Transamerica Bond (IDITX) N-CSR Certified annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on January 4, 2021

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

Erin D. Nelson, Esq. 1801 California St., Suite 5200, Denver, CO 80202

(Name and Address of Agent for Service)

Date of fiscal year end:      October 31

Date of reporting period:    November 1, 2019 – October 31, 2020

Item 1: Report(s) to Shareholders.

The Annual Report is attached.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2020

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

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

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

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica Asset Allocation – Conservative Portfolio	4
Transamerica Asset Allocation – Growth Portfolio	9
Transamerica Asset Allocation – Moderate Growth Portfolio	14
Transamerica Asset Allocation – Moderate Portfolio	20
Transamerica Asset Allocation Intermediate Horizon	26
Transamerica Asset Allocation Long Horizon	29
Transamerica Asset Allocation Short Horizon	32
Statements of Assets and Liabilities	35
Statements of Operations	37
Statements of Changes in Net Assets	39
Financial Highlights	44
Notes to Financial Statements	55
Report of Independent Registered Public Accounting Firm	67
Supplemental Information	68
Approval of Management and Sub-Advisory Agreements	69
Management of the Trust	77
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	84
Notice of Privacy Policy	85

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

Transamerica Funds Annual Report 2020

Dear Shareholder,

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

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2020.

We believe it is important to understand market conditions over the last fiscal year of the Funds to provide a context for reading this report. As the period began markets were exhibiting strength as the economy was reflecting the lowest unemployment rates in more than a half-century. In addition, wage growth was rising, inflation was benign, consumer spending was strong and the U.S. Federal Reserve (“Fed”) had just concluded a series of three rate cuts, taking the Fed Funds rate down to a lower bound of 1.50%. For these reasons, among others, many investors looked ahead to the year of 2020 with a sense of optimism.

By February of 2020, markets were digesting headlines about a rapidly spreading respiratory virus in China, and fears of its global transmission began to rattle markets. While equity markets peaked at record highs toward the end of the February, it soon became clear that COVID-19 cases were expanding internationally and there would be dramatically negative economic impacts. A nationwide lockdown quickly went into effect by the middle of March, and while the Fed slashed short term rates to zero, this could not prevent widespread selling across the stock and credit markets resulting in the fastest 35% decline in the history of the S&P 500^® Index by the final week of March. International markets saw similar declines with the MSCI EAFE Index losing approximately one-third of its value. Credit spreads more than tripled, and long-term Treasury yields collapsed as the 10-year bond yield dropped to an all-time low of 0.54%.

Throughout the spring of 2020, the U.S. economy experienced its worst economic contraction since the Great Depression as more than twenty million jobs were lost in the month of April and second quarter gross domestic product (“GDP”) plummeted by an annualized rate of -31%. However, as the Fed quickly implemented unprecedented amounts of large scale asset purchases and credit support, and Congress passed the Coronavirus, Aid, Relief and Stimulus Act (“CARES”) providing more than $2 trillion to businesses and families, the markets began to see a recovery on the horizon.

By June 2020, with virus case growth having declined, most states had loosened business shutdowns and social distancing requirements, and with pent-up demand from the earlier months now being combined with lower interest rates and market liquidity, GDP came roaring back in the third quarter to reach its highest rate of growth ever. Markets reacted accordingly as the S&P 500^® Index regained its pre-virus high by the end of August. International markets also recovered as their economies opened more and global central banks such as the European Central Bank (“ECB”) also applied high degrees of monetary stimulus, however, they were unable to recover to pre-pandemic levels.

While stocks reached new record highs by Labor Day, volatility returned to the markets during September and October as COVID-19 case levels increased exponentially to daily numbers well in excess of earlier in the year. Election uncertainties and the inability of Congress to pass follow-up legislation on fiscal stimulus and economic relief to the soon expiring CARES Act also created investor angst. By the Funds’ fiscal year, stocks were off their highs but still displaying historic improvement from the March lows, as investors began to focus on the prospects of a continuing economic recovery in 2021 and anxiously awaited news on a COVID-19 vaccine. International equity markets, which had recovered materially in the second quarter, remained relatively range bound since summer and continued to remain below pre-pandemic levels.

For the 12-month period ended October 31, 2020, the S&P 500^® Index returned 9.71% while the MSCI EAFE Index, representing international developed market equities, returned -6.46%. During the same period, the Bloomberg Barclays US Aggregate Bond Index returned 6.19%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

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

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 COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, the Fund’s exposure to the risks described elsewhere in the Prospectus will likely increase. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively affected.

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 May 1, 2020, and held for the entire six-month period until October 31, 2020.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C) (D)
Transamerica Asset Allocation - Conservative Portfolio
Class A	$	1,000.00	$	1,083.10	$	2.41	$	1,022.80	$	2.34		0.46	%
Class C		1,000.00		1,078.10		6.43		1,019.00		6.24		1.23
Class I		1,000.00		1,084.50		1.15		1,024.00		1.12		0.22
Class R		1,000.00		1,081.40		3.61		1,021.70		3.51		0.69
Transamerica Asset Allocation - Growth Portfolio
Class A		1,000.00		1,168.80		2.78		1,022.60		2.59		0.51
Class C		1,000.00		1,164.40		6.91		1,018.80		6.44		1.27
Class I		1,000.00		1,171.00		1.20		1,024.00		1.12		0.22
Class R		1,000.00		1,167.50		3.92		1,021.50		3.66		0.72
Transamerica Asset Allocation - Moderate Growth Portfolio
Class A		1,000.00		1,130.50		2.57		1,022.70		2.44		0.48
Class C		1,000.00		1,127.20		6.63		1,018.90		6.29		1.24
Class I		1,000.00		1,132.60		1.13		1,024.10		1.07		0.21
Class R		1,000.00		1,129.80		3.91		1,021.50		3.71		0.73
Transamerica Asset Allocation - Moderate Portfolio
Class A		1,000.00		1,102.80		2.59		1,022.70		2.49		0.49
Class C		1,000.00		1,098.20		6.59		1,018.90		6.34		1.25
Class I		1,000.00		1,104.90		1.22		1,024.00		1.17		0.23
Class R		1,000.00		1,101.30		3.75		1,021.60		3.61		0.71
Transamerica Asset Allocation Intermediate Horizon
Class R		1,000.00		1,105.90		3.18		1,022.10		3.05		0.60
Class R4		1,000.00		1,107.30		1.85		1,023.40		1.78		0.35

Transamerica Funds Annual Report 2020

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C) (D)
Transamerica Asset Allocation Long Horizon
Class R	$	1,000.00	$	1,158.60	$	3.26	$	1,022.10	$	3.05		0.60	%
Class R4		1,000.00		1,159.80		1.90		1,023.40		1.78		0.35
Transamerica Asset Allocation Short Horizon
Class R		1,000.00		1,049.70		3.09		1,022.10		3.05		0.60
Class R4		1,000.00		1,051.00		1.80		1,023.40		1.78		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 (184 days), and divided by the number of days in the year (366 days).
(C)	Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Funds invest. The net annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.
(D)	Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and recapture, if any, are based on the most recent six-months and may differ from the net expense ratio displayed in the Financial Highlights which covers a twelve-month period.

Transamerica Funds Annual Report 2020

Page    3

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

MARKET ENVIRONMENT

Goldman Sachs Asset Management, L.P. (8/28/2020 – 10/31/2020)

September saw a pullback in risk assets driven by disappointment on the lack of agreement on a further U.S. fiscal stimulus package, as well as a resurgence in COVID-19 cases in parts of the U.S. and Europe. Economic activity continued to recover in the U.S. and China, however, the speed of recovery moderated in Europe and Latin America. The U.S. Federal Reserve (“Fed”) kept its policy rate near zero and signaled it intends to keep rates there until inflation moderately exceeds its 2% target for some time. The European Central Bank (“ECB”) also kept policy rates on hold and committed to maintaining an accommodative stance. Stocks continued to sell off in October as markets grappled with the continued rise of COVID-19 cases and concerns around the U.S. Presidential and congressional elections.

Over September and October, U.S. and international developed equities had negative performance, though emerging market equities saw modest positive performance. Emerging market equities outperformance was led by strong equity performance in China during October and was helped by relatively better economic data and more controlled COVID-19 cases in East Asia. U.S. aggregate fixed income was also moderately negative during this period, as rates rose in October. Oil and master limited partnerships (“MLPs”) had significantly negative performance, in part due to demand side concerns as a result of COVID-19 and uncertainty around the U.S. elections.

Morningstar Investment Management LLC (11/01/2019 – 8/28/2020)

From the beginning of the reporting period (November 1, 2019) through the pre-COVID peak on February 19, 2020, U.S. equities were enjoying gains, with the S&P 500^® Index up 12.18%. Large-cap technology and communication-services stocks were leading the way. From a regional standpoint, the U.S. market was beating most foreign markets.

In February 2020, the COVID-19 pandemic hit global markets with full force. From February 20 to March 23, 2020, the S&P 500^® plummeted almost 33.79%. Smaller companies fell harder, as reflected by the -40.66% return for the Russell 2000^® Index. Economically sensitive stocks – banks, industrials, and travel-related industries, for example – were punished by investors given the near stoppage of the world economy. Technology-related stocks held up better, as many of them benefited from the work-from-home environment. Global markets began rebounding in late March and continued to rise through August 28 (when Morningstar Investment Management’s tenure as the Fund’s subadviser ended). In the rebound, technology and communication-services stocks outperformed more economically sensitive stocks. As a result, growth stocks in general outperformed value. Also, because many big tech companies are U.S. based this helped U.S. markets outperform most foreign markets.

Although U.S. Treasury bonds gained as investors sought safety amid the COVID-19 downturn, bonds with any amount of credit risk fell. Investment-grade corporate bonds lost 12.28% (as measured by the Bloomberg Barclays U.S. Corporate Bond Index) amid the February 20-March 23, 2020 stock-market plunge, while the Bloomberg Barclays U.S. Corporate High Yield Index returned -20.76%. The Bloomberg Barclays US Aggregate Bond Index – a broader bond market index with a big government component – was slightly negative during the drawdown with a -0.94% return.

For the full period from November 1, 2019 through the end of Morningstar Investment Management’s stewardship on August 28, 2020, the S&P 500^® Index posted a 17.40% return, thanks in part to the large-cap growth stocks at the top of the index. The Russell 1000^® Growth Index was up 39.52% while the Russell 1000^® Value Index, by contrast, suffered a -3.17% return. The MSCI EAFE Index was flat with a -0.37% return, while the MSCI Emerging Markets Index was up 9.76%. The Barclays U.S. Aggregate Bond Index was up 6.47% for the overall period.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Asset Allocation – Conservative Portfolio (Class A) returned 6.32%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays US Aggregate Bond Index and the Transamerica Asset Allocation – Conservative Portfolio Blended Benchmark, returned 6.19% and 6.32%, respectively. Prior to August 28, 2020, the Fund’s secondary benchmark was the Wilshire 5000 Total Market Index^SM, which returned 11.01% for the 12-month period ended October 31, 2020.

STRATEGY REVIEW

Goldman Sachs Asset Management, L.P. (8/28/2020 – 10/31/2020)

The Fund is a multi-asset fund-of-funds that seeks current income and preservation of capital through its strategic allocation to both equity and fixed income asset classes. Goldman Sachs Asset Management, L.P. (“GSAM”) became sub-adviser of the Fund on

Transamerica Funds Annual Report 2020

Page    4

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

STRATEGY REVIEW (continued)

August 28, 2020, and as part of the transition there were a number of allocation changes in September toward a new target asset allocation. The portfolio managers continue to maintain out of benchmark exposures, like small cap and emerging markets equity and emerging markets debt, to seek enhanced diversification and risk-adjusted returns.

Since GSAM became sub-adviser, the Fund has outperformed the Transamerica Asset Allocation – Conservative Portfolio Blended Benchmark, its secondary benchmark (consisting of 65% Bloomberg Barclays US Aggregate Bond Index, 35% MSCI World Index) though it has had negative absolute performance primarily due to the broad pullback in global equities over this same time period. The Fund underperformed its primary benchmark, the Bloomberg Barclays US Aggregate Bond Index as equities generally underperformed fixed income securities during the period.

While the Fund experienced negative absolute returns from September to October 2020, security selection within underlying Transamerica-affiliated equity funds contributed to performance. The underlying Transamerica Capital Growth fund was a key contributor to performance during this period.

Strategic asset allocation differences from the secondary benchmark were modestly positive. Off-benchmark allocations to emerging markets equities contributed to performance while allocations to emerging markets debt and inflation-protected fixed income detracted from performance versus the secondary benchmark. While still negative, small cap equity allocations across U.S. and international markets fared better during this period than broad large and mid-cap developed global equities in the secondary benchmark.

During the period from 8/28/20 to 10/31/20, the Fund utilized derivatives. These positions detracted from performance.

Morningstar Investment Management LLC (11/01/2019 – 8/28/2020)

An overweight to foreign markets relative to our neutral stance – due to what management considered a stretched U.S. equity market – worked against the Fund, as U.S. stocks powered higher than foreign markets early in the period, performed about the same as foreign markets in the downturn, and then gained more in the rebound. Meanwhile the portfolio’s value-oriented underlying funds posted negative returns for the period, as did a small holding in Transamerica MLP & Energy Income. On the fixed-income side, only one of the underlying bond funds was able to beat the strong gain in the Bloomberg Barclays US Aggregate Bond Index. Most of the other bond funds typically have more credit risk than the government-heavy index, which was a disadvantage for the period.

The portfolio’s underlying growth funds were strong performers. Of particular note was Transamerica Capital Growth, which outperformed on the strength of its bevy of technology and communication-services stocks. A healthy complement of emerging markets within the foreign equity sleeve was also a positive contributor.

Christopher Lvoff, CFA

Neill Nuttall

Co-Portfolio Managers

Goldman Sachs Asset Management, L.P.

Dan McNeela, CFA

Michael Stout, CFA

Ricky Williamson, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		56.4	%
U.S. Equity Funds		22.4
International Equity Funds		12.5
International Fixed Income Funds		6.0
U.S. Alternative Fund		1.1
U.S. Mixed Allocation Fund		1.0
International Alternative Fund		0.0	*
Net Other Assets (Liabilities) ^		0.6
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 Annual Report 2020

Page    5

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		0.44	%		3.91	%		4.37	%		03/01/2002
Class A (NAV)		6.32	%		5.09	%		4.96	%		03/01/2002
Bloomberg Barclays US Aggregate Bond Index (A)		6.19	%		4.08	%		3.55	%
Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark (A)(B)(C)		6.32	%		6.14	%		6.18	%
Class C (POP)		4.37	%		4.29	%		4.21	%		11/11/2002
Class C (NAV)		5.37	%		4.29	%		4.21	%		11/11/2002
Class I (NAV)		6.48	%		5.32	%		5.23	%		11/30/2009
Class R (NAV)		5.90	%		4.70	%		4.62	%		06/15/2006

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

^(B) The Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark is composed of the following benchmarks: 65% Bloomberg Barclays US Aggregate Bond Index and 35% MSCI World Index.

^(C) The MSCI World Index captures large and mid-cap representation across developed markets countries.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

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

Asset allocation and diversification do not assure or guarantee better performance, cannot eliminate the risk of investment losses, and do not protect against an overall declining market. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds, including fixed income investing. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. Investments in small-and medium-sized companies present additional risks, such as increased volatility, because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies. Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

Prior to August 28, 2020, the fund had a different sub-adviser, different benchmarks and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser.

Transamerica Funds Annual Report 2020

Page    6

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
INVESTMENT COMPANIES - 99.4%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		1,340		$  3,797
International Equity Funds - 12.5%
Transamerica Emerging Markets Opportunities (B) (C)		1,464,389		14,497,453
Transamerica International Equity (C)		1,771,521		28,291,194
Transamerica International Growth (C)		3,317,462		25,809,852
Transamerica International Small Cap Value (C)		309,097		3,696,800
Transamerica International Stock (C)		1,624,084		14,048,329
				86,343,628
International Fixed Income Funds - 6.0%
Transamerica Emerging Markets Debt (C)		2,087,261		21,728,390
Transamerica Inflation Opportunities (C)		1,792,303		19,500,257
				41,228,647
U.S. Alternative Fund - 1.1%
Transamerica Event Driven (C)		647,873		7,385,753
U.S. Equity Funds - 22.4%
Transamerica Capital Growth (C)		1,521,761		31,470,009
Transamerica Dividend Focused (C)		4,835,567		33,171,988
Transamerica Large Cap Value (C)		3,546,908		32,489,680
Transamerica Mid Cap Growth (C)		342,932		4,180,343
Transamerica Mid Cap Value (C)		351,747		3,728,521
Transamerica Mid Cap Value Opportunities (C)		217,552		2,201,627

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Small Cap Growth (C)		498,692		$   3,500,816
Transamerica Small Cap Value (C)		449,127		3,696,314
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E)		1,529		1,073
Transamerica US Growth (C)		1,515,862		40,443,188
				154,883,559
U.S. Fixed Income Funds - 56.4%
Transamerica Bond (C)		6,241,730		59,858,192
Transamerica Core Bond (C)		5,354,380		56,702,888
Transamerica High Yield Bond (C)		803,619		6,943,270
Transamerica Intermediate Bond (C)		5,920,530		64,237,751
Transamerica Short-Term Bond (C)		1,828,144		18,519,096
Transamerica Total Return (C)		16,666,337		183,329,712
				389,590,909
U.S. Mixed Allocation Fund - 1.0%
Transamerica MLP & Energy Income (C)		1,529,930		7,221,272
Total Investment Companies (Cost $635,899,174)				686,657,565
Total Investments (Cost $635,899,174)				686,657,565
Net Other Assets (Liabilities) - 0.6%				3,971,716
Net Assets - 100.0%				$  690,629,281

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		73		12/18/2020	$	12,427,529	$	11,916,155	$	—	$	(511,374	)

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	686,652,695		$	—	$	—	$	686,652,695
Total	$	686,652,695		$	—	$	—	$	686,652,695
Investment Companies Measured at Net Asset Value (D)									4,870
Total Investments								$	686,657,565
LIABILITIES
Other Financial Instruments
Futures Contracts (G)	$	(511,374	)	$	—	$	—	$	(511,374	)
Total Other Financial Instruments	$	(511,374	)	$	—	$	—	$	(511,374	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

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

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

Transamerica Funds Annual Report 2020

Page    7

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

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

Affiliated Investments	Value October 31, 2019			Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value October 31, 2020		Shares as of October 31, 2020		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	15,326,725		$	47,605,144	$	(2,683,485	)	$	(34,305	)	$	(355,887	)	$	59,858,192		6,241,730	$	550,884	$	—
Transamerica Capital Growth		22,292,697			7,120,634		(13,492,173	)		4,981,119			10,567,732			31,470,009		1,521,761		—		4,453,020
Transamerica Core Bond		101,392,071			7,965,950		(55,873,631	)		1,478,949			1,739,549			56,702,888		5,354,380		2,593,802		—
Transamerica Dividend Focused		30,261,321			15,081,438		(3,731,042	)		(753,078	)		(7,686,651	)		33,171,988		4,835,567		906,361		3,168,490
Transamerica Emerging Markets Debt		26,082,827			785,414		(4,551,566	)		(367,410	)		(220,875	)		21,728,390		2,087,261		689,130		—
Transamerica Emerging Markets Equity		31,369,139			1,682,219		(34,150,759	)		(877,361	)		1,976,762			—		—		846,700		—
Transamerica Emerging Markets Opportunities		—			16,438,970		(2,176,778	)		(108,444	)		343,705			14,497,453		1,464,389		—		—
Transamerica Event Driven		11,030,342			86,391		(4,650,340	)		449,621			469,739			7,385,753		647,873		46,088		—
Transamerica Floating Rate		8,302,690			32,752		(8,327,528	)		(290,760	)		282,846			—		—		44,285		—
Transamerica Global Allocation Liquidating Trust		5,067			—		—			—			(1,270	)		3,797		1,340		—		—
Transamerica Global Multifactor Macro		7,398,044			166,658		(7,599,534	)		(538,220	)		573,052			—		—		166,158		—
Transamerica High Yield Bond		—			7,054,887		—			—			(111,617	)		6,943,270		803,619		54,887		—
Transamerica Inflation Opportunities		31,556,645			397,719		(13,830,744	)		706,308			670,329			19,500,257		1,792,303		283,065		—
Transamerica Intermediate Bond		70,173,524			5,250,555		(13,215,422	)		218,691			1,810,403			64,237,751		5,920,530		1,527,529		—
Transamerica International Equity		34,004,936			2,656,802		(5,227,254	)		(585,402	)		(2,557,888	)		28,291,194		1,771,521		969,351		—
Transamerica International Growth		25,394,176			1,820,731		(2,639,380	)		(388,426	)		1,622,751			25,809,852		3,317,462		496,842		—
Transamerica International Small Cap Value		7,795,191			578,617		(4,527,065	)		237,809			(387,752	)		3,696,800		309,097		181,609		—
Transamerica International Stock		12,077,821			3,355,566		(125,809	)		(6,324	)		(1,252,925	)		14,048,329		1,624,084		16,352		—
Transamerica Large Cap Value		22,382,231			20,971,771		(7,431,055	)		(460,457	)		(2,972,810	)		32,489,680		3,546,908		523,931		606,101
Transamerica Managed Futures Strategy		16,061,485			606,407		(16,120,169	)		(5,081,000	)		4,533,277			—		—		605,261		—
Transamerica Mid Cap Growth		458,884			6,987,863		(5,082,768	)		956,968			859,396			4,180,343		342,932		—		7,896
Transamerica Mid Cap Value		5,310,874			944,021		(1,652,340	)		(66,932	)		(807,102	)		3,728,521		351,747		58,303		421,622
Transamerica Mid Cap Value Opportunities		2,477,565			310,515		(306,594	)		(20,006	)		(259,853	)		2,201,627		217,552		27,683		70,254
Transamerica MLP & Energy Income		14,696,294			1,853,483		(6,554,580	)		(2,110,463	)		(663,462	)		7,221,272		1,529,930		60,126		—
Transamerica Short-Term Bond		57,274,341			9,844,247		(48,550,492	)		1,438,135			(1,487,135	)		18,519,096		1,828,144		1,292,567		—
Transamerica Small Cap Core		2,357,703	��		214,708		(2,282,789	)		(323,490	)		33,868			—		—		25,231		—
Transamerica Small Cap Growth		1,551,707			2,885,694		(1,629,428	)		210,034			482,809			3,500,816		498,692		—		101,477
Transamerica Small Cap Value		2,364,132			2,912,778		(1,719,694	)		(89,693	)		228,791			3,696,314		449,127		44,339		54,054
Transamerica Small Company Growth Liquidating Trust		951			—		—			—			122			1,073		1,529		—		—
Transamerica Total Return		160,804,328			47,007,545		(29,507,189	)		458,088			4,566,940			183,329,712		16,666,337		4,014,701		—
Transamerica US Growth		34,202,937			16,970,411		(17,626,723	)		3,122,985			3,773,578			40,443,188		1,515,862		115,970		2,591,774
Total	$	754,406,648		$	229,589,890	$	(315,266,331	)	$	2,156,936		$	15,770,422		$	686,657,565		64,641,677	$	16,141,155	$	11,474,688

(D)	Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.
(E)	Restricted securities. At October 31, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	13,784	$	3,797		0.0	%(A)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		15,291		1,073		0.0	(A)
Total				$	29,075	$	4,870		0.0	%(A)

(F)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. 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 Annual Report 2020

Page    8

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Goldman Sachs Asset Management, L.P. (8/28/2020 – 10/31/2020)

September saw a pullback in risk assets driven by disappointment on the lack of agreement on a further U.S. fiscal stimulus package, as well as a resurgence in COVID-19 cases in parts of the U.S. and Europe. Economic activity continued to recover in the U.S. and China, however, the speed of recovery moderated in Europe and Latin America. The U.S. Federal Reserve (“Fed”) kept its policy rate near zero and signaled it intends to keep rates there until inflation moderately exceeds its 2% target for some time. The European Central Bank (“ECB”) also kept policy rates on hold and committed to maintaining an accommodative stance. Stocks continued to sell off in October as markets grappled with the continued rise of COVID-19 cases and concerns around the U.S. Presidential and congressional elections.

Over September and October, U.S. and international developed equities had negative performance, though emerging market equities saw modest positive performance. Emerging market equities outperformance was led by strong equity performance in China during October and was helped by relatively better economic data and more controlled COVID-19 cases in East Asia. U.S. aggregate fixed income was also moderately negative during this period, as rates rose in October. Oil and master limited partnerships (“MLPs”) had significantly negative performance, in part due to demand side concerns as a result of COVID-19 and uncertainty around the U.S. elections.

Morningstar Investment Management LLC (11/01/2019 – 8/28/2020)

From the beginning of the reporting period (November 1, 2019) through the pre-COVID peak on February 19, 2020, U.S. equities were enjoying gains, with the S&P 500^® Index up 12.18%. Large-cap technology and communication-services stocks were leading the way. From a regional standpoint, the U.S. market was beating most foreign markets.

In February 2020, the COVID-19 pandemic hit global markets with full force. From February 20 to March 23, the S&P 500^® plummeted almost 33.79%. Smaller companies fell harder, as reflected by the -40.66% return for the Russell 2000^® Index. Economically sensitive stocks – banks, industrials, and travel-related industries, for example – were punished by investors given the near stoppage of the world economy. Technology-related stocks held up better, as many of them benefited from the work-from-home environment. Global markets began rebounding in late March and continued to rise through August 28 (when Morningstar Investment Management’s tenure as the Fund’s subadviser ended). In the rebound, technology and communication-services stocks outperformed more economically sensitive stocks. As a result, growth stocks in general outperformed value. Also, because many big tech companies are U.S. based this helped U.S. markets outperform most foreign markets.

Although U.S. Treasury bonds gained as investors sought safety amid the COVID-19 downturn, bonds with any amount of credit risk fell. Investment-grade corporate bonds lost 12.28% (as measured by the Bloomberg Barclays U.S. Corporate Bond Index) amid the February 20-March 23, 2020 stock-market plunge, while the Bloomberg Barclays U.S. Corporate High Yield Index returned -20.76%. The Bloomberg Barclays US Aggregate Bond Index – a broader bond market index with a big government component – was slightly negative during the drawdown with a -0.94% return.

For the full period from November 1, 2019 through the end of Morningstar Investment Management’s stewardship on August 28, 2020, the S&P 500^® Index posted a 17.40% return, thanks in part to the large-cap growth stocks at the top of the index. The Russell 1000^® Growth Index was up 39.52% while the Russell 1000^® Value Index, by contrast, suffered a -3.17% return. The MSCI EAFE Index was flat with a -0.37% return, while the MSCI Emerging Markets Index was up 9.76%. The Barclays U.S. Aggregate Bond Index was up 6.47% for the overall period.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Asset Allocation – Growth Portfolio (Class A) returned 5.01%, excluding any sales charges. By comparison, its benchmark, the MSCI World Index, returned 4.36%. Effective August 28, 2020, the MSCI World Index became the fund’s primary benchmark to make more meaningful comparisons of the fund’s performance relative to the investment strategies it employs. Prior to August 28, 2020, the fund’s primary benchmark was the Wilshire 5000 Total Market Index^SM which returned 11.01% for the 12-month period ended October 31, 2020.

STRATEGY REVIEW

Goldman Sachs Asset Management, L.P. (8/28/2020 – 10/31/2020)

The Fund is a fund-of-funds that seeks long-term capital appreciation through its strategic allocation to diversified equity asset classes. Goldman Sachs Asset Management, L.P. (“GSAM”) became sub-adviser of the Fund on August 28, 2020, and as part of the transition

Transamerica Funds Annual Report 2020

Page    9

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

there were a number of allocation changes in September toward a new target asset allocation. The portfolio managers continue to maintain out of benchmark exposures like small cap and emerging markets equity to seek enhanced diversification and risk-adjusted returns.

Since GSAM became sub-adviser, the Fund has outperformed its benchmark MSCI World Index, though it has had negative absolute performance due primarily to the broad pullback in global equities over this time period. While the fund experienced negative absolute returns over September to October 2020, security selection within underlying Transamerica-affiliated equity funds contributed to performance. The underlying Transamerica Capital Growth fund was a key contributor to performance.

Strategic asset allocation differences from the benchmark were also overall positive. Off-benchmark allocations to emerging markets equities contributed positively to fund performance. While still negative, small cap equity allocations across U.S. and international markets additionally helped relative performance as they fared better during this period than broad large and mid-cap developed global equities in the benchmark.

During the period from 8/28/20 to 10/31/20, the Fund utilized derivatives. These positions detracted from performance.

Morningstar Investment Management LLC (11/01/2019 – 8/28/2020)

An overweight to foreign markets relative to our neutral stance – due to what management considered a stretched U.S. equity market – worked against the Fund, as U.S. stocks powered higher than foreign markets early in the period, performed about the same as foreign markets in the downturn, and then gained more in the rebound. Meanwhile the portfolio’s value-oriented underlying funds posted negative returns for the period, as did a holding in Transamerica MLP & Energy Income.

The portfolio’s underlying growth funds were strong performers. Of particular note was Transamerica Capital Growth, which outperformed on the strength of its bevy of technology and communication-services stocks. A healthy complement of emerging markets within the foreign equity sleeve was also a positive contributor.

Christopher Lvoff, CFA

Neill Nuttall

Co-Portfolio Managers

Goldman Sachs Asset Management, L.P.

Dan McNeela, CFA

Michael Stout, CFA

Ricky Williamson, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		61.3	%
International Equity Funds		33.4
U.S. Mixed Allocation Fund		3.5
U.S. Alternative Fund		1.5
International Alternative Fund		0.0	*
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)%.

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2020

Page    10

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(0.79	)%		5.35	%		7.24	%		03/01/2002
Class A (NAV)		5.01	%		6.56	%		7.85	%		03/01/2002
MSCI World Index (A)		4.36	%		8.13	%		8.64	%
Class C (POP)		3.17	%		5.75	%		7.08	%		11/11/2002
Class C (NAV)		4.13	%		5.75	%		7.08	%		11/11/2002
Class I (NAV)		5.31	%		6.83	%		8.18	%		11/30/2009
Class R (NAV)		4.72	%		6.26	%		7.57	%		06/15/2006

^(A) The MSCI World Index captures large and mid-cap representation across developed markets countries.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

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

Asset allocation and diversification do not assure or guarantee better performance, cannot eliminate the risk of investment losses, and do not protect against an overall declining market. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds, including fixed income investing. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. Investments in small-and medium-sized companies present additional risks, such as increased volatility, because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies. Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

Prior to August 28, 2020, the fund had a different sub-adviser, different benchmarks and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser.

Transamerica Funds Annual Report 2020

Page    11

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
INVESTMENT COMPANIES - 99.7%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		874		$  2,478
International Equity Funds - 33.4%
Transamerica Emerging Markets Opportunities (B) (C)		6,507,945		64,428,660
Transamerica International Equity (C)		7,776,204		124,185,973
Transamerica International Growth (C)		13,039,258		101,445,426
Transamerica International Small Cap Value (C)		1,653,438		19,775,119
Transamerica International Stock (C)		2,300,832		19,902,200
				329,737,378
U.S. Alternative Fund - 1.5%
Transamerica Event Driven (C)		1,259,787		14,361,571
U.S. Equity Funds - 61.3%
Transamerica Capital Growth (C)		5,566,137		115,107,712
Transamerica Dividend Focused (C)		18,247,932		125,180,812
Transamerica Large Cap Value (C)		14,298,177		130,971,301
Transamerica Mid Cap Growth (C)		677,401		8,257,522

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value (C)		2,754,470		$   29,197,387
Transamerica Mid Cap Value Opportunities (C)		994,560		10,064,951
Transamerica Small Cap Growth (C)		1,066,115		7,484,126
Transamerica Small Cap Value (C)		926,657		7,626,387
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E)		5,111		3,587
Transamerica US Growth (C)		6,423,319		171,374,146
				605,267,931
U.S. Mixed Allocation Fund - 3.5%
Transamerica MLP & Energy Income (C)		7,424,610		35,044,161
Total Investment Companies (Cost $910,040,811)				984,413,519
Total Investments (Cost $910,040,811)				984,413,519
Net Other Assets (Liabilities)  - 0.3%				2,623,036
Net Assets  - 100.0%				$  987,036,555

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		96		12/18/2020	$	16,273,616	$	15,670,560	$	—	$	(603,056	)

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	984,407,454		$	—	$	—	$	984,407,454
Total	$	984,407,454		$	—	$	—	$	984,407,454
Investment Companies Measured at Net Asset Value (E)									6,065
Total Investments								$	984,413,519
LIABILITIES
Other Financial Instruments
Futures Contracts (G)	$	(603,056	)	$	—	$	—	$	(603,056	)
Total Other Financial Instruments	$	(603,056	)	$	—	$	—	$	(603,056	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

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

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

Transamerica Funds Annual Report 2020

Page    12

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

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

Affiliated Investments	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value October 31, 2020		Shares as of October 31, 2020		Dividend Income		Net Capital Gain Distributions
Transamerica Capital Growth	$	95,871,975	$	22,775,481	$	(60,641,014	)	$	9,739,665		$	47,361,605		$	115,107,712		5,566,137	$	—	$	19,068,806
Transamerica Dividend Focused		130,221,023		53,189,531		(19,438,096	)		(3,761,064	)		(35,030,582	)		125,180,812		18,247,932		3,704,137		13,581,362
Transamerica Emerging Markets Equity		136,359,256		3,606,128		(143,360,453	)		(1,451,508	)		4,846,577			—		—		3,606,129		—
Transamerica Emerging Markets Opportunities		—		66,509,783		(1,688,211	)		(65,530	)		(327,382	)		64,428,660		6,507,945		—		—
Transamerica Event Driven		21,758,434		90,128		(9,263,316	)		936,265			840,060			14,361,571		1,259,787		90,128		—
Transamerica Global Allocation Liquidating Trust		3,306		—		—			—			(828	)		2,478		874		—		—
Transamerica Global Multifactor Macro		16,457,255		366,368		(16,901,121	)		(253,606	)		331,104			—		—		366,368		—
Transamerica Global Real Estate Securities		3,933,552		382,674		(3,637,011	)		1,127,864			(1,807,079	)		—		—		143,912		127,872
Transamerica International Equity		155,803,003		8,763,075		(22,887,010	)		(3,992,788	)		(13,500,307	)		124,185,973		7,776,204		4,426,586		—
Transamerica International Growth		109,937,917		5,276,719		(16,206,320	)		(2,924,460	)		5,361,570			101,445,426		13,039,258		2,135,239		—
Transamerica International Small Cap Value		40,311,478		2,079,813		(20,815,277	)		188,228			(1,989,123	)		19,775,119		1,653,438		935,614		—
Transamerica International Stock		3,445,875		18,502,108		(152,512	)		(11,690	)		(1,881,581	)		19,902,200		2,300,832		13,042		—
Transamerica Large Cap Value		97,149,539		69,095,910		(17,414,427	)		(1,834,626	)		(16,025,095	)		130,971,301		14,298,177		2,106,474		2,619,810
Transamerica Managed Futures Strategy		24,078,521		899,287		(24,160,621	)		(6,292,077	)		5,474,890			—		—		899,287		—
Transamerica Mid Cap Growth		632,486		10,875,217		(5,696,304	)		1,103,100			1,343,023			8,257,522		677,401		—		10,884
Transamerica Mid Cap Value		43,749,074		5,179,991		(10,978,518	)		(665,175	)		(8,087,985	)		29,197,387		2,754,470		478,369		3,459,363
Transamerica Mid Cap Value Opportunities		18,141,343		1,233,779		(6,698,229	)		(45,082	)		(2,566,860	)		10,064,951		994,560		201,905		512,366
Transamerica MLP & Energy Income		57,733,616		4,462,028		(14,314,258	)		(3,465,551	)		(9,371,674	)		35,044,161		7,424,610		165,290		—
Transamerica Small Cap Core		2,042,175		76,883		(1,805,883	)		(347,552	)		34,377			—		—		21,392		—
Transamerica Small Cap Growth		12,306,612		2,720,352		(7,935,350	)		263,000			129,512			7,484,126		1,066,115		—		801,119
Transamerica Small Cap Value		22,099,825		1,521,919		(11,751,739	)		(1,928,881	)		(2,314,737	)		7,626,387		926,657		412,863		503,319
Transamerica Small Company Growth Liquidating Trust		3,180		—		—			—			407			3,587		5,111		—		—
Transamerica US Growth		147,721,996		62,274,900		(59,570,557	)		5,662,797			15,285,010			171,374,146		6,423,319		498,998		11,151,914
Total	$	1,139,761,441	$	339,882,074	$	(475,316,227	)	$	(8,018,671	)	$	(11,895,098	)	$	984,413,519		90,922,827	$	20,205,733	$	51,836,815

(D) Restricted securities. At October 31, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	8,994	$	2,478		0.0	%(A)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		51,111		3,587		0.0	(A)
Total				$	60,105	$	6,065		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 year ended October 31, 2020. 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 Annual Report 2020

Page    13

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Goldman Sachs Asset Management, L.P. (8/28/2020 – 10/31/2020)

September saw a pullback in risk assets driven by disappointment on the lack of agreement on a further U.S. fiscal stimulus package, as well as a resurgence in COVID-19 cases in parts of the U.S. and Europe. Economic activity continued to recover in the U.S. and China, however, the speed of recovery moderated in Europe and Latin America. The U.S. Federal Reserve (“Fed”) kept its policy rate near zero and signaled it intends to keep rates there until inflation moderately exceeds its 2% target for some time. The European Central Bank (“ECB”) also kept policy rates on hold and committed to maintaining an accommodative stance. Stocks continued to sell off in October as markets grappled with the continued rise of COVID-19 cases and concerns around the U.S. Presidential and congressional elections.

Over September and October, U.S. and international developed equities had negative performance, though emerging market equities saw modest positive performance. Emerging market equities outperformance was led by strong equity performance in China during October and was helped by relatively better economic data and more controlled COVID-19 cases in East Asia. U.S. aggregate fixed income was also moderately negative during this period, as rates rose in October. Oil and master limited partnerships (“MLPs”) had significantly negative performance, in part due to demand side concerns as a result of COVID-19 and uncertainty around the U.S. elections.

Morningstar Investment Management LLC (11/01/2019 – 8/28/2020)

From the beginning of the reporting period (November 1, 2019) through the pre-COVID peak on February 19, 2020, U.S. equities were enjoying gains, with the S&P 500^® Index up 12.18%. Large-cap technology and communication-services stocks were leading the way. From a regional standpoint, the U.S. market was beating most foreign markets.

In February, the COVID-19 pandemic hit global markets with full force. From February 20 to March 23, 2020, the S&P 500^® plummeted almost 33.79%. Smaller companies fell harder, as reflected by the -40.66% return for the Russell 2000^® Index. Economically sensitive stocks – banks, industrials, and travel-related industries, for example – were punished by investors given the near stoppage of the world economy. Technology-related stocks held up better, as many of them benefited from the work-from-home environment. Global markets began rebounding in late March and continued to rise through August 28 (when Morningstar Investment Management’s tenure as the Fund’s subadviser ended). In the rebound, technology and communication-services stocks outperformed more economically sensitive stocks. As a result, growth stocks in general outperformed value. Also, because many big tech companies are U.S. based this helped U.S. markets outperform most foreign markets.

Although U.S. Treasury bonds gained as investors sought safety amid the COVID-19 downturn, bonds with any amount of credit risk fell. Investment-grade corporate bonds lost 12.28% (as measured by the Bloomberg Barclays U.S. Corporate Bond Index) amid the February 20-March 23 stock-market plunge, while the Bloomberg Barclays U.S. Corporate High Yield Index returned -20.76%. The Bloomberg Barclays US Aggregate Bond Index – a broader bond market index with a big government component – was slightly negative during the drawdown with a -0.94% return.

For the full period from November 1, 2019 through the end of Morningstar Investment Management’s stewardship on August 28, 2020, the S&P 500^® Index posted a 17.40% return, thanks in part to the large-cap growth stocks at the top of the index. The Russell 1000^® Growth Index was up 39.52% while the Russell 1000^® Value Index, by contrast, suffered a -3.17% return. The MSCI EAFE Index was flat with a -0.37% return, while the MSCI Emerging Markets Index was up 9.76%. The Barclays U.S. Aggregate Bond Index was up 6.47% for the overall period.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Asset Allocation – Moderate Growth Portfolio (Class A) returned 5.75%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the MSCI World Index and the Transamerica Asset Allocation – Moderate Growth Portfolio Blended Benchmark, returned 4.36% and 5.67%, respectively. Prior to August 28, 2020, the fund’s primary benchmark was the Wilshire 5000 Total Market Index^SM and the fund’s secondary benchmark was the Bloomberg Barclays US Aggregate Bond Index which returned 11.01% and 6.19% respectively for the 12-month period ended October 31, 2020.

STRATEGY REVIEW

Goldman Sachs Asset Management, L.P. (8/28/2020 – 10/31/2020)

The Fund is a multi-asset fund-of-funds that seeks capital appreciation and current income through its strategic allocation to both equity and fixed income asset classes. Goldman Sachs Asset Management, L.P. (“GSAM”) became sub-adviser of the Fund on August 28,

Transamerica Funds Annual Report 2020

Page    14

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

2020, and as part of the transition there were a number of allocation changes in September toward a new target asset allocation. The portfolio managers continue to maintain out of benchmark exposures like small cap and emerging markets equity and emerging markets debt to seek enhanced diversification and risk-adjusted returns.

Since GSAM became sub-adviser, the Fund has outperformed the Transamerica Asset Allocation – Moderate Growth Portfolio Blended Benchmark, its secondary benchmark (consisting of 70% MSCI World Index, 30% Bloomberg Barclays US Aggregate Bond Index) though it has had negative absolute performance primarily due to the broad pullback in global equities over the time period. The Fund outperformed its primary benchmark, the MSCI World Index as fixed income generally outperformed equities during this period.

While the Fund experienced negative absolute returns over September to October 2020, security selection within underlying Transamerica-affiliated equity funds contributed to performance. The underlying Transamerica Capital Growth fund was a key contributor to performance during this period.

Strategic asset allocation differences from the benchmark were overall positive. Off-benchmark allocations to emerging markets equities contributed to performance while allocations to emerging markets debt and inflation-protected fixed income, partially detracted from performance versus the secondary benchmark. While still negative, small cap equity allocations across U.S. and international markets fared better during this period than broad large and mid-cap developed global equities in the secondary benchmark.

During the period from 8/28/20 to 10/31/20, the Fund utilized derivatives. These positions detracted from performance.

Morningstar Investment Management LLC (11/01/2019 – 8/28/2020)

An overweight to foreign markets relative to our neutral stance – due to what management considered a stretched U.S. equity market – worked against the Fund, as U.S. stocks powered higher than foreign markets early in the period, performed about the same as foreign markets in the downturn, and then gained more in the rebound. Meanwhile the portfolio’s value-oriented underlying funds posted negative returns for the period, as did a modest holding in Transamerica MLP & Energy Income. On the fixed-income side, only one of the underlying bond funds was able to beat the gain in the Bloomberg Barclays US Aggregate Bond Index.

The portfolio’s underlying growth funds were strong performers. Of particular note was Transamerica Capital Growth, which outperformed on the strength of its bevy of technology and communication-services stocks. A healthy complement of emerging markets within the foreign equity sleeve was also a positive contributor.

Christopher Lvoff, CFA

Neill Nuttall

Co-Portfolio Managers

Goldman Sachs Asset Management, L.P.

Dan McNeela, CFA

Michael Stout, CFA

Ricky Williamson, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		43.1	%
International Equity Funds		25.2
U.S. Fixed Income Funds		22.5
International Fixed Income Funds		4.5
U.S. Mixed Allocation Fund		2.6
U.S. Alternative Fund		1.0
International Alternative Fund		0.0	*
Net Other Assets (Liabilities) ^		1.1
Total		100.0	%

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

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2020

Page    15

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(0.06	)%		4.81	%		6.13	%		03/01/2002
Class A (NAV)		5.75	%		6.00	%		6.73	%		03/01/2002
MSCI World Index (A)		4.36	%		8.13	%		8.64	%
Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark (A)(B)(C)		5.67	%		7.88	%		8.52	%
Class C (POP)		3.98	%		5.21	%		5.97	%		11/11/2002
Class C (NAV)		4.97	%		5.21	%		5.97	%		11/11/2002
Class I (NAV)		6.12	%		6.28	%		7.03	%		11/30/2009
Class R (NAV)		5.51	%		5.72	%		6.49	%		06/15/2006

^(A) The MSCI World Index captures large and mid-cap representation across developed markets countries.

^(B) The Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark is composed of the following benchmarks: 70% MSCI World Index and 30% Bloomberg Barclays US Aggregate Bond Index.

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

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

Asset allocation and diversification do not assure or guarantee better performance, cannot eliminate the risk of investment losses, and do not protect against an overall declining market. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds, including fixed income investing. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. Investments in small-and medium-sized companies present additional risks, such as increased volatility, because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies. Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

Prior to August 28, 2020, the fund had a different sub-adviser, different benchmarks and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser.

Transamerica Funds Annual Report 2020

Page    16

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
INVESTMENT COMPANIES - 98.9%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		5,843		$  16,564
International Equity Funds - 25.2%
Transamerica Emerging Markets Opportunities (B) (C)		7,069,551		69,988,552
Transamerica International Equity (C)		9,922,236		158,458,111
Transamerica International Growth (C)		18,375,722		142,963,117
Transamerica International Small Cap Value (C)		1,842,109		22,031,618
Transamerica International Stock (C)		4,942,133		42,749,452
				436,190,850
International Fixed Income Funds - 4.5%
Transamerica Emerging Markets Debt (C)		5,819,531		60,581,317
Transamerica Inflation Opportunities (C)		1,642,576		17,871,225
				78,452,542
U.S. Alternative Fund - 1.0%
Transamerica Event Driven (C)		1,584,157		18,059,393
U.S. Equity Funds - 43.1%
Transamerica Capital Growth (C)		7,695,036		159,133,345
Transamerica Dividend Focused (C)		23,276,242		159,675,019
Transamerica Large Cap Value (C)		17,809,503		163,135,047
Transamerica Mid Cap Growth (C)		910,528		11,099,339
Transamerica Mid Cap Value (C)		3,441,398		36,478,819
Transamerica Mid Cap Value Opportunities (C)		1,341,541		13,576,397

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Small Cap Growth (C)		1,268,380		$   8,904,030
Transamerica Small Cap Value (C)		1,121,748		9,231,988
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E)		4,660		3,270
Transamerica US Growth (C)		6,886,025		183,719,137
				744,956,391
U.S. Fixed Income Funds - 22.5%
Transamerica Bond (C)		5,662,014		54,298,716
Transamerica Core Bond (C)		6,070,046		64,281,786
Transamerica High Yield Bond (C)		2,066,449		17,854,122
Transamerica Intermediate Bond (C)		6,854,770		74,374,257
Transamerica Short-Term Bond (C)		1,574,458		15,949,257
Transamerica Total Return (C)		14,748,613		162,234,747
				388,992,885
U.S. Mixed Allocation Fund - 2.6%
Transamerica MLP & Energy Income (C)		9,638,853		45,495,386
Total Investment Companies (Cost $1,570,635,682)				1,712,164,011
Total Investments (Cost $1,570,635,682)				1,712,164,011
Net Other Assets (Liabilities) - 1.1%				18,439,838
Net Assets - 100.0%				$  1,730,603,849

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		150		12/18/2020	$	24,925,949	$	24,485,250	$	—	$	(440,699	)

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,712,144,177		$	—	$	—	$	1,712,144,177
Total	$	1,712,144,177		$	—	$	—	$	1,712,144,177
Investment Companies Measured at Net Asset Value (E)									19,834
Total Investments								$	1,712,164,011
LIABILITIES
Other Financial Instruments
Futures Contracts (G)	$	(440,699	)	$	—	$	—	$	(440,699	)
Total Other Financial Instruments	$	(440,699	)	$	—	$	—	$	(440,699	)

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

Transamerica Funds Annual Report 2020

Page    17

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

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

Affiliated Investments	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value October 31, 2020		Shares as of October 31, 2020		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	25,655,159	$	35,156,818	$	(6,254,766	)	$	(154,879	)	$	(103,616	)	$	54,298,716		5,662,014	$	757,632	$	—
Transamerica Capital Growth		117,764,031		44,877,495		(76,444,241	)		8,413,469			64,522,591			159,133,345		7,695,036		—		23,442,222
Transamerica Core Bond		113,386,370		16,166,597		(68,674,072	)		1,613,988			1,788,903			64,281,786		6,070,046		2,881,523		—
Transamerica Dividend Focused		159,685,468		67,958,447		(22,524,366	)		(4,135,828	)		(41,308,702	)		159,675,019		23,276,242		4,599,949		16,667,417
Transamerica Emerging Markets Debt		51,033,679		23,924,031		(12,163,102	)		(1,194,253	)		(1,019,038	)		60,581,317		5,819,531		1,324,031		—
Transamerica Emerging Markets Equity		160,730,091		5,991,313		(171,632,141	)		886,437			4,024,300			—		—		4,335,522		—
Transamerica Emerging Markets Opportunities		—		81,500,672		(11,874,335	)		(364,520	)		726,735			69,988,552		7,069,551		—		—
Transamerica Event Driven		28,769,345		119,875		(13,242,277	)		1,109,276			1,303,174			18,059,393		1,584,157		119,875		—
Transamerica Floating Rate		14,111,112		55,665		(14,153,325	)		(498,756	)		485,304			—		—		75,266		—
Transamerica Global Allocation Liquidating Trust		22,100		—		—			—			(5,536	)		16,564		5,843		—		—
Transamerica Global Multifactor Macro		19,192,399		429,850		(19,712,441	)		(1,120,573	)		1,210,765			—		—		429,850		—
Transamerica Global Real Estate Securities		9,804,741		1,052,313		(9,314,111	)		2,446,774			(3,989,717	)		—		—		359,132		319,104
Transamerica High Yield Bond		—		18,141,138		—			—			(287,016	)		17,854,122		2,066,449		141,138		—
Transamerica Inflation Opportunities		22,342,031		209,573		(5,491,290	)		52,708			758,203			17,871,225		1,642,576		209,572		—
Transamerica Intermediate Bond		81,728,503		13,426,396		(22,964,105	)		186,086			1,997,377			74,374,257		6,854,770		1,775,197		—
Transamerica International Equity		199,627,462		9,677,572		(30,792,557	)		(4,394,934	)		(15,659,432	)		158,458,111		9,922,236		5,675,647		—
Transamerica International Growth		133,235,709		23,115,236		(17,247,187	)		(2,725,216	)		6,584,575			142,963,117		18,375,722		2,594,747		—
Transamerica International Small Cap Value		49,619,775		2,176,601		(28,238,260	)		315,255			(1,841,753	)		22,031,618		1,842,109		1,152,628		—
Transamerica International Stock		27,940,485		19,273,709		(440,395	)		(23,447	)		(4,000,900	)		42,749,452		4,942,133		41,393		—
Transamerica Large Cap Value		119,014,906		92,363,390		(28,818,051	)		(2,750,552	)		(16,674,646	)		163,135,047		17,809,503		2,635,716		3,212,298
Transamerica Managed Futures Strategy		42,353,881		1,591,310		(42,970,284	)		(12,677,481	)		11,702,574			—		—		1,591,310		—
Transamerica Mid Cap Growth		1,105,211		17,174,839		(11,287,214	)		2,103,996			2,002,507			11,099,339		910,528		—		19,018
Transamerica Mid Cap Value		57,773,061		7,317,019		(18,066,187	)		(709,399	)		(9,835,675	)		36,478,819		3,441,398		632,257		4,572,220
Transamerica Mid Cap Value Opportunities		25,426,981		1,913,424		(10,581,781	)		81,659			(3,263,886	)		13,576,397		1,341,541		283,216		718,706
Transamerica MLP & Energy Income		77,702,101		3,141,446		(19,478,474	)		(6,143,601	)		(9,726,086	)		45,495,386		9,638,853		268,734		—
Transamerica Short-Term Bond		46,206,103		15,300,660		(45,353,774	)		94,813			(298,545	)		15,949,257		1,574,458		1,127,734		—
Transamerica Small Cap Core		7,569,037		336,584		(6,876,050	)		(1,153,324	)		123,753			—		—		79,797		—
Transamerica Small Cap Growth		8,405,079		7,754,187		(8,969,109	)		479,711			1,234,162			8,904,030		1,268,380		—		547,670
Transamerica Small Cap Value		14,986,604		7,964,439		(12,302,764	)		(1,265,098	)		(151,193	)		9,231,988		1,121,748		280,212		341,604
Transamerica Small Company Growth Liquidating Trust		2,899		—		—			—			371			3,270		4,660		—		—
Transamerica Total Return		165,820,908		39,220,916		(47,889,295	)		733,836			4,348,382			162,234,747		14,748,613		4,143,147		—
Transamerica US Growth		181,132,502		56,206,122		(84,630,371	)		9,553,637			21,457,247			183,719,137		6,886,025		612,341		13,684,975
Total	$	1,962,147,733	$	613,537,637	$	(868,386,325	)	$	(11,240,216	)	$	16,105,182		$	1,712,164,011		161,574,122	$	38,127,566	$	63,525,234

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

Transamerica Funds Annual Report 2020

Page    18

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D) Restricted securities. At October 31, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	60,118	$	16,564		0.0	%(A)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		46,600		3,270		0.0	(A)
Total				$	106,718	$	19,834		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 year ended October 31, 2020. 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 Annual Report 2020

Page    19

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

MARKET ENVIRONMENT

Goldman Sachs Asset Management, L.P. (8/28/2020 – 10/31/2020)

September saw a pullback in risk assets driven by disappointment on the lack of agreement on a further U.S. fiscal stimulus package, as well as a resurgence in COVID-19 cases in parts of the U.S. and Europe. Economic activity continued to recover in the U.S. and China, however, the speed of recovery moderated in Europe and Latin America. The U.S. Federal Reserve (“Fed”) kept its policy rate near zero and signaled it intends to keep rates there until inflation moderately exceeds its 2% target for some time. The European Central Bank (“ECB”) also kept policy rates on hold and committed to maintaining an accommodative stance. Stocks continued to sell off in October as markets grappled with the continued rise of COVID-19 cases and concerns around the U.S. Presidential and congressional elections.

