transamerica Funds Semi-Annual Report 2022

Page    153

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Spain - 2.2%
Cia de Distribucion Integral Logista Holdings SA		492,464		$ 9,073,862
Fluidra SA		93,300		2,525,088
Vidrala SA		33,809		2,422,606
				14,021,556
Sweden - 4.7%
Cloetta AB, B Shares		2,526,200		6,383,791
Dios Fastigheter AB		1,149,874		10,267,108
Husqvarna AB, B Shares (B)		674,600		6,448,572
Nobia AB		960,200		3,768,290
Trelleborg AB, B Shares (B)		180,800		3,965,592
				30,833,353
Switzerland - 1.8%
Swissquote Group Holding SA		70,676		11,486,870
United Kingdom - 13.6%
Bellway PLC		365,900		11,113,213
Domino’s Pizza Group PLC		1,343,500		5,872,301
Howden Joinery Group PLC		709,400		6,716,253
IG Group Holdings PLC		999,535		10,215,320
Inchcape PLC		439,000		3,928,024
Informa PLC (A)		1,118,727		7,936,132
Intermediate Capital Group PLC		370,435		7,088,819
International Personal Finance PLC		1,015,750		1,210,130
Lancashire Holdings Ltd.		771,200		4,087,276
Oxford Metrics PLC		885,500		991,405
Redde Northgate PLC		294,268		1,455,710
Redrow PLC		1,833,600		12,019,791
Savills PLC		659,700		8,874,683

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Vistry Group PLC		662,500		$ 6,911,914
				88,420,971
Total Common Stocks (Cost $623,969,642)				642,951,549
OTHER INVESTMENT COMPANY - 3.6%
Securities Lending Collateral - 3.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (D)		23,713,203		23,713,203
Total Other Investment Company (Cost $23,713,203)				23,713,203
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 0.00% (D), dated 04/29/2022, to be repurchased at $2,841,288 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.50%, due 11/30/2028, and with a value of $2,898,204.		$2,841,288		2,841,288
Total Repurchase Agreement (Cost $2,841,288)				2,841,288
Total Investments (Cost $650,524,133)				669,506,040
Net Other Assets (Liabilities) - (2.8)%				(18,287,855	)
Net Assets - 100.0%				$651,218,185

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Capital Markets		9.9	%	$	66,146,541
Household Durables		6.9			46,176,595
Entertainment		5.0			33,282,221
Real Estate Management & Development		4.9			32,501,311
Machinery		4.5			30,283,634
Semiconductors & Semiconductor Equipment		4.0			27,071,503
Health Care Equipment & Supplies		3.8			25,222,161
Diversified Financial Services		3.7			24,900,834
Air Freight & Logistics		3.6			23,886,418
Chemicals		3.2			21,342,723
Building Products		2.7			18,025,660
Distributors		2.6			17,107,397
IT Services		2.5			16,929,640
Food Products		2.4			16,240,144
Electronic Equipment, Instruments & Components		2.2			14,869,521
Media		2.2			14,766,841
Containers & Packaging		2.2			14,537,757
Commercial Services & Supplies		1.9			12,446,392
Tobacco		1.7			11,609,569
Equity Real Estate Investment Trusts		1.7			11,527,135
Metals & Mining		1.6			10,953,117
Specialty Retail		1.6			10,811,157

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

Transamerica Funds Semi-Annual Report 2022

Page    154

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Trading Companies & Distributors		1.6	%	$	10,642,045
Banks		1.6			10,558,356
Life Sciences Tools & Services		1.6			10,516,597
Electrical Equipment		1.5			9,944,555
Oil, Gas & Consumable Fuels		1.3			8,932,303
Industrial Conglomerates		1.1			7,695,088
Professional Services		1.1			7,434,020
Food & Staples Retailing		1.1			7,325,062
Aerospace & Defense		1.0			6,833,756
Internet & Direct Marketing Retail		1.0			6,812,220
Health Care Providers & Services		0.9			6,119,692
Personal Products		0.9			6,051,251
Hotels, Restaurants & Leisure		0.9			5,872,301
Transportation Infrastructure		0.8			5,494,599
Construction Materials		0.8			5,277,823
Beverages		0.7			5,017,822
Road & Rail		0.7			4,395,822
Insurance		0.6			4,087,276
Software		0.6			4,062,727
Auto Components		0.6			3,939,240
Textiles, Apparel & Luxury Goods		0.5			3,197,292
Consumer Finance		0.2			1,210,130
Leisure Products		0.1			893,301
Investments		96.0			642,951,549
Short-Term Investments		4.0			26,554,491
Total Investments		100.0	%	$	669,506,040

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	$	—	$	642,951,549	$	—	$	642,951,549
Other Investment Company		23,713,203		—		—		23,713,203
Repurchase Agreement		—		2,841,288		—		2,841,288
Total Investments	$	23,713,203	$	645,792,837	$	—	$	669,506,040

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 $43,960,403, collateralized by cash collateral of $23,713,203 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $22,520,984. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $30,810,727, representing 4.7% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at April 30, 2022.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    155

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

PORTFOLIO ABBREVIATIONS:

CVA	Commanditaire Vennootschap op Aandelen (Dutch Certificate)
REIT	Real Estate Investment Trust

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

Transamerica Funds Semi-Annual Report 2022

Page    156

Transamerica International Stock

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 94.8%
Australia - 4.9%
BlueScope Steel Ltd.		35,599		$506,061
Commonwealth Bank of Australia		19,313		1,403,737
National Australia Bank Ltd.		63,185		1,442,430
Perseus Mining Ltd.		432,724		602,147
Sonic Healthcare Ltd.		24,167		624,142
South32 Ltd.		503,357		1,676,348
				6,254,865
Austria - 0.3%
voestalpine AG		16,080		418,448
Belgium - 0.6%
Anheuser-Busch InBev SA		8,743		503,068
UCB SA		2,792		317,374
				820,442
China - 0.4%
Yangzijiang Shipbuilding Holdings Ltd.		832,400		543,077
Denmark - 4.0%
AP Moller - Maersk AS, Class B		691		1,999,910
Danske Bank AS		22,174		340,124
Novo Nordisk AS, Class B		21,683		2,476,767
Pandora AS		2,740		240,590
				5,057,391
Finland - 2.3%
Nokia OYJ		168,983		856,755
Nordea Bank Abp		204,403		2,037,914
				2,894,669
France - 9.3%
Capgemini SE		5,646		1,149,407
Cie de Saint-Gobain		23,968		1,398,249
Eiffage SA		10,092		996,572
LVMH Moet Hennessy Louis Vuitton SE		3,415		2,209,966
Pernod Ricard SA		6,354		1,311,365
Publicis Groupe SA		6,535		392,340
Rexel SA		19,862		406,866
Sanofi (A)		16,163		1,708,346
Sartorius Stedim Biotech		1,222		399,874
TotalEnergies SE		25,091		1,232,042
Veolia Environnement SA		18,380		536,265
				11,741,292
Germany - 7.0%
Bayer AG		11,351		747,702
Bayerische Motoren Werke AG		10,344		844,751
Brenntag SE		4,355		336,047
Deutsche Post AG		34,815		1,487,383
Deutsche Telekom AG		76,506		1,409,328
HeidelbergCement AG		5,666		326,404
Infineon Technologies AG		31,547		895,405
Mercedes-Benz Group AG		13,895		969,887
Merck KGaA		9,819		1,821,692
				8,838,599
Hong Kong - 2.0%
ASM Pacific Technology Ltd.		43,800		441,407
CK Hutchison Holdings Ltd.		174,500		1,224,628
Pacific Basin Shipping Ltd.		1,937,000		888,716
				2,554,751

	Shares		Value
COMMON STOCKS (continued)
Ireland - 0.3%
James Hardie Industries PLC, CDI		12,559		$ 362,054
Israel - 0.6%
Teva Pharmaceutical Industries Ltd., ADR (B)		81,900		713,349
Italy - 1.4%
Enel SpA		69,028		448,882
Eni SpA		51,079		714,022
Leonardo SpA		56,719		583,717
				1,746,621
Japan - 24.7%
Canon, Inc. (A)		86,900		1,999,495
Cosmo Energy Holdings Co. Ltd.		11,600		288,195
Electric Power Development Co. Ltd., Class C		30,100		412,454
FUJIFILM Holdings Corp.		34,600		1,902,005
Fujitsu Ltd.		8,300		1,254,538
Honda Motor Co. Ltd.		30,900		812,780
Ibiden Co. Ltd.		11,000		411,090
Inpex Corp.		29,900		355,755
ITOCHU Corp.		64,400		1,943,655
Japan Tobacco, Inc.		50,200		853,992
Marubeni Corp.		125,500		1,369,910
Mitsubishi Corp.		36,600		1,228,864
Mitsubishi UFJ Financial Group, Inc.		207,600		1,206,856
Mitsui & Co. Ltd.		23,200		561,806
Mizuho Financial Group, Inc.		33,190		403,016
Murata Manufacturing Co. Ltd.		14,100		840,465
Nippon Telegraph & Telephone Corp.		95,500		2,814,322
Nippon Yusen KK		22,500		1,623,240
Nomura Holdings, Inc.		129,600		499,019
Olympus Corp.		26,600		468,190
Ono Pharmaceutical Co. Ltd.		21,800		560,054
Sekisui House Ltd.		51,800		899,659
Seven & i Holdings Co. Ltd.		30,700		1,357,459
SoftBank Group Corp.		8,700		357,833
Sony Group Corp.		13,300		1,147,803
Sumitomo Corp.		95,400		1,509,574
Tokyo Electron Ltd.		3,400		1,434,618
Toyota Motor Corp.		164,600		2,820,208
				31,336,855
Netherlands - 4.7%
Akzo Nobel NV		4,553		394,957
ASML Holding NV		3,359		1,906,362
ASR Nederland NV		7,171		325,912
Koninklijke Ahold Delhaize NV		45,993		1,356,608
NN Group NV		20,471		1,002,702
Signify NV (C)		12,662		535,698
Stellantis NV		35,390		475,134
				5,997,373
Norway - 0.7%
Equinor ASA		25,635		866,452
Singapore - 0.9%
DBS Group Holdings Ltd.		33,600		815,157
Yangzijiang Financial Holding Pte. Ltd. (B)		832,400		328,036
				1,143,193
Spain - 2.9%
Banco Bilbao Vizcaya Argentaria SA		71,950		377,540
Banco Santander SA		432,943		1,265,210

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

Transamerica Funds Semi-Annual Report 2022

Page    157

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Spain (continued)
Iberdrola SA		97,008		$ 1,114,700
Repsol SA		21,635		322,748
Telefonica SA		112,134		545,492
				3,625,690
Sweden - 0.8%
SSAB AB, B Shares		165,019		970,415
Switzerland - 10.1%
Alcon, Inc.		22,870		1,632,936
Cie Financiere Richemont SA, Class A		1,983		230,406
Julius Baer Group Ltd.		11,949		571,017
Nestle SA		10,368		1,338,447
Novartis AG		21,232		1,876,256
Roche Holding AG		6,130		2,273,088
Sonova Holding AG		3,240		1,168,429
Swiss Life Holding AG		2,395		1,400,393
UBS Group AG		100,696		1,709,479
Zurich Insurance Group AG		1,182		538,128
				12,738,579
United Kingdom - 16.9%
3i Group PLC		85,014		1,391,275
Anglo American PLC		11,197		495,926
Ashtead Group PLC		8,584		443,855
AstraZeneca PLC		13,873		1,851,231
BAE Systems PLC		50,912		470,257
Barclays PLC		425,487		782,105
Bellway PLC		8,732		265,211
BP PLC		135,343		653,408
British American Tobacco PLC		31,730		1,329,879
Coca-Cola Europacific Partners PLC		22,154		1,106,592
Diageo PLC		50,373		2,513,051
Ferguson PLC		6,574		824,703
GlaxoSmithKline PLC		77,535		1,747,839
Imperial Brands PLC		63,074		1,312,919
Kingfisher PLC		137,211		432,704
Lloyds Banking Group PLC		883,494		501,792

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Redrow PLC		42,408		$ 277,997
Rio Tinto PLC		14,456		1,021,405
Shell PLC		39,065		1,048,735
SSE PLC		62,267		1,446,202
Standard Chartered PLC		77,910		532,618
Vodafone Group PLC		590,603		894,149
				21,343,853
Total Common Stocks (Cost $114,357,174)				119,967,968
PREFERRED STOCK - 0.8%
Germany - 0.8%
Volkswagen AG, 3.31% (D)		6,662		1,031,720
Total Preferred Stock (Cost $1,129,101)				1,031,720
EXCHANGE-TRADED FUND - 1.4%
United States - 1.4%
iShares MSCI EAFE ETF (A)		25,400		1,743,456
Total Exchange-Traded Fund (Cost $1,853,008)				1,743,456
OTHER INVESTMENT COMPANY - 0.0% (E)
Securities Lending Collateral - 0.0% (E)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (D)		24,300		24,300
Total Other Investment Company (Cost $24,300)				24,300
Total Investments (Cost $117,363,583)				122,767,444
Net Other Assets (Liabilities) - 3.0%				3,812,803
Net Assets - 100.0%				$126,580,247

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
Pharmaceuticals		13.1	%	$	16,093,698
Banks		9.1			11,108,499
Trading Companies & Distributors		7.0			8,625,280
Automobiles		5.7			6,954,480
Metals & Mining		4.6			5,690,750
Oil, Gas & Consumable Fuels		4.5			5,481,357
Beverages		4.4			5,434,076
Diversified Telecommunication Services		3.9			4,769,142
Semiconductors & Semiconductor Equipment		3.8			4,677,792
Marine		3.7			4,511,866
Capital Markets		3.7			4,498,826
Technology Hardware, Storage & Peripherals		3.2			3,901,500
Tobacco		2.8			3,496,790
Health Care Equipment & Supplies		2.7			3,269,555
Insurance		2.7			3,267,135
Electric Utilities		2.5			3,009,784

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

Transamerica Funds Semi-Annual Report 2022

Page    158

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Food & Staples Retailing		2.2	%	$	2,714,067
Textiles, Apparel & Luxury Goods		2.2			2,680,962
Household Durables		2.1			2,590,670
IT Services		2.0			2,403,945
International Equity Funds		1.4			1,743,456
Air Freight & Logistics		1.2			1,487,383
Building Products		1.1			1,398,249
Food Products		1.1			1,338,447
Wireless Telecommunication Services		1.0			1,251,982
Electronic Equipment, Instruments & Components		1.0			1,251,555
Industrial Conglomerates		1.0			1,224,628
Aerospace & Defense		0.9			1,053,974
Construction & Engineering		0.8			996,572
Communications Equipment		0.7			856,755
Construction Materials		0.6			688,458
Health Care Providers & Services		0.5			624,142
Machinery		0.4			543,077
Multi-Utilities		0.4			536,265
Electrical Equipment		0.4			535,698
Specialty Retail		0.4			432,704
Independent Power & Renewable Electricity Producers		0.3			412,454
Life Sciences Tools & Services		0.3			399,874
Chemicals		0.3			394,957
Media		0.3			392,340
Investments		100.0			122,743,144
Short-Term Investments		0.0	(E)		24,300
Total Investments		100.0	%	$	122,767,444

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	$	1,819,941	$	118,148,027	$	—	$	119,967,968
Preferred Stock		—		1,031,720		—		1,031,720
Exchange-Traded Fund		1,743,456		—		—		1,743,456
Other Investment Company		24,300		—		—		24,300
Total Investments	$	3,587,697	$	119,179,747	$	—	$	122,767,444

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 $3,443,014, collateralized by cash collateral of $24,300 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $3,545,226. 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)	Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the value of the 144A security is $535,698, representing 0.4% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at April 30, 2022.

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

Transamerica Funds Semi-Annual Report 2022

Page    159

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(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, 2022. 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
CDI	CHESS Depositary Interests

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

Transamerica Funds Semi-Annual Report 2022

Page    160

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Aerospace & Defense - 4.1%
Northrop Grumman Corp.		110,345		$48,485,593
Textron, Inc.		701,448		48,575,274
				97,060,867
Airlines - 1.4%
Southwest Airlines Co. (A)		713,072		33,314,724
Automobiles - 1.6%
General Motors Co. (A)		981,491		37,208,324
Banks - 8.7%
Bank of America Corp.		2,288,517		81,654,287
JPMorgan Chase & Co.		592,482		70,718,651
Wells Fargo & Co.		1,290,064		56,285,492
				208,658,430
Beverages - 2.6%
PepsiCo, Inc.		367,853		63,164,039
Biotechnology - 2.0%
AbbVie, Inc.		322,449		47,361,309
Capital Markets - 6.2%
BlackRock, Inc.		84,319		52,672,393
Charles Schwab Corp.		902,795		59,882,392
State Street Corp.		531,506		35,594,957
				148,149,742
Chemicals - 2.1%
Air Products & Chemicals, Inc.		214,888		50,298,834
Construction & Engineering - 2.5%
Quanta Services, Inc.		510,583		59,217,416
Construction Materials - 2.2%
Martin Marietta Materials, Inc.		145,085		51,392,009
Electric Utilities - 4.6%
Duke Energy Corp.		503,639		55,480,872
Xcel Energy, Inc.		729,215		53,422,291
				108,903,163
Energy Equipment & Services - 1.7%
Schlumberger NV		1,042,142		40,653,959
Entertainment - 2.2%
Walt Disney Co. (A)		475,941		53,129,294
Equity Real Estate Investment Trusts - 4.6%
American Tower Corp.		189,807		45,747,283
Prologis, Inc.		396,687		63,584,959
				109,332,242
Food Products - 3.6%
Mondelez International, Inc., Class A		488,483		31,497,384
Tyson Foods, Inc., Class A		577,752		53,823,376
				85,320,760
Health Care Equipment & Supplies - 1.7%
Baxter International, Inc.		575,936		40,926,012
Health Care Providers & Services - 6.8%
AmerisourceBergen Corp.		347,957		52,642,415
UnitedHealth Group, Inc.		216,480		110,090,904
				162,733,319
Insurance - 2.3%
Hartford Financial Services Group, Inc.		781,255		54,633,162

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services - 3.3%
Alphabet, Inc., Class A (A)		34,717		$ 79,230,790
IT Services - 2.0%
Global Payments, Inc.		346,313		47,437,955
Life Sciences Tools & Services - 3.2%
Thermo Fisher Scientific, Inc.		136,704		75,586,376
Machinery - 4.7%
Caterpillar, Inc.		270,349		56,919,279
Parker-Hannifin Corp.		208,772		56,539,633
				113,458,912
Media - 1.6%
Comcast Corp., Class A		795,597		31,632,937
Fox Corp., Class A		202,415		7,254,553
				38,887,490
Multiline Retail - 2.1%
Target Corp.		222,706		50,921,727
Oil, Gas & Consumable Fuels - 7.0%
Chevron Corp.		560,502		87,813,848
ConocoPhillips		841,313		80,362,218
				168,176,066
Pharmaceuticals - 5.1%
Bristol-Myers Squibb Co.		803,111		60,450,165
Eli Lilly & Co.		208,823		61,003,463
				121,453,628
Road & Rail - 2.0%
CSX Corp.		1,364,668		46,862,699
Semiconductors & Semiconductor Equipment - 1.7%
Micron Technology, Inc.		584,526		39,858,828
Software - 2.3%
Microsoft Corp.		198,447		55,073,011
Specialty Retail - 2.1%
Lowe’s Cos., Inc.		254,801		50,381,802
Total Common Stocks (Cost $1,971,764,967)				2,338,786,889
	Principal		Value
REPURCHASE AGREEMENT - 2.5%
Fixed Income Clearing Corp., 0.00% (B), dated 04/29/2022, to be repurchased at $60,874,472 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.50%, due 11/30/2028, and with a value of $62,091,994.		$60,874,472		60,874,472
Total Repurchase Agreement (Cost $60,874,472)				60,874,472
Total Investments (Cost $2,032,639,439)				2,399,661,361
Net Other Assets (Liabilities) - (0.5)%				(12,380,715	)
Net Assets - 100.0%				$2,387,280,646

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

Transamerica Funds Semi-Annual Report 2022

Page    161

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	2,338,786,889	$	—	$	—	$	2,338,786,889
Repurchase Agreement		—		60,874,472		—		60,874,472
Total Investments	$	2,338,786,889	$	60,874,472	$	—	$	2,399,661,361

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Rate disclosed reflects the yield at April 30, 2022.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    162

Transamerica Large Core

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 97.8%
Aerospace & Defense - 0.9%
L3 Harris Technologies, Inc.		652		$151,433
Lockheed Martin Corp.		3,127		1,351,239
Textron, Inc.		2,171		150,342
				1,653,014
Air Freight & Logistics - 1.0%
CH Robinson Worldwide, Inc.		134		14,224
Expeditors International of Washington, Inc.		3,608		357,445
United Parcel Service, Inc., Class B		7,546		1,358,129
				1,729,798
Auto Components - 0.0% (A)
BorgWarner, Inc.		1,987		73,181
Automobiles - 2.2%
Ford Motor Co.		17,157		242,943
General Motors Co. (B)		6,858		259,987
Tesla, Inc. (B)		4,004		3,486,523
				3,989,453
Banks - 3.5%
Bank of America Corp.		28,930		1,032,223
Citigroup, Inc.		8,262		398,311
Citizens Financial Group, Inc.		3,102		122,219
Comerica, Inc.		2,397		196,314
Fifth Third Bancorp		9,695		363,854
First Republic Bank		1,727		257,703
JPMorgan Chase & Co.		1,773		211,625
KeyCorp		36,317		701,281
PNC Financial Services Group, Inc.		3,183		528,696
SVB Financial Group (B)		1,113		542,743
US Bancorp		28,995		1,407,997
Wells Fargo & Co.		8,787		383,377
				6,146,343
Beverages - 0.7%
Brown-Forman Corp., Class B		8,230		555,031
Coca-Cola Co.		11,246		726,604
PepsiCo, Inc.		136		23,353
				1,304,988
Biotechnology - 2.1%
AbbVie, Inc.		8,757		1,286,228
Amgen, Inc.		5,960		1,389,812
Gilead Sciences, Inc.		2,521		149,596
Moderna, Inc. (B)		1,080		145,163
Regeneron Pharmaceuticals, Inc. (B)		1,056		696,020
Vertex Pharmaceuticals, Inc. (B)		276		75,409
				3,742,228
Building Products - 0.6%
A.O. Smith Corp.		8,090		472,699
Masco Corp.		9,969		525,266
				997,965
Capital Markets - 1.9%
Ameriprise Financial, Inc.		2,422		643,017
BlackRock, Inc.		35		21,864
Charles Schwab Corp.		1,904		126,292
FactSet Research Systems, Inc.		47		18,964
Goldman Sachs Group, Inc.		558		170,463
Intercontinental Exchange, Inc.		1,406		162,829
Morgan Stanley		3,356		270,460

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (continued)
Raymond James Financial, Inc.		7,788		$ 759,018
S&P Global, Inc.		1,567		589,976
State Street Corp.		2,899		194,146
T. Rowe Price Group, Inc.		3,668		451,311
				3,408,340
Chemicals - 1.2%
CF Industries Holdings, Inc.		2,893		280,129
Dow, Inc.		20,158		1,340,507
LyondellBasell Industries NV, Class A		2,895		306,957
Mosaic Co.		2,427		151,493
				2,079,086
Commercial Services & Supplies - 0.2%
Copart, Inc. (B)		3,175		360,839
Communications Equipment - 0.8%
Arista Networks, Inc. (B)		2,181		252,058
Cisco Systems, Inc.		22,504		1,102,246
				1,354,304
Consumer Finance - 1.1%
American Express Co.		5,798		1,012,969
Capital One Financial Corp.		3,768		469,568
Discover Financial Services		4,913		552,516
				2,035,053
Containers & Packaging - 0.6%
Avery Dennison Corp.		4,383		791,570
Ball Corp.		3,238		262,796
				1,054,366
Distributors - 0.3%
Genuine Parts Co.		310		40,316
LKQ Corp.		8,653		429,448
				469,764
Diversified Financial Services - 2.2%
Berkshire Hathaway, Inc., Class B (B)		11,911		3,845,228
Diversified Telecommunication Services - 0.8%
Verizon Communications, Inc.		30,782		1,425,207
Electric Utilities - 1.1%
Constellation Energy Corp.		7,547		446,858
NextEra Energy, Inc.		9,270		658,355
NRG Energy, Inc.		5,780		207,502
PPL Corp.		23,588		667,776
				1,980,491
Electrical Equipment - 0.0% (A)
Emerson Electric Co.		842		75,932
Electronic Equipment, Instruments & Components - 0.5%
Corning, Inc.		5,293		186,261
Keysight Technologies, Inc. (B)		635		89,071
TE Connectivity Ltd.		2,707		337,780
Trimble, Inc. (B)		1,772		118,192
Zebra Technologies Corp., Class A (B)		286		105,723
				837,027
Energy Equipment & Services - 0.2%
Baker Hughes Co.		1,572		48,763
Halliburton Co.		56		1,995
Schlumberger NV		8,767		342,001
				392,759

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

Transamerica Funds Semi-Annual Report 2022

Page    163

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Entertainment - 0.6%
Activision Blizzard, Inc.		1,170		$ 88,452
Electronic Arts, Inc.		308		36,359
Live Nation Entertainment, Inc. (B)		110		11,537
Netflix, Inc. (B)		2,195		417,840
Walt Disney Co. (B)		4,257		475,209
				1,029,397
Equity Real Estate Investment Trusts - 1.9%
Boston Properties, Inc.		3,076		361,738
Essex Property Trust, Inc.		652		214,684
Extra Space Storage, Inc.		298		56,620
Host Hotels & Resorts, Inc.		34,844		709,075
Simon Property Group, Inc.		4,451		525,218
Vornado Realty Trust		8,743		338,442
Weyerhaeuser Co.		29,428		1,213,022
				3,418,799
Food & Staples Retailing - 0.6%
Costco Wholesale Corp.		228		121,232
Kroger Co.		7,054		380,634
Walmart, Inc.		3,821		584,575
				1,086,441
Food Products - 1.5%
Campbell Soup Co.		3,088		145,815
General Mills, Inc.		4,494		317,861
Hershey Co.		4,746		1,071,504
Mondelez International, Inc., Class A		6,289		405,515
Tyson Foods, Inc., Class A		8,381		780,774
				2,721,469
Health Care Equipment & Supplies - 1.8%
Abbott Laboratories		12,739		1,445,876
Align Technology, Inc. (B)		489		141,766
Becton Dickinson & Co.		1,736		429,122
Boston Scientific Corp. (B)		1,016		42,784
DexCom, Inc. (B)		78		31,869
Edwards Lifesciences Corp. (B)		784		82,932
Hologic, Inc. (B)		7,857		565,625
IDEXX Laboratories, Inc. (B)		849		365,478
Intuitive Surgical, Inc. (B)		505		120,847
Teleflex, Inc.		241		68,834
				3,295,133
Health Care Providers & Services - 3.6%
Anthem, Inc.		1,905		956,177
CVS Health Corp.		5,698		547,749
DaVita, Inc. (B)		545		59,062
HCA Healthcare, Inc.		1,656		355,295
Laboratory Corp. of America Holdings		3,903		937,813
McKesson Corp.		1,935		599,095
Molina Healthcare, Inc. (B)		1,438		450,741
Quest Diagnostics, Inc.		3,521		471,250
UnitedHealth Group, Inc.		4,093		2,081,495
				6,458,677
Health Care Technology - 0.0% (A)
Cerner Corp.		249		23,316
Hotels, Restaurants & Leisure - 2.2%
Booking Holdings, Inc. (B)		262		579,101
Caesars Entertainment, Inc. (B)		1,668		110,555
Darden Restaurants, Inc.		2,253		296,788

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (continued)
Domino’s Pizza, Inc.		481		$ 162,578
Expedia Group, Inc. (B)		1,706		298,123
Marriott International, Inc., Class A (B)		3,300		585,816
McDonald’s Corp.		3,782		942,323
Starbucks Corp.		9,429		703,781
Yum! Brands, Inc.		2,585		302,471
				3,981,536
Household Durables - 0.2%
Lennar Corp., Class A		2,783		212,872
Whirlpool Corp.		789		143,219
				356,091
Household Products - 2.4%
Clorox Co.		755		108,320
Colgate-Palmolive Co.		11,725		903,411
Kimberly-Clark Corp.		4,881		677,629
Procter & Gamble Co.		16,526		2,653,250
				4,342,610
Industrial Conglomerates - 1.4%
3M Co.		7,732		1,115,109
General Electric Co.		1,748		130,313
Honeywell International, Inc.		6,101		1,180,605
				2,426,027
Insurance - 2.5%
Aflac, Inc.		1,180		67,590
American International Group, Inc.		11,369		665,200
Aon PLC, Class A		1,812		521,838
Chubb Ltd.		3,913		807,839
Cincinnati Financial Corp.		5,941		728,723
Everest Re Group Ltd.		2,411		662,326
Loews Corp.		2,475		155,529
Marsh & McLennan Cos., Inc.		2,311		373,689
MetLife, Inc.		1,306		85,778
Prudential Financial, Inc.		737		79,972
Travelers Cos., Inc.		625		106,912
W.R. Berkley Corp.		2,178		144,815
				4,400,211
Interactive Media & Services - 5.9%
Alphabet, Inc., Class A (B)		1,569		3,580,756
Alphabet, Inc., Class C (B)		1,939		4,458,401
Meta Platforms, Inc., Class A (B)		11,995		2,404,638
				10,443,795
Internet & Direct Marketing Retail - 2.8%
Amazon.com, Inc. (B)		1,860		4,623,272
eBay, Inc.		6,654		345,475
Etsy, Inc. (B)		110		10,251
				4,978,998
IT Services - 4.1%
Accenture PLC, Class A		1,918		576,090
Automatic Data Processing, Inc.		1,103		240,653
Cognizant Technology Solutions Corp., Class A		1,832		148,209
DXC Technology Co. (B)		3,604		103,435
Gartner, Inc. (B)		1,990		578,194
International Business Machines Corp.		3,393		448,589
Mastercard, Inc., Class A		5,721		2,078,897
Paychex, Inc.		1,649		208,978

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

Transamerica Funds Semi-Annual Report 2022

Page    164

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
PayPal Holdings, Inc. (B)		5,870		$ 516,149
Visa, Inc., Class A		10,863		2,315,231
				7,214,425
Leisure Products - 0.2%
Hasbro, Inc.		3,120		274,747
Life Sciences Tools & Services - 2.6%
Agilent Technologies, Inc.		4,848		578,221
Bio-Techne Corp.		40		15,188
Charles River Laboratories International, Inc. (B)		236		56,996
IQVIA Holdings, Inc. (B)		3,538		771,249
Mettler-Toledo International, Inc. (B)		495		632,377
PerkinElmer, Inc.		511		74,918
Thermo Fisher Scientific, Inc.		3,294		1,821,318
Waters Corp. (B)		1,977		599,071
West Pharmaceutical Services, Inc.		368		115,942
				4,665,280
Machinery - 1.5%
Cummins, Inc.		938		177,460
Illinois Tool Works, Inc.		1,404		276,743
Nordson Corp.		1,029		221,945
Parker-Hannifin Corp.		4,496		1,217,607
Snap-on, Inc.		3,329		707,379
				2,601,134
Media - 1.5%
Charter Communications, Inc., Class A (B)		878		376,214
Comcast Corp., Class A		30,292		1,204,410
DISH Network Corp., Class A (B)		1,152		32,844
Fox Corp., Class A		14,305		512,691
Interpublic Group of Cos., Inc.		11,441		373,205
News Corp., Class A		7,003		139,080
News Corp., Class B		610		12,145
Omnicom Group, Inc.		1,108		84,352
				2,734,941
Metals & Mining - 0.5%
Freeport-McMoRan, Inc.		7,639		309,762
Nucor Corp.		3,953		611,845
				921,607
Multi-Utilities - 0.9%
Consolidated Edison, Inc.		3,885		360,295
Dominion Energy, Inc.		1,214		99,111
DTE Energy Co.		9,017		1,181,587
				1,640,993
Multiline Retail - 0.4%
Target Corp.		2,995		684,807
Oil, Gas & Consumable Fuels - 4.4%
Chevron Corp.		5,404		846,645
ConocoPhillips		8,754		836,182
Diamondback Energy, Inc.		427		53,900
EOG Resources, Inc.		3,566		416,366
Exxon Mobil Corp.		24,027		2,048,302
Marathon Oil Corp.		6,900		171,948
Marathon Petroleum Corp.		8,208		716,230
Occidental Petroleum Corp.		4,433		244,214
ONEOK, Inc.		10,650		674,465
Phillips 66		9,829		852,764

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Pioneer Natural Resources Co.		2,684		$ 623,949
Valero Energy Corp.		2,525		281,487
				7,766,452
Personal Products - 0.3%
Estee Lauder Cos., Inc., Class A		1,808		477,420
Pharmaceuticals - 3.1%
Bristol-Myers Squibb Co.		9,980		751,195
Eli Lilly & Co.		2,955		863,244
Johnson & Johnson		12,349		2,228,500
Merck & Co., Inc.		4,266		378,352
Pfizer, Inc.		26,873		1,318,658
				5,539,949
Professional Services - 0.2%
Robert Half International, Inc.		2,938		288,835
Real Estate Management & Development - 0.5%
CBRE Group, Inc., Class A (B)		10,923		907,046
Road & Rail - 1.3%
CSX Corp.		31,934		1,096,613
Old Dominion Freight Line, Inc.		665		186,280
Union Pacific Corp.		4,155		973,475
				2,256,368
Semiconductors & Semiconductor Equipment - 5.6%
Advanced Micro Devices, Inc. (B)		7,111		608,133
Applied Materials, Inc.		7,777		858,192
Broadcom, Inc.		3,957		2,193,721
KLA Corp.		1,145		365,553
Lam Research Corp.		402		187,236
Microchip Technology, Inc.		5,773		376,400
Micron Technology, Inc.		8,000		545,520
NVIDIA Corp.		11,824		2,192,997
NXP Semiconductors NV		3,185		544,316
QUALCOMM, Inc.		6,464		902,956
Texas Instruments, Inc.		7,340		1,249,635
				10,024,659
Software - 8.6%
Adobe, Inc. (B)		2,885		1,142,316
Cadence Design Systems, Inc. (B)		2,729		411,669
Fortinet, Inc. (B)		1,221		352,881
Microsoft Corp.		43,586		12,095,987
Salesforce, Inc. (B)		2,087		367,187
ServiceNow, Inc. (B)		1,160		554,596
Synopsys, Inc. (B)		1,414		405,521
				15,330,157
Specialty Retail - 2.7%
Advance Auto Parts, Inc.		233		46,514
AutoZone, Inc. (B)		335		655,083
Bath & Body Works, Inc.		1,327		70,185
Home Depot, Inc.		5,148		1,546,459
Lowe’s Cos., Inc.		5,149		1,018,112
O’Reilly Automotive, Inc. (B)		1,275		773,351
Ross Stores, Inc.		390		38,910
Ulta Beauty, Inc. (B)		1,499		594,803
				4,743,417

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

Transamerica Funds Semi-Annual Report 2022

Page    165

Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 7.6%
Apple, Inc.		81,593		$ 12,863,136
Hewlett Packard Enterprise Co.		5,215		80,363
HP, Inc.		3,247		118,938
NetApp, Inc.		1,086		79,549
Seagate Technology Holdings PLC		2,305		189,102
Western Digital Corp. (B)		2,080		110,386
				13,441,474
Textiles, Apparel & Luxury Goods - 0.6%
NIKE, Inc., Class B		1,541		192,163
Ralph Lauren Corp.		2,853		297,682
Tapestry, Inc.		8,839		290,980
Under Armour, Inc., Class A (B)		8,247		126,674
Under Armour, Inc., Class C (B)		7,271		103,175
				1,010,674
Tobacco - 1.0%
Altria Group, Inc.		10,870		604,046
Philip Morris International, Inc.		11,938		1,193,800
				1,797,846

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors - 0.6%
United Rentals, Inc. (B)		1,531		$ 484,592
WW Grainger, Inc.		1,210		605,036
				1,089,628
Water Utilities - 0.3%
American Water Works Co., Inc.		3,745		577,030
Total Common Stocks (Cost $138,715,898)				173,906,755
EXCHANGE-TRADED FUND - 1.8%
U.S. Equity Fund - 1.8%
SPDR S&P 500 ETF Trust (C)		7,715		3,178,580
Total Exchange-Traded Fund (Cost $3,458,329)				3,178,580
Total Investments (Cost $142,174,227)				177,085,335
Net Other Assets (Liabilities) - 0.4%				649,064
Net Assets - 100.0%				$177,734,399

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	$	173,906,755	$	—	$	—	$	173,906,755
Exchange-Traded Fund		3,178,580		—		—		3,178,580
Total Investments	$	177,085,335	$	—	$	—	$	177,085,335

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing securities.
(C)	All or a portion of the security is on loan. The value of the security on loan is $3,146,444, collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $3,209,449. 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)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    166

Transamerica Large Growth

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 97.2%
Aerospace & Defense - 0.6%
Raytheon Technologies Corp.		50,177		$4,762,299
Automobiles - 1.6%
Rivian Automotive, Inc., Class A (A) (B)		43,656		1,320,158
Tesla, Inc. (A)		12,736		11,089,999
				12,410,157
Beverages - 1.3%
Constellation Brands, Inc., Class A		21,074		5,186,101
Monster Beverage Corp. (A)		60,199		5,157,850
				10,343,951
Biotechnology - 2.1%
Alnylam Pharmaceuticals, Inc. (A)		9,401		1,254,375
Ginkgo Bioworks Holdings, Inc. (A) (B)		295,363		856,553
Moderna, Inc. (A)		10,047		1,350,417
Regeneron Pharmaceuticals, Inc. (A)		7,489		4,936,075
Seagen, Inc. (A)		17,763		2,327,131
Vertex Pharmaceuticals, Inc. (A)		19,473		5,320,413
				16,044,964
Building Products - 1.4%
Builders FirstSource, Inc. (A)		51,027		3,141,732
Fortune Brands Home & Security, Inc.		45,614		3,249,998
Johnson Controls International PLC		67,772		4,057,510
				10,449,240
Capital Markets - 1.4%
Coinbase Global, Inc., Class A (A)		38,800		4,373,148
Morgan Stanley		32,383		2,609,746
S&P Global, Inc.		9,591		3,611,011
				10,593,905
Chemicals - 0.6%
PPG Industries, Inc.		35,911		4,596,249
Commercial Services & Supplies - 0.1%
Aurora Innovation, Inc. (A)		266,913		1,137,049
Consumer Finance - 1.2%
American Express Co.		46,785		8,173,808
Upstart Holdings, Inc. (A) (B)		19,657		1,474,668
				9,648,476
Electronic Equipment, Instruments & Components - 0.4%
Cognex Corp.		48,052		3,249,757
Entertainment - 2.9%
ROBLOX Corp., Class A (A)		386,457		11,844,907
Roku, Inc. (A)		19,747		1,834,496
Sea Ltd., ADR (A)		60,827		5,034,043
Walt Disney Co. (A)		33,170		3,702,767
				22,416,213
Equity Real Estate Investment Trusts - 0.9%
Prologis, Inc.		28,400		4,552,236
Rexford Industrial Realty, Inc.		35,272		2,752,627
				7,304,863
Health Care Equipment & Supplies - 1.6%
Align Technology, Inc. (A)		8,345		2,419,299
DexCom, Inc. (A)		5,045		2,061,286
Edwards Lifesciences Corp. (A)		39,462		4,174,290
Teleflex, Inc.		12,387		3,537,975
				12,192,850

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services - 2.2%
agilon health, Inc. (A)		318,782		$ 5,664,756
Guardant Health, Inc. (A)		58,336		3,599,331
UnitedHealth Group, Inc.		15,782		8,025,936
				17,290,023
Health Care Technology - 2.3%
Doximity, Inc., Class A (A)		92,999		3,707,870
GoodRx Holdings, Inc., Class A (A)		141,417		1,916,201
Veeva Systems, Inc., Class A (A)		68,680		12,496,326
				18,120,397
Hotels, Restaurants & Leisure - 3.6%
Airbnb, Inc., Class A (A)		93,047		14,255,731
Booking Holdings, Inc. (A)		2,839		6,275,070
Chipotle Mexican Grill, Inc. (A)		3,834		5,580,809
Penn National Gaming, Inc. (A)		45,889		1,678,160
				27,789,770
Interactive Media & Services - 6.1%
Alphabet, Inc., Class A (A)		8,003		18,264,367
Meta Platforms, Inc., Class A (A)		55,502		11,126,486
Snap, Inc., Class A (A)		340,886		9,701,615
Twitter, Inc. (A)		38,839		1,903,888
ZoomInfo Technologies, Inc. (A)		125,898		5,967,565
				46,963,921
Internet & Direct Marketing Retail - 8.9%
Amazon.com, Inc. (A)		8,154		20,267,827
Chewy, Inc., Class A (A) (B)		179,716		5,222,547
Coupang, Inc. (A)		398,995		5,135,066
DoorDash, Inc., Class A (A)		221,473		18,034,546
Etsy, Inc. (A)		20,555		1,915,520
Grab Holdings Ltd., Class A (A)		1,307,861		3,858,190
MercadoLibre, Inc. (A)		8,613		8,385,875
Wayfair, Inc., Class A (A) (B)		74,155		5,705,486
				68,525,057
IT Services - 14.7%
Adyen NV (A) (B) (C)		4,287		7,190,557
Block, Inc. (A)		158,345		15,761,661
Cloudflare, Inc., Class A (A)		304,389		26,220,068
FleetCor Technologies, Inc. (A)		22,130		5,521,878
Global Payments, Inc.		25,236		3,456,827
Mastercard, Inc., Class A		31,491		11,443,200
MongoDB, Inc. (A)		19,430		6,896,290
Shopify, Inc., Class A (A)		31,206		13,319,345
Snowflake, Inc., Class A (A)		136,817		23,455,906
				113,265,732
Leisure Products - 0.2%
Peloton Interactive, Inc., Class A (A)		95,159		1,670,992
Life Sciences Tools & Services - 1.7%
10X Genomics, Inc., Class A (A)		95,674		4,569,391
Illumina, Inc. (A)		7,911		2,346,798
Thermo Fisher Scientific, Inc.		11,324		6,261,266
				13,177,455
Machinery - 1.3%
Deere & Co.		18,296		6,907,655
Nordson Corp.		15,789		3,405,529
				10,313,184

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

Transamerica Funds Semi-Annual Report 2022

Page    167

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals - 4.0%
Eli Lilly & Co.		36,613		$ 10,695,756
Royalty Pharma PLC, Class A		473,763		20,172,828
				30,868,584
Road & Rail - 1.7%
Uber Technologies, Inc. (A)		419,378		13,202,019
Semiconductors & Semiconductor Equipment - 6.0%
Advanced Micro Devices, Inc. (A)		56,544		4,835,643
ASML Holding NV		19,784		11,153,626
Entegris, Inc.		18,743		2,087,783
KLA Corp.		13,855		4,423,347
Marvell Technology, Inc.		55,464		3,221,349
MKS Instruments, Inc.		18,907		2,155,020
NVIDIA Corp.		53,856		9,988,672
Teradyne, Inc.		25,403		2,679,000
Texas Instruments, Inc.		34,936		5,947,854
				46,492,294
Software - 19.5%
Adobe, Inc. (A)		13,622		5,393,631
Avalara, Inc. (A)		28,068		2,135,133
Bill.com Holdings, Inc. (A)		80,753		13,785,345
Datadog, Inc., Class A (A)		157,398		19,010,530
Five9, Inc. (A)		28,200		3,104,820
Microsoft Corp.		132,373		36,736,155
Palo Alto Networks, Inc. (A) (B)		10,617		5,959,110
Paycom Software, Inc. (A)		11,022		3,102,362
Qualtrics International, Inc., Class A (A)		74,628		1,383,603
Salesforce, Inc. (A)		34,014		5,984,423
ServiceNow, Inc. (A)		11,846		5,663,573
Trade Desk, Inc., Class A (A)		347,027		20,446,831
Unity Software, Inc. (A)		186,290		12,371,519
Workday, Inc., Class A (A)		25,482		5,267,129
Zoom Video Communications, Inc., Class A (A)		101,096		10,066,129
				150,410,293

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail - 1.5%
Carvana Co. (A)		77,297		$ 4,480,134
TJX Cos., Inc.		113,331		6,944,924
				11,425,058
Technology Hardware, Storage & Peripherals - 5.8%
Apple, Inc.		260,000		40,989,000
NetApp, Inc.		54,196		3,969,857
				44,958,857
Textiles, Apparel & Luxury Goods - 1.6%
Lululemon Athletica, Inc. (A)		15,589		5,528,327
NIKE, Inc., Class B		51,648		6,440,506
				11,968,833
Total Common Stocks (Cost $710,692,735)				751,592,442
OTHER INVESTMENT COMPANY - 2.3%
Securities Lending Collateral - 2.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (D)		18,119,422		18,119,422
Total Other Investment Company (Cost $18,119,422)				18,119,422
Total Investments Excluding Options Purchased (Cost $728,812,157)				769,711,864
Total Options Purchased - 0.1% (Cost $1,883,384)				604,283
Total Investments (Cost $730,695,541)				770,316,147
Net Other Assets (Liabilities) - 0.4%				2,901,117
Net Assets - 100.0%				$773,217,264

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	GSI	USD	7.27	11/10/2022	USD	132,378,116	$	635,496	$	413,417
Put - USD vs. CNH	JPM	USD	7.28	07/22/2022	USD	133,492,769		621,921		106,127
Put - USD vs. CNH	JPM	USD	7.38	07/27/2022	USD	38,737,740		205,504		23,824
Put - USD vs. CNH	JPM	USD	7.31	08/05/2022	USD	61,905,670		420,463		60,915
Total							$	1,883,384	$	604,283

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

Transamerica Funds Semi-Annual Report 2022

Page    168

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(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	$	744,401,885	$	7,190,557	$	—	$	751,592,442
Other Investment Company		18,119,422		—		—		18,119,422
Over-the-Counter Foreign Exchange Options Purchased		—		604,283		—		604,283
Total Investments	$	762,521,307	$	7,794,840	$	—	$	770,316,147

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $18,757,883, collateralized by cash collateral of $18,119,422 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,189,446. 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. Security may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the value of the 144A security is $7,190,557, representing 0.9% of the Fund’s net assets.
(D)	Rate disclosed reflects the yield at April 30, 2022.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 ABBREVIATIONS:

GSI	Goldman Sachs International
JPM	JPMorgan Chase Bank, N.A.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Semi-Annual Report 2022

Page    169

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 97.7%
Aerospace & Defense - 1.9%
Lockheed Martin Corp.		12,020		$5,194,083
Textron, Inc.		24,109		1,669,548
				6,863,631
Air Freight & Logistics - 1.7%
Expeditors International of Washington, Inc.		4,844		479,895
United Parcel Service, Inc., Class B		31,433		5,657,311
				6,137,206
Banks - 6.7%
Bank of America Corp.		58,801		2,098,020
Citigroup, Inc.		59,859		2,885,802
Citizens Financial Group, Inc.		31,727		1,250,044
Commerce Bancshares, Inc.		31,775		2,172,457
JPMorgan Chase & Co.		22,266		2,657,670
KeyCorp		156,475		3,021,532
PacWest Bancorp		19,135		629,350
Prosperity Bancshares, Inc.		30,082		1,966,761
SVB Financial Group (A)		5,231		2,550,845
US Bancorp		87,820		4,264,539
Wells Fargo & Co.		4,720		205,934
				23,702,954
Beverages - 1.3%
Brown-Forman Corp., Class B		38,913		2,624,293
Coca-Cola Co.		23,615		1,525,765
PepsiCo, Inc.		3,570		613,005
				4,763,063
Biotechnology - 2.8%
AbbVie, Inc.		19,396		2,848,885
Amgen, Inc.		17,880		4,169,437
Gilead Sciences, Inc.		1,568		93,045
Regeneron Pharmaceuticals, Inc. (A)		4,119		2,714,874
				9,826,241
Building Products - 0.8%
A.O. Smith Corp.		11,818		690,526
Masco Corp.		32,693		1,722,594
Owens Corning		6,263		569,494
				2,982,614
Capital Markets - 2.4%
Ameriprise Financial, Inc.		11,527		3,060,303
Blackstone, Inc.		35,893		3,645,652
Interactive Brokers Group, Inc., Class A		15,873		945,396
T. Rowe Price Group, Inc.		6,127		753,866
				8,405,217
Chemicals - 1.8%
CF Industries Holdings, Inc.		3,751		363,209
Dow, Inc.		64,298		4,275,817
Mosaic Co.		18,530		1,156,643
NewMarket Corp.		1,933		627,471
				6,423,140
Communications Equipment - 1.8%
Cisco Systems, Inc.		127,976		6,268,264
Consumer Finance - 2.5%
Ally Financial, Inc.		41,502		1,658,420
American Express Co.		17,130		2,992,782
Capital One Financial Corp.		19,127		2,383,607

	Shares		Value
COMMON STOCKS (continued)
Consumer Finance (continued)
Discover Financial Services		15,828		$ 1,780,017
				8,814,826
Diversified Financial Services - 3.0%
Berkshire Hathaway, Inc., Class B (A)		32,427		10,468,408
Diversified Telecommunication Services - 1.8%
Verizon Communications, Inc.		141,193		6,537,236
Electric Utilities - 1.7%
Hawaiian Electric Industries, Inc.		72,497		2,980,352
PPL Corp.		73,794		2,089,108
Southern Co.		10,979		805,749
				5,875,209
Electronic Equipment, Instruments & Components - 0.4%
Arrow Electronics, Inc. (A)		10,918		1,286,795
Equity Real Estate Investment Trusts - 2.7%
American Homes 4 Rent Trust, Class A		68,383		2,708,651
Brixmor Property Group, Inc.		12,627		320,473
EPR Properties		2,045		107,403
Host Hotels & Resorts, Inc.		91,339		1,858,749
Simon Property Group, Inc.		7,660		903,880
Weyerhaeuser Co.		87,951		3,625,340
				9,524,496
Food & Staples Retailing - 0.2%
Walmart, Inc.		3,830		585,952
Food Products - 2.4%
Hershey Co.		4,953		1,118,239
Seaboard Corp.		817		3,451,817
Tyson Foods, Inc., Class A		42,571		3,965,914
				8,535,970
Health Care Equipment & Supplies - 1.7%
Abbott Laboratories		44,945		5,101,258
Hologic, Inc. (A)		14,389		1,035,864
				6,137,122
Health Care Providers & Services - 5.4%
Anthem, Inc.		7,418		3,723,317
HCA Healthcare, Inc.		4,843		1,039,066
Laboratory Corp. of America Holdings		14,313		3,439,127
McKesson Corp.		6,161		1,907,507
Molina Healthcare, Inc. (A)		3,935		1,233,426
UnitedHealth Group, Inc.		15,560		7,913,038
				19,255,481
Health Care Technology - 0.1%
Veeva Systems, Inc., Class A (A)		2,367		430,676
Hotels, Restaurants & Leisure - 1.8%
Darden Restaurants, Inc.		11,285		1,486,573
McDonald’s Corp.		5,671		1,412,986
Wyndham Hotels & Resorts, Inc.		8,960		788,122
Yum! Brands, Inc.		22,439		2,625,587
				6,313,268
Household Durables - 0.4%
Lennar Corp., Class A		17,859		1,366,035
Household Products - 4.6%
Colgate-Palmolive Co.		46,911		3,614,493
Kimberly-Clark Corp.		18,330		2,544,754

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

Transamerica Funds Semi-Annual Report 2022

Page    170

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Household Products (continued)
Procter & Gamble Co.		62,279		$ 9,998,893
				16,158,140
Industrial Conglomerates - 1.1%
3M Co.		26,628		3,840,290
Insurance - 4.1%
Allstate Corp.		8,815		1,115,450
American International Group, Inc.		35,413		2,072,015
Cincinnati Financial Corp.		11,644		1,428,253
Everest Re Group Ltd.		3,300		906,543
Fidelity National Financial, Inc.		23,982		954,963
Markel Corp. (A)		2,550		3,450,864
MetLife, Inc.		14,442		948,550
Old Republic International Corp.		85,862		1,889,823
W.R. Berkley Corp.		24,366		1,620,095
				14,386,556
Interactive Media & Services - 0.9%
Alphabet, Inc., Class A (A)		703		1,604,379
Alphabet, Inc., Class C (A)		760		1,747,491
				3,351,870
IT Services - 3.1%
Amdocs Ltd.		43,400		3,458,546
Gartner, Inc. (A)		7,441		2,161,982
Mastercard, Inc., Class A		9,995		3,631,983
Visa, Inc., Class A		8,120		1,730,616
				10,983,127
Life Sciences Tools & Services - 2.9%
Agilent Technologies, Inc.		4,872		581,084
IQVIA Holdings, Inc. (A)		10,897		2,375,437
Mettler-Toledo International, Inc. (A)		1,050		1,341,407
Thermo Fisher Scientific, Inc.		5,646		3,121,786
Waters Corp. (A)		9,071		2,748,694
				10,168,408
Machinery - 2.9%
Cummins, Inc.		15,717		2,973,499
Illinois Tool Works, Inc.		2,573		507,164
Lincoln Electric Holdings, Inc.		10,763		1,450,099
Nordson Corp.		2,229		480,773
Parker-Hannifin Corp.		15,016		4,066,633
Snap-on, Inc.		3,068		651,920
				10,130,088
Media - 1.2%
Interpublic Group of Cos., Inc.		30,823		1,005,446
Nexstar Media Group, Inc., Class A		3,690		584,570
Sirius XM Holdings, Inc. (B)		469,272		2,815,632
				4,405,648
Metals & Mining - 1.2%
Nucor Corp.		26,978		4,175,655
Multi-Utilities - 1.1%
DTE Energy Co.		29,175		3,823,092
Oil, Gas & Consumable Fuels - 7.9%
Chevron Corp.		25,347		3,971,115
ConocoPhillips		26,414		2,523,065
Continental Resources, Inc.		10,758		597,822
EOG Resources, Inc.		28,333		3,308,161
Exxon Mobil Corp.		56,519		4,818,245

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Marathon Oil Corp.		19,737		$ 491,846
Marathon Petroleum Corp.		26,939		2,350,697
ONEOK, Inc.		27,107		1,716,686
Phillips 66		49,274		4,275,012
Pioneer Natural Resources Co.		9,976		2,319,121
Targa Resources Corp.		19,488		1,430,614
				27,802,384
Pharmaceuticals - 3.8%
Bristol-Myers Squibb Co.		6,495		488,879
Johnson & Johnson		46,108		8,320,650
Merck & Co., Inc.		7,350		651,871
Pfizer, Inc.		78,285		3,841,445
				13,302,845
Professional Services - 0.2%
Science Applications International Corp.		6,746		561,470
Real Estate Management & Development - 0.6%
CBRE Group, Inc., Class A (A)		17,595		1,461,089
Jones Lang LaSalle, Inc. (A)		2,260		494,330
				1,955,419
Road & Rail - 2.1%
Landstar System, Inc.		12,197		1,889,315
Old Dominion Freight Line, Inc.		3,450		966,414
Union Pacific Corp.		18,796		4,403,715
				7,259,444
Semiconductors & Semiconductor Equipment - 4.9%
Broadcom, Inc.		12,826		7,110,606
KLA Corp.		2,079		663,742
Micron Technology, Inc.		29,981		2,044,404
QUALCOMM, Inc.		14,204		1,984,157
Texas Instruments, Inc.		33,229		5,657,237
				17,460,146
Software - 1.0%
Microsoft Corp.		12,877		3,573,625
Specialty Retail - 4.1%
AutoNation, Inc. (A)		7,378		855,184
AutoZone, Inc. (A)		640		1,251,501
Home Depot, Inc.		20,998		6,307,799
Lowe’s Cos., Inc.		10,635		2,102,858
O’Reilly Automotive, Inc. (A)		4,871		2,954,505
Ulta Beauty, Inc. (A)		2,647		1,050,330
				14,522,177
Technology Hardware, Storage & Peripherals - 1.2%
Apple, Inc.		22,181		3,496,835
Dell Technologies, Inc., Class C		15,256		717,184
				4,214,019
Textiles, Apparel & Luxury Goods - 0.6%
Carter’s, Inc.		17,701		1,491,132
Lululemon Athletica, Inc. (A)		1,831		649,328
				2,140,460
Tobacco - 1.1%
Altria Group, Inc.		22,012		1,223,207
Philip Morris International, Inc.		27,126		2,712,600
				3,935,807

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

Transamerica Funds Semi-Annual Report 2022

Page    171

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors - 1.5%
United Rentals, Inc. (A)		5,532		$ 1,750,989
WW Grainger, Inc.		7,309		3,654,719
				5,405,708
Water Utilities - 0.3%
American Water Works Co., Inc.		7,299		1,124,630
Total Common Stocks (Cost $319,747,194)				345,184,812
EXCHANGE-TRADED FUND - 2.0%
U.S. Equity Fund - 2.0%
iShares Russell 1000 Value ETF		45,075		7,051,082
Total Exchange-Traded Fund (Cost $7,571,499)				7,051,082

	Shares		Value
OTHER INVESTMENT COMPANY - 0.8%
Securities Lending Collateral - 0.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		2,710,038		$ 2,710,038
Total Other Investment Company (Cost $2,710,038)				2,710,038
Total Investments (Cost $330,028,731)				354,945,932
Net Other Assets (Liabilities) - (0.5)%				(1,800,456	)
Net Assets - 100.0%				$353,145,476

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	$	345,184,812	$	—	$	—	$	345,184,812
Exchange-Traded Fund		7,051,082		—		—		7,051,082
Other Investment Company		2,710,038		—		—		2,710,038
Total Investments	$	354,945,932	$	—	$	—	$	354,945,932

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 $2,787,474, collateralized by cash collateral of $2,710,038 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $193,581. 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, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    172

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 99.8%
Aerospace & Defense - 6.9%
BWX Technologies, Inc.		202,992		$10,539,345
Hexcel Corp.		204,500		11,116,620
				21,655,965
Biotechnology - 4.6%
Seagen, Inc. (A)		111,093		14,554,294
Building Products - 3.1%
Fortune Brands Home & Security, Inc.		135,039		9,621,529
Capital Markets - 6.6%
Ares Management Corp., Class A		123,063		8,149,232
Hamilton Lane, Inc., Class A		184,244		12,635,453
				20,784,685
Diversified Consumer Services - 2.4%
Chegg, Inc. (A)		305,681		7,562,548
Electronic Equipment, Instruments & Components - 4.4%
CDW Corp.		84,451		13,780,714
Entertainment - 3.0%
Electronic Arts, Inc.		80,897		9,549,891
Food Products - 2.8%
Freshpet, Inc. (A)		94,583		8,829,323
Health Care Equipment & Supplies - 2.8%
Align Technology, Inc. (A)		30,163		8,744,555
Health Care Technology - 4.1%
Omnicell, Inc. (A)		119,136		13,006,077
Hotels, Restaurants & Leisure - 7.3%
Hilton Worldwide Holdings, Inc. (A)		87,832		13,639,431
Wingstop, Inc.		103,825		9,526,982
				23,166,413
Interactive Media & Services - 6.1%
Match Group, Inc. (A)		142,033		11,241,912
ZoomInfo Technologies, Inc. (A)		171,780		8,142,372
				19,384,284
Internet & Direct Marketing Retail - 0.9%
Etsy, Inc. (A)		29,943		2,790,388
IT Services - 11.0%
Gartner, Inc. (A)		78,418		22,784,350
Shift4 Payments, Inc., Class A (A) (B)		227,094		11,913,351
				34,697,701
Life Sciences Tools & Services - 6.5%
ICON PLC (A)		89,934		20,343,970

	Shares		Value
COMMON STOCKS (continued)
Professional Services - 5.7%
TransUnion		205,871		$ 18,017,830
Semiconductors & Semiconductor Equipment - 4.2%
KLA Corp.		22,941		7,324,144
Synaptics, Inc. (A)		39,164		5,813,504
				13,137,648
Software - 15.1%
Avalara, Inc. (A)		147,286		11,204,046
Ceridian HCM Holding, Inc. (A)		190,517		10,693,719
Palo Alto Networks, Inc. (A) (B)		23,992		13,466,230
Varonis Systems, Inc. (A)		284,937		12,309,279
				47,673,274
Textiles, Apparel & Luxury Goods - 2.3%
Lululemon Athletica, Inc. (A)		20,417		7,240,481
Total Common Stocks (Cost $365,426,501)				314,541,570
OTHER INVESTMENT COMPANY - 1.3%
Securities Lending Collateral - 1.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		3,979,919		3,979,919
Total Other Investment Company (Cost $3,979,919)				3,979,919
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $1,372,360 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.50%, due 11/30/2028, and with a value of $1,399,835.		$1,372,360		1,372,360
Total Repurchase Agreement (Cost $1,372,360)				1,372,360
Total Investments (Cost $370,778,780)				319,893,849
Net Other Assets (Liabilities) - (1.5)%				(4,606,845	)
Net Assets - 100.0%				$315,287,004

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	$	314,541,570	$	—	$	—	$	314,541,570
Other Investment Company		3,979,919		—		—		3,979,919
Repurchase Agreement		—		1,372,360		—		1,372,360
Total Investments	$	318,521,489	$	1,372,360	$	—	$	319,893,849

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

Transamerica Funds Semi-Annual Report 2022

Page    173

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(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 $18,800,977, collateralized by cash collateral of $3,979,919 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $15,250,172. 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, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    174

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 94.7%
Aerospace & Defense - 1.5%
Huntington Ingalls Industries, Inc.		97,300		$20,699,602
Banks - 2.1%
First Citizens BancShares, Inc., Class A		43,856		28,040,649
Beverages - 1.5%
Molson Coors Beverage Co., Class B		387,284		20,967,556
Biotechnology - 0.4%
United Therapeutics Corp. (A)		31,000		5,504,360
Building Products - 0.5%
Builders FirstSource, Inc. (A)		118,600		7,302,202
Chemicals - 1.6%
Mosaic Co.		167,500		10,455,350
Olin Corp.		200,300		11,497,220
				21,952,570
Consumer Finance - 1.5%
Ally Financial, Inc.		499,439		19,957,582
Containers & Packaging - 3.3%
Berry Global Group, Inc. (A)		128,300		7,229,705
Graphic Packaging Holding Co.		995,900		21,710,620
Sealed Air Corp.		261,100		16,765,231
				45,705,556
Distributors - 1.0%
LKQ Corp.		281,300		13,960,919
Diversified Telecommunication Services - 1.7%
Liberty Global PLC, Class A (A)		1,039,900		23,668,124
Electric Utilities - 3.9%
Evergy, Inc.		389,800		26,447,930
OGE Energy Corp.		678,100		26,228,908
				52,676,838
Electronic Equipment, Instruments & Components - 3.7%
Flex Ltd. (A)		951,800		15,695,182
Vontier Corp.		1,373,900		35,199,318
				50,894,500
Entertainment - 1.0%
Warner Bros Discovery, Inc. (A)		750,800		13,627,020
Equity Real Estate Investment Trusts - 2.8%
Gaming & Leisure Properties, Inc.		300,875		13,352,832
JBG SMITH Properties		928,300		24,469,988
				37,822,820
Food Products - 3.6%
Kraft Heinz Co.		313,300		13,355,979
Post Holdings, Inc. (A)		471,700		35,089,763
				48,445,742
Gas Utilities - 1.8%
UGI Corp.		706,500		24,232,950
Health Care Equipment & Supplies - 1.5%
Koninklijke Philips NV		798,300		20,580,174
Health Care Providers & Services - 4.5%
AmerisourceBergen Corp.		149,656		22,641,456
Centene Corp. (A)		208,900		16,826,895
Laboratory Corp. of America Holdings (A)		91,038		21,874,611
				61,342,962
Independent Power & Renewable Electricity Producers - 2.0%
Vistra Corp.		1,079,800		27,016,596

	Shares		Value
COMMON STOCKS (continued)
Insurance - 12.8%
Alleghany Corp. (A)		51,509		$ 43,087,279
Allstate Corp.		214,649		27,161,684
Arch Capital Group Ltd. (A)		608,900		27,808,463
Fidelity National Financial, Inc.		659,222		26,250,220
Loews Corp.		269,617		16,942,732
Markel Corp. (A)		13,888		18,794,353
Old Republic International Corp.		626,900		13,798,069
				173,842,800
Interactive Media & Services - 1.5%
IAC / InterActiveCorp (A)		242,429		20,092,516
Internet & Direct Marketing Retail - 0.4%
eBay, Inc.		105,300		5,467,176
IT Services - 2.9%
FleetCor Technologies, Inc. (A)		98,700		24,627,624
Global Payments, Inc.		106,100		14,533,578
				39,161,202
Machinery - 0.8%
CNH Industrial NV		752,400		10,676,556
Media - 8.2%
Altice USA, Inc., Class A (A)		2,259,100		20,964,448
DISH Network Corp., Class A (A)		670,543		19,117,181
Fox Corp., Class A		469,900		16,841,216
Liberty Broadband Corp., Class C (A)		277,956		31,081,040
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		568,400		23,804,592
				111,808,477
Metals & Mining - 1.2%
Cleveland-Cliffs, Inc. (A)		271,600		6,923,084
U.S. Steel Corp.		290,300		8,851,247
				15,774,331
Mortgage Real Estate Investment Trusts - 1.7%
Annaly Capital Management, Inc.		3,543,345		22,748,275
Multi-Utilities - 3.1%
CenterPoint Energy, Inc.		656,402		20,092,465
NiSource, Inc.		765,400		22,288,448
				42,380,913
Multiline Retail - 1.5%
Dollar Tree, Inc. (A)		130,100		21,134,745
Oil, Gas & Consumable Fuels - 8.8%
Chesapeake Energy Corp. (B)		173,400		14,222,268
Devon Energy Corp.		191,300		11,127,921
Diamondback Energy, Inc.		86,000		10,855,780
EQT Corp.		340,200		13,522,950
HF Sinclair Corp. (A)		571,300		21,720,826
Kinder Morgan, Inc.		1,149,600		20,865,240
Williams Cos., Inc.		810,200		27,781,758
				120,096,743
Paper & Forest Products - 1.3%
Louisiana-Pacific Corp.		271,900		17,542,988
Pharmaceuticals - 3.9%
Organon & Co.		524,700		16,963,551
Perrigo Co. PLC		708,700		24,308,410
Viatris, Inc.		1,145,200		11,829,916
				53,101,877

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

Transamerica Funds Semi-Annual Report 2022

Page    175

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 0.8%
Teradyne, Inc.		99,200		$ 10,461,632
Software - 3.0%
CDK Global, Inc.		493,100		26,829,571
SS&C Technologies Holdings, Inc.		215,100		13,908,366
				40,737,937
Specialty Retail - 1.4%
Ross Stores, Inc.		196,300		19,584,851
Technology Hardware, Storage & Peripherals - 1.5%
Western Digital Corp. (A)		385,000		20,431,950
Total Common Stocks (Cost $1,121,763,811)				1,289,443,691

	Principal		Value
REPURCHASE AGREEMENT - 5.9%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $80,114,003 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.50%, due 11/30/2028, and with a value of $81,716,352.		$80,114,003		$ 80,114,003
Total Repurchase Agreement (Cost $80,114,003)				80,114,003
Total Investments (Cost $1,201,877,814)				1,369,557,694
Net Other Assets (Liabilities) - (0.6)%				(8,154,097	)
Net Assets - 100.0%				$1,361,403,597

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	$	1,289,443,691	$	—	$	—	$	1,289,443,691
Repurchase Agreement		—		80,114,003		—		80,114,003
Total Investments	$	1,289,443,691	$	80,114,003	$	—	$	1,369,557,694

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 $14,222,268 collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $14,522,250. 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, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    176

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 44.4%
Automobiles - 0.4%
General Motors Co. (A)		65,000		$2,464,150
Banks - 1.5%
Citigroup, Inc.		100,000		4,821,000
JPMorgan Chase & Co.		45,000		5,371,200
				10,192,200
Biotechnology - 1.8%
AbbVie, Inc.		80,000		11,750,400
Capital Markets - 2.5%
Blackstone, Inc.		60,000		6,094,200
Goldman Sachs Group, Inc.		5,000		1,527,450
Morgan Stanley		110,000		8,864,900
				16,486,550
Chemicals - 1.1%
LyondellBasell Industries NV, Class A		70,000		7,422,100
Communications Equipment - 0.3%
Cisco Systems, Inc.		45,000		2,204,100
Diversified Telecommunication Services - 0.6%
Verizon Communications, Inc.		90,000		4,167,000
Electronic Equipment, Instruments & Components - 0.8%
Corning, Inc.		150,000		5,278,500
Equity Real Estate Investment Trusts - 2.6%
Realty Income Corp.		55,000		3,814,800
Simon Property Group, Inc.		40,000		4,720,000
STORE Capital Corp.		146,189		4,156,153
UDR, Inc.		86,981		4,628,259
				17,319,212
Household Durables - 1.1%
Whirlpool Corp.		39,952		7,252,087
Insurance - 3.6%
Allstate Corp.		35,000		4,428,900
American International Group, Inc.		60,000		3,510,600
Fidelity National Financial, Inc.		185,000		7,366,700
MetLife, Inc.		130,000		8,538,400
				23,844,600
Interactive Media & Services - 1.8%
Alphabet, Inc., Class C (A)		5,400		12,416,382
Machinery - 0.3%
Stanley Black & Decker, Inc.		17,500		2,102,625
Media - 0.2%
Omnicom Group, Inc.		20,000		1,522,600
Mortgage Real Estate Investment Trusts - 0.7%
AGNC Investment Corp.		200,000		2,196,000
Annaly Capital Management, Inc.		444,350		2,852,727
				5,048,727
Multiline Retail - 1.2%
Target Corp.		35,000		8,002,750
Oil, Gas & Consumable Fuels - 4.0%
BP PLC, ADR		235,000		6,749,200
Chevron Corp.		70,000		10,966,900
Devon Energy Corp.		100,000		5,817,000
Williams Cos., Inc.		95,000		3,257,550
				26,790,650

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals - 7.0%
Bristol-Myers Squibb Co.		170,000		$ 12,795,900
GlaxoSmithKline PLC, ADR		150,000		6,792,000
Johnson & Johnson		45,000		8,120,700
Merck & Co., Inc.		125,000		11,086,250
Pfizer, Inc.		159,180		7,810,963
				46,605,813
Semiconductors & Semiconductor Equipment - 2.5%
Broadcom, Inc.		15,000		8,315,850
QUALCOMM, Inc.		60,000		8,381,400
				16,697,250
Software - 2.6%
Microsoft Corp.		43,250		12,002,740
Oracle Corp.		75,000		5,505,000
				17,507,740
Specialty Retail - 2.8%
Best Buy Co., Inc.		65,000		5,845,450
Dick’s Sporting Goods, Inc. (B)		17,500		1,687,350
Home Depot, Inc.		20,000		6,008,000
Lowe’s Cos., Inc.		24,975		4,938,307
				18,479,107
Technology Hardware, Storage & Peripherals - 3.7%
Apple, Inc.		155,000		24,435,750
Tobacco - 1.3%
Philip Morris International, Inc.		85,000		8,500,000
Total Common Stocks (Cost $248,735,815)				296,490,293
PREFERRED STOCKS - 4.0%
Banks - 0.7%
Cadence Bank, Series A, 5.50% (B)		40,000		969,600
Citigroup, Inc., Series J, Fixed until 09/30/2023, 7.13% (C)		12,000		313,200
Dime Community Bancshares, Inc., 5.50% (B)		95,000		2,099,500
KeyCorp, Series F, 5.65%		17,451		412,193
Wells Fargo & Co., Series Q, Fixed until 09/15/2023, 5.85% (C)		40,000		975,600
				4,770,093
Consumer Finance - 0.1%
Capital One Financial Corp., Series J, 4.80%		40,000		793,200
Insurance - 0.4%
Aspen Insurance Holdings Ltd., 5.63%		20,000		463,000
Athene Holding Ltd., Series A, Fixed until 06/30/2029, 6.35% (C)		35,000		890,750
Enstar Group Ltd., Series E, 7.00%		60,000		1,521,000
				2,874,750

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

Transamerica Funds Semi-Annual Report 2022

Page    177

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
PREFERRED STOCKS (continued)
Mortgage Real Estate Investment Trusts - 1.6%
AGNC Investment Corp., Series E, Fixed until 10/15/2024, 6.50% (C)		63,100		$ 1,511,876
Annaly Capital Management, Inc.
Series F, 6.95% (B) (C)		62,000		1,539,460
Series I, 6.75% (C)		20,000		494,800
Dynex Capital, Inc., Series C, Fixed until 04/15/2025, 6.90% (C)		45,000		1,122,750
New Residential Investment Corp.
Series A, 7.50% (C)		20,000		477,400
Series D, 7.00% (C)		65,000		1,522,300
New York Mortgage Trust, Inc., Series F, Fixed until 10/15/2026, 6.88% (C)		120,000		2,841,600
Two Harbors Investment Corp., Series B, Fixed until 07/27/2027, 7.63% (B) (C)		39,800		950,822
				10,461,008
Real Estate Management & Development - 0.1%
Brookfield Property Partners LP, Series A-1, 6.50%		39,500		866,630
Trading Companies & Distributors - 0.5%
Fortress Transportation & Infrastructure Investors LLC, Series C, Fixed until 06/15/2026, 8.25% (C)		45,000		1,099,800
Triton International Ltd., Series E, 5.75% (B)		100,000		2,359,000
				3,458,800
Wireless Telecommunication Services - 0.6%
Telephone & Data Systems, Inc., Series VV, 6.00%		123,000		2,488,290
U.S. Cellular Corp., 5.50%		60,100		1,206,808
				3,695,098
Total Preferred Stocks (Cost $29,215,119)				26,919,579
EXCHANGE-TRADED FUNDS - 6.7%
U.S. Equity Funds - 0.8%
Global X MLP ETF (B)		77,241		3,117,447
Global X SuperDividend U.S. ETF (B)		100,025		2,028,507
				5,145,954
U.S. Fixed Income Funds - 5.9%
Invesco Senior Loan ETF (B)		464,639		10,017,617
iShares iBoxx High Yield Corporate Bond ETF (B)		125,000		9,816,250
SPDR Bloomberg Short Term High Yield Bond ETF (B)		758,911		19,367,408
				39,201,275
Total Exchange-Traded Funds (Cost $47,465,991)				44,347,229

	Shares		Value
MASTER LIMITED PARTNERSHIP - 0.1%
Capital Markets - 0.1%
AllianceBernstein Holding LP		15,000		$ 597,150
Total Master Limited Partnership (Cost $290,055)				597,150
	Principal		Value
CORPORATE DEBT SECURITIES - 40.5%
Aerospace & Defense - 0.7%
TransDigm, Inc. 5.50%, 11/15/2027		$4,275,000		3,920,132
8.00%, 12/15/2025 (D)		750,000		779,531
				4,699,663
Air Freight & Logistics - 0.2%
XPO CNW, Inc. 6.70%, 05/01/2034		1,181,000		1,211,690
Airlines - 0.1%
United Airlines, Inc. 4.63%, 04/15/2029 (D)		500,000		458,750
Auto Components - 2.3%
Adient Global Holdings Ltd. 4.88%, 08/15/2026 (B) (D)		2,000,000		1,783,460
Clarios Global LP / Clarios US Finance Co. 6.25%, 05/15/2026 (D)		1,575,000		1,590,750
8.50%, 05/15/2027 (D)		1,250,000		1,249,225
Cooper Tire & Rubber Co. 7.63%, 03/15/2027		79,000		82,753
Dana, Inc. 5.38%, 11/15/2027		1,750,000		1,653,750
Goodyear Tire & Rubber Co. 5.00%, 07/15/2029 (B)		2,500,000		2,229,250
7.00%, 03/15/2028		876,000		884,760
9.50%, 05/31/2025		1,100,000		1,153,625
Patrick Industries, Inc. 4.75%, 05/01/2029 (D)		3,307,000		2,835,752
Tenneco, Inc. 5.38%, 12/15/2024		2,240,000		2,189,914
				15,653,239
Automobiles - 0.7%
Ford Motor Credit Co. LLC 4.95%, 05/28/2027		2,000,000		1,947,820
General Motors Co. 6.80%, 10/01/2027		500,000		540,187
Jaguar Land Rover Automotive PLC 5.88%, 01/15/2028 (D)		1,750,000		1,535,625
Winnebago Industries, Inc. 6.25%, 07/15/2028 (D)		525,000		521,062
				4,544,694
Banks - 0.4%
Freedom Mortgage Corp. 6.63%, 01/15/2027 (D)		1,800,000		1,557,900
7.63%, 05/01/2026 (D)		1,350,000		1,228,500
				2,786,400
Building Products - 1.1%
BlueLinx Holdings, Inc. 6.00%, 11/15/2029 (D)		3,000,000		2,715,000

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

Transamerica Funds Semi-Annual Report 2022

Page    178

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Building Products (continued)
Builders FirstSource, Inc. 5.00%, 03/01/2030 (D)		$ 2,000,000		$ 1,850,000
6.75%, 06/01/2027 (D)		709,000		731,156
JELD-WEN, Inc. 4.88%, 12/15/2027 (B) (D)		2,400,000		2,176,368
				7,472,524
Capital Markets - 0.9%
Apollo Investment Corp. 5.25%, 03/03/2025		1,500,000		1,467,391
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 5.25%, 05/15/2027		3,500,000		3,269,595
6.38%, 12/15/2025		200,000		199,000
StoneX Group, Inc. 8.63%, 06/15/2025 (D)		1,200,000		1,251,000
				6,186,986
Chemicals - 0.6%
Chemours Co. 5.75%, 11/15/2028 (B) (D)		1,700,000		1,593,750
Methanex Corp. 5.13%, 10/15/2027		1,000,000		960,000
5.25%, 12/15/2029		1,500,000		1,433,498
				3,987,248
Commercial Services & Supplies - 3.6%
Alta Equipment Group, Inc. 5.63%, 04/15/2026 (D)		3,342,000		3,107,782
Aramark Services, Inc. 5.00%, 02/01/2028 (B) (D)		4,000,000		3,724,440
Brink’s Co. 4.63%, 10/15/2027 (D)		3,000,000		2,842,500
Cimpress PLC 7.00%, 06/15/2026 (D)		2,350,000		2,191,375
CoreCivic, Inc. 8.25%, 04/15/2026		2,225,000		2,285,564
EnPro Industries, Inc. 5.75%, 10/15/2026		3,594,000		3,588,950
Garda World Security Corp. 9.50%, 11/01/2027 (D)		2,250,000		2,210,625
GEO Group, Inc. 5.13%, 04/01/2023		850,000		810,688
GFL Environmental, Inc. 4.75%, 06/15/2029 (D)		500,000		453,750
Harsco Corp. 5.75%, 07/31/2027 (D)		650,000		592,313
Matthews International Corp. 5.25%, 12/01/2025 (D)		205,000		202,950
Prime Security Services Borrower LLC / Prime Finance, Inc. 5.75%, 04/15/2026 (D)		2,000,000		1,917,500
Stena International SA 6.13%, 02/01/2025 (D)		300,000		297,434
				24,225,871
Communications Equipment - 0.2%
CommScope, Inc. 7.13%, 07/01/2028 (B) (D)		1,500,000		1,196,250
8.25%, 03/01/2027 (D)		500,000		430,000
				1,626,250

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering - 1.9%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 6.25%, 09/15/2027 (D)		$ 1,300,000		$ 1,219,660
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 02/01/2026 (D)		362,000		338,470
Forestar Group, Inc. 5.00%, 03/01/2028 (D)		5,000,000		4,517,550
M/I Homes, Inc. 4.95%, 02/01/2028		2,235,000		2,056,200
New Enterprise Stone & Lime Co., Inc. 5.25%, 07/15/2028 (D)		3,765,000		3,441,361
Williams Scotsman International, Inc. 4.63%, 08/15/2028 (D)		805,000		761,892
				12,335,133
Construction Materials - 0.5%
Cemex SAB de CV 7.38%, 06/05/2027 (D)		500,000		526,350
Eco Material Technologies, Inc. 7.88%, 01/31/2027 (D)		2,925,000		2,831,766
				3,358,116
Consumer Finance - 2.3%
Ally Financial, Inc. Fixed until 05/15/2028 (E), 4.70% (C)		2,250,000		1,946,250
Altice Financing SA 5.00%, 01/15/2028 (D)		1,500,000		1,252,500
5.75%, 08/15/2029 (D)		1,000,000		842,510
Credit Acceptance Corp. 5.13%, 12/31/2024 (D)		500,000		494,005
6.63%, 03/15/2026 (B)		2,250,000		2,272,500
Enova International, Inc. 8.50%, 09/15/2025 (D)		1,800,000		1,791,000
Navient Corp. 5.50%, 03/15/2029		1,200,000		1,062,600
PRA Group, Inc. 5.00%, 10/01/2029 (B) (D)		1,300,000		1,202,500
7.38%, 09/01/2025 (D)		2,000,000		2,069,400
World Acceptance Corp. 7.00%, 11/01/2026 (D)		3,000,000		2,602,470
				15,535,735
Containers & Packaging - 0.5%
Berry Global, Inc. 5.63%, 07/15/2027 (D)		3,000,000		2,988,810
Distributors - 0.8%
G-III Apparel Group Ltd. 7.88%, 08/15/2025 (D)		2,500,000		2,600,000
Performance Food Group, Inc. 5.50%, 10/15/2027 (D)		3,074,000		2,977,569
				5,577,569
Diversified Consumer Services - 0.4%
Service Corp. International 7.50%, 04/01/2027		2,500,000		2,718,750
Diversified Financial Services - 0.8%
Burford Capital Global Finance LLC 6.25%, 04/15/2028 (D)		2,500,000		2,460,634

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

Transamerica Funds Semi-Annual Report 2022

Page    179

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 4.05% (C), 12/21/2065 (D)		$  900,000		$ 702,000
Jefferies Finance LLC / JFIN Co-Issuer Corp. 5.00%, 08/15/2028 (D)		2,500,000		2,275,025
				5,437,659
Diversified Telecommunication Services - 0.8%
Lumen Technologies, Inc. 5.13%, 12/15/2026 (D)		2,500,000		2,250,000
5.63%, 04/01/2025		2,000,000		1,950,000
Zayo Group Holdings, Inc. 6.13%, 03/01/2028 (D)		1,500,000		1,256,250
				5,456,250
Electric Utilities - 0.3%
Drax Finco PLC 6.63%, 11/01/2025 (D)		1,871,000		1,880,355
Electrical Equipment - 0.3%
WESCO Distribution, Inc. 7.13%, 06/15/2025 (D)		1,000,000		1,038,750
7.25%, 06/15/2028 (D)		1,000,000		1,039,700
				2,078,450
Energy Equipment & Services - 1.3%
Archrock Partners LP / Archrock Partners Finance Corp. 6.25%, 04/01/2028 (D)		1,500,000		1,455,000
Enviva Partners LP / Enviva Partners Finance Corp. 6.50%, 01/15/2026 (D)		3,800,000		3,872,048
Genesis Energy LP / Genesis Energy Finance Corp. 8.00%, 01/15/2027		2,725,000		2,672,516
Transocean Sentry Ltd. 5.38%, 05/15/2023 (D)		624,869		606,123
				8,605,687
Entertainment - 0.2%
Live Nation Entertainment, Inc. 4.75%, 10/15/2027 (D)		1,500,000		1,409,250
Equity Real Estate Investment Trusts - 0.9%
Iron Mountain, Inc. 4.88%, 09/15/2027 (D)		3,050,000		2,905,125
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/2027		1,000,000		932,460
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 4.75%, 04/15/2028 (D)		2,500,000		2,231,250
				6,068,835
Food & Staples Retailing - 1.4%
Arko Corp. 5.13%, 11/15/2029 (D)		1,350,000		1,194,750
Fresh Market, Inc. 9.75%, 05/01/2023 (D)		3,000,000		2,925,000
United Natural Foods, Inc. 6.75%, 10/15/2028 (B) (D)		5,500,000		5,504,015
				9,623,765

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products - 1.8%
B&G Foods, Inc. 5.25%, 04/01/2025		$ 1,184,000		$ 1,127,408
5.25%, 09/15/2027 (B)		2,958,000		2,711,019
Chobani LLC / Chobani Finance Corp., Inc. 4.63%, 11/15/2028 (D)		3,750,000		3,375,000
Post Holdings, Inc.
5.50%, 12/15/2029 (D)		4,000,000		3,640,000
5.63%, 01/15/2028 (D)		1,000,000		945,500
				11,798,927
Health Care Providers & Services - 0.6%
AdaptHealth LLC 5.13%, 03/01/2030 (B) (D)		3,000,000		2,580,000
Akumin, Inc. 7.00%, 11/01/2025 (B) (D)		1,750,000		1,474,375
				4,054,375
Hotels, Restaurants & Leisure - 2.3%
Carnival Corp. 5.75%, 03/01/2027 (D)		2,000,000		1,811,030
7.63%, 03/01/2026 (D)		1,325,000		1,298,500
Marriott Ownership Resorts, Inc. 4.75%, 01/15/2028		3,750,000		3,450,000
NCL Corp. Ltd. 5.88%, 03/15/2026 (D)		1,800,000		1,662,858
Scientific Games International, Inc. 7.00%, 05/15/2028 (D)		2,350,000		2,405,901
Travel & Leisure Co. 6.60%, 10/01/2025		1,650,000		1,711,875
VOC Escrow Ltd. 5.00%, 02/15/2028 (D)		3,366,000		3,046,230
				15,386,394
Household Durables - 0.5%
Installed Building Products, Inc. 5.75%, 02/01/2028 (D)		3,744,000		3,547,110
Household Products - 0.2%
Central Garden & Pet Co. 5.13%, 02/01/2028		1,141,000		1,101,065
Insurance - 0.6%
Kuvare US Holdings, Inc. Fixed until 05/01/2026, 7.00% (C), 02/17/2051 (D)		1,500,000		1,549,886
SBL Holdings, Inc. Fixed until 11/13/2026 (E), 6.50% (C) (D)		2,500,000		2,193,750
				3,743,636
IT Services - 0.6%
Leidos, Inc. 7.13%, 07/01/2032		1,800,000		2,083,500
Unisys Corp. 6.88%, 11/01/2027 (D)		2,000,000		2,006,660
				4,090,160
Leisure Products - 0.2%
Life Time, Inc. 5.75%, 01/15/2026 (D)		1,000,000		970,300
Machinery - 1.2%
GrafTech Finance, Inc. 4.63%, 12/15/2028 (D)		750,000		684,563
JB Poindexter & Co., Inc. 7.13%, 04/15/2026 (D)		4,750,000		4,758,407

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

Transamerica Funds Semi-Annual Report 2022

Page    180

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery (continued)
Vertiv Group Corp. 4.13%, 11/15/2028 (D)		$ 3,100,000		$ 2,700,875
				8,143,845
Media - 0.3%
CCO Holdings LLC / CCO Holdings Capital Corp. 4.50%, 08/15/2030 (D)		2,000,000		1,745,000
Diamond Sports Group LLC / Diamond Sports Finance Co. 5.38%, 08/15/2026 (D)		1,250,000		456,250
				2,201,250
Metals & Mining - 1.3%
Allegheny Technologies, Inc. 5.88%, 12/01/2027 (B)		4,002,000		3,861,930
Carpenter Technology Corp. 7.63%, 03/15/2030		250,000		254,555
Cleveland-Cliffs, Inc. 5.88%, 06/01/2027 (B)		1,000,000		1,000,000
First Quantum Minerals Ltd. 6.50%, 03/01/2024 (D)		2,000,000		2,002,840
6.88%, 10/15/2027 (D)		800,000		804,000
U.S. Steel Corp. 6.88%, 03/01/2029 (B)		1,000,000		1,017,530
				8,940,855
Mortgage Real Estate Investment Trusts - 0.6%
AG Issuer LLC 6.25%, 03/01/2028 (D)		1,000,000		977,500
Starwood Property Trust, Inc. 4.38%, 01/15/2027 (D)		3,500,000		3,265,115
				4,242,615
Multiline Retail - 0.3%
Dillard’s, Inc. 7.00%, 12/01/2028		230,000		250,663
7.75%, 07/15/2026		1,150,000		1,246,756
7.88%, 01/01/2023		350,000		356,315
				1,853,734
Oil, Gas & Consumable Fuels - 1.9%
Blue Racer Midstream LLC / Blue Racer Finance Corp. 7.63%, 12/15/2025 (D)		1,310,000		1,349,300
Colgate Energy Partners III LLC 5.88%, 07/01/2029 (D)		2,250,000		2,238,750
Hess Midstream Operations LP 5.13%, 06/15/2028 (D)		1,000,000		967,500
Murphy Oil Corp. 6.38%, 07/15/2028		2,100,000		2,136,750
Northern Oil & Gas, Inc. 8.13%, 03/01/2028 (D)		2,000,000		1,990,000
ONEOK Partners LP 6.85%, 10/15/2037		1,000,000		1,072,142
Renewable Energy Group, Inc. 5.88%, 06/01/2028 (D)		2,350,000		2,489,002
Valero Energy Corp. 8.75%, 06/15/2030		300,000		377,016
				12,620,460

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Paper & Forest Products - 0.1%
Glatfelter Corp. 4.75%, 11/15/2029 (D)		$ 900,000		$ 720,000
Pharmaceuticals - 0.2%
Bausch Health Cos., Inc. 4.88%, 06/01/2028 (D)		1,100,000		975,975
5.25%, 01/30/2030 (D)		500,000		347,050
				1,323,025
Real Estate Management & Development - 0.8%
Five Point Operating Co. LP / Five Point Capital Corp. 7.88%, 11/15/2025 (D)		2,305,000		2,286,929
Realogy Group LLC / Realogy Co-Issuer Corp. 5.75%, 01/15/2029 (D)		3,300,000		2,767,726
				5,054,655
Road & Rail - 0.2%
Uber Technologies, Inc. 7.50%, 09/15/2027 (D)		1,000,000		1,029,310
Specialty Retail - 2.6%
Abercrombie & Fitch Management Co. 8.75%, 07/15/2025 (D)		1,000,000		1,045,241
Bath & Body Works, Inc. 6.69%, 01/15/2027		1,000,000		1,030,080
Carvana Co. 5.88%, 10/01/2028 (B) (D)		500,000		397,392
Michaels Cos., Inc. 5.25%, 05/01/2028 (D)		3,210,000		2,758,738
7.88%, 05/01/2029 (B) (D)		500,000		393,750
PetSmart, Inc. / PetSmart Finance Corp. 4.75%, 02/15/2028 (D)		1,900,000		1,771,123
7.75%, 02/15/2029 (D)		1,131,000		1,125,345
Rent-A-Center, Inc. 6.38%, 02/15/2029 (B) (D)		3,675,000		3,201,844
Sally Holdings LLC / Sally Capital, Inc. 5.63%, 12/01/2025 (B)		3,275,000		3,287,281
Sonic Automotive, Inc. 4.63%, 11/15/2029 (D)		2,500,000		2,150,655
				17,161,449
Technology Hardware, Storage & Peripherals - 0.1%
Dell International LLC / EMC Corp. 8.10%, 07/15/2036		405,000		499,631
Textiles, Apparel & Luxury Goods - 0.4%
Crocs, Inc. 4.25%, 03/15/2029 (D)		3,000,000		2,550,000
PVH Corp. 7.75%, 11/15/2023		100,000		105,690
				2,655,690
Trading Companies & Distributors - 0.5%
Fortress Transportation & Infrastructure Investors LLC 5.50%, 05/01/2028 (D)		250,000		215,625
6.50%, 10/01/2025 (D)		350,000		333,375
9.75%, 08/01/2027 (D)		1,500,000		1,530,390

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

Transamerica Funds Semi-Annual Report 2022

Page    181

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Trading Companies & Distributors (continued)
Herc Holdings, Inc. 5.50%, 07/15/2027 (D)		$ 1,500,000		$ 1,469,550
				3,548,940
Total Corporate Debt Securities (Cost $290,786,392)				270,615,105
	Shares		Value
OTHER INVESTMENT COMPANY - 7.1%
Securities Lending Collateral - 7.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (F)		47,513,177		47,513,177
Total Other Investment Company (Cost $47,513,177)				47,513,177

	Principal		Value
REPURCHASE AGREEMENT - 3.3%
Fixed Income Clearing Corp., 0.00% (F), dated 04/29/2022, to be repurchased at $22,095,826 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $22,537,774.		$22,095,826		$ 22,095,826
Total Repurchase Agreement (Cost $22,095,826)				22,095,826
Total Investments (Cost $686,102,375)				708,578,359
Net Other Assets (Liabilities) - (6.1)%				(40,949,073	)
Net Assets - 100.0%				$667,629,286

INVESTMENT VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	296,490,293	$	—	$	—	$	296,490,293
Preferred Stocks		26,919,579		—		—		26,919,579
Exchange-Traded Funds		44,347,229		—		—		44,347,229
Master Limited Partnership		597,150		—		—		597,150
Corporate Debt Securities		—		270,615,105		—		270,615,105
Other Investment Company		47,513,177		—		—		47,513,177
Repurchase Agreement		—		22,095,826		—		22,095,826
Total Investments	$	415,867,428	$	292,710,931	$	—	$	708,578,359

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 $59,818,204, collateralized by cash collateral of $47,513,177 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $13,694,660. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $196,494,056, representing 29.4% of the Fund’s net assets.
(E)	Perpetual maturity. The date displayed is the next call date.
(F)	Rates disclosed reflect the yields at April 30, 2022.
(G)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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
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 2022

Page    182

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 58.9%
Aerospace & Defense - 0.6%
Northrop Grumman Corp.		4,316		$1,896,450
Raytheon Technologies Corp.		46,015		4,367,284
Textron, Inc.		24,526		1,698,426
				7,962,160
Air Freight & Logistics - 0.7%
FedEx Corp.		11,519		2,289,286
United Parcel Service, Inc., Class B		36,834		6,629,383
				8,918,669
Airlines - 0.1%
Southwest Airlines Co. (A)		31,434		1,468,597
Auto Components - 0.1%
Aptiv PLC (A)		5,731		609,778
Magna International, Inc. (B)		18,573		1,119,395
				1,729,173
Automobiles - 1.3%
General Motors Co. (A)		33,295		1,262,213
Rivian Automotive, Inc., Class A (A) (B)		6,165		186,430
Tesla, Inc. (A)		16,553		14,413,690
				15,862,333
Banks - 2.2%
Bank of America Corp.		178,668		6,374,874
Citigroup, Inc.		58,717		2,830,747
Fifth Third Bancorp		46,002		1,726,455
Regions Financial Corp.		55,495		1,149,856
SVB Financial Group (A)		2,068		1,008,440
Truist Financial Corp.		49,234		2,380,464
US Bancorp		98,684		4,792,095
Wells Fargo & Co.		166,526		7,265,529
				27,528,460
Beverages - 1.1%
Coca-Cola Co.		149,259		9,643,624
Constellation Brands, Inc., Class A		11,976		2,947,174
PepsiCo, Inc.		5,833		1,001,584
				13,592,382
Biotechnology - 1.6%
AbbVie, Inc.		64,935		9,537,653
Biogen, Inc. (A)		6,571		1,363,088
BioMarin Pharmaceutical, Inc. (A)		4,907		399,184
Neurocrine Biosciences, Inc. (A)		4,989		449,160
Regeneron Pharmaceuticals, Inc. (A)		5,698		3,755,609
Vertex Pharmaceuticals, Inc. (A)		14,153		3,866,883
				19,371,577
Building Products - 0.4%
Masco Corp.		29,546		1,556,779
Trane Technologies PLC		28,029		3,920,977
				5,477,756
Capital Markets - 1.5%
Goldman Sachs Group, Inc.		7,064		2,157,981
Intercontinental Exchange, Inc.		16,133		1,868,363
Morgan Stanley		38,533		3,105,375
S&P Global, Inc.		15,450		5,816,925
State Street Corp.		52,505		3,516,260
T. Rowe Price Group, Inc.		21,627		2,660,986
				19,125,890

	Shares		Value
COMMON STOCKS (continued)
Chemicals - 1.1%
Air Products & Chemicals, Inc.		4,771		$ 1,116,748
Celanese Corp.		7,183		1,055,470
DuPont de Nemours, Inc.		20,217		1,332,907
Eastman Chemical Co.		23,448		2,407,406
Linde PLC		17,706		5,523,564
PPG Industries, Inc.		20,375		2,607,796
				14,043,891
Commercial Services & Supplies - 0.1%
Cintas Corp.		2,159		857,684
Communications Equipment - 0.1%
Motorola Solutions, Inc.		2,957		631,881
Construction Materials - 0.1%
Martin Marietta Materials, Inc.		4,795		1,698,485
Consumer Finance - 0.3%
American Express Co.		12,984		2,268,435
Capital One Financial Corp.		12,124		1,510,893
				3,779,328
Containers & Packaging - 0.1%
Avery Dennison Corp.		6,942		1,253,725
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B (A)		36,492		11,780,712
Voya Financial, Inc.		10,200		644,028
				12,424,740
Diversified Telecommunication Services - 0.2%
Verizon Communications, Inc.		52,220		2,417,786
Electric Utilities - 1.3%
Edison International		18,363		1,263,191
Evergy, Inc.		16,830		1,141,915
Exelon Corp.		115,947		5,424,001
FirstEnergy Corp.		55,645		2,409,985
NextEra Energy, Inc.		76,606		5,440,558
				15,679,650
Electrical Equipment - 0.4%
Eaton Corp. PLC		31,819		4,614,391
Energy Equipment & Services - 0.1%
Baker Hughes Co.		24,259		752,514
Entertainment - 0.3%
Netflix, Inc. (A)		10,517		2,002,016
Walt Disney Co. (A)		10,291		1,148,785
				3,150,801
Equity Real Estate Investment Trusts - 1.7%
Camden Property Trust		16,020		2,513,378
Equinix, Inc.		3,154		2,267,978
Equity Lifestyle Properties, Inc.		19,515		1,508,119
Host Hotels & Resorts, Inc.		40,268		819,454
Kimco Realty Corp.		54,299		1,375,394
Prologis, Inc.		37,998		6,090,700
SBA Communications Corp.		4,093		1,420,721
Sun Communities, Inc.		11,313		1,986,223
UDR, Inc.		6,038		321,282
Ventas, Inc.		41,815		2,322,823
				20,626,072
Food & Staples Retailing - 0.5%
Costco Wholesale Corp.		5,571		2,962,212

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

Transamerica Funds Semi-Annual Report 2022

Page    183

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing (continued)
Walmart, Inc.		20,809		$ 3,183,569
				6,145,781
Food Products - 0.3%
Mondelez International, Inc., Class A		63,907		4,120,723
Health Care Equipment & Supplies - 1.6%
Abbott Laboratories		41,352		4,693,452
ABIOMED, Inc. (A)		916		262,507
Baxter International, Inc.		35,951		2,554,678
Boston Scientific Corp. (A)		72,259		3,042,827
DexCom, Inc. (A)		1,953		797,957
Intuitive Surgical, Inc. (A)		10,978		2,627,035
Medtronic PLC		37,169		3,878,957
Zimmer Biomet Holdings, Inc.		18,327		2,212,985
				20,070,398
Health Care Providers & Services - 2.0%
Anthem, Inc.		8,787		4,410,459
Centene Corp. (A)		50,848		4,095,806
Humana, Inc.		3,671		1,631,980
McKesson Corp.		5,807		1,797,905
UnitedHealth Group, Inc.		24,661		12,541,352
				24,477,502
Hotels, Restaurants & Leisure - 1.3%
Booking Holdings, Inc. (A)		1,348		2,979,498
Chipotle Mexican Grill, Inc. (A)		1,313		1,911,216
Expedia Group, Inc. (A)		12,217		2,134,921
Hilton Worldwide Holdings, Inc. (A)		15,609		2,423,921
McDonald’s Corp.		23,044		5,741,643
Royal Caribbean Cruises Ltd. (A)		4,501		349,863
Yum! Brands, Inc.		6,329		740,556
				16,281,618
Household Durables - 0.3%
D.R. Horton, Inc.		2,871		199,793
Lennar Corp., Class A		33,837		2,588,192
PulteGroup, Inc.		5,146		214,897
Toll Brothers, Inc.		16,251		753,559
				3,756,441
Household Products - 1.0%
Kimberly-Clark Corp.		18,632		2,586,680
Procter & Gamble Co.		64,112		10,293,182
				12,879,862
Industrial Conglomerates - 0.2%
Honeywell International, Inc.		14,219		2,751,519
Insurance - 1.3%
Arthur J Gallagher & Co.		14,839		2,500,223
Chubb Ltd.		7,716		1,592,968
Hartford Financial Services Group, Inc.		50,378		3,522,934
Progressive Corp.		51,962		5,578,640
Prudential Financial, Inc.		14,838		1,610,071
Travelers Cos., Inc.		8,113		1,387,810
				16,192,646
Interactive Media & Services - 3.5%
Alphabet, Inc., Class A (A)		8,006		18,271,213
Alphabet, Inc., Class C (A)		6,115		14,060,403
Meta Platforms, Inc., Class A (A)		50,236		10,070,811

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (continued)
ZoomInfo Technologies, Inc. (A)		20,186		$ 956,816
				43,359,243
Internet & Direct Marketing Retail - 2.0%
Amazon.com, Inc. (A)		10,091		25,082,492
IT Services - 2.7%
Accenture PLC, Class A		22,668		6,808,561
Affirm Holdings, Inc. (A) (B)		9,396		269,665
Automatic Data Processing, Inc.		11,225		2,449,071
FleetCor Technologies, Inc. (A)		9,314		2,324,029
Mastercard, Inc., Class A		30,142		10,953,000
Shopify, Inc., Class A (A)		1,087		463,953
Visa, Inc., Class A		46,971		10,010,929
				33,279,208
Life Sciences Tools & Services - 1.0%
Danaher Corp.		13,177		3,309,140
Illumina, Inc. (A)		2,996		888,764
Thermo Fisher Scientific, Inc.		15,572		8,610,070
				12,807,974
Machinery - 1.5%
Deere & Co.		17,973		6,785,706
Dover Corp.		11,404		1,520,153
Ingersoll Rand, Inc.		23,161		1,018,158
Otis Worldwide Corp.		46,430		3,381,961
Parker-Hannifin Corp.		9,646		2,612,330
Stanley Black & Decker, Inc.		24,641		2,960,616
				18,278,924
Media - 0.7%
Charter Communications, Inc., Class A (A)		7,956		3,409,066
Comcast Corp., Class A		108,594		4,317,698
Fox Corp., Class A		4,819		172,713
Interpublic Group of Cos., Inc.		8,369		272,997
				8,172,474
Metals & Mining - 0.2%
Freeport-McMoRan, Inc.		25,505		1,034,228
Nucor Corp.		6,152		952,206
				1,986,434
Multi-Utilities - 0.4%
Ameren Corp.		17,954		1,667,927
CenterPoint Energy, Inc.		86,859		2,658,754
DTE Energy Co.		6,935		908,762
				5,235,443
Multiline Retail - 0.1%
Dollar General Corp.		3,203		760,809
Oil, Gas & Consumable Fuels - 2.4%
Cheniere Energy, Inc.		9,778		1,327,950
Chevron Corp.		44,547		6,979,179
ConocoPhillips		85,116		8,130,280
Coterra Energy, Inc.		16,047		461,993
Diamondback Energy, Inc.		32,080		4,049,458
EOG Resources, Inc.		28,175		3,289,713
Phillips 66		11,568		1,003,640
Pioneer Natural Resources Co.		18,192		4,229,094
				29,471,307

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

Transamerica Funds Semi-Annual Report 2022

Page    184

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Personal Products - 0.2%
Estee Lauder Cos., Inc., Class A		8,110		$ 2,141,527
Pharmaceuticals - 2.2%
Bristol-Myers Squibb Co.		102,367		7,705,164
Eli Lilly & Co.		23,419		6,841,392
Johnson & Johnson		41,453		7,480,608
Merck & Co., Inc.		31,001		2,749,479
Pfizer, Inc.		61,781		3,031,594
				27,808,237
Professional Services - 0.3%
Booz Allen Hamilton Holding Corp.		11,376		928,623
Leidos Holdings, Inc.		22,562		2,335,393
				3,264,016
Road & Rail - 0.6%
Lyft, Inc., Class A (A)		22,176		722,938
Norfolk Southern Corp.		15,634		4,031,696
Uber Technologies, Inc. (A)		6,625		208,555
Union Pacific Corp.		12,191		2,856,229
				7,819,418
Semiconductors & Semiconductor Equipment - 3.6%
Advanced Micro Devices, Inc. (A)		52,430		4,483,814
Analog Devices, Inc.		31,424		4,851,237
Applied Materials, Inc.		21,847		2,410,816
KLA Corp.		2,652		846,678
Lam Research Corp.		10,023		4,668,312
Microchip Technology, Inc.		25,774		1,680,465
Micron Technology, Inc.		23,008		1,568,915
NVIDIA Corp.		46,874		8,693,721
NXP Semiconductors NV		26,267		4,489,030
QUALCOMM, Inc.		14,659		2,047,716
Texas Instruments, Inc.		49,248		8,384,472
				44,125,176
Software - 5.2%
Adobe, Inc. (A)		3,501		1,386,221
Fortinet, Inc. (A)		2,929		846,510
Intuit, Inc.		12,616		5,282,950
Microsoft Corp.		179,895		49,924,460
Oracle Corp.		34,193		2,509,766
Salesforce, Inc. (A)		12,390		2,179,897
Workday, Inc., Class A (A)		11,991		2,478,540
				64,608,344
Specialty Retail - 1.8%
AutoNation, Inc. (A)		4,697		544,429
AutoZone, Inc. (A)		762		1,490,068
Best Buy Co., Inc.		30,681		2,759,142
Burlington Stores, Inc. (A) (B)		3,658		744,623
Home Depot, Inc.		13,705		4,116,982
Lowe’s Cos., Inc.		36,216		7,160,990
O’Reilly Automotive, Inc. (A)		5,826		3,533,760
TJX Cos., Inc.		38,315		2,347,943
				22,697,937
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.		327,329		51,603,417
Seagate Technology Holdings PLC		41,496		3,404,332
				55,007,749

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 0.4%
NIKE, Inc., Class B		39,034		$ 4,867,540
Tobacco - 0.5%
Altria Group, Inc.		57,805		3,212,224
Philip Morris International, Inc.		32,655		3,265,500
				6,477,724
Wireless Telecommunication Services - 0.3%
T-Mobile US, Inc. (A)		28,581		3,519,464
Total Common Stocks (Cost $420,805,697)				730,415,875
PREFERRED STOCKS - 0.0% (C)
Banks - 0.0% (C)
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 7.70% (D)		11,963		324,317
Electric Utilities - 0.0% (C)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (D)		960		22,502
Total Preferred Stocks (Cost $351,477)				346,819
	Principal		Value
ASSET-BACKED SECURITIES - 2.7%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (E)		$194,668		200,502
Accelerated LLC Series 2021-1H, Class A, 1.35%, 10/20/2040 (E)		386,355		363,064
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (E)		167,144		165,098
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (E)		151,800		150,445
CIFC Funding Ltd. Series 2013-2A, Class A1L2, 3-Month LIBOR + 1.00%, 2.04% (D), 10/18/2030 (E)		2,490,000		2,476,168
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 02/20/2032 (E)		116,952		115,529
GoodLeap Sustainable Home Solutions Trust
Series 2021-4GS, Class A, 1.93%, 07/20/2048 (E)		863,634		762,443
Series 2021-5CS, Class A, 2.31%, 10/20/2048 (E)		996,910		895,021
Series 2022-1GS, Class A, 2.70%, 01/20/2049 (E)		1,306,428		1,193,882
ICG US CLO Ltd. Series 2014-1A, Class A1A2, 3-Month LIBOR + 1.20%, 2.26% (D), 10/20/2034 (E)		2,200,000		2,170,447
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (E)		333,242		333,718

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

Transamerica Funds Semi-Annual Report 2022

Page    185

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (E)		$ 715,637		$ 684,507
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (E)		82,018		82,459
Longfellow Place CLO Ltd. Series 2013-1A, Class AR3, 3-Month LIBOR + 1.00%, 2.04% (D), 04/15/2029 (E)		551,727		549,386
MVW LLC Series 2021-1WA, Class A, 1.14%, 01/22/2041 (E)		727,352		672,731
MVW Owner Trust
Series 2016-1A, Class A, 2.25%, 12/20/2033 (E)		43,739		43,779
Series 2019-1A, Class A, 2.89%, 11/20/2036 (E)		125,764		123,154
New Residential Advance Receivables Trust
Series 2020-APT1, Class AT1, 1.03%, 12/16/2052 (E)		1,875,000		1,846,774
Series 2020-T1, Class AT1, 1.43%, 08/15/2053 (E)		1,950,000		1,901,956
NRZ Advance Receivables Trust
Series 2020-T2, Class AT2, 1.48%, 09/15/2053 (E)		1,900,000		1,840,327
Series 2020-T3, Class AT3, 1.32%, 10/15/2052 (E)		40,000		39,946
Octagon Investment Partners 33 Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 2.25% (D), 01/20/2031 (E)		800,000		796,886
Ocwen Master Advance Receivables Trust Series 2020-T1, Class AT1, 1.28%, 08/15/2052 (E)		3,012,884		2,999,806
Orange Lake Timeshare Trust
Series 2016-A, Class A, 2.61%, 03/08/2029 (E)		285,131		284,886
Series 2018-A, Class A, 3.10%, 11/08/2030 (E)		43,535		43,425
Series 2018-A, Class B, 3.35%, 11/08/2030 (E)		35,619		35,520
Series 2019-A, Class A, 3.06%, 04/09/2038 (E)		305,790		297,389
Palmer Square CLO Ltd. Series 2015-2A, Class A1R2, 3-Month LIBOR + 1.10%, 2.16% (D), 07/20/2030 (E)		2,000,000		1,992,082
Sierra Timeshare Receivables Funding LLC
Series 2020-2A, Class A, 1.33%, 07/20/2037 (E)		300,023		284,678
Series 2021-1A, Class A, 0.99%, 11/20/2037 (E)		974,756		920,523
SPS Servicer Advance Receivables Trust II Series 2020-T1, Class AT1, 1.28%, 11/15/2052 (E)		320,667		317,833
Towd Point Mortgage Trust
Series 2016-2, Class A1A, 2.75% (D), 08/25/2055 (E)		23,439		23,407

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust (continued)
Series 2016-4, Class A1, 2.25% (D), 07/25/2056 (E)		$ 62,990		$ 62,923
Series 2017-1, Class A1, 2.75% (D), 10/25/2056 (E)		206,099		205,424
Series 2017-2, Class A1, 2.75% (D), 04/25/2057 (E)		216,406		215,873
Series 2017-3, Class A1, 2.75% (D), 07/25/2057 (E)		119,981		119,740
Series 2017-4, Class A1, 2.75% (D), 06/25/2057 (E)		568,953		559,712
Series 2017-6, Class A1, 2.75% (D), 10/25/2057 (E)		298,822		294,061
Series 2018-1, Class A1, 3.00% (D), 01/25/2058 (E)		420,897		416,182
Series 2018-3, Class A1, 3.75% (D), 05/25/2058 (E)		789,813		783,609
Series 2018-4, Class A1, 3.00% (D), 06/25/2058 (E)		1,481,571		1,440,530
Series 2019-1, Class A1, 3.66% (D), 03/25/2058 (E)		855,979		844,378
Series 2020-4, Class A1, 1.75%, 10/25/2060 (E)		1,252,543		1,162,669
Trafigura Securitisation Finance PLC Series 2021-1A, Class A2, 1.08%, 01/15/2025 (E)		1,300,000		1,230,247
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (E)		48,295		47,544
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (E)		226,284		222,912
Wellfleet CLO Ltd. Series 2016-2A, Class A1R, 3-Month LIBOR + 1.14%, 2.20% (D), 10/20/2028 (E)		605,632		602,556
Total Asset-Backed Securities (Cost $33,995,425)				32,816,131
CORPORATE DEBT SECURITIES - 14.0%
Aerospace & Defense - 0.3%
BAE Systems PLC 3.40%, 04/15/2030 (E)		599,000		559,350
Boeing Co.
3.50%, 03/01/2039		1,494,000		1,152,626
5.15%, 05/01/2030		1,117,000		1,113,542
Huntington Ingalls Industries, Inc. 2.04%, 08/16/2028 (E)		1,103,000		964,838
				3,790,356
Air Freight & Logistics - 0.1%
GXO Logistics, Inc. 2.65%, 07/15/2031 (E)		1,760,000		1,444,724
Airlines - 0.2%
American Airlines Pass-Through Trust 3.20%, 12/15/2029		587,566		551,545
JetBlue Pass-Through Trust 2.75%, 11/15/2033		1,008,859		908,025

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

Transamerica Funds Semi-Annual Report 2022

Page    186

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027 (E)		$ 898,289		$ 916,255
United Airlines Pass-Through Trust 3.75%, 03/03/2028		611,218		597,415
				2,973,240
Auto Components - 0.1%
Aptiv PLC / Aptiv Corp. 3.25%, 03/01/2032 (B)		554,000		489,338
BorgWarner, Inc. 3.38%, 03/15/2025 (B)		572,000		567,097
				1,056,435
Automobiles - 0.1%
General Motors Co.
4.88%, 10/02/2023		601,000		613,473
6.25%, 10/02/2043		262,000		271,341
				884,814
Banks - 1.6%
ABN AMRO Bank NV Fixed until 12/13/2031, 3.32% (D), 03/13/2037 (E)		1,200,000		1,010,670
Banco Santander SA 2.75%, 12/03/2030		600,000		490,960
Bank of America Corp.
Fixed until 09/21/2031, 2.48% (D), 09/21/2036		1,096,000		878,712
Fixed until 06/19/2040, 2.68% (D), 06/19/2041		706,000		529,348
Fixed until 12/20/2027, 3.42% (D), 12/20/2028		1,097,000		1,039,062
Fixed until 04/27/2032, 4.57% (D), 04/27/2033		2,086,000		2,080,194
Citigroup, Inc. Fixed until 10/27/2027, 3.52% (D), 10/27/2028		2,370,000		2,256,879
Commerzbank AG 8.13%, 09/19/2023 (E)		1,955,000		2,035,265
Intesa Sanpaolo SpA
Fixed until 06/01/2031, 4.20% (D), 06/01/2032 (E)		277,000		229,697
5.02%, 06/26/2024 (E)		420,000		410,805
JPMorgan Chase & Co.
Fixed until 05/13/2030, 2.96% (D), 05/13/2031		1,664,000		1,464,209
Fixed until 01/25/2032, 2.96% (D), 01/25/2033		1,158,000		1,020,079
Fixed until 02/01/2027, 3.78% (D), 02/01/2028		507,000		492,389
4.13%, 12/15/2026		1,209,000		1,202,726
UniCredit SpA Fixed until 06/03/2031, 3.13% (D), 06/03/2032 (E)		1,506,000		1,246,203
Wells Fargo & Co.
Fixed until 03/15/2026 (F), 3.90% (D)		335,000		305,671
4.10%, 06/03/2026		1,342,000		1,336,794
4.61% (D), 04/25/2053		1,526,000		1,510,714
Fixed until 06/15/2024 (F), 5.90% (D)		513,000		501,457
				20,041,834

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 0.3%
Anheuser-Busch InBev Worldwide, Inc.
4.44%, 10/06/2048		$ 888,000		$ 817,783
4.75%, 01/23/2029		870,000		896,108
Constellation Brands, Inc.
3.15%, 08/01/2029		575,000		528,122
3.70%, 12/06/2026		152,000		150,749
Keurig Dr. Pepper, Inc. 3.20%, 05/01/2030		1,081,000		991,584
				3,384,346
Biotechnology - 0.2%
AbbVie, Inc.
3.20%, 05/14/2026		403,000		392,743
4.05%, 11/21/2039		733,000		672,198
Amgen, Inc. 2.00%, 01/15/2032		870,000		719,268
CSL UK Holdings Ltd. 4.63%, 04/27/2042 (E)		513,000		505,055
Gilead Sciences, Inc. 4.15%, 03/01/2047		177,000		162,243
				2,451,507
Building Products - 0.3%
Carlisle Cos., Inc.
2.20%, 03/01/2032		784,000		639,701
3.75%, 12/01/2027		610,000		594,672
Carrier Global Corp. 2.72%, 02/15/2030		879,000		778,083
Owens Corning 7.00%, 12/01/2036		1,196,000		1,376,241
				3,388,697
Capital Markets - 0.7%
Charles Schwab Corp. Fixed until 06/01/2026 (F), 4.00% (D)		1,411,000		1,279,424
Credit Suisse Group AG Fixed until 09/11/2024, 2.59% (D), 09/11/2025 (E)		772,000		736,623
Deutsche Bank AG
Fixed until 11/26/2024, 3.96% (D), 11/26/2025		427,000		421,080
Fixed until 04/08/2030, 5.88% (D), 07/08/2031		723,000		702,735
Goldman Sachs Group, Inc.
Fixed until 02/24/2032, 3.10% (D), 02/24/2033		1,936,000		1,692,970
6.75%, 10/01/2037		865,000		999,790
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 2.63%, 10/15/2031		1,046,000		861,052
Morgan Stanley
Fixed until 12/10/2025, 0.99% (D), 12/10/2026		918,000		819,955
Fixed until 09/16/2031, 2.48% (D), 09/16/2036		1,036,000		829,898
5.00%, 11/24/2025		486,000		499,215
				8,842,742
Chemicals - 0.0% (C)
International Flavors & Fragrances, Inc. 2.30%, 11/01/2030 (E)		664,000		557,766
Commercial Services & Supplies - 0.4%
ADT Security Corp. 4.13%, 08/01/2029 (E)		793,000		673,281

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

Transamerica Funds Semi-Annual Report 2022

Page    187

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies (continued)
Ashtead Capital, Inc. 2.45%, 08/12/2031 (E)		$ 704,000		$ 574,529
4.25%, 11/01/2029 (E)		414,000		395,858
ERAC USA Finance LLC 2.70%, 11/01/2023 (E)		186,000		184,571
3.30%, 12/01/2026 (E)		780,000		757,187
3.85%, 11/15/2024 (E)		521,000		524,747
Triton Container International Ltd. / TAL International Container Corp. 3.25%, 03/15/2032		1,654,000		1,411,095
				4,521,268
Construction & Engineering - 0.0% (C)
Quanta Services, Inc. 2.90%, 10/01/2030		499,000		435,897
Consumer Finance - 0.4%
Ally Financial, Inc. 8.00%, 11/01/2031		1,196,000		1,424,301
BMW US Capital LLC 2.80%, 04/11/2026 (E)		1,029,000		993,713
Ford Motor Credit Co. LLC 3.38%, 11/13/2025		1,497,000		1,411,020
Nissan Motor Acceptance Co. LLC 2.45%, 09/15/2028 (E)		1,024,000		872,076
Volkswagen Group of America Finance LLC 1.63%, 11/24/2027 (E)		644,000		562,889
				5,263,999
Containers & Packaging - 0.1%
Sonoco Products Co. 2.25%, 02/01/2027		665,000		618,229
2.85%, 02/01/2032		466,000		407,859
				1,026,088
Diversified Financial Services - 0.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.85%, 10/29/2041		1,096,000		851,456
4.45%, 04/03/2026		1,120,000		1,093,860
4.50%, 09/15/2023		849,000		850,906
Aviation Capital Group LLC 1.95%, 01/30/2026 (E)		677,000		605,224
5.50%, 12/15/2024 (E)		1,296,000		1,316,013
Element Fleet Management Corp. 1.60%, 04/06/2024 (E)		412,000		395,796
3.85%, 06/15/2025 (E)		494,000		490,963
				5,604,218
Diversified Telecommunication Services - 0.3%
Level 3 Financing, Inc. 3.40%, 03/01/2027 (E)		741,000		666,900
Sprint Capital Corp. 6.88%, 11/15/2028		135,000		148,163
Verizon Communications, Inc. 1.68%, 10/30/2030		1,668,000		1,353,485
2.99%, 10/30/2056		1,656,000		1,180,864
				3,349,412
Electric Utilities - 0.6%
Appalachian Power Co. 3.40%, 06/01/2025		961,000		959,603
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		117,000		125,973
DTE Electric Co. 4.30%, 07/01/2044		1,430,000		1,371,173

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		$ 1,717,000		$ 1,533,201
Duke Energy Progress LLC 3.60%, 09/15/2047		1,237,000		1,057,023
Entergy Arkansas LLC 3.70%, 06/01/2024		192,000		194,074
Oncor Electric Delivery Co. LLC 5.30%, 06/01/2042		70,000		76,087
Pacific Gas & Electric Co. 2.50%, 02/01/2031		611,000		484,177
PacifiCorp 3.60%, 04/01/2024		833,000		838,783
5.75%, 04/01/2037		117,000		129,734
Public Service Electric & Gas Co. 3.00%, 05/15/2025		424,000		416,115
				7,185,943
Electronic Equipment, Instruments & Components - 0.1%
Arrow Electronics, Inc. 2.95%, 02/15/2032		621,000		532,369
Keysight Technologies, Inc. 4.60%, 04/06/2027		724,000		743,042
Sensata Technologies BV 4.00%, 04/15/2029 (E)		200,000		178,293
Sensata Technologies, Inc. 4.38%, 02/15/2030 (E)		403,000		366,605
				1,820,309
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (E)		1,207,000		1,171,072
Schlumberger Investment SA 3.65%, 12/01/2023		98,000		98,693
				1,269,765
Equity Real Estate Investment Trusts - 1.2%
American Tower Trust #1 3.65%, 03/23/2028 (E)		508,000		501,150
Broadstone Net Lease LLC 2.60%, 09/15/2031		1,329,000		1,116,619
Corporate Office Properties LP 2.00%, 01/15/2029		257,000		214,483
2.25%, 03/15/2026		314,000		291,451
2.75%, 04/15/2031		168,000		142,707
Host Hotels & Resorts LP 2.90%, 12/15/2031		675,000		570,615
Invitation Homes Operating Partnership LP 4.15%, 04/15/2032		513,000		490,936
Office Properties Income Trust 3.45%, 10/15/2031		778,000		610,098
Physicians Realty LP 2.63%, 11/01/2031		951,000		800,525
Piedmont Operating Partnership LP 2.75%, 04/01/2032		626,000		508,283
SBA Tower Trust 1.63%, 05/15/2051 (E)		2,058,000		1,900,185
1.88%, 07/15/2050 (E)		746,000		691,505
2.84%, 01/15/2050 (E)		2,715,000		2,635,886
3.45%, 03/15/2048 (E)		345,000		345,383

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

Transamerica Funds Semi-Annual Report 2022

Page    188

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Simon Property Group LP 2.20%, 02/01/2031		$ 717,000		$ 608,355
Ventas Realty LP 3.25%, 10/15/2026		930,000		902,243
VICI Properties LP 4.95%, 02/15/2030 (B)		1,256,000		1,247,447
Weyerhaeuser Co. 4.00%, 04/15/2030		1,001,000		964,304
				14,542,175
Food & Staples Retailing - 0.1%
7-Eleven, Inc. 1.80%, 02/10/2031 (E)		1,194,000		966,495
Sysco Corp. 3.30%, 07/15/2026		945,000		922,095
				1,888,590
Food Products - 0.2%
Bunge Ltd. Finance Corp. 2.75%, 05/14/2031		957,000		829,332
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 3.00%, 02/02/2029 (E)		785,000		699,639
Pilgrim’s Pride Corp. 3.50%, 03/01/2032 (E)		1,051,000		888,095
				2,417,066
Health Care Equipment & Supplies - 0.1%
Alcon Finance Corp. 2.75%, 09/23/2026 (E)		600,000		571,608
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030		992,000		883,593
Koninklijke Philips NV 5.00%, 03/15/2042		355,000		359,941
				1,815,142
Health Care Providers & Services - 0.6%
Anthem, Inc. 2.25%, 05/15/2030		721,000		624,162
Centene Corp. 3.00%, 10/15/2030		875,000		761,250
3.38%, 02/15/2030		510,000		455,660
Cigna Corp. 2.40%, 03/15/2030		862,000		754,818
CVS Health Corp. 2.70%, 08/21/2040		858,000		648,720
3.75%, 04/01/2030		967,000		924,965
HCA, Inc. 4.13%, 06/15/2029		520,000		498,517
5.25%, 04/15/2025		230,000		237,052
5.50%, 06/15/2047		527,000		518,632
Health Care Service Corp. 2.20%, 06/01/2030 (E)		735,000		634,206
Laboratory Corp. of America Holdings 2.95%, 12/01/2029		532,000		486,162
Molina Healthcare, Inc. 4.38%, 06/15/2028 (E)		500,000		467,330
				7,011,474

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure - 0.2%
Expedia Group, Inc. 2.95%, 03/15/2031		$ 211,000		$ 181,286
3.80%, 02/15/2028		685,000		653,084
Hyatt Hotels Corp. 1.80%, 10/01/2024		417,000		396,609
Magallanes, Inc. 5.05%, 03/15/2042 (E)		1,176,000		1,071,097
				2,302,076
Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		993,000		995,531
Industrial Conglomerates - 0.0% (C)
General Electric Co. 4.13%, 10/09/2042		494,000		459,043
Insurance - 0.7%
Enstar Group Ltd. 3.10%, 09/01/2031		938,000		792,846
Fairfax Financial Holdings Ltd. 3.38%, 03/03/2031		1,641,000		1,459,429
Global Atlantic Finance Co. 3.13%, 06/15/2031 (E)		1,549,000		1,312,019
Ohio National Financial Services, Inc. 5.80%, 01/24/2030 (E)		1,642,000		1,638,650
6.63%, 05/01/2031 (E)		456,000		469,140
Prudential Financial, Inc. Fixed until 07/01/2030, 3.70% (D), 10/01/2050		1,106,000		968,601
Reinsurance Group of America, Inc. 3-Month LIBOR + 2.67%, 3.49% (D), 12/15/2065		1,832,000		1,639,640
				8,280,325
Interactive Media & Services - 0.2%
Baidu, Inc. 4.38%, 05/14/2024		1,990,000		2,013,268
Tencent Holdings Ltd. 3.28%, 04/11/2024 (E)		742,000		736,177
				2,749,445
IT Services - 0.1%
Rackspace Technology Global, Inc. 3.50%, 02/15/2028 (E)		763,000		659,896
Machinery - 0.1%
Flowserve Corp. 2.80%, 01/15/2032		782,000		644,748
Media - 0.2%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		562,000		461,737
Clear Channel Outdoor Holdings, Inc. 5.13%, 08/15/2027 (E)		827,000		777,132
Comcast Corp. 2.94%, 11/01/2056 (E)		372,000		267,132
NBCUniversal Media LLC 4.45%, 01/15/2043		456,000		437,328
Paramount Global 4.20%, 05/19/2032		588,000		542,896
				2,486,225

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

Transamerica Funds Semi-Annual Report 2022

Page    189

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining - 0.3%
Anglo American Capital PLC 4.00%, 09/11/2027 (E)		$ 1,063,000		$ 1,036,791
4.75%, 04/10/2027 (E)		230,000		230,841
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		1,088,000		1,090,568
4.55%, 11/14/2024		481,000		487,012
Glencore Funding LLC 2.63%, 09/23/2031 (E)		837,000		699,696
				3,544,908
Multi-Utilities - 0.1%
Black Hills Corp. 4.25%, 11/30/2023		587,000		594,284
CMS Energy Corp. 3.88%, 03/01/2024		65,000		65,405
4.88%, 03/01/2044		141,000		141,491
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		158,000		158,298
				959,478
Oil, Gas & Consumable Fuels - 1.0%
Boardwalk Pipelines LP 3.40%, 02/15/2031		390,000		345,693
BP Capital Markets PLC 3.12%, 05/04/2026		1,481,000		1,430,596
Chevron USA, Inc. 3.25%, 10/15/2029		654,000		629,854
Energy Transfer LP 4.90%, 02/01/2024		356,000		361,068
5.15%, 02/01/2043		559,000		510,070
5.95%, 10/01/2043		499,000		485,767
7.60%, 02/01/2024		397,000		418,629
Enterprise Products Operating LLC 4.25%, 02/15/2048		1,656,000		1,460,155
Kinder Morgan Energy Partners LP 4.15%, 02/01/2024		772,000		780,441
Occidental Petroleum Corp. 5.55%, 03/15/2026		1,184,000		1,213,600
Petroleos Mexicanos 6.50%, 01/23/2029		385,000		354,200
6.84%, 01/23/2030		892,000		812,880
6.88%, 08/04/2026		340,000		338,178
7.69%, 01/23/2050		95,000		74,433
Pioneer Natural Resources Co. 2.15%, 01/15/2031		871,000		735,495
Plains All American Pipeline LP / PAA Finance Corp. 3.55%, 12/15/2029		637,000		580,864
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		573,000		562,532
Shell International Finance BV 2.50%, 09/12/2026		1,057,000		1,008,414
3.75%, 09/12/2046		351,000		317,464
Williams Cos., Inc. 5.40%, 03/04/2044		97,000		97,224
				12,517,557
Personal Products - 0.1%
GSK Consumer Healthcare Capital US LLC 3.38%, 03/24/2027 (E)		1,230,000		1,190,984

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals - 0.3%
AstraZeneca Finance LLC 1.20%, 05/28/2026		$ 388,000		$ 353,005
AstraZeneca PLC 4.38%, 08/17/2048		626,000		638,703
Bayer US Finance II LLC 4.38%, 12/15/2028 (E)		716,000		710,950
Bristol-Myers Squibb Co. 1.45%, 11/13/2030		612,000		498,257
Royalty Pharma PLC 2.20%, 09/02/2030		925,000		772,666
Viatris, Inc. 2.30%, 06/22/2027		677,000		599,619
				3,573,200
Professional Services - 0.1%
Equifax, Inc. 2.60%, 12/01/2024		879,000		856,455
Experian Finance PLC 2.75%, 03/08/2030 (E)		957,000		864,795
				1,721,250
Road & Rail - 0.2%
Avolon Holdings Funding Ltd. 2.88%, 02/15/2025 (E)		969,000		910,470
5.50%, 01/15/2026 (E)		1,240,000		1,242,725
				2,153,195
Semiconductors & Semiconductor Equipment - 0.6%
Broadcom, Inc. 1.95%, 02/15/2028 (E)		464,000		402,088
Entegris Escrow Corp. 4.75%, 04/15/2029 (E)		1,044,000		1,006,165
KLA Corp. 3.30%, 03/01/2050		730,000		608,652
Microchip Technology, Inc. 0.98%, 09/01/2024 (E)		684,000		641,965
Micron Technology, Inc. 2.70%, 04/15/2032		1,247,000		1,038,562
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.25%, 11/30/2051 (E)		401,000		293,917
3.40%, 05/01/2030 (E)		656,000		598,301
QUALCOMM, Inc. 3.25%, 05/20/2027 - 05/20/2050		1,259,000		1,171,493
Skyworks Solutions, Inc. 1.80%, 06/01/2026		379,000		345,120
TSMC Global Ltd. 1.38%, 09/28/2030 (E)		1,611,000		1,302,694
				7,408,957
Software - 0.3%
Crowdstrike Holdings, Inc. 3.00%, 02/15/2029		140,000		124,270
Infor, Inc. 1.75%, 07/15/2025 (E)		945,000		880,674
Take-Two Interactive Software, Inc. 3.55%, 04/14/2025		1,217,000		1,205,734
Workday, Inc. 3.50%, 04/01/2027		1,142,000		1,114,205
				3,324,883

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

Transamerica Funds Semi-Annual Report 2022

Page    190

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail - 0.1%
Lowe’s Cos., Inc. 3.75%, 04/01/2032		$ 836,000		$ 788,877
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc. 2.65%, 05/11/2050		637,000		487,420
Dell International LLC / EMC Corp. 6.02%, 06/15/2026		797,000		841,885
Seagate HDD Cayman 4.13%, 01/15/2031		1,164,000		1,021,410
Western Digital Corp. 2.85%, 02/01/2029		1,244,000		1,101,801
				3,452,516
Tobacco - 0.2%
Altria Group, Inc. 2.45%, 02/04/2032		798,000		640,181
BAT Capital Corp. 2.26%, 03/25/2028		1,355,000		1,158,364
4.91%, 04/02/2030		560,000		540,412
BAT International Finance PLC 4.45%, 03/16/2028		741,000		714,194
				3,053,151
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV 4.38%, 07/16/2042		300,000		281,933
Rogers Communications, Inc. 3.80%, 03/15/2032 (E)		1,359,000		1,258,841
Sprint Corp. 7.88%, 09/15/2023		640,000		668,000
T-Mobile USA, Inc. 3.50%, 04/15/2031		830,000		735,654
3.88%, 04/15/2030		1,616,000		1,532,143
				4,476,571
Total Corporate Debt Securities (Cost $192,680,039)				173,710,623
FOREIGN GOVERNMENT OBLIGATIONS - 0.4%
Brazil - 0.1%
Brazil Government International Bond 4.25%, 01/07/2025		330,000		332,376
Chile - 0.0% (C)
Chile Government International Bond 3.50%, 01/25/2050		400,000		317,800
Colombia - 0.1%
Colombia Government International Bond 4.00%, 02/26/2024		235,000		231,125
4.50%, 01/28/2026		850,000		814,580
				1,045,705
Indonesia - 0.1%
Indonesia Government International Bond 4.75%, 01/08/2026 (E)		1,035,000		1,068,089
5.38%, 10/17/2023 (E)		115,000		118,921
				1,187,010
Mexico - 0.1%
Mexico Government International Bond 3.75%, 01/11/2028		1,126,000		1,084,833

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Panama - 0.0% (C)
Panama Government International Bond 3.88%, 03/17/2028		$ 315,000		$ 304,425
Peru - 0.0% (C)
Peru Government International Bond 7.35%, 07/21/2025		125,000		136,843
Poland - 0.0% (C)
Republic of Poland Government International Bond 3.00%, 03/17/2023		275,000		274,568
Qatar - 0.0% (C)
Qatar Government International Bond 3.88%, 04/23/2023 (E)		200,000		202,298
Total Foreign Government Obligations (Cost $5,151,589)				4,885,858
MORTGAGE-BACKED SECURITIES - 2.7%
BB-UBS Trust Series 2012-TFT, Class A, 2.89%, 06/05/2030 (E)		478,564		475,313
BB-UBS Trust, Interest Only STRIPS Series 2012-SHOW, Class XA, 0.73% (D), 11/05/2036 (E)		3,045,000		43,757
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 (E)		1,600,000		1,597,245
CIM Trust Series 2021-R6, Class A1, 1.43% (D), 07/25/2061 (E)		2,188,975		2,029,038
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3, 3.75%, 03/10/2047		74,133		73,895
Series 2014-GC19, Class A4, 4.02%, 03/10/2047		220,000		221,567
Series 2015-GC27, Class B, 3.77%, 02/10/2048		1,250,000		1,216,997
Citigroup Mortgage Loan Trust, Inc. Series 2018-RP1, Class A1, 3.00% (D), 09/25/2064 (E)		254,952		252,457
COMM Mortgage Trust
Series 2013-CR11, Class AM, 4.72% (D), 08/10/2050		1,310,000		1,327,657
Series 2013-GAM, Class A2, 3.37%, 02/10/2028 (E)		91,584		90,852
Series 2013-WWP, Class B, 3.73%, 03/10/2031 (E)		1,150,000		1,158,822
Series 2014-UBS2, Class A5, 3.96%, 03/10/2047		2,415,000		2,421,695
Series 2015-3BP, Class A, 3.18%, 02/10/2035 (E)		3,050,000		2,966,782
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (E)		830,000		812,531
CSMC Trust
Series 2021-RPL2, Class A1A, 1.11% (D), 01/25/2060 (E)		1,663,389		1,502,682
Series 2021-RPL6, Class A1, 2.00% (D), 10/25/2060 (E)		1,400,386		1,307,707

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

Transamerica Funds Semi-Annual Report 2022

Page    191

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class B, 3.45%, 12/10/2036 (E)		$ 1,250,000		$ 1,210,390
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (D), 04/10/2031 (E)		675,000		669,264
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (E)		700,000		673,803
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C13, Class B, 4.21% (D), 01/15/2046		950,000		950,572
MetLife Securitization Trust Series 2019-1A, Class A1A, 3.75% (D), 04/25/2058 (E)		90,181		90,277
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class AS, 3.48%, 11/15/2045		320,000		320,117
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (D), 12/25/2052 (E)		99,782		95,358
New Residential Mortgage Loan Trust
Series 2014-1A, Class A, 3.75% (D), 01/25/2054 (E)		49,876		48,900
Series 2014-2A, Class A3, 3.75% (D), 05/25/2054 (E)		114,933		111,542
Series 2014-3A, Class AFX3, 3.75% (D), 11/25/2054 (E)		94,096		92,376
Series 2015-2A, Class A1, 3.75% (D), 08/25/2055 (E)		208,347		202,961
Series 2016-2A, Class A1, 3.75% (D), 11/26/2035 (E)		144,605		141,331
Series 2016-3A, Class A1B, 3.25% (D), 09/25/2056 (E)		148,087		142,557
Series 2016-4A, Class A1, 3.75% (D), 11/25/2056 (E)		188,357		183,755
Series 2017-1A, Class A1, 4.00% (D), 02/25/2057 (E)		432,765		427,957
Series 2017-2A, Class A3, 4.00% (D), 03/25/2057 (E)		978,135		961,608
Series 2017-3A, Class A1, 4.00% (D), 04/25/2057 (E)		613,375		605,672
Series 2017-4A, Class A1, 4.00% (D), 05/25/2057 (E)		442,002		432,895
Series 2018-1A, Class A1A, 4.00% (D), 12/25/2057 (E)		224,823		220,578
Series 2018-RPL1, Class A1, 3.50% (D), 12/25/2057 (E)		326,207		324,827
Series 2019-4A, Class A1B, 3.50% (D), 12/25/2058 (E)		1,149,091		1,126,565
Series 2019-5A, Class A1B, 3.50% (D), 08/25/2059 (E)		1,039,125		1,022,174
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (E)		1,373,000		1,367,172

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (E)		$ 950,000		$ 885,818
Towd Point Mortgage Trust Series 2021-1, Class A1, 2.25% (D), 11/25/2061 (E)		2,496,814		2,375,713
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (E)		560,000		559,114
Total Mortgage-Backed Securities (Cost $34,534,217)				32,742,293
U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.9%
Federal Home Loan Mortgage Corp. 5.00%, 08/01/2035		130,139		138,681
5.50%, 06/01/2041		51,964		55,322
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates 1.38%, 06/25/2030		2,547,000		2,190,739
2.81%, 01/25/2025		1,786,472		1,772,676
2.89%, 06/25/2027		418,309		418,256
3.01%, 07/25/2025		2,408,000		2,396,447
3.06% (D), 08/25/2024		1,792,498		1,786,732
3.49%, 01/25/2024		1,298,000		1,306,736
3.53% (D), 07/25/2023		1,000,000		1,007,647
Federal National Mortgage Association 12-Month LIBOR + 1.52%, 1.82% (D), 02/01/2043		33,891		33,867
3.33% (D), 10/25/2023		100,230		100,190
3.50%, 07/01/2028 - 11/01/2028		145,757		146,649
4.00%, 04/01/2026 - 06/01/2042		38,745		39,246
4.50%, 02/01/2025 - 06/01/2026		48,254		49,260
5.00%, 04/01/2039 - 11/01/2039		625,492		653,589
5.50%, 10/01/2036 - 12/01/2041		485,981		522,116
6.00%, 08/01/2036 - 06/01/2041		647,085		715,140
6.50%, 05/01/2040		58,755		64,066
Government National Mortgage Association, Interest Only STRIPS 0.64% (D), 02/16/2053		269,774		5,035
Tennessee Valley Authority 5.88%, 04/01/2036		774,000		964,533
Uniform Mortgage-Backed Security 2.00%, TBA (G)		27,825,000		25,207,975
2.50%, TBA (G)		26,839,000		24,685,139
3.00%, TBA (G)		16,984,000		16,031,967
3.50%, TBA (G)		17,244,000		16,742,846
4.00%, TBA (G)		13,738,000		13,674,408
Total U.S. Government Agency Obligations (Cost $113,551,883)				110,709,262
U.S. GOVERNMENT OBLIGATIONS - 10.2%
U.S. Treasury - 9.0%
U.S. Treasury Bond
1.25%, 05/15/2050		3,600,000		2,412,000
1.88%, 02/15/2051 - 11/15/2051		9,928,000		7,819,961
2.00%, 02/15/2050		1,799,000		1,458,385
2.25%, 08/15/2046		2,031,000		1,720,955
2.38%, 05/15/2051		1,090,000		963,969

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

Transamerica Funds Semi-Annual Report 2022

Page    192

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
2.50%, 02/15/2045 - 05/15/2046		$ 7,240,000		$ 6,436,169
2.75%, 08/15/2042 - 11/15/2047		3,376,900		3,166,091
2.88%, 08/15/2045 - 05/15/2049		2,261,600		2,177,727
3.00%, 05/15/2042 - 02/15/2049		2,313,400		2,285,781
3.13%, 02/15/2042 - 05/15/2048		6,300,600		6,278,293
3.63%, 02/15/2044		2,903,000		3,106,210
5.25%, 02/15/2029		1,098,000		1,253,436
U.S. Treasury Note 0.13%, 12/31/2022 - 05/31/2023		3,261,000		3,204,576
0.25%, 05/31/2025		4,184,000		3,859,903
0.25%, 08/31/2025 (B)		2,962,000		2,712,660
0.63%, 05/15/2030 - 08/15/2030		8,926,000		7,456,933
0.88%, 06/30/2026		848,200		779,980
1.13%, 02/15/2031		4,704,000		4,064,366
1.38%, 11/15/2031		2,338,000		2,044,654
1.50%, 08/15/2026 - 02/15/2030		7,775,100		7,199,761
1.63%, 02/15/2026 - 05/15/2031		11,213,600		10,208,336
1.63%, 05/15/2026 (B)		1,957,000		1,859,762
1.75%, 05/15/2023 (B)		500,000		497,832
1.88%, 02/15/2032		5,886,000		5,382,011
2.13%, 06/30/2022		1,121,000		1,123,656
2.25%, 11/15/2025 (B)		856,100		836,871
2.25%, 11/15/2027		3,750,500		3,617,181
2.38%, 01/31/2023		1,293,100		1,298,050
2.50%, 08/15/2023 - 05/15/2024		7,032,000		7,017,914
2.63%, 02/15/2029		653,500		640,813
2.88%, 05/15/2028 - 08/15/2028		7,246,300		7,212,430
3.13%, 11/15/2028		1,189,500		1,201,581
				111,298,247
U.S. Treasury Inflation-Protected Securities - 1.2%
U.S. Treasury Inflation-Protected Indexed Bond 0.25%, 02/15/2050		1,755,207		1,669,686
1.75%, 01/15/2028		1,015,403		1,136,289
2.50%, 01/15/2029		3,455,365		4,085,800
U.S. Treasury Inflation-Protected Indexed Note 0.13%, 07/15/2030		2,334,166		2,384,284
0.63%, 01/15/2024		4,879,298		5,092,958
				14,369,017
Total U.S. Government Obligations (Cost $135,590,034)				125,667,264
COMMERCIAL PAPER - 7.7%
Banks - 1.8%
Australia & New Zealand Banking Group Ltd. 0.98% (H), 06/10/2022		2,535,000		2,532,563
Bedford Row Funding Corp. 0.30% (H), 05/09/2022		3,288,000		3,287,563
Korea Development Bank 0.84% (H), 06/08/2022		2,760,000		2,757,547
Mackinac Funding Co. LLC 0.68% (H), 06/02/2022		4,200,000		4,196,672
Macquarie Bank Ltd. 0.68% (H), 06/06/2022		5,000,000		4,997,023

	Principal		Value
COMMERCIAL PAPER (continued)
Banks (continued)
Standard Chartered Bank 1.10% (H), 06/14/2022		$ 5,000,000		$ 4,994,416
				22,765,784
Capital Markets - 0.4%
Cedar Springs Capital Co. LLC 0.39% (H), 05/02/2022		4,650,000		4,649,862
Consumer Finance - 0.4%
Toyota Motor Credit Corp. 1.02% (H), 07/14/2022		4,510,000		4,499,536
Diversified Financial Services - 4.2%
Atlantic Asset Securitization LLC 1.43% (H), 08/17/2022		2,500,000		2,489,588
CAFCO LLC 0.27% (H), 05/05/2022		3,631,000		3,630,756
Cancara Asset Securitisation LLC 0.95% (H), 07/05/2022		1,510,000		1,507,035
Chariot Funding LLC 1.30% (H), 07/28/2022		4,650,000		4,635,585
Fairway Finance Co. LLC 0.30% (H), 05/03/2022		3,250,000		3,249,869
Glencove Funding LLC 0.99% (H), 07/08/2022		3,250,000		3,243,156
LaFayette Asset Securitization LLC 0.71% (H), 06/02/2022		2,600,000		2,598,038
Lexington Parker Capital Co. LLC 0.53% (H), 05/16/2022		5,512,000		5,510,378
Liberty Street Funding LLC 1.00% (H), 07/01/2022		2,100,000		2,096,263
Old Line Funding LLC 0.53% (H), 05/24/2022		5,000,000		4,997,524
Ridgefield Funding Co. LLC 1.02% (H), 06/10/2022		5,000,000		4,994,995
Sheffield Receivables Co. LLC 1.02% (H), 06/08/2022		5,000,000		4,995,317
Starbird Funding Corp. 0.31% (H), 05/13/2022		3,100,000		3,099,303
Victory Receivables Corp. 0.56% (H), 05/05/2022		3,606,000		3,605,757
0.98% (H), 06/22/2022		450,000		449,312
1.07% (H), 07/11/2022		915,000		912,803
				52,015,679
Food Products - 0.4%
Britannia Funding Co. LLC 0.36% (H), 05/13/2022		5,000,000		4,998,857
Semiconductors & Semiconductor Equipment - 0.1%
QUALCOMM, Inc. 0.92% (H), 06/16/2022		2,000,000		1,997,712
Software - 0.4%
Manhattan Asset Funding Co. LLC 1.07% (H), 08/02/2022		4,750,000		4,734,106
Total Commercial Paper (Cost $95,666,876)				95,661,536
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.2%
U.S. Treasury Bill
0.19% (H), 05/05/2022		3,400,000		3,399,973

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

Transamerica Funds Semi-Annual Report 2022

Page    193

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Bill (continued)
0.39% (H), 06/09/2022		$ 6,304,000		$ 6,301,131
0.51% (H), 06/30/2022		5,156,000		5,150,085
Total Short-Term U.S. Government Obligations (Cost $14,852,805)				14,851,189
	Shares		Value
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (H)		2,355,606		2,355,606
Total Other Investment Company (Cost $2,355,606)				2,355,606

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 0.00% (H), dated 04/29/2022, to be repurchased at $12,739,863 on 05/02/2022. Collateralized by U.S. Government Obligations, 1.25% - 1.50%, due 09/30/2028 - 11/30/2028, and with a total value of $12,994,750.		$12,739,863		$ 12,739,863
Total Repurchase Agreement (Cost $12,739,863)				12,739,863
Total Investments (Cost $1,062,275,511)				1,336,902,319
Net Other Assets (Liabilities) - (7.9)%				(97,415,457	)
Net Assets - 100.0%				$1,239,486,862

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		44		06/17/2022	$	9,518,934	$	9,080,500	$	—	$	(438,434	)

INVESTMENT VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	730,415,875		$	—	$	—	$	730,415,875
Preferred Stocks		346,819			—		—		346,819
Asset-Backed Securities		—			32,816,131		—		32,816,131
Corporate Debt Securities		—			173,710,623		—		173,710,623
Foreign Government Obligations		—			4,885,858		—		4,885,858
Mortgage-Backed Securities		—			32,742,293		—		32,742,293
U.S. Government Agency Obligations		—			110,709,262		—		110,709,262
U.S. Government Obligations		—			125,667,264		—		125,667,264
Commercial Paper		—			95,661,536		—		95,661,536
Short-Term U.S. Government Obligations		—			14,851,189		—		14,851,189
Other Investment Company		2,355,606			—		—		2,355,606
Repurchase Agreement		—			12,739,863		—		12,739,863
Total Investments	$	733,118,300		$	603,784,019	$	—	$	1,336,902,319
LIABILITIES
Other Financial Instruments
Futures Contracts (J)	$	(438,434	)	$	—	$	—	$	(438,434	)
Total Other Financial Instruments	$	(438,434	)	$	—	$	—	$	(438,434	)

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

Transamerica Funds Semi-Annual Report 2022

Page    194

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(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 $11,375,131, collateralized by cash collateral of $2,355,606 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $9,256,496. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $112,266,822, representing 9.1% of the Fund’s net assets.
(F)	Perpetual maturity. The date displayed is the next call date.
(G)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2022. 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, 2022.
(I)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(J)	Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
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 2022

Page    195

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 11.0%
Accelerated LLC
Series 2021-1H, Class A, 1.35%, 10/20/2040 (A)		$2,844,234		$2,672,769
Series 2021-1H, Class B, 1.90%, 10/20/2040 (A)		9,979,617		9,281,605
Series 2021-1H, Class C, 2.35%, 10/20/2040 (A)		4,521,219		4,185,090
Anchorage Capital CLO 11 Ltd. Series 2019-11A, Class AR, 3-Month LIBOR + 1.14%, 2.28% (B), 07/22/2032 (A)		12,300,000		12,209,620
Anchorage Capital CLO 9 Ltd. Series 2016-9A, Class AR2, 3-Month LIBOR + 1.14%, 2.18% (B), 07/15/2032 (A)		10,000,000		9,930,100
Apidos CLO XXXI Series 2019-31A, Class BR, 3-Month LIBOR + 1.55%, 2.59% (B), 04/15/2031 (A)		12,500,000		12,354,425
Aqua Finance Trust Series 2021-A, Class A, 1.54%, 07/17/2046 (A)		6,859,031		6,469,510
BXG Receivables Note Trust
Series 2017-A, Class A, 2.95%, 10/04/2032 (A)		2,794,344		2,741,644
Series 2020-A, Class A, 1.55%, 02/28/2036 (A)		6,331,749		5,948,887
CF Hippolyta LLC Series 2020-1, Class B1, 2.28%, 07/15/2060 (A)		5,983,273		5,574,348
CIFC Funding Ltd. Series 2015-2A, Class BR2, 3-Month LIBOR + 1.50%, 2.54% (B), 04/15/2030 (A)		16,300,000		16,181,173
CWABS Asset-Backed Certificates Trust Series 2006-17, Class 2A2, 1-Month LIBOR + 0.15%, 0.82% (B), 03/25/2047		3,320,320		3,271,619
Diamond Resorts Owner Trust
Series 2019-1A, Class A, 2.89%, 02/20/2032 (A)		2,923,797		2,888,225
Series 2021-1A, Class B, 2.05%, 11/21/2033 (A)		2,627,698		2,495,868
Series 2021-1A, Class C, 2.70%, 11/21/2033 (A)		2,452,519		2,332,232
DT Auto Owner Trust Series 2020-1A, Class B, 2.16%, 05/15/2024 (A)		257,038		257,085
Halcyon Loan Advisors Funding Ltd. Series 2015-1A, Class B1R, 3-Month LIBOR + 1.55%, 2.61% (B), 04/20/2027 (A)		3,259,155		3,254,719
Hilton Grand Vacations Trust
Series 2019-AA, Class A, 2.34%, 07/25/2033 (A)		4,242,823		4,109,974
Series 2020-AA, Class A, 2.74%, 02/25/2039 (A)		3,472,802		3,377,254
Mill City Mortgage Loan Trust Series 2017-3, Class A1, 2.75% (B), 01/25/2061 (A)		3,806,983		3,805,693

