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TRANSAMERICA FUNDS

Transamerica Large Cap Value

Supplement to the Currently Effective Prospectuses, Summary Prospectuses and Statement of Additional Information

Great Lakes Advisors LLC (“Great Lakes”) acquired Rothschild & Co Asset Management US Inc. (“Rothschild”) effective as of April 3, 2023 (the “Transaction”). Transamerica Asset Management, Inc. (“TAM”) entered into a new investment sub-advisory agreement with Great Lakes Advisors LLC (“Great Lakes”) with respect to Transamerica Large Cap Value (the “fund”) effective upon the closing of the Transaction. An information statement will be made available to fund shareholders which will provide certain information about the Transaction, the new sub-adviser and the terms of the new sub-advisory agreement.

Following the Transaction, TAM continues to serve as the fund’s investment manager and the fund’s investment objective, principal investment strategies, principal risks, management and sub-advisory fee schedules, sub-advisory personnel, investment team and portfolio managers remain the same.

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Effective April 3, 2023, all references to Rothschild in the Prospectuses, Summary Prospectuses and Statements of Additional Information are replaced with Great Lakes, and the following is added alphabetically to replace the current information for Rothschild in the sub-section entitled “Further Information About Each Sub-Adviser” under the section entitled “Shareholder Information – Sub- Adviser(s)” section in the Prospectuses for Transamerica Large Cap Value:

Great Lakes Advisors, LLC is a wholly owned subsidiary of Wintrust Financial Corporation. Great Lakes Advisors, LLC has been registered as an investment adviser since 1981. As of December 31, 2022, Great Lakes Advisors, LLC had approximately

$10.5 billion in total assets under management. Great Lakes Advisors, LLC’s principal business address is 231 South LaSalle Street, 4^th Floor, Chicago, IL 60604.

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Investors Should Retain this Supplement for Future Reference

April 3, 2023