Over September and October, U.S. and international developed equities had negative performance, though emerging market equities saw modest positive performance. Emerging market equities outperformance was led by strong equity performance in China during October and was helped by relatively better economic data and more controlled COVID-19 cases in East Asia. U.S. aggregate fixed income was also moderately negative during this period, as rates rose in October. Oil and MLPs had significantly negative performance, in part due to demand side concerns as a result of COVID-19 and uncertainty around the U.S. elections.

Morningstar Investment Management LLC (11/01/2019 – 8/28/2020)

From the beginning of the reporting period (November 1, 2019) through the pre-COVID peak on February 19, 2020, U.S. equities were enjoying gains, with the S&P 500^® Index up 12.18%. Large-cap technology and communication-services stocks were leading the way. From a regional standpoint, the U.S. market was beating most foreign markets.

In February, the COVID-19 pandemic hit global markets with full force. From February 20 to March 23, the S&P 500^® plummeted almost 33.79%. Smaller companies fell harder, as reflected by the -40.66% return for the Russell 2000^® Index. Economically sensitive stocks – banks, industrials, and travel-related industries, for example – were punished by investors given the near stoppage of the world economy. Technology-related stocks held up better, as many of them benefited from the work-from-home environment. Global markets began rebounding in late March and continued to rise through August 28 (when Morningstar Investment Management’s tenure as the Fund’s subadviser ended). In the rebound, technology and communication-services stocks outperformed more economically sensitive stocks. As a result, growth stocks in general outperformed value. Also, because many big tech companies are U.S. based this helped U.S. markets outperform most foreign markets.

Although U.S. Treasury bonds gained as investors sought safety amid the COVID-19 downturn, bonds with any amount of credit risk fell. Investment-grade corporate bonds lost 12.28% (as measured by the Bloomberg Barclays U.S. Corporate Bond Index) amid the February 20-March 23, 2020 stock-market plunge, while the Bloomberg Barclays U.S. Corporate High Yield Index returned -20.76%. The Bloomberg Barclays US Aggregate Bond Index – a broader bond market index with a big government component – was slightly negative during the drawdown with a -0.94% return.

For the full period from November 1, 2019 through the end of Morningstar Investment Management’s stewardship on August 28, 2020, the S&P 500^® Index posted a 17.40% return, thanks in part to the large-cap growth stocks at the top of the index. The Russell 1000^® Growth Index was up 39.52% while the Russell 1000^® Value Index, by contrast, suffered a -3.17% return. The MSCI EAFE Index was flat with a -0.37% return, while the MSCI Emerging Markets Index was up 9.76%. The Barclays U.S. Aggregate Bond Index was up 6.47% for the overall period.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Asset Allocation – Moderate Portfolio (Class A) returned 5.93%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the MSCI World Index and the Transamerica Asset Allocation – Moderate Portfolio Blended Benchmark, returned 4.36% and 6.07%, respectively. Prior to August 28, 2020, the fund’s primary benchmark was the Wilshire 5000 Total Market Index^SM and the fund’s secondary benchmark was the Bloomberg Barclays US Aggregate Bond Index which returned 11.01% and 6.19% respectively for the 12-month period ended October 31, 2020.

STRATEGY REVIEW

Goldman Sachs Asset Management, L.P. (8/28/2020 – 10/31/2020)

The Fund is a multi-asset fund-of-funds that seeks capital appreciation and current income through its strategic allocation to both equity and fixed income asset classes. Goldman Sachs Asset Management, L.P. (“GSAM”) became sub-adviser of the Fund on August 28,

Transamerica Funds Annual Report 2020

Page    20

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

STRATEGY REVIEW (continued)

2020, and as part of the transition there were a number of allocation changes in September toward a new target asset allocation. The portfolio managers continue to maintain out of benchmark exposures, like small cap and emerging markets equity and emerging markets debt, to seek enhanced diversification and risk-adjusted returns.

Since GSAM became sub-adviser, the Fund has outperformed the Transamerica Asset Allocation – Moderate Portfolio, its secondary benchmark (consisting of 50% Bloomberg Barclays US Aggregate Bond Index, 50% MSCI World Index) though it has had negative absolute performance primarily due to the broad pullback in global equities over this time period. The Fund outperformed its primary benchmark, the MSCI World Index as fixed income generally outperformed equities during this period.

While the fund experienced negative absolute returns over September to October 2020, security selection within underlying Transamerica-affiliated equity funds contributed to performance. The underlying Transamerica Capital Growth fund was a key contributor to performance during this period.

Strategic asset allocation differences from the secondary benchmark were overall positive. Off-benchmark allocations to emerging markets equities contributed to performance while allocations to emerging markets debt and inflation-protected fixed income detracted from the performance versus secondary benchmark. While still negative, small cap equity allocations across U.S. and international markets fared better during this period than broad large and mid-cap developed global equities in the secondary benchmark.

During the period from 8/28/20 to 10/31/20, the fund utilized derivatives. These positions detracted from performance.

Morningstar Investment Management LLC (11/01/2019 – 8/28/2020)

An overweight to foreign markets relative to our neutral stance – due to what management considered a stretched U.S. equity market – worked against the Fund, as U.S. stocks powered higher than foreign markets early in the period, performed about the same as foreign markets in the downturn, and then gained more in the rebound. Meanwhile the portfolio’s value-oriented underlying funds posted negative returns for the period, as did a modest holding in Transamerica MLP & Energy Income. On the fixed-income side, only one of the underlying bond funds was able to beat the gain in the Bloomberg Barclays US Aggregate Bond Index.

The portfolio’s underlying growth funds were strong performers. Of particular note was Transamerica Capital Growth, which outperformed on the strength of its bevy of technology and communication-services stocks. A healthy complement of emerging markets within the foreign equity sleeve was also a positive contributor.

Christopher Lvoff, CFA

Neill Nuttall

Co-Portfolio Managers

Goldman Sachs Asset Management, L.P.

Dan McNeela, CFA

Michael Stout, CFA

Ricky Williamson, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		41.7	%
U.S. Equity Funds		30.4
International Equity Funds		17.9
International Fixed Income Funds		5.8
U.S. Mixed Allocation Fund		2.1
U.S. Alternative Fund		1.1
International Alternative Fund		0.0	*
Net Other Assets (Liabilities) ^		1.0
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 Annual Report 2020

Page    21

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		0.08	%		4.27	%		5.16	%		03/01/2002
Class A (NAV)		5.93	%		5.46	%		5.76	%		03/01/2002
MSCI World Index (A)		4.36	%		8.13	%		8.64	%
Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark (A)(B)(C)		6.07	%		6.89	%		7.18	%
Class C (POP)		4.06	%		4.64	%		5.00	%		11/11/2002
Class C (NAV)		5.06	%		4.64	%		5.00	%		11/11/2002
Class I (NAV)		6.19	%		5.71	%		6.04	%		11/30/2009
Class R (NAV)		5.72	%		5.19	%		5.52	%		06/15/2006

^(A) The MSCI World Index captures large and mid-cap representation across developed markets countries.

^(B) The Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark is composed of the following benchmarks: 50% Bloomberg Barclays US Aggregate Bond Index and 50% MSCI World Index.

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

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

Asset allocation and diversification do not assure or guarantee better performance, cannot eliminate the risk of investment losses, and do not protect against an overall declining market. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds, including fixed income investing. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. Investments in small-and medium-sized companies present additional risks, such as increased volatility, because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies. Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

Prior to August 28, 2020, the fund had a different sub-adviser, different benchmarks and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser.

Transamerica Funds Annual Report 2020

Page    22

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
INVESTMENT COMPANIES - 99.0%
International Alternative Fund - 0.0% (A)
Transamerica Global Allocation Liquidating Trust (B) (C) (D) (E)		3,627		$  10,282
International Equity Funds - 17.9%
Transamerica Emerging Markets Opportunities (B) (C)		3,886,429		38,475,643
Transamerica International Equity (C)		5,026,148		80,267,589
Transamerica International Growth (C)		8,257,702		64,244,924
Transamerica International Small Cap Value (C)		1,034,967		12,378,211
Transamerica International Stock (C)		2,843,767		24,598,584
				219,964,951
International Fixed Income Funds - 5.8%
Transamerica Emerging Markets Debt (C)		4,161,559		43,321,827
Transamerica Inflation Opportunities (C)		2,549,260		27,735,946
				71,057,773
U.S. Alternative Fund - 1.1%
Transamerica Event Driven (C)		1,140,357		13,000,074
U.S. Equity Funds - 30.4%
Transamerica Capital Growth (C)		3,502,179		72,425,070
Transamerica Dividend Focused (C)		11,652,515		79,936,250
Transamerica Large Cap Value (C)		7,850,966		71,914,846
Transamerica Mid Cap Growth (C)		772,138		9,412,367
Transamerica Mid Cap Value (C)		1,617,232		17,142,662
Transamerica Mid Cap Value Opportunities (C)		615,849		6,232,392

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Small Cap Growth (C)		888,510		$   6,237,340
Transamerica Small Cap Value (C)		764,564		6,292,365
Transamerica Small Company Growth Liquidating Trust (B) (C) (D) (E)		2,887		2,026
Transamerica US Growth (C)		3,870,181		103,256,423
				372,851,741
U.S. Fixed Income Funds - 41.7%
Transamerica Bond (C)		9,157,132		87,816,898
Transamerica Core Bond (C)		7,930,936		83,988,609
Transamerica High Yield Bond (C)		1,492,436		12,894,643
Transamerica Intermediate Bond (C)		8,440,055		91,574,598
Transamerica Short-Term Bond (C)		3,623,377		36,704,811
Transamerica Total Return (C)		18,086,906		198,955,965
				511,935,524
U.S. Mixed Allocation Fund - 2.1%
Transamerica MLP & Energy Income (C)		5,427,696		25,618,723
Total Investment Companies (Cost $1,108,738,960)				1,214,439,068
Total Investments (Cost $1,108,738,960)				1,214,439,068
Net Other Assets (Liabilities) - 1.0%				12,629,995
Net Assets - 100.0%				$  1,227,069,063

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		112		12/18/2020	$	18,755,228	$	18,282,320	$	—	$	(472,908	)

INVESTMENT VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,214,426,760		$	—	$	—	$	1,214,426,760
Total	$	1,214,426,760		$	—	$	—	$	1,214,426,760
Investment Companies Measured at Net Asset Value (E)									12,308
Total Investments								$	1,214,439,068
LIABILITIES
Other Financial Instruments
Futures Contracts (G)	$	(472,908	)	$	—	$	—	$	(472,908	)
Total Other Financial Instruments	$	(472,908	)	$	—	$	—	$	(472,908	)

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

Transamerica Funds Annual Report 2020

Page    23

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

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

Affiliated Investments	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value October 31, 2020		Shares as of October 31, 2020		Dividend Income		Net Capital Gain Distributions
Transamerica Bond	$	36,641,211	$	59,128,850	$	(7,589,326	)	$	1,843		$	(365,680	)	$	87,816,898		9,157,132	$	1,130,205	$	—
Transamerica Capital Growth		57,503,657		15,812,946		(38,027,091	)		6,372,804			30,762,754			72,425,070		3,502,179		—		11,455,636
Transamerica Core Bond		142,349,861		12,736,348		(75,448,515	)		1,187,638			3,163,277			83,988,609		7,930,936		3,605,662		—
Transamerica Dividend Focused		77,826,688		35,074,353		(11,085,394	)		(2,017,116	)		(19,862,281	)		79,936,250		11,652,515		2,263,808		8,127,642
Transamerica Emerging Markets Debt		45,108,273		8,736,481		(9,277,497	)		(730,938	)		(514,492	)		43,321,827		4,161,559		1,178,701		—
Transamerica Emerging Markets Equity		78,125,599		3,343,608		(83,961,507	)		565,216			1,927,084			—		—		2,129,498		—
Transamerica Emerging Markets Opportunities		—		40,417,697		(2,332,651	)		(59,545	)		450,142			38,475,643		3,886,429		—		—
Transamerica Event Driven		20,262,093		84,460		(9,037,169	)		818,076			872,614			13,000,074		1,140,357		84,459		—
Transamerica Floating Rate		12,432,150		49,042		(12,469,341	)		(431,113	)		419,262			—		—		66,310		—
Transamerica Global Allocation Liquidating Trust		13,718		—		—			—			(3,436	)		10,282		3,627		—		—
Transamerica Global Multifactor Macro		13,560,771		303,853		(13,928,075	)		(874,710	)		938,161			—		—		303,853		—
Transamerica High Yield Bond		—		13,101,932		—			—			(207,289	)		12,894,643		1,492,436		101,933		—
Transamerica Inflation Opportunities		32,843,720		464,543		(6,865,155	)		91,253			1,201,585			27,735,946		2,549,260		314,543		—
Transamerica Intermediate Bond		101,429,655		10,223,363		(22,912,110	)		326,693			2,506,997			91,574,598		8,440,055		2,180,239		—
Transamerica International Equity		100,407,660		5,876,891		(16,248,663	)		(1,958,429	)		(7,809,870	)		80,267,589		5,026,148		2,855,683		—
Transamerica International Growth		66,652,708		3,426,744		(8,436,266	)		(1,366,646	)		3,968,384			64,244,924		8,257,702		1,299,679		—
Transamerica International Small Cap Value		23,869,640		1,294,763		(12,089,252	)		246,926			(943,866	)		12,378,211		1,034,967		554,723		—
Transamerica International Stock		24,431,418		2,882,280		(306,144	)		(16,533	)		(2,392,437	)		24,598,584		2,843,767		32,619		—
Transamerica Large Cap Value		57,929,411		43,797,156		(20,757,588	)		(1,078,570	)		(7,975,563	)		71,914,846		7,850,966		1,283,613		1,564,376
Transamerica Managed Futures Strategy		29,785,805		1,119,508		(30,163,734	)		(9,505,878	)		8,764,299			—		—		1,119,508		—
Transamerica Mid Cap Growth		787,922		12,358,634		(6,730,432	)		1,240,779			1,755,464			9,412,367		772,138		—		13,559
Transamerica Mid Cap Value		24,827,894		3,603,266		(6,904,362	)		(192,528	)		(4,191,608	)		17,142,662		1,617,232		271,876		1,966,100
Transamerica Mid Cap Value Opportunities		11,213,449		1,046,964		(4,689,301	)		14,250			(1,352,970	)		6,232,392		615,849		124,989		317,181
Transamerica MLP & Energy Income		40,594,622		2,319,345		(9,129,993	)		(2,894,135	)		(5,271,116	)		25,618,723		5,427,696		159,757		—
Transamerica Short-Term Bond		62,532,839		13,988,299		(39,669,684	)		636,793			(783,436	)		36,704,811		3,623,377		1,501,256		—
Transamerica Small Cap Core		4,072,544		250,585		(3,792,248	)		(593,422	)		62,541			—		—		43,075		—
Transamerica Small Cap Growth		4,706,569		5,073,717		(4,772,097	)		262,027			967,124			6,237,340		888,510		—		306,840
Transamerica Small Cap Value		8,301,637		5,221,957		(6,737,401	)		(614,754	)		120,926			6,292,365		764,564		155,281		189,304
Transamerica Small Company Growth Liquidating Trust		1,796		—		—			—			230			2,026		2,887		—		—
Transamerica Total Return		220,079,431		25,167,555		(53,265,309	)		1,170,047			5,804,241			198,955,965		18,086,906		5,478,514		—
Transamerica US Growth		88,181,996		43,120,573		(43,603,105	)		5,447,291			10,109,668			103,256,423		3,870,181		298,271		6,665,946
Total	$	1,386,474,737	$	370,025,713	$	(560,229,410	)	$	(3,952,681	)	$	22,120,709		$	1,214,439,068		114,599,375	$	28,538,055	$	30,606,584

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

Transamerica Funds Annual Report 2020

Page    24

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D) Restricted securities. At October 31, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	37,318	$	10,282		0.0	%(A)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		28,869		2,026		0.0	(A)
Total				$	66,187	$	12,308		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 year ended October 31, 2020. 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 Annual Report 2020

Page    25

Transamerica Asset Allocation Intermediate Horizon

(unaudited)

MARKET ENVIRONMENT

Global equity markets were rallying, and the S&P 500^® Index had just moved past all-time highs as the 2020 reporting period began in November 2019. This was fueled by investor optimism on the economy and on prospects of another strong year in 2020, as analysts were forecasting a continued expansion in corporate earnings, a low unemployment rate and a very supportive U.S. Federal Reserve (“Fed”), which had just enacted its third interest rate cut in as many months.

While stocks continued to rally through year-end 2019, cautious news reports surrounding the COVID-19 virus in China began to hit western headlines. Within a couple of short months, much of the global economy had moved into some form of government-imposed lockdown by the end of March 2020 as officials tried to slow the spread of the pandemic, and economic activity briefly collapsed. U.S. and many international equity markets were down by approximately a third in less than a month, while credit spreads spiked rapidly.

The pandemic-induced economic crisis was met with aggressive stimulus from global central banks and governments alike. In the U.S., the Fed expanded its balance sheet by about $3 trillion in an effort to support credit markets and overall financial market liquidity, and the federal government provided about $2.2 trillion in economic aid through the passage of the Coronavirus Aid, Relief and Economic Security Act (“CARES”).

Global markets responded almost immediately. Global equities and credit rallied as credit spreads fell rapidly through the second and third quarters of 2020 and interest rates fell back to all time low levels across many parts of the Treasury yield curve. Surprising to many was the fact that the S&P 500^® was able to surpass its all-time highs by summer. Markets had declined slightly as the fiscal year drew to a close, however, the S&P 500^® was able to finish the period above where it began a year prior, an impressive feat given the struggles faced earlier in the year.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Asset Allocation Intermediate Horizon (Class R4) returned 7.61%. By comparison, its primary, secondary, and additional benchmarks, the S&P 500^®, the Bloomberg Barclays US Aggregate Bond Index and the Transamerica Asset Allocation Intermediate Horizon Blended Benchmark, returned 9.71%, 6.19% and 6.48%, respectively.

STRATEGY REVIEW

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

Transamerica Asset Allocation Intermediate Horizon invests approximately 50% in equity funds and 50% in fixed income funds. The portfolio is periodically rebalanced based on how much the underlying holdings drift from the strategic target in an effort to both maintain the target allocations and to redeploy assets incrementally from outperforming holdings into those that have been weaker in an effort to continually buy low and sell high.

The Fund’s best-performing holding over the 12-month period ended October 31, 2020 was Transamerica Large Growth with a gain of 57.90% as the technology sector surged in the post-COVID environment. With a target weighting of 13%, it was the top equity contributor to overall performance. The top performing fixed income fund in the portfolio, with a target weight of 11.8% was Transamerica Inflation-Protected Securities which returned 7.59%. The largest overall fixed income contributor to performance was Transamerica Intermediate Bond which returned 5.83% and carried a target weight of 24%.

The weakest performing holding during the period was Transamerica Small Cap Value which lost -13.75% and had a target allocation of 3%. The growth/value stock divide was wide in the past 12-months with all underlying growth funds producing positive returns while all value funds declined. As evidence, contrast the positive 57.90% return of Transamerica Large Growth with the -9.67% returned by Transamerica Large Value Opportunities, the largest overall detractor in the period. The weakest fixed income fund in the portfolio, Transamerica High Yield Bond, achieved a slightly positive return of 0.28% and had a target weight of 6%.

Christopher A. Staples, CFA

Kane Cotton, CFA

Sean Serrell, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		48.6	%
U.S. Equity Funds		39.4
International Equity Fund		11.9
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    26

Transamerica Asset Allocation Intermediate Horizon

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R (NAV)		7.33	%		N/A			6.13	%		05/19/2017
Class R4 (NAV)		7.61	%		6.15	%		6.61	%		09/11/2000
S&P 500® (A)		9.71	%		11.71	%		13.01	%
Bloomberg Barclays US Aggregate Bond Index (B)		6.19	%		4.08	%		3.55	%
Transamerica Asset Allocation Intermediate Horizon Blended Benchmark (B)(C)(D)(E)(F)(G)(H)(I)		6.48	%		6.99	%		7.20	%

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    27

Transamerica Asset Allocation Intermediate Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 11.9%
Transamerica International Equity (A)		2,274,752		$  36,578,010
Money Market Fund - 0.2%
Transamerica Government Money Market (A)		629,853		629,853
U.S. Equity Funds - 39.4%
Transamerica Large Growth (A)		2,447,493		41,680,809
Transamerica Large Value Opportunities (A)		4,994,176		40,752,478
Transamerica Mid Cap Growth (A)		842,603		10,262,907
Transamerica Mid Cap Value Opportunities (A)		936,943		9,519,341
Transamerica Small Cap Growth (A)		1,368,802		9,595,299
Transamerica Small Cap Value (A)		1,212,776		9,993,275
				121,804,109

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 48.6%
Transamerica High Quality Bond (A)		2,370,156		$   23,630,458
Transamerica High Yield Bond (A)		2,306,742		19,930,253
Transamerica Inflation-Protected Securities (A)		3,293,698		35,703,686
Transamerica Intermediate Bond (A)		6,533,879		71,023,261
				150,287,658
Total Investment Companies (Cost $292,154,528)				309,299,630
Total Investments (Cost $292,154,528)				309,299,630
Net Other Assets (Liabilities) - (0.1)%				(173,501	)
Net Assets - 100.0%				$  309,126,129

INVESTMENT VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	309,299,630	$	—	$	—	$	309,299,630
Total Investments	$	309,299,630	$	—	$	—	$	309,299,630

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)	There were no transfers in or out of Level 3 during the period ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    28

Transamerica Asset Allocation Long Horizon

(unaudited)

MARKET ENVIRONMENT

Global equity markets were rallying, and the S&P 500^® Index had just moved past all-time highs as the 2020 reporting period began in November 2019. This was fueled by investor optimism on the economy and on prospects of another strong year in 2020, as analysts were forecasting a continued expansion in corporate earnings, a low unemployment rate and a very supportive U.S. Federal Reserve (“Fed”), which had just enacted its third interest rate cut in as many months.

While stocks continued to rally through year-end 2019, cautious news reports surrounding the COVID-19 virus in China began to hit western headlines. Within a couple of short months, much of the global economy had moved into some form of government-imposed lockdown by the end of March 2020 as officials tried to slow the spread of the pandemic, and economic activity briefly collapsed. U.S. and many international equity markets were down by approximately a third in less than a month, while credit spreads spiked rapidly.

The pandemic-induced economic crisis was met with aggressive stimulus from global central banks and governments alike. In the U.S., the Fed expanded its balance sheet by about $3 trillion in an effort to support credit markets and overall financial market liquidity, and the federal government provided about $2.2 trillion in economic aid through the passage of the Coronavirus Aid, Relief and Economic Security Act (“CARES”).

Global markets responded almost immediately. Global equities and credit rallied as credit spreads fell rapidly through the second and third quarters of 2020 and interest rates fell back to all time low levels across many parts of the Treasury yield curve. Surprising to many was the fact that the S&P 500^® was able to surpass its all-time highs by summer. Markets had declined slightly as the fiscal year drew to a close, however, the S&P 500^® was able to finish the period above where it began a year prior, an impressive feat given the struggles faced earlier in the year.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Asset Allocation Long Horizon (Class R4) returned 7.98%. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica Asset Allocation Long Horizon Blended Benchmark, returned 9.71% and 5.70%, respectively.

STRATEGY REVIEW

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

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

The Fund’s best-performing holding over the 12-month period ended October 31, 2020 was Transamerica Large Growth with a gain of 57.90% as the technology sector surged in the post-COVID environment. With a target weighting of 21%, it was the top equity contributor to overall performance. The top performing fixed income fund in the portfolio, with a target weight of 3.3%, was Transamerica Inflation-Protected Securities which returned 7.59% and was the largest overall fixed income contributor to performance.

The weakest performing holding during the period was Transamerica Small Cap Value which lost -13.75% and had a target allocation of 6%. The growth/value performance divide was wide in the past 12-months with all underlying growth funds producing positive returns while all value funds declined. As evidence, contrast the positive 57.90% return of Transamerica Large Growth with the -9.67% returned by Transamerica Large Value Opportunities, the largest overall detractor in the period. The weakest fixed income fund in the portfolio, Transamerica High Yield Bond, achieved a slightly positive return of 0.28% and had a target weight of 2%.

Christopher A. Staples, CFA

Kane Cotton, CFA

Sean Serrell, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		67.9	%
International Equity Fund		22.1
U.S. Fixed Income Funds		9.9
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    29

Transamerica Asset Allocation Long Horizon

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R (NAV)		7.72	%		N/A			7.30	%		05/19/2017
Class R4 (NAV)		7.98	%		7.53	%		8.69	%		09/11/2000
S&P 500® (A)		9.71	%		11.71	%		13.01	%
Transamerica Asset Allocation Long Horizon Blended Benchmark (B)(C)(D)(E)(F)(G)(H)		5.70	%		8.90	%		9.83	%

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

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

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

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

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

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

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

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

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

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

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

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

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

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    30

Transamerica Asset Allocation Long Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 22.1%
Transamerica International Equity (A)		2,328,050		$  37,435,039
Money Market Fund - 0.2%
Transamerica Government Money Market (A)		338,671		338,671
U.S. Equity Funds - 67.9%
Transamerica Large Growth (A)		2,207,075		37,586,487
Transamerica Large Value Opportunities (A)		4,229,820		34,515,328
Transamerica Mid Cap Growth (A)		947,097		11,535,643
Transamerica Mid Cap Value Opportunities (A)		972,370		9,879,284
Transamerica Small Cap Growth (A)		1,552,696		10,884,402
Transamerica Small Cap Value (A)		1,270,160		10,466,119
				114,867,263

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 9.9%
Transamerica High Quality Bond (A)		86,319		$   860,600
Transamerica High Yield Bond (A)		403,780		3,488,659
Transamerica Inflation-Protected Securities (A)		520,516		5,642,398
Transamerica Intermediate Bond (A)		620,081		6,740,281
				16,731,938
Total Investment Companies (Cost $161,661,674)				169,372,911
Total Investments (Cost $161,661,674)				169,372,911
Net Other Assets (Liabilities) - (0.1)%				(92,160	)
Net Assets - 100.0%				$  169,280,751

INVESTMENT VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	169,372,911	$	—	$	—	$	169,372,911
Total Investments	$	169,372,911	$	—	$	—	$	169,372,911

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)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    31

Transamerica Asset Allocation Short Horizon

(unaudited)

MARKET ENVIRONMENT

Global equity markets were rallying, and the S&P 500^® Index had just moved past all-time highs as the 2020 reporting period began in November 2019. This was fueled by investor optimism on the economy and on prospects of another strong year in 2020, as analysts were forecasting a continued expansion in corporate earnings, a low unemployment rate and a very supportive U.S. Federal Reserve (“Fed”), which had just enacted its third interest rate cut in as many months.

While stocks continued to rally through year-end 2019, cautious news reports surrounding the COVID-19 virus in China began to hit western headlines. Within a couple of short months, much of the global economy had moved into some form of government-imposed lockdown by the end of March 2020 as officials tried to slow the spread of the pandemic, and economic activity briefly collapsed. U.S. and many international equity markets were down by approximately a third in less than a month, while credit spreads spiked rapidly.

The pandemic-induced economic crisis was met with aggressive stimulus from global central banks and governments alike. In the U.S., the Fed expanded its balance sheet by about $3 trillion in an effort to support credit markets and overall financial market liquidity, and the federal government provided about $2.2 trillion in economic aid through the passage of the Coronavirus Aid, relief and Economic Security Act (“CARES”).

Global markets responded almost immediately. Global equities and credit rallied as credit spreads fell rapidly through the second and third quarters of 2020 and interest rates fell back to all time low levels across many parts of the Treasury yield curve. Surprising to many was the fact that the S&P 500^® was able to surpass its all-time highs by summer. Markets had declined slightly as the fiscal year drew to a close, however, the S&P 500^® was able to finish the period above where it began a year prior, an impressive feat given the struggles faced earlier in the year.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Asset Allocation Short Horizon (Class R4) returned 5.29%. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays US Aggregate Bond Index and the Transamerica Asset Allocation Short Horizon Blended Benchmark, returned 6.19% and 6.00%, respectively.

STRATEGY REVIEW

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

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

The Fund’s best-performing holding over the 12-month period ended October 31, 2020 was Transamerica Large Growth with a gain of 57.90% as the technology sector surged in the post-COVID environment. With a target weighting of 3%, it was the top equity contributor to overall performance. The top performing fixed income fund in the portfolio, with a target weight of 16.8% was Transamerica Inflation-Protected Securities which returned 7.59%. The largest overall fixed income contributor to performance was Transamerica Intermediate Bond which returned 5.83% and carried a target weight of 46%.

The weakest performing holding during the period was Transamerica Small Cap Value which lost -13.75% and had a target allocation of 1%. The growth/value stock divide was wide in the fiscal year with all underlying growth funds producing positive returns while all value funds declined. As evidence, contrast the positive 57.90% return of Transamerica Large Growth with the -9.67% returned by Transamerica Large Value Opportunities, the largest overall detractor in the period. The weakest fixed income fund in the portfolio, Transamerica High Yield Bond, achieved a slightly positive return of 0.28% and had a target weight of 10%.

Christopher A. Staples, CFA

Kane Cotton, CFA

Sean Serrell, CFA

Co-Portfolio Managers

Transamerica Asset Management, Inc.

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		89.6	%
U.S. Equity Funds		8.2
International Equity Fund		2.0
Money Market Fund		0.3
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    32

Transamerica Asset Allocation Short Horizon

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R (NAV)		5.02	%		N/A			4.00	%		05/19/2017
Class R4 (NAV)		5.29	%		4.10	%		3.93	%		09/11/2000
Bloomberg Barclays US Aggregate Bond Index (A)		6.19	%		4.08	%		3.55	%
Transamerica Asset Allocation Short Horizon Blended Benchmark (A)(B)(C)(D)(E)(F)(G)(H)		6.00	%		4.59	%		4.14	%

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

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

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

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

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

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

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

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

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

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

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

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

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

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    33

Transamerica Asset Allocation Short Horizon

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 2.0%
Transamerica International Equity (A)		154,201		$  2,479,546
Money Market Fund - 0.3%
Transamerica Government Money Market (A)		333,839		333,839
U.S. Equity Funds - 8.2%
Transamerica Large Growth (A)		224,001		3,814,743
Transamerica Large Value Opportunities (A)		467,680		3,816,266
Transamerica Small Cap Growth (A)		168,784		1,183,178
Transamerica Small Cap Value (A)		154,790		1,275,472
				10,089,659
U.S. Fixed Income Funds - 89.6%
Transamerica High Quality Bond (A)		2,083,080		20,768,310
Transamerica High Yield Bond (A)		1,437,480		12,419,828

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds (continued)
Transamerica Inflation-Protected Securities (A)		1,876,207		$   20,338,084
Transamerica Intermediate Bond (A)		5,205,727		56,586,254
				110,112,476
Total Investment Companies (Cost $117,148,828)				123,015,520
Total Investments (Cost $117,148,828)				123,015,520
Net Other Assets (Liabilities) - (0.1)%				(71,252	)
Net Assets - 100.0%				$  122,944,268

INVESTMENT VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	123,015,520	$	—	$	—	$	123,015,520
Total Investments	$	123,015,520	$	—	$	—	$	123,015,520

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)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    34

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2020

	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)	$	686,657,565	$	984,413,519	$	1,712,164,011	$	1,214,439,068
Cash		4,102,157		2,656,641		18,717,130		12,143,065
Cash collateral pledged at broker for:
Futures contracts		963,600		1,267,200		1,980,000		1,478,400
Receivables and other assets:
Shares of beneficial interest sold		387,445		125,046		391,051		352,326
Dividends		177,877		—		207,358		287,419
Variation margin receivable on futures contracts		4,383		5,767		9,012		6,720
Other assets		1,829		—		3,111		2,741
Total assets		692,294,856		988,468,173		1,733,471,673		1,228,709,739
Liabilities:
Payables and other liabilities:
Affiliated investments purchased		176,928		—		206,545		286,497
Shares of beneficial interest redeemed		1,114,577		831,301		1,685,850		562,301
Investment management fees		61,214		89,050		150,280		107,040
Distribution and service fees		203,912		310,927		535,643		377,269
Transfer agent fees		44,509		108,610		152,473		92,308
Trustees, CCO and deferred compensation fees		2,786		4,141		4,064		117,869
Audit and tax fees		18,650		20,271		24,363		21,647
Custody fees		11,083		11,418		18,740		15,082
Legal fees		3,660		5,278		9,250		6,572
Printing and shareholder reports fees		16,285		34,244		53,686		34,101
Registration fees		433		814		1,193		998
Other accrued expenses		11,538		15,564		25,737		18,992
Total liabilities		1,665,575		1,431,618		2,867,824		1,640,676
Net assets	$	690,629,281	$	987,036,555	$	1,730,603,849	$	1,227,069,063
Net assets consist of:
Paid-in capital	$	631,041,312	$	887,193,863	$	1,566,912,109	$	1,105,362,141
Total distributable earnings (accumulated losses)		59,587,969		99,842,692		163,691,740		121,706,922
Net assets	$	690,629,281	$	987,036,555	$	1,730,603,849	$	1,227,069,063
Net assets by class:
Class A	$	586,536,359	$	809,243,300	$	1,423,974,942	$	1,004,834,189
Class C		87,565,318		143,281,822		245,805,914		176,866,253
Class I		15,654,442		32,885,946		58,844,013		42,338,209
Class R		873,162		1,625,487		1,978,980		3,030,412
Shares outstanding (unlimited shares, no par value):
Class A		53,149,797		64,582,436		119,945,350		87,537,316
Class C		8,024,902		11,828,623		20,553,222		15,347,487
Class I		1,413,272		2,624,030		4,959,052		3,689,511
Class R		78,235		130,949		167,169		265,386
Net asset value per share: (B)
Class A	$	11.04	$	12.53	$	11.87	$	11.48
Class C		10.91		12.11		11.96		11.52
Class I		11.08		12.53		11.87		11.48
Class R		11.16		12.41		11.84		11.42
Maximum offering price per share: (C)
Class A	$	11.68	$	13.26	$	12.56	$	12.15
(A)      Affiliated investments, at cost	$	635,899,174	$	910,040,811	$	1,570,635,682	$	1,108,738,960

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

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

Transamerica Funds Annual Report 2020

Page    35

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Asset Allocation Intermediate Horizon		Transamerica Asset Allocation Long Horizon		Transamerica Asset Allocation Short Horizon
Assets:
Affiliated investments, at value (A)	$	309,299,630	$	169,372,911	$	123,015,520
Receivables and other assets:
Affiliated investments sold		1,231,776		473,970		4,671
Shares of beneficial interest sold		6,962		—		87,061
Dividends		78,823		13,453		49,275
Total assets		310,617,191		169,860,334		123,156,527
Liabilities:
Payables and other liabilities:
Affiliated investments purchased		773,113		310,361		148,618
Shares of beneficial interest redeemed		556,889		179,177		149
Investment management fees		27,114		15,196		10,600
Distribution and service fees		133,886		74,808		52,888
Transfer agent fees		60		41		4
Total liabilities		1,491,062		579,583		212,259
Net assets	$	309,126,129	$	169,280,751	$	122,944,268
Net assets consist of:
Paid-in capital	$	283,598,197	$	151,063,929	$	117,083,384
Total distributable earnings (accumulated losses)		25,527,932		18,216,822		5,860,884
Net assets	$	309,126,129	$	169,280,751	$	122,944,268
Net assets by class:
Class R	$	300,319,321	$	164,147,275	$	122,392,208
Class R4		8,806,808		5,133,476		552,060
Shares outstanding (unlimited shares, no par value):
Class R		28,174,993		16,227,411		11,610,887
Class R4		826,139		506,667		52,366
Net asset value per share: (B)
Class R	$	10.66	$	10.12	$	10.54
Class R4		10.66		10.13		10.54
(A)      Affiliated investments, at cost	$	292,154,528	$	161,661,674	$	117,148,828

(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 Annual Report 2020

Page    36

STATEMENTS OF OPERATIONS

For the year ended October 31, 2020

	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	$	16,141,155		$	20,205,733		$	38,127,566		$	28,538,055
Total investment income		16,141,155			20,205,733			38,127,566			28,538,055
Expenses:
Investment management fees		847,327			1,236,554			2,146,679			1,522,994
Distribution and service fees:
Class A		1,472,659			2,070,478			3,617,538			2,538,166
Class C		1,045,927			1,706,739			2,946,895			2,165,906
Class R		4,372			8,307			9,958			14,534
Transfer agent fees
Class A		426,336			1,044,784			1,452,572			861,484
Class C		102,419			262,487			367,920			236,035
Class I		17,068			39,757			67,198			46,909
Class R		945			1,757			2,536			2,025
Trustees, CCO and deferred compensation fees		17,593			25,433			41,339			144,311
Audit and tax fees		25,450			28,380			35,484			30,643
Custody fees		19,778			20,999			34,861			27,618
Legal fees		32,486			46,553			81,835			58,146
Printing and shareholder reports fees		50,674			108,294			173,143			110,053
Registration fees		65,568			69,511			80,135			71,200
Other		30,407			39,616			61,684			46,760
Total expenses before waiver and/or reimbursement and recapture		4,159,009			6,709,649			11,119,777			7,876,784
Expenses waived and/or reimbursed:
Class I		(2,521	)		(5,450	)		(9,782	)		(6,883	)
Net expenses		4,156,488			6,704,199			11,109,995			7,869,901
Net investment income (loss)		11,984,667			13,501,534			27,017,571			20,668,154
Net realized gain (loss) on:
Affiliated investments		2,156,936			(8,018,671	)		(11,240,216	)		(3,952,681	)
Capital gain distributions received from affiliated investment companies		11,474,688			51,836,815			63,525,234			30,606,584
Net realized gain (loss)		13,631,624			43,818,144			52,285,018			26,653,903
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		15,770,422			(11,895,098	)		16,105,182			22,120,709
Futures contracts		(511,374	)		(603,056	)		(440,699	)		(472,908	)
Net change in unrealized appreciation (depreciation)		15,259,048			(12,498,154	)		15,664,483			21,647,801
Net realized and change in unrealized gain (loss)		28,890,672			31,319,990			67,949,501			48,301,704
Net increase (decrease) in net assets resulting from operations	$	40,875,339		$	44,821,524		$	94,967,072		$	68,969,858

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

Transamerica Funds Annual Report 2020

Page    37

STATEMENTS OF OPERATIONS (continued)

For the period ended October 31, 2020

	Transamerica Asset Allocation Intermediate Horizon			Transamerica Asset Allocation Long Horizon			Transamerica Asset Allocation Short Horizon
Investment Income:
Dividend income from affiliated investments	$	6,852,630		$	3,169,720		$	3,229,722
Total investment income		6,852,630			3,169,720			3,229,722
Expenses:
Investment management fees		385,662			211,953			153,989
Distribution and service fees:
Class R		1,559,327			840,567			631,106
Class R4		23,799			21,288			5,258
Transfer agent fees
Class R4		714			639			158
Total expenses before waiver and/or reimbursement and recapture		1,969,502			1,074,447			790,511
Expenses waived and/or reimbursed:
Class R		(62,371	)		(33,633	)		(25,251	)
Class R4		(2,620	)		(2,336	)		(577	)
Recapture of previously waived and/or reimbursed fees:
Class R4		—			5			5
Net expenses		1,904,511			1,038,483			764,688
Net investment income (loss)		4,948,119			2,131,237			2,465,034
Net realized gain (loss) on:
Affiliated investments		6,109,762			5,021,610			745,698
Capital gain distributions received from affiliated investment companies		10,180,702			9,200,747			790,877
Net realized gain (loss)		16,290,464			14,222,357			1,536,575
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		688			(3,573,213	)		2,148,311
Net realized and change in unrealized gain (loss)		16,291,152			10,649,144			3,684,886
Net increase (decrease) in net assets resulting from operations	$	21,239,271		$	12,780,381		$	6,149,920

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

Transamerica Funds Annual Report 2020

Page    38

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio						Transamerica Asset Allocation – Moderate Growth Portfolio
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	11,984,667		$	13,427,908		$	13,501,534		$	9,267,170		$	27,017,571		$	25,391,922
Net realized gain (loss)		13,631,624			12,555,827			43,818,144			74,969,973			52,285,018			86,304,476
Net change in unrealized appreciation (depreciation)		15,259,048			39,152,114			(12,498,154	)		2,819,578			15,664,483			49,135,596
Net increase (decrease) in net assets resulting from operations		40,875,339			65,135,849			44,821,524			87,056,721			94,967,072			160,831,994
Dividends and/or distributions to shareholders:
Class A		(21,172,188	)		(45,261,784	)		(75,734,620	)		(135,896,039	)		(106,547,662	)		(195,121,983	)
Class B (A)		—			(35,180	)		—			(512,765	)		—			(462,079	)
Class C		(3,655,067	)		(10,966,664	)		(15,654,701	)		(40,999,649	)		(20,296,611	)		(56,261,966	)
Class I		(600,388	)		(1,340,469	)		(3,821,326	)		(7,375,144	)		(5,178,671	)		(10,134,841	)
Class R		(27,450	)		(69,293	)		(149,077	)		(293,698	)		(135,419	)		(396,269	)
Class T1 (B)		—			(647	)		—			(1,600	)		—			(1,321	)
Advisor Class (B)		—			(647	)		—			(5,599	)		—			(1,338	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(25,455,093	)		(57,674,684	)		(95,359,724	)		(185,084,494	)		(132,158,363	)		(262,379,797	)
Capital share transactions:
Proceeds from shares sold:
Class A		30,917,907			28,963,268			28,570,398			36,257,491			37,412,702			46,324,431
Class B (A)		—			11,521			—			2,255			—			5,015
Class C		10,109,291			8,791,352			11,455,443			16,951,553			15,799,907			23,965,320
Class I		5,378,350			11,577,719			12,116,472			13,538,297			13,100,012			27,082,103
Class R		112,022			134,973			139,523			295,490			221,430			503,375
		46,517,570			49,478,833			52,281,836			67,045,086			66,534,051			97,880,244
Dividends and/or distributions reinvested:
Class A		20,368,104			43,684,623			72,588,027			129,511,175			101,157,910			184,646,010
Class B (A)		—			34,951			—			512,305			—			461,664
Class C		3,383,383			10,145,062			15,089,131			39,455,295			19,458,804			53,988,459
Class I		585,240			1,288,926			3,676,214			7,047,376			5,084,966			9,949,259
Class R		24,821			56,290			147,115			266,275			128,763			319,796
Class T1 (B)		—			647			—			1,600			—			1,321
Advisor Class (B)		—			647			—			5,599			—			1,338
		24,361,548			55,211,146			91,500,487			176,799,625			125,830,443			249,367,847
Cost of shares redeemed:
Class A		(116,305,338	)		(167,067,908	)		(175,734,081	)		(198,248,806	)		(286,454,446	)		(332,908,342	)
Class B (A)		—			(73,060	)		—			(161,880	)		—			(288,392	)
Class C		(25,901,013	)		(43,105,555	)		(44,884,638	)		(72,930,866	)		(68,049,316	)		(134,146,645	)
Class I		(7,095,729	)		(16,518,577	)		(23,436,861	)		(24,238,418	)		(30,132,806	)		(41,954,731	)
Class R		(143,527	)		(696,020	)		(511,256	)		(660,051	)		(425,493	)		(1,824,293	)
Class T1 (B)		—			(10,640	)		—			(11,046	)		—			(10,875	)
Advisor Class (B)		—			(10,670	)		—			(38,415	)		—			(10,935	)
		(149,445,607	)		(227,482,430	)		(244,566,836	)		(296,289,482	)		(385,062,061	)		(511,144,213	)
Automatic conversions:
Class A		—			652,159			—			4,046,336			—			4,518,725
Class B (A)		—			(652,159	)		—			(4,046,336	)		—			(4,518,725	)
		—			—			—			—			—			—
Automatic conversions:
Class A		27,836,331			35,687,849			34,274,578			62,246,676			67,588,640			111,934,138
Class C		(27,836,331	)		(35,687,849	)		(34,274,578	)		(62,246,676	)		(67,588,640	)		(111,934,138	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(78,566,489	)		(122,792,451	)		(100,784,513	)		(52,444,771	)		(192,697,567	)		(163,896,122	)
Net increase (decrease) in net assets		(63,146,243	)		(115,331,286	)		(151,322,713	)		(150,472,544	)		(229,888,858	)		(265,443,925	)
Net assets:
Beginning of year		753,775,524			869,106,810			1,138,359,268			1,288,831,812			1,960,492,707			2,225,936,632
End of year	$	690,629,281		$	753,775,524		$	987,036,555		$	1,138,359,268		$	1,730,603,849		$	1,960,492,707

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

Transamerica Funds Annual Report 2020

Page    39

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio						Transamerica Asset Allocation – Moderate Growth Portfolio
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		2,919,231			2,786,794			2,410,084			2,899,234			3,282,497			4,030,806
Class B (A)		—			1,136			—			183			—			432
Class C		958,133			856,612			999,382			1,390,607			1,371,202			2,053,178
Class I		506,200			1,106,966			977,256			1,063,363			1,127,956			2,310,244
Class R		10,487			12,935			11,816			23,660			19,073			43,646
		4,394,051			4,764,443			4,398,538			5,377,047			5,800,728			8,438,306
Shares reinvested:
Class A		1,931,949			4,421,852			5,774,697			11,615,352			8,675,635			17,501,991
Class B (A)		—			3,565			—			46,071			—			42,046
Class C		322,028			1,041,298			1,233,780			3,636,433			1,646,261			5,064,583
Class I		55,390			129,883			293,159			633,757			437,228			945,747
Class R		2,326			5,651			11,798			24,075			11,053			30,399
Class T1 (B)		—			66			—			143			—			125
Advisor Class (B)		—			66			—			500			—			127
		2,311,693			5,602,381			7,313,434			15,956,331			10,770,177			23,585,018
Shares redeemed:
Class A		(10,983,031	)		(15,975,739	)		(14,597,973	)		(15,657,203	)		(25,014,624	)		(28,429,441	)
Class B (A)		—			(7,013	)		—			(12,478	)		—			(23,779	)
Class C		(2,474,161	)		(4,158,158	)		(3,857,618	)		(5,936,156	)		(5,899,910	)		(11,358,274	)
Class I		(669,592	)		(1,569,598	)		(1,980,725	)		(1,924,024	)		(2,653,593	)		(3,596,197	)
Class R		(13,107	)		(65,025	)		(43,233	)		(51,344	)		(36,579	)		(157,173	)
Class T1 (B)		—			(1,035	)		—			(885	)		—			(946	)
Advisor Class (B)		—			(1,035	)		—			(3,082	)		—			(954	)
		(14,139,891	)		(21,777,603	)		(20,479,549	)		(23,585,172	)		(33,604,706	)		(43,566,764	)
Automatic conversions:
Class A		—			62,536			—			318,331			—			386,203
Class B (A)		—			(62,587	)		—			(320,045	)		—			(372,463	)
		—			(51	)		—			(1,714	)		—			13,740
Automatic conversions:
Class A		2,594,663			3,401,919			2,798,707			4,880,226			5,898,775			9,541,413
Class C		(2,618,578	)		(3,431,499	)		(2,887,338	)		(5,033,825	)		(5,841,771	)		(9,489,350	)
		(23,915	)		(29,580	)		(88,631	)		(153,599	)		57,004			52,063
Net increase (decrease) in shares outstanding:
Class A		(3,537,188	)		(5,302,638	)		(3,614,485	)		4,055,940			(7,157,717	)		3,030,972
Class B (A)		—			(64,899	)		—			(286,269	)		—			(353,764	)
Class C		(3,812,578	)		(5,691,747	)		(4,511,794	)		(5,942,941	)		(8,724,218	)		(13,729,863	)
Class I		(108,002	)		(332,749	)		(710,310	)		(226,904	)		(1,088,409	)		(340,206	)
Class R		(294	)		(46,439	)		(19,619	)		(3,609	)		(6,453	)		(83,128	)
Class T1 (B)		—			(969	)		—			(742	)		—			(821	)
Advisor Class (B)		—			(969	)		—			(2,582	)		—			(827	)
		(7,458,062	)		(11,440,410	)		(8,856,208	)		(2,407,107	)		(16,976,797	)		(11,477,637	)

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

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

Transamerica Funds Annual Report 2020

Page    40

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Asset Allocation – Moderate Portfolio						Transamerica Asset Allocation Intermediate Horizon						Transamerica Asset Allocation Long Horizon
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	20,668,154		$	21,819,836		$	4,948,119		$	8,401,789		$	2,131,237		$	4,472,911
Net realized gain (loss)		26,653,903			41,511,042			16,290,464			13,390,780			14,222,357			17,066,004
Net change in unrealized appreciation (depreciation)		21,647,801			53,074,922			688			11,487,816			(3,573,213	)		(1,591,550	)
Net increase (decrease) in net assets resulting from operations		68,969,858			116,405,800			21,239,271			33,280,385			12,780,381			19,947,365
Dividends and/or distributions to shareholders:
Class A		(58,438,292	)		(97,926,773	)		—			—			—			—
Class B (A)		—			(80,583	)		—			—			—			—
Class C		(11,263,996	)		(29,528,153	)		—			—			—			—
Class I		(2,767,894	)		(4,341,322	)		—			—			—			—
Class R		(157,265	)		(385,996	)		(20,168,791	)		(19,664,230	)		(19,278,954	)		(18,105,373	)
Class R4		—			—			(608,090	)		(901,809	)		(978,965	)		(2,388,591	)
Class T1 (B)		—			(939	)		—			—			—			—
Advisor Class (B)		—			(948	)		—			—			—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(72,627,447	)		(132,264,714	)		(20,776,881	)		(20,566,039	)		(20,257,919	)		(20,493,964	)
Capital share transactions:
Proceeds from shares sold:
Class A		30,017,163			44,357,919			—			—			—			—
Class B (A)		—			28,373			—			—			—			—
Class C		10,424,520			15,689,310			—			—			—			—
Class I		12,218,149			22,200,013			—			—			—			—
Class R		774,819			668,340			2,114,589			468,562			1,268,070			957,908
Class R4		—			—			698,129			698,517			155,806			1,022,362
		53,434,651			82,943,955			2,812,718			1,167,079			1,423,876			1,980,270
Dividends and/or distributions reinvested:
Class A		55,569,149			93,193,725			—			—			—			—
Class B (A)		—			80,561			—			—			—			—
Class C		10,681,641			27,987,898			—			—			—			—
Class I		2,685,924			4,155,278			—			—			—			—
Class R		151,836			306,789			20,168,791			19,664,230			19,278,954			18,105,373
Class R4		—			—			608,090			901,809			978,965			2,388,591
Class T1 (B)		—			939			—			—			—			—
Advisor Class (B)		—			948			—			—			—			—
		69,088,550			125,726,138			20,776,881			20,566,039			20,257,919			20,493,964
Cost of shares redeemed:
Class A		(202,372,737	)		(263,016,042	)		—			—			—			—
Class B (A)		—			(92,318	)		—			—			—			—
Class C		(52,219,205	)		(111,144,409	)		—			—			—			—
Class I		(21,881,098	)		(24,733,916	)		—			—			—			—
Class R		(942,847	)		(2,116,311	)		(54,407,584	)		(57,297,281	)		(26,397,524	)		(32,181,999	)
Class R4		—			—			(1,956,563	)		(8,462,199	)		(4,613,304	)		(19,624,099	)
Class T1 (B)		—			(10,739	)		—			—			—			—
Advisor Class (B)		—			(10,781	)		—			—			—			—
		(277,415,887	)		(401,124,516	)		(56,364,147	)		(65,759,480	)		(31,010,828	)		(51,806,098	)
Automatic conversions:
Class A		—			1,287,957			—			—			—			—
Class B (A)		—			(1,287,957	)		—			—			—			—
		—			—			—			—			—			—
Automatic conversions:
Class A		56,508,744			76,379,755			—			—			—			—
Class C		(56,508,744	)		(76,379,755	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(154,892,686	)		(192,454,423	)		(32,774,548	)		(44,026,362	)		(9,329,033	)		(29,331,864	)
Net increase (decrease) in net assets		(158,550,275	)		(208,313,337	)		(32,312,158	)		(31,312,016	)		(16,806,571	)		(29,878,463	)
Net assets:
Beginning of year		1,385,619,338			1,593,932,675			341,438,287			372,750,303			186,087,322			215,965,785
End of year	$	1,227,069,063		$	1,385,619,338		$	309,126,129		$	341,438,287		$	169,280,751		$	186,087,322