	Principal		Value
ASSET-BACKED SECURITIES (continued)
MVW LLC
Series 2019-2A, Class B, 2.44%, 10/20/2038 (A)		$ 3,405,252		$ 3,264,172
Series 2020-1A, Class A, 1.74%, 10/20/2037 (A)		4,000,298		3,820,886
Series 2021-1WA, Class B, 1.44%, 01/22/2041 (A)		5,000,542		4,662,459
MVW Owner Trust Series 2019-1A, Class A, 2.89%, 11/20/2036 (A)		4,083,256		3,998,516
New Residential Advance Receivables Trust
Series 2020-APT1, Class AT1, 1.03%, 12/16/2052 (A)		20,000,000		19,698,922
Series 2020-T1, Class AT1, 1.43%, 08/15/2053 (A)		19,567,000		19,084,914
Series 2020-T1, Class CT1, 2.27%, 08/15/2053 (A)		1,780,000		1,733,104
NRZ Advance Receivables Trust
Series 2020-T2, Class AT2, 1.48%, 09/15/2053 (A)		15,000,000		14,528,896
Series 2020-T3, Class AT3, 1.32%, 10/15/2052 (A)		8,000,000		7,989,354
Series 2020-T3, Class BT3, 1.57%, 10/15/2052 (A)		1,000,000		999,329
Series 2020-T3, Class DT3, 2.46%, 10/15/2052 (A)		1,000,000		1,000,474
Ocwen Master Advance Receivables Trust Series 2020-T1, Class AT1, 1.28%, 08/15/2052 (A)		13,825,916		13,765,902
Orange Lake Timeshare Trust
Series 2015-AA, Class A, 2.88%, 09/08/2027 (A)		1,018,532		1,018,681
Series 2016-A, Class A, 2.61%, 03/08/2029 (A)		2,610,236		2,607,991
Series 2018-A, Class C, 3.74%, 11/08/2030 (A)		1,780,942		1,769,710
Series 2019-A, Class C, 3.61%, 04/09/2038 (A)		3,542,667		3,450,528
OZLM Funding IV Ltd. Series 2013-4A, Class A2R, 3-Month LIBOR + 1.70%, 2.84% (B), 10/22/2030 (A)		6,000,000		5,949,210
PennantPark CLO III Ltd. Series 2021-3A, Class A1, 3-Month LIBOR + 1.62%, 2.76% (B), 10/22/2032 (A)		15,000,000		14,840,205
Sierra Timeshare Receivables Funding LLC
Series 2018-3A, Class A, 3.69%, 09/20/2035 (A)		1,509,617		1,514,777
Series 2018-3A, Class D, 5.20%, 09/20/2035 (A)		1,475,651		1,477,759
Series 2020-2A, Class A, 1.33%, 07/20/2037 (A)		3,428,837		3,253,467
Series 2020-2A, Class C, 3.51%, 07/20/2037 (A)		3,000,233		2,926,834
Series 2021-1A, Class B, 1.34%, 11/20/2037 (A)		7,270,277		6,828,257

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

Transamerica Funds Semi-Annual Report 2022

Page    196

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SPS Servicer Advance Receivables Trust II Series 2020-T1, Class AT1, 1.28%, 11/15/2052 (A)		$ 4,366,667		$ 4,328,080
TICP CLO III Ltd. Series 2018-3R, Class B, 3-Month LIBOR + 1.35%, 2.41% (B), 04/20/2028 (A)		10,000,000		10,004,500
Towd Point Mortgage Trust
Series 2016-5, Class A1, 2.50% (B), 10/25/2056 (A)		1,939,962		1,936,052
Series 2017-2, Class A1, 2.75% (B), 04/25/2057 (A)		1,304,416		1,301,199
Series 2017-3, Class A1, 2.75% (B), 07/25/2057 (A)		2,902,485		2,896,649
Series 2017-4, Class A1, 2.75% (B), 06/25/2057 (A)		4,152,001		4,084,565
Series 2017-6, Class A1, 2.75% (B), 10/25/2057 (A)		6,956,612		6,845,768
Series 2018-1, Class A1, 3.00% (B), 01/25/2058 (A)		3,970,458		3,925,984
Series 2018-2, Class A1, 3.25% (B), 03/25/2058 (A)		10,949,828		10,884,767
Series 2018-3, Class A1, 3.75% (B), 05/25/2058 (A)		4,223,596		4,190,423
Series 2018-4, Class A1, 3.00% (B), 06/25/2058 (A)		8,756,257		8,513,697
Series 2020-4, Class A1, 1.75%, 10/25/2060 (A)		11,823,344		10,974,986
Trafigura Securitisation Finance PLC Series 2021-1A, Class A2, 1.08%, 01/15/2025 (A)		7,270,000		6,879,921
VSE VOI Mortgage LLC Series 2017-A, Class A, 2.33%, 03/20/2035 (A)		6,554,749		6,411,629
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (A)		1,820,110		1,792,988
Wellfleet CLO Ltd.
Series 2015-1A, Class BR4,
3-Month LIBOR + 1.55%, 2.61% (B), 07/20/2029 (A)		10,000,000		9,892,550
Series 2016-1A, Class BR,
3-Month LIBOR + 1.50%, 2.56% (B), 04/20/2028 (A)		15,000,000		14,919,600
Series 2017-2A, Class A2R,
3-Month LIBOR + 1.62%, 2.68% (B), 10/20/2029 (A)		15,000,000		14,882,265
Total Asset-Backed Securities (Cost $387,521,993)			378,191,810
CORPORATE DEBT SECURITIES - 63.3%
Aerospace & Defense - 1.0%
Boeing Co. 1.43%, 02/04/2024		6,940,000		6,670,293
1.95%, 02/01/2024		8,089,000		7,852,291
Huntington Ingalls Industries, Inc. 0.67%, 08/16/2023 (A)		9,907,000		9,584,020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Aerospace & Defense (continued)
L3 Harris Technologies, Inc. 3.85%, 06/15/2023		$ 9,968,000		$ 10,051,213
				34,157,817
Air Freight & Logistics - 0.2%
GXO Logistics, Inc. 1.65%, 07/15/2026 (A)		8,902,000		7,881,077
Airlines - 1.0%
American Airlines Pass-Through Trust 4.38%, 04/01/2024		2,821,036		2,815,128
Delta Air Lines Pass-Through Trust 3.20%, 10/25/2025		5,043,000		4,965,714
Delta Air Lines, Inc. 3.80%, 04/19/2023		9,957,000		9,944,056
Southwest Airlines Co. 5.25%, 05/04/2025		13,145,000		13,595,397
US Airways Pass-Through Trust 3.95%, 05/15/2027		3,898,526		3,691,132
				35,011,427
Auto Components - 1.1%
Aptiv PLC / Aptiv Corp. 2.40%, 02/18/2025		6,979,000		6,714,381
BorgWarner, Inc. 5.00%, 10/01/2025 (A)		20,550,000		21,082,547
Clarios Global LP / Clarios US Finance Co. 6.25%, 05/15/2026 (A)		10,304,000		10,407,040
				38,203,968
Banks - 15.8%
AIB Group PLC 4.75%, 10/12/2023 (A)		6,849,000		6,908,564
Banco Santander SA
Fixed until 06/30/2023, 0.70% (B), 06/30/2024		10,600,000		10,250,233
3.85%, 04/12/2023		4,600,000		4,641,017
Fixed until 03/24/2027, 4.18% (B), 03/24/2028		7,000,000		6,797,167
Bank of America Corp.
3-Month SOFR + 1.05%, 1.20% (B), 02/04/2028		11,965,000		11,792,212
3-Month SOFR + 0.97%, 1.25% (B), 07/22/2027		10,966,000		10,833,918
Fixed until 12/20/2022, 3.00% (B), 12/20/2023		13,976,000		13,944,881
Fixed until 03/05/2023, 3.55% (B), 03/05/2024		19,940,000		19,955,846
Banque Federative du Credit Mutuel SA 0.65%, 02/27/2024 (A)		8,117,000		7,720,585
2.13%, 11/21/2022 (A)		4,991,000		4,984,675
Barclays PLC
3-Month LIBOR + 1.38%, 1.84% (B), 05/16/2024		13,510,000		13,595,098
5.20%, 05/12/2026		10,825,000		10,960,962
BNP Paribas SA Fixed until 06/09/2025, 2.22% (B), 06/09/2026 (A)		11,788,000		11,004,025

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

Transamerica Funds Semi-Annual Report 2022

Page    197

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BPCE SA
3-Month SOFR + 0.57%, 0.85% (B), 01/14/2025 (A)		$ 11,000,000		$ 10,925,934
5.15%, 07/21/2024 (A)		11,364,000		11,554,731
Canadian Imperial Bank of Commerce 0.45%, 06/22/2023		10,895,000		10,606,506
Fixed until 07/22/2022, 2.61% (B), 07/22/2023		4,425,000		4,422,493
Citigroup, Inc.
3-Month SOFR + 0.69%, 0.97% (B), 01/25/2026		18,049,000		17,774,308
3-Month LIBOR + 1.02%, 1.55% (B), 06/01/2024		14,675,000		14,727,814
Commerzbank AG 8.13%, 09/19/2023 (A)		8,000,000		8,328,452
Cooperatieve Rabobank UA 2.63%, 07/22/2024 (A) (C)		8,117,000		7,955,430
Credit Agricole SA 4.38%, 03/17/2025 (A)		7,474,000		7,453,671
Credit Suisse AG
3-Month SOFR + 0.39%, 0.67% (B), 02/02/2024		16,749,000		16,628,426
3.63%, 09/09/2024		5,630,000		5,620,980
6.50%, 08/08/2023 (A)		4,434,000		4,544,850
Danske Bank AS
Fixed until 09/10/2024, 0.98% (B), 09/10/2025 (A)		8,929,000		8,297,952
1.23%, 06/22/2024 (A) (C)		10,000,000		9,441,226
Fifth Third Bancorp 3.65%, 01/25/2024		10,000,000		10,030,229
First-Citizens Bank & Trust Co. Fixed until 09/27/2024, 2.97% (B), 09/27/2025		5,623,000		5,497,821
Goldman Sachs Group, Inc. Fixed until 03/08/2023, 0.67% (B), 03/08/2024		14,955,000		14,588,458
HSBC Holdings PLC
Fixed until 08/17/2023, 0.73% (B), 08/17/2024		11,000,000		10,589,341
3-Month LIBOR + 1.00%, 1.49% (B), 05/18/2024		10,000,000		10,013,744
Intesa Sanpaolo SpA 3.25%, 09/23/2024 (A)		8,929,000		8,750,602
3.38%, 01/12/2023 (A)		5,000,000		4,996,807
JPMorgan Chase & Co.
3-Month SOFR + 0.58%, 0.86% (B), 03/16/2024		10,000,000		9,965,450
3-Month SOFR + 0.89%, 1.16% (B), 04/22/2027 (C)		14,954,000		14,623,965
Fixed until 07/23/2023, 3.80% (B), 07/23/2024		7,853,000		7,889,821
7.75%, 07/15/2025		5,982,000		6,647,471
Lloyds Banking Group PLC
Fixed until 05/11/2023, 0.70% (B), 05/11/2024		10,000,000		9,706,620
4.50%, 11/04/2024		8,718,000		8,793,659
Morgan Stanley Fixed until 04/17/2024, 3.62% (B), 04/17/2025		13,958,000		13,876,207

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
NatWest Group PLC 6.00%, 12/19/2023		$ 10,118,000		$ 10,393,632
6.13%, 12/15/2022		4,985,000		5,070,654
Nordea Bank Abp 1.00%, 06/09/2023 (A) (C)		8,797,000		8,608,660
PNC Financial Services Group, Inc. 3.90%, 04/29/2024		7,811,000		7,887,321
Santander UK Group Holdings PLC 4.75%, 09/15/2025 (A)		1,913,000		1,913,971
Santander UK PLC 5.00%, 11/07/2023 (A)		8,117,000		8,244,437
Skandinaviska Enskilda Banken AB 0.65%, 09/09/2024 (A)		22,000,000		20,619,791
Standard Chartered PLC
Fixed until 10/14/2022, 1.32% (B), 10/14/2023 (A)		10,220,000		10,121,829
Fixed until 11/23/2024, 1.82% (B), 11/23/2025 (A)		5,500,000		5,147,987
Toronto-Dominion Bank 2.35%, 03/08/2024		17,945,000		17,684,155
Truist Bank 3-Month SOFR + 0.73%, 0.99% (B), 03/09/2023		7,250,000		7,265,660
UniCredit SpA Fixed until 09/22/2025, 2.57% (B), 09/22/2026 (A)		7,212,000		6,576,867
US Bancorp 2.40%, 07/30/2024		9,070,000		8,918,008
Wells Fargo & Co.
Fixed until 10/30/2024, 2.41% (B), 10/30/2025		8,660,000		8,321,259
Fixed until 03/24/2027, 3.53% (B), 03/24/2028		5,989,000		5,754,382
				540,170,764
Beverages - 0.5%
Keurig Dr. Pepper, Inc. 0.75%, 03/15/2024		15,849,000		15,118,006
4.42%, 05/25/2025		1,360,000		1,389,758
				16,507,764
Biotechnology - 0.5%
AbbVie, Inc. 3.80%, 03/15/2025		8,090,000		8,101,096
Gilead Sciences, Inc. 0.75%, 09/29/2023		8,908,000		8,620,349
				16,721,445
Building Products - 0.4%
Carlisle Cos., Inc. 0.55%, 09/01/2023		6,980,000		6,741,319
Owens Corning 4.20%, 12/01/2024		8,091,000		8,177,682
				14,919,001
Capital Markets - 2.7%
Deutsche Bank AG
Fixed until 11/26/2024, 3.96% (B), 11/26/2025		4,870,000		4,802,482
4.50%, 04/01/2025		14,000,000		13,724,213

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

Transamerica Funds Semi-Annual Report 2022

Page    198

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Goldman Sachs Group, Inc.
3-Month SOFR + 0.58%, 0.83% (B), 03/08/2024		$ 16,824,000		$ 16,685,573
3-Month SOFR + 1.12%, 1.34% (B), 02/24/2028		15,000,000		14,732,190
Macquarie Group Ltd.
3-Month SOFR + 0.71%, 0.99% (B), 10/14/2025 (A)		11,965,000		11,879,739
Fixed until 01/12/2026, 1.34% (B), 01/12/2027 (A)		12,137,000		10,783,844
Morgan Stanley
Fixed until 07/22/2024, 2.72% (B), 07/22/2025		4,043,000		3,932,452
4.10%, 05/22/2023		14,873,000		15,039,750
UBS Group AG Fixed until 07/30/2023, 1.01% (B), 07/30/2024 (A)		2,435,000		2,364,526
				93,944,769
Chemicals - 1.2%
DuPont de Nemours, Inc. 4.21%, 11/15/2023		20,112,000		20,400,357
International Flavors & Fragrances, Inc. 0.70%, 09/15/2022 (A)		4,322,000		4,297,057
LYB International Finance III LLC 1.25%, 10/01/2025		3,968,000		3,640,098
Syngenta Finance NV 4.44%, 04/24/2023 (A)		10,000,000		10,069,126
Westlake Corp. 0.88%, 08/15/2024		3,953,000		3,763,204
				42,169,842
Commercial Services & Supplies - 0.8%
Ashtead Capital, Inc. 1.50%, 08/12/2026 (A)		7,199,000		6,409,259
Triton Container International Ltd. 0.80%, 08/01/2023 (A)		21,712,000		20,905,357
				27,314,616
Communications Equipment - 0.3%
Telefonaktiebolaget LM Ericsson 4.13%, 05/15/2022		10,889,000		10,867,549
Construction Materials - 0.8%
CRH America, Inc. 3.88%, 05/18/2025 (A)		8,117,000		8,166,511
Martin Marietta Materials, Inc. 0.65%, 07/15/2023		19,809,000		19,310,559
				27,477,070
Consumer Finance - 3.9%
Ally Financial, Inc. 5.75%, 11/20/2025		16,948,000		17,372,548
American Express Co. 3.38%, 05/03/2024 (A)		20,936,000		20,926,945
American Honda Finance Corp. 0.88%, 07/07/2023		11,959,000		11,711,445
Daimler Finance North America LLC 0.75%, 03/01/2024 (A)		13,548,000		12,967,442

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Ford Motor Credit Co. LLC 2.70%, 08/10/2026		$ 2,006,000		$ 1,788,309
3.37%, 11/17/2023		5,000,000		4,925,000
3.38%, 11/13/2025		7,233,000		6,817,573
General Motors Financial Co., Inc.
3-Month SOFR + 0.76%, 1.01% (B), 03/08/2024		14,954,000		14,849,149
2.75%, 06/20/2025		8,094,000		7,760,447
Hyundai Capital America 0.80%, 04/03/2023 - 01/08/2024 (A)		24,933,000		24,124,494
Nissan Motor Acceptance Co. LLC 1.13%, 09/16/2024 (A) (C)		12,140,000		11,286,972
				134,530,324
Containers & Packaging - 1.0%
Avery Dennison Corp. 0.85%, 08/15/2024		12,139,000		11,441,890
Berry Global, Inc. 0.95%, 02/15/2024		4,469,000		4,264,968
1.57%, 01/15/2026		4,046,000		3,683,630
4.88%, 07/15/2026 (A)		8,091,000		8,041,240
Sonoco Products Co. 1.80%, 02/01/2025		8,699,000		8,257,869
				35,689,597
Diversified Consumer Services - 0.5%
Nationwide Building Society
3-Month SOFR + 1.29%, 1.49% (B), 02/16/2028 (A)		11,439,000		11,257,059
Fixed until 03/08/2023, 3.77% (B), 03/08/2024 (A)		6,821,000		6,824,290
				18,081,349
Diversified Financial Services - 1.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 1.65%, 10/29/2024		12,048,000		11,227,271
3.30%, 01/23/2023		6,030,000		6,028,283
AIG Global Funding 0.65%, 06/17/2024 (A)		8,902,000		8,382,670
Aviation Capital Group LLC 1.95%, 01/30/2026 (A)		1,813,000		1,620,786
4.38%, 01/30/2024 (A)		6,424,000		6,412,225
5.50%, 12/15/2024 (A)		8,793,000		8,928,785
Element Fleet Management Corp. 1.60%, 04/06/2024 (A) (C)		2,434,000		2,338,270
3.85%, 06/15/2025 (A) (C)		7,068,000		7,024,547
Jackson Financial, Inc. 1.13%, 11/22/2023 (A) (C)		8,360,000		8,067,623
				60,030,460
Diversified Telecommunication Services - 1.0%
AT&T, Inc. 3-Month SOFR + 0.64%, 0.92% (B), 03/25/2024		6,928,000		6,921,356
Lumen Technologies, Inc. 5.13%, 12/15/2026 (A)		10,388,000		9,349,200
Verizon Communications, Inc. 3-Month SOFR + 0.79%, 1.07% (B), 03/20/2026		16,946,000		16,889,346
				33,159,902

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

Transamerica Funds Semi-Annual Report 2022

Page    199

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities - 3.1%
American Electric Power Co., Inc. 0.75%, 11/01/2023		$ 9,842,000		$ 9,461,204
Enel Finance International NV 2.65%, 09/10/2024 (A)		14,611,000		14,256,434
Entergy Louisiana LLC 0.95%, 10/01/2024		14,957,000		14,111,839
Evergy, Inc. 2.45%, 09/15/2024		9,388,000		9,088,908
Georgia Power Co. 2.10%, 07/30/2023		7,441,000		7,360,005
Metropolitan Edison Co. 3.50%, 03/15/2023 (A)		12,044,000		12,065,560
NextEra Energy Capital Holdings, Inc. 3-Month SOFR + 0.54%, 0.77% (B), 03/01/2023		9,635,000		9,623,598
Oncor Electric Delivery Co. LLC 2.75%, 06/01/2024		10,771,000		10,655,469
Pacific Gas & Electric Co. 1.75%, 06/16/2022		8,781,000		8,775,026
Southern Co. 0.60%, 02/26/2024		9,968,000		9,502,011
				104,900,054
Electrical Equipment - 0.7%
Siemens Financieringsmaatschappij NV
3-Month SOFR + 0.43%, 0.69% (B), 03/11/2024 (A)		10,000,000		10,009,843
3.13%, 03/16/2024 (A)		12,500,000		12,481,208
				22,491,051
Equity Real Estate Investment Trusts - 2.5%
American Tower Corp. 3.00%, 06/15/2023		17,032,000		17,012,112
HAT Holdings I LLC / HAT Holdings II LLC 3.38%, 06/15/2026 (A)		11,215,000		10,301,314
National Retail Properties, Inc. 3.60%, 12/15/2026		7,606,000		7,447,351
Office Properties Income Trust 2.65%, 06/15/2026		8,092,000		7,251,799
Realty Income Corp. 4.60%, 02/06/2024		23,370,000		23,820,705
Simon Property Group LP 3-Month SOFR + 0.43%, 0.71% (B), 01/11/2024		9,776,000		9,751,133
Ventas Realty LP 3.25%, 10/15/2026		8,903,000		8,637,281
				84,221,695
Food & Staples Retailing - 0.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP 3.50%, 02/15/2023 (A)		3,984,000		3,973,642
Food Products - 0.1%
Bunge Ltd. Finance Corp. 1.63%, 08/17/2025		2,917,000		2,713,484
Health Care Equipment & Supplies - 0.6%
Becton Dickinson & Co. 3-Month LIBOR + 1.03%, 1.61% (B), 06/06/2022		1,507,000		1,507,017

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
DH Europe Finance II SARL 2.05%, 11/15/2022		$ 10,888,000		$ 10,884,920
Stryker Corp. 0.60%, 12/01/2023		8,974,000		8,632,976
				21,024,913
Health Care Providers & Services - 1.2%
Cigna Corp. 0.61%, 03/15/2024		4,941,000		4,710,431
3-Month LIBOR + 0.89%, 1.93% (B), 07/15/2023		12,689,000		12,757,927
CVS Health Corp. 2.63%, 08/15/2024		4,979,000		4,897,737
HCA, Inc. 5.00%, 03/15/2024		12,128,000		12,427,040
Laboratory Corp. of America Holdings 2.30%, 12/01/2024		8,084,000		7,858,388
				42,651,523
Hotels, Restaurants & Leisure - 1.1%
GLP Capital LP / GLP Financing II, Inc. 3.35%, 09/01/2024		3,636,000		3,577,659
Hyatt Hotels Corp. 1.30%, 10/01/2023		5,666,000		5,506,753
Las Vegas Sands Corp. 3.20%, 08/08/2024		7,276,000		6,990,442
Magallanes, Inc. 3.43%, 03/15/2024 (A)		21,892,000		21,754,571
				37,829,425
Household Durables - 0.6%
Lennar Corp. 5.88%, 11/15/2024		17,738,000		18,420,983
Newell Brands, Inc. 4.10%, 04/01/2023		2,235,000		2,232,005
				20,652,988
Insurance - 3.1%
Allied World Assurance Co. Holdings Ltd. 4.35%, 10/29/2025		14,369,000		14,289,738
Athene Global Funding 1.20%, 10/13/2023 (A)		9,881,000		9,562,960
Brighthouse Financial Global Funding 1.00%, 04/12/2024 (A)		12,138,000		11,559,784
Brown & Brown, Inc. 4.20%, 09/15/2024		9,820,000		9,902,097
Corebridge Financial, Inc. 3.50%, 04/04/2025 (A)		21,248,000		21,009,953
Five Corners Funding Trust 4.42%, 11/15/2023 (A)		7,131,000		7,225,549
GA Global Funding Trust 0.80%, 09/13/2024 (A)		18,547,000		17,280,973
Marsh & McLennan Cos., Inc. 3.88%, 03/15/2024		8,778,000		8,884,456
Security Benefit Global Funding 1.25%, 05/17/2024 (A)		8,092,000		7,669,900
				107,385,410
IT Services - 0.7%
DXC Technology Co. 1.80%, 09/15/2026		5,398,000		4,828,256

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

Transamerica Funds Semi-Annual Report 2022

Page    200

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services (continued)
Fidelity National Information Services, Inc. 0.38%, 03/01/2023 (C)		$ 8,789,000		$ 8,626,731
Fiserv, Inc. 2.75%, 07/01/2024		10,943,000		10,779,409
				24,234,396
Leisure Products - 0.3%
Brunswick Corp. 0.85%, 08/18/2024		12,062,000		11,266,802
Media - 0.9%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.91%, 07/23/2025		12,133,000		12,354,558
Discovery Communications LLC 2.95%, 03/20/2023		6,297,000		6,295,298
DISH DBS Corp. 5.00%, 03/15/2023		10,484,000		10,386,289
Paramount Global 4.75%, 05/15/2025		1,609,000		1,649,459
				30,685,604
Metals & Mining - 1.0%
Constellium SE 5.88%, 02/15/2026 (A)		10,457,000		10,354,103
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		12,178,000		12,206,740
4.55%, 11/14/2024		4,114,000		4,165,425
Glencore Funding LLC 3.00%, 10/27/2022 (A) (C)		6,974,000		6,988,506
				33,714,774
Mortgage Real Estate Investment Trusts - 0.1%
Starwood Property Trust, Inc. 3.75%, 12/31/2024 (A)		3,490,000		3,359,125
Multi-Utilities - 1.3%
Black Hills Corp. 1.04%, 08/23/2024		7,262,000		6,868,409
4.25%, 11/30/2023 (C)		9,898,000		10,020,824
Dominion Energy, Inc. 2.45%, 01/15/2023 (A)		7,820,000		7,801,069
DTE Energy Co. 2.53%, 10/01/2024		8,174,000		7,968,282
NiSource, Inc. 0.95%, 08/15/2025		12,136,000		11,012,000
				43,670,584
Oil, Gas & Consumable Fuels - 3.6%
Cheniere Corpus Christi Holdings LLC 7.00%, 06/30/2024		10,018,000		10,532,083
Continental Resources, Inc. 2.27%, 11/15/2026 (A)		7,280,000		6,650,498
DCP Midstream Operating LP 5.38%, 07/15/2025		16,350,000		16,431,750
Energy Transfer LP 4.20%, 09/15/2023		4,042,000		4,082,720
Eni SpA 4.00%, 09/12/2023 (A)		8,629,000		8,685,972
Kinder Morgan Energy Partners LP 4.30%, 05/01/2024		13,267,000		13,423,029

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
MPLX LP 3.50%, 12/01/2022		$ 8,683,000		$ 8,725,397
4.88%, 12/01/2024		4,595,000		4,684,977
Phillips 66 3.85%, 04/09/2025		8,940,000		9,001,813
Plains All American Pipeline LP / PAA Finance Corp. 3.60%, 11/01/2024		1,274,000		1,259,248
3.85%, 10/15/2023		6,324,000		6,340,680
4.65%, 10/15/2025		4,851,000		4,901,504
SA Global Sukuk Ltd. 0.95%, 06/17/2024 (A)		3,000,000		2,838,750
Sabine Pass Liquefaction LLC 5.63%, 04/15/2023		17,281,000		17,554,679
Saudi Arabian Oil Co. 1.25%, 11/24/2023 (A)		1,737,000		1,687,603
Williams Cos., Inc. 4.55%, 06/24/2024		6,466,000		6,554,348
				123,355,051
Personal Products - 0.6%
GSK Consumer Healthcare Capital UK PLC 3.13%, 03/24/2025 (A)		19,440,000		19,069,157
Pharmaceuticals - 1.2%
Bayer US Finance II LLC 3.88%, 12/15/2023 (A)		8,117,000		8,183,631
Royalty Pharma PLC 0.75%, 09/02/2023		9,188,000		8,894,401
Takeda Pharmaceutical Co. Ltd. 4.40%, 11/26/2023		15,000,000		15,237,143
Viatris, Inc. 1.13%, 06/22/2022		4,078,000		4,072,635
1.65%, 06/22/2025		4,045,000		3,712,973
				40,100,783
Professional Services - 0.2%
Equifax, Inc. 2.60%, 12/01/2024		6,652,000		6,481,388
Road & Rail - 0.6%
Avolon Holdings Funding Ltd. 5.50%, 01/15/2023 (A)		6,127,000		6,166,549
Canadian Pacific Railway Co. 1.35%, 12/02/2024		10,978,000		10,401,458
Union Pacific Corp. 3.50%, 06/08/2023		4,457,000		4,489,112
				21,057,119
Semiconductors & Semiconductor Equipment - 1.6%
KLA Corp. 4.65%, 11/01/2024		14,086,000		14,435,950
Microchip Technology, Inc. 0.97%, 02/15/2024		8,902,000		8,486,543
0.98%, 09/01/2024 (A)		8,324,000		7,812,446
NXP BV / NXP Funding LLC 4.63%, 06/01/2023 (A)		10,000,000		10,117,561
QUALCOMM, Inc. 2.60%, 01/30/2023		5,815,000		5,819,215

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

Transamerica Funds Semi-Annual Report 2022

Page    201

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions, Inc. 0.90%, 06/01/2023		$ 6,931,000		$ 6,758,801
				53,430,516
Software - 1.2%
Infor, Inc. 1.45%, 07/15/2023 (A)		11,692,000		11,415,080
1.75%, 07/15/2025 (A)		7,984,000		7,440,530
Take-Two Interactive Software, Inc. 3.30%, 03/28/2024		14,954,000		14,883,758
VMware, Inc. 0.60%, 08/15/2023		6,978,000		6,753,261
				40,492,629
Technology Hardware, Storage & Peripherals - 0.4%
Hewlett Packard Enterprise Co. 1.45%, 04/01/2024		9,113,000		8,784,234
4.45%, 10/02/2023		4,984,000		5,058,142
				13,842,376
Tobacco - 0.5%
BAT Capital Corp. 3.22%, 08/15/2024		5,327,000		5,255,144
BAT International Finance PLC 1.67%, 03/25/2026		12,133,000		10,892,120
				16,147,264
Trading Companies & Distributors - 0.5%
Air Lease Corp. 2.25%, 01/15/2023		15,548,000		15,485,191
Transportation Infrastructure - 0.2%
Penske Truck Leasing Co. LP / PTL Finance Corp. 3.45%, 07/01/2024 (A)		6,466,000		6,406,224
Wireless Telecommunication Services - 0.8%
Rogers Communications, Inc. 2.95%, 03/15/2025 (A)		18,227,000		17,781,722
Sprint Corp. 7.88%, 09/15/2023		2,975,000		3,105,156
T-Mobile USA, Inc. 3.50%, 04/15/2025		8,354,000		8,249,191
				29,136,069
Total Corporate Debt Securities (Cost $2,241,067,866)				2,166,617,978
FOREIGN GOVERNMENT OBLIGATION - 0.1%
Qatar - 0.1%
Qatar Government International Bond 3.88%, 04/23/2023 (A)		2,175,000		2,199,986
Total Foreign Government Obligation (Cost $2,171,872)				2,199,986
LOAN ASSIGNMENT - 0.3%
Commercial Services & Supplies - 0.3%
Spin Holdco, Inc. Term Loan, 3-Month LIBOR + 4.00%, 4.75% (B), 03/04/2028		9,900,000		9,845,194
Total Loan Assignment (Cost $9,837,638)				9,845,194

	Principal		Value
MORTGAGE-BACKED SECURITIES - 17.7%
20 Times Square Trust
Series 2018-20TS, Class B, 3.20% (B), 05/15/2035 (A)		$ 3,000,000		$ 2,924,153
Series 2018-20TS, Class C, 3.20% (B), 05/15/2035 (A)		10,900,000		10,516,669
280 Park Avenue Mortgage Trust Series 2017-280P, Class C, 1-Month LIBOR + 1.25%, 1.74% (B), 09/15/2034 (A)		16,000,000		15,759,264
AOA Mortgage Trust Series 2021-1177, Class C, 1-Month LIBOR + 1.42%, 1.98% (B), 10/15/2038 (A)		9,300,000		9,033,818
Ashford Hospitality Trust
Series 2018-ASHF, Class C,
1-Month LIBOR + 1.40%, 1.95% (B), 04/15/2035 (A)		18,800,000		18,224,649
Series 2018-ASHF, Class D,
1-Month LIBOR + 2.10%, 2.65% (B), 04/15/2035 (A)		10,520,000		10,153,659
Austin Fairmont Hotel Trust Series 2019-FAIR, Class D, 1-Month LIBOR + 1.80%, 2.35% (B), 09/15/2032 (A)		5,000,000		4,836,977
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 1.75% (B), 08/15/2036 (A)		15,300,000		15,026,632
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 2.25% (B), 08/15/2036 (A)		15,254,000		14,944,258
Series 2017-DELC, Class E,
1-Month LIBOR + 2.50%, 3.05% (B), 08/15/2036 (A)		5,000,000		4,867,802
Series 2018-TALL, Class C,
1-Month LIBOR + 1.12%, 1.68% (B), 03/15/2037 (A)		16,015,000		15,084,199
Series 2018-TALL, Class E,
1-Month LIBOR + 2.44%, 2.99% (B), 03/15/2037 (A)		15,000,000		13,587,983
BHMS Mortgage Trust Series 2018-ATLS, Class C, 1-Month LIBOR + 1.90%, 2.45% (B), 07/15/2035 (A)		14,900,000		14,414,439
BX Commercial Mortgage Trust
Series 2019-XL, Class D,
1-Month LIBOR + 1.45%, 2.00% (B), 10/15/2036 (A)		10,200,000		10,097,670
Series 2020-VKNG, Class C,
1-Month LIBOR + 1.40%, 1.95% (B), 10/15/2037 (A)		4,592,327		4,494,874
Series 2021-VOLT, Class C,
1-Month LIBOR + 1.10%, 1.65% (B), 09/15/2036 (A)		11,700,000		11,300,665
BX Trust
Series 2018-GW, Class C,
1-Month LIBOR + 1.22%, 1.77% (B), 05/15/2035 (A)		5,480,000		5,363,533

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

Transamerica Funds Semi-Annual Report 2022

Page    202

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BX Trust (continued)
Series 2018-GW, Class D,
1-Month LIBOR + 1.77%, 2.32% (B), 05/15/2035 (A)		$ 6,250,000		$ 6,093,369
Series 2021-ARIA, Class C,
1-Month LIBOR + 1.65%, 2.20% (B), 10/15/2036 (A)		13,000,000		12,641,925
Series 2021-MFM1, Class B,
1-Month LIBOR + 0.95%, 1.50% (B), 01/15/2034 (A)		6,500,000		6,304,609
Series 2021-MFM1, Class C,
1-Month LIBOR + 1.20%, 1.75% (B), 01/15/2034 (A)		4,000,000		3,876,148
BXP Trust Series 2017-CQHP, Class D, 1-Month LIBOR + 2.00%, 2.55% (B), 11/15/2034 (A)		11,825,000		11,052,538
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D, 1-Month LIBOR + 1.75%, 2.30% (B), 12/15/2037 (A)		9,760,000		9,583,217
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 2.30% (B), 07/15/2030 (A)		10,000,000		9,979,566
CHT Mortgage Trust Series 2017-CSMO, Class D, 1-Month LIBOR + 2.25%, 2.80% (B), 11/15/2036 (A)		17,400,000		17,225,448
CIM Trust Series 2021-R6, Class A1, 1.43% (B), 07/25/2061 (A)		15,403,895		14,278,417
Citigroup Mortgage Loan Trust Series 2014-A, Class A, 4.00% (B), 01/25/2035 (A)		1,466,454		1,416,701
Citigroup Mortgage Loan Trust, Inc. Series 2018-RP1, Class A1, 3.00% (B), 09/25/2064 (A)		4,090,230		4,050,217
Colony Trust Series 2019-IKPR, Class C, 1-Month LIBOR + 1.68%, 2.23% (B), 11/15/2038 (A)		14,650,000		14,099,680
CORE Mortgage Trust Series 2019-CORE, Class C, 1-Month LIBOR + 1.30%, 1.85% (B), 12/15/2031 (A)		12,312,000		11,879,006
CSMC Trust
Series 2021-RPL2, Class A1A, 1.11% (B), 01/25/2060 (A)		12,475,418		11,270,117
Series 2021-RPL3, Class A1, 2.00% (B), 01/25/2060 (A)		7,194,406		6,919,331
Series 2021-RPL6, Class A1, 2.00% (B), 10/25/2060 (A)		13,591,982		12,692,451
DBCG Mortgage Trust
Series 2017-BBG, Class B,
1-Month LIBOR + 0.85%, 1.41% (B), 06/15/2034 (A)		12,500,000		12,264,855
Series 2017-BBG, Class C,
1-Month LIBOR + 1.00%, 1.56% (B), 06/15/2034 (A)		2,500,000		2,450,431

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
DBWF Mortgage Trust Series 2018-GLKS, Class D, 1-Month LIBOR + 2.40%, 2.95% (B), 12/19/2030 (A)		$ 10,000,000		$ 9,749,032
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class D, 4.10% (B), 12/10/2036 (A)		15,000,000		14,488,023
Great Wolf Trust Series 2019-WOLF, Class C, 1-Month LIBOR + 1.63%, 2.19% (B), 12/15/2036 (A)		9,960,000		9,685,245
GS Mortgage Securities Trust Series 2013-G1, Class A1, 2.06%, 04/10/2031 (A)		954,781		953,530
Hilton Orlando Trust Series 2018-ORL, Class C, 1-Month LIBOR + 1.45%, 2.00% (B), 12/15/2034 (A)		14,000,000		13,613,797
HPLY Trust Series 2019-HIT, Class C, 1-Month LIBOR + 1.60%, 2.15% (B), 11/15/2036 (A)		6,750,348		6,564,153
JPMorgan Chase Commercial Mortgage Securities Trust 1.00%, 04/15/2037 (A) (D)		10,000,000		9,620,587
MBRT Series 2019-MBR, Class D, 1-Month LIBOR + 1.95%, 2.50% (B), 11/15/2036 (A)		10,730,000		10,492,024
Metlife Securitization Trust Series 2017-1A, Class A, 3.00% (B), 04/25/2055 (A)		5,132,513		5,051,793
MFA Trust Series 2021-RPL1, Class A1, 1.13% (B), 07/25/2060 (A)		4,218,154		3,968,811
MHP
Series 2021-STOR, Class C,
1-Month LIBOR + 1.05%, 1.60% (B), 07/15/2038 (A)		3,000,000		2,913,456
Series 2021-STOR, Class D,
1-Month LIBOR + 1.35%, 1.90% (B), 07/15/2038 (A)		5,000,000		4,849,750
Morgan Stanley Capital I Trust
Series 2017-ASHF, Class D,
1-Month LIBOR + 2.20%, 2.75% (B), 11/15/2034 (A)		15,700,000		15,441,259
Series 2018-SUN, Class C,
1-Month LIBOR + 1.40%, 1.95% (B), 07/15/2035 (A)		10,850,000		10,551,117
Series 2019-BPR, Class B,
1-Month LIBOR + 2.10%, 2.65% (B), 05/15/2036 (A)		6,720,000		6,543,002
Series 2019-NUGS, Class B,
1-Month LIBOR + 1.30%, 2.80% (B), 12/15/2036 (A)		7,000,000		6,882,720
Series 2019-NUGS, Class C,
1-Month LIBOR + 1.50%, 3.00% (B), 12/15/2036 (A)		5,200,000		5,102,776

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

Transamerica Funds Semi-Annual Report 2022

Page    203

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Mortgage Equity Conversion Asset Trust Series 2010-1A, Class A, 4.00%, 07/25/2060 (A)		$ 3,292,615		$ 3,076,303
Motel Trust Series 2021-MTL6, Class C, 1-Month LIBOR + 1.50%, 2.05% (B), 09/15/2038 (A)		2,018,898		1,984,782
MSCG Trust
Series 2018-SELF, Class C,
1-Month LIBOR + 1.18%, 1.73% (B), 10/15/2037 (A)		11,780,000		11,499,088
Series 2018-SELF, Class D,
1-Month LIBOR + 1.65%, 2.20% (B), 10/15/2037 (A)		9,220,000		8,977,976
New Residential Mortgage Loan Trust
Series 2014-1A, Class A, 3.75% (B), 01/25/2054 (A)		1,150,984		1,128,457
Series 2014-3A, Class AFX3, 3.75% (B), 11/25/2054 (A)		1,446,691		1,420,247
Series 2016-4A, Class A1, 3.75% (B), 11/25/2056 (A)		2,371,898		2,313,952
Series 2017-3A, Class A1, 4.00% (B), 04/25/2057 (A)		4,118,588		4,066,864
Series 2017-4A, Class A1, 4.00% (B), 05/25/2057 (A)		2,366,177		2,317,424
Series 2017-5A, Class A1, 1-Month LIBOR + 1.50%, 2.17% (B), 06/25/2057 (A)		2,511,618		2,531,111
Series 2018-1A, Class A1A, 4.00% (B), 12/25/2057 (A)		2,736,975		2,685,293
Series 2018-2A, Class A1, 4.50% (B), 02/25/2058 (A)		3,971,165		3,958,625
Series 2018-RPL1, Class A1, 3.50% (B), 12/25/2057 (A)		2,482,011		2,471,509
Series 2019-2A, Class A1, 4.25% (B), 12/25/2057 (A)		5,013,516		4,978,339
Series 2019-3A, Class A1A, 3.75% (B), 11/25/2058 (A)		5,914,192		5,776,424
Series 2019-4A, Class A1B, 3.50% (B), 12/25/2058 (A)		5,056,002		4,956,884
Series 2019-5A, Class A1B, 3.50% (B), 08/25/2059 (A)		6,388,066		6,283,856
Series 2019-RPL2, Class A1, 3.25% (B), 02/25/2059 (A)		10,695,127		10,576,822
RBSSP Resecuritization Trust Series 2013-2, Class 2A1, 1-Month LIBOR + 0.19%, 0.64% (B), 12/20/2036 (A)		1,206,313		1,204,166
SFO Commercial Mortgage Trust Series 2021-555, Class D, 1-Month LIBOR + 2.40%, 2.95% (B), 05/15/2038 (A)		9,900,000		9,478,790
Tharaldson Hotel Portfolio Trust Series 2018-THL, Class C, 1-Month LIBOR + 1.65%, 2.10% (B), 11/11/2034 (A)		12,151,204		11,897,297

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Towd Point Mortgage Trust
Series 2019-4, Class A1, 2.90% (B), 10/25/2059 (A)		$ 5,875,445		$ 5,745,468
Series 2021-1, Class A1, 2.25% (B), 11/25/2061 (A)		11,240,139		10,694,965
Total Mortgage-Backed Securities (Cost $626,413,617)				605,204,987
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.7%
Federal Home Loan Mortgage Corp. 12-Month LIBOR + 1.77%, 2.02% (B), 08/01/2037		292,298		291,793
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K027, Class A2, 2.64%, 01/25/2023		25,000,000		25,066,307
Total U.S. Government Agency Obligations (Cost $25,602,061)				25,358,100
U.S. GOVERNMENT OBLIGATIONS - 6.6%
U.S. Treasury - 6.6%
U.S. Treasury Note
1.50%, 02/15/2025		89,900,000		86,591,961
2.63%, 04/15/2025		141,504,000		140,564,272
Total U.S. Government Obligations (Cost $229,911,442)				227,156,233
	Shares		Value
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (E)		4,373,158		4,373,158
Total Other Investment Company (Cost $4,373,158)				4,373,158
	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 0.00% (E), dated 04/29/2022, to be repurchased at $30,886,173 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $31,503,931.		$30,886,173		30,886,173
Total Repurchase Agreement (Cost $30,886,173)				30,886,173
Total Investments (Cost $3,557,785,820)				3,449,833,619
Net Other Assets (Liabilities) - (0.7)%				(23,849,472	)
Net Assets - 100.0%				$3,425,984,147

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

Transamerica Funds Semi-Annual Report 2022

Page    204

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
2-Year U.S. Treasury Note		1,045			06/30/2022	$	222,458,023		$	220,299,062		$	—	$	(2,158,961	)
Short Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
5-Year U.S. Treasury Note		(613	)		06/30/2022	$	(72,045,356	)	$	(69,067,859	)	$	2,977,497	$	—
Total Futures Contracts												$	2,977,497	$	(2,158,961	)

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—		$	378,191,810	$	—	$	378,191,810
Corporate Debt Securities		—			2,166,617,978		—		2,166,617,978
Foreign Government Obligation		—			2,199,986		—		2,199,986
Loan Assignment		—			9,845,194		—		9,845,194
Mortgage-Backed Securities		—			605,204,987		—		605,204,987
U.S. Government Agency Obligations		—			25,358,100		—		25,358,100
U.S. Government Obligations		—			227,156,233		—		227,156,233
Other Investment Company		4,373,158			—		—		4,373,158
Repurchase Agreement		—			30,886,173		—		30,886,173
Total Investments	$	4,373,158		$	3,445,460,461	$	—	$	3,449,833,619
Other Financial Instruments
Futures Contracts (G)	$	2,977,497		$	—	$	—	$	2,977,497
Total Other Financial Instruments	$	2,977,497		$	—	$	—	$	2,977,497
LIABILITIES
Other Financial Instruments
Futures Contracts (G)	$	(2,158,961	)	$	—	$	—	$	(2,158,961	)
Total Other Financial Instruments	$	(2,158,961	)	$	—	$	—	$	(2,158,961	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $1,729,719,078, representing 50.5% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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 $9,490,668, collateralized by cash collateral of $4,373,158 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $5,315,713. 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)	When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after April 30, 2022. Security 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 2022

Page    205

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(E)	Rates disclosed reflect the yields at April 30, 2022.
(F)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(G)	Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

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

Transamerica Funds Semi-Annual Report 2022

Page    206

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 96.4%
Aerospace & Defense - 2.6%
Kratos Defense & Security Solutions, Inc. (A)		114,473		$1,736,555
Mercury Systems, Inc. (A)		46,906		2,616,886
				4,353,441
Banks - 6.5%
Banc of California, Inc.		104,985		1,893,930
Cadence Bank		147,670		3,697,657
Home BancShares, Inc.		168,363		3,640,008
Triumph Bancorp, Inc. (A)		24,160		1,677,670
				10,909,265
Biotechnology - 1.7%
Avid Bioservices, Inc. (A)		210,784		2,837,153
Building Products - 1.4%
AZEK Co., Inc. (A)		114,060		2,422,634
Chemicals - 1.5%
Quaker Chemical Corp.		16,082		2,616,702
Containers & Packaging - 1.0%
Ranpak Holdings Corp. (A)		112,193		1,691,870
Electronic Equipment, Instruments & Components - 0.7%
nLight, Inc. (A)		95,110		1,250,697
Food & Staples Retailing - 3.7%
Grocery Outlet Holding Corp. (A)		184,439		6,210,061
Health Care Equipment & Supplies - 10.8%
BioLife Solutions, Inc. (A)		50,230		636,414
CONMED Corp.		33,035		4,392,334
Heska Corp. (A) (B)		13,960		1,533,366
LeMaitre Vascular, Inc.		79,923		3,453,473
Mesa Laboratories, Inc. (B)		23,610		5,043,804
Neogen Corp. (A)		115,353		3,045,319
				18,104,710
Health Care Providers & Services - 2.9%
Amedisys, Inc. (A)		11,780		1,503,717
LHC Group, Inc. (A)		19,921		3,303,898
				4,807,615
Health Care Technology - 5.7%
Omnicell, Inc. (A)		38,350		4,186,670
Simulations Plus, Inc. (B)		114,643		5,349,242
				9,535,912
Hotels, Restaurants & Leisure - 3.1%
Texas Roadhouse, Inc.		64,015		5,270,355
Household Durables - 2.2%
Skyline Champion Corp. (A)		32,970		1,682,789
TopBuild Corp. (A)		11,173		2,023,877
				3,706,666
IT Services - 12.3%
Endava PLC, ADR (A)		33,378		3,357,827
Evo Payments, Inc., Class A (A)		239,705		5,400,554
Repay Holdings Corp. (A) (B)		281,475		3,766,135
WNS Holdings Ltd., ADR (A)		105,000		8,228,850
				20,753,366
Leisure Products - 1.2%
YETI Holdings, Inc. (A)		42,121		2,058,453
Life Sciences Tools & Services - 6.9%
Medpace Holdings, Inc. (A)		43,069		5,752,726
NeoGenomics, Inc. (A)		105,488		996,862

	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services (continued)
Repligen Corp. (A)		31,198		$ 4,905,574
				11,655,162
Machinery - 1.4%
Chart Industries, Inc. (A) (B)		14,349		2,422,398
Media - 0.8%
Cardlytics, Inc. (A) (B)		41,543		1,417,863
Oil, Gas & Consumable Fuels - 4.0%
Brigham Minerals, Inc., Class A		137,490		3,407,002
Earthstone Energy, Inc., Class A (A) (B)		241,893		3,263,137
				6,670,139
Personal Products - 3.0%
elf Beauty, Inc. (A)		205,428		4,998,063
Road & Rail - 2.5%
Saia, Inc. (A)		20,400		4,201,584
Semiconductors & Semiconductor Equipment - 1.5%
Silicon Laboratories, Inc. (A)		18,630		2,513,373
Software - 14.3%
Appfolio, Inc., Class A (A)		17,708		1,839,153
DoubleVerify Holdings, Inc. (A)		88,560		1,926,180
Mimecast Ltd. (A)		41,457		3,303,294
Pegasystems, Inc.		62,703		4,802,423
Qualys, Inc. (A)		47,927		6,531,491
Workiva, Inc. (A)		57,930		5,590,824
				23,993,365
Specialty Retail - 1.5%
Boot Barn Holdings, Inc. (A)		27,570		2,482,954
Textiles, Apparel & Luxury Goods - 1.7%
Steven Madden Ltd.		71,410		2,932,095
Trading Companies & Distributors - 1.5%
SiteOne Landscape Supply, Inc. (A)		17,723		2,499,475
Total Common Stocks (Cost $139,706,616)				162,315,371
OTHER INVESTMENT COMPANY - 0.6%
Securities Lending Collateral - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		1,027,216		1,027,216
Total Other Investment Company (Cost $1,027,216)				1,027,216
	Principal		Value
REPURCHASE AGREEMENT - 3.1%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $5,192,343 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $5,296,253.		$5,192,343		5,192,343
Total Repurchase Agreement (Cost $5,192,343)				5,192,343
Total Investments (Cost $145,926,175)				168,534,930
Net Other Assets (Liabilities) - (0.1)%				(224,562	)
Net Assets - 100.0%				$168,310,368

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

Transamerica Funds Semi-Annual Report 2022

Page    207

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(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	$	162,315,371	$	—	$	—	$	162,315,371
Other Investment Company		1,027,216		—		—		1,027,216
Repurchase Agreement		—		5,192,343		—		5,192,343
Total Investments	$	163,342,587	$	5,192,343	$	—	$	168,534,930

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 $13,057,148, collateralized by cash collateral of $1,027,216 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $12,377,461. 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, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    208

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 99.3%
Aerospace & Defense - 0.7%
Cadre Holdings, Inc.		130,150		$3,303,207
Airlines - 0.8%
Frontier Group Holdings, Inc. (A)		340,465		3,612,334
Auto Components - 0.6%
Stoneridge, Inc. (A)		134,045		2,642,027
Automobiles - 0.8%
Winnebago Industries, Inc.		66,778		3,551,254
Banks - 17.0%
Ameris Bancorp		114,001		4,753,842
Associated Banc-Corp.		184,698		3,684,725
Atlantic Union Bankshares Corp.		121,059		4,089,373
Banner Corp.		76,205		4,092,209
ConnectOne Bancorp, Inc.		182,016		5,070,966
Customers Bancorp, Inc. (A)		129,285		5,439,020
Enterprise Financial Services Corp.		83,326		3,680,509
FB Financial Corp.		110,726		4,266,273
First Bancorp		109,372		4,097,075
First Interstate BancSystem, Inc., Class A		133,864		4,353,257
Hancock Whitney Corp.		105,774		4,947,050
Metropolitan Bank Holding Corp. (A)		42,275		3,764,589
National Bank Holdings Corp., Class A		126,059		4,602,414
OceanFirst Financial Corp.		245,165		4,591,940
Texas Capital Bancshares, Inc. (A)		88,629		4,551,985
United Community Banks, Inc.		139,782		4,213,029
Veritex Holdings, Inc.		154,369		5,071,022
				75,269,278
Biotechnology - 0.8%
Coherus Biosciences, Inc. (A) (B)		372,968		3,371,631
Building Products - 0.9%
Griffon Corp.		203,567		3,808,739
Chemicals - 1.2%
Cabot Corp.		80,691		5,313,502
Commercial Services & Supplies - 2.3%
BrightView Holdings, Inc. (A)		267,608		3,387,917
MillerKnoll, Inc.		111,274		3,530,724
VSE Corp.		70,716		3,062,710
				9,981,351
Communications Equipment - 0.6%
Casa Systems, Inc. (A)		554,461		2,716,859
Construction & Engineering - 1.1%
Great Lakes Dredge & Dock Corp. (A)		143,148		1,976,874
Tutor Perini Corp. (A)		328,586		3,045,992
				5,022,866
Construction Materials - 0.8%
Summit Materials, Inc., Class A (A)		124,167		3,451,843
Containers & Packaging - 0.6%
Pactiv Evergreen, Inc.		261,557		2,578,952
Diversified Consumer Services - 1.4%
H&R Block, Inc.		241,173		6,287,380
Electrical Equipment - 0.9%
GrafTech International Ltd.		418,823		3,802,913
Electronic Equipment, Instruments & Components - 0.7%
ScanSource, Inc. (A)		87,123		2,983,092

	Shares		Value
COMMON STOCKS (continued)
Energy Equipment & Services - 2.4%
Liberty Energy, Inc., Class A (A)		444,256		$ 7,170,292
Patterson-UTI Energy, Inc.		216,394		3,557,517
				10,727,809
Entertainment - 2.3%
IMAX Corp. (A)		244,683		3,870,885
Lions Gate Entertainment Corp., Class B (A)		500,730		6,294,176
				10,165,061
Equity Real Estate Investment Trusts - 11.8%
Apple Hospitality, Inc.		304,131		5,380,077
CareTrust, Inc.		192,244		3,116,275
CatchMark Timber Trust, Inc., Class A		394,163		3,236,078
Centerspace		47,550		4,386,963
Community Healthcare Trust, Inc.		81,907		3,015,816
Easterly Government Properties, Inc.		234,854		4,473,969
EPR Properties		110,398		5,798,103
NexPoint Residential Trust, Inc.		65,767		5,863,786
Outfront Media, Inc.		158,808		4,065,485
Pebblebrook Hotel Trust		188,094		4,593,256
Summit Hotel Properties, Inc. (A)		336,721		3,323,436
Sunstone Hotel Investors, Inc. (A)		421,432		5,162,542
				52,415,786
Food & Staples Retailing - 1.8%
Andersons, Inc.		76,032		3,819,088
Sprouts Farmers Market, Inc. (A)		147,014		4,381,017
				8,200,105
Food Products - 0.6%
Dole PLC		213,261		2,539,939
Gas Utilities - 1.4%
Southwest Gas Holdings, Inc.		68,875		6,068,576
Health Care Equipment & Supplies - 2.2%
Inmode Ltd. (A)		155,300		3,899,583
Lantheus Holdings, Inc. (A)		84,990		5,644,186
				9,543,769
Health Care Providers & Services - 2.9%
AMN Healthcare Services, Inc. (A)		55,397		5,415,057
Patterson Cos., Inc.		124,511		3,831,203
Premier, Inc., Class A		101,853		3,688,097
				12,934,357
Hotels, Restaurants & Leisure - 1.1%
Brinker International, Inc. (A)		138,553		5,033,630
Household Durables - 4.0%
Century Communities, Inc.		89,862		4,737,525
MDC Holdings, Inc.		126,529		4,670,185
Taylor Morrison Home Corp. (A)		130,078		3,406,743
Tupperware Brands Corp. (A) (B)		159,127		2,797,453
Universal Electronics, Inc. (A)		75,301		2,221,379
				17,833,285
Insurance - 3.7%
Argo Group International Holdings Ltd.		61,722		2,641,702
Hanover Insurance Group, Inc.		32,807		4,816,724
James River Group Holdings Ltd.		182,836		4,335,041
Selective Insurance Group, Inc.		56,428		4,647,410
				16,440,877

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

Transamerica Funds Semi-Annual Report 2022

Page    209

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 0.5%
1-800-Flowers.com, Inc., Class A (A)		232,167		$ 2,368,103
Machinery - 0.9%
Wabash National Corp.		267,037		3,821,299
Media - 1.5%
Gray Television, Inc.		254,076		4,705,488
Thryv Holdings, Inc. (A) (B)		82,997		2,143,812
				6,849,300
Metals & Mining - 1.0%
Carpenter Technology Corp.		118,436		4,521,886
Mortgage Real Estate Investment Trusts - 3.0%
Ladder Capital Corp.		389,695		4,438,626
New Residential Investment Corp.		451,712		4,697,805
Redwood Trust, Inc.		424,015		4,112,945
				13,249,376
Multi-Utilities - 1.9%
Avista Corp.		98,119		3,980,688
NorthWestern Corp.		78,560		4,453,566
				8,434,254
Oil, Gas & Consumable Fuels - 8.0%
Brigham Minerals, Inc., Class A		218,659		5,418,370
Callon Petroleum Co. (A)		86,987		4,459,824
CNX Resources Corp. (A)		316,424		6,502,513
Delek US Holdings, Inc. (A)		195,560		4,732,552
Northern Oil & Gas, Inc.		196,046		4,897,229
Ranger Oil Corp., Class A (A)		126,885		4,041,287
Scorpio Tankers, Inc.		223,458		5,526,116
				35,577,891
Paper & Forest Products - 0.6%
Neenah, Inc.		71,619		2,535,313
Pharmaceuticals - 0.8%
Collegium Pharmaceutical, Inc. (A)		218,761		3,522,052
Road & Rail - 0.9%
Ryder System, Inc.		59,685		4,171,982
Semiconductors & Semiconductor Equipment - 3.2%
Alpha & Omega Semiconductor Ltd. (A)		105,685		4,533,887
SMART Global Holdings, Inc. (A) (B)		247,649		5,611,726
Ultra Clean Holdings, Inc. (A)		135,782		4,232,325
				14,377,938
Software - 2.8%
A10 Networks, Inc.		362,680		5,179,070
Avaya Holdings Corp. (A) (B)		369,403		3,416,978

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Ebix, Inc.		132,036		$ 3,934,673
				12,530,721
Specialty Retail - 3.2%
Asbury Automotive Group, Inc. (A)		39,559		7,267,384
MarineMax, Inc. (A)		98,924		4,047,970
Urban Outfitters, Inc. (A)		129,052		3,071,438
				14,386,792
Textiles, Apparel & Luxury Goods - 0.8%
Oxford Industries, Inc.		39,888		3,573,965
Trading Companies & Distributors - 4.8%
Air Lease Corp.		108,040		4,351,851
GATX Corp.		50,629		5,234,532
GMS, Inc. (A)		146,559		7,027,504
Rush Enterprises, Inc., Class A		89,062		4,531,475
				21,145,362
Total Common Stocks (Cost $381,690,098)				440,666,656
OTHER INVESTMENT COMPANY - 0.6%
Securities Lending Collateral - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		2,547,648		2,547,648
Total Other Investment Company (Cost $2,547,648)				2,547,648
	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $2,991,260 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $3,051,123.		$2,991,260		2,991,260
Total Repurchase Agreement (Cost $2,991,260)				2,991,260
Total Investments (Cost $387,229,006)				446,205,564
Net Other Assets (Liabilities) - (0.6)%				(2,836,759	)
Net Assets - 100.0%				$443,368,805

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	$	440,666,656	$	—	$	—	$	440,666,656
Other Investment Company		2,547,648		—		—		2,547,648
Repurchase Agreement		—		2,991,260		—		2,991,260
Total Investments	$	443,214,304	$	2,991,260	$	—	$	446,205,564

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

Transamerica Funds Semi-Annual Report 2022

Page    210

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(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 $11,037,754, collateralized by cash collateral of $2,547,648 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $8,764,170. 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, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    211

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 96.9%
Aerospace & Defense - 1.7%
Aerojet Rocketdyne Holdings, Inc. (A)		23,500		$939,530
Curtiss-Wright Corp.		23,050		3,294,076
Elbit Systems Ltd. (B)		9,700		2,079,389
Huntington Ingalls Industries, Inc.		35,687		7,592,052
				13,905,047
Auto Components - 0.5%
Dana, Inc.		67,950		1,006,339
Gentex Corp.		31,400		921,590
Stoneridge, Inc. (A)		22,250		438,548
Visteon Corp. (A)		19,650		2,057,552
				4,424,029
Banks - 6.7%
Atlantic Union Bankshares Corp.		29,100		982,998
Bank of Princeton		13,200		396,264
Berkshire Hills Bancorp, Inc.		87,850		2,173,409
Central Valley Community Bancorp		19,000		366,890
Citizens Financial Group, Inc.		38,416		1,513,590
Dime Community Bancshares, Inc.		77,850		2,447,604
First Citizens BancShares, Inc., Class A		29,816		19,063,754
First Community Bankshares, Inc.		70,150		1,868,095
First Merchants Corp.		72,600		2,845,194
Hope Bancorp, Inc.		76,100		1,088,230
Lakeland Bancorp, Inc.		178,850		2,688,115
M&T Bank Corp.		779		129,813
OceanFirst Financial Corp.		91,350		1,710,986
Sandy Spring Bancorp, Inc.		88,400		3,471,468
Umpqua Holdings Corp.		169,400		2,801,876
United Bankshares, Inc.		20,700		688,482
United Community Banks, Inc.		96,150		2,897,961
Washington Trust Bancorp, Inc.		19,650		922,371
Webster Financial Corp.		94,000		4,699,060
Western Alliance Bancorp		28,200		2,146,302
				54,902,462
Beverages - 1.1%
Molson Coors Beverage Co., Class B		158,900		8,602,846
Biotechnology - 0.6%
Exelixis, Inc. (A)		115,200		2,573,568
United Therapeutics Corp. (A)		11,802		2,095,563
				4,669,131
Building Products - 1.7%
American Woodmark Corp. (A)		33,750		1,581,188
Builders FirstSource, Inc. (A)		45,000		2,770,650
Gibraltar Industries, Inc. (A)		12,850		486,244
Masonite International Corp. (A)		25,000		1,938,000
Owens Corning		33,000		3,000,690
PGT Innovations, Inc. (A)		107,350		1,907,609
Quanex Building Products Corp.		116,500		2,239,130
				13,923,511
Capital Markets - 0.7%
Piper Sandler Cos.		26,200		3,012,476
Stifel Financial Corp.		46,000		2,845,100
				5,857,576
Chemicals - 1.6%
Chase Corp.		17,800		1,501,608
Huntsman Corp.		60,250		2,040,667
Mosaic Co.		64,100		4,001,122

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Olin Corp.		74,100		$ 4,253,340
Trinseo PLC		30,350		1,440,108
				13,236,845
Commercial Services & Supplies - 0.3%
HNI Corp.		40,500		1,443,420
MillerKnoll, Inc.		1,000		31,730
Tetra Tech, Inc.		6,650		926,212
				2,401,362
Communications Equipment - 0.5%
Harmonic, Inc. (A)		100,150		831,245
KVH Industries, Inc. (A) (B)		178,650		1,423,841
Silicom Ltd. (A)		58,500		2,058,030
				4,313,116
Construction & Engineering - 1.0%
Comfort Systems USA, Inc.		38,300		3,233,286
EMCOR Group, Inc.		36,650		3,902,492
Granite Construction, Inc.		24,000		711,600
				7,847,378
Consumer Finance - 0.9%
Ally Financial, Inc.		190,005		7,592,600
Containers & Packaging - 2.2%
Berry Global Group, Inc. (A)		69,500		3,916,325
Graphic Packaging Holding Co.		356,900		7,780,420
Sealed Air Corp.		100,200		6,433,842
				18,130,587
Distributors - 1.3%
LKQ Corp.		207,700		10,308,151
Diversified Consumer Services - 0.6%
American Public Education, Inc. (A)		111,150		2,160,756
Stride, Inc. (A)		62,150		2,442,495
				4,603,251
Diversified Telecommunication Services - 1.1%
Liberty Global PLC, Class A (A)		384,600		8,753,496
Electric Utilities - 2.3%
Evergy, Inc.		144,400		9,797,540
OGE Energy Corp.		206,200		7,975,816
Portland General Electric Co.		25,050		1,185,616
				18,958,972
Electrical Equipment - 0.8%
Acuity Brands, Inc.		5,900		1,017,632
LSI Industries, Inc.		224,900		1,617,031
Regal Rexnord Corp.		30,000		3,817,200
				6,451,863
Electronic Equipment, Instruments & Components - 3.3%
Coherent, Inc. (A)		9,700		2,598,630
Flex Ltd. (A)		362,600		5,979,274
Methode Electronics, Inc.		58,650		2,616,376
OSI Systems, Inc. (A)		18,800		1,487,080
Vishay Intertechnology, Inc.		122,000		2,272,860
Vontier Corp.		486,700		12,469,254
				27,423,474

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

Transamerica Funds Semi-Annual Report 2022

Page    212

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Energy Equipment & Services - 0.4%
Helix Energy Solutions Group, Inc. (A)		241,600		$ 992,976
Helmerich & Payne, Inc.		50,300		2,315,309
				3,308,285
Entertainment - 1.1%
Madison Square Garden Entertainment Corp. (A)		39,000		2,856,750
Madison Square Garden Sports Corp. (A)		6,300		1,021,293
Warner Bros Discovery, Inc. (A)		278,100		5,047,515
				8,925,558
Equity Real Estate Investment Trusts - 3.7%
Apple Hospitality, Inc.		171,200		3,028,528
Brandywine Realty Trust		197,000		2,298,990
Community Healthcare Trust, Inc.		38,150		1,404,683
DiamondRock Hospitality Co. (A)		34,200		363,204
Gaming & Leisure Properties, Inc.		114,626		5,087,102
JBG SMITH Properties		350,396		9,236,438
LXP Industrial Trust		200,600		2,517,530
Physicians Realty Trust		173,600		2,975,504
Piedmont Office Realty Trust, Inc., Class A		57,150		920,115
Sabra Health Care, Inc.		148,850		1,738,568
Summit Hotel Properties, Inc. (A)		100,100		987,987
				30,558,649
Food & Staples Retailing - 0.1%
Village Super Market, Inc., Class A		38,800		899,772
Food Products - 2.5%
Kraft Heinz Co.		116,000		4,945,080
Nomad Foods Ltd. (A)		78,900		1,456,494
Post Holdings, Inc. (A)		182,187		13,552,891
Whole Earth Brands, Inc. (A) (B)		106,000		732,460
				20,686,925
Gas Utilities - 1.1%
UGI Corp.		249,700		8,564,710
Health Care Equipment & Supplies - 1.6%
AngioDynamics, Inc. (A)		105,500		2,220,775
Koninklijke Philips NV		295,800		7,625,724
Meridian Bioscience, Inc. (A)		77,000		1,970,430
OraSure Technologies, Inc. (A) (B)		192,500		1,181,950
				12,998,879
Health Care Providers & Services - 4.1%
AmerisourceBergen Corp.		56,637		8,568,612
AMN Healthcare Services, Inc. (A)		21,500		2,101,625
Centene Corp. (A)		76,300		6,145,965
Cross Country Healthcare, Inc. (A)		223,850		4,194,949
Encompass Health Corp.		45,800		3,152,414
Laboratory Corp. of America Holdings		36,199		8,697,895
National HealthCare Corp.		8,200		558,092
				33,419,552
Hotels, Restaurants & Leisure - 0.2%
Churchill Downs, Inc.		8,300		1,684,402
Household Durables - 1.1%
Helen of Troy Ltd. (A)		9,350		2,005,668
KB Home		61,700		2,000,931
La-Z-Boy, Inc.		63,750		1,675,350
MDC Holdings, Inc.		37,150		1,371,207
PulteGroup, Inc.		29,900		1,248,624

	Shares		Value
COMMON STOCKS (continued)
Household Durables (continued)
Sonos, Inc. (A) (B)		44,300		$ 1,010,926
				9,312,706
Household Products - 0.4%
Spectrum Brands Holdings, Inc.		37,150		3,160,351
Independent Power & Renewable Electricity Producers - 1.2%
Vistra Corp.		397,800		9,952,956
Insurance - 9.0%
Alleghany Corp. (A)		17,500		14,638,750
Allstate Corp.		79,548		10,066,004
Arch Capital Group Ltd. (A)		225,300		10,289,451
Everest Re Group Ltd.		11,100		3,049,281
Fidelity National Financial, Inc.		250,400		9,970,928
Loews Corp.		103,200		6,485,088
Markel Corp. (A)		5,313		7,189,977
Old Republic International Corp.		347,000		7,637,470
Selective Insurance Group, Inc.		46,800		3,854,448
United Fire Group, Inc.		20,650		604,838
				73,786,235
Interactive Media & Services - 0.9%
IAC / InterActiveCorp (A)		89,300		7,401,184
Internet & Direct Marketing Retail - 0.3%
eBay, Inc.		52,600		2,730,992
IT Services - 2.0%
FleetCor Technologies, Inc. (A)		37,300		9,307,096
Global Payments, Inc.		39,800		5,451,804
Perficient, Inc. (A)		13,600		1,351,976
				16,110,876
Leisure Products - 0.8%
BRP, Inc.		18,700		1,515,261
MasterCraft Boat Holdings, Inc. (A) (B)		120,700		2,905,249
Polaris, Inc.		23,450		2,226,343
				6,646,853
Machinery - 2.0%
Altra Industrial Motion Corp.		42,800		1,669,200
CNH Industrial NV		278,800		3,956,172
Columbus McKinnon Corp.		60,100		2,130,545
Douglas Dynamics, Inc.		38,500		1,191,960
Gencor Industries, Inc. (A)		73,450		735,969
Miller Industries, Inc.		31,800		852,558
Mueller Industries, Inc.		81,450		4,410,517
Oshkosh Corp.		12,400		1,146,256
				16,093,177
Media - 5.0%
Altice USA, Inc., Class A (A)		788,500		7,317,280
DISH Network Corp., Class A (A)		239,500		6,828,145
Fox Corp., Class A		173,200		6,207,488
Liberty Broadband Corp., Class C (A)		102,364		11,446,343
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		210,673		8,822,985
Perion Network Ltd. (A)		34,250		721,990
				41,344,231
Metals & Mining - 2.1%
Cleveland-Cliffs, Inc. (A)		124,600		3,176,054
Commercial Metals Co.		83,250		3,413,250
Kaiser Aluminum Corp.		25,250		2,436,625

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

Transamerica Funds Semi-Annual Report 2022

Page    213

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Metals & Mining (continued)
Schnitzer Steel Industries, Inc., Class A		46,150		$ 2,105,825
TimkenSteel Corp. (A)		115,250		2,382,217
U.S. Steel Corp.		120,700		3,680,143
				17,194,114
Mortgage Real Estate Investment Trusts - 1.1%
Annaly Capital Management, Inc. (B)		1,350,142		8,667,912
Multi-Utilities - 2.4%
CenterPoint Energy, Inc.		202,400		6,195,464
NiSource, Inc.		301,938		8,792,435
NorthWestern Corp.		79,450		4,504,020
				19,491,919
Multiline Retail - 0.8%
Dollar Tree, Inc. (A)		42,500		6,904,125
Oil, Gas & Consumable Fuels - 7.1%
Chesapeake Energy Corp. (B)		62,400		5,118,048
Delek US Holdings, Inc. (A)		74,400		1,800,480
Devon Energy Corp.		71,600		4,164,972
Diamondback Energy, Inc.		39,000		4,922,970
EQT Corp.		126,440		5,025,990
HF Sinclair Corp.		199,200		7,573,584
Kinder Morgan, Inc.		387,200		7,027,680
Magnolia Oil & Gas Corp., Class A		273,000		6,344,520
Ovintiv, Inc.		65,300		3,342,707
REX American Resources Corp. (A)		30,750		2,602,372
Williams Cos., Inc.		309,400		10,609,326
				58,532,649
Paper & Forest Products - 0.9%
Glatfelter Corp.		113,450		1,247,950
Louisiana-Pacific Corp.		100,600		6,490,712
				7,738,662
Personal Products - 0.1%
Medifast, Inc.		5,400		963,144
Pharmaceuticals - 3.2%
Innoviva, Inc. (A)		92,050		1,570,373
Jazz Pharmaceuticals PLC (A)		20,100		3,220,422
Organon & Co.		198,000		6,401,340
Perrigo Co. PLC		275,350		9,444,505
Viatris, Inc.		535,465		5,531,353
				26,167,993
Professional Services - 2.4%
ASGN, Inc. (A)		25,500		2,892,975
FTI Consulting, Inc. (A)		9,050		1,427,275
Heidrick & Struggles International, Inc.		63,300		2,023,068
ICF International, Inc.		39,600		3,912,876
KBR, Inc.		95,000		4,676,850
Leidos Holdings, Inc.		24,000		2,484,240
Science Applications International Corp.		26,600		2,213,918
				19,631,202
Real Estate Management & Development - 0.1%
Newmark Group, Inc., Class A		89,600		1,088,640
Road & Rail - 0.3%
AMERCO		4,250		2,275,790
Semiconductors & Semiconductor Equipment - 3.1%
AXT, Inc. (A)		45,000		265,500
Cohu, Inc. (A)		109,750		2,914,960

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
MagnaChip Semiconductor Corp. (A)		169,600		$ 3,101,984
MaxLinear, Inc. (A)		16,150		773,100
MKS Instruments, Inc.		19,500		2,222,610
Onto Innovation, Inc. (A)		31,550		2,244,467
Qorvo, Inc. (A)		17,000		1,934,260
Silicon Motion Technology Corp., ADR		58,100		4,411,533
Teradyne, Inc.		37,700		3,975,842
Tower Semiconductor Ltd. (A)		49,100		2,371,530
Universal Display Corp.		7,100		906,883
				25,122,669
Software - 2.2%
CDK Global, Inc.		189,300		10,299,813
Progress Software Corp.		50,150		2,406,197
SS&C Technologies Holdings, Inc.		81,200		5,250,392
				17,956,402
Specialty Retail - 2.2%
Abercrombie & Fitch Co., Class A (A)		87,450		3,024,021
Academy Sports & Outdoors, Inc.		23,900		892,904
American Eagle Outfitters, Inc. (B)		159,800		2,414,578
Hibbett, Inc.		4,400		189,992
Ross Stores, Inc.		63,800		6,365,326
Urban Outfitters, Inc. (A)		93,600		2,227,680
Williams-Sonoma, Inc.		20,500		2,674,840
				17,789,341
Technology Hardware, Storage & Peripherals - 0.9%
Turtle Beach Corp. (A) (B)		9,400		156,416
Western Digital Corp. (A)		141,900		7,530,633
				7,687,049
Textiles, Apparel & Luxury Goods - 0.6%
Deckers Outdoor Corp. (A)		6,050		1,607,788
Steven Madden Ltd.		55,000		2,258,300
Tapestry, Inc.		41,000		1,349,720
				5,215,808
Thrifts & Mortgage Finance - 1.0%
Provident Financial Services, Inc.		81,250		1,798,063
TrustCo Bank Corp.		86,750		2,702,262
Washington Federal, Inc.		130,400		3,968,072
				8,468,397
Total Common Stocks (Cost $639,485,912)				794,787,806
OTHER INVESTMENT COMPANY - 0.0% (C)
Securities Lending Collateral - 0.0% (C)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (D)		50,639		50,639
Total Other Investment Company (Cost $50,639)				50,639

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

Transamerica Funds Semi-Annual Report 2022

Page    214

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 3.3%
Fixed Income Clearing Corp., 0.00% (D), dated 04/29/2022, to be repurchased at $26,875,619 on 05/02/2022. Collateralized by U.S. Government Obligations, 1.25% - 2.88%, due 09/30/2028 - 08/15/2028, and with a total value of $27,413,273.		$26,875,619		$ 26,875,619
Total Repurchase Agreement (Cost $26,875,619)				26,875,619
Total Investments (Cost $666,412,170)				821,714,064
Net Other Assets (Liabilities) - (0.2)%				(1,695,425	)
Net Assets - 100.0%				$820,018,639

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	$	794,787,806	$	—	$	—	$	794,787,806
Other Investment Company		50,639		—		—		50,639
Repurchase Agreement		—		26,875,619		—		26,875,619
Total Investments	$	794,838,445	$	26,875,619	$	—	$	821,714,064

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $17,782,887, collateralized by cash collateral of $50,639 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $18,411,958. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Rates disclosed reflect the yields at April 30, 2022.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    215

Transamerica Sustainable Bond

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 15.4%
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 08/15/2046 (A)		$200,000		$180,802
DataBank Issuer
Series 2021-1A, Class A2,
2.06%, 02/27/2051 (A)		125,000		114,552
Series 2021-2A, Class A2,
2.40%, 10/25/2051 (A)		100,000		91,888
GoodLeap Sustainable Home Solutions Trust
Series 2021-4GS, Class A,
1.93%, 07/20/2048 (A)		89,962		79,421
Series 2021-5CS, Class A,
2.31%, 10/20/2048 (A)		115,383		103,590
Series 2022-1GS, Class B,
2.94%, 01/20/2049 (A)		119,956		109,892
Helios Issuer LLC Series 2020-AA, Class A, 2.98%, 06/20/2047 (A)		218,576		194,512
Loanpal Solar Loan Ltd.
Series 2020-2GF, Class A,
2.75%, 07/20/2047 (A)		183,617		169,002
Series 2021-1GS, Class A,
2.29%, 01/20/2048 (A)		75,040		66,993
Series 2021-2GS, Class A,
2.22%, 03/20/2048 (A)		53,783		48,617
MMAF Equipment Finance LLC Series 2020-A, Class A5, 1.56%, 10/09/2042 (A)		186,000		167,470
Mosaic Solar Loan Trust Series 2021-3A, Class B, 1.92%, 06/20/2052 (A)		96,300		86,221
OneMain Financial Issuance Trust Series 2022-S1, Class A, 4.13%, 05/14/2035 (A)		135,000		135,601
ServiceMaster Funding LLC
Series 2020-1, Class A2II,
3.34%, 01/30/2051 (A)		123,750		108,865
Series 2021-1, Class A2II,
3.11%, 07/30/2051 (A)		119,400		101,811
SoFi Professional Loan Program LLC
Series 2016-C, Class B,
3.35% (B), 05/25/2037 (A)		100,000		100,138
Series 2016-D, Class B,
3.23% (B), 01/25/2039 (A)		100,000		99,772
Series 2017-A, Class A2B,
2.40%, 03/26/2040 (A)		26,481		26,508
Series 2019-C, Class BFX,
3.05%, 11/16/2048 (A)		261,000		247,420
Sunnova Sol II Issuer LLC Series 2020-2A, Class A, 2.73%, 11/01/2055 (A)		136,155		123,272
Sunnova Sol III Issuer LLC Series 2021-1, Class A, 2.58%, 04/28/2056 (A)		143,832		127,123
Sunrun Demeter Issuer LLC Series 2021-2A, Class A, 2.27%, 01/30/2057 (A)		122,548		108,945
Sunrun Vulcan Issuer LLC Series 2021-1A, Class A, 2.46%, 01/30/2052 (A)		119,375		105,585

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust
Series 2016-2, Class A1A,
2.75% (B), 08/25/2055 (A)		$ 11,785		$ 11,769
Series 2018-3, Class A1,
3.75% (B), 05/25/2058 (A)		160,497		159,236
Series 2018-5, Class A1A,
3.25% (B), 07/25/2058 (A)		61,432		61,006
Vantage Data Centers Issuer LLC
Series 2020-1A, Class A2,
1.65%, 09/15/2045 (A)		180,000		164,990
Series 2021-1A, Class A2,
2.17%, 10/15/2046 (A)		125,000		114,328
Vivint Solar Financing VII LLC Series 2020-1A, Class A, 2.21%, 07/31/2051 (A)		234,204		204,171
Total Asset-Backed Securities (Cost $3,768,176)				3,413,500
CORPORATE DEBT SECURITIES - 47.0%
Auto Components - 0.4%
BorgWarner, Inc. 4.38%, 03/15/2045 (C)		90,000		80,333
Automobiles - 0.5%
Ford Motor Co. 3.25%, 02/12/2032		130,000		105,625
Banks - 8.6%
Bank of America Corp. Fixed until 10/22/2024, 2.46% (B), 10/22/2025		202,000		194,565
BNP Paribas SA 4.38%, 09/28/2025 (A)		200,000		198,589
BPCE SA Fixed until 10/19/2026, 2.05% (B), 10/19/2027 (A)		250,000		223,805
Citigroup, Inc. Fixed until 05/15/2023, 1.68% (B), 05/15/2024		220,000		216,793
Huntington National Bank 3.55%, 10/06/2023 (C)		250,000		251,489
Intesa Sanpaolo SpA Fixed until 06/01/2031, 4.20% (B), 06/01/2032 (A)		200,000		165,846
PNC Bank NA 4.05%, 07/26/2028		250,000		247,440
UniCredit SpA Fixed until 06/03/2031, 3.13% (B), 06/03/2032 (A) (C)		200,000		165,498
US Bancorp 3.10%, 04/27/2026 (C)		250,000		244,797
				1,908,822
Biotechnology - 0.4%
AbbVie, Inc.
3.20%, 05/14/2026		20,000		19,491
4.05%, 11/21/2039		20,000		18,341
Amgen, Inc. 3.13%, 05/01/2025 (C)		40,000		39,530
Gilead Sciences, Inc. 3.65%, 03/01/2026		20,000		19,879
				97,241

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

Transamerica Funds Semi-Annual Report 2022

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SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Building Products - 0.8%
Carlisle Cos., Inc. 2.75%, 03/01/2030 (C)		$ 110,000		$ 96,762
Cornerstone Building Brands, Inc. 6.13%, 01/15/2029 (A)		90,000		74,885
				171,647
Capital Markets - 1.7%
Deutsche Bank AG 1.69%, 03/19/2026		265,000		241,991
Morgan Stanley Fixed until 10/21/2024, 0.86% (B), 10/21/2025		140,000		129,869
				371,860
Chemicals - 1.7%
Huntsman International LLC 4.50%, 05/01/2029		80,000		78,873
Orbia Advance Corp. SAB de CV 5.88%, 09/17/2044 (D)		200,000		189,037
PPG Industries, Inc. 2.55%, 06/15/2030		50,000		44,999
Sherwin-Williams Co. 4.50%, 06/01/2047		80,000		76,571
				389,480
Commercial Services & Supplies - 0.4%
Waste Management, Inc. 3.13%, 03/01/2025		80,000		79,591
Construction & Engineering - 0.9%
IHS Holding Ltd. 5.63%, 11/29/2026 (A)		200,000		190,000
Construction Materials - 1.3%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027 (A)		190,000		183,588
Eco Material Technologies, Inc. 7.88%, 01/31/2027 (A)		104,000		100,685
				284,273
Containers & Packaging - 1.2%
Cascades, Inc. / Cascades USA, Inc.
5.13%, 01/15/2026 (A)		59,000		57,377
5.38%, 01/15/2028 (A)		88,000		84,920
Sonoco Products Co.
2.25%, 02/01/2027		79,000		73,444
2.85%, 02/01/2032 (C)		55,000		48,138
				263,879
Diversified Financial Services - 1.1%
United Wholesale Mortgage LLC 5.50%, 11/15/2025 (A)		130,000		119,398
USAA Capital Corp. 2.13%, 05/01/2030 (A)		150,000		131,825
				251,223
Diversified Telecommunication Services - 1.8%
Network i2i Ltd. Fixed until 01/15/2025 (E), 5.65% (B) (D)		200,000		197,000
Verizon Communications, Inc. 3.88%, 02/08/2029		200,000		197,594
				394,594

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities - 3.2%
Duke Energy Carolinas LLC 3.95%, 11/15/2028		$ 110,000		$ 110,062
Enel Finance International NV 2.25%, 07/12/2031 (A)		200,000		165,918
NextEra Energy Capital Holdings, Inc. 3.55%, 05/01/2027		120,000		117,728
Niagara Mohawk Power Corp. 1.96%, 06/27/2030 (A) (C)		70,000		58,530
Northern States Power Co. 2.60%, 06/01/2051 (C)		70,000		52,373
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 4.50%, 08/15/2028 (A) (C)		91,000		85,085
Southern Power Co. 0.90%, 01/15/2026		130,000		116,728
				706,424
Energy Equipment & Services - 1.0%
Investment Energy Resources Ltd. 6.25%, 04/26/2029 (A) (C)		200,000		197,300
Sunnova Energy Corp. 5.88%, 09/01/2026 (A) (C)		21,000		19,215
				216,515
Equity Real Estate Investment Trusts - 4.5%
American Tower Corp. 3.60%, 01/15/2028		80,000		76,203
Crown Castle International Corp.
2.90%, 04/01/2041		80,000		59,790
3.30%, 07/01/2030		50,000		45,305
Digital Realty Trust LP 3.70%, 08/15/2027		140,000		135,683
Federal Realty Investment Trust 1.25%, 02/15/2026		84,000		76,232
HAT Holdings I LLC / HAT Holdings II LLC 6.00%, 04/15/2025 (A) (C)		197,000		199,955
Healthpeak Properties, Inc. 3.50%, 07/15/2029		90,000		85,874
SBA Tower Trust 3.45%, 03/15/2048 (A)		125,000		125,139
UDR, Inc. 3.10%, 11/01/2034		80,000		68,657
Ventas Realty LP 3.50%, 02/01/2025		130,000		128,752
				1,001,590
Food & Staples Retailing - 2.9%
Alimentation Couche-Tard, Inc. 3.63%, 05/13/2051 (A)		131,000		103,848
InRetail Consumer 3.25%, 03/22/2028 (A)		200,000		177,002
Sysco Corp. 3.30%, 07/15/2026 - 02/15/2050		210,000		190,583
Walmart, Inc. 1.80%, 09/22/2031		205,000		174,922
				646,355
Food Products - 0.9%
Danone SA 2.95%, 11/02/2026 (A)		200,000		194,102

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

Transamerica Funds Semi-Annual Report 2022

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Transamerica Sustainable Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies - 0.3%
Koninklijke Philips NV 6.88%, 03/11/2038		$ 60,000		$ 72,735
Household Durables - 0.8%
Century Communities, Inc. 6.75%, 06/01/2027		56,000		56,617
D.R. Horton, Inc. 2.60%, 10/15/2025 (C)		70,000		67,057
Meritage Homes Corp. 5.13%, 06/06/2027		66,000		64,515
				188,189
Household Products - 0.7%
Kimberly-Clark Corp. 3.10%, 03/26/2030		80,000		75,844
Procter & Gamble Co. 2.45%, 11/03/2026		80,000		77,194
				153,038
Independent Power & Renewable Electricity Producers - 0.1%
Clearway Energy Operating LLC 3.75%, 02/15/2031 (A)		30,000		25,800
Interactive Media & Services - 0.1%
Alphabet, Inc. 1.10%, 08/15/2030		40,000		32,742
IT Services - 0.2%
International Business Machines Corp. 3.30%, 01/27/2027 (C)		35,000		34,600
Life Sciences Tools & Services - 0.4%
Danaher Corp. 3.35%, 09/15/2025		80,000		79,279
Metals & Mining - 0.4%
Big River Steel LLC / BRS Finance Corp. 6.63%, 01/31/2029 (A)		90,000		92,025
Multi-Utilities - 1.4%
Consolidated Edison Co. of New York, Inc. 3.35%, 04/01/2030		110,000		104,175
Dominion Energy, Inc. 2.25%, 08/15/2031		130,000		109,484
Public Service Co. of Colorado 4.10%, 06/15/2048		110,000		106,028
				319,687
Personal Products - 1.2%
Natura Cosmeticos SA 4.13%, 05/03/2028 (A)		200,000		179,320
Unilever Capital Corp. 2.00%, 07/28/2026		100,000		94,607
				273,927
Pharmaceuticals - 2.7%
AstraZeneca PLC 4.00%, 01/17/2029		60,000		60,348
Bausch Health Cos., Inc. 5.25%, 01/30/2030 (A)		189,000		131,185
Eli Lilly & Co. 2.75%, 06/01/2025		40,000		39,441
GlaxoSmithKline Capital, Inc. 3.63%, 05/15/2025		40,000		40,340

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Merck & Co., Inc. 3.70%, 02/10/2045		$ 40,000		$ 36,560
Pfizer, Inc. 4.20%, 09/15/2048		40,000		40,080
Sanofi 3.38%, 06/19/2023		40,000		40,323
Takeda Pharmaceutical Co. Ltd. 5.00%, 11/26/2028		200,000		208,625
				596,902
Semiconductors & Semiconductor Equipment - 1.2%
Intel Corp. 3.73%, 12/08/2047		140,000		124,734
Micron Technology, Inc. 2.70%, 04/15/2032		125,000		104,106
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.40%, 05/01/2030 (A) (C)		50,000		45,602
				274,442
Software - 0.6%
Microsoft Corp. 3.30%, 02/06/2027		130,000		130,264
Technology Hardware, Storage & Peripherals - 1.4%
Apple, Inc. 3.00%, 06/20/2027		130,000		127,856
Dell International LLC / EMC Corp.
6.02%, 06/15/2026		70,000		73,942
6.20%, 07/15/2030		70,000		75,612
Hewlett Packard Enterprise Co. 4.90%, 10/15/2025		40,000		41,229
				318,639
Trading Companies & Distributors - 0.4%
Boise Cascade Co. 4.88%, 07/01/2030 (A)		92,000		86,521
Water Utilities - 0.5%
American Water Capital Corp. 3.45%, 06/01/2029		110,000		105,336
Wireless Telecommunication Services - 1.3%
Empresa Nacional de Telecomunicaciones SA 3.05%, 09/14/2032 (A)		150,000		126,377
Vmed O2 Financing I PLC 4.75%, 07/15/2031 (A)		200,000		171,500
				297,877
Total Corporate Debt Securities (Cost $11,918,191)				10,435,557
FOREIGN GOVERNMENT OBLIGATIONS - 2.0%
Chile - 0.8%
Chile Government International Bond 4.34%, 03/07/2042		200,000		182,514
Colombia - 0.5%
Colombia Government International Bond 7.38%, 09/18/2037		100,000		103,065
Panama - 0.3%
Panama Government International Bond 6.70%, 01/26/2036		53,000		59,458

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

Transamerica Funds Semi-Annual Report 2022

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Transamerica Sustainable Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Republic of South Africa - 0.4%
Republic of South Africa Government International Bond 6.25%, 03/08/2041		$ 100,000		$ 90,766
Total Foreign Government Obligations (Cost $516,396)				435,803
LOAN ASSIGNMENTS - 1.0%
Commercial Services & Supplies - 0.2%
GFL Environmental, Inc. Term Loan, 3-Month LIBOR + 3.00%, 4.24% (B), 05/30/2025		39,832		39,717
Communications Equipment - 0.4%
CommScope, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (B), 04/06/2026		108,883		104,562
Machinery - 0.4%
Vertiv Group Corp. Term Loan B, 1-Month LIBOR + 2.75%, 3.20% (B), 03/02/2027		88,652		86,151
Total Loan Assignments (Cost $236,599)				230,430
MORTGAGE-BACKED SECURITIES - 10.3%
280 Park Avenue Mortgage Trust Series 2017-280P, Class E, 1-Month LIBOR + 2.12%, 2.61% (B), 09/15/2034 (A)		145,000		141,365
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 (A)		200,000		199,656
Benchmark Mortgage Trust Series 2020-IG3, Class B, 3.39% (B), 09/15/2048 (A)		175,000		155,922
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D, 1-Month LIBOR + 1.75%, 2.30% (B), 12/15/2037 (A)		115,000		112,917
DOLP Trust Series 2021-NYC, Class C, 3.53%, 05/10/2041 (A)		250,000		218,705
Eleven Madison Mortgage Trust Series 2015-11MD, Class A, 3.67% (B), 09/10/2035 (A)		143,000		140,742
Grace Trust Series 2020-GRCE, Class D, 2.77% (B), 12/10/2040 (A)		250,000		206,851
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2019-OSB, Class A,
3.40%, 06/05/2039 (A)		80,000		76,157
Series 2019-OSB, Class C,
3.75% (B), 06/05/2039 (A)		174,000		162,623
Series 2022-OPO, Class C,
3.56% (B), 01/05/2039 (A)		140,000		128,474

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Manhattan West Mortgage Trust Series 2020-1MW, Class B, 2.41% (B), 09/10/2039 (A)		$ 185,000		$ 166,360
One Bryant Park Trust Series 2019-OBP, Class A, 2.52%, 09/15/2054 (A)		160,000		143,349
SLG Office Trust Series 2021-OVA, Class D, 2.85%, 07/15/2041 (A)		130,000		109,307
Towd Point Mortgage Trust Series 2019-4, Class A1, 2.90% (B), 10/25/2059 (A)		157,730		154,241
Worldwide Plaza Trust Series 2017-WWP, Class A, 3.53%, 11/10/2036 (A)		170,000		161,955
Total Mortgage-Backed Securities (Cost $2,556,892)				2,278,624
U.S. GOVERNMENT AGENCY OBLIGATIONS - 17.3%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
3.51%, 03/25/2029		225,000		227,993
3.90%, 04/25/2028		418,000		431,030
Federal National Mortgage Association 0.88%, 08/05/2030		239,000		199,560
Uniform Mortgage-Backed Security
2.00%, TBA (F)		1,100,000		971,438
2.50%, TBA (F)		2,180,000		2,009,917
Total U.S. Government Agency Obligations (Cost $4,065,823)				3,839,938
U.S. GOVERNMENT OBLIGATIONS - 5.7%
U.S. Treasury - 5.7%
U.S. Treasury Bond
1.75%, 08/15/2041		110,000		87,398
2.00%, 08/15/2051		1,074,000		871,954
U.S. Treasury Note
0.13%, 08/31/2023		50,000		48,492
1.25%, 08/15/2031		200,000		173,438
1.88%, 02/15/2032		80,000		73,150
Total U.S. Government Obligations (Cost $1,482,376)				1,254,432
COMMERCIAL PAPER - 12.4%
Banks - 6.7%
BNP Paribas SA 1.12% (G), 07/15/2022		1,000,000		997,658
DNB Bank ASA 0.70% (G), 07/01/2022		500,000		499,121
				1,496,779
Pharmaceuticals - 2.3%
Roche Holdings, Inc.
0.41% (G), 05/31/2022		250,000		249,860
0.54% (G), 06/07/2022		250,000		249,818
				499,678

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

Transamerica Funds Semi-Annual Report 2022

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Transamerica Sustainable Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
COMMERCIAL PAPER (continued)
Water Utilities - 3.4%
American Water Capital Corp. 0.43% (G), 05/12/2022		$ 750,000		$ 749,822
Total Commercial Paper (Cost $2,746,753)				2,746,279

	Shares		Value
OTHER INVESTMENT COMPANY - 4.7%
Securities Lending Collateral - 4.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (G)		1,054,013		$ 1,054,013
Total Other Investment Company (Cost $1,054,013)				1,054,013
Total Investments (Cost $28,345,219)				25,688,576
Net Other Assets (Liabilities) - (15.8)%				(3,497,282	)
Net Assets - 100.0%				$22,191,294

INVESTMENT VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	3,413,500	$	—	$	3,413,500
Corporate Debt Securities		—		10,435,557		—		10,435,557
Foreign Government Obligations		—		435,803		—		435,803
Loan Assignments		—		230,430		—		230,430
Mortgage-Backed Securities		—		2,278,624		—		2,278,624
U.S. Government Agency Obligations		—		3,839,938		—		3,839,938
U.S. Government Obligations		—		1,254,432		—		1,254,432
Commercial Paper		—		2,746,279		—		2,746,279
Other Investment Company		1,054,013		—		—		1,054,013
Total Investments	$	1,054,013	$	24,634,563	$	—	$	25,688,576

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $9,572,964, representing 43.1% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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 $1,032,007, collateralized by cash collateral of $1,054,013. 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, 2022, the total value of Regulation S securities is $386,037, representing 1.7% 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, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(G)	Rates disclosed reflect the yields at April 30, 2022.
(H)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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
TBA	To Be Announced

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

Transamerica Funds Semi-Annual Report 2022

Page    220

Transamerica Sustainable Equity Income

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 99.8%
Banks - 8.6%
Citizens Financial Group, Inc.		184,292		$7,261,105
First Republic Bank		37,344		5,572,472
Huntington Bancshares, Inc.		443,250		5,828,737
US Bancorp		152,493		7,405,060
				26,067,374
Biotechnology - 2.9%
Gilead Sciences, Inc.		145,900		8,657,706
Capital Markets - 5.3%
CME Group, Inc.		42,658		9,356,606
State Street Corp.		100,113		6,704,567
				16,061,173
Chemicals - 3.0%
Air Products & Chemicals, Inc.		24,523		5,740,099
Albemarle Corp.		17,918		3,455,128
				9,195,227
Commercial Services & Supplies - 3.3%
Republic Services, Inc.		74,033		9,940,411
Communications Equipment - 2.3%
Cisco Systems, Inc.		141,423		6,926,898
Containers & Packaging - 2.7%
Ball Corp.		45,239		3,671,597
Packaging Corp. of America		27,437		4,422,021
				8,093,618
Diversified Telecommunication Services - 2.4%
Verizon Communications, Inc.		158,137		7,321,743
Electrical Equipment - 5.0%
Emerson Electric Co.		93,328		8,416,319
Schneider Electric SE, ADR (A)		240,729		6,853,555
				15,269,874
Equity Real Estate Investment Trusts - 4.1%
American Tower Corp.		16,810		4,051,546
Digital Realty Trust, Inc.		30,263		4,422,030
Weyerhaeuser Co.		100,192		4,129,914
				12,603,490
Food Products - 2.0%
McCormick & Co., Inc.		60,873		6,121,998
Health Care Equipment & Supplies - 2.0%
Medtronic PLC		59,375		6,196,375
Household Durables - 1.6%
Garmin Ltd.		43,932		4,821,098
Household Products - 3.1%
Colgate-Palmolive Co.		71,350		5,497,517
Kimberly-Clark Corp.		27,302		3,790,337
				9,287,854
Insurance - 7.2%
Cincinnati Financial Corp.		60,030		7,363,280
MetLife, Inc.		120,236		7,897,100
Progressive Corp.		61,183		6,568,607
				21,828,987
IT Services - 2.3%
Automatic Data Processing, Inc.		32,211		7,027,796
Leisure Products - 1.5%
Hasbro, Inc.		50,919		4,483,927

	Shares		Value
COMMON STOCKS (continued)
Machinery - 6.3%
AGCO Corp.		25,048		$ 3,191,115
Cummins, Inc.		32,150		6,082,459
Stanley Black & Decker, Inc.		41,153		4,944,533
Xylem, Inc.		61,640		4,962,020
				19,180,127
Media - 2.9%
Omnicom Group, Inc.		117,699		8,960,425
Metals & Mining - 3.3%
Steel Dynamics, Inc.		118,329		10,146,712
Multiline Retail - 2.5%
Target Corp.		33,763		7,719,910
Pharmaceuticals - 6.2%
AstraZeneca PLC, ADR		145,525		9,662,860
Merck & Co., Inc.		104,839		9,298,171
				18,961,031
Professional Services - 1.1%
RELX PLC, ADR (A)		109,629		3,228,574
Road & Rail - 2.7%
Union Pacific Corp.		35,148		8,234,825
Semiconductors & Semiconductor Equipment - 7.5%
Broadcom, Inc.		17,633		9,775,559
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		75,291		6,996,792
Texas Instruments, Inc.		34,635		5,896,609
				22,668,960
Software - 2.4%
Microsoft Corp.		26,503		7,355,113
Specialty Retail - 1.7%
Best Buy Co., Inc.		56,381		5,070,343
Textiles, Apparel & Luxury Goods - 1.5%
Hanesbrands, Inc.		340,607		4,516,449
Water Utilities - 2.4%
Essential Utilities, Inc.		164,670		7,370,629
Total Common Stocks (Cost $290,788,782)				303,318,647
OTHER INVESTMENT COMPANY - 0.3%
Securities Lending Collateral - 0.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (B)		983,730		983,730
Total Other Investment Company (Cost $983,730)				983,730

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

Transamerica Funds Semi-Annual Report 2022

Page    221

Transamerica Sustainable Equity Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 0.2%
Fixed Income Clearing Corp., 0.00% (B), dated 04/29/2022, to be repurchased at $482,938 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $492,635.		$482,938		$ 482,938
Total Repurchase Agreement (Cost $482,938)				482,938
Total Investments (Cost $292,255,450)				304,785,315
Net Other Assets (Liabilities) - (0.3)%				(889,547	)
Net Assets - 100.0%				$303,895,768

INVESTMENT VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	303,318,647	$	—	$	—	$	303,318,647
Other Investment Company		983,730		—		—		983,730
Repurchase Agreement		—		482,938		—		482,938
Total Investments	$	304,302,377	$	482,938	$	—	$	304,785,315

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 $1,695,400, collateralized by cash collateral of $983,730 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $757,736. 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, 2022.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    222

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 12.8%
Ally Auto Receivables Trust Series 2019-4, Class A4, 1.92%, 01/15/2025		$5,000,000		$4,964,664
Apidos CLO XVIII Series 2018-18A, Class A2, 3-Month LIBOR + 1.40%, 2.54% (A), 10/22/2030 (B)		3,000,000		2,957,433
Bain Capital Credit CLO Ltd. Series 2017-2A, Class AR2, 3-Month LIBOR + 1.18%, 2.36% (A), 07/25/2034 (B)		10,675,000		10,571,260
Benefit Street Partners CLO IV Ltd. Series 2014-IVA, Class ARRR, 3-Month LIBOR + 1.18%, 2.24% (A), 01/20/2032 (B)		4,250,000		4,220,450
Benefit Street Partners CLO XX Ltd. Series 2020-20A, Class BR, 1.94% (A), 07/15/2034 (B)		3,950,000		3,868,642
Capital One Prime Auto Receivables Trust Series 2019-2, Class A4, 1.96%, 02/18/2025		5,745,000		5,710,341
Carlyle US CLO Ltd. Series 2017-1A, Class A2R, 1.85% (A), 04/20/2031 (B)		6,675,000		6,557,226
CarMax Auto Owner Trust
Series 2019-3, Class A4, 2.30%, 04/15/2025		5,315,000		5,290,483
Series 2020-4, Class A3, 0.50%, 08/15/2025		1,905,000		1,868,493
CIFC Funding Ltd. Series 2014-3A, Class A2R2, 3-Month LIBOR + 1.45%, 2.59% (A), 10/22/2031 (B)		5,500,000		5,459,206
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7, 3.96%, 10/13/2030		2,000,000		2,044,961
Columbia Cent CLO 31 Ltd. Series 2021-31A, Class B, 3-Month LIBOR + 1.55%, 2.61% (A), 04/20/2034 (B)		10,000,000		9,725,340
Dryden 45 Senior Loan Fund Series 2016-45A, Class A2R, 3-Month LIBOR + 1.40%, 2.44% (A), 10/15/2030 (B)		4,625,000		4,567,696
Dryden 80 CLO Ltd. Series 2019-80A, Class BR, 3-Month SOFR + 1.75%, 2.60% (A), 01/17/2033 (B)		3,850,000		3,796,909
Dryden Senior Loan Fund Series 2022-109A, Class B, 3-Month SOFR + 2.00%, 3.03% (A), 04/20/2035 (B)		6,510,000		6,493,575
Elmwood CLO 15 Ltd. Series 2022-2A, Class A1, 3-Month SOFR + 1.34%, 1.98% (A), 04/22/2035 (B)		5,000,000		4,994,245
Ford Credit Floorplan Master Owner Trust Series 2018-2, Class A, 3.17%, 03/15/2025		4,700,000		4,723,693

	Principal		Value
ASSET-BACKED SECURITIES (continued)
GM Financial Consumer Automobile Receivables Trust Series 2019-4, Class A4, 1.76%, 01/16/2025		$ 5,000,000		$ 4,954,846
GoldenTree Loan Opportunities IX Ltd. Series 2014-9A, Class AJR2, 3-Month LIBOR + 1.30%, 2.54% (A), 10/29/2029 (B)		4,500,000		4,453,366
Gulf Stream Meridian 1 Ltd. Series 2020-IA, Class A1, 3-Month LIBOR + 1.37%, 2.41% (A), 04/15/2033 (B)		5,055,000		5,036,514
Gulf Stream Meridian 4 Ltd. Series 2021-4A, Class A1, 3-Month LIBOR + 1.20%, 2.24% (A), 07/15/2034 (B)		3,000,000		2,962,638
Honda Auto Receivables Owner Trust Series 2020-3, Class A4, 0.46%, 04/19/2027		1,300,000		1,251,061
Logan CLO II Ltd. Series 2021-2A, Class B, 3-Month LIBOR + 1.70%, 1.95% (A), 01/20/2035 (B)		2,500,000		2,465,520
Mercedes-Benz Auto Receivables Trust Series 2019-1, Class A4, 2.04%, 01/15/2026		2,600,000		2,592,003
Myers Park CLO Ltd. Series 2018-1A, Class A2, 3-Month LIBOR + 1.40%, 2.46% (A), 10/20/2030 (B)		3,725,000		3,704,930
OCP CLO Ltd. Series 2021-22A, Class A, 3-Month LIBOR + 1.18%, 2.24% (A), 12/02/2034 (B)		9,000,000		8,872,173
Octagon Investment Partners 44 Ltd. Series 2019-1A, Class BR, 2.74% (A), 10/15/2034 (B)		3,000,000		2,977,674
Silver Rock CLO II Ltd. Series 2021-2A, Class B1, 2.14%, 01/20/2035 (B)		2,298,000		2,260,435
Sixth Street CLO XX Ltd. Series 2021-20A, Class B, 2.71%, 10/20/2034 (B)		1,000,000		985,204
TCW CLO AMR Ltd. Series 2019-1A, Class BR, 3-Month LIBOR + 1.75%, 2.21% (A), 08/16/2034 (B)		7,900,000		7,804,244
TICP CLO XII Ltd. Series 2018-12A, Class BR, 3-Month LIBOR + 1.65%, 2.69% (A), 07/15/2034 (B)		6,650,000		6,528,937
Toyota Lease Owner Trust Series 2022-A, Class A3, 1.96%, 02/20/2025 (B)		3,500,000		3,418,070
Voya CLO Ltd. Series 2018-3A, Class A2, 3-Month LIBOR + 1.40%, 2.44% (A), 10/15/2031 (B)		5,200,000		5,131,303

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

Transamerica Funds Semi-Annual Report 2022

Page    223

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Whitebox CLO I Ltd. Series 2019-1A, Class ANBR, 2.88% (A), 07/24/2032 (B)		$ 2,500,000		$ 2,473,105
Total Asset-Backed Securities (Cost $156,487,803)				155,686,640
CORPORATE DEBT SECURITIES - 43.1%
Aerospace & Defense - 0.3%
Lockheed Martin Corp. 3.10%, 01/15/2023		1,827,000		1,831,526
Moog, Inc. 4.25%, 12/15/2027 (B)		772,000		718,925
Spirit AeroSystems, Inc. 7.50%, 04/15/2025 (B)		609,000		617,946
				3,168,397
Air Freight & Logistics - 0.1%
Cargo Aircraft Management, Inc. 4.75%, 02/01/2028 (B)		839,000		788,752
United Parcel Service, Inc. 3.90%, 04/01/2025		302,000		305,776
				1,094,528
Airlines - 0.4%
Air Canada 3.88%, 08/15/2026 (B)		820,000		758,233
American Airlines Group, Inc. 3.75%, 03/01/2025 (B) (C)		605,000		539,963
American Airlines, Inc. 11.75%, 07/15/2025 (B)		1,415,000		1,627,250
British Airways Pass-Through Trust 2.90%, 09/15/2036 (B)		108,927		97,417
Controladora Mabe SA de CV 5.60%, 10/23/2028 (D)		750,000		767,820
United Airlines Holdings, Inc. 4.88%, 01/15/2025 (C)		312,000		301,080
United Airlines, Inc. 4.63%, 04/15/2029 (B)		880,000		807,400
				4,899,163
Auto Components - 0.0% (E)
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (B) (C)		649,000		532,180
Automobiles - 0.3%
Ford Motor Co.
3.25%, 02/12/2032		255,000		207,188
4.75%, 01/15/2043		1,773,000		1,427,265
Ford Motor Credit Co. LLC 4.95%, 05/28/2027		350,000		340,868
Kia Corp. 1.00%, 04/16/2024 (B)		1,310,000		1,248,742
				3,224,063
Banks - 7.6%
ADCB Finance Cayman Ltd. 4.50%, 03/06/2023 (D)		600,000		605,701
Australia & New Zealand Banking Group Ltd.
Fixed until 06/15/2026 (F), 6.75% (A) (D)		1,000,000		1,047,500
Fixed until 06/15/2026 (F), 6.75% (A) (B)		563,000		589,743

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Banco de Credito del Peru SA Fixed until 07/01/2025, 3.13% (A), 07/01/2030 (C) (D)		$ 750,000		$ 683,632
Banco Inbursa SA Institucion de Banca Multiple Grupo Financiero Inbursa 4.38%, 04/11/2027 (D)		750,000		741,000
Banco Internacional del Peru SAA Interbank 3.25%, 10/04/2026 (D)		800,000		761,008
Banco Santander SA
Fixed until 03/24/2026, 0.50% (A), 03/24/2027 (D)		EUR  700,000		689,112
1.38%, 01/05/2026 (D)		1,000,000		1,028,931
2.71%, 06/27/2024		$600,000		588,602
Bangkok Bank PCL Fixed until 09/23/2031, 3.47% (A), 09/23/2036 (B)		540,000		464,464
Bank Hapoalim BM Fixed until 01/21/2027, 3.26% (A), 01/21/2032 (D)		220,000		198,000
Bank Mandiri Persero Tbk PT 4.75%, 05/13/2025 (D)		600,000		617,974
Bank of America Corp.
Fixed until 05/19/2023, 1.49% (A), 05/19/2024		915,000		898,624
Fixed until 10/22/2024, 2.46% (A), 10/22/2025		1,175,000		1,131,755
Fixed until 04/02/2025, 3.38% (A), 04/02/2026		128,000		125,291
Fixed until 03/31/2028, 3.65% (A), 03/31/2029 (D)		EUR  1,170,000		1,314,971
Fixed until 03/08/2032, 3.85% (A), 03/08/2037		$79,000		70,381
Fixed until 04/27/2032, 4.57% (A), 04/27/2033		154,000		153,571
Bank of China Ltd. 5.00%, 11/13/2024 (D)		500,000		516,144
Bank of Montreal 1.50%, 01/10/2025		748,000		709,857
Bank of Nova Scotia
2.95%, 03/11/2027		155,000		147,695
4.59% (A), 05/04/2037		269,000		255,413
Fixed until 06/04/2025 (F), 4.90% (A)		2,187,000		2,145,797
BankUnited, Inc.
4.88%, 11/17/2025		223,000		229,840
5.13%, 06/11/2030		5,046,000		4,979,555
Barclays PLC
Fixed until 12/15/2025 (F), 6.13% (A)		3,500,000		3,432,170
Fixed until 06/15/2024 (F), 8.00% (A)		2,963,000		3,053,742
BNP Paribas SA
Fixed until 10/14/2026, 0.38% (A), 10/14/2027 (C) (D)		EUR  700,000		677,034
Fixed until 09/01/2027, 0.50% (A), 09/01/2028 (D)		900,000		851,897
CaixaBank SA 1.38%, 06/19/2026 (D)		900,000		910,942

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

Transamerica Funds Semi-Annual Report 2022

Page    224

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Canadian Imperial Bank of Commerce
0.95%, 10/23/2025		$288,000		$ 261,618
2.25%, 01/28/2025		681,000		655,778
3.30%, 04/07/2025 (C)		617,000		608,305
CBQ Finance Ltd. 2.00%, 05/12/2026 (D)		1,000,000		930,331
Citigroup, Inc. Fixed until 06/01/2023, 4.04% (A), 06/01/2024		861,000		866,008
Commonwealth Bank of Australia 3.74%, 09/12/2039 (D)		500,000		430,159
Credit Agricole SA
0.13%, 12/09/2027		EUR  900,000		838,454
Fixed until 01/23/2024 (F), 7.88% (A) (B)		$4,000,000		4,100,000
Fixed until 12/23/2025 (F), 8.13% (A) (B)		1,553,000		1,669,475
Danske Bank AS
Fixed until 09/10/2024, 0.98% (A), 09/10/2025 (B)		565,000		525,069
Fixed until 02/17/2026, 1.38% (A), 02/17/2027 (D)		EUR  700,000		711,976
Fixed until 02/12/2025, 1.38% (A), 02/12/2030 (D)		1,140,000		1,145,818
Fixed until 12/20/2024, 3.24% (A), 12/20/2025 (B)		$593,000		575,763
Fixed until 06/26/2025 (F), 7.00% (A) (D)		500,000		496,498
DBS Group Holdings Ltd. Fixed until 02/27/2025 (F), 3.30% (A) (D)		1,000,000		964,520
Development Bank of the Philippines 2.38%, 03/11/2031 (D)		1,000,000		841,370
Hana Bank 3.25%, 03/30/2027 (B)		605,000		590,844
HSBC Holdings PLC
3.00%, 06/30/2025 (D)		EUR  800,000		859,746
Fixed until 03/30/2025 (F), 6.38% (A)		$4,000,000		4,017,120
ING Groep NV
Fixed until 02/16/2030, 1.75% (A), 02/16/2031 (D)		EUR  700,000		684,572
Fixed until 11/16/2026 (F), 5.75% (A)		$2,050,000		1,968,000
Fixed until 04/16/2025 (F), 6.50% (A)		1,500,000		1,496,250
JPMorgan Chase & Co.
Fixed until 09/16/2023, 0.65% (A), 09/16/2024		610,000		590,069
Fixed until 05/18/2027, 1.64% (A), 05/18/2028 (D)		EUR  620,000		635,090
Fixed until 04/26/2025, 4.08% (A), 04/26/2026		$388,000		387,675
Fixed until 04/26/2032, 4.59% (A), 04/26/2033		77,000		77,521
Kookmin Bank 2.50%, 11/04/2030 (D)		800,000		684,865
Lloyds Banking Group PLC
Fixed until 06/27/2026 (F), 6.75% (A) (C)		1,881,000		1,894,543
Fixed until 06/27/2024 (F), 7.50% (A)		2,300,000		2,346,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Mitsubishi UFJ Financial Group, Inc.
2.19%, 02/25/2025		$ 842,000		$ 807,778
3.20%, 07/18/2029		1,000,000		919,725
Mizuho Financial Group, Inc.
Fixed until 09/13/2024, 2.56% (A), 09/13/2025		1,180,000		1,144,584
Fixed until 07/16/2029, 3.15% (A), 07/16/2030		1,000,000		915,655
National Bank of Canada
Fixed until 11/15/2023, 0.55% (A), 11/15/2024		706,000		675,628
2.15%, 10/07/2022 (B)		831,000		831,309
NatWest Group PLC
Fixed until 02/26/2029, 0.78% (A), 02/26/2030 (D)		EUR  550,000		506,529
Fixed until 03/02/2025, 1.75% (A), 03/02/2026 (D)		1,150,000		1,197,040
Fixed until 03/22/2024, 4.27% (A), 03/22/2025		$811,000		811,490
Fixed until 06/28/2031 (F), 4.60% (A)		562,000		470,802
Fixed until 12/29/2025 (F), 6.00% (A) (C)		1,875,000		1,847,906
NatWest Markets PLC 3.48%, 03/22/2025 (B)		600,000		594,748
Nordea Bank Abp Fixed until 03/26/2026 (F), 6.63% (A) (B)		2,721,000		2,755,012
QNB Finance Ltd. 3.50%, 03/28/2024 (D)		550,000		549,698
Shinhan Bank Co. Ltd.
3.88%, 03/24/2026 (C) (D)		750,000		745,621
4.38%, 04/13/2032 (B) (C)		245,000		240,184
Shinhan Financial Group Co. Ltd. Fixed until 05/12/2026 (F), 2.88% (A) (B)		900,000		816,741
Signature Bank Fixed until 10/15/2025, 4.00% (A), 10/15/2030		929,000		911,072
Societe Generale SA
Fixed until 11/18/2030 (F), 5.38% (A) (B)		1,765,000		1,549,670
Fixed until 12/18/2023 (F), 7.88% (A) (B)		2,000,000		2,046,811
Standard Chartered PLC Fixed until 07/02/2026, 0.90% (A), 07/02/2027 (D)		EUR  1,240,000		1,225,859
Sumitomo Mitsui Financial Group, Inc. 1.40%, 09/17/2026		$1,000,000		891,108
Sumitomo Mitsui Trust Bank Ltd. 0.85%, 03/25/2024 (B)		1,110,000		1,057,245
SVB Financial Group
Fixed until 02/15/2031 (F), 4.10% (A)		1,378,000		1,116,180
Fixed until 04/29/2027, 4.35% (A), 04/29/2028		340,000		337,907
Swedbank AB 1.30%, 02/17/2027 (D)		EUR  700,000		707,804
Texas Capital Bancshares, Inc. Fixed until 05/06/2026, 4.00% (A), 05/06/2031		$500,000		479,427
Toronto-Dominion Bank 1.25%, 12/13/2024 (C)		489,000		464,426

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

Transamerica Funds Semi-Annual Report 2022

Page    225

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
UniCredit SpA Fixed until 06/03/2024 (F), 8.00% (A) (D)		$ 2,000,000		$ 2,015,060
United Overseas Bank Ltd. Fixed until 10/19/2023 (F), 3.88% (A) (D)		1,500,000		1,489,500
Woori Bank 5.13%, 08/06/2028 (D)		700,000		731,745
				92,328,047
Beverages - 0.1%
Anheuser-Busch InBev SA 1.50%, 04/18/2030 (D)		EUR  615,000		611,286
PepsiCo, Inc. 2.25%, 03/19/2025		$463,000		452,071
				1,063,357
Biotechnology - 0.1%
Grifols Escrow Issuer SA 4.75%, 10/15/2028 (B)		832,000		759,200
Building Products - 0.2%
Park River Holdings, Inc. 6.75%, 08/01/2029 (B)		812,000		650,162
PGT Innovations, Inc. 4.38%, 10/01/2029 (B) (C)		650,000		570,329
Standard Industries, Inc. 3.38%, 01/15/2031 (B)		845,000		674,868
				1,895,359
Capital Markets - 2.5%
Aretec Escrow Issuer, Inc. 7.50%, 04/01/2029 (B)		800,000		745,000
Bank of New York Mellon Corp. Fixed until 09/20/2025 (F), 4.70% (A)		1,667,000		1,662,833
Beijing State-Owned Assets Management Hong Kong Co. Ltd. 4.13%, 05/26/2025 (D)		500,000		501,113
Charles Schwab Corp.
2.45%, 03/03/2027		105,000		98,906
3.85%, 05/21/2025		1,186,000		1,198,963
Fixed until 06/01/2025 (F), 5.38% (A)		2,270,000		2,284,188
Credit Suisse Group AG
Fixed until 02/11/2027 (F), 5.25% (A) (B)		1,667,000		1,464,876
Fixed until 07/17/2023 (F), 7.50% (A) (B)		1,745,000		1,728,074
Fixed until 12/11/2023 (F), 7.50% (A) (B)		1,700,000		1,701,173
Deutsche Bank AG
Fixed until 11/19/2024, 1.00% (A), 11/19/2025 (D)		EUR  1,000,000		1,019,090
Fixed until 11/19/2029, 1.75% (A), 11/19/2030 (D)		600,000		560,132
Fixed until 09/18/2023, 2.22% (A), 09/18/2024		$429,000		417,375
Goldman Sachs Group, Inc. 1.63%, 07/27/2026 (D)		EUR  1,390,000		1,431,657
Huarong Finance II Co. Ltd. 5.50%, 01/16/2025 (D)		$900,000		882,000
ION Trading Technologies SARL 5.75%, 05/15/2028 (B)		1,005,000		940,931

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
JAB Holdings BV
2.25%, 12/19/2039 (D)		EUR  1,000,000		$ 844,770
2.50%, 06/25/2029 (D)		1,000,000		1,031,357
LPL Holdings, Inc. 4.00%, 03/15/2029 (B)		$725,000		659,750
Mirae Asset Securities Co. Ltd. 2.63%, 07/30/2025 (D)		1,600,000		1,531,943
Morgan Stanley
Fixed until 10/29/2026, 0.41% (A), 10/29/2027		EUR  1,000,000		969,628
Fixed until 10/21/2024, 1.16% (A), 10/21/2025		$226,000		211,031
5.00%, 11/24/2025		102,000		104,773
5.30% (A), 04/20/2037		88,000		88,100
NFP Corp. 4.88%, 08/15/2028 (B)		386,000		351,260
SURA Asset Management SA 4.88%, 04/17/2024 (D)		800,000		800,008
Temasek Financial I Ltd. 2.25%, 04/06/2051 (C) (D)		2,000,000		1,471,580
UBS Group AG
0.88%, 11/03/2031 (D)		EUR  700,000		628,085
Fixed until 08/15/2022, 2.86% (A), 08/15/2023 (B)		$1,728,000		1,724,698
Fixed until 01/31/2024 (F), 7.00% (A) (B)		3,225,000		3,277,406
				30,330,700
Chemicals - 0.8%
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028 (B)		106,000		93,280
Celanese US Holdings LLC 0.63%, 09/10/2028		EUR  1,200,000		1,075,252
Consolidated Energy Finance SA 5.63%, 10/15/2028 (B)		$832,000		769,600
Ecolab, Inc. 0.90%, 12/15/2023		212,000		205,467
Equate Petrochemical BV 2.63%, 04/28/2028 (B)		800,000		726,522
MEGlobal Canada ULC 5.88%, 05/18/2030 (B)		486,000		526,074
Methanex Corp. 5.13%, 10/15/2027		789,000		757,440
Minerals Technologies, Inc. 5.00%, 07/01/2028 (B)		535,000		499,545
RPM International, Inc. 4.55%, 03/01/2029		525,000		525,099
Syngenta Finance NV
1.25%, 09/10/2027 (D)		EUR  700,000		670,238
3.38%, 04/16/2026 (D)		1,750,000		1,870,311
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.13%, 04/01/2029 (B)		$673,000		592,240
Westlake Corp. 1.63%, 07/17/2029		EUR  1,200,000		1,175,961
				9,487,029
Commercial Services & Supplies - 0.8%
Ahern Rentals, Inc. 7.38%, 05/15/2023 (B) (C)		$515,000		484,100
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL 4.63%, 06/01/2028 (B)		847,000		747,938

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

Transamerica Funds Semi-Annual Report 2022

Page    226

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies (continued)
Brink’s Co. 4.63%, 10/15/2027 (B)		$ 825,000		$ 781,687
Cintas Corp. No. 2 3.45%, 05/01/2025 (G)		91,000		90,746
Covanta Holding Corp.
4.88%, 12/01/2029 (B)		250,000		227,450
5.00%, 09/01/2030		475,000		428,688
Deluxe Corp. 8.00%, 06/01/2029 (B)		810,000		768,487
Garda World Security Corp.
4.63%, 02/15/2027 (B)		327,000		296,753
6.00%, 06/01/2029 (B)		304,000		251,891
Harsco Corp. 5.75%, 07/31/2027 (B)		866,000		789,142
Nielsen Finance LLC / Nielsen Finance Co. 5.88%, 10/01/2030 (B)		739,000		711,288
Prime Security Services Borrower LLC / Prime Finance, Inc. 5.75%, 04/15/2026 (B)		730,000		699,888
Sotheby’s 7.38%, 10/15/2027 (B)		735,000		723,975
Sotheby’s / Bidfair Holdings, Inc. 5.88%, 06/01/2029 (B)		500,000		469,629
Triton Container International Ltd. 0.80%, 08/01/2023 (B)		1,412,000		1,359,541
Wabtec Transportation Netherlands BV 1.25%, 12/03/2027		EUR  950,000		928,952
				9,760,155
Communications Equipment - 0.0% (E)
Xiaomi Best Time International Ltd. 2.88%, 07/14/2031 (B)		$400,000		328,288
Construction & Engineering - 0.1%
Mattamy Group Corp.
4.63%, 03/01/2030 (B)		194,000		165,062
5.25%, 12/15/2027 (B)		555,000		518,925
VM Consolidated, Inc. 5.50%, 04/15/2029 (B)		796,000		712,372
				1,396,359
Construction Materials - 0.1%
Holcim Finance Luxembourg SA 0.50%, 09/03/2030 (D)		EUR  750,000		663,432
Consumer Finance - 1.9%
Ally Financial, Inc. Fixed until 05/15/2028 (F), 4.70% (A)		$3,000,000		2,595,000
Altice Financing SA 5.00%, 01/15/2028 (B)		1,400,000		1,169,000
American Express Co.
3.40%, 02/22/2024		361,000		362,036
4.20%, 11/06/2025		302,000		309,282
BMW US Capital LLC 3.90%, 04/09/2025 (B)		534,000		538,217
Cobra Acquisition Co. LLC 6.38%, 11/01/2029 (B)		1,150,000		879,750
Credit Acceptance Corp. 6.63%, 03/15/2026 (C)		964,000		973,640
Curo Group Holdings Corp. 7.50%, 08/01/2028 (B)		883,000		735,097

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Enova International, Inc. 8.50%, 09/01/2024 - 09/15/2025 (B)		$ 1,212,000		$ 1,206,226
FCE Bank PLC 1.62%, 05/11/2023 (D)		EUR  900,000		947,380
FirstCash, Inc.
4.63%, 09/01/2028 (B)		$764,000		695,240
5.63%, 01/01/2030 (B)		305,000		283,650
General Motors Financial Co., Inc.
0.85%, 02/26/2026 (D)		EUR  1,500,000		1,476,884
2.75%, 06/20/2025		$429,000		411,321
goeasy Ltd. 4.38%, 05/01/2026 (B) (C)		809,000		750,347
Hyundai Capital America 3.40%, 06/20/2024 (B)		387,000		383,122
John Deere Capital Corp.
0.45%, 06/07/2024		1,412,000		1,342,409
0.63%, 09/10/2024		288,000		272,343
0.90%, 01/10/2024		445,000		430,805
KB Kookmin Card Co. Ltd. 1.50%, 05/13/2026 (D)		2,000,000		1,817,184
LFS Topco LLC 5.88%, 10/15/2026 (B)		650,000		601,250
Mastercard, Inc. 1.00%, 02/22/2029		EUR  1,100,000		1,101,317
PACCAR Financial Corp. 0.80%, 06/08/2023		$291,000		285,489
PROG Holdings, Inc. 6.00%, 11/15/2029 (B) (C)		827,000		730,820
Synchrony Financial 4.50%, 07/23/2025		1,178,000		1,183,707
Volkswagen Leasing GmbH 0.38%, 07/20/2026 (D)		EUR  1,000,000		971,039
Woori Card Co. Ltd. 1.75%, 03/23/2026 (D)		$1,000,000		922,640
				23,375,195
Containers & Packaging - 0.3%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25%, 09/01/2028 (B)		414,000		361,215
Clydesdale Acquisition Holdings, Inc. 6.63%, 04/15/2029 (B)		825,000		830,156
Crown Americas LLC 5.25%, 04/01/2030 (B)		697,000		693,299
LABL, Inc. 5.88%, 11/01/2028 (B)		702,000		641,847
Sealed Air Corp. 5.00%, 04/15/2029 (B)		128,000		127,040
Sonoco Products Co. 1.80%, 02/01/2025		980,000		930,304
				3,583,861
Distributors - 0.1%
Genuine Parts Co. 1.75%, 02/01/2025		149,000		141,549
Performance Food Group, Inc. 5.50%, 10/15/2027 (B)		600,000		581,178
				722,727

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

Transamerica Funds Semi-Annual Report 2022

Page    227

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 1.2%
Azure Orbit IV International Finance Ltd. 4.00%, 01/25/2028 (D)		$ 1,500,000		$ 1,465,397
Burford Capital Global Finance LLC 6.25%, 04/15/2028 (B)		805,000		792,324
CDBL Funding 1 3.50%, 10/24/2027 (D)		1,500,000		1,440,947
China Development Bank Financial Leasing Co. Ltd. Fixed until 09/28/2025, 2.88% (A), 09/28/2030 (D)		1,000,000		956,560
Enact Holdings, Inc. 6.50%, 08/15/2025 (B)		1,073,000		1,070,317
JIC Zhixin Ltd. 2.13%, 08/27/2030 (D)		500,000		426,924
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 4.25%, 02/01/2027 (B)		943,000		866,806
National Rural Utilities Cooperative Finance Corp.
1.88%, 02/07/2025		300,000		287,177
2.85%, 01/27/2025		1,361,000		1,342,094
Fixed until 04/30/2023, 4.75% (A), 04/30/2043		1,762,000		1,656,669
Power Finance Corp. Ltd. 3.95%, 04/23/2030 (C) (D)		2,000,000		1,797,312
REC Ltd. 2.25%, 09/01/2026 (D)		1,500,000		1,358,655
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. 3.63%, 03/01/2029 (B)		491,000		419,805
S&P Global, Inc. 2.70%, 03/01/2029 (B)		232,000		213,844
				14,094,831
Diversified Telecommunication Services - 0.4%
Connect Finco SARL / Connect US Finco LLC 6.75%, 10/01/2026 (B)		1,149,000		1,117,402
Hughes Satellite Systems Corp. 6.63%, 08/01/2026		725,000		721,375
Iliad Holding SASU 7.00%, 10/15/2028 (B)		970,000		916,650
Lumen Technologies, Inc.
5.13%, 12/15/2026 (B)		385,000		346,500
5.38%, 06/15/2029 (B)		830,000		676,853
Ooredoo International Finance Ltd. 2.63%, 04/08/2031 (B)		435,000		390,611
Telesat Canada / Telesat LLC
4.88%, 06/01/2027 (B)		790,000		537,200
6.50%, 10/15/2027 (B)		255,000		108,974
Zayo Group Holdings, Inc. 6.13%, 03/01/2028 (B)		496,000		415,400
				5,230,965
Electric Utilities - 1.1%
Abu Dhabi National Energy Co. PJSC 2.00%, 04/29/2028 (D)		800,000		718,000
Avangrid, Inc. 3.20%, 04/15/2025		799,000		784,869

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
China Huadian Overseas Development Management Co. Ltd. Fixed until 05/29/2024 (F), 4.00% (A) (D)		$ 1,500,000		$ 1,500,062
China Huaneng Group Hong Kong Treasury Management Holding Ltd.
Fixed until 12/09/2023 (F), 2.85% (A) (D)		660,000		650,430
Fixed until 12/09/2025 (F), 3.08% (A) (D)		1,000,000		968,000
Colbun SA 3.15%, 03/06/2030 (D)		1,000,000		869,010
Electricite de France SA 1.00%, 11/29/2033 (D)		EUR  500,000		440,346
FLUVIUS System Operator CVBA 0.63%, 11/24/2031 (D)		700,000		630,821
Infraestructura Energetica Nova SAB de CV 4.75%, 01/15/2051 (D)		$575,000		472,656
Israel Electric Corp. Ltd. 5.00%, 11/12/2024 (D)		700,000		719,313
Minejesa Capital BV 4.63%, 08/10/2030 (D)		550,000		499,548
NextEra Energy Capital Holdings, Inc. 2.94%, 03/21/2024		109,000		108,238
NextEra Energy Operating Partners LP 4.25%, 07/15/2024 (B)		750,000		743,437
NRG Energy, Inc. 3.63%, 02/15/2031 (B)		1,040,000		865,800
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 4.50%, 08/15/2028 (B)		770,000		719,950
Southern California Edison Co. 1.10%, 04/01/2024		983,000		942,367
TenneT Holding BV 0.88%, 06/16/2035 (D)		EUR  500,000		437,224
Vistra Operations Co. LLC 5.00%, 07/31/2027 (B)		$992,000		944,880
				13,014,951
Electrical Equipment - 0.2%
EnerSys 4.38%, 12/15/2027 (B)		690,000		643,708
Siemens Financieringsmaatschappij NV 3.25%, 05/27/2025 (B)		1,220,000		1,212,191
				1,855,899
Electronic Equipment, Instruments & Components - 0.1%
Imola Merger Corp. 4.75%, 05/15/2029 (B)		800,000		744,000
Trimble, Inc. 4.75%, 12/01/2024		54,000		54,895
TTM Technologies, Inc. 4.00%, 03/01/2029 (B) (C)		798,000		698,250
				1,497,145
Energy Equipment & Services - 0.4%
Archrock Partners LP / Archrock Partners Finance Corp.
6.25%, 04/01/2028 (B)		158,000		153,260
6.88%, 04/01/2027 (B)		732,000		733,098

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

Transamerica Funds Semi-Annual Report 2022

Page    228

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Genesis Energy LP / Genesis Energy Finance Corp.
5.63%, 06/15/2024		$ 1,141,000		$ 1,115,327
8.00%, 01/15/2027		762,000		747,324
Nabors Industries Ltd. 7.25%, 01/15/2026 (B)		670,000		654,784
Nabors Industries, Inc. 7.38%, 05/15/2027 (B)		603,000		615,181
USA Compression Partners LP / USA Compression Finance Corp. 6.88%, 04/01/2026		471,000		461,580
Weatherford International Ltd. 6.50%, 09/15/2028 (B)		455,000		459,550
				4,940,104
Entertainment - 0.2%
Netflix, Inc. 4.63%, 05/15/2029		EUR  1,250,000		1,382,262
Scientific Games Holdings LP / Scientific Games US FinCo, Inc. 6.63%, 03/01/2030 (B)		$825,000		783,750
				2,166,012
Equity Real Estate Investment Trusts - 0.7%
CTR Partnership LP / CareTrust Capital Corp. 3.88%, 06/30/2028 (B)		830,000		751,150
HAT Holdings I LLC / HAT Holdings II LLC 6.00%, 04/15/2025 (B)		795,000		806,925
Scentre Group Trust 1 / Scentre Group Trust 2 1.45%, 03/28/2029 (C) (D)		EUR  1,000,000		962,220
Scentre Group Trust 2
3.75%, 09/24/2080 (D)		$1,000,000		965,350
Fixed until 06/24/2030, 5.13% (A), 09/24/2080 (B)		1,273,000		1,215,448
Service Properties Trust
3.95%, 01/15/2028		65,000		51,513
4.38%, 02/15/2030		1,067,000		818,901
4.75%, 10/01/2026		275,000		236,500
4.95%, 10/01/2029		90,000		71,938
5.25%, 02/15/2026		205,000		182,450
Simon International Finance SCA 1.13%, 03/19/2033 (C) (D)		EUR  600,000		517,089
Trust Fibra Uno 4.87%, 01/15/2030 (B)		$930,000		876,413
Unibail-Rodamco-Westfield SE 0.88%, 02/21/2025 (D)		EUR  1,300,000		1,334,582
				8,790,479
Food & Staples Retailing - 0.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP
4.63%, 01/15/2027 (B)		$385,000		360,620
5.88%, 02/15/2028 (B)		980,000		951,825
C&S Group Enterprises LLC 5.00%, 12/15/2028 (B)		925,000		787,406
Cencosud SA 4.38%, 07/17/2027 (D)		750,000		725,693

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing (continued)
Tesco Corporate Treasury Services PLC 0.38%, 07/27/2029 (D)		EUR  1,310,000		$ 1,171,249
				3,996,793
Food Products - 0.9%
Conagra Brands, Inc. 0.50%, 08/11/2023		$1,977,000		1,912,300
Hormel Foods Corp. 0.65%, 06/03/2024		421,000		401,519
Land O’Lakes Capital Trust I 7.45%, 03/15/2028 (B)		490,000		548,800
Land O’Lakes, Inc. 7.00%, 09/18/2028 (B) (F)		4,820,000		4,894,710
Nestle Holdings, Inc. 3.50%, 09/24/2025 (B)		635,000		640,681
Post Holdings, Inc. 4.50%, 09/15/2031 (B)		1,050,000		873,180
Sigma Alimentos SA de CV 4.13%, 05/02/2026 (D)		500,000		492,500
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. 4.63%, 03/01/2029 (B)		628,000		566,770
Smithfield Foods, Inc. 5.20%, 04/01/2029 (B)		121,000		121,518
Viterra Finance BV 0.38%, 09/24/2025 (D)		EUR  1,100,000		1,071,590
				11,523,568
Gas Utilities - 0.1%
Ferrellgas LP / Ferrellgas Finance Corp. 5.38%, 04/01/2026 (B)		$855,000		773,775
Promigas SA ESP / Gases del Pacifico SAC 3.75%, 10/16/2029 (D)		400,000		349,880
				1,123,655
Health Care Providers & Services - 0.6%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028 (B)		742,000		722,523
CHS / Community Health Systems, Inc. 5.63%, 03/15/2027 (B)		587,000		559,553
DaVita, Inc. 4.63%, 06/01/2030 (B)		531,000		461,970
HCA, Inc. 3.50%, 09/01/2030		1,545,000		1,386,800
Legacy LifePoint Health LLC 4.38%, 02/15/2027 (B)		735,000		679,875
MPH Acquisition Holdings LLC 5.75%, 11/01/2028 (B) (C)		1,590,000		1,382,569
Roche Holdings, Inc. 2.13%, 03/10/2025 (B)		470,000		455,061
Select Medical Corp. 6.25%, 08/15/2026 (B) (C)		501,000		497,243
Tenet Healthcare Corp. 4.63%, 07/15/2024		319,000		318,132

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

Transamerica Funds Semi-Annual Report 2022

Page    229

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
UnitedHealth Group, Inc. 3.75%, 07/15/2025		$ 1,274,000		$ 1,286,262
				7,749,988
Hotels, Restaurants & Leisure - 1.3%
AMC Entertainment Holdings, Inc. 10.00%, 06/15/2026 (B)		840,000		703,559
Banijay Entertainment SASU 5.38%, 03/01/2025 (B)		995,000		978,152
Brinker International, Inc. 5.00%, 10/01/2024 (B)		534,000		532,755
Caesars Entertainment, Inc. 6.25%, 07/01/2025 (B)		750,000		758,152
Carnival Corp.
5.75%, 03/01/2027 (B)		1,130,000		1,023,232
6.00%, 05/01/2029 (B)		284,000		254,890
Carrols Restaurant Group, Inc. 5.88%, 07/01/2029 (B) (C)		1,075,000		819,548
CEC Entertainment LLC 6.75%, 05/01/2026 (B)		790,000		742,600
Dave & Buster’s, Inc. 7.63%, 11/01/2025 (B)		596,000		618,350
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.
4.88%, 07/01/2031 (B)		762,000		665,455
5.00%, 06/01/2029 (B)		300,000		270,750
InterContinental Hotels Group PLC 2.13%, 05/15/2027 (D)		EUR  650,000		672,935
Magallanes, Inc.
3.64%, 03/15/2025 (B)		$109,000		107,262
4.28%, 03/15/2032 (B)		185,000		172,097
Melco Resorts Finance Ltd. 5.38%, 12/04/2029 (B)		732,000		585,754
NCL Corp. Ltd.
3.63%, 12/15/2024 (B) (C)		1,080,000		1,004,400
5.88%, 03/15/2026 (B)		235,000		217,095
7.75%, 02/15/2029 (B)		318,000		308,460
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
5.63%, 09/01/2029 (B)		461,000		368,800
5.88%, 09/01/2031 (B)		461,000		363,037
Royal Caribbean Cruises Ltd.
4.25%, 07/01/2026 (B)		730,000		659,737
5.50%, 04/01/2028 (B) (C)		302,000		275,575
SeaWorld Parks & Entertainment, Inc.
5.25%, 08/15/2029 (B) (C)		855,000		777,982
8.75%, 05/01/2025 (B)		740,000		773,300
Travel & Leisure Co. 6.00%, 04/01/2027		720,000		725,414
Wynn Macau Ltd. 5.13%, 12/15/2029 (B) (C)		1,200,000		946,032
				15,325,323
Household Products - 0.0% (E)
Energizer Holdings, Inc. 4.38%, 03/31/2029 (B)		646,000		536,988

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Independent Power & Renewable Electricity Producers - 0.3%
Calpine Corp.
3.75%, 03/01/2031 (B)		$ 442,000		$ 372,385
5.00%, 02/01/2031 (B)		314,000		267,757
Clearway Energy Operating LLC 4.75%, 03/15/2028 (B)		940,000		888,300
Vistra Corp. Fixed until 12/15/2026, 7.00% (A), 12/31/2099 (D)		1,650,000		1,604,625
				3,133,067
Insurance - 2.4%
Americo Life, Inc. 3.45%, 04/15/2031 (B)		280,000		236,426
Asahi Mutual Life Insurance Co. Fixed until 09/05/2023 (F), 6.50% (A) (D)		1,000,000		1,016,250
Assurant, Inc. Fixed until 03/27/2028, 7.00% (A), 03/27/2048		2,100,000		2,168,166
Athene Global Funding
0.37%, 09/10/2026 (D)		EUR  700,000		678,726
0.63%, 01/12/2028 (D)		850,000		795,069
1.73%, 10/02/2026 (B)		$599,000		532,350
Athene Holding Ltd. 6.15%, 04/03/2030		1,852,000		1,949,234
Berkshire Hathaway Finance Corp. 1.50%, 03/18/2030		EUR  1,250,000		1,254,397
Brighthouse Financial, Inc. 5.63%, 05/15/2030		$2,000,000		2,088,760
Chubb INA Holdings, Inc. 1.55%, 03/15/2028		EUR  1,000,000		1,018,930
Cloverie PLC for Zurich Insurance Co. Ltd. 1.50%, 12/15/2028 (D)		1,000,000		1,019,713
Credit Agricole SA 1.13%, 07/12/2032 (C) (D)		700,000		629,911
Enstar Finance LLC
Fixed until 01/15/2027, 5.50% (A), 01/15/2042		$2,333,000		2,169,690
Fixed until 09/01/2025, 5.75% (A), 09/01/2040 (C)		2,100,000		2,065,590
F&G Global Funding 0.90%, 09/20/2024 (B)		395,000		368,870
Fairfax Financial Holdings Ltd. 2.75%, 03/29/2028 (D)		EUR  670,000		688,927
Hanwha Life Insurance Co. Ltd. Fixed until 02/04/2027, 3.38% (A), 02/04/2032 (B)		$1,400,000		1,308,851
Jackson National Life Global Funding 1.75%, 01/12/2025 (B)		298,000		282,771
Liberty Mutual Group, Inc. 4.30%, 02/01/2061 (B)		2,022,000		1,526,448
Markel Corp. Fixed until 06/01/2025 (F), 6.00% (A) (C)		2,667,000		2,727,007
New York Life Global Funding 0.25%, 10/04/2028 (D)		EUR  500,000		473,114
Nippon Life Insurance Co. Fixed until 01/21/2031, 2.75% (A), 01/21/2051 (B)		$830,000		713,800

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

Transamerica Funds Semi-Annual Report 2022

Page    230

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
QBE Insurance Group Ltd. Fixed until 05/12/2025 (F), 5.88% (A) (B) (C)		$ 1,742,000		$ 1,750,710
Ryan Specialty Group LLC 4.38%, 02/01/2030 (B)		507,000		462,399
Security Benefit Global Funding 1.25%, 05/17/2024 (B)		254,000		240,751
United Overseas Bank Ltd. 3.86%, 10/07/2032 (B)		480,000		467,986
				28,634,846
Interactive Media & Services - 0.1%
NAVER Corp. 1.50%, 03/29/2026 (D)		1,000,000		916,099
Internet & Catalog Retail - 0.1%
Amazon.com, Inc.
3.30%, 04/13/2027		151,000		149,935
3.45%, 04/13/2029		613,000		604,734
				754,669
Internet & Direct Marketing Retail - 0.3%
Amazon.com, Inc. 2.80%, 08/22/2024		1,782,000		1,777,023
Prosus NV
2.09%, 01/19/2030 (B)		EUR  1,000,000		872,465
3.26%, 01/19/2027 (B)		$600,000		537,037
				3,186,525
IT Services - 0.3%
Ahead DB Holdings LLC 6.63%, 05/01/2028 (B)		825,000		726,000
Bread Financial Holdings, Inc. 4.75%, 12/15/2024 (B)		765,000		742,050
Leidos, Inc. 3.63%, 05/15/2025		282,000		280,209
Mastercard, Inc. 2.00%, 03/03/2025		545,000		529,836
MoneyGram International, Inc. 5.38%, 08/01/2026 (B)		167,000		169,505
Rackspace Technology Global, Inc.
3.50%, 02/15/2028 (B)		625,000		540,544
5.38%, 12/01/2028 (B) (C)		276,000		225,285
Wipro IT Services LLC 1.50%, 06/23/2026 (B)		395,000		355,308
				3,568,737
Life Sciences Tools & Services - 0.0% (E)
Bio-Rad Laboratories, Inc. 3.30%, 03/15/2027		83,000		79,524
Machinery - 0.5%
AGCO International Holdings BV 0.80%, 10/06/2028 (D)		EUR  700,000		648,723
Allison Transmission, Inc. 3.75%, 01/30/2031 (B)		$824,000		712,760
Caterpillar Financial Services Corp.
0.65%, 07/07/2023		1,982,000		1,936,766
0.95%, 01/10/2024		464,000		449,768
CNH Industrial Capital LLC 4.20%, 01/15/2024 (C)		407,000		412,077
CNH Industrial NV 4.50%, 08/15/2023		319,000		323,514

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery (continued)
Illinois Tool Works, Inc. 3.50%, 03/01/2024		$ 381,000		$ 384,810
nVent Finance SARL 2.75%, 11/15/2031		356,000		306,566
Stanley Black & Decker, Inc.
2.30%, 02/24/2025		452,000		438,995
3.00%, 05/15/2032		400,000		360,526
Timken Co. 4.13%, 04/01/2032		65,000		60,718
Weir Group PLC 2.20%, 05/13/2026 (B)		319,000		288,865
				6,324,088
Media - 1.0%
Belo Corp. 7.25%, 09/15/2027		990,000		1,089,000
Block Communications, Inc. 4.88%, 03/01/2028 (B)		790,000		738,650
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50%, 08/15/2030 (B)		1,005,000		876,863
5.38%, 06/01/2029 (B)		1,095,000		1,037,513
Comcast Corp. 4.15%, 10/15/2028		149,000		150,165
CSC Holdings LLC
4.63%, 12/01/2030 (B)		1,255,000		960,075
5.38%, 02/01/2028 (B)		895,000		821,731
5.75%, 01/15/2030 (B)		360,000		296,100
Discovery Communications LLC 1.90%, 03/19/2027 (C)		EUR  800,000		812,531
Paramount Global Fixed until 03/30/2027, 6.38% (A), 03/30/2062		$3,000,000		2,907,495
Sirius XM Radio, Inc. 4.00%, 07/15/2028 (B)		855,000		772,706
Univision Communications, Inc. 6.63%, 06/01/2027 (B)		1,010,000		1,012,525
UPC Broadband Finco BV 4.88%, 07/15/2031 (B)		784,000		688,940
				12,164,294
Metals & Mining - 0.8%
Allegheny Technologies, Inc. 4.88%, 10/01/2029		661,000		601,450
Chinalco Capital Holdings Ltd. Fixed until 09/11/2024 (F), 4.10% (A) (D)		1,300,000		1,296,816
Cleveland-Cliffs, Inc.
4.63%, 03/01/2029 (B) (C)		413,000		387,101
6.25%, 10/01/2040		408,000		394,883
Commercial Metals Co. 3.88%, 02/15/2031		777,000		684,747
Constellium SE 5.63%, 06/15/2028 (B)		873,000		835,897
FMG Resources August 2006 Pty Ltd. 4.50%, 09/15/2027 (B)		790,000		748,525
Glencore Finance Europe Ltd. 3.75%, 04/01/2026 (D)		EUR  1,200,000		1,321,667
GUSAP III LP 4.25%, 01/21/2030 (B)		$850,000		790,933

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

Transamerica Funds Semi-Annual Report 2022

Page    231

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
Hudbay Minerals, Inc. 6.13%, 04/01/2029 (B)		$ 755,000		$ 714,434
Mineral Resources Ltd. 8.13%, 05/01/2027 (B)		725,000		736,042
South32 Treasury Ltd. 4.35%, 04/14/2032 (B)		381,000		367,090
Warrior Met Coal, Inc. 7.88%, 12/01/2028 (B)		665,000		695,510
				9,575,095
Mortgage Real Estate Investment Trusts - 0.2%
AG Issuer LLC 6.25%, 03/01/2028 (B)		715,000		698,912
Apollo Commercial Real Estate Finance, Inc. 4.63%, 06/15/2029 (B)		875,000		761,250
Starwood Property Trust, Inc.
3.63%, 07/15/2026 (B)		215,000		196,188
4.38%, 01/15/2027 (B)		110,000		102,618
4.75%, 03/15/2025		445,000		439,084
				2,198,052
Multi-Utilities - 0.5%
Algonquin Power & Utilities Corp. Fixed until 01/18/2027, 4.75% (A), 01/18/2082		7,000,000		6,401,500
Multiline Retail - 0.1%
El Puerto de Liverpool SAB de CV 3.88%, 10/06/2026 (D)		750,000		749,070
Falabella SA 3.38%, 01/15/2032 (B)		275,000		240,281
Nordstrom, Inc. 2.30%, 04/08/2024		172,000		164,690
				1,154,041
Oil, Gas & Consumable Fuels - 4.6%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.75%, 01/15/2028 (B)		802,000		779,793
Antero Resources Corp. 5.38%, 03/01/2030 (B)		945,000		923,350
Apache Corp.
4.38%, 10/15/2028 (C)		559,000		525,460
4.75%, 04/15/2043 (C)		636,000		550,140
BP Capital Markets America, Inc. 2.75%, 05/10/2023		1,579,000		1,580,105
BP Capital Markets PLC 1.57%, 02/16/2027 (D)		EUR  700,000		729,382
Buckeye Partners LP 4.50%, 03/01/2028 (B)		$1,026,000		936,225
California Resources Corp. 7.13%, 02/01/2026 (B)		1,200,000		1,220,580
Canadian Natural Resources Ltd. 2.95%, 01/15/2023		1,785,000		1,788,077
Chevron Corp. 1.55%, 05/11/2025		616,000		584,349
Chevron USA, Inc. 3.90%, 11/15/2024		1,059,000		1,074,622
Civitas Resources, Inc. 5.00%, 10/15/2026 (B)		664,000		630,800