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

Transamerica Funds Annual Report 2020

Page    41

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Asset Allocation – Moderate Portfolio						Transamerica Asset Allocation Intermediate Horizon						Transamerica Asset Allocation Long Horizon
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		2,711,548			4,037,633			—			—			—			—
Class B (A)		—			2,455			—			—			—			—
Class C		930,595			1,416,741			—			—			—			—
Class I		1,097,888			2,009,704			—			—			—			—
Class R		70,566			60,701			199,418			46,404			125,226			95,289
Class R4		—			—			67,365			69,142			15,963			101,947
		4,810,597			7,527,234			266,783			115,546			141,189			197,236
Shares reinvested:
Class A		4,992,735			9,127,691			—			—			—			—
Class B (A)		—			7,543			—			—			—			—
Class C		949,479			2,722,558			—			—			—			—
Class I		241,757			408,181			—			—			—			—
Class R		13,679			30,166			1,965,214			2,081,178			1,951,370			2,058,634
Class R4		—			—			59,329			95,527			99,054			271,282
Class T1 (B)		—			91			—			—			—			—
Advisor Class (B)		—			93			—			—			—			—
		6,197,650			12,296,323			2,024,543			2,176,705			2,050,424			2,329,916
Shares redeemed:
Class A		(18,326,054	)		(23,729,672	)		—			—			—			—
Class B (A)		—			(7,922	)		—			—			—			—
Class C		(4,706,926	)		(10,003,669	)		—			—			—			—
Class I		(1,978,895	)		(2,240,543	)		—			—			—			—
Class R		(87,279	)		(195,388	)		(5,411,528	)		(5,645,262	)		(2,749,736	)		(3,203,524	)
Class R4		—			—			(182,252	)		(812,685	)		(435,777	)		(1,899,358	)
Class T1 (B)		—			(984	)		—			—			—			—
Advisor Class (B)		—			(992	)		—			—			—			—
		(25,099,154	)		(36,179,170	)		(5,593,780	)		(6,457,947	)		(3,185,513	)		(5,102,882	)
Automatic conversions:
Class A		—			116,286			—			—			—			—
Class B (A)		—			(111,668	)		—			—			—			—
		—			4,618			—			—			—			—
Automatic conversions:
Class A		5,093,193			6,857,680			—			—			—			—
Class C		(5,061,566	)		(6,839,497	)		—			—			—			—
		31,627			18,183			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		(5,528,578	)		(3,590,382	)		—			—			—			—
Class B (A)		—			(109,592	)		—			—			—			—
Class C		(7,888,418	)		(12,703,867	)		—			—			—			—
Class I		(639,250	)		177,342			—			—			—			—
Class R		(3,034	)		(104,521	)		(3,246,896	)		(3,517,680	)		(673,140	)		(1,049,601	)
Class R4		—			—			(55,558	)		(648,016	)		(320,760	)		(1,526,129	)
Class T1 (B)		—			(893	)		—			—			—			—
Advisor Class (B)		—			(899	)		—			—			—			—
		(14,059,280	)		(16,332,812	)		(3,302,454	)		(4,165,696	)		(993,900	)		(2,575,730	)

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

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

Transamerica Funds Annual Report 2020

Page    42

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Asset Allocation Short Horizon
	October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	2,465,034		$	3,527,942
Net realized gain (loss)		1,536,575			510,500
Net change in unrealized appreciation (depreciation)		2,148,311			7,310,773
Net increase (decrease) in net assets resulting from operations		6,149,920			11,349,215
Dividends and/or distributions to shareholders:
Class R		(3,130,959	)		(3,903,449	)
Class R4		(66,088	)		(97,873	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(3,197,047	)		(4,001,322	)
Capital share transactions:
Proceeds from shares sold:
Class R		2,089,523			1,892,149
Class R4		117,376			253,085
		2,206,899			2,145,234
Dividends and/or distributions reinvested:
Class R		3,130,959			3,903,449
Class R4		66,088			97,873
		3,197,047			4,001,322
Cost of shares redeemed:
Class R		(16,791,049	)		(24,046,669	)
Class R4		(2,435,117	)		(918,919	)
		(19,226,166	)		(24,965,588	)
Net increase (decrease) in net assets resulting from capital share transactions		(13,822,220	)		(18,819,032	)
Net increase (decrease) in net assets		(10,869,347	)		(11,471,139	)
Net assets:
Beginning of year		133,813,615			145,284,754
End of year	$	122,944,268		$	133,813,615
Capital share transactions - shares:
Shares issued:
Class R		202,363			189,895
Class R4		11,361			25,168
		213,724			215,063
Shares reinvested:
Class R		306,604			395,283
Class R4		6,508			9,904
		313,112			405,187
Shares redeemed:
Class R		(1,633,691	)		(2,410,230	)
Class R4		(233,887	)		(89,902	)
		(1,867,578	)		(2,500,132	)
Net increase (decrease) in shares outstanding:
Class R		(1,124,724	)		(1,825,052	)
Class R4		(216,018	)		(54,830	)
		(1,340,742	)		(1,879,882	)

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

Transamerica Funds Annual Report 2020

Page    43

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.76		$	10.67		$	11.59		$	11.18		$	11.40
Investment operations:
Net investment income (loss) (A)		0.19			0.19			0.25			0.24			0.23	(B)
Net realized and unrealized gain (loss)		0.47			0.65			(0.43	)		0.71			0.18
Total investment operations		0.66			0.84			(0.18	)		0.95			0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.18	)		(0.25	)		(0.25	)		(0.25	)
Net realized gains		(0.19	)		(0.57	)		(0.49	)		(0.29	)		(0.38	)
Total dividends and/or distributions to shareholders		(0.38	)		(0.75	)		(0.74	)		(0.54	)		(0.63	)
Net asset value, end of year	$	11.04		$	10.76		$	10.67		$	11.59		$	11.18
Total return (C)		6.32	%		8.64	%		(1.77	)%		8.78	%		3.83	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	586,536		$	610,131		$	661,621		$	734,113		$	622,495
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.48	%		0.49	%		0.47	%		0.47	%		0.48	%
Including waiver and/or reimbursement and recapture		0.48	%		0.49	%		0.47	%		0.47	%		0.47	%(B)
Net investment income (loss) to average net assets		1.78	%		1.81	%		2.21	%		2.15	%		2.12	%(B)
Portfolio turnover rate		28	%		4	%		20	%		18	%		4	%

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

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.68		$	10.59		$	11.49		$	11.08		$	11.30
Investment operations:
Net investment income (loss) (A)		0.12			0.11			0.16			0.17			0.17	(B)
Net realized and unrealized gain (loss)		0.44			0.65			(0.42	)		0.69			0.16
Total investment operations		0.56			0.76			(0.26	)		0.86			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.10	)		(0.15	)		(0.16	)		(0.17	)
Net realized gains		(0.19	)		(0.57	)		(0.49	)		(0.29	)		(0.38	)
Total dividends and/or distributions to shareholders		(0.33	)		(0.67	)		(0.64	)		(0.45	)		(0.55	)
Net asset value, end of year	$	10.91		$	10.68		$	10.59		$	11.49		$	11.08
Total return (C)		5.37	%		7.82	%		(2.46	)%		7.99	%		3.10	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	87,565		$	126,367		$	185,581		$	331,669		$	405,546
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.25	%		1.26	%		1.23	%		1.23	%		1.22	%
Including waiver and/or reimbursement and recapture		1.25	%		1.26	%		1.23	%		1.23	%		1.21	%(B)
Net investment income (loss) to average net assets		1.12	%		1.07	%		1.48	%		1.51	%		1.56	%(B)
Portfolio turnover rate		28	%		4	%		20	%		18	%		4	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	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 Annual Report 2020

Page    44

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.80		$	10.70		$	11.62		$	11.21		$	11.42
Investment operations:
Net investment income (loss) (A)		0.22			0.21			0.28			0.28			0.28	(B)
Net realized and unrealized gain (loss)		0.46			0.67			(0.44	)		0.69			0.16
Total investment operations		0.68			0.88			(0.16	)		0.97			0.44
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.21	)		(0.27	)		(0.27	)		(0.27	)
Net realized gains		(0.19	)		(0.57	)		(0.49	)		(0.29	)		(0.38	)
Total dividends and/or distributions to shareholders		(0.40	)		(0.78	)		(0.76	)		(0.56	)		(0.65	)
Net asset value, end of year	$	11.08		$	10.80		$	10.70		$	11.62		$	11.21
Total return		6.48	%		8.95	%		(1.56	)%		8.97	%		4.13	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	15,655		$	16,423		$	19,845		$	29,213		$	25,946
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.26	%		0.27	%		0.26	%		0.26	%		0.26	%
Including waiver and/or reimbursement and recapture		0.24	%(D)		0.27	%		0.26	%		0.26	%		0.25	%(B)
Net investment income (loss) to average net assets		2.04	%		1.98	%		2.51	%		2.46	%		2.50	%(B)
Portfolio turnover rate		28	%		4	%		20	%		18	%		4	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.
(D)	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 years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.89		$	10.78		$	11.70		$	11.28		$	11.49
Investment operations:
Net investment income (loss) (A)		0.15			0.15			0.20			0.21			0.22	(B)
Net realized and unrealized gain (loss)		0.48			0.67			(0.42	)		0.70			0.15
Total investment operations		0.63			0.82			(0.22	)		0.91			0.37
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.14	)		(0.21	)		(0.20	)		(0.20	)
Net realized gains		(0.19	)		(0.57	)		(0.49	)		(0.29	)		(0.38	)
Total dividends and/or distributions to shareholders		(0.36	)		(0.71	)		(0.70	)		(0.49	)		(0.58	)
Net asset value, end of year	$	11.16		$	10.89		$	10.78		$	11.70		$	11.28
Total return		5.90	%		8.28	%		(2.10	)%		8.35	%		3.44	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	873		$	855		$	1,347		$	1,359		$	1,209
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.76	%		0.86	%		0.83	%		0.85	%		0.86	%
Including waiver and/or reimbursement and recapture		0.76	%		0.86	%		0.83	%		0.85	%		0.85	%(B)
Net investment income (loss) to average net assets		1.42	%		1.41	%		1.82	%		1.88	%		1.97	%(B)
Portfolio turnover rate		28	%		4	%		20	%		18	%		4	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	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 Annual Report 2020

Page    45

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	13.01		$	14.38		$	16.35		$	14.71		$	15.57
Investment operations:
Net investment income (loss) (A)		0.17			0.11			0.26			0.23			0.23	(B)
Net realized and unrealized gain (loss)		0.48			0.67			(0.56	)		2.55			0.24
Total investment operations		0.65			0.78			(0.30	)		2.78			0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.19	)		(0.32	)		(0.24	)		(0.23	)
Net realized gains		(0.92	)		(1.96	)		(1.35	)		(0.90	)		(1.10	)
Total dividends and/or distributions to shareholders		(1.13	)		(2.15	)		(1.67	)		(1.14	)		(1.33	)
Net asset value, end of year	$	12.53		$	13.01		$	14.38		$	16.35		$	14.71
Total return (C)		5.01	%		7.89	%		(2.33	)%		20.19	%		3.28	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	809,244		$	887,342		$	922,131		$	830,875		$	727,751
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.53	%		0.54	%		0.51	%		0.52	%		0.53	%
Including waiver and/or reimbursement and recapture		0.53	%		0.54	%		0.51	%		0.52	%		0.52	%(B)
Net investment income (loss) to average net assets		1.40	%		0.90	%		1.65	%		1.53	%		1.63	%(B)
Portfolio turnover rate		26	%		1	%		32	%		9	%		1	%

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

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.59		$	13.88		$	15.82		$	14.26		$	15.13
Investment operations:
Net investment income (loss) (A)		0.09			0.03			0.15			0.13			0.13	(B)
Net realized and unrealized gain (loss)		0.44			0.64			(0.55	)		2.46			0.21
Total investment operations		0.53			0.67			(0.40	)		2.59			0.34
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		—			(0.19	)		(0.13	)		(0.11	)
Net realized gains		(0.92	)		(1.96	)		(1.35	)		(0.90	)		(1.10	)
Total dividends and/or distributions to shareholders		(1.01	)		(1.96	)		(1.54	)		(1.03	)		(1.21	)
Net asset value, end of year	$	12.11		$	12.59		$	13.88		$	15.82		$	14.26
Total return (C)		4.13	%		7.10	%		(3.03	)%		19.31	%		2.49	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	143,282		$	205,681		$	309,195		$	628,621		$	660,687
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.31	%		1.31	%		1.26	%		1.26	%		1.27	%
Including waiver and/or reimbursement and recapture		1.31	%		1.31	%		1.26	%		1.26	%		1.26	%(B)
Net investment income (loss) to average net assets		0.74	%		0.25	%		1.02	%		0.91	%		0.93	%(B)
Portfolio turnover rate		26	%		1	%		32	%		9	%		1	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	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 Annual Report 2020

Page    46

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	13.01		$	14.38		$	16.36		$	14.72		$	15.59
Investment operations:
Net investment income (loss) (A)		0.22			0.16			0.30			0.23			0.28	(B)
Net realized and unrealized gain (loss)		0.47			0.65			(0.57	)		2.59			0.22
Total investment operations		0.69			0.81			(0.27	)		2.82			0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.22	)		(0.36	)		(0.28	)		(0.27	)
Net realized gains		(0.92	)		(1.96	)		(1.35	)		(0.90	)		(1.10	)
Total dividends and/or distributions to shareholders		(1.17	)		(2.18	)		(1.71	)		(1.18	)		(1.37	)
Net asset value, end of year	$	12.53		$	13.01		$	14.38		$	16.36		$	14.72
Total return		5.31	%		8.19	%		(2.11	)%		20.52	%		3.52	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	32,886		$	43,396		$	51,209		$	56,253		$	32,116
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.26	%		0.27	%		0.26	%		0.26	%		0.26	%
Including waiver and/or reimbursement and recapture		0.25	%(D)		0.27	%		0.26	%		0.26	%		0.25	%(B)
Net investment income (loss) to average net assets		1.81	%		1.25	%		1.95	%		1.50	%		1.96	%(B)
Portfolio turnover rate		26	%		1	%		32	%		9	%		1	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.
(D)	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 years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.89		$	14.22		$	16.20		$	14.57		$	15.45
Investment operations:
Net investment income (loss) (A)		0.14			0.08			0.22			0.18			0.21	(B)
Net realized and unrealized gain (loss)		0.47			0.67			(0.57	)		2.55			0.20
Total investment operations		0.61			0.75			(0.35	)		2.73			0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.12	)		(0.28	)		(0.20	)		(0.19	)
Net realized gains		(0.92	)		(1.96	)		(1.35	)		(0.90	)		(1.10	)
Total dividends and/or distributions to shareholders		(1.09	)		(2.08	)		(1.63	)		(1.10	)		(1.29	)
Net asset value, end of year	$	12.41		$	12.89		$	14.22		$	16.20		$	14.57
Total return		4.72	%		7.71	%		(2.67	)%		19.94	%		2.90	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,625		$	1,940		$	2,193		$	2,702		$	2,142
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.76	%		0.80	%		0.79	%		0.80	%		0.86	%
Including waiver and/or reimbursement and recapture		0.76	%		0.80	%		0.79	%		0.80	%		0.85	%(B)
Net investment income (loss) to average net assets		1.17	%		0.61	%		1.41	%		1.19	%		1.47	%(B)
Portfolio turnover rate		26	%		1	%		32	%		9	%		1	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	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 Annual Report 2020

Page    47

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.05		$	12.81		$	14.38		$	13.34		$	13.93
Investment operations:
Net investment income (loss) (A)		0.18			0.16			0.27			0.26			0.23	(B)
Net realized and unrealized gain (loss)		0.50			0.69			(0.50	)		1.67			0.20
Total investment operations		0.68			0.85			(0.23	)		1.93			0.43
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.21	)		(0.30	)		(0.25	)		(0.23	)
Net realized gains		(0.63	)		(1.40	)		(1.04	)		(0.64	)		(0.79	)
Total dividends and/or distributions to shareholders		(0.86	)		(1.61	)		(1.34	)		(0.89	)		(1.02	)
Net asset value, end of year	$	11.87		$	12.05		$	12.81		$	14.38		$	13.34
Total return (C)		5.75	%		8.37	%		(2.02	)%		15.32	%		3.35	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,423,975		$	1,531,349		$	1,589,016		$	1,434,214		$	1,315,381
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.50	%		0.51	%		0.49	%		0.49	%		0.50	%
Including waiver and/or reimbursement and recapture		0.50	%		0.51	%		0.49	%		0.49	%		0.49	%(B)
Net investment income (loss) to average net assets		1.59	%		1.36	%		1.98	%		1.89	%		1.76	%(B)
Portfolio turnover rate		28	%		3	%		32	%		14	%		1	%

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

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.10		$	12.72		$	14.28		$	13.24		$	13.82
Investment operations:
Net investment income (loss) (A)		0.11			0.08			0.18			0.17			0.14	(B)
Net realized and unrealized gain (loss)		0.48			0.70			(0.52	)		1.65			0.19
Total investment operations		0.59			0.78			(0.34	)		1.82			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.00	)(C)		(0.18	)		(0.14	)		(0.12	)
Net realized gains		(0.63	)		(1.40	)		(1.04	)		(0.64	)		(0.79	)
Total dividends and/or distributions to shareholders		(0.73	)		(1.40	)		(1.22	)		(0.78	)		(0.91	)
Net asset value, end of year	$	11.96		$	12.10		$	12.72		$	14.28		$	13.24
Total return (D)		4.97	%		7.60	%		(2.82	)%		14.48	%		2.60	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	245,806		$	354,235		$	547,237		$	1,123,771		$	1,286,726
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.27	%		1.28	%		1.24	%		1.24	%		1.24	%
Including waiver and/or reimbursement and recapture		1.27	%		1.28	%		1.24	%		1.24	%		1.23	%(B)
Net investment income (loss) to average net assets		0.93	%		0.68	%		1.33	%		1.25	%		1.05	%(B)
Portfolio turnover rate		28	%		3	%		32	%		14	%		1	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	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 Annual Report 2020

Page    48

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.04		$	12.80		$	14.38		$	13.34		$	13.93
Investment operations:
Net investment income (loss) (A)		0.22			0.19			0.30			0.27			0.27	(B)
Net realized and unrealized gain (loss)		0.50			0.68			(0.51	)		1.69			0.19
Total investment operations		0.72			0.87			(0.21	)		1.96			0.46
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.23	)		(0.33	)		(0.28	)		(0.26	)
Net realized gains		(0.63	)		(1.40	)		(1.04	)		(0.64	)		(0.79	)
Total dividends and/or distributions to shareholders		(0.89	)		(1.63	)		(1.37	)		(0.92	)		(1.05	)
Net asset value, end of year	$	11.87		$	12.04		$	12.80		$	14.38		$	13.34
Total return		6.12	%		8.64	%		(1.84	)%		15.62	%		3.63	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	58,844		$	72,827		$	81,772		$	85,959		$	53,166
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.25	%		0.26	%		0.25	%		0.25	%		0.25	%
Including waiver and/or reimbursement and recapture		0.24	%(D)		0.26	%		0.25	%		0.25	%		0.24	%(B)
Net investment income (loss) to average net assets		1.92	%		1.65	%		2.24	%		1.96	%		2.04	%(B)
Portfolio turnover rate		28	%		3	%		32	%		14	%		1	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.
(D)	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 years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.99		$	12.73		$	14.30		$	13.26		$	13.85
Investment operations:
Net investment income (loss) (A)		0.14			0.13			0.24			0.18			0.21	(B)
Net realized and unrealized gain (loss)		0.51			0.68			(0.52	)		1.70			0.18
Total investment operations		0.65			0.81			(0.28	)		1.88			0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.15	)		(0.25	)		(0.20	)		(0.19	)
Net realized gains		(0.63	)		(1.40	)		(1.04	)		(0.64	)		(0.79	)
Total dividends and/or distributions to shareholders		(0.80	)		(1.55	)		(1.29	)		(0.84	)		(0.98	)
Net asset value, end of year	$	11.84		$	11.99		$	12.73		$	14.30		$	13.26
Total return		5.51	%		8.08	%		(2.33	)%		15.03	%		3.10	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,979		$	2,082		$	3,268		$	4,246		$	4,483
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.77	%		0.78	%		0.76	%		0.76	%		0.79	%
Including waiver and/or reimbursement and recapture		0.77	%		0.78	%		0.76	%		0.76	%		0.78	%(B)
Net investment income (loss) to average net assets		1.26	%		1.12	%		1.74	%		1.36	%		1.61	%(B)
Portfolio turnover rate		28	%		3	%		32	%		14	%		1	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	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 Annual Report 2020

Page    49

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.46		$	11.64		$	12.80		$	12.11		$	12.46
Investment operations:
Net investment income (loss) (A)		0.19			0.18			0.26			0.25			0.24	(B)
Net realized and unrealized gain (loss)		0.47			0.69			(0.47	)		1.08			0.18
Total investment operations		0.66			0.87			(0.21	)		1.33			0.42
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.23	)		(0.27	)		(0.23	)		(0.25	)
Net realized gains		(0.39	)		(0.82	)		(0.68	)		(0.41	)		(0.52	)
Total dividends and/or distributions to shareholders		(0.64	)		(1.05	)		(0.95	)		(0.64	)		(0.77	)
Net asset value, end of year	$	11.48		$	11.46		$	11.64		$	12.80		$	12.11
Total return (C)		5.93	%		8.51	%		(1.89	)%		11.54	%		3.71	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,004,834		$	1,066,485		$	1,124,731		$	1,094,724		$	1,000,707
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.49	%		0.49	%		0.48	%		0.48	%		0.48	%
Including waiver and/or reimbursement and recapture		0.49	%		0.49	%		0.48	%		0.48	%		0.47	%(B)
Net investment income (loss) to average net assets		1.72	%		1.64	%		2.12	%		2.07	%		2.04	%(B)
Portfolio turnover rate		24	%		4	%		25	%		13	%		2	%

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

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.47		$	11.55		$	12.70		$	12.01		$	12.36
Investment operations:
Net investment income (loss) (A)		0.12			0.10			0.17			0.17			0.16	(B)
Net realized and unrealized gain (loss)		0.45			0.70			(0.48	)		1.06			0.17
Total investment operations		0.57			0.80			(0.31	)		1.23			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.06	)		(0.16	)		(0.13	)		(0.16	)
Net realized gains		(0.39	)		(0.82	)		(0.68	)		(0.41	)		(0.52	)
Total dividends and/or distributions to shareholders		(0.52	)		(0.88	)		(0.84	)		(0.54	)		(0.68	)
Net asset value, end of year	$	11.52		$	11.47		$	11.55		$	12.70		$	12.01
Total return (C)		5.06	%		7.77	%		(2.68	)%		10.69	%		2.88	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	176,866		$	266,489		$	415,277		$	786,977		$	939,970
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.27	%		1.26	%		1.23	%		1.22	%		1.22	%
Including waiver and/or reimbursement and recapture		1.27	%		1.26	%		1.23	%		1.22	%		1.21	%(B)
Net investment income (loss) to average net assets		1.07	%		0.93	%		1.43	%		1.43	%		1.40	%(B)
Portfolio turnover rate		24	%		4	%		25	%		13	%		2	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	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 Annual Report 2020

Page    50

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.46		$	11.63		$	12.80		$	12.11		$	12.46
Investment operations:
Net investment income (loss) (A)		0.22			0.20			0.29			0.28			0.28	(B)
Net realized and unrealized gain (loss)		0.47			0.70			(0.48	)		1.08			0.17
Total investment operations		0.69			0.90			(0.19	)		1.36			0.45
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.25	)		(0.30	)		(0.26	)		(0.28	)
Net realized gains		(0.39	)		(0.82	)		(0.68	)		(0.41	)		(0.52	)
Total dividends and/or distributions to shareholders		(0.67	)		(1.07	)		(0.98	)		(0.67	)		(0.80	)
Net asset value, end of year	$	11.48		$	11.46		$	11.63		$	12.80		$	12.11
Total return		6.19	%		8.86	%		(1.73	)%		11.80	%		3.97	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	42,338		$	49,587		$	48,287		$	59,664		$	43,818
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.26	%		0.26	%		0.26	%		0.25	%		0.25	%
Including waiver and/or reimbursement and recapture		0.25	%(D)		0.26	%		0.26	%		0.25	%		0.24	%(B)
Net investment income (loss) to average net assets		2.00	%		1.84	%		2.40	%		2.26	%		2.40	%(B)
Portfolio turnover rate		24	%		4	%		25	%		13	%		2	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.
(D)	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 years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.39		$	11.57		$	12.72		$	12.03		$	12.39
Investment operations:
Net investment income (loss) (A)		0.16			0.17			0.22			0.17			0.21	(B)
Net realized and unrealized gain (loss)		0.47			0.66			(0.46	)		1.13			0.17
Total investment operations		0.63			0.83			(0.24	)		1.30			0.38
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.19	)		(0.23	)		(0.20	)		(0.22	)
Net realized gains		(0.39	)		(0.82	)		(0.68	)		(0.41	)		(0.52	)
Total dividends and/or distributions to shareholders		(0.60	)		(1.01	)		(0.91	)		(0.61	)		(0.74	)
Net asset value, end of year	$	11.42		$	11.39		$	11.57		$	12.72		$	12.03
Total return		5.72	%		8.21	%		(2.08	)%		11.20	%		3.40	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	3,031		$	3,058		$	4,313		$	4,693		$	5,256
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.73	%		0.74	%		0.73	%		0.73	%		0.74	%
Including waiver and/or reimbursement and recapture		0.73	%		0.74	%		0.73	%		0.73	%		0.72	%(B)
Net investment income (loss) to average net assets		1.46	%		1.54	%		1.82	%		1.38	%		1.80	%(B)
Portfolio turnover rate		24	%		4	%		25	%		13	%		2	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	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 Annual Report 2020

Page    51

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Intermediate Horizon
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.57		$	10.22		$	10.38		$	10.00
Investment operations:
Net investment income (loss) (B)		0.16			0.24			0.16			0.05
Net realized and unrealized gain (loss)		0.58			0.69			(0.16	)		0.37
Total investment operations		0.74			0.93			—			0.42
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.24	)		(0.16	)		(0.04	)
Net realized gains		(0.49	)		(0.34	)		—			—
Total dividends and/or distributions to shareholders		(0.65	)		(0.58	)		(0.16	)		(0.04	)
Net asset value, end of period/year	$	10.66		$	10.57		$	10.22		$	10.38
Total return		7.33	%		9.85	%		(0.07	)%		4.24	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	300,319		$	332,117		$	357,118		$	424,721
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.62	%		0.62	%		0.62	%		0.62	%(E)
Including waiver and/or reimbursement and recapture		0.60	%		0.60	%		0.60	%		0.60	%(E)
Net investment income (loss) to average net assets		1.53	%		2.35	%		1.51	%		0.99	%(E)
Portfolio turnover rate		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 period and years indicated:	Transamerica Asset Allocation Intermediate Horizon
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	10.57		$	10.22		$	10.38		$	9.58		$	9.23		$	9.35
Investment operations:
Net investment income (loss) (D)		0.18			0.26			0.18			0.13			0.18			0.15
Net realized and unrealized gain (loss)		0.59			0.69			(0.16	)		0.78			0.35			(0.12	)
Total investment operations		0.77			0.95			0.02			0.91			0.53			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.26	)		(0.18	)		(0.11	)		(0.18	)		(0.15	)
Net realized gains		(0.49	)		(0.34	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.68	)		(0.60	)		(0.18	)		(0.11	)		(0.18	)		(0.15	)
Net asset value, end of period/year	$	10.66		$	10.57		$	10.22		$	10.38		$	9.58		$	9.23
Total return		7.61	%		10.10	%		0.18	%		9.53	%(E)		5.74	%		0.26	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	8,807		$	9,321		$	15,632		$	20,852		$	78,806		$	79,613
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.38	%		0.38	%		0.38	%		0.21	%(G)		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%		0.35	%		0.35	%		0.20	%(G)		0.10	%		0.10	%
Net investment income (loss) to average net assets		1.75	%		2.60	%		1.73	%		1.37	%(G)		1.88	%		1.57	%
Portfolio turnover rate		48	%		35	%		27	%		26	%(E)		45	%		42	%

(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 Annual Report 2020

Page    52

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Long Horizon
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.50		$	10.64		$	10.68		$	10.00
Investment operations:
Net investment income (loss) (B)		0.12			0.22			0.10			0.01
Net realized and unrealized gain (loss)		0.67			0.68			(0.05	)(C)		0.68
Total investment operations		0.79			0.90			0.05			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.23	)		(0.09	)		(0.01	)
Net realized gains		(1.04	)		(0.81	)		—			—
Total dividends and/or distributions to shareholders		(1.17	)		(1.04	)		(0.09	)		(0.01	)
Net asset value, end of period/year	$	10.12		$	10.50		$	10.64		$	10.68
Total return		7.72	%		10.28	%		0.47	%		6.90	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	164,147		$	177,392		$	190,928		$	225,869
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.62	%		0.62	%		0.62	%		0.62	%(F)
Including waiver and/or reimbursement and recapture		0.60	%		0.60	%		0.60	%		0.60	%(F)
Net investment income (loss) to average net assets		1.19	%		2.16	%		0.86	%		0.14	%(F)
Portfolio turnover rate		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 period and years indicated:	Transamerica Asset Allocation Long Horizon
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	10.51		$	10.64		$	10.68		$	9.38		$	8.87		$	8.92
Investment operations:
Net investment income (loss) (D)		0.14			0.25			0.12			0.06			0.11			0.11
Net realized and unrealized gain (loss)		0.67			0.67			(0.04	)(E)		1.31			0.51			(0.05	)
Total investment operations		0.81			0.92			0.08			1.37			0.62			0.06
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.24	)		(0.12	)		(0.07	)		(0.11	)		(0.11	)
Net realized gains		(1.04	)		(0.81	)		—			—			—			—
Total dividends and/or distributions to shareholders		(1.19	)		(1.05	)		(0.12	)		(0.07	)		(0.11	)		(0.11	)
Net asset value, end of period/year	$	10.13		$	10.51		$	10.64		$	10.68		$	9.38		$	8.87
Total return		7.98	%		10.57	%		0.72	%		14.69	%(F)		7.07	%		0.63	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,134		$	8,695		$	25,038		$	32,618		$	28,489		$	28,659
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.38	%		0.38	%		0.38	%		0.28	%(H)		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%		0.35	%		0.35	%		0.26	%(H)		0.10	%		0.10	%
Net investment income (loss) to average net assets		1.44	%		2.47	%		1.09	%		0.64	%(H)		1.29	%		1.19	%
Portfolio turnover rate		52	%		40	%		30	%		35	%(F)		28	%		43	%

(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 Annual Report 2020

Page    53

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Asset Allocation Short Horizon
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.29		$	9.76		$	10.10		$	10.00
Investment operations:
Net investment income (loss) (B)		0.20			0.25			0.22			0.08
Net realized and unrealized gain (loss)		0.30			0.57			(0.34	)		0.09
Total investment operations		0.50			0.82			(0.12	)		0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.26	)		(0.22	)		(0.07	)
Net realized gains		(0.05	)		(0.03	)		—			—
Total dividends and/or distributions to shareholders		(0.25	)		(0.29	)		(0.22	)		(0.07	)
Net asset value, end of period/year	$	10.54		$	10.29		$	9.76		$	10.10
Total return		5.02	%		8.51	%		(1.21	)%		1.72	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	122,392		$	131,052		$	142,129		$	181,866
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.62	%		0.62	%		0.62	%		0.62	%(E)
Including waiver and/or reimbursement and recapture		0.60	%		0.60	%		0.60	%		0.60	%(E)
Net investment income (loss) to average net assets		1.91	%		2.53	%		2.21	%		1.77	%(E)
Portfolio turnover rate		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 period and years indicated:	Transamerica Asset Allocation Short Horizon
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	10.29		$	9.76		$	10.10		$	9.81		$	9.63		$	9.92
Investment operations:
Net investment income (loss) (D)		0.24			0.28			0.23			0.17			0.25			0.21
Net realized and unrealized gain (loss)		0.29			0.57			(0.33	)		0.28			0.18			(0.28	)
Total investment operations		0.53			0.85			(0.10	)		0.45			0.43			(0.07	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.29	)		(0.24	)		(0.16	)		(0.25	)		(0.22	)
Net realized gains		(0.05	)		(0.03	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.28	)		(0.32	)		(0.24	)		(0.16	)		(0.25	)		(0.22	)
Net asset value, end of period/year	$	10.54		$	10.29		$	9.76		$	10.10		$	9.81		$	9.63
Total return		5.29	%		8.78	%		(1.01	)%		4.49	%(E)		4.48	%		(0.72	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	552		$	2,762		$	3,156		$	6,959		$	11,896		$	12,349
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.38	%		0.38	%		0.38	%		0.23	%(G)		0.10	%		0.10	%
Including waiver and/or reimbursement and recapture		0.35	%		0.35	%		0.35	%		0.22	%(G)		0.10	%		0.10	%
Net investment income (loss) to average net assets		2.32	%		2.75	%		2.30	%		1.98	%(G)		2.53	%		2.07	%
Portfolio turnover rate		29	%		26	%		52	%		22	%(E)		49	%		60	%

(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 Annual Report 2020

Page    54

NOTES TO FINANCIAL STATEMENTS

At October 31, 2020

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

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

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

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

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

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

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of

Transamerica Funds Annual Report 2020

Page    55

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

1. ORGANIZATION (continued)

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

There were no commissions recaptured during the year ended October 31, 2020 by the Funds.

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

3. INVESTMENT VALUATION

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

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

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

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

Transamerica Funds Annual Report 2020

Page    56

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

3. INVESTMENT VALUATION (continued)

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2020, is disclosed within the Investment Valuation section of each Fund’s Schedule of Investments.

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

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

Investment companies: Certain investment companies are valued at the NAV of the underlying investments as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV of the underlying investments 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 Fund 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 October 31, 2020, if any, are identified within the Schedule of Investments.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings.

Transamerica Funds Annual Report 2020

Page    57

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2020, 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 October 31, 2020, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

Transamerica Funds Annual Report 2020

Page    58

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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 October 31, 2020. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the year.

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)	$	—	$	—	$	(511,374	)	$	—	$	—	$	(511,374	)
Total	$	—	$	—	$	(511,374	)	$	—	$	—	$	(511,374	)
Asset Allocation – Growth
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	(603,056	)	$	—	$	—	$	(603,056	)
Total	$	—	$	—	$	(603,056	)	$	—	$	—	$	(603,056	)
Asset Allocation – Moderate Growth
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	(440,699	)	$	—	$	—	$	(440,699	)
Total	$	—	$	—	$	(440,699	)	$	—	$	—	$	(440,699	)
Asset Allocation – Moderate
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	(472,908	)	$	—	$	—	$	(472,908	)
Total	$	—	$	—	$	(472,908	)	$	—	$	—	$	(472,908	)

^(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 October 31, 2020. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the year.

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	$	—	$	—	$	(511,374	)	$	—	$	—	$	(511,374	)
Total	$	—	$	—	$	(511,374	)	$	—	$	—	$	(511,374	)
Asset Allocation – Growth
Futures contracts	$	—	$	—	$	(603,056	)	$	—	$	—	$	(603,056	)
Total	$	—	$	—	$	(603,056	)	$	—	$	—	$	(603,056	)
Asset Allocation – Moderate Growth
Futures contracts	$	—	$	—	$	(440,699	)	$	—	$	—	$	(440,699	)
Total	$	—	$	—	$	(440,699	)	$	—	$	—	$	(440,699	)
Asset Allocation – Moderate
Futures contracts	$	—	$	—	$	(472,908	)	$	—	$	—	$	(472,908	)
Total	$	—	$	—	$	(472,908	)	$	—	$	—	$	(472,908	)

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2020.

	Asset Allocation – Conservative		Asset Allocation – Growth		Asset Allocation – Moderate Growth		Asset Allocation – Moderate
Futures contracts:
Average notional value of contracts – long	$	1,537,612	$	2,129,318	$	3,169,145	$	2,203,258

Transamerica Funds Annual Report 2020

Page    59

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

Collateral requirements: Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, a Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by a Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statements of Assets and Liabilities. Cash collateral that has been received by a Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statements of Assets and Liabilities. Non-cash collateral pledged to each Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if a Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

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

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

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

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 N.V. 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 N.V., a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Funds Annual Report 2020

Page    60

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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

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

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

As of October 31, 2020, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows:

Fund	Account Balance		Percentage of Net Assets
Asset Allocation – Conservative	$	966,881		0.14	%
Asset Allocation – Growth		—		—
Asset Allocation – Moderate Growth		2,768,966		0.16

Fund	Account Balance		Percentage of Net Assets
Asset Allocation – Moderate	$	736,241		0.06	%
Intermediate Horizon		309,126,129		100.00
Long Horizon		169,280,751		100.00
Short Horizon		122,944,268		100.00

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

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

Fund	Rate
Asset Allocation – Conservative
Effective August 28, 2020
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
Prior to August 28, 2020		0.1225
Asset Allocation – Growth
Effective August 28, 2020
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
Prior to August 28, 2020		0.1225
Asset Allocation – Moderate Growth
Effective August 28, 2020
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
Prior to August 28, 2020		0.1225

Fund	Rate
Asset Allocation – Moderate
Effective August 28, 2020
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
Prior to August 28, 2020		0.1225
Intermediate Horizon		0.1200
Long Horizon		0.1200
Short Horizon		0.1200

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

Transamerica Funds Annual Report 2020

Page    61

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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, 2021
Class C		1.35			March 1, 2021
Class I		0.35			March 1, 2021
Class R		0.95			March 1, 2021
Asset Allocation – Growth
Class A		0.60			March 1, 2021
Class C		1.35			March 1, 2021
Class I		0.35			March 1, 2021
Class R		0.95			March 1, 2021
Asset Allocation – Moderate Growth
Class A		0.60			March 1, 2021
Class C		1.35			March 1, 2021
Class I		0.35			March 1, 2021
Class R		0.85			March 1, 2021

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

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2020 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

TAM, on a voluntary basis and in addition to the contractual 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 years ended October 31, 2018, October 31, 2019 and October 31, 2020, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture during the year.

	Amounts Available
Fund	2018		2019		2020		Total
Intermediate Horizon
Class R	$	80,174	$	68,279	$	62,371	$	210,824
Class R4		5,229		4,035		2,620		11,884
Long Horizon
Class R		43,609		36,449		33,633		113,691
Class R4		8,135		6,110		2,336		16,581
Short Horizon
Class R		32,572		27,172		25,251		84,995
Class R4		1,502		880		577		2,959

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 Annual Report 2020

Page    62

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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

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

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

Shareholder fees: Class A shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2020, underwriter commissions received by TCI from the various sales charges are as follows. Funds and/or classes not listed in the subsequent table do not have shareholder fees.

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Asset Allocation – Conservative
Class A	$	295,638	$	243
Class C		—		4,518
Asset Allocation – Growth
Class A		525,982		6,062
Class C		—		17,908

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Asset Allocation – Moderate Growth
Class A	$	672,625	$	22,251
Class C		—		17,726
Asset Allocation – Moderate
Class A		392,704		7,610
Class C		—		7,975

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

For the year ended October 31, 2020, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Asset Allocation – Conservative	$	535,079	$	43,721
Asset Allocation – Growth		1,331,801		107,459
Asset Allocation – Moderate Growth		1,860,534		150,468
Asset Allocation – Moderate		1,125,380		90,897
Intermediate Horizon		714		60
Long Horizon		639		41
Short Horizon		158		4

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, (as amended and restated January 1, 2010), available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2020, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the Investment Manager or sub-adviser(s) for the year ended October 31, 2020.

Transamerica Funds Annual Report 2020

Page    63

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

9. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2020, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

Fund	Purchases of Securities		Sales of Securities
Asset Allocation – Conservative	$	201,292,925	$	314,570,899
Asset Allocation – Growth		265,147,509		472,611,349
Asset Allocation – Moderate Growth		511,441,461		867,918,175
Asset Allocation – Moderate		310,621,074		558,317,602
Intermediate Horizon		153,343,951		208,809,813
Long Horizon		91,500,167		122,126,881
Short Horizon		36,664,903		54,453,155

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

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

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, mark-to-market on futures contracts and liquidating trust basis adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2020, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Asset Allocation – Conservative	$	642,886,115	$	54,529,353	$	(10,757,903	)	$	43,771,450
Asset Allocation – Growth		922,758,487		113,873,110		(52,218,078	)		61,655,032
Asset Allocation – Moderate Growth		1,604,483,173		167,353,935		(59,673,097	)		107,680,838
Asset Allocation – Moderate		1,128,175,531		115,808,150		(29,544,613	)		86,263,537
Intermediate Horizon		302,808,693		14,014,094		(7,523,157	)		6,490,937
Long Horizon		167,375,970		11,403,442		(9,406,501	)		1,996,941
Short Horizon		118,891,880		4,908,592		(784,952	)		4,123,640

As of October 31, 2020, the Funds had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2020, the Funds did not have any capital loss carryforwards utilized or expired.

Transamerica Funds Annual Report 2020

Page    64

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2020 and 2019 are as follows:

	2020 Distributions Paid From:						2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
Asset Allocation – Conservative	$	12,668,475	$	12,786,618	$	—	$	12,873,630	$	44,801,054	$	—
Asset Allocation – Growth		16,298,016		79,061,708		—		12,136,814		172,947,680		—
Asset Allocation – Moderate Growth		32,228,284		99,930,079		—		26,269,025		236,110,772		—
Asset Allocation – Moderate		26,689,293		45,938,154		—		23,952,424		108,312,290		—
Intermediate Horizon		5,037,819		15,739,062		—		8,465,568		12,100,471		—
Long Horizon		2,131,237		18,126,682		—		4,472,911		16,021,053		—
Short Horizon		2,514,207		682,840		—		3,634,407		366,915		—

As of October 31, 2020, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards		Late Year Ordinary Loss Deferred			Other Temporary Differences		Net Unrealized Appreciation (Depreciation)
Asset Allocation – Conservative	$	869,532	$	—	$	14,946,987	$	—	$	—		$	—	$	43,771,450
Asset Allocation – Growth		—		—		38,292,119		—		(104,459	)		—		61,655,032
Asset Allocation – Moderate Growth		1,095,180		—		54,915,722		—		—			—		107,680,838
Asset Allocation – Moderate		3,619,070		—		31,824,315		—		—			—		86,263,537
Intermediate Horizon		38,859		—		18,998,136		—		—			—		6,490,937
Long Horizon		—		—		16,219,881		—		—			—		1,996,941
Short Horizon		250,996		—		1,486,248		—		—			—		4,123,640

11. STOCK SPLIT

Effective as of the close of business on the date listed in the subsequent table, the respective Fund’s Class R4 underwent a stock split. Funds not listed in the table did not have a stock split. There was no impact to the aggregate market value of shares outstanding. The 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

12. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street, the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

Transamerica Funds Annual Report 2020

Page    65

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

13. LEGAL PROCEEDINGS

On September 30, 2020, Transamerica Asset Management, Inc. (“TAM”), the investment manager of the funds, entered into a settlement with the Securities and Exchange Commission (the “SEC”) relating to expense recaptures. The recaptures at issue, which TAM self-reported to the SEC, involved amounts previously voluntarily waived and/or reimbursed to four money market funds to prevent the funds from experiencing a negative yield. In some cases recaptures under the voluntary yield waiver arrangements exceeded contractual expense limits. The recaptured amounts were not reflected in the funds’ prospectus fee tables. The funds involved were Transamerica Government Money Market, Transamerica BlackRock Government Money Market VP, Transamerica Partners Government Money Market and Transamerica Partners Institutional Government Money Market. The two Transamerica Partners Government Money Market funds reorganized into Transamerica Government Money Market in October of 2017.

Under the settlement order, TAM agreed to pay affected fund investors approximately $5.3 million in disgorgement and approximately $690,000 in prejudgment interest. These amounts represent expenses incurred above the applicable expense limit (plus interest). TAM was also censured and ordered to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. The settlement order imposes no civil penalty on TAM based upon TAM having self-reported the matter, the prompt remedial steps taken by TAM, and TAM’s cooperation in the SEC staff’s investigation. The settlement order does not affect TAM’s ability to manage the funds.

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

The settlement had no impact on the Funds’ financial statements.

Transamerica Funds Annual Report 2020

Page    66

Report of Independent Registered Public Accounting Firm

To the Shareholders of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, Transamerica Asset Allocation Intermediate Horizon, Transamerica Asset Allocation Long Horizon and Transamerica Asset Allocation Short Horizon, and the Board of Trustees of Transamerica Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, Transamerica Asset Allocation Intermediate Horizon, Transamerica Asset Allocation Long Horizon and Transamerica Asset Allocation Short Horizon (collectively referred to as the “Funds”) (seven of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2020, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (seven of the funds constituting Transamerica Funds) at October 31, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Asset Allocation – Conservative Portfolio Transamerica Asset Allocation – Growth Portfolio Transamerica Asset Allocation – Moderate Growth Portfolio Transamerica Asset Allocation – Moderate Portfolio	For the year ended October 31, 2020	For each of the two years in the period ended October 31, 2020	For each of the five years in the period ended October 31, 2020
Transamerica Asset Allocation Intermediate Horizon Transamerica Asset Allocation Long Horizon Transamerica Asset Allocation Short Horizon	For the year ended October 31, 2020	For each of the two years in the period ended October 31, 2020	For each of the three years in the period ended October 31, 2020, the period from January 1, 2017 through October 31, 2017, and for each of the two years in the period ended December 31, 2016

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, brokers and others, or by other appropriate auditing procedures where replies from brokers or others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

December 23, 2020

Transamerica Funds Annual Report 2020

Page    67

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2020, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Asset Allocation – Conservative	$	3,441,308
Asset Allocation – Growth		14,956,362
Asset Allocation – Moderate Growth		18,641,470
Asset Allocation – Moderate		9,204,705
Intermediate Horizon		2,294,845
Long Horizon		2,140,395
Short Horizon		204,422

For corporate shareholders, investment income (dividend income plus short-term gains, if any) which qualifies for the maximum dividends received deductions are as follows:

Fund	Dividend Received Deduction Percentage
Asset Allocation – Conservative		14	%
Asset Allocation – Growth		45
Asset Allocation – Moderate Growth		28
Asset Allocation – Moderate		17
Intermediate Horizon		34
Long Horizon		69
Short Horizon		7

For tax purposes, the long-term capital gain designations for the year ended October 31, 2020 are as follows:

Fund	Long-Term Capital Gain Designation
Asset Allocation – Conservative	$	12,786,618
Asset Allocation – Growth		79,061,708
Asset Allocation – Moderate Growth		99,930,079
Asset Allocation – Moderate		45,938,154
Intermediate Horizon		15,739,062
Long Horizon		18,126,682
Short Horizon		682,840

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

Fund	Foreign Source Income		Foreign Taxes
Asset Allocation – Conservative	$	1,098,820	$	150,898
Asset Allocation – Growth		4,945,600		571,108
Asset Allocation – Moderate Growth		6,237,618		759,695
Asset Allocation – Moderate		3,128,815		385,986
Intermediate Horizon		745,658		77,441
Long Horizon		807,754		79,255
Short Horizon		51,425		5,250

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2020. Complete information will be computed and reported in conjunction with your 2020 Form 1099-DIV.

Transamerica Funds Annual Report 2020

Page    68

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 17-18, 2020, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica Asset Allocation – Conservative Portfolio	Transamerica Asset Allocation Intermediate Horizon
Transamerica Asset Allocation – Growth Portfolio	Transamerica Asset Allocation Long Horizon
Transamerica Asset Allocation – Moderate Growth Portfolio	Transamerica Asset Allocation Short Horizon
Transamerica Asset Allocation – Moderate Portfolio

For the Funds listed in the left column below, the Board also considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively the “Sub-Advisory Agreements” and, together with the Management Agreement, the “Agreements”) between TAM and the corresponding sub-adviser listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).

Fund	Sub-Adviser
Transamerica Asset Allocation – Conservative Portfolio	Morningstar Investment Management LLC
Transamerica Asset Allocation – Growth Portfolio	Morningstar Investment Management LLC
Transamerica Asset Allocation – Moderate Growth Portfolio	Morningstar Investment Management LLC
Transamerica Asset Allocation – Moderate Portfolio	Morningstar Investment Management LLC

Following its review and consideration, the Board determined that the terms of the Management Agreement and each Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2021.

Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Fund, and knowledge they gained over time through meeting with TAM and each Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. In their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s and each Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser, and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment

Transamerica Funds Annual Report 2020

Page    69

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

(unaudited)

sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2019. Based on these considerations, the Board determined that TAM and each Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to performance are summarized below. For purposes of its review, the Board used the performance of Class I Shares or Class R4 Shares, where such class is offered. In describing a Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” the median if a Fund’s performance ranked anywhere in the first or second quintiles, as “below” the median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering each Fund’s performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica Asset Allocation – Conservative Portfolio. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5-year period and in line with the median for the past 1-, 3- and 10-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees also noted recent changes in the portfolio management team at Morningstar Investment Management LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Trustees noted that, effective on or about August 28, 2020, Goldman Sachs Asset Management, L.P. will replace Morningstar Investment Management LLC as sub-adviser to the Fund and will begin managing the Fund pursuant to different investment strategies.

Transamerica Asset Allocation – Growth Portfolio. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 10-year period and below the median for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees also noted recent changes in the portfolio management team at Morningstar Investment Management LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Trustees noted that, effective on or about August 28, 2020, Goldman Sachs Asset Management, L.P. will replace Morningstar Investment Management LLC as sub-adviser to the Fund and will begin managing the Fund pursuant to different investment strategies.

Transamerica Asset Allocation – Moderate Growth Portfolio. The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and primary benchmark, each for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on

Transamerica Funds Annual Report 2020

Page    70

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

(unaudited)

the performance of the Fund. The Trustees also noted recent changes in the portfolio management team at Morningstar Investment Management LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Trustees observed that the performance of the Fund had improved during the first quarter of 2020. The Trustees noted that, effective on or about August 28, 2020, Goldman Sachs Asset Management, L.P. will replace Morningstar Investment Management LLC as sub-adviser to the Fund and will begin managing the Fund pursuant to different investment strategies.

Transamerica Asset Allocation – Moderate Portfolio. The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and its primary benchmark, each for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees also noted recent changes in the portfolio management team at Morningstar Investment Management LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Trustees observed that the performance of the Fund had improved during the first quarter of 2020. The Trustees noted that, effective on or about August 28, 2020, Goldman Sachs Asset Management, L.P. will replace Morningstar Investment Management LLC as sub-adviser to the Fund and will begin managing the Fund pursuant to different investment strategies.

Transamerica Asset Allocation Intermediate Horizon. The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe but below its composite benchmark, each for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of four Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Intermediate Horizon, effective as of that date in place of its own historical performance record.

Transamerica Asset Allocation Long Horizon. The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe for the past 1-, 5- and 10-year periods and below the median for the past 3-year period. The Board also noted that the performance of Class R4 Shares of the Fund was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of four Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Long Horizon, effective as of that date in place of its own historical performance record.

Transamerica Asset Allocation Short Horizon. The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe but below its composite benchmark, each for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of two Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Short Horizon, effective as of that date in place of its own historical performance record.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to management fees and total expense ratios are summarized below. For purposes of its review, the Board used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares or Class R4 Shares, where such class is offered. In describing a Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” the median if a Fund’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” the median if it ranked anywhere in the first or second quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Advisers for sub-advisory services, noting that sub-advisory fees payable to the Sub-Advisers are paid by TAM and not the Funds. The board also considered the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fees and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

Transamerica Funds Annual Report 2020

Page    71

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

(unaudited)

Transamerica Asset Allocation – Conservative Portfolio. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation – Growth Portfolio. The Board noted that the Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation – Moderate Growth Portfolio. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation – Moderate Portfolio. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation Intermediate Horizon. The Board noted that the Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R4 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation Long Horizon. The Board noted that the Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R4 Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation Short Horizon. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R4 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe.    The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Management Agreement and each Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for each Fund.

Transamerica Funds Annual Report 2020

Page    72

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

(unaudited)

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the applicable Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board recognized that, as a Fund’s assets increase, any economies of scale realized by TAM or a Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered each Sub-Adviser’s sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the applicable Fund’s management fee schedule. The Board considered that certain Funds’ sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and/or the Sub-Advisers from their Relationships with the Funds

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with the Funds.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Funds.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and each Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2020

Page    73

TRANSAMERICA ASSET ALLOCATION – CONSERVATIVE PORTFOLIO, TRANSAMERICA ASSET ALLOCATION – GROWTH PORTFOLIO, TRANSAMERICA ASSET ALLOCATION – MODERATE GROWTH PORTFOLIO AND TRANSAMERICA ASSET ALLOCATION – MODERATE PORTFOLIO

APPROVAL OF SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Series Trust (the “Board” or “Board Members”) held on June 17-18, 2020, the Board considered the termination of Morningstar Investment Management LLC (“Morningstar”) as sub-adviser to Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio and Transamerica Asset Allocation – Moderate Growth Portfolio (each a “Fund,” and collectively, the “Funds”) and the approval of the proposed sub-advisory agreements (each a “GSAM Sub-Advisory Agreement,” and collectively the “GSAM Sub-Advisory Agreements”) between TAM and Goldman Sachs Asset Management, L.P. (“GSAM”) with respect to the Funds, as well as the approval of a revised management fee schedule for each Fund.

Following its review and consideration, the Board determined, with respect to each Fund, that the terms of the GSAM Sub-Advisory Agreement were reasonable and that the termination of Morningstar as sub-adviser to the Fund and the approval of the GSAM Sub-Advisory Agreement was in the best interests of the Fund and its shareholders. The Board, including the Independent Board Members, authorized TAM to terminate the sub-advisory agreements with Morningstar and unanimously approved the GSAM Sub-Advisory Agreements for an initial two-year period. The Board, including the Independent Board Members, also unanimously approved the revised management fee schedules.

Prior to reaching their decision, the Board Members requested and received from TAM and GSAM certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the proposed GSAM Sub-Advisory Agreements, including information they had previously received from TAM as part of their regular oversight of the Funds and from GSAM as part of their regular oversight of other Funds sub-advised by GSAM, and knowledge they gained over time through meeting with TAM and GSAM. Among other materials, the Board Members considered fee, expense and profitability information prepared by TAM. To the extent applicable, the Board Members considered information about fees and performance of comparable funds and/or accounts managed by GSAM.

In their deliberations, the Independent Board Members met privately without representatives of TAM or GSAM present and were represented throughout the process by their independent legal counsel. In considering whether to approve the GSAM Sub-Advisory Agreements, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services. In evaluating the nature, extent and quality of the services to be provided by GSAM under the GSAM Sub-Advisory Agreements, the Board considered information provided by TAM and GSAM regarding the operations, facilities, organization and personnel of GSAM, the anticipated ability of GSAM to perform its duties under the GSAM Sub-Advisory Agreements and the proposed changes to the Funds’ principal investment strategies. The Board Members further considered that: (i) GSAM is an experienced asset management firm; (ii) TAM is recommending that GSAM be appointed as sub-adviser to the Funds; and (iii) TAM believes that GSAM has the capabilities, resources and personnel necessary to provide sub-advisory services to the Funds based on TAM’s assessment of GSAM’s organization, investment personnel and experience sub-advising other Funds. The Board Members also considered GSAM’s proposed responsibilities and experience with the Funds’ proposed principal investment strategies.

The Board Members noted that TAM had advised the Board that neither the approval of the GSAM Sub-Advisory Agreements nor the approval of the revised management fee schedules was expected to result in any diminution in the nature, extent and quality of the services provided to the Funds and their shareholders, including compliance services. Based on these and other considerations, the Board Members determined that GSAM can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Funds and that GSAM’s appointment is not expected to diminish the nature, extent and quality of services provided to the Funds.

Investment Performance. The Board Members considered GSAM’s investment management experience, capabilities and resources. The Board reviewed the performance of the Funds for various trailing periods ended February 29, 2020 as compared to: (i) simulated, back-tested performance results of each Fund’s proposed strategy; (ii) each Fund’s current blended benchmark; and (iii) each Fund’s proposed blended benchmark.

Transamerica Asset Allocation – Conservative Portfolio. The Board Members noted that the back-tested annualized return (“Back-Tested Return”) was above that of Class I Shares of the Fund for the past 1-, 3- and 5-year periods. The Board Members also noted

Transamerica Funds Annual Report 2020

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TRANSAMERICA ASSET ALLOCATION – CONSERVATIVE PORTFOLIO, TRANSAMERICA ASSET ALLOCATION – GROWTH PORTFOLIO, TRANSAMERICA ASSET ALLOCATION – MODERATE GROWTH PORTFOLIO AND TRANSAMERICA ASSET ALLOCATION – MODERATE PORTFOLIO

APPROVAL OF SUB-ADVISORY AGREEMENT (continued)

(unaudited)

that the Back-Tested Return was above that of the Fund’s current and proposed blended benchmarks for the past 5-year period, but below the Fund’s current and proposed blended benchmarks for the past 1- and 3-year periods.

Transamerica Asset Allocation – Growth Portfolio. The Board Members noted that the Back-Tested Return was above that of Class I Shares of the Fund for the past 1-, 3- and 5-year periods. The Board Members also noted that the Back-Tested Return was above that of the Fund’s proposed blended benchmark for the past 5-year period, but below the Fund’s proposed blended benchmark for the past 1- and 3-year periods. The Board Members also noted that the Back-Tested Return was below the Fund’s current blended benchmark for the past 1-, 3- and 5-year periods.

Transamerica Asset Allocation – Moderate Portfolio. The Board Members noted that the Back-Tested Return was above that of Class I Shares of the Fund for the past 1-, 3- and 5-year periods. The Board Members also noted that the Back-Tested Return was above that of the Fund’s current blended benchmark and proposed blended benchmark for the past 5-year period, but below the Fund’s current blended benchmark and proposed blended benchmark for the past 1- and 3-year periods.

Transamerica Asset Allocation – Moderate Growth Portfolio. The Board Members noted that the Back-Tested Return was above that of Class I Shares of the Fund for the past 1-, 3- and 5-year periods. The Board Members also noted that the Back-Tested Return was above that of the Fund’s proposed blended benchmark for the past 5-year period, but below the Fund’s proposed blended benchmark for the past 1- and 3-year periods. The Board Members also noted that the Back-Tested Return was below the Fund’s current blended benchmark for the past 1-, 3- and 5-year periods.

On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the sub-advisory services to be provided by GSAM, the Board concluded that GSAM is capable of generating a level of investment performance that is appropriate in scope and extent in light of each Fund’s proposed new principal investment strategies, the competitive landscape of the investment company business and investor needs.

Management and Sub-Advisory Fees and Total Expense Ratio. The Board considered the revised management and new sub-advisory fee schedules (“Fee Changes”) for each Fund. The Board considered that, assuming implementation of the Fee Changes, based on assets as of February 29, 2020, the management fee of each Fund would be below the applicable Broadridge and Morningstar peer group medians, but the total expense ratio of each class of each Fund would be above the applicable Broadridge and Morningstar peer group medians. The Board also considered that the revised management fee schedule for each Fund would lower management fees at all asset levels, resulting in immediate savings for current shareholders, as well as additional savings as each Fund’s assets grow in size. The Board noted that although the new sub-advisory fee schedule for each Fund would increase contractual sub-advisory fees at asset levels above $750 million, GSAM had agreed to aggregate the Funds’ assets with those of another GSAM sub-advised Fund for purposes of determining breakpoints, which was expected to more than offset the contractual increase. The Board also noted that the Fee Changes were expected to result in lower total expense ratios for each class of each Fund. The Board considered the portion of each Fund’s management fee to be retained by TAM following payment of the sub-advisory fee by TAM to GSAM and noted that TAM considered the amount to be reasonable compensation for its services. On the basis of these and other considerations, together with the other information it considered, the Board determined that the revised management fee schedule and new sub-advisory fee schedule for each Fund were reasonable in light of the services to be provided.

Cost of Services to be Provided and Level of Profitability. With respect to GSAM, the Board noted that the proposed sub-advisory fees are the product of arm’s-length negotiation between TAM and GSAM, which is not affiliated with TAM, and would be paid by TAM and not the Funds. As a result, the Board did not consider GSAM’s anticipated profitability to be material to its decision to approve the GSAM Sub-Advisory Agreements. The Board also reviewed pro forma estimated TAM profitability information provided by TAM, noting that, at current asset levels, there was expected to be a decrease in the net management fees retained by TAM for Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio and Transamerica Asset Allocation – Moderate Growth Portfolio and an increase in the net management fee retained by TAM for Transamerica Asset Allocation – Conservative Portfolio. The Board considered TAM’s view that each Fund’s proposed net management fee would allow TAM to be reasonably compensated for its services.

Economies of Scale. In evaluating the extent to which each Fund’s revised management fee schedule and new sub-advisory fee schedule reflected economies of scale or would permit economies of scale to be realized in the future, the Board Members considered that the revised management fee schedule and new sub-advisory fee schedule contain additional breakpoints at higher asset levels that would further benefit shareholders as the Funds grow in size. The Board Members also considered that the appointment of GSAM has the potential to attract additional assets due to GSAM’s established asset management capabilities. The Board Members concluded

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TRANSAMERICA ASSET ALLOCATION – CONSERVATIVE PORTFOLIO, TRANSAMERICA ASSET ALLOCATION – GROWTH PORTFOLIO, TRANSAMERICA ASSET ALLOCATION – MODERATE GROWTH PORTFOLIO AND TRANSAMERICA ASSET ALLOCATION – MODERATE PORTFOLIO

APPROVAL OF SUB-ADVISORY AGREEMENT (continued)

(unaudited)

that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by each Fund to TAM, and the sub-advisory fees payable by TAM to GSAM, in light of any economies of scale experienced in the future.

Benefits to GSAM from its Relationships with the Funds. The Board considered other benefits expected to be derived by GSAM from its relationships with the Funds. The Board noted that TAM would not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with GSAM or the Funds, and that GSAM may engage in soft dollar arrangements and receive such benefits on certain transactions, consistent with applicable law and “best execution” requirements.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including the Independent Board Members, concluded that the approval of the revised management fee schedule and GSAM Sub-Advisory Agreement for each Fund was in the best interests of the Fund and its shareholders and voted to approve the revised management fee schedule and GSAM Sub-Advisory Agreement for each Fund.

Transamerica Funds Annual Report 2020

Page    76

Management of the Trust

Board Members and Officers

(unaudited)

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

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

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

The Funds are among the Funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 121 Funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

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

Further information about the Funds’ Directors and Officers is available in the Funds’ Statement of Additional Information, which can be obtained without charge by calling 1-888-233-4339 or visiting the Funds’ website at www.transamerica.com.

The Board Members, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of Funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
Marijn P. Smit (47)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	121	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present) Director, Mongeral Aegon Seguros e Previdencia S.A. (2019 – present); and Director, Mongeral Aegon Investimentos

Transamerica Funds Annual Report 2020

Page    77

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
Marijn P. Smit (continued)			Senior Vice President, Transamerica Retirement Solutions LLC (2012 – present); Trust Officer, Massachusetts Fidelity Trust Company (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – 2016); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).		Ltda. (2018 – present)
Alan F. Warrick (72)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010).	116	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (68)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	116	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)

Transamerica Funds Annual Report 2020

Page    78

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (64)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).	116	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)
David W. Jennings (74)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	116	N/A
Fredric A. Nelson III (63)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018);	116	N/A

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Fredric A. Nelson III (continued)			Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).
John E. Pelletier (56)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018); Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017); Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.	116	N/A
Patricia L. Sawyer (70)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board	116	Honorary Trustee, Bryant University (1996 – present)

Transamerica Funds Annual Report 2020

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Patricia L. Sawyer (continued)			Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.
John W. Waechter (68)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	116	Board Member, Operation PAR, Inc. (non-profit organization) (2008 – present); Board Member, Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2020

Page    81

OFFICERS

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

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (47)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Members Table Above.
Christopher A. Staples, CFA (50)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services, Transamerica Funds and TST (2007 – present); TET (2017 – present); Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – 2019); Trust Officer, Massachusetts Fidelity Trust Company (2010 – present); Registered Representative (2007 – 2016), TCI; Registered Representative, TFA (2005 – present).
Thomas R. Wald, CFA (60)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); TET (2017 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Director (2017 – present), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión, Director (2019 – present); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Director, Transamerica Funds Services, Inc. (2019 – present); and Trust Officer, Massachusetts Fidelity Trust Company (2015 – present).
Vincent J. Toner (50)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present), TET (2017 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015);

Transamerica Funds Annual Report 2020

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Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Vincent J. Toner (continued)			Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); Vice President (2016 – present), Transamerica Capital, Inc.; Trust Officer (2015 – present), Massachusetts Fidelity Trust Company.
Francine J. Rosenberger (53)	Chief Compliance Officer	Since 2019	Chief Compliance Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (42)	Anti-Money Laundering Officer	Since 2019	Anti-Money Laundering Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Anti-Money Laundering Officer (2019 – present), TAM; Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present); Attorney, Anti-Money Laundering Compliance Officer (Annuity products), Transamerica Life Insurance Company/Aegon USA (2006 – 2015).
Erin D. Nelson (43)	Chief Legal Officer and Secretary	Since 2019	Chief Legal Officer and Secretary, Transamerica Funds, TST, TET and TAAVF (2019 – present); Assistant General Counsel II and Assistant Secretary, TAM (2019 – present), Assistant Secretary (2019 – present, TFS; Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019).
Timothy Bresnahan (52)	Senior Counsel and Assistant Secretary	Since 2020	Assistant Secretary, TET (2019 – present); Secretary, TET (2019); Senior Counsel, TAM (2008 – present).
Peter Sattelmair (43)	Assistant Treasurer	Since 2018	Assistant Treasurer, Transamerica Funds, TST and TAAVF (2018 – present); Director, Fund Administration, TAM (2014 – present).

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

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Page    83

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds Annual Report 2020

Page    84

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2020

Page    85

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

270224 10/20

© 2020 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2020

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

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

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

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica Balanced II	7
Transamerica Bond	22
Transamerica Capital Growth	39
Transamerica Dividend Focused	43
Transamerica Dynamic Income	47
Transamerica Emerging Markets Debt	50
Transamerica Emerging Markets Opportunities	60
Transamerica Event Driven	66
Transamerica Floating Rate	74
Transamerica Global Equity	86
Transamerica Government Money Market	91
Transamerica High Quality Bond	96
Transamerica High Yield Bond	103
Transamerica High Yield ESG	117
Transamerica High Yield Muni	125
Transamerica Inflation Opportunities	137
Transamerica Inflation-Protected Securities	144
Transamerica Intermediate Bond	150
Transamerica Intermediate Muni	165
Transamerica International Equity	199
Transamerica International Growth	204
Transamerica International Small Cap Value	210
Transamerica International Stock	215
Transamerica Large Cap Value	221
Transamerica Large Core	226
Transamerica Large Growth	232
Transamerica Large Value Opportunities	238
Transamerica Mid Cap Growth	243
Transamerica Mid Cap Value Opportunities	247
Transamerica MLP & Energy Income	252
Transamerica Multi-Asset Income	256
Transamerica Multi-Managed Balanced	263
Transamerica Short-Term Bond	281
Transamerica Small Cap Growth	294
Transamerica Small Cap Value	298
Transamerica Small/Mid Cap Value	303
Transamerica Sustainable Bond	310
Transamerica Unconstrained Bond	318
Transamerica US Growth	352
Statements of Assets and Liabilities	356
Statements of Operations	372
Statements of Changes in Net Assets	380
Statement of Cash Flows	408
Financial Highlights	409
Notes to Financial Statements	494
Report of Independent Registered Public Accounting Firm	537
Supplemental Information	539
Approval of Management and Sub-Advisory Agreements	541
Management of the Trust	562
Results of Shareholder Meeting	569
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	570
Notice of Privacy Policy	571

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

Transamerica Funds Annual Report 2020

Dear Shareholder,

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

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2020.

We believe it is important to understand market conditions over the last fiscal year of the Funds to provide a context for reading this report. As the period began markets were exhibiting strength as the economy was reflecting the lowest unemployment rates in more than a half-century. In addition, wage growth was rising, inflation was benign, consumer spending was strong and the U.S. Federal Reserve (“Fed”) had just concluded a series of three rate cuts, taking the Fed Funds rate down to a lower bound of 1.50%. For these reasons, among others, many investors looked ahead to the year of 2020 with a sense of optimism.

By February of 2020, markets were digesting headlines about a rapidly spreading respiratory virus in China, and fears of its global transmission began to rattle markets. While equity markets peaked at record highs toward the end of February, it soon became clear that COVID-19 cases were expanding internationally and there would be dramatically negative economic impacts. A nationwide lockdown quickly went into effect by the middle of March, and while the Fed slashed short term rates to zero, this could not prevent widespread selling across the stock and credit markets resulting in the fastest 35% decline in the history of the S&P 500^® Index by the final week of March. International markets saw similar declines with the MSCI EAFE Index losing approximately one-third of its value. Credit spreads more than tripled, and long-term Treasury yields collapsed as the 10-year bond yield dropped to an all-time low of 0.54%.

Throughout the spring of 2020, the U.S. economy experienced its worst economic contraction since the Great Depression as more than twenty million jobs were lost in the month of April and second quarter gross domestic product (“GDP”) plummeted by an annualized rate of -31%. However, as the Fed quickly implemented unprecedented amounts of large scale asset purchases and credit support, and Congress passed the Coronavirus, Aid, Relief and Stimulus Act (“CARES”) providing more than $2 trillion to businesses and families, the markets began to see a recovery on the horizon.

By June 2020, with virus case growth having declined, most states had loosened business shutdowns and social distancing requirements, and with pent-up demand from the earlier months now being combined with lower interest rates and market liquidity, GDP came roaring back in the third quarter to reach its highest rate of growth ever. Markets reacted accordingly as the S&P 500^® Index regained its pre-virus high by the end of August. International markets also recovered as their economies opened more and global central banks such as the European Central Bank (“ECB”) also applied high degrees of monetary stimulus, however, they were unable to recover to pre-pandemic levels.

While stocks reached new record highs by Labor Day, volatility returned to the markets during September and October as COVID-19 case levels increased exponentially to daily numbers well in excess of earlier in the year. Election uncertainties and the inability of Congress to pass follow-up legislation on fiscal stimulus and economic relief to the soon expiring CARES Act also created investor angst. By the end of the Funds’ fiscal year, stocks were off their highs but still displaying historic improvement from the March lows, as investors began to focus on the prospects of a continuing economic recovery in 2021 and anxiously awaited news on a COVID-19 vaccine. International equity markets, which had recovered materially in the second quarter, remained relatively range bound since summer and continued to remain below pre-pandemic levels.

For the 12-month period ended October 31, 2020, the S&P 500^® Index returned 9.71% while the MSCI EAFE Index, representing international developed market equities, returned -6.46%. During the same period, the Bloomberg Barclays US Aggregate Bond Index returned 6.19%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

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

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 COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, the Fund’s exposure to the risks described elsewhere in the Prospectus will likely increase. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively affected.

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 May 1, 2020, and held for the entire six-month period until October 31, 2020.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Balanced II
Class I3	$	1,000.00	$	1,096.70	$	3.00	$	1,022.30	$	2.90		0.57	%
Class R		1,000.00		1,094.00		5.63		1,019.80		5.43		1.07
Transamerica Bond
Class A		1,000.00		1,049.60		5.00		1,020.30		4.93		0.97
Class C		1,000.00		1,045.70		7.92		1,017.40		7.81		1.54
Class I		1,000.00		1,051.80		2.63		1,022.60		2.59		0.51
Class I2		1,000.00		1,052.20		2.37		1,022.80		2.34		0.46
Class R6		1,000.00		1,052.20		2.37		1,022.80		2.34		0.46
Transamerica Capital Growth
Class A		1,000.00		1,517.80		6.65		1,019.90		5.33		1.05
Class C		1,000.00		1,512.40		11.37		1,016.10		9.12		1.80
Class I		1,000.00		1,519.50		5.26		1,021.00		4.22		0.83
Class I2		1,000.00		1,520.60		4.56		1,021.50		3.66		0.72
Class R6		1,000.00		1,520.60		4.56		1,021.50		3.66		0.72
Transamerica Dividend Focused
Class A		1,000.00		1,036.70		5.38		1,019.90		5.33		1.05
Class C		1,000.00		1,031.70		9.75		1,015.50		9.68		1.91
Class I		1,000.00		1,037.60		4.46		1,020.80		4.42		0.87
Class I2		1,000.00		1,038.20		3.94		1,021.30		3.91		0.77
Class R6		1,000.00		1,038.20		3.94		1,021.30		3.91		0.77
Transamerica Dynamic Income
Class A		1,000.00		1,042.70		4.72		1,020.50		4.67		0.92	(D)
Class C		1,000.00		1,038.70		8.56		1,016.70		8.47		1.67	(D)
Class I		1,000.00		1,044.00		3.44		1,021.80		3.41		0.67	(D)

Transamerica Funds Annual Report 2020

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During Period (B)			Ending Account Value October 31, 2020		Expenses Paid During Period (B)			Net Annualized Expense Ratio (C)
Transamerica Emerging Markets Debt
Class A	$	1,000.00	$	1,130.20	$	6.64		$	1,018.90	$	6.29			1.24	%
Class C		1,000.00		1,126.80		10.00			1,015.70		9.47			1.87
Class I		1,000.00		1,132.90		4.40			1,021.00		4.17			0.82
Class I2		1,000.00		1,134.00		3.92			1,021.50		3.71			0.73
Class R6		1,000.00		1,132.90		3.91			1,021.50		3.71			0.73
Transamerica Emerging Markets Opportunities
Class I		1,000.00		1,232.90		5.50			1,020.20		4.98			0.98	(D)
Class I2		1,000.00		1,232.90		5.33			1,020.40		4.82			0.95	(D)
Transamerica Event Driven
Class I		1,000.00		1,092.50		7.47			1,018.00		7.20			1.42	(D)
Class I2		1,000.00		1,092.00		7.62			1,017.80		7.35			1.45	(D)
Transamerica Floating Rate
Class A		1,000.00		1,090.70		5.52			1,019.90		5.33			1.05	(D)
Class C		1,000.00		1,086.60		9.44			1,016.10		9.12			1.80	(D)
Class I		1,000.00		1,091.10		4.21			1,021.10		4.06			0.80	(D)
Class I2		1,000.00		1,091.90		4.21			1,021.10		4.06			0.80	(D)
Transamerica Global Equity
Class A		1,000.00		1,141.20		7.32			1,018.30		6.90			1.36	(D)
Class C		1,000.00		1,137.00		11.33			1,014.50		10.68			2.11	(D)
Class I		1,000.00		1,142.60		5.98			1,019.60		5.64			1.11	(D)
Class R6		1,000.00		1,143.30		5.33			1,020.20		5.03			0.99	(D)
Transamerica Government Money Market
Class A		1,000.00		1,000.60		1.01			1,024.10		1.02			0.20
Class C		1,000.00		1,002.90		1.01			1,024.10		1.02			0.20
Class I		1,000.00		1,000.50		0.80			1,024.30		0.81			0.16
Class I2		1,000.00		1,001.00		0.40			1,024.70		0.41			0.08
Class I3		1,000.00		1,001.00		0.40			1,024.70		0.41			0.08
Class R2		1,000.00		1,000.00		1.36			1,023.80		1.37			0.27
Class R4		1,000.00		1,001.50		(0.10	)		1,025.20		(0.10	)		(0.02	)
Transamerica High Quality Bond
Class I3		1,000.00		1,044.10		2.26			1,022.90		2.24			0.44
Class R		1,000.00		1,040.40		4.77			1,020.50		4.72			0.93
Class R4		1,000.00		1,043.20		3.34			1,021.90		3.30			0.65
Transamerica High Yield Bond
Class A		1,000.00		1,108.80		5.25			1,020.20		5.03			0.99
Class C		1,000.00		1,106.60		9.16			1,016.40		8.77			1.73
Class I		1,000.00		1,114.40		3.24			1,022.10		3.10			0.61
Class I2		1,000.00		1,111.60		3.13			1,022.20		3.00			0.59
Class I3		1,000.00		1,111.60		3.13			1,022.20		3.00			0.59
Class R		1,000.00		1,108.70		5.83			1,019.60		5.58			1.10
Class R4		1,000.00		1,110.10		4.51			1,020.90		4.32			0.85
Class R6		1,000.00		1,111.60		3.08			1,022.20		2.95			0.58
Transamerica High Yield ESG
Class I		1,000.00		999.20		1.93	(E)		1,021.30		3.91			0.77
Class I2		1,000.00		999.20		1.88	(E)		1,021.40		3.81			0.75
Transamerica High Yield Muni
Class A		1,000.00		1,090.10		4.78			1,020.60		4.62			0.91	(D)
Class C		1,000.00		1,086.80		7.92			1,017.50		7.66			1.51	(D)
Class I		1,000.00		1,090.90		3.99			1,021.30		3.86			0.76	(D)
Class I2		1,000.00		1,091.20		4.15			1,021.20		4.01			0.79	(D)
Transamerica Inflation Opportunities
Class A		1,000.00		1,048.50		5.15			1,020.10		5.08			1.00	(D)
Class C		1,000.00		1,045.40		9.00			1,016.30		8.87			1.75	(D)
Class I		1,000.00		1,050.80		3.66			1,021.60		3.61			0.71	(D)
Class I2		1,000.00		1,049.80		3.50			1,021.70		3.46			0.68	(D)
Class R6		1,000.00		1,050.80		3.56			1,021.70		3.51			0.69	(D)
Transamerica Inflation-Protected Securities
Class I3		1,000.00		1,038.90		2.67			1,022.50		2.64			0.52	(D)
Class R		1,000.00		1,037.50		5.07			1,020.20		5.03			0.99	(D)
Class R4		1,000.00		1,038.40		3.28			1,021.90		3.25			0.64	(D)

Transamerica Funds Annual Report 2020

Page    3

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Intermediate Bond
Class I2	$	1,000.00	$	1,025.40	$	2.14	$	1,023.00	$	2.14		0.42	%
Class I3		1,000.00		1,025.40		2.14		1,023.00		2.14		0.42
Class R		1,000.00		1,022.40		4.63		1,020.60		4.62		0.91
Class R4		1,000.00		1,024.20		3.31		1,021.90		3.30		0.65
Transamerica Intermediate Muni
Class A		1,000.00		1,049.60		3.35		1,021.90		3.30		0.65	(D)
Class C		1,000.00		1,046.50		6.48		1,018.80		6.39		1.26	(D)
Class I		1,000.00		1,050.30		2.53		1,022.70		2.49		0.49	(D)
Class I2		1,000.00		1,051.30		2.32		1,022.90		2.29		0.45	(D)
Transamerica International Equity
Class A		1,000.00		1,096.90		6.59		1,018.90		6.34		1.25
Class C		1,000.00		1,093.40		10.21		1,015.40		9.83		1.94
Class I		1,000.00		1,099.20		4.49		1,020.90		4.32		0.85
Class I2		1,000.00		1,099.90		4.01		1,021.30		3.86		0.76
Class I3		1,000.00		1,099.90		4.01		1,021.30		3.86		0.76
Class R		1,000.00		1,096.90		6.59		1,018.90		6.34		1.25
Class R4		1,000.00		1,098.50		5.33		1,020.10		5.13		1.01
Class R6		1,000.00		1,099.50		4.01		1,021.30		3.86		0.76
Transamerica International Growth
Class A		1,000.00		1,188.10		6.66		1,019.10		6.14		1.21
Class I		1,000.00		1,189.30		5.56		1,020.10		5.13		1.01
Class I2		1,000.00		1,191.40		4.41		1,021.10		4.06		0.80
Class R6		1,000.00		1,192.40		4.46		1,021.10		4.12		0.81
Transamerica International Small Cap Value
Class I		1,000.00		1,133.90		5.95		1,019.60		5.64		1.11
Class I2		1,000.00		1,134.70		5.42		1,020.10		5.13		1.01
Transamerica International Stock
Class A		1,000.00		1,068.20		6.50		1,018.90		6.34		1.25	(D)
Class I		1,000.00		1,069.20		5.20		1,020.10		5.08		1.00	(D)
Class I2		1,000.00		1,069.20		5.20		1,020.10		5.08		1.00	(D)
Class R6		1,000.00		1,069.20		5.20		1,020.10		5.08		1.00	(D)
Transamerica Large Cap Value
Class A		1,000.00		1,076.50		5.43		1,019.90		5.28		1.04
Class C		1,000.00		1,072.30		9.32		1,016.10		9.07		1.79
Class I		1,000.00		1,078.10		3.34		1,021.90		3.25		0.64
Class I2		1,000.00		1,078.30		3.34		1,021.90		3.25		0.64
Class R6		1,000.00		1,078.30		3.34		1,021.90		3.25		0.64
Transamerica Large Core
Class I3		1,000.00		1,121.70		2.72		1,022.60		2.59		0.51	(D)
Class R		1,000.00		1,119.00		5.33		1,020.10		5.08		1.00	(D)
Class R4		1,000.00		1,120.30		4.05		1,021.30		3.86		0.76	(D)
Transamerica Large Growth
Class I3		1,000.00		1,371.20		4.11		1,021.70		3.51		0.69
Class R		1,000.00		1,368.40		7.02		1,019.20		5.99		1.18
Class R4		1,000.00		1,369.40		5.36		1,020.60		4.57		0.90
Transamerica Large Value Opportunities
Class I3		1,000.00		1,043.10		2.52		1,022.70		2.49		0.49	(D)
Class R		1,000.00		1,040.40		5.13		1,020.10		5.08		1.00	(D)
Class R4		1,000.00		1,041.80		3.85		1,021.40		3.81		0.75	(D)
Transamerica Mid Cap Growth
Class A		1,000.00		1,222.80		6.59		1,019.20		5.99		1.18
Class C		1,000.00		1,218.80		10.76		1,015.40		9.78		1.93
Class I		1,000.00		1,224.70		4.81		1,020.80		4.37		0.86
Class I2		1,000.00		1,225.10		4.25		1,021.30		3.86		0.76
Class I3		1,000.00		1,225.40		4.36		1,021.20		3.96		0.78
Class R		1,000.00		1,221.30		7.20		1,018.70		6.55		1.29
Class R4		1,000.00		1,223.10		5.31		1,020.40		4.82		0.95

Transamerica Funds Annual Report 2020

Page    4

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During Period (B)			Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Mid Cap Value Opportunities
Class A	$	1,000.00	$	1,111.70	$	6.37		$	1,019.10	$	6.09		1.20	%
Class C		1,000.00		1,107.70		10.01			1,015.60		9.58		1.89
Class I		1,000.00		1,113.60		4.46			1,020.90		4.27		0.84
Class I2		1,000.00		1,114.50		3.93			1,021.40		3.76		0.74
Class I3		1,000.00		1,114.00		3.93			1,021.40		3.76		0.74
Class R		1,000.00		1,111.70		6.64			1,018.90		6.34		1.25
Class R4		1,000.00		1,112.60		4.78			1,020.60		4.57		0.90
Class R6		1,000.00		1,113.70		3.93			1,021.40		3.76		0.74
Transamerica MLP & Energy Income
Class A		1,000.00		1,019.00		8.12			1,017.10		8.11		1.60
Class C		1,000.00		1,014.60		11.90			1,013.30		11.89		2.35
Class I		1,000.00		1,018.20		6.65			1,018.60		6.65		1.31
Class I2		1,000.00		1,020.80		6.10			1,019.10		6.09		1.20
Transamerica Multi-Asset Income
Class A		1,000.00		1,128.70		5.51			1,020.00		5.23		1.03
Class C		1,000.00		1,125.40		9.40			1,016.30		8.92		1.76
Class I		1,000.00		1,130.80		3.86			1,021.50		3.66		0.72
Class I2		1,000.00		1,130.90		3.64			1,021.70		3.46		0.68
Transamerica Multi-Managed Balanced
Class A		1,000.00		1,094.10		5.21			1,020.20		5.03		0.99
Class C		1,000.00		1,089.80		9.14			1,016.40		8.82		1.74
Class I		1,000.00		1,095.60		4.11			1,021.20		3.96		0.78
Class R6		1,000.00		1,096.10		3.53			1,021.80		3.41		0.67
Transamerica Short-Term Bond
Class A		1,000.00		1,044.90		3.70			1,021.50		3.66		0.72
Class C		1,000.00		1,039.90		7.64			1,017.60		7.56		1.49
Class I		1,000.00		1,045.50		2.62			1,022.60		2.59		0.51
Class I2		1,000.00		1,045.00		2.16			1,023.00		2.14		0.42
Class R6		1,000.00		1,046.10		2.16			1,023.00		2.14		0.42
Transamerica Small Cap Growth
Class A		1,000.00		1,178.10		7.67			1,018.10		7.10		1.40
Class C		1,000.00		1,171.80		11.74			1,014.30		10.89		2.15
Class I		1,000.00		1,178.40		5.91			1,019.70		5.48		1.08
Class I2		1,000.00		1,179.80		5.48			1,020.10		5.08		1.00
Class I3		1,000.00		1,178.20		5.48			1,020.10		5.08		1.00
Class R		1,000.00		1,176.40		8.10			1,017.70		7.51		1.48
Class R4		1,000.00		1,179.10		6.30			1,019.40		5.84		1.15
Class R6		1,000.00		1,178.20		5.42			1,020.20		5.03		0.99
Transamerica Small Cap Value
Class A		1,000.00		1,173.20		7.10			1,018.60		6.60		1.30
Class C		1,000.00		1,168.10		11.17			1,014.80		10.38		2.05
Class I		1,000.00		1,176.00		5.36			1,020.20		4.98		0.98
Class I2		1,000.00		1,175.70		4.98			1,020.60		4.62		0.91
Class I3		1,000.00		1,175.50		4.92			1,020.60		4.57		0.90
Class R		1,000.00		1,174.00		7.27			1,018.50		6.75		1.33
Class R4		1,000.00		1,174.00		6.01			1,019.60		5.58		1.10
Class R6		1,000.00		1,176.10		4.59			1,020.90		4.27		0.84
Transamerica Small/Mid Cap Value
Class A		1,000.00		1,118.60		6.98			1,018.60		6.65		1.31
Class C		1,000.00		1,114.70		10.63			1,015.10		10.13		2.00
Class I		1,000.00		1,120.60		5.06			1,020.40		4.82		0.95
Class I2		1,000.00		1,121.40		4.53			1,020.90		4.32		0.85
Class R6		1,000.00		1,120.80		4.53			1,020.90		4.32		0.85
Transamerica Sustainable Bond
Class I		1,000.00		984.80		1.25	(E)		1,022.60		2.54		0.50
Class I2		1,000.00		984.90		1.12	(E)		1,022.90		2.29		0.45
Transamerica Unconstrained Bond
Class A		1,000.00		1,009.80		0.77	(F)		1,020.50		4.72		0.93	(D)
Class I		1,000.00		1,089.30		4.25			1,021.10		4.12		0.81	(D)
Class I2		1,000.00		1,091.20		3.68			1,021.60		3.56		0.70	(D)

Transamerica Funds Annual Report 2020

Page    5

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica US Growth
Class A	$	1,000.00	$	1,208.40	$	5.94	$	1,019.80	$	5.43		1.07	%
Class C		1,000.00		1,203.10		10.41		1,015.70		9.53		1.88
Class I		1,000.00		1,209.50		4.55		1,021.00		4.17		0.82
Class I2		1,000.00		1,210.50		4.00		1,021.50		3.66		0.72
Class T		1,000.00		1,210.30		4.22		1,021.30		3.86		0.76

(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 (184 days), and divided by the number of days in the year (366 days).
(C)	Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and recapture, if any, are based on the most recent six-months and may differ from the net expense ratio displayed in the Financial Highlights which covers a twelve-month period.
(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.
(E)	Fund commenced operations on July 31, 2020. Actual expenses are calculated using each Fund’s net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (92 days), and divided by the number of days in the year (366 days).
(F)	Class commenced operations on October 1, 2020. 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 (30 days), and divided by the number of days in the year (366 days).

Transamerica Funds Annual Report 2020

Page    6

Transamerica Balanced II

(unaudited)

MARKET ENVIRONMENT

Aegon USA Investment Management, LLC

The fiscal year ended October 31, 2020, began with U.S. markets near all-time highs, though global trade tensions persisted, and manufacturing Purchasing Managers’ Index (“PMIs”) softened. It was risk on for markets as equities led the way in total and risk-adjusted returns, followed by high yield, then by investment grade. Treasuries retreated toward the end of 2019.

Worries around trade ceded to concerns over the COVID-19 outbreak early in 2020. Confidence dropped rapidly as the country grappled with a worsening outbreak that eventually led to widespread stay at home orders and the closure of nonessential businesses. Gross domestic product (“GDP”) and private investment contracted, and risk assets declined meaningfully. PMIs declined materially, and GDP eventually faced a historic decline. Equities led the way down with peak-to-trough losses of approximately one third, and high yield bonds posted double digit declines. U.S. Treasuries rallied aggressively as investors fled risk assets.

Markets rebounded in the second quarter, after aggressive monetary stimulus from the U.S. Federal Reserve (“Fed”) and fiscal stimulus from the Federal Government gave markets the confidence that the worst may be over. The damage to the U.S. economy was historic with second quarter GDP declining by over 31%. Economic activity and the employment market improved materially by the end of the fiscal year, albeit both were still lower than they had been at the end of 2019.

Non-farm payroll gains were a bright spot in October 2020, coming in higher than expected. Both the labor force and employment grew over the month, which led to meaningfully higher headline employment and labor force participation rates. Consumer confidence slightly retreated as an upbeat reading on present conditions was overshadowed by more muted expectations. Headline personal income which was propped up by government unemployment benefits that largely expired in July, advanced nonetheless in September, and spending growth accelerated.

J.P. Morgan Investment Management, Inc.

After a strong close to 2019, solid U.S. economic indicators continued to buoy the S&P 500^® Index in the beginning of 2020. Despite the late January volatility due to initial outbreaks of COVID-19, an early indication that disease’s effects would be relatively short-lived propelled the S&P 500^® to new all-time highs in February. However, the outbreak continued to grow and ramp up globally. Distinct read-throughs began to take place in global economic data, such as in jobless claims and global manufacturing and service Purchasing Managers’ Index (“PMIs”), ultimately leading to a dramatic downturn for the markets in March. The U.S economy contracted at an annualized pace of 5.0% in the first quarter of the year, ending more than a decade-long expansion. While extraordinary fiscal and monetary policy responses helped the market recover from April through June 2020, volatility remained elevated throughout the summer.

In light of the volatility and following strong performance in the second quarter, the market continued to rise and reached new all-time highs in August, driven by a rally in technology stocks and encouraging economic data. While gross domestic product (“GDP”) for the second quarter fell by an annualized rate of 31.4%, investors focused on the continued recovery in other economic data. The unemployment rate fell, and the composite PMI impressed in August. U.S. consumer confidence also rebounded along with a recovery in retail sales. The Federal Reserve’s intentions to maintain an accommodative monetary policy as long as necessary to support the economy also helped lift equity market levels.

However, September brought renewed bouts of volatility as concerns over a second wave of COVID-19 infections, the upcoming U.S. presidential election and renewed lockdown measures took a toll on investor confidence. Meanwhile, trade tensions between the U.S. and China rose as the Trump Administration announced targeted trade restrictions on certain Chinese firms. While the economic indicators have shown continued improvement, including third quarter GDP having grown at an annualized rate of 33.1% when compared to the previous quarter, the new wave of COVID-19 infections and the persisting trade tensions continue to weigh on the path to economic recovery.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Balanced II (Class R) returned 9.43%. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Bloomberg Barclays US Aggregate Bond Index, returned 9.71% and 6.19%, respectively.

STRATEGY REVIEW

Aegon USA Investment Management, LLC

Over the last 12-months ended October 31, 2020, the Fund remained overweight to spread-based assets relative to the benchmark, given the portfolio management team’s views on expected risk-adjusted returns of the assets. Portions of securitized credit tied to commercial real estate were negatively affected by changes to the economy due to COVID-19, and commercial mortgage-backed securities (“CMBS”) and other portions of the structured market detracted from returns in the period, though, in most cases, we continue to believe they offer attractive investment opportunities given robust structural protections and an improving economic backdrop.

Within investment grade corporate credit, financials were preferred over industrials due to strong capital positions and lower expected event risk. During the period, the portfolio managers became more biased toward intermediate-dated credit given the steeper credit curves compared to short-dated corporate credit.

Transamerica Funds Annual Report 2020

Page    7

Transamerica Balanced II

(unaudited)

STRATEGY REVIEW (continued)

During the 12-month period ended October 31, 2020, relative performance for the Fund was driven by the overweight to spread-based assets. Carry contributed positively to relative returns but was offset by negative contributions from spread factors. Risk-based assets rallied during the second and third quarters, but not enough to offset losses during the first quarter. Yield curve positioning was also a detractor as Treasury rates moved lower.

At an asset class level, the Fund’s allocation to longer duration Treasury securities compared to the benchmark’s Treasury holdings contributed positively to relative returns, as did the portfolio’s ex-index exposure to high yield and underweight allocation to agency residential mortgage-backed securities (“RMBS”). These positives were offset by the Fund’s exposure to securitized credit – including asset-backed, CMBS and non-agency RMBS – as well as an overweight allocation to emerging markets debt.

Within investment grade corporate credit, security selection was a detractor overall. Selection in capital goods and overweight allocations to communications and consumer non-cyclicals contributed positively to relative returns while an overweight to real estate investment trusts (“REITS”) and security selection in transportation and communications detracted.

J.P. Morgan Investment Management, Inc.

Stock selection in the technology and industrial cyclical sectors contributed to results while stock selection in the insurance and pharma/medtech sectors detracted from returns.

On the positive side, within financials, our overweight in PayPal Holdings, Inc. (“PayPal”) buoyed returns. PayPal outperformed on accelerating ecommerce adoption due to COVID-19. While PayPal is not immune to a slowdown, it provided relatively less volatility amid COVID-19 concerns given limited exposure to travel and nearly 100% ecommerce exposure. Data points indicate that multiple years of typical ecommerce adoption were condensed into April and May, and daily net new active customer growth is at record highs. Additionally, within technology, our underweight in Intel Corp. helped results. Shares of Intel Corp. underperformed as the company lowered its guidance for the third quarter of 2020 and announced a delay in its 7nm processors.

On the negative side, within technology, our overweight in Automatic Data Processing held back results as it reported much weaker fiscal fourth quarter 2020 bookings and a higher than expected expense outlook for fiscal year 2021. Additionally, within financials, our overweight in Citigroup, Inc. (“Citigroup”) hurt returns. Citigroup has been weighed down by fears over the pace of the economic recovery in the U.S. Fears of rising credit losses and lower interest rates have negatively affected the near-term earnings outlook for all banks. In addition, Citigroup acknowledged a regulatory review on issues surrounding risk and controls management in light of erroneous payments to creditors of Revlon.

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

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Doug Weih, CFA

Brian W. Westhoff, CFA

Sivakumar N. Rajan

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Tim Snyder, CFA

Raffaele Zingone, CFA

Steven G. Lee

Co-Portfolio Managers

JP Morgan Asset Management Inc.

Asset Allocation	Percentage of Net Assets
Common Stocks		58.0	%
Corporate Debt Securities		15.2
U.S. Government Obligations		9.6
U.S. Government Agency Obligations		8.2
Commercial Paper		6.0
Mortgage-Backed Securities		4.0
Asset-Backed Securities		3.0
Other Investment Company		1.4
Short-Term U.S. Government Obligations		0.8
Foreign Government Obligations		0.6
Municipal Government Obligations		0.3
Preferred Stock		0.0	*
Net Other Assets (Liabilities) ^		(7.1	)
Total		100.0	%

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

*	Percentage rounds to less than 0.1% or (0.1)%.
^	The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2020

Page    8

Transamerica Balanced II

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		10.01	%		N/A			8.67	%		09/15/2017
Class R (NAV)		9.43	%		8.19	%		8.87	%		07/05/1994
S&P 500® (A)		9.71	%		11.71	%		13.01	%
Bloomberg Barclays US Aggregate Bond Index (B)		6.19	%		4.08	%		3.55	%

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

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

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

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

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

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

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

Transamerica Funds Annual Report 2020

Page    9

Transamerica Balanced II

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 58.0%
Aerospace & Defense - 0.6%
General Dynamics Corp.		837		$  109,923
Northrop Grumman Corp.		904		261,997
Raytheon Technologies Corp.		5,651		306,963
				678,883
Air Freight & Logistics - 0.3%
FedEx Corp.		1,323		343,279
Airlines - 0.2%
Delta Air Lines, Inc.		2,401		73,567
Southwest Airlines Co.		3,114		123,096
				196,663
Auto Components - 0.1%
Magna International, Inc.		2,282		116,633
Automobiles - 0.1%
General Motors Co.		4,413		152,381
Banks - 1.8%
Bank of America Corp.		13,314		315,542
Citigroup, Inc.		15,028		622,460
Citizens Financial Group, Inc.		5,481		149,357
KeyCorp		18,768		243,609
Regions Financial Corp.		14,481		192,597
Truist Financial Corp.		2,540		106,985
US Bancorp		4,429		172,509
Wells Fargo & Co.		15,218		326,426
				2,129,485
Beverages - 0.7%
Coca-Cola Co.		10,889		523,325
Constellation Brands, Inc., Class A		1,912		315,920
				839,245
Biotechnology - 1.5%
AbbVie, Inc.		8,755		745,051
Alexion Pharmaceuticals, Inc. (A)		2,305		265,398
Amgen, Inc.		466		101,094
Biogen, Inc. (A)		685		172,668
Regeneron Pharmaceuticals, Inc. (A)		461		250,581
Vertex Pharmaceuticals, Inc. (A)		1,143		238,155
				1,772,947
Building Products - 0.5%
Carrier Global Corp.		3,178		106,113
Masco Corp.		4,328		231,981
Trane Technologies PLC		1,951		258,995
				597,089
Capital Markets - 1.8%
BlackRock, Inc.		429		257,061
Goldman Sachs Group, Inc.		1,117		211,158
Intercontinental Exchange, Inc.		3,251		306,894
MarketAxess Holdings, Inc.		192		103,459
Morgan Stanley		10,981		528,735
MSCI, Inc.		277		96,906
S&P Global, Inc.		1,287		415,353
State Street Corp.		2,699		158,971
T. Rowe Price Group, Inc.		513		64,977
				2,143,514
Chemicals - 1.0%
Air Products & Chemicals, Inc.		549		151,656
Celanese Corp.		1,289		146,314

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Dow, Inc.		3,350		$   152,392
DuPont de Nemours, Inc.		2,627		149,424
Eastman Chemical Co.		3,737		302,099
Linde PLC		954		210,204
LyondellBasell Industries NV, Class A		1,266		86,658
				1,198,747
Commercial Services & Supplies - 0.1%
Cintas Corp.		266		83,670
Communications Equipment - 0.2%
Cisco Systems, Inc.		5,579		200,286
Motorola Solutions, Inc.		247		39,041
				239,327
Consumer Finance - 0.2%
Capital One Financial Corp.		3,892		284,427
Containers & Packaging - 0.4%
Avery Dennison Corp.		1,247		172,572
Crown Holdings, Inc. (A)		1,820		156,156
Packaging Corp. of America		495		56,673
WestRock Co.		2,594		97,405
				482,806
Diversified Consumer Services - 0.0% (B)
H&R Block, Inc. (C)		993		17,139
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B (A)		5,490		1,108,431
Voya Financial, Inc.		933		44,719
				1,153,150
Diversified Telecommunication Services - 0.6%
Verizon Communications, Inc.		13,151		749,475
Electric Utilities - 1.1%
Entergy Corp.		2,365		239,385
Exelon Corp.		2,100		83,769
FirstEnergy Corp.		1,432		42,559
NextEra Energy, Inc.		10,628		778,076
Xcel Energy, Inc.		2,866		200,706
				1,344,495
Electrical Equipment - 0.5%
Eaton Corp. PLC		4,412		457,922
Emerson Electric Co.		2,661		172,406
				630,328
Electronic Equipment, Instruments & Components - 0.1%
TE Connectivity, Ltd.		1,238		119,937
Entertainment - 0.8%
Electronic Arts, Inc. (A)		821		98,380
Netflix, Inc. (A)		1,717		816,846
				915,226
Equity Real Estate Investment Trusts - 1.1%
Camden Property Trust		1,794		165,479
Equinix, Inc.		501		366,351
Equity Lifestyle Properties, Inc.		1,041		61,617
Mid-America Apartment Communities, Inc.		1,113		129,809
Prologis, Inc.		3,756		372,595
Realty Income Corp.		534		30,897
Sun Communities, Inc.		342		47,069
UDR, Inc.		741		23,149

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

Transamerica Funds Annual Report 2020

Page    10

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Ventas, Inc.		1,967		$   77,638
				1,274,604
Food & Staples Retailing - 0.3%
Costco Wholesale Corp.		789		282,162
Kroger Co.		3,531		113,734
				395,896
Food Products - 0.4%
Conagra Brands, Inc.		1,248		43,792
Mondelez International, Inc., Class A		8,705		462,410
				506,202
Health Care Equipment & Supplies - 1.9%
Abbott Laboratories		983		103,323
ABIOMED, Inc. (A)		113		28,462
Baxter International, Inc.		4,192		325,173
Becton Dickinson & Co.		946		218,649
Boston Scientific Corp. (A)		6,224		213,297
DexCom, Inc. (A)		237		75,741
Edwards Lifesciences Corp. (A)		923		66,170
Intuitive Surgical, Inc. (A)		200		133,416
Medtronic PLC		6,014		604,828
Zimmer Biomet Holdings, Inc.		3,184		420,606
				2,189,665
Health Care Providers & Services - 1.7%
Anthem, Inc.		888		242,246
Centene Corp. (A)		816		48,226
Cigna Corp.		2,165		361,490
McKesson Corp.		2,665		393,061
UnitedHealth Group, Inc.		2,993		913,284
				1,958,307
Hotels, Restaurants & Leisure - 0.3%
Hilton Worldwide Holdings, Inc.		1,917		168,332
Yum! Brands, Inc.		2,557		238,645
				406,977
Household Durables - 0.2%
Lennar Corp., Class A		3,758		263,924
Household Products - 1.1%
Kimberly-Clark Corp.		2,639		349,905
Procter & Gamble Co.		7,276		997,540
				1,347,445
Industrial Conglomerates - 0.6%
Honeywell International, Inc.		4,381		722,646
Insurance - 1.1%
Allstate Corp.		3,864		342,930
American International Group, Inc.		2,192		69,026
Chubb, Ltd.		1,686		219,028
Hartford Financial Services Group, Inc.		2,649		102,039
Marsh & McLennan Cos., Inc.		1,158		119,807
MetLife, Inc.		803		30,394
Progressive Corp.		4,069		373,941
				1,257,165
Interactive Media & Services - 3.6%
Alphabet, Inc., Class A (A)		962		1,554,698
Alphabet, Inc., Class C (A)		770		1,248,178
Facebook, Inc., Class A (A)		5,657		1,488,413
				4,291,289

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 3.3%
Amazon.com, Inc. (A)		1,187		$   3,603,910
Booking Holdings, Inc. (A)		173		280,693
				3,884,603
IT Services - 3.4%
Accenture PLC, Class A		3,079		667,866
Booz Allen Hamilton Holding Corp.		1,397		109,665
FleetCor Technologies, Inc. (A)		218		48,158
International Business Machines Corp.		3,341		373,056
Leidos Holdings, Inc.		2,941		244,103
Mastercard, Inc., Class A		3,857		1,113,284
PayPal Holdings, Inc. (A)		4,361		811,713
Visa, Inc., Class A		3,314		602,187
				3,970,032
Life Sciences Tools & Services - 1.0%
Illumina, Inc. (A)		578		169,180
Thermo Fisher Scientific, Inc.		1,948		921,638
Waters Corp. (A)		174		38,771
				1,129,589
Machinery - 1.1%
Cummins, Inc.		1,246		273,983
Deere & Co.		935		211,226
Parker-Hannifin Corp.		1,684		350,878
Snap-on, Inc.		730		114,997
Stanley Black & Decker, Inc.		2,305		383,091
				1,334,175
Media - 1.4%
Altice USA, Inc., Class A (A)		2,641		71,175
Charter Communications, Inc., Class A (A)		1,038		626,765
Comcast Corp., Class A		16,143		681,880
Discovery, Inc., Class A (A) (C)		5,392		109,134
Discovery, Inc., Class C (A)		7,756		142,090
				1,631,044
Metals & Mining - 0.1%
Newmont Corp.		2,000		125,680
Multi-Utilities - 0.7%
Ameren Corp.		1,462		118,597
CMS Energy Corp.		2,821		178,654
DTE Energy Co.		1,487		183,526
Public Service Enterprise Group, Inc.		4,444		258,419
Sempra Energy		751		94,145
				833,341
Multiline Retail - 0.5%
Dollar Tree, Inc. (A)		1,765		159,415
Target Corp.		2,820		429,260
				588,675
Oil, Gas & Consumable Fuels - 1.2%
Cabot Oil & Gas Corp.		1,201		21,366
Cheniere Energy, Inc. (A)		1,533		73,385
Chevron Corp.		6,200		430,900
ConocoPhillips		3,214		91,985
Diamondback Energy, Inc.		2,168		56,281
EOG Resources, Inc.		5,872		201,057
Kinder Morgan, Inc.		5,521		65,700
Phillips 66		3,079		143,666
Pioneer Natural Resources Co.		2,729		217,119

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

Transamerica Funds Annual Report 2020

Page    11

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc.		3,055		$   58,625
				1,360,084
Personal Products - 0.2%
Estee Lauder Cos., Inc., Class A		794		174,410
Pharmaceuticals - 2.2%
Bristol-Myers Squibb Co.		11,708		684,332
Eli Lilly & Co.		3,865		504,228
Johnson & Johnson		4,036		553,376
Merck & Co., Inc.		10,527		791,736
Pfizer, Inc.		3,233		114,707
				2,648,379
Professional Services - 0.1%
Verisk Analytics, Inc.		408		72,612
Road & Rail - 0.7%
CSX Corp.		3,559		280,947
Lyft, Inc., Class A (A)		1,153		26,323
Norfolk Southern Corp.		2,633		550,613
				857,883
Semiconductors & Semiconductor Equipment - 3.3%
Advanced Micro Devices, Inc. (A)		4,641		349,421
Analog Devices, Inc.		3,859		457,407
Applied Materials, Inc.		6,711		397,493
Intel Corp.		3,197		141,563
Lam Research Corp.		851		291,110
Microchip Technology, Inc.		1,217		127,883
Micron Technology, Inc. (A)		4,077		205,236
NVIDIA Corp.		1,287		645,250
NXP Semiconductors NV		2,511		339,286
Qorvo, Inc. (A)		1,452		184,927
QUALCOMM, Inc.		1,009		124,470
Texas Instruments, Inc.		4,791		692,731
				3,956,777
Software - 5.1%
Fortinet, Inc. (A)		360		39,733
Intuit, Inc.		1,611		506,950
Microsoft Corp.		22,542		4,564,079
salesforce.com, Inc. (A)		3,452		801,796
Workday, Inc., Class A (A)		768		161,372
				6,073,930
Specialty Retail - 2.1%
AutoZone, Inc. (A)		330		372,563
Best Buy Co., Inc.		3,894		434,376
Home Depot, Inc.		2,732		728,652
Lowe’s Cos., Inc.		4,570		722,517
TJX Cos., Inc.		5,385		273,558
				2,531,666
Technology Hardware, Storage & Peripherals - 4.1%
Apple, Inc.		42,971		4,677,823
Seagate Technology PLC		3,924		187,646
				4,865,469
Textiles, Apparel & Luxury Goods - 0.6%
Carter’s, Inc.		1,886		153,614
NIKE, Inc., Class B		4,359		523,429
				677,043