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Crescent Energy Finance LLC 7.25%, 05/01/2026 (B)		$ 806,000		$ 789,880
DCP Midstream Operating LP 5.60%, 04/01/2044		685,000		654,846
DT Midstream, Inc.
4.13%, 06/15/2029 (B)		222,000		202,020
4.30%, 04/15/2032 (B)		123,000		116,712
4.38%, 06/15/2031 (B)		472,000		422,855
Earthstone Energy Holdings LLC 8.00%, 04/15/2027 (B)		711,000		707,445
eG Global Finance PLC 6.75%, 02/07/2025 (B)		988,000		960,287
Endeavor Energy Resources LP / EER Finance, Inc. 5.75%, 01/30/2028 (B)		169,000		169,436
Energy Transfer LP Fixed until 11/15/2026 (F), 6.50% (A)		3,346,000		3,179,068
EnLink Midstream Partners LP Fixed until 12/15/2022 (F), 6.00% (A)		1,400,000		1,036,000
EQT Corp. 3.63%, 05/15/2031 (B) (C)		415,000		375,612
Galaxy Pipeline Assets Bidco Ltd. 2.63%, 03/31/2036 (B)		1,030,000		861,129
Gray Oak Pipeline LLC 2.00%, 09/15/2023 (B)		382,000		373,909
Harvest Midstream I LP 7.50%, 09/01/2028 (B)		1,094,000		1,110,410
Hilcorp Energy I LP / Hilcorp Finance Co. 6.00%, 02/01/2031 (B)		970,000		933,848
Holly Energy Partners LP / Holly Energy Finance Corp. 5.00%, 02/01/2028 (B)		904,000		860,075
Howard Midstream Energy Partners LLC 6.75%, 01/15/2027 (B)		767,000		743,119
ITT Holdings LLC 6.50%, 08/01/2029 (B)		985,000		876,153
MPLX LP
3.50%, 12/01/2022		189,000		189,923
Fixed until 02/15/2023 (F), 6.88% (A)		5,500,000		5,384,500
Murphy Oil Corp. 6.38%, 07/15/2028		771,000		784,492
Murphy Oil USA, Inc. 4.75%, 09/15/2029		525,000		497,437
NGL Energy Operating LLC / NGL Energy Finance Corp. 7.50%, 02/01/2026 (B)		900,000		846,576
NGL Energy Partners LP / NGL Energy Finance Corp. 6.13%, 03/01/2025 (C)		575,000		482,373
NuStar Logistics LP 6.38%, 10/01/2030		719,000		708,467
Oasis Petroleum, Inc. 6.38%, 06/01/2026 (B)		646,000		649,140
Occidental Petroleum Corp.
3.50%, 08/15/2029 (C)		329,000		307,204
6.38%, 09/01/2028		1,419,000		1,489,950

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

Transamerica Funds Semi-Annual Report 2022

Page    232

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Oil & Natural Gas Corp. Ltd. 3.38%, 12/05/2029 (D)		$ 500,000		$ 452,455
Oil India International Pte Ltd. 4.00%, 04/21/2027 (D)		500,000		485,091
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 02/15/2028		716,000		630,080
Pertamina Persero PT
3.10%, 08/27/2030 (B)		400,000		360,008
4.30%, 05/20/2023 (D)		575,000		579,314
5.63%, 05/20/2043 (D)		1,900,000		1,842,084
6.45%, 05/30/2044 (D)		300,000		320,049
Petronas Capital Ltd.
3.50%, 03/18/2025 (D)		750,000		750,486
4.55%, 04/21/2050 (D)		1,000,000		1,013,953
PTTEP Treasury Center Co. Ltd.
2.59%, 06/10/2027 (D)		600,000		563,200
3.90%, 12/06/2059 (C) (D)		750,000		636,689
Qatar Energy 3.30%, 07/12/2051 (B)		975,000		809,016
Raizen Fuels Finance SA 5.30%, 01/20/2027 (D)		500,000		496,875
Reliance Industries Ltd.
2.88%, 01/12/2032 (B)		750,000		642,597
3.63%, 01/12/2052 (B)		800,000		638,025
3.67%, 11/30/2027 (D)		400,000		386,289
Rockcliff Energy II LLC 5.50%, 10/15/2029 (B)		611,000		592,670
SA Global Sukuk Ltd. 2.69%, 06/17/2031 (B)		450,000		404,645
Saudi Arabian Oil Co.
1.63%, 11/24/2025 (D)		750,000		697,920
2.25%, 11/24/2030 (D)		850,000		740,562
3.25%, 11/24/2050 (B)		345,000		271,129
Sinopec Group Overseas Development Ltd. 2.95%, 11/12/2029 (B)		850,000		782,596
Southwestern Energy Co.
4.75%, 02/01/2032		80,000		75,700
5.38%, 02/01/2029 - 03/15/2030		1,173,000		1,158,478
Strathcona Resources Ltd. 6.88%, 08/01/2026 (B)		821,000		794,317
Targa Resources Corp. 4.20%, 02/01/2033		86,000		81,615
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 4.88%, 02/01/2031		674,000		648,545
Transportadora de Gas del Peru SA 4.25%, 04/30/2028 (D)		500,000		483,130
Venture Global Calcasieu Pass LLC 3.88%, 08/15/2029 (B)		952,000		868,700
				55,241,967
Paper & Forest Products - 0.2%
Celulosa Arauco y Constitucion SA 4.25%, 04/30/2029 (D)		1,000,000		933,760
Glatfelter Corp. 4.75%, 11/15/2029 (B)		629,000		503,200

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Paper & Forest Products (continued)
Inversiones CMPC SA 4.38%, 05/15/2023 (C) (D)		$ 800,000		$ 801,932
Suzano Austria GmbH 3.75%, 01/15/2031		650,000		566,072
				2,804,964
Personal Products - 0.2%
Edgewell Personal Care Co. 4.13%, 04/01/2029 (B)		845,000		749,938
GSK Consumer Healthcare Capital UK PLC 3.13%, 03/24/2025 (B)		258,000		253,078
GSK Consumer Healthcare Capital US LLC 3.63%, 03/24/2032 (B)		252,000		237,018
HLF Financing SARL LLC / Herbalife International, Inc. 4.88%, 06/01/2029 (B)		1,275,000		1,026,273
				2,266,307
Pharmaceuticals - 0.7%
Bristol-Myers Squibb Co.
0.75%, 11/13/2025		576,000		525,387
3.25%, 02/20/2023 (C)		1,548,000		1,559,533
Catalent Pharma Solutions, Inc. 5.00%, 07/15/2027 (B)		466,000		451,438
Embecta Corp. 5.00%, 02/15/2030 (B)		472,000		425,980
GlaxoSmithKline Capital, Inc. 3.38%, 05/15/2023		378,000		381,028
Merck & Co., Inc. 2.50%, 10/15/2034		EUR  500,000		538,271
Merck KGaA Fixed until 06/09/2026, 1.63% (A), 09/09/2080 (D)		700,000		690,963
Organon & Co. / Organon Foreign Debt Co-Issuer BV
4.13%, 04/30/2028 (B)		$632,000		585,630
5.13%, 04/30/2031 (B)		815,000		736,556
Takeda Pharmaceutical Co. Ltd. 1.38%, 07/09/2032		EUR  845,000		794,773
Upjohn Finance BV 1.91%, 06/23/2032 (D)		960,000		857,179
Viatris, Inc. 1.65%, 06/22/2025		$729,000		669,161
				8,215,899
Professional Services - 0.1%
Korn Ferry 4.63%, 12/15/2027 (B)		535,000		506,913
Paysafe Finance PLC / Paysafe Holdings US Corp. 4.00%, 06/15/2029 (B) (C)		745,000		607,175
TriNet Group, Inc. 3.50%, 03/01/2029 (B)		805,000		729,531
				1,843,619
Real Estate Management & Development - 5.7%
Aroundtown SA
0.63%, 07/09/2025 (D)		EUR  1,200,000		1,187,262
1.45%, 07/09/2028 (C) (D)		700,000		653,217

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

Transamerica Funds Semi-Annual Report 2022

Page    233

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Real Estate Management & Development (continued)
China Resources Land Ltd.
Fixed until 12/09/2024 (F), 3.75% (A) (D)		$ 750,000		$ 735,945
4.13%, 02/26/2029 (D)		1,000,000		964,559
China SCE Group Holdings Ltd.
7.25%, 04/19/2023 (C) (D)		3,510,000		2,809,755
7.38%, 04/09/2024 (D)		3,075,000		2,094,075
CIFI Holdings Group Co. Ltd.
5.50%, 01/23/2023 (D)		3,265,000		3,052,775
6.55%, 03/28/2024 (C) (D)		6,340,000		5,344,620
Country Garden Holdings Co. Ltd.
4.75%, 07/25/2022 - 01/17/2023 (D)		5,982,000		5,670,850
7.25%, 04/08/2026 (D)		700,000		514,500
8.00%, 01/27/2024 (D)		2,539,000		2,120,065
Cushman & Wakefield US Borrower LLC 6.75%, 05/15/2028 (B)		723,000		737,474
Franshion Brilliant Ltd.
Fixed until 01/03/2023 (F), 4.00% (A) (D)		1,061,000		1,029,170
4.00%, 06/21/2024 (D)		1,665,000		1,614,795
Gemdale Ever Prosperity Investment Ltd. 5.60%, 06/14/2022 (D)		820,000		816,310
Goodman HK Finance 3.00%, 07/22/2030 (D)		1,500,000		1,369,852
Hongkong Land Finance Cayman Islands Co. Ltd. 2.25%, 07/15/2031 (D)		900,000		758,728
Hopson Development Holdings Ltd. 6.80%, 12/28/2023 (D)		2,518,000		2,090,570
HOWOGE Wohnungs-baugesellschaft mbH
Zero Coupon, 11/01/2024 (D)		EUR  700,000		711,030
0.63%, 11/01/2028 (D)		700,000		663,090
1.13%, 11/01/2033 (D)		800,000		710,564
Kennedy-Wilson, Inc. 4.75%, 03/01/2029 - 02/01/2030		$1,037,000		949,370
Logicor Financing SARL 2.25%, 05/13/2025 (D)		EUR  1,000,000		1,045,776
Longfor Group Holdings Ltd.
3.38%, 04/13/2027 (C) (D)		$445,000		402,858
3.88%, 07/13/2022 (C) (D)		4,665,000		4,665,000
3.90%, 04/16/2023 (C) (D)		1,110,000		1,105,838
3.95%, 09/16/2029 (C) (D)		1,000,000		880,645
4.50%, 01/16/2028 (D)		700,000		644,097
Powerlong Real Estate Holdings Ltd. 7.13%, 11/08/2022 (D)		1,070,000		631,568
RKPF Overseas Ltd.
6.70%, 09/30/2024 (D)		2,036,000		1,656,286
7.88%, 02/01/2023 (D)		7,382,000		6,647,491
Samhallsbyggnadsbolaget i Norden AB 1.75%, 01/14/2025 (D)		EUR  1,300,000		1,307,389
SBB Treasury OYJ 1.13%, 11/26/2029 (D)		2,000,000		1,587,485
Sun Hung Kai Properties Capital Market Ltd. 2.75%, 05/13/2030 (C) (D)		$1,000,000		910,297
Vanke Real Estate Hong Kong Co. Ltd.
3.98%, 11/09/2027 (D)		400,000		369,981
4.20%, 06/07/2024 (D)		1,055,000		1,040,198

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Real Estate Management & Development (continued)
Westwood Group Holdings Ltd. 5.38%, 10/19/2023 (D)		$ 1,093,000		$ 1,104,083
Yanlord Land HK Co. Ltd.
6.75%, 04/23/2023 (C) (D)		5,103,000		5,029,006
6.80%, 02/27/2024 (D)		3,583,000		3,495,217
				69,121,791
Road & Rail - 0.3%
AerCap Global Aviation Trust Fixed until 06/15/2025, 6.50% (A), 06/15/2045 (B)		800,000		776,000
Canadian Pacific Railway Co. 1.35%, 12/02/2024		489,000		463,319
CMB International Leasing Management Ltd. 2.75%, 08/12/2030 (D)		2,000,000		1,693,756
Hertz Corp. 5.00%, 12/01/2029 (B)		825,000		719,813
				3,652,888
Semiconductors & Semiconductor Equipment - 0.1%
Intel Corp. 3.40%, 03/25/2025		1,220,000		1,221,417
TSMC Global Ltd. 0.75%, 09/28/2025 (B) (C)		652,000		593,229
				1,814,646
Software - 0.1%
Minerva Merger Sub, Inc. 6.50%, 02/15/2030 (B)		756,000		696,091
NCR Corp. 5.13%, 04/15/2029 (B)		490,000		469,787
Take-Two Interactive Software, Inc. 3.55%, 04/14/2025		108,000		107,000
				1,272,878
Specialty Retail - 0.3%
Asbury Automotive Group, Inc. 4.63%, 11/15/2029 (B)		511,000		459,967
Carvana Co.
4.88%, 09/01/2029 (B) (C)		215,000		156,391
5.50%, 04/15/2027 (B) (C)		724,000		579,381
5.88%, 10/01/2028 (B)		201,000		159,752
Gap, Inc.
3.63%, 10/01/2029 (B) (C)		635,000		516,512
3.88%, 10/01/2031 (B) (C)		200,000		159,440
Ken Garff Automotive LLC 4.88%, 09/15/2028 (B)		344,000		312,790
Metis Merger Sub LLC 6.50%, 05/15/2029 (B)		830,000		722,100
Rent-A-Center, Inc. 6.38%, 02/15/2029 (B) (C)		845,000		736,206
				3,802,539
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc. 0.75%, 05/11/2023		1,508,000		1,486,304
Condor Merger Sub, Inc. 7.38%, 02/15/2030 (B)		900,000		805,230

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

Transamerica Funds Semi-Annual Report 2022

Page    234

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Dell Bank International DAC 0.50%, 10/27/2026 (D)		EUR  2,000,000		$ 1,961,735
				4,253,269
Thrifts & Mortgage Finance - 0.0% (E)
NMI Holdings, Inc. 7.38%, 06/01/2025 (B)		$402,000		419,085
Trading Companies & Distributors - 0.1%
BOC Aviation Ltd. 2.63%, 09/17/2030 (B)		1,000,000		854,004
GATX Corp. 4.35%, 02/15/2024		624,000		632,528
				1,486,532
Transportation Infrastructure - 0.2%
DP World Crescent Ltd. 3.75%, 01/30/2030 (D)		750,000		717,573
DP World Ltd. 5.63%, 09/25/2048 (B)		500,000		500,750
Hutama Karya Persero PT 3.75%, 05/11/2030 (D)		1,500,000		1,424,826
Yunda Holding Investment Ltd. 2.25%, 08/19/2025 (D)		400,000		365,080
				3,008,229
Wireless Telecommunication Services - 0.4%
Altice France SA
5.13%, 07/15/2029 (B)		875,000		740,740
5.50%, 01/15/2028 - 10/15/2029 (B)		1,579,000		1,359,438
Vodafone Group PLC Fixed until 01/04/2029, 7.00% (A), 04/04/2079		2,614,000		2,760,462
				4,860,640
Total Corporate Debt Securities (Cost $564,459,039)				522,614,531
FOREIGN GOVERNMENT OBLIGATIONS - 5.5%
Brazil - 0.8%
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2031 - 01/01/2033		BRL  54,900,000		10,143,391
Chile - 0.9%
Bonos de la Tesoreria de la Republica en pesos
4.50%, 03/01/2026 (D)		CLP  5,320,000,000		5,784,242
4.70%, 09/01/2030 (D)		5,320,000,000		5,520,885
				11,305,127
Colombia - 0.8%
Colombia TES
Series B,
5.75%, 11/03/2027		COP  21,800,000,000		4,533,166
7.00%, 06/30/2032		13,100,000,000		2,633,007
9.25%, 05/28/2042		12,000,000,000		2,697,933
				9,864,106
Hong Kong - 0.1%
Airport Authority Fixed until 03/08/2028 (F), 2.40% (A) (D)		$2,000,000		1,798,530

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
India - 0.1%
Export-Import Bank of India
3.25%, 01/15/2030 (D)		$ 1,000,000		$ 897,591
3.38%, 08/05/2026 (D)		650,000		624,150
				1,521,741
Indonesia - 0.1%
Indonesia Government International Bond 5.25%, 01/17/2042 (D)		500,000		503,350
Lembaga Pembiayaan Ekspor Indonesia 3.88%, 04/06/2024 (D)		500,000		498,690
Perusahaan Penerbit SBSN Indonesia III 2.55%, 06/09/2031 (D)		500,000		448,250
				1,450,290
Japan - 0.1%
Development Bank of Japan, Inc. 1.75%, 02/18/2025 (B)		1,028,000		993,130
Luxembourg - 0.1%
European Financial Stability Facility 0.05%, 01/18/2052 (D)		EUR  1,000,000		644,452
Mexico - 0.8%
Mexico Bonos
Series M, 5.00%, 03/06/2025		MXN  81,300,000		3,575,981
5.50%, 03/04/2027		27,100,000		1,141,782
7.75%, 05/29/2031		63,500,000		2,853,042
8.50%, 11/18/2038		36,000,000		1,665,634
				9,236,439
Peru - 0.9%
Peru Government Bond
5.40%, 08/12/2034		PEN  26,600,000		5,487,370
5.94%, 02/12/2029		11,550,000		2,716,077
6.15%, 08/12/2032		11,650,000		2,644,981
				10,848,428
Republic of Korea - 0.3%
Industrial Bank of Korea 1.04%, 06/22/2025 (B)		$1,206,000		1,120,483
Korea Development Bank 0.50%, 10/27/2023		565,000		545,417
Korea National Oil Corp.
1.63%, 10/05/2030 (B)		700,000		579,665
3.25%, 10/01/2025 (D)		1,000,000		987,190
				3,232,755
Supranational - 0.5%
African Development Bank 0.75%, 04/03/2023		1,613,000		1,591,133
Asian Infrastructure Investment Bank 0.50%, 10/30/2024		714,000		670,984
European Bank for Reconstruction & Development 1.50%, 02/13/2025		757,000		727,985
European Stability Mechanism 1.63%, 11/17/2036 (D)		EUR  1,000,000		1,029,395

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

Transamerica Funds Semi-Annual Report 2022

Page    235

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Supranational (continued)
European Union
0.40%, 02/04/2037 (D)		EUR  1,150,000		$ 1,009,425
0.75%, 04/04/2031 (D)		700,000		693,729
International Bank for Reconstruction & Development 3.13%, 11/20/2025		$593,000		596,140
				6,318,791
Total Foreign Government Obligations (Cost $72,234,674)				67,357,180
LOAN ASSIGNMENTS - 9.8%
Aerospace & Defense - 0.2%
Castlelake Aviation Ltd. Term Loan B, 3-Month LIBOR + 2.75%, 3.25% (A), 10/22/2026		430,989		425,386
Cobham Ultra SeniorCo SARL Term Loan B, TBD, 11/17/2028 (G) (H)		424,753		421,302
Dynasty Acquisition Co., Inc.
Term Loan B1,
3-Month LIBOR + 3.50%, 4.51% (A), 04/06/2026		672,158		656,698
Term Loan B2,
3-Month LIBOR + 3.50%, 4.51% (A), 04/06/2026		361,375		353,064
Spirit Aerosystems, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.51% (A), 01/15/2025		695,541		693,429
				2,549,879
Air Freight & Logistics - 0.1%
Kenan Advantage Group, Inc. Term Loan B1, 1-Month LIBOR + 3.75%, 4.51% (A), 03/24/2026		630,809		622,924
Airlines - 0.3%
AAdvantage Loyalty IP Ltd. Term Loan, 3-Month LIBOR + 4.75%, 5.81% (A), 04/20/2028		255,050		259,354
Air Canada Term Loan B, 3-Month LIBOR + 3.50%, 4.25% (A), 08/11/2028 (G)		423,690		418,923
American Airlines, Inc.
Term Loan,
6-Month LIBOR + 2.00%, 2.84% (A), 12/15/2023		563,144		557,091
Term Loan B,
1-Month LIBOR + 1.75%, 2.45% (A), 06/27/2025		639,408		616,070
Kestrel Bidco, Inc. Term Loan B, 6-Month LIBOR + 3.00%, 4.00% (A), 12/11/2026		847,756		817,449

	Principal		Value
LOAN ASSIGNMENTS (continued)
Airlines (continued)
United Airlines, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 4.50% (A), 04/21/2028		$ 598,909		$ 593,585
				3,262,472
Auto Components - 0.2%
DexKo Global, Inc.
Delayed Draw Term Loan,
3-Month LIBOR + 3.75%, 4.72% (A), 10/04/2028		67,061		65,301
Term Loan B,
3-Month LIBOR + 3.75%, 4.72% (A), 10/04/2028		352,072		342,830
Les Schwab Tire Centers Term Loan B, 3-Month LIBOR + 3.25%, 4.00% (A), 11/02/2027		633,639		623,870
Mavis Tire Express Services Corp. Term Loan B, 1-Month LIBOR + 4.00%, 4.75% (A), 05/04/2028		760,272		754,675
TI Group Automotive Systems LLC Term Loan, 3-Month LIBOR + 3.25%, 4.26% (A), 12/16/2026		120,342		119,289
				1,905,965
Beverages - 0.0% (E)
Triton Water Holdings, Inc. Term Loan, 3-Month LIBOR + 3.50%, 4.51% (A), 03/31/2028		322,563		313,222
Biotechnology - 0.1%
Curium BidCo SARL
2nd Lien Term Loan,
3-Month LIBOR + 7.75%, 8.76% (A), 10/27/2028		168,062		168,903
Term Loan,
3-Month LIBOR + 4.25%, 5.00% (A), 12/02/2027		436,381		430,926
				599,829
Building Products - 0.2%
CD&R Hydra Buyer, Inc. Term Loan, 1-Month LIBOR + 4.25%, 5.25% (A), 12/11/2024		880,841		869,831
DiversiTech Holdings, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.75%, 4.76% (A), 12/22/2028 (G)		343,056		336,623
Delayed Draw Term Loan,
1-Month LIBOR + 3.75%, 3.75% (A), 12/22/2028 (G)		24,000		23,550
LBM Acquisition LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.51% (A), 12/17/2027 (G)		601,419		566,236

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

Transamerica Funds Semi-Annual Report 2022

Page    236

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Building Products (continued)
Quikrete Holdings, Inc.
1st Lien Term Loan,
1-Month LIBOR + 2.63%, 3.39% (A), 02/01/2027		$ 533,715		$ 517,513
Term Loan B1,
3-Month LIBOR + 3.00%, 3.76% (A), 06/11/2028		113,472		110,399
Specialty Building Products Holdings LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.30% (A), 10/15/2028 (G)		547,660		519,364
				2,943,516
Capital Markets - 0.3%
Advisor Group, Inc. Term Loan, 1-Month LIBOR + 4.50%, 5.26% (A), 07/31/2026		904,202		900,503
Camelot US Acquisition 1 Co. Term Loan B, 1-Month LIBOR + 3.00%, 3.76% (A), 10/30/2026		574,162		567,703
CQP Holdco LP Term Loan B, 3-Month LIBOR + 3.75%, 4.76% (A), 06/05/2028		709,984		707,617
Deerfield Dakota Holding LLC Term Loan B, 3-Month SOFR + 3.75%, 4.75% (A), 04/09/2027		381,779		380,415
HighTower Holdings LLC Term Loan B, 3-Month LIBOR + 4.00%, 5.10% (A), 04/21/2028		293,428		289,516
NEXUS Buyer LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.51% (A), 11/09/2026		829,549		822,161
PAI Holdco, Inc. Term Loan B, 3-Month LIBOR + 3.50%, 4.74% (A), 10/28/2027		456,270		449,712
				4,117,627
Chemicals - 0.3%
ASP Unifrax Holdings, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 3.97% - 4.73% (A), 12/12/2025		723,529		699,472
Hyperion Materials & Technologies, Inc. Term Loan B, 3-Month LIBOR + 4.50%, 5.01% (A), 08/30/2028		187,610		185,734
Natgasoline LLC Term Loan B, 1-Month LIBOR + 3.50%, 4.31% (A), 11/14/2025		548,582		538,982

	Principal		Value
LOAN ASSIGNMENTS (continued)
Chemicals (continued)
New Arclin US Holding Corp. Term Loan, 1-Month LIBOR + 3.75%, 4.51% (A), 09/30/2028		$ 134,288		$ 130,427
Olympus Water US Holding Corp.
Term Loan,
3-Month SOFR + 4.50%, 5.30% (A), 11/09/2028		45,869		45,123
Term Loan B,
3-Month LIBOR + 3.75%, 4.75% (A), 11/09/2028		356,647		349,768
RelaDyne, Inc. Term Loan B, 1-Month SOFR + 4.25%, 4.75% (A), 12/22/2028 (G)		304,391		301,220
Starfruit Finco BV Term Loan B, 3-Month LIBOR + 3.00%, 4.01% (A), 10/01/2025		533,872		525,363
Trinseo Materials Operating SCA Term Loan B2, 1-Month LIBOR + 2.50%, 2.76% (A), 05/03/2028		541,447		534,293
				3,310,382
Commercial Services & Supplies - 0.7%
Amentum Government Services Holdings LLC Term Loan, 3-Month SOFR + 4.00%, 4.50% - 4.78% (A), 02/15/2029		423,171		419,468
APX Group, Inc. Term Loan B, 1-Month LIBOR + 3.50%, Prime Rate + 2.50%, 4.05% - 6.00% (A), 07/10/2028		715,440		707,888
Asurion LLC
2nd Lien Term Loan B3,
1-Month LIBOR + 5.25%, 6.01% (A), 01/31/2028		279,330		271,183
2nd Lien Term Loan B4,
1-Month LIBOR + 5.25%, 6.01% (A), 01/20/2029		225,548		218,429
Term Loan B6,
1-Month LIBOR + 3.13%, 3.89% (A), 11/03/2023		277,688		276,358
Term Loan B8,
1-Month LIBOR + 3.25%, 4.01% (A), 12/23/2026		377,035		368,237
Term Loan B9,
1-Month LIBOR + 3.25%, 4.01% (A), 07/31/2027		330,827		322,970
Cast & Crew Payroll LLC
1st Lien Term Loan,
1-Month LIBOR + 3.50%, 4.26% (A), 02/09/2026		636,518		632,767
Term Loan,
1-Month SOFR + 3.75%, 4.45% (A), 12/29/2028		71,583		71,068

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

Transamerica Funds Semi-Annual Report 2022

Page    237

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies (continued)
Colibri Group LLC Term Loan, 3-Month SOFR + 5.00%, 6-Month SOFR + 5.00%, 5.77% - 5.95% (A), 03/12/2029		$ 328,138		$ 326,703
Covanta Holding Corp.
Term Loan B,
1-Month LIBOR + 2.50%, 3.26% (A), 11/30/2028		174,554		173,599
Term Loan C,
1-Month LIBOR + 2.50%, 3.26% (A), 11/30/2028		13,075		13,004
Creative Artists Agency LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.51% (A), 11/27/2026		761,786		758,095
Element Materials Technology Group US Holdings, Inc. TBD, 04/12/2029 (G) (H)		127,764		127,485
Ensemble RCM LLC Term Loan, 3-Month LIBOR + 3.75%, 4.99% (A), 08/03/2026		413,939		412,386
Garda World Security Corp. Term Loan B, 1-Month LIBOR + 4.25%, 4.92% (A), 10/30/2026		640,191		633,255
GFL Environmental, Inc. Term Loan, 3-Month LIBOR + 3.00%, 4.24% (A), 05/30/2025		450,841		449,545
IBC Capital Ltd. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 4.67% (A), 09/11/2023		620,155		605,581
Prime Security Services Borrower LLC Term Loan, 3-Month LIBOR + 2.75%, 6-Month LIBOR + 2.75%, 3.50% (A), 09/23/2026 (G)		902,159		890,601
SITEL Worldwide Corp. Term Loan, 1-Month LIBOR + 3.75%, 4.52% (A), 08/28/2028		541,138		535,558
Sotheby’s Term Loan B, 3-Month LIBOR + 4.50%, 5.54% (A), 01/15/2027		856,686		854,187
				9,068,367
Communications Equipment - 0.0% (E)
ViaSat, Inc. Term Loan, 1-Month SOFR + 4.50%, 5.00% (A), 03/02/2029		523,850		519,921
Construction & Engineering - 0.2%
Osmose Utilities Services, Inc. Term Loan, 1-Month LIBOR + 3.25%, 4.01% (A), 06/23/2028		297,093		292,451

	Principal		Value
LOAN ASSIGNMENTS (continued)
Construction & Engineering (continued)
Service Logic Acquisition, Inc. Term Loan, 2-Month LIBOR + 4.00%, 5.01% - 5.24% (A), 10/29/2027		$ 434,712		$ 427,104
USIC Holdings, Inc.
2nd Lien Term Loan,
1-Month LIBOR + 6.50%, 7.26% (A), 05/14/2029		128,309		127,026
Term Loan,
1-Month LIBOR + 3.50%, 4.26% (A), 05/12/2028 (G)		296,843		293,557
VM Consolidated, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 4.26% (A), 03/19/2028		542,809		537,890
WIN Waste Innovations Holdings, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 3.76% (A), 03/24/2028		342,203		337,925
				2,015,953
Construction Materials - 0.1%
Foley Products Co. LLC Term Loan, 3-Month SOFR + 4.75%, 5.55% (A), 12/29/2028		387,331		381,521
Potters Industries LLC Term Loan B, 3-Month LIBOR + 4.00%, 5.01% (A), 12/14/2027		406,706		403,147
				784,668
Containers & Packaging - 0.4%
Berlin Packaging LLC
1st Lien Term Loan B,
1-Month LIBOR + 3.75%, 3-Month LIBOR + 3.75%, 4.25% - 4.76% (A), 03/11/2028		238,444		235,677
Term Loan B,
3-Month LIBOR + 3.25%, 4.05% (A), 03/11/2028		404,799		398,221
BWAY Holding Co. Term Loan B, 1-Month LIBOR + 3.25%, 3.71% (A), 04/03/2024		595,349		583,257
Charter NEX US, Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.51% (A), 12/01/2027		497,047		494,018
Clydesdale Acquisition Holdings, Inc. Term Loan B, 3-Month SOFR + 4.25%, 4.78% (A), 04/13/2029		367,561		362,549
LABL, Inc. 1st Lien Term Loan, 1-Month LIBOR + 5.00%, 5.76% (A), 10/29/2028		542,074		530,690

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

Transamerica Funds Semi-Annual Report 2022

Page    238

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging (continued)
Packaging Coordinators Midco, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 4.76% (A), 11/30/2027		$ 428,962		$ 425,101
Reynolds Group Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.26% (A), 09/20/2028		597,759		582,068
TricorBraun Holdings, Inc. Term Loan, 1-Month LIBOR + 3.25%, 4.01% (A), 03/03/2028		656,491		641,063
Trident TPI Holdings, Inc.
Delayed Draw Term Loan,
1-Month LIBOR + 4.00%, 4.00% - 4.76% (A), 09/15/2028		18,062		17,810
Term Loan,
1-Month LIBOR + 4.00%, 4.76% (A), 09/15/2028		202,583		199,755
Term Loan B1,
3-Month LIBOR + 3.25%, 4.26% (A), 10/17/2024		465,980		462,873
				4,933,082
Diversified Consumer Services - 0.1%
William Morris Endeavor Entertainment LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.52% (A), 05/18/2025		1,219,749		1,196,879
Diversified Financial Services - 0.1%
Claros Mortgage Trust, Inc. Term Loan B, 1-Month SOFR + 4.50%, 5.00% (A), 08/09/2026		681,535		678,128
Diversified Telecommunication Services - 0.2%
Cablevision Lightpath LLC Term Loan B, 3-Month LIBOR + 3.25%, 3.80% (A), 11/30/2027		464,695		460,048
Intelsat Jackson Holdings SA Term Loan B3, Prime Rate + 4.75%, 8.25% (A), 11/27/2023		3,245		3,145
Iridium Satellite LLC Term Loan B2, 1-Month LIBOR + 2.50%, 3.26% (A), 11/04/2026		644,656		640,022
Telesat Canada Term Loan B5, 1-Month LIBOR + 2.75%, 3.52% (A), 12/07/2026		919,666		665,225
Virgin Media Bristol LLC Term Loan Q, 1-Month LIBOR + 3.25%, 3.80% (A), 01/31/2029		342,000		340,005

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Telecommunication Services (continued)
Zayo Group Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.76% (A), 03/09/2027		$ 432,636		$ 409,742
				2,518,187
Electrical Equipment - 0.1%
EXC Holdings III Corp.
1st Lien Term Loan,
3-Month LIBOR + 3.50%, 4.51% (A), 12/02/2024		530,574		525,931
2nd Lien Term Loan,
3-Month LIBOR + 7.50%, 8.50% (A), 12/01/2025		347,000		345,959
Gates Global LLC Term Loan B3, 1-Month LIBOR + 2.50%, 3.26% (A), 03/31/2027		401,871		393,977
				1,265,867
Electronic Equipment, Instruments & Components - 0.1%
II-VI, Inc. Term Loan B, TBD, 12/08/2028 (G) (H)		209,915		208,813
Ingram Micro, Inc. Term Loan B, 3-Month LIBOR + 3.50%, 4.51% (A), 06/30/2028		294,309		292,715
Verifone Systems, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 4.50% (A), 08/20/2025		801,198		785,675
				1,287,203
Energy Equipment & Services - 0.0% (E)
Apergy Corp.
1st Lien Term Loan,
1-Month LIBOR + 2.50%, 3.31% (A), 05/09/2025		163,081		161,314
Term Loan,
3-Month LIBOR + 5.00%, 6.00% (A), 06/03/2027		350,109		350,547
				511,861
Entertainment - 0.0% (E)
AMC Entertainment Holdings, Inc. Term Loan B, TBD, 04/22/2026 (G) (H)		623,393		555,112
Food Products - 0.1%
Nomad Foods Europe Midco Ltd. Term Loan B4, 3-Month LIBOR + 2.25%, 2.76% (A), 05/15/2024		863,900		856,649
Health Care Equipment & Supplies - 0.1%
Medline Borrower LP Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (A), 10/23/2028		282,397		277,423

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

Transamerica Funds Semi-Annual Report 2022

Page    239

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Equipment & Supplies (continued)
Ortho-Clinical Diagnostics SA Term Loan B, 1-Month LIBOR + 3.00%, 3.45% (A), 06/30/2025		$ 691,365		$ 689,312
				966,735
Health Care Providers & Services - 0.4%
Aveanna Healthcare LLC
2nd Lien Term Loan,
1-Month LIBOR + 7.00%, 7.50% (A), 12/10/2029		128,571		122,786
Delayed Draw Term Loan, TBD, 07/17/2028 (G) (H)		77,397		75,994
Term Loan B,
3-Month LIBOR + 3.75%, 4.25% (A), 07/17/2028		331,144		325,142
Bella Holding Co. LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.51% (A), 05/10/2028		400,582		397,178
Cano Health LLC Term Loan, 6-Month SOFR + 4.00%, 4.51% (A), 11/23/2027		269,840		265,456
CHG Healthcare Services, Inc. Term Loan, 3-Month LIBOR + 3.50%, 6-Month LIBOR + 3.50%, 4.51% - 5.00% (A), 09/29/2028		366,697		364,084
Gainwell Acquisition Corp. Term Loan B, 3-Month LIBOR + 4.00%, 5.01% (A), 10/01/2027		599,215		596,718
ICON Luxembourg SARL Term Loan, 3-Month LIBOR + 2.25%, 3.31% (A), 07/03/2028		230,909		229,216
Option Care Health, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.51% (A), 10/27/2028		306,311		305,067
Quantum Health, Inc. Term Loan, 3-Month LIBOR + 4.50%, 5.51% (A), 12/22/2027		600,136		594,135
Radnet Management, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.75% (A), 04/21/2028		350,004		346,285
RegionalCare Hospital Partners Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.50% (A), 11/16/2025		821,898		811,316
Upstream Rehabilition, Inc. Term Loan, 1-Month SOFR + 4.25%, 5.06% (A), 11/20/2026		723,117		715,283
				5,148,660

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Technology - 0.2%
Athenahealth, Inc. Term Loan B, 1-Month SOFR + 3.50%, 4.01% (A), 02/15/2029		$ 589,536		$ 582,462
Change Healthcare Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 3.50% (A), 03/01/2024		731,320		729,491
Navicure, Inc. Term Loan B, 1-Month LIBOR + 4.00%, 4.76% (A), 10/22/2026		668,438		667,185
				1,979,138
Hotels, Restaurants & Leisure - 1.1%
Aimbridge Acquisition Co., Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.51% (A), 02/02/2026 (G)		760,000		724,533
Carnival Corp.
Term Loan B,
3-Month LIBOR + 3.00%, 3.75% (A), 06/30/2025		465,640		457,259
3-Month LIBOR + 3.25%, 4.00% (A), 10/18/2028		203,479		199,918
Connect Finco SARL Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (A), 12/11/2026		633,080		628,596
Everi Holdings, Inc. Term Loan B, 3-Month LIBOR + 2.50%, 3.01% (A), 08/03/2028		416,916		413,372
Fertitta Entertainment LLC Term Loan B, 1-Month SOFR + 4.00%, 4.70% (A), 01/27/2029		446,392		443,957
Fogo De Chao, Inc. Term Loan, 1-Month LIBOR + 4.25%, 5.25% (A), 04/07/2025		584,000		574,024
Golden Nugget LLC Term Loan, 1-Month LIBOR + 12.00%, 13.00% (A), 10/04/2023		5,575		5,910
Herschend Entertainment Co. LLC Term Loan, 1-Month LIBOR + 3.75%, 4.56% (A), 08/27/2028		178,409		176,848
Hilton Grand Vacations Borrower LLC Term Loan B, 1-Month LIBOR + 3.00%, 3.76% (A), 08/02/2028		586,212		583,525
Hornblower Sub LLC Repriced Term Loan B, 3-Month LIBOR + 4.50%, 5.50% (A), 04/27/2025 (G)		1,013,807		1,044,222

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

Transamerica Funds Semi-Annual Report 2022

Page    240

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
IRB Holding Corp.
Term Loan B,
1-Month SOFR + 3.00%, 3.75% (A), 12/15/2027		$ 126,227		$ 124,333
6-Month LIBOR + 2.75%, 3.76% (A), 02/05/2025		593,109		587,178
Motion Finco SARL
Delayed Draw Term Loan B2,
3-Month LIBOR + 3.25%, 4.26% (A), 11/12/2026		46,015		44,999
Term Loan B1,
3-Month LIBOR + 3.25%, 4.26% (A), 11/12/2026		350,117		342,386
NEP / NCP Holdco, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.01% (A), 10/20/2025		922,036		902,731
PCI Gaming Authority Term Loan, 1-Month LIBOR + 2.50%, 3.26% (A), 05/29/2026		325,118		322,781
Penn National Gaming, Inc. TBD, 04/20/2029 (G) (H)		123,153		122,588
PF Chang’s China Bistro, Inc. Term Loan B, 1-Month LIBOR + 6.25%, 7.01% (A), 03/01/2026		900,102		869,723
Playa Resorts Holding BV Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (A), 04/29/2024		929,568		912,526
Scientific Games Holdings LP Term Loan B, 3-Month SOFR + 3.50%, 4.18% (A), 04/04/2029 (G)		425,260		420,552
Scientific Games International, Inc. Term Loan, 3-Month SOFR + 3.00%, 3.57% (A), 04/14/2029		339,189		335,903
SeaWorld Parks & Entertainment, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 3.81% (A), 08/25/2028		795,659		783,127
Station Casinos LLC Term Loan B, 1-Month LIBOR + 2.25%, 3.76% (A), 02/08/2027 (G)		291,239		287,526
Travelport Finance SARL
Term Loan,
3-Month LIBOR + 5.00%, PIK Rate 1.75%, Cash Rate 0.00%, 1.75% - 6.01% (A), 05/29/2026 (I)		848,917		711,817
3-Month LIBOR + 1.50%, PIK Rate 7.25%, Cash Rate 0.00%, 2.50% - 7.25% (A), 02/28/2025 (I)		657,249		670,941
Twin River Worldwide Holdings, Inc. Term Loan B, 6-Month LIBOR + 3.25%, 3.75% (A), 10/02/2028		342,000		338,537

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
Univision Communications, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (A), 01/31/2029		$ 85,473		$ 84,554
Whatabrands LLC Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (A), 08/03/2028		461,012		455,537
				13,569,903
Household Durables - 0.1%
C.H.I. Overhead Doors, Inc. Term Loan, 1-Month LIBOR + 3.50%, 4.50% (A), 07/31/2025		598,175		592,193
CNT Holdings I Corp. Term Loan, 3-Month LIBOR + 3.50%, 4.25% (A), 11/08/2027		398,992		394,105
Runner Buyer, Inc. Term Loan B, 3-Month LIBOR + 5.50%, 6.26% (A), 10/20/2028		231,654		216,596
				1,202,894
Household Products - 0.0% (E)
Diamond BV Term Loan B, 1-Month LIBOR + 2.75%, 3.51% - 3.99% (A), 09/29/2028		526,443		507,360
Insurance - 0.4%
Alliant Holdings Intermediate LLC
Term Loan B,
1-Month LIBOR + 3.25%, 4.01% (A), 05/09/2025		837,754		829,272
Term Loan B4,
1-Month LIBOR + 3.50%, 4.05% (A), 11/06/2027		72,999		72,460
AmWINS Group, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 3.00% - 3.01% (A), 02/19/2028		591,565		580,684
Broadstreet Partners, Inc. Term Loan B2, 1-Month LIBOR + 3.25%, 4.01% (A), 01/27/2027		264,039		260,959
Hub International Ltd. Term Loan B, 3-Month LIBOR + 3.25%, 4.35% (A), 04/25/2025		369,886		367,717
Hyperion Insurance Group Ltd. Term Loan B, 1-Month LIBOR + 3.25%, 4.06% (A), 11/12/2027 (G)		721,974		710,693
LEB Holdings, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 4.76% (A), 11/02/2027		548,137		540,143

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

Transamerica Funds Semi-Annual Report 2022

Page    241

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Insurance (continued)
Sedgwick Claims Management Services, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (A), 12/31/2025		$ 915,773		$ 905,853
				4,267,781
Internet & Catalog Retail - 0.0% (E)
CNT Holdings I Corp. 2nd Lien Term Loan, 3-Month LIBOR + 6.75%, 7.50% (A), 11/06/2028		205,369		204,086
IT Services - 0.2%
Allied Universal Holdco LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.51% (A), 05/12/2028		426,205		414,951
Banff Merger Sub, Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.51% (A), 10/02/2025		294,456		290,444
Moneygram International, Inc. Term Loan B, 6-Month LIBOR + 4.50%, 4.95% (A), 07/21/2026		321,029		319,344
Peraton Corp. Term Loan B, 1-Month LIBOR + 3.75%, 4.51% (A), 02/01/2028		773,995		767,222
Rackspace Technology Global, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 3.50% (A), 02/15/2028 (G)		426,484		416,089
Tempo Acquisition LLC Term Loan B, 1-Month SOFR + 3.00%, 3.70% (A), 08/31/2028		335,925		333,196
				2,541,246
Leisure Products - 0.0% (E)
K-Mac Holdings Corp. Term Loan, 1-Month LIBOR + 3.50%, 4.00% (A), 07/21/2028		314,093		309,853
Life Sciences Tools & Services - 0.0% (E)
Parexel International Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 4.26% (A), 11/15/2028		484,315		480,532
Machinery - 0.3%
Circor International, Inc. Term Loan B, 1-Month LIBOR + 5.50%, 6.13% (A), 12/20/2028		301,716		294,928
Engineered Machinery Holdings, Inc. Term Loan, 3-Month LIBOR + 3.75%, 4.76% (A), 05/19/2028		424,176		421,790

	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery (continued)
Filtration Group Corp. Term Loan, 1-Month LIBOR + 3.50%, 4.26% (A), 10/21/2028 (G)		$ 365,974		$ 361,308
Hayward Industries, Inc. Term Loan, 1-Month LIBOR + 2.50%, 3.26% (A), 05/30/2028		359,800		355,752
Madison IAQ LLC Term Loan, 6-Month LIBOR + 3.25%, 4.52% (A), 06/21/2028		205,717		200,060
OEConnection LLC Term Loan B, 1-Month LIBOR + 4.00%, 4.55% - 4.76% (A), 09/25/2026		721,726		714,509
Patriot Container Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 4.75% (A), 03/20/2025		773,960		735,262
				3,083,609
Media - 0.6%
Arches Buyer, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (A), 12/06/2027		455,685		443,937
CMG Media Corp. Term Loan, 1-Month LIBOR + 3.50%, 4.26% (A), 12/17/2026		792,114		779,808
Cogeco Financing 2 LP Term Loan B, 1-Month LIBOR + 2.50%, 3.26% (A), 09/01/2028		479,616		472,422
CSC Holdings LLC Term Loan B5, 1-Month LIBOR + 2.50%, 3.05% (A), 04/15/2027		687,461		673,425
Dotdash Meredith, Inc. Term Loan B, 1-Month SOFR + 4.00%, 4.50% (A), 12/01/2028		600,628		594,121
E.W. Scripps Co. Term Loan B3, 1-Month LIBOR + 3.00%, 3.51% (A), 01/07/2028		351,797		350,093
Gray Television, Inc.
Term Loan C,
1-Month LIBOR + 2.50%, 2.96% (A), 01/02/2026		373,843		370,935
Term Loan D,
1-Month LIBOR + 3.00%, 3.46% (A), 12/01/2028		116,716		115,841
NAI Entertainment Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 3.50% (A), 05/08/2025		450,000		441,562

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

Transamerica Funds Semi-Annual Report 2022

Page    242

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
Nexstar Broadcasting, Inc. Term Loan B4, 1-Month LIBOR + 2.50%, 2.96% (A), 09/18/2026		$ 502,433		$ 498,193
Rentpath, Inc. 2nd Lien Term Loan, 13.25% (A), 05/03/2028 (J) (K) (L)		604,214		3,021
United Talent Agency LLC Term Loan B, 3-Month LIBOR + 4.00%, 5.01% (A), 07/07/2028		609,526		600,383
Univision Communications, Inc. 1st Lien Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (A), 03/15/2026		830,711		823,027
Ziggo Financing Partnership Term Loan I, 1-Month LIBOR + 2.50%, 3.05% (A), 04/30/2028		559,305		548,119
				6,714,887
Metals & Mining - 0.2%
US Silica Co. Term Loan B, 1-Month LIBOR + 4.00%, 5.00% (A), 05/01/2025		1,145,798		1,130,759
WP CPP Holdings LLC Term Loan, 3-Month LIBOR + 3.75%, 4.75% - 4.99% (A), 04/30/2025		794,578		747,400
				1,878,159
Mortgage Real Estate Investment Trusts - 0.0% (E)
Apollo Commercial Real Estate Finance, Inc. Term Loan B1, 1-Month LIBOR + 3.50%, 4.13% (A), 03/11/2028		544,629		536,459
Oil, Gas & Consumable Fuels - 0.3%
AL GCX Holdings LLC Term Loan TBD, 04/20/2029 (G) (H)		118,650		118,205
Buckeye Partners LP Term Loan B, 1-Month LIBOR + 2.25%, 2.71% (A), 11/01/2026		299,276		297,144
Centurion Pipeline Co. LLC Term Loan B, 1-Month LIBOR + 3.25%, 4.01% (A), 09/29/2025		296,931		292,384
EG America LLC Term Loan, 3-Month LIBOR + 4.00%, 5.00% (A), 02/07/2025		951,974		929,563
Lucid Energy Group II Borrower LLC Term Loan, 1-Month LIBOR + 4.25%, 5.00% (A), 11/24/2028		782,740		775,075

	Principal		Value
LOAN ASSIGNMENTS (continued)
Oil, Gas & Consumable Fuels (continued)
Medallion Midland Acquisition LLC Term Loan, 1-Month LIBOR + 3.75%, 4.51% (A), 10/18/2028		$ 486,826		$ 485,304
Oryx Midstream Services Permian Basin LLC Term Loan B, 3-Month LIBOR + 3.25%, 3.75% (A), 10/05/2028		430,711		428,289
TransMontaigne Operating Co. LP Term Loan B, 1-Month LIBOR + 3.50%, 4.00% - 4.05% (A), 11/17/2028 (G)		599,428		596,181
				3,922,145
Paper & Forest Products - 0.1%
Vertical US Newco, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 6-Month LIBOR + 3.50%, 4.02% (A), 07/30/2027		745,469		737,269
Personal Products - 0.1%
Coty, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 2.70% (A), 04/07/2025		682,129		661,949
Pharmaceuticals - 0.1%
Bausch Health Cos., Inc.
Term Loan B,
1-Month LIBOR + 2.75%, 3.51% (A), 11/27/2025		736,260		731,659
1-Month LIBOR + 3.00%, 3.76% (A), 06/02/2025		85,091		84,595
Organon & Co. Term Loan, 3-Month LIBOR + 3.00%, 3.56% (A), 06/02/2028		229,696		228,332
				1,044,586
Professional Services - 0.0% (E)
Prometric Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 4.00% (A), 01/29/2025		397,949		390,487
Real Estate Management & Development - 0.1%
Brookfield WEC Holdings, Inc. Term Loan, 1-Month LIBOR + 2.75%, 3.51% (A), 08/01/2025		595,477		584,786
Cushman & Wakefield US Borrower LLC Term Loan B, 1-Month LIBOR + 2.75%, 3.51% (A), 08/21/2025		580,737		573,841
				1,158,627
Road & Rail - 0.1%
Hertz Corp.
Term Loan B,
1-Month LIBOR + 3.25%, 4.01% (A), 06/30/2028		295,176		293,608

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

Transamerica Funds Semi-Annual Report 2022

Page    243

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Road & Rail (continued)
Hertz Corp. (continued)
Term Loan C,
1-Month LIBOR + 3.25%, 4.01% (A), 06/30/2028		$ 56,050		$ 55,752
PODS LLC Term Loan B, 3-Month LIBOR + 3.00%, 3.75% (A), 03/31/2028		366,945		362,472
				711,832
Semiconductors & Semiconductor Equipment - 0.0% (E)
Altar Bidco, Inc.
2nd Lien Term Loan,
1-Month LIBOR + 5.60%, 6.10% (A), 02/01/2030		22,132		21,782
Term Loan,
1-Month SOFR + 3.35%, 3.85% (A), 02/01/2029		312,810		307,922
				329,704
Software - 1.0%
Applied Systems, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.00%, 4.01% (A), 09/19/2024		578,698		576,856
2nd Lien Term Loan,
3-Month LIBOR + 5.50%, 6.51% (A), 09/19/2025		173,738		173,141
Aruba Investments, Inc. Term Loan, 6-Month LIBOR + 3.75%, 4.58% (A), 11/24/2027		5,283		5,213
Barracuda Networks, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 4.73% (A), 02/12/2025		596,970		595,601
Comet Acquisition, Inc. Term Loan, 3-Month LIBOR + 3.25%, 3.60% (A), 10/24/2025		781,201		767,774
Corel Corp. Term Loan, 3-Month LIBOR + 5.00%, 5.51% (A), 07/02/2026		816,461		808,636
CPC Acquisition Corp.
2nd Lien Term Loan,
3-Month LIBOR + 7.75%, 8.76% (A), 12/29/2028		126,316		120,632
Term Loan,
3-Month LIBOR + 3.75%, 4.76% (A), 12/29/2027		358,150		338,452
DCert Buyer, Inc.
2nd Lien Term Loan,
1-Month LIBOR + 7.00%, 7.76% (A), 02/19/2029		151,488		149,594
Term Loan B,
1-Month LIBOR + 4.00%, 4.76% (A), 10/16/2026		963,022		958,608

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Epicor Software Corp.
2nd Lien Term Loan,
1-Month LIBOR + 7.75%, 8.75% (A), 07/31/2028		$ 109,907		$ 111,658
Term Loan,
1-Month LIBOR + 3.25%, 4.01% (A), 07/30/2027		849,070		843,519
Helios Software Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 4.55% (A), 03/11/2028		456,070		452,193
ION Trading Finance Ltd. Term Loan, 1-Month LIBOR + 4.75%, 5.51% (A), 04/03/2028		602,197		597,963
McAfee LLC Term Loan B, 1-Month SOFR + 4.00%, 4.50% (A), 03/01/2029		598,298		586,481
MedAssets Software Intermediate Holdings, Inc.
2nd Lien Term Loan,
3-Month LIBOR + 6.75%, 7.25% (A), 12/17/2029 (G)		212,064		207,717
Term Loan,
3-Month LIBOR + 4.00%, 4.50% (A), 12/18/2028		393,293		389,852
Mitnick Corp. Purchaser, Inc. Term Loan, TBD, 05/02/2029 (G) (H)		103,013		102,730
NCR Corp. Term Loan, 3-Month LIBOR + 2.50%, 3.74% (A), 08/28/2026		571,632		554,483
Paysafe Holdings Corp. Term Loan B1, 1-Month LIBOR + 2.75%, 3.51% (A), 06/28/2028		331,200		319,056
Project Boost Purchaser LLC Term Loan B, 1-Month LIBOR + 3.50%, 4.26% (A), 06/01/2026		998,184		981,964
Proofpoint, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 3.76% (A), 08/31/2028		418,088		411,062
RealPage, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.01% (A), 04/24/2028		459,351		452,001
Sophia LP Term Loan B, 3-Month SOFR + 4.25%, 4.95% (A), 10/07/2027 (G)		844,268		840,047
Ultimate Software Group, Inc.
2nd Lien Term Loan,
3-Month LIBOR + 5.25%, 6.21% (A), 05/03/2027		63,678		63,296

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

Transamerica Funds Semi-Annual Report 2022

Page    244

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Ultimate Software Group, Inc. (continued)
Term Loan,
3-Month LIBOR + 3.25%, 4.21% (A), 05/04/2026		$ 78,729		$ 77,829
Term Loan B,
3-Month LIBOR + 3.75%, 4.76% (A), 05/04/2026		390,534		388,791
VS Buyer LLC Term Loan B, 1-Month LIBOR + 3.00%, 3.76% (A), 02/28/2027		401,448		397,056
				12,272,205
Specialty Retail - 0.3%
Belron Finance US LLC
Term Loan B,
3-Month LIBOR + 2.75%, 3.25% (A), 04/13/2028		61,613		61,266
Term Loan B3,
3-Month LIBOR + 2.25%, 3.50% (A), 10/30/2026		335,574		332,848
Franchise Group Intermediate Holdco LLC 1st Lien Term Loan B, 3-Month LIBOR + 4.75%, 5.50% (A), 03/10/2026		480,377		474,372
Great Outdoors Group LLC Term Loan B1, 1-Month LIBOR + 3.75%, 4.51% (A), 03/06/2028		771,807		763,124
Leslie’s Poolmart, Inc. Term Loan B, 3-Month LIBOR + 2.50%, 3.02% (A), 03/09/2028		397,997		392,027
Rent-A-Center, Inc. 1st Lien Term Loan B, 3-Month LIBOR + 3.25%, 3.81% (A), 02/17/2028		372,862		364,162
Restoration Hardware, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.26% (A), 10/20/2028		361,841		347,217
Storable, Inc. Term Loan B, 1-Month SOFR + 3.50%, 3-Month SOFR + 3.50%, 4.15% - 4.20% (A), 04/17/2028		392,162		386,770
Wand NewCo 3, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.76% (A), 02/05/2026		311,727		296,530
				3,418,316
Technology Hardware, Storage & Peripherals - 0.0% (E)
Diebold, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.25% (A), 11/06/2023		364,348		346,130

	Principal		Value
LOAN ASSIGNMENTS (continued)
Textiles, Apparel & Luxury Goods - 0.1%
Birkenstock GmbH & Co. KG Term Loan B, 6-Month LIBOR + 3.25%, 3.75% (A), 04/28/2028		$ 349,044		$ 338,863
Tory Burch LLC Term Loan B, 1-Month LIBOR + 3.00%, 3.76% (A), 04/16/2028		409,694		396,037
Varsity Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (A), 12/15/2024		711,346		683,070
				1,417,970
Trading Companies & Distributors - 0.0% (E)
Pro Mach Group, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 5.00% (A), 08/31/2028		179,951		178,901
Transportation Infrastructure - 0.0% (E)
KKR Apple Bidco LLC
2nd Lien Term Loan,
1-Month LIBOR + 5.75%, 6.51% (A), 09/21/2029		32,722		32,661
Term Loan,
1-Month LIBOR + 3.00%, 3.76% (A), 09/23/2028		196,583		194,406
				227,067
Wireless Telecommunication Services - 0.2%
Altice France SA
Term Loan B12,
3-Month LIBOR + 3.69%, 4.73% (A), 01/31/2026		758,632		749,529
Term Loan B13,
3-Month LIBOR + 4.00%, 4.51% (A), 08/14/2026		748,416		742,179
CCI Buyer, Inc. Term Loan, 3-Month LIBOR + 4.00%, 4.75% (A), 12/17/2027		602,004		592,034
Eagle Broadband Investments LLC Term Loan, 3-Month LIBOR + 3.00%, 4.06% (A), 11/12/2027		402,579		398,452
				2,482,194
Total Loan Assignments (Cost $119,391,778)				118,508,377
U.S. GOVERNMENT OBLIGATIONS - 14.7%
U.S. Treasury - 14.7%
U.S. Treasury Note
0.13%, 12/31/2022 - 06/30/2023		33,472,000		32,763,490
1.38%, 06/30/2023 - 11/15/2031		27,687,000		27,090,099
1.38%, 10/31/2028 (C)		401,000		363,657
1.50%, 02/29/2024 (C)		20,000,000		19,592,188
1.88%, 02/15/2032		80,000		73,150
2.00%, 04/30/2024		20,000,000		19,730,469
2.25%, 03/31/2024 - 04/30/2024 (C)		40,000,000		39,666,406

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

Transamerica Funds Semi-Annual Report 2022

Page    245

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note (continued)
2.50%, 04/30/2024 - 05/15/2024		$ 38,900,000		$ 38,742,922
Total U.S. Government Obligations (Cost $178,955,861)				178,022,381
	Shares		Value
COMMON STOCKS - 0.1%
Energy Equipment & Services - 0.1%
Hi-Crush, Inc. (K)		3,934,542		1,101,672
Machinery - 0.0%
Ameriforge Group, Inc. (K) (M) (N) (O)		2,679		0
Total Common Stocks (Cost $564,177)				1,101,672
PREFERRED STOCKS - 0.3%
Banks - 0.1%
Bank of America Corp., Series K, Fixed until 05/02/2022, 6.45% (A) (C)		6,800		176,868
Customers Bancorp, Inc., 5.38% (M)		79,110		1,938,195
				2,115,063
Insurance - 0.1%
American Equity Investment Life Holding Co., Series A, Fixed until 12/01/2024, 5.95% (A) (C)		49,577		1,224,056
Athene Holding Ltd., Series A, Fixed until 06/30/2029, 6.35% (A)		10,512		267,531
				1,491,587

	Shares		Value
PREFERRED STOCKS (continued)
Real Estate Management & Development - 0.1%
Brookfield Property Partners LP, Series A-1, 6.50%		28,625		$ 628,032
Total Preferred Stocks (Cost $4,362,224)				4,234,682
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 8.7%
U.S. Treasury Bill
0.65% (P), 08/25/2022		$33,000,000		32,888,917
0.89% (P), 12/29/2022		34,000,000		33,664,160
1.02% (P), 01/26/2023 (C)		40,000,000		39,514,604
Total Short-Term U.S. Government Obligations (Cost $106,430,618)				106,067,681
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 5.2%
Money Market Fund - 5.2%
State Street Institutional U.S. Government Money Market Fund, 0.29% (P)		62,699,660		62,699,660
Total Short-Term Investment Company (Cost $62,699,660)				62,699,660
OTHER INVESTMENT COMPANY - 5.9%
Securities Lending Collateral - 5.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (P)		71,076,128		71,076,128
Total Other Investment Company (Cost $71,076,128)				71,076,128
Total Investments (Cost $1,336,661,962)				1,287,368,932
Net Other Assets (Liabilities) - (6.1)%				(74,349,714	)
Net Assets - 100.0%				$1,213,019,218

FUTURES CONTRACTS:

Short Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
10-Year U.S. Treasury Note		(750	)		06/21/2022	$	(94,697,475	)	$	(89,367,187	)	$	5,330,288	$	—
10-Year U.S. Treasury Ultra Note		(300	)		06/21/2022		(41,886,774	)		(38,700,000	)		3,186,774		—
German Euro BOBL		(70	)		06/08/2022		(9,715,811	)		(9,391,800	)		324,011		—
German Euro Bund		(112	)		06/08/2022		(19,333,329	)		(18,147,339	)		1,185,990		—
German Euro BUXL		(14	)		06/08/2022		(2,864,915	)		(2,525,256	)		339,659		—
Total Futures Contracts												$	10,366,722	$	—

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date	Currency Purchased		Currency Sold	Unrealized Appreciation		Unrealized Depreciation
JPMS	05/12/2022	USD	41,269,189	EUR		36,315,000	$	2,939,707	$	—
JPMS	07/21/2022	USD	3,757,158	BRL		18,042,700		198,619		—

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

Transamerica Funds Semi-Annual Report 2022

Page    246

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

Counterparty	Settlement Date		Currency Purchased		Currency Sold					Unrealized Appreciation		Unrealized Depreciation
JPMS		07/21/2022	USD	4,261,323	CLP						3,488,958,493	$	236,091	$	—
JPMS		07/21/2022	USD	3,913,678	COP						14,932,521,262		192,335		—
JPMS		07/21/2022	USD	3,435,894	MXN						69,125,921		102,287		—
JPMS		07/21/2022	USD	4,067,919	PEN						15,433,686		84,339		—
JPMS		07/22/2022	USD	32,937,928	EUR						29,800,000		1,362,733		—
JPMS		07/22/2022	EUR	1,420,000	USD						1,538,208		—		(33,617	)
Total						$	5,116,111	$	(33,617	)

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	$	—	$	155,686,640		$	—	$	155,686,640
Corporate Debt Securities		—		522,614,531			—		522,614,531
Foreign Government Obligations		—		67,357,180			—		67,357,180
Loan Assignments		—		118,508,377			—		118,508,377
U.S. Government Obligations		—		178,022,381			—		178,022,381
Common Stocks		—		1,101,672			0		1,101,672
Preferred Stocks		2,296,487		1,938,195			—		4,234,682
Short-Term U.S. Government Obligations		—		106,067,681			—		106,067,681
Short-Term Investment Company		62,699,660		—			—		62,699,660
Other Investment Company		71,076,128		—			—		71,076,128
Total Investments	$	136,072,275	$	1,151,296,657		$	0	$	1,287,368,932
Other Financial Instruments
Futures Contracts (S)	$	10,366,722	$	—		$	—	$	10,366,722
Forward Foreign Currency Contracts (S)		—		5,116,111			—		5,116,111
Total Other Financial Instruments	$	10,366,722	$	5,116,111		$	—	$	15,482,833
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (S)	$	—	$	(33,617	)	$	—	$	(33,617	)
Total Other Financial Instruments	$	—	$	(33,617	)	$	—	$	(33,617	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $312,068,093, representing 25.7% 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 $107,045,733, collateralized by cash collateral of $71,076,128 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $38,201,894. 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, 2022, the total value of Regulation S securities is $192,569,708, representing 15.9% of the Fund’s net assets.

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

Transamerica Funds Semi-Annual Report 2022

Page    247

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(E)	Percentage rounds to less than 0.1% or (0.1)%.
(F)	Perpetual maturity. The date displayed is the next call date.
(G)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)	All or a portion of the security represents unsettled loan commitments at April 30, 2022 where the rate will be determined at time of settlement.
(I)	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.
(J)	Security in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2022, the value of this security is $3,021, representing less than 0.1% of the Fund’s net assets.
(K)	Restricted securities. At April 30, 2022, 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	Rentpath, Inc. 2nd Lien Term Loan 13.25%, 05/03/2028		04/06/2021	$	105,125	$	3,021		0.0	%(E)
Common Stocks	Hi-Crush, Inc.		10/08/2020 - 11/02/2021		473,091		1,101,672		0.1
Common Stocks	Ameriforge Group, Inc.		04/20/2016 - 05/13/2016		91,268		0		0.0
Total				$	669,484	$	1,104,693		0.1	%

(L)	Non-income producing security.
(M)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2022, the total value of securities is $1,938,195, representing 0.2% of the Fund’s net assets.
(N)	Security deemed worthless.
(O)	Security is Level 3 of the fair value hierarchy.
(P)	Rates disclosed reflect the yields at April 30, 2022.
(Q)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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)	Derivative instruments are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
CLP	Chilean Peso
COP	Columbian Peso
EUR	Euro
MXN	Mexican Peso
PEN	Peruvian Sol
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

BOBL	Bundesobligationen (German Federal Government Securities)
BUXL	Bundesanleihen (German Long-Term Debt)
LIBOR	London Interbank Offered Rate
Prime Rate	Interest rate charged by banks to their most credit worthy customers
SOFR	Secured Overnight Financing Rate
TBD	To Be Determined

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

Transamerica Funds Semi-Annual Report 2022

Page    248

Transamerica US Growth

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 98.4%
Aerospace & Defense - 1.2%
Raytheon Technologies Corp.		230,811		$21,906,272
Automobiles - 2.8%
Tesla, Inc. (A)		58,239		50,712,192
Beverages - 2.6%
Constellation Brands, Inc., Class A		96,914		23,849,566
Monster Beverage Corp. (A)		276,482		23,688,978
				47,538,544
Biotechnology - 3.1%
Regeneron Pharmaceuticals, Inc. (A)		34,447		22,704,362
Seagen, Inc. (A)		81,270		10,647,183
Vertex Pharmaceuticals, Inc. (A)		89,215		24,375,322
				57,726,867
Building Products - 2.6%
Builders FirstSource, Inc. (A)		231,353		14,244,404
Fortune Brands Home & Security, Inc.		206,255		14,695,669
Johnson Controls International PLC		303,741		18,184,974
				47,125,047
Capital Markets - 1.6%
Morgan Stanley		150,506		12,129,278
S&P Global, Inc.		43,544		16,394,316
				28,523,594
Chemicals - 1.1%
PPG Industries, Inc.		162,865		20,845,091
Consumer Finance - 2.0%
American Express Co.		212,498		37,125,526
Electronic Equipment, Instruments & Components - 0.8%
Cognex Corp.		218,261		14,760,991
Entertainment - 1.4%
Roku, Inc. (A)		91,563		8,506,203
Walt Disney Co. (A)		150,559		16,806,901
				25,313,104
Equity Real Estate Investment Trusts - 1.8%
Prologis, Inc.		129,782		20,802,757
Rexford Industrial Realty, Inc.		157,765		12,311,980
				33,114,737
Health Care Equipment & Supplies - 2.5%
Align Technology, Inc. (A)		38,350		11,118,048
Edwards Lifesciences Corp. (A)		181,515		19,200,657
Teleflex, Inc.		55,309		15,797,357
				46,116,062
Health Care Providers & Services - 2.0%
UnitedHealth Group, Inc.		72,163		36,698,494
Hotels, Restaurants & Leisure - 4.5%
Airbnb, Inc., Class A (A)		137,763		21,106,669
Booking Holdings, Inc. (A)		12,896		28,504,158
Chipotle Mexican Grill, Inc. (A)		17,414		25,347,992
Penn National Gaming, Inc. (A)		210,007		7,679,956
				82,638,775
Interactive Media & Services - 7.3%
Alphabet, Inc., Class A (A)		36,495		83,288,524
Meta Platforms, Inc., Class A (A)		252,248		50,568,157
				133,856,681

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 5.5%
Amazon.com, Inc. (A)		37,186		$ 92,430,637
Etsy, Inc. (A)		91,718		8,547,201
				100,977,838
IT Services - 5.7%
Block, Inc. (A)		119,478		11,892,840
FleetCor Technologies, Inc. (A)		100,517		25,081,002
Global Payments, Inc.		113,109		15,493,671
Mastercard, Inc., Class A		143,876		52,281,661
				104,749,174
Life Sciences Tools & Services - 1.5%
Thermo Fisher Scientific, Inc.		51,434		28,438,887
Machinery - 2.6%
Deere & Co.		83,100		31,374,405
Nordson Corp.		71,711		15,467,346
				46,841,751
Pharmaceuticals - 2.6%
Eli Lilly & Co.		166,298		48,580,635
Semiconductors & Semiconductor Equipment - 8.8%
Advanced Micro Devices, Inc. (A)		257,971		22,061,680
Entegris, Inc.		85,755		9,552,250
KLA Corp.		63,443		20,254,812
Marvell Technology, Inc.		253,982		14,751,275
MKS Instruments, Inc.		86,579		9,868,274
NVIDIA Corp.		246,626		45,741,724
Teradyne, Inc.		116,327		12,267,845
Texas Instruments, Inc.		159,982		27,236,936
				161,734,796
Software - 18.6%
Adobe, Inc. (A)		61,870		24,497,427
Avalara, Inc. (A)		130,140		9,899,750
Five9, Inc. (A)		130,751		14,395,685
Microsoft Corp.		602,899		167,316,530
Palo Alto Networks, Inc. (A) (B)		48,185		27,045,277
Paycom Software, Inc. (A)		50,523		14,220,709
Qualtrics International, Inc., Class A (A)		346,026		6,415,322
Salesforce, Inc. (A)		154,495		27,181,850
ServiceNow, Inc. (A)		54,431		26,023,461
Workday, Inc., Class A (A)		115,399		23,852,973
				340,848,984
Specialty Retail - 1.7%
TJX Cos., Inc.		514,752		31,544,002
Technology Hardware, Storage & Peripherals - 11.1%
Apple, Inc.		1,183,515		186,581,139
NetApp, Inc.		246,191		18,033,491
				204,614,630
Textiles, Apparel & Luxury Goods - 3.0%
Lululemon Athletica, Inc. (A)		70,805		25,109,577
NIKE, Inc., Class B		236,468		29,487,560
				54,597,137
Total Common Stocks (Cost $1,121,751,413)				1,806,929,811

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

Transamerica Funds Semi-Annual Report 2022

Page    249

Transamerica US Growth

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 1.9%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $34,733,451 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.25%, due 09/30/2028, and with a value of $35,428,171.		$34,733,451		$ 34,733,451
Total Repurchase Agreement (Cost $34,733,451)				34,733,451
Total Investments (Cost $1,156,484,864)				1,841,663,262
Net Other Assets (Liabilities) - (0.3)%				(6,192,650	)
Net Assets - 100.0%				$1,835,470,612

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	$	1,806,929,811	$	—	$	—	$	1,806,929,811
Repurchase Agreement		—		34,733,451		—		34,733,451
Total Investments	$	1,806,929,811	$	34,733,451	$	—	$	1,841,663,262

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 $24,238,316 collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $24,733,636. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)	Rate disclosed reflects the yield at April 30, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    250

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2022

(unaudited)

	Transamerica Balanced II		Transamerica Bond			Transamerica Capital Growth			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Opportunities
Assets:
Investments, at value (A) (B)	$	122,489,382	$	1,546,404,358		$	2,359,328,457		$	304,301,997		$	1,005,130,120
Repurchase agreements, at value (C)		—		2,519,315			34,486,190			15,570,874			—
Cash		1,118,115		—			—			—			36,383,390
Cash collateral pledged at broker for:
TBA commitments		283,000		2,927,219			—			—			—
OTC derivatives (E)		—		19			2,820,000			310,000			—
Foreign currency, at value (D)		—		—			1,048			479,148			4,308,755
Receivables and other assets:
Investments sold		802,518		1,228,248			28,524,671			1,901,926			10,564,807
When-issued, delayed-delivery, forward and TBA commitments sold		—		1,992,500			—			—			—
Net income from securities lending		545		7,486			80,525			1,752			23,442
Shares of beneficial interest sold		—		3,349,266			5,800,892			437,929			—
Dividends		42,763		—			—			210			3,016,094
Interest		244,389		10,441,409			—			4,995,171			—
Tax reclaims		1,863		119			28,499			79,839			173,790
Due from distributor		32,677		—			—			—			—
Contributions from affiliate		—		62,212			1,956,677			726,667			4,733
Variation margin receivable on futures contracts		102,174		5,681			—			—			1,653,852
Unrealized appreciation on forward foreign currency contracts		—		—			—			302,812			—
Prepaid expenses		394		4,954			8,099			1,180			4,581
Total assets		125,117,820		1,568,942,786			2,433,035,058			329,109,505			1,061,263,564
Liabilities:
Cash collateral received upon return of:
Securities on loan		1,519,655		30,184,363			112,866,836			9,425,925			381,995
Cash collateral at broker for:
OTC derivatives (E)		—		—			8,643,000			490,000			—
Payables and other liabilities:
Investments purchased		638,705		498,453			19,835,581			865,554			9,962,172
When-issued, delayed-delivery, forward and TBA commitments purchased		9,070,879		46,224,860			—			—			243,636
Dividends and/or distributions		—		512,100			—			—			—
Shares of beneficial interest redeemed		176,956		6,827,604			10,118,116			2,260,056			3,001
Foreign capital gains tax		—		—			—			7,399			878,695
Due to custodian		—		4,093,410			2,876,677			1,096,667			—
Investment management fees		45,411		388,503			1,258,429			159,250			682,187
Distribution and service fees		26,655		68,938			360,066			4,516			—
Transfer agent fees		443		108,741			262,792			20,663			7,098
Trustees, CCO and deferred compensation fees		1,328		15,709			41,661			4,618			2,936
Audit and tax fees		18,129		23,399			23,014			23,676			9,135
Custody fees		4,042		49,772			94,901			32,498			110,845
Legal fees		946		1,669			16,256			706			8,383
Printing and shareholder reports fees		1,041		43,829			139,273			14,732			11,048
Registration fees		2,855		265			8,415			308			171
Other accrued expenses		4,674		12,388			30,880			5,180			7,415
Unrealized depreciation on forward foreign currency contracts		—		—			—			160,784			—
Total liabilities		11,511,719		89,054,003			156,575,897			14,572,532			12,308,717
Net assets	$	113,606,101	$	1,479,888,783		$	2,276,459,161		$	314,536,973		$	1,048,954,847
Net assets consist of:
Paid-in capital	$	90,951,675	$	1,612,575,050		$	2,954,780,629		$	463,468,353		$	1,274,970,582
Total distributable earnings (accumulated losses)		22,654,426		(132,686,267	)		(678,321,468	)		(148,931,380	)		(226,015,735	)
Net assets	$	113,606,101	$	1,479,888,783		$	2,276,459,161		$	314,536,973		$	1,048,954,847

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

Transamerica Funds Semi-Annual Report 2022

Page    251

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Balanced II		Transamerica Bond		Transamerica Capital Growth		Transamerica Emerging Markets Debt		Transamerica Emerging Markets Opportunities
Net assets by class:
Class A	$	—	$	124,157,911	$	531,136,756	$	9,688,467	$	—
Class C		—		52,532,770		242,985,851		3,054,522		—
Class I		—		887,677,978		1,444,002,646		187,325,028		6,608,954
Class I2		—		320,691,079		35,693,662		90,218,603		972,557,107
Class I3		49,641,765		—		—		—		—
Class R		63,964,336		9,384		7,525		—		—
Class R6		—		94,819,661		22,632,721		24,250,353		69,788,786
Shares outstanding (unlimited shares, no par value):
Class A		—		14,522,211		21,592,249		1,068,302		—
Class C		—		6,186,358		14,525,242		338,896		—
Class I		—		103,622,260		54,096,073		20,477,646		800,575
Class I2		—		37,412,466		4,738,406		9,899,442		117,748,959
Class I3		4,301,543		—		—		—		—
Class R		5,542,672		1,099		306		—		—
Class R6		—		11,073,771		3,003,985		2,661,789		8,398,868
Net asset value per share: (F)
Class A	$	—	$	8.55	$	24.60	$	9.07	$	—
Class C		—		8.49		16.73		9.01		—
Class I		—		8.57		26.69		9.15		8.26
Class I2		—		8.57		7.53		9.11		8.26
Class I3		11.54		—		—		—		—
Class R		11.54		8.54		24.59		—		—
Class R6		—		8.56		7.53		9.11		8.31
Maximum offering price per share: (G)
Class A	$	—	$	8.98	$	26.03	$	9.52	$	—
(A) Investments, at cost	$	103,829,707	$	1,660,344,597	$	2,911,318,699	$	345,175,022	$	1,177,237,457
(B) Securities on loan, at value	$	2,159,759	$	30,775,099	$	218,449,304	$	12,991,478	$	28,734,943
(C) Repurchase agreements, at cost	$	—	$	2,519,315	$	34,486,190	$	15,570,874	$	—
(D) Foreign currency, at cost	$	—	$	—	$	1,078	$	483,172	$	5,077,657

^(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 2022

Page    252

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Energy Infrastructure			Transamerica Floating Rate			Transamerica Government Money Market		Transamerica High Quality Bond			Transamerica High Yield Bond
Assets:
Investments, at value (A) (B)	$	153,486,105		$	491,616,242		$	342,599,491	$	164,064,342		$	1,964,044,208
Repurchase agreements, at value (C)		2,290,739			49,260,250			291,406,813		—			13,407,101
Cash		54,694			617,310			—		576,882			10,876,876
Receivables and other assets:
Investments sold		2,437,160			277,907			—		2,121			12,528,000
When-issued, delayed-delivery, forward and TBA commitments sold		—			4,409,993			—		—			2,302,625
Net income from securities lending		1,219			4,492			—		1,522			84,854
Shares of beneficial interest sold		727,973			1,140,589			469,348		179,857			4,546,382
Dividends		470,236			—			—		—			—
Interest		30,071			1,502,246			115,677		621,579			27,521,303
Tax reclaims		—			—			—		1,863			—
Due from investment manager		—			—			16,756		—			—
Due from distributor		—			—			98,914		—			602
Contributions from affiliate		28,883			—			27,027		—			111,416
Prepaid expenses		742			1,914			330		505			5,189
Total assets		159,527,822			548,830,943			634,734,356		165,448,671			2,035,428,556
Liabilities:
Cash collateral received upon return of:
Securities on loan		2,636,555			26,345			—		3,389,848			124,987,378
Payables and other liabilities:
Investments purchased		1,886,361			3,488			8,414,014		—			19,505,652
When-issued, delayed-delivery, forward and TBA commitments purchased		—			38,005,366			—		—			2,118,688
Dividends and/or distributions		—			119			8		—			23,909
Shares of beneficial interest redeemed		6,354			226,030			1,014,912		12,837			4,792,357
Due to custodian		—			—			26,755		—			—
Investment management fees		129,706			251,074			124,183		39,777			789,376
Distribution and service fees		11,464			16,230			255,378		11,640			42,763
Transfer agent fees		8,146			16,487			35,827		901			79,560
Trustees, CCO and deferred compensation fees		2,191			3,594			7,461		2,049			15,197
Audit and tax fees		18,909			21,171			14,897		18,631			25,210
Custody fees		8,158			14,654			39,844		6,239			63,727
Legal fees		1,460			2,237			41,318		51			8,389
Printing and shareholder reports fees		4,771			4,778			5,401		1,248			29,855
Registration fees		2,234			1,674			2,345		418			304
Other accrued expenses		1,962			4,975			16,980		1,523			18,828
Unrealized depreciation on unfunded commitments		—			13,952			—		—			—
Total liabilities		4,718,271			38,612,174			9,999,323		3,485,162			152,501,193
Net assets	$	154,809,551		$	510,218,769		$	624,735,033	$	161,963,509		$	1,882,927,363
Net assets consist of:
Paid-in capital	$	302,063,738		$	546,489,377		$	624,708,379	$	176,402,534		$	2,033,975,250
Total distributable earnings (accumulated losses)		(147,254,187	)		(36,270,608	)		26,654		(14,439,025	)		(151,047,887	)
Net assets	$	154,809,551		$	510,218,769		$	624,735,033	$	161,963,509		$	1,882,927,363

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

Transamerica Funds Semi-Annual Report 2022

Page    253

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Energy Infrastructure		Transamerica Floating Rate		Transamerica Government Money Market		Transamerica High Quality Bond		Transamerica High Yield Bond
Net assets by class:
Class A	$	25,379,108	$	18,143,721	$	250,416,157	$	—	$	70,550,960
Class C		7,622,216		16,551,829		9,769,163		—		11,542,297
Class I		45,140,771		144,634,999		28,497,636		—		720,321,283
Class I2		76,667,456		330,888,220		3,286,006		—		760,247,610
Class I3		—		—		126,997,772		114,939,187		181,012,437
Class R		—		—		—		11,615,014		19,469,707
Class R2		—		—		128,396,344		—		—
Class R4		—		—		77,371,955		35,409,308		52,833,627
Class R6		—		—		—		—		66,949,442
Shares outstanding (unlimited shares, no par value):
Class A		3,545,862		1,945,015		250,425,939		—		8,496,350
Class C		1,067,262		1,773,613		9,765,998		—		1,395,889
Class I		6,307,074		15,583,981		28,472,115		—		86,005,996
Class I2		10,713,022		35,477,628		3,285,629		—		90,603,579
Class I3		—		—		127,011,771		12,140,142		21,579,248
Class R		—		—		—		1,223,382		2,320,956
Class R2		—		—		128,391,026		—		—
Class R4		—		—		77,373,881		3,739,821		6,294,149
Class R6		—		—		—		—		7,981,106
Net asset value per share: (D)
Class A	$	7.16	$	9.33	$	1.00	$	—	$	8.30
Class C		7.14		9.33		1.00		—		8.27
Class I		7.16		9.28		1.00		—		8.38
Class I2		7.16		9.33		1.00		—		8.39
Class I3		—		—		1.00		9.47		8.39
Class R		—		—		—		9.49		8.39
Class R2		—		—		1.00		—		—
Class R4		—		—		1.00		9.47		8.39
Class R6		—		—		—		—		8.39
Maximum offering price per share: (E)
Class A	$	7.58	$	9.80	$	1.00	$	—	$	8.71
Class R2	$	—	$	—	$	1.00	$	—	$	—
(A) Investments, at cost	$	114,384,690	$	501,278,471	$	342,599,491	$	169,823,398	$	2,121,478,058
(B) Securities on loan, at value	$	5,347,406	$	2,370,288	$	—	$	3,316,376	$	125,359,829
(C) Repurchase agreements, at cost	$	2,290,739	$	49,260,250	$	291,406,813	$	—	$	13,407,101

^(D)  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.

^(E)  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 2022

Page    254

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica High Yield ESG			Transamerica High Yield Muni			Transamerica Inflation Opportunities			Transamerica Inflation- Protected Securities			Transamerica Intermediate Bond
Assets:
Investments, at value (A) (B)	$	21,183,835		$	150,325,881		$	134,688,960		$	104,519,275		$	1,692,830,699
Repurchase agreements, at value (C)		—			—			—			—			16,224,878
Cash		735,098			6,053,769			—			—			—
Cash collateral pledged at custodian for:
OTC derivatives (E)		—			—			—			—			18
Cash collateral pledged at broker for:
TBA commitments		—			—			—			—			6,319,792
Foreign currency, at value (D)		—			—			363			167,864			—
Receivables and other assets:
Investments sold		35,506			1,029,436			1,277,643			2,859			3,629,637
Net income from securities lending		419			213			1,731			588			2,246
Shares of beneficial interest sold		—			4,046,793			32,186			77,780			5,343
Interest		262,798			2,433,734			383,975			258,687			7,772,297
Tax reclaims		904			—			—			—			113
Due from distributor		—			4,385			—			—			—
Due from investment manager		516			—			—			—			—
Contributions from affiliate		281			11,379			103			—			—
Variation margin receivable on futures contracts		—			—			—			—			24,942
Unrealized appreciation on forward foreign currency contracts		—			—			1,615,698			378,301			—
Prepaid expenses		65			786			620			323			4,555
Total assets		22,219,422			163,906,376			138,001,279			105,405,677			1,726,814,520
Liabilities:
Cash collateral received upon return of:
Securities on loan		2,495,080			—			2,157,750			3,864,498			6,827,531
Payables and other liabilities:
Investments purchased		85,630			—			2,012,931			503,233			18,783,932
When-issued, delayed-delivery, forward and TBA commitments purchased		—			835,062			—			—			274,843,653
Dividends and/or distributions		—			3,091			—			—			—
Shares of beneficial interest redeemed		—			782,142			1,002			5,237			33,795
Due to custodian		—			—			103			—			2,522,354
Investment management fees		—			59,737			48,677			28,148			434,455
Distribution and service fees		—			14,396			1,538			3,879			36,285
Transfer agent fees		201			14,095			2,384			553			8,576
Trustees, CCO and deferred compensation fees		93			1,567			1,186			1,234			14,388
Audit and tax fees		18,624			22,646			18,859			19,210			23,026
Custody fees		4,897			8,510			5,405			4,124			45,366
Legal fees		150			1,183			949			17			3,310
Printing and shareholder reports fees		423			3,260			192			930			11,835
Registration fees		6,426			2,248			2,805			320			185
Other accrued expenses		1,754			951			1,143			1,910			12,075
Unrealized depreciation on forward foreign currency contracts		—			—			69,142			845			—
Total liabilities		2,613,278			1,748,888			4,324,066			4,434,138			303,600,766
Net assets	$	19,606,144		$	162,157,488		$	133,677,213		$	100,971,539		$	1,423,213,754
Net assets consist of:
Paid-in capital	$	21,484,559		$	182,124,982		$	135,688,824		$	102,322,311		$	1,549,800,247
Total distributable earnings (accumulated losses)		(1,878,415	)		(19,967,494	)		(2,011,611	)		(1,350,772	)		(126,586,493	)
Net assets	$	19,606,144		$	162,157,488		$	133,677,213		$	100,971,539		$	1,423,213,754

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

Transamerica Funds Semi-Annual Report 2022

Page    255

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica High Yield ESG		Transamerica High Yield Muni		Transamerica Inflation Opportunities		Transamerica Inflation- Protected Securities		Transamerica Intermediate Bond
Net assets by class:
Class A	$	—	$	22,489,986	$	2,375,641	$	—	$	—
Class C		—		11,310,020		1,279,851		—		—
Class I		1,048,126		128,346,400		14,572,479		—		—
Class I2		18,558,018		11,082		115,299,107		—		970,363,797
Class I3		—		—		—		90,742,391		299,939,837
Class R		—		—		—		9,096,887		26,769,830
Class R4		—		—		—		1,132,261		126,131,102
Class R6		—		—		150,135		—		9,188
Shares outstanding (unlimited shares, no par value):
Class A		—		2,079,456		228,965		—		—
Class C		—		1,044,407		126,846		—		—
Class I		114,829		11,866,683		1,393,090		—		—
Class I2		2,033,602		1,024		10,995,166		—		105,869,836
Class I3		—		—		—		8,752,478		32,662,382
Class R		—		—		—		876,770		2,911,069
Class R4		—		—		—		108,974		13,729,897
Class R6		—		—		14,312		—		1,000
Net asset value per share: (F)
Class A	$	—	$	10.82	$	10.38	$	—	$	—
Class C		—		10.83		10.09		—		—
Class I		9.13		10.82		10.46		—		—
Class I2		9.13		10.82		10.49		—		9.17
Class I3		—		—		—		10.37		9.18
Class R		—		—		—		10.38		9.20
Class R4		—		—		—		10.39		9.19
Class R6		—		—		10.49		—		9.19
Maximum offering price per share: (G)
Class A	$	—	$	11.18	$	10.90	$	—	$	—
(A) Investments, at cost	$	23,034,372	$	169,144,680	$	137,738,033	$	102,571,021	$	1,787,325,526
(B) Securities on loan, at value	$	2,490,326	$	—	$	2,987,077	$	4,083,375	$	6,938,420
(C) Repurchase agreements, at cost	$	—	$	—	$	—	$	—	$	16,224,878
(D) Foreign currency, at cost	$	—	$	—	$	377	$	174,784	$	—

^(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 2022

Page    256

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Intermediate Muni			Transamerica International Equity		Transamerica International Focus		Transamerica International Small Cap Value		Transamerica International Stock
Assets:
Investments, at value (A) (B)	$	2,078,361,313		$	5,294,016,870	$	1,176,470,223	$	666,664,752	$	122,767,444
Repurchase agreements, at value (C)		—			111,023,285		7,650,829		2,841,288		—
Cash		—			—		—		—		2,830,532
Foreign currency, at value (D)		—			1,850		5,387,248		15,584		94,494
Receivables and other assets:
Investments sold		28,966,784			11,762,434		14,399,946		118,160		445,379
Net income from securities lending		—			72,506		80,921		10,350		27,321
Shares of beneficial interest sold		17,214,090			18,843,299		252		152,137		252
Dividends		—			22,417,515		5,815,694		4,601,307		723,940
Interest		27,377,756			—		—		—		—
Tax reclaims		—			18,276,496		2,946,077		1,317,851		274,563
Due from investment manager		41,171			—		—		—		—
Contributions from affiliate		836,293			2,226,718		—		239,032		1,386
Prepaid expenses		8,762			17,673		3,747		2,583		498
Total assets		2,152,806,169			5,478,658,646		1,212,754,937		675,963,044		127,165,809
Liabilities:
Cash collateral received upon return of:
Securities on loan		—			348,764,521		82,804,472		23,713,203		24,300
Payables and other liabilities:
Investments purchased		—			7,536,353		—		—		445,407
Dividends and/or distributions		479,043			—		—		—		—
Shares of beneficial interest redeemed		15,515,203			5,538,198		3,113		187,486		881
Due to custodian		6,000,113			2,156,043		—		239,032		—
Investment management fees		546,471			2,865,457		767,917		507,673		74,398
Distribution and service fees		134,660			73,984		124		—		163
Transfer agent fees		176,987			319,101		7,746		25,411		872
Trustees, CCO and deferred compensation fees		21,499			38,354		11,477		5,912		673
Audit and tax fees		24,207			22,948		13,328		12,950		11,295
Custody fees		79,181			226,588		96,323		31,780		15,902
Legal fees		19,077			39,295		5,909		5,432		1,004
Printing and shareholder reports fees		39,977			122,239		12,700		11,877		1,124
Registration fees		4,839			780		2,392		1,183		7,655
Affiliated fund fees		6,524			—		—		—		—
Other accrued expenses		12,666			28,983		12,747		2,920		1,888
Total liabilities		23,060,447			367,732,844		83,738,248		24,744,859		585,562
Net assets	$	2,129,745,722		$	5,110,925,802	$	1,129,016,689	$	651,218,185	$	126,580,247
Net assets consist of:
Paid-in capital	$	2,317,413,404		$	4,846,827,930	$	971,507,601	$	636,104,407	$	119,393,784
Total distributable earnings (accumulated losses)		(187,667,682	)		264,097,872		157,509,088		15,113,778		7,186,463
Net assets	$	2,129,745,722		$	5,110,925,802	$	1,129,016,689	$	651,218,185	$	126,580,247

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

Transamerica Funds Semi-Annual Report 2022

Page    257

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Intermediate Muni		Transamerica International Equity		Transamerica International Focus		Transamerica International Small Cap Value		Transamerica International Stock
Net assets by class:
Class A	$	242,253,617	$	171,924,923	$	587,125	$	—	$	789,385
Class C		101,979,330		27,418,564		—		—		—
Class I		1,785,502,233		2,919,503,402		31,642		263,455,856		569,657
Class I2		10,542		1,389,888,153		1,115,618,383		387,762,329		111,500,450
Class I3		—		141,297,010		—		—		—
Class R		—		24,980,356		—		—		—
Class R4		—		16,644,269		—		—		—
Class R6		—		419,269,125		12,779,539		—		13,720,755
Shares outstanding (unlimited shares, no par value):
Class A		22,532,491		9,353,368		73,135		—		79,555
Class C		9,503,398		1,511,749		—		—		—
Class I		165,367,195		156,841,188		3,916		20,506,274		57,076
Class I2		976		74,636,741		138,761,331		30,149,866		11,194,361
Class I3		—		7,531,966		—		—		—
Class R		—		1,328,465		—		—		—
Class R4		—		887,778		—		—		—
Class R6		—		22,278,043		1,582,660		—		1,378,810
Net asset value per share: (E)
Class A	$	10.75	$	18.38	$	8.03	$	—	$	9.92
Class C		10.73		18.14		—		—		—
Class I		10.80		18.61		8.08		12.85		9.98
Class I2		10.80		18.62		8.04		12.86		9.96
Class I3		—		18.76		—		—		—
Class R		—		18.80		—		—		—
Class R4		—		18.75		—		—		—
Class R6		—		18.82		8.07		—		9.95
Maximum offering price per share: (F)
Class A	$	11.11	$	19.45	$	8.50	$	—	$	10.50
(A) Investments, at cost	$	2,255,368,149	$	4,950,840,018	$	1,033,866,279	$	647,682,845	$	117,363,583
(B) Securities on loan, at value	$	—	$	354,778,915	$	144,208,395	$	43,960,403	$	3,443,014
(C) Repurchase agreements, at cost	$	—	$	111,023,285	$	7,650,829	$	2,841,288	$	—
(D) Foreign currency, at cost	$	—	$	1,856	$	5,455,877	$	16,019	$	94,477

^(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)  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 2022

Page    258

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Large Cap Value		Transamerica Large Core		Transamerica Large Growth		Transamerica Large Value Opportunities		Transamerica Mid Cap Growth
Assets:
Investments, at value (A) (B)	$	2,338,786,889	$	177,085,335	$	770,316,147	$	354,945,932	$	318,521,489
Repurchase agreements, at value (C)		60,874,472		—		—		—		1,372,360
Cash		—		583,817		25,781,159		576,033		—
Foreign currency, at value (D)		—		—		525		—		—
Receivables and other assets:
Investments sold		—		—		488,553		32,071,854		1,599,376
Net income from securities lending		—		198		5,196		10,052		2,569
Shares of beneficial interest sold		446,014		66,060		271,374		5,257		4,718
Dividends		2,440,744		130,109		81,547		435,551		—
Tax reclaims		—		—		10,262		—		—
Contributions from affiliate		108,551		—		—		—		3,175
Prepaid expenses		8,478		638		2,795		1,238		662
Total assets		2,402,665,148		177,866,157		796,957,558		388,045,917		321,504,349
Liabilities:
Cash collateral received upon return of:
Securities on loan		—		—		18,119,422		2,710,038		3,979,919
Cash collateral at broker for:
OTC derivatives (E)		—		—		610,000		—		—
Payables and other liabilities:
Investments purchased		13,616,849		—		4,423,510		31,932,493		1,945,725
Shares of beneficial interest redeemed		305,320		14,543		1,824		62,627		30,902
Due to custodian		108,551		—		—		—		3,175
Investment management fees		1,160,933		67,577		449,751		130,205		192,548
Distribution and service fees		34,384		23,753		59,385		28,407		10,542
Transfer agent fees		31,670		898		4,940		1,922		4,155
Trustees, CCO and deferred compensation fees		23,957		2,216		8,868		4,516		2,476
Audit and tax fees		12,666		11,671		14,316		11,120		15,439
Custody fees		46,306		5,326		34,472		10,436		22,188
Legal fees		17,992		1,449		1,054		2,796		2,255
Printing and shareholder reports fees		16,708		1,455		7,024		2,452		833
Registration fees		188		1,481		169		1,134		268
Other accrued expenses		8,978		1,389		5,559		2,295		6,920
Total liabilities		15,384,502		131,758		23,740,294		34,900,441		6,217,345
Net assets	$	2,387,280,646	$	177,734,399	$	773,217,264	$	353,145,476	$	315,287,004
Net assets consist of:
Paid-in capital	$	1,995,629,218	$	134,260,998	$	688,310,793	$	309,688,022	$	377,251,630
Total distributable earnings (accumulated losses)		391,651,428		43,473,401		84,906,471		43,457,454		(61,964,626	)
Net assets	$	2,387,280,646	$	177,734,399	$	773,217,264	$	353,145,476	$	315,287,004

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

Transamerica Funds Semi-Annual Report 2022

Page    259

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Large Cap Value		Transamerica Large Core		Transamerica Large Growth		Transamerica Large Value Opportunities		Transamerica Mid Cap Growth
Net assets by class:
Class A	$	82,801,382	$	—	$	—	$	—	$	11,359,095
Class C		20,794,679		—		—		—		570,839
Class I		109,399,812		—		—		—		1,865,342
Class I2		2,125,896,664		—		—		—		252,075,204
Class I3		—		120,162,040		601,371,983		280,445,840		24,623,770
Class R		—		54,989,331		111,746,132		63,752,688		17,134,052
Class R4		—		2,583,028		39,591,429		8,946,948		140,197
Class R6		48,388,109		—		20,507,720		—		7,518,505
Shares outstanding (unlimited shares, no par value):
Class A		6,373,125		—		—		—		1,561,195
Class C		1,613,906		—		—		—		88,516
Class I		8,335,649		—		—		—		248,485
Class I2		162,535,715		—		—		—		33,186,241
Class I3		—		11,146,233		57,359,604		28,760,312		3,247,986
Class R		—		5,097,686		10,971,222		6,529,915		2,323,002
Class R4		—		239,525		3,817,001		915,962		18,551
Class R6		3,699,398		—		1,956,785		—		991,146
Net asset value per share: (F)
Class A	$	12.99	$	—	$	—	$	—	$	7.28
Class C		12.88		—		—		—		6.45
Class I		13.12		—		—		—		7.51
Class I2		13.08		—		—		—		7.60
Class I3		—		10.78		10.48		9.75		7.58
Class R		—		10.79		10.19		9.76		7.38
Class R4		—		10.78		10.37		9.77		7.56
Class R6		13.08		—		10.48		—		7.59
Maximum offering price per share: (G)
Class A	$	13.75	$	—	$	—	$	—	$	7.70
(A) Investments, at cost	$	1,971,764,967	$	142,174,227	$	730,695,541	$	330,028,731	$	369,406,420
(B) Securities on loan, at value	$	—	$	3,146,444	$	18,757,883	$	2,787,474	$	18,800,977
(C) Repurchase agreements, at cost	$	60,874,472	$	—	$	—	$	—	$	1,372,360
(D) Foreign currency, at cost	$	—	$	—	$	546	$	—	$	—

^(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 2022

Page    260

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Mid Cap Value Opportunities		Transamerica Multi-Asset Income			Transamerica Multi-Managed Balanced		Transamerica Short-Term Bond			Transamerica Small Cap Growth
Assets:
Investments, at value (A) (B)	$	1,289,443,691	$	686,482,533		$	1,324,162,456	$	3,418,947,446		$	163,342,587
Repurchase agreements, at value (C)		80,114,003		22,095,826			12,739,863		30,886,173			5,192,343
Cash		—		1,938,069			2,431,595		—			793,101
Cash collateral pledged at broker for:
TBA commitments		—		—			1,881,364		—			—
Receivables and other assets:
Investments sold		1,619,275		8,102,224			9,784,469		140,666,797			708,317
Net income from securities lending		1,374		66,563			1,579		2,557			1,648
Shares of beneficial interest sold		2,505,402		2,771,536			773,591		8,225,765			278,796
Dividends		886,560		642,830			467,473		—			7,181
Interest		—		4,667,010			2,610,725		16,248,338			—
Tax reclaims		—		4,887			40		—			—
Contributions from affiliate		294,955		78,003			439,571		2,905,423			—
Variation margin receivable on futures contracts		—		—			271,182		736,322			—
Prepaid expenses		4,011		2,488			4,453		11,396			651
Total assets		1,374,869,271		726,851,969			1,355,568,361		3,618,630,217			170,324,624
Liabilities:
Cash collateral received upon return of:
Securities on loan		—		47,513,177			2,355,606		4,373,158			1,027,216
Payables and other liabilities:
Investments purchased		11,588,889		10,672,323			13,089,905		161,654,653			663,843
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—			98,331,413		9,620,000			—
Dividends and/or distributions		—		—			—		496,187			—
Shares of beneficial interest redeemed		593,847		557,578			1,198,255		12,096,328			136,312
Due to custodian		294,955		—			—		2,667,660			—
Investment management fees		770,114		257,181			609,426		1,015,655			127,825
Distribution and service fees		65,667		101,556			299,997		250,147			11,986
Transfer agent fees		64,033		52,300			83,571		237,534			7,074
Trustees, CCO and deferred compensation fees		10,795		6,779			12,289		22,932			2,048
Audit and tax fees		17,753		22,861			19,301		24,435			11,624
Custody fees		40,339		12,325			39,142		69,956			10,233
Legal fees		3,587		3,918			9,705		26,050			1,790
Printing and shareholder reports fees		3,789		13,146			22,174		72,839			6,404
Registration fees		684		5,317			252		537			3,599
Other accrued expenses		11,222		4,222			10,463		17,999			4,302
Total liabilities		13,465,674		59,222,683			116,081,499		192,646,070			2,014,256
Net assets	$	1,361,403,597	$	667,629,286		$	1,239,486,862	$	3,425,984,147		$	168,310,368
Net assets consist of:
Paid-in capital	$	1,074,451,299	$	775,270,631		$	946,803,747	$	3,574,968,849		$	139,387,841
Total distributable earnings (accumulated losses)		286,952,298		(107,641,345	)		292,683,115		(148,984,702	)		28,922,527
Net assets	$	1,361,403,597	$	667,629,286		$	1,239,486,862	$	3,425,984,147		$	168,310,368

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

Transamerica Funds Semi-Annual Report 2022

Page    261

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Mid Cap Value Opportunities		Transamerica Multi-Asset Income		Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond		Transamerica Small Cap Growth
Net assets by class:
Class A	$	27,066,520	$	141,961,897	$	641,485,129		$	719,969,803	$	16,178,286
Class C		16,392,731		88,797,485		198,439,913			128,568,788		2,406,506
Class I		640,732,848		436,853,706		373,048,690			2,223,198,584		27,613,720
Class I2		177,365,602		16,198		—			140,083,870		78,493,010
Class I3		114,553,181		—		—			—		23,057,872
Class R		56,414,368		—		9,476			—		14,827,593
Class R4		109,467,626		—		—			—		183,829
Class R6		219,410,721		—		26,503,654			214,163,102		5,549,552
Shares outstanding (unlimited shares, no par value):
Class A		2,349,027		10,730,044		20,924,187			72,432,774		2,773,030
Class C		1,460,042		6,740,200		6,630,554			12,958,655		493,183
Class I		55,291,669		32,992,932		12,083,303			227,217,487		4,438,682
Class I2		15,295,875		1,286		—			14,353,192		12,288,874
Class I3		9,820,004		—		—			—		3,613,366
Class R		4,830,540		—		309			—		2,401,806
Class R4		9,350,431		—		—			—		29,060
Class R6		18,740,005		—		859,362			21,919,480		869,124
Net asset value per share: (D)
Class A	$	11.52	$	13.23	$	30.66		$	9.94	$	5.83
Class C		11.23		13.17		29.93			9.92		4.88
Class I		11.59		13.24		30.87			9.78		6.22
Class I2		11.60		12.60		—			9.76		6.39
Class I3		11.67		—		—			—		6.38
Class R		11.68		—		30.69	(E)		—		6.17
Class R4		11.71		—		—			—		6.33
Class R6		11.71		—		30.84			9.77		6.39
Maximum offering price per share: (F)
Class A	$	12.19	$	14.00	$	32.44		$	10.19	$	6.17
(A) Investments, at cost	$	1,121,763,811	$	664,006,549	$	1,049,535,648		$	3,526,899,647	$	140,733,832
(B) Securities on loan, at value	$	14,222,268	$	59,818,204	$	11,375,131		$	9,490,668	$	13,057,148
(C) Repurchase agreements, at cost	$	80,114,003	$	22,095,826	$	12,739,863		$	30,886,173	$	5,192,343

^(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)  Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

^(F)  Maximum offering price per share for Class A 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 2022

Page    262

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Small Cap Value		Transamerica Small/Mid Cap Value		Transamerica Sustainable Bond			Transamerica Sustainable Equity Income		Transamerica Unconstrained Bond
Assets:
Investments, at value (A) (B)	$	443,214,304	$	794,838,445	$	25,688,576		$	304,302,377	$	1,287,368,932
Repurchase agreements, at value (C)		2,991,260		26,875,619		—			482,938		—
Cash		—		—		512,960			—		—
Cash collateral pledged at broker for:
Futures contracts		—		—		—			—		1,420,000
Foreign currency, at value (D)		—		—		—			—		86,336
Receivables and other assets:
Investments sold		—		4,081,140		1,534			—		2,892,416
When-issued, delayed-delivery, forward and TBA commitments sold		—		—		—			—		3,430,628
Net income from securities lending		2,377		1,512		386			388		29,422
Shares of beneficial interest sold		1,891		719,069		—			28,050		439,931
Dividends		101,129		409,974		—			284,503		551,441
Interest		—		—		130,505			—		8,749,226
Tax reclaims		—		—		1,567			18,967		1,103
Due from investment manager		—		—		3,426			—		—
Contributions from affiliate		613		246,942		1,449			13,330		7,584
Variation margin receivable on futures contracts		—		—		—			—		8,190,131
Unrealized appreciation on forward foreign currency contracts		—		—		—			—		5,116,111
Prepaid expenses		653		2,855		72			784		3,345
Total assets		446,312,227		827,175,556		26,340,475			305,131,337		1,318,286,606
Liabilities:
Cash collateral received upon return of:
Securities on loan		2,547,648		50,639		1,054,013			983,730		71,076,128
Payables and other liabilities:
Investments purchased		—		4,011,109		—			—		26,849,314
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—		3,058,661			—		3,953,074
Shares of beneficial interest redeemed		24,523		2,030,525		—			11,212		376,315
Due to custodian		613		238,080		—			13,330		2,191,602
Investment management fees		287,731		531,665		—			171,608		611,981
Distribution and service fees		5,796		111,657		—			15,484		193
Transfer agent fees		5,133		106,123		204			4,154		12,387
Trustees, CCO and deferred compensation fees		6,643		5,853		107			4,662		11,401
Audit and tax fees		14,300		11,643		25,034			12,104		29,850
Custody fees		27,109		25,986		4,088			6,749		89,382
Legal fees		8,115		6,354		4			2,029		4,762
Printing and shareholder reports fees		2,813		23,193		477			3,755		10,279
Registration fees		2,268		237		6,434			200		2,048
Other accrued expenses		10,730		3,853		159			6,552		12,410
Unrealized depreciation on forward foreign currency contracts		—		—		—			—		33,617
Unrealized depreciation on unfunded commitments		—		—		—			—		2,645
Total liabilities		2,943,422		7,156,917		4,149,181			1,235,569		105,267,388
Net assets	$	443,368,805	$	820,018,639	$	22,191,294		$	303,895,768	$	1,213,019,218
Net assets consist of:
Paid-in capital	$	313,214,655	$	620,219,270	$	25,677,758		$	283,389,091	$	1,262,044,778
Total distributable earnings (accumulated losses)		130,154,150		199,799,369		(3,486,464	)		20,506,677		(49,025,560	)
Net assets	$	443,368,805	$	820,018,639	$	22,191,294		$	303,895,768	$	1,213,019,218

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

Transamerica Funds Semi-Annual Report 2022

Page    263

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica Small Cap Value		Transamerica Small/Mid Cap Value		Transamerica Sustainable Bond		Transamerica Sustainable Equity Income		Transamerica Unconstrained Bond
Net assets by class:
Class A	$	9,154,637	$	358,007,161	$	—	$	66,382,856	$	969,849
Class C		656,225		43,785,830		—		1,866,366		—
Class I		18,167,819		325,875,818		891,840		3,087,071		62,338,786
Class I2		372,865,675		4,473,124		21,299,454		229,608,301		1,149,710,583
Class I3		27,639,979		—		—		—		—
Class R		7,921,606		—		—		—		—
Class R4		173,305		—		—		—		—
Class R6		6,789,559		87,876,706		—		2,951,174		—
Shares outstanding (unlimited shares, no par value):
Class A		1,360,892		12,538,895		—		9,076,127		104,943
Class C		101,721		1,867,152		—		256,869		—
Class I		2,652,392		10,921,760		103,168		419,917		6,750,046
Class I2		54,416,597		149,642		2,467,482		31,408,981		125,070,989
Class I3		4,017,707		—		—		—		—
Class R		1,151,953		—		—		—		—
Class R4		25,182		—		—		—		—
Class R6		979,773		2,925,799		—		403,916		—
Net asset value per share: (E)
Class A	$	6.73	$	28.55	$	—	$	7.31	$	9.24
Class C		6.45		23.45		—		7.27		—
Class I		6.85		29.84		8.64		7.35		9.24
Class I2		6.85		29.89		8.63		7.31		9.19
Class I3		6.88		—		—		—		—
Class R		6.88		—		—		—		—
Class R4		6.88		—		—		—		—
Class R6		6.93		30.04		—		7.31		—
Maximum offering price per share: (F)
Class A	$	7.12	$	30.21	$	—	$	7.74	$	9.70
(A) Investments, at cost	$	384,237,746	$	639,536,551	$	28,345,219	$	291,772,512	$	1,336,661,962
(B) Securities on loan, at value	$	11,037,754	$	17,782,887	$	1,032,007	$	1,695,400	$	107,045,733
(C) Repurchase agreements, at cost	$	2,991,260	$	26,875,619	$	—	$	482,938	$	—
(D) Foreign currency, at cost	$	—	$	—	$	—	$	—	$	86,400

^(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) 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 2022

Page    264

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica US Growth
Assets:
Investments, at value (A) (B)	$	1,806,929,811
Repurchase agreements, at value (C)		34,733,451
Receivables and other assets:
Net income from securities lending		2,838
Shares of beneficial interest sold		181,413
Dividends		371,852
Tax reclaims		395,913
Contributions from affiliate		584,836
Prepaid expenses		6,854
Total assets		1,843,206,968
Liabilities:
Payables and other liabilities:
Investments purchased		5,024,388
Shares of beneficial interest redeemed		750,271
Due to custodian		537,953
Investment management fees		1,012,744
Distribution and service fees		171,756
Transfer agent fees		115,371
Trustees, CCO and deferred compensation fees		14,039
Audit and tax fees		15,490
Custody fees		45,272
Legal fees		15,240
Printing and shareholder reports fees		22,107
Registration fees		353
Other accrued expenses		11,372
Total liabilities		7,736,356
Net assets	$	1,835,470,612
Net assets consist of:
Paid-in capital	$	1,072,751,016
Total distributable earnings (accumulated losses)		762,719,596
Net assets	$	1,835,470,612

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

Transamerica Funds Semi-Annual Report 2022

Page    265

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica US Growth
Net assets by class:
Class A	$	746,686,053
Class C		12,713,338
Class I		312,369,503
Class I2		616,381,454
Class R6		1,385,852
Class T		145,934,412
Shares outstanding (unlimited shares, no par value):
Class A		32,427,237
Class C		630,552
Class I		13,016,212
Class I2		25,682,102
Class R6		57,747
Class T		1,753,514
Net asset value per share: (D)
Class A	$	23.03
Class C		20.16
Class I		24.00
Class I2		24.00
Class R6		24.00
Class T		83.22
Maximum offering price per share: (E)
Class A	$	24.37
Class T	$	90.95
(A) Investments, at cost	$	1,121,751,413
(B) Securities on loan, at value	$	24,238,316
(C) Repurchase agreements, at cost	$	34,733,451

^(D) 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.

^(E) 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 2022

Page    266

STATEMENTS OF OPERATIONS

For the period ended April 30, 2022

(unaudited)

	Transamerica Balanced II			Transamerica Bond			Transamerica Capital Growth			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Opportunities
Investment Income:
Dividend income	$	506,799		$	—		$	1,314,623		$	—		$	20,165,885
Interest income		543,576			25,741,903			—			11,667,619			80
Non-cash dividend income		—			—			—			—			2,133,764
Net income from securities lending		1,945			36,938			883,811			12,482			76,439
Withholding taxes on foreign income		(706	)		—			—			(9,650	)		(1,402,347	)
Total investment income		1,051,614			25,778,841			2,198,434			11,670,451			20,973,821
Expenses:
Investment management fees		303,364			3,256,805			13,211,067			1,185,222			4,704,344
Distribution and service fees:
Class A		—			169,590			1,057,599			12,908			—
Class C		—			315,219			2,051,472			17,836			—
Class R (A)		179,011			8			7			—			—
Transfer agent fees
Class A		—			140,545			446,367			15,733			—
Class C		—			28,785			227,129			3,121			—
Class I		—			542,709			1,319,073			114,663			4,013
Class I2		—			13,219			8,277			4,401			43,581
Class I3		2,055			—			—			—			—
Class R (A)		553			3			3			—			—
Class R6		—			2,749			1,268			869			1,571
Trustees, CCO and deferred compensation fees		1,972			26,228			60,941			4,969			16,034
Audit and tax fees		18,434			25,524			35,580			22,957			20,544
Custody fees		6,064			73,674			160,965			62,026			224,023
Legal fees		3,761			37,845			113,248			9,068			37,765
Printing and shareholder reports fees		2,889			113,316			370,086			34,729			29,179
Registration fees		11,050			77,979			185,026			81,287			48,052
Filing fees		7,292			18,162			37,124			9,905			15,467
Other		1,539			20,384			63,306			8,239			19,461
Total expenses		537,984			4,862,744			19,348,538			1,587,933			5,164,034
Expenses waived and/or reimbursed:
Class A		—			(3,167	)		(39,760	)		(3,106	)		—
Class C		—			—			(18,564	)		—			—
Class I		—			(223,006	)		(190,598	)		(5,593	)		—
Class I2		—			—			(3,504	)		—			—
Class R (A)		—			(2,384	)		(7,684	)		—			—
Class R6		—			—			(2,640	)		—			(1,770	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			61			—			181			—
Class I		—			—			5,145			—			—
Class R (A)		—			2,384			7,683			—			—
Class R6		—			—			674			—			1,770
Net expenses		537,984			4,636,632			19,099,290			1,579,415			5,164,034
Net investment income (loss)		513,630			21,142,209			(16,900,856	)		10,091,036			15,809,787
Net realized gain (loss) on:
Investments		4,392,131			(16,573,769	)		(97,606,984	)		(23,853,327	)(B)		(53,010,936	)(D)
Futures contracts		(19,019	)		(13,924	)		—			—			(1,421,767	)
Forward foreign currency contracts		—			—			—			(629,411	)		(8,379	)
Foreign currency transactions		—			—			(14,110	)		(176,638	)		(736,396	)
Net realized gain (loss)		4,373,112			(16,587,693	)		(97,621,094	)		(24,659,376	)		(55,177,478	)
Net change in unrealized appreciation (depreciation) on:
Investments		(16,347,709	)		(152,708,437	)		(2,689,526,391	)		(31,374,247	)(C)		(251,494,677	)(E)
Futures contracts		(72,894	)		(22,898	)		—			—			(338,488	)
Forward foreign currency contracts		—			—			—			(98,926	)		—
Translation of assets and liabilities denominated in foreign currencies		—			—			1,167			33,331			(763,387	)
Net change in unrealized appreciation (depreciation)		(16,420,603	)		(152,731,335	)		(2,689,525,224	)		(31,439,842	)		(252,596,552	)
Net realized and change in unrealized gain (loss)		(12,047,491	)		(169,319,028	)		(2,787,146,318	)		(56,099,218	)		(307,774,030	)
Net increase (decrease) in net assets resulting from operations	$	(11,533,861	)	$	(148,176,819	)	$	(2,804,047,174	)	$	(46,008,182	)	$	(291,964,243	)

^(A)  Class R commenced operations for Transamerica Bond and Transamerica Capital Growth on March 1, 2022.

^(B)  Includes net of realized foreign capital gains tax of $25,662.

^(C)  Includes net change in foreign capital gains tax of $48,589.

^(D)  Includes net of realized foreign capital gains tax of $217,950.

^(E)  Includes net change in foreign capital gains tax of $20,955.

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

Transamerica Funds Semi-Annual Report 2022

Page    267

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2022

(unaudited)

	Transamerica Energy Infrastructure			Transamerica Floating Rate			Transamerica Government Money Market			Transamerica High Quality Bond			Transamerica High Yield Bond
Investment Income:
Dividend income	$	3,860,161		$	98,088		$	—		$	—		$	24,619
Interest income		—			8,605,681			480,655			1,631,728			52,350,604
Net income from securities lending		20,861			13,168			—			3,009			371,664
Withholding taxes on foreign income		(141,885	)		—			—			—			—
Total investment income		3,739,137			8,716,937			480,655			1,634,737			52,746,887
Expenses:
Investment management fees		999,885			1,455,504			677,502			313,041			5,487,364
Distribution and service fees:
Class A		28,517			19,271			316,165			—			100,463
Class C		35,256			74,919			48,024			—			66,127
Class R		—			—			—			29,956			55,627
Class R2		—			—			154,958			—			—
Class R4		—			—			92,054			44,884			70,909
Transfer agent fees
Class A		16,229			7,378			94,966			—			60,384
Class C		6,771			6,232			5,232			—			8,366
Class I		20,460			67,428			18,928			—			396,114
Class I2		4,548			11,020			138			—			29,283
Class I3		—			—			2,820			4,383			7,698
Class R		—			—			—			—			203
Class R2		—			—			45,437			—			—
Class R4		—			—			2,762			1,346			2,127
Class R6		—			—			—			—			2,620
Trustees, CCO and deferred compensation fees		2,488			7,479			7,498			2,633			26,613
Audit and tax fees		17,772			22,653			12,975			18,978			27,750
Custody fees		11,397			60,218			60,521			9,236			91,172
Legal fees		5,810			13,018			48,620			3,623			49,590
Printing and shareholder reports fees		13,673			14,824			12,891			3,485			110,086
Registration fees		61,828			30,255			53,103			33,239			81,386
Filing fees		4,933			6,785			13,694			5,291			23,251
Other		4,349			6,007			14,986			1,957			26,375
Total expenses before waiver and/or reimbursement and recapture		1,233,916			1,802,991			1,683,274			472,052			6,723,508
Expenses waived and/or reimbursed:
Class A		(6,993	)		(1,050	)		(610,789	)		—			—
Class C		(2,114	)		(904	)		(60,510	)		—			—
Class I		—			(11,052	)		(39,755	)		—			(322,362	)
Class I2		—			(96	)		(3,419	)		—			—
Class I3		—			—			(58,843	)		(3,506	)		—
Class R		—			—			—			(171	)		(1,084	)
Class R2		—			—			(391,842	)		—			—
Class R4		—			—			(162,422	)		(14,847	)		(2,756	)
Recapture of previously waived and/or reimbursed fees:
Class A		9,811			477			—			—			—
Class C		1,231			1,377			—			—			—
Class I		—			2,778			1,631			—			—
Class I2		—			1,653			—			—			—
Class I3		—			—			—			302			—
Class R		—			—			—			—			1,655
Class R2		—			—			97,405			—			—
Class R4		—			—			14			—			2,528
Net expenses		1,235,851			1,796,174			454,744			453,830			6,401,489
Net investment income (loss)		2,503,286			6,920,763			25,911			1,180,907			46,345,398
Net realized gain (loss) on:
Investments		8,178,786			(99,644	)		27,027			(496,118	)		24,288,972
Foreign currency transactions		(1,105	)		—			—			—			—
Net realized gain (loss)		8,177,681			(99,644	)		27,027			(496,118	)		24,288,972
Net change in unrealized appreciation (depreciation) on:
Investments		(874,550	)		(8,906,846	)		—			(6,208,642	)		(212,117,712	)
Unfunded commitment		—			(12,742	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		(735	)		—			—			—			—
Net change in unrealized appreciation (depreciation)		(875,285	)		(8,919,588	)		—			(6,208,642	)		(212,117,712	)
Net realized and change in unrealized gain (loss)		7,302,396			(9,019,232	)		27,027			(6,704,760	)		(187,828,740	)
Net increase (decrease) in net assets resulting from operations	$	9,805,682		$	(2,098,469	)	$	52,938		$	(5,523,853	)	$	(141,483,342	)

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

Transamerica Funds Semi-Annual Report 2022

Page    268

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2022

(unaudited)

	Transamerica High Yield ESG			Transamerica High Yield Muni			Transamerica Inflation Opportunities			Transamerica Inflation- Protected Securities			Transamerica Intermediate Bond
Investment Income:
Dividend income	$	—		$	12,567		$	—		$	—		$	49,418
Interest income		464,128			3,239,360			3,568,121			3,133,824			18,866,976
Net income from securities lending		1,335			818			10,943			4,400			19,299
Withholding taxes on foreign income		—			—			(164	)		(60	)		—
Total investment income		465,463			3,252,745			3,578,900			3,138,164			18,935,693
Expenses:
Investment management fees		56,751			504,584			366,670			200,883			2,968,958
Distribution and service fees:
Class A		—			39,170			3,129			—			—
Class C		—			64,398			5,692			—			—
Class R		—			—			—			24,325			74,335
Class R4		—			—			—			1,306			176,139
Transfer agent fees
Class A		—			11,893			1,526			—			—
Class C		—			3,796			479			—			—
Class I		575			73,562			8,246			—			—
Class I2		727			—			4,874			—			39,538
Class I3		—			—			—			3,561			12,660
Class R		—			—			—			—			231
Class R4		—			—			—			39			5,284
Class R6		—			—			4			—			—
Trustees, CCO and deferred compensation fees		323			2,949			2,392			1,678			20,383
Audit and tax fees		18,671			22,125			20,309			19,427			26,251
Custody fees		8,285			15,624			10,010			6,633			69,117
Legal fees		602			5,819			4,558			2,321			36,911
Printing and shareholder reports fees		829			9,830			2,639			2,456			33,037
Registration fees		19,332			39,870			57,437			30,604			49,384
Filing fees		8,424			5,047			5,039			4,657			17,100
Other		282			1,809			3,397			1,312			19,923
Total expenses before waiver and/or reimbursement and recapture		114,801			800,476			496,401			299,202			3,549,251
Expenses waived and/or reimbursed:
Class A		—			(20,467	)		(880	)		—			—
Class C		—			(16,728	)		(307	)		—			—
Class I		(2,457	)		(8,843	)		(6,772	)		—			—
Class I2		(35,414	)		—			—			—			—
Class I3		—			—			—			(2,960	)		—
Class R		—			—			—			(1,985	)		—
Class R4		—			—			—			(675	)		(15,670	)
Class R6		—			—			(11	)		—			—
Recapture of previously waived and/or reimbursed fees:
Class A		—			10,093			872			—			—
Class C		—			3,896			291			—			—
Class I		—			13,522			222			—			—
Class R		—			—			—			1,160			—
Class R4		—			—			—			24			57
Class R6		—			—			11			—			—
Net expenses		76,930			781,949			489,827			294,766			3,533,638
Net investment income (loss)		388,533			2,470,796			3,089,073			2,843,398			15,402,055
Net realized gain (loss) on:
Investments		50,396			(1,276,231	)		(1,453,238	)		505,632			(27,522,350	)
Written options and swaptions		—			264,219			—			—			—
Futures contracts		—			—			—			—			(137,422	)
Forward foreign currency contracts		—			—			805,746			387,360			—
Foreign currency transactions		—			—			(32,933	)		(6,185	)		—
Net realized gain (loss)		50,396			(1,012,012	)		(680,425	)		886,807			(27,659,772	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,057,226	)		(23,609,375	)		(10,298,889	)		(8,335,878	)		(132,072,319	)
Futures contracts		—			—			—			—			53,559
Forward foreign currency contracts		—			—			1,430,499			409,888			—
Translation of assets and liabilities denominated in foreign currencies		—			—			(19,475	)		(6,398	)		—
Net change in unrealized appreciation (depreciation)		(2,057,226	)		(23,609,375	)		(8,887,865	)		(7,932,388	)		(132,018,760	)
Net realized and change in unrealized gain (loss)		(2,006,830	)		(24,621,387	)		(9,568,290	)		(7,045,581	)		(159,678,532	)
Net increase (decrease) in net assets resulting from operations	$	(1,618,297	)	$	(22,150,591	)	$	(6,479,217	)	$	(4,202,183	)	$	(144,276,477	)

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

Transamerica Funds Semi-Annual Report 2022

Page    269

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2022

(unaudited)

	Transamerica Intermediate Muni			Transamerica International Equity			Transamerica International Focus			Transamerica International Small Cap Value			Transamerica International Stock
Investment Income:
Dividend income	$	—		$	74,238,552		$	20,747,130		$	11,018,247		$	3,184,231
Interest income		29,766,299			—			—			—			—
Non-cash dividend income		—			—			—			—			455,452
Net income from securities lending		—			315,358			316,921			34,126			33,326
Withholding taxes on foreign income		—			(6,603,655	)		(2,062,737	)		(1,096,604	)		(267,021	)
Total investment income		29,766,299			67,950,255			19,001,314			9,955,769			3,405,988
Expenses:
Investment management fees		5,309,414			18,789,165			5,140,211			3,514,619			485,171
Distribution and service fees:
Class A		345,790			208,790			704			—			985
Class C		595,940			153,583			—			—			—
Class R		—			73,166			—			—			—
Class R4		—			25,303			—			—			—
Transfer agent fees
Class A		50,969			299,503			919			—			259
Class C		36,449			22,834			—			—			—
Class I		1,130,658			1,553,551			60			160,092			320
Class I2		—			54,203			50,998			16,582			4,696
Class I3		—			5,891			—			—			—
Class R		—			226			—			—			—
Class R4		—			759			—			—			—
Class R6		—			16,519			413			—			450
Trustees, CCO and deferred compensation fees		40,753			68,264			17,902			9,817			2,155
Audit and tax fees		33,109			35,761			18,772			16,258			12,698
Custody fees		122,354			335,563			124,070			64,984			26,107
Legal fees		79,173			158,273			34,456			23,453			4,151
Printing and shareholder reports fees		117,934			398,966			33,256			54,923			3,074
Registration fees		91,744			178,866			51,318			26,238			30,252
Filing fees		20,644			39,658			18,037			5,799			5,000
Other		29,746			69,029			59,064			9,409			2,461
Total expenses before waiver and/or reimbursement and recapture		8,004,677			22,487,873			5,550,180			3,902,174			577,779
Expenses waived and/or reimbursed:
Class A		(138,316	)		(103,876	)		(495	)		—			(76	)
Class C		(150,564	)		—			—			—			—
Class I		(681,427	)		—			(46	)		—			(14	)
Class R6		—			—			(289	)		—			(618	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			9,111			4			—			513
Class C		354			—			—			—			—
Class I		—			—			9			—			218
Class R6		—			—			289			—			7,026
Net expenses		7,034,724			22,393,108			5,549,652			3,902,174			584,828
Net investment income (loss)		22,731,575			45,557,147			13,451,662			6,053,595			2,821,160
Net realized gain (loss) on:
Investments		(11,537,020	)		98,754,842			12,504,305			12,835,355			25,744
Written options and swaptions		1,015,777			—			—			—			—
Foreign currency transactions		—			(413,820	)		(1,781,159	)		(75,302	)		(30,778	)
Net realized gain (loss)		(10,521,243	)		98,341,022			10,723,146			12,760,053			(5,034	)
Net change in unrealized appreciation (depreciation) on:
Investments		(250,697,891	)		(756,874,731	)		(241,471,005	)		(165,861,007	)		(13,804,505	)
Translation of assets and liabilities denominated in foreign currencies		—			(2,215,828	)		(593,497	)		(319,666	)		(45,659	)
Net change in unrealized appreciation (depreciation)		(250,697,891	)		(759,090,559	)		(242,064,502	)		(166,180,673	)		(13,850,164	)
Net realized and change in unrealized gain (loss)		(261,219,134	)		(660,749,537	)		(231,341,356	)		(153,420,620	)		(13,855,198	)
Net increase (decrease) in net assets resulting from operations	$	(238,487,559	)	$	(615,192,390	)	$	(217,889,694	)	$	(147,367,025	)	$	(11,034,038	)

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

Transamerica Funds Semi-Annual Report 2022

Page    270

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2022

(unaudited)

	Transamerica Large Cap Value			Transamerica Large Core			Transamerica Large Growth			Transamerica Large Value Opportunities			Transamerica Mid Cap Growth
Investment Income:
Dividend income	$	20,568,310		$	1,469,853		$	1,444,859		$	4,493,239		$	870,561
Net income from securities lending		—			637			76,586			33,315			8,393
Withholding taxes on foreign income		—			(576	)		—			—			—
Total investment income		20,568,310			1,469,914			1,521,445			4,526,554			878,954
Expenses:
Investment management fees		7,263,445			443,467			3,288,456			852,306			1,196,633
Distribution and service fees:
Class A		104,353			—			—			—			17,486
Class C		101,550			—			—			—			4,321
Class R		—			157,866			392,665			171,218			52,221
Class R4		—			3,439			64,793			11,804			203
Transfer agent fees
Class A		45,072			—			—			—			12,939
Class C		12,618			—			—			—			1,059
Class I		58,426			—			—			—			1,079
Class I2		83,949			—			—			—			10,085
Class I3		—			4,920			29,480			11,395			1,131
Class R		—			495			1,419			503			182
Class R4		—			103			1,944			354			6
Class R6		1,701			—			696			—			250
Trustees, CCO and deferred compensation fees		39,863			3,076			13,849			5,979			4,642
Audit and tax fees		21,385			13,243			16,848			13,122			16,434
Custody fees		69,509			9,453			46,433			14,372			23,441
Legal fees		74,455			5,840			24,273			11,226			8,903
Printing and shareholder reports fees		55,636			4,259			22,611			7,553			5,866
Registration fees		43,587			32,195			45,147			31,746			57,276
Filing fees		20,368			5,301			10,702			5,926			11,758
Other		29,608			2,255			15,814			4,918			6,968
Total expenses before waiver and/or reimbursement and recapture		8,025,525			685,912			3,975,130			1,142,422			1,432,883
Expenses waived and/or reimbursed:
Class C		—			—			—			—			(172	)
Class I		(50,042	)		—			—			—			—
Class R		—			—			—			(1,478	)		—
Class R4		—			(87	)		(11,669	)		(544	)		(67	)
Class R6		—			—			(777	)		—			(318	)
Recapture of previously waived and/or reimbursed fees:
Class R		—			—			—			2,265			—
Class R4		—			5			27			361			—
Class R6		—			—			777			—			318
Net expenses		7,975,483			685,830			3,963,488			1,143,026			1,432,644
Net investment income (loss)		12,592,827			784,084			(2,442,043	)		3,383,528			(553,690	)
Net realized gain (loss) on:
Investments		37,979,115			8,605,633			50,417,887			19,348,062			(2,675,733	)
Foreign currency transactions		—			—			5,796			—			—
Net realized gain (loss)		37,979,115			8,605,633			50,423,683			19,348,062			(2,675,733	)
Net change in unrealized appreciation (depreciation) on:
Investments		(189,544,570	)		(24,808,267	)		(495,137,044	)		(23,925,183	)		(118,387,456	)
Translation of assets and liabilities denominated in foreign currencies		—			—			(989	)		—			—
Net change in unrealized appreciation (depreciation)		(189,544,570	)		(24,808,267	)		(495,138,033	)		(23,925,183	)		(118,387,456	)
Net realized and change in unrealized gain (loss)		(151,565,455	)		(16,202,634	)		(444,714,350	)		(4,577,121	)		(121,063,189	)
Net increase (decrease) in net assets resulting from operations	$	(138,972,628	)	$	(15,418,550	)	$	(447,156,393	)	$	(1,193,593	)	$	(121,616,879	)

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

Transamerica Funds Semi-Annual Report 2022

Page    271

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2022

(unaudited)

	Transamerica Mid Cap Value Opportunities			Transamerica Multi-Asset Income			Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond			Transamerica Small Cap Growth
Investment Income:
Dividend income	$	12,018,786		$	6,695,123		$	5,416,905		$	—		$	354,023
Interest income		—			6,272,694			5,484,307			31,096,368			—
Net income from securities lending		8,017			220,295			9,127			11,824			8,629
Withholding taxes on foreign income		(16,431	)		(5,719	)		(7,434	)		—			—
Total investment income		12,010,372			13,182,393			10,902,905			31,108,192			362,652
Expenses:
Investment management fees		4,825,881			1,789,759			3,957,908			6,514,955			959,849
Distribution and service fees:
Class A		34,054			174,179			866,573			952,427			25,500
Class C		84,614			444,184			1,111,527			713,163			17,262
Class R (A)		144,029			—			8			—			45,452
Class R4		142,933			—			—			—			274
Transfer agent fees
Class A		25,278			71,436			231,885			205,808			16,038
Class C		9,689			33,667			78,767			63,627			2,563
Class I		322,244			204,696			212,037			1,181,093			22,123
Class I2		7,641			1			—			4,722			3,827
Class I3		4,636			—			—			—			1,066
Class R (A)		439			—			3			—			152
Class R4		4,288			—			—			—			8
Class R6		7,980			—			1,044			8,066			194
Trustees, CCO and deferred compensation fees		17,803			9,934			21,024			46,218			2,983
Audit and tax fees		21,687			22,955			22,761			32,952			13,286
Custody fees		52,958			20,872			64,088			111,804			14,350
Legal fees		32,241			18,735			40,101			106,345			6,950
Printing and shareholder reports fees		62,187			36,939			59,055			196,612			16,149
Registration fees		106,349			106,267			75,770			127,279			60,066
Acquired fund fees		—			82,736			—			—			—
Filing fees		18,838			6,714			17,720			26,888			11,294
Other		19,796			5,782			16,128			41,266			5,246
Total expenses before waiver and/or reimbursement and recapture		5,945,565			3,028,856			6,776,399			10,333,225			1,224,632
Expenses waived and/or reimbursed:
Class A		—			(18,482	)		—			—			—
Class C		—			(11,782	)		—			—			(640	)
Class I		—			(139,792	)		—			—			(4,818	)
Class I2		—			(2	)		—			—			—
Class R (A)		(2,964	)		—			(4,041	)		—			—
Class R4		(58,930	)		—			—			—			(105	)
Class R6		—			—			—			—			(307	)
Recapture of previously waived and/or reimbursed fees:
Class A		2,554			—			—			—			—
Class I		—			28,752			—			—			470
Class R (A)		3,784			—			4,041			—			—
Class R4		—			—			—			—			1
Class R6		—			—			—			—			307
Net expenses		5,890,009			2,887,550			6,776,399			10,333,225			1,219,540
Net investment income (loss)		6,120,363			10,294,843			4,126,506			20,774,967			(856,888	)
Net realized gain (loss) on:
Investments		114,740,453			12,907,395			24,536,534			(15,764,684	)		9,018,709
Futures contracts		—			—			(953,567	)		4,272,776			—
Net realized gain (loss)		114,740,453			12,907,395			23,582,967			(11,491,908	)		9,018,709
Net change in unrealized appreciation (depreciation) on:
Investments		(109,171,375	)		(53,700,829	)		(155,102,583	)		(120,490,537	)		(78,414,506	)
Futures contracts		—			—			(680,008	)		(379,998	)		—
Translation of assets and liabilities denominated in foreign currencies		(616	)		(280	)		—			—			—
Net change in unrealized appreciation (depreciation)		(109,171,991	)		(53,701,109	)		(155,782,591	)		(120,870,535	)		(78,414,506	)
Net realized and change in unrealized gain (loss)		5,568,462			(40,793,714	)		(132,199,624	)		(132,362,443	)		(69,395,797	)
Net increase (decrease) in net assets resulting from operations	$	11,688,825		$	(30,498,871	)	$	(128,073,118	)	$	(111,587,476	)	$	(70,252,685	)

^(A)  Class R commenced operations for Transamerica Multi-Managed Balanced on March 1, 2022.

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

Transamerica Funds Semi-Annual Report 2022

Page    272

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2022

(unaudited)

	Transamerica Small Cap Value			Transamerica Small/Mid Cap Value			Transamerica Sustainable Bond			Transamerica Sustainable Equity Income			Transamerica Unconstrained Bond
Investment Income:
Dividend income	$	3,969,617		$	6,341,644		$	—		$	4,204,556		$	681,785
Interest income		—			—			258,438			—			22,606,695
Net income from securities lending		16,456			14,056			1,153			586			96,120
Withholding taxes on foreign income		—			(8,212	)		(27	)		(16,298	)		(47,338	)
Total investment income		3,986,073			6,347,488			259,564			4,188,844			23,337,262
Expenses:
Investment management fees		1,965,470			3,382,696			48,259			1,110,147			3,890,285
Distribution and service fees:
Class A		11,670			472,228			—			92,210			860
Class C		3,682			241,553			—			10,121			—
Class R		22,093			—			—			—			—
Class R4		227			—			—			—			—
Transfer agent fees
Class A		6,420			279,301			—			13,615			335
Class C		550			36,236			—			1,906			—
Class I		9,658			181,448			514			2,023			28,053
Class I2		16,141			176			846			9,459			43,503
Class I3		1,141			—			—			—			—
Class R		73			—			—			—			—
Class R4		7			—			—			—			—
Class R6		215			3,460			—			119			—
Trustees, CCO and deferred compensation fees		7,608			11,143			372			5,267			19,284
Audit and tax fees		15,620			13,941			25,087			13,143			29,429
Custody fees		36,560			35,631			6,606			10,110			143,977
Legal fees		17,850			25,812			522			8,388			29,018
Printing and shareholder reports fees		10,349			61,585			932			8,675			28,566
Registration fees		77,010			58,258			19,342			69,607			40,823
Filing fees		14,097			10,366			6,838			10,066			14,316
Other		11,882			12,121			325			6,777			50,819
Total expenses before waiver and/or reimbursement and recapture		2,228,323			4,825,955			109,643			1,371,633			4,319,268
Expenses waived and/or reimbursed:
Class A		—			—			—			—			(21	)
Class C		—			—			—			(320	)		—
Class I		—			—			(2,591	)		(1,653	)		(1,662	)
Class I2		—			—			(53,837	)		—			(30,875	)
Class R4		(18	)		—			—			—			—
Class R6		(118	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class C		—			—			—			10			—
Class R4		7			—			—			—			—
Class R6		118			—			—			—			—
Net expenses		2,228,312			4,825,955			53,215			1,369,670			4,286,710
Net investment income (loss)		1,757,761			1,521,533			206,349			2,819,174			19,050,552
Net realized gain (loss) on:
Investments		74,248,394			63,480,439			(291,691	)		6,126,970			(27,015,421	)
Futures contracts		—			—			—			—			16,630,305
Forward foreign currency contracts		—			—			—			—			4,681,114
Foreign currency transactions		—			(19	)		—			—			(1,271,246	)
Net realized gain (loss)		74,248,394			63,480,420			(291,691	)		6,126,970			(6,975,248	)
Net change in unrealized appreciation (depreciation) on:
Investments		(93,061,324	)		(88,787,210	)		(2,352,344	)		(41,659,396	)		(68,938,719	)
Unfunded commitment		—			—			—			—			(3,009	)
Futures contracts		—			—			—			—			5,391,281
Forward foreign currency contracts		—			—			—			—			2,417,232
Translation of assets and liabilities denominated in foreign currencies		—			(125	)		—			—			(11,514	)
Net change in unrealized appreciation (depreciation)		(93,061,324	)		(88,787,335	)		(2,352,344	)		(41,659,396	)		(61,144,729	)
Net realized and change in unrealized gain (loss)		(18,812,930	)		(25,306,915	)		(2,644,035	)		(35,532,426	)		(68,119,977	)
Net increase (decrease) in net assets resulting from operations	$	(17,055,169	)	$	(23,785,382	)	$	(2,437,686	)	$	(32,713,252	)	$	(49,069,425	)

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

Transamerica Funds Semi-Annual Report 2022

Page    273

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2022

(unaudited)

	Transamerica US Growth
Investment Income:
Dividend income	$	5,169,348
Net income from securities lending		12,985
Total investment income		5,182,333
Expenses:
Investment management fees		6,635,038
Distribution and service fees:
Class A		1,089,919
Class C		78,401
Transfer agent fees
Class A		459,216
Class C		11,764
Class I		201,248
Class I2		24,659
Class R6		53
Class T		35,958
Trustees, CCO and deferred compensation fees		26,748
Audit and tax fees		21,711
Custody fees		66,742
Legal fees		62,157
Printing and shareholder reports fees		62,993
Registration fees		80,248
Filing fees		18,989
Other		26,464
Total expenses		8,902,308
Expenses waived and/or reimbursed:
Class R6		(92	)
Recapture of previously waived and/or reimbursed fees:
Class R6		92
Net investment income (loss)		(3,719,975	)
Net realized gain (loss) on:
Investments		84,165,281
Net change in unrealized appreciation (depreciation) on:
Investments		(528,748,330	)
Translation of assets and liabilities denominated in foreign currencies		(12,275	)
Net change in unrealized appreciation (depreciation)		(528,760,605	)
Net realized and change in unrealized gain (loss)		(444,595,324	)
Net increase (decrease) in net assets resulting from operations	$	(448,315,299	)

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

Transamerica Funds Semi-Annual Report 2022

Page    274

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Balanced II						Transamerica Bond						Transamerica Capital Growth
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	513,630		$	1,002,061		$	21,142,209		$	44,035,962		$	(16,900,856	)	$	(47,476,847	)
Net realized gain (loss)		4,373,112			10,427,306			(16,587,693	)		10,190,500			(97,621,094	)		1,200,580,476
Net change in unrealized appreciation (depreciation)		(16,420,603	)		17,168,623			(152,731,335	)		(5,180,060	)		(2,689,525,224	)		441,373,433
Net increase (decrease) in net assets resulting from operations		(11,533,861	)		28,597,990			(148,176,819	)		49,046,402			(2,804,047,174	)		1,594,477,062
Dividends and/or distributions to shareholders:
Class A		—			—			(2,294,012	)		(4,026,450	)		(174,903,279	)		(52,433,040	)
Class C		—			—			(871,381	)		(1,758,257	)		(118,083,432	)		(35,533,873	)
Class I		—			—			(19,622,066	)		(37,902,090	)		(495,493,771	)		(146,991,573	)
Class I2		—			—			(6,719,728	)		(11,965,079	)		(161,992,092	)		(54,563,456	)
Class I3		(4,948,665	)		(2,665,166	)		—			—			—			—
Class R (A)		(6,345,649	)		(3,014,177	)		(39	)		—			—			—
Class R6		—			—			(1,488,996	)		(964,595	)		(16,133,992	)		(3,470,453	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(11,294,314	)		(5,679,343	)		(30,996,222	)		(56,616,471	)		(966,606,566	)		(292,992,395	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			18,313,628			32,468,500			111,938,637			365,309,109
Class C		—			—			2,538,915			12,223,321			30,937,660			128,774,494
Class I		—			—			216,571,009			426,923,015			575,440,660			1,878,701,959
Class I2		—			—			13,954,489			46,322,317			385,303			44,905,388
Class I3		429,280			1,891,045			—			—			—			—
Class R (A)		2,018,251			4,133,851			10,000			—			10,000			—
Class R6		—			—			86,672,400			15,749,450			8,309,910			23,146,096
		2,447,531			6,024,896			338,060,441			533,686,603			727,022,170			2,440,837,046
Dividends and/or distributions reinvested:
Class A		—			—			2,011,452			3,515,144			161,654,061			48,650,892
Class C		—			—			751,682			1,522,756			117,882,768			35,503,214
Class I		—			—			15,830,736			30,569,089			492,266,232			146,332,676
Class I2		—			—			6,720,057			11,965,079			161,992,092			54,563,456
Class I3		4,948,665			2,665,166			—			—			—			—
Class R (A)		6,345,649			3,014,177			39			—			—			—
Class R6		—			—			1,479,983			947,030			16,133,992			3,470,453
		11,294,314			5,679,343			26,793,949			48,519,098			949,929,145			288,520,691
Cost of shares redeemed:
Class A		—			—			(26,315,601	)		(49,126,609	)		(195,432,081	)		(333,388,945	)
Class C		—			—			(13,494,082	)		(24,510,927	)		(85,960,686	)		(99,951,671	)
Class I		—			—			(379,029,596	)		(594,710,187	)		(1,182,263,144	)		(1,425,864,024	)
Class I2		—			—			(38,575,063	)		(32,704,423	)		(278,418,014	)		(128,760,998	)
Class I3		(3,895,851	)		(9,062,709	)		—			—			—			—
Class R (A)		(8,420,499	)		(9,171,619	)		—			—			—			—
Class R6		—			—			(10,267,263	)		(13,740,943	)		(8,993,386	)		(12,550,882	)
		(12,316,350	)		(18,234,328	)		(467,681,605	)		(714,793,089	)		(1,751,067,311	)		(2,000,516,520	)
Automatic conversions:
Class A		—			—			1,827,977			7,608,904			7,640,284			19,501,831
Class C		—			—			(1,827,977	)		(7,608,904	)		(7,640,284	)		(19,501,831	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		1,425,495			(6,530,089	)		(102,827,215	)		(132,587,388	)		(74,115,996	)		728,841,217
Net increase (decrease) in net assets		(21,402,680	)		16,388,558			(282,000,256	)		(140,157,457	)		(3,844,769,736	)		2,030,325,884
Net assets:
Beginning of period/year		135,008,781			118,620,223			1,761,889,039			1,902,046,496			6,121,228,897			4,090,903,013
End of period/year	$	113,606,101		$	135,008,781		$	1,479,888,783		$	1,761,889,039		$	2,276,459,161		$	6,121,228,897

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

Transamerica Funds Semi-Annual Report 2022

Page    275

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Balanced II						Transamerica Bond						Transamerica Capital Growth
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		—			—			1,987,228			3,375,249			2,767,938			6,605,093
Class C		—			—			278,742			1,278,905			1,124,576			3,143,300
Class I		—			—			23,584,345			44,350,651			14,247,389			31,710,656
Class I2		—			—			1,530,410			4,788,627			38,110			2,038,128
Class I3		34,530			148,490			—			—			—			—
Class R (A)		154,698			323,633			1,095			—			306			—
Class R6		—			—			9,275,253			1,628,911			745,778			1,015,377
		189,228			472,123			36,657,073			55,422,343			18,924,097			44,512,554
Shares reinvested:
Class A		—			—			218,248			366,113			3,640,857			869,951
Class C		—			—			81,867			159,489			3,893,090			857,071
Class I		—			—			1,714,173			3,178,264			10,238,482			2,453,188
Class I2		—			—			728,122			1,243,378			11,928,725			2,318,889
Class I3		386,215			217,589			—			—			—			—
Class R (A)		494,622			247,133			4			—			—			—
Class R6		—			—			161,334			98,511			1,188,070			147,491
		880,837			464,722			2,903,748			5,045,755			30,889,224			6,646,590
Shares redeemed:
Class A		—			—			(2,876,564	)		(5,124,109	)		(5,021,646	)		(6,141,788	)
Class C		—			—			(1,495,345	)		(2,574,968	)		(3,501,051	)		(2,452,138	)
Class I		—			—			(41,488,532	)		(61,944,831	)		(28,867,855	)		(24,507,779	)
Class I2		—			—			(4,251,026	)		(3,387,521	)		(25,725,796	)		(5,326,808	)
Class I3		(308,459	)		(703,490	)		—			—			—			—
Class R (A)		(652,988	)		(709,016	)		—			—			—			—
Class R6		—			—			(1,132,213	)		(1,427,961	)		(769,908	)		(526,468	)
		(961,447	)		(1,412,506	)		(51,243,680	)		(74,459,390	)		(63,886,256	)		(38,954,981	)
Automatic conversions:
Class A		—			—			199,420			801,840			210,740			355,698
Class C		—			—			(200,815	)		(807,095	)		(305,234	)		(481,153	)
		—			—			(1,395	)		(5,255	)		(94,494	)		(125,455	)
Net increase (decrease) in shares outstanding:
Class A		—			—			(471,668	)		(580,907	)		1,597,889			1,688,954
Class C		—			—			(1,335,551	)		(1,943,669	)		1,211,381			1,067,080
Class I		—			—			(16,190,014	)		(14,415,916	)		(4,381,984	)		9,656,065
Class I2		—			—			(1,992,494	)		2,644,484			(13,758,961	)		(969,791	)
Class I3		112,286			(337,411	)		—			—			—			—
Class R (A)		(3,668	)		(138,250	)		1,099			—			306			—
Class R6		—			—			8,304,374			299,461			1,163,940			636,400
		108,618			(475,661	)		(11,684,254	)		(13,996,547	)		(14,167,429	)		12,078,708

(A) Class R commenced operations for Transamerica Bond and Transamerica Capital Growth on March 1, 2022.

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

Transamerica Funds Semi-Annual Report 2022

Page    276

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Emerging Markets Debt						Transamerica Emerging Markets Opportunities						Transamerica Energy Infrastructure
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	10,091,036		$	20,788,208		$	15,809,787		$	10,058,132		$	2,503,286		$	4,214,147
Net realized gain (loss)		(24,659,376	)		(6,504,316	)		(55,177,478	)		134,750,201			8,177,681			4,547,404
Net change in unrealized appreciation (depreciation)		(31,439,842	)		8,384,140			(252,596,552	)		32,086,109			(875,285	)		70,936,992
Net increase (decrease) in net assets resulting from operations		(46,008,182	)		22,668,032			(291,964,243	)		176,894,442			9,805,682			79,698,543
Dividends and/or distributions to shareholders:
Class A		(231,873	)		(277,136	)		—			—			(459,168	)		—
Class C		(70,084	)		(76,738	)		—			—			(118,180	)		—
Class I		(5,480,669	)		(8,657,628	)		(844,751	)		(447	)		(869,989	)		—
Class I2		(3,060,052	)		(4,738,992	)		(128,860,039	)		(5,821,792	)		(2,555,324	)		—
Class R6 (A)		(658,852	)		(460,390	)		(794,158	)		—			—			—
Return of capital:
Class A		—			—			—			—			—			(807,107	)
Class C		—			—			—			—			—			(270,004	)
Class I		—			—			—			—			—			(1,231,163	)
Class I2		—			—			—			—			—			(7,178,146	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(9,501,530	)		(14,210,884	)		(130,498,948	)		(5,822,239	)		(4,002,661	)		(9,486,420	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,280,203			3,697,506			—			—			9,348,400			4,538,855
Class C		74,321			400,055			—			—			1,370,336			1,651,141
Class I		61,571,371			93,513,674			—			8,800,000			13,157,817			22,810,490
Class I2		880,745			4,564,754			450,295			369,082,894			—			2,582,455
Class R6 (A)		16,820,694			7,706,699			85,397,333			10,000			—			—
		80,627,334			109,882,688			85,847,628			377,892,894			23,876,553			31,582,941
Dividends and/or distributions reinvested:
Class A		216,181			253,543			—			—			417,539			728,082
Class C		59,689			67,631			—			—			116,697			261,711
Class I		4,873,854			7,612,273			822,084			447			864,409			1,219,328
Class I2		3,060,052			4,738,992			128,860,039			5,821,792			2,555,324			7,178,146
Class R6 (A)		658,852			460,390			794,158			—			—			—
		8,868,628			13,132,829			130,476,281			5,822,239			3,953,969			9,387,267
Cost of shares redeemed:
Class A		(1,526,142	)		(2,875,841	)		—			—			(6,995,795	)		(5,669,777	)
Class C		(540,455	)		(960,684	)		—			—			(651,145	)		(2,008,043	)
Class I		(97,911,013	)		(98,674,268	)		(22,760	)		(58,603	)		(6,558,164	)		(9,987,347	)
Class I2		(37,030,063	)		(5,345,536	)		(76,495,599	)		(64,116,682	)		(83,376,893	)		(31,734,993	)
Class R6 (A)		(1,788,071	)		(5,639,891	)		(457,363	)		—			—			—
		(138,795,744	)		(113,496,220	)		(76,975,722	)		(64,175,285	)		(97,581,997	)		(49,400,160	)
Automatic conversions:
Class A		205,534			1,531,138			—			—			841,137			1,461,692
Class C		(205,534	)		(1,531,138	)		—			—			(841,137	)		(1,461,692	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(49,299,782	)		9,519,297			139,348,187			319,539,848			(69,751,475	)		(8,429,952	)
Net increase (decrease) in net assets		(104,809,494	)		17,976,445			(283,115,004	)		490,612,051			(63,948,454	)		61,782,171
Net assets:
Beginning of period/year		419,346,467			401,370,022			1,332,069,851			841,457,800			218,758,005			156,975,834
End of period/year	$	314,536,973		$	419,346,467		$	1,048,954,847		$	1,332,069,851		$	154,809,551		$	218,758,005

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

Transamerica Funds Semi-Annual Report 2022

Page    277

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Emerging Markets Debt						Transamerica Emerging Markets Opportunities						Transamerica Energy Infrastructure
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		129,213			342,527			—			—			1,370,297			740,832
Class C		7,478			37,607			—			—			194,797			278,942
Class I		6,120,102			8,554,841			—			718,087			1,866,323			3,726,898
Class I2		92,117			418,635			48,360			31,842,670			—			432,413
Class R6 (A)		1,608,187			708,915			8,368,527			795			—			—
		7,957,097			10,062,525			8,416,887			32,561,552			3,431,417			5,179,085
Shares reinvested:
Class A		21,534			23,512			—			—			59,874			119,378
Class C		5,938			6,316			—			—			16,781			43,397
Class I		483,435			700,645			82,374			39			124,327			197,906
Class I2		302,571			435,929			12,898,903			511,132			379,808			1,184,808
Class R6 (A)		65,447			42,477			79,021			—			—			—
		878,925			1,208,879			13,060,298			511,171			580,790			1,545,489
Shares redeemed:
Class A		(153,835	)		(265,565	)		—			—			(1,000,925	)		(925,065	)
Class C		(53,857	)		(89,464	)		—			—			(93,743	)		(336,699	)
Class I		(9,795,540	)		(9,041,660	)		(2,034	)		(4,946	)		(961,077	)		(1,663,240	)
Class I2		(3,666,357	)		(489,984	)		(7,171,572	)		(5,364,571	)		(12,294,638	)		(5,054,524	)
Class R6 (A)		(178,343	)		(523,680	)		(49,475	)		—			—			—
		(13,847,932	)		(10,410,353	)		(7,223,081	)		(5,369,517	)		(14,350,383	)		(7,979,528	)
Automatic conversions:
Class A		20,408			141,843			—			—			121,369			234,339
Class C		(20,538	)		(142,906	)		—			—			(121,658	)		(234,966	)
		(130	)		(1,063	)		—			—			(289	)		(627	)
Net increase (decrease) in shares outstanding:
Class A		17,320			242,317			—			—			550,615			169,484
Class C		(60,979	)		(188,447	)		—			—			(3,823	)		(249,326	)
Class I		(3,192,003	)		213,826			80,340			713,180			1,029,573			2,261,564
Class I2		(3,271,669	)		364,580			5,775,691			26,989,231			(11,914,830	)		(3,437,303	)
Class R6 (A)		1,495,291			227,712			8,398,073			795			—			—
		(5,012,040	)		859,988			14,254,104			27,703,206			(10,338,465	)		(1,255,581	)

(A) Class R6 commenced operations for Transamerica Emerging Markets Opportunities on May 28, 2021.