	Shares		Value
COMMON STOCKS (continued)
Tobacco - 0.7%
Altria Group, Inc.		10,166		$   366,789
Philip Morris International, Inc.		6,638		471,431
				838,220
Wireless Telecommunication Services - 0.3%
T-Mobile US, Inc. (A)		3,710		406,505
Total Common Stocks (Cost $52,812,676)				68,763,083
PREFERRED STOCK - 0.0% (B)
Electric Utilities - 0.0% (B)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (D)		320		7,072
Total Preferred Stock (Cost $8,784)				7,072
	Principal		Value
ASSET-BACKED SECURITIES - 3.0%
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 1.15% (D), 07/18/2027 (E)		$  232,017		229,745
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (E)		35,426		35,966
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (E)		33,240		33,265
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 1.43% (D), 10/18/2030 (E)		250,000		248,299
JGWPT XXVI LLC Series 2012-2A, Class A, 3.84%, 10/15/2059 (E)		139,154		156,325
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (E)		140,904		152,000
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (E)		55,577		56,930
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (E)		19,625		19,666
Series 2016-1A, Class A,
2.25%, 12/20/2033 (E)		21,438		21,485
New Residential Advance Receivables Trust Series 2020-T1, Class AT1, 1.43%, 08/15/2053 (E)		200,000		200,190
NRZ Advance Receivables Trust Series 2020-T2, Class AT2, 1.48%, 09/15/2053 (E)		455,000		455,760
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 1.41% (D), 01/20/2031 (E)		200,000		197,634

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

Transamerica Funds Annual Report 2020

Page    12

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ocwen Master Advance Receivables Trust Series 2020-T1, Class AT1, 1.28%, 08/15/2052 (E)		$   118,000		$   118,375
Orange Lake Timeshare Trust
Series 2016-A, Class A,
2.61%, 03/08/2029 (E)		78,366		78,925
Series 2019-A, Class A,
3.06%, 04/09/2038 (E)		118,746		121,983
Palmer Square CLO, Ltd. Series 2015-2A, Class A1R2, 3-Month LIBOR + 1.10%, 1.32% (D), 07/20/2030 (E)		250,000		246,669
Sierra Timeshare Receivables Funding LLC Series 2016-2A, Class A, 2.33%, 07/20/2033 (E)		12,701		12,755
SolarCity LMC LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (E)		113,124		114,078
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (D), 03/25/2054 (E)		22,709		22,828
Series 2015-5, Class A1B,
2.75% (D), 05/25/2055 (E)		29,987		30,237
Series 2016-1, Class A1B,
2.75% (D), 02/25/2055 (E)		31,488		31,936
Series 2017-1, Class A1,
2.75% (D), 10/25/2056 (E)		80,578		82,589
Series 2017-3, Class A1,
2.75% (D), 07/25/2057 (E)		46,519		47,864
Series 2018-1, Class A1,
3.00% (D), 01/25/2058 (E)		105,094		109,673
Series 2018-3, Class A1,
3.75% (D), 05/25/2058 (E)		170,590		181,789
Series 2018-4, Class A1,
3.00% (D), 06/25/2058 (E)		97,001		103,490
Series 2020-4, Class A1,
1.75%, 10/25/2060 (E)		213,000		216,848
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (E)		145,000		148,790
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (E)		22,561		22,690
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (E)		56,421		57,084
Total Asset-Backed Securities (Cost $3,503,906)				3,555,868
CORPORATE DEBT SECURITIES - 15.2%
Aerospace & Defense - 0.3%
BAE Systems PLC 3.40%, 04/15/2030 (E)		41,000		45,607
Boeing Co.
3.50%, 03/01/2039		91,000		82,413
5.15%, 05/01/2030		85,000		93,936
Huntington Ingalls Industries, Inc. 3.84%, 05/01/2025 (E)		36,000		39,612

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Aerospace & Defense (continued)
L3 Harris Technologies, Inc. 2.90%, 12/15/2029		$   49,000		$   53,477
				315,045
Airlines - 0.3%
American Airlines Pass-Through Trust 3.20%, 12/15/2029		52,568		48,453
Delta Air Lines Pass-Through Trust 6.82%, 02/10/2024		106,656		108,244
JetBlue Pass-Through Trust 2.75%, 11/15/2033		85,939		83,709
United Airlines Pass-Through Trust 3.75%, 03/03/2028		110,588		106,933
				347,339
Auto Components - 0.0% (B)
BorgWarner, Inc. 3.38%, 03/15/2025 (C)		36,000		39,249
Automobiles - 0.1%
Ford Motor Co. 4.35%, 12/08/2026 (C)		63,000		63,460
General Motors Co.
4.88%, 10/02/2023		23,000		25,100
6.25%, 10/02/2043		15,000		18,451
				107,011
Banks - 2.4%
Bank of America Corp.
Fixed until 02/13/2030, 2.50% (D), 02/13/2031, MTN		248,000		256,681
Fixed until 06/19/2040, 2.68% (D), 06/19/2041, MTN		71,000		71,684
Fixed until 12/20/2027, 3.42% (D), 12/20/2028		63,000		69,988
Barclays Bank PLC 10.18%, 06/12/2021 (E)		147,000		154,796
CIT Group, Inc. 4.13%, 03/09/2021		10,000		10,062
Citigroup, Inc. Fixed until 10/27/2027, 3.52% (D), 10/27/2028		219,000		243,324
Commerzbank AG 8.13%, 09/19/2023 (E)		255,000		292,717
Credit Agricole SA 3.25%, 01/14/2030 (E)		250,000		266,945
Discover Bank 3.45%, 07/27/2026		250,000		274,560
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (E)		65,000		68,598
JPMorgan Chase & Co.
Fixed until 05/13/2030, 2.96% (D), 05/13/2031		166,000		176,781
Fixed until 04/22/2040, 3.11% (D), 04/22/2041		97,000		103,856
4.13%, 12/15/2026		85,000		98,497
Macquarie Bank, Ltd. 3.62%, 06/03/2030 (E)		231,000		242,814
Santander UK Group Holdings PLC 5.63%, 09/15/2045 (E)		201,000		253,796

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

Transamerica Funds Annual Report 2020

Page    13

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		$   167,000		$   188,898
Fixed until 06/15/2024 (F), 5.90% (D)		40,000		40,349
				2,814,346
Beverages - 0.3%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/2025		37,000		41,968
4.44%, 10/06/2048		57,000		66,279
4.75%, 01/23/2029		78,000		94,460
Constellation Brands, Inc.
3.15%, 08/01/2029		40,000		43,811
3.70%, 12/06/2026		16,000		18,233
Keurig Dr. Pepper, Inc. 3.20%, 05/01/2030		56,000		62,462
				327,213
Biotechnology - 0.2%
AbbVie, Inc.
3.20%, 05/14/2026		47,000		51,909
4.05%, 11/21/2039 (E)		40,000		45,870
Amgen, Inc. 2.20%, 02/21/2027		65,000		68,285
Biogen, Inc. 2.25%, 05/01/2030		42,000		42,323
Gilead Sciences, Inc. 4.15%, 03/01/2047		24,000		28,397
				236,784
Building Products - 0.1%
Carrier Global Corp. 2.72%, 02/15/2030 (E)		74,000		77,235
Capital Markets - 0.8%
Goldman Sachs Group, Inc. 6.75%, 10/01/2037		85,000		123,842
Intercontinental Exchange, Inc. 1.85%, 09/15/2032		100,000		99,189
Lazard Group LLC 4.50%, 09/19/2028		94,000		108,401
Morgan Stanley
Fixed until 01/22/2030, 2.70% (D), 01/22/2031, MTN		81,000		86,327
3.70%, 10/23/2024, MTN		127,000		141,134
5.00%, 11/24/2025		60,000		70,721
UBS AG 7.63%, 08/17/2022		250,000		278,403
				908,017
Chemicals - 0.1%
Nutrition & Biosciences, Inc. 2.30%, 11/01/2030 (E)		74,000		74,416
Commercial Services & Supplies - 0.3%
Ashtead Capital, Inc. 4.25%, 11/01/2029 (E)		200,000		213,450
ERAC USA Finance LLC 3.85%, 11/15/2024 (E)		111,000		121,869
Waste Connections, Inc. 2.60%, 02/01/2030		57,000		60,681
				396,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Communications Equipment - 0.1%
Nokia OYJ 3.38%, 06/12/2022		$   92,000		$   93,955
Construction & Engineering - 0.5%
Quanta Services, Inc. 2.90%, 10/01/2030		56,000		58,449
SBA Tower Trust
1.88%, 07/15/2050 (E)		56,000		57,739
2.84%, 01/15/2050 (E)		300,000		317,843
3.17%, 04/09/2047 (E)		110,000		111,261
3.45%, 03/15/2048 (E)		78,000		83,056
				628,348
Construction Materials - 0.2%
LafargeHolcim Finance LLC 4.75%, 09/22/2046 (E)		200,000		236,480
Consumer Finance - 0.2%
Ally Financial, Inc. 3.88%, 05/21/2024		52,000		55,923
American Express Co. 4.05%, 12/03/2042		40,000		49,714
BMW US Capital LLC 2.80%, 04/11/2026 (E)		65,000		69,982
				175,619
Diversified Consumer Services - 0.0% (B)
President & Fellows of Harvard College 3.62%, 10/01/2037		13,000		15,207
Diversified Financial Services - 0.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.50%, 09/15/2023		186,000		193,162
Aviation Capital Group LLC 5.50%, 12/15/2024 (E)		147,000		153,056
Element Fleet Management Corp. 3.85%, 06/15/2025 (E)		56,000		59,576
Kaupthing Bank 7.63%, 02/28/2020 (E) (G) (H) (I)  (J)		710,000		0
				405,794
Diversified Telecommunication Services - 0.5%
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		74,000		76,035
Level 3 Financing, Inc. 3.40%, 03/01/2027 (E)		60,000		64,186
Sprint Capital Corp. 6.88%, 11/15/2028		24,000		30,360
Verizon Communications, Inc.
1.68%, 10/30/2030 (C) (E)		221,000		218,348
2.99%, 10/30/2056 (E)		213,000		215,744
				604,673
Electric Utilities - 0.7%
Appalachian Power Co. 3.40%, 06/01/2025		86,000		94,164
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		34,000		42,347
DTE Electric Co. 4.30%, 07/01/2044		139,000		171,337
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		176,000		198,235

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

Transamerica Funds Annual Report 2020

Page    14

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Duke Energy Progress LLC 3.60%, 09/15/2047		$   64,000		$   73,414
Entergy Arkansas LLC 3.70%, 06/01/2024		48,000		52,603
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		8,000		8,379
5.30%, 06/01/2042 (C)		20,000		27,898
Pacific Gas & Electric Co. 2.50%, 02/01/2031		69,000		65,237
PacifiCorp
3.60%, 04/01/2024		61,000		66,637
5.75%, 04/01/2037		20,000		27,723
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		49,000		53,688
				881,662
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp. 2.80%, 02/15/2030		63,000		68,773
Arrow Electronics, Inc. 3.88%, 01/12/2028		83,000		92,310
Keysight Technologies, Inc. 4.60%, 04/06/2027		86,000		100,229
				261,312
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (E)		90,000		96,244
Schlumberger Investment SA 3.65%, 12/01/2023		26,000		27,973
				124,217
Equity Real Estate Investment Trusts - 0.7%
Agree, LP 2.90%, 10/01/2030		35,000		35,990
American Tower Trust #1 3.65%, 03/15/2048 (E)		120,000		131,978
Corporate Office Properties, LP 2.25%, 03/15/2026		35,000		35,413
CyrusOne, LP / CyrusOne Finance Corp. 2.90%, 11/15/2024		61,000		64,722
Equinix, Inc. 5.38%, 05/15/2027		64,000		69,770
Federal Realty Investment Trust 1.25%, 02/15/2026		65,000		64,819
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		53,000		56,524
Healthpeak Properties, Inc. 3.50%, 07/15/2029		46,000		51,018
Highwoods Realty, LP 3.05%, 02/15/2030		68,000		69,998
Life Storage, LP 4.00%, 06/15/2029		47,000		53,246
Mid-America Apartments, LP 1.70%, 02/15/2031		43,000		41,686
National Retail Properties, Inc. 2.50%, 04/15/2030		70,000		69,371
Realty Income Corp. 3.25%, 01/15/2031		31,000		33,909

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Weyerhaeuser Co. 4.00%, 04/15/2030		$   69,000		$   80,068
WP Carey, Inc. 2.40%, 02/01/2031		28,000		27,643
				886,155
Food & Staples Retailing - 0.2%
Sysco Corp. 3.30%, 07/15/2026		64,000		69,787
Walmart, Inc. 3.63%, 12/15/2047		107,000		130,502
				200,289
Food Products - 0.1%
Campbell Soup Co. 2.38%, 04/24/2030		90,000		92,904
Health Care Equipment & Supplies - 0.5%
Abbott Laboratories 1.40%, 06/30/2030		35,000		34,918
Alcon Finance Corp. 2.75%, 09/23/2026 (E)		200,000		216,686
Boston Scientific Corp. 4.70%, 03/01/2049		66,000		85,408
Danaher Corp. 2.60%, 10/01/2050		69,000		68,616
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030		69,000		74,823
Smith & Nephew PLC 2.03%, 10/14/2030		71,000		70,631
				551,082
Health Care Providers & Services - 0.6%
Anthem, Inc. 2.25%, 05/15/2030		61,000		62,687
Centene Corp.
3.00%, 10/15/2030		80,000		83,076
3.38%, 02/15/2030		60,000		62,325
Cigna Corp. 2.40%, 03/15/2030		61,000		63,280
CVS Health Corp.
2.70%, 08/21/2040		50,000		47,735
3.75%, 04/01/2030		86,000		97,512
HCA, Inc.
4.13%, 06/15/2029		28,000		31,775
5.25%, 04/15/2025		16,000		18,532
Health Care Service Corp. 2.20%, 06/01/2030 (E)		75,000		76,641
Quest Diagnostics, Inc. 4.20%, 06/30/2029		92,000		108,391
UnitedHealth Group, Inc. 2.00%, 05/15/2030		56,000		58,274
				710,228
Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		74,000		78,422
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc. 3.75%, 12/01/2027		72,000		80,937

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

Transamerica Funds Annual Report 2020

Page    15

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Industrial Conglomerates (continued)
General Electric Co. 6.88%, 01/10/2039, MTN		$   16,000		$   21,188
				102,125
Insurance - 0.5%
American International Group, Inc.
4.20%, 04/01/2028		56,000		65,195
4.25%, 03/15/2029		46,000		54,318
CNA Financial Corp. 3.90%, 05/01/2029		52,000		59,056
Markel Corp. 3.35%, 09/17/2029		101,000		110,876
Pacific LifeCorp 3.35%, 09/15/2050 (E)		40,000		40,935
Prudential Financial, Inc. Fixed until 07/01/2030, 3.70% (D), 10/01/2050		111,000		113,497
Reinsurance Group of America, Inc. 3.90%, 05/15/2029		143,000		162,761
				606,638
Interactive Media & Services - 0.3%
Alphabet, Inc. 1.10%, 08/15/2030		76,000		74,253
Baidu, Inc. 4.38%, 05/14/2024		200,000		219,272
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (E)		97,000		103,088
				396,613
Internet & Direct Marketing Retail - 0.1%
Expedia Group, Inc. 3.80%, 02/15/2028		65,000		65,334
IT Services - 0.1%
Fidelity National Information Services, Inc. 3.75%, 05/21/2029 (C)		34,000		39,180
Fiserv, Inc. 3.50%, 07/01/2029		63,000		70,723
				109,903
Life Sciences Tools & Services - 0.0% (B)
Thermo Fisher Scientific, Inc. 5.30%, 02/01/2044		36,000		50,612
Machinery - 0.0% (B)
Xylem, Inc. 1.95%, 01/30/2028		45,000		46,497
Media - 0.2%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		44,000		50,125
Clear Channel Worldwide Holdings, Inc. 5.13%, 08/15/2027 (E)		35,000		33,950
NBCUniversal Media LLC 4.45%, 01/15/2043		38,000		48,013
ViacomCBS, Inc. 4.20%, 05/19/2032		44,000		50,623
				182,711
Metals & Mining - 0.2%
Anglo American Capital PLC 4.00%, 09/11/2027 (E)		200,000		221,175

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		$   45,000		$   46,485
				267,660
Multi-Utilities - 0.1%
Black Hills Corp. 4.25%, 11/30/2023		71,000		77,549
CMS Energy Corp.
3.88%, 03/01/2024		17,000		18,512
4.88%, 03/01/2044		26,000		33,484
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		6,000		6,266
				135,811
Oil, Gas & Consumable Fuels - 0.9%
Boardwalk Pipelines, LP 3.40%, 02/15/2031		46,000		44,236
BP Capital Markets PLC 3.12%, 05/04/2026 (C)		174,000		189,131
CNOOC Petroleum North America ULC 5.88%, 03/10/2035		10,000		13,863
Energy Transfer Operating, LP
5.15%, 03/15/2045		133,000		123,653
5.95%, 10/01/2043		28,000		28,146
Enterprise Products Operating LLC 4.25%, 02/15/2048		104,000		111,618
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		52,000		56,449
Noble Energy, Inc. 3.25%, 10/15/2029		47,000		52,006
Occidental Petroleum Corp. 5.55%, 03/15/2026		62,000		53,940
Petroleos Mexicanos
6.84%, 01/23/2030		139,000		124,266
7.69%, 01/23/2050		17,000		14,126
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		52,000		49,863
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		41,000		44,513
Shell International Finance BV
2.50%, 09/12/2026		103,000		111,802
3.75%, 09/12/2046		30,000		32,962
Williams Cos., Inc.
5.40%, 03/04/2044		28,000		30,659
7.88%, 09/01/2021		26,000		27,551
				1,108,784
Pharmaceuticals - 0.5%
AstraZeneca PLC
2.38%, 06/12/2022		65,000		66,949
4.00%, 01/17/2029		25,000		29,843
4.38%, 08/17/2048		34,000		44,303
Bayer US Finance II LLC 4.38%, 12/15/2028 (E)		200,000		230,608
Bristol-Myers Squibb Co. 3.20%, 06/15/2026		38,000		42,537
Merck & Co., Inc. 3.40%, 03/07/2029		41,000		47,351

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

Transamerica Funds Annual Report 2020

Page    16

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Royalty Pharma PLC 2.20%, 09/02/2030 (E)		$   77,000		$   75,787
Upjohn, Inc. 2.30%, 06/22/2027 (E)		35,000		36,203
Zoetis, Inc. 2.00%, 05/15/2030		42,000		43,056
				616,637
Professional Services - 0.2%
Equifax, Inc. 2.60%, 12/01/2024		52,000		55,333
Experian Finance PLC 2.75%, 03/08/2030 (E)		200,000		214,884
				270,217
Road & Rail - 0.2%
Avolon Holdings Funding, Ltd.
4.38%, 05/01/2026 (E)		120,000		116,387
5.50%, 01/15/2026 (E)		47,000		48,008
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		13,000		13,665
3.75%, 04/01/2024		8,000		8,774
CSX Corp. 3.80%, 11/01/2046 - 04/15/2050		74,000		85,477
				272,311
Semiconductors & Semiconductor Equipment - 0.8%
Intel Corp. 2.88%, 05/11/2024		68,000		73,039
KLA Corp. 3.30%, 03/01/2050		56,000		58,820
Lam Research Corp.
1.90%, 06/15/2030		48,000		49,368
3.75%, 03/15/2026		70,000		80,377
Micron Technology, Inc. 2.50%, 04/24/2023		31,000		32,263
NVIDIA Corp. 2.85%, 04/01/2030		60,000		66,485
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.40%, 05/01/2030 (E)		75,000		82,371
QUALCOMM, Inc. 3.25%, 05/20/2027 - 05/20/2050		121,000		134,202
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (E)		50,000		52,250
TSMC Global, Ltd. 1.38%, 09/28/2030 (E)		200,000		195,485
Xilinx, Inc. 2.38%, 06/01/2030		64,000		65,306
				889,966
Software - 0.2%
Adobe, Inc. 2.15%, 02/01/2027		61,000		64,959
Infor, Inc. 1.75%, 07/15/2025 (E)		68,000		69,923
Intuit, Inc. 1.35%, 07/15/2027		49,000		49,351
Microsoft Corp. 3.30%, 02/06/2027		40,000		45,443
				229,676

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc.
2.65%, 05/11/2050		$   40,000		$   40,349
2.85%, 02/23/2023		83,000		87,416
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (E)		60,000		71,127
Hewlett Packard Enterprise Co. 4.45%, 10/02/2023		55,000		60,715
Seagate HDD Cayman 4.13%, 01/15/2031 (E)		12,000		12,933
Western Digital Corp. 4.75%, 02/15/2026		120,000		129,246
				401,786
Tobacco - 0.2%
Altria Group, Inc. 3.40%, 05/06/2030		55,000		59,759
BAT Capital Corp.
2.26%, 03/25/2028		128,000		127,618
4.91%, 04/02/2030		52,000		60,610
				247,987
Wireless Telecommunication Services - 0.4%
America Movil SAB de CV 3.13%, 07/16/2022		200,000		207,117
Crown Castle Towers LLC
3.22%, 05/15/2042 (E)		42,000		42,434
3.72%, 07/15/2043 (E)		105,000		110,085
Sprint Corp. 7.88%, 09/15/2023		42,000		47,880
T-Mobile USA, Inc. 3.88%, 04/15/2030 (E)		82,000		92,115
				499,631
Total Corporate Debt Securities (Cost $17,102,364)				18,089,901
FOREIGN GOVERNMENT OBLIGATIONS - 0.6%
Colombia - 0.2%
Colombia Government International Bond 4.50%, 01/28/2026 (C)		200,000		221,502
Indonesia - 0.2%
Indonesia Government International Bond 5.38%, 10/17/2023 (E)		200,000		225,196
Mexico - 0.1%
Mexico Government International Bond 3.75%, 01/11/2028		116,000		125,526
Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025		100,000		127,751
Total Foreign Government Obligations (Cost $648,413)				699,975
MORTGAGE-BACKED SECURITIES - 4.0%
Alternative Loan Trust Series 2007-22, Class 2A16, 6.50%, 09/25/2037		161,679		94,348
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (E)		140,000		139,698
Series 2012-TFT, Class C,
3.47% (D), 06/05/2030 (E)		315,000		178,008

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

Transamerica Funds Annual Report 2020

Page    17

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BBCMS Trust Series 2013-TYSN, Class B, 4.04%, 09/05/2032 (E)		$   245,000		$   241,909
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		24,209		25,933
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		65,000		70,345
Series 2015-GC27, Class B,
3.77%, 02/10/2048		157,700		164,441
Citigroup Mortgage Loan Trust, Inc.
Series 2015-A, Class A1,
3.50% (D), 06/25/2058 (E)		36,794		37,735
Series 2018-RP1, Class A1,
3.00% (D), 09/25/2064 (E)		68,953		72,712
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (D), 08/10/2050		120,000		131,272
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (E)		100,000		94,838
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (E)		310,000		330,291
Series 2016-GCT, Class C,
3.46% (D), 08/10/2029 (E)		100,000		100,339
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (E)		132,000		112,847
CSMC Trust Series 2014-4R, Class 21A1, 1-Month LIBOR + 0.33%, 0.81% (D), 12/27/2035 (E)		56,150		56,019
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class B, 3.45%, 12/10/2036 (E)		150,000		150,758
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 4.30% (D), 03/18/2035		30,020		28,985
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (D), 04/10/2031 (E)		285,000		281,785
Impac CMB Trust Series 2004-6, Class 1A1, 1-Month LIBOR + 0.80%, 0.95% (D), 10/25/2034		27,186		27,029
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.32% (D), 08/25/2037		108,200		90,281
Merrill Lynch Mortgage Investors Trust Series 2003-F, Class A1, 1-Month LIBOR + 0.64%, 0.79% (D), 10/25/2028		16,314		16,108
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (E)		360,000		358,937
Morgan Stanley Resecuritization Trust Series 2014-R3, Class 2A, 3.00% (D), 07/26/2048 (E)		62,108		62,101

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 1.55% (D), 08/15/2034 (E)		$   333,016		$   326,129
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (D), 12/25/2052 (E)		45,781		47,173
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (E)		23,242		24,958
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (E)		57,679		62,190
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (E)		42,401		45,291
Series 2016-3A, Class A1B,
3.25% (D), 09/25/2056 (E)		40,324		42,809
Series 2017-1A, Class A1,
4.00% (D), 02/25/2057 (E)		84,465		91,363
Series 2017-3A, Class A1,
4.00% (D), 04/25/2057 (E)		145,178		156,594
Series 2017-4A, Class A1,
4.00% (D), 05/25/2057 (E)		55,155		60,158
Series 2019-4A, Class A1B,
3.50% (D), 12/25/2058 (E)		188,987		200,125
Series 2019-5A, Class A1B,
3.50% (D), 08/25/2059 (E)		176,806		185,005
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (E)		195,000		202,321
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% (D), 01/11/2037 (E)		130,000		119,766
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 0.85% (D), 01/19/2034		47,878		46,622
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (E)		225,000		222,758
Total Mortgage-Backed Securities (Cost $4,866,848)				4,699,981
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
California - 0.2%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		15,000		24,932
State of California, General Obligation Unlimited
7.30%, 10/01/2039		50,000		80,804
7.60%, 11/01/2040		55,000		97,406
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		10,000		13,264
				216,406

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

Transamerica Funds Annual Report 2020

Page    18

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Georgia - 0.0% (B)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		$   10,000		$   14,410
New Jersey - 0.0% (B)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		14,000		22,941
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		15,000		17,953
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		15,000		23,183
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		10,000		13,634
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		20,000		25,798
				80,568
Total Municipal Government Obligations (Cost $282,357)				334,325
U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.2%
Federal Home Loan Mortgage Corp. 12-Month LIBOR + 1.90%, 3.90% (D), 02/01/2041		3,443		3,571
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
1.38%, 06/25/2030		245,000		248,350
2.89%, 06/25/2027		133,896		142,812
3.01%, 07/25/2025		188,000		206,862
3.06% (D), 07/25/2023 - 08/25/2024		455,000		490,679
Federal National Mortgage Association
3.33% (D), 10/25/2023		38,581		40,904
3.50%, 11/01/2028 - 01/01/2029		60,575		65,798
12-Month LIBOR + 1.75%, 3.75% (D), 03/01/2041		2,267		2,279
12-Month LIBOR + 1.82%, 3.82% (D), 03/01/2041		572		577
4.00%, 10/01/2025 - 07/01/2026		15,765		16,738
4.50%, 02/01/2025		1,988		2,107
5.00%, 04/01/2039 - 11/01/2039		100,962		116,568
5.50%, 09/01/2036 - 12/01/2041		185,695		218,694
6.00%, 05/01/2038 - 04/01/2040		99,321		116,627
6.50%, 05/01/2040		28,811		34,530
Government National Mortgage Association, Interest Only STRIPS 0.71% (D), 02/16/2053		129,684		4,837

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Uniform Mortgage-Backed Security
2.00%, TBA (K)		$   1,450,000		$   1,500,926
2.50%, TBA (K)		783,000		815,199
3.00%, TBA (K)		2,823,000		2,950,495
3.50%, TBA (K)		2,308,000		2,437,239
4.00%, TBA (K)		355,000		379,198
Total U.S. Government Agency Obligations (Cost $9,731,054)				9,794,990
U.S. GOVERNMENT OBLIGATIONS - 9.6%
U.S. Treasury - 8.3%
U.S. Treasury Bond
1.25%, 05/15/2050 (C)		102,000		92,661
2.00%, 02/15/2050 (C)		301,000		327,667
2.25%, 08/15/2046		95,000		108,782
2.50%, 02/15/2045 - 05/15/2046		355,000		424,891
2.75%, 08/15/2042 - 08/15/2047 (C)		481,500		601,377
2.75%, 11/15/2047		183,000		230,337
2.88%, 08/15/2045 (C)		166,000		211,929
2.88%, 05/15/2049		358,300		463,761
3.00%, 05/15/2042 (C)		139,000		179,652
3.00%, 08/15/2048		108,100		142,646
3.13%, 02/15/2042 - 05/15/2048		252,500		333,153
3.63%, 02/15/2044		683,300		972,074
4.50%, 02/15/2036 (C)		297,000		439,096
4.75%, 02/15/2037		165,000		253,733
5.25%, 02/15/2029		177,000		241,757
U.S. Treasury Note
0.25%, 08/31/2025		249,000		247,619
0.63%, 05/15/2030		366,000		358,852
0.63%, 08/15/2030 (C)		400,000		391,250
1.50%, 08/15/2026 - 02/15/2030		539,300		571,894
1.63%, 02/15/2026 - 08/15/2029 (C)		396,000		421,854
1.75%, 05/15/2023		204,000		212,096
1.88%, 11/30/2021 (C)		155,000		157,888
2.00%, 02/15/2025		461,000		493,990
2.13%, 06/30/2022 (C)		173,000		178,656
2.13%, 05/15/2025		339,000		366,199
2.25%, 11/15/2027		245,300		272,676
2.38%, 05/15/2029		65,000		73,671
2.63%, 12/15/2021		475,000		488,137
2.88%, 05/15/2028 - 08/15/2028		366,200		425,989
3.13%, 11/15/2028		126,500		150,273
				9,834,560
U.S. Treasury Inflation-Protected Securities - 1.3%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		89,329		107,694
2.50%, 01/15/2029		330,131		426,359
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		960,207		1,014,481
				1,548,534
Total U.S. Government Obligations (Cost $10,454,589)				11,383,094
COMMERCIAL PAPER - 6.0%
Banks - 2.2%
HSBC Bank PLC 0.20% (L), 01/07/2021		425,000		424,821

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

Transamerica Funds Annual Report 2020

Page    19

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
COMMERCIAL PAPER (continued)
Banks (continued)
Macquarie Bank, Ltd. 0.18% (L), 12/03/2020		$   325,000		$   324,944
Manhattan Asset Funding Co. LLC 0.16% (L), 12/01/2020		450,000		449,939
National Bank of Canada 0.17% (L), 01/04/2021		265,000		264,940
Skandinaviska Enskilda Banken AB 0.17% (L), 11/17/2020		250,000		249,988
Sumitomo Mitsui Brokerage Corp. 0.21% (L), 02/11/2021		400,000		399,787
Swedbank AB 0.17% (L), 11/03/2020		450,000		449,995
				2,564,414
Capital Markets - 0.3%
Cedar Springs Capital Co. LLC 0.20% (L), 01/05/2021		300,000		299,901
Diversified Financial Services - 3.3%
Anglesea Funding PLC 0.22% (L), 11/04/2020		450,000		449,992
Cancara Asset Securitisation LLC 0.21% (L), 12/03/2020		325,000		324,968
Crown Point Capital Co. 0.18% (L), 11/05/2020		360,000		359,993
Gotham Funding Corp. 0.17% (L), 11/10/2020		475,000		474,985
Jupiter Securitization Co. LLC 0.19% (L), 11/04/2020		324,000		323,995
Lexington Parker Capital Co. LLC 0.23% (L), 01/13/2021		363,000		362,860
Mont Blanc Capital Corp. 0.17% (L), 11/20/2020		450,000		449,960
Nieuw Amsterdam Receivables Corp. 0.16% (L), 01/14/2021		400,000		399,847
Ridgefield Funding Co. 0.20% (L), 11/17/2020		250,000		249,982

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Sheffield Receivable 0.15% (L), 11/02/2020		$   250,000		$   249,997
Victory Receivables Corp. 0.15% (L), 11/23/2020		325,000		324,971
				3,971,550
Equity Real Estate Investment Trusts - 0.2%
Simon Property Group, Inc. 0.20% (L), 11/03/2020		250,000		249,998
Total Commercial Paper (Cost $7,085,787)				7,085,863
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.8%
U.S. Treasury Bill
0.09% (L), 12/31/2020		125,000		124,981
0.10% (L), 11/05/2020		125,000		124,999
0.11% (L), 12/03/2020 - 12/10/2020		720,000		719,937
Total Short-Term U.S. Government Obligations (Cost $969,902)				969,917
	Shares		Value
OTHER INVESTMENT COMPANY - 1.4%
Securities Lending Collateral - 1.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (L)		1,643,348		1,643,348
Total Other Investment Company (Cost $1,643,348)				1,643,348
Total Investments (Cost $109,110,028)				127,027,417
Net Other Assets (Liabilities) - (7.1)%				(8,407,194	)
Net Assets - 100.0%				$  118,620,223

FUTURES CONTRACTS:
Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		4		12/18/2020	$	689,433	$	652,940	$	—	$	(36,493	)

INVESTMENT VALUATION:

Valuation Inputs ^(M)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (N)		Value
ASSETS
Investments
Common Stocks	$	68,763,083	$	—	$	—	$	68,763,083
Preferred Stock		7,072		—		—		7,072
Asset-Backed Securities		—		3,555,868		—		3,555,868

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

Transamerica Funds Annual Report 2020

Page    20

Transamerica Balanced II

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENT VALUATION (continued):

Valuation Inputs (continued) ^(M)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (N)		Value
Corporate Debt Securities	$	—		$	18,089,901	$	0	$	18,089,901
Foreign Government Obligations		—			699,975		—		699,975
Mortgage-Backed Securities		—			4,699,981		—		4,699,981
Municipal Government Obligations		—			334,325		—		334,325
U.S. Government Agency Obligations		—			9,794,990		—		9,794,990
U.S. Government Obligations		—			11,383,094		—		11,383,094
Commercial Paper		—			7,085,863		—		7,085,863
Short-Term U.S. Government Obligations		—			969,917		—		969,917
Other Investment Company		1,643,348			—		—		1,643,348
Total Investments	$	70,413,503		$	56,613,914	$	0	$	127,027,417
LIABILITIES
Other Financial Instruments
Futures Contracts (O)	$	(36,493	)	$	—	$	—	$	(36,493	)
Total Other Financial Instruments	$	(36,493	)	$	—	$	—	$	(36,493	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $3,555,990, collateralized by cash collateral of $1,643,348 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,985,851. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2020, the total value of 144A securities is $13,641,974, representing 11.5% of the Fund’s net assets.
(F)	Perpetual maturity. The date displayed is the next call date.
(G)	Rounds to less than $1 or $(1).
(H)	Security deemed worthless.
(I)	Security is Level 3 of the fair value hierarchy.
(J)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2020, the value of the security is $0, representing 0.00% of the Fund’s net assets.
(K)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(L)	Rates disclosed reflect the yields at October 31, 2020.
(M)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(N)	Level 3 securities were not considered significant to the Fund.
(O)	Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2020

Page    21

Transamerica Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2020 began with U.S. markets near all-time highs, though global trade tensions persisted, and manufacturing Purchasing Managers’ Indexes (“PMIs”) softened. It was risk on for markets as equities led the way in total and risk-adjusted returns, followed by high yield, then by investment grade. Treasuries retreated toward the end of 2019.

Worries around trade ceded to concerns over the COVID-19 outbreak early in 2020. Confidence dropped rapidly as the country grappled with a worsening outbreak that eventually led to widespread stay at home orders and the closure of nonessential businesses. Gross domestic product (“GDP”) and private investment contracted, and risk assets declined meaningfully. PMIs declined materially, and GDP eventually faced a historic decline. Equities led the way down with peak-to-trough losses of approximately one third, and high yield bonds posted double digit declines. U.S. Treasuries rallied aggressively as investors fled risk assets.

Markets rebounded in the second quarter, after aggressive monetary stimulus from the U.S. Federal Reserve (“Fed”) and fiscal stimulus from the Federal Government gave markets the confidence that the worst may be over. The damage to the U.S. economy was historic with second quarter GDP declining by over 31%. Economic activity and the employment market improved materially by the end of the fiscal year, albeit both were still lower than they had been at the end of 2019.

Nonfarm payroll gains were a bright spot in October 2020, coming in higher than expected. Both the labor force and employment grew over the month, which led to meaningfully higher headline employment and labor force participation rates. Consumer confidence slightly retreated as an upbeat reading on present conditions was overshadowed by more muted expectations. Headline personal income which was propped up by government unemployment benefits that largely expired in July, advanced nonetheless in September, and spending growth accelerated.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Bond (Class A) returned 4.03%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 6.19%.

STRATEGY REVIEW

Over the past year, the Fund remained overweight to spread-based assets relative to the benchmark, given the portfolio management team’s views on expected risk-adjusted returns of the assets. The Fund’s duration remained short relative to the benchmark, but the gap closed as duration was lengthened throughout the year. Because developed market government securities have continued to offer low yields and look likely to stay depressed near term given central bank policy and a limited inflationary backdrop, the Fund has remained overweight to excess carry offered in spread-based assets.

Portions of securitized credit tied to commercial real estate were negatively affected by changes to the economy due to COVID-19, and commercial mortgage-backed securities (“CMBS”) and other portions of the structured market detracted from returns in the period, though, in most cases, we continue to believe they offer attractive investment opportunities given their robust structural protections and an improving economic backdrop. Within investment grade corporate credit, financials were preferred over industrials due to strong capital positions and lower expected event risk. During the period, portfolio managers became more biased toward intermediate-dated credit given the steeper credit curves compared to short-dated corporate credit. High yield securities continued to offer attractive yield, however they detracted from returns during the period.

Positioning to spread-based assets in lieu of Treasuries detracted from returns given the significant volatility experienced early in 2020. Risk-based assets rallied during the second and third quarters, but not enough to offset losses during the first quarter. As such, carry contributed to relative returns but was offset by spread factors. Over the last 12 months, the portfolio’s shorter duration positioning relative to the benchmark also detracted from relative returns as rates fell across the curve.

At an asset class level, the portfolio’s allocation to longer duration Treasury securities compared to the benchmark’s Treasury holdings contributed positively to relative returns, as did the portfolio’s underweight allocation to agency residential mortgage-backed securities and overweight to investment grade corporate credit. These positives were offset by the portfolio’s allocation to shorter duration asset-backed securities, CMBS, non-agency residential mortgage-backed securities, and ex-index exposure to high yield corporate credit. Within corporate credit, capital goods, consumer non-cyclical and technology contributed positively to relative returns while transportation, REITs, energy and consumer cyclical detracted.

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

Bradley D. Doyle, CFA

Jeremy Mead, CFA

Doug Weih, CFA

Brian W. Westhoff, CFA

James K. Schaeffer, Jr.

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2020

Page    22

Transamerica Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		48.8	%
U.S. Government Obligations		15.5
Mortgage-Backed Securities		14.2
Asset-Backed Securities		13.5
U.S. Government Agency Obligations		4.7
Commercial Paper		3.5
Short-Term U.S. Government Obligations		1.2
Other Investment Company		1.0
Repurchase Agreement		0.9
Loan Assignments		0.8
Foreign Government Obligations		0.8
Municipal Government Obligation		0.1
Preferred Stock		0.1
Common Stock		0.1
Net Other Assets (Liabilities) ^		(5.2	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		8.03
Duration †		5.77
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		21.4	%
AAA		13.9
AA		4.5
A		12.1
BBB		31.1
BB		9.1
B		7.3
CCC and Below		0.5
Not Rated		5.3
Net Other Assets (Liabilities) ^		(5.2	)
Total		100.0	%

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

‡ Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

Transamerica Funds Annual Report 2020

Page    23

Transamerica Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(0.91	)%		3.17	%		4.04	%		06/29/1987
Class A (NAV)		4.03	%		4.18	%		4.55	%		06/29/1987
Bloomberg Barclays US Aggregate Bond Index (A)		6.19	%		4.08	%		3.55	%
Class C (POP)		2.31	%		3.52	%		3.83	%		11/11/2002
Class C (NAV)		3.31	%		3.52	%		3.83	%		11/11/2002
Class I (NAV)		4.46	%		4.57	%		4.89	%		11/30/2009
Class I2 (NAV)		4.52	%		4.66	%		4.97	%		11/08/2004
Class R6 (NAV)		4.41	%		4.64	%		4.11	%		05/29/2015

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

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

Transamerica Funds Annual Report 2020

Page    24

Transamerica Bond

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES - 13.5%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (A)		$  690,580		$  772,988
Avid Automobile Receivables Trust Series 2019-1, Class A, 2.62%, 02/15/2024 (A)		862,752		871,678
Battalion CLO XII, Ltd. Series 2018-12A, Class A1, 3-Month LIBOR + 1.07%, 1.35% (B), 05/17/2031 (A)		2,500,000		2,465,730
Benefit Street Partners CLO VII, Ltd. Series 2015-VIIA, Class A2R, 3-Month LIBOR + 1.20%, 1.42% (B), 07/18/2027 (A)		525,000		516,542
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (A)		203,698		206,804
BXG Receivables Note Trust
Series 2015-A, Class A,
2.88%, 05/02/2030 (A)		915,610		916,291
Series 2020-A, Class A,
1.55%, 02/28/2036 (A)		1,914,988		1,912,058
CARS-DB4, LP
Series 2020-1A, Class A1,
2.69%, 02/15/2050 (A)		1,169,070		1,200,923
Series 2020-1A, Class A4,
3.19%, 02/15/2050 (A)		6,010,000		6,138,215
CIFC Funding, Ltd.
Series 2013-2A, Class A1LR,
3-Month LIBOR + 1.21%, 1.43% (B), 10/18/2030 (A)		5,000,000		4,965,975
Series 2015-2A, Class BR2,
3-Month LIBOR + 1.50%, 1.74% (B), 04/15/2030 (A)		7,030,000		6,834,390
Countrywide Asset-Backed Certificates
Series 2002-S3, Class A5,
4.93% (B), 05/25/2032		6,731		6,630
Series 2006-6, Class 2A3,
1-Month LIBOR + 0.28%, 0.43% (B), 09/25/2036		336,556		335,875
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 02/20/2032 (A)		1,660,230		1,703,245
ExteNet LLC Series 2019-1A, Class A2, 3.20%, 07/26/2049 (A)		2,765,000		2,830,012
GSAA Home Equity Trust Series 2006-1, Class A3, 1-Month LIBOR + 0.33%, 0.48% (B), 01/25/2036		1,249,872		745,550
Hertz Vehicle Financing II, LP
Series 2017-2A, Class A,
3.29%, 10/25/2023 (A)		340,980		341,715
Series 2019-1A, Class B,
4.10%, 03/25/2023 (A)		1,506,000		1,501,313
Series 2019-3A, Class B,
3.03%, 12/26/2025 (A)		4,975,000		4,972,318
Hilton Grand Vacations Trust Series 2018-AA, Class C, 4.00%, 02/25/2032 (A)		1,043,946		1,077,032

	Principal		Value
ASSET-BACKED SECURITIES (continued)
HIN Timeshare Trust Series 2020-A, Class A, 1.39%, 10/09/2039 (A)		$   3,162,554		$   3,157,634
Jamestown CLO IV, Ltd. Series 2014-4A, Class A2R, 3-Month LIBOR + 1.35%, 1.59% (B), 07/15/2026 (A)		4,400,000		4,379,452
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048 (A)		547,984		578,525
JGWPT XXIII LLC Series 2011-1A, Class A, 4.70%, 10/15/2056 (A)		1,472,377		1,710,249
Lehman XS Trust Series 2005-8, Class 1A3, 1-Month LIBOR + 0.35%, 0.50% (B), 12/25/2035		1,117,271		1,167,190
Longfellow Place CLO, Ltd. Series 2013-1A, Class ARR, 3-Month LIBOR + 1.34%, 1.58% (B), 04/15/2029 (A)		6,925,628		6,876,788
Mountain View CLO, Ltd. Series 2014-1A, Class BRR, 3-Month LIBOR + 1.45%, 1.69% (B), 10/15/2026 (A)		2,000,000		1,974,820
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 (A)		1,552,102		1,560,242
MVW Owner Trust Series 2019-1A, Class A, 2.89%, 11/20/2036 (A)		2,846,841		2,922,498
NADG NNN Operating, LP Series 2019-1, Class A, 3.37%, 12/28/2049 (A)		5,427,292		5,557,594
New Residential Advance Receivables Trust
Series 2020-T1, Class AT1,
1.43%, 08/15/2053 (A)		10,800,000		10,810,261
Series 2020-T1, Class BT1,
1.82%, 08/15/2053 (A)		2,400,000		2,408,619
Series 2020-T1, Class DT1,
3.01%, 08/15/2053 (A)		3,390,000		3,403,645
NRZ Advance Receivables Trust
Series 2020-T2, Class AT2,
1.48%, 09/15/2053 (A)		25,800,000		25,843,083
Series 2020-T2, Class CT2,
2.17%, 09/15/2053 (A)		1,200,000		1,201,646
Series 2020-T3, Class AT3,
1.32%, 10/15/2052 (A)		10,360,000		10,369,279
Series 2020-T3, Class BT3,
1.57%, 10/15/2052 (A)		300,000		300,267
Series 2020-T3, Class CT3,
1.81%, 10/15/2052 (A)		1,500,000		1,501,615
Series 2020-T3, Class DT3,
2.46%, 10/15/2052 (A)		1,200,000		1,201,726
Ocwen Master Advance Receivables Trust
Series 2020-T1, Class AT1,
1.28%, 08/15/2052 (A)		10,116,000		10,148,132
Series 2020-T1, Class BT1,
1.77%, 08/15/2052 (A)		1,426,000		1,430,448

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

Transamerica Funds Annual Report 2020

Page    25

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ocwen Master Advance Receivables Trust (continued)
Series 2020-T1, Class CT1,
2.32%, 08/15/2052 (A)		$   591,000		$   592,909
Series 2020-T1, Class DT1,
3.06%, 08/15/2052 (A)		1,386,000		1,390,307
Orange Lake Timeshare Trust
Series 2016-A, Class A,
2.61%, 03/08/2029 (A)		451,199		454,417
Series 2018-A, Class C,
3.74%, 11/08/2030 (A)		894,685		896,773
Series 2019-A, Class A,
3.06%, 04/09/2038 (A)		624,977		642,014
Series 2019-A, Class C,
3.61%, 04/09/2038 (A)		624,973		616,098
OZLM Funding IV, Ltd. Series 2013-4A, Class A2R, 3-Month LIBOR + 1.70%, 1.92% (B), 10/22/2030 (A)		3,750,000		3,637,616
Sierra Timeshare Receivables Funding LLC
Series 2018-3A, Class A,
3.69%, 09/20/2035 (A)		1,171,409		1,213,426
Series 2018-3A, Class D,
5.20%, 09/20/2035 (A)		1,259,818		1,253,053
Series 2019-1A, Class B,
3.42%, 01/20/2036 (A)		909,872		929,204
Series 2019-2A, Class A,
2.59%, 05/20/2036 (A)		1,280,731		1,314,308
Series 2019-2A, Class D,
4.54%, 05/20/2036 (A)		1,299,447		1,278,988
Series 2020-2A, Class A,
1.33%, 07/20/2037 (A)		667,121		669,915
Series 2020-2A, Class B,
2.32%, 07/20/2037 (A)		3,239,649		3,253,582
Small Business Lending Trust Series 2019-A, Class A, 2.85%, 07/15/2026 (A)		2,160,878		2,153,262
SoFi Consumer Loan Program LLC Series 2017-1, Class A, 3.28%, 01/26/2026 (A)		5,183		5,191
Soundview Home Loan Trust Series 2006-3, Class A3, 1-Month LIBOR + 0.16%, 0.31% (B), 11/25/2036		615,319		611,130
SPS Servicer Advance Receivables Trust II
Series 2020-T1, Class AT1,
1.28%, 11/15/2052 (A)		4,754,000		4,755,926
Series 2020-T1, Class CT1,
1.82%, 11/15/2052 (A)		982,000		982,392
Series 2020-T1, Class DT1,
2.37%, 11/15/2052 (A)		540,000		540,225
STORE Master Funding I LLC
Series 2015-1A, Class A1,
3.75%, 04/20/2045 (A)		4,344,158		4,347,818
Series 2015-1A, Class A2,
4.17%, 04/20/2045 (A)		1,045,438		1,079,730
STORE Master Funding I-VII & XIV Series 2019-1, Class A3, 3.32%, 11/20/2049 (A)		1,137,761		1,125,839

	Principal		Value
ASSET-BACKED SECURITIES (continued)
STORE Master Funding LLC Series 2013-3A, Class A2, 5.21%, 11/20/2043 (A)		$   766,598		$   789,531
TICP CLO I, Ltd.
Series 2015-1A, Class AR,
3-Month LIBOR + 0.80%, 1.02% (B), 07/20/2027 (A)		2,014,605		1,999,084
Series 2015-1A, Class BR,
3-Month LIBOR + 1.30%, 1.52% (B), 07/20/2027 (A)		1,440,000		1,405,495
TICP CLO III, Ltd. Series 2018-3R, Class B, 3-Month LIBOR + 1.35%, 1.57% (B), 04/20/2028 (A)		1,250,000		1,219,776
Towd Point Mortgage Trust
Series 2016-2, Class A1A,
2.75% (B), 08/25/2055 (A)		375,619		384,648
Series 2016-4, Class A1,
2.25% (B), 07/25/2056 (A)		683,820		694,643
Series 2017-1, Class A1,
2.75% (B), 10/25/2056 (A)		1,788,824		1,833,480
Series 2017-3, Class A1,
2.75% (B), 07/25/2057 (A)		1,001,545		1,030,523
Series 2017-4, Class A1,
2.75% (B), 06/25/2057 (A)		4,707,350		4,869,388
Series 2017-6, Class A1,
2.75% (B), 10/25/2057 (A)		2,139,065		2,208,040
Series 2018-2, Class A1,
3.25% (B), 03/25/2058 (A)		3,790,086		3,963,878
Series 2018-3, Class A1,
3.75% (B), 05/25/2058 (A)		7,263,743		7,740,560
Series 2018-5, Class A1A,
3.25% (B), 07/25/2058 (A)		2,740,993		2,868,115
Series 2019-1, Class A1,
3.75% (B), 03/25/2058 (A)		13,454,590		14,409,927
Series 2020-4, Class A1,
1.75%, 10/25/2060 (A)		14,001,000		14,253,957
Trafigura Securitisation Finance PLC Series 2018-1A, Class A2, 3.73%, 03/15/2022 (A)		3,090,000		3,120,662
Vantage Data Centers LLC Series 2020-1A, Class A2, 1.65%, 09/15/2045 (A)		6,085,000		6,047,205
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (A)		3,100,000		3,181,026
VSE VOI Mortgage LLC Series 2018-A, Class A, 3.56%, 02/20/2036 (A)		769,567		800,157
Welk Resorts LLC
Series 2015-AA, Class A,
2.79%, 06/16/2031 (A)		433,264		434,088
Series 2019-AA, Class A,
2.80%, 06/15/2038 (A)		1,550,230		1,607,002
Wellfleet CLO, Ltd.
Series 2016-2A, Class A2R,
3-Month LIBOR + 1.58%, 1.80% (B), 10/20/2028 (A)		4,975,000		4,793,233

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

Transamerica Funds Annual Report 2020

Page    26

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Wellfleet CLO, Ltd. (continued)
Series 2017-2A, Class A2R,
3-Month LIBOR + 1.62%, 1.84% (B), 10/20/2029 (A)		$   4,000,000		$   3,857,484
Total Asset-Backed Securities (Cost $252,842,272)				256,075,022
CORPORATE DEBT SECURITIES - 48.8%
Aerospace & Defense - 0.9%
BAE Systems PLC 3.40%, 04/15/2030 (A)		1,460,000		1,624,067
Boeing Co.
5.15%, 05/01/2030		3,907,000		4,317,748
5.93%, 05/01/2060		4,103,000		4,864,830
Embraer Finance BV 6.95%, 01/17/2028 (A)		2,343,000		2,359,401
Huntington Ingalls Industries, Inc. 3.84%, 05/01/2025 (A)		1,254,000		1,379,828
L3 Harris Technologies, Inc. 2.90%, 12/15/2029		1,597,000		1,742,896
Northrop Grumman Corp. 3.20%, 02/01/2027		738,000		820,665
				17,109,435
Airlines - 1.0%
American Airlines Pass-Through Trust
3.15%, 08/15/2033		2,529,872		2,319,235
3.70%, 04/01/2028		1,272,856		1,005,638
4.00%, 01/15/2027		1,966,515		1,474,812
Continental Airlines Pass-Through Trust 6.90%, 10/19/2023		49,099		45,746
Delta Air Lines Pass-Through Trust
3.20%, 10/25/2025		1,655,000		1,648,204
6.82%, 02/10/2024		2,469,215		2,505,971
Delta Air Lines, Inc. / SkyMiles IP, Ltd. 4.75%, 10/20/2028 (A)		2,086,000		2,132,334
JetBlue Pass-Through Trust 2.75%, 11/15/2033		2,813,275		2,740,275
United Airlines Holdings, Inc. 4.88%, 01/15/2025 (C)		1,500,000		1,259,550
United Airlines Pass-Through Trust
2.70%, 11/01/2033		1,051,000		983,938
3.75%, 03/03/2028		1,482,879		1,433,878
4.15%, 02/25/2033		2,077,695		2,052,917
US Airways Pass-Through Trust 3.95%, 05/15/2027		271,375		222,723
				19,825,221
Auto Components - 0.3%
Clarios Global, LP / Clarios US Finance Co. 6.25%, 05/15/2026 (A)		3,308,000		3,465,262
Weichai International Hong Kong Energy Group Co., Ltd. Fixed until 09/14/2022 (D), 3.75% (B) (E)		1,600,000		1,612,751
				5,078,013
Automobiles - 0.3%
Ford Motor Co.
8.50%, 04/21/2023		1,203,000		1,327,811
9.00%, 04/22/2025		1,203,000		1,417,609

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Automobiles (continued)
General Motors Co. 6.25%, 10/02/2043		$   2,723,000		$   3,349,426
				6,094,846
Banks - 7.7%
Banco Santander SA 2.75%, 05/28/2025		4,800,000		5,060,463
Bank of America Corp.
Fixed until 10/24/2050, 2.83% (B), 10/24/2051, MTN		5,282,000		5,250,891
Fixed until 12/20/2027, 3.42% (B), 12/20/2028		8,132,000		9,034,002
5.88%, 02/07/2042, MTN		1,149,000		1,714,562
Barclays Bank PLC 10.18%, 06/12/2021 (A)		4,467,000		4,703,901
Barclays PLC
5.20%, 05/12/2026		2,704,000		3,038,404
Fixed until 06/15/2024 (D), 8.00% (B)		1,511,000		1,620,547
BBVA Bancomer SA
Fixed until 09/13/2029, 5.88% (B), 09/13/2034 (A)		4,955,000		5,142,646
6.50%, 03/10/2021 (A)		1,105,000		1,123,232
6.75%, 09/30/2022 (A)		1,500,000		1,614,750
BNP Paribas SA Fixed until 03/14/2022 (D), 6.75% (A) (B)		2,429,000		2,486,689
BPCE SA
3.50%, 10/23/2027 (A)		2,649,000		2,905,668
4.50%, 03/15/2025 (A)		4,654,000		5,166,818
CIT Bank NA Fixed until 09/27/2024, 2.97% (B), 09/27/2025		3,010,000		3,107,825
Citigroup, Inc.
Fixed until 04/24/2024, 3.35% (B), 04/24/2025		1,000		1,080
Fixed until 10/27/2027, 3.52% (B), 10/27/2028		7,825,000		8,694,103
Fixed until 09/12/2024 (D), 5.00% (B)		2,894,000		2,906,450
Commerzbank AG 8.13%, 09/19/2023 (A)		2,891,000		3,318,609
Credit Agricole SA 3.25%, 01/14/2030 (A)		6,253,000		6,676,817
Credit Suisse AG 6.50%, 08/08/2023 (A)		3,070,000		3,457,587
Danske Bank A/S Fixed until 12/20/2024, 3.24% (B), 12/20/2025 (A)		3,008,000		3,188,245
Discover Bank 4.65%, 09/13/2028		2,953,000		3,459,837
HBOS PLC 6.00%, 11/01/2033 (A)		2,974,000		3,862,805
ING Bank NV 5.80%, 09/25/2023 (A)		963,000		1,083,750
Intesa Sanpaolo SpA
4.00%, 09/23/2029 (A) (C)		1,518,000		1,660,565
5.02%, 06/26/2024 (A)		595,000		627,932

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

Transamerica Funds Annual Report 2020

Page    27

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
JPMorgan Chase & Co.
Fixed until 05/13/2030, 2.96% (B), 05/13/2031		$   3,357,000		$   3,575,030
4.13%, 12/15/2026		5,794,000		6,713,989
Fixed until 02/01/2025 (D), 4.60% (B)		7,237,000		7,135,682
Lloyds Banking Group PLC
Fixed until 07/09/2024, 3.87% (B), 07/09/2025		3,404,000		3,712,862
Fixed until 06/27/2026 (D), 6.75% (B)		2,567,000		2,692,141
Macquarie Bank, Ltd. 3.62%, 06/03/2030 (A)		5,304,000		5,575,256
Natwest Group PLC Fixed until 08/28/2030, 3.03% (B), 11/28/2035		2,701,000		2,619,754
Santander UK Group Holdings PLC 5.63%, 09/15/2045 (A)		2,051,000		2,589,730
Synovus Bank Fixed until 02/10/2022, 2.29% (B), 02/10/2023		2,850,000		2,887,180
Truist Financial Corp. Fixed until 09/01/2025 (D), 4.95% (B)		5,369,000		5,691,140
UniCredit SpA
Fixed until 06/30/2030, 5.46% (B), 06/30/2035 (A)		1,858,000		1,881,861
6.57%, 01/14/2022 (A)		2,283,000		2,415,575
Wells Fargo & Co. Fixed until 04/04/2030, 4.48% (B), 04/04/2031, MTN		6,367,000		7,637,697
Wells Fargo Bank NA 5.95%, 08/26/2036		459,000		616,091
				146,652,166
Beverages - 1.6%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/2025		3,086,000		3,500,324
4.44%, 10/06/2048		1,089,000		1,266,283
4.75%, 01/23/2029		4,027,000		4,876,798
Constellation Brands, Inc.
2.65%, 11/07/2022		3,241,000		3,371,330
3.15%, 08/01/2029		1,344,000		1,472,058
3.70%, 12/06/2026		3,681,000		4,194,633
Pernod Ricard SA 4.45%, 01/15/2022 (A)		7,590,000		7,944,739
Primo Water Holdings, Inc. 5.50%, 04/01/2025 (A)		4,510,000		4,656,575
				31,282,740
Biotechnology - 0.5%
AbbVie, Inc.
3.20%, 05/14/2026		1,682,000		1,857,666
3.25%, 10/01/2022 (A)		1,758,000		1,837,236
4.05%, 11/21/2039 (A)		1,711,000		1,962,094
Amgen, Inc. 2.20%, 02/21/2027		2,344,000		2,462,467
Biogen, Inc. 2.25%, 05/01/2030		1,496,000		1,507,512
				9,626,975

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Building Products - 0.4%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 09/01/2025 (A)		$   830,000		$   875,650
Builders FirstSource, Inc. 5.00%, 03/01/2030 (A)		859,000		906,245
Carrier Global Corp. 2.72%, 02/15/2030 (A)		2,713,000		2,831,607
Owens Corning 7.00%, 12/01/2036		1,380,000		1,885,724
Standard Industries, Inc. 3.38%, 01/15/2031 (A)		2,179,000		2,120,894
				8,620,120
Capital Markets - 2.6%
Bank of New York Mellon Corp. Fixed until 09/20/2025 (D), 4.70% (B)		4,937,000		5,282,590
Charles Schwab Corp. Fixed until 12/01/2027 (D), 5.00% (B) (C)		3,340,000		3,474,903
Credit Suisse Group AG Fixed until 08/21/2026 (D), 6.38% (A) (B)		7,047,000		7,566,716
Deutsche Bank AG Fixed until 10/30/2025 (D), 6.00% (B) (C)		2,000,000		1,780,000
Goldman Sachs Group, Inc. Fixed until 04/23/2028, 3.81% (B), 04/23/2029		6,027,000		6,875,878
Intercontinental Exchange, Inc. 1.85%, 09/15/2032		4,067,000		4,034,010
Lazard Group LLC 4.50%, 09/19/2028		2,336,000		2,693,886
Morgan Stanley
Fixed until 01/22/2030, 2.70% (B), 01/22/2031, MTN		5,388,000		5,742,359
4.00%, 07/23/2025, MTN		7,528,000		8,555,299
UBS AG 7.63%, 08/17/2022		2,433,000		2,709,414
UBS Group AG Fixed until 08/10/2021 (D), 7.13% (B) (E)		1,055,000		1,078,737
				49,793,792
Chemicals - 0.7%
Mosaic Co. 4.05%, 11/15/2027 (C)		800,000		883,325
NOVA Chemicals Corp. 4.88%, 06/01/2024 (A)		2,800,000		2,769,760
Nutrien, Ltd. 4.20%, 04/01/2029 (C)		2,514,000		2,967,995
Nutrition & Biosciences, Inc. 2.30%, 11/01/2030 (A)		2,647,000		2,661,870
Syngenta Finance NV 3.93%, 04/23/2021 (A)		3,855,000		3,904,465
				13,187,415
Commercial Services & Supplies - 0.4%
Ashtead Capital, Inc.
4.25%, 11/01/2029 (A)		1,358,000		1,449,326
5.25%, 08/01/2026 (A)		2,308,000		2,443,595
Stericycle, Inc. 5.38%, 07/15/2024 (A)		3,987,000		4,145,443
				8,038,364

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

Transamerica Funds Annual Report 2020

Page    28

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Communications Equipment - 0.6%
CommScope, Inc. 5.50%, 03/01/2024 (A)		$   8,632,000		$   8,824,235
Nokia OYJ 3.38%, 06/12/2022		2,050,000		2,093,562
				10,917,797
Construction & Engineering - 1.0%
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.75%, 08/01/2025 (A)		990,000		1,019,700
9.88%, 04/01/2027 (A)		2,000,000		2,220,000
IHS Holdco BV
7.13%, 03/18/2025 (A)		1,565,000		1,576,737
8.00%, 09/18/2027 (A)		1,975,000		2,004,625
Quanta Services, Inc. 2.90%, 10/01/2030		2,043,000		2,132,358
SBA Tower Trust
1.88%, 07/15/2050 (A)		970,000		1,000,114
2.84%, 01/15/2050 (A)		6,883,000		7,292,367
3.17%, 04/09/2047 (A)		880,000		890,088
3.45%, 03/15/2048 (A)		995,000		1,059,499
				19,195,488
Construction Materials - 0.6%
CRH America Finance, Inc. 3.40%, 05/09/2027 (A)		2,580,000		2,833,718
LafargeHolcim Finance LLC 3.50%, 09/22/2026 (A)		4,920,000		5,428,840
Martin Marietta Materials, Inc. 2.50%, 03/15/2030		2,925,000		3,029,162
				11,291,720
Consumer Finance - 1.0%
Ally Financial, Inc. 3.88%, 05/21/2024		3,169,000		3,408,099
Altice Financing SA 7.50%, 05/15/2026 (A)		2,750,000		2,870,313
BMW US Capital LLC 2.80%, 04/11/2026 (A)		5,863,000		6,312,361
Navient Corp. 6.50%, 06/15/2022		4,385,000		4,472,700
OneMain Finance Corp. 7.13%, 03/15/2026		2,000,000		2,217,720
				19,281,193
Containers & Packaging - 0.8%
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024 (A)		5,810,000		5,812,208
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
4.00%, 10/15/2027 (A)		6,000,000		6,075,000
5.13%, 07/15/2023 (A) (F)		250,000		253,125
WRKCo, Inc. 3.90%, 06/01/2028		2,405,000		2,724,728
				14,865,061
Diversified Financial Services - 1.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.50%, 09/15/2023		4,183,000		4,344,070
6.50%, 07/15/2025		1,223,000		1,347,441

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Aviation Capital Group LLC
2.88%, 01/20/2022 (A)		$   3,033,000		$   3,028,134
3.50%, 11/01/2027 (A)		1,507,000		1,329,164
5.50%, 12/15/2024 (A)		6,418,000		6,682,419
Element Fleet Management Corp. 3.85%, 06/15/2025 (A)		3,784,000		4,025,614
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 4.25%, 02/01/2027 (A)		5,711,000		4,932,876
United Shore Financial Services LLC 5.50%, 11/15/2025 (A) (G)		4,725,000		4,782,645
Virgin Media Secured Finance PLC 5.50%, 05/15/2029 (A)		3,940,000		4,209,535
				34,681,898
Diversified Telecommunication Services - 1.4%
AT&T, Inc. 3.40%, 05/15/2025		504,000		555,489
CenturyLink, Inc.
5.13%, 12/15/2026 (A)		4,440,000		4,539,900
5.80%, 03/15/2022		3,035,000		3,156,400
6.45%, 06/15/2021		3,455,000		3,528,419
7.50%, 04/01/2024 (C)		1,750,000		1,931,055
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		4,855,000		4,988,512
Level 3 Financing, Inc. 3.40%, 03/01/2027 (A)		3,328,000		3,560,194
Verizon Communications, Inc.
1.68%, 10/30/2030 (A)		1,973,000		1,949,323
4.13%, 03/16/2027		2,134,000		2,505,861
				26,715,153
Electric Utilities - 1.2%
Cleveland Electric Illuminating Co. 3.50%, 04/01/2028 (A)		5,178,000		5,500,289
EDP Finance BV 3.63%, 07/15/2024 (A)		11,286,000		12,285,195
NRG Energy, Inc. 7.25%, 05/15/2026		1,616,000		1,708,096
Pacific Gas & Electric Co. 2.50%, 02/01/2031		2,323,000		2,196,304
Vistra Operations Co. LLC 5.00%, 07/31/2027 (A)		1,247,000		1,303,115
				22,992,999
Electronic Equipment, Instruments & Components - 0.4%
Amphenol Corp. 2.80%, 02/15/2030		2,182,000		2,381,945
Arrow Electronics, Inc. 3.50%, 04/01/2022		1,657,000		1,708,460
Keysight Technologies, Inc. 4.60%, 04/06/2027		2,549,000		2,970,751
Sensata Technologies, Inc. 3.75%, 02/15/2031 (A)		210,000		207,900
				7,269,056
Energy Equipment & Services - 0.1%
Noble Holding International, Ltd. 6.05%, 03/01/2041 (H)		1,736,000		11,943
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (A)		1,737,000		1,857,496
				1,869,439

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

Transamerica Funds Annual Report 2020

Page    29

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts - 2.6%
Agree, LP 2.90%, 10/01/2030		$   1,229,000		$   1,263,752
CBL & Associates, LP 5.25%, 12/01/2023		997,000		376,368
Corporate Office Properties, LP 2.25%, 03/15/2026		1,251,000		1,265,751
CyrusOne, LP / CyrusOne Finance Corp. 2.90%, 11/15/2024		2,058,000		2,183,579
EPR Properties 3.75%, 08/15/2029		2,420,000		2,065,354
Equinix, Inc. 5.38%, 05/15/2027		6,365,000		6,938,896
Federal Realty Investment Trust 1.25%, 02/15/2026		2,486,000		2,479,074
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		1,525,000		1,626,387
Healthpeak Properties, Inc. 3.88%, 08/15/2024		2,877,000		3,164,684
Highwoods Realty, LP 3.05%, 02/15/2030		3,244,000		3,339,339
Iron Mountain, Inc. 5.25%, 03/15/2028 (A)		3,750,000		3,843,750
iStar, Inc.
4.25%, 08/01/2025		2,171,000		1,991,892
5.50%, 02/15/2026		3,496,000		3,309,908
Life Storage, LP
2.20%, 10/15/2030		800,000		798,127
4.00%, 06/15/2029		1,053,000		1,192,950
Mid-America Apartments, LP 1.70%, 02/15/2031		1,409,000		1,365,931
National Retail Properties, Inc. 2.50%, 04/15/2030		2,457,000		2,434,918
Realty Income Corp. 3.25%, 01/15/2031		1,072,000		1,172,610
Service Properties Trust
4.65%, 03/15/2024		3,147,000		2,828,366
4.95%, 10/01/2029		1,321,000		1,083,220
Weyerhaeuser Co. 4.00%, 04/15/2030		2,433,000		2,823,264
WP Carey, Inc. 2.40%, 02/01/2031		1,081,000		1,067,218
				48,615,338
Food & Staples Retailing - 0.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP 4.63%, 01/15/2027 (A)		6,860,000		7,073,655
Sysco Corp. 5.95%, 04/01/2030		3,420,000		4,363,905
				11,437,560
Food Products - 0.4%
Bunge, Ltd. Finance Corp. 1.63%, 08/17/2025		2,035,000		2,047,223
Campbell Soup Co. 2.38%, 04/24/2030		2,285,000		2,358,729
Post Holdings, Inc.
4.63%, 04/15/2030 (A)		680,000		698,700
5.63%, 01/15/2028 (A)		2,000,000		2,110,000
				7,214,652

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies - 0.7%
Abbott Laboratories 1.40%, 06/30/2030		$   1,182,000		$   1,179,245
Alcon Finance Corp. 2.75%, 09/23/2026 (A)		2,053,000		2,224,282
Boston Scientific Corp. 4.70%, 03/01/2049		1,604,000		2,075,664
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030		2,387,000		2,588,448
Smith & Nephew PLC 2.03%, 10/14/2030		2,706,000		2,691,952
Stryker Corp. 1.95%, 06/15/2030		2,312,000		2,346,267
				13,105,858
Health Care Providers & Services - 1.7%
Anthem, Inc. 2.25%, 05/15/2030		2,121,000		2,179,662
Centene Corp.
3.00%, 10/15/2030		2,115,000		2,196,328
3.38%, 02/15/2030		4,806,000		4,992,233
4.25%, 12/15/2027		1,047,000		1,102,177
CHS / Community Health Systems, Inc.
8.00%, 03/15/2026 (A)		725,000		727,900
8.13%, 06/30/2024 (A)		116,000		89,175
Cigna Corp. 2.40%, 03/15/2030		2,085,000		2,162,944
CVS Health Corp. 4.78%, 03/25/2038		3,551,000		4,288,939
HCA, Inc.
4.13%, 06/15/2029		3,725,000		4,227,188
5.25%, 04/15/2025		3,025,000		3,503,697
Quest Diagnostics, Inc. 4.20%, 06/30/2029		2,067,000		2,435,263
Tenet Healthcare Corp. 5.13%, 11/01/2027 (A)		2,400,000		2,471,280
UnitedHealth Group, Inc. 2.00%, 05/15/2030		1,965,000		2,044,773
				32,421,559
Hotels, Restaurants & Leisure - 1.6%
Boyd Gaming Corp. 4.75%, 12/01/2027		2,549,000		2,478,928
Carnival Corp. 11.50%, 04/01/2023 (A)		748,000		821,558
GLP Capital, LP / GLP Financing II, Inc. 4.00%, 01/15/2030		2,357,000		2,452,199
International Game Technology PLC 6.50%, 02/15/2025 (A)		2,792,000		2,987,440
Marriott International, Inc. 5.75%, 05/01/2025		2,772,000		3,082,088
MGM Resorts International
4.75%, 10/15/2028		4,127,000		4,034,143
5.75%, 06/15/2025		3,379,000		3,511,034
NCL Corp., Ltd. 3.63%, 12/15/2024 (A)		3,416,000		2,357,040
Scientific Games International, Inc.
7.00%, 05/15/2028 (A)		699,000		694,324
7.25%, 11/15/2029 (A)		796,000		789,568
8.25%, 03/15/2026 (A)		3,200,000		3,246,048

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

Transamerica Funds Annual Report 2020

Page    30

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
Viking Cruises, Ltd. 5.88%, 09/15/2027 (A)		$   4,525,000		$   3,529,500
				29,983,870
Household Durables - 0.3%
Century Communities, Inc. 6.75%, 06/01/2027		1,319,000		1,404,735
D.R. Horton, Inc. 4.38%, 09/15/2022		2,438,000		2,583,675
KB Home 7.63%, 05/15/2023		795,000		874,500
				4,862,910
Independent Power & Renewable Electricity Producers - 0.1%
Calpine Corp. 5.25%, 06/01/2026 (A)		1,250,000		1,283,900
Industrial Conglomerates - 0.2%
Carlisle Cos., Inc. 3.75%, 12/01/2027		2,784,000		3,129,586
General Electric Co. Fixed until 01/21/2021 (D), 5.00% (B)		1,442,000		1,168,020
				4,297,606
Insurance - 1.3%
American International Group, Inc.
4.20%, 04/01/2028		2,544,000		2,961,729
4.25%, 03/15/2029		2,031,000		2,398,238
Brown & Brown, Inc. 2.38%, 03/15/2031		4,912,000		4,933,538
CNA Financial Corp. 2.05%, 08/15/2030		3,005,000		3,008,671
Markel Corp. 5.00%, 05/20/2049		1,790,000		2,384,880
Pacific LifeCorp 3.35%, 09/15/2050 (A)		1,420,000		1,453,207
Prudential Financial, Inc. Fixed until 07/01/2030, 3.70% (B), 10/01/2050 (C)		1,788,000		1,828,230
Reinsurance Group of America, Inc. 3.90%, 05/15/2029		5,000,000		5,690,929
				24,659,422
Interactive Media & Services - 0.4%
Alphabet, Inc. 1.10%, 08/15/2030		2,915,000		2,847,975
Baidu, Inc. 4.38%, 05/14/2024		2,436,000		2,670,733
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (A)		1,686,000		1,791,823
				7,310,531
Internet & Direct Marketing Retail - 0.1%
Expedia Group, Inc. 3.80%, 02/15/2028		1,761,000		1,770,043
IT Services - 0.2%
Fidelity National Information Services, Inc. 3.75%, 05/21/2029 (C)		760,000		875,777
Fiserv, Inc. 3.50%, 07/01/2029		1,443,000		1,619,897
Gartner, Inc. 4.50%, 07/01/2028 (A)		413,000		431,155
				2,926,829

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Leisure Products - 0.1%
Mattel, Inc.
5.88%, 12/15/2027 (A)		$   360,000		$   391,212
6.75%, 12/31/2025 (A) (C)		1,500,000		1,577,625
				1,968,837
Machinery - 0.1%
Xylem, Inc. 1.95%, 01/30/2028		1,517,000		1,567,472
Marine - 0.1%
MV24 Capital BV 6.75%, 06/01/2034 (A)		2,901,042		2,918,477
Media - 1.7%
Charter Communications Operating LLC / Charter Communications Operating Capital 5.13%, 07/01/2049		4,520,000		5,284,252
Clear Channel Worldwide Holdings, Inc. 9.25%, 02/15/2024		1,055,000		912,965
Comcast Corp. 4.15%, 10/15/2028		3,714,000		4,416,913
CSC Holdings LLC
4.63%, 12/01/2030 (A)		1,217,000		1,216,976
6.75%, 11/15/2021		1,315,000		1,374,175
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026 (A)		1,040,000		607,750
6.63%, 08/15/2027 (A) (C)		690,000		275,414
DISH DBS Corp.
5.00%, 03/15/2023		1,500,000		1,511,280
5.88%, 07/15/2022		7,490,000		7,714,700
6.75%, 06/01/2021		900,000		918,000
Gray Television, Inc. 4.75%, 10/15/2030 (A)		3,090,000		3,043,650
Univision Communications, Inc. 6.63%, 06/01/2027 (A)		725,000		733,156
ViacomCBS, Inc. 4.20%, 05/19/2032		1,611,000		1,853,483
Ziggo BV 5.50%, 01/15/2027 (A)		2,473,000		2,565,737
				32,428,451
Metals & Mining - 0.2%
Teck Resources, Ltd. 6.25%, 07/15/2041		3,073,000		3,514,115
Multi-Utilities - 0.4%
Black Hills Corp.
3.05%, 10/15/2029		1,868,000		2,020,523
3.15%, 01/15/2027		1,874,000		2,018,675
4.25%, 11/30/2023		2,854,000		3,117,262
				7,156,460
Oil, Gas & Consumable Fuels - 3.2%
Boardwalk Pipelines, LP 3.40%, 02/15/2031		1,514,000		1,455,940
Cheniere Energy Partners, LP 4.50%, 10/01/2029		1,735,000		1,768,867
Citgo Holding, Inc. 9.25%, 08/01/2024 (A)		700,000		586,250
Energy Transfer Operating, LP 6.00%, 06/15/2048		5,423,000		5,555,246

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

Transamerica Funds Annual Report 2020

Page    31

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
EnLink Midstream Partners, LP 5.05%, 04/01/2045		$   1,095,000		$   689,850
EQM Midstream Partners, LP 6.50%, 07/15/2048		2,310,000		2,194,500
Exxon Mobil Corp. 3.04%, 03/01/2026		3,584,000		3,949,594
Lukoil International Finance BV 6.66%, 06/07/2022 (A)		1,000,000		1,077,060
Marathon Petroleum Corp. 4.50%, 05/01/2023		3,182,000		3,424,336
Noble Energy, Inc. 3.25%, 10/15/2029		2,562,000		2,834,880
NuStar Logistics, LP
5.63%, 04/28/2027		2,000,000		1,960,000
5.75%, 10/01/2025		950,000		956,489
6.00%, 06/01/2026		350,000		345,625
Occidental Petroleum Corp.
4.30%, 08/15/2039		938,000		637,840
5.55%, 03/15/2026		5,870,000		5,106,900
ONEOK Partners, LP 4.90%, 03/15/2025		1,134,000		1,238,143
Petroleos Mexicanos
6.50%, 01/23/2029		4,757,000		4,242,768
6.84%, 01/23/2030		3,538,000		3,162,972
6.88%, 10/16/2025 (A) (C)		2,440,000		2,411,940
7.69%, 01/23/2050		1,593,000		1,323,672
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		1,710,000		1,639,727
Sabine Pass Liquefaction LLC 6.25%, 03/15/2022		5,853,000		6,185,307
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.13%, 02/01/2025		6,000,000		6,015,000
YPF SA 8.50%, 07/28/2025 (A)		2,242,000		1,311,570
				60,074,476
Paper & Forest Products - 0.1%
Celulosa Arauco y Constitucion SA 5.50%, 04/30/2049 (A) (C)		1,560,000		1,756,950
Pharmaceuticals - 1.5%
AstraZeneca PLC
2.38%, 06/12/2022		3,422,000		3,524,586
4.00%, 01/17/2029		3,989,000		4,761,828
Bausch Health Cos., Inc.
5.25%, 01/30/2030 (A)		3,400,000		3,357,670
5.88%, 05/15/2023 (A)		74,000		73,815
6.13%, 04/15/2025 (A)		2,000,000		2,053,500
6.25%, 02/15/2029 (A)		2,770,000		2,854,651
7.00%, 01/15/2028 (A)		617,000		652,478
Bayer US Finance II LLC 4.38%, 12/15/2028 (A)		2,041,000		2,353,355
Bristol-Myers Squibb Co. 3.20%, 06/15/2026		807,000		903,344
Merck & Co., Inc. 3.40%, 03/07/2029		1,505,000		1,738,121
Royalty Pharma PLC 2.20%, 09/02/2030 (A)		2,746,000		2,702,737

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Takeda Pharmaceutical Co., Ltd. 5.00%, 11/26/2028		$   1,170,000		$   1,442,856
Upjohn, Inc. 2.30%, 06/22/2027 (A)		1,187,000		1,227,812
Zoetis, Inc. 2.00%, 05/15/2030		1,486,000		1,523,368
				29,170,121
Professional Services - 0.1%
Equifax, Inc. 2.60%, 12/01/2024		1,680,000		1,787,690
Road & Rail - 0.6%
Avolon Holdings Funding, Ltd.
4.38%, 05/01/2026 (A)		3,369,000		3,267,584
5.50%, 01/15/2026 (A)		4,641,000		4,740,513
CSX Corp. 3.80%, 04/15/2050		1,687,000		1,986,167
Hertz Corp. 5.50%, 10/15/2024 (A) (H)		3,599,000		1,430,602
				11,424,866
Semiconductors & Semiconductor Equipment - 1.6%
KLA Corp. 4.10%, 03/15/2029		2,500,000		2,963,739
Lam Research Corp.
1.90%, 06/15/2030		3,264,000		3,357,007
3.75%, 03/15/2026		1,658,000		1,903,784
Micron Technology, Inc. 4.64%, 02/06/2024		2,335,000		2,597,814
NVIDIA Corp. 2.85%, 04/01/2030		2,123,000		2,352,446
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.40%, 05/01/2030 (A)		1,035,000		1,136,727
QUALCOMM, Inc. 3.25%, 05/20/2027 - 05/20/2050		4,747,000		5,248,647
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (A)		1,498,000		1,565,410
TSMC Global, Ltd. 1.38%, 09/28/2030 (A)		6,595,000		6,446,125
Xilinx, Inc. 2.38%, 06/01/2030		2,274,000		2,320,403
				29,892,102
Software - 0.3%
Adobe, Inc. 2.15%, 02/01/2027		2,095,000		2,230,987
Infor, Inc. 1.75%, 07/15/2025 (A)		2,364,000		2,430,842
Intuit, Inc. 1.35%, 07/15/2027		1,657,000		1,668,858
				6,330,687
Technology Hardware, Storage & Peripherals - 1.2%
Apple, Inc. 2.85%, 02/23/2023		4,505,000		4,744,711
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (A)		4,652,000		5,514,692
Hewlett Packard Enterprise Co. 4.45%, 10/02/2023		1,938,000		2,139,377

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

Transamerica Funds Annual Report 2020

Page    32

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
NCR Corp.
5.00%, 10/01/2028 (A)		$   695,000		$   688,050
5.25%, 10/01/2030 (A)		2,183,000		2,161,170
8.13%, 04/15/2025 (A) (C)		277,000		304,700
Seagate HDD Cayman 4.13%, 01/15/2031 (A)		402,000		433,260
Western Digital Corp. 4.75%, 02/15/2026 (C)		6,235,000		6,715,407
				22,701,367
Tobacco - 0.7%
Altria Group, Inc. 3.40%, 05/06/2030		2,629,000		2,856,470
BAT Capital Corp.
2.26%, 03/25/2028		5,410,000		5,393,864
4.76%, 09/06/2049		2,713,000		2,938,776
4.91%, 04/02/2030		1,903,000		2,218,075
Reynolds American, Inc. 7.25%, 06/15/2037		439,000		576,566
				13,983,751
Trading Companies & Distributors - 0.3%
Air Lease Corp.
2.25%, 01/15/2023		4,416,000		4,440,318
2.30%, 02/01/2025, MTN		1,121,000		1,102,064
				5,542,382
Transportation Infrastructure - 0.2%
Penske Truck Leasing Co., LP / PTL Finance Corp. 4.00%, 07/15/2025 (A)		3,122,000		3,521,601
Wireless Telecommunication Services - 0.9%
Crown Castle Towers LLC
3.22%, 05/15/2042 (A)		3,545,000		3,581,642
3.72%, 07/15/2043 (A)		371,000		388,966
Sprint Corp.
7.25%, 09/15/2021		2,450,000		2,551,871
7.88%, 09/15/2023		7,245,000		8,259,300
T-Mobile USA, Inc. 3.88%, 04/15/2030 (A)		2,439,000		2,739,875
				17,521,654
Total Corporate Debt Securities (Cost $902,851,729)				927,540,428
FOREIGN GOVERNMENT OBLIGATIONS - 0.8%
Colombia - 0.1%
Colombia Government International Bond 4.50%, 01/28/2026 (C)		1,300,000		1,439,763
Costa Rica - 0.2%
Costa Rica Government International Bond 7.00%, 04/04/2044 (A)		4,350,000		3,403,875
Dominican Republic - 0.1%
Dominican Republic International Bond 5.50%, 01/27/2025 (E)		1,122,000		1,198,857
Ecuador - 0.1%
Ecuador Government International Bond
Zero Coupon, 07/31/2030 (A)		119,808		54,514
0.50% (I), 07/31/2030 - 07/31/2040 (A)		1,749,696		976,534
				1,031,048

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Indonesia - 0.2%
Indonesia Government International Bond 4.75%, 01/08/2026 (A)		$   2,780,000		$   3,214,264
Mongolia - 0.0% (J)
Mongolia Government International Bond 5.63%, 05/01/2023 (A)		470,000		488,213
Qatar - 0.1%
Qatar Government International Bond 3.88%, 04/23/2023 (A)		2,657,000		2,849,632
Saudi Arabia - 0.0% (J)
Saudi Government International Bond 2.38%, 10/26/2021 (A)		560,000		568,333
Total Foreign Government Obligations (Cost $14,748,115)				14,193,985
LOAN ASSIGNMENTS - 0.8%
Commercial Services & Supplies - 0.5%
Spin Holdco, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 4.25% (B), 11/14/2022 (G)		10,609,084		10,312,030
Diversified Consumer Services - 0.2%
Pre-Paid Legal Services, Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 3.40% (B), 05/01/2025		2,846,435		2,745,030
Term Loan,
1-Month LIBOR + 4.00%, 4.75% (B), 05/01/2025		324,340		317,854
				3,062,884
Media - 0.1%
AVSC Holding Corp.
1st Lien Term Loan,
1-Month LIBOR + 3.25%, 3-Month LIBOR + 3.25%, 6-Month LIBOR + 3.25%, 4.25% (B), 03/03/2025		441,316		337,386
Term Loan B,
3-Month LIBOR + 4.50%, 6-Month LIBOR + 4.50%, 5.50% (B), 10/15/2026		2,977,500		2,277,787
				2,615,173
Total Loan Assignments (Cost $17,043,463)				15,990,087
MORTGAGE-BACKED SECURITIES - 14.2%
20 Times Square Trust Series 2018-20TS, Class C, 3.10% (B), 05/15/2035 (A)		2,400,000		2,328,052
280 Park Avenue Mortgage Trust Series 2017-280P, Class D, 1-Month LIBOR + 1.54%, 1.68% (B), 09/15/2034 (A)		3,000,000		2,906,067
AFN LLC Series 2019-1A, Class A1, 3.78%, 05/20/2049 (A)		8,310,575		8,386,798

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

Transamerica Funds Annual Report 2020

Page    33

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Alternative Loan Trust
Series 2005-14, Class 2A1,
1-Month LIBOR + 0.21%, 0.36% (B), 05/25/2035		$   679,912		$   629,328
Series 2005-14, Class 4A1,
1-Month LIBOR + 0.22%, 0.37% (B), 05/25/2035		1,282,124		1,158,757
Series 2006-OC1, Class 2A3A,
1-Month LIBOR + 0.32%, 0.47% (B), 03/25/2036		1,341,690		1,176,940
American Home Mortgage Assets Trust Series 2007-2, Class A1, 1-Month LIBOR + 0.13%, 0.27% (B), 03/25/2047		464,407		436,481
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76% (B), 04/25/2048 (A)		922,513		932,573
Ashford Hospitality Trust Series 2018-ASHF, Class D, 1-Month LIBOR + 2.10%, 2.25% (B), 04/15/2035 (A)		3,988,000		3,630,743
Austin Fairmont Hotel Trust Series 2019-FAIR, Class D, 1-Month LIBOR + 1.80%, 1.95% (B), 09/15/2032 (A)		5,000,000		4,567,637
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class BNM,
3.47%, 11/05/2032 (A)		5,000,000		4,484,536
Series 2019-BPR, Class CNM,
3.72% (B), 11/05/2032 (A)		3,970,000		3,193,043
Banc of America Funding Trust Series 2007-3, Class TA2, 1-Month LIBOR + 0.18%, 0.33% (B), 04/25/2037		274,538		242,863
BB-UBS Trust Series 2012-TFT, Class C, 3.47% (B), 06/05/2030 (A)		2,345,000		1,325,174
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 1.35% (B), 08/15/2036 (A)		2,339,000		2,177,631
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 1.85% (B), 08/15/2036 (A)		2,130,000		1,948,899
Series 2017-DELC, Class E,
1-Month LIBOR + 2.50%, 2.65% (B), 08/15/2036 (A)		1,890,000		1,698,099
Series 2018-TALL, Class C,
1-Month LIBOR + 1.12%, 1.27% (B), 03/15/2037 (A)		7,065,000		6,570,314
Series 2018-TALL, Class E,
1-Month LIBOR + 2.44%, 2.59% (B), 03/15/2037 (A)		2,570,000		2,382,824
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 (A)		1,300,000		1,339,032

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BHMS Trust Series 2018-ATLS, Class C, 1-Month LIBOR + 1.90%, 2.05% (B), 07/15/2035 (A)		$   4,065,000		$   3,704,120
BX Commercial Mortgage Trust
Series 2019-XL, Class D,
1-Month LIBOR + 1.45%, 1.60% (B), 10/15/2036 (A)		6,108,731		6,074,389
Series 2020-VKNG, Class D,
1-Month LIBOR + 1.70%, 1.85% (B), 10/15/2037 (A)		4,300,000		4,294,843
BX Trust Series 2018-GW, Class C, 1-Month LIBOR + 1.22%, 1.37% (B), 05/15/2035 (A)		1,900,000		1,764,333
BXP Trust Series 2017-CQHP, Class D, 1-Month LIBOR + 2.00%, 2.15% (B), 11/15/2034 (A)		1,825,000		1,550,221
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 1.90% (B), 07/15/2030 (A)		2,200,000		2,093,390
CHL Mortgage Pass-Through Trust
Series 2005-11, Class 4A1,
1-Month LIBOR + 0.27%, 0.42% (B), 04/25/2035		147,537		146,120
Series 2006-3, Class 3A1,
1-Month LIBOR + 0.25%, 0.40% (B), 02/25/2036		249,367		224,293
CHT Mortgage Trust
Series 2017-CSMO, Class C,
1-Month LIBOR + 1.50%, 1.65% (B), 11/15/2036 (A)		9,000,000		8,571,102
Series 2017-CSMO, Class D,
1-Month LIBOR + 2.25%, 2.40% (B), 11/15/2036 (A)		5,750,000		5,454,643
Citigroup Commercial Mortgage Trust Series 2019-PRM, Class C, 3.90%, 05/10/2036 (A)		2,380,000		2,464,710
Citigroup Mortgage Loan Trust
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		76,252		80,067
Series 2015-A, Class A1,
3.50% (B), 06/25/2058 (A)		80,278		82,331
Series 2015-PS1, Class A1,
3.75% (B), 09/25/2042 (A)		861,688		885,829
Colony Trust Series 2019-IKPR, Class C, 1-Month LIBOR + 1.68%, 1.82% (B), 11/15/2038 (A)		5,700,000		5,196,976
Commercial Mortgage Pass-Through Certificates Trust
Series 2012-LTRT, Class A2,
3.40%, 10/05/2030 (A)		2,225,000		1,902,158
Series 2012-LTRT, Class B,
3.80%, 10/05/2030 (A)		1,175,000		948,411

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

Transamerica Funds Annual Report 2020

Page    34

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CORE Mortgage Trust Series 2019-CORE, Class C, 1-Month LIBOR + 1.30%, 1.45% (B), 12/15/2031 (A)		$   7,369,000		$   7,214,598
CSMC Trust
Series 2014-11R, Class 17A1,
1-Month LIBOR + 0.15%, 0.30% (B), 12/27/2036 (A)		571,084		560,437
Series 2020-RPL4, Class A1,
2.00%, 01/25/2060 (A)		11,599,000		11,929,235
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class D, 3.96% (B), 12/10/2036 (A)		7,902,000		7,588,748
GS Mortgage Securities Corp. Trust
Series 2017-SLP, Class B,
3.77%, 10/10/2032 (A)		5,242,000		5,306,800
Series 2019-SOHO, Class C,
1-Month LIBOR + 1.30%, 1.45% (B), 06/15/2036 (A)		8,200,000		7,887,162
Series 2020-UPTN, Class C,
3.25%, 02/10/2037 (A)		6,318,000		6,210,976
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (B), 04/10/2031 (A)		2,000,000		1,977,442
GSCG Trust
Series 2019-600C, Class B,
3.16%, 09/06/2034 (A)		1,660,000		1,669,637
Series 2019-600C, Class C,
3.46%, 09/06/2034 (A)		4,480,000		4,435,027
GSR Mortgage Loan Trust Series 2007-OA1, Class 2A1, 1-Month LIBOR + 0.13%, 0.27% (B), 05/25/2037		200,550		121,518
HPLY Trust Series 2019-HIT, Class C, 1-Month LIBOR + 1.60%, 1.75% (B), 11/15/2036 (A)		2,912,454		2,742,719
ILPT Trust Series 2019-SURF, Class C, 4.29% (B), 02/11/2041 (A)		1,930,000		1,981,344
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.32% (B), 08/25/2037		763,447		637,011
InTown Hotel Portfolio Trust Series 2018-STAY, Class C, 1-Month LIBOR + 1.25%, 1.40% (B), 01/15/2033 (A)		3,835,000		3,700,749
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2014-DSTY, Class C,
3.80% (B), 06/10/2027 (A)		2,000,000		306,475
Series 2020-NNN, Class CFX,
3.27%, 01/16/2037 (A)		2,675,000		2,633,898
Series 2020-NNN, Class DFL,
1-Month LIBOR + 1.55%, 1.70% (B), 01/16/2037 (A)		3,000,000		2,823,016
MBRT Series 2019-MBR, Class D, 1-Month LIBOR + 1.70%, 1.85% (B), 11/15/2036 (A)		3,033,000		2,857,800

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Investors Trust Series 2006-A1, Class 1A1, 3.53% (B), 03/25/2036		$   1,109,999		$   853,811
MetLife Securitization Trust Series 2019-1A, Class A1A, 3.75% (B), 04/25/2058 (A)		1,287,939		1,378,176
Mill City Mortgage Loan Trust Series 2019-1, Class A1, 3.25% (B), 10/25/2069 (A)		8,102,924		8,525,950
Morgan Stanley Capital I Trust Series 2018-SUN, Class C, 1-Month LIBOR + 1.65%, 1.80% (B), 07/15/2035 (A)		2,015,000		1,871,179
Morgan Stanley Resecuritization Trust Series 2014-R4, Class 4A, 2.84% (B), 11/21/2035 (A)		507,838		507,009
MSCG Trust
Series 2018-SELF, Class C,
1-Month LIBOR + 1.18%, 1.33% (B), 10/15/2037 (A)		1,375,000		1,354,384
Series 2018-SELF, Class D,
1-Month LIBOR + 1.65%, 1.80% (B), 10/15/2037 (A)		5,710,000		5,588,995
New Residential Mortgage Loan Trust
Series 2016-2A, Class A1,
3.75% (B), 11/26/2035 (A)		643,673		694,154
Series 2017-1A, Class A1,
4.00% (B), 02/25/2057 (A)		1,912,290		2,068,455
Series 2017-2A, Class A3,
4.00% (B), 03/25/2057 (A)		10,629,348		11,449,534
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		1,032,635		1,113,838
Series 2018-2A, Class A1,
4.50% (B), 02/25/2058 (A)		745,466		811,855
Series 2018-RPL1, Class A1,
3.50% (B), 12/25/2057 (A)		4,653,217		4,907,161
Series 2019-2A, Class A1,
4.25% (B), 12/25/2057 (A)		2,806,045		3,015,563
Series 2019-3A, Class A1A,
3.75% (B), 11/25/2058 (A)		7,312,510		7,798,581
Series 2019-4A, Class A1B,
3.50% (B), 12/25/2058 (A)		5,007,400		5,302,533
Series 2019-5A, Class A1B,
3.50% (B), 08/25/2059 (A)		8,184,641		8,564,175
Series 2019-6A, Class A1B,
3.50% (B), 09/25/2059 (A)		6,586,453		6,946,881
Series 2019-RPL2, Class A1,
3.25% (B), 02/25/2059 (A)		4,713,908		5,028,597
RALI Trust
Series 2006-QO1, Class 3A1,
1-Month LIBOR + 0.27%, 0.42% (B), 02/25/2046		3,369,967		2,182,119
Series 2006-QO2, Class A1,
1-Month LIBOR + 0.22%, 0.37% (B), 02/25/2046		93,708		26,193
Series 2007-QH5, Class AI1,
1-Month LIBOR + 0.21%, 0.36% (B), 06/25/2037		206,776		198,023

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

Transamerica Funds Annual Report 2020

Page    35

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Residential Asset Securitization Trust Series 2004-A4, Class A11, 5.50%, 08/25/2034		$   1,815,465		$   1,903,157
Tharaldson Hotel Portfolio Trust Series 2018-THL, Class C, 1-Month LIBOR + 1.35%, 1.49% (B), 11/11/2034 (A)		1,405,489		1,293,018
Towd Point Mortgage Trust Series 2019-4, Class A1, 2.90% (B), 10/25/2059 (A)		11,039,811		11,702,437
VNDO Mortgage Trust
Series 2012-6AVE, Class E,
3.34% (B), 11/15/2030 (A)		4,000,000		3,866,611
Series 2013-PENN, Class D,
3.95% (B), 12/13/2029 (A)		1,900,000		1,884,512
Total Mortgage-Backed Securities (Cost $278,649,703)				270,375,220
MUNICIPAL GOVERNMENT OBLIGATION - 0.1%
California - 0.1%
State of California, General Obligation Unlimited, 7.30%, 10/01/2039		1,400,000		2,262,512
Total Municipal Government Obligation (Cost $1,975,401)				2,262,512
U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.7%
Federal Home Loan Mortgage Corp., Interest Only STRIPS 5.00%, 08/01/2035		693,012		137,862
Uniform Mortgage-Backed Security
2.50%, TBA (G)		32,408,000		33,771,415
3.00%, TBA (G)		26,743,000		27,950,795
3.50%, TBA (G)		26,276,000		27,747,353
Total U.S. Government Agency Obligations (Cost $90,608,029)				89,607,425
U.S. GOVERNMENT OBLIGATIONS - 15.5%
U.S. Treasury - 14.9%
U.S. Treasury Bond
1.25%, 05/15/2050 (C)		20,450,000		18,577,547
2.00%, 02/15/2050		10,116,000		11,012,214
2.25%, 08/15/2046 - 08/15/2049		25,000,900		28,641,822
2.50%, 05/15/2046		9,450,000		11,327,080
2.75%, 08/15/2042 - 08/15/2047 (C)		25,981,000		32,486,605
2.75%, 11/15/2047		12,316,000		15,501,803
2.88%, 11/15/2046 (C)		5,220,000		6,694,038
2.88%, 05/15/2049		13,944,200		18,048,479
3.00%, 08/15/2048 - 02/15/2049		11,481,000		15,160,868
3.13%, 05/15/2048		8,143,000		10,964,740
3.50%, 02/15/2039		6,104,000		8,352,227
4.50%, 02/15/2036 (C)		10,697,000		15,814,846
6.25%, 05/15/2030 (C)		11,598,000		17,432,791
U.S. Treasury Note
0.25%, 05/31/2025		19,797,300		19,716,100
0.50%, 03/31/2025 (C)		3,086,000		3,109,265
0.63%, 05/15/2030		12,451,300		12,208,111
1.50%, 02/15/2030		27,438,000		29,127,152
1.63%, 08/15/2029 (C)		3,452,000		3,701,596
2.88%, 10/31/2023		5,557,700		6,001,448
				283,878,732

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities - 0.6%
U.S. Treasury Inflation-Indexed Bond 2.50%, 01/15/2029		$   8,438,447		$   10,898,122
Total U.S. Government Obligations (Cost $268,165,217)				294,776,854
	Shares		Value
COMMON STOCK - 0.1%
Building Products - 0.1%
AMH New Finance, Inc. (K) (L) (M)		316,065		1,684,626
Total Common Stock (Cost $1,684,626)				1,684,626
PREFERRED STOCK - 0.1%
Banks - 0.1%
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 6.07% (B)		74,000		1,904,760
Total Preferred Stock (Cost $1,890,827)				1,904,760
	Principal		Value
COMMERCIAL PAPER - 3.5%
Banks - 0.7%
HSBC Bank PLC 0.20% (N), 01/07/2021		$  3,000,000		2,998,735
Manhattan Asset Funding Co. LLC
0.16% (N), 12/01/2020		3,000,000		2,999,595
0.20% (N), 02/03/2021		1,937,000		1,935,957
Sumitomo Mitsui Brokerage Corp. 0.21% (N), 02/11/2021		5,163,000		5,160,255
				13,094,542
Commercial Services & Supplies - 0.0% (J)
Charta LLC 0.17% (N), 01/15/2021		500,000		499,818
Diversified Financial Services - 2.8%
Anglesea Funding PLC 0.22% (N), 11/04/2020		9,700,000		9,699,838
Gotham Funding Corp. 0.17% (N), 11/10/2020		9,400,000		9,399,699
Lexington Parker Capital Co. LLC
0.20% (N), 01/20/2021		500,000		499,781
0.22% (N), 11/09/2020		5,200,000		5,199,815
Mont Blanc Capital Corp. 0.17% (N), 11/20/2020		17,000,000		16,998,473
Ridgefield Funding Co. 0.20% (N), 11/17/2020		11,000,000		10,999,219
Sheffield Receivable 0.17% (N), 12/01/2020		1,050,000		1,049,858
				53,846,683
Total Commercial Paper (Cost $67,440,590)				67,441,043
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.2%
U.S. Treasury Bill
0.09% (N), 12/31/2020		17,680,000		17,677,320

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

Transamerica Funds Annual Report 2020

Page    36

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Bill (continued)
0.11% (N), 12/10/2020		$   2,240,000		$   2,239,787
0.15% (N), 12/31/2020		3,700,000		3,699,439
Total Short-Term U.S. Government Obligations (Cost $23,616,184)				23,616,546
	Shares		Value
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (N)		18,111,870		18,111,870
Total Other Investment Company (Cost $18,111,870)				18,111,870

	Principal		Value
REPURCHASE AGREEMENT - 0.9%
Fixed Income Clearing Corp., 0.00% (N), dated 10/30/2020, to be repurchased at $17,855,620 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.75%, due 11/15/2023, and with a value of $18,212,755.		$  17,855,620		$   17,855,620
Total Repurchase Agreement (Cost $17,855,620)				17,855,620
Total Investments (Cost $1,957,483,646)				2,001,435,998
Net Other Assets (Liabilities) - (5.2)%				(99,389,502	)
Net Assets - 100.0%				$  1,902,046,496

FUTURES CONTRACTS:

Long Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value

Unrealized Appreciation

Unrealized Depreciation

U.S. Treasury Ultra Bond

1

12/21/2020

$  219,042

$  215,000

$  —

$  (4,042

)

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
Asset-Backed Securities	$	—		$	256,075,022	$	—	$	256,075,022
Corporate Debt Securities		—			927,540,428		—		927,540,428
Foreign Government Obligations		—			14,193,985		—		14,193,985
Loan Assignments		—			15,990,087		—		15,990,087
Mortgage-Backed Securities		—			270,375,220		—		270,375,220
Municipal Government Obligation		—			2,262,512		—		2,262,512
U.S. Government Agency Obligations		—			89,607,425		—		89,607,425
U.S. Government Obligations		—			294,776,854		—		294,776,854
Common Stock		—			—		1,684,626		1,684,626
Preferred Stock		1,904,760			—		—		1,904,760
Commercial Paper		—			67,441,043		—		67,441,043
Short-Term U.S. Government Obligations		—			23,616,546		—		23,616,546
Other Investment Company		18,111,870			—		—		18,111,870
Repurchase Agreement		—			17,855,620		—		17,855,620
Total Investments	$	20,016,630		$	1,979,734,742	$	1,684,626	$	2,001,435,998
LIABILITIES
Other Financial Instruments
Futures Contracts (Q)	$	(4,042	)	$	—	$	—	$	(4,042	)
Total Other Financial Instruments	$	(4,042	)	$	—	$	—	$	(4,042	)

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

Transamerica Funds Annual Report 2020

Page    37

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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 October 31, 2020, the total value of 144A securities is $874,114,739, representing 46.0% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $97,127,837, collateralized by cash collateral of $18,111,870 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $80,993,774. 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 October 31, 2020, the total value of Regulation S securities is $3,890,345, representing 0.2% of the Fund’s net assets.
(F)	Restricted security. At October 31, 2020, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Corporate Debt Securities	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.13%, 07/15/2023		03/17/2020	$	240,625	$	253,125		0.0	%(J)

(G)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)	Securities in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2020, the total value of such securities is $1,442,545, representing 0.1% of the Fund’s net assets.
(I)	Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2020; the maturity date disclosed is the ultimate maturity date.
(J)	Percentage rounds to less than 0.1% or (0.1)%.
(K)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2020, the value of the security is $1,684,626, representing 0.1% of the Fund’s net assets.
(L)	Security is Level 3 of the fair value hierarchy.
(M)	Non-income producing security.
(N)	Rates disclosed reflect the yields at October 31, 2020.
(O)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. 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.
(Q)	Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2020

Page    38

Transamerica Capital Growth

(unaudited)

MARKET ENVIRONMENT

Large cap growth stocks advanced over the 12-month period ended October 31, 2020, with Consumer Discretionary and Information Technology as the best performing sectors in the Russell 1000^® Growth index. Energy posted a double digit decline and hence was the greatest relative underperformer. Against this backdrop, our team continued to focus on bottom-up stock selection and the long-term outlook for companies owned in the Fund.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Capital Growth (Class A) returned 89.28%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 29.22%.

STRATEGY REVIEW

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

Information Technology was by far the greatest contributor in the Fund, largely due to strong stock selection. Zoom Video Communications, Inc., which offers a proprietary cloud-based communications platform that connects users through frictionless video, voice, chat, and content sharing, was the top contributor in the sector and across the Fund. The company has experienced growing use of its products by both consumers and businesses as video-based communication has become mission critical during the COVID-19 pandemic. Shopify, Inc., Class A, (“Shopify”) which operates a cloud-based software and services platform that enables merchants to build an ecommerce presence, was the second greatest contributor across the Fund. Shopify has seen strong demand for its services, as a growing number of merchants of all sizes seek to build or expand their ecommerce capabilities at a time when the global health pandemic has resulted in a sharp reduction in consumer traffic to physical stores. Twilio, Inc., Class A, “(Twilio”) which provides a proprietary cloud communications platform allowing software developers to build voice and messaging capabilities into their applications, was the third greatest contributor in the Fund. Although the company was adversely impacted during the pandemic by weakness among some of its larger customers in the travel, hospitality, and transportation industries, this was more than offset by the positive impact of new and expanded use cases for Twilio’s product in applications addressing contactless delivery, distance learning, telehealth, and mass notifications. Within Information Technology the strength in these holdings was partly offset by weakness in software provider Workday, Inc. (no longer held in the Fund), which was the top detractor in the Fund.