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

Transamerica Funds Semi-Annual Report 2022

Page    278

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Floating Rate						Transamerica Government Money Market						Transamerica High Quality Bond
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	6,920,763		$	4,956,939		$	25,911		$	505,477		$	1,180,907		$	2,716,741
Net realized gain (loss)		(99,644	)		(2,675,757	)		27,027			4,817			(496,118	)		407,773
Net change in unrealized appreciation (depreciation)		(8,919,588	)		4,935,905			—			—			(6,208,642	)		(1,562,748	)
Net increase (decrease) in net assets resulting from operations		(2,098,469	)		7,217,087			52,938			510,294			(5,523,853	)		1,561,766
Dividends and/or distributions to shareholders:
Class A		(214,848	)		(463,320	)		(4,296	)		(288,688	)		—			—
Class C		(151,889	)		(324,730	)		(44	)		(7,244	)		—			—
Class I		(1,978,986	)		(3,042,924	)		(370	)		(18,392	)		—			—
Class I2		(4,604,086	)		(1,426,643	)		(286	)		(5,356	)		—			—
Class I3		—			—			(9,029	)		(81,017	)		(1,116,879	)		(2,435,466	)
Class R		—			—			—			—			(85,110	)		(187,199	)
Class R2		—			—			—			(13,773	)		—			—
Class R4		—			—			(11,885	)		(96,163	)		(315,547	)		(594,805	)
Return of capital:
Class A		—			—			—			(492,175	)		—			—
Class C		—			—			—			(12,350	)		—			—
Class I		—			—			—			(31,355	)		—			—
Class I2		—			—			—			(9,130	)		—			—
Class I3		—			—			—			(138,123	)		—			—
Class R2		—			—			—			(23,482	)		—			—
Class R4		—			—			—			(163,946	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(6,949,809	)		(5,257,617	)		(25,910	)		(1,381,194	)		(1,517,536	)		(3,217,470	)
Capital share transactions:
Proceeds from shares sold:
Class A		6,153,891			4,294,569			35,170,400			127,508,538			—			—
Class C		3,769,449			4,508,736			3,512,232			7,755,618			—			—
Class I		74,160,095			92,478,735			23,745,679			19,249,602			—			—
Class I2		186,000,001			145,000,000			1,823,985			2,400,131			—			—
Class I3		—			—			243,765,939			691,450,299			13,475,954			48,027,178
Class R		—			—			—			—			1,498,719			4,239,221
Class R2		—			—			23,221,955			128,314,315			—			—
Class R4		—			—			28,518,043			55,865,106			1,838,208			11,954,034
		270,083,436			246,282,040			359,758,233			1,032,543,609			16,812,881			64,220,433
Dividends and/or distributions reinvested:
Class A		212,836			459,324			4,226			776,660			—			—
Class C		151,335			318,220			42			19,165			—			—
Class I		1,975,452			3,029,745			365			49,585			—			—
Class I2		4,604,086			1,426,643			286			14,486			—			—
Class I3		—			—			9,038			219,140			1,116,879			2,435,466
Class R		—			—			—			—			85,110			187,199
Class R2		—			—			23			37,390			—			—
Class R4		—			—			11,895			260,109			315,547			594,805
		6,943,709			5,233,932			25,875			1,376,535			1,517,536			3,217,470
Cost of shares redeemed:
Class A		(1,854,469	)		(6,226,990	)		(44,122,858	)		(147,273,675	)		—			—
Class C		(1,191,417	)		(2,414,474	)		(2,646,970	)		(10,296,766	)		—			—
Class I		(40,944,327	)		(42,226,725	)		(19,895,211	)		(18,483,109	)		—			—
Class I2		—			(10,488	)		(2,375,003	)		(3,956,176	)		—			—
Class I3		—			—			(200,691,171	)		(693,647,167	)		(14,025,078	)		(53,940,409	)
Class R		—			—			—			—			(1,770,915	)		(5,759,105	)
Class R2		—			—			(19,599,582	)		(1,021,037,226	)		—			—
Class R4		—			—			(23,740,847	)		(74,563,595	)		(2,607,808	)		(7,182,966	)
		(43,990,213	)		(50,878,677	)		(313,071,642	)		(1,969,257,714	)		(18,403,801	)		(66,882,480	)
Automatic conversions:
Class A		115,952			1,156,720			689,201			3,359,302			—			—
Class C		(115,952	)		(1,156,720	)		(689,201	)		(3,359,302	)		—			—
		—			—			—			—			—			—
Contributions from affiliate:		—			—			—			870,350			—			—
Net increase (decrease) in net assets resulting from capital share transactions		233,036,932			200,637,295			46,712,466			(934,467,220	)		(73,384	)		555,423
Net increase (decrease) in net assets		223,988,654			202,596,765			46,739,494			(935,338,120	)		(7,114,773	)		(1,100,281	)
Net assets:
Beginning of period/year		286,230,115			83,633,350			577,995,539			1,513,333,659			169,078,282			170,178,563
End of period/year	$	510,218,769		$	286,230,115		$	624,735,033		$	577,995,539		$	161,963,509		$	169,078,282

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

Transamerica Funds Semi-Annual Report 2022

Page    279

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Floating Rate						Transamerica Government Money Market						Transamerica High Quality Bond
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		654,350			453,574			35,170,400			127,508,538			—			—
Class C		400,531			475,164			3,512,232			7,755,618			—			—
Class I		7,904,580			9,803,441			23,745,679			19,249,602			—			—
Class I2		19,599,586			15,238,272			1,823,985			2,400,131			—			—
Class I3		—			—			243,765,939			691,450,299			1,391,646			4,813,713
Class R		—			—			—			—			154,141			423,635
Class R2		—			—			23,221,955			128,314,315			—			—
Class R4		—			—			28,518,043			55,865,106			189,894			1,201,478
		28,559,047			25,970,451			359,758,233			1,032,543,609			1,735,681			6,438,826
Shares reinvested:
Class A		22,625			48,493			4,226			776,660			—			—
Class C		16,083			33,595			42			19,165			—			—
Class I		211,087			321,254			365			49,585			—			—
Class I2		489,593			150,209			286			14,486			—			—
Class I3		—			—			9,038			219,140			114,787			245,150
Class R		—			—			—			—			8,679			18,783
Class R2		—			—			23			37,390			—			—
Class R4		—			—			11,895			260,109			32,359			59,880
		739,388			553,551			25,875			1,376,535			155,825			323,813
Shares redeemed:
Class A		(197,280	)		(657,204	)		(44,122,858	)		(147,273,675	)		—			—
Class C		(126,785	)		(255,137	)		(2,646,970	)		(10,296,766	)		—			—
Class I		(4,379,683	)		(4,472,796	)		(19,895,211	)		(18,483,109	)		—			—
Class I2		—			(1,105	)		(2,375,003	)		(3,956,176	)		—			—
Class I3		—			—			(200,691,171	)		(693,647,167	)		(1,455,486	)		(5,413,577	)
Class R		—			—			—			—			(182,858	)		(576,035	)
Class R2		—			—			(19,599,582	)		(1,021,037,226	)		—			—
Class R4		—			—			(23,740,847	)		(74,563,595	)		(267,857	)		(722,734	)
		(4,703,748	)		(5,386,242	)		(313,071,642	)		(1,969,257,714	)		(1,906,201	)		(6,712,346	)
Automatic conversions:
Class A		12,448			122,023			689,201			3,359,302			—			—
Class C		(12,448	)		(122,012	)		(689,201	)		(3,359,302	)		—			—
		—			11			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		492,143			(33,114	)		(8,259,031	)		(15,629,175	)		—			—
Class C		277,381			131,610			176,103			(5,881,285	)		—			—
Class I		3,735,984			5,651,899			3,850,833			816,078			—			—
Class I2		20,089,179			15,387,376			(550,732	)		(1,541,559	)		—			—
Class I3		—			—			43,083,806			(1,977,728	)		50,947			(354,714	)
Class R		—			—			—			—			(20,038	)		(133,617	)
Class R2		—			—			3,622,396			(892,685,521	)		—			—
Class R4		—			—			4,789,091			(18,438,380	)		(45,604	)		538,624
		24,594,687			21,137,771			46,712,466			(935,337,570	)		(14,695	)		50,293

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

Transamerica Funds Semi-Annual Report 2022

Page    280

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica High Yield Bond						Transamerica High Yield ESG						Transamerica High Yield Muni
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	46,345,398		$	108,994,186		$	388,533		$	691,161		$	2,470,796		$	3,681,343
Net realized gain (loss)		24,288,972			55,360,143			50,396			96,851			(1,012,012	)		3,498,625
Net change in unrealized appreciation (depreciation)		(212,117,712	)		119,226,911			(2,057,226	)		370,020			(23,609,375	)		2,722,416
Net increase (decrease) in net assets resulting from operations		(141,483,342	)		283,581,240			(1,618,297	)		1,158,032			(22,150,591	)		9,902,384
Dividends and/or distributions to shareholders:
Class A		(1,760,182	)		(3,537,320	)		—			—			(467,855	)		(696,690	)
Class C		(242,500	)		(583,235	)		—			—			(157,227	)		(295,379	)
Class I		(18,332,288	)		(33,399,854	)		(24,057	)		(40,074	)		(2,264,191	)		(2,689,381	)
Class I2		(18,708,051	)		(47,411,072	)		(422,302	)		(735,930	)		(201	)		(385	)
Class I3		(4,912,393	)		(11,274,762	)		—			—			—			—
Class R		(476,029	)		(1,100,513	)		—			—			—			—
Class R4		(1,204,775	)		(12,561,949	)		—			—			—			—
Class R6		(1,676,349	)		(2,436,463	)		—			—			—			—
Return of capital:
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(47,312,567	)		(112,305,168	)		(446,359	)		(776,004	)		(2,889,474	)		(3,681,835	)
Capital share transactions:
Proceeds from shares sold:
Class A		35,700,583			22,269,730			—			—			11,180,602			15,743,611
Class C		844,302			3,637,400			—			—			1,715,222			3,488,772
Class I		124,026,575			444,199,719			45,387			71,290			75,724,708			84,642,478
Class I2		27,714,777			6,672,242			—			—			—			—
Class I3		5,367,446			53,688,916			—			—			—			—
Class R		1,159,279			2,607,791			—			—			—			—
Class R4		2,824,118			39,021,466			—			—			—			—
Class R6		28,508,432			23,454,466			—			—			—			—
		226,145,512			595,551,730			45,387			71,290			88,620,532			103,874,861
Dividends and/or distributions reinvested:
Class A		1,629,892			3,257,067			—			—			450,540			687,611
Class C		237,991			570,267			—			—			156,658			294,612
Class I		18,314,088			31,603,659			24,057			40,074			2,262,655			2,686,990
Class I2		18,708,051			47,362,727			422,302			735,930			201			385
Class I3		4,912,393			11,274,762			—			—			—			—
Class R		476,029			1,078,276			—			—			—			—
Class R4		1,204,775			12,561,857			—			—			—			—
Class R6		1,644,840			2,436,379			—			—			—			—
		47,128,059			110,144,994			446,359			776,004			2,870,054			3,669,598
Cost of shares redeemed:
Class A		(45,749,709	)		(29,912,179	)		—			—			(14,437,063	)		(7,106,304	)
Class C		(2,078,818	)		(3,810,539	)		—			—			(2,147,922	)		(2,355,315	)
Class I		(190,457,969	)		(191,280,593	)		(39,230	)		—			(60,355,520	)		(24,075,329	)
Class I2		(143,549,380	)		(248,775,492	)		—			—			—			—
Class I3		(32,953,745	)		(75,841,544	)		—			—			—			—
Class R		(4,529,840	)		(13,488,833	)		—			—			—			—
Class R4		(12,227,770	)		(642,636,427	)		—			—			—			—
Class R6		(17,862,021	)		(11,512,141	)		—			—			—			—
		(449,409,252	)		(1,217,257,748	)		(39,230	)		—			(76,940,505	)		(33,536,948	)
Automatic conversions:
Class A		637,754			6,635,738			—			—			160,756			544,465
Class C		(637,754	)		(6,635,738	)		—			—			(160,756	)		(544,465	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(176,135,681	)		(511,561,024	)		452,516			847,294			14,550,081			74,007,511
Net increase (decrease) in net assets		(364,931,590	)		(340,284,952	)		(1,612,140	)		1,229,322			(10,489,984	)		80,228,060
Net assets:
Beginning of period/year		2,247,858,953			2,588,143,905			21,218,284			19,988,962			172,647,472			92,419,412
End of period/year	$	1,882,927,363		$	2,247,858,953		$	19,606,144		$	21,218,284		$	162,157,488		$	172,647,472

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

Transamerica Funds Semi-Annual Report 2022

Page    281

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica High Yield Bond						Transamerica High Yield ESG					Transamerica High Yield Muni
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021		April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		3,971,813			2,469,006			—			—		906,249			1,282,523
Class C		94,908			402,324			—			—		142,371			283,086
Class I		13,801,984			48,377,113			4,512			7,039		6,275,476			6,853,174
Class I2		3,127,363			735,157			—			—		—			—
Class I3		600,363			5,900,996			—			—		—			—
Class R		129,038			285,913			—			—		—			—
Class R4		316,729			4,266,882			—			—		—			—
Class R6		3,118,410			2,545,529			—			—		—			—
		25,160,608			64,982,920			4,512			7,039		7,324,096			8,418,783
Shares reinvested:
Class A		184,920			357,793			—			—		37,650			56,115
Class C		27,140			63,011			—			—		13,051			24,067
Class I		2,063,205			3,436,407			2,472			3,947		189,317			219,000
Class I2		2,104,910			5,150,910			43,404			72,492		17			31
Class I3		551,949			1,226,153			—			—		—			—
Class R		53,486			117,328			—			—		—			—
Class R4		135,556			1,378,079			—			—		—			—
Class R6		185,116			264,618			—			—		—			—
		5,306,282			11,994,299			45,876			76,439		240,035			299,213
Shares redeemed:
Class A		(5,111,075	)		(3,311,830	)		—			—		(1,248,815	)		(574,481	)
Class C		(236,762	)		(421,212	)		—			—		(179,283	)		(191,722	)
Class I		(21,151,887	)		(20,786,861	)		(4,067	)		—		(5,107,934	)		(1,960,464	)
Class I2		(15,536,472	)		(26,944,675	)		—			—		—			—
Class I3		(3,706,652	)		(8,239,401	)		—			—		—			—
Class R		(507,316	)		(1,479,516	)		—			—		—			—
Class R4		(1,350,479	)		(70,395,975	)		—			—		—			—
Class R6		(1,975,430	)		(1,256,643	)		—			—		—			—
		(49,576,073	)		(132,836,113	)		(4,067	)		—		(6,536,032	)		(2,726,667	)
Automatic conversions:
Class A		72,759			733,597			—			—		13,409			44,705
Class C		(73,041	)		(736,810	)		—			—		(13,393	)		(44,640	)
		(282	)		(3,213	)		—			—		16			65
Net increase (decrease) in shares outstanding:
Class A		(881,583	)		248,566			—			—		(291,507	)		808,862
Class C		(187,755	)		(692,687	)		—			—		(37,254	)		70,791
Class I		(5,286,698	)		31,026,659			2,917			10,986		1,356,859			5,111,710
Class I2		(10,304,199	)		(21,058,608	)		43,404			72,492		17			31
Class I3		(2,554,340	)		(1,112,252	)		—			—		—			—
Class R		(324,792	)		(1,076,275	)		—			—		—			—
Class R4		(898,194	)		(64,751,014	)		—			—		—			—
Class R6		1,328,096			1,553,504			—			—		—			—
		(19,109,465	)		(55,862,107	)		46,321			83,478		1,028,115			5,991,394

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

Transamerica Funds Semi-Annual Report 2022

Page    282

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, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	3,089,073		$	3,375,431		$	2,843,398		$	4,119,292		$	15,402,055		$	32,129,688
Net realized gain (loss)		(680,425	)		1,190,730			886,807			1,613,672			(27,659,772	)		25,486,795
Net change in unrealized appreciation (depreciation)		(8,887,865	)		1,481,143			(7,932,388	)		759,028			(132,018,760	)		(49,824,593	)
Net increase (decrease) in net assets resulting from operations		(6,479,217	)		6,047,304			(4,202,183	)		6,491,992			(144,276,477	)		7,791,890
Dividends and/or distributions to shareholders:
Class A		(57,177	)		(31,788	)		—			—			—			—
Class C		(20,940	)		(18,604	)		—			—			—			—
Class I		(369,376	)		(301,347	)		—			—			—			—
Class I2		(3,161,247	)		(2,992,641	)		—			—			(28,858,846	)		(65,503,969	)
Class I3		—			—			(2,942,791	)		(3,285,451	)		(9,300,708	)		(20,657,531	)
Class R		—			—			(277,826	)		(275,470	)		(739,247	)		(1,875,981	)
Class R4		—			—			(30,847	)		(40,622	)		(3,733,322	)		(7,344,444	)
Class R6 (A)		(2,485	)		(1,937	)		—			—			(264	)		(80	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(3,611,225	)		(3,346,317	)		(3,251,464	)		(3,601,543	)		(42,632,387	)		(95,382,005	)
Capital share transactions:
Proceeds from shares sold:
Class A		2,137,030			640,447			—			—			—			—
Class C		749,999			721,399			—			—			—			—
Class I		5,479,461			9,411,332			—			—			—			—
Class I2		32,318,917			32,162,244			—			—			16,918,865			52,923,278
Class I3		—			—			1,673,257			8,678,562			7,946,255			82,607,738
Class R		—			—			1,945,469			1,726,935			2,142,445			3,626,138
Class R4		—			—			339,409			458,411			6,276,021			23,358,449
Class R6 (A)		86,408			10,000			—			—			—			10,000
		40,771,815			42,945,422			3,958,135			10,863,908			33,283,586			162,525,603
Dividends and/or distributions reinvested:
Class A		57,177			31,788			—			—			—			—
Class C		20,940			18,604			—			—			—			—
Class I		369,376			301,347			—			—			—			—
Class I2		3,161,247			2,992,641			—			—			28,858,846			65,503,969
Class I3		—			—			2,942,791			3,285,451			9,300,708			20,657,531
Class R		—			—			277,826			275,470			739,247			1,875,981
Class R4		—			—			30,847			40,622			3,733,322			7,344,444
Class R6 (A)		2,485			1,937			—			—			264			80
		3,611,225			3,346,317			3,251,464			3,601,543			42,632,387			95,382,005
Cost of shares redeemed:
Class A		(1,339,093	)		(241,264	)		—			—			—			—
Class C		(54,679	)		(286,615	)		—			—			—			—
Class I		(4,499,184	)		(1,472,987	)		—			—			—			—
Class I2		(29,835,286	)		(6,109,411	)		—			—			(80,160,553	)		(201,612,445	)
Class I3		—			—			(6,040,239	)		(15,399,465	)		(46,387,415	)		(101,776,046	)
Class R		—			—			(2,235,911	)		(2,983,207	)		(4,038,791	)		(14,153,414	)
Class R4		—			—			(312,726	)		(1,391,121	)		(19,659,081	)		(33,441,016	)
Class R6 (A)		(2,771	)		(1	)		—			—			—			—
		(35,731,013	)		(8,110,278	)		(8,588,876	)		(19,773,793	)		(150,245,840	)		(350,982,921	)
Automatic conversions:
Class A		287,190			107,416			—			—			—			—
Class C		(287,190	)		(107,416	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		8,652,027			38,181,461			(1,379,277	)		(5,308,342	)		(74,329,867	)		(93,075,313	)
Net increase (decrease) in net assets		(1,438,415	)		40,882,448			(8,832,924	)		(2,417,893	)		(261,238,731	)		(180,665,428	)
Net assets:
Beginning of period/year		135,115,628			94,233,180			109,804,463			112,222,356			1,684,452,485			1,865,117,913
End of period/year	$	133,677,213		$	135,115,628		$	100,971,539		$	109,804,463		$	1,423,213,754		$	1,684,452,485

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

Transamerica Funds Semi-Annual Report 2022

Page    283

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, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		194,486			57,761			—			—			—			—
Class C		71,116			67,929			—			—			—			—
Class I		496,564			842,142			—			—			—			—
Class I2		2,878,633			2,863,032			—			—			1,727,571			5,057,094
Class I3		—			—			154,634			788,561			820,306			7,879,812
Class R		—			—			179,595			156,242			210,855			343,069
Class R4		—			—			31,607			41,455			632,473			2,215,884
Class R6 (A)		7,897			880			—			—			—			966
		3,648,696			3,831,744			365,836			986,258			3,391,205			15,496,825
Shares reinvested:
Class A		5,292			2,861			—			—			—			—
Class C		1,993			1,718			—			—			—			—
Class I		33,899			26,907			—			—			—			—
Class I2		289,000			266,831			—			—			2,894,461			6,221,470
Class I3		—			—			272,758			297,898			930,488			1,959,275
Class R		—			—			25,739			24,942			73,705			177,450
Class R4		—			—			2,856			3,677			372,801			696,106
Class R6 (A)		229			173			—			—			26			8
		330,413			298,490			301,353			326,517			4,271,481			9,054,309
Shares redeemed:
Class A		(126,586	)		(21,777	)		—			—			—			—
Class C		(5,273	)		(26,512	)		—			—			—			—
Class I		(417,671	)		(131,837	)		—			—			—			—
Class I2		(2,733,576	)		(547,932	)		—			—			(8,133,558	)		(19,414,503	)
Class I3		—			—			(557,492	)		(1,401,235	)		(4,710,605	)		(9,712,349	)
Class R		—			—			(207,499	)		(269,172	)		(406,746	)		(1,347,349	)
Class R4		—			—			(28,370	)		(127,516	)		(1,997,446	)		(3,107,556	)
Class R6 (A)		(255	)		—			—			—			—			—
		(3,283,361	)		(728,058	)		(793,361	)		(1,797,923	)		(15,248,355	)		(33,581,757	)
Automatic conversions:
Class A		26,838			9,756			—			—			—			—
Class C		(27,586	)		(10,012	)		—			—			—			—
		(748	)		(256	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		100,030			48,601			—			—			—			—
Class C		40,250			33,123			—			—			—			—
Class I		112,792			737,212			—			—			—			—
Class I2		434,057			2,581,931			—			—			(3,511,526	)		(8,135,939	)
Class I3		—			—			(130,100	)		(314,776	)		(2,959,811	)		126,738
Class R		—			—			(2,165	)		(87,988	)		(122,186	)		(826,830	)
Class R4		—			—			6,093			(82,384	)		(992,172	)		(195,566	)
Class R6 (A)		7,871			1,053			—			—			26			974
		695,000			3,401,920			(126,172	)		(485,148	)		(7,585,669	)		(9,030,623	)

(A) Class R6 commenced operations for Transamerica Intermediate Bond on May 28, 2021.

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

Transamerica Funds Semi-Annual Report 2022

Page    284

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Focus
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	22,731,575		$	45,177,113		$	45,557,147		$	104,121,766		$	13,451,662		$	29,511,774
Net realized gain (loss)		(10,521,243	)		24,975,905			98,341,022			192,948,905			10,723,146			127,656,475
Net change in unrealized appreciation (depreciation)		(250,697,891	)		91,788			(759,090,559	)		1,183,218,061			(242,064,502	)		294,887,724
Net increase (decrease) in net assets resulting from operations		(238,487,559	)		70,244,806			(615,192,390	)		1,480,288,732			(217,889,694	)		452,055,973
Dividends and/or distributions to shareholders:
Class A		(3,352,630	)		(4,594,355	)		(5,664,602	)		(697,951	)		(30,102	)		(1,630	)
Class C		(1,072,018	)		(1,535,160	)		(851,500	)		—			—			—
Class I		(28,204,427	)		(39,047,603	)		(106,730,494	)		(29,668,975	)		(1,532	)		(196	)
Class I2		(147	)		(221	)		(54,734,050	)		(22,003,572	)		(85,983,318	)		(17,217,444	)
Class I3		—			—			(5,782,446	)		(3,137,564	)		—			—
Class R		—			—			(936,264	)		(255,613	)		—			—
Class R4		—			—			(764,859	)		(230,220	)		—			—
Class R6		—			—			(15,500,281	)		(3,500,805	)		(902,100	)		(127	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(32,629,222	)		(45,177,339	)		(190,964,496	)		(59,494,700	)		(86,917,052	)		(17,219,397	)
Capital share transactions:
Proceeds from shares sold:
Class A		29,985,805			86,034,790			46,607,710			28,816,865			253,211			378,801
Class C		4,403,163			24,147,327			2,118,909			5,330,869			—			—
Class I		411,587,989			874,545,250			937,944,129			1,029,040,374			10,000			1,157
Class I2		—			—			110,992,714			69,932,021			15,447,368			42,782,286
Class I3		—			—			2,181,807			10,393,576			—			—
Class R		—			—			605,969			1,851,287			—			—
Class R4		—			—			1,562,691			3,549,625			—			—
Class R6		—			—			90,318,086			207,826,939			15,520,041			—
		445,976,957			984,727,367			1,192,332,015			1,356,741,556			31,230,620			43,162,244
Issued from fund acquisition:
Class A		—			—			59,144,888			—			—			—
Class C		—			—			2,828,913			—			—			—
Class I		—			—			34,894,866			—			—			—
Class R6		—			—			945,301			—			—			—
		—			—			97,813,968			—			—			—
Dividends and/or distributions reinvested:
Class A		2,941,748			4,082,169			4,547,089			521,040			30,102			1,630
Class C		958,708			1,335,710			793,944			—			—			—
Class I		24,089,416			32,338,680			98,648,482			27,157,141			1,532			196
Class I2		147			221			54,734,050			22,003,572			85,983,318			17,217,444
Class I3		—			—			5,782,446			3,137,564			—			—
Class R		—			—			936,264			255,613			—			—
Class R4		—			—			764,859			230,220			—			—
Class R6		—			—			13,854,685			3,408,490			902,100			127
		27,990,019			37,756,780			180,061,819			56,713,640			86,917,052			17,219,397
Cost of shares redeemed:
Class A		(52,730,996	)		(67,617,114	)		(24,033,175	)		(108,586,873	)		(96,234	)		(105,193	)
Class C		(15,999,358	)		(21,145,897	)		(2,870,322	)		(8,380,084	)		—			—
Class I		(736,513,788	)		(500,004,682	)		(681,287,265	)		(656,607,726	)		(1,339	)		(35	)
Class I2		—			—			(112,424,911	)		(425,422,661	)		(151,966,580	)		(466,575,856	)
Class I3		—			—			(10,215,772	)		(123,842,546	)		—			—
Class R		—			—			(3,651,753	)		(5,236,254	)		—			—
Class R4		—			—			(6,596,305	)		(4,078,574	)		—			—
Class R6		—			—			(70,667,848	)		(68,378,842	)		(554,189	)		—
		(805,244,142	)		(588,767,693	)		(911,747,351	)		(1,400,533,560	)		(152,618,342	)		(466,681,084	)
Automatic conversions:
Class A		6,817,500			13,351,751			1,932,715			3,233,080			—			—
Class C		(6,817,500	)		(13,351,751	)		(1,932,715	)		(3,233,080	)		—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(331,277,166	)		433,716,454			558,460,451			12,921,636			(34,470,670	)		(406,299,443	)
Net increase (decrease) in net assets		(602,393,947	)		458,783,921			(247,696,435	)		1,433,715,668			(339,277,416	)		28,537,133
Net assets:
Beginning of period/year		2,732,139,669			2,273,355,748			5,358,622,237			3,924,906,569			1,468,294,105			1,439,756,972
End of period/year	$	2,129,745,722		$	2,732,139,669		$	5,110,925,802		$	5,358,622,237		$	1,129,016,689		$	1,468,294,105

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

Transamerica Funds Semi-Annual Report 2022

Page    285

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Focus
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		2,551,410			7,138,491			2,261,078			1,408,603			27,989			38,673
Class C		375,328			2,008,221			103,532			262,023			—			—
Class I		35,290,334			72,266,431			45,874,773			50,279,444			1,073			116
Class I2		—			—			5,819,822			3,487,010			1,667,965			4,556,965
Class I3		—			—			109,580			493,384			—			—
Class R		—			—			29,694			88,107			—			—
Class R4		—			—			78,039			166,534			—			—
Class R6		—			—			4,287,184			9,959,440			1,546,533			—
		38,217,072			81,413,143			58,563,702			66,144,545			3,243,560			4,595,754
Shares issued on fund acquisition:
Class A		—			—			2,800,779			—			—			—
Class C		—			—			136,391			—			—			—
Class I		—			—			1,631,882			—			—			—
Class R6		—			—			43,687			—			—			—
		—			—			4,612,739			—			—			—
Shares reinvested:
Class A		251,473			338,943			222,569			27,908			3,182			179
Class C		81,746			111,176			39,304			—			—			—
Class I		2,052,558			2,675,504			4,779,481			1,442,227			161			22
Class I2		12			19			2,649,276			1,167,298			9,098,764			1,898,285
Class I3		—			—			277,869			165,309			—			—
Class R		—			—			44,797			13,418			—			—
Class R4		—			—			36,737			12,123			—			—
Class R6		—			—			663,539			179,017			95,058			14
		2,385,789			3,125,642			8,713,572			3,007,300			9,197,165			1,898,500
Shares redeemed:
Class A		(4,593,623	)		(5,615,242	)		(1,236,585	)		(5,769,619	)		(10,667	)		(10,690	)
Class C		(1,387,032	)		(1,760,186	)		(143,347	)		(435,041	)		—			—
Class I		(64,494,956	)		(41,365,565	)		(33,954,327	)		(31,811,027	)		(132	)		(4	)
Class I2		—			—			(5,348,817	)		(20,022,330	)		(17,463,357	)		(46,126,119	)
Class I3		—			—			(494,839	)		(5,758,556	)		—			—
Class R		—			—			(179,440	)		(248,387	)		—			—
Class R4		—			—			(316,035	)		(198,223	)		—			—
Class R6		—			—			(3,364,748	)		(3,272,516	)		(60,320	)		—
		(70,475,611	)		(48,740,993	)		(45,038,138	)		(67,515,699	)		(17,534,476	)		(46,136,813	)
Automatic conversions:
Class A		577,773			1,106,061			95,082			156,076			—			—
Class C		(578,851	)		(1,108,183	)		(96,417	)		(158,408	)		—			—
		(1,078	)		(2,122	)		(1,335	)		(2,332	)		—			—
Net increase (decrease) in shares outstanding:
Class A		(1,212,967	)		2,968,253			4,142,923			(4,177,032	)		20,504			28,162
Class C		(1,508,809	)		(748,972	)		39,463			(331,426	)		—			—
Class I		(27,152,064	)		33,576,370			18,331,809			19,910,644			1,102			134
Class I2		12			19			3,120,281			(15,368,022	)		(6,696,628	)		(39,670,869	)
Class I3		—			—			(107,390	)		(5,099,863	)		—			—
Class R		—			—			(104,949	)		(146,862	)		—			—
Class R4		—			—			(201,259	)		(19,566	)		—			—
Class R6		—			—			1,629,662			6,865,941			1,581,271			14
		(29,873,828	)		35,795,670			26,850,540			1,633,814			(5,093,751	)		(39,642,559	)

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

Transamerica Funds Semi-Annual Report 2022

Page    286

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, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	6,053,595		$	12,927,950		$	2,821,160		$	3,096,658		$	12,592,827		$	25,161,979
Net realized gain (loss)		12,760,053			31,659,574			(5,034	)		12,766,006			37,979,115			337,873,845
Net change in unrealized appreciation (depreciation)		(166,180,673	)		144,294,046			(13,850,164	)		25,077,203			(189,544,570	)		548,344,476
Net increase (decrease) in net assets resulting from operations		(147,367,025	)		188,881,570			(11,034,038	)		40,939,867			(138,972,628	)		911,380,300
Dividends and/or distributions to shareholders:
Class A		—			—			(61,683	)		(6,314	)		(1,705,186	)		(525,971	)
Class C		—			—			—			—			(330,897	)		(60,273	)
Class I		(12,592,675	)		(2,686,636	)		(51,220	)		(6,904	)		(2,408,064	)		(783,640	)
Class I2		(17,994,779	)		(3,728,380	)		(11,029,440	)		(1,680,254	)		(49,942,837	)		(22,929,567	)
Class R6		—			—			(1,321,801	)		(6,826	)		(1,161,648	)		(320,845	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(30,587,454	)		(6,415,016	)		(12,464,144	)		(1,700,298	)		(55,548,632	)		(24,620,296	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			103,063			110,596			13,028,183			21,606,431
Class C		—			—			—			—			5,704,591			4,540,437
Class I		16,664,050			76,100,599			36,950			—			44,221,187			59,110,371
Class I2		3,190,546			121,139,524			11,000,000			1,507,867			198,989,505			495,690,773
Class R6		—			—			15,332,805			—			30,861,639			5,739,402
		19,854,596			197,240,123			26,472,818			1,618,463			292,805,105			586,687,414
Dividends and/or distributions reinvested:
Class A		—			—			61,683			6,314			1,545,803			478,492
Class C		—			—			—			—			279,479			50,613
Class I		12,547,620			2,678,636			51,220			6,904			2,049,832			616,006
Class I2		17,994,779			3,728,380			11,029,440			1,680,254			49,942,837			22,929,567
Class R6		—			—			1,321,801			6,826			1,161,648			320,845
		30,542,399			6,407,016			12,464,144			1,700,298			54,979,599			24,395,523
Cost of shares redeemed:
Class A		—			—			(20,352	)		(158	)		(8,801,973	)		(18,654,259	)
Class C		—			—			—			—			(1,808,848	)		(5,363,277	)
Class I		(41,592,561	)		(45,188,867	)		(25,799	)		—			(36,743,751	)		(56,953,921	)
Class I2		(17,852,154	)		(17,451,390	)		(26,100,740	)		(11,542,950	)		(244,552,292	)		(485,703,112	)
Class R6		—			—			(1,192,628	)		—			(4,660,112	)		(17,642,874	)
		(59,444,715	)		(62,640,257	)		(27,339,519	)		(11,543,108	)		(296,566,976	)		(584,317,443	)
Automatic conversions:
Class A		—			—			—			—			906,332			2,189,226
Class C		—			—			—			—			(906,332	)		(2,189,226	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(9,047,720	)		141,006,882			11,597,443			(8,224,347	)		51,217,728			26,765,494
Net increase (decrease) in net assets		(187,002,199	)		323,473,436			(11,900,739	)		31,015,222			(143,303,532	)		913,525,498
Net assets:
Beginning of period/year		838,220,384			514,746,948			138,480,986			107,465,764			2,530,584,178			1,617,058,680
End of period/year	$	651,218,185		$	838,220,384		$	126,580,247		$	138,480,986		$	2,387,280,646		$	2,530,584,178

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

Transamerica Funds Semi-Annual Report 2022

Page    287

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, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		—			—			9,574			10,710			943,751			1,717,239
Class C		—			—			—			—			415,502			358,134
Class I		1,138,372			4,793,306			3,271			—			3,161,139			4,663,168
Class I2		216,040			7,188,116			1,004,566			138,315			14,302,784			39,558,431
Class R6		—			—			1,320,146			—			2,186,949			471,558
		1,354,412			11,981,422			2,337,557			149,025			21,010,125			46,768,530
Shares reinvested:
Class A		—			—			5,776			635			112,561			41,545
Class C		—			—			—			—			20,552			4,739
Class I		829,321			191,331			4,782			693			147,946			52,118
Class I2		1,187,774			265,933			1,030,789			168,531			3,612,388			1,928,052
Class R6		—			—			123,533			685			84,030			27,632
		2,017,095			457,264			1,164,880			170,544			3,977,477			2,054,086
Shares redeemed:
Class A		—			—			(2,048	)		(15	)		(638,969	)		(1,534,875	)
Class C		—			—			—			—			(132,248	)		(449,023	)
Class I		(2,861,864	)		(3,047,089	)		(2,359	)		—			(2,652,157	)		(4,904,452	)
Class I2		(1,211,730	)		(1,100,957	)		(2,377,672	)		(1,038,206	)		(17,435,118	)		(38,298,156	)
Class R6		—			—			(115,673	)		—			(335,419	)		(1,478,311	)
		(4,073,594	)		(4,148,046	)		(2,497,752	)		(1,038,221	)		(21,193,911	)		(46,664,817	)
Automatic conversions:
Class A		—			—			—			—			65,548			171,409
Class C		—			—			—			—			(66,093	)		(172,587	)
		—			—			—			—			(545	)		(1,178	)
Net increase (decrease) in shares outstanding:
Class A		—			—			13,302			11,330			482,891			395,318
Class C		—			—			—			—			237,713			(258,737	)
Class I		(894,171	)		1,937,548			5,694			693			656,928			(189,166	)
Class I2		192,084			6,353,092			(342,317	)		(731,360	)		480,054			3,188,327
Class R6		—			—			1,328,006			685			1,935,560			(979,121	)
		(702,087	)		8,290,640			1,004,685			(718,652	)		3,793,146			2,156,621

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

Transamerica Funds Semi-Annual Report 2022

Page    288

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, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	784,084		$	1,699,503		$	(2,442,043	)	$	(5,332,790	)	$	3,383,528		$	7,427,339
Net realized gain (loss)		8,605,633			29,034,402			50,423,683			236,939,557			19,348,062			65,344,664
Net change in unrealized appreciation (depreciation)		(24,808,267	)		36,038,792			(495,138,033	)		143,867,103			(23,925,183	)		60,520,168
Net increase (decrease) in net assets resulting from operations		(15,418,550	)		66,772,697			(447,156,393	)		375,473,870			(1,193,593	)		133,292,171
Dividends and/or distributions to shareholders:
Class I3		(19,842,416	)		(10,515,694	)		(178,104,703	)		(125,877,488	)		(46,224,464	)		(6,124,302	)
Class R		(9,406,373	)		(5,042,853	)		(36,849,171	)		(26,451,482	)		(10,155,688	)		(1,028,286	)
Class R4		(407,122	)		(187,240	)		(11,758,984	)		(8,515,569	)		(1,402,205	)		(233,844	)
Class R6 (A)		—			—			(5,556,471	)		—			—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(29,655,911	)		(15,745,787	)		(232,269,329	)		(160,844,539	)		(57,782,357	)		(7,386,432	)
Capital share transactions:
Proceeds from shares sold:
Class I3		1,677,817			1,809,512			15,335,299			41,898,283			1,349,745			3,796,796
Class R		1,306,028			1,720,456			3,046,247			10,321,621			3,020,539			2,598,631
Class R4		50,718			167,978			1,713,291			11,180,522			493,619			3,658,370
Class R6 (A)		—			—			31,331,948			10,000			—			—
		3,034,563			3,697,946			51,426,785			63,410,426			4,863,903			10,053,797
Dividends and/or distributions reinvested:
Class I3		19,842,416			10,515,694			178,104,703			125,877,488			46,224,464			6,124,302
Class R		9,406,373			5,042,853			36,849,171			26,451,482			10,155,688			1,028,286
Class R4		407,122			187,240			11,758,984			8,515,569			1,402,205			233,844
Class R6 (A)		—			—			5,556,471			—			—			—
		29,655,911			15,745,787			232,269,329			160,844,539			57,782,357			7,386,432
Cost of shares redeemed:
Class I3		(7,315,816	)		(18,798,924	)		(39,549,110	)		(135,832,051	)		(33,232,166	)		(50,261,417	)
Class R		(7,909,224	)		(12,548,407	)		(23,181,214	)		(31,107,587	)		(9,022,245	)		(11,607,011	)
Class R4		(42,516	)		(241,938	)		(3,627,254	)		(16,283,411	)		(1,557,259	)		(17,781,251	)
Class R6 (A)		—			—			(1,099,650	)		—			—			—
		(15,267,556	)		(31,589,269	)		(67,457,228	)		(183,223,049	)		(43,811,670	)		(79,649,679	)
Net increase (decrease) in net assets resulting from capital share transactions		17,422,918			(12,145,536	)		216,238,886			41,031,916			18,834,590			(62,209,450	)
Net increase (decrease) in net assets		(27,651,543	)		38,881,374			(463,186,836	)		255,661,247			(40,141,360	)		63,696,289
Net assets:
Beginning of period		205,385,942			166,504,568			1,236,404,100			980,742,853			393,286,836			329,590,547
End of period	$	177,734,399		$	205,385,942		$	773,217,264		$	1,236,404,100		$	353,145,476		$	393,286,836

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

Transamerica Funds Semi-Annual Report 2022

Page    289

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, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class I3		131,706			150,511			1,262,801			2,173,892			123,952			371,145
Class R		108,064			142,087			214,270			561,166			294,900			245,402
Class R4		4,138			14,060			131,937			614,700			48,961			356,014
Class R6 (A)		—			—			1,679,847			558			—			—
		243,908			306,658			3,288,855			3,350,316			467,813			972,561
Shares reinvested:
Class I3		1,663,571			951,756			11,580,280			7,044,068			4,612,717			588,822
Class R		787,241			458,748			2,461,534			1,504,635			1,011,651			99,104
Class R4		34,103			16,970			772,094			479,210			139,663			23,322
Class R6 (A)		—			—			361,514			—			—			—
		2,484,915			1,427,474			15,175,422			9,027,913			5,764,031			711,248
Shares redeemed:
Class I3		(602,865	)		(1,522,607	)		(2,749,176	)		(7,158,396	)		(3,219,023	)		(4,840,490	)
Class R		(651,061	)		(1,003,710	)		(1,659,690	)		(1,704,074	)		(876,712	)		(1,109,722	)
Class R4		(3,331	)		(20,726	)		(242,246	)		(888,825	)		(147,438	)		(1,876,282	)
Class R6 (A)		—			—			(85,134	)		—			—			—
		(1,257,257	)		(2,547,043	)		(4,736,246	)		(9,751,295	)		(4,243,173	)		(7,826,494	)
Net increase (decrease) in shares outstanding:
Class I3		1,192,412			(420,340	)		10,093,905			2,059,564			1,517,646			(3,880,523	)
Class R		244,244			(402,875	)		1,016,114			361,727			429,839			(765,216	)
Class R4		34,910			10,304			661,785			205,085			41,186			(1,496,946	)
Class R6 (A)		—			—			1,956,227			558			—			—
		1,471,566			(812,911	)		13,728,031			2,626,934			1,988,671			(6,142,685	)

(A) Class R6 commenced operations for Transamerica Large Growth on May 28, 2021.

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

Transamerica Funds Semi-Annual Report 2022

Page    290

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Mid Cap Growth						Transamerica Mid Cap Value Opportunities						Transamerica Multi-Asset Income
	April 30, 2022  (unaudited)			October 31, 2021			April 30, 2022  (unaudited)			October 31, 2021			April 30, 2022  (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	(553,690	)	$	(1,853,954	)	$	6,120,363		$	8,449,271		$	10,294,843		$	11,912,454
Net realized gain (loss)		(2,675,733	)		109,996,723			114,740,453			330,963,162			12,907,395			17,136,262
Net change in unrealized appreciation (depreciation)		(118,387,456	)		12,465,481			(109,171,991	)		259,785,401			(53,701,109	)		52,058,642
Net increase (decrease) in net assets resulting from operations		(121,616,879	)		120,608,250			11,688,825			599,197,834			(30,498,871	)		81,107,358
Dividends and/or distributions to shareholders:
Class A		(4,997,670	)		(695,547	)		(6,237,115	)		(99,450	)		(4,166,756	)		(2,466,508	)
Class C		(329,926	)		(78,496	)		(3,871,483	)		—			(2,247,158	)		(1,630,668	)
Class I		(665,042	)		(79,553	)		(139,972,415	)		(5,207,038	)		(12,303,248	)		(8,068,651	)
Class I2		(83,490,034	)		(20,365,628	)		(48,367,095	)		(4,054,037	)		(561	)		(541	)
Class I3		(10,118,990	)		(1,808,466	)		(28,354,374	)		(1,292,516	)		—			—
Class R		(7,200,667	)		(1,194,775	)		(12,665,961	)		(290,706	)		—			—
Class R4		(53,974	)		(17,577	)		(25,655,249	)		(819,473	)		—			—
Class R6 (A)		(3,021,089	)		—			(48,777,821	)		(2,465,827	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(109,877,392	)		(24,240,042	)		(313,901,513	)		(14,229,047	)		(18,717,723	)		(12,166,368	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,692,647			5,041,782			5,620,272			12,100,662			21,264,564			18,561,670
Class C		93,145			193,656			1,526,456			3,027,450			20,148,631			24,811,938
Class I		550,484			496,281			162,747,608			209,264,153			169,144,967			145,756,745
Class I2		50,118,121			55,155,484			975,675			51,370,010			—			—
Class I3		1,049,424			775,332			1,227,373			3,677,471			—			—
Class R		1,008,594			2,472,339			1,739,117			3,032,180			—			—
Class R4		10,381			43,822			3,492,123			11,790,965			—			—
Class R6 (A)		9,972,203			10,000			39,034,915			39,157,427			—			—
		64,494,999			64,188,696			216,363,539			333,420,318			210,558,162			189,130,353
Issued from fund acquisition:
Class A		—			—			—			—			—			70,567,616
Class C		—			—			—			—			—			16,215,922
Class I		—			—			—			—			—			19,920,834
		—			—			—			—			—			106,704,372
Dividends and/or distributions reinvested:
Class A		4,997,670			695,547			5,596,470			88,145			3,978,357			2,350,549
Class C		329,926			78,496			3,538,876			—			2,231,761			1,618,679
Class I		573,632			72,218			127,005,024			4,638,921			12,255,441			8,025,144
Class I2		83,490,034			20,365,628			48,363,640			4,054,037			561			541
Class I3		10,118,990			1,808,466			28,354,374			1,292,516			—			—
Class R		7,200,667			1,194,775			12,665,961			290,706			—			—
Class R4		53,974			17,577			25,655,249			819,473			—			—
Class R6 (A)		3,021,089			—			48,777,821			2,465,827			—			—
		109,785,982			24,232,707			299,957,415			13,649,625			18,466,120			11,994,913
Cost of shares redeemed:
Class A		(2,740,733	)		(5,359,565	)		(6,077,841	)		(7,113,808	)		(14,160,791	)		(15,841,562	)
Class C		(163,059	)		(109,248	)		(1,984,668	)		(3,972,056	)		(6,921,048	)		(9,939,267	)
Class I		(297,714	)		(94,894	)		(169,141,541	)		(252,804,096	)		(60,180,386	)		(41,665,990	)
Class I2		(5,076,978	)		(241,814,462	)		(45,949,466	)		(277,005,167	)		—			—
Class I3		(2,700,704	)		(11,159,248	)		(16,199,122	)		(40,505,259	)		—			—
Class R		(1,954,357	)		(6,512,929	)		(4,569,569	)		(11,265,213	)		—			—
Class R4		(4,540	)		(270,502	)		(12,000,157	)		(16,650,734	)		—			—
Class R6 (A)		(149,048	)		—			(12,357,926	)		(156,739,421	)		—			—
		(13,087,133	)		(265,320,848	)		(268,280,290	)		(766,055,754	)		(81,262,225	)		(67,446,819	)
Automatic conversions:
Class A		719,438			184,656			352,507			664,426			7,117,776			10,787,314
Class C		(719,438	)		(184,656	)		(352,507	)		(664,426	)		(7,117,776	)		(10,787,314	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		161,193,848			(176,899,445	)		248,040,664			(418,985,811	)		147,762,057			240,382,819
Net increase (decrease) in net assets		(70,300,423	)		(80,531,237	)		(54,172,024	)		165,982,976			98,545,463			309,323,809
Net assets:
Beginning of period/year		385,587,427			466,118,664			1,415,575,621			1,249,592,645			569,083,823			259,760,014
End of period/year	$	315,287,004		$	385,587,427		$	1,361,403,597		$	1,415,575,621		$	667,629,286		$	569,083,823

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

Transamerica Funds Semi-Annual Report 2022

Page    291

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Mid Cap Growth						Transamerica Mid Cap Value Opportunities						Transamerica Multi-Asset Income
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		177,130			367,626			440,053			883,827			1,515,190			1,363,700
Class C		9,482			14,850			130,762			222,626			1,440,664			1,837,938
Class I		60,912			35,121			13,520,022			15,328,813			12,012,110			10,636,043
Class I2		5,774,497			3,582,340			80,559			4,879,380			—			—
Class I3		110,012			55,556			98,018			263,959			—			—
Class R		105,800			178,685			143,114			220,319			—			—
Class R4		1,030			3,117			273,378			841,469			—			—
Class R6 (A)		700,664			721			2,783,765			2,875,202			—			—
		6,939,527			4,238,016			17,469,671			25,515,595			14,967,964			13,837,681
Shares issued on fund acquisition:
Class A		—			—			—			—			—			5,087,201
Class C		—			—			—			—			—			1,175,220
Class I		—			—			—			—			—			1,435,260
		—			—			—			—			—			7,697,681
Shares reinvested:
Class A		527,737			52,376			486,650			7,445			284,502			172,594
Class C		39,184			6,351			315,127			—			159,985			121,152
Class I		58,894			5,345			11,005,635			390,811			876,767			595,820
Class I2		8,458,970			1,496,372			4,187,328			341,249			42			43
Class I3		1,027,309			132,975			2,440,135			108,342			—			—
Class R		750,069			89,029			1,087,207			24,307			—			—
Class R4		5,491			1,293			2,198,393			68,461			—			—
Class R6 (A)		306,398			—			4,183,347			206,001			—			—
		11,174,052			1,783,741			25,903,822			1,146,616			1,321,296			889,609
Shares redeemed:
Class A		(301,236	)		(391,889	)		(480,618	)		(534,733	)		(1,008,411	)		(1,158,875	)
Class C		(21,672	)		(8,620	)		(166,939	)		(298,694	)		(497,566	)		(738,724	)
Class I		(27,880	)		(6,866	)		(13,569,165	)		(18,397,473	)		(4,292,140	)		(3,092,276	)
Class I2		(437,619	)		(17,831,021	)		(3,779,625	)		(19,413,807	)		—			—
Class I3		(266,031	)		(767,034	)		(1,320,089	)		(2,995,137	)		—			—
Class R		(205,810	)		(466,772	)		(359,963	)		(836,000	)		—			—
Class R4		(358	)		(19,422	)		(957,306	)		(1,228,909	)		—			—
Class R6 (A)		(16,637	)		—			(993,932	)		(10,889,128	)		—			—
		(1,277,243	)		(19,491,624	)		(21,627,637	)		(54,593,881	)		(5,798,117	)		(4,989,875	)
Automatic conversions:
Class A		52,240			13,522			27,454			47,748			506,399			785,342
Class C		(56,940	)		(14,552	)		(28,108	)		(48,558	)		(508,959	)		(789,449	)
		(4,700	)		(1,030	)		(654	)		(810	)		(2,560	)		(4,107	)
Net increase (decrease) in shares outstanding:
Class A		455,871			41,635			473,539			404,287			1,297,680			6,249,962
Class C		(29,946	)		(1,971	)		250,842			(124,626	)		594,124			1,606,137
Class I		91,926			33,600			10,956,492			(2,677,849	)		8,596,737			9,574,847
Class I2		13,795,848			(12,752,309	)		488,262			(14,193,178	)		42			43
Class I3		871,290			(578,503	)		1,218,064			(2,622,836	)		—			—
Class R		650,059			(199,058	)		870,358			(591,374	)		—			—
Class R4		6,163			(15,012	)		1,514,465			(318,979	)		—			—
Class R6 (A)		990,425			721			5,973,180			(7,807,925	)		—			—
		16,831,636			(13,470,897	)		21,745,202			(27,932,480	)		10,488,583			17,430,989

(A) Class R6 commenced operations for Transamerica Mid Cap Growth on May 28, 2021.

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

Transamerica Funds Semi-Annual Report 2022

Page    292

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond						Transamerica Small Cap Growth
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	4,126,506		$	7,386,857		$	20,774,967		$	48,401,529		$	(856,888	)	$	(1,479,069	)
Net realized gain (loss)		23,582,967			86,272,630			(11,491,908	)		16,030,234			9,018,709			29,119,502
Net change in unrealized appreciation (depreciation)		(155,782,591	)		181,382,553			(120,870,535	)		(13,879,348	)		(78,414,506	)		64,362,898
Net increase (decrease) in net assets resulting from operations		(128,073,118	)		275,042,040			(111,587,476	)		50,552,415			(70,252,685	)		92,003,331
Dividends and/or distributions to shareholders:
Class A		(45,302,496	)		(28,174,083	)		(4,372,742	)		(10,701,317	)		(2,597,814	)		(1,631,899	)
Class C		(14,208,190	)		(9,400,455	)		(260,480	)		(1,102,600	)		(535,322	)		(406,524	)
Class I		(26,661,021	)		(15,528,300	)		(15,495,466	)		(34,036,232	)		(4,898,026	)		(3,461,762	)
Class I2		—			—			(914,391	)		(2,412,577	)		(11,238,704	)		(7,554,879	)
Class I3		—			—			—			—			(3,249,291	)		(2,601,429	)
Class R (A)		(5	)		—			—			—			(2,162,203	)		(1,423,743	)
Class R4		—			—			—			—			(24,764	)		(8,787	)
Class R6		(1,805,853	)		(1,012,241	)		(1,558,252	)		(3,077,056	)		(777,574	)		(7,549	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(87,977,565	)		(54,115,079	)		(22,601,331	)		(51,329,782	)		(25,483,698	)		(17,096,572	)
Capital share transactions:
Proceeds from shares sold:
Class A		23,903,544			60,696,682			69,425,627			236,724,394			1,166,152			5,083,751
Class C		20,045,513			56,108,189			9,446,218			30,610,480			162,720			1,133,243
Class I		63,697,228			100,266,304			658,785,241			1,441,307,254			9,745,403			16,513,738
Class I2		—			—			58,506,959			88,018,906			9,432,081			32,655,100
Class I3		—			—			—			—			546,602			419,934
Class R (A)		10,000			—			—			—			1,226,464			2,365,728
Class R4		—			—			—			—			17,594			144,069
Class R6		2,192,355			17,671,124			17,785,014			192,394,726			7,507,979			—
		109,848,640			234,742,299			813,949,059			1,989,055,760			29,804,995			58,315,563
Dividends and/or distributions reinvested:
Class A		44,423,211			27,582,702			3,904,148			9,651,772			2,591,761			1,624,596
Class C		13,741,872			9,109,074			234,491			1,008,303			535,322			406,524
Class I		24,306,610			14,062,210			13,298,536			29,129,324			4,896,580			3,455,802
Class I2		—			—			911,629			2,412,577			5,031,351			3,410,819
Class I3		—			—			—			—			3,249,291			2,601,429
Class R (A)		5			—			—			—			2,162,203			1,423,743
Class R4		—			—			—			—			24,764			8,787
Class R6		1,707,318			623,858			1,549,933			3,042,506			777,574			7,549
		84,179,016			51,377,844			19,898,737			45,244,482			19,268,846			12,939,249
Cost of shares redeemed:
Class A		(53,743,936	)		(93,563,033	)		(152,302,127	)		(221,294,229	)		(3,614,514	)		(5,890,508	)
Class C		(23,628,475	)		(42,674,921	)		(22,067,107	)		(40,266,334	)		(749,903	)		(974,768	)
Class I		(52,020,043	)		(69,939,806	)		(761,595,056	)		(1,049,958,207	)		(16,962,265	)		(21,587,000	)
Class I2		—			—			(52,471,231	)		(107,370,128	)		(34,643,730	)		(8,364,440	)
Class I3		—			—			—			—			(3,124,450	)		(7,449,130	)
Class R (A)		—			—			—			—			(1,874,289	)		(3,386,547	)
Class R4		—			—			—			—			(13,106	)		(48,887	)
Class R6		(3,772,763	)		(9,300,730	)		(14,438,744	)		(13,055,356	)		(198,439	)		—
		(133,165,217	)		(215,478,490	)		(1,002,874,265	)		(1,431,944,254	)		(61,180,696	)		(47,701,280	)
Automatic conversions:
Class A		12,329,996			43,152,761			11,055,552			60,316,266			192,304			1,348,548
Class C		(12,329,996	)		(43,152,761	)		(11,055,552	)		(60,316,266	)		(192,304	)		(1,348,548	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		60,862,439			70,641,653			(169,026,469	)		602,355,988			(12,106,855	)		23,553,532
Net increase (decrease) in net assets		(155,188,244	)		291,568,614			(303,215,276	)		601,578,621			(107,843,238	)		98,460,291
Net assets:
Beginning of period/year		1,394,675,106			1,103,106,492			3,729,199,423			3,127,620,802			276,153,606			177,693,315
End of period/year	$	1,239,486,862		$	1,394,675,106		$	3,425,984,147		$	3,729,199,423		$	168,310,368		$	276,153,606

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

Transamerica Funds Semi-Annual Report 2022

Page    293

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond						Transamerica Small Cap Growth
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		704,916			1,816,372			6,801,303			22,787,349			160,283			635,768
Class C		603,372			1,718,890			929,289			2,950,402			23,976			160,773
Class I		1,835,133			2,978,903			65,830,100			141,078,281			1,288,312			1,914,618
Class I2		—			—			5,912,833			8,623,971			1,208,539			3,641,619
Class I3		—			—			—			—			75,871			48,321
Class R (A)		309			—			—			—			155,457			276,625
Class R4		—			—			—			—			2,490			16,877
Class R6		66,077			520,505			1,775,979			18,866,341			792,696			1
		3,209,807			7,034,670			81,249,504			194,306,344			3,707,624			6,694,602
Shares reinvested:
Class A		1,302,687			869,415			384,850			928,825			336,592			216,902
Class C		412,054			295,557			23,191			97,186			82,867			62,929
Class I		709,037			439,843			1,333,288			2,852,151			597,144			437,998
Class I2		—			—			91,631			236,501			597,549			422,654
Class I3		—			—			—			—			386,360			322,358
Class R (A)		0	(B)		—			—			—			265,301			180,678
Class R4		—			—			—			—			2,969			1,096
Class R6		49,813			19,396			155,494			297,880			92,348			935
		2,473,591			1,624,211			1,988,454			4,412,543			2,361,130			1,645,550
Shares redeemed:
Class A		(1,591,689	)		(2,791,835	)		(14,953,965	)		(21,296,257	)		(487,609	)		(726,632	)
Class C		(716,617	)		(1,292,929	)		(2,174,055	)		(3,882,425	)		(130,916	)		(141,489	)
Class I		(1,538,026	)		(2,087,116	)		(76,176,182	)		(102,770,910	)		(2,459,305	)		(2,534,838	)
Class I2		—			—			(5,259,886	)		(10,546,018	)		(3,903,468	)		(951,285	)
Class I3		—			—			—			—			(363,271	)		(862,562	)
Class R (A)		—			—			—			—			(240,892	)		(396,260	)
Class R4		—			—			—			—			(1,821	)		(5,898	)
Class R6		(106,098	)		(269,323	)		(1,449,018	)		(1,277,533	)		(28,194	)		—
		(3,952,430	)		(6,441,203	)		(100,013,106	)		(139,773,143	)		(7,615,476	)		(5,618,964	)
Automatic conversions:
Class A		367,344			1,296,029			1,089,004			5,806,520			27,606			164,110
Class C		(376,297	)		(1,324,563	)		(1,091,136	)		(5,814,127	)		(32,878	)		(190,348	)
		(8,953	)		(28,534	)		(2,132	)		(7,607	)		(5,272	)		(26,238	)
Net increase (decrease) in shares outstanding:
Class A		783,258			1,189,981			(6,678,808	)		8,226,437			36,872			290,148
Class C		(77,488	)		(603,045	)		(2,312,711	)		(6,648,964	)		(56,951	)		(108,135	)
Class I		1,006,144			1,331,630			(9,012,794	)		41,159,522			(573,849	)		(182,222	)
Class I2		—			—			744,578			(1,685,546	)		(2,097,380	)		3,112,988
Class I3		—			—			—			—			98,960			(491,883	)
Class R (A)		309			—			—			—			179,866			61,043
Class R4		—			—			—			—			3,638			12,075
Class R6		9,792			270,578			482,455			17,886,688			856,850			936
		1,722,015			2,189,144			(16,777,280	)		58,938,137			(1,551,994	)		2,694,950

(A)	Class R commenced operations for Transamerica Multi-Managed Balanced on March 1, 2022.
(B)	Rounds to less than 1 or (1).

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

Transamerica Funds Semi-Annual Report 2022

Page    294

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small Cap Value						Transamerica Small/Mid Cap Value						Transamerica Sustainable Bond
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	1,757,761		$	5,715,997		$	1,521,533		$	2,453,737		$	206,349		$	332,223
Net realized gain (loss)		74,248,394			232,095,300			63,480,420			134,616,679			(291,691	)		(420,758	)
Net change in unrealized appreciation (depreciation)		(93,061,324	)		151,218,363			(88,787,335	)		174,508,843			(2,352,344	)		89,232
Net increase (decrease) in net assets resulting from operations		(17,055,169	)		389,029,660			(23,785,382	)		311,579,259			(2,437,686	)		697
Dividends and/or distributions to shareholders:
Class A		(4,183,063	)		—			(38,882,728	)		(1,553,009	)		—			—
Class C		(354,420	)		—			(5,926,977	)		—			—			—
Class I		(8,326,531	)		(25,298	)		(34,916,212	)		(2,062,016	)		(9,092	)		(14,607	)
Class I2		(197,718,969	)		(2,370,495	)		(478,526	)		(184,457	)		(213,670	)		(361,888	)
Class I3		(13,815,188	)		(79,701	)		—			—			—			—
Class R		(3,911,096	)		—			—			—			—			—
Class R4		(80,563	)		(79	)		—			—			—			—
Class R6		(3,294,623	)		(163	)		(9,428,646	)		(524,956	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(231,684,453	)		(2,475,736	)		(89,633,089	)		(4,324,438	)		(222,762	)		(376,495	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,403,870			7,179,845			13,395,837			37,261,575			—			—
Class C		120,769			417,024			5,661,049			8,846,861			—			—
Class I		1,664,914			2,862,325			50,073,044			184,445,528			58,414			26,052
Class I2		59,140			371,624,962			215,937			533,513			—			—
Class I3		944,445			288,687			—			—			—			—
Class R		630,143			3,262,429			—			—			—			—
Class R4		3,169			206,713			—			—			—			—
Class R6		7,488,706			—			12,186,780			34,711,642			—			—
		12,315,156			385,841,985			81,532,647			265,799,119			58,414			26,052
Dividends and/or distributions reinvested:
Class A		4,183,063			—			36,104,722			1,438,667			—			—
Class C		354,420			—			5,709,213			—			—			—
Class I		8,326,531			25,298			31,167,536			1,826,995			9,092			14,607
Class I2		197,718,969			2,370,495			478,526			184,457			213,670			361,888
Class I3		13,815,188			79,701			—			—			—			—
Class R		3,911,096			—			—			—			—			—
Class R4		80,563			79			—			—			—			—
Class R6		3,294,623			163			9,280,663			522,678			—			—
		231,684,453			2,475,736			82,740,660			3,972,797			222,762			376,495
Cost of shares redeemed:
Class A		(1,041,592	)		(5,275,373	)		(35,762,009	)		(78,482,655	)		—			—
Class C		(98,728	)		(45,108	)		(4,646,450	)		(15,759,376	)		—			—
Class I		(1,523,641	)		(3,940,209	)		(75,891,578	)		(168,519,480	)		(76,727	)		—
Class I2		(257,756,062	)		(507,788,033	)		(343,098	)		(19,452,802	)		—			—
Class I3		(3,579,611	)		(12,145,915	)		—			—			—			—
Class R		(2,384,002	)		(2,991,241	)		—			—			—			—
Class R4		(4,023	)		(198,373	)		—			—			—			—
Class R6		(337,793	)		—			(15,250,186	)		(18,833,362	)		—			—
		(266,725,452	)		(532,384,252	)		(131,893,321	)		(301,047,675	)		(76,727	)		—
Automatic conversions:
Class A		80,981			543,469			7,218,490			26,433,575			—			—
Class C		(80,981	)		(543,469	)		(7,218,490	)		(26,433,575	)		—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(22,725,843	)		(144,066,531	)		32,379,986			(31,275,759	)		204,449			402,547
Net increase (decrease) in net assets		(271,465,465	)		242,487,393			(81,038,485	)		275,979,062			(2,455,999	)		26,749
Net assets:
Beginning of period/year		714,834,270			472,346,877			901,057,124			625,078,062			24,647,293			24,620,544
End of period/year	$	443,368,805		$	714,834,270		$	820,018,639		$	901,057,124		$	22,191,294		$	24,647,293

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

Transamerica Funds Semi-Annual Report 2022

Page    295

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Small Cap Value						Transamerica Small/Mid Cap Value						Transamerica Sustainable Bond
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		164,695			593,100			439,824			1,211,449			—			—
Class C		11,684			34,277			224,862			346,777			—			—
Class I		217,390			239,914			1,565,522			5,861,288			6,047			2,688
Class I2		7,067			38,145,542			6,719			17,166			—			—
Class I3		129,318			23,632			—			—			—			—
Class R		84,600			265,683			—			—			—			—
Class R4		389			15,691			—			—			—			—
Class R6		565,161			—			377,274			1,050,054			—			—
		1,180,304			39,317,839			2,614,201			8,486,734			6,047			2,688
Shares reinvested:
Class A		593,342			—			1,225,135			55,143			—			—
Class C		52,274			—			235,237			—			—			—
Class I		1,161,301			2,451			1,013,908			67,442			984			1,499
Class I2		27,575,867			229,699			15,532			6,796			23,148			37,131
Class I3		1,918,776			7,701			—			—			—			—
Class R		542,454			—			—			—			—			—
Class R4		11,174			8			—			—			—			—
Class R6		454,431			16			299,763			19,174			—			—
		32,309,619			239,875			2,789,575			148,555			24,132			38,630
Shares redeemed:
Class A		(123,881	)		(441,476	)		(1,172,700	)		(2,647,704	)		—			—
Class C		(11,025	)		(3,872	)		(183,763	)		(648,120	)		—			—
Class I		(182,777	)		(348,103	)		(2,353,731	)		(5,311,829	)		(8,338	)		—
Class I2		(22,392,779	)		(40,191,054	)		(10,861	)		(668,639	)		—			—
Class I3		(455,163	)		(1,061,172	)		—			—			—			—
Class R		(250,979	)		(243,962	)		—			—			—			—
Class R4		(454	)		(15,854	)		—			—			—			—
Class R6		(45,930	)		—			(476,427	)		(598,590	)		—			—
		(23,462,988	)		(42,305,493	)		(4,197,482	)		(9,874,882	)		(8,338	)		—
Automatic conversions:
Class A		10,795			42,237			232,311			859,753			—			—
Class C		(11,220	)		(43,112	)		(280,576	)		(1,017,590	)		—			—
		(425	)		(875	)		(48,265	)		(157,837	)		—			—
Net increase (decrease) in shares outstanding:
Class A		644,951			193,861			724,570			(521,359	)		—			—
Class C		41,713			(12,707	)		(4,240	)		(1,318,933	)		—			—
Class I		1,195,914			(105,738	)		225,699			616,901			(1,307	)		4,187
Class I2		5,190,155			(1,815,813	)		11,390			(644,677	)		23,148			37,131
Class I3		1,592,931			(1,029,839	)		—			—			—			—
Class R		376,075			21,721			—			—			—			—
Class R4		11,109			(155	)		—			—			—			—
Class R6		973,662			16			200,610			470,638			—			—
		10,026,510			(2,748,654	)		1,158,029			(1,397,430	)		21,841			41,318

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

Transamerica Funds Semi-Annual Report 2022

Page    296

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Sustainable Equity Income						Transamerica Unconstrained Bond						Transamerica US Growth
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	2,819,174		$	7,933,930		$	19,050,552		$	48,923,091		$	(3,719,975	)	$	(5,324,831	)
Net realized gain (loss)		6,126,970			91,847,845			(6,975,248	)		67,929,742			84,165,281			249,958,132
Net change in unrealized appreciation (depreciation)		(41,659,396	)		63,062,447			(61,144,729	)		(4,813,858	)		(528,760,605	)		418,276,235
Net increase (decrease) in net assets resulting from operations		(32,713,252	)		162,844,222			(49,069,425	)		112,038,975			(448,315,299	)		662,909,536
Dividends and/or distributions to shareholders:
Class A		(11,726,323	)		(1,140,086	)		(37,253	)		(6,923	)		(115,463,232	)		(77,846,470	)
Class C		(317,058	)		(17,944	)		—			—			(2,389,444	)		(2,092,150	)
Class I		(655,087	)		(64,020	)		(3,336,578	)		(384,583	)		(44,902,348	)		(31,010,323	)
Class I2		(40,350,681	)		(6,254,499	)		(79,749,987	)		(48,499,099	)		(73,066,925	)		(52,882,056	)
Class R6 (A)		(505,425	)		(67,675	)		—			—			(196,176	)		—
Class T		—			—			—			—			(6,817,211	)		(4,791,143	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(53,554,574	)		(7,544,224	)		(83,123,818	)		(48,890,605	)		(242,835,336	)		(168,622,142	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,658,854			3,067,757			610,175			437,020			14,501,962			25,646,494
Class C		192,825			213,739			—			—			2,890,070			4,245,914
Class I		243,353			1,034,682			33,960,348			50,888,288			28,669,293			28,285,085
Class I2		23,000,002			5,485,206			—			5,788,136			209,671,224			18,043,406
Class R6 (A)		245,096			584,571			—			—			1,756,510			10,000
Class T		—			—			—			—			594,357			483,389
		25,340,130			10,385,955			34,570,523			57,113,444			258,083,416			76,714,288
Dividends and/or distributions reinvested:
Class A		11,724,183			1,139,874			37,238			6,918			113,448,580			76,491,240
Class C		306,572			17,524			—			—			2,385,513			2,090,997
Class I		655,087			63,949			3,336,121			383,807			43,889,117			30,581,733
Class I2		40,350,681			6,254,499			79,749,987			48,392,307			73,066,925			52,882,056
Class R6 (A)		505,425			67,675			—			—			196,176			—
Class T		—			—			—			—			6,669,333			4,692,223
		53,541,948			7,543,521			83,123,346			48,783,032			239,655,644			166,738,249
Cost of shares redeemed:
Class A		(9,158,500	)		(18,471,622	)		(53,239	)		(10,010	)		(53,429,562	)		(105,951,626	)
Class C		(238,934	)		(981,547	)		—			—			(2,882,037	)		(3,893,726	)
Class I		(1,286,012	)		(6,662,365	)		(15,542,061	)		(5,621,904	)		(27,519,289	)		(64,618,068	)
Class I2		(22,013,485	)		(305,454,814	)		—			(509,164,492	)		(97,755,946	)		(100,852,021	)
Class R6 (A)		(346,222	)		(3,150,257	)		—			—			(12,405	)		—
Class T		—			—			—			—			(6,983,535	)		(11,122,181	)
		(33,043,153	)		(334,720,605	)		(15,595,300	)		(514,796,406	)		(188,582,774	)		(286,437,622	)
Automatic conversions:
Class A		137,648			487,813			—			—			2,334,231			5,813,947
Class C		(137,648	)		(487,813	)		—			—			(2,334,231	)		(5,813,947	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		45,838,925			(316,791,129	)		102,098,569			(408,899,930	)		309,156,286			(42,985,085	)
Net increase (decrease) in net assets		(40,428,901	)		(161,491,131	)		(30,094,674	)		(345,751,560	)		(381,994,349	)		451,302,309
Net assets:
Beginning of period/year		344,324,669			505,815,800			1,243,113,892			1,588,865,452			2,217,464,961			1,766,162,652
End of period/year	$	303,895,768		$	344,324,669		$	1,213,019,218		$	1,243,113,892		$	1,835,470,612		$	2,217,464,961

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

Transamerica Funds Semi-Annual Report 2022

Page    297

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Sustainable Equity Income						Transamerica Unconstrained Bond						Transamerica US Growth
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
Capital share transactions - shares:
Shares issued:
Class A		200,331			352,837			63,589			42,347			530,233			877,915
Class C		24,959			25,193			—			—			123,476			158,568
Class I		30,493			117,290			3,526,170			4,926,730			1,026,507			948,568
Class I2		2,525,451			647,653			—			566,908			7,565,509			576,639
Class R6 (A)		29,671			69,109			—			—			51,235			335
Class T		—			—			—			—			6,196			5,090
		2,810,905			1,212,082			3,589,759			5,535,985			9,303,156			2,567,115
Shares reinvested:
Class A		1,469,926			136,773			3,866			670			3,994,668			2,823,597
Class C		38,669			2,172			—			—			95,650			85,767
Class I		82,125			7,640			346,256			37,168			1,486,759			1,093,767
Class I2		5,065,610			756,647			8,303,348			4,702,824			2,470,982			1,890,671
Class R6 (A)		63,453			8,209			—			—			6,637			—
Class T		—			—			—			—			65,041			52,757
		6,719,783			911,441			8,653,470			4,740,662			8,119,737			5,946,559
Shares redeemed:
Class A		(1,110,326	)		(2,160,244	)		(5,579	)		(971	)		(1,937,345	)		(3,639,165	)
Class C		(29,278	)		(116,597	)		—			—			(122,987	)		(150,837	)
Class I		(160,564	)		(858,613	)		(1,619,921	)		(542,930	)		(964,257	)		(2,189,050	)
Class I2		(2,748,845	)		(36,196,985	)		—			(49,413,810	)		(3,467,254	)		(3,203,114	)
Class R6 (A)		(42,350	)		(393,122	)		—			—			(460	)		—
Class T		—			—			—			—			(71,630	)		(115,468	)
		(4,091,363	)		(39,725,561	)		(1,625,500	)		(49,957,711	)		(6,563,933	)		(9,297,634	)
Automatic conversions:
Class A		16,990			57,532			—			—			84,002			204,019
Class C		(17,102	)		(57,855	)		—			—			(95,437	)		(226,937	)
		(112	)		(323	)		—			—			(11,435	)		(22,918	)
Net increase (decrease) in shares outstanding:
Class A		576,921			(1,613,102	)		61,876			42,046			2,671,558			266,366
Class C		17,248			(147,087	)		—			—			702			(133,439	)
Class I		(47,946	)		(733,683	)		2,252,505			4,420,968			1,549,009			(146,715	)
Class I2		4,842,216			(34,792,685	)		8,303,348			(44,144,078	)		6,569,237			(735,804	)
Class R6 (A)		50,774			(315,804	)		—			—			57,412			335
Class T		—			—			—			—			(393	)		(57,621	)
		5,439,213			(37,602,361	)		10,617,729			(39,681,064	)		10,847,525			(806,878	)

(A) Class R6 commenced operations for Transamerica US Growth on May 28, 2021.

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

Transamerica Funds Semi-Annual Report 2022

Page    298

FINANCIAL HIGHLIGHTS

For a share outstanding during the periods and years indicated:	Transamerica Balanced II
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.87		$	11.62		$	10.99		$	10.21		$	10.17		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.13			0.16			0.19			0.18			0.02
Net realized and unrealized gain (loss)		(1.21	)		2.72			0.91			1.08			0.07			0.15
Total investment operations		(1.14	)		2.85			1.07			1.27			0.25			0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.17	)		(0.20	)		(0.17	)		—
Net realized gains		(1.12	)		(0.46	)		(0.27	)		(0.29	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(1.19	)		(0.60	)		(0.44	)		(0.49	)		(0.21	)		—
Net asset value, end of period/year	$	11.54		$	13.87		$	11.62		$	10.99		$	10.21		$	10.17
Total return		(9.01	)%(C)		25.21	%		10.01	%		13.14	%		2.49	%		1.70	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	49,642		$	58,098		$	52,587		$	50,316		$	49,964		$	56,169
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.57	%(D)		0.58	%		0.57	%		0.58	%		0.59	%		0.66	%(D)
Including waiver and/or reimbursement and recapture		0.57	%(D)		0.58	%		0.57	%		0.57	%		0.50	%		0.50	%(D)
Net investment income (loss) to average net assets		1.09	%(D)		1.04	%		1.44	%		1.80	%		1.73	%		1.23	%(D)
Portfolio turnover rate		17	%(C)		37	%		51	%		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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	13.87		$	11.62		$	10.99		$	10.20		$	10.17		$	10.11		$	9.68
Investment operations:
Net investment income (loss) (D)		0.04			0.07			0.11			0.14			0.13			0.14			0.11
Net realized and unrealized gain (loss)		(1.21	)		2.72			0.90			1.09			0.06			0.91			0.63
Total investment operations		(1.17	)		2.79			1.01			1.23			0.19			1.05			0.74
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.08	)		(0.11	)		(0.15	)		(0.12	)		(0.09	)		(0.12	)
Net realized gains		(1.12	)		(0.46	)		(0.27	)		(0.29	)		(0.04	)		(0.90	)		(0.19	)
Total dividends and/or distributions to shareholders		(1.16	)		(0.54	)		(0.38	)		(0.44	)		(0.16	)		(0.99	)		(0.31	)
Net asset value, end of period/year	$	11.54		$	13.87		$	11.62		$	10.99		$	10.20		$	10.17		$	10.11
Total return		(9.24	)%(E)		24.59	%		9.43	%		12.79	%		1.85	%		10.68	%(E)		7.69	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	63,964		$	76,911		$	66,033		$	70,357		$	82,270		$	91,171		$	90,455
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%(F)		1.07	%		1.07	%		1.07	%		1.09	%		1.20	%(F)		1.18	%
Including waiver and/or reimbursement and recapture		1.07	%(F)		1.07	%		1.07	%		1.07	%(G)		1.01	%		1.13	%(F)(H)		1.09	%(H)(I)
Net investment income (loss) to average net assets		0.60	%(F)		0.55	%		0.96	%		1.32	%		1.22	%		0.95	%(F)		1.13	%
Portfolio turnover rate		17	%(E)		37	%		51	%		45	%		60	%		40	%(E)		37	%

(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 2022

Page    299

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Bond
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.53		$	9.57		$	9.43		$	8.95		$	9.34		$	9.31
Investment operations:
Net investment income (loss) (A)		0.10			0.20			0.22			0.29			0.33			0.33
Net realized and unrealized gain (loss)		(0.93	)		0.03			0.15			0.49			(0.39	)		0.05
Total investment operations		(0.83	)		0.23			0.37			0.78			(0.06	)		0.38
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.21	)		(0.23	)		(0.30	)		(0.33	)		(0.35	)
Net realized gains		(0.05	)		(0.06	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.15	)		(0.27	)		(0.23	)		(0.30	)		(0.33	)		(0.35	)
Net asset value, end of period/year	$	8.55		$	9.53		$	9.57		$	9.43		$	8.95		$	9.34
Total return (B)		(8.79	)%(C)		2.34	%		4.03	%		9.00	%		(0.67	)%		4.12	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	124,158		$	142,958		$	149,010		$	132,682		$	87,523		$	83,251
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%(D)		0.88	%		0.93	%		0.94	%		0.99	%		0.97	%
Including waiver and/or reimbursement and recapture		0.89	%(D)		0.88	%		0.93	%		0.94	%(E)		0.97	%		0.97	%
Net investment income (loss) to average net assets		2.21	%(D)		2.07	%		2.36	%		3.20	%		3.58	%		3.59	%
Portfolio turnover rate		20	%(C)		42	%		39	%		50	%		38	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 Bond
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.47		$	9.50		$	9.37		$	8.89		$	9.28		$	9.25
Investment operations:
Net investment income (loss) (A)		0.07			0.14			0.16			0.23			0.27			0.27
Net realized and unrealized gain (loss)		(0.93	)		0.04			0.15			0.49			(0.39	)		0.05
Total investment operations		(0.86	)		0.18			0.31			0.72			(0.12	)		0.32
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.15	)		(0.18	)		(0.24	)		(0.27	)		(0.29	)
Net realized gains		(0.05	)		(0.06	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.12	)		(0.21	)		(0.18	)		(0.24	)		(0.27	)		(0.29	)
Net asset value, end of period/year	$	8.49		$	9.47		$	9.50		$	9.37		$	8.89		$	9.28
Total return (B)		(9.14	)%(C)		1.80	%		3.31	%		8.24	%		(1.33	)%		3.41	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	52,533		$	71,237		$	89,962		$	80,239		$	44,958		$	49,394
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.53	%(D)		1.50	%		1.53	%		1.56	%		1.63	%		1.65	%
Including waiver and/or reimbursement and recapture		1.53	%(D)		1.50	%		1.53	%		1.56	%(E)		1.61	%		1.65	%
Net investment income (loss) to average net assets		1.56	%(D)		1.45	%		1.76	%		2.56	%		2.93	%		2.90	%
Portfolio turnover rate		20	%(C)		42	%		39	%		50	%		38	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(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 2022

Page    300

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Bond
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.55		$	9.59		$	9.45		$	8.96		$	9.36		$	9.32
Investment operations:
Net investment income (loss) (A)		0.12			0.24			0.26			0.33			0.36			0.36
Net realized and unrealized gain (loss)		(0.93	)		0.02			0.15			0.50			(0.40	)		0.06
Total investment operations		(0.81	)		0.26			0.41			0.83			(0.04	)		0.42
Contributions from affiliate		0.00	(B)(C)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.24	)		(0.27	)		(0.34	)		(0.36	)		(0.38	)
Net realized gains		(0.05	)		(0.06	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.17	)		(0.30	)		(0.27	)		(0.34	)		(0.36	)		(0.38	)
Net asset value, end of period/year	$	8.57		$	9.55		$	9.59		$	9.45		$	8.96		$	9.36
Total return		(8.59	)%(B)(D)		2.73	%		4.46	%		9.44	%		(0.39	)%		4.54	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	887,678		$	1,144,560		$	1,286,752		$	1,084,474		$	396,083		$	181,977
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.54	%(E)		0.53	%		0.56	%		0.58	%		0.64	%		0.67	%
Including waiver and/or reimbursement and recapture		0.50	%(E)		0.50	%		0.50	%		0.50	%		0.59	%		0.67	%
Net investment income (loss) to average net assets		2.59	%(E)		2.45	%		2.78	%		3.57	%		3.94	%		3.88	%
Portfolio turnover rate		20	%(D)		42	%		39	%		50	%		38	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.00% lower had the affiliate not made additional contributions.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Bond
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.56		$	9.59		$	9.45		$	8.96		$	9.36		$	9.32
Investment operations:
Net investment income (loss) (A)		0.12			0.24			0.26			0.34			0.37			0.37
Net realized and unrealized gain (loss)		(0.94	)		0.04			0.16			0.49			(0.40	)		0.06
Total investment operations		(0.82	)		0.28			0.42			0.83			(0.03	)		0.43
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.25	)		(0.28	)		(0.34	)		(0.37	)		(0.39	)
Net realized gains		(0.05	)		(0.06	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.17	)		(0.31	)		(0.28	)		(0.34	)		(0.37	)		(0.39	)
Net asset value, end of period/year	$	8.57		$	9.56		$	9.59		$	9.45		$	8.96		$	9.36
Total return		(8.66	)%(B)		2.90	%		4.52	%		9.49	%		(0.32	)%		4.65	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	320,691		$	376,686		$	352,650		$	84,016		$	101,251		$	118,738
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.45	%(C)		0.43	%		0.46	%		0.47	%		0.53	%		0.56	%
Including waiver and/or reimbursement and recapture		0.45	%(C)		0.43	%		0.46	%		0.47	%(D)		0.52	%		0.56	%
Net investment income (loss) to average net assets		2.66	%(C)		2.52	%		2.73	%		3.73	%		4.03	%		3.99	%
Portfolio turnover rate		20	%(B)		42	%		39	%		50	%		38	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2022

Page    301

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica Bond
	Class R
	April 30, 2022 (unaudited) (A)
Net asset value, beginning of period	$	9.14
Investment operations:
Net investment income (loss) (B)		0.03
Net realized and unrealized gain (loss)		(0.59	)
Total investment operations		(0.56	)
Contributions from affiliate		—
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)
Net asset value, end of period	$	8.54
Total return		(6.18	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	9
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.14	%(D)
Including waiver and/or reimbursement and recapture		1.14	%(D)
Net investment income (loss) to average net assets		2.24	%(D)
Portfolio turnover rate		20	%(C)

(A)	Commenced operations on March 1, 2022.
(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 Bond
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.55		$	9.58		$	9.45		$	8.96		$	9.36		$	9.32
Investment operations:
Net investment income (loss) (A)		0.12			0.24			0.27			0.34			0.37			0.37
Net realized and unrealized gain (loss)		(0.94	)		0.04			0.14			0.49			(0.40	)		0.06
Total investment operations		(0.82	)		0.28			0.41			0.83			(0.03	)		0.43
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.25	)		(0.28	)		(0.34	)		(0.37	)		(0.39	)
Net realized gains		(0.05	)		(0.06	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.17	)		(0.31	)		(0.28	)		(0.34	)		(0.37	)		(0.39	)
Net asset value, end of period/year	$	8.56		$	9.55		$	9.58		$	9.45		$	8.96		$	9.36
Total return		(8.67	)%(B)		2.90	%		4.41	%		9.49	%		(0.30	)%		4.65	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	94,820		$	26,448		$	23,672		$	19,805		$	9,181		$	6,283
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.45	%(C)		0.43	%		0.45	%		0.48	%		0.53	%		0.56	%
Including waiver and/or reimbursement and recapture		0.45	%(C)		0.43	%(D)		0.45	%		0.48	%(D)		0.51	%		0.56	%
Net investment income (loss) to average net assets		2.72	%(C)		2.52	%		2.83	%		3.65	%		4.05	%		4.01	%
Portfolio turnover rate		20	%(B)		42	%		39	%		50	%		38	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2022

Page    302

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Capital Growth
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	60.69		$	46.11		$	26.93		$	26.81		$	28.32		$	25.70
Investment operations:
Net investment income (loss) (A)		(0.19	)		(0.53	)		(0.37	)		(0.26	)		(0.21	)		(0.24	)
Net realized and unrealized gain (loss)		(26.98	)		17.94			22.30			1.55			4.14			7.40
Total investment operations		(27.17	)		17.41			21.93			1.29			3.93			7.16
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net realized gains		(8.92	)		(2.83	)		(2.75	)		(1.17	)		(5.44	)		(4.54	)
Net asset value, end of period/year	$	24.60		$	60.69		$	46.11		$	26.93		$	26.81		$	28.32
Total return (B)		(51.32	)%(C)		38.29	%		89.28	%		5.40	%		16.52	%		34.66	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	531,137		$	1,213,394		$	844,139		$	425,595		$	384,193		$	223,299
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%(D)		1.01	%		1.08	%		1.18	%		1.19	%		1.23	%
Including waiver and/or reimbursement and recapture		1.06	%(D)		1.01	%		1.08	%		1.18	%(E)		1.19	%		1.23	%
Net investment income (loss) to average net assets		(0.95	)%(D)		(0.95	)%		(1.04	)%		(0.92	)%		(0.78	)%		(0.95	)%
Portfolio turnover rate		27	%(C)		63	%		52	%		90	%		40	%		66	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 Capital Growth
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	44.66		$	34.77		$	21.08		$	21.41		$	23.83		$	22.50
Investment operations:
Net investment income (loss) (A)		(0.23	)		(0.70	)		(0.48	)		(0.37	)		(0.34	)		(0.35	)
Net realized and unrealized gain (loss)		(18.78	)		13.42			16.92			1.21			3.36			6.22
Total investment operations		(19.01	)		12.72			16.44			0.84			3.02			5.87
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net realized gains		(8.92	)		(2.83	)		(2.75	)		(1.17	)		(5.44	)		(4.54	)
Net asset value, end of period/year	$	16.73		$	44.66		$	34.77		$	21.08		$	21.41		$	23.83
Total return (B)		(51.50	)%(C)		37.23	%		87.95	%		4.57	%		15.65	%		33.68	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	242,986		$	594,592		$	425,798		$	206,156		$	149,727		$	84,852
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.82	%(D)		1.77	%		1.83	%		1.93	%		1.93	%		1.97	%
Including waiver and/or reimbursement and recapture		1.81	%(D)		1.77	%		1.83	%		1.93	%(E)		1.93	%		1.97	%
Net investment income (loss) to average net assets		(1.70	)%(D)		(1.70	)%		(1.79	)%		(1.67	)%		(1.52	)%		(1.69	)%
Portfolio turnover rate		27	%(C)		63	%		52	%		90	%		40	%		66	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(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 2022

Page    303

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Capital Growth
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	64.85		$	49.02		$	28.40		$	28.13		$	29.39		$	26.43
Investment operations:
Net investment income (loss) (A)		(0.15	)		(0.44	)		(0.31	)		(0.20	)		(0.16	)		(0.18	)
Net realized and unrealized gain (loss)		(29.13	)		19.10			23.68			1.64			4.34			7.68
Total investment operations		(29.28	)		18.66			23.37			1.44			4.18			7.50
Contributions from affiliate		0.04	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net realized gains		(8.92	)		(2.83	)		(2.75	)		(1.17	)		(5.44	)		(4.54	)
Net asset value, end of period/year	$	26.69		$	64.85		$	49.02		$	28.40		$	28.13		$	29.39
Total return		(51.20	)%(B)(C)		38.57	%		89.76	%		5.69	%		16.77	%		35.03	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,444,003		$	3,792,557		$	2,393,493		$	1,049,618		$	719,431		$	292,452
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(D)		0.78	%		0.84	%		0.92	%		0.94	%		0.96	%
Including waiver and/or reimbursement and recapture		0.80	%(D)		0.78	%		0.84	%		0.92	%		0.94	%		0.96	%
Net investment income (loss) to average net assets		(0.69	)%(D)		(0.73	)%		(0.81	)%		(0.66	)%		(0.55	)%		(0.69	)%
Portfolio turnover rate		27	%(C)		63	%		52	%		90	%		40	%		66	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.04 to the class. The Total Return would have been 0.08% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Capital Growth
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	25.60		$	20.68		$	13.45		$	13.97		$	17.26		$	17.43
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.15	)		(0.11	)		(0.08	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss)		(9.10	)		7.90			10.09			0.73			2.20			4.45
Total investment operations		(9.15	)		7.75			9.98			0.65			2.15			4.37
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net realized gains		(8.92	)		(2.83	)		(2.75	)		(1.17	)		(5.44	)		(4.54	)
Net asset value, end of period/year	$	7.53		$	25.60		$	20.68		$	13.45		$	13.97		$	17.26
Total return		(51.26	)%(B)		38.69	%		90.02	%		5.82	%		16.90	%		35.14	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	35,694		$	473,580		$	402,583		$	316,761		$	165,523		$	230,981
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%(C)		0.69	%		0.73	%		0.80	%		0.83	%		0.85	%
Including waiver and/or reimbursement and recapture		0.71	%(C)		0.69	%		0.73	%		0.80	%		0.83	%		0.85	%
Net investment income (loss) to average net assets		(0.61	)%(C)		(0.63	)%		(0.69	)%		(0.54	)%		(0.38	)%		(0.56	)%
Portfolio turnover rate		27	%(B)		63	%		52	%		90	%		40	%		66	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    304

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica Capital Growth
	Class R
	April 30, 2022 (unaudited) (A)
Net asset value, beginning of period	$	32.68
Investment operations:
Net investment income (loss) (B)		(0.06	)
Net realized and unrealized gain (loss)		(8.03	)
Total investment operations		(8.09	)
Contributions from affiliate		—
Net asset value, end of period	$	24.59
Total return		(24.76	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	7
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.42	%(D)
Including waiver and/or reimbursement and recapture		1.38	%(D)
Net investment income (loss) to average net assets		(1.33	)%(D)
Portfolio turnover rate		27	%(C)

(A)	Commenced operations on March 1, 2022.
(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 Capital Growth
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	25.60		$	20.68		$	13.45		$	13.37
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.15	)		(0.11	)		(0.00	)(C)
Net realized and unrealized gain (loss)		(9.11	)		7.90			10.09			0.08
Total investment operations		(9.15	)		7.75			9.98			0.08
Contributions from affiliate		—			—			—			—
Dividends and/or distributions to shareholders:
Net realized gains		(8.92	)		(2.83	)		(2.75	)		—
Net asset value, end of period/year	$	7.53		$	25.60		$	20.68		$	13.45
Total return		(51.26	)%(D)		38.69	%		90.02	%		0.60	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	22,632		$	47,106		$	24,890		$	15,184
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%(E)		0.69	%		0.73	%		0.76	%(E)
Including waiver and/or reimbursement and recapture		0.71	%(E)		0.69	%		0.73	%		0.76	%(E)
Net investment income (loss) to average net assets		(0.60	)%(E)		(0.63	)%		(0.70	)%		(0.56	)%(E)
Portfolio turnover rate		27	%(D)		63	%		52	%		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 2022

Page    305

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.57		$	10.33		$	10.49		$	9.85		$	10.92		$	10.50
Investment operations:
Net investment income (loss) (A)		0.24			0.46			0.54			0.57			0.51			0.55
Net realized and unrealized gain (loss)		(1.52	)		0.07			(0.43	)		0.44			(1.23	)		0.38
Total investment operations		(1.28	)		0.53			0.11			1.01			(0.72	)		0.93
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.29	)		(0.22	)		(0.37	)		(0.32	)		(0.51	)
Return of capital		—			—			(0.05	)		—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.22	)		(0.29	)		(0.27	)		(0.37	)		(0.35	)		(0.51	)
Net asset value, end of period/year	$	9.07		$	10.57		$	10.33		$	10.49		$	9.85		$	10.92
Total return (B)		(12.38	)%(C)		5.20	%		1.20	%		10.42	%		(6.65	)%		8.96	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,688		$	11,114		$	8,356		$	9,203		$	15,294		$	21,804
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%(D)		1.21	%		1.23	%		1.18	%		1.12	%		1.12	%
Including waiver and/or reimbursement and recapture		1.25	%(D)		1.21	%		1.23	%		1.18	%		1.12	%		1.12	%
Net investment income (loss) to average net assets		4.96	%(D)		4.26	%		5.33	%		5.52	%		4.81	%		5.20	%
Portfolio turnover rate		71	%(C)		185	%		236	%		255	%		221	%		247	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.51		$	10.22		$	10.41		$	9.76		$	10.85		$	10.43
Investment operations:
Net investment income (loss) (A)		0.21			0.39			0.48			0.50			0.42			0.48
Net realized and unrealized gain (loss)		(1.52	)		0.07			(0.44	)		0.46			(1.22	)		0.36
Total investment operations		(1.31	)		0.46			0.04			0.96			(0.80	)		0.84
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.17	)		(0.19	)		(0.31	)		(0.26	)		(0.42	)
Return of capital		—			—			(0.04	)		—			(0.03	)		—
Total dividends and/or distributions to shareholders		(0.19	)		(0.17	)		(0.23	)		(0.31	)		(0.29	)		(0.42	)
Net asset value, end of period/year	$	9.01		$	10.51		$	10.22		$	10.41		$	9.76		$	10.85
Total return (B)		(12.75	)%(C)		4.55	%		0.51	%		9.70	%		(7.36	)%		8.26	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,055		$	4,203		$	6,014		$	8,765		$	10,089		$	14,023
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.93	%(D)		1.86	%		1.89	%		1.88	%		1.88	%		1.87	%
Including waiver and/or reimbursement and recapture		1.93	%(D)		1.86	%		1.89	%		1.88	%		1.88	%		1.87	%
Net investment income (loss) to average net assets		4.27	%(D)		3.61	%		4.71	%		4.89	%		4.03	%		4.53	%
Portfolio turnover rate		71	%(C)		185	%		236	%		255	%		221	%		247	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    306

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.63		$	10.40		$	10.54		$	9.88		$	10.95		$	10.52
Investment operations:
Net investment income (loss) (A)		0.26			0.51			0.59			0.62			0.54			0.60
Net realized and unrealized gain (loss)		(1.54	)		0.07			(0.44	)		0.46			(1.24	)		0.37
Total investment operations		(1.28	)		0.58			0.15			1.08			(0.70	)		0.97
Contributions from affiliate		0.04	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.35	)		(0.24	)		(0.42	)		(0.33	)		(0.54	)
Return of capital		—			—			(0.05	)		—			(0.04	)		—
Total dividends and/or distributions to shareholders		(0.24	)		(0.35	)		(0.29	)		(0.42	)		(0.37	)		(0.54	)
Net asset value, end of period/year	$	9.15		$	10.63		$	10.40		$	10.54		$	9.88		$	10.95
Total return		(11.92	)%(B)(C)		5.66	%		1.61	%		10.89	%		(6.36	)%		9.33	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	187,325		$	251,616		$	243,965		$	457,449		$	481,999		$	682,535
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%(D)		0.81	%		0.82	%		0.80	%		0.82	%		0.82	%
Including waiver and/or reimbursement and recapture		0.85	%(D)		0.81	%		0.82	%		0.80	%		0.82	%		0.82	%
Net investment income (loss) to average net assets		5.34	%(D)		4.67	%		5.77	%		5.96	%		5.12	%		5.62	%
Portfolio turnover rate		71	%(C)		185	%		236	%		255	%		221	%		247	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.04 to the class. The Total Return would have been 0.39% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.63		$	10.41		$	10.54		$	9.89		$	10.95		$	10.52
Investment operations:
Net investment income (loss) (A)		0.27			0.52			0.59			0.63			0.55			0.62
Net realized and unrealized gain (loss)		(1.54	)		0.07			(0.43	)		0.45			(1.23	)		0.36
Total investment operations		(1.27	)		0.59			0.16			1.08			(0.68	)		0.98
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.37	)		(0.24	)		(0.43	)		(0.34	)		(0.55	)
Return of capital		—			—			(0.05	)		—			(0.04	)		—
Total dividends and/or distributions to shareholders		(0.25	)		(0.37	)		(0.29	)		(0.43	)		(0.38	)		(0.55	)
Net asset value, end of period/year	$	9.11		$	10.63		$	10.41		$	10.54		$	9.89		$	10.95
Total return		(12.26	)%(B)		5.71	%		1.77	%		11.00	%		(6.21	)%		9.44	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	90,219		$	140,018		$	133,270		$	135,377		$	161,794		$	214,450
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(C)		0.71	%		0.72	%		0.70	%		0.73	%		0.72	%
Including waiver and/or reimbursement and recapture		0.76	%(C)		0.71	%		0.72	%		0.70	%		0.73	%		0.72	%
Net investment income (loss) to average net assets		5.44	%(C)		4.76	%		5.78	%		6.08	%		5.21	%		5.83	%
Portfolio turnover rate		71	%(B)		185	%		236	%		255	%		221	%		247	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    307

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Debt
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.63		$	10.40		$	10.53		$	9.88		$	10.94		$	10.52
Investment operations:
Net investment income (loss) (A)		0.27			0.52			0.59			0.63			0.58			0.64
Net realized and unrealized gain (loss)		(1.54	)		0.08			(0.43	)		0.45			(1.26	)		0.33
Total investment operations		(1.27	)		0.60			0.16			1.08			(0.68	)		0.97
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.37	)		(0.24	)		(0.43	)		(0.34	)		(0.55	)
Return of capital		—			—			(0.05	)		—			(0.04	)		—
Total dividends and/or distributions to shareholders		(0.25	)		(0.37	)		(0.29	)		(0.43	)		(0.38	)		(0.55	)
Net asset value, end of period/year	$	9.11		$	10.63		$	10.40		$	10.53		$	9.88		$	10.94
Total return		(12.18	)%(B)		5.71	%		1.76	%		11.01	%		(6.30	)%		9.45	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	24,250		$	12,395		$	9,765		$	5,915		$	5,512		$	6,933
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(C)		0.71	%		0.72	%		0.70	%		0.73	%		0.72	%
Including waiver and/or reimbursement and recapture		0.76	%(C)		0.71	%		0.72	%		0.70	%		0.73	%		0.72	%
Net investment income (loss) to average net assets		5.50	%(C)		4.78	%		5.77	%		6.09	%		5.50	%		5.87	%
Portfolio turnover rate		71	%(B)		185	%		236	%		255	%		221	%		247	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

For a share outstanding during the periods and year indicated:	Transamerica Emerging Markets Opportunities
	Class I
	April 30,2022 (unaudited)			October 31, 2021			October 31, 2020 (A)
Net asset value, beginning of period/year	$	11.81		$	9.90		$	10.00
Investment operations:
Net investment income (loss) (B)		0.12			0.19			0.07
Net realized and unrealized gain (loss)		(2.51	)		1.78			(0.17	)(C)
Total investment operations		(2.39	)		1.97			(0.10	)
Contributions from affiliate		0.01	(D)		—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.06	)		—
Net realized gains		(1.04	)		—			—
Total dividends and/or distributions to shareholders		(1.17	)		(0.06	)		—
Net asset value, end of period/year	$	8.26		$	11.81		$	9.90
Total return		(21.82	)%(D)(E)		19.96	%		(1.00	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,609		$	8,503		$	70
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.95	%(G)		0.97	%		1.21	%(G)
Including waiver and/or reimbursement and recapture		0.95	%(G)		0.97	%(H)		0.98	%(G)
Net investment income (loss) to average net assets		2.53	%(G)		1.57	%		0.92	%(G)
Portfolio turnover rate		38	%(E)		85	%		49	%(E)

(A)	Commenced operations on December 19, 2019.
(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)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.01 to the class. The Total Return would have been 0.09% lower had the affiliate not made additional contributions.
(E)	Not annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.
(G)	Annualized.
(H)	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 2022

Page    308

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica Emerging Markets Opportunities
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020 (A)
Net asset value, beginning of period/year	$	11.82		$	9.90		$	10.00
Investment operations:
Net investment income (loss) (B)		0.13			0.12			0.10
Net realized and unrealized gain (loss)		(2.51	)		1.87			(0.20	)(C)
Total investment operations		(2.38	)		1.99			(0.10	)
Contributions from affiliate		—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.07	)		—
Net realized gains		(1.04	)		—			—
Total dividends and/or distributions to shareholders		(1.18	)		(0.07	)		—
Net asset value, end of period/year	$	8.26		$	11.82		$	9.90
Total return		(21.85	)%(D)		20.11	%		(1.00	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	972,557		$	1,323,558		$	841,388
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.85	%(F)		0.87	%		0.94	%(F)
Including waiver and/or reimbursement and recapture		0.85	%(F)		0.87	%		0.94	%(F)
Net investment income (loss) to average net assets		2.62	%(F)		0.98	%		1.32	%(F)
Portfolio turnover rate		38	%(D)		85	%		49	%(D)

(A)	Commenced operations on December 19, 2019.
(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 indicated:	Transamerica Emerging Markets Opportunities
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021 (A)
Net asset value, beginning of period	$	11.82		$	12.58
Investment operations:
Net investment income (loss) (B)		0.10			0.09
Net realized and unrealized gain (loss)		(2.49	)		(0.85	)(C)
Total investment operations		(2.39	)		(0.76	)
Contributions from affiliate		—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		—
Net realized gains		(1.04	)		—
Total dividends and/or distributions to shareholders		(1.12	)		—
Net asset value, end of period	$	8.31		$	11.82
Total return		(21.88	)%(D)		(5.96	)%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	69,789		$	9
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.85	%(F)		0.87	%(F)
Including waiver and/or reimbursement and recapture		0.85	%(F)		0.87	%(F)
Net investment income (loss) to average net assets		2.27	%(F)		1.73	%(F)
Portfolio turnover rate		38	%(D)		85	%

(A)	Commenced operations on May 28, 2021.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    309

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Energy Infrastructure
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	6.84		$	4.73		$	6.52		$	6.88		$	7.37		$	7.59
Investment operations:
Net investment income (loss) (A)		0.07			0.11			0.12			0.16			0.03			0.15
Net realized and unrealized gain (loss)		0.39			2.27			(1.58	)		(0.17	)		(0.16	)		0.04
Total investment operations		0.46			2.38			(1.46	)		(0.01	)		(0.13	)		0.19
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		—			(0.24	)		(0.07	)		(0.07	)		(0.30	)
Net realized gains		—			—			—			—			—			—
Return of capital		—			(0.27	)		(0.09	)		(0.28	)		(0.29	)		(0.11	)
Total dividends and/or distributions to shareholders		(0.14	)		(0.27	)		(0.33	)		(0.35	)		(0.36	)		(0.41	)
Net asset value, end of period/year	$	7.16		$	6.84		$	4.73		$	6.52		$	6.88		$	7.37
Total return (B)		6.83	%(C)		51.20	%		(22.37	)%		(0.20	)%		(1.85	)%		2.30	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	25,379		$	20,495		$	13,353		$	16,363		$	23,096		$	32,083
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.58	%(D)		1.60	%		1.69	%		1.63	%		1.61	%		1.58	%
Including waiver and/or reimbursement and recapture		1.60	%(D)		1.60	%(E)		1.60	%		1.60	%		1.60	%		1.58	%
Net investment income (loss) to average net assets		2.10	%(D)		1.72	%		2.27	%		2.27	%		0.40	%		1.97	%
Portfolio turnover rate		8	%(C)		18	%		20	%		20	%		33	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 Energy Infrastructure
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	6.83		$	4.71		$	6.50		$	6.85		$	7.34		$	7.55
Investment operations:
Net investment income (loss) (A)		0.05			0.07			0.11			0.10			(0.02	)		0.09
Net realized and unrealized gain (loss)		0.38			2.28			(1.62	)		(0.15	)		(0.17	)		0.05
Total investment operations		0.43			2.35			(1.51	)		(0.05	)		(0.19	)		0.14
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		—			(0.20	)		(0.06	)		(0.06	)		(0.25	)
Return of capital		—			(0.23	)		(0.08	)		(0.24	)		(0.24	)		(0.10	)
Total dividends and/or distributions to shareholders		(0.12	)		(0.23	)		(0.28	)		(0.30	)		(0.30	)		(0.35	)
Net asset value, end of period/year	$	7.14		$	6.83		$	4.71		$	6.50		$	6.85		$	7.34
Total return (B)		6.29	%(C)		50.48	%		(23.15	)%		(0.84	)%		(2.66	)%		1.64	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,622		$	7,313		$	6,225		$	11,796		$	15,955		$	23,673
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.38	%(D)		2.39	%		2.47	%		2.42	%		2.39	%		2.36	%
Including waiver and/or reimbursement and recapture		2.35	%(D)		2.35	%		2.35	%		2.35	%		2.35	%		2.35	%
Net investment income (loss) to average net assets		1.36	%(D)		1.13	%		2.08	%		1.52	%		(0.29	)%		1.10	%
Portfolio turnover rate		8	%(C)		18	%		20	%		20	%		33	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    310

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Energy Infrastructure
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	6.84		$	4.72		$	6.52		$	6.89		$	7.37		$	7.59
Investment operations:
Net investment income (loss) (A)		0.08			0.11			0.11			0.18			0.07			0.16
Net realized and unrealized gain (loss)		0.39			2.30			(1.57	)		(0.18	)		(0.17	)		0.05
Total investment operations		0.47			2.41			(1.46	)		—			(0.10	)		0.21
Contributions from affiliate		0.00	(B)(C)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		—			(0.25	)		(0.07	)		(0.08	)		(0.31	)
Return of capital		—			(0.29	)		(0.09	)		(0.30	)		(0.30	)		(0.12	)
Total dividends and/or distributions to shareholders		(0.15	)		(0.29	)		(0.34	)		(0.37	)		(0.38	)		(0.43	)
Net asset value, end of period/year	$	7.16		$	6.84		$	4.72		$	6.52		$	6.89		$	7.37
Total return		7.03	%(B)(D)		51.99	%		(22.28	)%		(0.03	)%		(1.42	)%		2.61	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	45,141		$	36,098		$	14,247		$	14,258		$	21,257		$	48,023
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.29	%(E)		1.28	%		1.33	%		1.30	%		1.30	%		1.29	%
Including waiver and/or reimbursement and recapture		1.29	%(E)		1.28	%		1.33	%		1.30	%		1.30	%		1.29	%
Net investment income (loss) to average net assets		2.33	%(E)		1.70	%		2.08	%		2.56	%		1.02	%		2.05	%
Portfolio turnover rate		8	%(D)		18	%		20	%		20	%		33	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.00% lower had the affiliate not made additional contributions.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Energy Infrastructure
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	6.84		$	4.72		$	6.52		$	6.89		$	7.38		$	7.60
Investment operations:
Net investment income (loss) (A)		0.10			0.14			0.17			0.18			0.07			0.17
Net realized and unrealized gain (loss)		0.38			2.28			(1.62	)		(0.17	)		(0.17	)		0.05
Total investment operations		0.48			2.42			(1.45	)		0.01			(0.10	)		0.22
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		—			(0.25	)		(0.07	)		(0.08	)		(0.32	)
Return of capital		—			(0.30	)		(0.10	)		(0.31	)		(0.31	)		(0.12	)
Total dividends and/or distributions to shareholders		(0.16	)		(0.30	)		(0.35	)		(0.38	)		(0.39	)		(0.44	)
Net asset value, end of period/year	$	7.16		$	6.84		$	4.72		$	6.52		$	6.89		$	7.38
Total return		7.07	%(B)		52.12	%		(22.19	)%		0.08	%		(1.44	)%		2.70	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	76,668		$	154,852		$	123,151		$	208,684		$	258,764		$	209,277
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%(C)		1.18	%		1.22	%		1.20	%		1.20	%		1.19	%
Including waiver and/or reimbursement and recapture		1.19	%(C)		1.18	%		1.22	%		1.20	%		1.20	%		1.19	%
Net investment income (loss) to average net assets		2.91	%(C)		2.25	%		3.11	%		2.60	%		0.95	%		2.18	%
Portfolio turnover rate		8	%(B)		18	%		20	%		20	%		33	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    311

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Floating Rate
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.50		$	9.27		$	9.61		$	9.87		$	9.97		$	9.95
Investment operations:
Net investment income (loss) (A)		0.13			0.27			0.40			0.48			0.42			0.38
Net realized and unrealized gain (loss)		(0.17	)		0.27			(0.37	)		(0.26	)		(0.10	)		0.03
Total investment operations		(0.04	)		0.54			0.03			0.22			0.32			0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.31	)		(0.37	)		(0.48	)		(0.42	)		(0.39	)
Net asset value, end of period/year	$	9.33		$	9.50		$	9.27		$	9.61		$	9.87		$	9.97
Total return (B)		(0.43	)%(C)		5.85	%		0.47	%		2.44	%		3.32	%		4.14	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	18,144		$	13,805		$	13,779		$	24,106		$	37,011		$	38,312
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.06	%(E)		1.15	%		1.21	%		1.07	%		1.07	%		1.08	%
Including waiver and/or reimbursement and recapture		1.05	%(E)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Net investment income (loss) to average net assets		2.78	%(E)		2.90	%		4.31	%		4.94	%		4.22	%		3.79	%
Portfolio turnover rate		11	%(C)		41	%		37	%		23	%		54	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 Floating Rate
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.51		$	9.28		$	9.62		$	9.87		$	9.97		$	9.95
Investment operations:
Net investment income (loss) (A)		0.09			0.20			0.33			0.41			0.35			0.30
Net realized and unrealized gain (loss)		(0.18	)		0.27			(0.36	)		(0.25	)		(0.10	)		0.04
Total investment operations		(0.09	)		0.47			(0.03	)		0.16			0.25			0.34
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.24	)		(0.31	)		(0.41	)		(0.35	)		(0.32	)
Net asset value, end of period/year	$	9.33		$	9.51		$	9.28		$	9.62		$	9.87		$	9.97
Total return (B)		(0.91	)%(C)		5.06	%		(0.28	)%		1.68	%		2.55	%		3.36	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16,552		$	14,222		$	12,659		$	18,255		$	22,412		$	17,549
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.79	%(E)		1.88	%		1.94	%		1.81	%		1.83	%		1.83	%
Including waiver and/or reimbursement and recapture		1.80	%(E)		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Net investment income (loss) to average net assets		2.02	%(E)		2.15	%		3.58	%		4.22	%		3.50	%		3.05	%
Portfolio turnover rate		11	%(C)		41	%		37	%		23	%		54	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(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 2022

Page    312

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Floating Rate
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.45		$	9.23		$	9.58		$	9.84		$	9.94		$	9.92
Investment operations:
Net investment income (loss) (A)		0.14			0.29			0.42			0.51			0.45			0.40
Net realized and unrealized gain (loss)		(0.17	)		0.26			(0.37	)		(0.26	)		(0.10	)		0.04
Total investment operations		(0.03	)		0.55			0.05			0.25			0.35			0.44
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.33	)		(0.40	)		(0.51	)		(0.45	)		(0.42	)
Net asset value, end of period/year	$	9.28		$	9.45		$	9.23		$	9.58		$	9.84		$	9.94
Total return		(0.32	)%(B)		6.02	%		0.60	%		2.69	%		3.57	%		4.40	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	144,635		$	112,017		$	57,185		$	99,384		$	187,447		$	72,316
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.81	%(D)		0.89	%		0.95	%		0.82	%		0.85	%		0.85	%
Including waiver and/or reimbursement and recapture		0.80	%(D)		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss) to average net assets		3.02	%(D)		3.08	%		4.58	%		5.20	%		4.56	%		4.02	%
Portfolio turnover rate		11	%(B)		41	%		37	%		23	%		54	%		55	%

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

For a share outstanding during the period and years indicated:	Transamerica Floating Rate
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.50		$	9.27		$	9.62		$	9.87		$	9.97		$	9.95
Investment operations:
Net investment income (loss) (A)		0.14			0.28			0.44			0.52			0.45			0.41
Net realized and unrealized gain (loss)		(0.17	)		0.28			(0.40	)		(0.25	)		(0.09	)		0.03
Total investment operations		(0.03	)		0.56			0.04			0.27			0.36			0.44
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.33	)		(0.39	)		(0.52	)		(0.46	)		(0.42	)
Net asset value, end of period/year	$	9.33		$	9.50		$	9.27		$	9.62		$	9.87		$	9.97
Total return		(0.27	)%(B)		6.13	%		0.55	%		2.78	%		3.64	%		4.45	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	330,888		$	146,186		$	10		$	81,278		$	473,047		$	512,061
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.72	%(D)		0.80	%		0.85	%		0.72	%		0.75	%		0.75	%
Including waiver and/or reimbursement and recapture		0.72	%(D)(E)		0.80	%(E)		0.80	%		0.72	%		0.75	%		0.75	%
Net investment income (loss) to average net assets		3.12	%(D)		2.94	%		4.36	%		5.30	%		4.54	%		4.12	%
Portfolio turnover rate		11	%(B)		41	%		37	%		23	%		54	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the underlying investments in which the Fund invests.
(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 2022

Page    313

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00	(A)	$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)		0.00	(C)		0.01			0.02			0.00	(C)		0.00	(C)
Net realized and unrealized gain (loss)		0.00	(C)		0.00	(C)		—			—			—			—
Total investment operations		0.00	(C)		0.00	(C)		0.01			0.02			0.00	(C)		0.00	(C)
Contributions from affiliate		—			0.00	(C)(D)		—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.00	)(C)		(0.01	)(A)		(0.02	)		(0.00	)(C)		(0.00	)(C)
Return of capital		(0.00	)(C)		(0.00	)(C)		—			—			—			—
Total dividends and/or distributions		(0.00	)(C)		(0.00	)(C)		(0.01	)		(0.02	)		(0.00	)(C)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (E)		0.00	%(F)		0.28	%(D)		0.53	%(A)		1.64	%		0.46	%		0.01	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	250,416		$	258,675		$	274,311		$	187,635		$	171,707		$	191,477
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.64	%(G)		0.62	%		0.67	%		0.65	%		0.68	%		0.78	%
Including waiver and/or reimbursement and recapture		0.16	%(G)		0.01	%(H)		0.40	%(H)		0.73	%(I)		1.25	%(I)		0.82	%(I)
Net investment income (loss) to average net assets		0.00	%(G)(J)		0.10	%		0.48	%		1.62	%		0.44	%		0.01	%

(A)	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).
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.18% lower had the affiliate not made additional contributions.
(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)%.

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	1.00		$	1.00		$	1.00	(A)	$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)		0.00	(C)		0.02			0.01			0.00	(C)		0.00	(C)
Net realized and unrealized gain (loss)		0.00	(C)		0.00	(C)		—			—			—			—
Total investment operations		0.00	(C)		0.00	(C)		0.02			0.01			0.00	(C)		0.00	(C)
Contributions from affiliate		—			0.00	(C)(D)		—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.00	)(C)		(0.02	)(A)		(0.01	)		(0.00	)(C)		(0.00	)(C)
Return of capital		(0.00	)(C)		(0.00	)(C)		—			—			—			—
Total dividends and/or distributions		(0.00	)(C)		(0.00	)(C)		(0.02	)		(0.01	)		(0.00	)(C)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (E)		0.00	%(F)		0.16	%(D)		1.73	%(A)		0.57	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,769		$	9,593		$	15,475		$	9,218		$	13,477		$	19,707
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.43	%(G)		1.40	%		1.44	%		1.41	%		1.46	%		1.56	%
Including waiver and/or reimbursement and recapture		0.17	%(G)		0.10	%(H)		0.53	%(H)		1.77	%(I)		1.69	%(I)		0.81	%(I)
Net investment income (loss) to average net assets		0.00	%(G)(J)		0.01	%		1.41	%		0.57	%		0.01	%		0.01	%

(A)	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).
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.14% lower had the affiliate not made additional contributions.
(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. Transamerica Asset Management, Inc. stopped these earlier recaptures as of March 1, 2019, but could recapture available amounts in the future. 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 2022

Page    314

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
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)		0.00	(B)		0.01			0.02			0.01			0.00	(B)
Net realized and unrealized gain (loss)		0.00	(B)		0.00	(B)		—			—			—			—
Total investment operations		0.00	(B)		0.00	(B)		0.01			0.02			0.01			0.00	(B)
Contributions from affiliate		0.00	(B)(C)		0.00	(B)(D)		—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)		(0.00	)(B)		(0.01	)		(0.02	)		(0.01	)		(0.00	)(B)
Return of capital		(0.00	)(B)		(0.00	)(B)		—			—			—			—
Total dividends and/or distributions		(0.00	)(B)		(0.00	)(B)		(0.01	)		(0.02	)		(0.01	)		(0.00	)(B)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.00	%(C)(E)		0.21	%(D)		0.52	%		1.89	%		0.95	%		0.01	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	28,498		$	24,620		$	23,804		$	18,213		$	21,281		$	21,578
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.47	%(F)		0.46	%		0.52	%		0.50	%		0.52	%		0.62	%
Including waiver and/or reimbursement and recapture		0.17	%(F)		0.00	%(G)(H)		0.31	%(H)		0.48	%(I)		0.76	%(I)		0.82	%(I)
Net investment income (loss) to average net assets		0.00	%(F)(G)		0.11	%		0.48	%		1.87	%		0.94	%		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 Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.00% lower had the affiliate not made additional contributions.
(D)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.10% lower had the affiliate not made additional contributions.
(E)	Not annualized.
(F)	Annualized.
(G)	Rounds to less than 0.01% or (0.01)%.
(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.

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
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)		0.00	(B)		0.01			0.01			0.00	(B)		0.00	(B)
Net realized and unrealized gain (loss)		0.00	(B)		0.00	(B)		—			—			—			—
Total investment operations		0.00	(B)		0.00	(B)		0.01			0.01			0.00	(B)		0.00	(B)
Contributions from affiliate		—			0.00	(B)(C)		—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)		(0.00	)(B)		(0.01	)		(0.01	)		(0.00	)(B)		(0.00	)(B)
Return of capital		(0.00	)(B)		(0.00	)(B)		—			—			—			—
Total dividends and/or distributions		(0.00	)(B)		(0.00	)(B)		(0.01	)		(0.01	)		(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		0.01	%(D)		0.30	%(C)		0.65	%		1.42	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,286		$	3,837		$	5,378		$	5,400		$	4,017		$	7,850
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.33	%(E)		0.30	%		0.33	%		0.30	%		0.32	%		0.43	%
Including waiver and/or reimbursement and recapture		0.14	%(E)		0.06	%(F)		0.18	%(F)		0.88	%(G)		1.64	%(G)		0.79	%(G)
Net investment income (loss) to average net assets		0.02	%(E)		0.05	%		0.61	%		1.47	%		0.00	%(H)		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 Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.25% lower had the affiliate not made additional contributions.
(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.
(H)	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 2022

Page    315

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Government Money Market
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			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		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)		0.00	(C)		0.01			0.02			0.01			0.00	(C)
Net realized and unrealized gain (loss)		0.00	(C)		0.00	(C)		—			—			—			—
Total investment operations		0.00	(C)		0.00	(C)		0.01			0.02			0.01			0.00	(C)
Contributions from affiliate		—			0.00	(C)(D)		—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.00	)(C)		(0.01	)		(0.02	)		(0.01	)		(0.00	)(C)
Return of capital		(0.00	)(C)		(0.00	)(C)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.00	)(C)		(0.00	)(C)		(0.01	)		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.01	%(E)		0.30	%(D)		0.65	%		2.07	%		1.41	%		0.34	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	126,998		$	83,914		$	85,900		$	134,883		$	106,431		$	122,549
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.33	%(F)		0.30	%		0.33	%		0.30	%		0.32	%		0.40	%(F)
Including waiver and/or reimbursement and recapture		0.17	%(F)		0.06	%(G)		0.19	%(G)		0.30	%(H)(I)		0.30	%(I)		0.30	%(F)(I)
Net investment income (loss) to average net assets		0.02	%(F)		0.04	%		0.68	%		2.02	%		1.41	%		0.86	%(G)

(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)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.26% lower had the affiliate not made additional contributions.
(E)	Not annualized.
(F)	Annualized.
(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)	Waiver and/or reimbursement rounds to less than 0.01%.
(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.

For a share outstanding during the periods and years indicated:	Transamerica Government Money Market
	Class R2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			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		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		(0.00	)(C)		0.00	(C)		0.00	(C)		0.02			0.01			0.00	(C)
Net realized and unrealized gain (loss)		0.00	(C)		0.00	(C)		0.00	(C)		—			—			—
Total investment operations		0.00	(C)		0.00	(C)		0.00	(C)		0.02			0.01			0.00	(C)
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.00	) (C)		(0.00	) (C)		(0.00	) (C)		(0.02	)		(0.01	)		(0.00	) (C)
Return of capital		(0.00	) (C)		(0.00	) (C)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.00	) (C)		(0.00	) (C)		(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		$	1.00		$	1.00
Total return		0.00	%(D)		0.03	%		0.35	%		1.56	%		0.91	%		0.02	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	128,396		$	124,774		$	1,017,445		$	910,347		$	728,262		$	634,919
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.64	%(E)		0.75	%		0.86	%		0.85	%		0.88	%		0.91	%(E)
Including waiver and/or reimbursement and recapture		0.17	%(E)		0.10	%(F)		0.49	%(F)		0.80	%		0.80	%		0.80	%(E)
Net investment income (loss) to average net assets		(0.00	)%(E)(G)		0.02	%		0.34	%		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.
(G)	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 2022

Page    316

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Government Money Market
	Class R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			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		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)		0.00	(C)		0.01			0.02			0.01			0.00	(C)
Net realized and unrealized gain (loss)		0.00	(C)		0.00	(C)		—			—			—			—
Total investment operations		0.00	(C)		0.00	(C)		0.01			0.02			0.01			0.00	(C)
Contributions from affiliate		—			0.00	(C)(D)		—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.00	)(C)		(0.01	)		(0.02	)		(0.01	)		(0.00	)(C)
Return of capital		(0.00	)(C)		(0.00	)(C)		—			—			—			—
Total dividends and/or distributions		(0.00	)(C)		(0.00	)(C)		(0.01	)		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.02	%(E)		0.34	%(D)		0.60	%		1.86	%		1.21	%		0.03	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	77,372		$	72,583		$	91,021		$	117,731		$	174,150		$	190,300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.58	%(F)		0.55	%		0.58	%		0.55	%		0.57	%		0.65	%(F)
Including waiver and/or reimbursement and recapture		0.14	%(F)		0.01	%(G)		0.24	%(G)		0.50	%		0.50	%		0.50	%(F)
Net investment income (loss) to average net assets		0.03	%(F)		0.10	%		0.59	%		1.85	%		1.19	%		0.61	%(F)

(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)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.24% lower had the affiliate not made additional contributions.
(E)	Not annualized.
(F)	Annualized.
(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.

For a share outstanding during the periods and years indicated:	Transamerica High Quality Bond
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.88		$	9.97		$	10.00		$	9.79		$	9.97		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.16			0.29			0.25			0.21			0.09
Net realized and unrealized gain (loss)		(0.39	)		(0.06	)		(0.01	)		0.27			(0.15	)		(0.04	)
Total investment operations		(0.32	)		0.10			0.28			0.52			0.06			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.19	)		(0.31	)		(0.31	)		(0.24	)		(0.08	)
Net asset value, end of period/year	$	9.47		$	9.88		$	9.97		$	10.00		$	9.79		$	9.97
Total return		(3.23	)%(C)		1.03	%		2.91	%		5.38	%		0.57	%		0.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	114,939		$	119,389		$	124,051		$	185,244		$	231,291		$	242,577
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.48	%(D)		0.46	%		0.46	%		0.45	%		0.44	%		0.48	%(D)
Including waiver and/or reimbursement and recapture		0.48	%(D)		0.46	%		0.46	%		0.45	%(E)		0.40	%		0.40	%(D)
Net investment income (loss) to average net assets		1.51	%(D)		1.65	%		2.95	%		2.55	%		2.16	%		1.63	%(D)
Portfolio turnover rate		40	%(C)		74	%		93	%		69	%		120	%		31	%(C)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2022

Page    317

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica High Quality Bond
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.90		$	9.99		$	10.02		$	9.82		$	9.99		$	10.00
Investment operations:
Net investment income (loss) (B)		0.05			0.12			0.23			0.20			0.16			0.06
Net realized and unrealized gain (loss)		(0.39	)		(0.07	)		(0.00	) (C)		0.26			(0.15	)		(0.03	)
Total investment operations		(0.34	)		0.05			0.23			0.46			0.01			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.26	)		(0.26	)		(0.18	)		(0.04	)
Net asset value, end of period/year	$	9.49		$	9.90		$	9.99		$	10.02		$	9.82		$	9.99
Total return		(3.47	)%(D)		0.51	%		2.41	%		4.85	%		0.14	%		0.32	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11,615		$	12,312		$	13,762		$	12,401		$	13,520		$	19,443
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.98	%(E)		0.95	%		0.95	%		0.94	%		0.93	%		0.97	%(E)
Including waiver and/or reimbursement and recapture		0.97	%(E)		0.95	%		0.95	%		0.94	%(F)		0.90	%		0.97	%(E)
Net investment income (loss) to average net assets		1.01	%(E)		1.16	%		2.36	%		2.00	%		1.60	%		1.03	%(E)
Portfolio turnover rate		40	%(D)		74	%		93	%		69	%		120	%		31	%(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)	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 R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	9.87		$	9.97		$	10.00		$	9.79		$	9.97		$	9.98		$	10.03
Investment operations:
Net investment income (loss) (D)		0.06			0.14			0.27			0.22			0.19			0.11			0.14
Net realized and unrealized gain (loss)		(0.38	)		(0.07	)		(0.01	)		0.28			(0.16	)		0.01	(E)		(0.01	)
Total investment operations		(0.32	)		0.07			0.26			0.50			0.03			0.12			0.13
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.29	)		(0.29	)		(0.21	)		(0.13	)		(0.18	)
Net asset value, end of period/year	$	9.47		$	9.87		$	9.97		$	10.00		$	9.79		$	9.97		$	9.98
Total return		(3.23	)%(F)		0.74	%		2.72	%		5.15	%		0.31	%		1.13	%(F)		1.31	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	35,410		$	37,377		$	32,366		$	41,701		$	37,838		$	40,216		$	56,312
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%(G)		0.71	%		0.71	%		0.70	%		0.69	%		0.75	%(G)		0.78	%
Including waiver and/or reimbursement and recapture		0.65	%(G)		0.65	%		0.65	%		0.65	%		0.65	%		0.66	%(H)(G)		0.64	%(I)
Net investment income (loss) to average net assets		1.33	%(G)		1.44	%		2.69	%		2.24	%		1.89	%		1.33	%(G)		1.34	%
Portfolio turnover rate		40	%(F)		74	%		93	%		69	%		120	%		31	%(F)		92	%

(A)	Transamerica Partners Institutional High Quality Bond reorganized into the Fund on April 21, 2017. Prior to April 21, 2017, information provided reflects Transamerica Partners Institutional High Quality Bond, which was the accounting and performance survivor of the reorganization.
(B)	Effective April 21, 2017, the Fund underwent a 1.01-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on April 21, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Not annualized.
(G)	Annualized.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Semi-Annual Report 2022

Page    318

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.13		$	8.56		$	9.01		$	8.86		$	9.34		$	9.06
Investment operations:
Net investment income (loss) (A)		0.19			0.37			0.40			0.48			0.50			0.48
Net realized and unrealized gain (loss)		(0.83	)		0.58			(0.42	)		0.16			(0.49	)		0.30
Total investment operations		(0.64	)		0.95			(0.02	)		0.64			0.01			0.78
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.38	)		(0.43	)		(0.49	)		(0.49	)		(0.50	)
Net asset value, end of period/year	$	8.30		$	9.13		$	8.56		$	9.01		$	8.86		$	9.34
Total return (B)		(6.97	)%(C)		11.38	%		(0.10	)%		7.79	%		(0.20	)%		8.63	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	70,551		$	85,643		$	78,109		$	94,450		$	87,028		$	104,904
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%(D)		0.98	%		1.03	%		1.09	%		1.08	%		1.04	%
Including waiver and/or reimbursement and recapture		0.99	%(D)		1.00	%		1.03	%		1.05	%		1.00	%		1.04	%
Net investment income (loss) to average net assets		4.27	%(D)		4.09	%		4.68	%		5.36	%		5.45	%		5.24	%
Portfolio turnover rate		16	%(C)		37	%		37	%		38	%		35	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.10		$	8.52		$	8.97		$	8.81		$	9.30		$	9.02
Investment operations:
Net investment income (loss) (A)		0.16			0.30			0.34			0.42			0.43			0.42
Net realized and unrealized gain (loss)		(0.83	)		0.59			(0.42	)		0.16			(0.50	)		0.29
Total investment operations		(0.67	)		0.89			(0.08	)		0.58			(0.07	)		0.71
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.31	)		(0.37	)		(0.42	)		(0.42	)		(0.43	)
Net asset value, end of period/year	$	8.27		$	9.10		$	8.52		$	8.97		$	8.81		$	9.30
Total return (B)		(7.45	)%(C)		10.58	%		(0.82	)%		6.88	%		(0.88	)%		7.91	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11,542		$	14,407		$	19,387		$	26,922		$	31,361		$	46,129
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.72	%(D)		1.71	%		1.73	%		1.76	%		1.75	%		1.73	%
Including waiver and/or reimbursement and recapture		1.72	%(D)		1.71	%		1.74	%		1.75	%		1.72	%		1.73	%
Net investment income (loss) to average net assets		3.56	%(D)		3.37	%		4.00	%		4.68	%		4.74	%		4.56	%
Portfolio turnover rate		16	%(C)		37	%		37	%		38	%		35	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    319

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.21		$	8.63		$	9.06		$	8.91		$	9.40		$	9.13
Investment operations:
Net investment income (loss) (A)		0.21			0.41			0.43			0.51			0.52			0.52
Net realized and unrealized gain (loss)		(0.83	)		0.59			(0.39	)		0.16			(0.49	)		0.28
Total investment operations		(0.62	)		1.00			0.04			0.67			0.03			0.80
Contributions from affiliate		0.00	(B)(C)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.42	)		(0.47	)		(0.52	)		(0.52	)		(0.53	)
Net asset value, end of period/year	$	8.38		$	9.21		$	8.63		$	9.06		$	8.91		$	9.40
Total return		(6.82	)%(B)(D)		11.74	%		0.57	%		7.93	%		0.17	%		8.83	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	720,321		$	841,173		$	520,044		$	67,078		$	80,141		$	164,626
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%(E)		0.68	%		0.70	%		0.74	%		0.74	%		0.73	%
Including waiver and/or reimbursement and recapture		0.61	%(E)(F)(G)		0.60	%(G)		0.62	%(G)		0.74	%(H)		0.71	%		0.73	%
Net investment income (loss) to average net assets		4.67	%(E)		4.44	%		4.96	%		5.66	%		5.67	%		5.54	%
Portfolio turnover rate		16	%(D)		37	%		37	%		38	%		35	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.00% lower had the affiliate not made additional contributions.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has contractually agreed to reimburse 0.085% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.
(G)	TAM has contractually agreed to reimburse 0.08% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.
(H)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.23		$	8.64		$	9.10		$	8.94		$	9.43		$	9.15
Investment operations:
Net investment income (loss) (A)		0.21			0.41			0.44			0.52			0.54			0.53
Net realized and unrealized gain (loss)		(0.84	)		0.60			(0.43	)		0.17			(0.50	)		0.29
Total investment operations		(0.63	)		1.01			0.01			0.69			0.04			0.82
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.42	)		(0.47	)		(0.53	)		(0.53	)		(0.54	)
Net asset value, end of period/year	$	8.39		$	9.23		$	8.64		$	9.10		$	8.94		$	9.43
Total return		(6.91	)%(B)		11.87	%		0.28	%		8.17	%		0.30	%		9.05	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	760,248		$	931,699		$	1,054,363		$	477,381		$	472,589		$	858,441
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.60	%(C)		0.58	%		0.60	%		0.63	%		0.63	%		0.63	%
Including waiver and/or reimbursement and recapture		0.60	%(C)		0.58	%		0.60	%		0.63	%(D)		0.61	%		0.63	%
Net investment income (loss) to average net assets		4.69	%(C)		4.49	%		5.14	%		5.80	%		5.83	%		5.65	%
Portfolio turnover rate		16	%(B)		37	%		37	%		38	%		35	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2022

Page    320

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica High Yield Bond
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.23		$	8.64		$	9.10		$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.21			0.41			0.44			0.52			0.54			0.32
Net realized and unrealized gain (loss)		(0.84	)		0.60			(0.43	)		0.18			(0.50	)		0.18
Total investment operations		(0.63	)		1.01			0.01			0.70			0.04			0.50
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.42	)		(0.47	)		(0.53	)		(0.54	)		(0.32	)
Net asset value, end of period/year	$	8.39		$	9.23		$	8.64		$	9.10		$	8.93		$	9.43
Total return		(6.91	)%(C)		11.87	%		0.28	%		8.02	%		0.33	%		5.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	181,012		$	222,760		$	218,199		$	279,020		$	298,604		$	380,900
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.60	%(D)		0.58	%		0.60	%		0.63	%		0.63	%		0.63	%(D)
Including waiver and/or reimbursement and recapture		0.60	%(D)		0.60	%		0.60	%		0.63	%(E)		0.60	%		0.60	%(D)
Net investment income (loss) to average net assets		4.68	%(D)		4.48	%		5.11	%		5.79	%		5.85	%		5.69	%(D)
Portfolio turnover rate		16	%(C)		37	%		37	%		38	%		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the periods and years indicated:	Transamerica High Yield Bond
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.23		$	8.64		$	9.10		$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.19			0.37			0.40			0.48			0.49			0.29
Net realized and unrealized gain (loss)		(0.84	)		0.60			(0.43	)		0.17			(0.50	)		0.19
Total investment operations		(0.65	)		0.97			(0.03	)		0.65			(0.01	)		0.48
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.38	)		(0.43	)		(0.48	)		(0.49	)		(0.30	)
Net asset value, end of period/year	$	8.39		$	9.23		$	8.64		$	9.10		$	8.93		$	9.43
Total return		(7.14	)%(C)		11.29	%		(0.23	)%		7.51	%		(0.17	)%		5.19	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	19,470		$	24,423		$	32,169		$	35,439		$	42,802		$	55,724
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%(D)		1.12	%		1.25	%		1.26	%		1.23	%		1.14	%(D)
Including waiver and/or reimbursement and recapture		1.10	%(D)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%(D)
Net investment income (loss) to average net assets		4.18	%(D)		3.98	%		4.63	%		5.33	%		5.35	%		5.12	%(D)
Portfolio turnover rate		16	%(C)		37	%		37	%		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 2022

Page    321

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica High Yield Bond
	Class R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.22		$	8.64		$	9.10		$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.20			0.38			0.42			0.50			0.52			0.31
Net realized and unrealized gain (loss)		(0.84	)		0.59			(0.43	)		0.18			(0.51	)		0.18
Total investment operations		(0.64	)		0.97			(0.01	)		0.68			0.01			0.49
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.39	)		(0.45	)		(0.51	)		(0.51	)		(0.31	)
Net asset value, end of period/year	$	8.39		$	9.22		$	8.64		$	9.10		$	8.93		$	9.43
Total return		(6.95	)%(C)		11.35	%		0.03	%		7.78	%		0.08	%		5.35	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	52,834		$	66,337		$	621,798		$	396,605		$	361,072		$	369,181
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%(D)		0.83	%		0.85	%		0.88	%		0.88	%		0.88	%(D)
Including waiver and/or reimbursement and recapture		0.85	%(D)(E)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%(D)
Net investment income (loss) to average net assets		4.43	%(D)		4.20	%		4.86	%		5.56	%		5.61	%		5.43	%(D)
Portfolio turnover rate		16	%(C)		37	%		37	%		38	%		35	%		39	%

(A)	Commenced operations on March 24, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.23		$	8.64		$	9.10		$	8.94		$	9.43		$	9.15
Investment operations:
Net investment income (loss) (A)		0.21			0.41			0.44			0.52			0.54			0.54
Net realized and unrealized gain (loss)		(0.84	)		0.60			(0.43	)		0.17			(0.50	)		0.28
Total investment operations		(0.63	)		1.01			0.01			0.69			0.04			0.82
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.42	)		(0.47	)		(0.53	)		(0.53	)		(0.54	)
Net asset value, end of period/year	$	8.39		$	9.23		$	8.64		$	9.10		$	8.94		$	9.43
Total return		(6.91	)%(B)		11.87	%		0.28	%		8.05	%		0.29	%		9.06	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	66,949		$	61,417		$	44,075		$	44,675		$	29,499		$	34,335
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.60	%(C)		0.58	%		0.60	%		0.63	%		0.63	%		0.63	%
Including waiver and/or reimbursement and recapture		0.60	%(C)		0.58	%		0.60	%		0.63	%(D)		0.61	%		0.63	%
Net investment income (loss) to average net assets		4.69	%(C)		4.48	%		5.14	%		5.77	%		5.85	%		5.73	%
Portfolio turnover rate		16	%(B)		37	%		37	%		38	%		35	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2022

Page    322

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica High Yield ESG
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020 (A)
Net asset value, beginning of period/year	$	10.09		$	9.90		$	10.00
Investment operations:
Net investment income (loss) (B)		0.18			0.33			0.08
Net realized and unrealized gain (loss)		(0.93	)		0.24			(0.09	)
Total investment operations		(0.75	)		0.57			(0.01	)
Contributions from affiliate		0.00	(C)(D)		—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.38	)		(0.09	)
Net realized gains		(0.02	)		—			—
Total dividends and/or distributions to shareholders		(0.21	)		(0.38	)		(0.09	)
Net asset value, end of period/year	$	9.13		$	10.09		$	9.90
Total return		(7.55	)%(C)(E)		5.76	%		(0.08	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,048		$	1,130		$	999
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.21	%(F)		1.50	%		2.02	%(F)
Including waiver and/or reimbursement and recapture		0.77	%(F)(G)(H)		0.77	%(H)		0.77	%(F)(H)
Net investment income (loss) to average net assets		3.77	%(F)		3.29	%		3.09	%(F)
Portfolio turnover rate		13	%(E)		37	%		3	%(E)

(A)	Commenced operations on July 31, 2020.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.00% lower had the affiliate not made additional contributions.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Not annualized.
(F)	Annualized.
(G)	TAM has contractually agreed to reimburse 0.085% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.
(H)	TAM has contractually agreed to reimburse 0.08% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.

For a share outstanding during the periods and year indicated:	Transamerica High Yield ESG
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020 (A)
Net asset value, beginning of period/year	$	10.09		$	9.90		$	10.00
Investment operations:
Net investment income (loss) (B)		0.18			0.34			0.08
Net realized and unrealized gain (loss)		(0.93	)		0.23			(0.09	)
Total investment operations		(0.75	)		0.57			(0.01	)
Contributions from affiliate		—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.38	)		(0.09	)
Net realized gains		(0.02	)		—			—
Total dividends and/or distributions to shareholders		(0.21	)		(0.38	)		(0.09	)
Net asset value, end of period/year	$	9.13		$	10.09		$	9.90
Total return		(7.55	)%(C)		5.78	%		(0.08	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	18,558		$	20,088		$	18,990
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%(D)		1.40	%		1.92	%(D)
Including waiver and/or reimbursement and recapture		0.75	%(D)		0.75	%		0.75	%(D)
Net investment income (loss) to average net assets		3.79	%(D)		3.31	%		3.11	%(D)
Portfolio turnover rate		13	%(C)		37	%		3	%(C)

(A)	Commenced operations on July 31, 2020.
(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 2022

Page    323

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.36		$	11.59		$	11.98		$	11.34		$	11.60		$	11.88
Investment operations:
Net investment income (loss) (A)		0.15			0.35			0.38			0.42			0.40			0.34
Net realized and unrealized gain (loss)		(1.51	)		0.78			(0.32	)		0.64			(0.26	)		(0.11	)
Total investment operations		(1.36	)		1.13			0.06			1.06			0.14			0.23
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.36	)		(0.41	)		(0.42	)		(0.40	)		(0.35	)
Net realized gains		(0.03	)		—			—			—			—			(0.16	)
Return of capital		—			—			(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.18	)		(0.36	)		(0.45	)		(0.42	)		(0.40	)		(0.51	)
Net asset value, end of period/year	$	10.82		$	12.36		$	11.59		$	11.98		$	11.34		$	11.60
Total return (B)		(11.21	)%(C)		9.81	%		0.60	%		9.54	%		1.19	%		2.26	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	22,490		$	29,316		$	18,111		$	22,116		$	30,521		$	34,191
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.98	%(E)		0.98	%		1.07	%		1.04	%		1.00	%		1.04	%
Including waiver and/or reimbursement and recapture		0.91	%(E)		0.91	%		0.91	%		0.91	%		0.91	%		0.91	%
Net investment income (loss) to average net assets		2.57	%(E)		2.86	%		3.22	%		3.63	%		3.45	%		3.02	%
Portfolio turnover rate		20	%(C)		96	%		37	%		54	%		119	%		115	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 High Yield Muni
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.38		$	11.60		$	11.99		$	11.35		$	11.61		$	11.88
Investment operations:
Net investment income (loss) (A)		0.12			0.28			0.31			0.36			0.33			0.28
Net realized and unrealized gain (loss)		(1.52	)		0.79			(0.32	)		0.64			(0.26	)		(0.11	)
Total investment operations		(1.40	)		1.07			(0.01	)		1.00			0.07			0.17
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.29	)		(0.35	)		(0.36	)		(0.33	)		(0.28	)
Net realized gains		(0.03	)		—			—			—			—			(0.16	)
Return of capital		—			—			(0.03	)		—			—			—
Total dividends and/or distributions to shareholders		(0.15	)		(0.29	)		(0.38	)		(0.36	)		(0.33	)		(0.44	)
Net asset value, end of period/year	$	10.83		$	12.38		$	11.60		$	11.99		$	11.35		$	11.61
Total return (B)		(11.46	)%(C)		9.24	%		—	%		8.89	%		0.59	%		1.64	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11,310		$	13,390		$	11,731		$	11,561		$	11,389		$	12,109
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.71	%(E)		1.73	%		1.82	%		1.81	%		1.76	%		1.80	%
Including waiver and/or reimbursement and recapture		1.51	%(E)		1.51	%		1.51	%		1.51	%		1.51	%		1.51	%
Net investment income (loss) to average net assets		1.97	%(E)		2.28	%		2.63	%		3.05	%		2.84	%		2.42	%
Portfolio turnover rate		20	%(C)		96	%		37	%		54	%		119	%		115	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(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 2022

Page    324

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.36		$	11.59		$	12.00		$	11.36		$	11.62		$	11.89
Investment operations:
Net investment income (loss) (A)		0.16			0.37			0.39			0.44			0.42			0.36
Net realized and unrealized gain (loss)		(1.51	)		0.78			(0.33	)		0.64			(0.26	)		(0.10	)
Total investment operations		(1.35	)		1.15			0.06			1.08			0.16			0.26
Contributions from affiliate		0.00	(B)(C)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.38	)		(0.43	)		(0.44	)		(0.42	)		(0.37	)
Net realized gains		(0.03	)		—			—			—			—			(0.16	)
Return of capital		—			—			(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.19	)		(0.38	)		(0.47	)		(0.44	)		(0.42	)		(0.53	)
Net asset value, end of period/year	$	10.82		$	12.36		$	11.59		$	12.00		$	11.36		$	11.62
Total return		(11.15	)%(C)(D)		9.98	%		0.58	%		9.70	%		1.35	%		2.41	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	128,346		$	129,929		$	62,566		$	75,539		$	61,523		$	57,151
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.75	%(F)		0.77	%		0.86	%		0.84	%		0.79	%		0.83	%
Including waiver and/or reimbursement and recapture		0.76	%(F)		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%
Net investment income (loss) to average net assets		2.72	%(F)		3.00	%		3.37	%		3.79	%		3.59	%		3.17	%
Portfolio turnover rate		20	%(D)		96	%		37	%		54	%		119	%		115	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.00% lower had the affiliate not made additional contributions.
(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 I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.38		$	11.60		$	12.00		$	11.36		$	11.62		$	11.89
Investment operations:
Net investment income (loss) (A)		0.17			0.38			0.39			0.45			0.42			0.37
Net realized and unrealized gain (loss)		(1.53	)		0.79			(0.31	)		0.64			(0.26	)		(0.11	)
Total investment operations		(1.36	)		1.17			0.08			1.09			0.16			0.26
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.39	)		(0.44	)		(0.45	)		(0.42	)		(0.37	)
Net realized gains		(0.03	)		—			—			—			—			(0.16	)
Return of capital		—			—			(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.20	)		(0.39	)		(0.48	)		(0.45	)		(0.42	)		(0.53	)
Net asset value, end of period/year	$	10.82		$	12.38		$	11.60		$	12.00		$	11.36		$	11.62
Total return		(11.15	)%(B)		10.17	%		0.77	%		9.73	%		1.42	%		2.44	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	12		$	11		$	11		$	10		$	10
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.66	%(D)		0.68	%		0.75	%		0.73	%		0.68	%		0.72	%
Including waiver and/or reimbursement and recapture		0.66	%(D)		0.68	%		0.75	%		0.73	%		0.68	%		0.72	%
Net investment income (loss) to average net assets		2.85	%(D)		3.11	%		3.39	%		3.83	%		3.67	%		3.21	%
Portfolio turnover rate		20	%(B)		96	%		37	%		54	%		119	%		115	%

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

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

Transamerica Funds Semi-Annual Report 2022

Page    325

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.09		$	10.78		$	10.26		$	9.58		$	9.97		$	9.99
Investment operations:
Net investment income (loss) (A)		0.21			0.32			0.10			0.16			0.20			0.14
Net realized and unrealized gain (loss)		(0.69	)		0.29			0.51			0.67			(0.38	)		(0.03	)
Total investment operations		(0.48	)		0.61			0.61			0.83			(0.18	)		0.11
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.30	)		(0.09	)		(0.15	)		(0.21	)		(0.13	)
Net realized gains		(0.04	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.23	)		(0.30	)		(0.09	)		(0.15	)		(0.21	)		(0.13	)
Net asset value, end of period/year	$	10.38		$	11.09		$	10.78		$	10.26		$	9.58		$	9.97
Total return (B)		(4.44	)%(C)		5.73	%		5.99	%		8.73	%		(1.81	)%		1.11	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,376		$	1,430		$	866		$	778		$	719		$	634
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%(D)(E)		1.02	%(E)		1.10	%(E)		1.07	%(E)		0.95	%(E)		1.55	%
Including waiver and/or reimbursement and recapture		1.00	%(D)(E)(F)		1.00	%(E)		1.00	%(E)		1.00	%(E)		1.00	%(E)		1.00	%
Net investment income (loss) to average net assets		3.97	%(D)		2.90	%		0.97	%		1.59	%		2.02	%		1.39	%
Portfolio turnover rate		38	%(C)		48	%		28	%		23	%		36	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 period and years indicated:	Transamerica Inflation Opportunities
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.79		$	10.52		$	10.04		$	9.41		$	9.81		$	9.84
Investment operations:
Net investment income (loss) (A)		0.17			0.25			0.05			0.08			0.13			0.07
Net realized and unrealized gain (loss)		(0.68	)		0.26			0.47			0.66			(0.38	)		(0.03	)
Total investment operations		(0.51	)		0.51			0.52			0.74			(0.25	)		0.04
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.24	)		(0.04	)		(0.11	)		(0.15	)		(0.07	)
Net realized gains		(0.04	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.19	)		(0.24	)		(0.04	)		(0.11	)		(0.15	)		(0.07	)
Net asset value, end of period/year	$	10.09		$	10.79		$	10.52		$	10.04		$	9.41		$	9.81
Total return (B)		(4.72	)%(C)		4.89	%		5.23	%		7.90	%		(2.59	)%		0.46	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,280		$	934		$	562		$	529		$	456		$	709
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.72	%(D)(E)		1.70	%(E)		1.80	%(E)		1.80	%(E)		1.81	%(E)		1.80	%
Including waiver and/or reimbursement and recapture		1.71	%(D)(E)		1.72	%(E)		1.75	%(E)		1.75	%(E)		1.75	%(E)		1.75	%
Net investment income (loss) to average net assets		3.24	%(D)		2.37	%		0.44	%		0.80	%		1.35	%		0.70	%
Portfolio turnover rate		38	%(C)		48	%		28	%		23	%		36	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(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 2022

Page    326

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.18		$	10.86		$	10.32		$	9.63		$	10.03		$	10.03
Investment operations:
Net investment income (loss) (A)		0.22			0.37			0.16			0.18			0.18			0.17
Net realized and unrealized gain (loss)		(0.69	)		0.29			0.49			0.68			(0.34	)		(0.03	)
Total investment operations		(0.47	)		0.66			0.65			0.86			(0.16	)		0.14
Contributions from affiliate		0.00	(B)(C)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.34	)		(0.11	)		(0.17	)		(0.24	)		(0.14	)
Net realized gains		(0.04	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.25	)		(0.34	)		(0.11	)		(0.17	)		(0.24	)		(0.14	)
Net asset value, end of period/year	$	10.46		$	11.18		$	10.86		$	10.32		$	9.63		$	10.03
Total return		(4.25	)%(C)(D)		6.08	%		6.33	%		8.97	%		(1.67	)%		1.47	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	14,572		$	14,310		$	5,897		$	4,658		$	2,156		$	270
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%(E)(F)		0.72	%(F)		0.82	%(F)		0.82	%(F)		0.82	%(F)		0.81	%
Including waiver and/or reimbursement and recapture		0.65	%(E)(F)		0.65	%(F)		0.73	%(F)		0.75	%(F)		0.75	%(F)		0.75	%
Net investment income (loss) to average net assets		4.17	%(E)		3.31	%		1.48	%		1.80	%		1.81	%		1.76	%
Portfolio turnover rate		38	%(D)		48	%		28	%		23	%		36	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.00% lower had the affiliate not made additional contributions.
(D)	Not annualized.
(E)	Annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.21		$	10.88		$	10.35		$	9.65		$	10.05		$	10.05
Investment operations:
Net investment income (loss) (A)		0.22			0.35			0.15			0.19			0.24			0.17
Net realized and unrealized gain (loss)		(0.69	)		0.32			0.49			0.68			(0.40	)		(0.02	)
Total investment operations		(0.47	)		0.67			0.64			0.87			(0.16	)		0.15
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.34	)		(0.11	)		(0.17	)		(0.24	)		(0.15	)
Net realized gains		(0.04	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.25	)		(0.34	)		(0.11	)		(0.17	)		(0.24	)		(0.15	)
Net asset value, end of period/year	$	10.49		$	11.21		$	10.88		$	10.35		$	9.65		$	10.05
Total return		(4.31	)%(B)		6.16	%		6.23	%		9.09	%		(1.63	)%		1.53	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	115,299		$	118,370		$	86,849		$	121,491		$	148,450		$	171,965
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.64	%(C)(D)		0.63	%(D)		0.72	%(D)		0.71	%(D)		0.70	%(D)		0.70	%
Including waiver and/or reimbursement and recapture		0.64	%(C)(D)		0.63	%(D)(E)		0.72	%(D)		0.71	%(D)		0.70	%(D)		0.70	%
Net investment income (loss) to average net assets		4.13	%(C)		3.15	%		1.46	%		1.86	%		2.38	%		1.67	%
Portfolio turnover rate		38	%(B)		48	%		28	%		23	%		36	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(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 2022

Page    327

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.21		$	10.89		$	10.35		$	9.66		$	10.05		$	10.05
Investment operations:
Net investment income (loss) (A)		0.24			0.35			0.16			0.19			0.24			0.17
Net realized and unrealized gain (loss)		(0.71	)		0.31			0.49			0.67			(0.39	)		(0.02	)
Total investment operations		(0.47	)		0.66			0.65			0.86			(0.15	)		0.15
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.34	)		(0.11	)		(0.17	)		(0.24	)		(0.15	)
Net realized gains		(0.04	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(0.25	)		(0.34	)		(0.11	)		(0.17	)		(0.24	)		(0.15	)
Net asset value, end of period/year	$	10.49		$	11.21		$	10.89		$	10.35		$	9.66		$	10.05
Total return		(4.22	)%(B)		6.07	%		6.33	%		8.97	%		(1.53	)%		1.53	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	150		$	72		$	59		$	55		$	51		$	51
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.64	%(C)(D)		0.63	%(D)		0.72	%(D)		0.71	%(D)		0.70	%(D)		0.70	%
Including waiver and/or reimbursement and recapture		0.64	%(C)(D)(E)		0.63	%(D)(E)		0.72	%(D)		0.71	%(D)		0.70	%(D)		0.70	%
Net investment income (loss) to average net assets		4.57	%(C)		3.14	%		1.47	%		1.87	%		2.37	%		1.69	%
Portfolio turnover rate		38	%(B)		48	%		28	%		23	%		36	%		41	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the periods and years indicated:	Transamerica Inflation-Protected Securities
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.13		$	10.84		$	10.21		$	9.63		$	9.97		$	10.00
Investment operations:
Net investment income (loss) (B)		0.29			0.41			0.12			0.17			0.26			0.08
Net realized and unrealized gain (loss)		(0.71	)		0.25			0.65			0.65			(0.34	)		(0.06	)
Total investment operations		(0.42	)		0.66			0.77			0.82			(0.08	)		0.02
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.37	)		(0.14	)		(0.24	)		(0.26	)		(0.05	)
Net asset value, end of period/year	$	10.37		$	11.13		$	10.84		$	10.21		$	9.63		$	9.97
Total return		(4.00	)%(C)		6.16	%		7.59	%		8.58	%		(0.88	)%		0.16	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	90,742		$	98,870		$	99,722		$	104,687		$	111,874		$	144,334
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.52	%(E)		0.49	%		0.51	%		0.49	%		0.56	%		0.52	%(E)
Including waiver and/or reimbursement and recapture		0.51	%(E)		0.49	%(F)		0.52	%		0.47	%		0.40	%		0.40	%(E)
Net investment income (loss) to average net assets		5.42	%(E)		3.75	%		1.14	%		1.73	%		2.59	%		1.45	%(E)
Portfolio turnover rate		19	%(C)		21	%		16	%		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.
(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 2022

Page    328

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Inflation-Protected Securities
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.13		$	10.85		$	10.23		$	9.65		$	9.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.27			0.35			0.07			0.11			0.21			0.05
Net realized and unrealized gain (loss)		(0.71	)		0.24			0.65			0.67			(0.34	)		(0.07	)
Total investment operations		(0.44	)		0.59			0.72			0.78			(0.13	)		(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.31	)		(0.10	)		(0.20	)		(0.20	)		(0.00	)(C)
Net asset value, end of period/year	$	10.38		$	11.13		$	10.85		$	10.23		$	9.65		$	9.98
Total return		(4.17	)%(D)		5.53	%		7.08	%		8.24	%		(1.29	)%		(0.20	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,097		$	9,787		$	10,488		$	9,125		$	10,508		$	12,683
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.01	%(F)		0.98	%		1.00	%		0.98	%		1.05	%		1.01	%(F)
Including waiver and/or reimbursement and recapture		0.99	%(F)		0.99	%		0.99	%		1.00	%		0.92	%		1.00	%(F)
Net investment income (loss) to average net assets		4.95	%(F)		3.21	%		0.69	%		1.13	%		2.07	%		0.85	%(F)
Portfolio turnover rate		19	%(D)		21	%		16	%		14	%		134	%		51	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Inflation-Protected Securities
	Class R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	11.15		$	10.86		$	10.23		$	9.63		$	9.97		$	9.93		$	9.69
Investment operations:
Net investment income (loss) (D)		0.29			0.32			0.11			0.10			0.23			0.12			0.11
Net realized and unrealized gain (loss)		(0.73	)		0.32			0.64			0.72			(0.34	)		0.01	(E)		0.26
Total investment operations		(0.44	)		0.64			0.75			0.82			(0.11	)		0.13			0.37
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.35	)		(0.12	)		(0.22	)		(0.23	)		(0.09	)		(0.13	)
Net asset value, end of period/year	$	10.39		$	11.15		$	10.86		$	10.23		$	9.63		$	9.97		$	9.93
Total return		(4.00	)%(F)		5.96	%		7.39	%		8.58	%		(1.15	)%		1.37	%(F)		3.76	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,132		$	1,147		$	2,012		$	2,340		$	15,421		$	23,203		$	63,638
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%(G)(H)		0.74	%(H)		0.76	%(H)		0.74	%(H)		0.81	%(H)		0.81	%(G)(H)		0.82	%
Including waiver and/or reimbursement and recapture		0.64	%(G)(H)		0.64	%(H)		0.64	%(H)		0.65	%(H)		0.65	%(H)(I)		0.66	%(G)(H)(I)		0.64	%(J)
Net investment income (loss) to average net assets		5.35	%(G)		2.90	%		1.04	%		1.07	%		2.33	%		1.41	%(G)		1.13	%
Portfolio turnover rate		19	%(F)		21	%		16	%		14	%		134	%		51	%(F)		52	%

(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.

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

Transamerica Funds Semi-Annual Report 2022

Page    329

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Intermediate Bond
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.34		$	10.85		$	10.50		$	9.70		$	10.20		$	10.08
Investment operations:
Net investment income (loss) (B)		0.10			0.19			0.23			0.28			0.27			0.14
Net realized and unrealized gain (loss)		(1.00	)		(0.14	)		0.37			0.81			(0.49	)		0.14
Total investment operations		(0.90	)		0.05			0.60			1.09			(0.22	)		0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.20	)		(0.25	)		(0.29	)		(0.28	)		(0.16	)
Net realized gains		(0.17	)		(0.36	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.27	)		(0.56	)		(0.25	)		(0.29	)		(0.28	)		(0.16	)
Net asset value, end of period/year	$	9.17		$	10.34		$	10.85		$	10.50		$	9.70		$	10.20
Total return		(8.91	)%(C)		0.45	%		5.74	%		11.39	%		(2.22	)%		2.92	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	970,364		$	1,131,283		$	1,275,122		$	1,826,481		$	1,971,571		$	2,058,090
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%(D)		0.41	%		0.42	%		0.42	%		0.41	%		0.43	%(D)
Including waiver and/or reimbursement and recapture		0.42	%(D)		0.41	%		0.42	%		0.42	%(E)		0.41	%		0.43	%(D)
Net investment income (loss) to average net assets		2.00	%(D)		1.81	%		2.16	%		2.77	%		2.68	%		2.29	%(D)
Portfolio turnover rate		20	%(C)		48	%		46	%		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 I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.36		$	10.87		$	10.51		$	9.72		$	10.22		$	10.08
Investment operations:
Net investment income (loss) (B)		0.10			0.19			0.23			0.28			0.27			0.14
Net realized and unrealized gain (loss)		(1.01	)		(0.14	)		0.38			0.80			(0.49	)		0.15
Total investment operations		(0.91	)		0.05			0.61			1.08			(0.22	)		0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.20	)		(0.25	)		(0.29	)		(0.28	)		(0.15	)
Net realized gains		(0.17	)		(0.36	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.27	)		(0.56	)		(0.25	)		(0.29	)		(0.28	)		(0.15	)
Net asset value, end of period/year	$	9.18		$	10.36		$	10.87		$	10.51		$	9.72		$	10.22
Total return		(8.99	)%(C)		0.45	%		5.83	%		11.26	%		(2.21	)%		2.87	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	299,940		$	369,100		$	385,809		$	485,794		$	697,789		$	628,055
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%(D)		0.41	%		0.42	%		0.42	%		0.41	%		0.42	%(D)
Including waiver and/or reimbursement and recapture		0.42	%(D)		0.41	%		0.42	%		0.42	%(E)		0.40	%		0.40	%(D)
Net investment income (loss) to average net assets		2.00	%(D)		1.81	%		2.14	%		2.78	%		2.70	%		2.33	%(D)
Portfolio turnover rate		20	%(C)		48	%		46	%		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 2022

Page    330

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Intermediate Bond
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.37		$	10.88		$	10.52		$	9.73		$	10.22		$	10.08
Investment operations:
Net investment income (loss) (B)		0.07			0.14			0.18			0.23			0.22			0.11
Net realized and unrealized gain (loss)		(0.99	)		(0.15	)		0.37			0.80			(0.48	)		0.14
Total investment operations		(0.92	)		(0.01	)		0.55			1.03			(0.26	)		0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.14	)		(0.19	)		(0.24	)		(0.23	)		(0.11	)
Net realized gains		(0.17	)		(0.36	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.25	)		(0.50	)		(0.19	)		(0.24	)		(0.23	)		(0.11	)
Net asset value, end of period/year	$	9.20		$	10.37		$	10.88		$	10.52		$	9.73		$	10.22
Total return		(9.11	)%(C)		(0.05	)%		5.29	%		10.68	%		(2.61	)%		2.50	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	26,770		$	31,469		$	42,002		$	51,335		$	94,748		$	112,450
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%(D)		0.91	%		0.92	%		0.91	%		0.91	%		0.91	%(D)
Including waiver and/or reimbursement and recapture		0.92	%(D)		0.91	%		0.92	%		0.91	%(E)		0.90	%		0.91	%(D)
Net investment income (loss) to average net assets		1.51	%(D)		1.32	%		1.64	%		2.29	%		2.18	%		1.75	%(D)
Portfolio turnover rate		20	%(C)		48	%		46	%		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 R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	10.36		$	10.87		$	10.52		$	9.72		$	10.22		$	10.03		$	10.04
Investment operations:
Net investment income (loss) (D)		0.09			0.16			0.20			0.26			0.24			0.17			0.22
Net realized and unrealized gain (loss)		(1.00	)		(0.14	)		0.37			0.81			(0.49	)		0.21			0.10
Total investment operations		(0.91	)		0.02			0.57			1.07			(0.25	)		0.38			0.32
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.17	)		(0.22	)		(0.27	)		(0.25	)		(0.19	)		(0.24	)
Net realized gains		(0.17	)		(0.36	)		—			—			—			—			(0.09	)
Total dividends and/or distributions to shareholders		(0.26	)		(0.53	)		(0.22	)		(0.27	)		(0.25	)		(0.19	)		(0.33	)
Net asset value, end of period/year	$	9.19		$	10.36		$	10.87		$	10.52		$	9.72		$	10.22		$	10.03
Total return		(9.00	)%(E)		0.21	%		5.49	%		11.10	%		(2.46	)%		3.75	%(E)		3.21	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	126,131		$	152,590		$	162,185		$	178,769		$	181,447		$	291,565		$	317,150
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.67	%(F)		0.66	%		0.67	%		0.67	%		0.66	%		0.68	%(F)		0.71	%
Including waiver and/or reimbursement and recapture		0.65	%(F)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(F)		0.63	%(G)
Net investment income (loss) to average net assets		1.77	%(F)		1.57	%		1.90	%		2.54	%		2.41	%		1.99	%(F)		2.08	%
Portfolio turnover rate		20	%(E)		48	%		46	%		49	%		49	%		22	%(E)		50	%

(A)	Transamerica Partners Institutional Core Bond reorganized into the Fund on March 24, 2017. Prior to March 24, 2017, information provided reflects Transamerica Partners Institutional Core Bond, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 24, 2017, the Fund underwent a 1.06-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 24, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Semi-Annual Report 2022

Page    331

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Intermediate Bond
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021 (A)
Net asset value, beginning of period	$	10.36		$	10.35
Investment operations:
Net investment income (loss) (B)		0.10			0.08
Net realized and unrealized gain (loss)		(1.00	)		0.01	(C)
Total investment operations		(0.90	)		0.09
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.08	)
Net realized gains		(0.17	)		—
Total dividends and/or distributions to shareholders		(0.27	)		(0.08	)
Net asset value, end of period	$	9.19		$	10.36
Total return		(8.89	)%(D)		0.89	%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	9		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.41	%(E)		0.41	%(E)
Including waiver and/or reimbursement and recapture		0.41	%(E)		0.41	%(E)
Net investment income (loss) to average net assets		2.04	%(E)		1.78	%(E)
Portfolio turnover rate		20	%(D)		48	%

(A)	Commenced operations on May 28, 2021.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.99		$	11.84		$	11.80		$	11.06		$	11.40		$	11.57
Investment operations:
Net investment income (loss) (A)		0.10			0.20			0.19			0.28			0.26			0.23
Net realized and unrealized gain (loss)		(1.20	)		0.16			0.13			0.75			(0.34	)		(0.10	)
Total investment operations		(1.10	)		0.36			0.32			1.03			(0.08	)		0.13
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.21	)		(0.24	)		(0.29	)		(0.26	)		(0.23	)
Net realized gains		(0.04	)		—			—			—			—			(0.07	)
Return of capital		—			—			(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.14	)		(0.21	)		(0.28	)		(0.29	)		(0.26	)		(0.30	)
Net asset value, end of period/year	$	10.75		$	11.99		$	11.84		$	11.80		$	11.06		$	11.40
Total return (B)		(9.27	)%(C)		3.03	%		2.73	%		9.35	%		(0.73	)%		1.20	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	242,254		$	284,610		$	245,980		$	218,941		$	269,452		$	312,347
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%(D)		0.73	%		0.75	%(E)		0.78	%(E)		0.77	%(E)		0.78	%(E)
Including waiver and/or reimbursement and recapture		0.64	%(D)		0.63	%		0.65	%(E)		0.68	%(E)		0.67	%(E)		0.68	%(E)
Net investment income (loss) to average net assets		1.66	%(D)		1.69	%		1.65	%		2.47	%		2.29	%		2.00	%
Portfolio turnover rate		20	%(C)		35	%		20	%		14	%		34	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 2022

Page    332

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.96		$	11.82		$	11.78		$	11.03		$	11.38		$	11.54
Investment operations:
Net investment income (loss) (A)		0.06			0.13			0.12			0.21			0.19			0.16
Net realized and unrealized gain (loss)		(1.19	)		0.14			0.13			0.75			(0.35	)		(0.09	)
Total investment operations		(1.13	)		0.27			0.25			0.96			(0.16	)		0.07
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.13	)		(0.18	)		(0.21	)		(0.19	)		(0.16	)
Net realized gains		(0.04	)		—			—			—			—			(0.07	)
Return of capital		—			—			(0.03	)		—			—			—
Total dividends and/or distributions to shareholders		(0.10	)		(0.13	)		(0.21	)		(0.21	)		(0.19	)		(0.23	)
Net asset value, end of period/year	$	10.73		$	11.96		$	11.82		$	11.78		$	11.03		$	11.38
Total return (B)		(9.50	)%(C)		2.30	%		2.10	%		8.80	%		(1.43	)%		0.67	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	101,979		$	131,738		$	138,959		$	143,332		$	148,672		$	180,744
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.51	%(D)		1.50	%		1.52	%(E)		1.55	%(E)		1.53	%(E)		1.54	%(E)
Including waiver and/or reimbursement and recapture		1.26	%(D)		1.25	%		1.27	%(E)		1.30	%(E)		1.28	%(E)		1.29	%(E)
Net investment income (loss) to average net assets		1.03	%(D)		1.06	%		1.03	%		1.86	%		1.67	%		1.39	%
Portfolio turnover rate		20	%(C)		35	%		20	%		14	%		34	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.03		$	11.88		$	11.85		$	11.11		$	11.46		$	11.62
Investment operations:
Net investment income (loss) (A)		0.10			0.22			0.21			0.30			0.27			0.24
Net realized and unrealized gain (loss)		(1.20	)		0.15			0.12			0.74			(0.35	)		(0.09	)
Total investment operations		(1.10	)		0.37			0.33			1.04			(0.08	)		0.15
Contributions from affiliate		0.01	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.22	)		(0.26	)		(0.30	)		(0.27	)		(0.24	)
Net realized gains		(0.04	)		—			—			—			—			(0.07	)
Return of capital		—			—			(0.04	)		—			—			—
Total dividends and/or distributions to shareholders		(0.14	)		(0.22	)		(0.30	)		(0.30	)		(0.27	)		(0.31	)
Net asset value, end of period/year	$	10.80		$	12.03		$	11.88		$	11.85		$	11.11		$	11.46
Total return		(9.09	)%(B)(C)		3.16	%		2.81	%		9.45	%		(0.71	)%		1.39	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,785,502		$	2,315,780		$	1,888,406		$	1,354,326		$	999,826		$	914,290
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.55	%(D)		0.55	%		0.56	%(E)		0.59	%(E)		0.58	%(E)		0.59	%(E)
Including waiver and/or reimbursement and recapture		0.49	%(D)		0.49	%		0.49	%(E)		0.56	%(E)		0.58	%(E)		0.59	%(E)
Net investment income (loss) to average net assets		1.80	%(D)		1.84	%		1.80	%		2.59	%		2.38	%		2.09	%
Portfolio turnover rate		20	%(C)		35	%		20	%		14	%		34	%		55	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.01 to the class. The Total Return would have been 0.08% lower had the affiliate not made additional contributions.
(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 2022

Page    333

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.04		$	11.90		$	11.86		$	11.11		$	11.46		$	11.62
Investment operations:
Net investment income (loss) (A)		0.11			0.23			0.21			0.31			0.28			0.25
Net realized and unrealized gain (loss)		(1.20	)		0.14			0.13			0.75			(0.35	)		(0.09	)
Total investment operations		(1.09	)		0.37			0.34			1.06			(0.07	)		0.16
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.23	)		(0.23	)		(0.31	)		(0.28	)		(0.25	)
Net realized gains		(0.04	)		—			—			—			—			(0.07	)
Return of capital		—			—			(0.07	)		—			—			—
Total dividends and/or distributions to shareholders		(0.15	)		(0.23	)		(0.30	)		(0.31	)		(0.28	)		(0.32	)
Net asset value, end of period/year	$	10.80		$	12.04		$	11.90		$	11.86		$	11.11		$	11.46
Total return		(9.14	)%(B)		3.14	%		2.94	%		9.64	%		(0.60	)%		1.49	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	12		$	11		$	11		$	10		$	10
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.46	%(C)		0.44	%		0.46	%(D)		0.48	%(D)		0.47	%(D)		0.48	%(D)
Including waiver and/or reimbursement and recapture		0.46	%(C)		0.44	%		0.46	%(D)		0.48	%(D)		0.47	%(D)		0.48	%(D)
Net investment income (loss) to average net assets		1.85	%(C)		1.93	%		1.80	%		2.68	%		2.49	%		2.20	%
Portfolio turnover rate		20	%(B)		35	%		20	%		14	%		34	%		55	%

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

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	21.36		$	15.73		$	17.65		$	17.30		$	19.29		$	16.49
Investment operations:
Net investment income (loss) (A)		0.15			0.31			0.20			0.32			0.33			0.43
Net realized and unrealized gain (loss)		(2.43	)		5.45			(1.69	)		0.83			(1.79	)		2.61
Total investment operations		(2.28	)		5.76			(1.49	)		1.15			(1.46	)		3.04
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.70	)		(0.13	)		(0.43	)		(0.28	)		(0.53	)		(0.20	)
Net realized gains		—			—			—			(0.52	)		—			(0.04	)
Total dividends and/or distributions to shareholders		(0.70	)		(0.13	)		(0.43	)		(0.80	)		(0.53	)		(0.24	)
Net asset value, end of period/year	$	18.38		$	21.36		$	15.73		$	17.65		$	17.30		$	19.29
Total return (B)		(11.01	)%(C)		36.70	%		(8.77	)%		7.28	%		(7.82	)%		18.72	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	171,925		$	111,299		$	147,674		$	153,300		$	202,462		$	274,610
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.36	%(D)		1.40	%		1.30	%		1.28	%		1.23	%		1.20	%
Including waiver and/or reimbursement and recapture		1.25	%(D)		1.25	%		1.25	%		1.25	%		1.22	%		1.20	%
Net investment income (loss) to average net assets		1.49	%(D)		1.52	%		1.22	%		1.94	%		1.74	%		2.43	%
Portfolio turnover rate		7	%(C)		22	%		18	%		13	%		21	%		22	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    334

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	21.00		$	15.46		$	17.34		$	16.97		$	18.97		$	16.22
Investment operations:
Net investment income (loss) (A)		0.06			0.18			0.07			0.19			0.21			0.29
Net realized and unrealized gain (loss)		(2.38	)		5.36			(1.66	)		0.83			(1.78	)		2.58
Total investment operations		(2.32	)		5.54			(1.59	)		1.02			(1.57	)		2.87
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.54	)		—			(0.29	)		(0.13	)		(0.43	)		(0.08	)
Net realized gains		—			—			—			(0.52	)		—			(0.04	)
Total dividends and/or distributions to shareholders		(0.54	)		—			(0.29	)		(0.65	)		(0.43	)		(0.12	)
Net asset value, end of period/year	$	18.14		$	21.00		$	15.46		$	17.34		$	16.97		$	18.97
Total return (B)		(11.27	)%(C)		35.77	%		(9.38	)%		6.50	%		(8.49	)%		17.88	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	27,419		$	30,911		$	27,884		$	46,960		$	64,847		$	72,542
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.90	%(D)		1.91	%		1.96	%		1.96	%		1.94	%		1.94	%
Including waiver and/or reimbursement and recapture		1.90	%(D)		1.91	%		1.96	%		1.96	%		1.94	%		1.94	%
Net investment income (loss) to average net assets		0.58	%(D)		0.88	%		0.45	%		1.15	%		1.12	%		1.64	%
Portfolio turnover rate		7	%(C)		22	%		18	%		13	%		21	%		22	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	21.62		$	15.95		$	17.89		$	17.54		$	19.55		$	16.73
Investment operations:
Net investment income (loss) (A)		0.17			0.40			0.26			0.39			0.42			0.50
Net realized and unrealized gain (loss)		(2.44	)		5.51			(1.70	)		0.83			(1.83	)		2.63
Total investment operations		(2.27	)		5.91			(1.44	)		1.22			(1.41	)		3.13
Contributions from affiliate		0.01	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.75	)		(0.24	)		(0.50	)		(0.35	)		(0.60	)		(0.27	)
Net realized gains		—			—			—			(0.52	)		—			(0.04	)
Total dividends and/or distributions to shareholders		(0.75	)		(0.24	)		(0.50	)		(0.87	)		(0.60	)		(0.31	)
Net asset value, end of period/year	$	18.61		$	21.62		$	15.95		$	17.89		$	17.54		$	19.55
Total return		(10.80	)%(B)(C)		37.24	%		(8.38	)%		7.66	%		(7.49	)%		19.09	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,919,504		$	2,994,603		$	1,891,398		$	2,210,381		$	2,495,943		$	2,242,175
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%(D)		0.85	%		0.86	%		0.86	%		0.89	%		0.89	%
Including waiver and/or reimbursement and recapture		0.86	%(D)		0.85	%		0.86	%		0.86	%		0.89	%		0.89	%
Net investment income (loss) to average net assets		1.73	%(D)		1.95	%		1.58	%		2.31	%		2.17	%		2.77	%
Portfolio turnover rate		7	%(C)		22	%		18	%		13	%		21	%		22	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.01 to the class. The Total Return would have been 0.04% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    335

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	21.65		$	15.97		$	17.91		$	17.57		$	19.58		$	16.75
Investment operations:
Net investment income (loss) (A)		0.17			0.42			0.28			0.39			0.43			0.52
Net realized and unrealized gain (loss)		(2.43	)		5.51			(1.70	)		0.84			(1.82	)		2.63
Total investment operations		(2.26	)		5.93			(1.42	)		1.23			(1.39	)		3.15
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.77	)		(0.25	)		(0.52	)		(0.37	)		(0.62	)		(0.28	)
Net realized gains		—			—			—			(0.52	)		—			(0.04	)
Total dividends and/or distributions to shareholders		(0.77	)		(0.25	)		(0.52	)		(0.89	)		(0.62	)		(0.32	)
Net asset value, end of period/year	$	18.62		$	21.65		$	15.97		$	17.91		$	17.57		$	19.58
Total return		(10.80	)%(B)		37.36	%		(8.28	)%		7.72	%		(7.40	)%		19.23	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,389,888		$	1,548,574		$	1,387,536		$	1,910,356		$	2,186,243		$	2,298,782
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(C)		0.75	%		0.77	%		0.77	%		0.79	%		0.79	%
Including waiver and/or reimbursement and recapture		0.76	%(C)		0.75	%		0.77	%		0.77	%		0.79	%		0.79	%
Net investment income (loss) to average net assets		1.72	%(C)		2.06	%		1.69	%		2.31	%		2.21	%		2.87	%
Portfolio turnover rate		7	%(B)		22	%		18	%		13	%		21	%		22	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica International Equity
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	21.81		$	16.08		$	18.04		$	17.68		$	19.58		$	17.24
Investment operations:
Net investment income (loss) (B)		0.18			0.42			0.29			0.41			0.43			0.45
Net realized and unrealized gain (loss)		(2.46	)		5.56			(1.73	)		0.84			(1.84	)		1.89
Total investment operations		(2.28	)		5.98			(1.44	)		1.25			(1.41	)		2.34
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.77	)		(0.25	)		(0.52	)		(0.37	)		(0.49	)		—
Net realized gains		—			—			—			(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.77	)		(0.25	)		(0.52	)		(0.89	)		(0.49	)		—
Net asset value, end of period/year	$	18.76		$	21.81		$	16.08		$	18.04		$	17.68		$	19.58
Total return		(10.81	)%(C)		37.42	%		(8.34	)%		7.78	%		(7.41	)%		13.57	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	141,297		$	166,596		$	204,877		$	210,438		$	218,378		$	270,144
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(D)		0.75	%		0.77	%		0.77	%		0.79	%		0.79	%(D)
Including waiver and/or reimbursement and recapture		0.76	%(D)		0.75	%		0.77	%		0.77	%		0.79	%		0.79	%(D)
Net investment income (loss) to average net assets		1.72	%(D)		2.04	%		1.74	%		2.40	%		2.21	%		3.70	%(D)
Portfolio turnover rate		7	%(C)		22	%		18	%		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 2022

Page    336

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica International Equity
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	21.80		$	16.08		$	18.03		$	17.65		$	19.51		$	17.24
Investment operations:
Net investment income (loss) (B)		0.12			0.33			0.20			0.32			0.34			0.48
Net realized and unrealized gain (loss)		(2.46	)		5.55			(1.72	)		0.84			(1.83	)		1.79
Total investment operations		(2.34	)		5.88			(1.52	)		1.16			(1.49	)		2.27
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.66	)		(0.16	)		(0.43	)		(0.26	)		(0.37	)		—
Net realized gains		—			—			—			(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.66	)		(0.16	)		(0.43	)		(0.78	)		(0.37	)		—
Net asset value, end of period/year	$	18.80		$	21.80		$	16.08		$	18.03		$	17.65		$	19.51
Total return		(11.05	)%(C)		36.74	%		(8.75	)%		7.23	%		(7.89	)%		13.22	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	24,980		$	31,246		$	25,413		$	31,770		$	37,376		$	45,713
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.26	%(D)		1.24	%		1.26	%		1.26	%		1.28	%		1.29	%(D)
Including waiver and/or reimbursement and recapture		1.26	%(D)		1.24	%		1.26	%		1.26	%		1.28	%		1.29	%(D)
Net investment income (loss) to average net assets		1.19	%(D)		1.57	%		1.18	%		1.89	%		1.72	%		4.08	%(D)
Portfolio turnover rate		7	%(C)		22	%		18	%		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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	21.77		$	16.06		$	18.01		$	17.65		$	19.54		$	17.24
Investment operations:
Net investment income (loss) (B)		0.13			0.37			0.24			0.36			0.38			0.48
Net realized and unrealized gain (loss)		(2.44	)		5.55			(1.71	)		0.83			(1.82	)		1.82
Total investment operations		(2.31	)		5.92			(1.47	)		1.19			(1.44	)		2.30
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.71	)		(0.21	)		(0.48	)		(0.31	)		(0.45	)		—
Net realized gains		—			—			—			(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.71	)		(0.21	)		(0.48	)		(0.83	)		(0.45	)		—
Net asset value, end of period/year	$	18.75		$	21.77		$	16.06		$	18.01		$	17.65		$	19.54
Total return		(10.92	)%(C)		37.05	%		(8.50	)%		7.44	%		(7.59	)%		13.34	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16,644		$	23,706		$	17,802		$	19,425		$	15,775		$	21,339
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%(D)		1.00	%		1.02	%		1.02	%		1.04	%		1.04	%(D)
Including waiver and/or reimbursement and recapture		1.01	%(D)		1.00	%		1.02	%		1.02	%		1.04	%		1.04	%(D)
Net investment income (loss) to average net assets		1.28	%(D)		1.76	%		1.46	%		2.14	%		1.95	%		4.04	%(D)
Portfolio turnover rate		7	%(C)		22	%		18	%		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 2022

Page    337

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	21.88		$	16.13		$	18.09		$	17.73		$	19.76		$	16.90
Investment operations:
Net investment income (loss) (A)		0.18			0.43			0.28			0.41			0.46			0.56
Net realized and unrealized gain (loss)		(2.47	)		5.57			(1.72	)		0.84			(1.87	)		2.62
Total investment operations		(2.29	)		6.00			(1.44	)		1.25			(1.41	)		3.18
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.77	)		(0.25	)		(0.52	)		(0.37	)		(0.62	)		(0.28	)
Net realized gains		—			—			—			(0.52	)		—			(0.04	)
Total dividends and/or distributions to shareholders		(0.77	)		(0.25	)		(0.52	)		(0.89	)		(0.62	)		(0.32	)
Net asset value, end of period/year	$	18.82		$	21.88		$	16.13		$	18.09		$	17.73		$	19.76
Total return		(10.78	)%(B)		37.37	%		(8.31	)%		7.76	%		(7.43	)%		19.24	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	419,269		$	451,687		$	222,323		$	255,860		$	198,633		$	180,679
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(C)		0.75	%		0.77	%		0.77	%		0.79	%		0.79	%
Including waiver and/or reimbursement and recapture		0.76	%(C)		0.75	%		0.77	%		0.77	%		0.79	%		0.79	%
Net investment income (loss) to average net assets		1.79	%(C)		2.05	%		1.70	%		2.42	%		2.35	%		3.06	%
Portfolio turnover rate		7	%(B)		22	%		18	%		13	%		21	%		22	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica International Focus
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	10.07		$	7.77		$	7.53		$	7.85		$	8.89
Investment operations:
Net investment income (loss) (B)		0.08			0.14			0.08			0.14			0.09
Net realized and unrealized gain (loss)		(1.56	)		2.23			0.28			0.75			(1.13	)
Total investment operations		(1.48	)		2.37			0.36			0.89			(1.04	)
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.07	)		(0.12	)		(0.11	)		—
Net realized gains		(0.30	)		—			—			(1.10	)		—
Total dividends and/or distributions to shareholders		(0.56	)		(0.07	)		(0.12	)		(1.21	)		—
Net asset value, end of period/year	$	8.03		$	10.07		$	7.77		$	7.53		$	7.85
Total return (C)		(15.52	)%(D)		30.55	%		4.81	%		14.77	%		(11.70	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	587		$	530		$	190		$	106		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.38	%(E)		1.42	%		1.74	%		1.74	%		1.43	%(E)
Including waiver and/or reimbursement and recapture		1.21	%(E)(F)		1.21	%(F)		1.20	%		1.23	%		1.30	%(E)
Net investment income (loss) to average net assets		1.79	%(E)		1.48	%		1.11	%		2.06	%		1.49	%(E)
Portfolio turnover rate		16	%(D)		21	%		28	%		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.
(F)	Includes extraordinary expenses outside the operating expense limit.

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

Transamerica Funds Semi-Annual Report 2022

Page    338

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica International Focus
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	10.12		$	7.79		$	7.55		$	7.86		$	8.89
Investment operations:
Net investment income (loss) (B)		0.10			0.16			0.09			0.14			0.13
Net realized and unrealized gain (loss)		(1.57	)		2.24			0.28			0.77			(1.16	)
Total investment operations		(1.47	)		2.40			0.37			0.91			(1.03	)
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.07	)		(0.13	)		(0.12	)		—
Net realized gains		(0.30	)		—			—			(1.10	)		—
Total dividends and/or distributions to shareholders		(0.57	)		(0.07	)		(0.13	)		(1.22	)		—
Net asset value, end of period/year	$	8.08		$	10.12		$	7.79		$	7.55		$	7.86
Total return		(15.37	)%(C)		30.95	%		4.96	%		14.99	%		(11.59	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	32		$	29		$	21		$	19		$	13
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.21	%(D)		1.33	%		1.31	%		1.43	%		1.36	%(D)
Including waiver and/or reimbursement and recapture		0.96	%(D)(E)		0.91	%(E)		1.03	%		1.05	%		1.05	%(D)
Net investment income (loss) to average net assets		2.11	%(D)		1.59	%		1.24	%		1.93	%		2.27	%(D)
Portfolio turnover rate		16	%(C)		21	%		28	%		25	%		119	%

(A)	Commenced operations on March 1, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has contractually agreed to reimburse certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.

For a share outstanding during the period and years indicated:	Transamerica International Focus
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.09		$	7.78		$	7.53		$	7.87		$	9.02		$	7.27
Investment operations:
Net investment income (loss) (A)		0.09			0.16			0.11			0.15			0.16			0.11
Net realized and unrealized gain (loss)		(1.54	)		2.24			0.29			0.76			(1.16	)		1.72
Total investment operations		(1.45	)		2.40			0.40			0.91			(1.00	)		1.83
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.09	)		(0.15	)		(0.15	)		(0.15	)		(0.08	)
Net realized gains		(0.30	)		—			—			(1.10	)		—			—
Total dividends and/or distributions to shareholders		(0.60	)		(0.09	)		(0.15	)		(1.25	)		(0.15	)		(0.08	)
Net asset value, end of period/year	$	8.04		$	10.09		$	7.78		$	7.53		$	7.87		$	9.02
Total return		(15.28	)%(B)		31.01	%		5.34	%		15.22	%		(11.29	)%		25.45	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,115,618		$	1,467,721		$	1,439,535		$	1,162,120		$	1,216,433		$	1,368,414
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%(C)		0.80	%		0.81	%		0.81	%		0.87	%		0.95	%
Including waiver and/or reimbursement and recapture		0.81	%(C)		0.80	%		0.81	%		0.81	%		0.87	%		0.95	%
Net investment income (loss) to average net assets		1.96	%(C)		1.69	%		1.45	%		2.20	%		1.80	%		1.36	%
Portfolio turnover rate		16	%(B)		21	%		28	%		25	%		119	%		15	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    339

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica International Focus
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	10.13		$	7.81		$	7.57		$	7.87		$	8.89
Investment operations:
Net investment income (loss) (B)		0.11			0.17			0.11			0.16			0.16
Net realized and unrealized gain (loss)		(1.57	)		2.24			0.28			0.77			(1.18	)
Total investment operations		(1.46	)		2.41			0.39			0.93			(1.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.09	)		(0.15	)		(0.13	)		—
Net realized gains		(0.30	)		—			—			(1.10	)		—
Total dividends and/or distributions to shareholders		(0.60	)		(0.09	)		(0.15	)		(1.23	)		—
Net asset value, end of period/year	$	8.07		$	10.13		$	7.81		$	7.57		$	7.87
Total return		(15.32	)%(C)		31.02	%		5.19	%		15.35	%		(11.47	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,780		$	14		$	11		$	10		$	9
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%(D)		0.80	%		0.81	%		0.80	%		0.83	%(D)
Including waiver and/or reimbursement and recapture		0.81	%(D)(E)		0.80	%		0.81	%		0.80	%		0.83	%(D)
Net investment income (loss) to average net assets		2.41	%(D)		1.71	%		1.46	%		2.26	%		2.72	%(D)
Portfolio turnover rate		16	%(C)		21	%		28	%		25	%		119	%

(A)	Commenced operations on March 1, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica International Small Cap Value
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	16.30		$	11.94		$	12.60		$	12.44		$	13.67		$	11.39
Investment operations:
Net investment income (loss) (A)		0.11			0.28			0.13			0.24			0.27			0.18
Net realized and unrealized gain (loss)		(2.99	)		4.23			(0.51	)		0.83			(1.08	)		2.42
Total investment operations		(2.88	)		4.51			(0.38	)		1.07			(0.81	)		2.60
Contributions from affiliate		0.01	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.41	)		(0.15	)		(0.28	)		(0.22	)		(0.42	)		(0.24	)
Net realized gains		(0.17	)		—			—			(0.69	)		—			(0.08	)
Total dividends and/or distributions to shareholders		(0.58	)		(0.15	)		(0.28	)		(0.91	)		(0.42	)		(0.32	)
Net asset value, end of period/year	$	12.85		$	16.30		$	11.94		$	12.60		$	12.44		$	13.67
Total return		(18.11	)%(B)(C)		37.93	%		(3.21	)%		9.84	%		(6.20	)%		23.51	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	263,456		$	348,810		$	232,368		$	105,692		$	291,455		$	326,445
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.10	%(D)		1.09	%		1.11	%		1.10	%		1.12	%		1.12	%
Including waiver and/or reimbursement and recapture		1.10	%(D)		1.09	%		1.11	%		1.10	%		1.12	%		1.12	%
Net investment income (loss) to average net assets		1.54	%(D)		1.82	%		1.09	%		2.07	%		1.92	%		1.48	%
Portfolio turnover rate		5	%(C)		14	%		30	%		18	%		20	%		25	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.01 to the class. The Total Return would have been 0.06% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    340

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Small Cap Value
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	16.34		$	11.96		$	12.63		$	12.47		$	13.70		$	11.42
Investment operations:
Net investment income (loss) (A)		0.12			0.30			0.12			0.24			0.27			0.19
Net realized and unrealized gain (loss)		(3.00	)		4.24			(0.49	)		0.85			(1.07	)		2.42
Total investment operations		(2.88	)		4.54			(0.37	)		1.09			(0.80	)		2.61
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.16	)		(0.30	)		(0.24	)		(0.43	)		(0.25	)
Net realized gains		(0.17	)		—			—			(0.69	)		—			(0.08	)
Total dividends and/or distributions to shareholders		(0.60	)		(0.16	)		(0.30	)		(0.93	)		(0.43	)		(0.33	)
Net asset value, end of period/year	$	12.86		$	16.34		$	11.96		$	12.63		$	12.47		$	13.70
Total return		(18.18	)%(B)		38.13	%		(3.15	)%		9.97	%		(6.11	)%		23.58	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	387,762		$	489,410		$	282,379		$	460,442		$	439,922		$	525,571
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%(C)		0.99	%		1.01	%		1.00	%		1.02	%		1.02	%
Including waiver and/or reimbursement and recapture		1.00	%(C)		0.99	%		1.01	%		1.00	%		1.02	%		1.02	%
Net investment income (loss) to average net assets		1.67	%(C)		1.92	%		1.04	%		2.05	%		1.95	%		1.56	%
Portfolio turnover rate		5	%(B)		14	%		30	%		18	%		20	%		25	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica International Stock
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	11.77		$	8.62		$	9.60		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.21			0.23			0.14			0.18			(0.01	)
Net realized and unrealized gain (loss)		(1.13	)		3.03			(1.12	)		0.24			(0.80	)
Total investment operations		(0.92	)		3.26			(0.98	)		0.42			(0.81	)
Contributions from affiliate		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.11	)		—			(0.01	)		—
Net realized gains		(0.63	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.93	)		(0.11	)		—			(0.01	)		—
Net asset value, end of period/year	$	9.92		$	11.77		$	8.62		$	9.60		$	9.19
Total return (C)		(8.39	)%(D)		38.12	%		(10.21	)%		4.59	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	789		$	780		$	473		$	498		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.14	%(F)		1.14	%		1.20	%		3.11	%		14.60	%(F)
Including waiver and/or reimbursement and recapture		1.25	%(F)		1.25	%		1.25	%		1.24	%		1.25	%(F)
Net investment income (loss) to average net assets		3.88	%(F)		2.04	%		1.60	%		1.95	%		(0.74	)%(F)
Portfolio turnover rate		28	%(D)		52	%		49	%		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 2022

Page    341

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica International Stock
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	11.83		$	8.65		$	9.62		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.21			0.25			0.17			0.20			(0.00	)(C)
Net realized and unrealized gain (loss)		(1.12	)		3.07			(1.13	)		0.24			(0.81	)
Total investment operations		(0.91	)		3.32			(0.96	)		0.44			(0.81	)
Contributions from affiliate		0.02	(D)		—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.14	)		(0.01	)		(0.01	)		—
Net realized gains		(0.63	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.96	)		(0.14	)		(0.01	)		(0.01	)		—
Net asset value, end of period/year	$	9.98		$	11.83		$	8.65		$	9.62		$	9.19
Total return		(8.10	)%(D)(E)		38.63	%		(9.98	)%		4.81	%		(8.10	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	570		$	608		$	439		$	501		$	459
Expenses to average net assets(F)
Excluding waiver and/or reimbursement and recapture		0.93	%(G)		0.96	%		1.03	%		2.95	%		14.44	%(G)
Including waiver and/or reimbursement and recapture		1.00	%(G)		1.00	%		1.00	%		0.99	%		1.00	%(G)
Net investment income (loss) to average net assets		4.00	%(G)		2.25	%		1.83	%		2.21	%		(0.49	)%(G)
Portfolio turnover rate		28	%(E)		52	%		49	%		35	%		2	%(E)

(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)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.02 to the class. The Total Return would have been 0.18% lower had the affiliate not made additional contributions.
(E)	Not annualized.
(F)	Does not include expenses of the underlying investments in which the Fund invests.
(G)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica International Stock
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	11.83		$	8.65		$	9.62		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.22			0.26			0.17			0.11			(0.00	)(C)
Net realized and unrealized gain (loss)		(1.12	)		3.06			(1.13	)		0.33			(0.81	)
Total investment operations		(0.90	)		3.32			(0.96	)		0.44			(0.81	)
Contributions from affiliate		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.14	)		(0.01	)		(0.01	)		—
Net realized gains		(0.63	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.97	)		(0.14	)		(0.01	)		(0.01	)		—
Net asset value, end of period/year	$	9.96		$	11.83		$	8.65		$	9.62		$	9.19
Total return		(8.20	)%(D)		38.64	%		(9.98	)%		4.81	%		(8.10	)% (D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	111,500		$	136,492		$	106,120		$	76,498		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.83	%(F)		0.85	%		0.93	%		2.85	%		14.35	%(F)
Including waiver and/or reimbursement and recapture		0.83	%(F)		0.93	%		1.00	%		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		4.01	%(F)		2.31	%		1.89	%		1.24	%		(0.49	)%(F)
Portfolio turnover rate		28	%(D)		52	%		49	%		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 2022

Page    342

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica International Stock
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	11.83		$	8.65		$	9.62		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.25			0.25			0.17			0.20			(0.00	)(C)
Net realized and unrealized gain (loss)		(1.16	)		3.07			(1.13	)		0.24			(0.81	)
Total investment operations		(0.91	)		3.32			(0.96	)		0.44			(0.81	)
Contributions from affiliate		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.14	)		(0.01	)		(0.01	)		—
Net realized gains		(0.63	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.97	)		(0.14	)		(0.01	)		(0.01	)		—
Net asset value, end of period/year	$	9.95		$	11.83		$	8.65		$	9.62		$	9.19
Total return		(8.24	)%(D)		38.63	%		(9.98	)%		4.81	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,721		$	601		$	434		$	482		$	460
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.83	%(F)		0.86	%		0.93	%		2.85	%		14.35	%(F)
Including waiver and/or reimbursement and recapture		0.94	%(F)		0.96	%		1.00	%		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		4.73	%(F)		2.28	%		1.85	%		2.20	%		(0.50	)%(F)
Portfolio turnover rate		28	%(D)		52	%		49	%		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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.07		$	9.10		$	10.97		$	12.09		$	13.56		$	12.36
Investment operations:
Net investment income (loss) (A)		0.05			0.09			0.19			0.19			0.14			0.14
Net realized and unrealized gain (loss)		(0.84	)		4.98			(1.57	)		(0.02	)(B)		(0.04	)		2.28
Total investment operations		(0.79	)		5.07			(1.38	)		0.17			0.10			2.42
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.10	)		(0.18	)		(0.19	)		(0.12	)		(0.17	)
Net realized gains		(0.23	)		—			(0.31	)		(1.10	)		(1.45	)		(1.05	)
Total dividends and/or distributions to shareholders		(0.29	)		(0.10	)		(0.49	)		(1.29	)		(1.57	)		(1.22	)
Net asset value, end of period/year	$	12.99		$	14.07		$	9.10		$	10.97		$	12.09		$	13.56
Total return (C)		(5.74	)%(D)		55.91	%		(13.06	)%		2.51	%		0.56	%		20.29	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	82,801		$	82,859		$	50,011		$	81,213		$	95,523		$	103,851
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.97	%(E)		0.99	%		1.07	%		1.08	%		1.08	%		1.06	%
Including waiver and/or reimbursement and recapture		0.97	%(E)		0.99	%(F)		1.07	%(F)		1.08	%		1.08	%		1.06	%
Net investment income (loss) to average net assets		0.67	%(E)		0.76	%		1.93	%		1.69	%		1.06	%		1.11	%
Portfolio turnover rate		13	%(D)		127	%		184	%		162	%		139	%		128	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(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 2022

Page    343

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Cap Value
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	13.95		$	9.05		$	10.90		$	12.01		$	13.48		$	12.31
Investment operations:
Net investment income (loss) (A)		(0.01	)		0.00	(B)		0.12			0.11			0.04			0.04
Net realized and unrealized gain (loss)		(0.82	)		4.94			(1.57	)		(0.02	)(C)		(0.02	)		2.27
Total investment operations		(0.83	)		4.94			(1.45	)		0.09			0.02			2.31
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.04	)		(0.09	)		(0.10	)		(0.04	)		(0.09	)
Net realized gains		(0.23	)		—			(0.31	)		(1.10	)		(1.45	)		(1.05	)
Total dividends and/or distributions to shareholders		(0.24	)		(0.04	)		(0.40	)		(1.20	)		(1.49	)		(1.14	)
Net asset value, end of period/year	$	12.88		$	13.95		$	9.05		$	10.90		$	12.01		$	13.48
Total return (D)		(6.06	)%(E)		54.71	%		(13.77	)%		1.81	%		(0.16	)%		19.37	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	20,795		$	19,204		$	14,804		$	38,234		$	49,839		$	49,014
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.74	%(F)		1.76	%		1.83	%		1.82	%		1.80	%		1.79	%
Including waiver and/or reimbursement and recapture		1.74	%(F)		1.76	%(G)		1.83	%(G)		1.82	%		1.80	%		1.79	%
Net investment income (loss) to average net assets		(0.09	)%(F)		0.02	%		1.21	%		0.96	%		0.33	%		0.30	%
Portfolio turnover rate		13	%(E)		127	%		184	%		162	%		139	%		128	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Large Cap Value
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.19		$	9.17		$	11.05		$	12.16		$	13.64		$	12.43
Investment operations:
Net investment income (loss) (A)		0.07			0.14			0.24			0.23			0.17			0.15
Net realized and unrealized gain (loss)		(0.84	)		5.01			(1.59	)		(0.02	)(B)		(0.04	)		2.31
Total investment operations		(0.77	)		5.15			(1.35	)		0.21			0.13			2.46
Contributions from affiliate		0.01	(C)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.13	)		(0.22	)		(0.22	)		(0.16	)		(0.20	)
Net realized gains		(0.23	)		—			(0.31	)		(1.10	)		(1.45	)		(1.05	)
Total dividends and/or distributions to shareholders		(0.31	)		(0.13	)		(0.53	)		(1.32	)		(1.61	)		(1.25	)
Net asset value, end of period/year	$	13.12		$	14.19		$	9.17		$	11.05		$	12.16		$	13.64
Total return		(5.50	)%(C)(D)		56.42	%		(12.67	)%		2.88	%		0.78	%		20.55	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	109,400		$	108,943		$	72,131		$	251,629		$	375,161		$	245,508
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%(E)		0.72	%		0.77	%		0.79	%		0.80	%		0.79	%
Including waiver and/or reimbursement and recapture		0.63	%(E)(F)(G)		0.63	%(G)		0.68	%(G)		0.77	%(G)		0.80	%		0.79	%
Net investment income (loss) to average net assets		1.02	%(E)		1.16	%		2.38	%		2.02	%		1.31	%		1.17	%
Portfolio turnover rate		13	%(D)		127	%		184	%		162	%		139	%		128	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(C)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.01 to the class. The Total Return would have been 0.07% lower had the affiliate not made additional contributions.
(D)	Not annualized.
(E)	Annualized.
(F)	TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.
(G)	TAM has contractually agreed to reimburse 0.09% of the sub-transfer agency fees through March 1, 2022. 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 2022

Page    344

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Cap Value
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.16		$	9.16		$	11.04		$	12.16		$	13.63		$	12.42
Investment operations:
Net investment income (loss) (A)		0.07			0.14			0.21			0.23			0.19			0.19
Net realized and unrealized gain (loss)		(0.84	)		5.00			(1.56	)		(0.02	)(B)		(0.03	)		2.28
Total investment operations		(0.77	)		5.14			(1.35	)		0.21			0.16			2.47
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.14	)		(0.22	)		(0.23	)		(0.18	)		(0.21	)
Net realized gains		(0.23	)		—			(0.31	)		(1.10	)		(1.45	)		(1.05	)
Total dividends and/or distributions to shareholders		(0.31	)		(0.14	)		(0.53	)		(1.33	)		(1.63	)		(1.26	)
Net asset value, end of period/year	$	13.08		$	14.16		$	9.16		$	11.04		$	12.16		$	13.63
Total return		(5.54	)%(C)		56.43	%		(12.66	)%		2.90	%		0.96	%		20.66	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,125,897		$	2,294,601		$	1,454,992		$	1,523,734		$	1,664,184		$	1,899,205
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.62	%(D)		0.62	%		0.66	%		0.69	%		0.69	%		0.69	%
Including waiver and/or reimbursement and recapture		0.62	%(D)		0.61	%		0.66	%(E)		0.69	%		0.69	%		0.69	%
Net investment income (loss) to average net assets		1.03	%(D)		1.12	%		2.23	%		2.06	%		1.46	%		1.44	%
Portfolio turnover rate		13	%(C)		127	%		184	%		162	%		139	%		128	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(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 Large Cap Value
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.16		$	9.16		$	11.04		$	12.16		$	13.63		$	12.42
Investment operations:
Net investment income (loss) (A)		0.07			0.15			0.22			0.23			0.18			0.17
Net realized and unrealized gain (loss)		(0.84	)		4.99			(1.57	)		(0.02	)(B)		(0.02	)		2.30
Total investment operations		(0.77	)		5.14			(1.35	)		0.21			0.16			2.47
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.14	)		(0.22	)		(0.23	)		(0.18	)		(0.21	)
Net realized gains		(0.23	)		—			(0.31	)		(1.10	)		(1.45	)		(1.05	)
Total dividends and/or distributions to shareholders		(0.31	)		(0.14	)		(0.53	)		(1.33	)		(1.63	)		(1.26	)
Net asset value, end of period/year	$	13.08		$	14.16		$	9.16		$	11.04		$	12.16		$	13.63
Total return		(5.54	)%(C)		56.42	%		(12.66	)%		2.90	%		0.96	%		20.66	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	48,388		$	24,977		$	25,121		$	30,426		$	27,069		$	16,356
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.62	%(D)		0.62	%		0.66	%		0.69	%		0.69	%		0.69	%
Including waiver and/or reimbursement and recapture		0.62	%(D)		0.62	%(E)		0.66	%(E)		0.69	%		0.69	%		0.69	%
Net investment income (loss) to average net assets		1.00	%(D)		1.23	%		2.30	%		2.06	%		1.42	%		1.29	%
Portfolio turnover rate		13	%(C)		127	%		184	%		162	%		139	%		128	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(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 2022

Page    345

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Core
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.68		$	10.52		$	9.95		$	11.12		$	11.02		$	10.00
Investment operations:
Net investment income (loss) (B)		0.06			0.13			0.14			0.16			0.14			0.09
Net realized and unrealized gain (loss)		(0.96	)		4.06			0.60			0.64			0.55			1.01
Total investment operations		(0.90	)		4.19			0.74			0.80			0.69			1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.13	)		(0.17	)		(0.16	)		(0.14	)		(0.08	)
Net realized gains		(1.94	)		(0.90	)		(0.00	)(C)		(1.81	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(2.00	)		(1.03	)		(0.17	)		(1.97	)		(0.59	)		(0.08	)
Net asset value, end of period/year	$	10.78		$	13.68		$	10.52		$	9.95		$	11.12		$	11.02
Total return		(7.92	)%(D)		42.24	%		7.62	%		10.53	%		6.20	%		11.09	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	120,162		$	136,168		$	109,142		$	191,543		$	189,483		$	200,790
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.53	%(E)(F)		0.51	%(F)		0.52	%(F)		0.51	%(F)		0.66	%(F)		0.72	%(E)
Including waiver and/or reimbursement and recapture		0.53	%(E)(F)		0.51	%(F)		0.52	%(F)		0.57	%(F)		0.64	%(F)		0.64	%(E)
Net investment income (loss) to average net assets		0.96	%(E)		1.03	%		1.41	%		1.63	%		1.24	%		1.32	%(E)
Portfolio turnover rate		40	%(D)		82	%		83	%		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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.68		$	10.52		$	9.95		$	11.11		$	11.01		$	10.00
Investment operations:
Net investment income (loss) (B)		0.03			0.07			0.09			0.11			0.08			0.05
Net realized and unrealized gain (loss)		(0.95	)		4.06			0.60			0.65			0.55			1.01
Total investment operations		(0.92	)		4.13			0.69			0.76			0.63			1.06
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.07	)		(0.12	)		(0.11	)		(0.08	)		(0.05	)
Net realized gains		(1.94	)		(0.90	)		(0.00	)(C)		(1.81	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(1.97	)		(0.97	)		(0.12	)		(1.92	)		(0.53	)		(0.05	)
Net asset value, end of period/year	$	10.79		$	13.68		$	10.52		$	9.95		$	11.11		$	11.01
Total return		(8.15	)%(D)		41.64	%		7.05	%		10.05	%		5.67	%		10.68	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	54,989		$	66,418		$	55,318		$	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)		1.02	%(F)		1.01	%(F)		1.15	%(F)		1.22	%(E)
Including waiver and/or reimbursement and recapture		1.03	%(E)(F)		1.01	%(F)		1.02	%(F)		1.06	%(F)		1.14	%(F)		1.14	%(E)
Net investment income (loss) to average net assets		0.47	%(E)		0.54	%		0.91	%		1.15	%		0.74	%		0.82	%(E)
Portfolio turnover rate		40	%(D)		82	%		83	%		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 2022

Page    346

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Core
	Class R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	13.68		$	10.52		$	9.95		$	11.12		$	11.01		$	9.52		$	8.98
Investment operations:
Net investment income (loss) (D)		0.04			0.10			0.12			0.13			0.12			0.09			0.15
Net realized and unrealized gain (loss)		(0.96	)		4.06			0.59			0.64			0.55			1.50			0.54
Total investment operations		(0.92	)		4.16			0.71			0.77			0.67			1.59			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.10	)		(0.14	)		(0.13	)		(0.11	)		(0.10	)		(0.15	)
Net realized gains		(1.94	)		(0.90	)		(0.00	)(E)		(1.81	)		(0.45	)		—			—
Total dividends and/or distributions to shareholders		(1.98	)		(1.00	)		(0.14	)		(1.94	)		(0.56	)		(0.10	)		(0.15	)
Net asset value, end of period/year	$	10.78		$	13.68		$	10.52		$	9.95		$	11.12		$	11.01		$	9.52
Total return		(8.04	)%(F)		41.88	%		7.31	%		10.15	%		6.00	%		16.72	%(F)		7.79	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,583		$	2,800		$	2,045		$	5,039		$	5,386		$	11,636		$	10,633
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(G)(H)		0.76	%(H)		0.78	%(H)		0.76	%(H)		0.91	%(H)		1.05	%(G)		1.34	%
Including waiver and/or reimbursement and recapture		0.78	%(G)(H)		0.76	%(H)		0.78	%(H)		0.88	%(H)		0.89	%(H)		0.90	%(G)		0.90	%(I)
Net investment income (loss) to average net assets		0.71	%(G)		0.77	%		1.20	%		1.33	%		1.01	%		1.10	%(G)		1.65	%
Portfolio turnover rate		40	%(F)		82	%		83	%		82	%		130	%		41	%(F)		47	%

(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, 2022  (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31,  2017 (A)
Net asset value, beginning of period/year	$	20.56		$	17.03		$	13.09		$	12.45		$	11.72		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.07	)		(0.04	)		0.01			0.03			0.03
Net realized and unrealized gain (loss)		(6.24	)		6.42			6.45			1.66			1.22			1.72
Total investment operations		(6.27	)		6.35			6.41			1.67			1.25			1.75
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.01	)		(0.07	)		(0.03	)
Net realized gains		(3.81	)		(2.82	)		(2.47	)		(1.02	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(3.81	)		(2.82	)		(2.47	)		(1.03	)		(0.52	)		(0.03	)
Net asset value, end of period/year	$	10.48		$	20.56		$	17.03		$	13.09		$	12.45		$	11.72
Total return		(36.40	)%(C)		39.76	%		57.90	%		15.57	%		10.94	%		17.49	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	601,372		$	971,642		$	769,670		$	640,098		$	622,541		$	666,225
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%(D)		0.69	%		0.69	%		0.70	%		0.70	%		0.72	%(D)
Including waiver and/or reimbursement and recapture		0.69	%(D)		0.69	%		0.69	%		0.69	%		0.65	%		0.65	%(D)
Net investment income (loss) to average net assets		(0.39	)%(D)		(0.36	)%		(0.31	)%		0.10	%		0.20	%		0.40	%(D)
Portfolio turnover rate		33	%(C)		48	%		39	%		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 2022

Page    347

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Growth
	Class R
	April 30, 2022  (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	20.13		$	16.79		$	13.00		$	12.41		$	11.71		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.06	)		(0.16	)		(0.11	)		(0.05	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		(6.07	)		6.32			6.37			1.66			1.23			1.72
Total investment operations		(6.13	)		6.16			6.26			1.61			1.19			1.71
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.04	)		—
Net realized gains		(3.81	)		(2.82	)		(2.47	)		(1.02	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(3.81	)		(2.82	)		(2.47	)		(1.02	)		(0.49	)		—
Net asset value, end of period/year	$	10.19		$	20.13		$	16.79		$	13.00		$	12.41		$	11.71
Total return		(36.50	)%(C)		39.11	%		57.02	%		15.06	%		10.39	%		17.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	111,746		$	200,390		$	161,089		$	118,346		$	140,192		$	146,404
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%(D)		1.18	%		1.19	%		1.19	%		1.19	%		1.22	%(D)
Including waiver and/or reimbursement and recapture		1.19	%(D)		1.18	%		1.19	%		1.19	%(E)		1.15	%		1.22	%(D)
Net investment income (loss) to average net assets		(0.89	)%(D)		(0.86	)%		(0.81	)%		(0.38	)%		(0.30	)%		(0.10	)%(D)
Portfolio turnover rate		33	%(C)		48	%		39	%		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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	20.40		$	16.94		$	13.06		$	12.44		$	11.72		$	9.14		$	9.08
Investment operations:
Net investment income (loss) (D)		(0.04	)		(0.11	)		(0.07	)		(0.01	)		(0.01	)		0.01			0.01
Net realized and unrealized gain (loss)		(6.18	)		6.39			6.42			1.65			1.23			2.58			0.06
Total investment operations		(6.22	)		6.28			6.35			1.64			1.22			2.59			0.07
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.05	)		(0.01	)		(0.01	)
Net realized gains		(3.81	)		(2.82	)		(2.47	)		(1.02	)		(0.45	)		—			—
Total dividends and/or distributions to shareholders		(3.81	)		(2.82	)		(2.47	)		(1.02	)		(0.50	)		(0.01	)		(0.01	)
Net asset value, end of period/year	$	10.37		$	20.40		$	16.94		$	13.06		$	12.44		$	11.72		$	9.14
Total return		(36.45	)%(E)		39.52	%		57.53	%		15.29	%		10.68	%		28.42	%(E)		0.84	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	39,591		$	64,361		$	49,984		$	34,955		$	37,269		$	38,038		$	82,546
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%(F)		0.94	%		0.94	%		0.95	%		0.95	%		0.99	%(F)		1.01	%
Including waiver and/or reimbursement and recapture		0.90	%(F)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%(F)		0.88	%(G)
Net investment income (loss) to average net assets		(0.60	)%(F)		(0.58	)%		(0.52	)%		(0.10	)%		(0.04	)%		0.14	%(F)		0.15	%
Portfolio turnover rate		33	%(E)		48	%		39	%		63	%		34	%		21	%(E)		36	%

(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 2022

Page    348

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods indicated:	Transamerica Large Growth
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021 (A)
Net asset value, beginning of period	$	20.55		$	17.92
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss)		(6.23	)		2.67
Total investment operations		(6.26	)		2.63
Dividends and/or distributions to shareholders:
Net realized gains		(3.81	)		—
Net asset value, end of period	$	10.48		$	20.55
Total return		(36.39	)%(C)		14.73	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	20,508		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%(D)		0.69	%(D)
Including waiver and/or reimbursement and recapture		0.70	%(D)		0.69	%(D)
Net investment income (loss) to average net assets		(0.44	)%(D)		(0.45	)%(D)
Portfolio turnover rate		33	%(C)		48	%

(A)	Commenced operations on May 28, 2021.
(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 Large Value Opportunities
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.49		$	8.16		$	9.32		$	10.75		$	10.71		$	10.00
Investment operations:
Net investment income (loss) (B)		0.10			0.21			0.21			0.22			0.18			0.08
Net realized and unrealized gain (loss)		(0.12	)		3.33			(1.09	)		0.28			0.21			0.71
Total investment operations		(0.02	)		3.54			(0.88	)		0.50			0.39			0.79
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.21	)		(0.23	)		(0.22	)		(0.17	)		(0.08	)
Net realized gains		(1.61	)		—			(0.05	)		(1.71	)		(0.18	)		—
Total dividends and/or distributions to shareholders		(1.72	)		(0.21	)		(0.28	)		(1.93	)		(0.35	)		(0.08	)
Net asset value, end of period/year	$	9.75		$	11.49		$	8.16		$	9.32		$	10.75		$	10.71
Total return		(0.58	)%(C)		43.70	%		(9.67	)%		7.58	%		3.60	%		7.94	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	280,446		$	313,063		$	254,111		$	438,107		$	458,786		$	520,709
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.50	%(D)(E)		0.49	%(E)		0.50	%(E)		0.49	%(E)		0.52	%(E)		0.57	%(D)
Including waiver and/or reimbursement and recapture		0.50	%(D)(E)		0.49	%(E)(F)		0.50	%(E)(F)		0.50	%(E)		0.49	%(E)		0.49	%(D)
Net investment income (loss) to average net assets		1.87	%(D)		2.04	%		2.36	%		2.38	%		1.64	%		1.69	%(D)
Portfolio turnover rate		61	%(C)		117	%		116	%		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 2022

Page    349

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Large Value Opportunities
	Class R
	April 30, 2022  (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.50		$	8.17		$	9.33		$	10.75		$	10.71		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.16			0.16			0.18			0.13			0.08
Net realized and unrealized gain (loss)		(0.12	)		3.33			(1.09	)		0.28			0.21			0.69
Total investment operations		(0.05	)		3.49			(0.93	)		0.46			0.34			0.77
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.16	)		(0.18	)		(0.17	)		(0.12	)		(0.06	)
Net realized gains		(1.61	)		—			(0.05	)		(1.71	)		(0.18	)		—
Total dividends and/or distributions to shareholders		(1.69	)		(0.16	)		(0.23	)		(1.88	)		(0.30	)		(0.06	)
Net asset value, end of period/year	$	9.76		$	11.50		$	8.17		$	9.33		$	10.75		$	10.71
Total return		(0.84	)%(C)		42.93	%		(10.05	)%		6.97	%		3.08	%		7.69	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	63,752		$	70,159		$	56,104		$	73,596		$	103,701		$	113,861
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%(D)(E)		0.98	%(E)		0.99	%(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)		1.00	%(E)		1.00	%(E)		0.99	%(E)		0.99	%(D)
Net investment income (loss) to average net assets		1.37	%(D)		1.53	%		1.89	%		1.91	%		1.14	%		1.36	%(D)
Portfolio turnover rate		61	%(C)		117	%		116	%		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%.

For a share outstanding during the periods and years indicated:	Transamerica Large Value Opportunities
	Class R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	11.51		$	8.17		$	9.33		$	10.75		$	10.71		$	9.84		$	9.18
Investment operations:
Net investment income (loss) (D)		0.08			0.19			0.19			0.20			0.15			0.14			0.16
Net realized and unrealized gain (loss)		(0.12	)		3.34			(1.10	)		0.29			0.21			0.85			0.67
Total investment operations		(0.04	)		3.53			(0.91	)		0.49			0.36			0.99			0.83
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.19	)		(0.20	)		(0.20	)		(0.14	)		(0.12	)		(0.17	)
Net realized gains		(1.61	)		—			(0.05	)		(1.71	)		(0.18	)		—			—
Total dividends and/or distributions to shareholders		(1.70	)		(0.19	)		(0.25	)		(1.91	)		(0.32	)		(0.12	)		(0.17	)
Net asset value, end of period/year	$	9.77		$	11.51		$	8.17		$	9.33		$	10.75		$	10.71		$	9.84
Total return		(0.71	)%(E)		43.42	%		(9.81	)%		7.31	%		3.32	%		9.99	%(E)		9.14	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	8,947		$	10,065		$	19,376		$	38,170		$	36,445		$	53,449		$	99,292
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%(F)(G)		0.74	%(G)		0.75	%(G)		0.74	%(G)		0.77	%(G)		0.83	%(F)		0.84	%
Including waiver and/or reimbursement and recapture		0.75	%(F)(G)(H)		0.75	%(G)		0.75	%(G)(H)		0.75	%(G)		0.74	%(G)		0.74	%(F)		0.74	%(I)
Net investment income (loss) to average net assets		1.62	%(F)		1.83	%		2.13	%		2.14	%		1.39	%		1.35	%(F)		1.80	%
Portfolio turnover rate		61	%(E)		117	%		116	%		118	%		137	%		33	%(E)		48	%

(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)	Waiver and/or reimbursement rounds to less than 0.01%.
(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 2022

Page    350

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	15.14		$	11.91		$	10.33		$	12.98		$	14.14		$	13.12
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.11	)		(0.07	)		(0.06	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		(3.48	)		3.98			1.83			1.58			(0.91	)(C)		1.03
Total investment operations		(3.51	)		3.87			1.76			1.52			(0.92	)		1.02
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.01	)		(0.01	)		—
Net realized gains		(4.35	)		(0.64	)		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(4.35	)		(0.64	)		(0.18	)		(4.17	)		(0.24	)		—
Net asset value, end of period/year	$	7.28		$	15.14		$	11.91		$	10.33		$	12.98		$	14.14
Total return (D)		(29.83	)%(E)		33.21	%		17.25	%		23.15	%		(6.88	)%		7.77	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11,359		$	16,740		$	12,670		$	11,984		$	8,997		$	9,903
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.21	%(F)		1.17	%		1.19	%		1.31	%		1.28	%		1.30	%(F)
Including waiver and/or reimbursement and recapture		1.21	%(F)		1.17	%		1.19	%		1.20	%		1.10	%		1.30	%(F)
Net investment income (loss) to average net assets		(0.72	)%(F)		(0.79	)%		(0.68	)%		(0.62	)%		(0.04	)%		(0.10	)%(F)
Portfolio turnover rate		38	%(E)		99	%		91	%		136	%		61	%		30	%(E)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.01		$	11.14		$	9.74		$	12.55		$	13.77		$	12.84
Investment operations:
Net investment income (loss) (B)		(0.07	)		(0.20	)		(0.14	)		(0.12	)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		(3.14	)		3.71			1.72			1.47			(0.88	)(C)		1.00
Total investment operations		(3.21	)		3.51			1.58			1.35			(0.99	)		0.93
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net realized gains		(4.35	)		(0.64	)		(0.18	)		(4.16	)		(0.23	)		—
Net asset value, end of period/year	$	6.45		$	14.01		$	11.14		$	9.74		$	12.55		$	13.77
Total return (D)		(30.18	)%(E)		32.24	%		16.43	%		22.29	%		(7.58	)%		7.24	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	571		$	1,659		$	1,341		$	1,370		$	1,268		$	1,448
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.02	%(F)		1.90	%		1.94	%		2.06	%		2.05	%		2.05	%(F)
Including waiver and/or reimbursement and recapture		1.98	%(F)		1.90	%		1.94	%		1.93	%		1.85	%		2.05	%(F)
Net investment income (loss) to average net assets		(1.52	)%(F)		(1.52	)%		(1.43	)%		(1.34	)%		(0.79	)%		(0.85	)%(F)
Portfolio turnover rate		38	%(E)		99	%		91	%		136	%		61	%		30	%(E)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Not annualized.
(F)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    351

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	15.44		$	12.10		$	10.46		$	13.09		$	14.27		$	13.21
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.07	)		(0.04	)		(0.03	)		0.03			0.02
Net realized and unrealized gain (loss)		(3.57	)		4.05			1.86			1.60			(0.93	)(C)		1.04
Total investment operations		(3.59	)		3.98			1.82			1.57			(0.90	)		1.06
Contributions from affiliate		0.01	(D)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.04	)		(0.05	)		—
Net realized gains		(4.35	)		(0.64	)		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(4.35	)		(0.64	)		(0.18	)		(4.20	)		(0.28	)		—
Net asset value, end of period/year	$	7.51		$	15.44		$	12.10		$	10.46		$	13.09		$	14.27
Total return		(29.64	)%(D)(E)		33.62	%		17.61	%		23.45	%		(6.64	)%		8.02	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,865		$	2,417		$	1,488		$	769		$	664		$	664
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%(F)		0.87	%		0.88	%		1.00	%		0.99	%		0.98	%(F)
Including waiver and/or reimbursement and recapture		0.88	%(F)		0.87	%		0.88	%		0.90	%		0.85	%		0.98	%(F)
Net investment income (loss) to average net assets		(0.39	)%(F)		(0.50	)%		(0.38	)%		(0.32	)%		0.20	%		0.22	%(F)
Portfolio turnover rate		38	%(E)		99	%		91	%		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)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.01 to the class. The Total Return would have been 0.09% lower had the affiliate not made additional contributions.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class I2
	April 30, 2022  (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	15.58		$	12.19		$	10.53		$	13.10		$	14.31		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.01	)		(0.05	)		(0.03	)		(0.04	)		0.07			0.03
Net realized and unrealized gain (loss)		(3.62	)		4.08			1.87			1.63			(0.99	)(C)		1.04
Total investment operations		(3.63	)		4.03			1.84			1.59			(0.92	)		1.07
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.06	)		—
Net realized gains		(4.35	)		(0.64	)		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(4.35	)		(0.64	)		(0.18	)		(4.16	)		(0.29	)		—
Net asset value, end of period/year	$	7.60		$	15.58		$	12.19		$	10.53		$	13.10		$	14.31
Total return		(29.72	)%(D)		33.79	%		17.69	%		23.34	%		(6.60	)%		8.08	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	252,075		$	302,016		$	391,784		$	156,858		$	9		$	155,629
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(E)		0.76	%		0.77	%		0.88	%		0.86	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.78	%(E)		0.76	%		0.77	%(F)		0.85	%		0.74	%		0.87	%(E)
Net investment income (loss) to average net assets		(0.27	)%(E)		(0.37	)%		(0.29	)%		(0.41	)%		0.45	%		0.35	%(E)
Portfolio turnover rate		38	%(D)		99	%		91	%		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.
(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 2022

Page    352

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	15.56		$	12.17		$	10.51		$	13.14		$	14.32		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.01	)		(0.05	)		(0.03	)		(0.03	)		0.05			0.04
Net realized and unrealized gain (loss)		(3.62	)		4.08			1.87			1.61			(0.95	)(C)		1.04
Total investment operations		(3.63	)		4.03			1.84			1.58			(0.90	)		1.08
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.05	)		(0.05	)		—
Net realized gains		(4.35	)		(0.64	)		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(4.35	)		(0.64	)		(0.18	)		(4.21	)		(0.28	)		—
Net asset value, end of period/year	$	7.58		$	15.56		$	12.17		$	10.51		$	13.14		$	14.32
Total return		(29.73	)%(D)		33.64	%		17.71	%		23.41	%		(6.49	)%		8.16	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	24,624		$	36,970		$	35,975		$	38,275		$	36,797		$	48,330
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(E)		0.76	%		0.76	%		0.88	%		0.87	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.78	%(E)		0.76	%(F)		0.78	%		0.84	%		0.75	%		0.75	%(E)
Net investment income (loss) to average net assets		(0.29	)%(E)		(0.38	)%		(0.27	)%		(0.27	)%		0.32	%		0.50	%(E)
Portfolio turnover rate		38	%(D)		99	%		91	%		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.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	15.29		$	12.03		$	10.45		$	13.08		$	14.26		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.12	)		(0.09	)		(0.07	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		(3.52	)		4.02			1.85			1.60			(0.92	)(C)		1.03
Total investment operations		(3.56	)		3.90			1.76			1.53			(0.95	)		1.02
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net realized gains		(4.35	)		(0.64	)		(0.18	)		(4.16	)		(0.23	)		—
Net asset value, end of period/year	$	7.38		$	15.29		$	12.03		$	10.45		$	13.08		$	14.26
Total return		(29.86	)%(D)		33.13	%		17.05	%		22.79	%		(6.89	)%		7.70	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	17,134		$	25,582		$	22,527		$	20,748		$	19,711		$	26,153
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.28	%(E)		1.25	%		1.26	%		1.37	%		1.37	%		1.37	%(E)
Including waiver and/or reimbursement and recapture		1.28	%(E)		1.25	%		1.32	%		1.35	%		1.27	%		1.35	%(E)
Net investment income (loss) to average net assets		(0.78	)%(E)		(0.88	)%		(0.81	)%		(0.76	)%		(0.19	)%		(0.16	)%(E)
Portfolio turnover rate		38	%(D)		99	%		91	%		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 2022

Page    353

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Growth
	Class R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	15.53		$	12.17		$	10.53		$	13.13		$	14.30		$	12.70		$	12.50
Investment operations:
Net investment income (loss) (D)		(0.02	)		(0.08	)		(0.05	)		(0.03	)		0.02			0.01			(0.01	)
Net realized and unrealized gain (loss)		(3.60	)		4.08			1.87			1.60			(0.95	)(E)		1.92			1.48
Total investment operations		(3.62	)		4.00			1.82			1.57			(0.93	)		1.93			1.47
Contributions from affiliate		—			—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.01	)		(0.01	)		—			—
Net realized gains		(4.35	)		(0.64	)		(0.18	)		(4.16	)		(0.23	)		(0.33	)		(1.27	)
Total dividends and/or distributions to shareholders		(4.35	)		(0.64	)		(0.18	)		(4.17	)		(0.24	)		(0.33	)		(1.27	)
Net asset value, end of period/year	$	7.56		$	15.53		$	12.17		$	10.53		$	13.13		$	14.30		$	12.70
Total return		(29.78	)%(F)		33.59	%		17.50	%		23.05	%		(6.64	)%		15.34	%(F)		12.13	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	140		$	192		$	334		$	357		$	4,709		$	10,232		$	16,767
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%(G)		1.01	%		1.01	%		1.13	%		1.12	%		1.20	%(G)		1.36	%
Including waiver and/or reimbursement and recapture		0.95	%(G)		0.95	%		0.95	%		0.95	%		0.95	%		0.98	%(G)(H)		0.95	%(I)
Net investment income (loss) to average net assets		(0.45	)%(G)		(0.54	)%		(0.43	)%		(0.32	)%		0.17	%		0.13	%(G)		(0.09	)%
Portfolio turnover rate		38	%(F)		99	%		91	%		136	%		61	%		30	%(F)		79	%

(A)	Transamerica Partners Institutional Mid Growth reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Mid Growth, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 10, 2017, the Fund underwent a 0.84-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Not annualized.
(G)	Annualized.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the periods indicated:	Transamerica Mid Cap Growth
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021 (A)
Net asset value, beginning of period	$	15.55		$	13.87
Investment operations:
Net investment income (loss) (B)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss)		(3.60	)		1.71
Total investment operations		(3.61	)		1.68
Contributions from affiliate		—			—
Dividends and/or distributions to shareholders:
Net realized gains		(4.35	)		—
Net asset value, end of period	$	7.59		$	15.55
Total return		(29.66	)%(C)		12.11	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	7,519		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(D)		0.76	%(D)
Including waiver and/or reimbursement and recapture		0.78	%(D)		0.76	%(D)
Net investment income (loss) to average net assets		(0.31	)%(D)		(0.53	)%(D)
Portfolio turnover rate		38	%(C)		99	%

(A)	Commenced operations on May 28, 2021.
(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 2022

Page    354

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.72		$	10.05		$	11.63		$	11.53		$	11.86		$	11.80
Investment operations:
Net investment income (loss) (A)		0.03			0.01			0.09			0.11			0.09			0.07
Net realized and unrealized gain (loss)		0.06			4.73			(1.29	)		0.83			0.50			0.95
Total investment operations		0.09			4.74			(1.20	)		0.94			0.59			1.02
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.07	)		(0.04	)		(0.11	)		(0.09	)		(0.12	)
Net realized gains		(3.27	)		—			(0.34	)		(0.73	)		(0.83	)		(0.84	)
Total dividends and/or distributions to shareholders		(3.29	)		(0.07	)		(0.38	)		(0.84	)		(0.92	)		(0.96	)
Net asset value, end of period/year	$	11.52		$	14.72		$	10.05		$	11.63		$	11.53		$	11.86
Total return (B)		0.65	%(C)		47.42	%		(10.80	)%		9.64	%		4.75	%		8.77	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	27,067		$	27,613		$	14,788		$	22,143		$	108,568		$	116,047
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.18	%(D)		1.19	%		1.31	%		1.33	%		1.25	%		1.09	%
Including waiver and/or reimbursement and recapture		1.20	%(D)		1.20	%		1.20	%		1.11	%		1.05	%		1.09	%
Net investment income (loss) to average net assets		0.54	%(D)		0.06	%		0.86	%		1.01	%		0.78	%		0.57	%
Portfolio turnover rate		34	%(C)		54	%		82	%		77	%		85	%		76	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.45		$	9.87		$	11.48		$	11.35		$	11.71		$	11.70
Investment operations:
Net investment income (loss) (A)		(0.01	)		(0.07	)		0.02			(0.00	)(B)		0.01			(0.03	)
Net realized and unrealized gain (loss)		0.06			4.65			(1.28	)		0.88			0.48			0.95
Total investment operations		0.05			4.58			(1.26	)		0.88			0.49			0.92
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.01	)		(0.02	)		(0.02	)		(0.07	)
Net realized gains		(3.27	)		—			(0.34	)		(0.73	)		(0.83	)		(0.84	)
Total dividends and/or distributions to shareholders		(3.27	)		—			(0.35	)		(0.75	)		(0.85	)		(0.91	)
Net asset value, end of period/year	$	11.23		$	14.45		$	9.87		$	11.48		$	11.35		$	11.71
Total return (C)		0.34	%(D)		46.40	%		(11.43	)%		9.00	%		4.00	%		7.95	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16,393		$	17,471		$	13,167		$	19,808		$	17,476		$	17,808
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.86	%(E)		1.85	%		1.91	%		1.89	%		1.88	%		1.89	%
Including waiver and/or reimbursement and recapture		1.86	%(E)		1.85	%		1.91	%		1.86	%		1.80	%		1.89	%
Net investment income (loss) to average net assets		(0.13	)%(E)		(0.53	)%		0.16	%		(0.04	)%		0.06	%		(0.29	)%
Portfolio turnover rate		34	%(D)		54	%		82	%		77	%		85	%		76	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(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 2022

Page    355

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.80		$	10.11		$	11.73		$	11.60		$	11.93		$	11.85
Investment operations:
Net investment income (loss) (A)		0.06			0.07			0.12			0.11			0.13			0.10
Net realized and unrealized gain (loss)		0.05			4.73			(1.28	)		0.89			0.49			0.95
Total investment operations		0.11			4.80			(1.16	)		1.00			0.62			1.05
Contributions from affiliate		0.01	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.11	)		(0.12	)		(0.14	)		(0.12	)		(0.13	)
Net realized gains		(3.27	)		—			(0.34	)		(0.73	)		(0.83	)		(0.84	)
Total dividends and/or distributions to shareholders		(3.33	)		(0.11	)		(0.46	)		(0.87	)		(0.95	)		(0.97	)
Net asset value, end of period/year	$	11.59		$	14.80		$	10.11		$	11.73		$	11.60		$	11.93
Total return		0.92	%(B)(C)		47.90	%		(10.48	)%		9.99	%		5.16	%		8.94	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	640,733		$	656,368		$	475,103		$	512,150		$	368,787		$	394,378
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%(D)		0.83	%		0.85	%		0.85	%		0.85	%		0.86	%
Including waiver and/or reimbursement and recapture		0.85	%(D)		0.83	%		0.85	%		0.84	%		0.80	%		0.86	%
Net investment income (loss) to average net assets		0.90	%(D)		0.48	%		1.16	%		0.94	%		1.09	%		0.79	%
Portfolio turnover rate		34	%(C)		54	%		82	%		77	%		85	%		76	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.01 to the class. The Total Return would have been 0.08% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.83		$	10.12		$	11.74		$	11.62		$	11.95		$	11.87
Investment operations:
Net investment income (loss) (A)		0.06			0.09			0.13			0.12			0.14			0.11
Net realized and unrealized gain (loss)		0.06			4.74			(1.28	)		0.88			0.49			0.95
Total investment operations		0.12			4.83			(1.15	)		1.00			0.63			1.06
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.12	)		(0.13	)		(0.15	)		(0.13	)		(0.14	)
Net realized gains		(3.27	)		—			(0.34	)		(0.73	)		(0.83	)		(0.84	)
Total dividends and/or distributions to shareholders		(3.35	)		(0.12	)		(0.47	)		(0.88	)		(0.96	)		(0.98	)
Net asset value, end of period/year	$	11.60		$	14.83		$	10.12		$	11.74		$	11.62		$	11.95
Total return		0.88	%(B)		47.93	%		(10.31	)%		10.04	%		5.26	%		9.09	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	177,365		$	219,525		$	293,440		$	277,692		$	280,299		$	298,655
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%(C)		0.74	%		0.75	%		0.75	%		0.75	%		0.76	%
Including waiver and/or reimbursement and recapture		0.75	%(C)		0.74	%		0.75	%		0.75	%(D)		0.71	%		0.76	%
Net investment income (loss) to average net assets		0.97	%(C)		0.68	%		1.21	%		1.09	%		1.15	%		0.92	%
Portfolio turnover rate		34	%(B)		54	%		82	%		77	%		85	%		76	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2022

Page    356

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.89		$	10.17		$	11.80		$	11.67		$	11.96		$	11.93
Investment operations:
Net investment income (loss) (B)		0.06			0.08			0.13			0.12			0.14			0.06
Net realized and unrealized gain (loss)		0.07			4.76			(1.29	)		0.90			0.48			(0.03	)(C)
Total investment operations		0.13			4.84			(1.16	)		1.02			0.62			0.03
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.12	)		(0.13	)		(0.16	)		(0.08	)		—
Net realized gains		(3.27	)		—			(0.34	)		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(3.35	)		(0.12	)		(0.47	)		(0.89	)		(0.91	)		—
Net asset value, end of period/year	$	11.67		$	14.89		$	10.17		$	11.80		$	11.67		$	11.96
Total return		0.95	%(D)		48.03	%		(10.43	)%		10.10	%		5.19	%		0.25	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	114,553		$	128,122		$	114,102		$	212,674		$	231,307		$	275,016
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%(E)		0.74	%		0.75	%		0.75	%		0.75	%		0.76	%(E)
Including waiver and/or reimbursement and recapture		0.75	%(E)		0.74	%		0.75	%		0.75	%(F)		0.70	%		0.70	%(E)
Net investment income (loss) to average net assets		0.97	%(E)		0.60	%		1.28	%		1.09	%		1.16	%		0.79	%(E)
Portfolio turnover rate		34	%(D)		54	%		82	%		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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.86		$	10.15		$	11.77		$	11.63		$	11.92		$	11.93
Investment operations:
Net investment income (loss) (B)		0.03			0.01			0.08			0.07			0.07			0.02
Net realized and unrealized gain (loss)		0.06			4.77			(1.29	)		0.88			0.50			(0.03	)(C)
Total investment operations		0.09			4.78			(1.21	)		0.95			0.57			(0.01	)
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			(0.07	)		(0.07	)		(0.08	)		(0.03	)		—
Net realized gains		(3.27	)		—			(0.34	)		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(3.27	)		(0.07	)		(0.41	)		(0.81	)		(0.86	)		—
Net asset value, end of period/year	$	11.68		$	14.86		$	10.15		$	11.77		$	11.63		$	11.92
Total return		0.66	%(D)		47.20	%		(10.77	)%		9.45	%		4.70	%		(0.08	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	56,414		$	58,856		$	46,194		$	62,961		$	69,546		$	88,909
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.25	%(E)		1.23	%		1.25	%		1.25	%		1.26	%		1.27	%(E)
Including waiver and/or reimbursement and recapture		1.25	%(E)		1.25	%		1.25	%(F)		1.25	%(F)		1.24	%		1.25	%(E)
Net investment income (loss) to average net assets		0.48	%(E)		0.07	%		0.79	%		0.60	%		0.63	%		0.26	%(E)
Portfolio turnover rate		34	%(D)		54	%		82	%		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 2022

Page    357

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	14.92		$	10.19		$	11.79		$	11.66		$	11.94		$	11.93
Investment operations:
Net investment income (loss) (B)		0.05			0.06			0.12			0.12			0.11			0.04
Net realized and unrealized gain (loss)		0.06			4.77			(1.30	)		0.87			0.50			(0.03	)(C)
Total investment operations		0.11			4.83			(1.18	)		0.99			0.61			0.01
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.10	)		(0.08	)		(0.13	)		(0.06	)		—
Net realized gains		(3.27	)		—			(0.34	)		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(3.32	)		(0.10	)		(0.42	)		(0.86	)		(0.89	)		—
Net asset value, end of period/year	$	11.71		$	14.92		$	10.19		$	11.79		$	11.66		$	11.94
Total return		0.83	%(D)		47.83	%		(10.55	)%		9.83	%		5.07	%		0.08	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	109,468		$	116,919		$	83,065		$	101,137		$	362,082		$	424,122
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%(E)		0.99	%		1.00	%		1.00	%		1.00	%		1.01	%(E)
Including waiver and/or reimbursement and recapture		0.90	%(E)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		0.83	%(E)		0.40	%		1.13	%		1.06	%		0.96	%		0.58	%(E)
Portfolio turnover rate		34	%(D)		54	%		82	%		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 period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.94		$	10.19		$	11.83		$	11.70		$	12.03		$	11.87
Investment operations:
Net investment income (loss) (A)		0.06			0.08			0.13			0.12			0.04			0.08
Net realized and unrealized gain (loss)		0.06			4.79			(1.30	)		0.90			0.59			0.98
Total investment operations		0.12			4.87			(1.17	)		1.02			0.63			1.06
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.12	)		(0.13	)		(0.16	)		(0.13	)		(0.06	)
Net realized gains		(3.27	)		—			(0.34	)		(0.73	)		(0.83	)		(0.84	)
Total dividends and/or distributions to shareholders		(3.35	)		(0.12	)		(0.47	)		(0.89	)		(0.96	)		(0.90	)
Net asset value, end of period/year	$	11.71		$	14.94		$	10.19		$	11.83		$	11.70		$	12.03
Total return		0.88	%(B)		48.09	%		(10.40	)%		10.06	%		5.22	%		9.09	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	219,411		$	190,702		$	209,734		$	222,061		$	166,519		$	16,391
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%(C)		0.74	%		0.75	%		0.75	%		0.75	%		0.76	%
Including waiver and/or reimbursement and recapture		0.75	%(C)		0.74	%		0.75	%		0.75	%(D)		0.71	%		0.76	%
Net investment income (loss) to average net assets		0.97	%(C)		0.62	%		1.27	%		1.08	%		0.30	%		0.68	%
Portfolio turnover rate		34	%(B)		54	%		82	%		77	%		85	%		76	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2022

Page    358

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Asset Income
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.24		$	11.53		$	11.64		$	10.91		$	10.96		$	9.97
Investment operations:
Net investment income (loss) (A)		0.22			0.40			0.40			0.40			0.39			0.39
Net realized and unrealized gain (loss)		(0.81	)		2.72			(0.09	)		0.82			(0.05	)		0.96
Total investment operations		(0.59	)		3.12			0.31			1.22			0.34			1.35
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.41	)		(0.41	)		(0.36	)		(0.35	)		(0.36	)
Net realized gains		(0.18	)		—			(0.01	)		(0.13	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.41	)		(0.42	)		(0.49	)		(0.39	)		(0.36	)
Net asset value, end of period/year	$	13.23		$	14.24		$	11.53		$	11.64		$	10.91		$	10.96
Total return (B)		(4.30	)%(C)		27.30	%		2.91	%		11.72	%		3.11	%		13.77	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	141,962		$	134,310		$	36,696		$	34,731		$	27,644		$	20,733
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%(D)		0.98	%(E)		1.03	%		1.12	%		1.20	%		1.19	%
Including waiver and/or reimbursement and recapture		1.00	%(D)		0.98	%(E)		1.03	%		1.12	%		1.20	%		1.21	%(F)
Net investment income (loss) to average net assets		3.22	%(D)		2.89	%		3.54	%		3.59	%		3.50	%		3.74	%
Portfolio turnover rate		16	%(C)		45	%		61	%		53	%		38	%		79	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.17		$	11.48		$	11.59		$	10.86		$	10.92		$	9.94
Investment operations:
Net investment income (loss) (A)		0.17			0.30			0.32			0.31			0.31			0.31
Net realized and unrealized gain (loss)		(0.80	)		2.70			(0.09	)		0.84			(0.07	)		0.97
Total investment operations		(0.63	)		3.00			0.23			1.15			0.24			1.28
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.31	)		(0.33	)		(0.29	)		(0.26	)		(0.30	)
Net realized gains		(0.18	)		—			(0.01	)		(0.13	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.37	)		(0.31	)		(0.34	)		(0.42	)		(0.30	)		(0.30	)
Net asset value, end of period/year	$	13.17		$	14.17		$	11.48		$	11.59		$	10.86		$	10.92
Total return (B)		(4.64	)%(C)		26.32	%		2.17	%		11.00	%		2.24	%		12.97	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	88,797		$	87,104		$	52,109		$	46,600		$	38,322		$	43,076
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.75	%(D)		1.71	%(E)		1.76	%		1.85	%		1.92	%		1.94	%
Including waiver and/or reimbursement and recapture		1.72	%(D)		1.71	%(E)		1.76	%		1.85	%		1.92	%		1.94	%
Net investment income (loss) to average net assets		2.50	%(D)		2.23	%		2.82	%		2.86	%		2.80	%		2.99	%
Portfolio turnover rate		16	%(C)		45	%		61	%		53	%		38	%		79	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(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 2022

Page    359

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Asset Income
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.25		$	11.53		$	11.64		$	10.91		$	10.97		$	9.97
Investment operations:
Net investment income (loss) (A)		0.24			0.43			0.44			0.43			0.42			0.42
Net realized and unrealized gain (loss)		(0.80	)		2.73			(0.10	)		0.83			(0.06	)		0.97
Total investment operations		(0.56	)		3.16			0.34			1.26			0.36			1.39
Contributions from affiliate		0.00	(B)(C)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.44	)		(0.44	)		(0.40	)		(0.38	)		(0.39	)
Net realized gains		(0.18	)		—			(0.01	)		(0.13	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.45	)		(0.44	)		(0.45	)		(0.53	)		(0.42	)		(0.39	)
Net asset value, end of period/year	$	13.24		$	14.25		$	11.53		$	11.64		$	10.91		$	10.97
Total return		(4.14	)%(C)(D)		27.66	%		3.17	%		12.14	%		3.27	%		14.10	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	436,854		$	347,653		$	170,942		$	153,353		$	92,148		$	71,827
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(E)		0.74	%(F)		0.78	%		0.85	%		0.93	%		0.94	%
Including waiver and/or reimbursement and recapture		0.72	%(E)		0.72	%(F)		0.72	%		0.83	%		0.95	%		0.96	%(G)
Net investment income (loss) to average net assets		3.50	%(E)		3.20	%		3.87	%		3.86	%		3.75	%		4.02	%
Portfolio turnover rate		16	%(D)		45	%		61	%		53	%		38	%		79	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.00% lower had the affiliate not made additional contributions.
(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 I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	13.58		$	11.01		$	11.14		$	10.47		$	10.52		$	9.62
Investment operations:
Net investment income (loss) (A)		0.24			0.43			0.42			0.41			0.42			0.40
Net realized and unrealized gain (loss)		(0.77	)		2.58			(0.09	)		0.79			(0.06	)		0.90
Total investment operations		(0.53	)		3.01			0.33			1.20			0.36			1.30
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.44	)		(0.45	)		(0.40	)		(0.37	)		(0.40	)
Net realized gains		(0.18	)		—			(0.01	)		(0.13	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.45	)		(0.44	)		(0.46	)		(0.53	)		(0.41	)		(0.40	)
Net asset value, end of period/year	$	12.60		$	13.58		$	11.01		$	11.14		$	10.47		$	10.52
Total return		(4.14	)%(B)		27.79	%		3.28	%		12.03	%		3.45	%		13.70	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16		$	17		$	13		$	13		$	11		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%(C)		0.64	%(D)		0.68	%		0.74	%		0.82	%		0.84	%
Including waiver and/or reimbursement and recapture		0.65	%(C)		0.64	%(D)		0.68	%		0.82	%		0.82	%		0.96	%(E)
Net investment income (loss) to average net assets		3.56	%(C)		3.32	%		3.89	%		3.89	%		3.88	%		3.94	%
Portfolio turnover rate		16	%(B)		45	%		61	%		53	%		38	%		79	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

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

Transamerica Funds Semi-Annual Report 2022

Page    360

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	36.04		$	30.23		$	28.66		$	27.54		$	27.90		$	24.88
Investment operations:
Net investment income (loss) (A)		0.11			0.22			0.28			0.36			0.34			0.28
Net realized and unrealized gain (loss)		(3.22	)		7.06			2.44			2.79			0.24			3.15
Total investment operations		(3.11	)		7.28			2.72			3.15			0.58			3.43
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.22	)		(0.30	)		(0.37	)		(0.35	)		(0.32	)
Net realized gains		(2.16	)		(1.25	)		(0.85	)		(1.66	)		(0.59	)		(0.09	)
Total dividends and/or distributions to shareholders		(2.27	)		(1.47	)		(1.15	)		(2.03	)		(0.94	)		(0.41	)
Net asset value, end of period/year	$	30.66		$	36.04		$	30.23		$	28.66		$	27.54		$	27.90
Total return (B)		(9.26	)%(C)		24.80	%		9.76	%		12.53	%		2.05	%		13.89	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	641,485		$	725,936		$	572,827		$	558,639		$	532,861		$	573,224
Expenses to average net assets		0.95	%(D)		0.94	%		1.01	%		1.04	%		1.03	%		1.03	%
Net investment income (loss) to average net assets		0.67	%(D)		0.65	%		0.98	%		1.34	%		1.22	%		1.07	%
Portfolio turnover rate		17	%(C)		40	%		53	%		41	%		48	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	35.25		$	29.62		$	28.11		$	27.04		$	27.41		$	24.45
Investment operations:
Net investment income (loss) (A)		(0.01	)		(0.03	)		0.06			0.15			0.13			0.08
Net realized and unrealized gain (loss)		(3.15	)		6.92			2.39			2.75			0.22			3.09
Total investment operations		(3.16	)		6.89			2.45			2.90			0.35			3.17
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)		(0.01	)		(0.09	)		(0.17	)		(0.13	)		(0.12	)
Net realized gains		(2.16	)		(1.25	)		(0.85	)		(1.66	)		(0.59	)		(0.09	)
Total dividends and/or distributions to shareholders		(2.16	)		(1.26	)		(0.94	)		(1.83	)		(0.72	)		(0.21	)
Net asset value, end of period/year	$	29.93		$	35.25		$	29.62		$	28.11		$	27.04		$	27.41
Total return (C)		(9.60	)%(D)		23.88	%		8.89	%		11.73	%		1.25	%		13.02	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	198,440		$	236,477		$	216,561		$	195,175		$	184,727		$	222,884
Expenses to average net assets		1.71	%(E)		1.69	%		1.76	%		1.80	%		1.79	%		1.79	%
Net investment income (loss) to average net assets		(0.08	)%(E)		(0.10	)%		0.22	%		0.58	%		0.47	%		0.32	%
Portfolio turnover rate		17	%(D)		40	%		53	%		41	%		48	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(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 2022

Page    361

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	36.24		$	30.39		$	28.81		$	27.67		$	28.03		$	24.99
Investment operations:
Net investment income (loss) (A)		0.15			0.29			0.35			0.43			0.41			0.34
Net realized and unrealized gain (loss)		(3.25	)		7.10			2.45			2.80			0.23			3.16
Total investment operations		(3.10	)		7.39			2.80			3.23			0.64			3.50
Contributions from affiliate		0.04	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.29	)		(0.37	)		(0.43	)		(0.41	)		(0.37	)
Net realized gains		(2.16	)		(1.25	)		(0.85	)		(1.66	)		(0.59	)		(0.09	)
Total dividends and/or distributions to shareholders		(2.31	)		(1.54	)		(1.22	)		(2.09	)		(1.00	)		(0.46	)
Net asset value, end of period/year	$	30.87		$	36.24		$	30.39		$	28.81		$	27.67		$	28.03
Total return		(9.08	)%(B)(C)		25.06	%		9.99	%		12.79	%		2.26	%		14.13	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	373,049		$	401,468		$	296,123		$	244,156		$	232,308		$	266,637
Expenses to average net assets		0.74	%(D)		0.73	%		0.79	%		0.82	%		0.82	%		0.82	%
Net investment income (loss) to average net assets		0.88	%(D)		0.85	%		1.18	%		1.55	%		1.44	%		1.28	%
Portfolio turnover rate		17	%(C)		40	%		53	%		41	%		48	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.04 to the class. The Total Return would have been 0.12% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period indicated:	Transamerica Multi-Managed Balanced
	Class R
	April 30, 2022 (unaudited) (A)
Net asset value, beginning of period	$	32.40
Investment operations:
Net investment income (loss) (B)		0.02
Net realized and unrealized gain (loss)		(1.71	)
Total investment operations		(1.69	)
Contributions from affiliate		—
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)
Net asset value, end of period	$	30.69
Total return		(5.26	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	9
Expenses to average net assets		1.33	%(D)
Net investment income (loss) to average net assets		0.32	%(D)
Portfolio turnover rate		17	%(C)

(A)	Commenced operations on March 1, 2022.
(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 2022

Page    362

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Multi-Managed Balanced
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	36.25		$	30.39		$	28.81		$	27.67		$	28.03		$	24.99
Investment operations:
Net investment income (loss) (A)		0.16			0.32			0.37			0.44			0.44			0.37
Net realized and unrealized gain (loss)		(3.25	)		7.12			2.46			2.82			0.23			3.16
Total investment operations		(3.09	)		7.44			2.83			3.26			0.67			3.53
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.33	)		(0.40	)		(0.46	)		(0.44	)		(0.40	)
Net realized gains		(2.16	)		(1.25	)		(0.85	)		(1.66	)		(0.59	)		(0.09	)
Total dividends and/or distributions to shareholders		(2.32	)		(1.58	)		(1.25	)		(2.12	)		(1.03	)		(0.49	)
Net asset value, end of period/year	$	30.84		$	36.25		$	30.39		$	28.81		$	27.67		$	28.03
Total return		(9.15	)%(B)		25.22	%		10.11	%		12.92	%		2.37	%		14.25	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	26,504		$	30,794		$	17,595		$	13,458		$	7,149		$	9,749
Expenses to average net assets		0.64	%(C)		0.63	%		0.69	%		0.71	%		0.71	%		0.71	%
Net investment income (loss) to average net assets		0.98	%(C)		0.95	%		1.28	%		1.62	%		1.54	%		1.39	%
Portfolio turnover rate		17	%(B)		40	%		53	%		41	%		48	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.33		$	10.32		$	10.29		$	10.05		$	10.22		$	10.23
Investment operations:
Net investment income (loss) (A)		0.05			0.13			0.21			0.26			0.22			0.19
Net realized and unrealized gain (loss)		(0.38	)		0.02			0.04	(B)		0.24			(0.17	)		0.01
Total investment operations		(0.33	)		0.15			0.25			0.50			0.05			0.20
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.14	)		(0.22	)		(0.26	)		(0.22	)		(0.21	)
Net asset value, end of period/year	$	9.94		$	10.33		$	10.32		$	10.29		$	10.05		$	10.22
Total return (C)		(3.22	)%(D)		1.46	%		2.43	%		5.04	%		0.53	%		1.90	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	719,970		$	817,203		$	731,602		$	698,062		$	732,815		$	940,515
Expenses to average net assets		0.71	%(E)		0.70	%		0.72	%		0.82	%		0.85	%		0.84	%
Net investment income (loss) to average net assets		1.05	%(E)		1.27	%		2.04	%		2.54	%		2.16	%		1.84	%
Portfolio turnover rate		26	%(D)		44	%		44	%		61	%		60	%		52	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(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 2022

Page    363

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.31		$	10.30		$	10.27		$	10.03		$	10.20		$	10.21
Investment operations:
Net investment income (loss) (A)		0.01			0.05			0.13			0.18			0.14			0.11
Net realized and unrealized gain (loss)		(0.38	)		0.02			0.03	(B)		0.24			(0.16	)		0.01
Total investment operations		(0.37	)		0.07			0.16			0.42			(0.02	)		0.12
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.06	)		(0.13	)		(0.18	)		(0.15	)		(0.13	)
Net asset value, end of period/year	$	9.92		$	10.31		$	10.30		$	10.27		$	10.03		$	10.20
Total return (C)		(3.61	)%(D)		0.67	%		1.62	%		4.23	%		(0.24	)%		1.12	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	128,569		$	157,464		$	225,838		$	294,497		$	393,543		$	517,918
Expenses to average net assets		1.50	%(E)		1.48	%		1.50	%		1.61	%		1.62	%		1.61	%
Net investment income (loss) to average net assets		0.26	%(E)		0.51	%		1.28	%		1.77	%		1.40	%		1.07	%
Portfolio turnover rate		26	%(D)		44	%		44	%		61	%		60	%		52	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(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 Short-Term Bond
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.15		$	10.15		$	10.11		$	9.88		$	10.05		$	10.05
Investment operations:
Net investment income (loss) (A)		0.06			0.15			0.22			0.27			0.24			0.20
Net realized and unrealized gain (loss)		(0.37	)		0.01			0.05	(B)		0.24			(0.17	)		0.02
Total investment operations		(0.31	)		0.16			0.27			0.51			0.07			0.22
Contributions from affiliate		0.01	(C)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.16	)		(0.23	)		(0.28	)		(0.24	)		(0.22	)
Net asset value, end of period/year	$	9.78		$	10.15		$	10.15		$	10.11		$	9.88		$	10.05
Total return		(3.00	)%(C)(D)		1.57	%		2.73	%		5.20	%		0.71	%		2.21	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,223,198		$	2,398,836		$	1,979,174		$	1,745,843		$	1,451,634		$	1,312,220
Expenses to average net assets		0.51	%(E)		0.50	%		0.52	%		0.62	%		0.65	%		0.64	%
Net investment income (loss) to average net assets		1.25	%(E)		1.46	%		2.24	%		2.74	%		2.39	%		2.04	%
Portfolio turnover rate		26	%(D)		44	%		44	%		61	%		60	%		52	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(C)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.01 to the class. The Total Return would have been 0.10% lower had the affiliate not made additional contributions.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    364

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.14		$	10.13		$	10.11		$	9.87		$	10.04		$	10.04
Investment operations:
Net investment income (loss) (A)		0.07			0.16			0.24			0.28			0.24			0.22
Net realized and unrealized gain (loss)		(0.38	)		0.02			0.02	(B)		0.25			(0.16	)		0.01
Total investment operations		(0.31	)		0.18			0.26			0.53			0.08			0.23
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.17	)		(0.24	)		(0.29	)		(0.25	)		(0.23	)
Net asset value, end of period/year	$	9.76		$	10.14		$	10.13		$	10.11		$	9.87		$	10.04
Total return		(3.05	)%(C)		1.77	%		2.63	%		5.41	%		0.81	%		2.31	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	140,084		$	138,031		$	155,005		$	282,641		$	220,648		$	427,397
Expenses to average net assets		0.42	%(D)		0.41	%		0.42	%		0.52	%		0.55	%		0.54	%
Net investment income (loss) to average net assets		1.35	%(D)		1.56	%		2.37	%		2.85	%		2.45	%		2.15	%
Portfolio turnover rate		26	%(C)		44	%		44	%		61	%		60	%		52	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Short-Term Bond
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.15		$	10.14		$	10.11		$	9.87		$	10.03		$	10.04
Investment operations:
Net investment income (loss) (A)		0.07			0.16			0.23			0.28			0.26			0.21
Net realized and unrealized gain (loss)		(0.38	)		0.02			0.04	(B)		0.25			(0.17	)		0.01
Total investment operations		(0.31	)		0.18			0.27			0.53			0.09			0.22
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.17	)		(0.24	)		(0.29	)		(0.25	)		(0.23	)
Net asset value, end of period/year	$	9.77		$	10.15		$	10.14		$	10.11		$	9.87		$	10.03
Total return		(3.05	)%(C)		1.77	%		2.74	%		5.42	%		0.92	%		2.21	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	214,163		$	217,665		$	36,002		$	28,807		$	26,240		$	1,412
Expenses to average net assets		0.42	%(D)		0.40	%		0.42	%		0.52	%		0.55	%		0.54	%
Net investment income (loss) to average net assets		1.35	%(D)		1.54	%		2.32	%		2.85	%		2.65	%		2.14	%
Portfolio turnover rate		26	%(C)		44	%		44	%		61	%		60	%		52	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    365

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.13		$	6.55		$	6.43		$	6.51		$	6.89		$	12.15
Investment operations:
Net investment income (loss) (A)		(0.04	)		(0.07	)		(0.07	)		(0.05	)		(0.04	)		(0.06	)
Net realized and unrealized gain (loss)		(2.29	)		3.32			0.65			0.61			0.34			2.42
Total investment operations		(2.33	)		3.25			0.58			0.56			0.30			2.36
Dividends and/or distributions to shareholders:
Net realized gains		(0.97	)		(0.67	)		(0.46	)		(0.64	)		(0.68	)		(7.62	)
Net asset value, end of period/year	$	5.83		$	9.13		$	6.55		$	6.43		$	6.51		$	6.89
Total return (B)		(28.08	)%(C)		51.78	%		9.34	%		11.11	%		4.50	%		26.31	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	16,178		$	24,973		$	16,017		$	14,777		$	18,537		$	15,520
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.40	%(D)		1.34	%		1.42	%		1.47	%		1.41	%		1.51	%
Including waiver and/or reimbursement and recapture		1.40	%(D)		1.38	%		1.40	%		1.35	%		1.25	%		1.41	%(E)
Net investment income (loss) to average net assets		(1.07	)%(D)		(0.91	)%		(1.07	)%		(0.81	)%		(0.55	)%		(0.92	)%
Portfolio turnover rate		21	%(C)		40	%		69	%		72	%		55	%		80	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	7.83		$	5.73		$	5.72		$	5.91		$	6.35		$	11.77
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.12	)		(0.10	)		(0.09	)		(0.08	)		(0.10	)
Net realized and unrealized gain (loss)		(1.93	)		2.89			0.57			0.54			0.32			2.30
Total investment operations		(1.98	)		2.77			0.47			0.45			0.24			2.20
Dividends and/or distributions to shareholders:
Net realized gains		(0.97	)		(0.67	)		(0.46	)		(0.64	)		(0.68	)		(7.62	)
Net asset value, end of period/year	$	4.88		$	7.83		$	5.73		$	5.72		$	5.91		$	6.35
Total return (B)		(28.30	)%(C)		50.73	%		8.52	%		10.28	%		3.87	%		25.22	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,406		$	4,305		$	3,771		$	4,131		$	4,604		$	3,588
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.14	%(D)		2.08	%		2.15	%		2.19	%		2.15	%		2.23	%
Including waiver and/or reimbursement and recapture		2.10	%(D)		2.11	%		2.15	%(E)		2.10	%		2.00	%		2.16	%(F)
Net investment income (loss) to average net assets		(1.76	)%(D)		(1.64	)%		(1.81	)%		(1.55	)%		(1.32	)%		(1.69	)%
Portfolio turnover rate		21	%(C)		40	%		69	%		72	%		55	%		80	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.
(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 2022

Page    366

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.65		$	6.87		$	6.71		$	6.74		$	7.09		$	12.30
Investment operations:
Net investment income (loss) (A)		(0.03	)		(0.05	)		(0.05	)		(0.03	)		(0.02	)		(0.05	)
Net realized and unrealized gain (loss)		(2.43	)		3.50			0.67			0.64			0.35			2.46
Total investment operations		(2.46	)		3.45			0.62			0.61			0.33			2.41
Dividends and/or distributions to shareholders:
Net realized gains		(0.97	)		(0.67	)		(0.46	)		(0.64	)		(0.68	)		(7.62	)
Net asset value, end of period/year	$	6.22		$	9.65		$	6.87		$	6.71		$	6.74		$	7.09
Total return		(27.90	)%(B)		52.32	%		9.56	%		11.50	%		4.82	%		26.40	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	27,614		$	48,376		$	35,706		$	37,424		$	31,592		$	27,564
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%(C)		1.06	%		1.09	%		1.13	%		1.11	%		1.18	%
Including waiver and/or reimbursement and recapture		1.07	%(C)		1.06	%		1.09	%		1.07	%		1.00	%		1.16	%(D)
Net investment income (loss) to average net assets		(0.74	)%(C)		(0.59	)%		(0.76	)%		(0.54	)%		(0.31	)%		(0.69	)%
Portfolio turnover rate		21	%(B)		40	%		69	%		72	%		55	%		80	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.88		$	7.02		$	6.83		$	6.85		$	7.18		$	12.36
Investment operations:
Net investment income (loss) (A)		(0.03	)		(0.04	)		(0.05	)		(0.03	)		(0.01	)		(0.04	)
Net realized and unrealized gain (loss)		(2.49	)		3.57			0.70			0.65			0.36			2.48
Total investment operations		(2.52	)		3.53			0.65			0.62			0.35			2.44
Dividends and/or distributions to shareholders:
Net realized gains		(0.97	)		(0.67	)		(0.46	)		(0.64	)		(0.68	)		(7.62	)
Net asset value, end of period/year	$	6.39		$	9.88		$	7.02		$	6.83		$	6.85		$	7.18
Total return		(27.86	)%(B)		52.35	%		9.85	%		11.48	%		5.06	%		26.63	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	78,493		$	142,112		$	79,099		$	53,600		$	35,995		$	47,690
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%(C)		0.96	%		1.00	%		1.04	%		1.01	%		1.09	%
Including waiver and/or reimbursement and recapture		1.00	%(C)		0.97	%		1.00	%(D)		1.00	%		0.91	%		1.09	%
Net investment income (loss) to average net assets		(0.66	)%(C)		(0.49	)%		(0.69	)%		(0.46	)%		(0.20	)%		(0.57	)%
Portfolio turnover rate		21	%(B)		40	%		69	%		72	%		55	%		80	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Waiver and/or reimbursement and recapture rounds to less than 0.01%.

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

Transamerica Funds Semi-Annual Report 2022

Page    367

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.87		$	7.01		$	6.83		$	6.84		$	7.19		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.05	)		(0.04	)		(0.03	)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		(2.49	)		3.58			0.68			0.66			0.34			0.77
Total investment operations		(2.52	)		3.53			0.64			0.63			0.33			0.75
Dividends and/or distributions to shareholders:
Net realized gains		(0.97	)		(0.67	)		(0.46	)		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	6.38		$	9.87		$	7.01		$	6.83		$	6.84		$	7.19
Total return		(27.89	)%(C)		52.42	%		9.69	%		11.48	%		4.90	%		11.65	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	23,058		$	34,682		$	28,089		$	26,997		$	29,619		$	34,587
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%(D)		0.96	%		1.00	%		1.04	%		1.01	%		1.07	%(D)
Including waiver and/or reimbursement and recapture		1.00	%(D)		0.99	%		1.00	%(E)		0.99	%		0.90	%		0.90	%(D)
Net investment income (loss) to average net assets		(0.67	)%(D)		(0.51	)%		(0.67	)%		(0.46	)%		(0.20	)%		(0.47	)%(D)
Portfolio turnover rate		21	%(C)		40	%		69	%		72	%		55	%		80	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	Waiver and/or reimbursement and recapture rounds to less than 0.01%.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class R
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.60		$	6.87		$	6.72		$	6.79		$	7.16		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.08	)		(0.08	)		(0.06	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		(2.42	)		3.48			0.69			0.63			0.36			0.77
Total investment operations		(2.46	)		3.40			0.61			0.57			0.31			0.72
Dividends and/or distributions to shareholders:
Net realized gains		(0.97	)		(0.67	)		(0.46	)		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	6.17		$	9.60		$	6.87		$	6.72		$	6.79		$	7.16
Total return		(28.06	)%(C)		51.54	%		9.38	%		10.78	%		4.48	%		11.18	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	14,828		$	21,336		$	14,838		$	15,869		$	16,846		$	17,479
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.49	%(D)		1.46	%		1.49	%		1.53	%		1.50	%		1.57	%(D)
Including waiver and/or reimbursement and recapture		1.49	%(D)		1.46	%		1.49	%		1.49	%		1.42	%		1.55	%(D)
Net investment income (loss) to average net assets		(1.16	)%(D)		(0.98	)%		(1.15	)%		(0.94	)%		(0.73	)%		(1.17	)%(D)
Portfolio turnover rate		21	%(C)		40	%		69	%		72	%		55	%		80	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    368

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Growth
	Class R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.80		$	6.98		$	6.80		$	6.81		$	7.18		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.06	)		(0.05	)		(0.02	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		(2.47	)		3.55			0.69			0.65			0.34			0.77
Total investment operations		(2.50	)		3.49			0.64			0.63			0.31			0.74
Dividends and/or distributions to shareholders:
Net realized gains		(0.97	)		(0.67	)		(0.46	)		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	6.33		$	9.80		$	6.98		$	6.80		$	6.81		$	7.18
Total return		(27.88	)%(C)		52.06	%		9.74	%		11.54	%		4.60	%		11.49	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	184		$	249		$	93		$	252		$	6,609		$	5,943
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.25	%(D)		1.21	%		1.25	%		1.29	%		1.26	%		1.32	%(D)
Including waiver and/or reimbursement and recapture		1.15	%(D)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%(D)
Net investment income (loss) to average net assets		(0.82	)%(D)		(0.65	)%		(0.77	)%		(0.38	)%		(0.46	)%		(0.77	)%(D)
Portfolio turnover rate		21	%(C)		40	%		69	%		72	%		55	%		80	%(C)

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.87		$	7.01		$	6.83		$	6.85		$	7.18		$	12.36
Investment operations:
Net investment income (loss) (A)		(0.03	)		(0.04	)		(0.04	)		(0.03	)		(0.02	)		(0.04	)
Net realized and unrealized gain (loss)		(2.48	)		3.57			0.68			0.65			0.37			2.48
Total investment operations		(2.51	)		3.53			0.64			0.62			0.35			2.44
Dividends and/or distributions to shareholders:
Net realized gains		(0.97	)		(0.67	)		(0.46	)		(0.64	)		(0.68	)		(7.62	)
Net asset value, end of period/year	$	6.39		$	9.87		$	7.01		$	6.83		$	6.85		$	7.18
Total return		(27.78	)%(B)		52.42	%		9.69	%		11.48	%		5.06	%		26.63	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,549		$	121		$	80		$	72		$	65		$	62
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%(C)		0.96	%		1.00	%		1.03	%		1.01	%		1.09	%
Including waiver and/or reimbursement and recapture		1.00	%(C)		0.96	%		1.00	%		1.00	%		0.91	%		1.09	%
Net investment income (loss) to average net assets		(0.72	)%(C)		(0.48	)%		(0.66	)%		(0.46	)%		(0.22	)%		(0.58	)%
Portfolio turnover rate		21	%(B)		40	%		69	%		72	%		55	%		80	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    369

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.91		$	8.13		$	9.83		$	10.66		$	11.94		$	11.07
Investment operations:
Net investment income (loss) (B)		0.01			0.00	(C)		0.05			(0.01	)		0.02			0.01
Net realized and unrealized gain (loss)		(0.44	)		4.78			(1.36	)		0.11			(0.82	)		0.86
Total investment operations		(0.43	)		4.78			(1.31	)		0.10			(0.80	)		0.87
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—			(0.18	)		(0.06	)		(0.01	)		—
Net realized gains		(5.70	)		—			(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(5.75	)		—			(0.39	)		(0.93	)		(0.48	)		—
Net asset value, end of period/year	$	6.73		$	12.91		$	8.13		$	9.83		$	10.66		$	11.94
Total return (D)		(5.39	)%(E)		58.79	%		(14.03	)%		2.35	%		(7.12	)%		7.76	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9,155		$	9,240		$	4,246		$	4,543		$	3,050		$	2,757
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.24	%(F)		1.19	%		1.39	%		1.36	%		1.45	%(G)		1.49	%(F)
Including waiver and/or reimbursement and recapture		1.24	%(F)		1.26	%		1.30	%		1.27	%		1.20	%(G)		1.30	%(F)
Net investment income (loss) to average net assets		0.31	%(F)		0.00	%(H)		0.66	%		(0.08	)%		0.20	%		0.19	%(F)
Portfolio turnover rate		14	%(E)		94	%		80	%		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 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.
(H)	Rounds to less than 0.01% or (0.01)%.

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	12.60		$	7.99		$	9.67		$	10.50		$	11.85		$	11.03
Investment operations:
Net investment income (loss) (B)		(0.02	)		(0.07	)		(0.00	)(C)		(0.07	)		(0.06	)		(0.03	)
Net realized and unrealized gain (loss)		(0.43	)		4.68			(1.36	)		0.11			(0.82	)		0.85
Total investment operations		(0.45	)		4.61			(1.36	)		0.04			(0.88	)		0.82
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.11	)		—			—			—
Net realized gains		(5.70	)		—			(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(5.70	)		—			(0.32	)		(0.87	)		(0.47	)		—
Net asset value, end of period/year	$	6.45		$	12.60		$	7.99		$	9.67		$	10.50		$	11.85
Total return (D)		(5.80	)%(E)		57.70	%		(14.67	)%		1.60	%		(7.88	)%		7.34	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	656		$	756		$	581		$	744		$	786		$	891
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.00	%(F)		1.93	%		2.05	%		2.02	%		2.06	%(G)		2.05	%(F)
Including waiver and/or reimbursement and recapture		2.00	%(F)		1.95	%		2.05	%(H)		2.00	%		1.95	%(G)		2.05	%(F)
Net investment income (loss) to average net assets		(0.42	)%(F)		(0.61	)%		(0.06	)%		(0.75	)%		(0.52	)%		(0.56	)%(F)
Portfolio turnover rate		14	%(E)		94	%		80	%		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.
(H)	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 2022

Page    370

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.06		$	8.22		$	9.93		$	10.75		$	12.03		$	11.14
Investment operations:
Net investment income (loss) (B)		0.02			0.05			0.08			0.02			0.07			0.00	(C)
Net realized and unrealized gain (loss)		(0.44	)		4.81			(1.38	)		0.12			(0.83	)		0.89
Total investment operations		(0.42	)		4.86			(1.30	)		0.14			(0.76	)		0.89
Contributions from affiliate		0.00	(C)(D)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.02	)		(0.20	)		(0.09	)		(0.05	)		—
Net realized gains		(5.70	)		—			(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(5.79	)		(0.02	)		(0.41	)		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	6.85		$	13.06		$	8.22		$	9.93		$	10.75		$	12.03
Total return		(5.23	)%(D)(E)		59.14	%		(13.77	)%		2.66	%		(6.86	)%		7.89	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	18,168		$	19,027		$	12,838		$	15,653		$	756		$	2,521
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.96	%(F)		0.90	%		1.02	%		1.00	%		1.07	%(G)		1.05	%(F)
Including waiver and/or reimbursement and recapture		0.96	%(F)		0.91	%		1.02	%(H)		0.99	%		0.95	%(G)		1.05	%(F)
Net investment income (loss) to average net assets		0.59	%(F)		0.41	%		0.96	%		0.19	%		0.57	%		0.01	%(F)
Portfolio turnover rate		14	%(E)		94	%		80	%		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)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.00% lower had the affiliate not made additional contributions.
(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 periods and years indicated:	Transamerica Small Cap Value
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.08		$	8.23		$	9.94		$	10.76		$	12.04		$	11.15
Investment operations:
Net investment income (loss) (B)		0.03			0.07			0.05			0.09			0.07			0.03
Net realized and unrealized gain (loss)		(0.46	)		4.81			(1.34	)		0.05			(0.83	)		0.86
Total investment operations		(0.43	)		4.88			(1.29	)		0.14			(0.76	)		0.89
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.03	)		(0.21	)		(0.09	)		(0.05	)		—
Net realized gains		(5.70	)		—			(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(5.80	)		(0.03	)		(0.42	)		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	6.85		$	13.08		$	8.23		$	9.94		$	10.76		$	12.04
Total return		(5.28	)%(C)		59.35	%		(13.69	)%		2.66	%(D)		(6.81	)%		7.89	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	372,865		$	643,658		$	419,838		$	52,241		$	212,025		$	255,161
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%(E)		0.80	%		0.92	%		0.90	%		0.96	%(F)		0.93	%(E)
Including waiver and/or reimbursement and recapture		0.86	%(E)		0.80	%		0.92	%(G)		0.90	%(G)		0.86	%(F)		0.93	%(E)
Net investment income (loss) to average net assets		0.72	%(E)		0.60	%		0.68	%		0.89	%		0.58	%		0.55	%(E)
Portfolio turnover rate		14	%(C)		94	%		80	%		168	%		84	%		35	%(C)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	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.
(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 2022

Page    371

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class I3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.10		$	8.24		$	9.96		$	10.77		$	12.05		$	11.15
Investment operations:
Net investment income (loss) (B)		0.03			0.06			0.08			0.04			0.07			0.05
Net realized and unrealized gain (loss)		(0.45	)		4.83			(1.38	)		0.11			(0.84	)		0.85
Total investment operations		(0.42	)		4.89			(1.30	)		0.15			(0.77	)		0.90
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.03	)		(0.21	)		(0.09	)		(0.04	)		—
Net realized gains		(5.70	)		—			(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(5.80	)		(0.03	)		(0.42	)		(0.96	)		(0.51	)		—
Net asset value, end of period/year	$	6.88		$	13.10		$	8.24		$	9.96		$	10.77		$	12.05
Total return		(5.22	)%(C)		59.37	%		(13.75	)%		2.77	%		(6.78	)%		8.07	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	27,640		$	31,764		$	28,471		$	24,216		$	27,065		$	35,000
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%(D)		0.80	%		0.92	%		0.90	%		0.96	%(E)		0.94	%(D)
Including waiver and/or reimbursement and recapture		0.86	%(D)		0.83	%		0.92	%(F)		0.90	%(F)		0.85	%(E)		0.85	%(D)
Net investment income (loss) to average net assets		0.71	%(D)		0.52	%		1.04	%		0.40	%		0.60	%		0.82	%(D)
Portfolio turnover rate		14	%(C)		94	%		80	%		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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.05		$	8.23		$	9.93		$	10.73		$	12.01		$	11.15
Investment operations:
Net investment income (loss) (B)		0.01			0.00	(C)		0.05			(0.01	)		0.01			0.00	(C)
Net realized and unrealized gain (loss)		(0.45	)		4.82			(1.38	)		0.10			(0.82	)		0.86
Total investment operations		(0.44	)		4.82			(1.33	)		0.09			(0.81	)		0.86
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		—			(0.16	)		(0.02	)		—			—
Net realized gains		(5.70	)		—			(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(5.73	)		—			(0.37	)		(0.89	)		(0.47	)		—
Net asset value, end of period/year	$	6.88		$	13.05		$	8.23		$	9.93		$	10.73		$	12.01
Total return		(5.41	)%(D)		58.57	%		(14.05	)%		2.13	%		(7.25	)%		7.71	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,922		$	10,125		$	6,206		$	7,982		$	9,264		$	11,811
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.36	%(E)		1.29	%		1.42	%		1.40	%		1.45	%(F)		1.43	%(E)
Including waiver and/or reimbursement and recapture		1.36	%(E)		1.29	%		1.40	%		1.39	%		1.35	%(F)		1.43	%(E)
Net investment income (loss) to average net assets		0.22	%(E)		0.02	%		0.59	%		(0.08	)%		0.10	%		0.01	%(E)
Portfolio turnover rate		14	%(D)		94	%		80	%		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 2022

Page    372

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica Small Cap Value
	Class R4
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016
Net asset value, beginning of period/year	$	13.07		$	8.23		$	9.95		$	10.74		$	12.01		$	11.25		$	9.52
Investment operations:
Net investment income (loss) (D)		0.02			0.02			0.08			(0.01	)		0.04			0.01			0.06
Net realized and unrealized gain (loss)		(0.46	)		4.83			(1.39	)		0.14			(0.84	)		0.76			1.75
Total investment operations		(0.44	)		4.85			(1.31	)		0.13			(0.80	)		0.77			1.81
Contributions from affiliate		—			—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.01	)		(0.20	)		(0.05	)		—			(0.01	)		(0.08	)
Net realized gains		(5.70	)		—			(0.21	)		(0.87	)		(0.47	)		—			—
Total dividends and/or distributions to shareholders		(5.75	)		(0.01	)		(0.41	)		(0.92	)		(0.47	)		(0.01	)		(0.08	)
Net asset value, end of period/year	$	6.88		$	13.07		$	8.23		$	9.95		$	10.74		$	12.01		$	11.25
Total return		(5.37	)%(E)		58.90	%		(13.88	)%		2.57	%		(6.99	)%		6.85	%(E)		19.24	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	173		$	184		$	117		$	328		$	253		$	345		$	7,065
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.11	%(F)		1.05	%		1.17	%		1.15	%		1.21	%(G)		2.06	%(F)		1.72	%
Including waiver and/or reimbursement and recapture		1.10	%(F)		1.10	%		1.10	%		1.10	%		1.10	%(G)		1.17	%(F)(H)		1.11	%(H)(I)
Net investment income (loss) to average net assets		0.46	%(F)		0.20	%		0.93	%		(0.07	)%		0.36	%		0.06	%(F)		0.67	%
Portfolio turnover rate		14	%(E)		94	%		80	%		168	%		84	%		35	%(E)		89	%

(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, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.16		$	8.28		$	10.00		$	10.81		$	12.10		$	11.20
Investment operations:
Net investment income (loss) (B)		0.02			0.06			0.09			0.03			0.07			0.00	(C)
Net realized and unrealized gain (loss)		(0.45	)		4.85			(1.39	)		0.12			(0.84	)		0.90
Total investment operations		(0.43	)		4.91			(1.30	)		0.15			(0.77	)		0.90
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.03	)		(0.21	)		(0.09	)		(0.05	)		—
Net realized gains		(5.70	)		—			(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(5.80	)		(0.03	)		(0.42	)		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	6.93		$	13.16		$	8.28		$	10.00		$	10.81		$	12.10
Total return		(5.22	)%(D)		59.35	%		(13.69	)%		2.84	%		(6.85	)%		7.93	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,790		$	80		$	50		$	58		$	57		$	61
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%(E)		0.80	%		0.92	%		0.90	%		0.95	%(F)		0.93	%(E)
Including waiver and/or reimbursement and recapture		0.86	%(E)		0.80	%		0.90	%		0.90	%(G)		0.86	%(F)		0.93	%(E)
Net investment income (loss) to average net assets		0.52	%(E)		0.50	%		1.08	%		0.35	%		0.57	%		0.55	%(E)
Portfolio turnover rate		14	%(D)		94	%		80	%		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 2022

Page    373

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	32.73		$	21.78		$	25.45		$	26.61		$	29.46		$	25.09
Investment operations:
Net investment income (loss) (A)		0.03			0.06			0.14			0.13			0.14			0.03
Net realized and unrealized gain (loss)		(0.89	)		11.02			(2.99	)		1.41			0.61			5.92
Total investment operations		(0.86	)		11.08			(2.85	)		1.54			0.75			5.95
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.13	)		(0.13	)		(0.14	)		(0.06	)		(0.22	)
Net realized gains		(3.30	)		—			(0.69	)		(2.56	)		(3.54	)		(1.36	)
Total dividends and/or distributions to shareholders		(3.32	)		(0.13	)		(0.82	)		(2.70	)		(3.60	)		(1.58	)
Net asset value, end of period/year	$	28.55		$	32.73		$	21.78		$	25.45		$	26.61		$	29.46
Total return (B)		(2.94	)%(C)		51.02	%		(11.70	)%		7.63	%		2.25	%		24.23	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	358,007		$	386,681		$	268,643		$	349,550		$	357,948		$	362,890
Expenses to average net assets		1.23	%(D)		1.23	%		1.31	%		1.31	%		1.29	%		1.28	%
Net investment income (loss) to average net assets		0.23	%(D)		0.18	%		0.61	%		0.54	%		0.49	%		0.09	%
Portfolio turnover rate		27	%(C)		53	%		65	%		60	%		61	%		104	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	27.55		$	18.37		$	21.62		$	23.05		$	26.07		$	22.37
Investment operations:
Net investment income (loss) (A)		(0.06	)		(0.12	)		(0.01	)		(0.02	)		(0.03	)		(0.15	)
Net realized and unrealized gain (loss)		(0.74	)		9.30			(2.55	)		1.15			0.55			5.28
Total investment operations		(0.80	)		9.18			(2.56	)		1.13			0.52			5.13
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			—			(0.07	)
Net realized gains		(3.30	)		—			(0.69	)		(2.56	)		(3.54	)		(1.36	)
Total dividends and/or distributions to shareholders		(3.30	)		—			(0.69	)		(2.56	)		(3.54	)		(1.43	)
Net asset value, end of period/year	$	23.45		$	27.55		$	18.37		$	21.62		$	23.05		$	26.07
Total return (B)		(3.29	)%(C)		49.97	%		(12.35	)%		6.85	%		1.60	%		23.43	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	43,786		$	51,556		$	58,622		$	116,291		$	165,647		$	241,737
Expenses to average net assets		1.98	%(D)		1.96	%		2.02	%		2.00	%		1.96	%		1.95	%
Net investment income (loss) to average net assets		(0.51	)%(D)		(0.49	)%		(0.04	)%		(0.09	)%		(0.11	)%		(0.59	)%
Portfolio turnover rate		27	%(C)		53	%		65	%		60	%		61	%		104	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    374

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	34.08		$	22.67		$	26.46		$	27.56		$	30.40		$	25.84
Investment operations:
Net investment income (loss) (A)		0.08			0.15			0.23			0.23			0.24			0.10
Net realized and unrealized gain (loss)		(0.93	)		11.47			(3.11	)		1.46			0.63			6.14
Total investment operations		(0.85	)		11.62			(2.88	)		1.69			0.87			6.24
Contributions from affiliate		0.02	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.21	)		(0.22	)		(0.23	)		(0.17	)		(0.32	)
Net realized gains		(3.30	)		—			(0.69	)		(2.56	)		(3.54	)		(1.36	)
Total dividends and/or distributions to shareholders		(3.41	)		(0.21	)		(0.91	)		(2.79	)		(3.71	)		(1.68	)
Net asset value, end of period/year	$	29.84		$	34.08		$	22.67		$	26.46		$	27.56		$	30.40
Total return		(2.70	)%(B)(C)		51.51	%		(11.41	)%		8.03	%		2.60	%		24.68	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	325,876		$	364,551		$	228,537		$	296,684		$	270,188		$	242,460
Expenses to average net assets		0.93	%(D)		0.92	%		0.95	%		0.95	%		0.94	%		0.94	%
Net investment income (loss) to average net assets		0.53	%(D)		0.47	%		0.98	%		0.90	%		0.82	%		0.35	%
Portfolio turnover rate		27	%(C)		53	%		65	%		60	%		61	%		104	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.02 to the class. The Total Return would have been 0.07% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	34.18		$	22.73		$	26.52		$	27.62		$	30.45		$	25.88
Investment operations:
Net investment income (loss) (A)		0.10			0.24			0.25			0.26			0.27			0.15
Net realized and unrealized gain (loss)		(0.94	)		11.45			(3.11	)		1.46			0.63			6.12
Total investment operations		(0.84	)		11.69			(2.86	)		1.72			0.90			6.27
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.24	)		(0.24	)		(0.26	)		(0.19	)		(0.34	)
Net realized gains		(3.30	)		—			(0.69	)		(2.56	)		(3.54	)		(1.36	)
Total dividends and/or distributions to shareholders		(3.45	)		(0.24	)		(0.93	)		(2.82	)		(3.73	)		(1.70	)
Net asset value, end of period/year	$	29.89		$	34.18		$	22.73		$	26.52		$	27.62		$	30.45
Total return		(2.75	)%(B)		51.70	%		(11.30	)%		8.14	%		2.72	%		24.80	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,473		$	4,725		$	17,795		$	20,641		$	19,429		$	20,628
Expenses to average net assets		0.84	%(C)		0.82	%		0.85	%		0.85	%		0.84	%		0.84	%
Net investment income (loss) to average net assets		0.61	%(C)		0.83	%		1.06	%		1.01	%		0.95	%		0.51	%
Portfolio turnover rate		27	%(B)		53	%		65	%		60	%		61	%		104	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    375

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small/Mid Cap Value
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	34.33		$	22.83		$	26.64		$	27.74		$	30.56		$	25.97
Investment operations:
Net investment income (loss) (A)		0.10			0.19			0.24			0.20			0.18			0.10
Net realized and unrealized gain (loss)		(0.94	)		11.55			(3.12	)		1.52			0.74			6.19
Total investment operations		(0.84	)		11.74			(2.88	)		1.72			0.92			6.29
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.24	)		(0.24	)		(0.26	)		(0.20	)		(0.34	)
Net realized gains		(3.30	)		—			(0.69	)		(2.56	)		(3.54	)		(1.36	)
Total dividends and/or distributions to shareholders		(3.45	)		(0.24	)		(0.93	)		(2.82	)		(3.74	)		(1.70	)
Net asset value, end of period/year	$	30.04		$	34.33		$	22.83		$	26.64		$	27.74		$	30.56
Total return		(2.74	)%(B)		51.69	%		(11.32	)%		8.11	%		2.75	%		24.79	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	87,877		$	93,544		$	51,481		$	48,043		$	11,822		$	3,961
Expenses to average net assets		0.84	%(C)		0.82	%		0.85	%		0.85	%		0.84	%		0.84	%
Net investment income (loss) to average net assets		0.61	%(C)		0.59	%		1.04	%		0.80	%		0.62	%		0.33	%
Portfolio turnover rate		27	%(B)		53	%		65	%		60	%		61	%		104	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

For a share outstanding during the periods and year indicated:	Transamerica Sustainable Bond
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020 (A)
Net asset value, beginning of period/year	$	9.67		$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.13			0.02
Net realized and unrealized gain (loss)		(1.04	)		(0.14	)		(0.17	)
Total investment operations		(0.96	)		(0.01	)		(0.15	)
Contributions from affiliate		0.01	(C)		—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.14	)		(0.03	)
Net asset value, end of period/year	$	8.64		$	9.67		$	9.82
Total return		(9.83	)%(C)(D)		(0.06	)%		(1.52	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	892		$	1,010		$	985
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%(E)		1.27	%		1.79	%(E)
Including waiver and/or reimbursement and recapture		0.50	%(E)		0.50	%		0.50	%(E)
Net investment income (loss) to average net assets		1.70	%(E)		1.30	%		0.93	%(E)
Portfolio turnover rate		8	%(D)		43	%		33	%(D)

(A)	Commenced operations on July 31, 2020.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.01 to the class. The Total Return would have been 0.10% lower had the affiliate not made additional contributions.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    376

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica Sustainable Bond
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020 (A)
Net asset value, beginning of period/year	$	9.67		$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.13			0.02
Net realized and unrealized gain (loss)		(1.03	)		(0.13	)		(0.17	)
Total investment operations		(0.95	)		—			(0.15	)
Contributions from affiliate		—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.15	)		(0.03	)
Net asset value, end of period/year	$	8.63		$	9.67		$	9.82
Total return		(9.91	)%(C)		(0.01	)%		(1.51	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	21,299		$	23,637		$	23,636
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.93	%(D)		1.18	%		1.70	%(D)
Including waiver and/or reimbursement and recapture		0.45	%(D)		0.45	%		0.45	%(D)
Net investment income (loss) to average net assets		1.76	%(D)		1.35	%		0.98	%(D)
Portfolio turnover rate		8	%(C)		43	%		33	%(C)

(A)	Commenced operations on July 31, 2020.
(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 Sustainable Equity Income
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.53		$	6.86		$	9.57		$	10.59		$	11.53		$	11.15
Investment operations:
Net investment income (loss) (A)		0.06			0.13			0.15			0.20			0.21			0.20
Net realized and unrealized gain (loss)		(0.88	)		2.66			(1.60	)		0.43			(0.19	)		1.92
Total investment operations		(0.82	)		2.79			(1.45	)		0.63			0.02			2.12
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.12	)		(0.16	)		(0.20	)		(0.21	)		(0.24	)
Net realized gains		(1.34	)		—			(1.10	)		(1.45	)		(0.75	)		(1.50	)
Total dividends and/or distributions to shareholders		(1.40	)		(0.12	)		(1.26	)		(1.65	)		(0.96	)		(1.74	)
Net asset value, end of period/year	$	7.31		$	9.53		$	6.86		$	9.57		$	10.59		$	11.53
Total return (B)		(9.71	)%(C)		40.92	%		(17.52	)%		8.43	%		(0.20	)%		20.35	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	66,384		$	81,027		$	69,391		$	82,402		$	83,567		$	94,083
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%(D)		1.02	%		1.06	%		1.05	%		1.03	%		1.01	%
Including waiver and/or reimbursement and recapture		1.03	%(D)		1.02	%		1.06	%		1.05	%		1.03	%		1.01	%
Net investment income (loss) to average net assets		1.45	%(D)		1.46	%		1.94	%		2.11	%		1.85	%		1.77	%
Portfolio turnover rate		16	%(C)		164	%		45	%		55	%		22	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    377

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Sustainable Equity Income
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.48		$	6.83		$	9.52		$	10.53		$	11.47		$	11.09
Investment operations:
Net investment income (loss) (A)		0.02			0.06			0.09			0.12			0.11			0.11
Net realized and unrealized gain (loss)		(0.87	)		2.64			(1.59	)		0.44			(0.19	)		1.91
Total investment operations		(0.85	)		2.70			(1.50	)		0.56			(0.08	)		2.02
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		(0.05	)		(0.09	)		(0.12	)		(0.11	)		(0.14	)
Net realized gains		(1.34	)		—			(1.10	)		(1.45	)		(0.75	)		(1.50	)
Total dividends and/or distributions to shareholders		(1.36	)		(0.05	)		(1.19	)		(1.57	)		(0.86	)		(1.64	)
Net asset value, end of period/year	$	7.27		$	9.48		$	6.83		$	9.52		$	10.53		$	11.47
Total return (B)		(10.05	)%(C)		39.74	%		(18.21	)%		7.57	%		(1.06	)%		19.42	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,866		$	2,271		$	2,641		$	5,836		$	5,816		$	7,080
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.93	%(D)		1.91	%		1.93	%		1.91	%		1.86	%		1.84	%
Including waiver and/or reimbursement and recapture		1.90	%(D)		1.89	%		1.90	%		1.90	%		1.86	%		1.84	%
Net investment income (loss) to average net assets		0.58	%(D)		0.68	%		1.23	%		1.25	%		1.02	%		0.96	%
Portfolio turnover rate		16	%(C)		164	%		45	%		55	%		22	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Total return has been calculated without deduction of the contingent deferred sales charge.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Sustainable Equity Income
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.54		$	6.86		$	9.57		$	10.59		$	11.52		$	11.14
Investment operations:
Net investment income (loss) (A)		0.07			0.15			0.17			0.21			0.22			0.21
Net realized and unrealized gain (loss)		(0.88	)		2.66			(1.61	)		0.44			(0.17	)		1.93
Total investment operations		(0.81	)		2.81			(1.44	)		0.65			0.05			2.14
Contributions from affiliate		0.03	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.13	)		(0.17	)		(0.22	)		(0.23	)		(0.26	)
Net realized gains		(1.34	)		—			(1.10	)		(1.45	)		(0.75	)		(1.50	)
Total dividends and/or distributions to shareholders		(1.41	)		(0.13	)		(1.27	)		(1.67	)		(0.98	)		(1.76	)
Net asset value, end of period/year	$	7.35		$	9.54		$	6.86		$	9.57		$	10.59		$	11.52
Total return		(9.23	)%(B)(C)		41.29	%		(17.36	)%		8.65	%		0.06	%		20.56	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,087		$	4,463		$	8,240		$	12,013		$	16,823		$	17,286
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%(D)		0.85	%		0.88	%		0.87	%		0.85	%		0.84	%
Including waiver and/or reimbursement and recapture		0.76	%(D)(E)(F)		0.77	%(F)		0.88	%		0.87	%		0.85	%		0.84	%
Net investment income (loss) to average net assets		1.74	%(D)		1.75	%		2.16	%		2.30	%		1.98	%		1.91	%
Portfolio turnover rate		16	%(C)		164	%		45	%		55	%		22	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.03 to the class. The Total Return would have been 0.37% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.
(F)	TAM has contractually agreed to reimburse 0.09% of the sub-transfer agency fees through March 1, 2022. 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 2022

Page    378

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Sustainable Equity Income
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.53		$	6.86		$	9.57		$	10.59		$	11.53		$	11.15
Investment operations:
Net investment income (loss) (A)		0.07			0.17			0.16			0.22			0.24			0.23
Net realized and unrealized gain (loss)		(0.88	)		2.64			(1.59	)		0.44			(0.19	)		1.92
Total investment operations		(0.81	)		2.81			(1.43	)		0.66			0.05			2.15
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.18	)		(0.23	)		(0.24	)		(0.27	)
Net realized gains		(1.34	)		—			(1.10	)		(1.45	)		(0.75	)		(1.50	)
Total dividends and/or distributions to shareholders		(1.41	)		(0.14	)		(1.28	)		(1.68	)		(0.99	)		(1.77	)
Net asset value, end of period/year	$	7.31		$	9.53		$	6.86		$	9.57		$	10.59		$	11.53
Total return		(9.57	)%(B)		41.31	%		(17.26	)%		8.77	%		0.08	%		20.67	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	229,608		$	253,200		$	420,958		$	428,187		$	484,565		$	576,947
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%(C)		0.74	%		0.78	%		0.77	%		0.75	%		0.74	%
Including waiver and/or reimbursement and recapture		0.75	%(C)		0.74	%		0.78	%		0.77	%		0.75	%		0.74	%
Net investment income (loss) to average net assets		1.76	%(C)		1.97	%		2.18	%		2.40	%		2.14	%		2.07	%
Portfolio turnover rate		16	%(B)		164	%		45	%		55	%		22	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Sustainable Equity Income
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	9.53		$	6.86		$	9.57		$	10.59		$	11.52		$	11.15
Investment operations:
Net investment income (loss) (A)		0.07			0.16			0.16			0.22			0.24			0.21
Net realized and unrealized gain (loss)		(0.88	)		2.65			(1.59	)		0.44			(0.18	)		1.93
Total investment operations		(0.81	)		2.81			(1.43	)		0.66			0.06			2.14
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.18	)		(0.23	)		(0.24	)		(0.27	)
Net realized gains		(1.34	)		—			(1.10	)		(1.45	)		(0.75	)		(1.50	)
Total dividends and/or distributions to shareholders		(1.41	)		(0.14	)		(1.28	)		(1.68	)		(0.99	)		(1.77	)
Net asset value, end of period/year	$	7.31		$	9.53		$	6.86		$	9.57		$	10.59		$	11.52
Total return		(9.56	)%(B)		41.31	%		(17.25	)%		8.77	%		0.17	%		20.67	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,951		$	3,364		$	4,586		$	4,518		$	4,082		$	3,524
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%(C)		0.74	%		0.78	%		0.77	%		0.75	%		0.74	%
Including waiver and/or reimbursement and recapture		0.75	%(C)		0.74	%		0.78	%		0.77	%		0.75	%		0.74	%
Net investment income (loss) to average net assets		1.73	%(C)		1.93	%		2.18	%		2.37	%		2.11	%		1.90	%
Portfolio turnover rate		16	%(B)		164	%		45	%		55	%		22	%		14	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    379

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and year indicated:	Transamerica Unconstrained Bond
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020 (A)
Net asset value, beginning of period/year	$	10.27		$	9.89		$	9.82
Investment operations:
Net investment income (loss) (B)		0.13			0.32			0.02
Net realized and unrealized gain (loss)		(0.52	)		0.38			0.08
Total investment operations		(0.39	)		0.70			0.10
Contributions from affiliate		—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.32	)		(0.02	)
Net realized gains		(0.47	)		—			—
Return of capital		—			—			(0.01	)
Total dividends and/or distributions to shareholders		(0.64	)		(0.32	)		(0.03	)
Net asset value, end of period/year	$	9.24		$	10.27		$	9.89
Total return		(4.01	)%(C)		7.12	%		0.98	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	970		$	442		$	10
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.05	%(E)		1.08	%		0.94	%(E)
Including waiver and/or reimbursement and recapture		1.04	%(E)		1.05	%		0.93	%(E)
Net investment income (loss) to average net assets		2.70	%(E)		3.07	%		2.25	%(E)
Portfolio turnover rate		71	%(C)		70	%		126	%

(A)	Commenced operations on October 1, 2020.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Unconstrained Bond
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.28		$	9.89		$	9.85		$	9.85		$	10.23		$	9.92
Investment operations:
Net investment income (loss) (A)		0.14			0.34			0.28			0.41			0.37			0.22
Net realized and unrealized gain (loss)		(0.51	)		0.39			0.08			0.00	(B)(C)		(0.38	)		0.38
Total investment operations		(0.37	)		0.73			0.36			0.41			(0.01	)		0.60
Contributions from affiliate		0.00	(B)(D)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.34	)		(0.27	)		(0.36	)		(0.33	)		(0.29	)
Net realized gains		(0.47	)		—			—			—			(0.00	)(B)		—
Return of capital		—			—			(0.05	)		(0.05	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.67	)		(0.34	)		(0.32	)		(0.41	)		(0.37	)		(0.29	)
Net asset value, end of period/year	$	9.24		$	10.28		$	9.89		$	9.85		$	9.85		$	10.23
Total return		(3.83	)%(D)(E)		7.46	%		3.83	%		4.23	%		(0.14	)%		6.07	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	62,339		$	46,222		$	757		$	869		$	1,817		$	2,110
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.80	%(F)(G)		0.79	%(G)		0.80	%(G)		0.83	%(G)		0.87	%(G)		0.91	%
Including waiver and/or reimbursement and recapture		0.80	%(F)(G)(H)		0.78	%(G)		0.80	%(G)(H)		0.83	%(G)(H)		0.87	%(G)(H)		0.93	%
Net investment income (loss) to average net assets		2.94	%(F)		3.28	%		2.91	%		4.22	%		3.62	%		2.18	%
Portfolio turnover rate		71	%(E)		70	%		126	%		87	%		72	%		87	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(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)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.00% lower had the affiliate not made additional contributions.
(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%.