Consumer discretionary and healthcare were also material contributors primarily due to favorable stock selection, while stock selection and sector allocations to consumer staples, energy, financials, industrials, real estate, and utilities all contributed to a lesser extent.

Our positions in social media platform Facebook, Inc. and media streaming platform Roku, Inc. detracted from relative performance during the fiscal year. Our positions in Facebook, Inc. and Roku, Inc. were eliminated during the first and second quarter of 2020 respectively.

Our stock selection decisions within materials detracted slightly, however this was more than offset by the favorable impact of a sector underweight position.

The Fund has a small derivatives investment, OTC puts on the Chinese Yuan. These puts are designed to provide a potential hedge to equities in the Fund that are exposed, directly or indirectly, to China.

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

Dennis P. Lynch

Sam G. Chainani, CFA

Jason C. Yeung, CFA

David S. Cohen

Armistead B. Nash

Alexander T. Norton

Co-Portfolio Managers

Morgan Stanley Investment Management, Inc.

Asset Allocation	Percentage of Net Assets
Common Stocks		93.3	%
Repurchase Agreement		7.6
Other Investment Company		2.5
Over-the-Counter Foreign Exchange Options Purchased		0.1
Net Other Assets (Liabilities)		(3.5	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    39

Transamerica Capital Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		78.85	%		25.39	%		20.26	%		11/13/2009
Class A (NAV)		89.28	%		26.81	%		20.94	%		11/13/2009
Russell 1000® Growth Index (A)		29.22	%		17.32	%		16.31	%
Class C (POP)		86.95	%		25.88	%		20.11	%		11/13/2009
Class C (NAV)		87.95	%		25.88	%		20.11	%		11/13/2009
Class I (NAV)		89.76	%		27.15	%		21.35	%		11/30/2009
Class I2 (NAV)		90.02	%		27.30	%		23.50	%		09/30/2011
Class R6 (NAV)		90.02	%		N/A			86.64	%		10/18/2019

^(A) The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

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

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    40

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 93.3%
Biotechnology - 0.8%
Alnylam Pharmaceuticals, Inc. (A)		120,675		$  14,839,405
Exact Sciences Corp. (A)		8,768		1,085,741
Moderna, Inc. (A)		227,965		15,380,799
				31,305,945
Capital Markets - 0.1%
S&P Global, Inc.		10,224		3,299,592
Entertainment - 5.7%
Netflix, Inc. (A)		97,690		46,475,040
Spotify Technology SA (A)		769,420		184,576,164
				231,051,204
Health Care Equipment & Supplies - 6.5%
Danaher Corp.		13,263		3,044,389
DexCom, Inc. (A)		235,303		75,198,133
Intuitive Surgical, Inc. (A)		282,494		188,446,097
				266,688,619
Health Care Providers & Services - 1.4%
Guardant Health, Inc. (A)		540,795		57,681,195
Health Care Technology - 5.3%
Livongo Health, Inc. (A) (B) (C)		157,996		20,165,712
Veeva Systems, Inc., Class A (A)		729,050		196,879,952
				217,045,664
Interactive Media & Services - 10.1%
Pinterest, Inc., Class A (A)		956,668		56,395,579
Snap, Inc., Class A (A)		3,809,134		150,041,788
Twitter, Inc. (A)		3,496,278		144,606,058
Zillow Group, Inc., Class C (A) (B)		708,267		62,766,621
				413,810,046
Internet & Direct Marketing Retail - 8.9%
Amazon.com, Inc. (A)		70,514		214,091,081
Chewy, Inc., Class A (A) (B)		939,331		57,862,790
Wayfair, Inc., Class A (A) (B)		368,546		91,410,464
				363,364,335
IT Services - 22.8%
Adyen NV (A) (D)		34,091		57,298,215
Fastly, Inc., Class A (A) (B)		660,540		41,950,896
MongoDB, Inc. (A)		179,556		41,023,159
Okta, Inc. (A)		514,923		108,046,293
Shopify, Inc., Class A (A)		251,256		232,519,840
Snowflake, Inc., Class A (A) (B)		357,755		89,445,905
Square, Inc., Class A (A)		1,678,148		259,911,562
Twilio, Inc., Class A (A)		364,725		101,747,333
				931,943,203
Leisure Products - 0.0% (E)
Peloton Interactive, Inc., Class A (A)		13,933		1,535,556
Life Sciences Tools & Services - 3.2%
10X Genomics, Inc., Class A (A)		474,169		64,913,736
Illumina, Inc. (A)		222,549		65,140,092
				130,053,828
Metals & Mining - 0.1%
Royal Gold, Inc.		46,553		5,530,962
Oil, Gas & Consumable Fuels - 0.1%
Texas Pacific Land Trust (B)		12,270		5,526,531
Personal Products - 0.1%
Estee Lauder Cos., Inc., Class A		18,207		3,999,350

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals - 0.3%
Royalty Pharma PLC, Class A		299,903		$   11,006,440
Road & Rail - 3.6%
Uber Technologies, Inc. (A)		4,382,337		146,413,879
Union Pacific Corp.		12,775		2,263,602
				148,677,481
Semiconductors & Semiconductor Equipment - 1.6%
NVIDIA Corp.		126,700		63,522,312
Software - 19.3%
Cloudflare, Inc., Class A (A)		829,512		43,109,739
Coupa Software, Inc. (A)		379,144		101,496,849
Datadog, Inc., Class A (A)		637,800		57,880,350
Slack Technologies, Inc., Class A (A) (B)		4,274,157		109,332,936
Trade Desk, Inc., Class A (A) (B)		267,896		151,749,689
Unity Software, Inc. (A)		350,120		33,219,386
Zoom Video Communications, Inc., Class A (A)		639,308		294,663,450
				791,452,399
Specialty Retail - 3.4%
Carvana Co. (A)		755,202		139,976,691
Total Common Stocks (Cost $2,112,687,915)				3,817,471,353
OTHER INVESTMENT COMPANY - 2.5%
Securities Lending Collateral - 2.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (F)		100,794,803		100,794,803
Total Other Investment Company (Cost $100,794,803)				100,794,803
	Principal		Value
REPURCHASE AGREEMENT - 7.6%
Fixed Income Clearing Corp., 0.00% (F), dated 10/30/2020, to be repurchased at $312,913,479 on 11/02/2020. Collateralized by U.S. Government Obligations, 0.13%, due 09/15/2023 - 10/15/2023, and with a total value of $319,171,754.		$  312,913,479		312,913,479
Total Repurchase Agreement (Cost $312,913,479)				312,913,479
Total Investments Excluding Options Purchased (Cost $2,526,396,197)				4,231,179,635
Total Options Purchased - 0.1% (Cost $12,555,883)				3,935,067
Total Investments (Cost $2,538,952,080)				4,235,114,702
Net Other Assets (Liabilities) - (3.5)%				(144,211,689	)
Net Assets - 100.0%				$  4,090,903,013

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

Transamerica Funds Annual Report 2020

Page    41

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:

Description	Counterparty		Exercise Price			Expiration Date		Notional Amount/ Number of Contracts			Premiums Paid		Value
Put - USD vs. CNH		RBS		USD	8.06		07/23/2021		USD	700,730,044	$	3,716,672	$	1,414,774
Put - USD vs. CNH		RBS		USD	7.75		01/07/2021		USD	479,776,728		2,095,186		133,378
Put - USD vs. CNH		BNP		USD	7.99		09/10/2021		USD	647,932,544		3,923,609		2,024,141
Put - USD vs. CNH		RBS		USD	8.48		05/28/2021		USD	451,772,550		2,820,416		362,774
Total											$	12,555,883	$	3,935,067

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	$	3,740,007,426	$	77,463,927	$	—	$	3,817,471,353
Other Investment Company		100,794,803		—		—		100,794,803
Repurchase Agreement		—		312,913,479		—		312,913,479
Over-the-Counter Foreign Exchange Options Purchased		—		3,935,067		—		3,935,067
Total Investments	$	3,840,802,229	$	394,312,473	$	—	$	4,235,114,702

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 $320,382,775, collateralized by cash collateral of $100,794,803 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $226,504,201. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2020, the value of the security is $20,165,712, representing 0.5% of the Fund’s net assets.
(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 October 31, 2020, the value of the 144A security is $57,298,215, representing 1.4% of the Fund’s net assets.
(E)	Percentage rounds to less than 0.1% or (0.1)%.
(F)	Rates disclosed reflect the yields at October 31, 2020.
(G)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

CURRENCY ABBREVIATIONS:

CNH	Chinese Yuan Renminbi (offshore)
USD	United States Dollar

COUNTERPARTY ABBREVIATIONS:

BNP	BNP Paribas
RBS	Royal Bank of Scotland PLC

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

Transamerica Funds Annual Report 2020

Page    42

Transamerica Dividend Focused

(unaudited)

MARKET ENVIRONMENT

During the fiscal period ended October 31, 2020, a trend continued that is now a decade old as growth benchmarks outperformed value yet again by a wide margin. However, there were some signs in the latter part of the fiscal year that could signal a change in favor of value, as technology stocks returns moderated and value stocks outperformed.

The fiscal period ended October 31, 2020 will also be remembered for what was the COVID-19 bear market, which proved unusual in many respects. It was the most rapid bear market decline, followed by the most rapid and powerful recovery as sentiment around the effects of the pandemic swung widely – creating both volatility and opportunity. As a value manager, the most frustrating aspect of the “mini bear market” was how traditional value characteristics such as lower valuations and higher dividend yields did not act defensively.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Dividend Focused (Class A) returned -17.52%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Value Index, returned -7.57%.

STRATEGY REVIEW

The Fund was fully invested during the period with a conservative orientation based on our belief that superior returns can potentially be achieved while taking below average risks. The Fund’s portfolio is constructed to reflect all three value characteristics: price/earnings and price/book ratios below the market and dividend yields above the market (S&P 500^®). In addition, the Fund’s strategy during the period continued to require that stocks purchased not only pay a dividend, but also that each stock has a consecutive 25-year history of paying cash dividends. While we are exacting in our definition of value, we are equally demanding in our pursuit of quality. We seek companies with profitability and earnings growth greater than the market.

The Fund underperformed its benchmark for the 12-month period ended October 31, 2020. Holdings and an overweight in the energy sector were the largest detractors. Stock selection and an underweight in consumer staples also hurt overall performance as did holdings in financials and industrials. The five largest detractors were Simon Property Group, Inc., Phillips 66, Valero Energy Corp., New York Community Bancorp, Inc. and General Electric Company. Holdings of Simon Property Group, Inc. and General Electric Company were sold.

Stock selection within and an underweight in consumer discretionary were the largest contributors. Overweights in materials and utilities also benefited performance. The top five contributing stocks included Lowe’s Companies, Inc., UnitedHealth Group, Inc., Whirlpool Corp., Stanley Black & Decker, Inc. and Corteva, Inc.

Brian Quinn, CFA

Brad Kinkelaar

Lewis Ropp

Co-Portfolio Managers

Barrow, Hanley, Mewhinney & Strauss, LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		96.7	%
Repurchase Agreement		3.2
Net Other Assets (Liabilities)		0.1
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    43

Transamerica Dividend Focused

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(22.08	)%		1.15	%		5.05	%		01/04/2013
Class A (NAV)		(17.52	)%		2.30	%		5.81	%		01/04/2013
Russell 1000® Value Index (A)		(7.57	)%		5.82	%		8.61	%
Class C (POP)		(18.92	)%		1.46	%		4.94	%		01/04/2013
Class C (NAV)		(18.21	)%		1.46	%		4.94	%		01/04/2013
Class I (NAV)		(17.36	)%		2.48	%		6.00	%		01/04/2013
Class I2 (NAV)		(17.26	)%		2.59	%		6.10	%		01/04/2013
Class R6 (NAV)		(17.25	)%		2.60	%		1.86	%		05/29/2015

^(A) The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

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

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    44

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 96.7%
Aerospace & Defense - 5.8%
General Dynamics Corp.		116,079		$  15,244,655
Raytheon Technologies Corp.		261,175		14,187,026
				29,431,681
Banks - 9.6%
JPMorgan Chase & Co.		173,160		16,976,606
US Bancorp		442,677		17,242,269
Wells Fargo & Co.		669,539		14,361,612
				48,580,487
Beverages - 4.3%
Coca-Cola European Partners PLC		334,717		11,952,744
Molson Coors Beverage Co., Class B		274,047		9,662,897
				21,615,641
Capital Markets - 3.1%
Northern Trust Corp.		202,706		15,865,799
Chemicals - 10.4%
Corteva, Inc.		637,997		21,041,141
DuPont de Nemours, Inc.		257,050		14,621,004
Linde PLC		76,085		16,764,569
				52,426,714
Consumer Finance - 3.1%
American Express Co.		173,830		15,860,249
Diversified Telecommunication Services - 4.9%
AT&T, Inc.		260,003		7,025,281
Verizon Communications, Inc.		312,589		17,814,447
				24,839,728
Electric Utilities - 7.1%
Entergy Corp.		185,457		18,771,958
Exelon Corp.		426,198		17,001,038
				35,772,996
Equity Real Estate Investment Trusts - 2.6%
Healthpeak Properties, Inc., REIT		485,279		13,087,975
Health Care Equipment & Supplies - 4.3%
Medtronic PLC		214,991		21,621,645
Health Care Providers & Services - 9.7%
Cigna Corp.		87,582		14,623,566
CVS Health Corp.		333,798		18,722,730
UnitedHealth Group, Inc.		52,076		15,890,471
				49,236,767
Household Durables - 1.1%
Lennar Corp., Class A		78,526		5,514,881

	Shares		Value
COMMON STOCKS (continued)
Insurance - 6.7%
Aon PLC, Class A		70,757		$   13,019,995
Chubb, Ltd.		159,413		20,709,343
				33,729,338
Machinery - 7.7%
Deere & Co.		59,182		13,369,806
Stanley Black & Decker, Inc.		79,865		13,273,563
Westinghouse Air Brake Technologies Corp.		211,247		12,526,947
				39,170,316
Multi-Utilities - 3.5%
CenterPoint Energy, Inc.		825,188		17,436,223
Oil, Gas & Consumable Fuels - 4.8%
Hess Corp.		234,490		8,727,718
Phillips 66		229,751		10,720,181
Valero Energy Corp.		118,195		4,563,509
				24,011,408
Pharmaceuticals - 3.0%
Johnson & Johnson		112,257		15,391,557
Specialty Retail - 3.5%
Lowe’s Cos., Inc.		112,910		17,851,071
Thrifts & Mortgage Finance - 1.5%
New York Community Bancorp, Inc.		932,049		7,745,327
Total Common Stocks (Cost $498,062,989)				489,189,803
	Principal		Value
REPURCHASE AGREEMENT - 3.2%
Fixed Income Clearing Corp., 0.00% (A), dated 10/30/2020, to be repurchased at $16,094,288 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $16,416,237.		$  16,094,288		16,094,288
Total Repurchase Agreement (Cost $16,094,288)				16,094,288
Total Investments (Cost $514,157,277)				505,284,091
Net Other Assets (Liabilities) - 0.1%				531,709
Net Assets - 100.0%				$  505,815,800

INVESTMENT VALUATION:

Valuation Inputs ^(B)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	489,189,803	$	—	$	—	$	489,189,803
Repurchase Agreement		—		16,094,288		—		16,094,288
Total Investments	$	489,189,803	$	16,094,288	$	—	$	505,284,091

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

Transamerica Funds Annual Report 2020

Page    45

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rate disclosed reflects the yield at October 31, 2020.
(B)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

REIT Real Estate Investment Trust

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

Transamerica Funds Annual Report 2020

Page    46

Transamerica Dynamic Income

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., large caps outperformed small caps, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index for the 12-month period ended October 31, 2020. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69, well above its long-term average. U.S. large caps rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the past year.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until it is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Dynamic Income (Class A) returned -10.68%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the iBoxx $ Liquid High Yield Index and the Transamerica Dynamic Income Blended Benchmark, returned 1.56% and 5.81%, respectively.

STRATEGY REVIEW

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

Performance of the Fund was negative for the one-year period ended October 31, 2020. Absolute returns were mixed among the underlying holdings during the period. The top performing equity holding was the SPDR Dow Jones International Real Estate ETF, while the top performing fixed income holding was the iShares 20+ Year Treasury Bond ETF. The worst performing equity holding was the Global X MLP ETF, while the worst performing fixed income holding was the VanEck Vectors J.P. Morgan EM Local Currency Bond ETF.

The Fund underperformed relative to its benchmark during the 12-month period ended October 31, 2020 due largely to sub-asset class selection effects. Across equity holdings, the Global X SuperDividend US ETF and the Global X MLP ETF were the primary detractors from relative performance, as defensive equities and energy related companies underperformed the broader U.S. equity market. Across fixed income holdings, Vanguard Long-Term Bond ETF and iShares 20+ Year Treasury Bond ETF contributed to relative performance, but were more than offset by VanEck Vectors J.P. Morgan EM Local Currency Bond ETF and iShares J.P. Morgan EM High Yield Bond ETF.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		49.9	%
International Fixed Income Funds		20.0
U.S. Equity Funds		17.7
Other Investment Company		13.9
International Equity Funds		12.3
Repurchase Agreement		0.4
Net Other Assets (Liabilities)		(14.2	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    47

Transamerica Dynamic Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(14.94	)%		0.38	%		1.71	%		10/31/2011
Class A (NAV)		(10.68	)%		1.36	%		2.27	%		10/31/2011
iBoxx $ Liquid High Yield Index (A)		1.56	%		5.55	%		5.47	%
Transamerica Dynamic Income Blended Benchmark (A) (B) (C) (D)		5.81	%		7.12	%		7.29	%
Class C (POP)		(12.17	)%		0.63	%		1.51	%		10/31/2011
Class C (NAV)		(11.32	)%		0.63	%		1.51	%		10/31/2011
Class I (NAV)		(10.46	)%		1.61	%		2.51	%		10/31/2011

^(A) The iBoxx $ Liquid High Yield Index is comprised of U.S. dollar-denominated high yield liquid corporate bonds.

^(B) The Transamerica Dynamic Income Blended Benchmark is composed of the following benchmarks: 40% iBoxx $ Liquid High Yield Index, 30% Bloomberg Barclays US Aggregate Bond Index, and 30% S&P 500^®.

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

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I shares.

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

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

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

Transamerica Funds Annual Report 2020

Page    48

Transamerica Dynamic Income

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.9%
International Equity Funds - 12.3%
Invesco S&P International Developed Low Volatility ETF		249,368		$  6,837,670
SPDR Dow Jones International Real Estate ETF (A)		260,918		7,449,209
				14,286,879
International Fixed Income Funds - 20.0%
iShares J.P. Morgan EM High Yield Bond ETF (A)		320,876		13,887,513
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		305,017		9,376,223
				23,263,736
U.S. Equity Funds - 17.7%
Global SuperDividend U.S. ETF (A)		802,026		12,030,390
Global X MLP ETF (A)		166,510		3,781,442
Invesco S&P 500 High Dividend Low Volatility ETF		149,694		4,871,043
				20,682,875
U.S. Fixed Income Funds - 49.9%
Invesco Senior Loan ETF (A)		509,441		10,952,981
iShares 20+ Year Treasury Bond ETF		31,407		4,948,801
iShares Core 10+ Year USD Bond ETF		18,976		1,404,224
iShares MBS ETF (A)		52,130		5,749,418
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		884,533		22,900,559
Vanguard Long-Term Bond ETF		110,445		12,092,623
				58,048,606
Total Exchange-Traded Funds (Cost $121,518,206)				116,282,096

	Shares		Value
OTHER INVESTMENT COMPANY - 13.9%
Securities Lending Collateral - 13.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (B)		16,159,975		$   16,159,975
Total Other Investment Company (Cost $16,159,975)				16,159,975
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $423,376 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.63%, due 12/31/2023, and with a value of $431,873.		$  423,376		423,376
Total Repurchase Agreement (Cost $423,376)				423,376
Total Investments (Cost $138,101,557)				132,865,447
Net Other Assets (Liabilities) - (14.2)%				(16,516,490	)
Net Assets - 100.0%				$  116,348,957

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	$	116,282,096	$	—	$	—	$	116,282,096
Other Investment Company		16,159,975		—		—		16,159,975
Repurchase Agreement		—		423,376		—		423,376
Total Investments	$	132,442,071	$	423,376	$	—	$	132,865,447

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 $24,749,244, collateralized by cash collateral of $16,159,975 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $9,147,445. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    49

Transamerica Emerging Markets Debt

(unaudited)

MARKET ENVIRONMENT

The fiscal period ended October 31, 2020 continued to bring volatility to emerging markets, as the COVID-19 pandemic swept across the globe for most of the period. Beginning in January, 2020, the pandemic started its roots in Asia, and quickly made its way to Europe. By March, the virus was hitting the U.S., and shortly after that, in April, it began dispersing throughout Latin America. Governments resorted to unprecedented measures to keep economies from falling, as shutdowns became the new normal. The world faced a period of eeriness with travel coming to a halt, production slowdowns, and minimal demand. Oil, and therefore oil-producing countries, faced extreme pressure as supply kept growing and demand was nowhere in sight. Countries also saw their fair share of political instability. Belarus and Ivory Coast held elections that resulted in disputed outcomes and protests; there were also ongoing clashes around the new Chilean constitution. With the pandemic placing a burden on countries and companies across the globe, it provided unique opportunities within emerging markets as the spread differential with developed market assets widened from tight levels in 2019, especially in investment grade. Valuation, combined with the monetary and fiscal response across the globe, helped assets recover substantially from their lows in early 2020, leading us to be more optimistic going forward. The low interest rate environment helped both sovereigns and corporates refinance short-term maturities, allowing them to weather the economic hit of the pandemic.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Emerging Markets Debt (Class A) returned 1.20%, excluding any sales charges. By comparison, its benchmark, the J.P. Morgan Emerging Markets Bond Index Global, returned 1.97%.

STRATEGY REVIEW

The Fund underperformed its benchmark for the 12-month period ended October 31, 2020. Local currency exposures detracted from relative performance, as market volatility proved unfavorable, especially during the initial sell-off in March and again in September when pandemic fears re-escalated. Brazil was the biggest drag; the country remained captive to the constantly shifting domestic fiscal debate, with fear around breaching the public spending cap driving much of the focus. Russian local currency bonds also detracted as the country’s involvement in political noise around Belarus and the potential for administration change in the U.S. weighed on local assets despite their strong fundamentals.

Contributors to performance included not owning some troubled areas and adding risk in some higher conviction ideas following March’s turmoil. In higher quality, adding exposure though both the primary and secondary markets in April helped, as many high-quality rated governments were the first issuers to tap the market after the sell-off in March.

Sovereigns saw strong performance as support from the International Monetary Fund (“IMF”) and World Bank, as well as record bond issuance, allowed countries to continue providing support even as lockdowns lingered and countries struggled to operate at full capacity, therefore dampening gross domestic product. Argentina was the best overall country performer. We continued to be strategically positioned in hard currency bonds while the country worked toward a debt restructuring; euro-denominated bonds rallied into the restructuring. Not owning Lebanon and being underweight Ecuador also helped as both countries went down the path of restructuring, and Lebanon still struggled to form a government and find multilateral support. Being underweight Sri Lanka was another positive, as the country continued to refuse support from the IMF and remained determined to get through this challenging time alone. Underweights in Saudi Arabia and South Africa detracted.

The Fund’s strategic positioning to off-index corporates contributed. These bonds proved more resilient and better positioned than sovereigns to handle the downturn caused by the COVID-19 pandemic. Among individual corporates, Digicel Group, the Jamaican wireless company, rebounded after a subordinated debt exchange and earnings showed stability despite COVID-19. Ecopetrol SA in Colombia also issued new debt that rallied aggressively post issuance on stability in the markets and higher commodity prices. Overall, corporate positioning in Brazil and Chile contributed, while small positions in Canada and Argentina corporates detracted.

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

Todd Howard, CFA

Scott Moses, CFA

Co-Portfolio Managers

MetLife Investment Management, LLC

Transamerica Funds Annual Report 2020

Page    50

Transamerica Emerging Markets Debt

(unaudited)

Asset Allocation	Percentage of Net Assets
Foreign Government Obligations		58.0	%
Corporate Debt Securities		33.7
Repurchase Agreement		7.4
Other Investment Company		1.5
Common Stock		0.1
Net Other Assets (Liabilities) ^		(0.7	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		10.54
Duration †		6.01
Credit Quality ‡	Percentage of Net Assets
AAA		7.4	%
AA		3.7
A		6.3
BBB		39.0
BB		12.1
B		13.5
CCC and Below		8.8
Not Rated		9.9
Net Other Assets (Liabilities) ^		(0.7	)
Total		100.0	%

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

^	The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.
§	Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.
†	Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.
‡	Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

Transamerica Funds Annual Report 2020

Page    51

Transamerica Emerging Markets Debt

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(3.58	)%		3.91	%		4.07	%		08/31/2011
Class A (NAV)		1.20	%		4.92	%		4.63	%		08/31/2011
J.P. Morgan Emerging Markets Bond Index Global (A)		1.97	%		5.35	%		5.11	%
Class C (POP)		(0.47	)%		4.19	%		3.90	%		08/31/2011
Class C (NAV)		0.51	%		4.19	%		3.90	%		08/31/2011
Class I (NAV)		1.61	%		5.31	%		5.00	%		08/31/2011
Class I2 (NAV)		1.77	%		5.41	%		5.10	%		08/31/2011
Class R6 (NAV)		1.76	%		5.41	%		4.25	%		05/29/2015

^(A) The J.P. Morgan Emerging Markets Bond Index Global tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds, and local market instruments.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

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

Transamerica Funds Annual Report 2020

Page    52

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES - 33.7%
Argentina - 0.8%
Pampa Energia SA 7.50%, 01/24/2027 (A)		$  3,345,000		$  2,324,775
YPF SA 8.50%, 03/23/2025 (B)		1,460,000		934,400
				3,259,175
Bermuda - 1.7%
Digicel Group 0.5, Ltd. PIK Rate 10.00%, Cash Rate 8.00%, 04/01/2024 (C)		3,037,080		2,308,181
Digicel, Ltd. 6.75%, 03/01/2023 (A)		3,770,000		2,332,725
Tengizchevroil Finance Co. International, Ltd. 3.25%, 08/15/2030 (A)		2,010,000		2,033,465
				6,674,371
Brazil - 1.5%
Banco do Brasil SA Fixed until 04/15/2024 (D), 6.25% (A) (E)		1,600,000		1,536,000
BRF SA
4.88%, 01/24/2030 (A)		1,195,000		1,196,817
5.75%, 09/21/2050 (A) (F)		1,200,000		1,141,350
Oi SA PIK Rate 4.00%, Cash Rate 8.00%, 07/27/2025 (C)		1,475,000		1,441,827
Samarco Mineracao SA 4.13%, 11/01/2022 (A) (G) (H)		1,900,000		914,850
				6,230,844
Canada - 0.7%
First Quantum Minerals, Ltd.
6.88%, 03/01/2026 - 10/15/2027 (A)		2,435,000		2,424,048
6.88%, 03/01/2026 (B)		400,000		397,000
				2,821,048
Cayman Islands - 4.4%
Baidu, Inc. 2.38%, 10/09/2030		710,000		717,401
CSN Islands XI Corp. 6.75%, 01/28/2028 (A)		650,000		639,275
ENN Energy Holdings, Ltd. 2.63%, 09/17/2030 (A) (F)		2,920,000		2,940,804
JD.com, Inc. 4.13%, 01/14/2050		1,900,000		2,039,472
Lima Metro Line 2 Finance, Ltd. 4.35%, 04/05/2036 (A)		2,450,000		2,679,075
Meituan 3.05%, 10/28/2030 (A)		1,000,000		1,002,092
Odebrecht Drilling Norbe VIII / IX, Ltd. 6.35%, 12/01/2021 (B)		740,081		680,882
Tencent Holdings, Ltd. 2.39%, 06/03/2030 (A)		2,760,000		2,794,099
Vale Overseas, Ltd. 6.88%, 11/21/2036 - 11/10/2039		2,290,000		3,105,643
Weibo Corp. 3.38%, 07/08/2030		1,090,000		1,093,242
				17,691,985

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chile - 0.6%
Corp. Nacional del Cobre de Chile 3.00%, 09/30/2029 (A)		$   1,000,000		$   1,054,054
Empresa de Transporte de Pasajeros Metro SA 3.65%, 05/07/2030 (A)		1,140,000		1,248,870
				2,302,924
Colombia - 0.6%
Ecopetrol SA 6.88%, 04/29/2030		1,300,000		1,563,120
Empresas Publicas de Medellin ESP 4.38%, 02/15/2031 (A)		980,000		1,000,835
				2,563,955
Ecuador - 0.4%
Petroamazonas EP
4.63%, 12/06/2021 (A)		1,507,918		1,360,895
4.63%, 12/06/2021 (B)		116,667		105,292
				1,466,187
India - 1.4%
Adani Electricity Mumbai, Ltd. 3.95%, 02/12/2030 (A)		1,250,000		1,235,038
Adani Ports & Special Economic Zone, Ltd.
4.20%, 08/04/2027 (A)		1,400,000		1,408,866
4.38%, 07/03/2029 (A)		720,000		726,851
Muthoot Finance, Ltd.
4.40%, 09/02/2023 (A)		480,000		477,811
6.13%, 10/31/2022 (A)		1,780,000		1,834,824
				5,683,390
Indonesia - 1.6%
Pelabuhan Indonesia II PT
4.25%, 05/05/2025 (A)		675,000		732,375
4.25%, 05/05/2025 (B)		1,070,000		1,160,950
5.38%, 05/05/2045 (A)		1,500,000		1,734,375
Pertamina Persero PT 5.63%, 05/20/2043 (A)		2,250,000		2,632,500
				6,260,200
Ireland - 0.2%
C&W Senior Financing DAC 6.88%, 09/15/2027 (A)		830,000		873,990
Isle of Man - 0.7%
AngloGold Ashanti Holdings PLC 3.75%, 10/01/2030		1,530,000		1,621,640
Sasol Financing International, Ltd. 4.50%, 11/14/2022		1,375,000		1,335,678
				2,957,318
Israel - 0.9%
ICL Group, Ltd.
6.38%, 05/31/2038 (B) (F)		265,000		339,518
6.38%, 05/31/2038 (B)		1,035,000		1,326,040
Leviathan Bond, Ltd. 6.75%, 06/30/2030 (B)		1,890,000		1,939,707
				3,605,265
Jersey, Channel Islands - 0.7%
Galaxy Pipeline Assets Bidco, Ltd.
1.75%, 09/30/2027 (A) (I)		1,465,000		1,460,283
2.63%, 03/31/2036 (A) (I)		1,360,000		1,356,728
				2,817,011

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

Transamerica Funds Annual Report 2020

Page    53

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Kazakhstan - 0.2%
KazMunayGas National Co. JSC 3.50%, 04/14/2033 (A) (F)		$   600,000		$   618,722
Luxembourg - 0.3%
Kenbourne Invest SA 6.88%, 11/26/2024 (A)		1,200,000		1,252,500
Mexico - 6.2%
Banco Mercantil del Norte SA Fixed until 06/27/2029 (D), 7.50% (A) (E)		1,945,000		1,937,434
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander 5.38%, 04/17/2025 (A)		600,000		672,006
BBVA Bancomer SA Fixed until 09/13/2029, 5.88% (E), 09/13/2034 (A)		1,350,000		1,401,125
Fomento Economico Mexicano SAB de CV 3.50%, 01/16/2050		1,510,000		1,573,981
Grupo Bimbo SAB de CV Fixed until 04/17/2023 (D), 5.95% (A) (E) (F)		2,300,000		2,447,223
Industrias Penoles SAB de CV 4.75%, 08/06/2050 (A)		1,690,000		1,776,612
Infraestructura Energetica Nova SAB de CV 4.75%, 01/15/2051 (A) (F)		1,590,000		1,493,805
Kimberly-Clark de Mexico SAB de CV 2.43%, 07/01/2031 (A)		1,250,000		1,265,625
Mexico City Airport Trust 5.50%, 07/31/2047 (A)		1,755,000		1,513,337
Petroleos Mexicanos
5.95%, 01/28/2031		2,125,000		1,778,625
6.88%, 08/04/2026		2,890,000		2,774,111
7.19%, 09/12/2024 (B)		MXN  61,000,000		2,500,507
7.69%, 01/23/2050		$  4,680,000		3,888,752
				25,023,143
Mongolia - 0.2%
Mongolian Mortgage Corp. Hfc LLC 9.75%, 01/29/2022 (A)		980,000		965,300
Multi-National - 0.3%
GEMS MENASA Cayman, Ltd. / GEMS Education Delaware LLC 7.13%, 07/31/2026 (A)		1,200,000		1,188,000
Netherlands - 3.6%
Braskem Finance BV
4.50%, 01/31/2030 (A)		1,380,000		1,274,499
Fixed until 10/24/2025, 8.50% (E), 01/23/2081 (A)		1,130,000		1,147,809
Embraer Finance BV 6.95%, 01/17/2028 (A)		780,000		785,460
IHS Holdco BV 8.00%, 09/18/2027 (A)		1,985,000		2,014,775
Minejesa Capital BV 5.63%, 08/10/2037 (B)		400,000		414,000
Mong Duong Finance Holdings BV 5.13%, 05/07/2029 (A)		2,600,000		2,647,025

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Netherlands (continued)
MV24 Capital BV 6.75%, 06/01/2034 (A)		$   804,491		$   809,325
Petrobras Global Finance BV 6.75%, 06/03/2050		1,425,000		1,563,710
Prosus NV 4.03%, 08/03/2050 (A)		1,625,000		1,659,002
Teva Pharmaceutical Finance III BV 2.80%, 07/21/2023		1,110,000		1,052,746
VTR Finance NV 6.38%, 07/15/2028 (A)		975,000		1,040,813
				14,409,164
Nigeria - 0.3%
SEPLAT Petroleum Development Co. PLC 9.25%, 04/01/2023 (A)		1,260,000		1,263,150
Northern Mariana Islands - 0.4%
Azure Power Solar Energy Pvt, Ltd. 5.65%, 12/24/2024 (A)		1,350,000		1,418,175
Panama - 0.5%
Banistmo SA 4.25%, 07/31/2027 (A)		2,000,000		2,081,880
Paraguay - 0.3%
Telefonica Celular del Paraguay SA 5.88%, 04/15/2027 (A)		1,000,000		1,064,500
Peru - 0.5%
Banco de Credito del Peru Fixed until 07/01/2025, 3.13% (E), 07/01/2030 (A) (F)		1,040,000		1,051,450
Peru LNG Srl 5.38%, 03/22/2030 (B)		1,070,000		818,550
				1,870,000
Republic of South Africa - 0.7%
Eskom Holdings SOC, Ltd. 7.85%, 04/02/2026, MTN		ZAR  45,100,000		2,743,578
Saudi Arabia - 0.5%
Saudi Arabian Oil Co. 4.25%, 04/16/2039, MTN (B)		$  1,850,000		2,110,108
Singapore - 1.0%
LLPL Capital Pte, Ltd. 6.88%, 02/04/2039 (A)		1,690,200		1,935,871
Medco Bell Pte, Ltd. 6.38%, 01/30/2027 (A)		2,500,000		2,201,250
				4,137,121
Turkey - 0.9%
QNB Finansbank AS 6.88%, 09/07/2024 (A)		1,490,000		1,516,820
Turk Telekomunikasyon AS 6.88%, 02/28/2025 (A) (F)		1,070,000		1,090,330
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025 (A)		1,150,000		1,135,984
				3,743,134
United Arab Emirates - 0.8%
Acwa Power Management & Investments One, Ltd. 5.95%, 12/15/2039 (A)		1,800,000		2,061,000

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

Transamerica Funds Annual Report 2020

Page    54

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United Arab Emirates (continued)
Oztel Holdings SPC, Ltd. 5.63%, 10/24/2023 (A)		$   1,270,000		$   1,266,063
				3,327,063
United Kingdom - 0.2%
Fresnillo PLC 4.25%, 10/02/2050 (A)		665,000		676,804
United States - 0.4%
Gran Tierra Energy, Inc. 7.75%, 05/23/2027 (A)		880,000		281,609
Kosmos Energy, Ltd. 7.13%, 04/04/2026 (A) (F)		1,000,000		830,700
New Fortress Energy, Inc. 6.75%, 09/15/2025 (A)		450,000		464,026
				1,576,335
Venezuela - 0.2%
Petroleos de Venezuela SA
5.50%, 04/12/2037 (B) (G) (H)		3,870,000		131,580
8.50%, 10/27/2020 (B) (J)		1,945,000		486,250
				617,830
Total Corporate Debt Securities (Cost $136,791,391)				135,294,170
FOREIGN GOVERNMENT OBLIGATIONS - 58.0%
Angola - 1.2%
Angola Government International Bond
9.38%, 05/08/2048 (A)		2,990,000		2,283,762
9.50%, 11/12/2025 (B)		3,050,000		2,608,067
				4,891,829
Argentina - 2.9%
Argentina Bonar Bonds
0.13% (K), 07/09/2030		2,780,889		987,243
1.00%, 07/09/2029		206,954		79,679
Argentina Republic Government International Bond
0.13% (K), 07/09/2030  - 01/09/2038		28,927,533		9,949,672
1.00%, 07/09/2029		1,276,060		523,185
				11,539,779
Belarus - 0.4%
Republic of Belarus International Bond 6.88%, 02/28/2023 (B)		1,790,000		1,767,883
Brazil - 1.6%
Brazil Notas do Tesouro Nacional
10.00%, 01/01/2031		BRL  23,175,000		4,731,561
Series F,
10.00%, 01/01/2025		8,477,000		1,701,326
				6,432,887
Cayman Islands - 0.6%
Sharjah Sukuk Program, Ltd. 3.23%, 10/23/2029 (B)		$  2,150,000		2,236,856
Colombia - 2.1%
Colombia Government International Bond 4.00%, 02/26/2024		1,000,000		1,065,400

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Colombia (continued)
Colombia TES
6.00%, 04/28/2028		COP  6,298,400,000		$   1,698,643
Series B,
6.25%, 11/26/2025		10,770,500,000		3,029,933
7.25%, 10/18/2034		9,828,200,000		2,727,362
				8,521,338
Cote d’Ivoire - 0.4%
Ivory Coast Government International Bond 6.88%, 10/17/2040 (A)		EUR  1,535,000		1,740,899
Dominican Republic - 0.9%
Dominican Republic International Bond
5.88%, 01/30/2060 (A)		$  3,325,000		3,175,375
6.88%, 01/29/2026 (A)		340,000		383,775
				3,559,150
Egypt - 1.8%
Egypt Government International Bond
7.50%, 01/31/2027 (A)		3,115,000		3,301,152
8.88%, 05/29/2050 (A)		3,765,000		3,800,015
				7,101,167
Gabon - 0.4%
Gabon Government International Bond 6.38%, 12/12/2024 (A)		1,515,000		1,441,447
Ghana - 1.4%
Ghana Government International Bond
6.38%, 02/11/2027 (A)		800,000		743,360
7.88%, 03/26/2027 (A)		1,700,000		1,649,000
8.13%, 03/26/2032 (B)		1,600,000		1,469,805
8.95%, 03/26/2051 (A)		2,070,000		1,855,962
				5,718,127
Indonesia - 6.1%
Indonesia Government International Bond
3.50%, 01/11/2028		645,000		704,379
4.35%, 01/08/2027 (A)		4,000,000		4,574,520
4.63%, 04/15/2043 (A)		3,500,000		4,090,499
4.75%, 01/08/2026 - 07/18/2047 (A)		2,895,000		3,407,090
Indonesia Treasury Bond
7.00%, 09/15/2030		IDR  23,672,000,000		1,664,729
7.50%, 08/15/2032		36,958,000,000		2,581,374
8.25%, 05/15/2036		8,600,000,000		629,608
8.38%, 03/15/2034		90,277,000,000		6,697,473
				24,349,672
Malaysia - 1.8%
Malaysia Government Bond
3.76%, 05/22/2040		MYR  5,867,000		1,467,159
3.83%, 07/05/2034		10,228,000		2,654,332
Malaysia Sovereign Sukuk Bhd. 3.04%, 04/22/2025 (A)		$  3,000,000		3,256,904
				7,378,395

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

Transamerica Funds Annual Report 2020

Page    55

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal			Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Mexico - 6.9%
Mexico Bonos
Series M,
7.50%, 06/03/2027		MXN  42,160,600			$   2,185,935
7.75%, 05/29/2031		97,590,000			5,123,182
8.00%, 11/07/2047		58,152,400			2,983,766
8.50%, 05/31/2029		107,440,000			5,909,035
10.00%, 11/20/2036		56,415,300			3,478,937
Mexico Government International Bond
1.35%, 09/18/2027		EUR  1,100,000			1,275,568
4.60%, 01/23/2046		$  1,585,000			1,723,006
4.75%, 04/27/2032 (F)		4,280,000			4,896,320
					27,575,749
Oman -��0.6%
Oman Government International Bond 7.38%, 10/28/2032 (A) (F)		2,420,000			2,314,125
Panama - 1.9%
Panama Government International Bond
2.25%, 09/29/2032		2,925,000			2,974,725
3.75%, 03/16/2025		1,000,000			1,092,500
3.87%, 07/23/2060		3,085,000			3,474,512
					7,541,737
Peru - 2.8%
Corp. Financiera de Desarrollo SA 2.40%, 09/28/2027 (A) (F)		840,000			853,440
Peru Government International Bond
2.39%, 01/23/2026		3,980,000			4,182,980
6.35%, 08/12/2028 (A)		PEN  9,689,000			3,273,196
6.95%, 08/12/2031 (A)		8,452,000			2,883,210
					11,192,826
Poland - 1.6%
Republic of Poland Government Bond 1.25%, 10/25/2030		PLN  25,278,000			6,415,607
Qatar - 1.4%
Qatar Government International Bond
3.40%, 04/16/2025 (A)		$  1,375,000			1,508,207
3.75%, 04/16/2030 (A)		2,645,000			3,070,824
4.40%, 04/16/2050 (A)		840,000	��		1,069,270
					5,648,301
Republic of Korea - 1.3%
Export-Import Bank of Korea
6.20%, 08/07/2021 (A)		INR  180,300,000			2,445,593
8.00%, 05/15/2024 (A)		IDR  35,800,000,000			2,621,498
					5,067,091
Republic of South Africa - 0.5%
Republic of South Africa Government Bond Series 2030, 8.00%, 01/31/2030		ZAR  35,542,200			2,008,364

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Romania - 2.0%
Romania Government Bond 5.00%, 02/12/2029		RON  12,160,000		$   3,275,128
Romania Government International Bond
3.62%, 05/26/2030 (A)		EUR  1,460,000		1,949,326
5.13%, 06/15/2048 (A)		$  2,440,000		2,938,336
				8,162,790
Russian Federation - 7.0%
Russian Federal Bond - OFZ
6.90%, 05/23/2029		RUB  284,526,000		3,805,391
7.05%, 01/19/2028		281,045,000		3,799,518
7.10%, 10/16/2024		396,304,000		5,325,438
7.40%, 12/07/2022		191,035,000		2,540,389
7.65%, 04/10/2030		132,490,000		1,853,338
7.70%, 03/23/2033		322,986,000		4,533,178
Russian Foreign Bond - Eurobond
4.38%, 03/21/2029 (B)		$  4,000,000		4,567,256
4.75%, 05/27/2026 (B)		1,600,000		1,828,000
				28,252,508
Saudi Arabia - 1.6%
Saudi Government International Bond 3.25%, 10/26/2026 - 10/22/2030 (A)		5,760,000		6,277,052
Serbia - 0.4%
Serbia International Bond 3.13%, 05/15/2027 (A)		EUR  1,210,000		1,531,223
Supranational - 1.1%
Banque Ouest Africaine de Developpement 4.70%, 10/22/2031 (A) (F)		$  1,750,000		1,837,500
Eastern & Southern African Trade & Development Bank 5.38%, 03/14/2022, MTN (B)		2,600,000		2,636,374
				4,473,874
Turkey - 2.0%
Turkey Government International Bond
5.25%, 03/13/2030		2,675,000		2,327,250
5.75%, 05/11/2047		3,905,000		3,022,158
6.38%, 10/14/2025		2,720,000		2,658,800
				8,008,208
Ukraine - 2.3%
Ukraine Government International Bond
Zero Coupon (E), 05/31/2040 (B)		4,070,000		3,515,503
4.38%, 01/27/2030 (A)		EUR  1,325,000		1,285,475
7.75%, 09/01/2023 (A)		$  1,000,000		1,040,000
7.75%, 09/01/2024 (B)		3,500,000		3,618,125
				9,459,103
United Arab Emirates - 1.8%
Abu Dhabi Government International Bond
2.50%, 04/16/2025 (A)		1,500,000		1,591,500
2.70%, 09/02/2070 (A)		2,675,000		2,444,308

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

Transamerica Funds Annual Report 2020

Page    56

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Arab Emirates (continued)
Finance Department Government of Sharjah 4.00%, 07/28/2050 (A)		$   3,200,000		$   3,184,128
				7,219,936
United Kingdom - 0.7%
Ukreximbank Via Biz Finance PLC 9.75%, 01/22/2025 (B)		2,870,000		2,947,490
Venezuela - 0.5%
Venezuela Government International Bond
Zero Coupon, 09/15/2027 (J)		6,070,000		555,405
9.00%, 05/07/2023 (B) (G) (H)		9,260,000		847,290
11.95%, 08/05/2031 (B)		5,565,000		509,197
				1,911,892
Total Foreign Government Obligations (Cost $243,480,852)				232,687,305
	Shares		Value
COMMON STOCK - 0.1%
Canada - 0.1%
Frontera Energy Corp.		93,356		149,369
Total Common Stock (Cost $5,390,007)				149,369

	Shares		Value
OTHER INVESTMENT COMPANY - 1.5%
Securities Lending Collateral - 1.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (L)		$   6,101,605		$   6,101,605
Total Other Investment Company (Cost $6,101,605)				6,101,605
	Principal		Value
REPURCHASE AGREEMENT - 7.4%
Fixed Income Clearing Corp., 0.00% (L), dated 10/30/2020, to be repurchased at $29,826,933 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.75%, due 11/15/2023, and with a value of $30,423,536.		$  29,826,933		29,826,933
Total Repurchase Agreement (Cost $29,826,933)				29,826,933
Total Investments (Cost $421,590,788)				404,059,382
Net Other Assets (Liabilities) - (0.7)%				(2,689,360	)
Net Assets - 100.0%				$  401,370,022

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation			Unrealized Depreciation
BCLY		11/30/2020		CZK	225,895,124		USD	9,680,238		$	—		$	(24,021	)
BCLY		11/30/2020		PLN	23,664,651		USD	6,017,559			—			(39,085	)
HSBC		11/04/2020		USD	3,683,896		BRL	20,660,394			84,009			—
HSBC		11/04/2020		BRL	20,660,394		USD	3,579,541			20,346			—
JPM		11/04/2020		USD	14,834,807		BRL	84,709,627			74,920			—
JPM		11/04/2020		BRL	84,709,627		USD	14,914,340			—			(154,453	)
JPM		11/30/2020		USD	9,659,241		MXN	205,000,000			27,366			—
JPM		11/30/2020		USD	1,086,425		ZAR	17,811,181			—			(4,218	)
TDB		11/30/2020		USD	3,985,124		EUR	3,393,588			30,169			—
Total										$	236,810		$	(221,777	)

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Foreign Government Obligations		57.6	%	$	232,687,305
Oil, Gas & Consumable Fuels		9.0			36,583,087
Electric Utilities		3.4			13,794,927
Metals & Mining		3.0			11,970,651
Banks		2.5			10,196,715
Wireless Telecommunication Services		1.7			6,765,234
Food Products		1.5			5,921,374
Diversified Telecommunication Services		1.2			4,864,882
Internet & Direct Marketing Retail		1.2			4,700,566
Interactive Media & Services		1.1			4,604,742
Marine		1.1			4,437,025

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

Transamerica Funds Annual Report 2020

Page    57

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Chemicals		1.0	%	$	4,087,866
Road & Rail		1.0			3,927,945
Transportation Infrastructure		0.9			3,649,054
Gas Utilities		0.7			2,940,804
Consumer Finance		0.6			2,312,635
Energy Equipment & Services		0.5			2,099,057
Professional Services		0.5			2,061,000
Construction & Engineering		0.5			2,014,775
Diversified Financial Services		0.4			1,604,575
Beverages		0.4			1,573,981
Household Products		0.3			1,265,625
Diversified Consumer Services		0.3			1,188,000
Pharmaceuticals		0.3			1,052,746
Media		0.2			1,040,813
Aerospace & Defense		0.2			785,460
Investments		91.1			368,130,844
Short-Term Investments		8.9			35,928,538
Total Investments		100.0	%	$	404,059,382

INVESTMENT VALUATION:

Valuation Inputs ^(M)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	135,294,170		$	—	$	135,294,170
Foreign Government Obligations		—		232,687,305			—		232,687,305
Common Stock		149,369		—			—		149,369
Other Investment Company		6,101,605		—			—		6,101,605
Repurchase Agreement		—		29,826,933			—		29,826,933
Total Investments	$	6,250,974	$	397,808,408		$	—	$	404,059,382
Other Financial Instruments
Forward Foreign Currency Contracts (N)	$	—	$	236,810		$	—	$	236,810
Total Other Financial Instruments	$	—	$	236,810		$	—	$	236,810
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (N)	$	—	$	(221,777	)	$	—	$	(221,777	)
Total Other Financial Instruments	$	—	$	(221,777	)	$	—	$	(221,777	)

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 October 31, 2020, the total value of 144A securities is $171,169,650, representing 42.6% of the Fund’s net assets.

(B)

Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2020, the total value of Regulation S securities is $41,896,630, representing 10.4% of the Fund’s net assets.

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

Transamerica Funds Annual Report 2020

Page    58

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(C)	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.
(D)	Perpetual maturity. The date displayed is the next call date.
(E)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(F)	All or a portion of the securities are on loan. The total value of all securities on loan is $7,834,889, collateralized by cash collateral of $6,101,605 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,900,013. 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.
(G)	Securities in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2020, the total value of such securities is $1,893,720, representing 0.5% of the Fund’s net assets.
(H)	Non-income producing securities.
(I)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(J)	Securities in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2020, the total value of such securities is $1,041,655, representing 0.3% of the Fund’s net assets.
(K)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2020; the maturity dates disclosed are the ultimate maturity dates.
(L)	Rates disclosed reflect the yields at October 31, 2020.
(M)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(N)	Derivative instruments are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
COP	Columbian Peso
CZK	Czech Republic Koruna
EUR	Euro
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Sol
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
TDB	Toronto Dominion Bank

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

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

Transamerica Funds Annual Report 2020

Page    59

Transamerica Emerging Markets Opportunities

(unaudited)

MARKET ENVIRONMENT

Emerging markets, as measured by the MSCI Emerging Markets Index (“Index”), posted positive results over the period, from December 19, 2019 (Fund inception) to October 31, 2020. Equities continued their strong performance from 2019 into 2020 until mid-February and March when a sell-off hit global markets due to the COVID-19 pandemic. Markets grappled with uncertainty about the magnitude, duration, and potential economic consequences of the outbreak, but as countries gradually eased quarantine measures and reopened their economies investors were optimistic about the global economic recovery.

In Asia, Taiwan and China led the region higher despite further indications that U.S./China relations had deteriorated. Performance in Taiwan was driven by continued strength in technology export orders and stronger demand for domestic services thanks to its ability to control the COVID-19 outbreak. China’s economic recovery accelerated amid a pickup in industrial production, greater demand for consumer services, and improved consumer sentiment.

Latin American equities produced mixed results as markets were hindered by supply disruptions, negative demand shocks, and anxiety about the spread of COVID-19. Argentina was the top performer in the region, as the country rallied on news that the government had reached an agreement with top creditors to restructure $65 billion of U.S. dollar-denominated debt following months of negotiations, setting the stage for potential debt relief.

Within Europe, the Middle East, and Africa, Central European countries especially the Czech Republic, Hungary, and Poland suffered steep declines, as supply-chain disruptions and falling export demand posed significant risks to growth. Additionally, there were fears that an escalation of the virus in the region could lead to quarantine measures that would severely disrupt the labor market and upend consumption and investment.

Four of 11 sectors within the Index posted positive returns over the period. Consumer discretionary, health care, and information technology rose the most, while the energy, financials, and real estate sectors declined most.

PERFORMANCE

For the period from inception, December 19, 2019, through October 31, 2020, Transamerica Emerging Markets Opportunities (Class I) returned -1.00%. By comparison, its benchmark, the MSCI Emerging Markets Index, returned 1.94%.

STRATEGY REVIEW

The Fund underperformed its benchmark for the period from December 19, 2019 (Fund inception) to October 31, 2020. Stock selection within consumer discretionary, energy, and materials drove relative underperformance during the period. These positions were partially offset by stronger selection within information technology, health care, and consumer staples. From a country perspective, stock selection in South Africa, Argentina, and India detracted most from relative results, while holdings in Brazil, Taiwan, Greece, and Mexico were the top contributors to relative performance.