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

Transamerica Funds Semi-Annual Report 2022

Page    380

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Unconstrained Bond
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.25		$	9.87		$	9.83		$	9.81		$	10.20		$	9.91
Investment operations:
Net investment income (loss) (A)		0.15			0.35			0.30			0.42			0.40			0.27
Net realized and unrealized gain (loss)		(0.53	)		0.38			0.07			0.02	(B)		(0.41	)		0.35
Total investment operations		(0.38	)		0.73			0.37			0.44			(0.01	)		0.62
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.35	)		(0.27	)		(0.37	)		(0.34	)		(0.33	)
Net realized gains		(0.47	)		—			—			—			(0.00	)(C)		—
Return of capital		—			—			(0.06	)		(0.05	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.68	)		(0.35	)		(0.33	)		(0.42	)		(0.38	)		(0.33	)
Net asset value, end of period/year	$	9.19		$	10.25		$	9.87		$	9.83		$	9.81		$	10.20
Total return		(3.97	)%(D)		7.47	%		3.93	%		4.54	%		(0.10	)%		6.32	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,149,710		$	1,196,450		$	1,588,098		$	993,309		$	709,125		$	266,887
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.71	%(E)(F)		0.70	%(F)		0.70	%(F)		0.73	%(F)		0.78	%(F)		0.81	%
Including waiver and/or reimbursement and recapture		0.70	%(E)(F)		0.69	%(F)		0.69	%(F)		0.73	%(F)(G)		0.78	%(F)(G)		0.81	%
Net investment income (loss) to average net assets		3.14	%(E)		3.42	%		3.12	%		4.25	%		3.97	%		2.70	%
Portfolio turnover rate		71	%(D)		70	%		126	%		87	%		72	%		87	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(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%.

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class A
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	32.73		$	25.92		$	22.16		$	20.92		$	20.75		$	16.87
Investment operations:
Net investment income (loss) (A)		(0.07	)		(0.12	)		(0.08	)		(0.06	)		(0.07	)		0.01
Net realized and unrealized gain (loss)		(5.71	)		9.59			5.68			3.44			2.36			4.25
Total investment operations		(5.78	)		9.47			5.60			3.38			2.29			4.26
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.00	)(B)		(0.01	)
Net realized gains		(3.92	)		(2.66	)		(1.84	)		(2.14	)		(2.12	)		(0.37	)
Total dividends and/or distributions to shareholders		(3.92	)		(2.66	)		(1.84	)		(2.14	)		(2.12	)		(0.38	)
Net asset value, end of period/year	$	23.03		$	32.73		$	25.92		$	22.16		$	20.92		$	20.75
Total return (C)		(19.92	)%(D)		38.69	%		26.76	%		19.17	%		11.74	%		25.76	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	746,687		$	973,954		$	764,325		$	661,541		$	550,529		$	500,587
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%(E)		1.02	%		1.08	%		1.16	%		1.16	%		1.18	%
Including waiver and/or reimbursement and recapture		1.03	%(E)		1.02	%		1.08	%		1.16	%		1.16	%		1.18	%
Net investment income (loss) to average net assets		(0.53	)%(E)		(0.42	)%		(0.35	)%		(0.32	)%		(0.35	)%		0.07	%
Portfolio turnover rate		23	%(D)		25	%		28	%		37	%		27	%		35	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(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 2022

Page    381

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class C
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	29.26		$	23.58		$	20.47		$	19.63		$	19.75		$	16.18
Investment operations:
Net investment income (loss) (A)		(0.16	)		(0.31	)		(0.24	)		(0.21	)		(0.22	)		(0.13	)
Net realized and unrealized gain (loss)		(5.02	)		8.65			5.19			3.19			2.22			4.07
Total investment operations		(5.18	)		8.34			4.95			2.98			2.00			3.94
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			—			(0.00	)(B)
Net realized gains		(3.92	)		(2.66	)		(1.84	)		(2.14	)		(2.12	)		(0.37	)
Total dividends and/or distributions to shareholders		(3.92	)		(2.66	)		(1.84	)		(2.14	)		(2.12	)		(0.37	)
Net asset value, end of period/year	$	20.16		$	29.26		$	23.58		$	20.47		$	19.63		$	19.75
Total return (C)		(20.27	)%(D)		37.64	%		25.72	%		18.30	%		10.78	%		24.84	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,713		$	18,427		$	18,000		$	18,378		$	13,930		$	48,087
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.83	%(E)		1.80	%		1.87	%(F)		1.93	%		1.96	%		1.97	%
Including waiver and/or reimbursement and recapture		1.83	%(E)		1.80	%(G)		1.87	%(F)(G)		1.93	%		1.96	%		1.97	%
Net investment income (loss) to average net assets		(1.32	)%(E)		(1.19	)%		(1.12	)%		(1.09	)%		(1.09	)%		(0.72	)%
Portfolio turnover rate		23	%(D)		25	%		28	%		37	%		27	%		35	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Not annualized.
(E)	Annualized.
(F)	Includes extraordinary expenses outside the operating expense limit.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class I
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	33.86		$	26.67		$	22.70		$	21.31		$	21.11		$	17.15
Investment operations:
Net investment income (loss) (A)		(0.04	)		(0.06	)		(0.02	)		(0.01	)		(0.01	)		0.07
Net realized and unrealized gain (loss)		(5.94	)		9.91			5.83			3.54			2.39			4.33
Total investment operations		(5.98	)		9.85			5.81			3.53			2.38			4.40
Contributions from affiliate		0.04	(B)		—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.06	)		(0.07	)
Net realized gains		(3.92	)		(2.66	)		(1.84	)		(2.14	)		(2.12	)		(0.37	)
Total dividends and/or distributions to shareholders		(3.92	)		(2.66	)		(1.84	)		(2.14	)		(2.18	)		(0.44	)
Net asset value, end of period/year	$	24.00		$	33.86		$	26.67		$	22.70		$	21.31		$	21.11
Total return		(19.74	)%(B)(C)		39.05	%		27.07	%		19.56	%		12.01	%		26.21	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	312,370		$	388,235		$	309,755		$	266,730		$	186,752		$	183,788
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(D)		0.78	%		0.82	%		0.86	%		0.87	%		0.88	%
Including waiver and/or reimbursement and recapture		0.79	%(D)		0.78	%		0.82	%		0.86	%		0.87	%		0.88	%
Net investment income (loss) to average net assets		(0.29	)%(D)		(0.18	)%		(0.08	)%		(0.03	)%		(0.06	)%		0.37	%
Portfolio turnover rate		23	%(C)		25	%		28	%		37	%		27	%		35	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was $0.04 to the class. The Total Return would have been 0.13% lower had the affiliate not made additional contributions.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    382

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class I2
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	33.89		$	26.68		$	22.68		$	21.27		$	21.07		$	17.13
Investment operations:
Net investment income (loss) (A)		(0.03	)		(0.02	)		0.01			0.01			0.02			0.09
Net realized and unrealized gain (loss)		(5.94	)		9.90			5.83			3.54			2.39			4.31
Total investment operations		(5.97	)		9.88			5.84			3.55			2.41			4.40
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		—			—			(0.09	)		(0.09	)
Net realized gains		(3.92	)		(2.66	)		(1.84	)		(2.14	)		(2.12	)		(0.37	)
Total dividends and/or distributions to shareholders		(3.92	)		(2.67	)		(1.84	)		(2.14	)		(2.21	)		(0.46	)
Net asset value, end of period/year	$	24.00		$	33.89		$	26.68		$	22.68		$	21.27		$	21.07
Total return		(19.79	)%(B)		39.17	%		27.23	%		19.70	%		12.18	%		26.29	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	616,381		$	647,828		$	529,573		$	491,921		$	190,514		$	230,952
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%(C)		0.67	%		0.70	%		0.74	%		0.75	%		0.75	%
Including waiver and/or reimbursement and recapture		0.68	%(C)		0.67	%		0.70	%		0.74	%		0.75	%		0.75	%
Net investment income (loss) to average net assets		(0.18	)%(C)		(0.07	)%		0.03	%		0.07	%		0.08	%		0.50	%
Portfolio turnover rate		23	%(B)		25	%		28	%		37	%		27	%		35	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.

For a share outstanding during the periods indicated:	Transamerica US Growth
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021 (A)
Net asset value, beginning of period	$	33.89		$	29.89
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		(5.94	)		4.03
Total investment operations		(5.97	)		4.00
Contributions from affiliate		—			—
Dividends and/or distributions to shareholders:
Net realized gains		(3.92	)		—
Net asset value, end of period	$	24.00		$	33.89
Total return		(19.79	)%(C)		13.38	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	1,386		$	11
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%(D)		0.67	%(D)
Including waiver and/or reimbursement and recapture		0.68	%(D)		0.67	%(D)
Net investment income (loss) to average net assets		(0.22	)%(D)		(0.23	)%(D)
Portfolio turnover rate		23	%(C)		25	%

(A)	Commenced operations on May 28, 2021.
(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 2022

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FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class T
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	107.77		$	79.77		$	64.44		$	56.19		$	52.20		$	41.76
Investment operations:
Net investment income (loss) (A)		(0.11	)		(0.11	)		(0.01	)		0.02			0.00	(B)		0.20
Net realized and unrealized gain (loss)		(20.52	)		30.77			17.18			10.37			6.16			10.66
Total investment operations		(20.63	)		30.66			17.17			10.39			6.16			10.86
Contributions from affiliate		—			—			—			—			—			—
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.05	)		(0.05	)
Net realized gains		(3.92	)		(2.66	)		(1.84	)		(2.14	)		(2.12	)		(0.37	)
Total dividends and/or distributions to shareholders		(3.92	)		(2.66	)		(1.84	)		(2.14	)		(2.17	)		(0.42	)
Net asset value, end of period/year	$	83.22		$	107.77		$	79.77		$	64.44		$	56.19		$	52.20
Total return (C)		(19.83	)%(D)		39.15	%		27.17	%		19.63	%		12.10	%		26.24	%
Ratios and supplemental data:
Net assets end of period/year (000’s)	$	145,934		$	189,010		$	144,510		$	125,598		$	113,486		$	109,183
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%(E)		0.70	%		0.75	%		0.80	%		0.81	%		0.82	%
Including waiver and/or reimbursement and recapture		0.72	%(E)		0.70	%		0.75	%		0.80	%		0.81	%		0.82	%
Net investment income (loss) to average net assets		(0.22	)%(E)		(0.11	)%		(0.02	)%		0.04	%		0.02	%		0.43	%
Portfolio turnover rate		23	%(D)		25	%		28	%		37	%		27	%		35	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Total return has been calculated without deduction of the initial sales charge.
(D)	Not annualized.
(E)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

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NOTES TO FINANCIAL STATEMENTS

At April 30, 2022

(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 covered by this report (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are as follows:

Fund	Class
Transamerica Balanced II (“Balanced II”)	I3,R
Transamerica Bond (“Bond”) (A)	A,C,I,I2,R,R6
Transamerica Capital Growth (“Capital Growth”) (A)	A,C,I,I2,R,R6
Transamerica Emerging Markets Debt (“Emerging Markets Debt”)	A,C,I,I2,R6
Transamerica Emerging Markets Opportunities (“Emerging Markets Opportunities”)	I,I2,R6
Transamerica Energy Infrastructure (“Energy Infrastructure”)	A,C,I,I2
Transamerica Floating Rate (“Floating Rate”)	A,C,I,I2
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 ESG (“High Yield ESG”)	I,I2
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,R6
Transamerica Intermediate Muni (“Intermediate Muni”)	A,C,I,I2
Transamerica International Equity (“International Equity”) (B)	A,C,I,I2,I3,R,R4,R6
Transamerica International Focus (“International Focus”) (C)	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,R6
Transamerica Large Value Opportunities (“Large Value Opportunities”)	I3,R,R4
Transamerica Mid Cap Growth (“Mid Cap Growth”)	A,C,I,I2,I3,R,R4,R6
Transamerica Mid Cap Value Opportunities (“Mid Cap Value Opportunities”)	A,C,I,I2,I3,R,R4,R6
Transamerica Multi-Asset Income (“Multi-Asset Income”)	A,C,I,I2
Transamerica Multi-Managed Balanced (“Multi-Managed Balanced”) (A)	A,C,I,R,R6
Transamerica Short-Term Bond (“Short-Term Bond”)	A,C,I,I2,R6
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 Sustainable Bond (“Sustainable Bond”)	I,I2
Transamerica Sustainable Equity Income (“Sustainable Equity Income”)	A,C,I,I2,R6
Transamerica Unconstrained Bond (“Unconstrained Bond”)	A,I,I2
Transamerica US Growth (“US Growth”)	A,C,I,I2,R6,T

(A)	Class R commenced operations on March 1, 2022.
(B)	Transamerica Global Equity merged into International Equity on December 10, 2021.
(C)	Formerly, Transamerica International Growth.

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

Effective as of March 31, 2021, Government Money Market closed to most new investors. The following investors may continue to purchase Fund shares after the close date: existing Fund investors, asset allocation funds and other investment products in which the Fund is currently an underlying investment option, retirement plans in which the Fund is a plan option, and any plan that is or becomes a part of a multiple plan exchange recordkeeping.

Emerging Markets Debt, Energy Infrastructure and High Yield Muni are “non-diversified” funds, as defined under the 1940 Act.

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 Funds Semi-Annual Report 2022

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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 has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of 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.

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.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. 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.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statements of Operations. The Funds record a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is “more likely than not” to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are reflected in Tax reclaims within the Statements of Assets and Liabilities.

As a result of several European Court of Justice (“ECJ”) court cases in certain countries across the European Union (“EU”), certain Funds have filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (“ECJ tax reclaims”). These additional filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statements of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statements of Operations. When the ECJ tax reclaim is not “more likely than not” to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

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.

Transamerica Funds Semi-Annual Report 2022

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Commissions recaptured are included within Net realized gain (loss) within the Statements of Operations. For the period ended April 30, 2022, commissions recaptured are as follows. Funds not listed in the subsequent table do not have any commissions recaptured during the period.

Fund	Commissions Recaptured
Emerging Markets Opportunities	$	4,585
Energy Infrastructure		251
International Equity		80,172
International Small Cap Value		4,269
International Stock		10,302
Large Cap Value		2,141
Large Core		3,042
Large Growth		285
Large Value Opportunities		4,704
Mid Cap Growth		1,023
Mid Cap Value Opportunities		35,034
Multi-Asset Income		1,817
Multi-Managed Balanced		3,136
Small Cap Growth		516
Small Cap Value		44,842
Small/Mid Cap Value		30,094
US Growth		1,018

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, 2022, 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

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

3. INVESTMENT VALUATION (continued)

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

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.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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.

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.

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.

Rights: Rights 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 rights are priced at zero. Rights are generally 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.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

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

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

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

3. INVESTMENT VALUATION (continued)

modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

4. SECURITIES AND OTHER INVESTMENTS

Loan participations and assignments: The Funds may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”) or buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Funds to supply additional cash to the borrowers on 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 and Net change in unrealized appreciation (depreciation) on unfunded commitments within the Statements of Operations. Funds not listed in the subsequent table do not have any unfunded commitments during the period.

Fund	Principal Commitment		Unrealized Appreciation (Depreciation)
Floating Rate
Athenahealth, Inc., Delayed Draw Term Loan	$	178,986	$	(1,995	)
BCPE North Star US HoldCo 2, Inc., Delayed Draw Term Loan		134,531		(3,765	)
Forefront Management Holdings LLC, Delayed Draw Term Loan		313,976		1,172
Hillman Group Inc., Delayed Draw Term Loan		206,705		(5,160	)
Perrigo Investments LLC, Delayed Draw Term Loan		135,682		339
Refficiency Holdings LLC, Delayed Draw Term Loan		347,621		(3,795	)
VT Topco, Inc., Delayed Draw Term Loan		111,438		(748	)
Total	$	1,428,939	$	(13,952	)
Unconstrained Bond
Athenahealth, Inc., Delayed Draw Term Loan	$	99,921	$	(819	)
DiversiTech Holdings, Inc., Delayed Draw Term Loan		46,977		(782	)
New Arclin US Holding Corp., Delayed Draw Term Loan		19,653		(474	)
Pro Mach Group, Inc., Delayed Draw Term Loan		12,386		(72	)
Service Logic Acquisition, Inc., Delayed Draw Term Loan		36,157		(348	)
Trident TPI Holdings, Inc., Delayed Draw Term Loan		10,743		(150	)
Total	$	225,837	$	2,645

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

4. SECURITIES AND OTHER INVESTMENTS (continued)

Open funded loan participations and assignments at April 30, 2022, 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, 2022, if any, are identified within the Schedule of Investments.

Real estate investment trusts (“REITs”): 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, 2022, if any, are identified within the Schedule of Investments.

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

Restricted securities held at April 30, 2022, 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-protected 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, 2022, 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

4. SECURITIES AND OTHER INVESTMENTS (continued)

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, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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, 2022, 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, 2022.

Repurchase agreements at April 30, 2022, 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

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

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. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Each applicable 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, 2022, 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, 2022. Funds not listed in the subsequent table did not have 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	$	43,779	$	—	$	—	$	—	$	43,779
Corporate Debt Securities		1,278,203		—		—		—		1,278,203
Foreign Government Obligations		197,673		—		—		—		197,673
Total Securities Lending Transactions	$	1,519,655	$	—	$	—	$	—	$	1,519,655
Total Borrowings	$	1,519,655	$	—	$	—	$	—	$	1,519,655
Bond
Securities Lending Transactions
Corporate Debt Securities	$	19,924,616	$	—	$	—	$	—	$	19,924,616
Foreign Government Obligations		581,926		—		—		—		581,926
U.S. Government Obligations		9,677,821		—		—		—		9,677,821
Total Securities Lending Transactions	$	30,184,363	$	—	$	—	$	—	$	30,184,363
Total Borrowings	$	30,184,363	$	—	$	—	$	—	$	30,184,363
Capital Growth
Securities Lending Transactions
Common Stocks	$	112,866,836	$	—	$	—	$	—	$	112,866,836
Total Borrowings	$	112,866,836	$	—	$	—	$	—	$	112,866,836
Emerging Markets Debt
Securities Lending Transactions
Corporate Debt Securities	$	5,429,651	$	—	$	—	$	—	$	5,429,651
Foreign Government Obligations		3,996,274		—		—		—		3,996,274
Total Securities Lending Transactions	$	9,425,925	$	—	$	—	$	—	$	9,425,925
Total Borrowings	$	9,425,925	$	—	$	—	$	—	$	9,425,925
Emerging Markets Opportunities
Securities Lending Transactions
Common Stocks	$	381,995	$	—	$	—	$	—	$	381,995
Total Borrowings	$	381,995	$	—	$	—	$	—	$	381,995

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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
Energy Infrastructure
Securities Lending Transactions
Common Stocks	$	2,636,555	$	—	$	—	$	—	$	2,636,555
Total Borrowings	$	2,636,555	$	—	$	—	$	—	$	2,636,555
Floating Rate
Securities Lending Transactions
Exchange-Traded Funds	$	26,345	$	—	$	—	$	—	$	26,345
Total Borrowings	$	26,345	$	—	$	—	$	—	$	26,345
High Quality Bond
Securities Lending Transactions
Corporate Debt Securities	$	3,389,848	$	—	$	—	$	—	$	3,389,848
Total Borrowings	$	3,389,848	$	—	$	—	$	—	$	3,389,848
High Yield Bond
Securities Lending Transactions
Corporate Debt Securities	$	124,987,378	$	—	$	—	$	—	$	124,987,378
Total Borrowings	$	124,987,378	$	—	$	—	$	—	$	124,987,378
High Yield ESG
Securities Lending Transactions
Corporate Debt Securities	$	2,495,080	$	—	$	—	$	—	$	2,495,080
Total Borrowings	$	2,495,080	$	—	$	—	$	—	$	2,495,080
Inflation Opportunities
Securities Lending Transactions
Corporate Debt Securities	$	2,157,750	$	—	$	—	$	—	$	2,157,750
Total Borrowings	$	2,157,750	$	—	$	—	$	—	$	2,157,750
Inflation-Protected Securities
Securities Lending Transactions
Corporate Debt Securities	$	1,636,101	$	—	$	—	$	—	$	1,636,101
U.S. Government Obligations		2,228,397		—		—		—		2,228,397
Total Securities Lending Transactions	$	3,864,498	$	—	$	—	$	—	$	3,864,498
Total Borrowings	$	3,864,498	$	—	$	—	$	—	$	3,864,498
Intermediate Bond
Securities Lending Transactions
Corporate Debt Securities	$	5,174,296	$	—	$	—	$	—	$	5,174,296
U.S. Government Obligations		1,653,235		—		—		—		1,653,235
Total Securities Lending Transactions	$	6,827,531	$	—	$	—	$	—	$	6,827,531
Total Borrowings	$	6,827,531	$	—	$	—	$	—	$	6,827,531
International Equity
Securities Lending Transactions
Common Stocks	$	348,764,521	$	—	$	—	$	—	$	348,764,521
Total Borrowings	$	348,764,521	$	—	$	—	$	—	$	348,764,521

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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 Focus
Securities Lending Transactions
Common Stocks	$	82,804,472	$	—	$	—	$	—	$	82,804,472
Total Borrowings	$	82,804,472	$	—	$	—	$	—	$	82,804,472
International Small Cap Value
Securities Lending Transactions
Common Stocks	$	23,713,203	$	—	$	—	$	—	$	23,713,203
Total Borrowings	$	23,713,203	$	—	$	—	$	—	$	23,713,203
International Stock
Securities Lending Transactions
Common Stocks	$	24,300	$	—	$	—	$	—	$	24,300
Total Borrowings	$	24,300	$	—	$	—	$	—	$	24,300
Large Growth
Securities Lending Transactions
Common Stocks	$	18,119,422	$	—	$	—	$	—	$	18,119,422
Total Borrowings	$	18,119,422	$	—	$	—	$	—	$	18,119,422
Large Value Opportunities
Securities Lending Transactions
Common Stocks	$	2,710,038	$	—	$	—	$	—	$	2,710,038
Total Borrowings	$	2,710,038	$	—	$	—	$	—	$	2,710,038
Mid Cap Growth
Securities Lending Transactions
Common Stocks	$	3,979,919	$	—	$	—	$	—	$	3,979,919
Total Borrowings	$	3,979,919	$	—	$	—	$	—	$	3,979,919
Multi-Asset Income
Securities Lending Transactions
Preferred Stocks	$	2,389,612	$	—	$	—	$	—	$	2,389,612
Exchange-Traded Funds		21,026,969		—		—		—		21,026,969
Corporate Debt Securities		24,096,596		—		—		—		24,096,596
Total Securities Lending Transactions	$	47,513,177	$	—	$	—	$	—	$	47,513,177
Total Borrowings	$	47,513,177	$	—	$	—	$	—	$	47,513,177
Multi-Managed Balanced
Securities Lending Transactions
Common Stocks	$	189,974	$	—	$	—	$	—	$	189,974
Corporate Debt Securities		1,823,261		—		—		—		1,823,261
U.S. Government Obligations		342,371		—		—		—		342,371
Total Securities Lending Transactions	$	2,355,606	$	—	$	—	$	—	$	2,355,606
Total Borrowings	$	2,355,606	$	—	$	—	$	—	$	2,355,606

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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
Short-Term Bond
Securities Lending Transactions
Corporate Debt Securities	$	4,373,158	$	—	$	—	$	—	$	4,373,158
Total Borrowings	$	4,373,158	$	—	$	—	$	—	$	4,373,158
Small Cap Growth
Securities Lending Transactions
Common Stocks	$	1,027,216	$	—	$	—	$	—	$	1,027,216
Total Borrowings	$	1,027,216	$	—	$	—	$	—	$	1,027,216
Small Cap Value
Securities Lending Transactions
Common Stocks	$	2,547,648	$	—	$	—	$	—	$	2,547,648
Total Borrowings	$	2,547,648	$	—	$	—	$	—	$	2,547,648
Small/Mid Cap Value
Securities Lending Transactions
Common Stocks	$	50,639	$	—	$	—	$	—	$	50,639
Total Borrowings	$	50,639	$	—	$	—	$	—	$	50,639
Sustainable Bond
Securities Lending Transactions
Corporate Debt Securities	$	1,054,013	$	—	$	—	$	—	$	1,054,013
Total Borrowings	$	1,054,013	$	—	$	—	$	—	$	1,054,013
Sustainable Equity Income
Securities Lending Transactions
Common Stocks	$	983,730	$	—	$	—	$	—	$	983,730
Total Borrowings	$	983,730	$	—	$	—	$	—	$	983,730
Unconstrained Bond
Securities Lending Transactions
Corporate Debt Securities	$	39,984,510	$	—	$	—	$	—	$	39,984,510
U.S. Government Obligations		31,091,618		—		—		—		31,091,618
Total Securities Lending Transactions	$	71,076,128	$	—	$	—	$	—	$	71,076,128
Total Borrowings	$	71,076,128	$	—	$	—	$	—	$	71,076,128

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 strategies, 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.

Transamerica Funds Semi-Annual Report 2022

Page    397

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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

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.

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, 2022, 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.

Transamerica Funds Semi-Annual Report 2022

Page    398

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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

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 Funds, 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, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

Forward foreign currency contracts: The Funds are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds, with the exception of Government Money Market, may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Additionally, Bond utilizes forward foreign currency contracts for speculative purposes. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statements of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statements of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at April 30, 2022, if any, are listed within the Schedule of Investments.

Transamerica Funds Semi-Annual Report 2022

Page    399

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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

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, 2022. 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
Capital Growth
Purchased options and swaptions:
Investments, at value (A)	$	—	$	5,880,612	$	—	$	—	$	—	$	5,880,612
Total	$	—	$	5,880,612	$	—	$	—	$	—	$	5,880,612
Emerging Markets Debt
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	302,812	$	—	$	—	$	—	$	302,812
Total	$	—	$	302,812	$	—	$	—	$	—	$	302,812
Inflation Opportunities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	1,615,698	$	—	$	—	$	—	$	1,615,698
Total	$	—	$	1,615,698	$	—	$	—	$	—	$	1,615,698
Inflation-Protected Securities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	378,301	$	—	$	—	$	—	$	378,301
Total	$	—	$	378,301	$	—	$	—	$	—	$	378,301
Large Growth
Purchased options and swaptions:
Investments, at value (A)	$	—	$	604,283	$	—	$	—	$	—	$	604,283
Total	$	—	$	604,283	$	—	$	—	$	—	$	604,283
Short-Term Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	2,977,497	$	—	$	—	$	—	$	—	$	2,977,497
Total	$	2,977,497	$	—	$	—	$	—	$	—	$	2,977,497
Unconstrained Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	10,366,722	$	—	$	—	$	—	$	—	$	10,366,722
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		5,116,111		—		—		—		5,116,111
Total	$	10,366,722	$	5,116,111	$	—	$	—	$	—	$	15,482,833

Transamerica Funds Semi-Annual Report 2022

Page    400

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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
Balanced II
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—		$	—		$	(30,759	)	$	—	$	—	$	(30,759	)
Total	$	—		$	—		$	(30,759	)	$	—	$	—	$	(30,759	)
Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	(22,846	)	$	—		$	—		$	—	$	—	$	(22,846	)
Total	$	(22,846	)	$	—		$	—		$	—	$	—	$	(22,846	)
Emerging Markets Debt
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(160,784	)	$	—		$	—	$	—	$	(160,784	)
Total	$	—		$	(160,784	)	$	—		$	—	$	—	$	(160,784	)
Emerging Markets Opportunities
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—		$	—		$	(357,454	)	$	—	$	—	$	(357,454	)
Total	$	—		$	—		$	(357,454	)	$	—	$	—	$	(357,454	)
Inflation Opportunities
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(69,142	)	$	—		$	—	$	—	$	(69,142	)
Total	$	—		$	(69,142	)	$	—		$	—	$	—	$	(69,142	)
Inflation-Protected Securities
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(845	)	$	—		$	—	$	—	$	(845	)
Total	$	—		$	(845	)	$	—		$	—	$	—	$	(845	)
Multi-Managed Balanced
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—		$	—		$	(438,434	)	$	—	$	—	$	(438,434	)
Total	$	—		$	—		$	(438,434	)	$	—	$	—	$	(438,434	)
Short-Term Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	(2,158,961	)	$	—		$	—		$	—	$	—	$	(2,158,961	)
Total	$	(2,158,961	)	$	—		$	—		$	—	$	—	$	(2,158,961	)
Unconstrained Bond
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(33,617	)	$	—		$	—	$	—	$	(33,617	)
Total	$	—		$	(33,617	)	$	—		$	—	$	—	$	(33,617	)

^(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.

Transamerica Funds Semi-Annual Report 2022

Page    401

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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, 2022.

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	$	(7,875	)	$	—		$	(11,144	)	$	—	$	—	$	(19,019	)
Total	$	(7,875	)	$	—		$	(11,144	)	$	—	$	—	$	(19,019	)
Bond
Futures contracts	$	(13,924	)	$	—		$	—		$	—	$	—	$	(13,924	)
Total	$	(13,924	)	$	—		$	—		$	—	$	—	$	(13,924	)
Capital Growth
Purchased options and swaptions (A)	$	—		$	(14,370,561	)	$	—		$	—	$	—	$	(14,370,561	)
Total	$	—		$	(14,370,561	)	$	—		$	—	$	—	$	(14,370,561	)
Emerging Markets Debt
Forward foreign currency contracts	$	—		$	(629,411	)	$	—		$	—	$	—	$	(629,411	)
Total	$	—		$	(629,411	)	$	—		$	—	$	—	$	(629,411	)
Emerging Markets Opportunities
Futures contracts	$	—		$	—		$	(1,421,767	)	$	—	$	—	$	(1,421,767	)
Forward foreign currency contracts		—			(8,379	)		—			—		—		(8,379	)
Total	$	—		$	(8,379	)	$	(1,421,767	)	$	—	$	—	$	(1,430,146	)
High Yield Muni
Written options and swaptions	$	—		$	—		$	264,219		$	—	$	—	$	264,219
Total	$	—		$	—		$	264,219		$	—	$	—	$	264,219
Inflation Opportunities
Forward foreign currency contracts	$	—		$	805,746		$	—		$	—	$	—	$	805,746
Total	$	—		$	805,746		$	—		$	—	$	—	$	805,746
Inflation-Protected Securities
Forward foreign currency contracts	$	—		$	387,360		$	—		$	—	$	—	$	387,360
Total	$	—		$	387,360		$	—		$	—	$	—	$	387,360
Intermediate Bond
Futures contracts	$	(137,422	)	$	—		$	—		$	—	$	—	$	(137,422	)
Total	$	(137,422	)	$	—		$	—		$	—	$	—	$	(137,422	)
Intermediate Muni
Written options and swaptions	$	—		$	—		$	1,015,777		$	—	$	—	$	1,015,777
Total	$	—		$	—		$	1,015,777		$	—	$	—	$	1,015,777
Large Growth
Purchased options and swaptions (A)	$	—		$	(1,590,189	)	$	—		$	—	$	—	$	(1,590,189	)
Total	$	—		$	(1,590,189	)	$	—		$	—	$	—	$	(1,590,189	)
Multi-Managed Balanced
Futures contracts	$	(90,528	)	$	—		$	(863,039	)	$	—	$	—	$	(953,567	)
Total	$	(90,528	)	$	—		$	(863,039	)	$	—	$	—	$	(953,567	)
Short-Term Bond
Futures contracts	$	4,272,776		$	—		$	—		$	—	$	—	$	4,272,776
Total	$	4,272,776		$	—		$	—		$	—	$	—	$	4,272,776
Unconstrained Bond
Futures contracts	$	16,630,305		$	—		$	—		$	—	$	—	$	16,630,305
Forward foreign currency contracts		—			4,681,114			—			—		—		4,681,114
Total	$	16,630,305		$	4,681,114		$	—		$	—	$	—	$	21,311,419

Transamerica Funds Semi-Annual Report 2022

Page    402

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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
Balanced II
Futures contracts	$	2,819		$	—		$	(75,713	)	$	—	$	—	$	(72,894	)
Total	$	2,819		$	—		$	(75,713	)	$	—	$	—	$	(72,894	)
Bond
Futures contracts	$	(22,898	)	$	—		$	—		$	—	$	—	$	(22,898	)
Total	$	(22,898	)	$	—		$	—		$	—	$	—	$	(22,898	)
Capital Growth
Purchased options and swaptions (B)	$	—		$	9,277,456		$	—		$	—	$	—	$	9,277,456
Total	$	—		$	9,277,456		$	—		$	—	$	—	$	9,277,456
Emerging Markets Debt
Forward foreign currency contracts	$	—		$	(98,926	)	$	—		$	—	$	—	$	(98,926	)
Total	$	—		$	(98,926	)	$	—		$	—	$	—	$	(98,926	)
Emerging Markets Opportunities
Futures contracts	$	—		$	—		$	(338,488	)	$	—	$	—	$	(338,488	)
Total	$	—		$	—		$	(338,488	)	$	—	$	—	$	(338,488	)
Inflation Opportunities
Forward foreign currency contracts	$	—		$	1,430,499		$	—		$	—	$	—	$	1,430,499
Total	$	—		$	1,430,499		$	—		$	—	$	—	$	1,430,499
Inflation-Protected Securities
Forward foreign currency contracts	$	—		$	409,888		$	—		$	—	$	—	$	409,888
Total	$	—		$	409,888		$	—		$	—	$	—	$	409,888
Intermediate Bond
Futures contracts	$	53,559		$	—		$	—		$	—	$	—	$	53,559
Total	$	53,559		$	—		$	—		$	—	$	—	$	53,559
Large Growth
Purchased options and swaptions (B)	$	—		$	1,063,386		$	—		$	—	$	—	$	1,063,386
Total	$	—		$	1,063,386		$	—		$	—	$	—	$	1,063,386
Multi-Managed Balanced
Futures contracts	$	35,055		$	—		$	(715,063	)	$	—	$	—	$	(680,008	)
Total	$	35,055		$	—		$	(715,063	)	$	—	$	—	$	(680,008	)
Short-Term Bond
Futures contracts	$	(379,998	)	$	—		$	—		$	—	$	—	$	(379,998	)
Total	$	(379,998	)	$	—		$	—		$	—	$	—	$	(379,998	)
Unconstrained Bond
Futures contracts	$	5,391,281		$	—		$	—		$	—	$	—	$	5,391,281
Forward foreign currency contracts		—			2,417,232			—			—		—		2,417,232
Total	$	5,391,281		$	2,417,232		$	—		$	—	$	—	$	7,808,513

^(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.

Transamerica Funds Semi-Annual Report 2022

Page    403

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2022.

	Balanced II			Bond		Capital Growth		Emerging Markets Debt		Emerging Markets Opportunities
Options:
Average value of option contracts purchased	$	—		$	—	$	4,470,952	$	—	$	—
Futures contracts:
Average notional value of contracts — long		986,956			191,111		—		—		19,925,137
Forward foreign currency exchange contracts:
Average contract amounts purchased — in USD		—			—		—		29,677,423		841,278
Average contract amounts sold — in USD		—			—		—		27,705,690		95,108
	High Yield Muni			Inflation Opportunities		Inflation- Protected Securities		Intermediate Bond		Intermediate Muni
Options:
Average value of option contracts written	$	(1,050	)	$	—	$	—	$	—	$	(10,500	)
Futures contracts:
Average notional value of contracts — long		—			—		—		4,918,003		—
Forward foreign currency exchange contracts:
Average contract amounts purchased — in USD		—			1,998,330		779,381		—		—
Average contract amounts sold — in USD		—			27,267,139		10,711,029		—		—

	Large Growth		Multi- Managed Balanced		Short-Term Bond			Unconstrained Bond
Options:
Average value of option contracts purchased	$	461,118	$	—	$	—		$	—
Futures contracts:
Average notional value of contracts — long		—		14,163,957		89,121,660			—
Average notional value of contracts — short		—		—		(97,984,959	)		(278,956,330	)
Forward foreign currency exchange contracts:
Average contract amounts purchased — in USD		—		—		—			6,389,216
Average contract amounts sold — in USD		—		—		—			108,556,129

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

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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

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, 2022. 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 Receivable		Gross Amounts of Liabilities Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities					Net Payable
Counterparty			Financial Instruments			Collateral Received (B)							Financial Instruments			Collateral Pledged (B)
	Assets										Liabilities
Capital Growth
Goldman Sachs International	$	4,052,466	$	—		$	(1,320,000	)	$	2,732,466	$	—	$	—		$	—	$	—
JPMorgan Chase Bank, N.A.		1,828,146		—			(1,743,000	)		85,146		—		—			—		—
Total	$	5,880,612	$	—		$	(3,063,000	)	$	2,817,612	$	—	$	—		$	—	$	—
Emerging Markets Debt
Goldman Sachs Bank	$	37,480	$	(20,042	)	$	—		$	17,438	$	20,042	$	(20,042	)	$	—	$	—
HSBC Bank USA		54,010		(11,148	)		—			42,862		11,148		(11,148	)		—		—
JPMorgan Chase Bank, N.A.		12,394		—			—			12,394		—		—			—		—
Morgan Stanley Capital Services, Inc.		154,694		(105,547	)		(49,147	)		—		105,547		(105,547	)		—		—
Standard Chartered Bank		44,234		(10,276	)		(33,958	)		—		10,276		(10,276	)		—		—
Other Derivatives (C)		—		—			—			—		13,771		—			—		13,771
Total	$	302,812	$	(147,013	)	$	(83,105	)	$	72,694	$	160,784	$	(147,013	)	$	—	$	13,771
Inflation Opportunities
JPMorgan Securities LLC	$	1,615,698	$	(69,142	)	$	—		$	1,546,556	$	69,142	$	(69,142	)	$	—	$	—
Total	$	1,615,698	$	(69,142	)	$	—		$	1,546,556	$	69,142	$	(69,142	)	$	—	$	—
Inflation-Protected Securities
JPMorgan Securities LLC	$	378,301	$	(845	)	$	—		$	377,456	$	845	$	(845	)	$	—	$	—
Total	$	378,301	$	(845	)	$	—		$	377,456	$	845	$	(845	)	$	—	$	—
Large Growth
Goldman Sachs International	$	413,417	$	—		$	(200,000	)	$	213,417	$	—	$	—		$	—	$	—
JPMorgan Chase Bank, N.A.		190,866		—			(190,000	)		866		—		—			—		—
Total	$	604,283	$	—		$	(390,000	)	$	214,283	$	—	$	—		$	—	$	—

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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 Receivable		Gross Amounts of Liabilities Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities					Net Payable
Counterparty			Financial Instruments			Collateral Received (B)							Financial Instruments			Collateral Pledged (B)
	Assets										Liabilities
Unconstrained Bond
JPMorgan Securities LLC	$	5,116,111	$	(33,617	)	$	(2,096,271	)	$	2,986,223	$	33,617	$	(33,617	)	$	—	$	—
Other Derivatives (C)		10,366,722		—			—			10,366,722		—		—			—		—
Total	$	15,482,833	$	(33,617	)	$	(2,096,271	)	$	13,352,945	$	33,617	$	(33,617	)	$	—	$	—

^(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.

Market risk: The market prices of a Fund’s securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of a Fund’s securities and assets fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, 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. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. 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 go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a Fund’s securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of a Fund’s investments.

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

7. RISK FACTORS (continued)

Europe. A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through “Brexit,” the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom’s economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund’s investments.

Additional Market Disruption. Russia’s invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia’s military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not a Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of a Fund’s investments.

Equity securities risk: Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company’s financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by a Fund fall, the value of your investment in a Fund will decline. A Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

Fixed income securities risk: Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, 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 falls, the value of your investment will go down. A Fund may lose its entire investment in the fixed-income securities of an issuer.

Asset class allocation risk: A Fund’s investment performance is significantly impacted by a Fund’s asset class allocation and reallocation from time to time. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the Investment Manager’s judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. A Fund’s balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

Convertible securities risk: Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

Transamerica Funds Semi-Annual Report 2022

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

7. RISK FACTORS (continued)

Credit risk: If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by a Fund or a counterparty to a financial contract with a Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be significant, particularly in certain market environments. In addition, a Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

Derivatives risk: The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, credit risk, operational risk and legal risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on a Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, a Fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to a Fund. In certain cases, a Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. A Fund may, under the current asset segregation and coverage regulatory framework, be required to segregate or earmark liquid assets or otherwise cover its obligations under derivatives transactions and may have to liquidate positions before it is desirable in order to meet these segregation and coverage requirements. The SEC has adopted new Rule 18f-4 under the 1940 Act, which provides a comprehensive regulatory framework for the use of derivatives by registered investment companies and set limits on a Fund’s investments in derivatives. Compliance with Rule 18f-4 is not required until August 2022, but the rule may impact a Fund’s use of derivatives before that date. Rule 18f-4 could have an adverse impact on a Fund’s performance and its ability to implement its investment strategies as it has historically.

Dividend paying stock risk: There can be no assurance that the issuers of the stocks held by a Fund will pay dividends in the future or that, if dividends are paid, they will not decrease. A Fund’s emphasis on dividend paying stocks could cause a Fund’s share price and total return to fluctuate more than, or cause a Fund to underperform, similar funds that invest without consideration of an issuer’s track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks tend to go through cycles of over- or under-performing the stock market in general.

Emerging markets risk: Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as a Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. In addition, emerging market securities may have low trading volumes and may be or become illiquid.

Energy sector risk: Industries in the energy segment, such as those engaged in the development, production and distribution of energy resources, can be significantly affected by supply and demand both for their specific product or service and for energy products in general. The price of oil, gas and other consumable fuels, exploration and production spending, government regulation, world events and economic conditions likewise will affect the performance of companies in these industries. Such events and related conditions may lead to disputes among oil-producing countries and potential limits on the production of crude oil, leading to increased volatility in the energy sector.

Environmental, social and governance (“ESG”) investing risk: Applying the sub-adviser’s ESG criteria to its investment analysis for the Fund may impact the sub-adviser’s investment decisions as to securities of certain issuers and, therefore, the Fund may forgo some investment opportunities available to funds that do not use ESG criteria or that apply different ESG criteria. Applying ESG criteria may impact the Fund’s exposure to risks associated with certain issuers, industries and sectors, which may impact the Fund’s investment performance. Securities of companies with what are identified by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of similar funds that do not use ESG criteria or that apply different ESG criteria. ESG is not a uniformly defined characteristic and applying ESG criteria involves a subjective assessment. The Fund’s investments may include securities of issuers that derive revenue from non-ESG activities. ESG information from third party data providers may be incomplete, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s ESG characteristics.

Transamerica Funds Semi-Annual Report 2022

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

7. RISK FACTORS (continued)

Floating rate loans risk: Floating rate loans are often made to borrowers whose financial condition is troubled or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans may have trade settlement periods in excess of seven days, which may result in a Fund not receiving proceeds from the sale of a loan for an extended period. As a result, a Fund may be subject to greater “Liquidity” risk than a Fund that does not invest in floating rate loans and a Fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

Foreign investments risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of a Fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers.

Government money market fund risk: Transamerica 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 stocks 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 securities risk: High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. 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, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for a Fund.

Industry concentration risk: A Fund concentrates its investments in a specific industry or industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, a Fund may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

Inflation-protected securities risk: Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which 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.

Interest rate risk: Interest rates in the U.S. and certain foreign markets have been low relative to historic levels. A Fund faces a risk that interest rates may rise. The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of a Fund’s investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from a Fund. Increased redemptions could cause a Fund to sell securities at inopportune times or depressed prices and result in further losses.

Large capitalization companies risk: A Fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

Transamerica Funds Semi-Annual Report 2022

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

7. RISK FACTORS (continued)

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”). The UK Financial Conduct Authority and LIBOR’s administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on a Fund, issuers of instruments in which a Fund invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on a Fund or a Fund’s investments cannot yet be determined.

Liquidity risk: A Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. If a Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, a Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for a Fund to sell. This may prevent a Fund from limiting losses.

Master limited partnerships (“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 unitholders 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 of a Fund’s investments in such securities may decline if interest rates rise. The value of a Fund’s investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities.

Medium capitalization companies risk: A Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

Model and data risk: If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) (“Models”) or information or data supplied by third parties (“Data”) prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose a Fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model’s development, implementation and maintenance, the Model’s assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for a Fund.

Mortgage-related and asset-backed securities 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 represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. 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

Transamerica Funds Semi-Annual Report 2022

Page    410

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

7. RISK FACTORS (continued)

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.

Municipal securities 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. 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.

Repurchase agreements risk: In a repurchase agreement, a Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from a Fund at a later date, and at a specified price. The securities purchased serve as a Fund’s collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, a Fund is entitled to sell the securities, but a Fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that a Fund will not have a right to the securities, or the immediate right to sell the securities.

Small capitalization companies risk: A Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small 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 limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

Sovereign debt risk: Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Sustainability investing risk: Applying the sub-adviser’s sustainability assessment framework to its investment analysis for a Fund may impact the sub-adviser’s investment decisions as to securities of certain issuers and, therefore, a Fund may forgo some investment opportunities available to funds that do not apply sustainability investing principals or that apply different sustainability criteria. Applying sustainability criteria may impact a Fund’s exposure to risks associated with certain issuers, industries and sectors, which may impact a Fund’s investment performance. Securities of companies meeting the sub-adviser’s sustainability criteria may shift into and out of favor depending on market and economic conditions, and a Fund’s performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principals or that apply different sustainability criteria. The sub-adviser monitors a Fund’s holdings based on the latest publicly available information. Any delay in obtaining public information regarding a Fund’s holdings could result in a Fund holding an investment that no longer meets a Fund’s sustainability investing principals. “Sustainability” is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessment. A Fund’s investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability information from third party data providers may be incomplete, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability characteristics.

Value investing risk: The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.

Transamerica Funds Semi-Annual Report 2022

Page    411

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS

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

With respect to Balanced II, Bond, Floating Rate, High Yield Bond, High Yield ESG, Intermediate Bond, Multi-Managed Balanced, Short-Term Bond and Sustainable 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.

With respect to Sustainable Equity Income, TAM has entered into a sub-advisory agreement with Aegon Asset Management UK plc (“AAM UK”), a wholly-owned subsidiary of Aegon NV. AAM UK provides day-to-day portfolio management services to the Fund, 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, AAM UK, TFS and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, AUIM, AAM UK, 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, 2022, 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	$	113,606,101		100.00	%
Bond		354,285,375		23.94
Capital Growth		45,984,475		2.02
Emerging Markets Debt		86,843,658		27.61
Emerging Markets Opportunities		955,912,552		91.13
Energy Infrastructure		62,574,021		40.42
Floating Rate		330,978,915		64.87
Government Money Market		332,608,932		53.24
High Quality Bond		161,963,509		100.00
High Yield Bond		1,021,488,094		54.25
High Yield ESG		19,535,562		99.64
High Yield Muni		16,216		0.01
Inflation Opportunities		95,712,885		71.60
Inflation-Protected Securities		100,971,115		100.00
Intermediate Bond		1,368,562,346		96.16
Intermediate Muni		10,524		0.00	(A)
International Equity		1,480,103,645		28.96
International Focus		1,094,130,073		96.91

Fund	Account Balance		Percentage of Net Assets
International Small Cap Value	$	380,767,273		58.47	%
International Stock		107,251,443		84.73
Large Cap Value		2,118,234,117		88.73
Large Core		172,029,125		96.79
Large Growth		739,736,956		95.67
Large Value Opportunities		349,402,134		98.94
Mid Cap Growth		288,897,482		91.63
Mid Cap Value Opportunities		444,089,853		32.62
Multi-Asset Income		16,202		0.00	(A)
Multi-Managed Balanced		24,293,942		1.96
Short-Term Bond		118,196,453		3.45
Small Cap Growth		59,245,250		35.20
Small Cap Value		404,041,992		91.13
Small/Mid Cap Value		69,619,582		8.49
Sustainable Bond		22,186,856		99.98
Sustainable Equity Income		256,305,691		84.34
Unconstrained Bond		1,149,942,219		94.80
US Growth		615,417,576		33.53

^(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.

Transamerica Funds Semi-Annual Report 2022

Page    412

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Each Fund pays a management fee to TAM based on daily average net assets 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 up to $7 billion		0.5700
Over $7 billion		0.5500
Emerging Markets Debt
First $400 million		0.6300
Over $400 million		0.6100
Emerging Markets Opportunities
First $250 million		0.8300
Over $250 million up to $500 million		0.8000
Over $500 million		0.7500
Energy Infrastructure
First $250 million		1.0540
Over $250 million up to $500 million		1.0400
Over $500 million up to $1 billion		0.9600
Over $1 billion up to $2 billion		0.8500
Over $2 billion		0.8000
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
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 (A)
First $1.25 billion		0.5540
Over $1.25 billion up to $2 billion		0.5440
Over $2 billion		0.5200
High Yield ESG (A)
First $1.25 billion		0.5540
Over $1.25 billion up to $2 billion		0.5440
Over $2 billion		0.5200
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 $250 million		0.4900
Over $250 million up to $1 billion		0.4300
Over $1 billion		0.3800
Inflation Protected-Securities		0.3800

Fund	Rate
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 up to $2 billion		0.3900
Over $2 billion up to $3 billion		0.3875
Over $3 billion		0.3825
International Equity
Effective December 10, 2021
First $250 million		0.7700
Over $250 million up to $1 billion		0.7400
Over $1 billion up to $2 billion		0.7200
Over $2 billion up to $6 billion		0.6900
Over $6 billion up to $8 billion		0.6800
Over $8 billion		0.6600
Prior to December 10, 2021
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 Focus
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 (B)
First $1billion		0.5940
Over $1 billion up to $2 billion		0.5800
Over $2 billion up to $3 billion		0.5600
Over $3 billion		0.5400

Transamerica Funds Semi-Annual Report 2022

Page    413

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Rate
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 up to $7 billion		0.5700
Over $7 billion		0.5500
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
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
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 $500 million		0.6100
Over $500 million up to $1 billion		0.5900
Over $1 billion up to $1.5 billion		0.5600
Over $1.5 billion up to $2 billion		0.5500
Over $2 billion up to $5 billion		0.5200
Over $5 billion		0.5000
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

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
Sustainable 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
Sustainable Equity Income (B)
First $500 million		0.6630
Over $500 million up to $1 billion		0.5800
Over $1 billion up to $1.5 billion		0.5500
Over $1.5 billion		0.5300
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 up to $7 billion		0.5700
Over $7 billion		0.5500

^(A)  TAM has contractually agreed to reimburse 0.085% of the transfer agency fees on Class I shares through March 1, 2023.

^(B)  TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2023.

On April 18, 2022, TFS, the Funds’ transfer agent, returned to Class I of applicable Funds certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as a “Contributions from affiliate” within each applicable Fund’s Statement of Assets and Liabilities and Financial Highlights in this shareholder report.

Transamerica Funds Semi-Annual Report 2022

Page    414

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses (with exception to Intermediate Muni and Multi-Asset Income), 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 average net assets. 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		0.66	%
Class R		1.10
Bond
Class A		0.93			0.97	%
Class C		1.60			1.65
Class I		0.50
Class I2, Class R6		0.52
Class R (D)		1.18
Capital Growth
Class A		1.16
Class C		1.90
Class I		0.83			0.88
Class I2		0.78
Class R (D)		1.41
Class R6		0.74			0.78
Emerging Markets Debt
Class A		1.25
Class C		2.00
Class I, Class I2, Class R6		0.85
Emerging Markets Opportunities
Class I		0.98
Class I2, Class R6		0.95
Energy Infrastructure
Class A		1.60
Class C		2.35
Class I		1.35
Class I2		1.25
Floating Rate
Class A		1.05
Class C		1.80
Class I, Class I2		0.80
Government Money Market
Class A		0.66			0.73
Class C		1.44			1.48
Class I, Class I3		0.38
Class I2		0.35			0.38
Class R2		0.80
Class R4		0.50
High Quality Bond
Class I3		0.51			0.52
Class R		1.00
Class R4		0.65

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
High Yield Bond
Class A		1.09	%
Class C		1.85
Class I		0.79
Class I2, Class I3, Class R6		0.67
Class R		1.10
Class R4		0.85
High Yield ESG
Class I		0.85
Class I2		0.75
High Yield Muni
Class A		1.01
Class C		1.76
Class I		0.76
Class I2		0.73			0.76	%
Inflation Opportunities
Class A		1.00
Class C		1.71
Class I		0.65
Class I2, Class R6		0.64
Inflation-Protected Securities
Class I3		0.53
Class R		1.00
Class R4		0.65
Intermediate Bond
Class I2		0.50
Class I3, Class R6		0.46			0.50
Class R		1.00
Class R4		0.65
Intermediate Muni
Class A		0.85
Class C		1.54			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
Class R		1.40
Class R4		1.15

Transamerica Funds Semi-Annual Report 2022

Page    415

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
International Focus
Class A		1.20	%
Class I		1.05
Class I2		0.95
Class R6		0.87			0.95	%
International Small Cap Value
Class I		1.16			1.22
Class I2		1.12
International Stock
Class A		1.25
Class I		1.00
Class I2		0.95
Class R6		0.92			0.95
Large Cap Value
Class A		1.09			1.15
Class C		1.83			1.90
Class I		0.77			0.83
Class I2		0.72
Class R6		0.67			0.72
Large Core
Class I3		0.65
Class R		1.15
Class R4		0.81			0.83
Large Growth
Class I3, Class R6		0.74			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
Mid Cap Growth
Class A		1.30
Class C		1.99			2.05
Class I		0.98
Class I2, Class I3, Class R6		0.85
Class R		1.35
Class R4		0.95
Mid Cap Value Opportunities
Class A		1.20
Class C		1.95
Class I, Class R4		0.90
Class I2, Class I3, Class R6		0.80
Class R		1.25

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Multi-Asset Income
Class A		1.12	%
Class C		1.87
Class I		0.72
Class I2		0.83
Multi-Managed Balanced
Class A		1.09			1.15	%
Class C		1.84			1.90
Class I		0.83
Class R (D)		1.34
Class R6		0.70			0.73
Short-Term Bond
Class A		0.84
Class C		1.56
Class I		0.57
Class I2, Class R6		0.50
Small Cap Growth
Class A		1.40
Class C		2.13			2.15
Class I		1.10			1.15
Class I2, Class I3, Class R6		1.00
Class R		1.55
Class R4		1.15
Small Cap Value
Class A		1.30
Class C		2.05
Class I		1.05
Class I2, Class I3, Class R6		0.95
Class R		1.50
Class R4		1.10
Small/Mid Cap Value
Class A		1.30			1.37
Class C		2.02			2.05
Class I		0.97			1.00
Class I2,		0.90			.
Class R6		0.88			0.90
Sustainable Bond
Class I		0.50
Class I2		0.45
Sustainable Equity Income
Class A		1.09			1.15
Class C		1.90
Class I		0.90
Class I2, Class R6		0.80			0.83
Unconstrained Bond
Class A		1.20
Class I		0.95
Class I2		0.85

Transamerica Funds Semi-Annual Report 2022

Page    416

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
US Growth
Class A		1.16	%
Class C		1.86
Class I		0.86
Class I2		0.76
Class R6		0.73			0.76	%
Class T		0.79

^(A)  Current operating expense limit is effective through March 1, 2023.

^(B)  Prior operating expense limit was effective through March 1, 2022.

^(C)  No rate displayed indicates no change to the operating expense limit during the period.

^(D)  Class R commenced operations on March 1, 2022.

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, 2022 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 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 voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2022, the balances available for recapture by TAM for each Fund are as follows. Funds and/or classes 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	2019 (A)		2020		2021		2022		Total
Bond
Class A	$	—	$	—	$	—	$	3,106	$	3,106
Class I		317,216		635,743		428,066		223,006		1,604,031
Capital Growth
Class I		—		—		—		185,453		185,453
Class R6		—		—		—		1,966		1,966
Emerging Markets Debt
Class A		—		—		—		2,925		2,925
Class I		—		—		—		5,593		5,593
Energy Infrastructure
Class A		—		3,968		6,803		6,993		17,764
Class C		3,621		11,788		5,296		2,114		22,819
Floating Rate
Class A		1,890		44,823		18,775		1,050		66,538
Class C		—		31,711		15,303		904		47,918
Class I		15,051		168,210		104,598		11,052		298,911
High Quality Bond
Class I3		—		—		—		3,204		3,204
Class R4		9,335		25,698		23,538		14,847		73,418
High Yield Bond
Class R		28,859		49,947		18,706		1,084		98,596
Class R4		37,886		36,419		40,351		2,756		117,412

	Amounts Available
Fund	2019 (A)		2020		2021		2022		Total
High Yield ESG (B)
Class I	$	—	$	2,558	$	7,401	$	2,005	$	11,964
Class I2		—		50,069		135,253		35,414		220,736
High Yield Muni
Class A		—		—		5,740		4,799		10,539
Class C		—		3,120		3,475		629		7,224
Class I		21,151		64,178		46,412		8,843		140,584
Inflation Opportunities
Class A		—		1,958		519		880		3,357
Class C		—		332		349		307		988
Class I		—		4,614		8,821		6,772		20,207
Inflation-Protected Securities
Class R		—		2,095		1,420		1,682		5,197
Class R4		1,611		2,790		1,629		643		6,673
Intermediate Bond
Class R4		16,544		36,908		28,500		15,670		97,622
Intermediate Muni
Class C		—		—		—		1,225		1,225
Class I		251,823		1,183,870		1,202,647		681,427		3,319,767
International Equity
Class A		30,748		102,388		171,304		103,876		408,316

Transamerica Funds Semi-Annual Report 2022

Page    417

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available
Fund	2019 (A)		2020		2021		2022		Total
International Focus
Class A	$	310	$	737	$	867	$	495	$	2,409
Class I		32		48		73		32		185
International Stock
Class A		7,892		266		62		76		8,296
Class I		8,135		347		31		14		8,527
Class R6		6,367		235		38		618		7,258
Large Core
Class R4		—		—		—		82		82
Large Growth
Class R4		8,918		20,241		24,409		11,669		65,237
Large Value Opportunities
Class R		—		—		—		1,409		1,409
Class R4		77		2,842		756		544		4,219
Mid Cap Growth
Class C		—		—		—		172		172
Class R4		633		346		181		67		1,227

	Amounts Available
Fund	2019 (A)		2020		2021		2022		Total
Mid Cap Value Opportunities
Class A	$	47,417	$	20,347	$	4,610	$	—	$	72,374
Class R		—		1,859		1,205		2,964		6,028
Class R4		143,884		94,284		99,140		58,930		396,238
Multi-Asset Income
Class I		—		86,035		86,111		87,322		259,468
Small Cap Growth
Class C		—		—		—		640		640
Class I		—		—		—		4,347		4,347
Class R4		221		122		136		105		584
Small Cap Value
Class R4		120		247		26		18		411
Sustainable Bond (B)
Class I		—		2,975		7,867		2,591		13,433
Class I2		—		68,899		177,809		53,837		300,545
Sustainable Equity Income
Class C		—		633		1,294		320		2,247

^(A)  For the six-month period of May 1, 2019 through October 31, 2019.

^(B)  Fund commenced operations on July 31, 2020.

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. TAM or its affiliates may request that financial intermediaries reduce or waive amounts payable to those intermediaries with respect to services rendered to Government Money Market or its shareholders, and those reductions or waivers may reduce the amounts waived and/or reimbursed by TAM under the contractual and/or voluntary waiver arrangements with respect to the Fund. 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 the 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 Statements 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. For the period ended April 30, 2022, TAM contributed additional amounts to Government Money Market in connection with the maintenance of the yield, and these amounts are reflected as Contributions from affiliate within the Statements of Changes in Net Assets and Financial Highlights in this shareholder report.

For the 36-month period ended April 30, 2022, the amounts waived by TAM due to the maintenance of the yield are as follows:

	Amounts Waived
	2019 (A)		2020		2021		2022		Total
Class A	$	—	$	329,815	$	861,188	$	294,623	$	1,485,626
Class C		—		23,256		44,085		12,485		79,826
Class I		—		28,926		89,234		27,018		145,178
Class I2		—		7,847		11,874		3,419		23,140
Class I3		—		106,901		174,055		58,843		339,799
Class R2		—		1,384,068		2,314,197		236,886		3,935,151
Class R4		—		144,946		185,733		41,957		372,636

^(A)  For the six-month period May 1, 2019 through October 31, 2019.

Transamerica Funds Semi-Annual Report 2022

Page    418

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

As of April 30, 2022, the balances available for recapture by TAM due to the maintenance of the yield are as follows:

	Amounts Available
	2019 (A)		2020		2021		2022		Total
Class A	$	—	$	241,970	$	742,230	$	293,489	$	1,277,689
Class C		—		17,127		44,082		12,454		73,663
Class I		—		17,696		64,155		27,018		108,869
Class I2		—		2,819		9,918		3,395		16,132
Class I3		—		40,120		144,872		58,317		243,309
Class R2		—		1,383,836		2,269,319		236,886		3,890,041
Class R4		—		16,964		113,678		41,339		171,981

^(A)  Effective March 1, 2019, TAM discontinued the earlier recaptures under the voluntary fee waiver for classes A, C, I, I2 and I3.

For the years ended October 31, 2020, October 31, 2021 and period ended April 30, 2022, the amounts waived from financial intermediaries are as follows:

	Amounts Available
	2020 (A)		2021 (A)		2022		Total
Class A	$	384,998	$	834,825	$	316,166	$	1,535,989
Class C		104,200		129,367		48,025		281,592
Class I		—		—		4,435		4,435
Class R2		1,658,643		1,289,238		154,956		3,102,837
Class R4		132,624		191,958		92,054		416,636

^(A)  Not subject to recapture.

For the 36-month period ended April 30, 2022, the amounts waived by TAM due to the operating expense limitation are as follows:

	Amounts Waived
	2019 (A)		2020		2021		2022		Total
Class A	$	3,477	$	1,253	$	—	$	—	$	4,730
Class C		216		372		591		—		1,179
Class I		1,830		12,904		22,106		8,302		45,142
Class R2		197,609		632,536		112,397		—		942,542
Class R4		31,090		86,496		48,230		28,411		194,227

^(A)  For the six-month period May 1, 2019 through October 1, 2019.

As of April 30, 2022, the balances available for recapture by TAM due to the operating expense limitation are as follows:

	Amounts Available
	2019		2020		2021		2022		Total
Class I	$	360	$	12,904	$	22,106	$	8,302	$	43,672
Class R2		197,609		632,536		112,397		—		942,542
Class R4		31,090		86,496		48,230		28,411		194,227

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.

Transamerica Funds Semi-Annual Report 2022

Page    419

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets 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.

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, 2023
Intermediate Muni		0.10			0.25			March 1, 2023

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 and Class T shares are subject to an initial sales charge on certain share redemptions. For the period ended April 30, 2022, 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	$	30,439	$	9,652
Class C		—		3,097
Capital Growth
Class A		1,395,425		28,944
Class C		—		34,210
Emerging Markets Debt
Class A		285		—
Class C		—		252
Energy Infrastructure
Class A		18,453		—
Class C		—		303
Floating Rate
Class A		5,192		11
Class C		—		1,747
Government Money Market
Class C		—		4,796
High Yield Bond
Class A		31,154		1
Class C		—		1,905
High Yield Muni
Class A		26,354		2,055
Class C		—		1,633
Inflation Opportunities
Class A		11,750		—
Intermediate Muni
Class A		51,804		7,251
Class C		—		6,118

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
International Equity
Class A	$	61,265	$	12
Class C		—		3,030
International Focus
Class A		3,714		—
International Stock
Class A		1,233		—
Large Cap Value
Class A		87,045		187
Class C		—		480
Mid Cap Growth
Class A		7,185		26
Mid Cap Value Opportunities
Class A		27,129		1
Class C		—		493
Multi-Asset Income
Class A		344,657		826
Class C		—		6,469
Multi-Managed Balanced
Class A		351,881		1,933
Class C		—		12,723
Short-Term Bond
Class A		46,798		80,369
Class C		—		15,911
Small Cap Growth
Class A		9,748		—
Class C		—		208

Transamerica Funds Semi-Annual Report 2022

Page    420

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Small Cap Value
Class A	$	3,076	$	1
Small/Mid Cap Value
Class A		66,693		79
Class C		—		1,149
Sustainable Equity Income
Class A		5,766		3
Class C		—		20

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Unconstrained Bond
Class A	$	5,677	$	—
US Growth
Class A		153,771		397
Class C		—		450

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on assets, 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. Please reference the Funds’ Prospectuses and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2022, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Balanced II	$	2,056	$	311
Bond		718,183		106,216
Capital Growth		1,962,865		246,323
Emerging Markets Debt		136,765		19,956
Emerging Markets Opportunities		49,106		7,087
Energy Infrastructure		47,343		7,881
Floating Rate		90,603		15,928
Government Money Market		122,691		20,976
High Quality Bond		5,729		901
High Yield Bond		499,968		77,982
High Yield ESG		1,294		200
High Yield Muni		87,286		13,305
Inflation Opportunities		14,921		2,302
Inflation-Protected Securities		3,600		553
Intermediate Bond		57,482		8,516
Intermediate Muni		1,198,607		173,096
International Equity		1,929,671		314,217
International Focus		52,386		7,746
International Small Cap Value		174,181		24,766

Fund	Fees Paid to TFS		Fees Due to TFS
International Stock	$	5,716	$	870
Large Cap Value		199,919		31,111
Large Core		5,035		782
Large Growth		32,120		4,466
Large Value Opportunities		11,750		1,820
Mid Cap Growth		26,404		4,053
Mid Cap Value Opportunities		376,808		62,809
Multi-Asset Income		304,233		50,418
Multi-Managed Balanced		514,030		81,637
Short-Term Bond		1,439,330		232,596
Small Cap Growth		45,273		6,880
Small Cap Value		33,923		5,065
Small/Mid Cap Value		494,942		104,968
Sustainable Bond		1,352		203
Sustainable Equity Income		26,495		3,992
Unconstrained Bond		71,309		12,163
US Growth		721,796		112,677

Deferred compensation plan: Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, (the “Deferred Compensation Plan”), available to the trustees, compensation may be deferred that would otherwise be payable by each series of 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, 2022, 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, 2022.

Transamerica Funds Semi-Annual Report 2022

Page    421

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

9. PURCHASES AND SALES OF SECURITIES

For the period ended April 30, 2022, 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	$	15,905,500	$	4,017,601	$	25,090,503	$	4,778,112
Bond		198,333,284		130,113,451		307,271,321		108,533,074
Capital Growth		1,100,871,477		—		2,066,182,160		—
Emerging Markets Debt		249,264,356		900,000		303,684,046		901,000
Emerging Markets Opportunities		452,410,747		—		448,308,575		—
Energy Infrastructure		14,981,485		—		81,383,442		—
Floating Rate		269,325,938		—		49,564,276		—
High Quality Bond		43,732,418		24,950,109		36,427,685		29,815,084
High Yield Bond		310,865,555		—		465,395,539		—
High Yield ESG		2,681,304		—		2,674,971		—
High Yield Muni		51,101,573		—		34,790,454		—
Inflation Opportunities		18,253,641		48,773,148		8,705,922		45,479,022
Inflation-Protected Securities		4,477,993		15,582,859		2,784,815		16,726,939
Intermediate Bond		147,561,286		103,511,111		213,503,747		152,414,069
Intermediate Muni		442,047,003		48,664,072		683,819,685		93,916,960
International Equity		587,613,882		—		387,168,306		—
International Focus		211,188,253		—		308,205,375		—
International Small Cap Value		37,084,071		—		67,302,017		—
International Stock		40,840,918		—		37,798,683		—
Large Cap Value		313,655,788		—		312,794,445		—
Large Core		78,233,217		—		89,720,274		—
Large Growth		336,848,675		—		364,755,494		—
Large Value Opportunities		231,835,523		—		266,902,942		—
Mid Cap Growth		190,509,914		—		132,600,985		—
Mid Cap Value Opportunities		448,133,263		—		486,891,469		—
Multi-Asset Income		219,693,441		—		100,873,123		—
Multi-Managed Balanced		160,466,798		45,854,541		192,253,754		50,089,979
Short-Term Bond		531,569,271		372,660,394		923,865,590		140,326,052
Small Cap Growth		44,836,073		—		81,896,217		—
Small Cap Value		69,587,658		—		313,518,972		—
Small/Mid Cap Value		224,978,783		—		271,117,970		—
Sustainable Bond		1,478,409		273,629		1,411,465		243,241
Sustainable Equity Income		52,157,098		—		51,827,525		—
Unconstrained Bond		593,111,730		185,504,442		723,130,555		12,336,515
US Growth		515,930,840		—		473,856,139		—

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.

Transamerica Funds Semi-Annual Report 2022

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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

For U.S. income tax purposes, ECJ tax reclaims received by the Funds, if any, reduce the amounts of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by a Fund during the period exceed foreign withholding taxes paid, and a Fund previously passed foreign tax credits on to its shareholders, a Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund’s shareholders. During the period ended April 30, 2022, the ECJ tax reclaims received by the Funds did not exceed the foreign withholding taxes of the respective Funds.

As of April 30, 2022, 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	$	103,829,707	$	23,139,915	$	(4,510,999	)	$	18,628,916
Bond		1,662,863,912		2,796,444		(116,759,529	)		(113,963,085	)
Capital Growth		2,945,804,889		245,310,027		(797,300,269	)		(551,990,242	)
Emerging Markets Debt		360,745,896		1,900,164		(42,631,161	)		(40,730,997	)
Emerging Markets Opportunities		1,177,237,457		54,570,798		(227,035,589	)		(172,464,791	)
Energy Infrastructure		116,675,429		44,248,387		(5,146,972	)		39,101,415
Floating Rate		550,538,721		1,050,418		(10,712,647	)		(9,662,229	)
Government Money Market		634,006,304		—		—			—
High Quality Bond		169,823,398		145,979		(5,905,035	)		(5,759,056	)
High Yield Bond		2,134,885,159		12,819,885		(170,253,735	)		(157,433,850	)
High Yield ESG		23,034,372		57,416		(1,907,953	)		(1,850,537	)
High Yield Muni		169,144,680		707,372		(19,526,171	)		(18,818,799	)
Inflation Opportunities		137,738,033		4,432,573		(5,935,090	)		(1,502,517	)
Inflation-Protected Securities		102,571,021		4,441,965		(2,116,255	)		2,325,710
Intermediate Bond		1,803,550,404		6,584,680		(101,079,507	)		(94,494,827	)
Intermediate Muni		2,255,368,149		4,197,552		(181,204,388	)		(177,006,836	)
International Equity		5,061,863,303		685,164,319		(341,987,467	)		343,176,852
International Focus		1,041,517,108		195,276,867		(52,672,923	)		142,603,944
International Small Cap Value		650,524,133		101,571,557		(82,589,650	)		18,981,907
International Stock		117,363,583		13,016,562		(7,612,701	)		5,403,861
Large Cap Value		2,032,639,439		443,456,482		(76,434,560	)		367,021,922
Large Core		142,174,227		40,968,358		(6,057,250	)		34,911,108
Large Growth		730,695,541		180,070,417		(140,449,811	)		39,620,606
Large Value Opportunities		330,028,731		40,299,713		(15,382,512	)		24,917,201
Mid Cap Growth		370,778,780		11,144,093		(62,029,024	)		(50,884,931	)
Mid Cap Value Opportunities		1,201,877,814		231,019,893		(63,340,013	)		167,679,880
Multi-Asset Income		686,102,375		62,435,426		(39,959,442	)		22,475,984
Multi-Managed Balanced		1,062,275,511		321,235,032		(47,046,658	)		274,188,374
Short-Term Bond		3,557,785,820		5,093,559		(112,227,224	)		(107,133,665	)
Small Cap Growth		145,926,175		38,519,599		(15,910,844	)		22,608,755
Small Cap Value		387,229,006		86,401,564		(27,425,006	)		58,976,558
Small/Mid Cap Value		666,412,170		186,624,861		(31,322,967	)		155,301,894
Sustainable Bond		28,345,219		796		(2,657,439	)		(2,656,643	)
Sustainable Equity Income		292,255,450		29,746,884		(17,217,019	)		12,529,865
Unconstrained Bond		1,336,661,962		20,197,898		(54,041,712	)		(33,843,814	)
US Growth		1,156,484,864		777,086,157		(91,907,759	)		685,178,398

11. NEW ACCOUNTING PRONOUNCEMENT

In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is 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

Transamerica Funds Semi-Annual Report 2022

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

11. NEW ACCOUNTING PRONOUNCEMENT (continued)

be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

12. 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 Value	R4	April 21, 2017		2.16-for-1		258,654		559,003	Decrease	Increase

13. REORGANIZATION

Multi-Asset Income: Following the close of business on May 28, 2021, Multi-Asset Income acquired all of the net assets of Transamerica Dynamic Income (“Dynamic Income”) pursuant to a Plan of Reorganization. Multi-Asset Income 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 Multi-Asset Income for shares of Dynamic Income outstanding following the close of business on May 28, 2021. The cost basis of the investments received from Dynamic Income was carried forward to align ongoing reporting of the Multi-Asset Income’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Dynamic Income shareholders, along with the exchange ratio of the reorganization for Multi-Asset Income, were as follows:

Dynamic Income Class	Dynamic Income Shares		Multi-Asset Income Class	Multi-Asset Income Shares		Dollar Amount		Exchange Ratio (A)
Class A		8,294,729	Class A		5,087,201	$	70,567,616		0.61
Class C		1,916,356	Class C		1,175,220		16,215,922		0.61
Class I		2,340,160	Class I		1,435,260		19,920,834		0.61

^(A)  Calculated by dividing the Multi-Asset Income shares issuable by the Dynamic Income shares outstanding on May 28, 2021.

The net assets of the Dynamic Income, including unrealized appreciation (depreciation), were combined with those of Multi-Asset Income. These amounts were as follows:

Dynamic Income Unrealized Appreciation (Depreciation)	Dynamic Income Net Assets	Multi-Asset Income Net Assets Prior to Reorganization	Net Assets After Reorganization
$ 7,420,578	$ 106,704,372	$ 369,322,812	$ 476,027,185

Transamerica Funds Semi-Annual Report 2022

Page    424

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

13. REORGANIZATION (continued)

International Equity Income: Following the close of business on December 10, 2021, International Equity acquired all of the net assets of Global Equity pursuant to a Plan of Reorganization. International Equity 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 International Equity for shares of Global Equity outstanding following the close of business on December 10, 2021. The cost basis of the investments received from Global Equity was carried forward to align ongoing reporting of the International Equity’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Global Equity shareholders, along with the exchange ratio of the reorganization for International Equity, were as follows:

Global Equity Class	Global Equity Shares		International Equity Class	International Equity Shares		Dollar Amount		Exchange Ratio (A)
Class A		3,792,903	Class A		2,800,779	$	59,144,888		0.74
Class C		187,363	Class C		136,391		2,828,913		0.73
Class I		2,235,407	Class I		1,631,882		34,894,866		0.73
Class R6		60,533	Class R6		43,687		945,301		0.72

^(A)  Calculated by dividing the International Equity shares issuable by the Global Equity shares outstanding on December 10, 2021.

The net assets of the Global Equity, including unrealized appreciation (depreciation), were combined with those of International Equity. These amounts were as follows:

Global Equity Unrealized Appreciation (Depreciation)	Global Equity Net Assets	International Equity Net Assets Prior to Reorganization	Net Assets After Reorganization
$ 26,849,509	$ 97,813,968	$ 5,303,314,204	$ 5,401,128,172

Assuming the reorganization had been completed on November 1, 2021, the beginning of the annual reporting period of International Equity, the pro forma results of operations for the period ended April 30, 2022, are as follows:

Net investment income (loss)	$	45,536,265
Net realized and change in unrealized gain (loss)		(659,205,581	)
Net increase (decrease) in net assets resulting from operations		(613,669,316	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings of Global Equity that have been included in International Equity’s Statement of Operations following the close of business on December 10, 2021.

14. SUBSEQUENT EVENT

The Board has approved the reorganization of High Quality Bond into Short-Term Bond. The reorganization is subject to shareholder approval. If the reorganization is approved by the shareholders of High Quality Bond and all other closing conditions are satisified, it is expected that the reorganization would occur in the fourth quarter of 2022.

Transamerica Funds Semi-Annual Report 2022

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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 9-10, 2022 (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 during the 2021 reporting period, and assessed the Program’s adequacy and effectiveness, including the operation of the Funds’ Highly Liquid Investment Minimum (“HLIM”) as applicable, and material changes to the Program (the “Report”). The Report covered the period from January 1, 2021, through December 31, 2021 (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 three material changes to the classification methodology during the Program Reporting Period. The Report reviewed the changes and why the Committee believes the changes are 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 (a) complied with the key factors for consideration under the Liquidity Rule for monitoring the adequacy and effectiveness of the Program and (b) 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 2022

Page    426

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) on the Transamerica Funds website at https://www.transamerica.com/sites/default/files/files/e070d/TF%20NPX%202021.pdf 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 provide 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. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, 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 2022

Page    427

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, such as on applications or other forms, which may include your name, address, and account number;

• Information about your transactions with us, our affiliates, or non-affiliated third parties, such as your account balance and purchase/redemption history; and

• Information we receive from 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 non-affiliated companies that perform services on our behalf and to financial institutions with which we have joint marketing agreements.

We 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 to assist in providing products or services to you and as otherwise permitted by law. We maintain physical, technical, and procedural safeguards designed to protect your nonpublic personal information and to safeguard the disposal of such information.

Contact Us

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.

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Page    428

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

2171308 04/22

© 2022 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

SEMI-ANNUAL REPORT

APRIL 30, 2022

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 Mid Cap Value	27
Transamerica Total Return	30
Statements of Assets and Liabilities	48
Statements of Operations	49
Statements of Changes in Net Assets	50
Financial Highlights	51
Notes to Financial Statements	53
Liquidity Risk Management Program	71
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	72
Notice of Privacy Policy	73

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 2022

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 provided to you with information about the investments of your Fund(s). The Securities and Exchange Commission currently requires that annual and semi-annual reports be provided to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the six-month period ended April 30, 2022.

We believe it is important to understand market conditions over the last six months to provide context for reading this report. The period began on November 1, 2021, with the S&P 500^® Index at all-time highs driven by strong corporate earnings growth and continuing accommodative monetary policy from the Federal Reserve (“Fed”). While inflation had begun an upward trend it was still considered by many to be temporary and manageable, particularly as the year finished with the highest annualized U.S. gross domestic product growth rate in more than three decades. Against this backdrop stocks continued to rise into the calendar year’s close.

Stocks quickly headed into correction mode as the new year began and the Omicron variant of the COVID-19 pandemic created an exponential rise in case trends. Inflation continued to rise and after reaching levels not seen in more than 40 years, it became apparent the Fed would need to raise rates faster and higher than most had previously anticipated. In late February 2022, Russia invaded Ukraine creating a humanitarian crisis and geo-political concerns further exacerbating inflation and global market uncertainties. In March 2022, the Fed raised rates for the first time since 2018 and clearly signaled more rate hikes would soon follow.

By April, the year-over-year increase in the Consumer Price Index (“CPI”), a measure of inflation, was exceeding 8% and longer-term interest rates rose accordingly with the 10-year U.S. Treasury bond yield surpassing 2.90%, representing its highest rate in more than three years. Credit spreads also widened considerably, and as the period concluded yields for both investment grade and high yield bonds had reached their highest points since the initial months of the pandemic.

While U.S. COVID rates had dropped precipitously from earlier in the year, they remained elevated globally and China evoked widespread lockdowns spurring growth concerns in Asia and throughout emerging market regions. This contributed to further bottlenecks of global supply chains, already operating under historically constrained conditions and spurring global growth concerns. Major international stock indexes such as MSCI EAFE and MSCI Emerging Markets also suffered declines for the period.

While the reporting period ended with negative returns for both stocks and bonds, we continue to believe in the benefits of long-term investing and asset class diversification. Markets have historically not only displayed resilience, even amidst challenging market environments such as this past one, but also the ability to quickly discount future improving conditions as they appear evident.

For the six-month period ended April 30, 2022, the S&P 500^® Index returned -9.65%, while the MSCI EAFE Index, representing international developed market equities, returned -11.80%. During the same period, the Bloomberg U.S. Aggregate Bond Index returned -9.47%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial 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 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^® Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

The views expressed in this report reflect those of Transamerica Asset Management only and may not necessarily represent the views of Transamerica Funds. These views are as of the date of this report and 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 Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and it is not possible to 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, 2021, and held for the entire six-month period until April 30, 2022.

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, 2021		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Net Annualized Expense Ratio
Transamerica Core Bond	$	1,000.00	$	914.40	$	2.33	$	1,022.40	$	2.46		0.49	%
Transamerica Mid Cap Value		1,000.00		977.80		4.66		1,020.10		4.76		0.95
Transamerica Total Return		1,000.00		902.40		3.21		1,021.40		3.41		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 (181 days), and divided by the number of days in the year (365 days).

Transamerica Funds Semi-Annual Report 2022

Page    2

Schedule of Investments Composition

At April 30, 2022

(unaudited)

Transamerica Core Bond
Asset Allocation	Percentage of Net Assets
U.S. Government Obligations		28.0	%
Corporate Debt Securities		26.9
U.S. Government Agency Obligations		25.0
Asset-Backed Securities		10.4
Mortgage-Backed Securities		7.1
Other Investment Company		3.1
Repurchase Agreement		1.7
Municipal Government Obligations		0.5
Foreign Government Obligations		0.4
Net Other Assets (Liabilities)		(3.1	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		8.13
Duration †		6.04
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		53.0	%
AAA		4.3
AA		1.7
A		8.8
BBB		20.5
BB		0.2
B		0.0
CCC and Below		0.1
Not Rated		14.5
Net Other Assets (Liabilities)		(3.1	)
Total		100.0	%
Transamerica Mid Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		96.7	%
Repurchase Agreement		3.2
Net Other Assets (Liabilities)		0.1
Total		100.0	%

Transamerica Total Return
Asset Allocation	Percentage of Net Assets
U.S. Government Agency Obligations		51.9	%
Corporate Debt Securities		40.5
U.S. Government Obligations		15.4
Mortgage-Backed Securities		15.3
Asset-Backed Securities		14.3
Short-Term U.S. Government Obligations		4.3
Foreign Government Obligations		3.9
Other Investment Company		1.6
Short-Term Foreign Government Obligations		1.1
Municipal Government Obligations		0.7
Commercial Paper		0.6
Common Stock		0.0	*
U.S. Government Agency Obligation Sold Short		(14.7	)
Net Other Assets (Liabilities) ^		(34.9	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		7.35
Duration †		5.48
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		58.0	%
AAA		21.7
AA		2.2
A		11.5
BBB		28.4
BB		4.1
B		1.5
CCC and Below		3.3
Not Rated		4.2
Net Other Assets (Liabilities) ^		(34.9	)
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 2022

Page    3

Transamerica Core Bond

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 10.4%
Academic Loan Funding Trust Series 2013-1A, Class A, 1-Month LIBOR + 0.80%, 1.47% (A), 12/26/2044 (B)		$346,467		$340,479
ACC Trust Series 2022-1, Class B, 2.55%, 02/20/2025 (B)		3,000,000		2,898,534
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (B)		964,258		896,814
American Homes 4 Rent Trust
Series 2014-SFR2, Class A,
3.79%, 10/17/2036 (B)		1,916,086		1,907,661
Series 2014-SFR2, Class E,
6.23%, 10/17/2036 (B)		200,000		201,852
Series 2014-SFR3, Class D,
5.04%, 12/17/2036 (B)		270,000		268,040
Series 2014-SFR3, Class E,
6.42%, 12/17/2036 (B)		725,000		735,040
Series 2015-SFR1, Class A,
3.47%, 04/17/2052 (B)		869,967		853,134
Series 2015-SFR1, Class D,
4.41%, 04/17/2052 (B)		1,800,000		1,753,550
Series 2015-SFR1, Class E,
5.64%, 04/17/2052 (B)		825,000		824,474
Series 2015-SFR2, Class E,
6.07%, 10/17/2052 (B)		1,155,000		1,158,029
American Tower Trust #1 Series 2013, Class 2A, 3.07%, 03/15/2048 (B)		400,000		399,922
AMSR Trust Series 2020-SFR4, Class A, 1.36%, 11/17/2037 (B)		2,000,000		1,838,215
Business Jet Securities LLC
Series 2019-1, Class A,
4.21%, 07/15/2034 (B)		1,236,557		1,237,644
Series 2020-1A, Class A,
2.98%, 11/15/2035 (B)		363,038		346,517
Series 2021-1A, Class A,
2.16%, 04/15/2036 (B)		713,094		656,231
BXG Receivables Note Trust Series 2022-A, Class C, 5.35%, 09/28/2037 (B)		2,400,000		2,394,744
Camillo Trust Series 2016-SFR1, 5.00%, 12/05/2023 (C)		1,798,676		1,814,888
CarNow Auto Receivables Trust
Series 2021-1A, Class A,
0.97%, 10/15/2024 (B)		415,209		414,230
Series 2021-2A, Class B,
1.30%, 01/15/2026 (B)		1,650,000		1,620,772
Cars Net Lease Mortgage Notes Series 2020-1A, Class A3, 3.10%, 12/15/2050 (B)		422,167		392,330
Carvana Auto Receivables Trust Series 2019-3A, Class D, 3.04%, 04/15/2025 (B)		2,770,000		2,766,362
CFIN Issuer LLC Series 2022-RTL1, Class AA, 3.25%, 02/16/2026 (B) (D)		2,100,000		2,100,000

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Chase Funding Trust
Series 2003-2, Class 2A2,
1-Month LIBOR + 0.56%, 1.23% (A), 02/25/2033		$ 371,969		$ 354,362
Series 2003-6, Class 1A5,
4.92% (A), 11/25/2034		109,269		107,441
Consumer Receivables Asset Investment Trust Series 2021-1, Class A1X, 3-Month LIBOR + 3.00%, 3.26% (A), 03/24/2023 (B)		1,670,000		1,653,703
COOF Securitization Trust Ltd., Interest Only STRIPS Series 2014-1, Class A, 2.65% (A), 06/25/2040 (B)		155,229		12,747
Corevest American Finance Trust
Series 2019-1, Class B,
3.88%, 03/15/2052 (B)		1,300,000		1,265,423
Series 2019-3, Class A,
2.71%, 10/15/2052 (B)		865,070		831,078
Credito Real USA Auto Receivables Trust Series 2021-1A, Class A, 1.35%, 02/16/2027 (B)		423,489		415,169
Diamond Resorts Owner Trust Series 2018-1, Class A, 3.70%, 01/21/2031 (B)		317,557		317,404
Diversified ABS Phase III LLC 4.88%, 04/28/2039 (D)		2,361,555		2,361,555
Drive Auto Receivables Trust Series 2019-1, Class D, 4.09%, 06/15/2026		526,451		530,025
DT Auto Owner Trust
Series 2019-4A, Class C,
2.73%, 07/15/2025 (B)		1,175,167		1,176,449
Series 2021-2A, Class C,
1.10%, 02/16/2027 (B)		761,000		729,153
Exeter Automobile Receivables Trust Series 2022-2A, Class D, 4.56%, 07/17/2028		2,100,000		2,085,649
FirstKey Homes Trust
Series 2020-SFR2, Class E,
2.67%, 10/19/2037 (B)		2,000,000		1,841,782
Series 2021-SFR1, Class E1,
2.39%, 08/17/2038 (B)		3,220,000		2,824,670
Series 2022-SFR1, Class D,
5.20%, 05/17/2039 (B)		915,000		906,584
Flagship Credit Auto Trust
Series 2018-3, Class C,
3.79%, 12/16/2024 (B)		858,102		861,277
Series 2019-4, Class D,
3.12%, 01/15/2026 (B)		2,200,000		2,169,338
Series 2021-4, Class C,
1.96%, 12/15/2027 (B)		1,700,000		1,596,803
FMC GMSR Issuer Trust 6.19%, 04/25/2027 (B)		1,900,000		1,899,318
Foundation Finance Trust
Series 2019-1A, Class A,
3.86%, 11/15/2034 (B)		288,686		288,227
Series 2020-1A, Class A,
3.54%, 07/16/2040 (B)		867,209		865,052

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

Transamerica Funds Semi-Annual Report 2022

Page    4

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
FTF Funding II LLC Series 2019-1, Class A, Zero Coupon, 08/15/2024		$ 182,771		$ 180,943
GLS Auto Receivables Trust Series 2022-1A, Class D, 3.97%, 01/18/2028 (B)		2,500,000		2,418,153
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 03/17/2031 (B)		15,443		15,360
Golden Bear LLC Series 2016-R, Class R, 5.65%, 09/20/2047 (B)		28,358		27,731
Goodgreen Trust
Series 2017, Class R1,
5.00%, 10/20/2051		905,198		832,844
Series 2017-1A, Class A,
3.74%, 10/15/2052 (B)		144,634		139,492
Series 2017-2A, Class A,
3.26%, 10/15/2053 (B)		738,913		685,644
Series 2019-2A, Class A,
2.76%, 04/15/2055 (B)		898,149		842,449
Hero Funding Trust
Series 2016-3A, Class A1,
3.08%, 09/20/2042 (B)		135,886		132,846
Series 2017-1A, Class A2,
4.46%, 09/20/2047 (B)		405,945		404,589
Series 2017-3A, Class A2,
3.95%, 09/20/2048 (B)		529,758		519,807
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (B)		94,054		92,871
KGS-Alpha SBA COOF Trust, Interest Only STRIPS
Series 2012-2, Class A,
0.80% (A), 08/25/2038 (B)		680,471		13,217
Series 2014-2, Class A,
2.69% (A), 04/25/2040 (B)		130,465		9,689
LL ABS Trust Series 2022-1A, Class B, 5.05%, 11/15/2029 (B)		1,900,000		1,899,681
LP LMS Asset Securitization Trust Series 2021-2A, Class A, 1.75%, 01/15/2029 (B)		1,507,123		1,484,393
Mariner Finance Issuance Trust Series 2019-AA, Class B, 3.51%, 07/20/2032 (B)		1,335,000		1,306,934
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 03/20/2026 (B)		900,000		871,403
NRZ Excess Spread-Collateralized Notes
Series 2020-PLS1, Class A,
3.84%, 12/25/2025 (B)		1,076,572		1,038,955
Series 2021-FHT1, Class A,
3.10%, 07/25/2026 (B)		2,479,232		2,292,551
Series 2021-GNT1, Class A,
3.47%, 11/25/2026 (B)		1,552,603		1,463,327
Octane Receivables Trust Series 2022-1A, Class D, 0.01%, 02/20/2029 (B)		2,000,000		1,980,568

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 03/08/2028 (B)		$ 505,000		$ 489,995
Oportun Issuance Trust Series 2021-B, Class A, 1.47%, 05/08/2031 (B)		900,000		844,147
P4 SFR Holdco LLC Series 2019-STL, Class A, 7.25%, 10/11/2026 (D) (E)		1,400,000		1,400,000
PRET LLC Series 2021-NPL6, Class A1, 2.49% (A), 07/25/2051 (B)		1,478,563		1,403,038
Progress Residential Trust
Series 2021-SFR1, Class A,
1.05%, 04/17/2038 (B)		4,176,303		3,746,134
Series 2021-SFR2, Class D,
2.20%, 04/19/2038 (B)		2,000,000		1,794,499
Series 2021-SFR4, Class E1,
2.41%, 05/17/2038 (B)		2,000,000		1,792,297
Series 2021-SFR5, Class E2,
2.36%, 07/17/2038 (B)		2,750,000		2,424,703
Series 2021-SFR6, Class E1,
2.43%, 07/17/2038 (B)		2,365,000		2,042,857
Series 2021-SFR9, Class E1,
2.81%, 11/17/2040 (B)		1,845,000		1,549,252
Series 2022-SFR1, Class E1,
3.93%, 02/17/2041 (B)		1,700,000		1,526,671
Series 2022-SFR2, Class E1,
4.55%, 04/17/2027		1,500,000		1,393,735
Series 2022-SFR3, Class E1,
5.20%, 04/17/2039 (B)		1,660,000		1,627,732
Renew Financial Series 2017-1A, Class A, 3.67%, 09/20/2052 (B)		184,462		175,403
SART Series 2018-1, 4.75%, 06/15/2025		709,353		711,836
SCF Equipment Leasing LLC Series 2022-1A, Class D, 3.79%, 11/20/2031 (B)		1,045,000		1,000,652
Sierra Timeshare Receivables Funding LLC Series 2022-1A, Class C, 3.94%, 10/20/2038 (B)		1,053,369		1,028,352
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2002-AL1, Class A2,
3.45%, 02/25/2032		20,413		18,858
Series 2004-6XS, Class A5A,
6.03% (A), 03/25/2034		34,693		34,554
Series 2004-6XS, Class A5B,
6.05% (A), 03/25/2034		34,693		34,554
Tricolor Auto Securitization Trust
Series 2020-1A, Class A,
4.88%, 11/15/2026 (B)		342,989		343,383
Series 2021-1A, Class D,
1.92%, 05/15/2026 (B)		330,000		321,263
US Auto Funding LLC Series 2021-1A, Class A, 0.79%, 07/15/2024 (B)		714,521		709,137

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

Transamerica Funds Semi-Annual Report 2022

Page    5

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
VM Debt Trust Series 2019-1, 7.50%, 06/15/2024		$ 1,470,848		$ 1,470,848
VSE VOI Mortgage LLC Series 2018-A, Class A, 3.56%, 02/20/2036 (B)		249,496		249,404
Total Asset-Backed Securities (Cost $102,954,222)				99,699,422
CORPORATE DEBT SECURITIES - 26.9%
Aerospace & Defense - 0.7%
Airbus SE
3.15%, 04/10/2027 (B)		327,000		319,470
3.95%, 04/10/2047 (B)		150,000		134,721
BAE Systems PLC
1.90%, 02/15/2031 (B)		201,000		164,913
3.00%, 09/15/2050 (B)		239,000		180,342
Boeing Co.
1.17%, 02/04/2023		435,000		429,183
1.43%, 02/04/2024		885,000		850,607
1.95%, 02/01/2024		600,000		582,442
2.20%, 02/04/2026		540,000		492,594
2.75%, 02/01/2026		580,000		548,115
3.10%, 05/01/2026		400,000		378,576
3.25%, 03/01/2028		366,000		332,060
4.88%, 05/01/2025		290,000		293,780
5.15%, 05/01/2030		450,000		448,607
L3 Harris Technologies, Inc. 1.80%, 01/15/2031		350,000		287,469
Precision Castparts Corp. 4.20%, 06/15/2035		150,000		148,788
Raytheon Technologies Corp.
3.20%, 03/15/2024		140,000		140,306
3.75%, 11/01/2046		285,000		252,846
4.15%, 05/15/2045		148,000		138,613
4.50%, 06/01/2042		542,000		538,242
				6,661,674
Airlines - 0.8%
Air Canada Pass-Through Trust
3.30%, 07/15/2031 (B)		562,248		531,858
3.55%, 07/15/2031 (B)		332,424		307,729
3.60%, 09/15/2028 (B)		416,924		394,742
4.13%, 11/15/2026 (B)		429,201		415,349
American Airlines Pass-Through Trust
3.00%, 04/15/2030		751,268		691,123
3.65%, 02/15/2029		637,815		605,003
3.70%, 04/01/2028		120,058		114,324
British Airways Pass-Through Trust
3.30%, 06/15/2034 (B)		403,990		371,852
4.13%, 03/20/2033 (B)		412,583		387,099
Continental Airlines Pass-Through Trust 4.00%, 04/29/2026		146,950		145,135
Spirit Airlines Pass-Through Trust 3.38%, 08/15/2031		215,898		200,573
United Airlines Pass-Through Trust
2.88%, 04/07/2030		457,273		424,344
3.10%, 04/07/2030		392,492		352,335
3.50%, 09/01/2031		569,551		528,114
3.65%, 07/07/2027		151,204		141,408

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
United Airlines Pass-Through Trust (continued)
3.70%, 09/01/2031		$ 542,033		$ 492,390
4.15%, 02/25/2033		537,524		525,896
4.55%, 08/25/2031		478,308		465,219
4.60%, 09/01/2027		680,442		651,717
				7,746,210
Auto Components - 0.0% (F)
Lear Corp. 2.60%, 01/15/2032 (G)		185,000		152,854
Automobiles - 0.3%
General Motors Co. 6.13%, 10/01/2025		210,000		221,808
General Motors Financial Co., Inc. 3.80%, 04/07/2025		495,000		489,453
Nissan Motor Co. Ltd.
3.52%, 09/17/2025 (B)		788,000		761,278
4.35%, 09/17/2027 (B)		1,253,000		1,194,926
				2,667,465
Banks - 4.8%
ABN AMRO Bank NV
Fixed until 12/13/2028, 2.47% (A), 12/13/2029 (B)		300,000		264,081
4.75%, 07/28/2025 (B)		600,000		603,582
AIB Group PLC 4.75%, 10/12/2023 (B)		700,000		706,088
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026 (B)		200,000		198,948
Banco Nacional de Panama 2.50%, 08/11/2030 (B)		300,000		253,902
Banco Santander SA
Fixed until 09/14/2026, 1.72% (A), 09/14/2027		1,400,000		1,232,519
1.85%, 03/25/2026		400,000		363,823
2.75%, 05/28/2025 - 12/03/2030		800,000		737,509
3.13%, 02/23/2023		200,000		200,669
Bank of America Corp.
Fixed until 07/22/2026, 1.73% (A), 07/22/2027		185,000		166,154
Fixed until 06/14/2028, 2.09% (A), 06/14/2029		946,000		822,415
Fixed until 02/04/2027, 2.55% (A), 02/04/2028		1,445,000		1,335,900
Fixed until 10/20/2031, 2.57% (A), 10/20/2032		655,000		554,042
Fixed until 04/22/2031, 2.69% (A), 04/22/2032		670,000		575,478
Fixed until 02/04/2032, 2.97% (A), 02/04/2033		1,540,000		1,344,200
Fixed until 01/23/2025, 3.37% (A), 01/23/2026		200,000		195,717
Fixed until 04/24/2027, 3.71% (A), 04/24/2028		1,300,000		1,255,045
Fixed until 03/05/2028, 3.97% (A), 03/05/2029		354,000		342,681
Fixed until 04/27/2027, 4.38% (A), 04/27/2028		725,000		724,311

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

Transamerica Funds Semi-Annual Report 2022

Page    6

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Bank of Ireland Group PLC Fixed until 09/30/2026, 2.03% (A), 09/30/2027 (B)		$ 337,000		$ 296,989
Bank of Montreal Fixed until 12/15/2027, 3.80% (A), 12/15/2032		223,000		211,421
Barclays PLC
Fixed until 12/10/2023, 1.01% (A), 12/10/2024		604,000		576,295
Fixed until 11/24/2031, 2.89% (A), 11/24/2032		246,000		205,743
BNP Paribas SA
Fixed until 09/15/2028, 2.16% (A), 09/15/2029 (B)		775,000		662,205
Fixed until 06/09/2025, 2.22% (A), 06/09/2026 (B)		230,000		214,704
Fixed until 08/12/2030, 2.59% (A), 08/12/2035 (B)		530,000		431,416
Fixed until 01/13/2030, 3.05% (A), 01/13/2031 (B)		385,000		339,120
BPCE SA
1.00%, 01/20/2026 (B)		435,000		389,309
Fixed until 10/06/2025, 1.65% (A), 10/06/2026 (B)		309,000		280,660
Fixed until 01/20/2031, 2.28% (A), 01/20/2032 (B)		1,315,000		1,069,908
4.63%, 07/11/2024 (B)		600,000		604,276
Citigroup, Inc.
Fixed until 11/03/2031, 2.52% (A), 11/03/2032		285,000		238,613
Fixed until 05/01/2031, 2.56% (A), 05/01/2032		1,145,000		967,676
Fixed until 01/25/2032, 3.06% (A), 01/25/2033		281,000		245,674
Fixed until 04/24/2024, 3.35% (A), 04/24/2025		175,000		172,288
Fixed until 10/27/2027, 3.52% (A), 10/27/2028		400,000		380,908
Fixed until 07/24/2027, 3.67% (A), 07/24/2028		575,000		553,565
Citizens Bank NA 3.70%, 03/29/2023		475,000		477,684
Commonwealth Bank of Australia 3.31%, 03/11/2041 (B)		250,000		199,917
Credit Agricole SA
Fixed until 01/26/2026, 1.25% (A), 01/26/2027 (B)		656,000		582,191
Fixed until 06/16/2025, 1.91% (A), 06/16/2026 (B)		360,000		334,420
2.81%, 01/11/2041 (B)		250,000		182,645
4.38%, 03/17/2025 (B)		200,000		199,456
Danske Bank AS Fixed until 12/08/2022, 1.17% (A), 12/08/2023 (B)		996,000		981,814
Fifth Third Bank NA 3.85%, 03/15/2026		200,000		198,928
HSBC Holdings PLC
Fixed until 09/22/2027, 2.01% (A), 09/22/2028		1,805,000		1,572,864

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
HSBC Holdings PLC (continued)
Fixed until 08/17/2028, 2.21% (A), 08/17/2029		$ 330,000		$ 284,170
Fixed until 08/18/2030, 2.36% (A), 08/18/2031		580,000		482,029
Fixed until 05/18/2023, 3.95% (A), 05/18/2024		1,007,000		1,011,107
Fixed until 03/13/2027, 4.04% (A), 03/13/2028		1,103,000		1,068,025
4.25%, 03/14/2024		500,000		502,882
ING Groep NV
Fixed until 07/01/2025, 1.40% (A), 07/01/2026 (B)		410,000		374,132
Fixed until 04/01/2026, 1.73% (A), 04/01/2027		225,000		202,590
KeyBank NA 3.18%, 10/15/2027		250,000		250,175
KeyCorp 4.15%, 10/29/2025		235,000		237,940
Lloyds Banking Group PLC
Fixed until 05/11/2026, 1.63% (A), 05/11/2027		330,000		295,808
Fixed until 11/07/2022, 2.91% (A), 11/07/2023		200,000		199,677
Fixed until 03/18/2025, 3.51% (A), 03/18/2026		395,000		387,586
4.38%, 03/22/2028		339,000		333,604
4.58%, 12/10/2025		200,000		200,222
Macquarie Bank Ltd. Fixed until 03/03/2031, 3.05% (A), 03/03/2036 (B)		405,000		334,990
Mitsubishi UFJ Financial Group, Inc.
2.05%, 07/17/2030		700,000		581,722
2.53%, 09/13/2023		200,000		198,520
3.75%, 07/18/2039		430,000		393,425
Mizuho Financial Group, Inc.
Fixed until 05/22/2026, 1.23% (A), 05/22/2027		410,000		362,953
Fixed until 05/25/2025, 2.23% (A), 05/25/2026		680,000		643,387
Fixed until 09/13/2029, 2.87% (A), 09/13/2030		402,000		361,877
National Australia Bank Ltd. Fixed until 08/02/2029, 3.93% (A), 08/02/2034 (B)		590,000		551,955
NatWest Group PLC
Fixed until 05/22/2027, 3.07% (A), 05/22/2028		1,100,000		1,020,348
Fixed until 11/01/2024, 3.75% (A), 11/01/2029		554,000		541,316
3.88%, 09/12/2023		350,000		351,105
Fixed until 03/22/2024, 4.27% (A), 03/22/2025		255,000		255,154
Fixed until 05/08/2029, 4.45% (A), 05/08/2030		370,000		359,524
4.80%, 04/05/2026		462,000		466,357
Fixed until 05/18/2028, 4.89% (A), 05/18/2029		200,000		199,275

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

Transamerica Funds Semi-Annual Report 2022

Page    7

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Nordea Bank Abp
1.50%, 09/30/2026 (B)		$ 228,000		$ 204,834
4.25%, 09/21/2022 (B)		384,000		386,592
Santander UK Group Holdings PLC Fixed until 06/14/2026, 1.67% (A), 06/14/2027	320,000		284,196
Societe Generale SA
Fixed until 12/14/2025, 1.49% (A), 12/14/2026 (B)		870,000		773,232
Fixed until 06/09/2026, 1.79% (A), 06/09/2027 (B) (G)		310,000		273,793
Fixed until 06/09/2031, 2.89% (A), 06/09/2032 (B)		1,220,000		1,000,029
3.00%, 01/22/2030 (B)		391,000		340,837
4.25%, 04/14/2025 (B)		270,000		266,317
Standard Chartered PLC
Fixed until 01/14/2026, 1.46% (A), 01/14/2027 (B)		255,000		226,835
Fixed until 03/15/2028, 4.87% (A), 03/15/2033 (B)		300,000		290,016
Sumitomo Mitsui Financial Group, Inc. 3.04%, 07/16/2029		1,240,000		1,128,379
UniCredit SpA
Fixed until 06/03/2026, 1.98% (A), 06/03/2027 (B)		1,500,000		1,322,147
Fixed until 06/19/2027, 5.86% (A), 06/19/2032 (B)		200,000		190,677
Wells Fargo & Co.
Fixed until 06/17/2026, 3.20% (A), 06/17/2027		1,070,000		1,025,814
4.30%, 07/22/2027		246,000		245,729
4.40%, 06/14/2046		165,000		153,450
4.65%, 11/04/2044		184,000		176,142
4.90%, 11/17/2045		202,000		197,695
Westpac Banking Corp. 3.13%, 11/18/2041		371,000		288,420
				45,674,742
Beverages - 0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.70%, 02/01/2036		684,000		677,984
Anheuser-Busch InBev Finance, Inc. 4.70%, 02/01/2036		154,000		152,646
Anheuser-Busch InBev Worldwide, Inc.
4.44%, 10/06/2048		820,000		755,161
4.60%, 06/01/2060		225,000		208,914
Coca-Cola Femsa SAB de CV
1.85%, 09/01/2032		280,000		223,328
2.75%, 01/22/2030		835,000		753,170
Constellation Brands, Inc.
4.40%, 11/15/2025		185,000		188,424
5.25%, 11/15/2048		110,000		113,870
Fomento Economico Mexicano SAB de CV 3.50%, 01/16/2050		550,000		441,375
Keurig Dr. Pepper, Inc.
3.43%, 06/15/2027		120,000		117,346
4.42%, 05/25/2025		123,000		125,691
				3,757,909

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology - 0.4%
AbbVie, Inc.
2.80%, 03/15/2023		$ 162,000		$ 162,155
3.20%, 11/21/2029		438,000		408,001
4.05%, 11/21/2039		1,420,000		1,302,211
4.40%, 11/06/2042		425,000		404,219
4.45%, 05/14/2046		165,000		155,748
4.55%, 03/15/2035		300,000		297,955
Biogen, Inc. 2.25%, 05/01/2030		303,000		251,554
Gilead Sciences, Inc. 2.60%, 10/01/2040		545,000		409,469
Regeneron Pharmaceuticals, Inc. 1.75%, 09/15/2030		920,000		748,203
				4,139,515
Building Products - 0.1%
Masco Corp.
2.00%, 10/01/2030		160,000		130,506
6.50%, 08/15/2032		410,000		454,432
				584,938
Capital Markets - 1.9%
Blackstone Secured Lending Fund 3.65%, 07/14/2023		415,000		415,705
Credit Suisse Group AG
Fixed until 02/02/2026, 1.31% (A), 02/02/2027 (B)		1,255,000		1,099,420
Fixed until 06/05/2025, 2.19% (A), 06/05/2026 (B)		250,000		231,032
Fixed until 01/12/2028, 3.87% (A), 01/12/2029 (B)		765,000		715,284
4.28%, 01/09/2028 (B)		400,000		383,713
Deutsche Bank AG
Fixed until 11/24/2025, 2.13% (A), 11/24/2026		335,000		304,396
3.30%, 11/16/2022		200,000		200,553
3.70%, 05/30/2024		700,000		694,843
Goldman Sachs Group, Inc.
Fixed until 03/09/2026, 1.43% (A), 03/09/2027		1,085,000		969,287
Fixed until 10/21/2026, 1.95% (A), 10/21/2027		330,000		296,622
Fixed until 01/27/2031, 1.99% (A), 01/27/2032		290,000		234,559
Fixed until 07/21/2031, 2.38% (A), 07/21/2032		1,575,000		1,303,275
Fixed until 02/24/2027, 2.64% (A), 02/24/2028		493,000		453,447
Fixed until 09/29/2024, 3.27% (A), 09/29/2025		725,000		713,635
3.50%, 01/23/2025		178,000		176,444
Fixed until 06/05/2027, 3.69% (A), 06/05/2028		1,727,000		1,657,776
Fixed until 04/23/2038, 4.41% (A), 04/23/2039		450,000		429,999
6.75%, 10/01/2037		200,000		231,165
Macquarie Group Ltd. Fixed until 01/15/2029, 5.03% (A), 01/15/2030 (B)		600,000		607,475

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

Transamerica Funds Semi-Annual Report 2022

Page    8

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Morgan Stanley
Fixed until 02/13/2031, 1.79% (A), 02/13/2032		$ 1,000,000		$ 802,714
Fixed until 04/28/2025, 2.19% (A), 04/28/2026		450,000		424,638
3.13%, 07/27/2026		239,000		229,165
Fixed until 07/22/2027, 3.59% (A), 07/22/2028		1,067,000		1,022,997
Fixed until 01/24/2028, 3.77% (A), 01/24/2029		278,000		268,316
4.10%, 05/22/2023		150,000		151,682
4.30%, 01/27/2045		280,000		264,978
Fixed until 01/23/2029, 4.43% (A), 01/23/2030		457,000		452,631
5.00%, 11/24/2025		260,000		267,069
Nomura Holdings, Inc.
2.65%, 01/16/2025		603,000		584,225
2.68%, 07/16/2030		370,000		318,648
Northern Trust Corp. Fixed until 05/08/2027, 3.38% (A), 05/08/2032		343,000		329,373
UBS Group AG
Fixed until 08/15/2022, 2.86% (A), 08/15/2023 (B)		200,000		199,618
Fixed until 08/13/2029, 3.13% (A), 08/13/2030 (B)		1,520,000		1,383,119
3.49%, 05/23/2023 (B)		400,000		400,473
4.13%, 09/24/2025 (B)		200,000		199,848
				18,418,124
Chemicals - 0.2%
Albemarle Corp. 5.45%, 12/01/2044		200,000		204,920
DuPont de Nemours, Inc. 5.32%, 11/15/2038		145,000		152,238
International Flavors & Fragrances, Inc. 5.00%, 09/26/2048		187,000		183,972
LYB International Finance III LLC 1.25%, 10/01/2025		128,000		117,422
Nutrien Ltd.
4.13%, 03/15/2035		450,000		427,601
5.00%, 04/01/2049		140,000		148,419
Sherwin-Williams Co. 2.30%, 05/15/2030		500,000		434,384
Union Carbide Corp. 7.75%, 10/01/2096		210,000		275,642
				1,944,598
Commercial Services & Supplies - 0.1%
ERAC USA Finance LLC 5.63%, 03/15/2042 (B)		141,000		150,885
Triton Container International Ltd.
1.15%, 06/07/2024 (B)		450,000		423,831
3.15%, 06/15/2031 (B)		1,000,000		853,066
				1,427,782
Construction & Engineering - 0.1%
Quanta Services, Inc.
2.35%, 01/15/2032		440,000		358,945
2.90%, 10/01/2030		640,000		559,066

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering (continued)
Toll Brothers Finance Corp. 4.88%, 03/15/2027		$ 500,000		$ 497,308
				1,415,319
Construction Materials - 0.1%
CRH America, Inc. 5.13%, 05/18/2045 (B)		200,000		209,309
Martin Marietta Materials, Inc. 3.45%, 06/01/2027		276,000		267,851
				477,160
Consumer Finance - 0.5%
BMW US Capital LLC 2.25%, 09/15/2023 (B)		330,000		326,848
Capital One Financial Corp.
3.20%, 02/05/2025		123,000		120,946
3.75%, 07/28/2026		200,000		195,647
4.20%, 10/29/2025		150,000		149,700
Daimler Finance North America LLC 3.35%, 02/22/2023 (B)		300,000		301,740
General Motors Financial Co., Inc.
1.20%, 10/15/2024		225,000		211,315
1.25%, 01/08/2026		747,000		668,516
2.35%, 01/08/2031		149,000		120,781
2.70%, 06/10/2031		360,000		298,801
4.35%, 01/17/2027		180,000		177,762
Hyundai Capital America
1.15%, 11/10/2022 (B)		649,000		643,995
1.30%, 01/08/2026 (B)		180,000		161,822
1.50%, 06/15/2026 (B)		515,000		462,145
1.80%, 01/10/2028 (B)		345,000		297,625
3.00%, 02/10/2027 (B) (G)		215,000		202,464
Stellantis Finance US, Inc. 2.69%, 09/15/2031 (B) (G)		312,000		258,303
Volkswagen Group of America Finance LLC 1.63%, 11/24/2027 (B)		310,000		270,956
				4,869,366
Containers & Packaging - 0.1%
Graphic Packaging International LLC 1.51%, 04/15/2026 (B)		457,000		412,416
International Paper Co. 8.70%, 06/15/2038		120,000		161,963
WRKCo, Inc.
3.00%, 09/15/2024		350,000		346,078
3.75%, 03/15/2025		300,000		301,749
				1,222,206
Diversified Consumer Services - 0.2%
Ford Foundation 2.82%, 06/01/2070		190,000		135,920
Nationwide Building Society 1.50%, 10/13/2026 (B)		1,000,000		897,497
Pepperdine University 3.30%, 12/01/2059		310,000		255,257
SART 4.75%, 07/15/2024		618,386		596,742
University of Southern California 3.23%, 10/01/2120		310,000		215,331
				2,100,747

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

Transamerica Funds Semi-Annual Report 2022

Page    9

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.75%, 01/30/2026		$ 189,000		$ 168,143
2.45%, 10/29/2026		230,000		204,822
2.88%, 08/14/2024		345,000		331,920
3.00%, 10/29/2028		1,285,000		1,118,185
3.30%, 01/30/2032		270,000		224,744
4.50%, 09/15/2023		1,225,000		1,227,750
6.50%, 07/15/2025		150,000		155,563
Aviation Capital Group LLC
3.88%, 05/01/2023 (B)		300,000		299,339
5.50%, 12/15/2024 (B)		558,000		566,617
Brookfield Finance, Inc.
3.90%, 01/25/2028		211,000		205,536
4.70%, 09/20/2047		50,000		47,380
China Southern Power Grid International Finance BVI Co. Ltd. 3.50%, 05/08/2027 (B)		480,000		473,194
GE Capital International Funding Unlimited Co. 4.42%, 11/15/2035		1,757,000		1,721,193
Jefferies Group LLC
6.25%, 01/15/2036		260,000		278,991
6.45%, 06/08/2027		133,000		145,426
LSEGA Financing PLC 2.00%, 04/06/2028 (B)		765,000		676,746
Mitsubishi HC Capital, Inc. 2.65%, 09/19/2022 (B)		294,000		293,851
ORIX Corp. 2.90%, 07/18/2022		201,000		201,435
				8,340,835
Diversified Telecommunication Services - 0.7%
AT&T, Inc.
1.65%, 02/01/2028		140,000		122,424
2.25%, 02/01/2032		940,000		783,393
2.30%, 06/01/2027		1,600,000		1,473,293
3.10%, 02/01/2043		2,140,000		1,659,941
3.50%, 06/01/2041		972,000		809,587
3.55%, 09/15/2055		211,000		163,722
Deutsche Telekom AG 3.63%, 01/21/2050 (B)		164,000		134,284
GTP Acquisition Partners I LLC 3.48%, 06/15/2050 (B)		81,000		80,162
Verizon Communications, Inc.
2.10%, 03/22/2028		440,000		394,484
2.36%, 03/15/2032		290,000		243,931
2.65%, 11/20/2040		1,427,000		1,082,248
				6,947,469
Electric Utilities - 1.9%
AEP Texas, Inc. 6.65%, 02/15/2033		100,000		115,721
AEP Transmission Co. LLC 3.15%, 09/15/2049		165,000		129,408
Alabama Power Co. 5.60%, 03/15/2033		160,000		175,230
Appalachian Power Co. 6.38%, 04/01/2036		200,000		223,772

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Arizona Public Service Co. 5.05%, 09/01/2041		$ 303,000		$ 299,288
Baltimore Gas & Electric Co.
2.90%, 06/15/2050		240,000		183,267
3.50%, 08/15/2046		688,000		584,653
Duke Energy Carolinas LLC
6.00%, 12/01/2028		500,000		550,620
6.45%, 10/15/2032		100,000		114,819
Duke Energy Indiana LLC 3.75%, 05/15/2046		1,200,000		1,058,785
Duquesne Light Holdings, Inc. 3.62%, 08/01/2027 (B)		460,000		441,909
Edison International 5.75%, 06/15/2027 (G)		165,000		171,132
EDP Finance BV 3.63%, 07/15/2024 (B)		300,000		297,412
Emera US Finance LP 4.75%, 06/15/2046		350,000		328,501
Enel Finance International NV 3.50%, 04/06/2028 (B)		265,000		255,777
Entergy Louisiana LLC
2.90%, 03/15/2051		460,000		354,328
3.05%, 06/01/2031		189,000		173,830
Evergy Metro, Inc. 5.30%, 10/01/2041		500,000		534,428
Fells Point Funding Trust 3.05%, 01/31/2027 (B)		955,000		898,935
Florida Power & Light Co.
5.13%, 06/01/2041		112,000		118,887
5.40%, 09/01/2035		100,000		111,487
Fortis, Inc. 3.06%, 10/04/2026		620,000		594,613
ITC Holdings Corp. 2.95%, 05/14/2030 (B)		230,000		208,028
Massachusetts Electric Co. 4.00%, 08/15/2046 (B)		201,000		176,444
Mid-Atlantic Interstate Transmission LLC 4.10%, 05/15/2028 (B)		195,000		190,713
Nevada Power Co. 5.38%, 09/15/2040		52,000		55,334
New England Power Co. 3.80%, 12/05/2047 (B)		140,000		121,807
New York State Electric & Gas Corp. 3.25%, 12/01/2026 (B)		151,000		146,889
Northern States Power Co. 6.20%, 07/01/2037		89,000		107,053
NRG Energy, Inc.
2.00%, 12/02/2025 (B)		310,000		288,269
2.45%, 12/02/2027 (B)		345,000		305,873
4.45%, 06/15/2029 (B)		375,000		359,637
OGE Energy Corp. 0.70%, 05/26/2023		225,000		218,915
Ohio Edison Co. 6.88%, 07/15/2036		150,000		179,714
Oklahoma Gas & Electric Co. 0.55%, 05/26/2023		275,000		269,011
Pacific Gas & Electric Co.
1.37%, 03/10/2023		625,000		615,897

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

Transamerica Funds Semi-Annual Report 2022

Page    10

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Pacific Gas & Electric Co. (continued)
1.70%, 11/15/2023		$ 290,000		$ 281,719
1.75%, 06/16/2022		2,310,000		2,308,428
2.95%, 03/01/2026		205,000		189,858
3.25%, 02/16/2024		1,020,000		1,006,534
3.45%, 07/01/2025		1,825,000		1,750,498
3.75%, 08/15/2042		130,000		95,643
4.30%, 03/15/2045		220,000		170,860
Public Service Electric & Gas Co. 3.65%, 09/01/2042		138,000		124,742
Public Service Enterprise Group, Inc. 1.60%, 08/15/2030		450,000		364,794
Southern California Edison Co.
4.05%, 03/15/2042		300,000		262,417
5.50%, 03/15/2040		130,000		134,596
Southern Power Co. 5.15%, 09/15/2041		260,000		253,671
Toledo Edison Co. 6.15%, 05/15/2037		200,000		234,098
Tri-State Generation & Transmission Association, Inc. 4.25%, 06/01/2046		124,000		116,075
Wisconsin Electric Power Co. 3.65%, 12/15/2042		144,000		123,463
Xcel Energy, Inc. 4.80%, 09/15/2041		116,000		115,132
				18,492,914
Electrical Equipment - 0.1%
Eaton Corp. 7.63%, 04/01/2024		500,000		541,705
Electronic Equipment, Instruments & Components - 0.1%
Arrow Electronics, Inc.
3.25%, 09/08/2024		175,000		173,100
3.88%, 01/12/2028 (G)		133,000		130,047
Corning, Inc. 5.35%, 11/15/2048 (G)		230,000		247,766
Tyco Electronics Group SA 2.50%, 02/04/2032		400,000		354,454
				905,367
Energy Equipment & Services - 0.1%
Baker Hughes Holdings LLC 5.13%, 09/15/2040		200,000		206,925
Halliburton Co. 7.60%, 08/15/2096 (B)		160,000		174,394
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (B)		170,000		164,940
Texas Eastern Transmission LP
2.80%, 10/15/2022 (B)		462,000		461,909
3.50%, 01/15/2028 (B)		60,000		57,675
				1,065,843
Entertainment - 0.2%
Activision Blizzard, Inc. 1.35%, 09/15/2030		405,000		330,074
Netflix, Inc. 4.38%, 11/15/2026 (G)		800,000		794,968
Walt Disney Co.
7.70%, 10/30/2025		300,000		339,050

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Entertainment (continued)
Walt Disney Co. (continued)
8.88%, 04/26/2023		$ 200,000		$ 211,655
				1,675,747
Equity Real Estate Investment Trusts - 1.5%
Alexandria Real Estate Equities, Inc. 4.00%, 02/01/2050		419,000		370,967
American Campus Communities Operating Partnership LP 2.25%, 01/15/2029		250,000		233,194
American Tower Corp.
1.50%, 01/31/2028		530,000		448,711
1.88%, 10/15/2030		490,000		390,613
2.10%, 06/15/2030		320,000		262,974
2.95%, 01/15/2051		141,000		97,319
3.10%, 06/15/2050		214,000		150,062
3.38%, 10/15/2026		281,000		270,386
5.00%, 02/15/2024		139,000		142,579
Boston Properties LP
3.20%, 01/15/2025		228,000		224,630
3.65%, 02/01/2026		408,000		403,342
Brixmor Operating Partnership LP
2.25%, 04/01/2028		320,000		282,021
2.50%, 08/16/2031		170,000		140,897
3.85%, 02/01/2025		400,000		399,423
Corporate Office Properties LP
2.00%, 01/15/2029		140,000		116,839
2.75%, 04/15/2031		523,000		444,259
Digital Realty Trust LP 3.70%, 08/15/2027		154,000		149,251
Equinix, Inc. 2.90%, 11/18/2026		510,000		482,160
Essex Portfolio LP 2.65%, 03/15/2032		400,000		345,340
GAIF Bond Issuer Pty Ltd. 3.40%, 09/30/2026 (B)		353,000		346,270
Healthcare Trust of America Holdings LP 2.00%, 03/15/2031 (G)		280,000		227,932
Healthpeak Properties, Inc.
2.13%, 12/01/2028		575,000		510,272
3.50%, 07/15/2029		447,000		426,505
Life Storage LP
2.40%, 10/15/2031		200,000		165,244
4.00%, 06/15/2029		522,000		504,664
National Retail Properties, Inc.
3.50%, 10/15/2027		150,000		145,008
3.60%, 12/15/2026		218,000		213,453
Office Properties Income Trust
2.40%, 02/01/2027		420,000		363,412
3.45%, 10/15/2031		190,000		148,996
4.00%, 07/15/2022		416,000		416,313
Physicians Realty LP 2.63%, 11/01/2031		220,000		185,190
Public Storage
1.95%, 11/09/2028		262,000		233,058
2.25%, 11/09/2031		220,000		190,225
Realty Income Corp.
3.25%, 01/15/2031		285,000		265,605
3.88%, 04/15/2025		290,000		291,362

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

Transamerica Funds Semi-Annual Report 2022

Page    11

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Regency Centers LP 2.95%, 09/15/2029		$ 420,000		$ 382,657
Sabra Health Care LP 3.20%, 12/01/2031		375,000		315,071
Safehold Operating Partnership LP 2.85%, 01/15/2032		673,000		558,867
Scentre Group Trust 1 / Scentre Group Trust 2 3.50%, 02/12/2025 (B) (G)		500,000		495,134
UDR, Inc.
2.10%, 08/01/2032		330,000		266,975
3.20%, 01/15/2030		500,000		463,080
Ventas Realty LP
3.75%, 05/01/2024		300,000		300,639
3.85%, 04/01/2027		203,000		201,095
Welltower, Inc.
3.10%, 01/15/2030		330,000		303,751
4.25%, 04/01/2026		250,000		252,250
WP Carey, Inc. 2.25%, 04/01/2033		545,000		432,505
				13,960,500
Food & Staples Retailing - 0.4%
7-Eleven, Inc.
1.30%, 02/10/2028 (B)		921,000		782,661
2.50%, 02/10/2041 (B)		225,000		162,195
Alimentation Couche-Tard, Inc.
3.44%, 05/13/2041 (B) (G)		370,000		299,796
3.63%, 05/13/2051 (B)		410,000		325,021
3.80%, 01/25/2050 (B)		445,000		363,557
CK Hutchison International 16 Ltd. 2.75%, 10/03/2026 (B)		350,000		337,067
CK Hutchison International 19 Ltd. 3.63%, 04/11/2029 (B) (G)		285,000		275,983
CVS Pass-Through Trust
4.70%, 01/10/2036 (B)		443,115		444,197
5.77%, 01/10/2033 (B)		128,315		137,834
5.93%, 01/10/2034 (B)		458,823		492,146
Kroger Co. 8.00%, 09/15/2029		175,000		214,399
				3,834,856
Food Products - 0.4%
Bunge Ltd. Finance Corp. 2.75%, 05/14/2031		635,000		550,288
Campbell Soup Co.
2.38%, 04/24/2030 (G)		700,000		604,536
3.13%, 04/24/2050		188,000		139,926
Cargill, Inc. 1.70%, 02/02/2031 (B)		500,000		414,909
Conagra Brands, Inc. 5.30%, 11/01/2038		130,000		129,558
Kraft Heinz Foods Co.
4.38%, 06/01/2046		313,000		274,670
4.63%, 10/01/2039		400,000		370,990
Mead Johnson Nutrition Co. 4.13%, 11/15/2025		288,000		293,345
Smithfield Foods, Inc. 3.00%, 10/15/2030 (B)		700,000		607,407

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products (continued)
Tyson Foods, Inc. 4.88%, 08/15/2034		$ 100,000		$ 102,438
				3,488,067
Gas Utilities - 0.1%
Atmos Energy Corp.
0.63%, 03/09/2023		165,000		162,125
4.13%, 03/15/2049		570,000		539,695
Boston Gas Co. 4.49%, 02/15/2042 (B)		330,000		307,631
Southern Co. Gas Capital Corp.
3.25%, 06/15/2026 (G)		85,000		82,882
5.88%, 03/15/2041		109,000		118,947
				1,211,280
Health Care Equipment & Supplies - 0.1%
DH Europe Finance II SARL 3.25%, 11/15/2039		134,000		116,205
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		493,000		422,693
				538,898
Health Care Providers & Services - 0.9%
Advocate Health & Hospitals Corp. 2.21%, 06/15/2030		310,000		272,678
Aetna, Inc.
4.50%, 05/15/2042		153,000		144,235
6.75%, 12/15/2037		305,000		361,255
Anthem, Inc.
4.10%, 03/01/2028		425,000		425,115
4.38%, 12/01/2047		110,000		105,093
Bon Secours Mercy Health, Inc. 3.21%, 06/01/2050		345,000		274,491
Children’s Hospital Corp. 2.59%, 02/01/2050		300,000		217,984
2.93%, 07/15/2050		340,000		247,982
Cigna Corp. 4.50%, 02/25/2026		367,000		374,694
CommonSpirit Health
1.55%, 10/01/2025		240,000		222,643
2.78%, 10/01/2030		240,000		212,295
Cottage Health Obligated Group 3.30%, 11/01/2049		360,000		302,942
CVS Health Corp. 5.05%, 03/25/2048		1,125,000		1,141,058
Hartford HealthCare Corp. 3.45%, 07/01/2054		780,000		667,568
HCA, Inc.
3.50%, 07/15/2051		380,000		282,749
5.13%, 06/15/2039		420,000		405,206
5.25%, 06/15/2026		500,000		515,227
Mayo Clinic 4.13%, 11/15/2052		198,000		193,414
Memorial Health Services 3.45%, 11/01/2049		720,000		620,259
NYU Langone Hospitals 3.38%, 07/01/2055		300,000		233,502
Providence St. Joseph Health Obligated Group 2.75%, 10/01/2026		168,000		161,618

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

Transamerica Funds Semi-Annual Report 2022

Page    12

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Texas Health Resources 4.33%, 11/15/2055		$ 175,000		$ 179,154
UnitedHealth Group, Inc. 4.63%, 07/15/2035		234,000		240,385
Universal Health Services, Inc. 2.65%, 10/15/2030 (B)		618,000		519,939
Yale-New Haven Health Services Corp. 2.50%, 07/01/2050		390,000		280,368
				8,601,854
Hotels, Restaurants & Leisure - 0.1%
McDonald’s Corp. 4.70%, 12/09/2035		465,000		471,184
Starbucks Corp. 3.75%, 12/01/2047		600,000		508,432
				979,616
Household Durables - 0.1%
Lennar Corp. 4.50%, 04/30/2024		555,000		563,360
Whirlpool Corp. 4.50%, 06/01/2046		500,000		457,618
				1,020,978
Independent Power & Renewable Electricity Producers - 0.0% (F)
Alexander Funding Trust 1.84%, 11/15/2023 (B)		400,000		383,968
Industrial Conglomerates - 0.0% (F)
Roper Technologies, Inc. 2.00%, 06/30/2030		280,000		235,216
Insurance - 1.2%
AIA Group Ltd.
3.20%, 09/16/2040 (B)		200,000		165,777
3.60%, 04/09/2029 (B)		200,000		194,816
3.90%, 04/06/2028 (B)		335,000		334,684
AIG SunAmerica Global Financing X 6.90%, 03/15/2032 (B)		400,000		478,579
Assurant, Inc. 4.20%, 09/27/2023		425,000		430,617
Athene Global Funding
0.95%, 01/08/2024 (B)		185,000		176,563
1.45%, 01/08/2026 (B)		215,000		195,077
2.50%, 01/14/2025 (B)		52,000		49,807
2.95%, 11/12/2026 (B)		1,645,000		1,548,495
Berkshire Hathaway Finance Corp.
3.85%, 03/15/2052		420,000		375,014
4.40%, 05/15/2042		268,000		260,821
Brown & Brown, Inc. 2.38%, 03/15/2031		820,000		680,302
Corebridge Financial, Inc.
3.65%, 04/05/2027 (B)		380,000		368,477
3.85%, 04/05/2029 (B)		265,000		253,345
Dai-ichi Life Insurance Co. Ltd. Fixed until 07/24/2026 (H), 4.00% (A) (B)		421,000		406,296
F&G Global Funding 1.75%, 06/30/2026 (B)		300,000		273,663
Hanover Insurance Group, Inc. 2.50%, 09/01/2030		250,000		212,719
Hartford Financial Services Group, Inc. 4.30%, 04/15/2043		360,000		333,721

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Intact US Holdings, Inc. 4.60%, 11/09/2022		$ 500,000		$ 503,805
Liberty Mutual Group, Inc. 3.95%, 10/15/2050 (B)		300,000		253,651
Liberty Mutual Insurance Co. 8.50%, 05/15/2025 (B)		200,000		224,690
Lincoln National Corp. 4.00%, 09/01/2023		300,000		303,355
MassMutual Global Funding II 2.75%, 06/22/2024 (B)		400,000		395,946
Metropolitan Life Global Funding I 3.00%, 09/19/2027 (B)		350,000		331,981
New York Life Global Funding 2.35%, 07/14/2026 (B)		226,000		214,582
New York Life Insurance Co. 4.45%, 05/15/2069 (B)		330,000		300,762
Northwestern Mutual Global Funding 1.70%, 06/01/2028 (B)		320,000		284,181
Pacific Life Insurance Co. Fixed until 10/24/2047, 4.30% (A), 10/24/2067 (B)		198,000		172,836
Prudential Insurance Co. of America 8.30%, 07/01/2025 (B)		900,000		1,013,044
Sumitomo Life Insurance Co. Fixed until 09/14/2027, 4.00% (A), 09/14/2077 (B)		250,000		241,875
Teachers Insurance & Annuity Association of America 4.27%, 05/15/2047 (B)		260,000		246,023
Travelers Property Casualty Corp. 7.75%, 04/15/2026		200,000		228,997
				11,454,501
Internet & Catalog Retail - 0.1%
Amazon.com, Inc. 3.95%, 04/13/2052		630,000		605,743
Internet & Direct Marketing Retail - 0.1%
Amazon.com, Inc. 3.88%, 08/22/2037		500,000		487,601
IT Services - 0.3%
CGI, Inc.
1.45%, 09/14/2026 (B)		340,000		306,217
2.30%, 09/14/2031 (B)		609,000		502,769
Fiserv, Inc.
3.20%, 07/01/2026		230,000		222,928
4.40%, 07/01/2049		220,000		199,140
Global Payments, Inc.
2.90%, 05/15/2030 - 11/15/2031		460,000		398,606
3.20%, 08/15/2029		997,000		907,818
Leidos, Inc. 2.30%, 02/15/2031		200,000		164,946
				2,702,424
Leisure Products - 0.1%
Hasbro, Inc. 3.90%, 11/19/2029		535,000		508,722
Life Sciences Tools & Services - 0.0% (F)
Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		555,000		467,197

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

Transamerica Funds Semi-Annual Report 2022

Page    13

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery - 0.1%
nVent Finance SARL 4.55%, 04/15/2028		$ 337,000		$ 338,633
Otis Worldwide Corp. 2.57%, 02/15/2030		775,000		680,385
Xylem, Inc. 2.25%, 01/30/2031 (G)		235,000		203,845
				1,222,863
Media - 0.7%
Charter Communications Operating LLC / Charter Communications Operating Capital
2.80%, 04/01/2031		800,000		665,364
3.70%, 04/01/2051		375,000		265,317
4.80%, 03/01/2050		315,000		258,803
5.05%, 03/30/2029		400,000		398,058
6.83%, 10/23/2055		150,000		157,995
Comcast Corp.
2.89%, 11/01/2051 (B)		1,533,000		1,136,102
2.94%, 11/01/2056 (B)		283,000		203,222
2.99%, 11/01/2063 (B)		768,000		544,265
3.25%, 11/01/2039		380,000		322,640
3.45%, 02/01/2050		95,000		78,445
3.95%, 10/15/2025		335,000		339,349
Discovery Communications LLC
3.63%, 05/15/2030		800,000		734,172
5.20%, 09/20/2047		335,000		308,547
Paramount Global
2.90%, 01/15/2027		250,000		235,538
4.00%, 01/15/2026		208,000		207,571
4.85%, 07/01/2042		150,000		133,248
SES SA 3.60%, 04/04/2023 (B)		100,000		100,069
Time Warner Cable LLC 5.50%, 09/01/2041		400,000		377,700
Time Warner Entertainment Co. LP 8.38%, 07/15/2033		250,000		303,343
				6,769,748
Metals & Mining - 0.2%
Anglo American Capital PLC 3.63%, 09/11/2024 (B)		200,000		198,887
Barrick Gold Corp. 6.45%, 10/15/2035		140,000		161,787
Freeport-McMoRan, Inc. 5.40%, 11/14/2034		400,000		409,488
Glencore Funding LLC
2.50%, 09/01/2030 (B)		790,000		664,141
4.13%, 05/30/2023 (B)		234,000		235,502
				1,669,805
Multi-Utilities - 0.3%
Consolidated Edison Co. of New York, Inc. 3.88%, 06/15/2047		260,000		226,616
Delmarva Power & Light Co.
4.00%, 06/01/2042		294,000		259,810
4.15%, 05/15/2045		270,000		248,152
Dominion Energy, Inc. 5.25%, 08/01/2033		500,000		528,923
NiSource, Inc. 5.80%, 02/01/2042		600,000		627,701

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
Public Service Co. of Oklahoma 3.15%, 08/15/2051		$ 360,000		$ 278,457
San Diego Gas & Electric Co.
2.95%, 08/15/2051		420,000		327,286
6.00%, 06/01/2026		320,000		352,436
6.13%, 09/15/2037		100,000		112,006
				2,961,387
Multiline Retail - 0.1%
Kohl’s Corp. 3.38%, 05/01/2031 (G)		645,000		613,571
Nordstrom, Inc. 4.25%, 08/01/2031 (G)		481,000		407,689
				1,021,260
Oil, Gas & Consumable Fuels - 1.7%
APT Pipelines Ltd. 4.25%, 07/15/2027 (B)		386,000		384,978
BP Capital Markets America, Inc.
2.77%, 11/10/2050		970,000		702,464
2.94%, 06/04/2051		35,000		26,014
3.00%, 03/17/2052		405,000		304,368
BP Capital Markets PLC 3.28%, 09/19/2027 (G)		173,000		167,673
Cameron LNG LLC 3.70%, 01/15/2039 (B)		554,000		489,302
Chevron USA, Inc. 3.25%, 10/15/2029		290,000		279,293
Diamondback Energy, Inc. 3.25%, 12/01/2026		270,000		262,687
Ecopetrol SA 5.38%, 06/26/2026		135,000		132,982
Energy Transfer LP
3.90%, 07/15/2026		195,000		189,831
4.15%, 09/15/2029		395,000		374,852
4.75%, 01/15/2026		476,000		482,004
5.50%, 06/01/2027		69,000		71,494
6.05%, 06/01/2041		538,000		548,141
6.10%, 02/15/2042		500,000		492,559
Eni SpA 5.70%, 10/01/2040 (B)		500,000		521,260
Enterprise Products Operating LLC
4.45%, 02/15/2043		161,000		145,995
7.55%, 04/15/2038		161,000		198,582
EQT Corp. 3.90%, 10/01/2027		264,000		252,772
Exxon Mobil Corp.
3.00%, 08/16/2039		1,115,000		940,955
4.11%, 03/01/2046		294,000		280,810
Flex Intermediate Holdco LLC
3.36%, 06/30/2031 (B)		310,000		272,537
4.32%, 12/30/2039 (B)		220,000		183,950
Galaxy Pipeline Assets Bidco Ltd. 2.94%, 09/30/2040 (B)		442,175		369,243
Gray Oak Pipeline LLC
2.00%, 09/15/2023 (B)		250,000		244,705
2.60%, 10/15/2025 (B)		305,000		288,784
3.45%, 10/15/2027 (B)		597,000		559,178

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

Transamerica Funds Semi-Annual Report 2022

Page    14

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
HF Sinclair Corp.
2.63%, 10/01/2023 (B)		$ 425,000		$ 415,962
5.88%, 04/01/2026 (B)		224,000		230,153
Lundin Energy Finance BV 2.00%, 07/15/2026 (B)		200,000		180,551
Marathon Petroleum Corp. 4.70%, 05/01/2025		694,000		704,707
NGPL PipeCo LLC 3.25%, 07/15/2031 (B)		335,000		291,383
ONEOK Partners LP 6.65%, 10/01/2036		220,000		235,033
ONEOK, Inc. 2.20%, 09/15/2025		500,000		469,354
Phillips 66 Partners LP
3.15%, 12/15/2029		300,000		277,413
4.90%, 10/01/2046		144,000		143,079
Pioneer Natural Resources Co. 1.90%, 08/15/2030		720,000		596,973
Plains All American Pipeline LP / PAA Finance Corp.
4.30%, 01/31/2043		150,000		120,702
4.70%, 06/15/2044		160,000		133,699
Saudi Arabian Oil Co. 1.63%, 11/24/2025 (B)		200,000		186,112
Southern Natural Gas Co. LLC
4.80%, 03/15/2047 (B)		136,000		129,481
8.00%, 03/01/2032		105,000		127,715
Suncor Energy, Inc.
5.95%, 12/01/2034		550,000		600,124
7.88%, 06/15/2026		100,000		114,221
Targa Resources Corp. 4.20%, 02/01/2033		190,000		180,313
TotalEnergies Capital International SA
2.99%, 06/29/2041		650,000		535,277
3.13%, 05/29/2050		605,000		480,638
3.46%, 07/12/2049		200,000		169,039
Valero Energy Corp. 2.15%, 09/15/2027		390,000		353,051
				15,842,393
Personal Products - 0.1%
Estee Lauder Cos., Inc. 2.60%, 04/15/2030		549,000		500,831
GSK Consumer Healthcare Capital US LLC 3.38%, 03/24/2029 (B)		530,000		500,600
				1,001,431
Pharmaceuticals - 0.5%
AstraZeneca PLC 6.45%, 09/15/2037		180,000		222,338
Bristol-Myers Squibb Co.
4.13%, 06/15/2039		377,000		367,602
4.55%, 02/20/2048		288,000		290,312
Mylan, Inc. 5.40%, 11/29/2043		100,000		90,640
Royalty Pharma PLC
0.75%, 09/02/2023		465,000		450,141
1.20%, 09/02/2025		193,000		175,337
2.15%, 09/02/2031		287,000		231,098

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		$ 778,000		$ 751,274
Takeda Pharmaceutical Co. Ltd.
3.03%, 07/09/2040		885,000		707,600
3.18%, 07/09/2050		415,000		318,892
Utah Acquisition Sub, Inc. 3.95%, 06/15/2026		185,000		179,757
Viatris, Inc. 2.30%, 06/22/2027		1,260,000		1,115,983
Zoetis, Inc. 2.00%, 05/15/2030		410,000		354,122
				5,255,096
Professional Services - 0.1%
S&P Global, Inc.
2.90%, 03/01/2032 (B)		393,000		355,383
4.25%, 05/01/2029 (B)		519,000		521,792
				877,175
Real Estate Management & Development - 0.0% (F)
Ontario Teachers’ Cadillac Fairview Properties Trust 3.88%, 03/20/2027 (B)		325,000		323,410
Road & Rail - 1.0%
Avolon Holdings Funding Ltd.
2.13%, 02/21/2026 (B)		250,000		223,321
2.53%, 11/18/2027 (B)		2,259,000		1,939,850
2.88%, 02/15/2025 (B)		150,000		140,940
4.25%, 04/15/2026 (B)		2,280,000		2,187,910
4.38%, 05/01/2026 (B)		510,000		489,947
5.25%, 05/15/2024 (B)		555,000		557,890
5.50%, 01/15/2026 (B)		890,000		891,956
Burlington Northern Santa Fe LLC
3.55%, 02/15/2050		233,000		203,573
5.75%, 05/01/2040		300,000		340,777
7.29%, 06/01/2036		90,000		113,142
Canadian Pacific Railway Co. 3.00%, 12/02/2041		500,000		407,583
CSX Corp.
4.75%, 11/15/2048		215,000		217,474
6.00%, 10/01/2036		340,000		383,398
Kansas City Southern
3.50%, 05/01/2050		500,000		405,610
4.70%, 05/01/2048		316,000		313,836
Norfolk Southern Corp. 3.85%, 01/15/2024		266,000		268,776
Park Aerospace Holdings Ltd.
4.50%, 03/15/2023 (B)		95,000		95,282
5.50%, 02/15/2024 (B)		42,000		42,456
				9,223,721
Semiconductors & Semiconductor Equipment - 0.6%
Analog Devices, Inc. 2.80%, 10/01/2041		367,000		297,393
Broadcom, Inc.
1.95%, 02/15/2028 (B)		1,000,000		866,569
3.14%, 11/15/2035 (B)		356,000		288,020
3.19%, 11/15/2036 (B)		925,000		731,565
KLA Corp. 3.30%, 03/01/2050		700,000		583,639

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

Transamerica Funds Semi-Annual Report 2022

Page    15

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment (continued)
Microchip Technology, Inc.
0.97%, 02/15/2024		$ 530,000		$ 505,265
0.98%, 09/01/2024 (B)		615,000		577,205
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.50%, 05/11/2031 (B)		570,000		479,889
3.25%, 05/11/2041 (B)		585,000		458,423
TSMC Arizona Corp. 4.50%, 04/22/2052		345,000		345,998
Xilinx, Inc. 2.38%, 06/01/2030		860,000		760,929
				5,894,895
Software - 0.3%
Citrix Systems, Inc. 1.25%, 03/01/2026		119,000		115,859
Microsoft Corp.
2.92%, 03/17/2052		307,000		250,506
3.04%, 03/17/2062		183,000		146,133
Oracle Corp. 2.30%, 03/25/2028		690,000		601,639
VMware, Inc.
1.40%, 08/15/2026		1,179,000		1,057,672
4.65%, 05/15/2027		220,000		223,169
Workday, Inc. 3.50%, 04/01/2027		578,000		563,932
				2,958,910
Specialty Retail - 0.1%
AutoZone, Inc. 1.65%, 01/15/2031		600,000		482,427
O’Reilly Automotive, Inc. 3.60%, 09/01/2027		747,000		733,287
				1,215,714
Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc.
2.40%, 08/20/2050 (G)		1,000,000		725,386
3.45%, 02/09/2045		528,000		472,905
3.75%, 09/12/2047		500,000		462,699
3.85%, 08/04/2046		207,000		196,800
4.65%, 02/23/2046		119,000		126,240
Dell International LLC / EMC Corp.
5.45%, 06/15/2023		67,000		68,473
6.02%, 06/15/2026		1,293,000		1,365,818
HP, Inc. 3.00%, 06/17/2027		335,000		314,353
				3,732,674
Tobacco - 0.2%
Altria Group, Inc. 2.45%, 02/04/2032		665,000		533,484
BAT Capital Corp.
2.26%, 03/25/2028		290,000		247,916
3.73%, 09/25/2040		195,000		146,021
3.98%, 09/25/2050		300,000		216,949
4.39%, 08/15/2037		400,000		341,106
4.54%, 08/15/2047		290,000		230,542
BAT International Finance PLC 1.67%, 03/25/2026		215,000		193,011
				1,909,029

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Trading Companies & Distributors - 0.3%
Air Lease Corp.
3.25%, 03/01/2025 - 10/01/2029		$ 1,153,000		$ 1,044,137
3.38%, 07/01/2025		950,000		917,222
BOC Aviation Ltd.
2.75%, 09/18/2022 (B)		270,000		269,664
3.50%, 10/10/2024 (B)		200,000		198,838
International Lease Finance Corp. 5.88%, 08/15/2022		154,000		155,254
WW Grainger, Inc. 4.60%, 06/15/2045		198,000		201,215
				2,786,330
Transportation Infrastructure - 0.0% (F)
Mexico City Airport Trust 5.50%, 07/31/2047 (B)		200,000		159,752
Penske Truck Leasing Co. LP / PTL Finance Corp. 4.13%, 08/01/2023 (B)		233,000		234,681
				394,433
Water Utilities - 0.0% (F)
American Water Capital Corp.
3.85%, 03/01/2024		300,000		302,223
4.00%, 12/01/2046		172,000		157,912
				460,135
Wireless Telecommunication Services - 0.1%
America Movil SAB de CV 4.38%, 04/22/2049 (G)		251,000		239,549
Rogers Communications, Inc. 4.55%, 03/15/2052 (B)		370,000		329,357
Vodafone Group PLC
4.88%, 06/19/2049		545,000		522,639
5.25%, 05/30/2048		260,000		260,728
				1,352,273
Total Corporate Debt Securities (Cost $283,388,238)				258,584,592
FOREIGN GOVERNMENT OBLIGATIONS - 0.4%
Chile - 0.0% (F)
Chile Government International Bond 2.55%, 01/27/2032 (G)		218,000		189,412
Mexico - 0.4%
Mexico Government International Bond
2.66%, 05/24/2031		467,000		394,615
3.75%, 01/11/2028		1,042,000		1,003,904
3.77%, 05/24/2061		345,000		241,473
4.13%, 01/21/2026		615,000		616,784
4.35%, 01/15/2047		183,000		148,252
4.60%, 02/10/2048		200,000		168,769
4.75%, 03/08/2044		190,000		166,341
5.75%, 10/12/2110		550,000		497,932
				3,238,070
Panama - 0.0% (F)
Panama Government International Bond 4.50%, 04/16/2050		200,000		172,964

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

Transamerica Funds Semi-Annual Report 2022

Page    16

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Saudi Arabia - 0.0% (F)
Saudi Arabia Government International Bond 2.25%, 02/02/2033 (B)		$ 272,000		$ 235,855
Total Foreign Government Obligations (Cost $4,411,539)				3,836,301
MORTGAGE-BACKED SECURITIES - 7.1%
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75% (A), 12/25/2035 (B)		498		526
Banc of America Funding Trust Series 2004-3, Class 1A1, 5.50%, 10/25/2034		31,321		30,201
Banc of America Mortgage Trust Series 2003-C, Class 3A1, 2.66% (A), 04/25/2033		4,997		5,029
Bayview Financing Trust Series 2020-3F, Class A, 1-Month LIBOR + 3.00%, 3.08% (A), 11/10/2022 (C)		651,422		650,040
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/05/2036 (B)		1,500,000		1,468,200
Bear Stearns ARM Trust
Series 2003-4, Class 3A1,
2.17% (A), 07/25/2033		15,858		16,147
Series 2004-2, Class 14A,
3.03% (A), 05/25/2034		11,214		10,944
Bear Stearns Commercial Mortgage Securities Trust, Interest Only STRIPS Series 2005-PWR8, Class X1, 0.72% (A), 06/11/2041 (B)		2,746		3
Chase Mortgage Finance Trust
Series 2007-A1, Class 1A3,
2.35% (A), 02/25/2037		174,317		173,613
Series 2007-A1, Class 2A1,
2.46% (A), 02/25/2037		32,450		32,618
Series 2007-A1, Class 7A1,
2.46% (A), 02/25/2037		22,763		23,274
Series 2007-A1, Class 9A1,
2.60% (A), 02/25/2037		12,403		12,493
Series 2007-A2, Class 1A1,
2.44% (A), 06/25/2035		4,986		4,857
Series 2007-A2, Class 2A1,
2.42% (A), 06/25/2035		57,823		58,090
CHL Mortgage Pass-Through Trust
Series 2004-3, Class A26,
5.50%, 04/25/2034		60,069		57,467
Series 2004-3, Class A4,
5.75%, 04/25/2034		90,104		86,575
Series 2004-5, Class 1A4,
5.50%, 06/25/2034		78,826		77,482
Series 2004-8, Class 2A1,
4.50%, 06/25/2019 (D)		254		254
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-HYB1, Class A, 2.24% (A), 09/25/2033		16,888		17,511

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust Series 2009-10, Class 1A1, 2.52% (A), 09/25/2033 (B)		$ 58,177		$ 58,293
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4,
5.25%, 09/25/2033		26,581		25,273
Series 2005-2, Class 2A11,
5.50%, 05/25/2035		55,287		53,734
COMM Mortgage Trust
Series 2015-CR25, Class A4,
3.76%, 08/10/2048		562,000		561,513
Series 2018-HOME, Class A,
3.94% (A), 04/10/2033 (B)		2,410,000		2,319,842
COMM Mortgage Trust, Interest Only STRIPS Series 2012-CR2, Class XA, 1.68% (A), 08/15/2045		614,002		48
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4,
5.25%, 09/25/2033		23,209		22,553
Series 2003-AR15, Class 3A1,
2.28% (A), 06/25/2033		43,581		43,220
Series 2004-5, Class 3A1,
5.25%, 08/25/2019		13,645		12,468
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A4,
5.25%, 11/25/2033		5,195		4,993
Series 2003-29, Class 5A1,
7.00%, 12/25/2033		30,803		30,886
Series 2004-4, Class 2A4,
5.50%, 09/25/2034		47,159		46,510
Series 2004-8, Class 1A4,
5.50%, 12/25/2034		99,176		95,376
CSMC Series 2022-JR1, Class A1, 4.27% (A), 10/25/2066 (B)		1,872,672		1,864,037
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 09/15/2037 (B)		500,000		423,677
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 4.36% (A), 02/25/2020		6,279		6,240
Federal National Mortgage Association
Series 2022-M1G, Class A2,
1.58% (A), 09/25/2031		10,700,000		9,117,112
Series 2022-M3, Class A2,
1.76% (A), 11/25/2031		2,500,000		2,153,834
FMC GMSR Issuer Trust
3.69%, 02/25/2024		2,835,000		2,835,000
Series 2020-GT1, Class A,
4.45% (A), 01/25/2026 (B)		1,700,000		1,616,562
Series 2021-GT1, Class A,
3.62% (A), 07/25/2026 (B)		1,700,000		1,568,040
Series 2021-GT2, Class A,
3.85% (A), 10/25/2026 (B)		1,440,000		1,310,529

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

Transamerica Funds Semi-Annual Report 2022

Page    17

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GSMPS Mortgage Loan Trust Series 2005-RP3, Class 1AF, 1-Month LIBOR + 0.35%, 1.02% (A), 09/25/2035 (B)		$ 509,099		$ 442,042
GSMPS Mortgage Loan Trust, Interest Only STRIPS Series 2005-RP3, Class 1AS, 3.73% (A), 09/25/2035 (B)		381,824		16,392
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4,
5.25%, 06/25/2033		104,530		102,004
Series 2004-8F, Class 2A3,
6.00%, 09/25/2034		70,110		69,470
Series 2005-5F, Class 8A3,
1-Month LIBOR + 0.50%, 1.17% (A), 06/25/2035		5,744		5,707
Headlands Residential LLC Series 2017-RPL1, Class A, 3.88% (A), 11/25/2024 (B)		854,738		847,733
Home RE Ltd. Series 2022-1, Class M1A, 3.13% (A), 10/25/2034 (B)		1,600,000		1,599,986
Impac CMB Trust Series 2005-4, Class 2A1, 1-Month LIBOR + 0.30%, 1.27% (A), 05/25/2035		83,244		79,410
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 08/25/2033		24,810		22,062
Impac Secured Assets Trust Series 2006-1, Class 2A1, 1-Month LIBOR + 0.70%, 1.37% (A), 05/25/2036		50,352		48,874
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 07/10/2035 (B)		1,590,000		1,564,094
JPMorgan Chase Commercial Mortgage Securities Trust, Interest Only STRIPS Series 2006-CB15, Class X1, 0.45% (A), 06/12/2043		931,841		13
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1,
2.30% (A), 07/25/2034		3,050		3,099
Series 2004-A4, Class 1A1,
2.24% (A), 09/25/2034		7,766		7,519
Series 2004-S1, Class 1A7,
5.00%, 09/25/2034		1,564		1,632
Series 2005-A1, Class 3A4,
2.63% (A), 02/25/2035		31,336		30,711
Series 2006-A2, Class 5A3,
2.28% (A), 11/25/2033		56,762		56,881
Series 2006-A3, Class 6A1,
2.63% (A), 08/25/2034		8,185		8,156
LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09% (A), 09/25/2026 (B)		810,000		778,478
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1,
2.70% (A), 04/21/2034		77,817		76,984

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
MASTR Adjustable Rate Mortgages Trust (continued)
Series 2004-13, Class 3A7,
2.76% (A), 11/21/2034		$ 50,982		$ 50,440
MASTR Alternative Loan Trust Series 2003-9, Class 2A1, 6.00%, 12/25/2033		10,343		10,120
MASTR Asset Securitization Trust
Series 2003-11, Class 9A6,
5.25%, 12/25/2033		120,472		116,684
Series 2004-P7, Class A6,
5.50%, 12/27/2033 (B)		15,232		14,234
MASTR Resecuritization Trust, Principal Only STRIPS Series 2005, Class 3, Zero Coupon, 05/28/2035 (B)		5,280		4,443
Merrill Lynch Mortgage Investors Trust
Series 2003-A4, Class 2A,
2.56% (A), 07/25/2033		27,414		26,838
Series 2003-A5, Class 2A6,
2.00% (A), 08/25/2033		11,668		11,428
Series 2004-1, Class 2A1,
2.09% (A), 12/25/2034		59,326		58,596
Series 2004-A4, Class A2,
2.74% (A), 08/25/2034		28,288		28,103
Series 2004-D, Class A2,
6-Month LIBOR + 0.72%, 1.55% (A), 09/25/2029		45,605		44,405
Morgan Stanley Capital I Trust, Interest Only STRIPS Series 2006-T21, Class X, 0.07% (A), 10/12/2052 (B)		3,163,559		230
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.64% (A), 04/25/2034		76,739		76,714
MRCD Mortgage Trust Series 2019-PARK, Class D, 2.72%, 12/15/2036 (B)		1,443,000		1,333,941
PRET LLC Series 2021-RN4, Class A1, 2.49% (A), 10/25/2051 (B)		2,848,883		2,712,184
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A1, 2.24% (A), 09/27/2060 (B)		1,517,803		1,452,729
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 02/25/2034		23,401		23,266
Prime Mortgage Trust, Principal Only STRIPS Series 2004-CL1, Class 1, Zero Coupon, 02/25/2034		1,217		1,094
PRPM LLC
Series 2021-1, Class A1,
2.12% (A), 01/25/2026 (B)		1,360,080		1,299,555
Series 2021-3, Class A1,
1.87% (A), 04/25/2026 (B)		813,321		772,365
RAMP Trust Series 2004-SL2, Class A3, 7.00%, 10/25/2031		61,652		61,234
Seasoned Credit Risk Transfer Trust
Series 2017-4, Class M60C,
3.50%, 06/25/2057		1,563,964		1,546,788

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

Transamerica Funds Semi-Annual Report 2022

Page    18

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Seasoned Credit Risk Transfer Trust (continued)
Series 2018-2, Class M55D,
4.00%, 11/25/2057		$ 2,165,532		$ 2,174,841
Series 2019-1, Class MT,
3.50%, 07/25/2058		1,711,324		1,678,823
Series 2019-3, Class MB,
3.50%, 10/25/2058		941,534		885,427
Series 2019-4, Class M55D,
4.00%, 02/25/2059		1,196,784		1,209,513
Series 2022-1, Class MTU,
3.25%, 11/25/2061		1,824,820		1,763,846
Sequoia Mortgage Trust
Series 2004-11, Class A1,
1-Month LIBOR + 0.60%, 1.19% (A), 12/20/2034		105,960		100,445
Series 2004-11, Class A3,
1-Month LIBOR + 0.60%, 1.19% (A), 12/20/2034		2,056		2,047
Series 2004-12, Class A3,
6-Month LIBOR + 0.32%, 0.63% (A), 01/20/2035		55,670		53,636
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 07/15/2041 (B)		1,620,000		1,443,898
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 1-Month LIBOR + 0.66%, 1.21% (A), 10/19/2034		106,339		103,593
Structured Asset Securities Corp. Series 2004-4XS, Class 1A5, 5.17% (A), 02/25/2034		161,313		154,971
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-37A, Class 2A, 2.07% (A), 12/25/2033		32,772		32,864
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1,
1-Month LIBOR + 0.64%, 1.31% (A), 09/25/2043		50,773		50,735
Series 2004-1, Class II2A,
1.49% (A), 03/25/2044		16,775		16,673
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72% (A), 09/25/2022		625,992		616,325
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92% (A), 11/30/2060 (B)		2,306,084		2,124,772
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (B)		1,000,000		998,418
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 05/10/2063		189,763		189,530
UBS-Barclays Commercial Mortgage Trust, Interest Only STRIPS Series 2012-C2, Class XA, 1.38% (A), 05/10/2063 (B)		1,547,452		684

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
VM Master Issuer LLC Series 2022-1, Class A1, 5.16% (A), 05/24/2025 (B)		$ 2,000,000		$ 1,991,200
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (B)		1,000,000		1,002,552
VOLT C LLC Series 2021-NPL9, Class A1, 1.99% (A), 05/25/2051 (B)		745,934		711,873
VOLT CI LLC Series 2021-NP10, Class A1, 1.99% (A), 05/25/2051 (B)		846,370		807,230
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89% (A), 02/27/2051 (B)		2,007,073		1,934,254
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24% (A), 02/27/2051 (B)		1,418,880		1,355,728
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24% (A), 03/27/2051 (B)		480,362		460,953
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24% (A), 04/25/2051 (B)		1,239,981		1,186,996
Wachovia Bank Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C24, Class XC, 0.00% (A), 03/15/2045 (B)		452,594		5
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR6, Class A1,
2.58% (A), 06/25/2033		84,000		82,624
Series 2003-AR7, Class A7,
2.38% (A), 08/25/2033		35,433		34,534
Series 2003-AR8, Class A,
2.71% (A), 08/25/2033		13,096		13,271
Series 2003-AR9, Class 1A6,
2.52% (A), 09/25/2033		66,656		65,534
Series 2003-S3, Class 1A4,
5.50%, 06/25/2033		83,705		81,532
Series 2003-S4, Class 2A10,
1-Month LIBOR + 17.46%, 15.63% (A), 06/25/2033		2,786		2,834
Series 2003-S9, Class A8,
5.25%, 10/25/2033		39,831		38,569
Series 2004-AR3, Class A1,
2.68% (A), 06/25/2034		7,390		7,314
Series 2004-AR3, Class A2,
2.68% (A), 06/25/2034		76,016		75,228
Series 2004-S2, Class 2A4,
5.50%, 06/25/2034		49,489		48,576
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA2, Class 2A, 7.00%, 07/25/2033		27,837		28,652
Wells Fargo Commercial Mortgage Trust Series 2016-C35, Class A4, 2.93%, 07/15/2048		1,915,000		1,841,805

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

Transamerica Funds Semi-Annual Report 2022

Page    19

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage-Backed Securities Trust Series 2004-U, Class A1, 2.82% (A), 10/25/2034		$ 144,730		$ 141,291
ZH Trust Series 2021-1, Class A, 2.25%, 02/18/2027 (B)		362,897		355,021
Total Mortgage-Backed Securities (Cost $71,891,482)				68,170,319
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.5%
California - 0.1%
State of California, General Obligation Unlimited, 7.30%, 10/01/2039		520,000		687,185
University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Series N, 3.71%, 05/15/2120		820,000		619,567
				1,306,752
New York - 0.2%
New York State Dormitory Authority, Revenue Bonds, Series D, 5.60%, 03/15/2040		280,000		317,455
Port Authority of New York & New Jersey, Revenue Bonds,
4.46%, 10/01/2062		800,000		811,428
5.65%, 11/01/2040		655,000		761,057
				1,889,940
Ohio - 0.2%
American Municipal Power, Inc., Revenue Bonds, Series B, 7.50%, 02/15/2050		640,000		868,353
Ohio State University, Revenue Bonds, Series A, 4.80%, 06/01/2111		1,370,000		1,396,146
				2,264,499
Total Municipal Government Obligations (Cost $5,229,901)				5,461,191
U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.0%
Federal Home Loan Mortgage Corp.
12-Month LIBOR + 1.58%, 1.83% (A), 12/01/2036		44,368		45,334
12-Month LIBOR + 1.64%, 1.89% (A), 11/01/2036		22,717		23,237
6-Month LIBOR + 1.55%, 1.89% (A), 05/01/2037		43,970		45,369
12-Month LIBOR + 1.67%, 1.92% (A), 12/01/2036		70,386		72,738
12-Month LIBOR + 1.77%, 2.02% (A), 09/01/2037		10,589		10,652
12-Month LIBOR + 1.70%, 2.08% (A), 02/01/2037		19,998		20,595
6-Month LIBOR + 1.70%, 2.14% (A), 10/01/2036		12,370		12,467

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. (continued)
12-Month LIBOR + 1.91%, 2.16% (A), 04/01/2037		$ 1,215		$ 1,207
6-Month LIBOR + 2.01%, 2.20% (A), 05/01/2037		15,388		16,113
12-Month LIBOR + 2.00%, 2.25% (A), 11/01/2036		5,952		5,934
12-Month LIBOR + 1.89%, 2.29% (A), 05/01/2038		4,441		4,454
1-Year CMT + 2.25%, 2.33% (A), 07/01/2036		93,549		97,472
1-Year CMT + 2.24%, 2.35% (A), 11/01/2036		58,366		60,344
1-Year CMT + 2.25%, 2.36% (A), 02/01/2036		106,417		110,278
1-Year CMT + 2.36%, 2.36% (A), 10/01/2037		5,380		5,383
1-Year CMT + 2.25%, 2.38% (A), 01/01/2035		142,125		147,063
12-Month LIBOR + 2.18%, 2.43% (A), 05/01/2037		63,918		66,300
12-Month LIBOR + 2.06%, 2.51% (A), 05/01/2037		12,799		12,755
1-Year CMT + 2.43%, 2.51% (A), 12/01/2031		158,661		158,931
12-Month LIBOR + 1.98%, 2.67% (A), 04/01/2037		15,643		15,590
12-Month LIBOR + 2.33%, 2.73% (A), 05/01/2036		9,381		9,732
12-Month LIBOR + 2.47%, 2.73% (A), 03/01/2036		35,644		37,169
1-Year CMT + 2.65%, 2.78% (A), 10/01/2037		58,228		58,151
3.00%, 10/01/2051 - 02/01/2052		6,550,548		6,213,441
3.50%, 06/01/2042 - 02/01/2052		2,235,566		2,189,639
4.00%, 04/01/2043 - 09/01/2049		2,871,867		2,919,956
4.50%, 05/01/2041 - 07/01/2047		4,708,926		4,911,666
5.00%, 08/01/2040		112,458		119,047
5.50%, 05/01/2023 - 12/01/2035		228,510		230,878
6.00%, 12/01/2036 - 06/01/2037		133,819		142,968
6.50%, 05/01/2035 - 03/01/2038		521,045		566,102
7.50%, 02/01/2038 - 09/01/2038		26,436		28,405
10.00%, 10/01/2030		1,927		2,024
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.31%, 12/25/2022		1,029,006		1,027,686
2.72%, 07/25/2026		1,456,000		1,424,560
2.74%, 09/25/2025		1,000,000		983,828
2.81%, 09/25/2024		3,215,410		3,200,384
2.84%, 09/25/2022		76,090		76,246
2.93%, 01/25/2023		300,686		301,540
3.24%, 04/25/2027		1,097,000		1,096,350
3.30% (A), 11/25/2027		965,000		968,057
3.33%, 05/25/2027		590,000		589,519
3.34% (A), 04/25/2028		970,000		963,831
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.40%, 0.63% (A), 07/15/2037		226,580		225,981

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

Transamerica Funds Semi-Annual Report 2022

Page    20

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. REMIC (continued)
1-Month LIBOR + 0.25%, 0.80% (A), 08/15/2023		$ 18,619		$ 18,623
1-Month LIBOR + 0.30%, 0.85% (A), 03/15/2036		16,716		16,640
1-Month LIBOR + 1.20%, 1.75% (A), 07/15/2039		9,512		9,719
4.00%, 11/15/2041 - 07/15/2042		2,626,108		2,713,376
4.50%, 06/15/2025		465,724		474,855
5.00%, 07/15/2033 - 07/15/2041		8,323,612		8,736,627
5.30%, 01/15/2033		194,371		205,322
5.50%, 10/15/2032 - 01/15/2039		1,165,186		1,247,037
(3.62) * 1-Month LIBOR + 27.21%, 5.50% (A), 05/15/2041		182,473		183,033
(3.67) * 1-Month LIBOR + 27.50%, 5.50% (A), 05/15/2041		190,910		189,820
5.67% (A), 10/15/2038		97,705		103,360
6.00%, 05/15/2034 - 06/15/2038		809,520		884,819
6.25%, 10/15/2023		22,331		22,844
6.50%, 02/15/2026 - 06/15/2032		354,548		377,339
7.00%, 12/15/2036		214,566		240,094
7.50% (A), 11/15/2046		306,157		337,552
7.50%, 11/15/2036 - 12/15/2036		251,434		284,457
(7.27) * 1-Month LIBOR + 48.00%, 8.00% (A), 06/15/2035		9,192		9,730
(1.50) * 1-Month LIBOR + 9.08%, 8.39% (A), 11/15/2033		14,260		14,162
(1.83) * 1-Month LIBOR + 14.85%, 13.83% (A), 06/15/2033		14,102		16,479
(3.33) * 1-Month LIBOR + 17.50%, 15.65% (A), 02/15/2040		191,811		218,767
(2.50) * 1-Month LIBOR + 17.45%, 16.06% (A), 02/15/2038		7,146		8,360
(3.00) * 1-Month LIBOR + 20.22%, 18.56% (A), 07/15/2035		15,631		18,331
(2.60) * 1-Month LIBOR + 20.93%, 19.49% (A), 08/15/2031		19,650		23,188
(4.00) * 1-Month LIBOR + 22.00%, 19.78% (A), 05/15/2035		24,062		26,873
(4.50) * 1-Month LIBOR + 24.75%, 22.26% (A), 06/15/2035		37,962		49,353
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS
1.45% (A), 01/15/2040		196,884		7,481
4.50%, 12/15/2024 (I)		1		0
5.00%, 10/15/2039 - 08/15/2040		197,040		11,036
(1.00) * 1-Month LIBOR + 6.00%, 5.45% (A), 11/15/2037 - 10/15/2040		255,362		34,985
(1.00) * 1-Month LIBOR + 6.05%, 5.50% (A), 05/15/2038		31,583		1,950
(1.00) * 1-Month LIBOR + 6.10%, 5.55% (A), 05/15/2039		20,472		2,748
(1.00) * 1-Month LIBOR + 6.25%, 5.70% (A), 12/15/2039		102,877		12,581
(1.00) * 1-Month LIBOR + 6.34%, 5.79% (A), 12/15/2039		274,160		25,368
(1.00) * 1-Month LIBOR + 6.40%, 5.85% (A), 01/15/2037		25,807		1,765

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS (continued)
(1.00) * 1-Month LIBOR + 6.45%, 5.90% (A), 11/15/2037		$ 11,867		$ 1,798
(1.00) * 1-Month LIBOR + 6.80%, 6.25% (A), 09/15/2039		70,514		6,004
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS 09/15/2032 - 12/15/2043		1,971,314		1,694,042
Federal Home Loan Mortgage Corp. STRIPS 3.50%, 07/15/2042		649,363		641,751
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
1.49% (A), 10/25/2037		212,170		205,126
5.23%, 05/25/2043		600,903		624,554
6.50%, 02/25/2043		209,078		230,180
6.50% (A), 09/25/2043		92,606		103,932
7.00%, 02/25/2043 - 07/25/2043		226,961		248,588
7.50%, 02/25/2042 - 09/25/2043		273,677		301,784
Federal Home Loan Mortgage Corp., Interest Only STRIPS (1.00) * 1-Month LIBOR + 7.70%, 7.15% (A), 08/15/2036		179,973		31,896
Federal National Mortgage Association
0.75%, 09/25/2028		2,672,347		2,398,886
1-Month LIBOR + 0.22%, 0.89% (A), 03/25/2045 - 02/25/2046		74,514		74,443
1.00%, 11/25/2033		2,120,113		1,943,428
1-Month LIBOR + 0.40%, 1.07% (A), 05/25/2042		131,610		131,151
1-Month LIBOR + 0.55%, 1.22% (A), 08/25/2042		287,137		286,998
1-Month LIBOR + 0.93%, 1.38% (A), 11/25/2022		99,587		99,546
12-Month LIBOR + 1.25%, 1.50% (A), 11/01/2037		18,934		19,289
6-Month LIBOR + 1.32%, 1.55% (A), 07/01/2037		35,682		36,697
6-Month LIBOR + 1.17%, 1.67% (A), 09/01/2036		13,584		13,824
6-Month LIBOR + 1.48%, 1.77% (A), 02/01/2037		34,987		36,133
6-Month LIBOR + 1.46%, 1.79% (A), 02/01/2037		5,895		5,990
12-Month LIBOR + 1.57%, 1.82% (A), 09/01/2036		56,235		57,694
12-Month LIBOR + 1.64%, 1.89% (A), 07/01/2037		10,504		10,813
12-Month LIBOR + 1.72%, 1.97% (A), 05/01/2036		7,805		7,811
12-Month LIBOR + 1.76%, 2.01% (A), 09/01/2037		3,931		3,934
12-Month LIBOR + 1.77%, 2.02% (A), 10/01/2036		21,346		21,256
12-Month LIBOR + 1.79%, 2.04% (A), 07/01/2037		19,976		19,902
12-Month LIBOR + 1.80%, 2.07% (A), 12/01/2036		8,827		8,784

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

Transamerica Funds Semi-Annual Report 2022

Page    21

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
12-Month LIBOR + 1.82%, 2.07% (A), 09/01/2036		$ 6,114		$ 6,096
12-Month LIBOR + 1.84%, 2.12% (A), 06/01/2036		16,867		17,360
1-Year CMT + 2.08%, 2.12% (A), 11/01/2037		36,582		38,242
12-Month LIBOR + 1.88%, 2.13% (A), 08/01/2036		2,855		2,849
2.15%, 01/25/2023		694,566		692,845
12-Month LIBOR + 1.95%, 2.20% (A), 11/01/2036		755		751
12-Month LIBOR + 1.60%, 2.22% (A), 04/01/2037		1,895		1,894
12-Month LIBOR + 1.69%, 2.30% (A), 04/01/2036		17,444		17,888
2.38%, 10/01/2026		1,432,614		1,381,969
2.43%, 08/01/2026		1,834,593		1,774,722
2.44%, 06/01/2030		2,397,806		2,239,602
2.49%, 05/01/2026		949,014		921,463
2.50%, 09/01/2051 - 01/01/2052		4,406,723		4,034,979
2.56% (A), 12/25/2026		335,543		326,022
2.58%, 03/01/2032		2,593,165		2,403,472
2.61%, 06/01/2026		1,012,000		985,884
12-Month LIBOR + 2.37%, 2.62% (A), 08/01/2037		16,211		16,389
2.62%, 11/01/2031		4,165,000		3,884,939
2.63%, 03/01/2026		2,773,831		2,709,470
2.64%, 06/01/2026		2,477,000		2,415,955
2.70%, 07/01/2026		1,220,297		1,192,684
6-Month LIBOR + 2.50%, 2.70% (A), 03/01/2036		82,787		87,693
12-Month LIBOR + 2.38%, 2.73% (A), 03/01/2036		42,458		44,360
2.80%, 01/01/2028		1,102,814		1,072,357
2.90%, 06/25/2027		2,032,498		2,002,029
2.92%, 01/01/2025		2,404,204		2,383,240
2.94% (A), 01/25/2026		3,136,551		3,083,575
2.94%, 12/01/2028		5,000,000		4,877,886
2.98%, 06/01/2027		1,694,204		1,665,653
3.00%, 06/01/2043 - 02/01/2052		4,360,997		4,143,659
3.02%, 07/01/2024 - 07/01/2029		7,488,929		7,371,341
3.04%, 06/01/2024		1,659,401		1,650,003
3.06% (A), 05/25/2027		1,640,097		1,629,993
3.08%, 12/01/2024		1,774,565		1,766,513
3.09%, 09/01/2029		3,797,000		3,721,268
3.11%, 03/01/2027		1,857,116		1,836,057
3.15%, 04/01/2031		2,519,382		2,478,468
3.16% (A), 03/25/2028		1,032,713		1,019,604
3.17% (A), 06/25/2027		1,414,833		1,410,743
3.18% (A), 02/25/2030		811,455		800,017
3.22% (A), 04/25/2029		1,321,445		1,307,489
3.24%, 06/01/2026		859,491		856,463
3.29%, 08/01/2026		971,056		969,683
3.37%, 05/01/2037		826,296		811,100
3.48% (A), 07/25/2028		2,032,000		2,049,903
3.50%, 04/01/2043 - 03/01/2060		15,510,180		15,231,620
3.76%, 12/01/2035		1,804,317		1,802,709
3.97%, 12/01/2025		386,120		393,233

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
4.00%, 01/01/2043 - 04/01/2052		$ 4,429,582		$ 4,484,122
4.45%, 07/01/2026		1,239,337		1,280,118
4.55%, 06/25/2043		55,434		56,203
5.00%, 08/01/2024 - 08/01/2040		294,215		312,775
5.50%, 11/01/2032 - 07/01/2037		752,391		799,057
6.00%, 08/01/2022 - 11/01/2037		918,164		975,261
6.50%, 06/01/2023 - 07/25/2042		634,715		682,266
7.00%, 12/25/2033 - 02/25/2044		728,901		793,965
7.50%, 10/01/2037 - 12/25/2045		393,454		434,172
8.00%, 10/01/2031		14,333		15,020
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.25%, 0.66% (A), 06/27/2036		100,298		98,864
1-Month LIBOR + 0.24%, 0.91% (A), 10/25/2046		63,292		62,672
1-Month LIBOR + 0.29%, 0.96% (A), 07/25/2036		62,422		62,215
1-Month LIBOR + 0.40%, 1.07% (A), 06/25/2037		13,565		13,564
1-Month LIBOR + 0.55%, 1.22% (A), 08/25/2041		102,294		102,771
1-Month LIBOR + 0.60%, 1.27% (A), 04/25/2040		79,957		80,454
2.01% (A), 12/25/2039		68,157		70,886
3.00%, 01/25/2046		492,032		481,387
3.50%, 02/25/2043		422,334		406,104
4.50%, 02/25/2039 - 05/25/2041		556,170		575,414
5.11% (A), 01/25/2032 (J)		9,070		9,381
5.39% (A), 12/25/2042		74,797		75,962
5.50%, 08/25/2025 - 10/25/2040		3,317,224		3,525,540
5.75%, 08/25/2034		416,569		422,347
5.85% (A), 05/25/2051		68,077		73,244
6.00%, 03/25/2029 - 12/25/2049		987,767		1,045,875
6.01% (A), 06/25/2040		79,506		85,417
6.20% (A), 02/25/2040		86,470		92,340
6.25%, 09/25/2038		11,457		12,361
6.43% (A), 03/25/2040		132,199		140,451
6.50%, 04/18/2028 - 11/25/2041		367,339		395,177
6.75%, 04/25/2037		35,222		36,661
7.00%, 03/25/2038 - 11/25/2041		730,222		808,136
7.50%, 05/17/2024		13,153		13,542
8.00%, 02/25/2023		26,791		27,231
(2.00) * 1-Month LIBOR + 12.66%, 11.32% (A), 03/25/2040		90,743		99,523
(2.00) * 1-Month LIBOR + 16.20%, 14.86% (A), 01/25/2034		3,105		3,168
(2.50) * 1-Month LIBOR + 16.88%, 15.21% (A), 08/25/2035 - 10/25/2035		27,304		31,254
(3.33) * 1-Month LIBOR + 17.67%, 15.44% (A), 04/25/2040		96,703		104,413
(2.75) * 1-Month LIBOR + 17.88%, 16.04% (A), 09/25/2024		24,788		25,281
(2.75) * 1-Month LIBOR + 19.53%, 17.69% (A), 05/25/2034		56,444		67,636
(2.75) * 1-Month LIBOR + 20.13%, 18.29% (A), 05/25/2035		49,214		52,895
(3.33) * 1-Month LIBOR + 22.67%, 20.44% (A), 04/25/2037		30,705		40,545

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

Transamerica Funds Semi-Annual Report 2022

Page    22

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC (continued)
(3.67) * 1-Month LIBOR + 24.57%, 22.12% (A), 11/25/2035		$ 29,472		$ 34,273
Federal National Mortgage Association REMIC, Interest Only STRIPS
0.99% (A), 01/25/2038		30,255		1,109
1.56% (A), 04/25/2041		118,577		6,571
(1.00) * 1-Month LIBOR + 4.44%, 3.77% (A), 11/25/2040		255,155		20,495
(1.00) * 1-Month LIBOR + 5.00%, 4.33% (A), 07/25/2040		289,932		29,964
5.00%, 07/25/2039		36,737		6,414
(1.00) * 1-Month LIBOR + 5.90%, 5.23% (A), 10/25/2039		18,605		2,217
(1.00) * 1-Month LIBOR + 6.00%, 5.33% (A), 02/25/2038 - 06/25/2039		293,515		34,065
5.50%, 10/25/2039		54,644		9,849
(1.00) * 1-Month LIBOR + 6.18%, 5.51% (A), 12/25/2039		5,990		697
(1.00) * 1-Month LIBOR + 6.25%, 5.58% (A), 01/25/2040		136,945		18,234
(1.00) * 1-Month LIBOR + 6.35%, 5.68% (A), 12/25/2037		182,406		23,351
(1.00) * 1-Month LIBOR + 6.40%, 5.73% (A), 07/25/2037 - 05/25/2040		368,384		51,124
(1.00) * 1-Month LIBOR + 6.42%, 5.75% (A), 04/25/2040		55,119		6,637
(1.00) * 1-Month LIBOR + 6.45%, 5.78% (A), 10/25/2037 - 12/25/2037		151,932		23,743
(1.00) * 1-Month LIBOR + 6.62%, 5.95% (A), 07/25/2037		68,248		9,049
(1.00) * 1-Month LIBOR + 6.65%, 5.98% (A), 10/25/2026 - 03/25/2039		229,085		18,624
(1.00) * 1-Month LIBOR + 6.70%, 6.03% (A), 03/25/2036		619,879		95,023
(1.00) * 1-Month LIBOR + 6.99%, 6.32% (A), 03/25/2038		67,083		10,667
(1.00) * 1-Month LIBOR + 7.10%, 6.43% (A), 02/25/2040		53,606		7,180
Federal National Mortgage Association REMIC, Principal Only STRIPS 10/25/2023 - 12/25/2043		1,430,513		1,233,774
Federal National Mortgage Association, Interest Only STRIPS
2.09% (A), 11/25/2033		13,090,330		1,533,611
2.12% (A), 07/25/2030		13,782,846		1,547,018
Federal National Mortgage Association, Principal Only STRIPS 09/25/2024 - 08/25/2032		144,668		133,914
FREMF Mortgage Trust
3.70% (A), 11/25/2049 (B)		920,000		891,407
3.80% (A), 01/25/2048 (B)		1,405,000		1,360,346
3.80% (A), 01/25/2048 (B)		4,355,000		4,294,793
3.96% (A), 11/25/2047 (B)		2,000,000		1,968,250
4.02% (A), 07/25/2049 (B)		750,000		753,503
4.21% (A), 11/25/2047 (B)		853,000		846,819
Government National Mortgage Association
1-Month LIBOR + 0.45%, 0.69% (A), 03/20/2060		8,860		8,804

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
1-Month LIBOR + 0.47%, 0.71% (A), 05/20/2063		$ 660,464		$ 657,687
1-Month LIBOR + 0.50%, 0.74% (A), 06/20/2067		1,436,799		1,430,090
1-Month LIBOR + 0.52%, 0.76% (A), 10/20/2062		579,944		578,044
1-Month LIBOR + 0.53%, 0.77% (A), 10/20/2062		848,722		850,054
1-Month LIBOR + 0.58%, 0.82% (A), 05/20/2066		280,539		279,948
1-Month LIBOR + 0.60%, 0.84% (A), 11/20/2065		2,014,533		2,010,394
1-Month LIBOR + 0.65%, 0.89% (A), 05/20/2061 - 01/20/2066		3,858,045		3,854,243
1-Month LIBOR + 0.70%, 0.94% (A), 05/20/2061 - 03/20/2066		2,788,431		2,789,355
1-Month LIBOR + 1.00%, 1.24% (A), 12/20/2066		519,599		523,968
1-Year CMT + 1.75%, 2.34% (A), 11/20/2071		2,152,636		2,272,780
1-Year CMT + 1.76%, 2.34% (A), 11/20/2071		1,745,541		1,843,230
1-Year CMT + 1.83%, 2.41% (A), 08/20/2071		1,536,367		1,626,439
2.50%, 08/20/2051 - 10/20/2051		990,742		923,342
2.88% (A), 03/20/2072 (K)		1,883,570		1,990,620
3.00%, 01/20/2052 - 02/20/2052		4,695,197		4,490,285
3.50%, 01/20/2051 - 02/20/2052		14,573,384		14,480,686
4.00%, 02/20/2052		2,193,239		2,246,647
4.50%, 11/20/2034 - 11/20/2049		2,361,620		2,452,467
5.50%, 01/16/2033 - 09/20/2039		2,005,388		2,102,864
5.75%, 02/20/2036 - 10/20/2037		245,013		256,925
5.83% (A), 10/20/2033		120,287		126,579
6.00%, 11/20/2033 - 08/20/2038		435,201		458,129
6.50%, 01/15/2032 - 12/15/2035		276,601		299,474
7.00%, 09/15/2031 - 10/16/2040		300,089		323,112
(6.25) * 1-Month LIBOR + 44.50%, 7.00% (A), 09/20/2034		6,042		6,159
7.50%, 09/16/2035 - 10/15/2037		49,575		53,728
(2.92) * 1-Month LIBOR + 17.50%, 16.20% (A), 02/20/2034		24,031		25,174
(3.50) * 1-Month LIBOR + 23.28%, 21.19% (A), 04/20/2037		66,610		77,392
Government National Mortgage Association, Interest Only STRIPS
1.68% (A), 06/20/2067		3,109,459		125,700
(1.00) * 1-Month LIBOR + 5.83%, 5.24% (A), 02/20/2038		35,211		2,416
(1.00) * 1-Month LIBOR + 5.90%, 5.31% (A), 09/20/2038		220,328		17,601
(1.00) * 1-Month LIBOR + 5.95%, 5.36% (A), 02/20/2039 - 06/20/2039		82,743		6,481
(1.00) * 1-Month LIBOR + 6.00%, 5.41% (A), 02/20/2038		354,974		32,190
(1.00) * 1-Month LIBOR + 6.04%, 5.45% (A), 02/20/2039		27,455		1,330
(1.00) * 1-Month LIBOR + 6.05%, 5.46% (A), 08/16/2039		127,851		11,553

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

Transamerica Funds Semi-Annual Report 2022

Page    23

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association, Interest Only STRIPS (continued)
(1.00) * 1-Month LIBOR + 6.09%, 5.50% (A), 09/20/2039		$ 220,186		$ 25,736
(1.00) * 1-Month LIBOR + 6.10%, 5.51% (A), 11/20/2034 - 07/16/2039		292,454		20,883
(1.00) * 1-Month LIBOR + 6.15%, 5.56% (A), 07/20/2038		244,627		13,510
(1.00) * 1-Month LIBOR + 6.20%, 5.61% (A), 03/20/2037 - 06/20/2038		101,155		7,761
(1.00) * 1-Month LIBOR + 6.40%, 5.81% (A), 12/20/2038 - 11/16/2039		151,884		18,589
(1.00) * 1-Month LIBOR + 6.55%, 5.96% (A), 11/16/2033 - 11/20/2037		57,868		3,455
(1.00) * 1-Month LIBOR + 6.60%, 6.01% (A), 05/20/2041		148,304		14,027
(1.00) * 1-Month LIBOR + 6.68%, 6.09% (A), 07/20/2037		136,884		13,179
(1.00) * 1-Month LIBOR + 6.70%, 6.11% (A), 06/20/2037		257,136		30,734
6.50%, 03/20/2039		19,886		3,213
(1.00) * 1-Month LIBOR + 7.30%, 6.71% (A), 12/20/2038		143,177		13,598
(1.00) * 1-Month LIBOR + 7.60%, 7.01% (A), 09/20/2038		16,862		1,555
(1.00) * 1-Month LIBOR + 7.70%, 7.11% (A), 04/16/2038		14,944		1,532
Government National Mortgage Association, Principal Only STRIPS 08/20/2035 - 12/20/2040		456,439		404,190
Resolution Funding Corp., Principal Only STRIPS Zero Coupon, 01/15/2030		2,000,000		1,554,309
Tennessee Valley Authority
4.25%, 09/15/2065		365,000		398,401
4.63%, 09/15/2060		451,000		529,223
5.88%, 04/01/2036		2,565,000		3,196,419
Tennessee Valley Authority, Principal Only STRIPS 11/01/2025 - 05/01/2030		3,300,000		2,800,291
Uniform Mortgage-Backed Security
3.00%, TBA (K)		760,000		717,398
3.50%, TBA (K)		530,000		514,597
Vendee Mortgage Trust
6.75%, 06/15/2028		107,362		114,475
7.25%, 02/15/2023		20,192		20,525
Total U.S. Government Agency Obligations (Cost $251,841,296)				240,148,299
U.S. GOVERNMENT OBLIGATIONS - 28.0%
U.S. Treasury - 28.0%
U.S. Treasury Bond
1.25%, 05/15/2050		3,141,000		2,104,470
1.63%, 11/15/2050		4,275,000		3,157,321
1.75%, 08/15/2041		1,510,000		1,199,742
1.88%, 02/15/2041 - 11/15/2051		28,515,100		22,832,625
2.00%, 11/15/2041 - 08/15/2051		3,939,000		3,204,672
2.25%, 05/15/2041 - 02/15/2052		6,270,000		5,429,039
2.38%, 02/15/2042 (G)		2,600,000		2,303,438

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
2.38%, 11/15/2049 - 05/15/2051		$ 5,765,000		$ 5,093,047
2.50%, 02/15/2045		2,300,000		2,042,688
2.88%, 08/15/2045		2,260,000		2,148,324
3.00%, 02/15/2047 - 02/15/2048		594,000		584,699
3.13%, 02/15/2043 - 05/15/2048		1,651,000		1,641,967
3.38%, 05/15/2044		3,000,000		3,089,648
3.50%, 02/15/2039		5,154,800		5,495,701
3.63%, 08/15/2043 - 02/15/2044		8,790,000		9,402,644
3.88%, 08/15/2040		3,035,000		3,365,293
4.25%, 05/15/2039 - 11/15/2040		17,900,000		20,777,328
U.S. Treasury Bond, Principal Only STRIPS
05/15/2022 - 05/15/2036		8,685,000		8,323,543
08/15/2022 - 11/15/2041 (G)		27,240,000		24,456,454
U.S. Treasury Note
0.38%, 01/31/2026 (G)		290,000		263,787
0.50%, 02/28/2026		8,880,000		8,100,225
0.63%, 08/15/2030		690,000		575,072
0.75%, 04/30/2026		220,000		201,979
0.88%, 06/30/2026 - 11/15/2030		4,800,500		4,207,601
1.13%, 08/31/2028		24,000,000		21,471,563
1.25%, 03/31/2028 (G)		4,015,000		3,644,710
1.25%, 06/30/2028 - 08/15/2031		7,824,500		7,054,209
1.38%, 11/15/2031		14,241,800		12,454,899
1.50%, 02/28/2023 - 02/15/2030		5,917,000		5,822,932
1.63%, 02/15/2026 - 05/15/2031		40,183,400		38,228,054
1.75%, 07/15/2022 - 12/31/2026		3,450,200		3,417,729
1.75%, 05/15/2023 (G)		4,609,000		4,589,016
1.88%, 08/31/2022 - 02/15/2032		16,250,000		15,339,110
1.88%, 08/31/2024 (G)		398,000		389,651
2.00%, 02/15/2023 - 11/15/2026		969,000		950,446
2.00%, 08/15/2025 (G)		46,800		45,467
2.13%, 06/30/2022 - 03/31/2024		2,000,000		1,992,017
2.13%, 02/29/2024 (G)		279,000		276,417
2.25%, 11/15/2024 (G)		3,380,000		3,330,356
2.25%, 11/15/2025 - 02/15/2027		1,055,000		1,025,633
2.50%, 08/15/2023 - 02/28/2026		2,363,000		2,361,759
2.75%, 05/31/2023 - 02/15/2024		6,334,000		6,347,129
Total U.S. Government Obligations (Cost $291,637,674)				268,742,404
	Shares		Value
OTHER INVESTMENT COMPANY - 3.1%
Securities Lending Collateral - 3.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (L)		29,620,085		29,620,085
Total Other Investment Company (Cost $29,620,085)				29,620,085

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

Transamerica Funds Semi-Annual Report 2022

Page    24

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 1.7%
Fixed Income Clearing Corp., 0.00% (L), dated 04/29/2022, to be repurchased at $16,061,305 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $16,382,599.		$16,061,305		$ 16,061,305
Total Repurchase Agreement (Cost $16,061,305)				16,061,305
Total Investments (Cost $1,057,035,742)				990,323,918
Net Other Assets (Liabilities) - (3.1)%				(29,843,533	)
Net Assets - 100.0%				$960,480,385

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
Asset-Backed Securities	$	—	$	98,299,422	$	1,400,000	$	99,699,422
Corporate Debt Securities		—		258,584,592		—		258,584,592
Foreign Government Obligations		—		3,836,301		—		3,836,301
Mortgage-Backed Securities		—		68,170,319		—		68,170,319
Municipal Government Obligations		—		5,461,191		—		5,461,191
U.S. Government Agency Obligations		—		240,148,299		—		240,148,299
U.S. Government Obligations		—		268,742,404		—		268,742,404
Other Investment Company		29,620,085		—		—		29,620,085
Repurchase Agreement		—		16,061,305		—		16,061,305
Total Investments	$	29,620,085	$	959,303,833	$	1,400,000	$	990,323,918
Transfers
Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Asset-Backed Securities (C)	$	—	$	—	$	—	$	2,464,928

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $209,548,304, representing 21.8% of the Fund’s net assets.
(C)	Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of the prior reporting period, the securities utilized significant unobservable inputs.
(D)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2022, the total value of securities is $5,861,809, representing 0.6% of the Fund’s net assets.
(E)	Security is Level 3 of the fair value hierarchy.
(F)	Percentage rounds to less than 0.1% or (0.1)%.

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

Transamerica Funds Semi-Annual Report 2022

Page    25

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(G)	All or a portion of the securities are on loan. The total value of all securities on loan is $43,847,588, collateralized by cash collateral of $29,620,085 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $15,129,149. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(H)	Perpetual maturity. The date displayed is the next call date.
(I)	Rounds to less than $1 or $(1).
(J)	Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of April 30, 2022; the maturity date disclosed is the ultimate maturity date.
(K)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2022. 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, 2022.
(M)	The Fund recognized transfers in and out of Level 3 as of the six-month period ended April 30, 2022. 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:

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
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 2022

Page    26

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS - 96.7%
Airlines - 0.5%
Southwest Airlines Co. (A)		9,387		$438,561
Banks - 8.0%
Citizens Financial Group, Inc.		21,667		853,680
Fifth Third Bancorp		27,698		1,039,506
First Citizens BancShares, Inc., Class A		593		379,152
Huntington Bancshares, Inc.		90,330		1,187,840
M&T Bank Corp.		8,889		1,481,263
Regions Financial Corp.		49,549		1,026,655
Zions Bancorp NA		10,608		599,458
				6,567,554
Beverages - 1.4%
Constellation Brands, Inc., Class A		2,463		606,120
Keurig Dr. Pepper, Inc.		13,868		518,663
				1,124,783
Building Products - 2.4%
Carlisle Cos., Inc.		4,398		1,140,666
Fortune Brands Home & Security, Inc.		11,649		829,991
				1,970,657
Capital Markets - 5.5%
Ameriprise Financial, Inc.		4,506		1,196,298
Northern Trust Corp.		8,326		857,994
Raymond James Financial, Inc.		9,985		973,138
State Street Corp.		12,332		825,874
T. Rowe Price Group, Inc.		5,436		668,846
				4,522,150
Chemicals - 1.5%
Celanese Corp.		3,836		563,662
RPM International, Inc.		7,738		641,480
				1,205,142
Communications Equipment - 1.5%
Motorola Solutions, Inc.		5,607		1,198,160
Construction Materials - 0.9%
Martin Marietta Materials, Inc.		1,978		700,647
Consumer Finance - 1.0%
Discover Financial Services		7,159		805,101
Containers & Packaging - 2.0%
Packaging Corp. of America		5,212		840,018
Silgan Holdings, Inc.		17,833		791,250
				1,631,268
Distributors - 1.7%
Genuine Parts Co.		3,969		516,169
LKQ Corp.		18,483		917,311
				1,433,480
Diversified Financial Services - 0.6%
Voya Financial, Inc.		7,335		463,132
Electric Utilities - 3.7%
Edison International		8,234		566,417
Entergy Corp.		9,207		1,094,252
Xcel Energy, Inc.		19,352		1,417,727
				3,078,396
Electrical Equipment - 3.6%
Acuity Brands, Inc.		5,837		1,006,766
AMETEK, Inc.		6,230		786,600

	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment (continued)
Hubbell, Inc.		5,770		$ 1,127,227
				2,920,593
Electronic Equipment, Instruments & Components - 3.2%
Amphenol Corp., Class A		9,152		654,368
CDW Corp.		4,392		716,687
Jabil, Inc.		8,969		517,780
TD SYNNEX Corp.		7,639		764,587
				2,653,422
Entertainment - 1.1%
Zynga, Inc., Class A (A)		108,119		894,144
Equity Real Estate Investment Trusts - 10.8%
American Homes 4 Rent Trust, Class A		17,779		704,226
AvalonBay Communities, Inc.		3,116		708,828
Boston Properties, Inc.		5,872		690,547
Brixmor Property Group, Inc.		19,797		502,448
Essex Property Trust, Inc.		1,384		455,710
Federal Realty Investment Trust		3,165		370,495
Host Hotels & Resorts, Inc.		15,726		320,024
JBG SMITH Properties		10,875		286,665
Kimco Realty Corp.		24,163		612,049
Mid-America Apartment Communities, Inc.		2,059		404,964
Rayonier, Inc.		20,111		868,795
Regency Centers Corp.		5,428		373,609
Rexford Industrial Realty, Inc.		5,591		436,322
Sun Communities, Inc.		2,179		382,567
Ventas, Inc.		6,275		348,576
Weyerhaeuser Co.		21,523		887,178
WP Carey, Inc.		6,743		544,632
				8,897,635
Food & Staples Retailing - 1.6%
Kroger Co.		12,446		671,586
US Foods Holding Corp. (A)		16,598		624,417
				1,296,003
Food Products - 0.6%
Post Holdings, Inc. (A)		6,748		501,984
Gas Utilities - 1.0%
National Fuel Gas Co.		11,847		830,830
Health Care Equipment & Supplies - 1.0%
Zimmer Biomet Holdings, Inc.		7,092		856,359
Health Care Providers & Services - 5.0%
AmerisourceBergen Corp.		8,317		1,258,279
Henry Schein, Inc. (A)		12,502		1,013,912
Laboratory Corp. of America Holdings (A)		4,829		1,160,312
Universal Health Services, Inc., Class B		5,832		714,595
				4,147,098
Hotels, Restaurants & Leisure - 1.0%
Darden Restaurants, Inc.		3,074		404,938
Expedia Group, Inc. (A)		2,251		393,362
				798,300
Household Durables - 2.0%
Mohawk Industries, Inc. (A)		4,553		642,246
Newell Brands, Inc.		41,625		963,619
				1,605,865
Household Products - 0.4%
Energizer Holdings, Inc.		10,177		308,261

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

Transamerica Funds Semi-Annual Report 2022

Page    27

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Insurance - 6.0%
Alleghany Corp. (A)		552		$ 461,748
Arch Capital Group Ltd. (A)		11,344		518,081
Hartford Financial Services Group, Inc.		12,294		859,719
Lincoln National Corp.		9,902		595,605
Loews Corp.		21,029		1,321,462
RenaissanceRe Holdings Ltd.		3,550		509,496
W.R. Berkley Corp.		10,667		709,249
				4,975,360
Interactive Media & Services - 0.9%
IAC / InterActiveCorp (A)		8,947		741,527
IT Services - 1.6%
FleetCor Technologies, Inc. (A)		3,889		970,384
GoDaddy, Inc., Class A (A)		4,778		386,110
				1,356,494
Machinery - 5.4%
IDEX Corp.		3,301		626,596
ITT, Inc.		10,546		740,540
Lincoln Electric Holdings, Inc.		6,599		889,083
Middleby Corp. (A)		5,063		779,145
Snap-on, Inc.		4,026		855,485
Timken Co.		9,741		561,471
				4,452,320
Media - 1.9%
Liberty Broadband Corp., Class C (A)		8,181		914,799
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		15,828		662,877
				1,577,676
Metals & Mining - 0.4%
Freeport-McMoRan, Inc.		8,549		346,662
Multi-Utilities - 3.4%
CMS Energy Corp.		18,008		1,236,969
Sempra Energy		2,019		325,786
WEC Energy Group, Inc.		12,698		1,270,435
				2,833,190
Multiline Retail - 0.9%
Kohl’s Corp.		12,658		732,645
Oil, Gas & Consumable Fuels - 4.8%
Coterra Energy, Inc.		45,070		1,297,565
Diamondback Energy, Inc.		8,743		1,103,629
Williams Cos., Inc.		45,288		1,552,926
				3,954,120

	Shares		Value
COMMON STOCKS (continued)
Personal Products - 0.2%
BellRing Brands, Inc. (A)		8,555		$ 183,334
Pharmaceuticals - 0.8%
Jazz Pharmaceuticals PLC (A)		4,127		661,228
Professional Services - 0.7%
Leidos Holdings, Inc.		5,952		616,092
Real Estate Management & Development - 0.8%
CBRE Group, Inc., Class A (A)		8,040		667,642
Software - 0.9%
NortonLifeLock, Inc.		30,881		773,260
Specialty Retail - 3.1%
AutoZone, Inc. (A)		591		1,155,683
Bath & Body Works, Inc.		6,523		345,001
Best Buy Co., Inc.		7,666		689,403
Gap, Inc. (B)		30,535		379,245
				2,569,332
Textiles, Apparel & Luxury Goods - 2.3%
Carter’s, Inc.		7,395		622,955
Ralph Lauren Corp.		6,334		660,889
Tapestry, Inc.		17,880		588,610
				1,872,454
Thrifts & Mortgage Finance - 0.6%
MGIC Investment Corp.		35,701		466,255
Total Common Stocks (Cost $47,269,189)				79,629,116
	Principal		Value
REPURCHASE AGREEMENT - 3.2%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $2,599,079 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.00%, due 07/31/2028, and with a value of $2,651,091.		$2,599,079		2,599,079
Total Repurchase Agreement (Cost $2,599,079)				2,599,079
Total Investments (Cost $49,868,268)				82,228,195
Net Other Assets (Liabilities) - 0.1%				43,780
Net Assets - 100.0%				$82,271,975

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	$	79,629,116	$	—	$	—	$	79,629,116
Repurchase Agreement		—		2,599,079		—		2,599,079
Total Investments	$	79,629,116	$	2,599,079	$	—	$	82,228,195

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

Transamerica Funds Semi-Annual Report 2022

Page    28

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

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 $366,576 collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $376,316. 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, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    29

Transamerica Total Return

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - 14.3%
522 Funding CLO Ltd. Series 2018-3A, Class AR, 3-Month LIBOR + 1.04%, 2.10% (A), 10/20/2031 (B)		$1,700,000		$1,681,728
ABFC Trust Series 2004-OPT5, Class A1, 1-Month LIBOR + 0.70%, 1.37% (A), 06/25/2034		112,215		109,753
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R10, Class M2, 1-Month LIBOR + 0.65%, 1.31% (A), 01/25/2036		195,448		195,295
AMMC CLO 20 Ltd. Series 2017-20A, Class AR, 3-Month LIBOR + 0.87%, 1.91% (A), 04/17/2029 (B)		1,268,004		1,261,399
Apres Static CLO Ltd. Series 2019-1A, Class A1R, 3-Month LIBOR + 1.07%, 2.11% (A), 10/15/2028 (B)		816,890		815,138
Aqueduct European CLO DAC Series 2017-1A, Class AR, 3-Month EURIBOR + 0.64%, 0.64% (A), 07/20/2030 (B)		EUR  1,595,002		1,672,592
Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL4, Class A, 1-Month LIBOR + 1.35%, 1.90% (A), 11/15/2036 (B)		$  1,600,000		1,587,695
Ares XL CLO Ltd. Series 2016-40A, Class A1RR, 3-Month LIBOR + 0.87%, 1.91% (A), 01/15/2029 (B)		1,525,108		1,516,480
Bear Stearns Asset-Backed Securities I Trust
Series 2005-AQ1, Class M2,
1-Month LIBOR + 0.98%, 1.64% (A), 03/25/2035		398,021		397,456
Series 2006-HE1, Class 1M2,
1-Month LIBOR + 0.65%, 1.31% (A), 12/25/2035		763,629		762,510
Series 2006-HE1, Class 2M2,
1-Month LIBOR + 0.65%, 1.31% (A), 02/25/2036		51,075		51,007
Series 2006-HE10, Class 21A3,
1-Month LIBOR + 0.24%, 0.91% (A), 12/25/2036		2,694,602		2,606,323
Bear Stearns Asset-Backed Securities Trust Series 2002-2, Class A1, 1-Month LIBOR + 0.66%, 1.33% (A), 10/25/2032		1,700		1,682
Benefit Street Partners CLO XVI Ltd. Series 2018-16A, Class A1R, 3-Month LIBOR + 1.03%, 2.07% (A), 01/17/2032 (B)		1,600,000		1,582,736

	Principal		Value
ASSET-BACKED SECURITIES (continued)
BlueMountain CLO Ltd. Series 2013-2A, Class A1R, 3-Month LIBOR + 1.18%, 2.32% (A), 10/22/2030 (B)		$ 1,499,990		$ 1,495,235
BlueMountain Fuji CLO II DAC Series 2017-2A, Class AR, 3-Month EURIBOR + 0.65%, 0.65% (A), 07/15/2030 (B)		EUR  1,206,042		1,264,736
BRSP Ltd. Series 2021-FL1, Class A, 1-Month LIBOR + 1.15%, 1.70% (A), 08/19/2038 (B)		$  1,700,000		1,665,383
BSPDF Issuer Ltd. Series 2021-FL1, Class A, 1-Month LIBOR + 1.20%, 1.75% (A), 10/15/2036 (B)		1,700,000		1,666,525
C-BASS Trust Series 2007-CB1, Class AF1A, 1-Month LIBOR + 0.07%, 0.74% (A), 01/25/2037		283,590		105,302
CBAM Ltd. Series 2018-8A, Class A1, 3-Month LIBOR + 1.12%, 2.18% (A), 10/20/2029 (B)		1,400,500		1,396,892
Citigroup Mortgage Loan Trust Series 2007-FS1, Class 1A1, 4.34% (A), 10/25/2037 (B)		472,682		455,251
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates Series 2004-OPT1, Class M3, 1-Month LIBOR + 0.95%, 1.61% (A), 10/25/2034		1,022,164		1,006,021
Countrywide Asset-Backed Certificates
Series 2006-15, Class A6,
4.41% (A), 10/25/2046		200,201		200,874
Series 2006-2, Class M1,
1-Month LIBOR + 0.60%, 1.27% (A), 06/25/2036		164,860		163,938
Crestline Denali CLO XV Ltd. Series 2017-1A, Class AR, 3-Month LIBOR + 1.03%, 2.09% (A), 04/20/2030 (B)		1,700,000		1,690,827
CWABS Asset-Backed Certificates Trust
Series 2005-17, Class MV1,
1-Month LIBOR + 0.69%, 1.36% (A), 05/25/2036		698,652		695,084
Series 2006-14, Class 1A,
1-Month LIBOR + 0.14%, 0.81% (A), 02/25/2037		587,923		558,713
Dryden 80 CLO Ltd. Series 2019-80A, Class AR, 3-Month SOFR + 1.25%, 2.10% (A), 01/17/2033 (B)		1,600,000		1,578,560
Evergreen Credit Card Trust Series 2019-2, Class A, 1.90%, 09/15/2024 (B)		2,000,000		2,001,579

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

Transamerica Funds Semi-Annual Report 2022

Page    30

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
First Franklin Mortgage Loan Trust
Series 2004-FFH3, Class M2,
1-Month LIBOR + 0.93%, 1.60% (A), 10/25/2034		$ 936,832		$ 924,474
Series 2006-FF14, Class A6,
1-Month LIBOR + 0.31%, 0.98% (A), 10/25/2036		2,000,000		1,674,179
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A, 3-Month LIBOR + 1.45%, 2.74% (A), 11/30/2032 (B)		1,500,000		1,497,268
Harvest CLO XX DAC Series 20A, Class AR, 3-Month EURIBOR + 0.68%, 0.68% (A), 10/20/2031 (B)		EUR  1,400,000		1,463,422
Home Equity Asset Trust Series 2002-1, Class A4, 1-Month LIBOR + 0.60%, 1.27% (A), 11/25/2032		$  1,026		958
Home Equity Mortgage Loan Asset-Backed Trust Series 2007-A, Class 1A, 1-Month LIBOR + 0.22%, 0.89% (A), 04/25/2037		337,478		279,031
JPMorgan Mortgage Acquisition Trust Series 2007-CH3, Class A5, 1-Month LIBOR + 0.26%, 0.93% (A), 03/25/2037		1,778,860		1,754,813
KVK CLO Ltd. Series 2013-1A, Class AR, 3-Month LIBOR + 0.90%, 1.94% (A), 01/14/2028 (B)		82,308		82,230
LCM XIII LP Series 13A, Class AR3, 3-Month LIBOR + 0.87%, 1.91% (A), 07/19/2027 (B)		1,372,456		1,363,680
LCM XV LP Series 15A, Class AR2, 3-Month LIBOR + 1.00%, 2.06% (A), 07/20/2030 (B)		1,600,000		1,588,382
Lendmark Funding Trust Series 2021-1A, Class A, 1.90%, 11/20/2031 (B)		1,600,000		1,427,220
LoanCore Issuer Ltd.
Series 2018-CRE1, Class A,
1-Month LIBOR + 1.13%, 1.68% (A), 05/15/2028 (B)		247,690		247,265
Series 2021-CRE6, Class A,
1-Month LIBOR + 1.30%, 1.85% (A), 11/15/2038 (B)		1,600,000		1,566,105
Merrill Lynch Mortgage Investors Trust Series 2006-FM1, Class A2C, 1-Month LIBOR + 0.32%, 0.99% (A), 04/25/2037		1,315,977		834,197
MF1 Ltd. Series 2020-FL4, Class A, 1-Month SOFR + 1.81%, 2.32% (A), 11/15/2035 (B)		1,600,000		1,585,972

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1,
6.00% (A), 02/25/2037		$ 83,372		$ 58,719
Series 2007-8XS, Class A1,
5.75% (A), 04/25/2037		142,963		84,422
MP CLO VII Ltd. Series 2015-1A, Class AR3, 3-Month LIBOR + 0.89%, 1.93% (A), 10/18/2028 (B)		1,666,657		1,650,216
New Century Home Equity Loan Trust Series 2006-1, Class A2B, 1-Month LIBOR + 0.36%, 1.03% (A), 05/25/2036		29,659		29,139
Newcastle Mortgage Securities Trust Series 2006-1, Class M5, 1-Month LIBOR + 0.72%, 1.39% (A), 03/25/2036		1,700,000		1,620,070
Octagon Investment Partners 30 Ltd. Series 2017-1A, Class A1R, 3-Month LIBOR + 1.00%, 2.06% (A), 03/17/2030 (B)		1,500,000		1,490,485
Option One Mortgage Loan Trust
Series 2006-3, Class 2A3,
1-Month LIBOR + 0.14%, 0.81% (A), 02/25/2037		2,442,682		1,438,062
Series 2007-4, Class 2A4,
1-Month LIBOR + 0.31%, 0.98% (A), 04/25/2037		3,382,111		2,236,710
OZLM XXIV Ltd. Series 2019-24A, Class A1AR, 3-Month LIBOR + 1.16%, 2.22% (A), 07/20/2032 (B)		1,600,000		1,586,098
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M2, 1-Month LIBOR + 0.80%, 1.46% (A), 07/25/2035		209,400		208,471
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class M1, 1-Month LIBOR + 0.59%, 1.25% (A), 02/25/2036		144,639		143,686
Rad CLO 5 Ltd. Series 2019-5A, Class AR, 3-Month LIBOR + 1.12%, 2.30% (A), 07/24/2032 (B)		1,600,000		1,586,720
Saranac CLO VI Ltd. Series 2018-6A, Class A1R, 3-Month LIBOR + 1.14%, 0.00% (A), 08/13/2031 (B)		1,700,000		1,683,549
Securitized Asset-Backed Receivables LLC Trust Series 2007-HE1, Class A2A, 1-Month LIBOR + 0.12%, 0.79% (A), 12/25/2036		56,156		16,099
Shackleton CLO Ltd. Series 2014-5RA, Class A, 3-Month LIBOR + 1.10%, 1.42% (A), 05/07/2031 (B)		1,500,000		1,488,711

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

Transamerica Funds Semi-Annual Report 2022

Page    31

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust Series 2005-4, Class A3, 3-Month LIBOR + 0.12%, 1.30% (A), 01/25/2027		$ 265,251		$ 264,017
Sound Point CLO XII Ltd. Series 2016-2A, Class AR2, 3-Month LIBOR + 1.05%, 2.11% (A), 10/20/2028 (B)		1,451,635		1,447,444
Stratus CLO Ltd. Series 2021-3A, Class A, 3-Month LIBOR + 0.95%, 2.01% (A), 12/29/2029 (B)		1,574,594		1,562,881
Structured Asset Investment Loan Trust
Series 2003-BC6, Class M1,
1-Month LIBOR + 1.13%, 1.79% (A), 07/25/2033		820,011		811,343
Series 2004-7, Class M1,
1-Month LIBOR + 1.05%, 1.72% (A), 08/25/2034		185,230		184,458
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC1, Class A6, 1-Month LIBOR + 0.27%, 0.94% (A), 03/25/2036		604,939		570,487
STWD Ltd. Series 2022-FL3, Class A, 3-Month SOFR + 1.35%, 1.62% (A), 11/15/2038 (B)		1,600,000		1,593,391
TCI-Symphony CLO Ltd. Series 2016-1A, Class AR2, 3-Month LIBOR + 1.02%, 2.04% (A), 10/13/2032 (B)		1,600,000		1,582,579
Telos CLO Ltd. Series 2014-5A, Class A1R, 3-Month LIBOR + 0.95%, 1.99% (A), 04/17/2028 (B)		53,554		53,497
Toro European CLO 7 DAC Series 7A, Class ARE, 3-Month EURIBOR + 0.81%, 0.81% (A), 02/15/2034 (B)		EUR  1,800,000		1,880,673
TRTX Issuer Ltd. Series 2022-FL5, Class A, 3-Month SOFR + 1.65%, 1.92% (A), 02/15/2039 (B)		$  1,600,000		1,600,578
U.S. Small Business Administration
Series 2003-20I, Class 1,
5.13%, 09/01/2023		740		742
Series 2004-20C, Class 1,
4.34%, 03/01/2024		7,451		7,422
Venture XXVIII CLO Ltd. Series 2017-28A, Class A2R, 3-Month LIBOR + 0.99%, 2.05% (A), 07/20/2030 (B)		1,700,000		1,688,115
Wellfleet CLO Ltd. Series 2017-1A, Class A1RR, 3-Month LIBOR + 0.89%, 1.95% (A), 04/20/2029 (B)		1,325,348		1,319,199

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2005-4, Class M2, 1-Month LIBOR + 0.72%, 1.39% (A), 12/25/2035		$ 1,520,197		$ 1,515,018
Total Asset-Backed Securities (Cost $75,761,779)				77,878,911
CORPORATE DEBT SECURITIES - 40.5%
Aerospace & Defense - 0.8%
BAE Systems PLC 1.90%, 02/15/2031 (B)		1,400,000		1,148,648
Boeing Co.
1.43%, 02/04/2024		1,700,000		1,633,933
2.75%, 02/01/2026		1,900,000		1,795,550
				4,578,131
Airlines - 1.0%
American Airlines Pass-Through Trust
3.15%, 08/15/2033		1,426,516		1,285,540
3.58%, 07/15/2029		1,402,438		1,331,233
Delta Air Lines Pass-Through Trust 2.00%, 12/10/2029		1,456,495		1,305,390
United Airlines Pass-Through Trust 5.88%, 04/15/2029		1,354,947		1,383,884
				5,306,047
Automobiles - 0.5%
Nissan Motor Co. Ltd.
2.65%, 03/17/2026 (C)		EUR  1,300,000		1,336,286
4.81%, 09/17/2030 (B)		$  1,600,000		1,500,862
				2,837,148
Banks - 9.5%
AIB Group PLC 4.75%, 10/12/2023 (B)		1,900,000		1,916,524
Banco Santander SA 3.50%, 03/24/2025		1,600,000		1,576,824
Bank of America Corp.
Fixed until 09/25/2024, 0.98% (A), 09/25/2025		1,500,000		1,396,912
Fixed until 04/25/2024, 3.84% (A), 04/25/2025		1,400,000		1,399,034
Banque Federative du Credit Mutuel SA 3-Month LIBOR + 0.96%, 2.02% (A), 07/20/2023 (B)		2,200,000		2,211,307
Barclays Bank PLC 7.63%, 11/21/2022		805,000		819,446
Barclays PLC
Fixed until 10/06/2022, 2.38% (A), 10/06/2023 (C)		GBP  600,000		753,505
Fixed until 09/15/2022 (D), 7.88% (A) (C)		600,000		757,669
BNP Paribas SA
Fixed until 09/30/2027, 1.90% (A), 09/30/2028 (B)		$  1,600,000		1,378,332
Fixed until 02/25/2031 (D), 4.63% (A) (B) (E)		1,600,000		1,347,920
Citigroup, Inc.
3-Month LIBOR + 1.43%, 1.95% (A), 09/01/2023		500,000		500,900

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

Transamerica Funds Semi-Annual Report 2022

Page    32

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Citigroup, Inc. (continued)
Fixed until 06/03/2030, 2.57% (A), 06/03/2031 (F)		$ 1,800,000		$ 1,545,985
Fixed until 03/17/2025, 3.29% (A), 03/17/2026 (F)		1,500,000		1,463,526
Cooperatieve Rabobank UA Fixed until 02/24/2026, 1.11% (A), 02/24/2027 (B)		1,700,000		1,517,590
Discover Bank 4.20%, 08/08/2023		1,800,000		1,815,221
Goldman Sachs Group, Inc. Fixed until 03/15/2027, 3.62% (A), 03/15/2028		1,500,000		1,440,832
JPMorgan Chase & Co.
Fixed until 06/01/2027, 2.18% (A), 06/01/2028		1,800,000		1,621,279
Fixed until 07/23/2023, 3.80% (A), 07/23/2024		1,800,000		1,808,440
Lloyds Banking Group PLC
4.00%, 03/07/2025		AUD  2,000,000		1,406,419
Fixed until 06/27/2025 (D), 4.95% (A) (C)		EUR  500,000		526,816
Mitsubishi UFJ Financial Group, Inc. Fixed until 10/13/2026, 1.64% (A), 10/13/2027		$  1,600,000		1,427,034
Mizuho Financial Group, Inc.
Fixed until 07/10/2030, 2.20% (A), 07/10/2031		1,500,000		1,248,958
Fixed until 09/11/2023, 3.92% (A), 09/11/2024		2,100,000		2,111,854
Morgan Stanley Fixed until 04/17/2024, 3.62% (A), 04/17/2025		1,400,000		1,391,796
NatWest Markets PLC 3.48%, 03/22/2025 (B)		1,500,000		1,486,869
Santander Holdings USA, Inc. Fixed until 01/06/2027, 2.49% (A), 01/06/2028		1,600,000		1,450,087
Societe Generale SA 4.25%, 09/14/2023 (B)		1,800,000		1,815,217
Standard Chartered PLC
Fixed until 01/14/2026, 1.46% (A), 01/14/2027 (B)		1,600,000		1,423,281
Fixed until 11/23/2024, 1.82% (A), 11/23/2025 (B)		1,600,000		1,497,596
Sumitomo Mitsui Financial Group, Inc.
1.47%, 07/08/2025		1,600,000		1,481,079
2.47%, 01/14/2029		1,600,000		1,417,077
UniCredit SpA 7.83%, 12/04/2023 (B)		4,100,000		4,304,262
Virgin Money PLC Fixed until 09/25/2025, 4.00% (A), 09/25/2026 (C)		GBP  100,000		125,184
Wells Fargo & Co.
Fixed until 05/19/2024, 0.81% (A), 05/19/2025		$  1,600,000		1,508,241
Fixed until 06/02/2027, 2.39% (A), 06/02/2028		1,800,000		1,639,118
				51,532,134

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 0.8%
Anheuser-Busch InBev Worldwide, Inc. 4.60%, 06/01/2060		$ 1,500,000		$ 1,392,762
Bacardi Ltd. 4.45%, 05/15/2025 (B)		1,200,000		1,203,119
Suntory Holdings Ltd. 2.55%, 06/28/2022 (B)		1,600,000		1,600,998
				4,196,879
Capital Markets - 2.6%
Credit Suisse Group AG
3-Month LIBOR + 1.24%, 2.04% (A), 06/12/2024 (B)		1,800,000		1,808,583
Fixed until 12/18/2024 (D), 6.25% (A) (B)		400,000		387,899
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 09/15/2022		1,000,000		1,005,924
Deutsche Bank AG
Fixed until 11/16/2026, 2.31% (A), 11/16/2027		1,500,000		1,327,554
3.30%, 11/16/2022		1,900,000		1,905,249
3.95%, 02/27/2023		1,900,000		1,909,654
Goldman Sachs Group, Inc.
3-Month LIBOR + 1.17%, 1.68% (A), 05/15/2026		1,600,000		1,606,053
3.00%, 03/15/2024		1,500,000		1,489,856
Intercontinental Exchange, Inc. 1.85%, 09/15/2032		1,100,000		888,336
Nomura Holdings, Inc. 2.68%, 07/16/2030		1,200,000		1,033,453
UBS AG 7.63%, 08/17/2022		600,000		607,396
				13,969,957
Chemicals - 0.5%
International Flavors & Fragrances, Inc. 2.30%, 11/01/2030 (B)		1,600,000		1,344,015
Syngenta Finance NV 5.18%, 04/24/2028 (B)		1,300,000		1,304,495
				2,648,510
Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance Ltd.
6.72%, 12/01/2022 (B)		82,673		81,681
PIK Rate 1.00%, Cash Rate 6.72%, 12/01/2026 (B) (G)		2,198,789		516,715
Odebrecht Oil & Gas Finance Ltd. 0.00%, 05/30/2022 (B) (D)		266,175		799
				599,195
Consumer Finance - 2.7%
BMW Finance NV 2.25%, 08/12/2022 (B)		1,700,000		1,700,151
Daimler Finance North America LLC 2.55%, 08/15/2022 (B)		2,100,000		2,103,163
Ford Motor Credit Co. LLC
3-Month EURIBOR + 0.73%, 0.21% (A), 11/15/2023		EUR  1,400,000		1,440,332

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

Transamerica Funds Semi-Annual Report 2022

Page    33

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Ford Motor Credit Co. LLC (continued)
3-Month LIBOR + 1.24%, 1.74% (A), 02/15/2023		$  1,200,000		$ 1,192,222
1.74%, 07/19/2024 (E)		EUR  1,500,000		1,517,229
3.81%, 01/09/2024		$  1,600,000		1,572,000
Hyundai Capital America 0.80%, 04/03/2023 (B)		1,600,000		1,563,639
Nissan Motor Acceptance Co. LLC
3-Month LIBOR + 0.69%, 1.66% (A), 09/28/2022 (B)		1,600,000		1,598,346
2.60%, 09/28/2022 (B)		500,000		499,366
Volkswagen Bank GmbH 2.50%, 07/31/2026 (C)		EUR  1,200,000		1,267,021
				14,453,469
Diversified Financial Services - 1.1%
BGC Partners, Inc. 5.38%, 07/24/2023		$  1,500,000		1,523,773
Jyske Realkredit AS 1.50%, 10/01/2053		DKK  7,867,329		943,773
Realkredit Danmark AS 1.50%, 10/01/2053 (C)		3,066,496		374,201
SMBC Aviation Capital Finance DAC
3.00%, 07/15/2022 (B)		$  1,600,000		1,601,043
4.13%, 07/15/2023 (B)		1,800,000		1,795,212
				6,238,002
Diversified Telecommunication Services - 0.7%
AT&T, Inc. 2.75%, 06/01/2031		1,800,000		1,588,316
Verizon Communications, Inc. 2.36%, 03/15/2032		2,812,000		2,365,291
				3,953,607
Electric Utilities - 3.9%
Alabama Power Co. 1.45%, 09/15/2030		700,000		577,137
Duke Energy Progress LLC 3.40%, 04/01/2032		1,700,000		1,609,427
Enel Finance International NV
2.25%, 07/12/2031 (B)		1,700,000		1,410,300
2.65%, 09/10/2024 (B)		1,800,000		1,756,319
Evergy, Inc. 2.45%, 09/15/2024		1,600,000		1,549,026
FirstEnergy Corp. 3.35%, 07/15/2022		1,500,000		1,496,250
Greenko Power II Ltd. 4.30%, 12/13/2028 (B)		1,500,000		1,320,000
NextEra Energy Capital Holdings, Inc. 3-Month LIBOR + 0.27%, 0.75% (A), 02/22/2023		2,000,000		1,994,451
Pacific Gas & Electric Co.
1.75%, 06/16/2022		1,600,000		1,598,911
3.15%, 01/01/2026		1,800,000		1,692,795
3.75%, 02/15/2024 (H) (I)		1,700,000		1,691,244
Southern California Edison Co.
3-Month SOFR + 0.47%, 0.71% (A), 12/02/2022		1,700,000		1,699,377
2.50%, 06/01/2031		1,600,000		1,366,554
Southern Power Co. 0.90%, 01/15/2026		1,700,000		1,526,448
				21,288,239

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electrical Equipment - 0.3%
ReNew Wind Energy AP2 / ReNew Power Pvt. Ltd. 4.50%, 07/14/2028 (B)		$   1,600,000		$ 1,396,028
Equity Real Estate Investment Trusts - 4.6%
Agree LP 2.90%, 10/01/2030		1,600,000		1,412,573
Alexandria Real Estate Equities, Inc. 1.88%, 02/01/2033		1,300,000		1,022,673
American Tower Corp.
2.40%, 03/15/2025		1,800,000		1,731,256
3.38%, 05/15/2024		2,200,000		2,195,063
Crown Castle International Corp. 3.70%, 06/15/2026		1,700,000		1,670,369
Duke Realty LP 2.25%, 01/15/2032		1,600,000		1,347,602
Equinix, Inc. 1.55%, 03/15/2028		1,700,000		1,450,184
Federal Realty Investment Trust 3.50%, 06/01/2030		600,000		559,521
Healthcare Trust of America Holdings LP 2.00%, 03/15/2031 (E)		1,400,000		1,139,663
Mid-America Apartments LP 1.70%, 02/15/2031		1,500,000		1,223,293
National Retail Properties, Inc. 3.50%, 10/15/2027		1,600,000		1,546,752
Omega Healthcare Investors, Inc. 3.38%, 02/01/2031		1,600,000		1,340,895
Realty Income Corp. 3.40%, 01/15/2028		1,500,000		1,447,318
SBA Tower Trust 2.33%, 07/15/2052 (B)		1,600,000		1,457,623
Service Properties Trust 4.35%, 10/01/2024		1,600,000		1,480,000
Spirit Realty LP 4.00%, 07/15/2029		1,500,000		1,404,241
Welltower, Inc. 2.75%, 01/15/2031		1,500,000		1,333,385
WP Carey, Inc. 2.45%, 02/01/2032		1,700,000		1,424,352
				25,186,763
Food Products - 0.5%
Conagra Brands, Inc. 1.38%, 11/01/2027		1,600,000		1,360,160
General Mills, Inc. 2.25%, 10/14/2031		1,600,000		1,340,851
				2,701,011
Health Care Providers & Services - 1.0%
Anthem, Inc. 2.38%, 01/15/2025		1,900,000		1,840,191
Cigna Corp. 3-Month LIBOR + 0.89%, 1.93% (A), 07/15/2023		1,100,000		1,105,975
CVS Health Corp. 3.63%, 04/01/2027		2,300,000		2,263,778
				5,209,944
Hotels, Restaurants & Leisure - 2.1%
Choice Hotels International, Inc. 3.70%, 12/01/2029		1,400,000		1,309,551

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

Transamerica Funds Semi-Annual Report 2022

Page    34

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
Expedia Group, Inc. 6.25%, 05/01/2025 (B)		$ 1,459,000		$ 1,523,534
GLP Capital LP / GLP Financing II, Inc. 5.30%, 01/15/2029		2,400,000		2,400,648
Magallanes, Inc. 3.53%, 03/15/2024 (B)		1,500,000		1,488,240
Marriott International, Inc. 2.13%, 10/03/2022		1,600,000		1,595,704
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
4.25%, 05/30/2023 (B)		1,500,000		1,470,000
5.50%, 03/01/2025 (B)		1,800,000		1,741,500
				11,529,177
Household Durables - 0.3%
D.R. Horton, Inc. 4.38%, 09/15/2022		1,800,000		1,804,588
Insurance - 0.6%
Empower Finance LP 1.36%, 09/17/2027 (B)		1,600,000		1,397,741
Sitka Holdings LLC 3-Month LIBOR + 4.50%, 5.51% (A), 07/06/2026 (B)		1,700,000		1,638,374
				3,036,115
IT Services - 0.5%
Amdocs Ltd. 2.54%, 06/15/2030		1,500,000		1,293,101
Fidelity National Information Services, Inc. 1.15%, 03/01/2026		1,600,000		1,447,820
				2,740,921
Machinery - 0.3%
Daimler Trucks Finance North America LLC 3-Month SOFR + 0.75%, 1.03% (A), 12/13/2024 (B)		1,600,000		1,593,853
Media - 0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.40%, 04/01/2033		1,500,000		1,368,496
4.46%, 07/23/2022		600,000		601,027
				1,969,523
Multi-Utilities - 0.2%
San Diego Gas & Electric Co. 2.95%, 08/15/2051		1,600,000		1,246,805
Oil, Gas & Consumable Fuels - 0.8%
Boardwalk Pipelines LP 3.40%, 02/15/2031		1,200,000		1,063,672
Chevron Corp. 2.24%, 05/11/2030		1,800,000		1,605,577
Enbridge, Inc. 3-Month SOFR + 0.40%, 0.60% (A), 02/17/2023		1,700,000		1,696,659
				4,365,908
Pharmaceuticals - 1.2%
Bayer US Finance II LLC
3-Month LIBOR + 1.01%, 1.84% (A), 12/15/2023 (B)		2,200,000		2,210,271

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Bayer US Finance II LLC (continued)
4.38%, 12/15/2028 (B)		$ 1,400,000		$ 1,390,125
Takeda Pharmaceutical Co. Ltd. 2.05%, 03/31/2030		1,000,000		841,043
Teva Pharmaceutical Finance II BV 4.50%, 03/01/2025		EUR  1,100,000		1,138,654
Teva Pharmaceutical Finance III BV 6.00%, 04/15/2024		$  1,100,000		1,100,000
				6,680,093
Real Estate Management & Development - 0.2%
Tesco Property Finance 6 PLC 5.41%, 07/13/2044 (C)		GBP  737,197		1,033,441
Semiconductors & Semiconductor Equipment - 1.7%
Broadcom, Inc.
3.14%, 11/15/2035 (B)		$  1,917,000		1,550,936
3.19%, 11/15/2036 (B)		1,700,000		1,344,498
3.50%, 02/15/2041 (B)		1,700,000		1,324,946
4.30%, 11/15/2032		1,400,000		1,314,420
Micron Technology, Inc. 4.98%, 02/06/2026		1,800,000		1,845,341
NXP BV / NXP Funding LLC 4.88%, 03/01/2024 (B)		1,900,000		1,937,018
				9,317,159
Software - 0.4%
Citrix Systems, Inc. 3.30%, 03/01/2030		1,400,000		1,382,056
Oracle Corp. 3.85%, 04/01/2060		1,300,000		922,019
				2,304,075
Technology Hardware, Storage & Peripherals - 0.1%
Dell International LLC / EMC Corp. 5.45%, 06/15/2023		587,000		599,909
Tobacco - 0.4%
Imperial Brands Finance PLC
3.13%, 07/26/2024 (B)		1,700,000		1,666,182
3.75%, 07/21/2022 (B)		297,000		297,095
				1,963,277
Wireless Telecommunication Services - 0.7%
Altice France SA 5.88%, 02/01/2027 (B)		EUR  1,200,000		1,269,105
T-Mobile USA, Inc.
2.55%, 02/15/2031		$  1,400,000		1,190,496
3.75%, 04/15/2027		1,600,000		1,557,608
				4,017,209
Total Corporate Debt Securities (Cost $237,648,399)				220,297,117
FOREIGN GOVERNMENT OBLIGATIONS - 3.9%
Israel - 0.3%
Israel Government International Bond 3.88%, 07/03/2050		1,900,000		1,803,556
Japan - 0.8%
Japan Bank for International Cooperation 2.88%, 07/21/2027		1,700,000		1,668,574

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

Transamerica Funds Semi-Annual Report 2022

Page    35

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Japan (continued)
Japan Finance Organization for Municipalities 3.38%, 09/27/2023 (B)		$ 2,900,000		$ 2,927,134
				4,595,708
Peru - 0.6%
Peru Government International Bond
5.94%, 02/12/2029 (B)		PEN  5,400,000		1,269,854
6.35%, 08/12/2028 (C)		1,000,000		243,298
8.20%, 08/12/2026 (C)		5,600,000		1,523,868
				3,037,020
Qatar - 0.8%
Qatar Government International Bond
3.38%, 03/14/2024 (C)		$  2,100,000		2,108,883
4.00%, 03/14/2029 (C)		2,100,000		2,152,513
				4,261,396
Republic of South Africa - 1.4%
Republic of South Africa Government Bond 10.50%, 12/21/2026		ZAR  110,000,000		7,536,489
Total Foreign Government Obligations (Cost $22,467,495)				21,234,169
MORTGAGE-BACKED SECURITIES - 15.3%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A1, 3.90%, 08/10/2035 (B)		$1,600,000		1,588,520
A10 Bridge Asset Financing LLC Series 2020-C, Class A, 2.02%, 08/15/2040 (B)		532,332		532,299
Alternative Loan Trust
Series 2005-J12, Class 2A1,
1-Month LIBOR + 0.54%, 1.21% (A), 08/25/2035		739,434		476,609
Series 2006-30T1, Class 1A3,
6.25%, 11/25/2036		82,893		69,914
Series 2006-J8, Class A2,
6.00%, 02/25/2037		114,208		63,335
Series 2006-OA12, Class A1B,
1-Month LIBOR + 0.19%, 0.78% (A), 09/20/2046		274,519		265,256
Series 2006-OC7, Class 2A2A,
1-Month LIBOR + 0.34%, 1.01% (A), 07/25/2046 (J) (K) (L)		922		0
Series 2006-OC8, Class 2A2B,
1-Month LIBOR + 0.34%, 1.01% (A), 11/25/2036 (J) (K) (L)		32		0
Series 2007-2CB, Class 1A13,
1-Month LIBOR + 1.00%, 5.75% (A), 03/25/2037		129,439		86,994
Series 2007-HY4, Class 1A1,
2.63% (A), 06/25/2037		145,000		128,642
Series 2007-J1, Class 2A8,
6.00%, 03/25/2037		1,216,782		623,295

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Ashford Hospitality Trust Series 2018-KEYS, Class A, 1-Month LIBOR + 1.00%, 1.56% (A), 06/15/2035 (B)		$ 2,200,000		$ 2,181,177
Banc of America Funding Trust
Series 2005-D, Class A1,
2.75% (A), 05/25/2035		55,604		56,415
Series 2006-4, Class A12,
6.00%, 07/25/2036		500,284		438,595
Series 2006-J, Class 4A1,
3.45% (A), 01/20/2047		11,729		11,307
BBCMS Mortgage Trust Series 2022-C15, Class A5, 3.66% (A), 04/15/2055		2,800,000		2,718,505
Bear Stearns Alt-A Trust
Series 2006-6, Class 31A1,
3.04% (A), 11/25/2036		477,546		334,552
Series 2006-6, Class 32A1,
2.91% (A), 11/25/2036		129,853		80,357
Bear Stearns ARM Trust
Series 2003-5, Class 2A1,
2.60% (A), 08/25/2033		58,159		57,735
Series 2003-8, Class 2A1,
2.09% (A), 01/25/2034		1,753		1,720
Series 2003-8, Class 4A1,
2.29% (A), 01/25/2034		18,725		19,044
Series 2006-4, Class 1A1,
2.96% (A), 10/25/2036		12,747		12,217
Bear Stearns Structured Products, Inc. Trust Series 2007-R6, Class 1A1, 2.81% (A), 01/26/2036		58,641		49,010
Benchmark Mortgage Trust
Series 2019-B9, Class A5,
4.02%, 03/15/2052		1,600,000		1,605,833
Series 2022-B33, Class A5,
3.46%, 03/15/2055		1,500,000		1,440,045
BFLD Trust Series 2020-EYP, Class A, 1-Month LIBOR + 1.15%, 1.70% (A), 10/15/2035 (B)		1,300,000		1,283,412
CGMS Commercial Mortgage Trust Series 2017-MDRA, Class A, 3.66%, 07/10/2030 (B)		1,900,000		1,897,964
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3A, Class A1, 1-Month LIBOR + 0.25%, 0.92% (A), 08/25/2035 (B)		24,063		23,297
Citigroup Mortgage Loan Trust
Series 2005-6, Class A2,
1-Year CMT + 2.15%, 3.79% (A), 09/25/2035		10,618		10,776
Series 2009-3, Class 5A3,
6.00% (A), 02/25/2037 (B)		481,081		448,005
CitiMortgage Alternative Loan Trust Series 2006-A7, Class 1A9, 1-Month LIBOR + 0.65%, 1.32% (A), 12/25/2036		698,224		588,557

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

Transamerica Funds Semi-Annual Report 2022

Page    36

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust
Series 2015-CR26, Class ASB,
3.37%, 10/10/2048		$ 949,218		$ 948,171
Series 2016-787S, Class A,
3.55%, 02/10/2036 (B)		1,400,000		1,355,239
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A,
0.71% (A), 03/25/2032 (B)		108		102
Series 2003-AR15, Class 2A1,
2.54% (A), 06/25/2033		68,117		67,275
Series 2003-AR28, Class 2A1,
3.08% (A), 12/25/2033		380,941		378,859
CRSNT Trust Series 2021-Moon, Class A, 1-Month LIBOR + 0.82%, 1.38% (A), 04/15/2036 (B)		1,600,000		1,565,700
CSMC Trust Series 2014-7R, Class 4A2, 0.61% (A), 10/27/2036 (B)		1,433,395		1,387,072
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6, Class 2A3, 5.50%, 12/25/2035		140,020		129,142
DOLP Trust Series 2021-NYC, Class A, 2.96%, 05/10/2041 (B)		1,600,000		1,439,059
Extended Stay America Trust Series 2021-ESH, Class A, 1-Month LIBOR + 1.08%, 1.64% (A), 07/15/2038 (B)		1,689,601		1,666,262
First Horizon Alternative Mortgage Securities Trust Series 2007-FA4, Class 1A8, 6.25%, 08/25/2037		89,095		48,517
First Horizon Mortgage Pass-Through Trust Series 2005-AR3, Class 2A1, 3.03% (A), 08/25/2035		5,622		3,946
GS Mortgage-Backed Securities Trust
Series 2021-GR3, Class A2,
2.50% (A), 04/25/2052 (B)		1,526,201		1,343,696
Series 2021-HP1, Class A2,
2.50% (A), 01/25/2052 (B)		1,490,697		1,319,831
Series 2022-GR2, Class A2,
3.00% (A), 08/26/2052 (B)		1,785,824		1,635,006
Series 2022-PJ2, Class A4,
2.50% (A), 06/25/2052 (B)		1,378,445		1,213,609
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 2.91% (A), 09/25/2035		7,934		7,970
HarborView Mortgage Loan Trust
Series 2005-14, Class 4A1A,
2.92% (A), 12/19/2035		100,686		63,529
Series 2006-6, Class 5A1A,
2.56% (A), 08/19/2036		15,953		15,357
Hawksmoor Mortgages Series 2019-1A, Class A, SONIA + 1.05%, 1.24% (A), 05/25/2053 (B)		GBP  4,502,283		5,668,876

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Hilton USA Trust Series 2016-SFP, Class A, 2.83%, 11/05/2035 (B)		$ 1,700,000		$ 1,672,287
IndyMac INDX Mortgage Loan Trust Series 2005-AR11, Class A3, 2.94% (A), 08/25/2035		548,365		486,236
JPMorgan Alternative Loan Trust Series 2006-A2, Class 1A1, 1-Month LIBOR + 0.36%, 1.03% (A), 05/25/2036		608,896		566,135
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2018-PHH, Class A,
1-Month LIBOR + 1.06%, 2.56% (A), 06/15/2035 (B)		1,744,354		1,710,611
Series 2021-HTL5, Class A,
1-Month LIBOR + 1.12%, 1.67% (A), 11/15/2038 (B)		1,700,000		1,664,039
JPMorgan Mortgage Trust 3.50% (A), 09/25/2052 (B)		1,500,000		1,401,914
Legacy Mortgage Asset Trust
Series 2019-GS6, Class A1,
3.00% (A), 06/25/2059 (B)		1,262,938		1,259,957
Series 2020-GS1, Class A1,
2.88% (A), 10/25/2059 (B)		1,349,564		1,342,791
Lehman XS Trust Series 2007-4N, Class 2A, 1-Month LIBOR + 0.20%, 0.87% (A), 03/25/2047		1,349,433		1,349,483
Ludgate Funding PLC Series 2007-1, Class A2A, 3-Month GBP LIBOR + 0.16%, 1.20% (A), 01/01/2061 (C)		GBP  1,116,579		1,346,374
LUXE Trust Series 2021-TRIP, Class A, 1-Month LIBOR + 1.05%, 1.60% (A), 10/15/2038 (B)		$  1,700,000		1,666,013
Manhattan West Mortgage Trust Series 2020-1MW, Class A, 2.13%, 09/10/2039 (B)		1,500,000		1,358,422
MASTR Alternative Loan Trust Series 2006-2, Class 2A1, 1-Month LIBOR + 0.40%, 1.07% (A), 03/25/2036		87,512		8,007
MF1 Multifamily Housing Mortgage Loan Trust Series 2021-FL5, Class A, 1-Month SOFR + 0.96%, 1.47% (A), 07/15/2036 (B)		1,225,174		1,206,581
Mill City Mortgage Loan Trust Series 2019-GS2, Class M2, 3.25% (A), 08/25/2059 (B)		1,600,000		1,512,420
Morgan Stanley Capital I Trust Series 2021-230P, Class A, 1-Month LIBOR + 1.17%, 1.72% (A), 12/15/2023 (B)		1,700,000		1,683,446
Mortimer BTL PLC Series 2020-1, Class A, SONIA + 1.07%, 1.37% (A), 06/21/2052 (C)		GBP  1,070,173		1,348,418

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

Transamerica Funds Semi-Annual Report 2022

Page    37

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
NYO Commercial Mortgage Trust Series 2021-1290, Class A, 1-Month LIBOR + 1.10%, 1.65% (A), 11/15/2038 (B)		$  1,700,000		$ 1,664,353
One New York Plaza Trust Series 2020-1NYP, Class A, 1-Month LIBOR + 0.95%, 1.50% (A), 01/15/2036 (B)		1,000,000		984,645
Ready Capital Mortgage Financing LLC Series 2021-FL7, Class A, 1-Month LIBOR + 1.20%, 1.87% (A), 11/25/2036 (B)		1,597,890		1,570,124
Reperforming Loan Trust REMIC
Series 2004-R1, Class 2A,
6.50%, 11/25/2034 (B)		46,666		44,613
Series 2005-R2, Class 1AF1,
1-Month LIBOR + 0.34%, 1.01% (A), 06/25/2035 (B)		178,020		174,474
RFMSI Trust Series 2003-S9, Class A1, 6.50%, 03/25/2032		384		378
Ripon Mortgages PLC
Series 1RA, Class A,
SONIA + 0.70%, 0.00% (A), 08/28/2056 (B)		GBP  2,300,000		2,874,951
Series 1RA, Class C,
SONIA + 1.15%, 0.00% (A), 08/28/2056 (B)		2,300,000		2,827,170
RMAC Securities No. 1 PLC Series 2007-NS1X, Class A2B, 3-Month LIBOR + 0.15%, 0.95% (A), 06/12/2044 (C)		$  1,316,868		1,264,443
Sequoia Mortgage Trust
Series 2004-11, Class A2,
6-Month LIBOR + 0.64%, 0.86% (A), 12/20/2034		396,172		366,853
Series 2007-1, Class 1A1,
1.92% (A), 01/20/2047		97,084		70,482
Series 2007-3, Class 2AA1,
2.65% (A), 07/20/2037		517,190		450,678
Series 2010, Class 2A1,
1-Month LIBOR + 0.76%, 1.35% (A), 10/20/2027		2,346		2,304
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-12, Class 3A1,
2.54% (A), 09/25/2034		44,219		44,505
Series 2004-19, Class 2A1,
12-MTA + 1.40%, 1.62% (A), 01/25/2035		50,354		45,786
Structured Asset Mortgage Investments II Trust
Series 2005-AR5, Class A1,
1-Month LIBOR + 0.50%, 1.05% (A), 07/19/2035		6,242		5,947
Series 2005-AR5, Class A2,
1-Month LIBOR + 0.50%, 1.05% (A), 07/19/2035		5,592		5,363

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Structured Asset Mortgage Investments II Trust (continued)
Series 2005-AR5, Class A3,
1-Month LIBOR + 0.50%, 1.05% (A), 07/19/2035		$ 16,294		$ 15,646
Series 2005-AR8, Class A1A,
1-Month LIBOR + 0.56%, 1.23% (A), 02/25/2036		151,528		143,256
Structured Asset Mortgage Investments Trust Series 2002-AR3, Class A1, 1-Month LIBOR + 0.66%, 1.21% (A), 09/19/2032		1,788		1,763
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-22A, Class 2A1, 2.26% (A), 06/25/2033		35,013		34,227
Towd Point Mortgage Funding
Series 2019-A13A, Class A1,
SONIA + 0.90%, 1.36% (A), 07/20/2045 (B)		GBP  4,195,240		5,275,792
Series 2019-GR4A, Class A1,
SONIA + 1.14%, 1.83% (A), 10/20/2051 (B)		1,226,066		1,547,352
UBS Commercial Mortgage Trust Series 2019-C17, Class A4, 2.92%, 10/15/2052		$  1,300,000		1,193,800
UWM Mortgage Trust
Series 2021-INV3, Class A3,
2.50% (A), 11/25/2051 (B)		2,219,311		1,951,261
Series 2021-INV4, Class A3,
2.50% (A), 12/25/2051 (B)		1,550,917		1,358,323
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR9, Class 2A, 2.38% (A), 09/25/2033		71,315		69,522
Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR1, Class 2A4, 2.67% (A), 03/25/2036		343,528		323,127
Total Mortgage-Backed Securities (Cost $87,226,308)				83,244,877
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.7%
Illinois - 0.5%
City of Chicago, General Obligation Unlimited, Series B, 7.75%, 01/01/2042		170,000		183,833
State of Illinois, General Obligation Unlimited,
6.63%, 02/01/2035		1,500,000		1,618,499
7.35%, 07/01/2035		1,015,000		1,133,144
				2,935,476
New York - 0.2%
New York State Urban Development Corp., Revenue Bonds, 1.83%, 03/15/2029		1,200,000		1,055,808
Total Municipal Government Obligations (Cost $4,008,680)				3,991,284

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

Transamerica Funds Semi-Annual Report 2022

Page    38

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 51.9%
Federal Home Loan Mortgage Corp.
12-Month LIBOR + 1.35%, 1.60% (A), 09/01/2035		$   5,799		$ 5,933
12-Month LIBOR + 1.87%, 2.12% (A), 09/01/2035		22,171		22,116
1-Year CMT + 2.22%, 2.35% (A), 11/01/2033		9,560		9,561
1-Year CMT + 2.26%, 2.38% (A), 01/01/2036		453,506		453,544
1-Year CMT + 2.23%, 2.45% (A), 03/01/2034		17,102		17,561
3.00%, 04/01/2052		4,093,759		3,880,081
3.50%, 07/01/2026 - 03/01/2027		283,789		284,768
4.50%, 08/01/2025		851		867
5.00%, 11/01/2024		411,779		422,448
Federal Home Loan Mortgage Corp. REMIC 6.50%, 04/15/2029		411		431
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
12-MTA + 1.20%, 1.42% (A), 10/25/2044		77,595		78,842
12-MTA + 1.40%, 1.62% (A), 07/25/2044		73,442		75,573
6.50%, 07/25/2043		6,353		6,949
Federal National Mortgage Association
1-Month LIBOR + 0.35%, 0.81% (A), 09/25/2042		82,487		81,727
12-MTA + 1.20%, 1.34% (A), 03/01/2044 - 10/01/2044		231,727		236,149
12-Month LIBOR + 1.25%, 1.50% (A), 07/01/2035		10,070		10,275
1-Year CMT + 2.04%, 2.04% (A), 09/01/2035		25,726		25,852
1-Year CMT + 2.19%, 2.19% (A), 01/01/2026		846		845
1-Year CMT + 2.22%, 2.32% (A), 01/01/2028		3,839		3,826
12-Month LIBOR + 1.72%, 2.34% (A), 03/01/2034		16,637		17,063
1-Year CMT + 2.27%, 2.40% (A), 11/01/2033		9,535		9,522
3.00%, 03/01/2052		2,390,880		2,260,343
3.50%, 02/01/2026 - 05/01/2035		4,470,463		4,485,798
4.50%, 12/01/2024		16,812		17,116
5.00%, 08/01/2026 - 10/01/2029		256,332		262,892
6.00%, 07/01/2035 - 06/01/2040		478,589		527,143
Federal National Mortgage Association REMIC 6.30%, 10/17/2038		20,896		20,893
Federal National Mortgage Association REMIC, Interest Only STRIPS (1.00) * 1-Month LIBOR + 7.10%, 6.43% (A), 07/25/2034		159,162		19,784
Government National Mortgage Association
1-Month LIBOR + 0.60%, 0.84% (A), 08/20/2065 - 10/20/2065		2,117,300		2,112,925

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
1-Month LIBOR + 0.95%, 1.19% (A), 12/20/2066		$ 853,562		$ 858,568
1-Month LIBOR + 1.00%, 1.24% (A), 12/20/2065		3,272,845		3,294,597
1-Year CMT + 1.50%, 1.88% (A), 05/20/2024		3,121		3,151
3.00%, 11/15/2049		347,092		331,591
4.00%, 03/15/2050		252,345		255,393
Government National Mortgage Association, Interest Only STRIPS
(1.00) * 1-Month LIBOR + 6.56%, 5.97% (A), 10/16/2033		89,919		3,046
(1.00) * 1-Month LIBOR + 6.60%, 6.01% (A), 09/20/2034		207,640		19,724
Uniform Mortgage-Backed Security
3.00%, TBA (M)		208,600,000		196,786,357
3.50%, TBA (M)		49,900,000		48,342,660
4.00%, TBA (M)		17,400,000		17,263,043
Total U.S. Government Agency Obligations (Cost $289,931,023)				282,508,957
U.S. GOVERNMENT OBLIGATIONS - 15.4%
U.S. Treasury - 15.4%
U.S. Treasury Bond
1.38%, 11/15/2040 (N)		19,700,000		14,782,695
1.38%, 08/15/2050		7,900,000		5,463,961
1.63%, 11/15/2050		1,000,000		738,555
1.88%, 02/15/2041		5,900,000		4,829,934
2.25%, 05/15/2041		800,000		695,031
2.38%, 02/15/2042 (E)		2,000,000		1,771,875
2.88%, 08/15/2045 - 05/15/2049		16,200,000		15,596,039
3.00%, 02/15/2048		7,800,000		7,696,711
3.13%, 08/15/2044		10,800,000		10,689,469
4.25%, 05/15/2039		900,000		1,050,082
4.38%, 11/15/2039		4,900,000		5,792,527
4.63%, 02/15/2040 (E)		700,000		853,945
U.S. Treasury Note
1.75%, 06/30/2024 (O)		4,200,000		4,111,078
1.88%, 07/31/2022 (P)		900,000		902,074
1.88%, 08/31/2022 (O) (P)		4,000,000		4,009,063
2.00%, 10/31/2022		400,000		401,078
2.25%, 08/15/2027 (P)		4,800,000		4,637,063
Total U.S. Government Obligations (Cost $93,364,142)				84,021,180
	Shares		Value
COMMON STOCK - 0.0% (Q)
Household Durables - 0.0% (Q)
Urbi Desarrollos Urbanos SAB de CV (H)		381		133
Total Common Stock (Cost $417,098)				133

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

Transamerica Funds Semi-Annual Report 2022

Page    39

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

	Principal		Value
COMMERCIAL PAPER - 0.6%
Diversified Consumer Services - 0.3%
VW Credit, Inc. 1.20% (R), 05/23/2022		$  1,500,000		$ 1,499,112
Wireless Telecommunication Services - 0.3%
Rogers Communications, Inc. 1.52% (R), 05/24/2022		1,500,000		1,499,055
Total Commercial Paper (Cost $2,997,369)				2,998,167
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS - 1.1%
Israel - 1.1%
Bank of Israel Bill - Makam
0.00% (R), 09/07/2022 - 10/07/2022		ILS  9,300,000		2,781,111
0.01% (R), 10/07/2022 - 11/02/2022		11,100,000		3,317,466
Total Short-Term Foreign Government Obligations (Cost $6,395,254)				6,098,577
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 4.3%
U.S. Cash Management Bill
0.49% (R), 06/28/2022 (E)		$  2,400,000		2,397,587
0.61% (R), 07/19/2022 (S) (T)		4,500,000		4,492,122
0.68% (R), 07/19/2022 (S) (T)		600,000		598,950
0.75% (R), 07/12/2022		3,100,000		3,095,384
U.S. Treasury Bill
0.15% (R), 05/10/2022 (P) (S) (T)		1,468,000		1,467,962
0.24% (R), 05/05/2022 (S) (T)		600,000		599,995
0.31% (R), 06/02/2022 (O) (S) (T)		2,100,000		2,099,407
0.49% (R), 06/23/2022		4,200,000		4,196,421
0.76% (R), 07/14/2022 (S) (T)		2,200,000		2,196,525

	Principal			Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Bill (continued)
0.87% (R), 07/21/2022		$   2,000,000			$ 1,996,343
Total Short-Term U.S. Government Obligations (Cost $23,143,567)					23,140,696
	Shares			Value
OTHER INVESTMENT COMPANY - 1.6%
Securities Lending Collateral - 1.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (R)		8,567,798			8,567,798
Total Other Investment Company (Cost $8,567,798)					8,567,798
Total Investments Before Securities Sold Short (Cost $851,928,912)					813,981,866
	Principal			Value
TBA SHORT COMMITMENTS - (14.7)%
U.S. GOVERNMENT AGENCY OBLIGATIONS - (14.7)%
Uniform Mortgage-Backed Security
3.00%, TBA (M)		(59,500,000	)		(56,226,692	)
3.00%, TBA (M)		(6,100,000	)		(5,758,066	)
3.50%, TBA (M)		(18,500,000	)		(17,962,344	)
Total U.S. Government Agency Obligations (Proceeds $(82,927,553))					(79,947,102	)
Total TBA Short Commitments (Proceeds $(82,927,553))					(79,947,102	)
Net Other Assets (Liabilities), Net of Securities Sold Short - (34.9)%					(189,864,529	)
Net Assets - 100.0%					$544,170,235

EXCHANGE-TRADED OPTIONS WRITTEN:

Description	Exercise Price		Expiration Date		Notional Amount		Number of Contracts		Premiums (Received)			Value
Put - 90-Day Euro Dollar Futures	USD	96.50		12/18/2023	USD	35,434,800		144	$	(166,863	)	$	(270,900	)

OVER-THE-COUNTER OPTIONS WRITTEN:

Description	Counterparty	Exercise Price		Expiration Date	Notional Amount		Number of Contracts		Premiums (Received)			Value
Call - Uniform Mortgage-Backed Security, TBA	JPM	USD	100.04	06/06/2022	USD	135,576,000		1,400,000	$	(6,125	)	$	(707	)
Call - Uniform Mortgage-Backed Security, TBA	JPM	USD	100.22	07/07/2022	USD	138,542,600		1,400,000		(6,891	)		(6,788	)
Call - Uniform Mortgage-Backed Security, TBA	JPM	USD	98.41	06/06/2022	USD	131,866,000		1,400,000		(7,438	)		(623	)
Put - Uniform Mortgage-Backed Security, TBA	JPM	USD	98.04	06/06/2022	USD	135,576,000		1,400,000		(8,422	)		(23,510	)
Put - Uniform Mortgage-Backed Security, TBA	JPM	USD	96.41	06/06/2022	USD	131,866,000		1,400,000		(8,695	)		(36,719	)
Put - Uniform Mortgage-Backed Security, TBA	JPM	USD	97.62	06/06/2022	USD	131,866,000		1,400,000		(8,313	)		(51,007	)
Total									$	(45,884	)	$	(119,354	)

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

Transamerica Funds Semi-Annual Report 2022

Page    40

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(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 - Markit iTraxx® Europe Series 36

BCLY

Pay

6.00%

06/15/2022

EUR

3,362,000

$

(36,893

)

$

(11,977

)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN:

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount/ Number of Contracts		Premiums (Received)			Value
Call - 1-Year	GSB	3-Month USD-LIBOR	Receive		0.87	%		11/02/2022	USD	54,000,000	$	(107,580	)	$	(4,076	)
Call - 1-Year (M)	GSB	3-Month USD-SOFR	Receive		2.70			04/02/2024	USD	3,600,000		(28,238	)		(25,090	)
Call - 5-Year	CITI	6-Month EUR-EURIBOR	Receive		0.50			05/16/2022	EUR	4,200,000		(17,183	)		—
Put - 1-Year	GSB	3-Month USD-LIBOR	Pay		1.27			11/02/2022	USD	54,000,000		(107,580	)		(1,137,404	)
Put - 1-Year (M)	GSB	3-Month USD-SOFR	Pay		2.70			04/02/2024	USD	3,600,000		(28,238	)		(32,564	)
Put - 5-Year	CITI	6-Month EUR-EURIBOR	Pay		1.00			05/16/2022	EUR	4,200,000		(17,183	)		(97,873	)
Total											$	(306,002	)	$	(1,297,007	)
											Premiums (Received)			Value
TOTAL WRITTEN OPTIONS AND SWAPTIONS											$	(555,642	)	$	(1,699,238	)

CENTRALLY CLEARED SWAP AGREEMENTS:

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (U)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at April 30, 2022 (V)	Notional Amount (W)			Value (X)				Premiums Paid (Received)				Net Unrealized Appreciation (Depreciation)
AT&T, Inc., 3.80%, 02/15/2027		1.00	%		Quarterly		12/20/2026	0.94%		USD	1,500,000		$	6,815			$	15,961			$	(9,146	)
Bank of America Corp., 1.12%, 04/24/2023		1.00			Quarterly		12/20/2022	0.40		USD	1,700,000			8,354				7,757				597
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		12/20/2023	0.52		USD	600,000			5,554				(9,692	)			15,246
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		06/20/2024	0.58		USD	200,000			1,980				(254	)			2,234
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		12/20/2024	0.71		USD	700,000			6,426				(5,083	)			11,509
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		06/20/2026	1.01		USD	1,400,000			1,652				7,233				(5,581	)
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		12/20/2026	1.13		USD	200,000			(755	)			2,057				(2,812	)
General Motors Co., 4.88%, 10/02/2023		5.00			Quarterly		12/20/2026	1.96		USD	1,500,000			198,472				261,361				(62,889	)
Rolls-Royce Holdings PLC, 2.13%, 06/18/2021		1.00			Quarterly		12/20/2024	1.97		EUR	1,300,000			(29,034	)			(3,549	)			(25,485	)
Tesco PLC, 6.00%, 12/14/2029		1.00			Quarterly		06/20/2022	0.23		EUR	700,000			1,680				1,493				187
Total													$	201,144			$	277,284			$	(76,140	)

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

Transamerica Funds Semi-Annual Report 2022

Page    41

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

CENTRALLY CLEARED SWAP AGREEMENTS (continued):

Credit Default Swap Agreements on Credit Indices - Buy Protection (Y)
Reference Obligation	Fixed Rate Payable			Payment Frequency		Maturity Date		Notional Amount (W)		Value (X)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
North America High Yield Index - Series 35		5.00	%		Quarterly		12/20/2025	USD	500,000	$	(18,754	)	$	(25,943	)	$	7,189
North America High Yield Index - Series 36		5.00			Quarterly		06/20/2026	USD	1,100,000		(39,365	)		(84,110	)		44,745
Total										$	(58,119	)	$	(110,053	)	$	51,934

Credit Default Swap Agreements on Credit Indices - Sell Protection (U)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Notional Amount (W)		Value (X)		Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
Markit iTraxx® Europe Crossover - Series 17		1.00	%		Quarterly		06/20/2027	EUR	3,300,000	$	20,332	$	47,733	$	(27,401	)
Markit iTraxx® Europe Crossover - Series 27		5.00			Quarterly		06/20/2027	EUR	17,200,000		653,852		1,079,600		(425,748	)
Markit iTraxx® Europe Index - Series 34		1.00			Quarterly		12/20/2025	EUR	4,700,000		60,600		87,432		(26,832	)
Markit iTraxx® Europe Index - Series 36		1.00			Quarterly		12/20/2026	EUR	2,600,000		23,608		70,711		(47,103	)
North America Investment Grade Index - Series 35		1.00			Quarterly		12/20/2025	USD	100,000		1,291		1,409		(118	)
North America Investment Grade Index - Series 37		1.00			Quarterly		12/20/2026	USD	1,700,000		17,859		36,801		(18,942	)
North American Investment Grade Index - Series 18		1.00			Quarterly		06/20/2027	USD	3,600,000		31,506		51,341		(19,835	)
Total										$	809,048	$	1,375,027	$	(565,979	)

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	$	31,533		$	(159	)	$	31,692
6-Month EUR-EURIBOR		Receive		0.75			Semi-Annually/Annually		06/15/2032	EUR	41,500,000		(4,094,214	)		(1,665,949	)		(2,428,265	)
6-Month JPY-LIBOR		Receive		0.00			Maturity		06/18/2022	JPY	460,000,000		994			(235,298	)		236,292
6-Month JPY-TONA		Receive		0.38			Semi-Annually		06/18/2028	JPY	460,000,000		27,911			24,469			3,442
12-Month GBP-SONIA		Pay		0.75			Annually		09/21/2052	GBP	10,800,000		2,907,298			2,181,116			726,182
12-Month GBP-SONIA		Receive		0.80			Annually		03/15/2032	GBP	5,400,000		(676,402	)		(68	)		(676,334	)
12-Month JPY-TONA		Pay		0.00			Maturity		06/18/2022	JPY	460,000,000		742			8			734
12-Month JPY-TONA		Pay		0.20			Annually		02/08/2032	JPY	450,000,000		55,475			—			55,475
12-Month JPY-TONA		Pay		0.23			Annually		02/09/2032	JPY	271,000,000		28,640			—			28,640
12-Month JPY-TONA		Pay		0.25			Annually		09/14/2032	JPY	390,000,000		47,852			36,769			11,083
12-Month JPY-TONA		Pay		0.25			Annually		02/10/2032	JPY	181,000,000		15,287			—			15,287
12-Month JPY-TONA		Pay		0.37			Annually		04/21/2032	JPY	111,000,000		454			—			454
12-Month JPY-TONA		Pay		0.40			Annually		04/22/2032	JPY	71,000,000		(1,086	)		—			(1,086	)
12-Month JPY-TONA		Pay		0.40			Annually		06/15/2032	JPY	255,000,000		(1,688	)		457			(2,145	)
12-Month JPY-TONA		Pay		0.43			Annually		04/25/2032	JPY	176,000,000		(6,161	)		—			(6,161	)
12-Month JPY-TONA		Pay		0.50			Annually		03/15/2042	JPY	807,000,000		207,377			224,941			(17,564	)
12-Month JPY-TONA		Pay		0.66			Annually		04/19/2042	JPY	35,000,000		789			—			789
12-Month JPY-TONA		Pay		0.80			Annually		06/15/2052	JPY	530,000,000		37,483			6,096			31,387
12-Month JPY-TONA		Pay		0.90			Annually		03/15/2052	GBP	2,000,000		451,909			32			451,877
12-Month USD-SOFR		Receive		1.32			Annually		12/21/2023	USD	31,300,000		(561,437	)		(156,906	)		(404,531	)
12-Month USD-SOFR		Receive		1.79			Annually		05/03/2027	USD	5,000,000		(219,157	)		—			(219,157	)
BRL-CDI		Receive		11.09			Maturity		01/02/2025	BRL	120,000,000		(362,651	)		—			(362,651	)
Total												$	(2,109,052	)	$	415,508		$	(2,524,560	)

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

Transamerica Funds Semi-Annual Report 2022

Page    42

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

OVER-THE-COUNTER SWAP AGREEMENTS:

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (U)
Reference Obligation	Counterparty		Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at April 30, 2022 (V)			Notional Amount (W)			Value (X)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Colombia Government International Bond, 10.38%, 01/28/2033		CITI		1.00	%		Quarterly		06/20/2027		2.36	%		USD	200,000	$	(12,361	)	$	(7,112	)	$	(5,249	)
Colombia Government International Bond, 10.38%, 01/28/2033		MSC		1.00			Quarterly		06/20/2027		2.36			USD	2,100,000		(129,788	)		(116,061	)		(13,727	)
Colombia Government International Bond, 10.38%, 01/28/2033		BNP		1.00			Quarterly		06/20/2027		2.36			USD	100,000		(6,180	)		(4,705	)		(1,475	)
Republic of South Africa Government International Bond, 5.50%, 03/09/2020		GSI		1.00			Quarterly		06/20/2024		1.49			USD	1,900,000		(16,583	)		(32,414	)		15,831
Republic of South Africa Government International Bond, 5.88%, 09/16/2025		MSC		1.00			Quarterly		12/20/2026		2.37			USD	1,400,000		(78,825	)		(59,305	)		(19,520	)
Republic of South Africa Government International Bond, 5.88%, 09/16/2025		BOA		1.00			Quarterly		12/20/2026		2.37			USD	3,200,000		(180,212	)		(141,041	)		(39,171	)
Total																$	(423,949	)	$	(360,638	)	$	(63,311	)

	Value
OTC Swap Agreements, at value (Liabilities)	$	(423,949	)

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
5-Year U.S. Treasury Note		230			06/30/2022	$	27,042,649		$	25,914,531		$	—	$	(1,128,118	)
10-Year U.S. Treasury Note		377			06/21/2022		47,616,454			44,921,907			—		(2,694,547	)
Total												$	—	$	(3,822,665	)
Short Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
2-Year U.S. Treasury Note		(24	)		06/30/2022	$	(5,093,454	)	$	(5,059,500	)	$	33,954	$	—
10-Year Japan Government Bond		(7	)		06/13/2022		(8,054,383	)		(8,070,430	)		—		(16,047	)
30-Year U.S. Treasury Bond		(101	)		06/21/2022		(15,406,008	)		(14,209,437	)		1,196,571		—
German Euro Bund		(285	)		06/08/2022		(48,196,164	)		(46,178,495	)		2,017,669		—
German Euro BUXL		(12	)		06/08/2022		(2,456,166	)		(2,164,505	)		291,661		—
U.K. Gilt		(4	)		06/28/2022		(616,713	)		(595,730	)		20,983		—
Total												$	3,560,838	$	(16,047	)
Total Futures Contracts												$	3,560,838	$	(3,838,712	)

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

Transamerica Funds Semi-Annual Report 2022

Page    43

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation			Unrealized Depreciation
BCLY		05/18/2022		GBP	811,000		USD	1,069,067		$	—		$	(49,292	)
BNP		05/03/2022		USD	15,685		BRL	73,639			804			—
BNP		05/03/2022		USD	1,004,139		EUR	947,000			4,986			—
BNP		05/03/2022		BRL	73,639		USD	14,970			—			(89	)
BNP		06/02/2022		BRL	73,639		USD	15,537			—			(800	)
BNP		06/15/2022		USD	20,854		CLP	17,079,970			1,012			—
BNP		07/01/2022		MXN	57,764,000		USD	2,761,529			34,734			—
BNP		08/09/2022		USD	2,618,580		MXN	57,520,000			—			(145,800	)
BNP		10/05/2022		USD	322,465		PEN	1,316,336			—			(14,763	)
BOA		05/03/2022		USD	17,153,406		EUR	15,363,000			944,329			—
BOA		05/11/2022		PEN	772,616		USD	208,000			—			(6,951	)
BOA		05/18/2022		USD	27,888,060		GBP	20,613,000			1,968,685			—
BOA		05/18/2022		USD	2,439,176		JPY	296,800,000			150,800			—
BOA		05/18/2022		GBP	497,000		USD	651,248			—			(26,306	)
BOA		06/23/2022		USD	987,267		PEN	4,131,218			—			(82,038	)
BOA		07/21/2022		USD	632,009		PEN	2,539,221			—			(23,388	)
BOA		07/22/2022		USD	1,809,495		ZAR	27,214,443			101,702			—
BOA		07/26/2022		USD	201,323		PEN	813,667			—			(8,595	)
CITI		05/31/2022		USD	116,687		PEN	482,277			—			(8,499	)
CITI		06/23/2022		PEN	4,131,218		USD	1,084,451			—			(15,147	)
CITI		07/21/2022		PEN	2,539,221		USD	658,922			—			(3,525	)
CITI		10/07/2022		USD	1,621,888		ILS	5,200,260			50,479			—
CITI		11/08/2022		USD	503,901		PEN	2,000,084			—			(6,925	)
CITI		12/12/2022		USD	1,592,722		PEN	6,132,778			30,799			—
CITI		12/27/2022		USD	1,064,610		PEN	4,131,218			13,755			—
CITI		04/27/2023		USD	642,974		PEN	2,539,221			3,402			—
DUB		07/01/2022		USD	1,101,666		DKK	7,419,173			46,187			—
DUB		10/07/2022		USD	1,911,903		ILS	6,099,640			68,720			—
GSB		05/03/2022		USD	14,970		BRL	73,639			89			—
GSB		05/03/2022		USD	7,593		PEN	28,197			248			—
GSB		05/03/2022		BRL	73,639		USD	14,747			134			—
GSB		05/03/2022		PEN	28,197		USD	7,356			—			(11	)
GSB		06/15/2022		USD	5,701,272		ZAR	87,366,292			197,499			—
GSB		07/05/2022		USD	631,236		BRL	3,600,000			—			(82,138	)
GSB		07/05/2022		BRL	3,600,000		USD	695,316			18,058			—
GSB		07/14/2022		PEN	1,946,162		USD	519,475			—			(16,827	)
GSB		08/08/2022		PEN	28,197		USD	7,515			—			(249	)
GSB		11/02/2022		USD	1,619,297		ILS	4,999,500			106,365			—
HSBC		05/03/2022		USD	278,757		PEN	1,043,700			6,887			—
HSBC		05/03/2022		PEN	1,043,700		USD	280,000			—			(8,129	)
HSBC		05/03/2022		AUD	4,721,000		USD	3,490,016			—			(154,248	)
HSBC		05/03/2022		EUR	269,000		USD	298,838			—			(15,023	)
HSBC		05/18/2022		USD	5,158,072		JPY	631,500,000			289,107			—
HSBC		05/18/2022		JPY	866,111,766		USD	7,510,899			—			(833,039	)
HSBC		05/18/2022		NOK	11,430,000		USD	1,285,082			—			(66,435	)
HSBC		05/20/2022		USD	5,000,318		CNH	32,472,000			120,292			—
HSBC		07/01/2022		USD	414,816		DKK	2,770,000			20,746			—
JPM		05/18/2022		NOK	61,120,000		USD	6,863,809			—			(347,300	)
JPM		09/07/2022		USD	1,285,194		ILS	4,100,410			48,377			—
SCB		07/22/2022		USD	662,067		ZAR	10,046,205			31,636			—
UBS		05/03/2022		EUR	16,041,000		USD	16,865,299			59,117			—
UBS		06/02/2022		USD	16,886,409		EUR	16,041,000			—			(60,131	)
Total										$	4,318,949		$	(1,975,648	)

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

Transamerica Funds Semi-Annual Report 2022

Page    44

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(Z)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs (AA)		Value
ASSETS
Investments
Asset-Backed Securities	$	—		$	77,878,911		$	—	$	77,878,911
Corporate Debt Securities		—			220,297,117			—		220,297,117
Foreign Government Obligations		—			21,234,169			—		21,234,169
Mortgage-Backed Securities		—			83,244,877			0		83,244,877
Municipal Government Obligations		—			3,991,284			—		3,991,284
U.S. Government Agency Obligations		—			282,508,957			—		282,508,957
U.S. Government Obligations		—			84,021,180			—		84,021,180
Common Stock		133			—			—		133
Commercial Paper		—			2,998,167			—		2,998,167
Short-Term Foreign Government Obligations		—			6,098,577			—		6,098,577
Short-Term U.S. Government Obligations		—			23,140,696			—		23,140,696
Other Investment Company		8,567,798			—			—		8,567,798
Total Investments	$	8,567,931		$	805,413,935		$	0	$	813,981,866
Other Financial Instruments
Centrally Cleared Credit Default Swap Agreements	$	—		$	1,039,981		$	—	$	1,039,981
Centrally Cleared Interest Rate Swap Agreements		—			3,813,744			—		3,813,744
Futures Contracts (AB)		3,560,838			—			—		3,560,838
Forward Foreign Currency Contracts (AB)		—			4,318,949			—		4,318,949
Total Other Financial Instruments	$	3,560,838		$	9,172,674		$	—	$	12,733,512
LIABILITIES
Securities Sold Short
U.S. Government Agency Obligations	$	—		$	(79,947,102	)	$	—	$	(79,947,102	)
Total Securities Sold Short	$	—		$	(79,947,102	)	$	—	$	(79,947,102	)
Other Financial Instruments
Exchange-Traded Options Written	$	(270,900	)	$	—		$	—	$	(270,900	)
Over-the-Counter Options Written		—			(119,354	)		—		(119,354	)
Over-the-Counter Credit Default Swaptions Written		—			(11,977	)		—		(11,977	)
Over-the-Counter Interest Rate Swaptions Written		—			(1,297,007	)		—		(1,297,007	)
Centrally Cleared Credit Default Swap Agreements		—			(87,908	)		—		(87,908	)
Centrally Cleared Interest Rate Swap Agreements		—			(5,922,796	)		—		(5,922,796	)
Over-the-Counter Credit Default Swap Agreements		—			(423,949	)		—		(423,949	)
Futures Contracts (AB)		(3,838,712	)		—			—		(3,838,712	)
Forward Foreign Currency Contracts (AB)		—			(1,975,648	)		—		(1,975,648	)
Total Other Financial Instruments	$	(4,109,612	)	$	(9,838,639	)	$	—	$	(13,948,251	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of April 30, 2022. 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. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the total value of 144A securities is $195,707,409, representing 36.0% 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, 2022, the total value of Regulation S securities is $16,161,920, representing 3.0% of the Fund’s net assets.

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

Transamerica Funds Semi-Annual Report 2022

Page    45

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D)	Perpetual maturity. The date displayed is the next call date.
(E)	All or a portion of the securities are on loan. The total value of all securities on loan is $8,390,578, collateralized by cash collateral of $8,567,798. 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)	Restricted securities. At April 30, 2022, 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	Citigroup, Inc. 2.57%, 06/03/2031		05/26/2020	$	1,800,000	$	1,545,985		0.3	%
Corporate Debt Securities	Citigroup, Inc. 3.29%, 03/17/2026		03/10/2022		1,500,000		1,463,526		0.3
Total				$	3,300,000	$	3,009,511		0.6	%

(G)	Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition to in-kind, the cash rate is disclosed separately.
(H)	Non-income producing securities.
(I)	Security in default; no interest payments received and/or dividends declared during the last 12 months. At April 30, 2022, the value of this security is $1,691,244, representing 0.3% of the Fund’s net assets.
(J)	Fair valued as determined in good faith in accordance with procedures established by the Board. At April 30, 2022, the total value of securities is $0, representing less than 0.1% of the Fund’s net assets.
(K)	Securities are Level 3 of the fair value hierarchy.
(L)	Securities deemed worthless.
(M)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after April 30, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(N)	Security is subject to sale-buyback transactions. The average amount of sale-buybacks outstanding during the period ended April 30, 2022 was $17,318 at a weighted average interest rate of 0.08%.
(O)	All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $969,828.
(P)	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 $3,924,713.
(Q)	Percentage rounds to less than 0.1% or (0.1)%.
(R)	Rates disclosed reflect the yields at April 30, 2022.
(S)	All or a portion of these securities have been segregated by the custodian as collateral for open over-the-counter options and/or swaptions, swap agreements and forward foreign currency contracts. The total value of such securities is $2,630,639.
(T)	All or a portion of these securities have been segregated by the custodian as collateral for open TBA commitment transactions. The total value of such securities is $2,260,392.
(U)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
(V)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(W)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(X)	The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap agreement, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(Y)	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (b) receive 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.

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

Transamerica Funds Semi-Annual Report 2022

Page    46

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(Z)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(AA)	Level 3 securities were not considered significant to the Fund.
(AB)	Derivative instruments are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi (offshore)
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
ILS	Israel New Shekel
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
PEN	Peruvian Sol
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America, N.A.
CITI	Citibank, N.A.
DUB	Deutsche Bank AG
GSB	Goldman Sachs Bank
GSI	Goldman Sachs International
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
MSC	Morgan Stanley & Co.
SCB	Standard Chartered Bank
UBS	UBS AG

PORTFOLIO ABBREVIATIONS:

BRL-CDI	Brazil Interbank Deposit Rate
BUXL	Bundesanleihen (German Long-Term Debt)
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offer Rate
LIBOR	London Interbank Offered Rate
MTA	Month Treasury Average
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced
TONA	Tokyo Overnight Average

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

Transamerica Funds Semi-Annual Report 2022

Page    47

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2022

(unaudited)

	Transamerica Core Bond			Transamerica Mid Cap Value		Transamerica Total Return
Assets:
Investments, at value (A) (B)	$	974,262,613		$	79,629,116	$	813,981,866
Repurchase agreements, at value (C)		16,061,305			2,599,079		—
Cash		296,993			—		649,994
Cash collateral pledged at broker for:
Centrally cleared swap agreements		—			—		3,868,000
Futures contracts		—			—		1,284,000
Foreign currency, at value (D)		—			—		1,910,827
Receivables and other assets:
Investments sold		302,671			241,652		2,821,891
When-issued, delayed-delivery, forward and TBA commitments sold		—			—		93,047,519
Net income from securities lending		7,079			98		921
Dividends		—			18,200		—
Interest		5,028,557			—		3,111,826
Tax reclaims		3,156			—		—
Variation margin receivable on futures contracts		—			—		771,257
Unrealized appreciation on forward foreign currency contracts		—			—		4,318,949
Prepaid expenses		2,605			370		1,870
Total assets		995,964,979			82,488,515		925,768,920
Liabilities:
Securities sold short, at value (E)		—			—		79,947,102
Cash collateral received upon return of:
Securities on loan		29,620,085			—		8,567,798
Cash collateral at broker for:
TBA commitments		—			—		516,000
OTC derivatives (G)		—			—		3,180,000
Written options and swaptions, at value (F)		—			—		1,699,238
OTC swap agreements, at value		—			—		423,949
Payables and other liabilities:
Investments purchased		4,157,612			133,426		2,817,986
When-issued, delayed-delivery, forward and TBA commitments purchased		1,254,221			—		281,753,375
Shares of beneficial interest redeemed		208			608		286
Investment management fees		338,113			59,701		268,881
Transfer agent fees		5,815			509		3,341
Trustees, CCO and deferred compensation fees		9,978			2,508		6,216
Audit and tax fees		26,072			10,592		28,439
Custody fees		56,082			3,898		39,941
Legal fees		6,233			820		218
Printing and shareholder reports fees		4,331			973		3,453
Registration fees		1,147			454		1,147
Other accrued expenses		4,697			3,051		4,231
Variation margin payable on centrally cleared swap agreements		—			—		361,436
Unrealized depreciation on forward foreign currency contracts		—			—		1,975,648
Total liabilities		35,484,594			216,540		381,598,685
Net assets	$	960,480,385		$	82,271,975	$	544,170,235
Net assets consist of:
Paid-in capital	$	1,028,841,031		$	33,837,638	$	612,111,739
Total distributable earnings (accumulated losses)		(68,360,646	)		48,434,337		(67,941,504	)
Net assets	$	960,480,385		$	82,271,975	$	544,170,235
Shares outstanding (unlimited shares, no par value)		106,732,309			7,740,436		59,717,214
Net asset value and offering price per share	$	9.00		$	10.63	$	9.11
(A) Investments, at cost	$	1,040,974,437		$	47,269,189	$	851,928,912
(B) Securities on loan, at value	$	43,847,588		$	366,576	$	8,390,578
(C) Repurchase agreements, at cost	$	16,061,305		$	2,599,079	$	—
(D) Foreign currency, at cost	$	—		$	—	$	1,945,998
(E) Proceeds received from securities sold short	$	—		$	—	$	82,927,553
(F) Premium received on written options and swaptions	$	—		$	—	$	(555,642	)
(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 2022

Page    48

STATEMENTS OF OPERATIONS

For the period ended April 30, 2022

(unaudited)

	Transamerica Core Bond			Transamerica Mid Cap Value			Transamerica Total Return
Investment Income:
Dividend income	$	—		$	948,284		$	—
Interest income		12,104,408			—			8,354,933
Net income from securities lending		40,265			143			15,154
Withholding taxes on foreign income		—			—			910
Total investment income		12,144,673			948,427			8,370,997
Expenses:
Investment management fees		2,015,312			453,267			2,028,203
Transfer agent fees		34,500			3,886			22,627
Trustees, CCO and deferred compensation fees		14,932			1,319			9,476
Audit and tax fees		27,913			11,935			28,158
Custody fees		81,975			6,331			66,667
Legal fees		25,513			3,195			13,606
Printing and shareholder reports fees		15,287			2,563			11,869
Registration fees		2,484			1,259			2,315
Interest expense on sale-buybacks		—			—			7
Other		15,857			7,310			17,203
Total expenses before waiver and/or reimbursement and recapture		2,233,773			491,065			2,200,131
Expense waived and/or reimbursed		—			—			(143,961	)
Net expenses		2,233,773			491,065			2,056,170
Net investment income (loss)		9,910,900			457,362			6,314,827
Net realized gain (loss) on:
Investments		(1,297,231	)		16,722,829			(7,385,716	)
Securities sold short		—			—			247,844
Written options and swaptions		—			—			93,200
Swap agreements		—			—			1,810,174
Futures contracts		—			—			(8,441,061	)
Forward foreign currency contracts		—			—			(2,448,592	)
Foreign currency transactions		—			—			24,239
Net realized gain (loss)		(1,297,231	)		16,722,829			(16,099,912	)
Net change in unrealized appreciation (depreciation) on:
Investments		(96,203,895	)		(18,512,695	)		(53,239,961	)
Securities sold short		—			—			2,979,646
Written options and swaptions		—			—			(1,123,237	)
Swap agreements		—			—			(3,386,476	)
Futures contracts		—			—			1,685,067
Forward foreign currency contracts		—			—			1,311,032
Translation of assets and liabilities denominated in foreign currencies		—			—			38,741
Net change in unrealized appreciation (depreciation)		(96,203,895	)		(18,512,695	)		(51,735,188	)
Net realized and change in unrealized gain (loss)		(97,501,126	)		(1,789,866	)		(67,835,100	)
Net increase (decrease) in net assets resulting from operations	$	(87,590,226	)	$	(1,332,504	)	$	(61,520,273	)

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

Transamerica Funds Semi-Annual Report 2022

Page    49

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica Core Bond						Transamerica Mid Cap Value						Transamerica Total Return
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	9,910,900		$	19,945,300		$	457,362		$	649,821		$	6,314,827		$	12,918,144
Net realized gain (loss)		(1,297,231	)		5,867,307			16,722,829			18,433,484			(16,099,912	)		781,797
Net change in unrealized appreciation (depreciation)		(96,203,895	)		(19,325,637	)		(18,512,695	)		23,405,637			(51,735,188	)		(13,488,582	)
Net increase (decrease) in net assets resulting from operations		(87,590,226	)		6,486,970			(1,332,504	)		42,488,942			(61,520,273	)		211,359
Dividends and/or distributions to shareholders:
Dividends and/or distributions to shareholders		(14,342,491	)		(54,505,775	)		(19,017,343	)		(17,948,661	)		(7,843,542	)		(46,065,553	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(14,342,491	)		(54,505,775	)		(19,017,343	)		(17,948,661	)		(7,843,542	)		(46,065,553	)
Capital share transactions:
Proceeds from shares sold		236,695,956			66,642,905			—			1,076,608			13,047,000			40,494,202
Dividends and/or distributions reinvested		14,342,491			54,505,775			19,017,343			17,948,661			7,843,542			46,065,553
Cost of shares redeemed		(60,992,322	)		(41,473,756	)		(36,032,962	)		(15,127,915	)		(57,600,696	)		(32,369,205	)
Net increase (decrease) in net assets resulting from capital share transactions		190,046,125			79,674,924			(17,015,619	)		3,897,354			(36,710,154	)		54,190,550
Net increase (decrease) in net assets		88,113,408			31,656,119			(37,365,466	)		28,437,635			(106,073,969	)		8,336,356
Net assets:
Beginning of period/year		872,366,977			840,710,858			119,637,441			91,199,806			650,244,204			641,907,848
End of period/year	$	960,480,385		$	872,366,977		$	82,271,975		$	119,637,441		$	544,170,235		$	650,244,204
Capital share transactions - shares:
Shares issued		24,403,257			6,572,819			—			87,460			1,343,906			3,798,804
Shares reinvested		1,490,355			5,338,307			1,752,750			1,763,130			799,175			4,397,802
Shares redeemed		(6,389,019	)		(4,074,508	)		(3,200,230	)		(1,267,978	)		(5,865,718	)		(3,095,809	)
Net increase (decrease) in shares outstanding		19,504,593			7,836,618			(1,447,480	)		582,612			(3,722,637	)		5,100,797

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

Transamerica Funds Semi-Annual Report 2022

Page    50

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	Transamerica Core Bond
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.00		$	10.59		$	10.26		$	9.49		$	9.97		$	10.15
Investment operations:
Net investment income (loss) (A)		0.10			0.24			0.28			0.28			0.28			0.26
Net realized and unrealized gain (loss)		(0.95	)		(0.16	)		0.35			0.79			(0.46	)		(0.15	)
Total investment operations		(0.85	)		0.08			0.63			1.07			(0.18	)		0.11
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.27	)		(0.30	)		(0.30	)		(0.30	)		(0.29	)
Net realized gains		(0.04	)		(0.40	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.15	)		(0.67	)		(0.30	)		(0.30	)		(0.30	)		(0.29	)
Net asset value, end of period/year	$	9.00		$	10.00		$	10.59		$	10.26		$	9.49		$	9.97
Total return		(8.56	)%(B)		0.77	%		6.21	%		11.40	%		(1.84	)%		1.11	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	960,480		$	872,367		$	840,711		$	1,115,330		$	1,172,281		$	1,309,829
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.49	%(C)		0.49	%		0.48	%		0.47	%		0.46	%		0.49	%
Including waiver and/or reimbursement and recapture		0.49	%(C)		0.49	%		0.48	%		0.47	%		0.46	%(D)		0.49	%(D)
Net investment income (loss) to average net assets		2.15	%(C)		2.34	%		2.66	%		2.83	%		2.85	%		2.60	%
Portfolio turnover rate		18	%(B)		27	%		23	%		13	%		28	%		29	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	13.02		$	10.60		$	13.04		$	15.42		$	17.02		$	15.60
Investment operations:
Net investment income (loss) (A)		0.05			0.07			0.13			0.14			0.20			0.14
Net realized and unrealized gain (loss)		(0.30	)		4.44			(1.36	)		0.85			(0.17	)(B)		2.44
Total investment operations		(0.25	)		4.51			(1.23	)		0.99			0.03			2.58
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.14	)		(0.16	)		(0.23	)		(0.16	)		(0.15	)
Net realized gains		(2.05	)		(1.95	)		(1.05	)		(3.14	)		(1.47	)		(1.01	)
Total dividends and/or distributions to shareholders		(2.14	)		(2.09	)		(1.21	)		(3.37	)		(1.63	)		(1.16	)
Net asset value, end of period/year	$	10.63		$	13.02		$	10.60		$	13.04		$	15.42		$	17.02
Total return		(2.22	)%(C)		47.96	%		(10.81	)%		10.78	%		(0.17	)%		17.08	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	82,272		$	119,637		$	91,200		$	139,235		$	152,116		$	215,915
Expenses to average net assets		0.95	%(D)		0.94	%		0.94	%		0.91	%		0.91	%		0.89	%
Net investment income (loss) to average net assets		0.88	%(D)		0.57	%		1.19	%		1.10	%		1.25	%		0.84	%
Portfolio turnover rate		8	%(C)		25	%		19	%		9	%		19	%		11	%

(A)	Calculated based on average number of shares outstanding.
(B)	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.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Semi-Annual Report 2022

Page    51

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Total Return
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.25		$	11.00		$	10.60		$	9.84		$	10.28		$	10.43
Investment operations:
Net investment income (loss) (A)		0.10			0.21			0.26			0.29			0.23			0.22
Net realized and unrealized gain (loss)		(1.11	)		(0.19	)		0.41			0.73			(0.47	)		0.06
Total investment operations		(1.01	)		0.02			0.67			1.02			(0.24	)		0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.21	)		(0.19	)		(0.26	)		(0.20	)		(0.16	)
Net realized gains		—			(0.56	)		(0.08	)		—			—			(0.27	)
Total dividends and/or distributions to shareholders		(0.13	)		(0.77	)		(0.27	)		(0.26	)		(0.20	)		(0.43	)
Net asset value, end of period/year	$	9.11		$	10.25		$	11.00		$	10.60		$	9.84		$	10.28
Total return		(9.76	)%(B)		0.08	%		6.50	%		10.50	%		(2.34	)%		2.87	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	544,170		$	650,244		$	641,908		$	630,470		$	746,042		$	625,067
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%(C)		0.72	%		0.75	%		0.75	%		0.78	%		0.76	%
Including waiver and/or reimbursement and recapture		0.68	%(C)		0.68	%		0.68	%		0.71	%(D)		0.75	%		0.76	%
Net investment income (loss) to average net assets		2.09	%(C)		1.97	%		2.45	%		2.87	%		2.31	%		2.13	%
Portfolio turnover rate (E)		18	%(B)		29	%		29	%		32	%		38	%		84	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Annualized.
(D)	Includes extraordinary expenses outside the operating expense limit.
(E)	Excludes sale-buyback transactions.

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

Transamerica Funds Semi-Annual Report 2022

Page    52

NOTES TO FINANCIAL STATEMENTS

At April 30, 2022

(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 covered by this report (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are as follows:

Fund

Transamerica Core Bond (“Core Bond”)

Transamerica Mid Cap Value (“Mid Cap Value”)

Transamerica Total Return (“Total Return”)

This report must be accompanied or preceded by each Fund’s 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 has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of 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 2022

Page    53

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. 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, 2022, 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	$	847

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 2022

Page    54

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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 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, 2022, 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.

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

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.

Transamerica Funds Semi-Annual Report 2022

Page    55

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

3. INVESTMENT VALUATION (continued)

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.

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.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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.

Transamerica Funds Semi-Annual Report 2022

Page    56

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

4. SECURITIES AND OTHER INVESTMENTS (continued)

PIKs held at April 30, 2022, if any, are identified within the Schedule of Investments.

Real estate investment trusts (“REITs”): 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, 2022, if any, are identified within the Schedule of Investments.

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

Restricted securities held at April 30, 2022, 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, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or

Transamerica Funds Semi-Annual Report 2022

Page    57

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

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

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which 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, 2022, 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, 2022.

Repurchase agreements at April 30, 2022, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Sale-buyback: The Funds may enter into sale-buyback financing transactions. The Funds account for sale-buyback financing transactions as borrowing transactions and realize gains and losses on these transactions at the end of the roll period. Sale-buyback financing transactions involve sales by the Funds of securities and simultaneously contracts to repurchase the same or substantially similar securities at an agreed upon price and date.

The Funds forgo principal and interest paid during the roll period on the securities sold in a sale-buyback financing transaction. The Funds are compensated by the difference between the current sales price and the price for the future purchase (often referred to as the “price drop”), as well as by any interest earned on the proceeds of the securities sold. Sale-buyback financing transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Sale-buyback financing transactions expose the Funds to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds, the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price. The Funds’ obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Funds’ forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Funds’ portfolio turnover rates. The Funds recognize price drop fee income on a straight line basis over the period of the roll. For the period ended April 30, 2022, Total Return earned price drop fee income of $126. 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, 2022, 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

Transamerica Funds Semi-Annual Report 2022

Page    58

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

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. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Each applicable 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, 2022, 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.

Open short sale transactions at April 30, 2022, 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, 2022. Funds not listed in the subsequent table did not have secured borrowing transactions.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Core Bond
Securities Lending Transactions
Corporate Debt Securities	$	3,341,156	$	—	$	—	$	—	$	3,341,156
Foreign Government Obligations		190,926		—		—		—		190,926
U.S. Government Obligations		26,088,003		—		—		—		26,088,003
Total Securities Lending Transactions	$	29,620,085	$	—	$	—	$	—	$	29,620,085
Total Borrowings	$	29,620,085	$	—	$	—	$	—	$	29,620,085
Total Return
Securities Lending Transactions
Corporate Debt Securities	$	4,838,777	$	—	$	—	$	—	$	4,838,777
U.S. Government Obligations		3,729,021		—		—		—		3,729,021
Total Securities Lending Transactions	$	8,567,798	$	—	$	—	$	—	$	8,567,798
Total Borrowings	$	8,567,798	$	—	$	—	$	—	$	8,567,798

Transamerica Funds Semi-Annual Report 2022

Page    59

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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 strategies, 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 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.

Interest rate swaptions: The Funds may purchase or write interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Funds pay premiums, which are included within the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Funds write a covered call or put option, the premium received is recorded as a liability within the Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to

Transamerica Funds Semi-Annual Report 2022

Page    60

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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

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, 2022, 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 Funds, 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.

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

Transamerica Funds Semi-Annual Report 2022

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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

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, 2022, 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, 2022, 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. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statements of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statements of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at April 30, 2022, 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, 2022. 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
Total Return
Centrally cleared swaps:
Total distributable earnings (accumulated losses) (A) (B)	$	3,813,744	$	—	$	—	$	1,039,981	$	—	$	4,853,725
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		3,560,838		—		—		—		—		3,560,838
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		4,318,949		—		—		—		4,318,949
Total	$	7,374,582	$	4,318,949	$	—	$	1,039,981	$	—	$	12,733,512

Transamerica Funds Semi-Annual Report 2022

Page    62

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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
Total Return
Written options and swaptions:
Written options and swaptions, at value	$	(1,428,338	)	$	(270,900	)	$	—	$	—		$	—	$	(1,699,238	)
Centrally cleared swaps:
Total distributable earnings (accumulated losses) (A) (B)		(5,922,796	)		—			—		(87,908	)		—		(6,010,704	)
OTC swaps:
OTC swap agreements, at value		—			—			—		(423,949	)		—		(423,949	)
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		(3,838,712	)		—			—		—			—		(3,838,712	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(1,975,648	)		—		—			—		(1,975,648	)
Total	$	(11,189,846	)	$	(2,246,548	)	$	—	$	(511,857	)	$	—	$	(13,948,251	)

(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.

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, 2022.

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts			Commodity Contracts		Total
Total Return
Written options and swaptions	$	93,200		$	—		$	—	$	—		$	—	$	93,200
Swap agreements		1,588,160			—			—		222,014			—		1,810,174
Futures contracts		(8,441,061	)		—			—		—			—		(8,441,061	)
Forward foreign currency contracts		—			(2,448,592	)		—		—			—		(2,448,592	)
Total	$	(6,759,701	)	$	(2,448,592	)	$	—	$	222,014		$	—	$	(8,986,279	)
Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts			Commodity Contracts		Total
Total Return
Purchased options and swaptions (A)	$	79,990		$	—		$	—	$	—		$	—	$	79,990
Written options and swaptions		(1,019,200	)		(104,037	)		—		—			—		(1,123,237	)
Swap agreements		(2,604,375	)		—			—		(782,101	)		—		(3,386,476	)
Futures contracts		1,685,067			—			—		—			—		1,685,067
Forward foreign currency contracts		—			1,311,032			—		—			—		1,311,032
Total	$	(1,858,518	)	$	1,206,995		$	—	$	(782,101	)	$	—	$	(1,433,624	)

(A) Included within Net change in unrealized appreciation (depreciation) on Investments in the Statements of Operations.

Transamerica Funds Semi-Annual Report 2022

Page    63

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2022.

	Total Return
Options:
Average notional value of swaption contracts purchased	$	1,925,272
Average value of option contracts written		(111,023	)
Average notional value of swaption contracts written		(103,994,316	)
Credit default swaps:
Average notional value – buy protection		1,600,000
Average notional value – sell protection		52,233,633
Interest rate swaps:
Average notional value – pays fixed rate		42,500,987
Average notional value – receives fixed rate		94,389,220
Futures contracts:
Average notional value of contracts – long		133,666,315
Average notional value of contracts – short		(30,082,962	)
Forward foreign currency exchange contracts:
Average contract amounts purchased – in USD		43,222,542
Average contract amounts sold – in USD		130,206,515

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.

Transamerica Funds Semi-Annual Report 2022

Page    64

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

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

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, 2022. 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 Receivable		Gross Amounts of Liabilities Presented within Statements of Assets and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities						Net Payable
Counterparty			Financial Instruments			Collateral Received (B)							Financial Instruments			Collateral Pledged (B)
	Assets										Liabilities
Total Return
Bank of America, N.A.	$	3,165,516	$	(327,490	)	$	(2,838,026	)	$	—	$	327,490	$	(327,490	)	$	—		$	—
Barclays Bank PLC		—		—			—			—		61,269		—			—			61,269
BNP Paribas		41,536		(41,536	)		—			—		167,632		(41,536	)		—			126,096
Citibank, N.A.		98,435		(98,435	)		—			—		144,330		(98,435	)		—			45,895
Deutsche Bank AG		114,907		—			—			114,907		—		—			—			—
Goldman Sachs Bank		322,393		(322,393	)		—			—		1,298,359		(322,393	)		—			975,966
Goldman Sachs International		—		—			—			—		16,583		—			—			16,583
HSBC Bank USA		437,032		(437,032	)		—			—		1,076,874		(437,032	)		—			639,842
JPMorgan Chase Bank, N.A.		48,377		(48,377	)		—			—		466,654		(48,377	)		—			418,277
Morgan Stanley & Co., Inc.		—		—			—			—		208,613		—			(208,613	)		—
Standard Chartered Bank		31,636		—			—			31,636		—		—			—			—
UBS AG		59,117		(59,117	)		—			—		60,131		(59,117	)		—			1,014
Other Derivatives (C)		8,414,563		—			—			8,414,563		10,120,316		—			—			10,120,316
Total	$	12,733,512	$	(1,334,380	)	$	(2,838,026	)	$	8,561,106	$	13,948,251	$	(1,334,380	)	$	(208,613	)	$	12,405,258

(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.

Market risk: The market prices of a Fund’s securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of a Fund’s securities and assets fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars,

Transamerica Funds Semi-Annual Report 2022

Page    65

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

7. RISK FACTORS (continued)

terrorism, cybersecurity events, 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. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. 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 go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a Fund’s securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of a Fund’s investments.

Europe. A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through “Brexit,” the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom’s economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund’s investments.

Additional Market Disruption. Russia’s invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia’s military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not a Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of a Fund’s investments.

Equity securities risk: Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company’s financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by a Fund fall, the value of your investment in a

Transamerica Funds Semi-Annual Report 2022

Page    66

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

7. RISK FACTORS (continued)

Fund will decline. A Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

Fixed income securities risk: Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, 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 falls, the value of your investment will go down. A Fund may lose its entire investment in the fixed-income securities of an issuer.

Interest rate risk: Interest rates in the U.S. and certain foreign markets have been low relative to historic levels. A Fund faces a risk that interest rates may rise. The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of a Fund’s investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from a Fund. Increased redemptions could cause a Fund to sell securities at inopportune times or depressed prices and result in further losses.

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”). The UK Financial Conduct Authority and LIBOR’s administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on a Fund, issuers of instruments in which a Fund invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on a Fund or a Fund’s investments cannot yet be determined.

Medium capitalization companies risk: A Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger 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 Life Insurance Company (“TLIC”) and AUSA Holding, LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund 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 pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statements of Operations.

As of April 30, 2022, 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	$	902,563,418		93.97	%
Mid Cap Value		76,085,122		92.48
Total Return		463,687,457		85.21

Transamerica Funds Semi-Annual Report 2022

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NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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

Each Fund pays a management fee to TAM based on daily average net assets 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
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

Fund	Rate
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 average net assets. 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		0.54	%		March 1, 2023
Mid Cap Value
Effective March 1, 2022		1.00			March 1, 2023
Prior to March 1, 2022		1.05
Total Return		0.68			March 1, 2023

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 year ended October 31, 2021 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 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 voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended April 30, 2022, the balances available for recapture by TAM for each Fund are as follows. Funds and/or classes not listed in the subsequent table do not have balances available for recapture by TAM during the period.

	Amounts Available
Fund	2019 (A)	2020	2021	2022	Total
Total Return	$  181,304	$  406,410	$  290,914	$  143,961	$  1,022,589

(A) For the six-month period of May 1, 2019 through October 31, 2019.

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on assets, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and

Transamerica Funds Semi-Annual Report 2022

Page    68

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Funds’ Prospectuses and Statement of Additional Information for a more complete discussion on transfer agent fees.

Deferred compensation plan: Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. 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 each series of 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, 2022, 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, 2022.

9. PURCHASES AND SALES OF SECURITIES

For the period ended April 30, 2022, 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	$	126,201,834	$	256,200,525	$	62,995,315	$	92,736,851
Mid Cap Value		8,032,626		—		44,140,902		—
Total Return		86,815,426		12,131,276		51,290,424		74,213,130

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, 2022, 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	$	1,057,035,742	$	2,396,730	$	(69,108,554	)	$	(66,711,824	)
Mid Cap Value		49,868,268		33,506,880		(1,146,953	)		32,359,927
Total Return		851,928,912		18,054,001		(55,276,821	)		(37,222,820	)

11. NEW ACCOUNTING PRONOUNCEMENT

In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural

Transamerica Funds Semi-Annual Report 2022

Page    69

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

11. NEW ACCOUNTING PRONOUNCEMENT (continued)

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 ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

12. SUBSEQUENT EVENT

The Board has approved the liquidation of Core Bond and Total Return effective on or about September 30, 2022.

Transamerica Funds Semi-Annual Report 2022

Page    70

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 9-10, 2022 (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 during the 2021 reporting period, and assessed the Program’s adequacy and effectiveness, including the operation of the Funds’ Highly Liquid Investment Minimum (“HLIM”) as applicable, and material changes to the Program (the “Report”). The Report covered the period from January 1, 2021, through December 31, 2021 (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 three material changes to the classification methodology during the Program Reporting Period. The Report reviewed the changes and why the Committee believes the changes are 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 (a) complied with the key factors for consideration under the Liquidity Rule for monitoring the adequacy and effectiveness of the Program and (b) 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 2022

Page    71

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) on the Transamerica Funds website at https://www.transamerica.com/sites/default/files/files/e070d/TF%20NPX%202021.pdf; 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 provide 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. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, 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 2022

Page    72

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 2022

Page    73

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

2171305 04/22

© 2022 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

SEMI-ANNUAL REPORT

APRIL 30, 2022

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	6
Transamerica ClearTrack® 2020	8
Transamerica ClearTrack® 2025	10
Transamerica ClearTrack® 2030	12
Transamerica ClearTrack® 2035	14
Transamerica ClearTrack® 2040	16
Transamerica ClearTrack® 2045	18
Transamerica ClearTrack® 2050	20
Transamerica ClearTrack® 2055	22
Transamerica ClearTrack® 2060	24
Transamerica ClearTrack® Retirement Income	26
Statements of Assets and Liabilities	28
Statements of Operations	31
Statements of Changes in Net Assets	34
Financial Highlights	38
Notes to Financial Statements	55
Liquidity Risk Management Program	65
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	66
Notice of Privacy Policy	67

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 2022

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 provided to you with information about the investments of your Fund(s). The Securities and Exchange Commission currently requires that annual and semi-annual reports be provided to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the six-month period ended April 30, 2022.

We believe it is important to understand market conditions over the last six months to provide context for reading this report. The period began on November 1, 2021, with the S&P 500^® Index at all-time highs driven by strong corporate earnings growth and continuing accommodative monetary policy from the Federal Reserve (“Fed”). While inflation had begun an upward trend it was still considered by many to be temporary and manageable, particularly as the year finished with the highest annualized U.S. gross domestic product growth rate in more than three decades. Against this backdrop stocks continued to rise into the calendar year’s close.

Stocks quickly headed into correction mode as the new year began and the Omicron variant of the COVID-19 pandemic created an exponential rise in case trends. Inflation continued to rise and after reaching levels not seen in more than 40 years, it became apparent the Fed would need to raise rates faster and higher than most had previously anticipated. In late February 2022, Russia invaded Ukraine creating a humanitarian crisis and geo-political concerns further exacerbating inflation and global market uncertainties. In March 2022, the Fed raised rates for the first time since 2018 and clearly signaled more rate hikes would soon follow.

By April, the year-over-year increase in the Consumer Price Index (“CPI”), a measure of inflation, was exceeding 8% and longer-term interest rates rose accordingly with the 10-year U.S. Treasury bond yield surpassing 2.90%, representing its highest rate in more than three years. Credit spreads also widened considerably, and as the period concluded yields for both investment grade and high yield bonds had reached their highest points since the initial months of the pandemic.

While U.S. COVID rates had dropped precipitously from earlier in the year, they remained elevated globally and China evoked widespread lockdowns spurring growth concerns in Asia and throughout emerging market regions. This contributed to further bottlenecks of global supply chains, already operating under historically constrained conditions and spurring global growth concerns. Major international stock indexes such as MSCI EAFE and MSCI Emerging Markets also suffered declines for the period.

While the reporting period ended with negative returns for both stocks and bonds, we continue to believe in the benefits of long-term investing and asset class diversification. Markets have historically not only displayed resilience, even amidst challenging market environments such as this past one, but also the ability to quickly discount future improving conditions as they appear evident.

For the six-month period ended April 30, 2022, the S&P 500^® Index returned -9.65%, while the MSCI EAFE Index, representing international developed market equities, returned -11.80%. During the same period, the Bloomberg U.S. Aggregate Bond Index returned -9.47%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial 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 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^® Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

The views expressed in this report reflect those of Transamerica Asset Management only and may not necessarily represent the views of Transamerica Funds. These views are as of the date of this report and 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 Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and it is not possible to 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, 2021, and held for the entire six-month period until April 30, 2022.

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, 2021		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica ClearTrack® 2015
Class R1	$	1,000.00	$	900.80	$	4.24	$	1,020.30	$	4.51		0.90	%
Class R3		1,000.00		902.40		3.07		1,021.60		3.26		0.65
Class R6		1,000.00		903.70		1.18		1,023.60		1.25		0.25
Transamerica ClearTrack® 2020
Class R1		1,000.00		899.50		4.24		1,020.30		4.51		0.90
Class R3		1,000.00		900.90		3.06		1,021.60		3.26		0.65
Class R6		1,000.00		901.90		1.18		1,023.60		1.25		0.25
Transamerica ClearTrack® 2025
Class R1		1,000.00		894.60		4.18		1,020.40		4.46		0.89
Class R3		1,000.00		895.10		3.01		1,021.60		3.21		0.64
Class R6		1,000.00		897.10		1.13		1,023.60		1.20		0.24
Transamerica ClearTrack® 2030
Class R1		1,000.00		887.80		4.12		1,020.40		4.41		0.88
Class R3		1,000.00		889.30		2.95		1,021.70		3.16		0.63
Class R6		1,000.00		890.60		1.08		1,023.70		1.15		0.23
Transamerica ClearTrack® 2035
Class R1		1,000.00		881.60		4.11		1,020.40		4.41		0.88
Class R3		1,000.00		882.40		2.94		1,021.70		3.16		0.63
Class R6		1,000.00		884.00		1.07		1,023.70		1.15		0.23
Transamerica ClearTrack® 2040
Class R1		1,000.00		877.10		4.10		1,020.40		4.41		0.88
Class R3		1,000.00		878.40		2.93		1,021.70		3.16		0.63
Class R6		1,000.00		880.00		1.07		1,023.70		1.15		0.23

Transamerica Funds Semi-Annual Report 2022

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Ending Account Value April 30, 2022		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica ClearTrack® 2045
Class R1	$	1,000.00	$	872.20	$	4.04	$	1,020.50	$	4.36		0.87	%
Class R3		1,000.00		873.40		2.88		1,021.70		3.11		0.62
Class R6		1,000.00		874.90		1.02		1,023.70		1.10		0.22
Transamerica ClearTrack® 2050
Class R1		1,000.00		870.30		3.99		1,020.50		4.31		0.86
Class R3		1,000.00		871.50		2.83		1,021.80		3.06		0.61
Class R6		1,000.00		873.20		0.98		1,023.80		1.05		0.21
Transamerica ClearTrack® 2055
Class R1		1,000.00		868.00		3.98		1,020.50		4.31		0.86
Class R3		1,000.00		867.80		2.82		1,021.80		3.06		0.61
Class R6		1,000.00		870.20		0.97		1,023.80		1.05		0.21
Transamerica ClearTrack® 2060
Class R1		1,000.00		868.50		3.98		1,020.50		4.31		0.86
Class R3		1,000.00		869.80		2.83		1,021.80		3.06		0.61
Class R6		1,000.00		871.50		0.97		1,023.80		1.05		0.21
Transamerica ClearTrack® Retirement Income
Class R1		1,000.00		903.90		4.25		1,020.30		4.51		0.90
Class R3		1,000.00		904.60		3.07		1,021.60		3.26		0.65
Class R6		1,000.00		906.80		1.18		1,023.60		1.25		0.25

(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 (181 days), and divided by the number of days in the year (365 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 2022

Page    3

Schedules of Investments Composition

At April 30, 2022

(unaudited)

Transamerica ClearTrack® 2015
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		54.7	%
U.S. Equity Fund		24.7
International Equity Funds		14.8
Other Investment Company		8.0
International Fixed Income Fund		5.2
Repurchase Agreement		0.9
Net Other Assets (Liabilities)		(8.3	)
Total		100.0	%
Transamerica ClearTrack® 2020
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		54.7	%
U.S. Equity Fund		25.0
International Equity Funds		14.8
International Fixed Income Fund		5.1
Repurchase Agreement		0.8
Other Investment Company		0.3
Net Other Assets (Liabilities)		(0.7	)
Total		100.0	%
Transamerica ClearTrack® 2025
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		47.0	%
U.S. Equity Fund		28.7
International Equity Funds		18.6
International Fixed Income Fund		4.8
Other Investment Company		1.2
Repurchase Agreement		0.9
Net Other Assets (Liabilities)		(1.2	)
Total		100.0	%
Transamerica ClearTrack® 2030
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		36.1	%
U.S. Equity Funds		35.5
International Equity Funds		23.4
International Fixed Income Fund		4.0
Repurchase Agreement		0.7
Net Other Assets (Liabilities)		0.3
Total		100.0	%
Transamerica ClearTrack® 2035
Asset Allocation	Percentage of Net Assets
U.S. Equity Fund		42.1	%
International Equity Funds		27.9
U.S. Fixed Income Funds		25.7
International Fixed Income Fund		3.3
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%

Transamerica ClearTrack® 2040
Asset Allocation	Percentage of Net Assets
U.S. Equity Fund		48.9	%
International Equity Funds		32.6
U.S. Fixed Income Funds		15.5
International Fixed Income Fund		2.0
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%
Transamerica ClearTrack® 2045
Asset Allocation	Percentage of Net Assets
U.S. Equity Fund		52.8	%
International Equity Funds		36.2
U.S. Fixed Income Funds		9.1
Other Investment Company		2.3
International Fixed Income Fund		1.0
Repurchase Agreement		0.9
Net Other Assets (Liabilities)		(2.3	)
Total		100.0	%
Transamerica ClearTrack® 2050
Asset Allocation	Percentage of Net Assets
U.S. Equity Fund		54.4	%
International Equity Funds		37.0
U.S. Fixed Income Funds		6.6
Other Investment Company		2.1
International Fixed Income Fund		1.0
Repurchase Agreement		0.6
Net Other Assets (Liabilities)		(1.7	)
Total		100.0	%
Transamerica ClearTrack® 2055
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		55.0	%
International Equity Funds		38.6
U.S. Fixed Income Funds		6.0
Other Investment Company		0.2
Net Other Assets (Liabilities)		0.2
Total		100.0	%
Transamerica ClearTrack® 2060
Asset Allocation	Percentage of Net Assets
U.S. Equity Fund		54.8	%
International Equity Funds		38.6
U.S. Fixed Income Funds		6.2
Other Investment Company		0.0	*
Net Other Assets (Liabilities)		0.4
Total		100.0	%

Transamerica Funds Semi-Annual Report 2022

Page    4

Schedules of Investments Composition (continued)

At April 30, 2022

(unaudited)

Transamerica ClearTrack® Retirement Income
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		55.1	%
U.S. Equity Fund		25.0
International Equity Funds		14.8
Other Investment Company		5.4
International Fixed Income Fund		5.0
Repurchase Agreement		1.1
Net Other Assets (Liabilities)		(6.4	)
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 2022

Page    5

Transamerica ClearTrack^® 2015

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 45.9%
International Equity Funds - 9.9%
iShares Core MSCI EAFE ETF		28,487		$1,846,242
iShares Core MSCI Emerging Markets ETF		5,862		306,290
iShares Global REIT ETF		32,788		908,228
				3,060,760
U.S. Equity Fund - 12.1%
iShares Core S&P 500 ETF		9,085		3,759,721
U.S. Fixed Income Funds - 23.9%
iShares 0-5 Year TIPS Bond ETF (A)		28,202		2,939,776
iShares Core U.S. Aggregate Bond ETF		43,403		4,464,867
				7,404,643
Total Exchange-Traded Funds (Cost $15,305,444)				14,225,124
INVESTMENT COMPANIES - 53.5%
International Equity Funds - 4.9%
Transamerica Emerging Markets Opportunities (B)		36,778		305,626
Transamerica International Focus (B)		73,482		592,998
Transamerica International Stock (B)		62,834		625,195
				1,523,819
International Fixed Income Fund - 5.2%
Transamerica Emerging Markets Debt (B)		175,633		1,600,012
U.S. Equity Funds - 12.6%
Transamerica Large Cap Value (B)		102,591		1,341,891
Transamerica Large Growth (B)		100,893		1,057,358
Transamerica Mid Cap Growth (B)		53,103		403,048
Transamerica Mid Cap Value Opportunities (B)		44,933		526,171
Transamerica Small Cap Growth (B)		41,221		263,401
Transamerica Small Cap Value (B)		47,518		329,297
				3,921,166

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 30.8%
Transamerica Bond (B)		852,587		$ 7,298,147
Transamerica High Yield Bond (B)		268,974		2,256,690
				9,554,837
Total Investment Companies (Cost $19,742,381)				16,599,834
OTHER INVESTMENT COMPANY - 8.0%
Securities Lending Collateral - 8.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		2,486,349		2,486,349
Total Other Investment Company (Cost $2,486,349)				2,486,349
	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $266,328 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $271,677.		$266,328		266,328
Total Repurchase Agreement (Cost $266,328)				266,328
Total Investments (Cost $37,800,502)				33,577,635
Net Other Assets (Liabilities) - (8.3)%				(2,562,943	)
Net Assets - 100.0%				$31,014,692

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	14,225,124	$	—	$	—	$	14,225,124
Investment Companies		16,599,834		—		—		16,599,834
Other Investment Company		2,486,349		—		—		2,486,349
Repurchase Agreement		—		266,328		—		266,328
Total Investments	$	33,311,307	$	266,328	$	—	$	33,577,635

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of the security is on loan. The value of the security on loan is $2,433,587, collateralized by cash collateral of $2,486,349. 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 2022

Page    6

Transamerica ClearTrack^® 2015

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(B) Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	8,509,373	$	(397,095	)	$	(14,019	)	$	(800,112	)	$	7,298,147		852,587	$	83,488	$	42,252
Transamerica Emerging Markets Debt		—		1,871,577		(37,848	)		(1,473	)		(232,244	)		1,600,012		175,633		41,657		—
Transamerica Emerging Markets Opportunities		—		417,804		(12,871	)		(1,686	)		(97,621	)		305,626		36,778		25,688		9,271
Transamerica High Yield Bond		—		2,541,015		(67,988	)		(1,412	)		(214,925	)		2,256,690		268,974		45,126		—
Transamerica International Focus		—		772,906		(37,137	)		(2,583	)		(140,188	)		592,998		73,482		21,025		20,913
Transamerica International Stock		—		765,092		(37,137	)		(2,470	)		(100,290	)		625,195		62,834		22,141		36,983
Transamerica Large Cap Value		—		1,548,413		(97,659	)		(979	)		(107,884	)		1,341,891		102,591		33,231		—
Transamerica Large Growth		—		1,927,953		(71,413	)		(38,668	)		(760,514	)		1,057,358		100,893		25,041		270,287
Transamerica Mid Cap Growth		—		703,623		(11,257	)		(7,239	)		(282,079	)		403,048		53,103		56,979		107,168
Transamerica Mid Cap Value Opportunities		—		653,789		(11,354	)		(2,908	)		(113,356	)		526,171		44,933		46,869		72,443
Transamerica Small Cap Growth		—		394,784		(7,570	)		(1,849	)		(121,964	)		263,401		41,221		6,617		30,182
Transamerica Small Cap Value		—		514,442		(7,570	)		(6,205	)		(171,370	)		329,297		47,518		107,166		49,291
Total	$	—	$	20,620,771	$	(796,899	)	$	(81,491	)	$	(3,142,547	)	$	16,599,834		1,860,547	$	515,028	$	638,790

(C)	Rates disclosed reflect the yields at April 30, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    7

Transamerica ClearTrack^® 2020

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 45.8%
International Equity Funds - 10.0%
iShares Core MSCI EAFE ETF		29,560		$1,915,784
iShares Core MSCI Emerging Markets ETF		5,720		298,870
iShares Global REIT ETF		34,809		964,209
				3,178,863
U.S. Equity Fund - 12.1%
iShares Core S&P 500 ETF		9,349		3,868,975
U.S. Fixed Income Funds - 23.7%
iShares 0-5 Year TIPS Bond ETF (A)		28,941		3,016,810
iShares Core U.S. Aggregate Bond ETF		44,044		4,530,806
				7,547,616
Total Exchange-Traded Funds (Cost $16,161,201)				14,595,454
INVESTMENT COMPANIES - 53.8%
International Equity Funds - 4.8%
Transamerica Emerging Markets Opportunities (B)		35,431		294,431
Transamerica International Focus (B)		75,914		612,623
Transamerica International Stock (B)		63,783		634,640
				1,541,694
International Fixed Income Fund - 5.1%
Transamerica Emerging Markets Debt (B)		177,552		1,617,496
U.S. Equity Funds - 12.9%
Transamerica Large Cap Value (B)		104,470		1,366,462
Transamerica Large Growth (B)		116,236		1,218,153
Transamerica Mid Cap Growth (B)		56,236		426,831
Transamerica Mid Cap Value Opportunities (B)		41,793		489,393
Transamerica Small Cap Growth (B)		43,666		279,026
Transamerica Small Cap Value (B)		44,913		311,248
				4,091,113

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 31.0%
Transamerica Bond (B)		883,495		$ 7,562,718
Transamerica High Yield Bond (B)		276,178		2,317,134
				9,879,852
Total Investment Companies (Cost $20,374,047)				17,130,155
OTHER INVESTMENT COMPANY - 0.3%
Securities Lending Collateral - 0.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		85,200		85,200
Total Other Investment Company (Cost $85,200)				85,200
	Principal		Value
REPURCHASE AGREEMENT - 0.8%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $261,521 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $266,756.		$261,521		261,521
Total Repurchase Agreement (Cost $261,521)				261,521
Total Investments (Cost $36,881,969)				32,072,330
Net Other Assets (Liabilities) - (0.7)%				(225,588	)
Net Assets - 100.0%				$31,846,742

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	14,595,454	$	—	$	—	$	14,595,454
Investment Companies		17,130,155		—		—		17,130,155
Other Investment Company		85,200		—		—		85,200
Repurchase Agreement		—		261,521		—		261,521
Total Investments	$	31,810,809	$	261,521	$	—	$	32,072,330

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of the security is on loan. The value of the security on loan is $83,392, collateralized by cash collateral of $85,200. 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 2022

Page    8

Transamerica ClearTrack^® 2020

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(B) Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	8,910,213	$	(482,541	)	$	(18,634	)	$	(846,320	)	$	7,562,718		883,495	$	88,490	$	44,236
Transamerica Emerging Markets Debt		—		1,929,085		(66,254	)		(4,635	)		(240,700	)		1,617,496		177,552		43,697		—
Transamerica Emerging Markets Opportunities		—		411,859		(12,528	)		(1,927	)		(102,973	)		294,431		35,431		26,841		9,687
Transamerica High Yield Bond		—		2,676,791		(133,756	)		(3,799	)		(222,102	)		2,317,134		276,178		47,247		—
Transamerica International Focus		—		800,155		(35,943	)		(3,362	)		(148,227	)		612,623		75,914		21,968		21,852
Transamerica International Stock		—		818,113		(75,943	)		(6,555	)		(100,975	)		634,640		63,783		23,134		38,644
Transamerica Large Cap Value		—		1,658,680		(180,322	)		(2,209	)		(109,687	)		1,366,462		104,470		34,615		—
Transamerica Large Growth		—		2,193,255		(110,325	)		(63,300	)		(801,477	)		1,218,153		116,236		26,228		283,112
Transamerica Mid Cap Growth		—		739,507		(9,376	)		(6,460	)		(296,840	)		426,831		56,236		59,489		111,889
Transamerica Mid Cap Value Opportunities		—		693,851		(84,376	)		(20,466	)		(99,616	)		489,393		41,793		49,393		76,342
Transamerica Small Cap Growth		—		415,506		(6,251	)		(1,788	)		(128,441	)		279,026		43,666		6,910		31,518
Transamerica Small Cap Value		—		540,460		(46,251	)		(36,427	)		(146,534	)		311,248		44,913		111,909		51,473
Total	$	—	$	21,787,475	$	(1,243,866	)	$	(169,562	)	$	(3,243,892	)	$	17,130,155		1,919,667	$	539,921	$	668,753

(C)	Rates disclosed reflect the yields at April 30, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    9

Transamerica ClearTrack^® 2025

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 46.5%
International Equity Funds - 12.3%
iShares Core MSCI EAFE ETF		56,582		$3,667,079
iShares Core MSCI Emerging Markets ETF		16,743		874,822
iShares Global REIT ETF		60,544		1,677,069
				6,218,970
U.S. Equity Fund - 14.4%
iShares Core S&P 500 ETF		17,644		7,301,764
U.S. Fixed Income Funds - 19.8%
iShares 0-5 Year TIPS Bond ETF (A)		33,502		3,492,248
iShares Core U.S. Aggregate Bond ETF		63,217		6,503,133
				9,995,381
Total Exchange-Traded Funds (Cost $26,220,526)				23,516,115
INVESTMENT COMPANIES - 52.6%
International Equity Funds - 6.3%
Transamerica Emerging Markets Opportunities (B)		83,344		692,592
Transamerica International Focus (B)		148,562		1,198,895
Transamerica International Stock (B)		127,811		1,271,721
				3,163,208
International Fixed Income Fund - 4.8%
Transamerica Emerging Markets Debt (B)		269,086		2,451,373
U.S. Equity Funds - 14.3%
Transamerica Large Cap Value (B)		189,884		2,483,681
Transamerica Large Growth (B)		212,138		2,223,208
Transamerica Mid Cap Growth (B)		89,032		675,751
Transamerica Mid Cap Value Opportunities (B)		61,907		724,936
Transamerica Small Cap Growth (B)		86,213		550,901
Transamerica Small Cap Value (B)		83,155		576,264
				7,234,741

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 27.2%
Transamerica Bond (B)		1,222,123		$ 10,461,373
Transamerica High Yield Bond (B)		395,602		3,319,100
				13,780,473
Total Investment Companies (Cost $31,956,037)				26,629,795
OTHER INVESTMENT COMPANY - 1.2%
Securities Lending Collateral - 1.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		610,778		610,778
Total Other Investment Company (Cost $610,778)				610,778
	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $440,466 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $449,347.		$440,466		440,466
Total Repurchase Agreement (Cost $440,466)				440,466
Total Investments (Cost $59,227,807)				51,197,154
Net Other Assets (Liabilities) - (1.2)%				(585,068	)
Net Assets - 100.0%				$50,612,086

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	23,516,115	$	—	$	—	$	23,516,115
Investment Companies		26,629,795		—		—		26,629,795
Other Investment Company		610,778		—		—		610,778
Repurchase Agreement		—		440,466		—		440,466
Total Investments	$	50,756,688	$	440,466	$	—	$	51,197,154

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of the security is on loan. The value of the security on loan is $597,816, collateralized by cash collateral of $610,778. 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 2022

Page    10

Transamerica ClearTrack^® 2025

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(B) Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	12,430,761	$	(772,365	)	$	(31,447	)	$	(1,165,576	)	$	10,461,373		1,222,123	$	122,308	$	61,671
Transamerica Emerging Markets Debt		—		2,918,180		(95,253	)		(5,418	)		(366,136	)		2,451,373		269,086		66,358		—
Transamerica Emerging Markets Opportunities		—		980,199		(36,970	)		(5,444	)		(245,193	)		692,592		83,344		64,396		23,240
Transamerica High Yield Bond		—		3,809,271		(167,754	)		(6,844	)		(315,573	)		3,319,100		395,602		67,926		—
Transamerica International Focus		—		1,577,962		(79,629	)		(6,268	)		(293,170	)		1,198,895		148,562		43,984		43,748
Transamerica International Stock		—		1,613,989		(129,629	)		(8,714	)		(203,925	)		1,271,721		127,811		46,344		77,414
Transamerica Large Cap Value		—		3,079,414		(397,882	)		799			(198,650	)		2,483,681		189,884		65,663		—
Transamerica Large Growth		—		4,094,344		(300,213	)		(160,672	)		(1,410,251	)		2,223,208		212,138		49,441		533,668
Transamerica Mid Cap Growth		—		1,178,936		(19,184	)		(12,494	)		(471,507	)		675,751		89,032		95,263		179,174
Transamerica Mid Cap Value Opportunities		—		1,105,869		(194,184	)		(42,819	)		(143,930	)		724,936		61,907		79,094		122,252
Transamerica Small Cap Growth		—		828,018		(15,987	)		(4,138	)		(256,992	)		550,901		86,213		13,800		62,949
Transamerica Small Cap Value		—		1,078,241		(140,987	)		(105,651	)		(255,339	)		576,264		83,155		223,961		103,011
Total	$	—	$	34,695,184	$	(2,350,037	)	$	(389,110	)	$	(5,326,242	)	$	26,629,795		2,968,857	$	938,538	$	1,207,127

(C)	Rates disclosed reflect the yields at April 30, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    11

Transamerica ClearTrack^® 2030

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 47.8%
International Equity Funds - 15.7%
iShares Core MSCI EAFE ETF		83,919		$5,438,790
iShares Core MSCI Emerging Markets ETF		23,490		1,227,353
iShares Global REIT ETF		70,558		1,954,457
				8,620,600
U.S. Equity Fund - 17.1%
iShares Core S&P 500 ETF		22,684		9,387,509
U.S. Fixed Income Funds - 15.0%
iShares 0-5 Year TIPS Bond ETF		28,283		2,948,220
iShares Core U.S. Aggregate Bond ETF		51,470		5,294,719
				8,242,939
Total Exchange-Traded Funds (Cost $28,890,636)				26,251,048
INVESTMENT COMPANIES - 51.2%
International Equity Funds - 7.7%
Transamerica Emerging Markets Opportunities (A)		106,624		886,046
Transamerica International Focus (A)		197,617		1,594,766
Transamerica International Stock (A)		175,775		1,748,960
				4,229,772
International Fixed Income Fund - 4.0%
Transamerica Emerging Markets Debt (A)		244,867		2,230,737
U.S. Equity Funds - 18.4%
Transamerica Large Cap Value (A)		267,526		3,499,235
Transamerica Large Growth (A)		261,957		2,745,309
Transamerica Mid Cap Growth (A)		128,072		972,068

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value Opportunities (A)		108,929		$ 1,275,554
Transamerica Small Cap Growth (A)		111,756		714,118
Transamerica Small Cap Value (A)		128,871		893,077
				10,099,361
U.S. Fixed Income Funds - 21.1%
Transamerica Bond (A)		977,852		8,370,417
Transamerica High Yield Bond (A)		385,585		3,235,058
				11,605,475
Total Investment Companies (Cost $34,789,477)				28,165,345
	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.00% (B), dated 04/29/2022, to be repurchased at $380,862 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.50%, due 11/30/2028, and with a value of $388,548.		$380,862		380,862
Total Repurchase Agreement (Cost $380,862)				380,862
Total Investments (Cost $64,060,975)				54,797,255
Net Other Assets (Liabilities) - 0.3%				168,300
Net Assets - 100.0%				$54,965,555

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	$	26,251,048	$	—	$	—	$	26,251,048
Investment Companies		28,165,345		—		—		28,165,345
Repurchase Agreement		—		380,862		—		380,862
Total Investments	$	54,416,393	$	380,862	$	—	$	54,797,255

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

Transamerica Funds Semi-Annual Report 2022

Page    12

Transamerica ClearTrack^® 2030

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	9,944,547	$	(607,747	)	$	(37,950	)	$	(928,433	)	$	8,370,417		977,852	$	98,543	$	49,207
Transamerica Emerging Markets Debt		—		2,622,449		(55,186	)		(3,727	)		(332,799	)		2,230,737		244,867		59,647		—
Transamerica Emerging Markets Opportunities		—		1,217,188		(14,574	)		(2,202	)		(314,366	)		886,046		106,624		79,811		28,803
Transamerica High Yield Bond		—		3,742,725		(189,329	)		(8,950	)		(309,388	)		3,235,058		385,585		66,198		—
Transamerica International Focus		—		2,016,321		(31,916	)		(2,817	)		(386,822	)		1,594,766		197,617		56,161		55,861
Transamerica International Stock		—		2,062,228		(31,916	)		(2,633	)		(278,719	)		1,748,960		175,775		59,140		98,788
Transamerica Large Cap Value		—		3,933,419		(150,037	)		(3,701	)		(280,446	)		3,499,235		267,526		84,063		—
Transamerica Large Growth		—		4,868,976		(56,402	)		(31,478	)		(2,035,787	)		2,745,309		261,957		63,129		681,418
Transamerica Mid Cap Growth		—		1,663,941		(7,298	)		(4,867	)		(679,708	)		972,068		128,072		134,536		253,043
Transamerica Mid Cap Value Opportunities		—		1,560,310		(7,295	)		(1,866	)		(275,595	)		1,275,554		108,929		111,528		172,381
Transamerica Small Cap Growth		—		1,053,704		(5,471	)		(1,423	)		(332,692	)		714,118		111,756		17,560		80,094
Transamerica Small Cap Value		—		1,372,191		(5,471	)		(4,266	)		(469,377	)		893,077		128,871		285,038		131,103
Total	$	—	$	36,057,999	$	(1,162,642	)	$	(105,880	)	$	(6,624,132	)	$	28,165,345		3,095,431	$	1,115,354	$	1,550,698

(B)	Rate disclosed reflects the yield at April 30, 2022.
(C)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    13

Transamerica ClearTrack^® 2035

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 49.4%
International Equity Funds - 18.2%
iShares Core MSCI EAFE ETF		103,719		$6,722,028
iShares Core MSCI Emerging Markets ETF		30,944		1,616,824
iShares Global REIT ETF		83,424		2,310,845
				10,649,697
U.S. Equity Fund - 20.4%
iShares Core S&P 500 ETF		28,897		11,958,687
U.S. Fixed Income Funds - 10.8%
iShares 0-5 Year TIPS Bond ETF		27,904		2,908,713
iShares Core U.S. Aggregate Bond ETF		33,317		3,427,320
				6,336,033
Total Exchange-Traded Funds (Cost $32,077,186)				28,944,417
INVESTMENT COMPANIES - 49.6%
International Equity Funds - 9.7%
Transamerica Emerging Markets Opportunities (A)		117,666		977,805
Transamerica International Focus (A)		281,918		2,275,075
Transamerica International Stock (A)		244,607		2,433,836
				5,686,716
International Fixed Income Fund - 3.3%
Transamerica Emerging Markets Debt (A)		208,393		1,898,464
U.S. Equity Funds - 21.7%
Transamerica Large Cap Value (A)		331,136		4,331,256
Transamerica Large Growth (A)		334,360		3,504,097
Transamerica Mid Cap Growth (A)		168,999		1,282,699

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value Opportunities (A)		140,602		$ 1,646,450
Transamerica Small Cap Growth (A)		136,655		873,223
Transamerica Small Cap Value (A)		157,446		1,091,099
				12,728,824
U.S. Fixed Income Funds - 14.9%
Transamerica Bond (A)		720,924		6,171,113
Transamerica High Yield Bond (A)		307,696		2,581,569
				8,752,682
Total Investment Companies (Cost $36,605,695)				29,066,686
	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 0.00% (B), dated 04/29/2022, to be repurchased at $587,055 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $598,895.		$587,055		587,055
Total Repurchase Agreement (Cost $587,055)				587,055
Total Investments (Cost $69,269,936)				58,598,158
Net Other Assets (Liabilities) - (0.0)% (C)				(8,189	)
Net Assets - 100.0%				$58,589,969

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	28,944,417	$	—	$	—	$	28,944,417
Investment Companies		29,066,686		—		—		29,066,686
Repurchase Agreement		—		587,055		—		587,055
Total Investments	$	58,011,103	$	587,055	$	—	$	58,598,158

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

Transamerica Funds Semi-Annual Report 2022

Page    14

Transamerica ClearTrack^® 2035

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	7,101,360	$	(243,980	)	$	(6,823	)	$	(679,444	)	$	6,171,113		720,924	$	70,048	$	35,224
Transamerica Emerging Markets Debt		—		2,232,166		(51,314	)		(1,818	)		(280,570	)		1,898,464		208,393		50,892		—
Transamerica Emerging Markets Opportunities		—		1,329,227		(18,463	)		(2,042	)		(330,917	)		977,805		117,666		83,156		30,010
Transamerica High Yield Bond		—		2,893,851		(67,411	)		(1,254	)		(243,617	)		2,581,569		307,696		51,570		—
Transamerica International Focus		—		2,878,267		(54,039	)		(1,509	)		(547,644	)		2,275,075		281,918		78,346		77,928
Transamerica International Stock		—		2,882,773		(54,038	)		(2,359	)		(392,540	)		2,433,836		244,607		82,676		138,104
Transamerica Large Cap Value		—		4,805,022		(124,763	)		459			(349,462	)		4,331,256		331,136		102,701		—
Transamerica Large Growth		—		6,106,782		(74,724	)		(31,593	)		(2,496,368	)		3,504,097		334,360		77,032		831,493
Transamerica Mid Cap Growth		—		2,217,533		(35,508	)		(16,232	)		(883,094	)		1,282,699		168,999		177,257		333,392
Transamerica Mid Cap Value Opportunities		—		2,050,797		(40,241	)		(10,341	)		(353,765	)		1,646,450		140,602		146,635		226,644
Transamerica Small Cap Growth		—		1,304,548		(22,169	)		(2,397	)		(406,759	)		873,223		136,655		21,540		98,246
Transamerica Small Cap Value		—		1,678,613		(7,169	)		(5,516	)		(574,829	)		1,091,099		157,446		348,540		160,311
Total	$	—	$	37,480,939	$	(793,819	)	$	(81,425	)	$	(7,539,009	)	$	29,066,686		3,150,402	$	1,290,393	$	1,931,352

(B)	Rate disclosed reflects the yield at April 30, 2022.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    15

Transamerica ClearTrack^® 2040

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 52.5%
International Equity Funds - 21.5%
iShares Core MSCI EAFE ETF		109,719		$7,110,889
iShares Core MSCI Emerging Markets ETF		35,037		1,830,683
iShares Global REIT ETF		79,749		2,209,047
				11,150,619
U.S. Equity Fund - 24.0%
iShares Core S&P 500 ETF		30,078		12,447,430
U.S. Fixed Income Funds - 7.0%
iShares 0-5 Year TIPS Bond ETF		16,906		1,762,282
iShares Core U.S. Aggregate Bond ETF		17,907		1,842,093
				3,604,375
Total Exchange-Traded Funds (Cost $30,397,642)				27,202,424
INVESTMENT COMPANIES - 46.5%
International Equity Funds - 11.1%
Transamerica Emerging Markets Opportunities (A)		131,240		1,090,606
Transamerica International Focus (A)		277,487		2,239,320
Transamerica International Stock (A)		246,206		2,449,746
				5,779,672
International Fixed Income Fund - 2.0%
Transamerica Emerging Markets Debt (A)		114,287		1,041,157
U.S. Equity Funds - 24.9%
Transamerica Large Cap Value (A)		342,046		4,473,961
Transamerica Large Growth (A)		310,485		3,253,888
Transamerica Mid Cap Growth (A)		165,869		1,258,942

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value Opportunities (A)		140,288		$ 1,642,775
Transamerica Small Cap Growth (A)		157,215		1,004,603
Transamerica Small Cap Value (A)		181,167		1,255,487
				12,889,656
U.S. Fixed Income Funds - 8.5%
Transamerica Bond (A)		358,014		3,064,596
Transamerica High Yield Bond (A)		157,212		1,319,013
				4,383,609
Total Investment Companies (Cost $31,275,909)				24,094,094
	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 0.00% (B), dated 04/29/2022, to be repurchased at $517,587 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $527,988.		$517,587		517,587
Total Repurchase Agreement (Cost $517,587)				517,587
Total Investments (Cost $62,191,138)				51,814,105
Net Other Assets (Liabilities) - (0.0)% (C)				(7,312	)
Net Assets - 100.0%				$51,806,793

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	27,202,424	$	—	$	—	$	27,202,424
Investment Companies		24,094,094		—		—		24,094,094
Repurchase Agreement		—		517,587		—		517,587
Total Investments	$	51,296,518	$	517,587	$	—	$	51,814,105

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

Transamerica Funds Semi-Annual Report 2022

Page    16

Transamerica ClearTrack^® 2040

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	3,621,988	$	(216,057	)	$	(9,399	)	$	(331,936	)	$	3,064,596		358,014	$	34,909	$	17,608
Transamerica Emerging Markets Debt		—		1,218,787		(21,289	)		(968	)		(155,373	)		1,041,157		114,287		27,959		—
Transamerica Emerging Markets Opportunities		—		1,488,192		(13,528	)		(1,331	)		(382,727	)		1,090,606		131,240		95,518		34,472
Transamerica High Yield Bond		—		1,524,164		(79,112	)		(3,484	)		(122,555	)		1,319,013		157,212		26,879		—
Transamerica International Focus		—		2,803,214		(20,146	)		(565	)		(543,183	)		2,239,320		277,487		78,701		78,281
Transamerica International Stock		—		2,872,891		(30,146	)		(1,403	)		(391,596	)		2,449,746		246,206		83,006		138,654
Transamerica Large Cap Value		—		4,868,323		(34,124	)		25			(360,263	)		4,473,961		342,046		104,881		—
Transamerica Large Growth		—		5,815,964		(28,316	)		(13,654	)		(2,520,106	)		3,253,888		310,485		78,634		848,787
Transamerica Mid Cap Growth		—		2,149,461		(3,577	)		(2,219	)		(884,723	)		1,258,942		165,869		174,063		327,385
Transamerica Mid Cap Value Opportunities		—		2,003,566		(4,522	)		(1,093	)		(355,176	)		1,642,775		140,288		143,600		221,953
Transamerica Small Cap Growth		—		1,478,880		(3,700	)		(798	)		(469,779	)		1,004,603		157,215		24,693		112,631
Transamerica Small Cap Value		—		1,926,488		(3,700	)		(2,903	)		(664,398	)		1,255,487		181,167		400,651		184,279
Total	$	—	$	31,771,918	$	(458,217	)	$	(37,792	)	$	(7,181,815	)	$	24,094,094		2,581,516	$	1,273,494	$	1,964,050

(B)	Rate disclosed reflects the yield at April 30, 2022.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    17

Transamerica ClearTrack^® 2045

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 53.8%
International Equity Funds - 23.1%
iShares Core MSCI EAFE ETF		78,765		$5,104,760
iShares Core MSCI Emerging Markets ETF		27,265		1,424,596
iShares Global REIT ETF		52,669		1,458,931
				7,988,287
U.S. Equity Fund - 26.1%
iShares Core S&P 500 ETF		21,816		9,028,298
U.S. Fixed Income Funds - 4.6%
iShares 0-5 Year TIPS Bond ETF (A)		7,590		791,182
iShares Core U.S. Aggregate Bond ETF		7,550		776,668
				1,567,850
Total Exchange-Traded Funds (Cost $20,910,346)				18,584,435
INVESTMENT COMPANIES - 45.3%
International Equity Funds - 13.1%
Transamerica Emerging Markets Opportunities (B)		122,631		1,019,065
Transamerica International Focus (B)		211,430		1,706,239
Transamerica International Stock (B)		180,425		1,795,224
				4,520,528
International Fixed Income Fund - 1.0%
Transamerica Emerging Markets Debt (B)		38,506		350,791
U.S. Equity Funds - 26.7%
Transamerica Large Cap Value (B)		238,412		3,118,425
Transamerica Large Growth (B)		223,669		2,344,047
Transamerica Mid Cap Growth (B)		120,067		911,312
Transamerica Mid Cap Value Opportunities (B)		101,939		1,193,702
Transamerica Small Cap Growth (B)		116,529		744,622
Transamerica Small Cap Value (B)		134,511		932,165
				9,244,273

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 4.5%
Transamerica Bond (B)		141,364		$ 1,210,075
Transamerica High Yield Bond (B)		42,130		353,469
				1,563,544
Total Investment Companies (Cost $20,661,109)				15,679,136
OTHER INVESTMENT COMPANY - 2.3%
Securities Lending Collateral - 2.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		808,335		808,335
Total Other Investment Company (Cost $808,335)				808,335
	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $294,618 on 05/02/2022. Collateralized by a U.S. Government Obligation, 1.50%, due 11/30/2028, and with a value of $300,554.		$294,618		294,618
Total Repurchase Agreement (Cost $294,618)				294,618
Total Investments (Cost $42,674,408)				35,366,524
Net Other Assets (Liabilities) - (2.3)%				(809,580	)
Net Assets - 100.0%				$34,556,944

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	18,584,435	$	—	$	—	$	18,584,435
Investment Companies		15,679,136		—		—		15,679,136
Other Investment Company		808,335		—		—		808,335
Repurchase Agreement		—		294,618		—		294,618
Total Investments	$	35,071,906	$	294,618	$	—	$	35,366,524

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of the security is on loan. The value of the security on loan is $791,182, collateralized by cash collateral of $808,335. 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 2022

Page    18

Transamerica ClearTrack^® 2045

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(B) Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	1,443,981	$	(94,231	)	$	(4,882	)	$	(134,793	)	$	1,210,075		141,364	$	14,248	$	7,233
Transamerica Emerging Markets Debt		—		417,143		(13,529	)		(558	)		(52,265	)		350,791		38,506		9,429		—
Transamerica Emerging Markets Opportunities		—		1,399,100		(38,554	)		(5,594	)		(335,887	)		1,019,065		122,631		85,638		30,906
Transamerica High Yield Bond		—		409,987		(22,529	)		(933	)		(33,056	)		353,469		42,130		7,271		—
Transamerica International Focus		—		2,181,695		(73,258	)		(4,247	)		(397,951	)		1,706,239		211,430		59,220		58,903
Transamerica International Stock		—		2,160,522		(73,258	)		(4,153	)		(287,887	)		1,795,224		180,425		62,518		104,432
Transamerica Large Cap Value		—		3,493,033		(123,019	)		(660	)		(250,929	)		3,118,425		238,412		74,959		—
Transamerica Large Growth		—		4,283,571		(121,735	)		(61,547	)		(1,756,242	)		2,344,047		223,669		56,367		608,433
Transamerica Mid Cap Growth		—		1,576,134		(16,472	)		(10,302	)		(638,048	)		911,312		120,067		127,737		240,253
Transamerica Mid Cap Value Opportunities		—		1,471,796		(16,587	)		(4,019	)		(257,488	)		1,193,702		101,939		105,534		163,118
Transamerica Small Cap Growth		—		1,109,935		(13,822	)		(3,328	)		(348,163	)		744,622		116,529		18,548		84,301
Transamerica Small Cap Value		—		1,446,226		(13,822	)		(10,975	)		(489,264	)		932,165		134,511		300,997		138,443
Total	$	—	$	21,393,123	$	(620,816	)	$	(111,198	)	$	(4,981,973	)	$	15,679,136		1,671,613	$	922,466	$	1,436,322

(C)	Rates disclosed reflect the yields at April 30, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    19

Transamerica ClearTrack^® 2050

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 52.4%
International Equity Funds - 23.4%
iShares Core MSCI EAFE ETF		70,257		$4,553,356
iShares Core MSCI Emerging Markets ETF		22,939		1,198,563
iShares Global REIT ETF		42,190		1,168,663
				6,920,582
U.S. Equity Fund - 25.9%
iShares Core S&P 500 ETF		18,467		7,642,353
U.S. Fixed Income Funds - 3.1%
iShares 0-5 Year TIPS Bond ETF (A)		5,767		601,152
iShares Core U.S. Aggregate Bond ETF		2,945		302,952
				904,104
Total Exchange-Traded Funds (Cost $17,460,520)				15,467,039
INVESTMENT COMPANIES - 46.6%
International Equity Funds - 13.6%
Transamerica Emerging Markets Opportunities (B)		103,885		863,285
Transamerica International Focus (B)		187,547		1,513,501
Transamerica International Stock (B)		163,520		1,627,022
				4,003,808
International Fixed Income Fund - 1.0%
Transamerica Emerging Markets Debt (B)		32,897		299,695
U.S. Equity Funds - 28.5%
Transamerica Large Cap Value (B)		211,841		2,770,880
Transamerica Large Growth (B)		210,669		2,207,811
Transamerica Mid Cap Growth (B)		112,315		852,468
Transamerica Mid Cap Value Opportunities (B)		95,286		1,115,795
Transamerica Small Cap Growth (B)		100,358		641,289
Transamerica Small Cap Value (B)		115,910		803,255
				8,391,498

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 3.5%
Transamerica Bond (B)		85,925		$ 735,520
Transamerica High Yield Bond (B)		35,814		300,480
				1,036,000
Total Investment Companies (Cost $18,151,201)				13,731,001
OTHER INVESTMENT COMPANY - 2.1%
Securities Lending Collateral - 2.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		629,415		629,415
Total Other Investment Company (Cost $629,415)				629,415
	Principal		Value
REPURCHASE AGREEMENT - 0.6%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $187,778 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $191,630.		$187,778		187,778
Total Repurchase Agreement (Cost $187,778)				187,778
Total Investments (Cost $36,428,914)				30,015,233
Net Other Assets (Liabilities) - (1.7)%				(515,868	)
Net Assets - 100.0%				$29,499,365

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	15,467,039	$	—	$	—	$	15,467,039
Investment Companies		13,731,001		—		—		13,731,001
Other Investment Company		629,415		—		—		629,415
Repurchase Agreement		—		187,778		—		187,778
Total Investments	$	29,827,455	$	187,778	$	—	$	30,015,233

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of the security is on loan. The value of the security on loan is $616,058, collateralized by cash collateral of $629,415. 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 2022

Page    20

Transamerica ClearTrack^® 2050

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(B) Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	992,188	$	(172,326	)	$	(11,142	)	$	(73,200	)	$	735,520		85,925	$	8,666	$	4,459
Transamerica Emerging Markets Debt		—		381,337		(35,877	)		(3,609	)		(42,156	)		299,695		32,897		8,093		—
Transamerica Emerging Markets Opportunities		—		1,200,466		(40,102	)		(6,861	)		(290,218	)		863,285		103,885		74,230		26,789
Transamerica High Yield Bond		—		390,425		(60,878	)		(3,408	)		(25,659	)		300,480		35,814		6,181		—
Transamerica International Focus		—		1,967,015		(82,283	)		(9,255	)		(361,976	)		1,513,501		187,547		53,725		53,438
Transamerica International Stock		—		1,977,055		(80,813	)		(8,238	)		(260,982	)		1,627,022		163,520		56,729		94,761
Transamerica Large Cap Value		—		3,131,936		(132,240	)		(5,785	)		(223,031	)		2,770,880		211,841		66,474		—
Transamerica Large Growth		—		3,999,111		(126,395	)		(75,594	)		(1,589,311	)		2,207,811		210,669		49,980		539,488
Transamerica Mid Cap Growth		—		1,478,454		(18,082	)		(12,697	)		(595,207	)		852,468		112,315		119,463		224,691
Transamerica Mid Cap Value Opportunities		—		1,380,527		(19,101	)		(5,496	)		(240,135	)		1,115,795		95,286		98,692		152,543
Transamerica Small Cap Growth		—		959,512		(14,693	)		(4,364	)		(299,166	)		641,289		100,358		15,986		72,917
Transamerica Small Cap Value		—		1,249,358		(14,693	)		(12,251	)		(419,159	)		803,255		115,910		259,426		119,321
Total	$	—	$	19,107,384	$	(797,483	)	$	(158,700	)	$	(4,420,200	)	$	13,731,001		1,455,967	$	817,645	$	1,288,407

(C)	Rates disclosed reflect the yields at April 30, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    21

Transamerica ClearTrack^® 2055

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 53.2%
International Equity Funds - 24.3%
iShares Core MSCI EAFE ETF		2,291		$148,480
iShares Core MSCI Emerging Markets ETF		719		37,568
iShares Global REIT ETF		1,283		35,539
				221,587
U.S. Equity Fund - 25.9%
iShares Core S&P 500 ETF		572		236,715
U.S. Fixed Income Funds - 3.0%
iShares 0-5 Year TIPS Bond ETF (A)		177		18,451
iShares Core U.S. Aggregate Bond ETF		89		9,155
				27,606
Total Exchange-Traded Funds (Cost $543,092)				485,908
INVESTMENT COMPANIES - 46.4%
International Equity Funds - 14.3%
Transamerica Emerging Markets Opportunities (B)		3,376		28,053
Transamerica International Focus (B)		6,330		51,084
Transamerica International Stock (B)		5,159		51,331
				130,468
U.S. Equity Funds - 29.1%
Transamerica Large Cap Value (B)		6,152		80,473
Transamerica Large Growth (B)		7,737		81,085

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Growth (B)		3,746		$ 28,429
Transamerica Mid Cap Value Opportunities (B)		2,541		29,759
Transamerica Small Cap Growth (B)		3,609		23,060
Transamerica Small Cap Value (B)		3,328		23,066
				265,872
U.S. Fixed Income Funds - 3.0%
Transamerica Bond (B)		2,154		18,438
Transamerica High Yield Bond (B)		1,099		9,219
				27,657
Total Investment Companies (Cost $504,686)				423,997
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		1,385		1,385
Total Other Investment Company (Cost $1,385)				1,385
Total Investments (Cost $1,049,163)				911,290
Net Other Assets (Liabilities) - 0.2%				1,785
Net Assets - 100.0%				$913,075

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	485,908	$	—	$	—	$	485,908
Investment Companies		423,997		—		—		423,997
Other Investment Company		1,385		—		—		1,385
Total Investments	$	911,290	$	—	$	—	$	911,290

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

Transamerica Funds Semi-Annual Report 2022

Page    22

Transamerica ClearTrack^® 2055

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $1,355, collateralized by cash collateral of $1,385. 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)	Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	31,257	$	(10,654	)	$	(995	)	$	(1,170	)	$	18,438		2,154	$	217	$	105
Transamerica Emerging Markets Opportunities		—		51,386		(14,162	)		(4,367	)		(4,804	)		28,053		3,376		2,201		794
Transamerica High Yield Bond		—		13,648		(3,513	)		(248	)		(668	)		9,219		1,099		192		—
Transamerica International Focus		—		89,596		(26,846	)		(4,919	)		(6,747	)		51,084		6,330		1,663		1,655
Transamerica International Stock		—		89,701		(30,346	)		(3,709	)		(4,315	)		51,331		5,159		1,760		2,938
Transamerica Large Cap Value		—		129,049		(42,100	)		(1,881	)		(4,595	)		80,473		6,152		1,999		—
Transamerica Large Growth		—		167,748		(35,724	)		(28,710	)		(22,229	)		81,085		7,737		1,478		15,959
Transamerica Mid Cap Growth		—		52,318		(5,251	)		(4,319	)		(14,319	)		28,429		3,746		3,527		6,633
Transamerica Mid Cap Value Opportunities		—		44,308		(7,406	)		(1,777	)		(5,366	)		29,759		2,541		2,927		4,523
Transamerica Small Cap Growth		—		36,642		(4,077	)		(1,722	)		(7,783	)		23,060		3,609		472		2,156
Transamerica Small Cap Value		—		40,638		(4,772	)		(4,107	)		(8,693	)		23,066		3,328		7,669		3,528
Total	$	—	$	746,291	$	(184,851	)	$	(56,754	)	$	(80,689	)	$	423,997		45,231	$	24,105	$	38,291

(C)	Rate disclosed reflects the yield at April 30, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    23

Transamerica ClearTrack^® 2060

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 52.4%
International Equity Funds - 24.3%
iShares Core MSCI EAFE ETF		2,313		$149,906
iShares Core MSCI Emerging Markets ETF		720		37,620
iShares Global REIT ETF		1,345		37,256
				224,782
U.S. Equity Fund - 25.0%
iShares Core S&P 500 ETF		558		230,922
U.S. Fixed Income Funds - 3.1%
iShares 0-5 Year TIPS Bond ETF (A)		187		19,493
iShares Core U.S. Aggregate Bond ETF		89		9,155
				28,648
Total Exchange-Traded Funds (Cost $546,618)				484,352
INVESTMENT COMPANIES - 47.2%
International Equity Funds - 14.3%
Transamerica Emerging Markets Opportunities (B)		3,284		27,294
Transamerica International Focus (B)		6,390		51,566
Transamerica International Stock (B)		5,333		53,063
				131,923
U.S. Equity Funds - 29.8%
Transamerica Large Cap Value (B)		7,222		94,459
Transamerica Large Growth (B)		7,076		74,160
Transamerica Mid Cap Growth (B)		3,513		26,663

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value Opportunities (B)		2,949		$ 34,538
Transamerica Small Cap Growth (B)		3,129		19,992
Transamerica Small Cap Value (B)		3,625		25,118
				274,930
U.S. Fixed Income Funds - 3.1%
Transamerica Bond (B)		2,235		19,134
Transamerica High Yield Bond (B)		1,131		9,490
				28,624
Total Investment Companies (Cost $569,353)				435,477
OTHER INVESTMENT COMPANY - 0.0% (C)
Securities Lending Collateral - 0.0% (C)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (D)		426		426
Total Other Investment Company (Cost $426)				426
Total Investments (Cost $1,116,397)				920,255
Net Other Assets (Liabilities)  - 0.4%				3,291
Net Assets  - 100.0%				$923,546

INVESTMENT VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	484,352	$	—	$	—	$	484,352
Investment Companies		435,477		—		—		435,477
Other Investment Company		426		—		—		426
Total Investments	$	920,255	$	—	$	—	$	920,255

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

Transamerica Funds Semi-Annual Report 2022

Page    24

Transamerica ClearTrack^® 2060

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $417, collateralized by cash collateral of $426. 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)	Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	24,270	$	(3,000	)	$	(149	)	$	(1,987	)	$	19,134		2,235	$	217	$	99
Transamerica Emerging Markets Opportunities		—		39,062		(3,005	)		(281	)		(8,482	)		27,294		3,284		2,073		748
Transamerica High Yield Bond		—		11,146		(750	)		(41	)		(865	)		9,490		1,131		190		—
Transamerica International Focus		—		67,888		(4,500	)		(131	)		(11,691	)		51,566		6,390		1,569		1,561
Transamerica International Stock		—		67,515		(6,300	)		(259	)		(7,893	)		53,063		5,333		1,659		2,771
Transamerica Large Cap Value		—		103,070		(1,000	)		(17	)		(7,594	)		94,459		7,222		1,908		—
Transamerica Large Growth		—		123,798		—			—			(49,638	)		74,160		7,076		1,394		15,047
Transamerica Mid Cap Growth		—		44,264		—			—			(17,601	)		26,663		3,513		3,331		6,264
Transamerica Mid Cap Value Opportunities		—		41,468		—			—			(6,930	)		34,538		2,949		2,755		4,258
Transamerica Small Cap Growth		—		28,965		—			—			(8,973	)		19,992		3,129		445		2,032
Transamerica Small Cap Value		—		37,340		—			—			(12,222	)		25,118		3,625		7,228		3,325
Total	$	—	$	588,786	$	(18,555	)	$	(878	)	$	(133,876	)	$	435,477		45,887	$	22,769	$	36,105

(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Rate disclosed reflects the yield at April 30, 2022.
(E)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    25

Transamerica ClearTrack^® Retirement Income

SCHEDULE OF INVESTMENTS

At April 30, 2022

(unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 46.2%
International Equity Funds - 10.1%
iShares Core MSCI EAFE ETF		48,586		$3,148,859
iShares Core MSCI Emerging Markets ETF		9,892		516,857
iShares Global REIT ETF		53,812		1,490,592
				5,156,308
U.S. Equity Fund - 12.2%
iShares Core S&P 500 ETF		15,105		6,251,029
U.S. Fixed Income Funds - 23.9%
iShares 0-5 Year TIPS Bond ETF (A)		46,581		4,855,604
iShares Core U.S. Aggregate Bond ETF		72,076		7,414,458
				12,270,062
Total Exchange-Traded Funds (Cost $25,475,871)				23,677,399
INVESTMENT COMPANIES - 53.7%
International Equity Funds - 4.7%
Transamerica Emerging Markets Opportunities (B)		55,170		458,460
Transamerica International Focus (B)		115,985		936,000
Transamerica International Stock (B)		103,359		1,028,419
				2,422,879
International Fixed Income Fund - 5.0%
Transamerica Emerging Markets Debt (B)		282,874		2,576,986
U.S. Equity Funds - 12.8%
Transamerica Large Cap Value (B)		169,959		2,223,069
Transamerica Large Growth (B)		170,867		1,790,691
Transamerica Mid Cap Growth (B)		89,157		676,701
Transamerica Mid Cap Value Opportunities (B)		72,313		846,787
Transamerica Small Cap Growth (B)		68,774		439,464
Transamerica Small Cap Value (B)		79,329		549,749
				6,526,461

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 31.2%
Transamerica Bond (B)		1,430,686		$ 12,246,672
Transamerica High Yield Bond (B)		444,239		3,727,164
				15,973,836
Total Investment Companies (Cost $32,731,170)				27,500,162
OTHER INVESTMENT COMPANY - 5.4%
Securities Lending Collateral - 5.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.31% (C)		2,758,563		2,758,563
Total Other Investment Company (Cost $2,758,563)				2,758,563
	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 0.00% (C), dated 04/29/2022, to be repurchased at $562,669 on 05/02/2022. Collateralized by a U.S. Government Obligation, 2.88%, due 08/15/2028, and with a value of $573,988.		$562,669		562,669
Total Repurchase Agreement (Cost $562,669)				562,669
Total Investments (Cost $61,528,273)				54,498,793
Net Other Assets (Liabilities) - (6.4)%				(3,282,944	)
Net Assets - 100.0%				$51,215,849

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	23,677,399	$	—	$	—	$	23,677,399
Investment Companies		27,500,162		—		—		27,500,162
Other Investment Company		2,758,563		—		—		2,758,563
Repurchase Agreement		—		562,669		—		562,669
Total Investments	$	53,936,124	$	562,669	$	—	$	54,498,793

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) All or a portion of the security is on loan. The value of the security on loan is $2,700,024, collateralized by cash collateral of $2,758,563. 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 2022

Page    26

Transamerica ClearTrack^® Retirement Income

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2022

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(B) Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value April 30, 2022		Shares as of April 30, 2022		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	—	$	14,445,237	$	(818,961	)	$	(27,894	)	$	(1,351,710	)	$	12,246,672		1,430,686	$	140,394	$	71,144
Transamerica Emerging Markets Debt		—		3,052,088		(84,017	)		(3,509	)		(387,576	)		2,576,986		282,874		70,181		—
Transamerica Emerging Markets Opportunities		—		656,113		(32,606	)		(3,922	)		(161,125	)		458,460		55,170		43,347		15,644
Transamerica High Yield Bond		—		4,250,264		(157,625	)		(4,639	)		(360,836	)		3,727,164		444,239		75,593		—
Transamerica International Focus		—		1,266,291		(96,621	)		(4,967	)		(228,703	)		936,000		115,985		35,479		35,289
Transamerica International Stock		—		1,295,291		(96,620	)		(5,370	)		(164,882	)		1,028,419		103,359		37,361		62,408
Transamerica Large Cap Value		—		2,615,565		(214,039	)		(2	)		(178,455	)		2,223,069		169,959		55,793		—
Transamerica Large Growth		—		3,304,793		(174,406	)		(81,342	)		(1,258,354	)		1,790,691		170,867		42,218		455,709
Transamerica Mid Cap Growth		—		1,185,983		(23,041	)		(13,701	)		(472,540	)		676,701		89,157		95,950		180,467
Transamerica Mid Cap Value Opportunities		—		1,106,257		(65,205	)		(15,153	)		(179,112	)		846,787		72,313		79,228		122,456
Transamerica Small Cap Growth		—		663,126		(16,805	)		(3,543	)		(203,314	)		439,464		68,774		11,102		50,642
Transamerica Small Cap Value		—		863,892		(16,803	)		(12,939	)		(284,401	)		549,749		79,329		179,808		82,704
Total	$	—	$	34,704,900	$	(1,796,749	)	$	(176,981	)	$	(5,231,008	)	$	27,500,162		3,082,712	$	866,454	$	1,076,463

(C)	Rates disclosed reflect the yields at April 30, 2022.
(D)	There were no transfers in or out of Level 3 during the six-month period ended April 30, 2022. 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 2022

Page    27

STATEMENTS OF ASSETS AND LIABILITIES

At April 30, 2022

(unaudited)

	Transamerica ClearTrack® 2015			Transamerica ClearTrack® 2020			Transamerica ClearTrack® 2025		Transamerica ClearTrack® 2030		Transamerica ClearTrack® 2035
Assets:
Affiliated investments, at value (A)	$	16,599,834		$	17,130,155		$	26,629,795	$	28,165,345	$	29,066,686
Unaffiliated investments, at value (B) (C)		16,711,473			14,680,654			24,126,893		26,251,048		28,944,417
Repurchase agreements, at value (D)		266,328			261,521			440,466		380,862		587,055
Receivables and other assets:
Investments sold		—			—			—		177,374		—
Net income from securities lending		2,597			2,044			189		1,275		—
Shares of beneficial interest sold		—			343			34,472		390		571
Dividends		26,815			28,161			39,443		34,142		25,775
Due from investment manager		28,778			30,591			32,597		33,558		38,790
Prepaid expenses		102			104			176		194		194
Total assets		33,635,927			32,133,573			51,304,031		55,044,188		58,663,488
Liabilities:
Cash collateral received upon return of:
Securities on loan		2,486,349			85,200			610,778		—		—
Payables and other liabilities:
Investments purchased		26,816			28,161			39,443		34,143		25,775
Shares of beneficial interest redeemed		76,917			142,270			247		63		1,466
Distribution and service fees		12,454			12,965			20,342		22,435		23,967
Transfer agent fees		3,928			4,089			6,418		7,076		7,557
Trustees, CCO and deferred compensation fees		975			255			314		456		294
Audit and tax fees		9,121			9,131			9,156		9,157		9,156
Custody fees		277			247			173		221		249
Legal fees		342			359			575		611		633
Printing and shareholder reports fees		377			448			775		763		721
Registration fees		2,059			2,059			2,061		2,061		2,061
Other accrued expenses		1,620			1,647			1,663		1,647		1,640
Total liabilities		2,621,235			286,831			691,945		78,633		73,519
Net assets	$	31,014,692		$	31,846,742		$	50,612,086	$	54,965,555	$	58,589,969
Net assets consist of:
Paid-in capital	$	26,410,037		$	31,580,596		$	49,890,990	$	43,689,361	$	44,385,063
Total distributable earnings (accumulated losses)		4,604,655			266,146			721,096		11,276,194		14,204,906
Net assets	$	31,014,692		$	31,846,742		$	50,612,086	$	54,965,555	$	58,589,969
Net assets by class:
Class R1	$	30,434,823		$	31,274,850		$	49,181,360	$	53,770,039	$	57,409,050
Class R3		11,943			10,114			10,338		17,193		20,169
Class R6		567,926			561,778			1,420,388		1,178,323		1,160,750
Shares outstanding (unlimited shares, no par value):
Class R1		2,889,540			3,453,642			5,205,355		4,600,274		4,698,180
Class R3		1,137			1,121			1,098		1,475		1,656
Class R6		53,558			61,613			149,191		99,892		94,116
Net asset value per share:
Class R1	$	10.53		$	9.06		$	9.45	$	11.69	$	12.22
Class R3		10.51	(E)		9.03	(E)		9.42		11.66		12.18
Class R6		10.60			9.12			9.52		11.80		12.33
(A) Affiliated investments, at cost	$	19,742,381		$	20,374,047		$	31,956,037	$	34,789,477	$	36,605,695
(B) Unaffiliated investments, at cost	$	17,791,793		$	16,246,401		$	26,831,304	$	28,890,636	$	32,077,186
(C) Securities on loan, at value	$	2,433,587		$	83,392		$	597,816	$	—	$	—
(D) Repurchase agreements, at cost	$	266,328		$	261,521		$	440,466	$	380,862	$	587,055

^(E)  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 2022

Page    28

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica ClearTrack® 2040		Transamerica ClearTrack® 2045		Transamerica ClearTrack® 2050		Transamerica ClearTrack® 2055		Transamerica ClearTrack® 2060
Assets:
Affiliated investments, at value (A)	$	24,094,094	$	15,679,136	$	13,731,001	$	423,997	$	435,477
Unaffiliated investments, at value (B) (C)		27,202,424		19,392,770		16,096,454		487,293		484,778
Repurchase agreements, at value (D)		517,587		294,618		187,778		—		—
Cash		—		—		—		13,728		12,620
Receivables and other assets:
Investments sold		—		—		112,539		—		—
Net income from securities lending		—		251		196		17		15
Shares of beneficial interest sold		328		1,116		1,264		252		409
Dividends		12,794		4,447		3,137		89		87
Due from investment manager		34,875		30,116		29,508		6,680		6,718
Prepaid expenses		178		120		105		6		6
Total assets		51,862,280		35,402,574		30,161,982		932,062		940,110
Liabilities:
Cash collateral received upon return of:
Securities on loan		—		808,335		629,415		1,385		426
Payables and other liabilities:
Investments purchased		12,794		4,447		3,137		4,630		3,356
Shares of beneficial interest redeemed		16		18		62		45		31
Distribution and service fees		21,343		14,203		12,171		166		157
Transfer agent fees		6,729		4,483		3,842		60		54
Trustees, CCO and deferred compensation fees		261		186		149		69		28
Audit and tax fees		9,148		9,114		9,106		9,060		9,060
Custody fees		201		164		150		7		64
Legal fees		560		380		324		10		10
Printing and shareholder reports fees		736		642		615		320		141
Registration fees		2,061		2,060		2,059		1,613		1,613
Other accrued expenses		1,638		1,598		1,587		1,622		1,624
Total liabilities		55,487		845,630		662,617		18,987		16,564
Net assets	$	51,806,793	$	34,556,944	$	29,499,365	$	913,075	$	923,546
Net assets consist of:
Paid-in capital	$	38,408,255	$	24,343,642	$	20,275,807	$	770,861	$	794,117
Total distributable earnings (accumulated losses)		13,398,538		10,213,302		9,223,558		142,214		129,429
Net assets	$	51,806,793	$	34,556,944	$	29,499,365	$	913,075	$	923,546
Net assets by class:
Class R1	$	51,016,158	$	33,596,690	$	28,617,554	$	364,177	$	364,693
Class R3		31,462		264,615		94,925		19,567		19,948
Class R6		759,173		695,639		786,886		529,331		538,905
Shares outstanding (unlimited shares, no par value):
Class R1		4,107,029		2,584,169		2,097,347		28,636		28,665
Class R3		2,542		20,438		6,987		1,546		1,573
Class R6		60,260		52,978		57,057		41,468		42,204
Net asset value per share:
Class R1	$	12.42	$	13.00	$	13.64	$	12.72	$	12.72
Class R3		12.38		12.95		13.59		12.66		12.69	(E)
Class R6		12.60		13.13		13.79		12.76		12.77
(A) Affiliated investments, at cost	$	31,275,909	$	20,661,109	$	18,151,201	$	504,686	$	569,353
(B) Unaffiliated investments, at cost	$	30,397,642	$	21,718,681	$	18,089,935	$	544,477	$	547,044
(C) Securities on loan, at value	$	—	$	791,182	$	616,058	$	1,355	$	417
(D) Repurchase agreements, at cost	$	517,587	$	294,618	$	187,778	$	—	$	—

^(E)  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 2022

Page    29

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At April 30, 2022

(unaudited)

	Transamerica ClearTrack® Retirement Income
Assets:
Affiliated investments, at value (A)	$	27,500,162
Unaffiliated investments, at value (B) (C)		26,435,962
Repurchase agreements, at value (D)		562,669
Receivables and other assets:
Net income from securities lending		2,471
Shares of beneficial interest sold		10,437
Dividends		45,544
Due from investment manager		32,909
Prepaid expenses		168
Total assets		54,590,322
Liabilities:
Cash collateral received upon return of:
Securities on loan		2,758,563
Payables and other liabilities:
Investments purchased		45,544
Shares of beneficial interest redeemed		526,244
Distribution and service fees		21,132
Transfer agent fees		6,663
Trustees, CCO and deferred compensation fees		284
Audit and tax fees		9,168
Custody fees		70
Legal fees		576
Printing and shareholder reports fees		832
Registration fees		2,061
Other accrued expenses		3,336
Total liabilities		3,374,473
Net assets	$	51,215,849
Net assets consist of:
Paid-in capital	$	47,205,024
Total distributable earnings (accumulated losses)		4,010,825
Net assets	$	51,215,849
Net assets by class:
Class R1	$	50,722,731
Class R3		60,011
Class R6		433,107
Shares outstanding (unlimited shares, no par value):
Class R1		4,988,752
Class R3		5,912
Class R6		42,242
Net asset value per share:
Class R1	$	10.17
Class R3		10.15
Class R6		10.25
(A) Affiliated investments, at cost	$	32,731,170
(B) Unaffiliated investments, at cost	$	28,234,434
(C) Securities on loan, at value	$	2,700,024
(D) Repurchase agreements, at cost	$	562,669

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

Transamerica Funds Semi-Annual Report 2022

Page    30

STATEMENTS OF OPERATIONS

For the period ended April 30, 2022

(unaudited)

	Transamerica ClearTrack® 2015			Transamerica ClearTrack® 2020			Transamerica ClearTrack® 2025			Transamerica ClearTrack® 2030			Transamerica ClearTrack® 2035
Investment Income:
Dividend income from affiliated investments	$	515,028		$	539,921		$	938,538		$	1,115,354		$	1,290,393
Dividend income from unaffiliated investments		252,010			259,268			417,435			465,169			496,925
Net income from securities lending		14,492			14,142			12,693			8,833			3,049
Total investment income		781,530			813,331			1,368,666			1,589,356			1,790,367
Expenses:
Investment management fees		26,395			27,775			44,347			47,519			49,562
Distribution and service fees:
Class R1		82,336			86,810			137,275			148,302			154,689
Class R3		16			13			14			17			18
Transfer agent fees
Class R1		25,936			27,345			43,242			46,715			48,727
Class R3		10			8			9			11			11
Class R6		22			22			56			44			42
Trustees, CCO and deferred compensation fees		434			459			733			948			811
Audit and tax fees		9,196			9,203			9,289			9,302			9,311
Custody fees		579			554			612			629			668
Legal fees		4,265			4,464			7,198			7,656			7,951
Printing and shareholder reports fees		2,406			2,560			3,373			3,539			3,601
Registration fees		45,069			45,070			45,086			45,089			45,091
Filing fees		4,443			4,464			4,531			4,514			4,519
Other		406			433			677			714			740
Total expenses before waiver and/or reimbursement and recapture		201,513			209,180			296,442			314,999			325,741
Expenses waived and/or reimbursed:
Class R1		(58,607	)		(59,784	)		(70,148	)		(75,980	)		(77,932	)
Class R3		(24	)		(19	)		(15	)		(19	)		(20	)
Class R6		(1,068	)		(1,018	)		(1,918	)		(1,506	)		(1,408	)
Recapture of previously waived and/or reimbursed fees:
Class R1		7,045			8,504			21,219			24,434			26,716
Class R3		4			3			5			7			8
Class R6		131			157			589			479			480
Net expenses		148,994			157,023			246,174			262,414			273,585
Net investment income (loss)		632,536			656,308			1,122,492			1,326,942			1,516,782
Net realized gain (loss) on:
Affiliated investments		(81,491	)		(169,562	)		389,110			105,880			(81,425	)
Unaffiliated investments		8,395,877			4,482,818			7,172,398			18,865,387			23,083,952
Capital gain distributions received from affiliated exchange-traded funds		638,790			668,753			1,207,127			1,550,698			1,931,352
Net realized gain (loss)		8,953,176			4,982,009			8,768,635			20,521,965			24,933,879
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(3,142,547	)		(3,243,892	)		(5,326,242	)		(6,624,132	)		(7,539,009	)
Unaffiliated investments		(9,873,444	)		(6,072,481	)		(10,709,709	)		(22,302,225	)		(26,740,945	)
Net change in unrealized appreciation (depreciation)		(13,015,991	)		(9,316,373	)		(16,035,951	)		(28,926,357	)		(34,279,954	)
Net realized and change in unrealized gain (loss)		(4,062,815	)		(4,334,364	)		(7,267,316	)		(8,404,392	)		(9,346,075	)
Net increase (decrease) in net assets resulting from operations	$	(3,430,279	)	$	(3,678,056	)	$	(6,144,824	)	$	(7,077,450	)	$	(7,829,293	)

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

Transamerica Funds Semi-Annual Report 2022

Page    31

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2022

(unaudited)

	Transamerica ClearTrack® 2040			Transamerica ClearTrack® 2045			Transamerica ClearTrack® 2050			Transamerica ClearTrack® 2055			Transamerica ClearTrack® 2060
Investment Income:
Dividend income from affiliated investments	$	1,273,494		$	922,466		$	817,645		$	24,105		$	22,769
Dividend income from unaffiliated investments		459,403			312,885			267,609			8,046			7,547
Net income from securities lending		3,913			4,063			3,538			166			162
Total investment income		1,736,810			1,239,414			1,088,792			32,317			30,478
Expenses:
Investment management fees		44,183			29,828			25,680			764			736
Distribution and service fees:
Class R1		138,756			93,033			79,658			997			996
Class R3		18			29			23			28			19
Transfer agent fees
Class R1		43,708			29,306			25,092			314			314
Class R3		11			18			14			17			12
Class R6		31			27			32			21			21
Trustees, CCO and deferred compensation fees		723			489			419			17			15
Audit and tax fees		9,281			9,209			9,187			9,063			9,062
Custody fees		609			500			471			315			315
Legal fees		7,024			4,781			4,095			119			113
Printing and shareholder reports fees		3,303			2,432			2,185			472			521
Registration fees		45,086			45,072			45,068			25,648			25,648
Filing fees		4,498			4,440			4,424			4,315			4,315
Other		654			442			375			8			8
Total expenses before waiver and/or reimbursement and recapture		297,885			219,606			196,723			42,098			42,095
Expenses waived and/or reimbursed:
Class R1		(73,978	)		(66,368	)		(64,824	)		(16,090	)		(16,483	)
Class R3		(21	)		(169	)		(95	)		(890	)		(629	)
Class R6		(1,087	)		(1,306	)		(1,736	)		(22,744	)		(22,648	)
Recapture of previously waived and/or reimbursed fees:
Class R1		22,068			10,635			7,626			—			—
Class R3		8			134			63			—			—
Class R6		322			218			205			—			—
Net expenses		245,197			162,750			137,962			2,374			2,335
Net investment income (loss)		1,491,613			1,076,664			950,830			29,943			28,143
Net realized gain (loss) on:
Affiliated investments		(37,792	)		(111,198	)		(158,700	)		(56,754	)		(878	)
Unaffiliated investments		21,948,380			16,290,629			14,517,906			299,904			290,714
Capital gain distributions received from affiliated exchange-traded funds		1,964,050			1,436,322			1,288,407			38,291			36,105
Net realized gain (loss)		23,874,638			17,615,753			15,647,613			281,441			325,941
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(7,181,815	)		(4,981,973	)		(4,420,200	)		(80,689	)		(133,876	)
Unaffiliated investments		(25,446,221	)		(18,786,912	)		(16,654,750	)		(368,721	)		(355,627	)
Net change in unrealized appreciation (depreciation)		(32,628,036	)		(23,768,885	)		(21,074,950	)		(449,410	)		(489,503	)
Net realized and change in unrealized gain (loss)		(8,753,398	)		(6,153,132	)		(5,427,337	)		(167,969	)		(163,562	)
Net increase (decrease) in net assets resulting from operations	$	(7,261,785	)	$	(5,076,468	)	$	(4,476,507	)	$	(138,026	)	$	(135,419	)

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

Transamerica Funds Semi-Annual Report 2022

Page    32

STATEMENTS OF OPERATIONS (continued)

For the period ended April 30, 2022

(unaudited)

	Transamerica ClearTrack® Retirement Income
Investment Income:
Dividend income from affiliated investments	$	866,454
Dividend income from unaffiliated investments		440,079
Net income from securities lending		21,537
Total investment income		1,328,070
Expenses:
Investment management fees		44,516
Distribution and service fees:
Class R1		140,011
Class R3		19
Transfer agent fees
Class R1		44,103
Class R3		12
Class R6		21
Trustees, CCO and deferred compensation fees		736
Audit and tax fees		9,291
Custody fees		621
Legal fees		7,218
Printing and shareholder reports fees		3,468
Registration fees		45,088
Filing fees		4,522
Other		6,110
Total expenses before waiver and/or reimbursement and recapture		305,736
Expenses waived and/or reimbursed:
Class R1		(71,087	)
Class R3		(33	)
Class R6		(690	)
Recapture of previously waived and/or reimbursed fees:
Class R1		18,638
Class R3		18
Class R6		175
Net expenses		252,757
Net investment income (loss)		1,075,313
Net realized gain (loss) on:
Affiliated investments		(176,981	)
Unaffiliated investments		10,206,952
Capital gain distributions received from exchange-traded funds		1,076,463
Net realized gain (loss)		11,106,434
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(5,231,008	)
Unaffiliated investments		(12,530,541	)
Net change in unrealized appreciation (depreciation)		(17,761,549	)
Net realized and change in unrealized gain (loss)		(6,655,115	)
Net increase (decrease) in net assets resulting from operations	$	(5,579,802	)

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

Transamerica Funds Semi-Annual Report 2022

Page    33

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Transamerica ClearTrack® 2015						Transamerica ClearTrack® 2020						Transamerica ClearTrack® 2025
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	632,536		$	291,215		$	656,308		$	298,254		$	1,122,492		$	422,436
Net realized gain (loss)		8,953,176			1,539,521			4,982,009			1,374,444			8,768,635			1,844,536
Net change in unrealized appreciation (depreciation)		(13,015,991	)		3,582,633			(9,316,373	)		4,702,472			(16,035,951	)		8,169,398
Net increase (decrease) in net assets resulting from operations		(3,430,279	)		5,413,369			(3,678,056	)		6,375,170			(6,144,824	)		10,436,370
Dividends and/or distributions to shareholders:
Class R1		(1,978,593	)		(964,670	)		(2,006,014	)		(23,137	)		(2,994,648	)		(1,172,851	)
Class R3		(791	)		(367	)		(646	)		(38	)		(609	)		(240	)
Class R6		(39,188	)		(21,652	)		(36,709	)		(4,059	)		(86,551	)		(47,195	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(2,018,572	)		(986,689	)		(2,043,369	)		(27,234	)		(3,081,808	)		(1,220,286	)
Capital share transactions:
Proceeds from shares sold:
Class R1		663,374			511,022			1,151,823			1,746,103			1,673,277			2,721,140
Class R3		—			—			—			—			30,157			—
Class R6		9,952			26,529			32,409			75,900			263,939			208,146
		673,326			537,551			1,184,232			1,822,003			1,967,373			2,929,286
Dividends and/or distributions reinvested:
Class R1		1,978,593			964,670			2,006,014			23,137			2,994,648			1,172,851
Class R3		791			367			646			38			609			240
Class R6		39,188			21,652			36,709			4,059			86,551			47,195
		2,018,572			986,689			2,043,369			27,234			3,081,808			1,220,286
Cost of shares redeemed:
Class R1		(2,058,894	)		(4,533,085	)		(3,410,410	)		(8,345,604	)		(5,332,332	)		(10,053,418	)
Class R3		—			—			—			—			(30,089	)		—
Class R6		(669	)		(103,740	)		(3,149	)		(69,340	)		(163,214	)		(593,338	)
		(2,059,563	)		(4,636,825	)		(3,413,559	)		(8,414,944	)		(5,525,635	)		(10,646,756	)
Net increase (decrease) in net assets resulting from capital share transactions		632,335			(3,112,585	)		(185,958	)		(6,565,707	)		(476,454	)		(6,497,184	)
Net increase (decrease) in net assets		(4,816,516	)		1,314,095			(5,907,383	)		(217,771	)		(9,703,086	)		2,718,900
Net assets:
Beginning of period/year		35,831,208			34,517,113			37,754,125			37,971,896			60,315,172			57,596,272
End of period/year	$	31,014,692		$	35,831,208		$	31,846,742		$	37,754,125		$	50,612,086		$	60,315,172
Capital share transactions - shares:
Shares issued:
Class R1		59,975			42,793			116,025			173,047			162,454			253,792
Class R3		—			—			—			—			3,085			—
Class R6		851			2,216			3,234			7,445			25,447			19,497
		60,826			45,009			119,259			180,492			190,986			273,289
Shares reinvested:
Class R1		167,962			83,594			197,832			2,349			281,188			114,648
Class R3		68			31			64			4			57			24
Class R6		3,310			1,868			3,602			410			8,081			4,586
		171,340			85,493			201,498			2,763			289,326			119,258
Shares redeemed:
Class R1		(179,903	)		(384,254	)		(348,618	)		(828,014	)		(521,567	)		(951,188	)
Class R3		—			—			—			—			(3,058	)		—
Class R6		(58	)		(8,862	)		(330	)		(6,853	)		(16,098	)		(56,836	)
		(179,961	)		(393,116	)		(348,948	)		(834,867	)		(540,723	)		(1,008,024	)
Net increase (decrease) in shares outstanding:
Class R1		48,034			(257,867	)		(34,761	)		(652,618	)		(77,925	)		(582,748	)
Class R3		68			31			64			4			84			24
Class R6		4,103			(4,778	)		6,506			1,002			17,430			(32,753	)
		52,205			(262,614	)		(28,191	)		(651,612	)		(60,411	)		(615,477	)

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

Transamerica Funds Semi-Annual Report 2022

Page    34

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica ClearTrack® 2030						Transamerica ClearTrack® 2035						Transamerica ClearTrack® 2040
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	1,326,942		$	410,202		$	1,516,782		$	376,107		$	1,491,613		$	330,633
Net realized gain (loss)		20,521,965			1,787,287			24,933,879			2,101,628			23,874,638			1,896,434
Net change in unrealized appreciation (depreciation)		(28,926,357	)		9,870,171			(34,279,954	)		12,142,956			(32,628,036	)		11,842,273
Net increase (decrease) in net assets resulting from operations		(7,077,450	)		12,067,660			(7,829,293	)		14,620,691			(7,261,785	)		14,069,340
Dividends and/or distributions to shareholders:
Class R1		(3,110,618	)		(1,610,860	)		(3,527,833	)		(1,490,594	)		(3,438,261	)		(1,548,456	)
Class R3		(725	)		(369	)		(817	)		(334	)		(890	)		(392	)
Class R6		(62,017	)		(27,672	)		(68,980	)		(29,820	)		(54,494	)		(41,403	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(3,173,360	)		(1,638,901	)		(3,597,630	)		(1,520,748	)		(3,493,645	)		(1,590,251	)
Capital share transactions:
Proceeds from shares sold:
Class R1		714,078			3,737,656			1,506,651			2,784,176			1,242,666			1,601,543
Class R3		5,024			—			7,905			—			19,314			—
Class R6		327,609			211,988			277,725			311,106			70,133			180,380
		1,046,711			3,949,644			1,792,281			3,095,282			1,332,113			1,781,923
Dividends and/or distributions reinvested:
Class R1		3,110,618			1,610,860			3,527,833			1,490,594			3,438,261			1,548,456
Class R3		725			369			817			334			890			392
Class R6		62,017			27,672			68,980			29,820			54,494			41,403
		3,173,360			1,638,901			3,597,630			1,520,748			3,493,645			1,590,251
Cost of shares redeemed:
Class R1		(3,260,554	)		(6,516,056	)		(2,432,903	)		(6,674,395	)		(1,659,389	)		(6,336,961	)
Class R6		(86,930	)		(67,283	)		(62,443	)		(324,554	)		(41,178	)		(663,278	)
		(3,347,484	)		(6,583,339	)		(2,495,346	)		(6,998,949	)		(1,700,567	)		(7,000,239	)
Net increase (decrease) in net assets resulting from capital share transactions		872,587			(994,794	)		2,894,565			(2,382,919	)		3,125,191			(3,628,065	)
Net increase (decrease) in net assets		(9,378,223	)		9,433,965			(8,532,358	)		10,717,024			(7,630,239	)		8,851,024
Net assets:
Beginning of period/year		64,343,778			54,909,813			67,122,327			56,405,303			59,437,032			50,586,008
End of period/year	$	54,965,555		$	64,343,778		$	58,589,969		$	67,122,327		$	51,806,793		$	59,437,032
Capital share transactions - shares:
Shares issued:
Class R1		55,291			288,057			115,222			205,236			88,588			111,984
Class R3		420			—			621			—			1,511			—
Class R6		25,370			16,016			20,823			22,564			5,002			12,680
		81,081			304,073			136,666			227,800			95,101			124,664
Shares reinvested:
Class R1		234,057			127,948			251,808			114,047			239,600			116,865
Class R3		55			29			59			26			62			29
Class R6		4,635			2,184			4,888			2,266			3,753			3,090
		238,747			130,161			256,755			116,339			243,415			119,984
Shares redeemed:
Class R1		(257,204	)		(496,098	)		(174,593	)		(487,073	)		(120,132	)		(456,155	)
Class R6		(7,004	)		(5,254	)		(4,729	)		(24,058	)		(3,064	)		(48,542	)
		(264,208	)		(501,352	)		(179,322	)		(511,131	)		(123,196	)		(504,697	)
Net increase (decrease) in shares outstanding:
Class R1		32,144			(80,093	)		192,437			(167,790	)		208,056			(227,306	)
Class R3		475			29			680			26			1,573			29
Class R6		23,001			12,946			20,982			772			5,691			(32,772	)
		55,620			(67,118	)		214,099			(166,992	)		215,320			(260,049	)

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

Transamerica Funds Semi-Annual Report 2022

Page    35

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica ClearTrack® 2045						Transamerica ClearTrack® 2050						Transamerica ClearTrack® 2055
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	1,076,664		$	221,310		$	950,830		$	188,422		$	29,943		$	8,563
Net realized gain (loss)		17,615,753			1,050,607			15,647,613			823,787			281,441			13,917
Net change in unrealized appreciation (depreciation)		(23,768,885	)		9,049,585			(21,074,950	)		8,394,815			(449,410	)		236,148
Net increase (decrease) in net assets resulting from operations		(5,076,468	)		10,321,502			(4,476,507	)		9,407,024			(138,026	)		258,628
Dividends and/or distributions to shareholders:
Class R1		(2,171,567	)		(1,099,539	)		(1,795,304	)		(530,496	)		(18,217	)		(7,447	)
Class R3		(861	)		(428	)		(847	)		(255	)		(701	)		(298	)
Class R6		(46,020	)		(22,414	)		(51,931	)		(17,874	)		(28,579	)		(11,731	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(2,218,448	)		(1,122,381	)		(1,848,082	)		(548,625	)		(47,497	)		(19,476	)
Capital share transactions:
Proceeds from shares sold:
Class R1		755,659			1,622,748			1,626,982			2,875,382			—			—
Class R3		256,271			—			102,694			—			169,200			—
Class R6		64,129			131,162			71,031			69,401			52,534			45,500
		1,076,059			1,753,910			1,800,707			2,944,783			221,734			45,500
Dividends and/or distributions reinvested:
Class R1		2,171,567			1,099,539			1,795,304			530,496			18,217			7,447
Class R3		861			428			847			255			701			298
Class R6		46,020			22,414			51,931			17,874			28,579			11,731
		2,218,448			1,122,381			1,848,082			548,625			47,497			19,476
Cost of shares redeemed:
Class R1		(1,852,938	)		(3,981,854	)		(2,376,054	)		(4,974,447	)		—			—
Class R3		—			—			(17,151	)		—			(159,715	)		—
Class R6		(5,461	)		(109,246	)		(23,388	)		(129,727	)		(16,026	)		(914	)
		(1,858,399	)		(4,091,100	)		(2,416,593	)		(5,104,174	)		(175,741	)		(914	)
Net increase (decrease) in net assets resulting from capital share transactions		1,436,108			(1,214,809	)		1,232,196			(1,610,766	)		93,490			64,062
Net increase (decrease) in net assets		(5,858,808	)		7,984,312			(5,092,393	)		7,247,633			(92,033	)		303,214
Net assets:
Beginning of period/year		40,415,752			32,431,440			34,591,758			27,344,125			1,005,108			701,894
End of period/year	$	34,556,944		$	40,415,752		$	29,499,365		$	34,591,758		$	913,075		$	1,005,108
Capital share transactions - shares:
Shares issued:
Class R1		50,805			109,395			104,993			187,693			—			—
Class R3		19,431			—			7,245			—			12,455			—
Class R6		4,325			8,728			4,486			4,567			3,728			3,231
		74,561			118,123			116,724			192,260			16,183			3,231
Shares reinvested:
Class R1		143,717			80,258			112,983			37,333			1,225			567
Class R3		57			32			54			18			47			22
Class R6		3,022			1,625			3,240			1,248			1,919			893
		146,796			81,915			116,277			38,599			3,191			1,482
Shares redeemed:
Class R1		(126,701	)		(272,745	)		(159,095	)		(327,065	)		—			—
Class R3		—			—			(1,233	)		—			(11,955	)		—
Class R6		(366	)		(7,616	)		(1,579	)		(8,366	)		(1,173	)		(65	)
		(127,067	)		(280,361	)		(161,907	)		(335,431	)		(13,128	)		(65	)
Net increase (decrease) in shares outstanding:
Class R1		67,821			(83,092	)		58,881			(102,039	)		1,225			567
Class R3		19,488			32			6,066			18			547			22
Class R6		6,981			2,737			6,147			(2,551	)		4,474			4,059
		94,290			(80,323	)		71,094			(104,572	)		6,246			4,648

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

Transamerica Funds Semi-Annual Report 2022

Page    36

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica ClearTrack® 2060						Transamerica ClearTrack® Retirement Income
	April 30, 2022 (unaudited)			October 31, 2021			April 30, 2022 (unaudited)			October 31, 2021
From operations:
Net investment income (loss)	$	28,143		$	8,001		$	1,075,313		$	489,794
Net realized gain (loss)		325,941			15,197			11,106,434			1,904,531
Net change in unrealized appreciation (depreciation)		(489,503	)		220,512			(17,761,549	)		4,431,110
Net increase (decrease) in net assets resulting from operations		(135,419	)		243,710			(5,579,802	)		6,825,435
Dividends and/or distributions to shareholders:
Class R1		(18,203	)		(7,475	)		(3,076,518	)		(1,499,880	)
Class R3		(700	)		(299	)		(695	)		(322	)
Class R6		(27,781	)		(10,540	)		(31,408	)		(22,555	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(46,684	)		(18,314	)		(3,108,621	)		(1,522,757	)
Capital share transactions:
Proceeds from shares sold:
Class R1		—			—			1,316,794			2,297,678
Class R3		7,080			—			49,872			—
Class R6		114,015			36,591			84,971			174,811
		121,095			36,591			1,451,637			2,472,489
Dividends and/or distributions reinvested:
Class R1		18,203			7,475			3,076,518			1,499,880
Class R3		700			299			695			322
Class R6		27,781			10,540			31,408			22,555
		46,684			18,314			3,108,621			1,522,757
Cost of shares redeemed:
Class R1		—			—			(5,448,689	)		(7,137,348	)
Class R6		(4,813	)		(4,219	)		(141,344	)		(408,423	)
		(4,813	)		(4,219	)		(5,590,033	)		(7,545,771	)
Net increase (decrease) in net assets resulting from capital share transactions		162,966			50,686			(1,029,775	)		(3,550,525	)
Net increase (decrease) in net assets		(19,137	)		276,082			(9,718,198	)		1,752,153
Net assets:
Beginning of period/year		942,683			666,601			60,934,047			59,181,894
End of period/year	$	923,546		$	942,683		$	51,215,849		$	60,934,047
Capital share transactions - shares:
Shares issued:
Class R1		—			—			118,728			197,848
Class R3		526			—			4,778			—
Class R6		7,740			2,556			7,678			15,310
		8,266			2,556			131,184			213,158
Shares reinvested:
Class R1		1,227			569			270,582			132,968
Class R3		47			23			61			29
Class R6		1,868			803			2,745			1,989
		3,142			1,395			273,388			134,986
Shares redeemed:
Class R1		—			—			(492,664	)		(621,694	)
Class R6		(348	)		(312	)		(13,323	)		(35,724	)
		(348	)		(312	)		(505,987	)		(657,418	)
Net increase (decrease) in shares outstanding:
Class R1		1,227			569			(103,354	)		(290,878	)
Class R3		573			23			4,839			29
Class R6		9,260			3,047			(2,900	)		(18,425	)
		11,060			3,639			(101,415	)		(309,274	)

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

Transamerica Funds Semi-Annual Report 2022

Page    37

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2015
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.39		$	10.94		$	10.67		$	10.24		$	10.66		$	9.85
Investment operations:
Net investment income (loss) (A)		0.21			0.10			0.13			0.16			0.15			0.13
Net realized and unrealized gain (loss)		(1.36	)		1.67			0.48			0.81			(0.33	)		0.82
Total investment operations		(1.15	)		1.77			0.61			0.97			(0.18	)		0.95
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.10	)		(0.16	)		(0.17	)		(0.14	)		(0.12	)
Net realized gains		(0.47	)		(0.22	)		(0.18	)		(0.37	)		(0.10	)		(0.02	)
Total dividends and/or distributions to shareholders		(0.71	)		(0.32	)		(0.34	)		(0.54	)		(0.24	)		(0.14	)
Net asset value, end of period/year	$	10.53		$	12.39		$	10.94		$	10.67		$	10.24		$	10.66
Total return		(9.92	)%(B)		16.40	%		5.89	%		10.23	%		(1.76	)%		9.72	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	30,435		$	35,199		$	33,907		$	37,914		$	41,573		$	52,926
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		1.21	%(D)		1.26	%		1.26	%		1.26	%		1.19	%		1.17	%
Including waiver and/or reimbursement and recapture (E)		0.90	%(D)		1.14	%		1.14	%		1.12	%		1.12	%		1.11	%
Net investment income (loss) to average net assets		3.76	%(D)		0.80	%		1.20	%		1.53	%		1.42	%		1.28	%
Portfolio turnover rate		92	%(B)		7	%		12	%		42	%		23	%		9	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.30%, 0.06%, 0.06%, 0.08%, 0.08% and 0.09% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2015
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	12.38		$	10.93		$	10.68		$	9.99
Investment operations:
Net investment income (loss) (B)		0.23			0.12			0.15			0.11
Net realized and unrealized gain (loss)		(1.36	)		1.69			0.48			0.58
Total investment operations		(1.13	)		1.81			0.63			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.14	)		(0.20	)		—
Net realized gains		(0.47	)		(0.22	)		(0.18	)		—
Total dividends and/or distributions to shareholders		(0.74	)		(0.36	)		(0.38	)		—
Net asset value, end of period/year	$	10.51		$	12.38		$	10.93		$	10.68
Total return		(9.76	)%(C)		16.75	%		6.08	%		6.91	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12		$	13		$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.96	%(E)		1.01	%		1.01	%		1.01	%(E)
Including waiver and/or reimbursement and recapture (F)		0.65	%(E)		0.89	%		0.89	%		0.87	%(E)
Net investment income (loss) to average net assets		3.98	%(E)		1.04	%		1.43	%		1.54	%(E)
Portfolio turnover rate		92	%(C)		7	%		12	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.30%, 0.06%, 0.06% and 0.08%, for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    38

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2015
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	12.51		$	11.04		$	10.77		$	10.34		$	10.77		$	9.93
Investment operations:
Net investment income (loss) (A)		0.25			0.18			0.19			0.23			0.22			0.20
Net realized and unrealized gain (loss)		(1.37	)		1.69			0.50			0.82			(0.33	)		0.83
Total investment operations		(1.12	)		1.87			0.69			1.05			(0.11	)		1.03
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.18	)		(0.24	)		(0.25	)		(0.22	)		(0.17	)
Net realized gains		(0.47	)		(0.22	)		(0.18	)		(0.37	)		(0.10	)		(0.02	)
Total dividends and/or distributions to shareholders		(0.79	)		(0.40	)		(0.42	)		(0.62	)		(0.32	)		(0.19	)
Net asset value, end of period/year	$	10.60		$	12.51		$	11.04		$	10.77		$	10.34		$	10.77
Total return		(9.63	)%(B)		17.19	%		6.55	%		11.00	%		(1.16	)%		10.50	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	568		$	619		$	599		$	380		$	421		$	415
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.56	%(D)		0.61	%		0.61	%		0.61	%		0.54	%		0.52	%
Including waiver and/or reimbursement and recapture (E)		0.25	%(D)		0.49	%		0.49	%		0.47	%		0.47	%		0.46	%
Net investment income (loss) to average net assets		4.37	%(D)		1.46	%		1.75	%		2.21	%		2.06	%		1.91	%
Portfolio turnover rate		92	%(B)		7	%		12	%		42	%		23	%		9	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.30%, 0.06%, 0.06%, 0.08%, 0.08% and 0.09% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2020
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.65		$	9.05		$	10.65		$	10.38		$	10.73		$	9.81
Investment operations:
Net investment income (loss) (A)		0.18			0.08			0.04			0.15			0.15			0.12
Net realized and unrealized gain (loss)		(1.19	)		1.53			(1.16	)		0.79			(0.31	)		0.92
Total investment operations		(1.01	)		1.61			(1.12	)		0.94			(0.16	)		1.04
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.01	)		(0.17	)		(0.16	)		(0.13	)		(0.11	)
Net realized gains		(0.38	)		—			(0.31	)		(0.51	)		(0.06	)		(0.01	)
Total dividends and/or distributions to shareholders		(0.58	)		(0.01	)		(0.48	)		(0.67	)		(0.19	)		(0.12	)
Net asset value, end of period/year	$	9.06		$	10.65		$	9.05		$	10.65		$	10.38		$	10.73
Total return		(10.05	)%(B)		17.75	%		(11.16	)%		9.99	%		(1.55	)%		10.79	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	31,275		$	37,150		$	37,467		$	51,652		$	59,914		$	76,819
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		1.20	%(D)		1.25	%		1.25	%		1.20	%		1.15	%		1.14	%
Including waiver and/or reimbursement and recapture (E)		0.90	%(D)		1.15	%		1.14	%		1.12	%		1.12	%		1.11	%
Net investment income (loss) to average net assets		3.71	%(D)		0.76	%		0.44	%		1.46	%		1.38	%		1.21	%
Portfolio turnover rate		92	%(B)		11	%		137	%		50	%		25	%		5	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.30%, 0.05%, 0.06%, 0.08%, 0.08% and 0.09% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    39

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2020
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	10.63		$	9.04		$	10.65		$	9.97
Investment operations:
Net investment income (loss) (B)		0.19			0.10			0.06			0.10
Net realized and unrealized gain (loss)		(1.18	)		1.53			(1.15	)		0.58
Total investment operations		(0.99	)		1.63			(1.09	)		0.68
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.04	)		(0.21	)		—
Net realized gains		(0.38	)		—			(0.31	)		—
Total dividends and/or distributions to shareholders		(0.61	)		(0.04	)		(0.52	)		—
Net asset value, end of period/year	$	9.03		$	10.63		$	9.04		$	10.65
Total return		(9.91	)%(C)		18.02	%		(10.91	)%		6.82	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11		$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.95	%(E)		1.00	%		0.99	%		0.95	%(E)
Including waiver and/or reimbursement and recapture (F)		0.65	%(E)		0.90	%		0.89	%		0.87	%(E)
Net investment income (loss) to average net assets		3.94	%(E)		1.00	%		0.64	%		1.52	%(E)
Portfolio turnover rate		92	%(C)		11	%		137	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.30%, 0.05%, 0.06% and 0.08%, for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2020
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	10.76		$	9.14		$	10.76		$	10.49		$	10.85		$	9.89
Investment operations:
Net investment income (loss) (A)		0.21			0.14			0.09			0.22			0.22			0.19
Net realized and unrealized gain (loss)		(1.20	)		1.55			(1.16	)		0.80			(0.32	)		0.94
Total investment operations		(0.99	)		1.69			(1.07	)		1.02			(0.10	)		1.13
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.07	)		(0.24	)		(0.24	)		(0.20	)		(0.16	)
Net realized gains		(0.38	)		—			(0.31	)		(0.51	)		(0.06	)		(0.01	)
Total dividends and/or distributions to shareholders		(0.65	)		(0.07	)		(0.55	)		(0.75	)		(0.26	)		(0.17	)
Net asset value, end of period/year	$	9.12		$	10.76		$	9.14		$	10.76		$	10.49		$	10.85
Total return		(9.81	)%(B)		18.60	%		(10.60	)%		10.77	%		(1.00	)%		11.62	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	562		$	593		$	495		$	447		$	669		$	673
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.55	%(D)		0.60	%		0.60	%		0.55	%		0.50	%		0.49	%
Including waiver and/or reimbursement and recapture (E)		0.25	%(D)		0.50	%		0.49	%		0.47	%		0.47	%		0.46	%
Net investment income (loss) to average net assets		4.32	%(D)		1.41	%		0.95	%		2.17	%		2.01	%		1.85	%
Portfolio turnover rate		92	%(B)		11	%		137	%		50	%		25	%		5	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.30%, 0.05%, 0.06%, 0.08%, 0.08% and 0.09% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    40

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2025
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.13		$	9.55		$	11.11		$	10.70		$	11.06		$	9.98
Investment operations:
Net investment income (loss) (A)		0.20			0.07			0.04			0.15			0.14			0.12
Net realized and unrealized gain (loss)		(1.31	)		1.72			(1.30	)		0.94			(0.32	)		1.07
Total investment operations		(1.11	)		1.79			(1.26	)		1.09			(0.18	)		1.19
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.03	)		(0.16	)		(0.16	)		(0.12	)		(0.11	)
Net realized gains		(0.35	)		(0.18	)		(0.14	)		(0.52	)		(0.06	)		(0.00	)(B)
Total dividends and/or distributions to shareholders		(0.57	)		(0.21	)		(0.30	)		(0.68	)		(0.18	)		(0.11	)
Net asset value, end of period/year	$	9.45		$	11.13		$	9.55		$	11.11		$	10.70		$	11.06
Total return		(10.54	)%(C)		18.93	%		(11.77	)%		11.23	%		(1.65	)%		12.06	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	49,182		$	58,821		$	55,999		$	74,011		$	73,294		$	90,501
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.07	%(E)		1.18	%		1.17	%		1.17	%		1.14	%		1.13	%
Including waiver and/or reimbursement and recapture (F)		0.89	%(E)		1.15	%		1.14	%		1.14	%		1.13	%		1.12	%
Net investment income (loss) to average net assets		3.97	%(E)		0.69	%		0.39	%		1.43	%		1.30	%		1.15	%
Portfolio turnover rate		95	%(C)		19	%		161	%		20	%		25	%		6	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.31%, 0.05%, 0.06%, 0.06%, 0.07% and 0.08% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2025
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	11.12		$	9.54		$	11.11		$	10.40
Investment operations:
Net investment income (loss) (B)		0.21			0.10			0.06			0.11
Net realized and unrealized gain (loss)		(1.31	)		1.72			(1.29	)		0.60
Total investment operations		(1.10	)		1.82			(1.23	)		0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.06	)		(0.20	)		—
Net realized gains		(0.35	)		(0.18	)		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.60	)		(0.24	)		(0.34	)		—
Net asset value, end of period/year	$	9.42		$	11.12		$	9.54		$	11.11
Total return		(10.49	)%(C)		19.33	%		(11.58	)%		6.83	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11		$	9		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.82	%(E)		0.93	%		0.92	%		0.91	%(E)
Including waiver and/or reimbursement and recapture (F)		0.64	%(E)		0.90	%		0.89	%		0.89	%(E)
Net investment income (loss) to average net assets		4.06	%(E)		0.93	%		0.60	%		1.52	%(E)
Portfolio turnover rate		95	%(C)		19	%		161	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.31%, 0.05%, 0.06% and 0.06%, for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    41

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2025
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.25		$	9.65		$	11.23		$	10.83		$	11.19		$	10.07
Investment operations:
Net investment income (loss) (A)		0.23			0.15			0.08			0.22			0.22			0.18
Net realized and unrealized gain (loss)		(1.32	)		1.73			(1.29	)		0.94			(0.32	)		1.09
Total investment operations		(1.09	)		1.88			(1.21	)		1.16			(0.10	)		1.27
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.10	)		(0.23	)		(0.24	)		(0.20	)		(0.15	)
Net realized gains		(0.35	)		(0.18	)		(0.14	)		(0.52	)		(0.06	)		(0.00	)(B)
Total dividends and/or distributions to shareholders		(0.64	)		(0.28	)		(0.37	)		(0.76	)		(0.26	)		(0.15	)
Net asset value, end of period/year	$	9.52		$	11.25		$	9.65		$	11.23		$	10.83		$	11.19
Total return		(10.29	)%(C)		19.78	%		(11.26	)%		11.89	%		(1.00	)%		12.83	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,420		$	1,483		$	1,588		$	1,292		$	1,370		$	1,378
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.42	%(E)		0.53	%		0.52	%		0.52	%		0.49	%		0.48	%
Including waiver and/or reimbursement and recapture (F)		0.24	%(E)		0.50	%		0.49	%		0.49	%		0.48	%		0.47	%
Net investment income (loss) to average net assets		4.47	%(E)		1.37	%		0.81	%		2.10	%		1.93	%		1.69	%
Portfolio turnover rate		95	%(C)		19	%		161	%		20	%		25	%		6	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Not annualized.
(D)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.31%, 0.05%, 0.06%, 0.06%, 0.07% and 0.08% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2030
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	13.85		$	11.65		$	11.36		$	10.91		$	11.27		$	10.04
Investment operations:
Net investment income (loss) (A)		0.28			0.08			0.13			0.15			0.15			0.12
Net realized and unrealized gain (loss)		(1.75	)		2.47			0.49			0.98			(0.29	)		1.22
Total investment operations		(1.47	)		2.55			0.62			1.13			(0.14	)		1.34
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.11	)		(0.16	)		(0.16	)		(0.13	)		(0.11	)
Net realized gains		(0.39	)		(0.24	)		(0.17	)		(0.52	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.69	)		(0.35	)		(0.33	)		(0.68	)		(0.22	)		(0.11	)
Net asset value, end of period/year	$	11.69		$	13.85		$	11.65		$	11.36		$	10.91		$	11.27
Total return		(11.22	)%(B)		22.17	%		5.48	%		11.38	%		(1.34	)%		13.43	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	53,771		$	63,252		$	54,145		$	57,414		$	57,571		$	70,037
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		1.05	%(D)		1.17	%		1.19	%		1.20	%		1.16	%		1.15	%
Including waiver and/or reimbursement and recapture (E)		0.88	%(D)		1.16	%		1.15	%		1.15	%		1.13	%		1.12	%
Net investment income (loss) to average net assets		4.38	%(D)		0.65	%		1.12	%		1.38	%		1.28	%		1.16	%
Portfolio turnover rate		97	%(B)		9	%		15	%		16	%		26	%		9	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.04%, 0.05%, 0.05%, 0.07% and 0.08% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    42

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2030
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	13.83		$	11.64		$	11.36		$	10.63
Investment operations:
Net investment income (loss) (B)		0.29			0.12			0.15			0.11
Net realized and unrealized gain (loss)		(1.73	)		2.45			0.50			0.62
Total investment operations		(1.44	)		2.57			0.65			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.14	)		(0.20	)		—
Net realized gains		(0.39	)		(0.24	)		(0.17	)		—
Total dividends and/or distributions to shareholders		(0.73	)		(0.38	)		(0.37	)		—
Net asset value, end of period/year	$	11.66		$	13.83		$	11.64		$	11.36
Total return		(11.07	)%(C)		22.42	%		5.74	%		6.87	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	17		$	14		$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.80	%(E)		0.92	%		0.94	%		0.94	%(E)
Including waiver and/or reimbursement and recapture (F)		0.63	%(E)		0.91	%		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		4.53	%(E)		0.89	%		1.36	%		1.50	%(E)
Portfolio turnover rate		97	%(C)		9	%		15	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.04%, 0.05% and 0.05%, for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2030
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.02		$	11.78		$	11.49		$	11.04		$	11.40		$	10.13
Investment operations:
Net investment income (loss) (A)		0.30			0.17			0.19			0.22			0.22			0.19
Net realized and unrealized gain (loss)		(1.74	)		2.49			0.50			0.99			(0.29	)		1.23
Total investment operations		(1.44	)		2.66			0.69			1.21			(0.07	)		1.42
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		(0.18	)		(0.23	)		(0.24	)		(0.20	)		(0.15	)
Net realized gains		(0.39	)		(0.24	)		(0.17	)		(0.52	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.78	)		(0.42	)		(0.40	)		(0.76	)		(0.29	)		(0.15	)
Net asset value, end of period/year	$	11.80		$	14.02		$	11.78		$	11.49		$	11.04		$	11.40
Total return		(10.94	)%(B)		23.02	%		6.09	%		12.13	%		(0.69	)%		14.20	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,178		$	1,078		$	754		$	380		$	383		$	353
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.40	%(D)		0.52	%		0.54	%		0.55	%		0.51	%		0.50	%
Including waiver and/or reimbursement and recapture (E)		0.23	%(D)		0.51	%		0.50	%		0.50	%		0.48	%		0.47	%
Net investment income (loss) to average net assets		4.64	%(D)		1.29	%		1.62	%		2.02	%		1.92	%		1.81	%
Portfolio turnover rate		97	%(B)		9	%		15	%		16	%		26	%		9	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.04%, 0.05%, 0.05%, 0.07% and 0.08% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    43

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2035
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.65		$	11.88		$	11.51		$	11.09		$	11.47		$	10.01
Investment operations:
Net investment income (loss) (A)		0.32			0.08			0.13			0.14			0.15			0.14
Net realized and unrealized gain (loss)		(1.95	)		3.01			0.48			1.03			(0.33	)		1.44
Total investment operations		(1.63	)		3.09			0.61			1.17			(0.18	)		1.58
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.11	)		(0.15	)		(0.17	)		(0.13	)		(0.12	)
Net realized gains		(0.45	)		(0.21	)		(0.09	)		(0.58	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.80	)		(0.32	)		(0.24	)		(0.75	)		(0.20	)		(0.12	)
Net asset value, end of period/year	$	12.22		$	14.65		$	11.88		$	11.51		$	11.09		$	11.47
Total return		(11.84	)%(B)		26.33	%		5.31	%		11.65	%		(1.62	)%		15.97	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	57,409		$	66,023		$	55,525		$	57,683		$	57,851		$	70,958
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		1.05	%(D)		1.17	%		1.19	%		1.20	%		1.16	%		1.15	%
Including waiver and/or reimbursement and recapture (E)		0.88	%(D)		1.16	%		1.15	%		1.15	%		1.13	%		1.12	%
Net investment income (loss) to average net assets		4.81	%(D)		0.57	%		1.09	%		1.32	%		1.27	%		1.28	%
Portfolio turnover rate		100	%(B)		7	%		13	%		12	%		24	%		8	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.04%, 0.05%, 0.05%, 0.07% and 0.08% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2035
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	14.63		$	11.86		$	11.50		$	10.77
Investment operations:
Net investment income (loss) (B)		0.33			0.11			0.15			0.11
Net realized and unrealized gain (loss)		(1.94	)		3.01			0.49			0.62
Total investment operations		(1.61	)		3.12			0.64			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		(0.14	)		(0.19	)		—
Net realized gains		(0.45	)		(0.21	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.84	)		(0.35	)		(0.28	)		—
Net asset value, end of period/year	$	12.18		$	14.63		$	11.86		$	11.50
Total return		(11.76	)%(C)		26.69	%		5.57	%		6.78	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	20		$	14		$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.80	%(E)		0.92	%		0.94	%		0.94	%(E)
Including waiver and/or reimbursement and recapture (F)		0.63	%(E)		0.91	%		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		4.90	%(E)		0.82	%		1.33	%		1.47	%(E)
Portfolio turnover rate		100	%(C)		7	%		13	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.04%, 0.05% and 0.05%, for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    44

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2035
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	14.83		$	12.02		$	11.63		$	11.23		$	11.59		$	10.10
Investment operations:
Net investment income (loss) (A)		0.36			0.17			0.19			0.22			0.22			0.20
Net realized and unrealized gain (loss)		(1.96	)		3.04			0.52			1.01			(0.30	)		1.46
Total investment operations		(1.60	)		3.21			0.71			1.23			(0.08	)		1.66
Dividends and/or distributions to shareholders:
Net investment income		(0.45	)		(0.19	)		(0.23	)		(0.25	)		(0.21	)		(0.17	)
Net realized gains		(0.45	)		(0.21	)		(0.09	)		(0.58	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.90	)		(0.40	)		(0.32	)		(0.83	)		(0.28	)		(0.17	)
Net asset value, end of period/year	$	12.33		$	14.83		$	12.02		$	11.63		$	11.23		$	11.59
Total return		(11.60	)%(B)		27.12	%		6.10	%		12.22	%		(0.81	)%		16.61	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,161		$	1,085		$	869		$	516		$	459		$	525
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.40	%(D)		0.52	%		0.54	%		0.55	%		0.51	%		0.50	%
Including waiver and/or reimbursement and recapture (E)		0.23	%(D)		0.51	%		0.50	%		0.50	%		0.48	%		0.47	%
Net investment income (loss) to average net assets		5.32	%(D)		1.25	%		1.67	%		1.97	%		1.87	%		1.88	%
Portfolio turnover rate		100	%(B)		7	%		13	%		12	%		24	%		8	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.04%, 0.05%, 0.05%, 0.07% and 0.08% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2040
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	15.03		$	12.00		$	11.66		$	11.26		$	11.58		$	9.93
Investment operations:
Net investment income (loss) (A)		0.36			0.08			0.13			0.14			0.14			0.14
Net realized and unrealized gain (loss)		(2.09	)		3.33			0.48			1.02			(0.27	)		1.63
Total investment operations		(1.73	)		3.41			0.61			1.16			(0.13	)		1.77
Dividends and/or distributions to shareholders:
Net investment income		(0.40	)		(0.11	)		(0.15	)		(0.16	)		(0.14	)		(0.12	)
Net realized gains		(0.48	)		(0.27	)		(0.12	)		(0.60	)		(0.05	)		—
Total dividends and/or distributions to shareholders		(0.88	)		(0.38	)		(0.27	)		(0.76	)		(0.19	)		(0.12	)
Net asset value, end of period/year	$	12.42		$	15.03		$	12.00		$	11.66		$	11.26		$	11.58
Total return		(12.29	)%(B)		28.88	%		5.27	%		11.54	%		(1.17	)%		18.05	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	51,016		$	58,588		$	49,510		$	51,798		$	51,048		$	60,367
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		1.07	%(D)		1.18	%		1.20	%		1.22	%		1.17	%		1.17	%
Including waiver and/or reimbursement and recapture (E)		0.88	%(D)		1.16	%		1.15	%		1.15	%		1.13	%		1.12	%
Net investment income (loss) to average net assets		5.29	%(D)		0.57	%		1.10	%		1.29	%		1.20	%		1.33	%
Portfolio turnover rate		102	%(B)		6	%		12	%		15	%		20	%		6	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.04%, 0.05%, 0.05%, 0.07% and 0.08% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    45

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2040
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	15.00		$	11.98		$	11.65		$	10.92
Investment operations:
Net investment income (loss) (B)		0.36			0.11			0.16			0.11
Net realized and unrealized gain (loss)		(2.06	)		3.32			0.48			0.62
Total investment operations		(1.70	)		3.43			0.64			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.44	)		(0.14	)		(0.19	)		—
Net realized gains		(0.48	)		(0.27	)		(0.12	)		—
Total dividends and/or distributions to shareholders		(0.92	)		(0.41	)		(0.31	)		—
Net asset value, end of period/year	$	12.38		$	15.00		$	11.98		$	11.65
Total return		(12.16	)%(C)		29.17	%		5.52	%		6.68	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	32		$	15		$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.82	%(E)		0.93	%		0.95	%		0.96	%(E)
Including waiver and/or reimbursement and recapture (F)		0.63	%(E)		0.91	%		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		5.35	%(E)		0.81	%		1.34	%		1.47	%(E)
Portfolio turnover rate		102	%(C)		6	%		12	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.04%, 0.05% and 0.05%, for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2040
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	15.28		$	12.19		$	11.84		$	11.43		$	11.76		$	10.05
Investment operations:
Net investment income (loss) (A)		0.41			0.19			0.20			0.22			0.22			0.21
Net realized and unrealized gain (loss)		(2.11	)		3.36			0.50			1.03			(0.29	)		1.67
Total investment operations		(1.70	)		3.55			0.70			1.25			(0.07	)		1.88
Dividends and/or distributions to shareholders:
Net investment income		(0.50	)		(0.19	)		(0.23	)		(0.24	)		(0.21	)		(0.17	)
Net realized gains		(0.48	)		(0.27	)		(0.12	)		(0.60	)		(0.05	)		—
Total dividends and/or distributions to shareholders		(0.98	)		(0.46	)		(0.35	)		(0.84	)		(0.26	)		(0.17	)
Net asset value, end of period/year	$	12.60		$	15.28		$	12.19		$	11.84		$	11.43		$	11.76
Total return		(12.00	)%(B)		29.69	%		5.93	%		12.36	%		(0.62	)%		18.95	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	759		$	834		$	1,065		$	780		$	815		$	738
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.42	%(D)		0.53	%		0.55	%		0.57	%		0.52	%		0.52	%
Including waiver and/or reimbursement and recapture (E)		0.23	%(D)		0.51	%		0.50	%		0.50	%		0.48	%		0.47	%
Net investment income (loss) to average net assets		5.86	%(D)		1.34	%		1.69	%		1.94	%		1.84	%		1.88	%
Portfolio turnover rate		102	%(B)		6	%		12	%		15	%		20	%		6	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.04%, 0.05%, 0.05%, 0.07% and 0.08% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    46

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2045
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	15.76		$	12.27		$	11.94		$	11.45		$	11.76		$	9.94
Investment operations:
Net investment income (loss) (A)		0.41			0.08			0.13			0.14			0.13			0.14
Net realized and unrealized gain (loss)		(2.31	)		3.84			0.49			1.09			(0.24	)		1.80
Total investment operations		(1.90	)		3.92			0.62			1.23			(0.11	)		1.94
Dividends and/or distributions to shareholders:
Net investment income		(0.45	)		(0.11	)		(0.15	)		(0.16	)		(0.13	)		(0.12	)
Net realized gains		(0.41	)		(0.32	)		(0.14	)		(0.58	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.86	)		(0.43	)		(0.29	)		(0.74	)		(0.20	)		(0.12	)
Net asset value, end of period/year	$	13.00		$	15.76		$	12.27		$	11.94		$	11.45		$	11.76
Total return		(12.78	)%(B)		32.47	%		5.15	%		11.97	%		(0.97	)%		19.67	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	33,597		$	39,667		$	31,883		$	34,278		$	34,139		$	38,516
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		1.17	%(D)		1.25	%		1.28	%		1.29	%		1.22	%		1.22	%
Including waiver and/or reimbursement and recapture (E)		0.87	%(D)		1.16	%		1.15	%		1.15	%		1.14	%		1.13	%
Net investment income (loss) to average net assets		5.66	%(D)		0.57	%		1.09	%		1.26	%		1.12	%		1.25	%
Portfolio turnover rate		105	%(B)		5	%		9	%		15	%		15	%		6	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.33%, 0.04%, 0.05%, 0.05%, 0.06% and 0.07% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2045
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	15.72		$	12.24		$	11.93		$	11.18
Investment operations:
Net investment income (loss) (B)		0.21			0.12			0.16			0.11
Net realized and unrealized gain (loss)		(2.08	)		3.83			0.48			0.64
Total investment operations		(1.87	)		3.95			0.64			0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.49	)		(0.15	)		(0.19	)		—
Net realized gains		(0.41	)		(0.32	)		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.90	)		(0.47	)		(0.33	)		—
Net asset value, end of period/year	$	12.95		$	15.72		$	12.24		$	11.93
Total return		(12.66	)%(C)		32.82	%		5.34	%		6.71	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	264		$	15		$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.92	%(E)		0.99	%		1.03	%		1.03	%(E)
Including waiver and/or reimbursement and recapture (F)		0.62	%(E)		0.91	%		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		3.46	%(E)		0.81	%		1.33	%		1.48	%(E)
Portfolio turnover rate		105	%(C)		5	%		9	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.33%, 0.04%, 0.05% and 0.05%, for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    47

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2045
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	15.96		$	12.41		$	12.08		$	11.59		$	11.90		$	10.03
Investment operations:
Net investment income (loss) (A)		0.45			0.18			0.21			0.22			0.21			0.21
Net realized and unrealized gain (loss)		(2.32	)		3.89			0.49			1.09			(0.25	)		1.82
Total investment operations		(1.87	)		4.07			0.70			1.31			(0.04	)		2.03
Dividends and/or distributions to shareholders:
Net investment income		(0.55	)		(0.20	)		(0.23	)		(0.24	)		(0.20	)		(0.16	)
Net realized gains		(0.41	)		(0.32	)		(0.14	)		(0.58	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.96	)		(0.52	)		(0.37	)		(0.82	)		(0.27	)		(0.16	)
Net asset value, end of period/year	$	13.13		$	15.96		$	12.41		$	12.08		$	11.59		$	11.90
Total return		(12.51	)%(B)		33.39	%		5.76	%		12.70	%		(0.35	)%		20.53	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	696		$	734		$	537		$	417		$	505		$	585
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.52	%(D)		0.60	%		0.63	%		0.64	%		0.57	%		0.57	%
Including waiver and/or reimbursement and recapture (E)		0.22	%(D)		0.51	%		0.50	%		0.50	%		0.49	%		0.48	%
Net investment income (loss) to average net assets		6.20	%(D)		1.23	%		1.71	%		1.90	%		1.70	%		1.87	%
Portfolio turnover rate		105	%(B)		5	%		9	%		15	%		15	%		6	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.33%, 0.04%, 0.05%, 0.05%, 0.06% and 0.07% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2050
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	16.54		$	12.45		$	12.10		$	11.52		$	11.79		$	9.93
Investment operations:
Net investment income (loss) (A)		0.44			0.09			0.13			0.15			0.13			0.13
Net realized and unrealized gain (loss)		(2.46	)		4.24			0.46			1.09			(0.24	)		1.84
Total investment operations		(2.02	)		4.33			0.59			1.24			(0.11	)		1.97
Dividends and/or distributions to shareholders:
Net investment income		(0.49	)		(0.11	)		(0.15	)		(0.16	)		(0.12	)		(0.11	)
Net realized gains		(0.39	)		(0.13	)		(0.09	)		(0.50	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.88	)		(0.24	)		(0.24	)		(0.66	)		(0.16	)		(0.11	)
Net asset value, end of period/year	$	13.64		$	16.54		$	12.45		$	12.10		$	11.52		$	11.79
Total return		(12.97	)%(B)		35.17	%		4.87	%		11.87	%		(1.04	)%		20.00	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	28,618		$	33,724		$	26,659		$	26,865		$	26,279		$	29,329
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		1.22	%(D)		1.28	%		1.32	%		1.36	%		1.26	%		1.28	%
Including waiver and/or reimbursement and recapture (E)		0.86	%(D)		1.16	%		1.16	%		1.15	%		1.14	%		1.13	%
Net investment income (loss) to average net assets		5.80	%(D)		0.56	%		1.09	%		1.29	%		1.09	%		1.17	%
Portfolio turnover rate		108	%(B)		4	%		6	%		13	%		13	%		3	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.04%, 0.05%, 0.06% and 0.07% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    48

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2050
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	16.50		$	12.42		$	12.08		$	11.33
Investment operations:
Net investment income (loss) (B)		0.33			0.12			0.16			0.12
Net realized and unrealized gain (loss)		(2.32	)		4.24			0.46			0.63
Total investment operations		(1.99	)		4.36			0.62			0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.15	)		(0.19	)		—
Net realized gains		(0.39	)		(0.13	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.92	)		(0.28	)		(0.28	)		—
Net asset value, end of period/year	$	13.59		$	16.50		$	12.42		$	12.08
Total return		(12.85	)%(C)		35.51	%		5.14	%		6.62	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	94		$	15		$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.97	%(E)		1.03	%		1.07	%		1.10	%(E)
Including waiver and/or reimbursement and recapture (F)		0.61	%(E)		0.91	%		0.91	%		0.90	%(E)
Net investment income (loss) to average net assets		4.74	%(E)		0.80	%		1.34	%		1.50	%(E)
Portfolio turnover rate		108	%(C)		4	%		6	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.04% and 0.05%, for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2050
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	16.76		$	12.61		$	12.24		$	11.66		$	11.92		$	10.02
Investment operations:
Net investment income (loss) (A)		0.48			0.18			0.21			0.23			0.21			0.20
Net realized and unrealized gain (loss)		(2.47	)		4.30			0.48			1.10			(0.24	)		1.85
Total investment operations		(1.99	)		4.48			0.69			1.33			(0.03	)		2.05
Dividends and/or distributions to shareholders:
Net investment income		(0.59	)		(0.20	)		(0.23	)		(0.25	)		(0.19	)		(0.15	)
Net realized gains		(0.39	)		(0.13	)		(0.09	)		(0.50	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.98	)		(0.33	)		(0.32	)		(0.75	)		(0.23	)		(0.15	)
Net asset value, end of period/year	$	13.79		$	16.76		$	12.61		$	12.24		$	11.66		$	11.92
Total return		(12.68	)%(B)		35.97	%		5.63	%		12.62	%		(0.34	)%		20.72	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	787		$	853		$	674		$	424		$	699		$	627
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.57	%(D)		0.63	%		0.67	%		0.71	%		0.62	%		0.63	%
Including waiver and/or reimbursement and recapture (E)		0.21	%(D)		0.51	%		0.51	%		0.50	%		0.49	%		0.48	%
Net investment income (loss) to average net assets		6.34	%(D)		1.20	%		1.69	%		1.98	%		1.75	%		1.82	%
Portfolio turnover rate		108	%(B)		4	%		6	%		13	%		13	%		3	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.04%, 0.05%, 0.06% and 0.07% (annualized), for the period ended April 30, 2022 and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    49

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2055
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	15.31		$	11.52		$	11.24		$	10.44		$	10.61		$	10.00
Investment operations:
Net investment income (loss) (B)		0.41			0.08			0.13			0.13			0.12			0.02
Net realized and unrealized gain (loss)		(2.33	)		3.99			0.43			1.07			(0.21	)		0.59
Total investment operations		(1.92	)		4.07			0.56			1.20			(0.09	)		0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.46	)		(0.11	)		(0.14	)		(0.14	)		(0.07	)		—
Net realized gains		(0.21	)		(0.17	)		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.67	)		(0.28	)		(0.28	)		(0.40	)		(0.08	)		—
Net asset value, end of period/year	$	12.72		$	15.31		$	11.52		$	11.24		$	10.44		$	10.61
Total return		(13.20	)%(C)		35.71	%		4.89	%		12.22	%		(0.96	)%		6.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	364		$	420		$	309		$	295		$	262		$	265
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		8.93	%(E)		9.17	%		11.19	%		14.43	%		11.72	%		40.02	%(E)
Including waiver and/or reimbursement and recapture (F)		0.86	%(E)		1.17	%		1.15	%		1.15	%		1.13	%		1.06	%(E)
Net investment income (loss) to average net assets		5.84	%(E)		0.58	%		1.14	%		1.25	%		1.10	%		0.54	%(E)
Portfolio turnover rate		130	%(C)		6	%		12	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05%, 0.05%, 0.07% and 0.14% (annualized), for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and the period ended October 31, 2017, respectively.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2055
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	15.28		$	11.49		$	11.22		$	10.51
Investment operations:
Net investment income (loss) (B)		0.26			0.12			0.16			0.11
Net realized and unrealized gain (loss)		(2.17	)		3.98			0.42			0.60
Total investment operations		(1.91	)		4.10			0.58			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.50	)		(0.14	)		(0.17	)		—
Net realized gains		(0.21	)		(0.17	)		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.71	)		(0.31	)		(0.31	)		—
Net asset value, end of period/year	$	12.66		$	15.28		$	11.49		$	11.22
Total return		(13.22	)%(C)		36.09	%		5.12	%		6.76	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	20		$	15		$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		8.68	%(E)		8.92	%		10.94	%		14.18	%(E)
Including waiver and/or reimbursement and recapture (F)		0.61	%(E)		0.92	%		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		3.84	%(E)		0.84	%		1.39	%		1.49	%(E)
Portfolio turnover rate		130	%(C)		6	%		12	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05% and 0.05%, for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    50

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2055
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	15.41		$	11.58		$	11.29		$	10.50		$	10.64		$	10.00
Investment operations:
Net investment income (loss) (B)		0.45			0.18			0.20			0.20			0.19			0.04
Net realized and unrealized gain (loss)		(2.34	)		4.00			0.44			1.06			(0.22	)		0.60
Total investment operations		(1.89	)		4.18			0.64			1.26			(0.03	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.55	)		(0.18	)		(0.21	)		(0.21	)		(0.10	)		—
Net realized gains		(0.21	)		(0.17	)		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.76	)		(0.35	)		(0.35	)		(0.47	)		(0.11	)		—
Net asset value, end of period/year	$	12.76		$	15.41		$	11.58		$	11.29		$	10.50		$	10.64
Total return		(12.98	)%(C)		36.63	%		5.60	%		12.89	%		(0.37	)%		6.40	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	529		$	570		$	382		$	323		$	270		$	266
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		8.28	%(E)		8.52	%		10.54	%		13.78	%		11.07	%		39.37	%(E)
Including waiver and/or reimbursement and recapture (F)		0.21	%(E)		0.52	%		0.50	%		0.50	%		0.48	%		0.41	%(E)
Net investment income (loss) to average net assets		6.35	%(E)		1.23	%		1.78	%		1.89	%		1.75	%		1.19	%(E)
Portfolio turnover rate		130	%(C)		6	%		12	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05%, 0.05%, 0.07% and 0.14% (annualized), for the period ended April 30, 2022, years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and the period ended October 31, 2017, respectively.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2060
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	15.30		$	11.51		$	11.24		$	10.44		$	10.61		$	10.00
Investment operations:
Net investment income (loss) (B)		0.40			0.08			0.13			0.13			0.12			0.02
Net realized and unrealized gain (loss)		(2.32	)		3.99			0.42			1.07			(0.21	)		0.59
Total investment operations		(1.92	)		4.07			0.55			1.20			(0.09	)		0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.11	)		(0.14	)		(0.14	)		(0.07	)		—
Net realized gains		(0.23	)		(0.17	)		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.66	)		(0.28	)		(0.28	)		(0.40	)		(0.08	)		—
Net asset value, end of period/year	$	12.72		$	15.30		$	11.51		$	11.24		$	10.44		$	10.61
Total return		(13.15	)%(C)		35.75	%		4.87	%		12.25	%		(0.96	)%		6.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	365		$	420		$	309		$	295		$	263		$	265
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		9.13	%(E)		9.68	%		11.56	%		14.59	%		11.74	%		39.93	%(E)
Including waiver and/or reimbursement and recapture (F)		0.86	%(E)		1.16	%		1.15	%		1.15	%		1.13	%		1.06	%(E)
Net investment income (loss) to average net assets		5.61	%(E)		0.60	%		1.15	%		1.24	%		1.10	%		0.54	%(E)
Portfolio turnover rate		100	%(C)		8	%		10	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05%, 0.05%, 0.07% and 0.14% (annualized), for the period ended April 30, 2022, and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and the period ended October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    51

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2060
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	15.28		$	11.49		$	11.22		$	10.51
Investment operations:
Net investment income (loss) (B)		0.39			0.12			0.16			0.11
Net realized and unrealized gain (loss)		(2.28	)		3.98			0.42			0.60
Total investment operations		(1.89	)		4.10			0.58			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.47	)		(0.14	)		(0.17	)		—
Net realized gains		(0.23	)		(0.17	)		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.70	)		(0.31	)		(0.31	)		—
Net asset value, end of period/year	$	12.69		$	15.28		$	11.49		$	11.22
Total return		(13.02	)%(C)		36.10	%		5.19	%		6.76	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	20		$	15		$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		8.88	%(E)		9.43	%		11.31	%		14.33	%(E)
Including waiver and/or reimbursement and recapture (F)		0.61	%(E)		0.91	%		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		5.58	%(E)		0.85	%		1.40	%		1.49	%(E)
Portfolio turnover rate		100	%(C)		8	%		10	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05% and 0.05%, for the period ended April 30, 2022, and the years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® 2060
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	15.40		$	11.57		$	11.29		$	10.50		$	10.64		$	10.00
Investment operations:
Net investment income (loss) (B)		0.43			0.18			0.20			0.20			0.19			0.04
Net realized and unrealized gain (loss)		(2.30	)		4.00			0.43			1.06			(0.22	)		0.60
Total investment operations		(1.87	)		4.18			0.63			1.26			(0.03	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.18	)		(0.21	)		(0.21	)		(0.10	)		—
Net realized gains		(0.23	)		(0.17	)		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.76	)		(0.35	)		(0.35	)		(0.47	)		(0.11	)		—
Net asset value, end of period/year	$	12.77		$	15.40		$	11.57		$	11.29		$	10.50		$	10.64
Total return		(12.85	)%(C)		36.67	%		5.57	%		12.92	%		(0.37	)%		6.40	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	539		$	508		$	347		$	310		$	265		$	266
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		8.48	%(E)		9.03	%		10.91	%		13.94	%		11.09	%		39.28	%(E)
Including waiver and/or reimbursement and recapture (F)		0.21	%(E)		0.51	%		0.50	%		0.50	%		0.48	%		0.41	%(E)
Net investment income (loss) to average net assets		6.04	%(E)		1.25	%		1.80	%		1.89	%		1.75	%		1.19	%(E)
Portfolio turnover rate		100	%(C)		8	%		10	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05%, 0.05%, 0.07% and 0.14% (annualized), for the period ended April 30, 2022, and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and the period ended October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    52

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® Retirement Income
	Class R1
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.86		$	10.86		$	10.50		$	10.23		$	10.63		$	10.11
Investment operations:
Net investment income (loss) (A)		0.21			0.09			0.14			0.16			0.16			0.14
Net realized and unrealized gain (loss)		(1.29	)		1.18			0.46			0.85			(0.35	)		0.50
Total investment operations		(1.08	)		1.27			0.60			1.01			(0.19	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.10	)		(0.18	)		(0.18	)		(0.16	)		(0.12	)
Net realized gains		(0.38	)		(0.17	)		(0.06	)		(0.56	)		(0.05	)		—
Total dividends and/or distributions to shareholders		(0.61	)		(0.27	)		(0.24	)		(0.74	)		(0.21	)		(0.12	)
Net asset value, end of period/year	$	10.17		$	11.86		$	10.86		$	10.50		$	10.23		$	10.63
Total return		(9.61	)%(B)		11.91	%		5.81	%		10.76	%		(1.86	)%		6.41	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	50,723		$	60,380		$	58,473		$	64,925		$	72,493		$	98,838
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		1.09	%(D)		1.19	%		1.18	%		1.18	%		1.13	%		1.12	%
Including waiver and/or reimbursement and recapture (E)		0.90	%(D)		1.14	%		1.13	%		1.12	%		1.11	%		1.09	%
Net investment income (loss) to average net assets		3.80	%(D)		0.80	%		1.31	%		1.61	%		1.54	%		1.40	%
Portfolio turnover rate		91	%(B)		5	%		11	%		19	%		24	%		7	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.30%, 0.06%, 0.07%, 0.08%, 0.09% and 0.11% (annualized), for the period ended April 30, 2022, and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

For a share outstanding during the periods and years indicated:	Transamerica ClearTrack® Retirement Income
	Class R3
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	11.86		$	10.87		$	10.52		$	9.83
Investment operations:
Net investment income (loss) (B)		0.17			0.12			0.16			0.10
Net realized and unrealized gain (loss)		(1.24	)		1.17			0.47			0.59
Total investment operations		(1.07	)		1.29			0.63			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.13	)		(0.22	)		—
Net realized gains		(0.38	)		(0.17	)		(0.06	)		—
Total dividends and/or distributions to shareholders		(0.64	)		(0.30	)		(0.28	)		—
Net asset value, end of period/year	$	10.15		$	11.86		$	10.87		$	10.52
Total return		(9.54	)%(C)		12.10	%		6.09	%		7.02	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	60		$	13		$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.84	%(E)		0.94	%		0.93	%		0.93	%(E)
Including waiver and/or reimbursement and recapture (F)		0.65	%(E)		0.89	%		0.88	%		0.87	%(E)
Net investment income (loss) to average net assets		3.29	%(E)		1.05	%		1.53	%		1.50	%(E)
Portfolio turnover rate		91	%(C)		5	%		11	%		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 and Funds in which the Fund invests.
(E)	Annualized.
(F)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.30%, 0.06%, 0.07% and 0.08%, for the period ended April 30, 2022, and the years ended October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    53

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® Retirement Income
	Class R6
	April 30, 2022 (unaudited)			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017
Net asset value, beginning of period/year	$	11.99		$	10.98		$	10.62		$	10.35		$	10.75		$	10.20
Investment operations:
Net investment income (loss) (A)		0.24			0.17			0.20			0.23			0.23			0.21
Net realized and unrealized gain (loss)		(1.29	)		1.19			0.47			0.86			(0.35	)		0.50
Total investment operations		(1.05	)		1.36			0.67			1.09			(0.12	)		0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.18	)		(0.25	)		(0.26	)		(0.23	)		(0.16	)
Net realized gains		(0.38	)		(0.17	)		(0.06	)		(0.56	)		(0.05	)		—
Total dividends and/or distributions to shareholders		(0.69	)		(0.35	)		(0.31	)		(0.82	)		(0.28	)		(0.16	)
Net asset value, end of period/year	$	10.25		$	11.99		$	10.98		$	10.62		$	10.35		$	10.75
Total return		(9.32	)%(B)		12.58	%		6.47	%		11.53	%		(1.19	)%		7.12	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	433		$	541		$	698		$	510		$	425		$	409
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.44	%(D)		0.54	%		0.53	%		0.53	%		0.48	%		0.47	%
Including waiver and/or reimbursement and recapture (E)		0.25	%(D)		0.49	%		0.48	%		0.47	%		0.46	%		0.44	%
Net investment income (loss) to average net assets		4.30	%(D)		1.49	%		1.89	%		2.22	%		2.15	%		1.98	%
Portfolio turnover rate		91	%(B)		5	%		11	%		19	%		24	%		7	%

(A)	Calculated based on average number of shares outstanding.
(B)	Not annualized.
(C)	Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.
(D)	Annualized.
(E)	Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.30%, 0.06%, 0.07%, 0.08%, 0.09% and 0.11% (annualized), for the period ended April 30, 2022, and the years ended October 31, 2021, October 31, 2020, October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

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

Transamerica Funds Semi-Annual Report 2022

Page    54

NOTES TO FINANCIAL STATEMENTS

At April 30, 2022

(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 covered by this report (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, 2022, 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 in a combination of actively managed Transamerica funds and index-based exchange-traded funds (“ETFs”) managed by unaffiliated investment advisers (hereafter referred to as “Underlying Funds”). The shareholder reports of the Underlying ETFs and Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying ETFs and 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, 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 has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM’s expense.

Transamerica Funds Semi-Annual Report 2022

Page    55

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

1. ORGANIZATION (continued)

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

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.

Transamerica Funds Semi-Annual Report 2022

Page    56

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

3. INVESTMENT VALUATION (continued)

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at April 30, 2022, 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.

Investment companies: 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 actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

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

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The 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, 2022, the Funds have not utilized the program.

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

Transamerica Funds Semi-Annual Report 2022

Page    57

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at April 30, 2022.

Repurchase agreements at April 30, 2022, 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. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Each applicable 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 “Navigator”).

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2022, 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, 2022.

	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	$	2,486,349	$	—	$	—	$	—	$	2,486,349
Total Borrowings	$	2,486,349	$	—	$	—	$	—	$	2,486,349
ClearTrack® 2020
Securities Lending Transactions
Exchange-Traded Funds	$	85,200	$	—	$	—	$	—	$	85,200
Total Borrowings	$	85,200	$	—	$	—	$	—	$	85,200
ClearTrack® 2025
Securities Lending Transactions
Exchange-Traded Funds	$	610,778	$	—	$	—	$	—	$	610,778
Total Borrowings	$	610,778	$	—	$	—	$	—	$	610,778
ClearTrack® 2045
Securities Lending Transactions
Exchange-Traded Funds	$	808,335	$	—	$	—	$	—	$	808,335
Total Borrowings	$	808,335	$	—	$	—	$	—	$	808,335

Transamerica Funds Semi-Annual Report 2022

Page    58

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(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® 2050
Securities Lending Transactions
Exchange-Traded Funds	$	629,415	$	—	$	—	$	—	$	629,415
Total Borrowings	$	629,415	$	—	$	—	$	—	$	629,415
ClearTrack® 2055
Securities Lending Transactions
Exchange-Traded Funds	$	1,385	$	—	$	—	$	—	$	1,385
Total Borrowings	$	1,385	$	—	$	—	$	—	$	1,385
ClearTrack® 2060
Securities Lending Transactions
Exchange-Traded Funds	$	426	$	—	$	—	$	—	$	426
Total Borrowings	$	426	$	—	$	—	$	—	$	426
ClearTrack® Retirement Income
Securities Lending Transactions
Exchange-Traded Funds	$	2,758,563	$	—	$	—	$	—	$	2,758,563
Total Borrowings	$	2,758,563	$	—	$	—	$	—	$	2,758,563

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: The market prices of a Fund’s securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of a Fund’s securities and assets fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, 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. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. 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 go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a Fund’s securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

Transamerica Funds Semi-Annual Report 2022

Page    59

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

5. RISK FACTORS (continued)

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of a Fund’s investments.

Europe. A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through “Brexit,” the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom’s economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund’s investments.

Additional Market Disruption. Russia’s invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia’s military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not a Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of a Fund’s investments.

Underlying exchange-traded funds risk: To the extent a Fund invests its assets in Underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the Underlying ETFs in which it invests. Investing in Underlying ETFs subjects a Fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the Underlying ETFs in which a Fund may invest has its own investment risks, and those risks can affect the value of the Underlying ETFs’ shares and therefore the value of a Fund’s investments. There can be no assurance that the investment objective of any Underlying ETF will be achieved. In addition, a Fund will bear a pro rata portion of the operating expenses of the Underlying ETFs in which it invests.

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

6. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Life Insurance Company (“TLIC”) and AUSA Holding, LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is

Transamerica Funds Semi-Annual Report 2022

Page    60

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund 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 and Funds have varied expense and fee levels and the Funds may own different proportions of Underlying ETFs and 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 ETFs and Funds in which the Funds invest. The Funds have material ownership interests in the Underlying ETFs and Funds.

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 at the following rates:

Breakpoints	Rate
Effective December 6, 2021
First $2.5 billion		0.10	%
Over $2.5 billion up to $4 billion		0.09
Over $4 billion		0.08
Prior to December 6, 2021
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 and Funds, 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 average net assets. 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, 2025
Class R3		0.95			March 1, 2025
Class R6		0.55			March 1, 2025

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, 2022 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 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 voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

Transamerica Funds Semi-Annual Report 2022

Page    61

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

For the 36-month period ended April 30, 2022, the balances available for recapture by TAM for each Fund are as follows.

	Amounts Available
Fund	2019 (A)		2020		2021		2022		Total
ClearTrack® 2015
Class R1	$	19,573	$	62,130	$	55,313	$	58,607	$	195,623
Class R3		—		12		22		24		58
Class R6		192		966		946		1,068		3,172
ClearTrack® 2020
Class R1		15,695		74,337		58,224		59,784		208,040
Class R3		—		6		18		19		43
Class R6		158		852		879		1,018		2,907
ClearTrack® 2025
Class R1		—		53,771		48,705		70,148		172,624
Class R3		—		—		3		15		18
Class R6		—		617		1,224		1,918		3,759
ClearTrack® 2030
Class R1		7,323		45,834		34,878		75,980		164,015
Class R3		—		—		2		19		21
Class R6		—		—		500		1,506		2,006
ClearTrack® 2035
Class R1		5,919		42,699		34,833		77,932		161,383
Class R3		—		—		—		20		20
Class R6		—		122		540		1,408		2,070
ClearTrack® 2040
Class R1		9,449		46,094		39,606		73,978		169,127
Class R3		—		—		5		21		26
Class R6		134		955		618		1,087		2,794
ClearTrack® 2045
Class R1		15,793		56,362		48,744		66,368		187,267
Class R3		—		—		—		70		70
Class R6		179		861		845		1,306		3,191
ClearTrack® 2050
Class R1		19,008		57,945		51,904		64,824		193,681
Class R3		—		—		—		80		80
Class R6		304		1,266		1,336		1,736		4,642
ClearTrack® 2055
Class R1		22,611		34,641		36,199		16,090		109,541
Class R3		546		1,256		1,316		890		4,008
Class R6		24,644		40,499		47,386		22,744		135,273
ClearTrack® 2060
Class R1		23,127		35,976		38,584		16,483		114,170
Class R3		536		1,304		1,402		629		3,871
Class R6		24,120		39,064		44,822		22,648		130,654
ClearTrack® Retirement Income
Class R1		12,543		49,356		48,684		71,087		181,670
Class R3		—		—		—		31		31
Class R6		121		554		454		690		1,819

^(A)  For the six-month period of May 1, 2019 through October 31, 2019.

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.

Transamerica Funds Semi-Annual Report 2022

Page    62

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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 average net assets 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 assets, 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. Please reference the Funds’ Prospectuses and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2022, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
ClearTrack® 2015	$	1,258	$	191
ClearTrack® 2020		1,324		199
ClearTrack® 2025		2,115		314
ClearTrack® 2030		2,269		344
ClearTrack® 2035		2,363		367
ClearTrack® 2040		2,112		325
ClearTrack® 2045		1,423		218
ClearTrack® 2050		1,227		188
ClearTrack® 2055		37		6
ClearTrack® 2060		36		6
ClearTrack® Retirement Income		2,121		321

Deferred compensation plan: Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. 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, 2022, 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, 2022.

Transamerica Funds Semi-Annual Report 2022

Page    63

NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2022

(unaudited)

7. PURCHASES AND SALES OF SECURITIES

For the period ended April 30, 2022, 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	$	30,966,103	$	32,341,756
ClearTrack® 2020		32,398,386		34,392,136
ClearTrack® 2025		53,476,172		56,812,543
ClearTrack® 2030		58,783,756		61,034,306
ClearTrack® 2035		63,136,872		63,837,754
ClearTrack® 2040		57,326,400		57,248,512
ClearTrack® 2045		39,819,227		40,354,609
ClearTrack® 2050		35,332,614		35,978,461
ClearTrack® 2055		1,319,856		1,279,690
ClearTrack® 2060		1,070,004		958,093
ClearTrack® Retirement Income		51,859,194		55,052,024

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, 2022, 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	$	37,800,502	$	—	$	(4,222,867	)	$	(4,222,867	)
ClearTrack® 2020		36,881,969		—		(4,809,639	)		(4,809,639	)
ClearTrack® 2025		59,227,807		—		(8,030,653	)		(8,030,653	)
ClearTrack® 2030		64,060,975		—		(9,263,720	)		(9,263,720	)
ClearTrack® 2035		69,269,936		—		(10,671,778	)		(10,671,778	)
ClearTrack® 2040		62,191,138		—		(10,377,033	)		(10,377,033	)
ClearTrack® 2045		42,674,408		—		(7,307,884	)		(7,307,884	)
ClearTrack® 2050		36,428,914		—		(6,413,681	)		(6,413,681	)
ClearTrack® 2055		1,049,163		—		(137,873	)		(137,873	)
ClearTrack® 2060		1,116,397		—		(196,142	)		(196,142	)
ClearTrack® Retirement Income		61,528,273		—		(7,029,480	)		(7,029,480	)

Transamerica Funds Semi-Annual Report 2022

Page    64

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 9-10, 2022 (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 during the 2021 reporting period, and assessed the Program’s adequacy and effectiveness, including the operation of the Funds’ Highly Liquid Investment Minimum (“HLIM”) as applicable, and material changes to the Program (the “Report”). The Report covered the period from January 1, 2021, through December 31, 2021 (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 three material changes to the classification methodology during the Program Reporting Period. The Report reviewed the changes and why the Committee believes the changes are 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 (a) complied with the key factors for consideration under the Liquidity Rule for monitoring the adequacy and effectiveness of the Program and (b) 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 2022

Page    65

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) on the Transamerica Funds website at https://www.transamerica.com/sites/default/files/files/e070d/TF%20NPX%202021.pdf 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 provide 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. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, 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 2022

Page    66

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, such as on applications or other forms, which may include your name, address, and account number;

• Information about your transactions with us, our affiliates, or non-affiliated third parties, such as your account balance and purchase/redemption history; and

• Information we receive from 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 non-affiliated companies that perform services on our behalf and to financial institutions with which we have joint marketing agreements.

We 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 to assist in providing products or services to you and as otherwise permitted by law. We maintain physical, technical, and procedural safeguards designed to protect your nonpublic personal information and to safeguard the disposal of such information.

Contact Us

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.

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Transamerica Funds Semi-Annual Report 2022

Page    67

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

2171291 04/22

© 2022 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
	President and Chief Executive Officer
	(Principal Executive Officer)
Date:	July 1, 2022

    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
	President and Chief Executive Officer
	(Principal Executive Officer)
Date:	July 1, 2022
By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Vice President and Treasurer   (Principal Financial Officer and   Principal Accounting Officer)
Date:	July 1, 2022

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