The Fund’s largest individual contributors to relative performance included overweights to China Tourism Group Duty Free Corp., Ltd., A Shares, (consumer discretionary) and Tencent Holdings, Ltd. (communication services), and an out-of-benchmark position in Nexon Co., Ltd. (communication services).

The Fund’s largest individual detractors from relative performance included overweights to YPF SA, ADR (energy) and Sasol Financing International, Ltd. (materials), and not holding benchmark constituent Meituan (consumer discretionary).

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

Mary L. Pryshlak, CFA

Jonathan G. White, CFA

Co-Portfolio Managers

Wellington Management Company LLP

Asset Allocation	Percentage of Net Assets
Common Stocks		92.8	%
Preferred Stocks		2.7
Exchange-Traded Fund		2.7
Other Investment Company		0.5
Net Other Assets (Liabilities) ^		1.3
Total		100.0	%

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2020

Page    60

Transamerica Emerging Markets Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	10 Year or Since Inception			Inception Date
Class I (NAV)		(1.00	)%(A)		12/19/2019
MSCI Emerging Markets Index(B)		1.94	%(A)
Class I2 (NAV)		(1.00	)%(A)		12/19/2019

^(A) Not annualized.

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

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

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

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

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

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

Transamerica Funds Annual Report 2020

Page    61

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 92.8%
Argentina - 0.9%
MercadoLibre, Inc. (A)		3,296		$  4,001,509
YPF SA, ADR (A)		1,197,392		3,855,602
				7,857,111
Brazil - 4.9%
Cyrela Brazil Realty SA Empreendimentos e Participacoes, Class A		335,030		1,330,673
Energisa SA		351,136		2,568,370
Localiza Rent a Car SA		511,180		5,405,833
Lojas Renner SA		403,110		2,630,987
Magazine Luiza SA		1,357,092		5,825,282
Notre Dame Intermedica Participacoes SA		191,862		2,198,508
Petrobras Distribuidora SA		1,683,517		5,627,420
Petroleo Brasileiro SA		2,562,551		8,485,342
Raia Drogasil SA		545,745		2,288,382
Vale SA, ADR (B)		485,587		5,132,655
				41,493,452
Cayman Islands - 0.5%
ESR Cayman, Ltd. (A) (C)		1,425,449		4,305,466
China - 41.1%
Airtac International Group		91,000		2,449,798
Alibaba Group Holding, Ltd. (A)		1,139,584		43,183,219
Alibaba Group Holding, Ltd., ADR (A)		163,047		49,678,790
Amoy Diagnostics Co., Ltd., A Shares		176,600		2,221,850
BeiGene, Ltd., ADR (A)		11,168		3,311,535
China Construction Bank Corp., H Shares		18,104,922		12,476,338
China Life Insurance Co., Ltd., H Shares		2,821,050		6,155,320
China Longyuan Power Group Corp., Ltd., H Shares		9,704,175		6,651,340
China Merchants Bank Co., Ltd., H Shares		1,679,587		8,748,856
China Oilfield Services, Ltd., H Shares		6,348,442		3,833,705
China Tourism Group Duty Free Corp., Ltd., A Shares		335,706		10,007,707
China Tower Corp., Ltd., H Shares (C)		36,358,648		5,689,930
China Yangtze Power Co., Ltd., GDR (A) (C) (D)		132,375		3,534,412
Chindata Group Holdings, Ltd., ADR (A)		92,282		1,286,411
CSC Financial Co., Ltd., H Shares (B) (C)		2,170,001		2,631,395
Dongfeng Motor Group Co., Ltd., H Shares		8,275,902		5,829,756
ENN Energy Holdings, Ltd.		382,936		4,846,476
Hangzhou Tigermed Consulting Co., Ltd., H Shares (A) (C)		73,700		1,183,573
Huazhu Group, Ltd. (A)		50,400		2,133,670
Huazhu Group, Ltd., ADR		31,038		1,230,036
Industrial & Commercial Bank of China, Ltd., H Shares		13,911,503		7,899,842
Innovent Biologics, Inc. (A) (C)		284,076		2,106,422
Longfor Group Holdings, Ltd. (C)		806,512		4,418,967
Luxshare Precision Industry Co., Ltd., A Shares		1,120,768		9,180,138
New Oriental Education & Technology Group, Inc., ADR (A)		40,649		6,519,287
Ping An Insurance Group Co. of China, Ltd., H Shares		1,172,234		12,120,517
Shandong Weigao Group Medical Polymer Co., Ltd., H Shares		1,298,092		2,517,505
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., A Shares		64,300		3,722,067

	Shares		Value
COMMON STOCKS (continued)
China (continued)
Sinopec Shanghai Petrochemical Co., Ltd., H Shares		17,294,000		$   3,196,121
TAL Education Group, ADR (A)		147,450		9,799,527
Tencent Holdings, Ltd.		927,145		70,839,078
Tencent Music Entertainment Group, ADR (A)		497,748		7,406,490
Trip.Com Group, Ltd., ADR (A)		247,773		7,125,951
Wuhan Raycus Fiber Laser Technologies Co., Ltd., A Shares		613,285		6,861,860
WuXi AppTec Co., Ltd., H Shares (B) (C)		131,389		2,100,687
Wuxi Biologics Cayman, Inc. (A) (C)		221,530		6,221,384
Yifeng Pharmacy Chain Co., Ltd., A Shares		207,744		3,164,183
Zai Lab, Ltd., ADR (A)		26,452		2,170,387
Zai Lab, Ltd. (A)		12,700		1,056,627
				345,511,157
Czech Republic - 0.4%
Komercni banka as (A)		160,828		3,265,797
Greece - 0.4%
Hellenic Telecommunications Organization SA		227,158		3,012,503
Hong Kong - 6.3%
AIA Group, Ltd.		1,479,321		14,078,955
China Gas Holdings, Ltd.		1,522,806		4,679,658
China Mengniu Dairy Co., Ltd. (A)		2,357,112		11,112,167
China Overseas Land & Investment, Ltd.		1,692,899		4,252,207
China Resources Beer Holdings Co., Ltd.		1,259,489		7,814,596
Geely Automobile Holdings, Ltd.		2,265,334		4,654,934
Kerry Properties, Ltd.		649,445		1,593,431
Shimao Group Holdings, Ltd.		1,247,871		4,420,349
				52,606,297
India - 2.7%
Axis Bank, Ltd., GDR (A)		153,980		5,004,350
ICICI Bank, Ltd., ADR (A) (B)		1,006,758		10,621,297
Larsen & Toubro, Ltd., GDR		604,785		7,378,377
				23,004,024
Indonesia - 1.4%
Bank Central Asia Tbk PT		2,817,276		5,543,429
Bank Mandiri Persero Tbk PT		8,059,375		3,139,374
Unilever Indonesia Tbk PT		5,584,348		2,963,538
				11,646,341
Japan - 1.0%
Nexon Co., Ltd. (B)		87,737		2,445,309
Tokyo Electron, Ltd.		22,136		5,941,542
				8,386,851
Jordan - 0.3%
Hikma Pharmaceuticals PLC		81,381		2,645,978
Kazakhstan - 0.3%
Kaspi.KZ JSC, GDR (A) (C) (D)		49,183		2,112,410
Mexico - 1.6%
America Movil SAB de CV, Series L		4,693,430		2,852,147
Grupo Mexico SAB de CV, Series B		632,943		1,804,700
Orbia Advance Corp. SAB de CV		4,906,744		8,718,628
				13,375,475

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

Transamerica Funds Annual Report 2020

Page    62

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Netherlands - 0.9%
ASML Holding NV		21,148		$   7,651,407
Peru - 0.7%
Credicorp, Ltd.		54,123		6,206,826
Philippines - 0.1%
Ayala Land, Inc.		1,645,364		1,120,106
Republic of Korea - 6.8%
Hyundai Mobis Co., Ltd.		40,370		8,088,675
LG Chem, Ltd.		20,370		11,107,374
LG Household & Health Care, Ltd.		5,748		7,621,151
Lotte Chemical Corp.		16,749		3,463,930
Samsung Electronics Co., Ltd.		303,639		15,262,599
Shinhan Financial Group Co., Ltd.		323,373		8,773,842
SK Telecom Co., Ltd.		16,190		3,070,088
				57,387,659
Republic of South Africa - 3.8%
FirstRand, Ltd.		3,512,377		8,153,373
Gold Fields, Ltd.		509,822		5,513,817
Naspers, Ltd., N Shares		67,296		13,138,025
Old Mutual, Ltd.		5,775,348		3,350,181
Sibanye Stillwater, Ltd.		606,101		1,787,222
				31,942,618
Russian Federation - 2.9%
Inter RAO (A) (D)		63,872,496		4,096,526
Lukoil PJSC, ADR		8,796		449,388
MMC Norilsk Nickel PJSC (D)		8,315		1,979,034
Mobile TeleSystems PJSC, ADR		366,714		2,867,704
Rosneft Oil Co. PJSC, GDR		996,301		4,353,835
Sberbank of Russia PJSC (D)		2,550,191		6,463,352
Yandex NV, Class A (A) (B)		73,997		4,260,007
				24,469,846
Taiwan - 14.0%
Accton Technology Corp.		1,157,366		8,408,599
Delta Electronics, Inc.		856,372		5,697,801
E.Sun Financial Holding Co., Ltd.		5,624,505		4,782,043
Far Eastern New Century Corp.		5,528,698		4,991,362
Globalwafers Co., Ltd.		737,057		10,733,230
MediaTek, Inc.		661,140		15,715,470
Realtek Semiconductor Corp.		822,220		10,242,750
Taiwan Semiconductor Manufacturing Co., Ltd.		3,340,251		50,536,907
Uni-President Enterprises Corp.		3,281,483		7,034,061
				118,142,223

	Shares		Value
COMMON STOCKS (continued)
Thailand - 0.8%
CP ALL PCL		45		$   77
Kasikornbank PCL		2,710,857		6,528,745
				6,528,822
Turkey - 0.4%
Tupras Turkiye Petrol Rafinerileri AS (A)		336,808		3,011,607
United Kingdom - 0.6%
Anglo American PLC		229,307		5,380,270
Total Common Stocks (Cost $735,491,624)				781,064,246
PREFERRED STOCKS - 2.7%
Brazil - 1.4%
Braskem SA, Series A, 3.65% (E)		1,030,000		4,099,931
Gerdau SA, 0.43% (E)		696,500		2,647,403
Itau Unibanco Holding SA, 4.99% (E)		1,350,400		5,525,909
				12,273,243
Republic of Korea - 1.3%
Samsung Electronics Co., Ltd., 2.63% (E)		244,263		10,866,012
Total Preferred Stocks (Cost $23,931,462)				23,139,255
EXCHANGE-TRADED FUND - 2.7%
United States - 2.7%
iShares MSCI India ETF (B)		668,004		22,438,254
Total Exchange-Traded Fund (Cost $20,871,280)				22,438,254
OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (E)		3,948,073		3,948,073
Total Other Investment Company (Cost $3,948,073)				3,948,073
Total Investments (Cost $784,242,439)				830,589,828
Net Other Assets (Liabilities) - 1.3%				10,867,972
Net Assets - 100.0%				$  841,457,800

FUTURES CONTRACTS:

Long Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value

Unrealized Appreciation

Unrealized Depreciation

MSCI Emerging Markets Index

101

12/18/2020

$  5,624,484

$  5,564,595

$  —

$  (59,889

)

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

Transamerica Funds Annual Report 2020

Page    63

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Internet & Direct Marketing Retail		14.1	%	$	117,127,494
Semiconductors & Semiconductor Equipment		12.1			100,821,306
Banks		11.4			94,980,000
Interactive Media & Services		9.0			75,099,085
Insurance		4.3			35,704,973
Chemicals		3.7			30,585,984
Technology Hardware, Storage & Peripherals		3.1			26,128,611
Metals & Mining		2.9			24,245,101
International Equity Funds		2.7			22,438,254
Electronic Equipment, Instruments & Components		2.6			21,739,799
Oil, Gas & Consumable Fuels		2.4			20,155,774
Real Estate Management & Development		2.4			20,110,526
Food Products		2.2			18,146,228
Diversified Consumer Services		2.0			16,318,814
Specialty Retail		1.9			15,635,127
Biotechnology		1.3			10,866,821
Automobiles		1.3			10,484,690
Independent Power & Renewable Electricity Producers		1.2			10,185,752
Entertainment		1.2			9,851,799
Gas Utilities		1.1			9,526,134
Life Sciences Tools & Services		1.1			9,505,644
Wireless Telecommunication Services		1.1			8,789,939
Diversified Telecommunication Services		1.0			8,702,433
Multiline Retail		1.0			8,456,269
Communications Equipment		1.0			8,408,599
Diversified Financial Services		1.0			8,153,373
Auto Components		1.0			8,088,675
Beverages		0.9			7,814,596
Personal Products		0.9			7,621,151
Construction & Engineering		0.9			7,378,377
Electric Utilities		0.8			6,664,896
Health Care Equipment & Supplies		0.8			6,239,572
Food & Staples Retailing		0.7			5,452,642
Road & Rail		0.6			5,405,833
Industrial Conglomerates		0.6			4,991,362
Energy Equipment & Services		0.5			3,833,705
Hotels, Restaurants & Leisure		0.4			3,363,706
Household Products		0.4			2,963,538
Pharmaceuticals		0.3			2,645,978
Capital Markets		0.3			2,631,395
Machinery		0.3			2,449,798
Health Care Providers & Services		0.3			2,198,508
Software		0.3			2,112,410
Household Durables		0.2			1,330,673
IT Services		0.2			1,286,411
Investments		99.5			826,641,755
Short-Term Investments		0.5			3,948,073
Total Investments		100.0	%	$	830,589,828

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

Transamerica Funds Annual Report 2020

Page    64

Transamerica Emerging Markets Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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	$	192,396,236		$	588,668,010	$	—	$	781,064,246
Preferred Stocks		12,273,243			10,866,012		—		23,139,255
Exchange-Traded Fund		22,438,254			—		—		22,438,254
Other Investment Company		3,948,073			—		—		3,948,073
Total Investments	$	231,055,806		$	599,534,022	$	—	$	830,589,828
LIABILITIES
Other Financial Instruments
Futures Contracts (G)	$	(59,889	)	$	—	$	—	$	(59,889	)
Total Other Financial Instruments	$	(59,889	)	$	—	$	—	$	(59,889	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $15,184,023, collateralized by cash collateral of $3,948,073 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $11,814,088. 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 October 31, 2020, the total value of 144A securities is $34,304,646, representing 4.1% of the Fund’s net assets.
(D)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2020, the total value of securities is $18,185,734, representing 2.2% of the Fund’s net assets.
(E)	Rates disclosed reflect the yields at October 31, 2020.
(F)	There were no transfers in or out of Level 3 during the period ended October 31, 2020. 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:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

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

Transamerica Funds Annual Report 2020

Page    65

Transamerica Event Driven

(unaudited)

MARKET COMMENTARY

The final months of 2019 reiterated the fact that the U.S. economy remained resilient amidst ongoing geopolitical tensions and looming recessionary concerns. Household activity continued to flourish, and consumer spending remained robust. Strong consumer confidence could be attributed to strong wage gains and a healthy job market. Financial markets held onto their November 2019 gains and the announcement of a “phase one” U.S.-China trade deal helped stoke the year-end rally for 2019. As 2020 began, the U.S. economy suffered after the coronavirus shut down commerce and local governments instituted shelter-in-place restrictions. Positive equity market performance was altered into significant negative territory as equity multiples declined and credit spreads widened. Saudi Arabia and Russia flooded the market with oil supply, exacerbating the demand shock. Attention in Washington shifted from the election cycle to collaboration on relief packages to offset plunging consumer and corporate spending. The U.S. Federal Reserve (“Fed”) dropped rates to zero in response to the economic shock and pledged over two trillion dollars of loans and purchases of various security types.

Corporate bond and equity markets rebounded in the spring and advanced through the summer and into the fall as global economies recovered from the initial effects of the pandemic. A combination of government stimulus and reopening of factories and businesses led markets higher. Falling virus case statistics and vaccine development progress all helped investor sentiment, notwithstanding a second surge in the summer. The hope of a speedy economic recovery dimmed somewhat as the prospect of a second fiscal package faded amidst disagreement in Washington and attention elsewhere. Further, the Fed’s September 2020 meeting contained no guidance about future new monetary stimulus, which disappointed markets and highlighted its dependence on government support over the near-term. The market looked ahead into the long-anticipated U.S. presidential election.

Contrary to economic uncertainty, global convertible new issuance was strong as of September 30, 2020 and easily surpassed 2019’s full year total. New issuance was higher on a year-over-year basis, according to Refinitiv. In addition, the U.S. and global convertible markets did grow on a year-over-year basis.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Event Driven (Class I2) returned 9.54%. By comparison, its benchmark, the ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 1.38%.

STRATEGY REVIEW

The Fund outperformed its primary benchmark during the fiscal year ended October 31, 2020.

The Fund generated positive performance during November and December 2019. Despite a challenging start to the year, the Fund generated attractive performance during the 12-month period ended October 31, 2020.

A robust housing market further fueled by the pull forward of relocation demand triggered by the COVID-19 pandemic, allowed Zillow Group, Inc. (“Zillow”), a top portfolio performer, to revalue. The adoption of virtual home buying and selling was accelerated as social distancing rendered the traditional ecosystem less effective and highlighted the value and convenience of Zillow’s platform.

Interactive Corp. (“IAC”) also contributed to the Fund’s return. IAC is an internet and media company with over 100 underlying subsidiaries including LendingTree and online dating services. Match.com, its main asset and the world’s largest online dating provider, suffered from fears that social distancing could severely disrupt dating. On the contrary, Match’s model proved to be resilient. The company’s business update revealed only limited impact from the COVID-19 pandemic, as engagement in Match’s various services such as live streaming and chat increased. The Fund’s position proved to generate strong returns over the course of the year.

The Fund also participated in a number of new issues during the start of the pandemic. We took advantage of consumer discretionary company Royal Caribbean’s new issue believing a strong outlook with 2021 bookings are well within historical average. The company maintains a loyal customer base and the issue offered attractive valuation prospects. The performance suffered in the short-term, but we maintain conviction in the company over the long-term and the company’s offerings provides the Fund with sufficient liquidity.

Cinemark Holdings, Inc., (“Cinemark”) a movie exhibitor chain, also accessed the convertible market for financing, as movie theaters effectively closed in late-March, without openings or operations across a large part of the U.S. In certain markets, as authorities allowed theatres to reopen under limited seating capacity restrictions, Cinemark undertook a broader reopen of their theatres in states where allowed, increasing the percentage of available theatres to approximately 70% of their pre-COVID-19 operations. Though performance of the convertible bond suffered in the short-term, we believe that its balance sheet will enable the company to weather the pandemic over time.

Transamerica Funds Annual Report 2020

Page    66

Transamerica Event Driven

(unaudited)

STRATEGY REVIEW (continued)

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

Odell Lambroza

Tracy V. Maitland

Co-Portfolio Managers

Advent Capital Management, LLC

Asset Allocation	Percentage of Net Assets
Convertible Bonds		93.2	%
Repurchase Agreement		11.6
Convertible Preferred Stocks		4.2
Common Stocks		1.6
Corporate Debt Security		1.0
Exchange-Traded Options Purchased		0.0	*
Common Stocks Sold Short		(24.9	)
Net Other Assets (Liabilities) ^		13.3
Total		100.0	%

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

*	Percentage rounds to less than 0.1% or (0.1)%.
^	The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2020

Page    67

Transamerica Event Driven

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I (NAV)		9.60	%		N/A			5.41	%		11/11/2016
Class I2 (NAV)		9.54	%		4.54	%		3.43	%		03/31/2015
ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index (A)		1.38	%		1.50	%		1.37	%

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

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

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

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

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

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

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

Transamerica Funds Annual Report 2020

Page    68

Transamerica Event Driven

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 1.6%
Beverages - 0.4%
Constellation Brands, Inc., Class A		1,500		$  247,845
Capital Markets - 0.7%
Atlantic Avenue Acquisition Corp. (A)		45,000		444,600
Entertainment - 0.4%
Ubisoft Entertainment SA (A)		2,450		216,417
Specialty Retail - 0.1%
Fnac Darty SA (A)		1,462		62,796
Total Common Stocks (Cost $1,032,788)				971,658
CONVERTIBLE PREFERRED STOCKS - 4.2%
Capital Markets - 0.7%
KKR & Co., Inc., Series C, 6.00%		8,000		416,320
Electric Utilities - 1.0%
PG&E Corp., 5.50%		6,000		597,720
Health Care Equipment & Supplies - 0.9%
Boston Scientific Corp., Series A, 5.50%		5,000		517,900
Pharmaceuticals - 0.4%
Elanco Animal Health, Inc., 5.00%		4,650		224,921
Wireless Telecommunication Services - 1.2%
2020 Cash Mandatory Exchangeable Trust, 5.25% (B)		700		732,094
Total Convertible Preferred Stocks (Cost $2,432,500)				2,488,955
	Principal		Value
CONVERTIBLE BONDS - 93.2%
Airlines - 2.7%
Southwest Airlines Co. 1.25%, 05/01/2025 (C)		$  1,175,000		1,580,375
Automobiles - 1.0%
Winnebago Industries, Inc. 1.50%, 04/01/2025 (B)		600,000		617,280
Biotechnology - 0.8%
BioMarin Pharmaceutical, Inc. 1.25%, 05/15/2027 (B)		500,000		480,625
Capital Markets - 5.1%
JPMorgan Chase Financial Co. LLC 0.25%, 05/01/2023 (B) (C)		2,000,000		2,023,750
SBI Holdings, Inc. Zero Coupon, 07/25/2025 (D)		JPY  100,000,000		1,002,913
				3,026,663
Diversified Consumer Services - 0.8%
Chegg, Inc. Zero Coupon, 09/01/2026 (B)		$  500,000		504,361
Diversified Telecommunication Services - 3.6%
Cellnex Telecom SA 1.50%, 01/16/2026, MTN (D)		EUR  1,000,000		2,129,539

	Principal		Value
CONVERTIBLE BONDS (continued)
Entertainment - 5.1%
Cinemark Holdings, Inc. 4.50%, 08/15/2025 (B)		$  1,300,000		$   1,122,108
Live Nation Entertainment, Inc. 2.00%, 02/15/2025 (B) (C)		1,100,000		955,650
Zynga, Inc. 0.25%, 06/01/2024		750,000		947,798
				3,025,556
Health Care Equipment & Supplies - 3.9%
Cantel Medical Corp. 3.25%, 05/15/2025 (B)		800,000		1,076,500
LivaNova USA, Inc. 3.00%, 12/15/2025 (B)		910,000		1,004,122
NuVasive, Inc. 0.38%, 03/15/2025 (B)		260,000		222,950
				2,303,572
Health Care Technology - 3.3%
Omnicell, Inc. 0.25%, 09/15/2025 (B)		400,000		436,878
Teladoc Health, Inc. 1.25%, 06/01/2027 (B) (C)		1,300,000		1,513,554
				1,950,432
Hotels, Restaurants & Leisure - 6.4%
Bloomin’ Brands, Inc. 5.00%, 05/01/2025 (B)		550,000		780,540
NCL Corp., Ltd. 6.00%, 05/15/2024 (B)		580,000		820,084
Penn National Gaming, Inc. 2.75%, 05/15/2026		625,000		1,535,625
Royal Caribbean Cruises, Ltd.
2.88%, 11/15/2023 (B)		130,000		122,782
4.25%, 06/15/2023 (B)		500,000		517,973
				3,777,004
Interactive Media & Services - 9.0%
Kakao Corp. Zero Coupon, 04/28/2023 (D)		200,000		204,996
Twitter, Inc. 0.25%, 06/15/2024 (C)		2,978,000		3,251,377
Zillow Group, Inc. 2.75%, 05/15/2025 (C)		1,200,000		1,881,392
				5,337,765
Internet & Direct Marketing Retail - 7.5%
Etsy, Inc. 0.13%, 09/01/2027 (B)		750,000		776,863
Fiverr International, Ltd. Zero Coupon, 11/01/2025 (B)		350,000		357,875
RealReal, Inc. 3.00%, 06/15/2025 (B)		800,000		813,000
Wayfair, Inc. 0.63%, 10/01/2025 (B)		1,200,000		1,144,208
Zalando SE Series B, 0.63%, 08/06/2027 (D)		EUR  1,000,000		1,375,615
				4,467,561
IT Services - 7.2%
Parsons Corp. 0.25%, 08/15/2025 (B)		$  800,000		778,025

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

Transamerica Funds Annual Report 2020

Page    69

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CONVERTIBLE BONDS (continued)
IT Services (continued)
Shopify, Inc. 0.13%, 11/01/2025		$   590,000		$   645,312
Square, Inc. 0.13%, 03/01/2025 (B) (C)		1,000,000		1,467,211
Wix.com, Ltd. Zero Coupon, 08/15/2025 (B)		375,000		366,397
Worldline SA Zero Coupon, 07/30/2025 (D)		EUR  692,300		995,547
				4,252,492
Machinery - 1.7%
Middleby Corp. 1.00%, 09/01/2025 (B)		$  1,000,000		1,026,250
Media - 3.6%
Liberty Broadband Corp. 2.75%, 09/30/2050 (B) (C)		1,200,000		1,286,904
Liberty Media Corp. 2.25%, 12/01/2048 (B) (C)		808,000		836,280
				2,123,184
Metals & Mining - 3.2%
Allegheny Technologies, Inc. 3.50%, 06/15/2025 (B) (C)		600,000		586,860
SSR Mining, Inc. 2.50%, 04/01/2039 (C)		1,000,000		1,313,125
				1,899,985
Pharmaceuticals - 1.6%
Jazz Investments I, Ltd. 2.00%, 06/15/2026 (B) (C)		800,000		957,015
Real Estate Management & Development - 0.5%
Redfin Corp. Zero Coupon, 10/15/2025 (B)		320,000		300,416
Semiconductors & Semiconductor Equipment - 6.8%
Nova Measuring Instruments, Ltd. Zero Coupon, 10/15/2025 (B)		200,000		200,609
SolarEdge Technologies, Inc. Zero Coupon, 09/15/2025 (B)		1,000,000		1,228,500
STMicroelectronics NV
Series A,
Zero Coupon, 08/04/2025 (D)		1,000,000		1,106,110
Series B,
Zero Coupon, 08/04/2027 (D)		1,400,000		1,523,620
				4,058,839
Software - 18.2%
Cloudflare, Inc. 0.75%, 05/15/2025 (B)		500,000		788,583
CyberArk Software, Ltd. Zero Coupon, 11/15/2024 (B) (C)		1,000,000		957,276
Datadog, Inc. 0.13%, 06/15/2025 (B) (C)		900,000		1,124,640
Envestnet, Inc. 0.75%, 08/15/2025 (B)		450,000		449,826
FireEye, Inc. 0.88%, 06/01/2024 (C)		1,500,000		1,436,440
Medallia, Inc. 0.13%, 09/15/2025 (B)		900,000		924,910
Palo Alto Networks, Inc. 0.38%, 06/01/2025 (B) (C)		1,400,000		1,422,750

	Principal			Value
CONVERTIBLE BONDS (continued)
Software (continued)
Proofpoint, Inc. 0.25%, 08/15/2024 (C)		$   1,000,000			$   967,550
Rapid7, Inc. 2.25%, 05/01/2025 (B)		800,000			1,008,134
Slack Technologies, Inc. 0.50%, 04/15/2025 (B) (C)		900,000			1,026,563
Splunk, Inc. 1.13%, 06/15/2027 (B) (C)		600,000			660,386
					10,767,058
Specialty Retail - 1.2%
Burlington Stores, Inc. 2.25%, 04/15/2025 (B)		600,000			686,685
Total Convertible Bonds (Cost $50,315,118)					55,272,657
CORPORATE DEBT SECURITY - 1.0%
Communications Equipment - 1.0%
Viavi Solutions, Inc. 1.75%, 06/01/2023 (C)		500,000			571,679
Total Corporate Debt Security (Cost $505,720)					571,679
REPURCHASE AGREEMENT - 11.6%
Fixed Income Clearing Corp., 0.00% (E), dated 10/30/2020, to be repurchased at $6,900,315 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.75%, due 07/31/2023, and with a value of $7,038,419.		6,900,315			6,900,315
Total Repurchase Agreement (Cost $6,900,315)					6,900,315
Total Investments Excluding Options Purchased (Cost $61,186,441)					66,205,264
Total Options Purchased - 0.0% (F) (Cost $31,782)					18,000
Total Investments Before Securities Sold Short (Cost $61,218,223)					66,223,264
	Shares			Value
SECURITIES SOLD SHORT - (24.9)%
COMMON STOCKS - (24.9)%
Airlines - (0.7)%
Southwest Airlines Co.		(10,000	)		(395,300	)
Biotechnology - (0.1)%
BioMarin Pharmaceutical, Inc.		(1,200	)		(89,316	)
Communications Equipment - (0.3)%
Viavi Solutions, Inc.		(15,246	)		(188,288	)
Diversified Telecommunication Services - (1.7)%
Cellnex Telecom SA (B)		(15,915	)		(1,021,599	)
Entertainment - (1.2)%
Cinemark Holdings, Inc.		(18,900	)		(154,791	)
Live Nation Entertainment, Inc.		(5,060	)		(246,928	)
Zynga, Inc., Class A		(37,300	)		(335,327	)
					(737,046	)

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

Transamerica Funds Annual Report 2020

Page    70

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Health Care Equipment & Supplies - (1.2)%
Cantel Medical Corp.		(10,000	)		$   (478,400	)
LivaNova PLC		(5,000	)		(251,700	)
					(730,100	)
Health Care Technology - (0.7)%
Teladoc Health, Inc.		(2,000	)		(392,920	)
Hotels, Restaurants & Leisure - (3.7)%
Bloomin’ Brands, Inc.		(35,000	)		(489,300	)
Norwegian Cruise Line Holdings, Ltd.		(14,400	)		(239,472	)
Penn National Gaming, Inc.		(27,000	)		(1,457,460	)
					(2,186,232	)
Interactive Media & Services - (2.1)%
Twitter, Inc.		(11,913	)		(492,722	)
Zillow Group, Inc., Class C		(8,251	)		(731,203	)
					(1,223,925	)
Internet & Direct Marketing Retail - (0.9)%
Etsy, Inc.		(750	)		(91,193	)
RealReal, Inc.		(25,000	)		(314,750	)
Wayfair, Inc., Class A		(500	)		(124,015	)
					(529,958	)
IT Services - (2.5)%
Okta, Inc.		(3,000	)		(629,490	)
Square, Inc., Class A		(5,600	)		(867,328	)
					(1,496,818	)
Machinery - (0.3)%
Middleby Corp.		(2,000	)		(199,080	)
Media - (0.1)%
Charter Communications, Inc., Class A		(100	)		(60,382	)
Metals & Mining - (0.9)%
Allegheny Technologies, Inc.		(6,200	)		(57,102	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Metals & Mining (continued)
SSR Mining, Inc.		(26,400	)		$   (488,664	)
					(545,766	)
Pharmaceuticals - (0.3)%
Jazz Pharmaceuticals PLC		(1,200	)		(172,920	)
Semiconductors & Semiconductor Equipment - (0.4)%
STMicroelectronics NV		(7,000	)		(213,780	)
Software - (6.7)%
Cloudflare, Inc., Class A		(8,700	)		(452,139	)
CyberArk Software, Ltd.		(4,500	)		(446,175	)
Datadog, Inc., Class A		(7,000	)		(635,250	)
Envestnet, Inc.		(500	)		(38,370	)
Medallia, Inc.		(6,000	)		(170,700	)
Palo Alto Networks, Inc.		(2,500	)		(552,975	)
Proofpoint, Inc.		(3,400	)		(325,516	)
Rapid7, Inc.		(8,000	)		(495,440	)
Slack Technologies, Inc., Class A		(19,700	)		(503,926	)
Splunk, Inc.		(1,900	)		(376,276	)
					(3,996,767	)
Specialty Retail - (0.7)%
Burlington Stores, Inc.		(2,000	)		(387,160	)
Wireless Telecommunication Services - (0.4)%
T-Mobile US, Inc.		(2,000	)		(219,140	)
Total Common Stocks (Proceeds $(14,393,914))					(14,786,497	)
Total Securities Sold Short (Proceeds $(14,393,914))					(14,786,497	)
Net Other Assets (Liabilities), Net of Securities Sold Short  - 13.3%					7,879,780
Net Assets - 100.0%					$  59,316,547

EXCHANGE-TRADED OPTIONS PURCHASED:

Description

Exercise Price

Expiration Date

Notional Amount

Number of Contracts

Premiums Paid

Value

Put - Cinemark Holdings, Inc.

USD

7.50

11/20/2020

USD

30,000

300

$

31,782

$

18,000

FUTURES CONTRACTS:
Short Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount		Value			Unrealized Appreciation		Unrealized Depreciation
NASDAQ 100 E-Mini Index		(12	)		12/18/2020		$  (2,748,108)	$	(2,651,100	)	$	97,008	$	—
S&P 500® E-Mini Index		(24	)		12/18/2020		(4,074,000)		(3,917,640	)		156,360		—
Total Futures Contracts											$	253,368	$	—

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

Transamerica Funds Annual Report 2020

Page    71

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement  Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
SSB		11/23/2020		USD	4,915,154		EUR	4,162,997	$	64,262	$	—
SSB		11/23/2020		EUR	4,162,997		USD	4,925,853		—		(74,961	)
SSB		11/24/2020		USD	4,851,406		EUR	4,100,000		73,815		—
SSB		11/24/2020		USD	1,044,580		JPY	110,000,000		—		(6,383	)
Total									$	138,077	$	(81,344	)

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	$	692,445		$	279,213		$	—	$	971,658
Convertible Preferred Stocks		2,488,955			—			—		2,488,955
Convertible Bonds		—			55,272,657			—		55,272,657
Corporate Debt Security		—			571,679			—		571,679
Repurchase Agreement		—			6,900,315			—		6,900,315
Exchange-Traded Options Purchased		18,000			—			—		18,000
Total Investments	$	3,199,400		$	63,023,864		$	—	$	66,223,264
Other Financial Instruments
Futures Contracts (H)	$	253,368		$	—		$	—	$	253,368
Forward Foreign Currency Contracts (H)		—			138,077			—		138,077
Total Other Financial Instruments	$	253,368		$	138,077		$	—	$	391,445
LIABILITIES
Securities Sold Short
Common Stocks	$	(13,764,898	)	$	(1,021,599	)	$	—	$	(14,786,497	)
Total Securities Sold Short	$	(13,764,898	)	$	(1,021,599	)	$	—	$	(14,786,497	)
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—		$	(81,344	)	$	—	$	(81,344	)
Total Other Financial Instruments	$	—		$	(81,344	)	$	—	$	(81,344	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2020, the total value of 144A securities is $33,085,818, representing 55.8% of the Fund’s net assets.
(C)	All or a portion of these securities have been segregated by the custodian as collateral for open exchange-traded options and securities sold short transactions. The total value of such securities is $22,794,131.
(D)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2020, the total value of Regulation S securities is $8,338,340, representing 14.1% of the Fund’s net assets.
(E)	Rate disclosed reflects the yield at October 31, 2020.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. 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).

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

Transamerica Funds Annual Report 2020

Page    72

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

CURRENCY ABBREVIATIONS:

EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

SSB State Street Bank & Trust Co.

PORTFOLIO ABBREVIATIONS:

MTN	Medium Term Note
NASDAQ	National Association of Securities Dealers Automated Quotations

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

Transamerica Funds Annual Report 2020

Page    73

Transamerica Floating Rate

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2020 began with U.S. markets near all-time highs, though global trade tensions persisted, and manufacturing PMIs softened. The loan market started out with a rally in late 2019, led by lower-quality and single B names that had been trading at a discount. The strengthening market environment was fueled by limited primary supply, manageable retail outflows, ongoing collateralized loan obligation (“CLO”) demand and a risk-on tone emanating from a strong equity/high yield market.

After the turn of the calendar year, the loan market continued to rally as year-end paydowns left most managers flush with deployable cash amidst strong market conditions. Late February, however, brought with it an unexpected blow from the burgeoning global pandemic, halting any signs of a rally and pushing the loan market severely lower as retail outflows led to some forced selling while CLO managers attempted to de-risk their portfolio in COVID impacted names/sectors. The pandemic also resulted in a flood of downgrades, particularly from S&P, putting pressure on CLO structures which led to further selling, especially in the CCC rated cohort.

After the national lockdown ended and fiscal/monetary stimulus kicked in, the loan market began to heal, with consistently strong months in the second and third quarters. Downgrades lessened, companies improved liquidity, and the capital markets opened back up to a degree. The default rate continued to move higher throughout the summer but remained below many strategist’s expectations throughout the pandemic. At the end of the fiscal year, the loan market experienced modest selling pressure with heavy primary issuance amidst limited cash levels on the buy side, forcing managers to sell to make room for allocations and increased equity volatility due to election risks and rising COVID-19 cases.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Floating Rate (Class A) returned 0.36%, excluding any sales charges. By comparison, its benchmark, the Credit Suisse Leveraged Loan Index, returned 1.50%.

STRATEGY REVIEW

All-in yields declined materially during the period due to the decline in LIBOR as the U.S. Federal Reserve (“Fed”) cut the fed funds rate to zero in response to the pandemic-induced bear market. Security selection within Food/Tobacco, Service, Consumer Durables, and Healthcare sectors contributed to performance, while selection in Consumer Products, Manufacturing, and Housing sectors detracted.

From an allocation standpoint, the underweight allocation to Technology detracted, as did the overweight to Consumer Products. Cash was also a drag on returns as the Fund had to keep higher liquidity at certain times during the year to manage elevated outflows stemming from the market volatility.

From a ratings standpoint, underperformance from security selection in both BBs and Bs were a drag, while the Fund benefited from superior CCC selection. The Fund’s overweight to high yield bonds, which allowed the Fund to pursue carry in a more liquid manner, also detracted from performance as many of those bonds were liquidated around the market bottom in March to facilitate outflows.

John F. Bailey, CFA

Jason P. Felderman, CFA

Zach Halstead

James K. Schaeffer, Jr.

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2020

Page    74

Transamerica Floating Rate

(unaudited)

Asset Allocation	Percentage of Net Assets
Loan Assignments		83.8	%
Corporate Debt Securities		6.9
Exchange-Traded Funds		1.6
Other Investment Company		1.0
Repurchase Agreement		0.4
Common Stocks		0.3
Preferred Stock		0.2
Net Other Assets (Liabilities)		5.8
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		3.97
Duration †		1.13
Credit Quality ‡	Percentage of Net Assets
AAA		0.4	%
BBB		4.9
BB		26.0
B		51.0
CCC and Below		5.7
Not Rated		6.2
Net Other Assets (Liabilities)		5.8
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.

Transamerica Funds Annual Report 2020

Page    75

Transamerica Floating Rate

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(4.41	)%		2.14	%		2.23	%		10/31/2013
Class A (NAV)		0.36	%		3.14	%		2.94	%		10/31/2013
Credit Suisse Leveraged Loan Index		1.50	%		4.09	%		3.57	%
Class C (POP)		(1.24	)%		2.39	%		2.19	%		10/31/2013
Class C (NAV)		(0.28	)%		2.39	%		2.19	%		10/31/2013
Class I (NAV)		0.49	%		3.36	%		3.13	%		10/31/2013
Class I2 (NAV)		0.55	%		3.43	%		3.23	%		10/31/2013

^(A) The Credit Suisse Leveraged Loan Index is an index designed to mirror the investable universe of the dollar denominated leveraged loan market.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

Investing in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities in not guaranteed. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond.

Transamerica Funds Annual Report 2020

Page    76

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES - 6.9%
Commercial Services & Supplies - 1.6%
Garda World Security Corp. 4.63%, 02/15/2027 (A)		$500,000		$487,500
GFL Environmental, Inc.
3.75%, 08/01/2025 (A)		150,000		150,000
4.25%, 06/01/2025 (A)		640,000		652,800
				1,290,300
Communications Equipment - 1.2%
Avaya, Inc. 6.13%, 09/15/2028 (A)		600,000		615,750
CommScope, Inc. 5.50%, 03/01/2024 (A)		400,000		408,908
				1,024,658
Construction & Engineering - 0.5%
PowerTeam Services LLC 9.03%, 12/04/2025 (A)		417,000		441,499
Containers & Packaging - 0.6%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 4.00%, 10/15/2027 (A)		500,000		506,250
Health Care Providers & Services - 1.2%
Legacy LifePoint Health LLC 6.75%, 04/15/2025 (A)		500,000		528,750
Tenet Healthcare Corp. 4.63%, 09/01/2024 - 06/15/2028 (A)		500,000		509,878
				1,038,628
IT Services - 0.6%
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. 5.75%, 06/01/2025 (A)		500,000		523,750
Machinery - 0.3%
Clark Equipment Co. 5.88%, 06/01/2025 (A)		200,000		208,000
Media - 0.9%
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (A)		400,000		425,000
Univision Communications, Inc. 6.63%, 06/01/2027 (A)		333,000		336,746
				761,746
Total Corporate Debt Securities (Cost $5,698,036)				5,794,831
LOAN ASSIGNMENTS - 83.8%
Aerospace & Defense - 0.4%
Avolon TLB Borrower 1 LLC
Term Loan B3,
1-Month LIBOR + 1.75%, 2.50% (B), 01/15/2025		246,256		237,125
Term Loan B4,
1-Month LIBOR + 1.50%, 2.25% (B), 02/12/2027		99,500		94,898
				332,023
Airlines - 0.4%
Kestrel Bidco, Inc. Term Loan B, 6-Month LIBOR + 3.00%, 4.00% (B), 12/11/2026		421,004		370,273

	Principal		Value
LOAN ASSIGNMENTS (continued)
Auto Components - 0.9%
Highline Aftermarket Acquisition LLC Term Loan B, TBD, 10/21/2027 (C) (D)		$ 73,333		$ 71,500
Highline Aftermarket Acquisition, LLC Delayed Draw Term Loan, TBD, 10/21/2027 (C) (D)		66,667		65,000
Mavis Tire Express Services Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 3.47% (B), 03/20/2025		616,020		587,786
				724,286
Automobiles - 0.7%
Thor Industries, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 3.94% (B), 02/01/2026		588,695		583,176
Beverages - 0.4%
Blue Ribbon LLC Term Loan, 1-Month LIBOR + 4.00%, 3-Month LIBOR + 4.00%, 5.00% (B), 11/15/2021		384,234		354,648
Building Products - 1.6%
Cornerstone Building Brands, Inc. Term Loan, 1-Month LIBOR + 3.75%, 3.90% (B), 04/12/2025		594,467		581,835
Quikrete Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.50%, 2.65% (B), 02/01/2027		125,000		122,448
VT Topco, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 3.64% (B), 08/01/2025		674,246		640,533
				1,344,816
Capital Markets - 2.3%
Blucora, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 5.00% (B), 05/22/2024		678,306		669,827
Deerfield Dakota Holding LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.75% (B), 04/09/2027		523,688		515,440
Kingpin Intermediate Holdings LLC Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 07/03/2024		378,783		329,541
RPI Intermediate Finance Trust Term Loan B1, 1-Month LIBOR + 1.75%, 1.90% (B), 02/11/2027		141,250		140,426
Victory Capital Holdings, Inc. Term Loan B1, 3-Month LIBOR + 2.50%, 2.73% (B), 07/01/2026		237,111		231,776
				1,887,010

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

Transamerica Funds Annual Report 2020

Page    77

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Chemicals - 0.5%
VAC Germany Holdings GmbH Term Loan B, 3-Month LIBOR + 4.00%, 5.00% (B), 03/08/2025		$ 621,250		$ 431,769
Commercial Services & Supplies - 3.2%
BIFM Buyer, Inc. Term Loan B, 3-Month LIBOR + 3.50%, 3.76% (B), 06/01/2026		492,513		480,200
Cardtronics USA, Inc. Term Loan B, 1-Month LIBOR + 4.00%, 5.00% (B), 06/29/2027		124,688		124,220
Creative Artists Agency LLC
Term Loan B,
1-Month LIBOR + 3.75%, 3.90% (B), 11/27/2026		199,497		191,268
Term Loan B1,
1-Month LIBOR + 4.25%, 5.25% (B), 11/27/2026		299,250		285,410
Fly Funding II SARL Term Loan B, 3-Month LIBOR + 1.75%, 1.99% (B), 08/11/2025		379,623		327,108
Harsco Corp. Term Loan B1, 1-Month LIBOR + 2.25%, 3.25% (B), 12/06/2024		95,408		94,652
Prime Security Services Borrower LLC Term Loan B1, 1-Month LIBOR + 3.25%, 3-Month LIBOR + 3.25%, 12-Month LIBOR + 3.25%, 4.25% (B), 09/23/2026		495,000		487,575
Spin Holdco, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 4.25% (B), 11/14/2022		674,698		655,807
				2,646,240
Communications Equipment - 1.1%
Avaya, Inc.
Term Loan B,
1-Month LIBOR + 4.25%, 4.40% (B), 12/15/2024		13,574		13,315
1-Month LIBOR + 4.25%, 4.40% (B), 12/15/2027		342,100		329,272
Sabre Industries, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 3.40% (B), 04/15/2026		230,430		226,876
Securus Technologies Holdings, Inc. 1st Lien Term Loan, 6-Month LIBOR + 4.50%, 5.50% (B), 11/01/2024		467,843		386,750
				956,213

	Principal		Value
LOAN ASSIGNMENTS (continued)
Construction & Engineering - 1.1%
API Group DE, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 5.50% (B), 10/01/2026		$ 298,496		$ 291,500
Granite Acquisition, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 4.75% (B), 09/19/2022		390,006		388,868
PowerTeam Services LLC 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.25% (B), 03/06/2025		252,893		244,042
				924,410
Construction Materials - 0.2%
Forterra Finance LLC Term Loan B, 1-Month LIBOR + 3.00%, 4.00% (B), 10/25/2023		160,297		159,015
Containers & Packaging - 6.8%
Anchor Glass Container Corp. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.75% (B), 12/07/2023		531,166		386,158
Ball Metalpack LLC 1st Lien Term Loan B, 3-Month LIBOR + 4.50%, 4.76% (B), 07/31/2025		701,069		667,768
Berry Global, Inc. Term Loan Y, 1-Month LIBOR + 2.00%, 2.15% (B), 07/01/2026		747,478		721,049
Canister International Group, Inc. Term Loan B, 1-Month LIBOR + 4.75%, 4.90% (B), 12/21/2026		200,000		199,500
Consolidated Container Co. LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.75% (B), 05/22/2024		251,980		247,255
Flex Acquisition Co., Inc.
1st Lien Term Loan,
1-Month LIBOR + 3.00%, 3-Month LIBOR + 3.00%, 4.00% (B), 12/29/2023		590,889		575,502
Term Loan,
3-Month LIBOR + 3.25%, 3.48% (B), 06/29/2025		276,043		264,829
Graham Packaging Co., Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.50% (B), 08/04/2027		450,000		444,857
Liqui-Box Holdings, Inc. Term Loan B, 3-Month LIBOR + 4.50%, 5.50% (B), 02/26/2027		249,375		209,475

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

Transamerica Funds Annual Report 2020

Page    78

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging (continued)
Packaging Coordinators Midco, Inc. Term Loan, TBD, 09/25/2027 (C) (D)		$ 200,000		$ 196,750
Plastipak Packaging, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 2.65% (B), 10/14/2024		607,335		591,392
Printpack Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 4.00% (B), 07/26/2023		603,682		596,136
Reynolds Consumer Products LLC Term Loan, 1-Month LIBOR + 1.75%, 1.90% (B), 02/04/2027		429,568		420,977
Tosca Services LLC Term Loan B, 1-Month LIBOR + 4.25%, 5.25% (B), 07/28/2027		180,194		179,180
				5,700,828
Diversified Consumer Services - 1.8%
Pre-Paid Legal Services, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 3.40% (B), 05/01/2025		375,000		361,641
USS Ultimate Holdings, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 4.75% (B), 08/25/2024		754,772		737,789
William Morris Endeavor Entertainment LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 2.90% (B), 05/18/2025		497,684		423,032
				1,522,462
Diversified Financial Services - 1.7%
BCP Raptor II LLC 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 4.90% (B), 11/03/2025		434,500		299,805
NBG Acquisition, Inc. Term Loan, 6-Month LIBOR + 5.50%, 6.50% (B), 04/26/2024		983,896		472,270
Russell Investments US Institutional Holdco, Inc. Term Loan, 3-Month LIBOR + 3.00%, 4.00% (B), 05/30/2025		339,765		335,093
WG Partners Acquisition LLC Term Loan B, 3-Month LIBOR + 3.50%, 4.50% (B), 11/15/2023		346,722		344,121
				1,451,289
Diversified Telecommunication Services - 2.0%
CenturyLink, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 2.40% (B), 03/15/2027		292,788		281,442

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Telecommunication Services (continued)
Global Tel*Link Corp. 1st Lien Term Loan, 1-Month LIBOR + 4.25%, 4.40% (B), 11/29/2025		$ 584,310		$ 505,185
Hargray Communications Group, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 4.00% (B), 05/16/2024		647,183		638,122
Virgin Media Bristol LLC Term Loan N, 1-Month LIBOR + 2.50%, 2.65% (B), 01/31/2028		225,000		217,000
				1,641,749
Electric Utilities - 0.5%
Vistra Operations Co. LLC 1st Lien Term Loan B3, 1-Month LIBOR + 1.75%, 1.90% (B), 12/31/2025		400,824		390,915
Electrical Equipment - 1.1%
Electrical Components International, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.25%, 4.40% (B), 06/26/2025		322,340		293,329
VC GB Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 4.00% (B), 02/28/2024		621,865		607,873
				901,202
Electronic Equipment, Instruments & Components - 1.6%
Badger Buyer Corp. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 09/30/2024		436,927		408,527
Electro Rent Corp. 1st Lien Term Loan, 3-Month LIBOR + 5.00%, 6.00% (B), 01/31/2024		653,830		640,753
GrafTech Finance, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 02/12/2025		262,374		257,783
				1,307,063
Equity Real Estate Investment Trusts - 0.5%
iStar, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 2.89% - 2.90% (B), 06/28/2023 (D)		415,609		411,453
Food & Staples Retailing - 1.7%
BJ’s Wholesale Club, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.00%, 2.15% (B), 02/03/2024		53,204		52,315
BW Gas & Convenience Holdings LLC Term Loan, 1-Month LIBOR + 6.25%, 6.41% (B), 11/18/2024		529,375		525,404

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

Transamerica Funds Annual Report 2020

Page    79

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Food & Staples Retailing (continued)
Chef’s Warehouse Leasing Co. LLC Term Loan, 1-Month LIBOR + 5.50%, 5.65% (B), 06/22/2025		$ 180,315		$ 173,553
Hostess Brands LLC Term Loan, 1-Month LIBOR + 2.25%, 2-Month LIBOR + 2.25%, 3-Month LIBOR + 2.25%, 3.00% (B), 08/03/2025 (D)		687,464		670,278
				1,421,550
Food Products - 3.6%
8th Avenue Food & Provisions, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 3.65% (B), 10/01/2025		368,438		362,174
B&G Foods, Inc. Term Loan B4, 1-Month LIBOR + 2.50%, 2.65% (B), 10/10/2026		830,300		824,073
C.J. Foods, Inc. Term Loan B, 3-Month LIBOR + 6.00%, 7.00% (B), 03/16/2027		149,624		142,143
Dole Food Co., Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (B), 04/06/2024		465,457		454,402
Froneri International, Ltd. Term Loan, 1-Month LIBOR + 2.25%, 2.40% (B), 01/31/2027		244,388		235,005
Shearer’s Foods, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 4.75% (B), 09/23/2027		977,533		964,092
				2,981,889
Health Care Equipment & Supplies - 0.8%
Carestream Dental Equipment, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 4.25% (B), 09/01/2024		547,353		503,565
Ortho-Clinical Diagnostics SA Term Loan B, 1-Month LIBOR + 3.25%, 3.39% (B), 06/30/2025		176,442		170,266
				673,831
Health Care Providers & Services - 5.6%
AHP Health Partners, Inc. Term Loan, 1-Month LIBOR + 4.50%, 5.50% (B), 06/30/2025		548,941		546,196
DuPage Medical Group, Ltd. Term Loan, 1-Month LIBOR + 2.75%, 3.50% (B), 08/15/2024		482,224		468,963

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services (continued)
HCA, Inc. Term Loan B13, 1-Month LIBOR + 1.75%, 1.90% (B), 03/18/2026		$ 606,417		$ 603,385
Pathway Vet Alliance LLC Term Loan, 1-Month LIBOR + 4.00%, 4.15% (B), 03/31/2027		230,053		225,068
Pearl Intermediate Parent LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 2.90% (B), 02/14/2025		642,693		623,813
PetVet Care Centers LLC Delayed Draw Term Loan, 1-Month LIBOR + 4.25%, 5.25% (B), 02/14/2025		199,496		198,997
Quorum Health Corp. Term Loan, 3-Month LIBOR + 8.25%, 9.25% (B), 04/29/2025		672,115		619,186
RadNet, Inc. Repriced Term Loan, 6-Month LIBOR + 3.75%, 4.75% (B), 06/30/2023		483,767		474,848
Southern Veterinary Partners LLC Term Loan, 6-Month LIBOR + 4.00%, 5.00% (B), 10/02/2027		219,697		218,049
WP CityMD Bidco LLC Term Loan B, 3-Month LIBOR + 4.50%, 6-Month LIBOR + 4.50%, 5.50% (B), 08/13/2026		744,375		733,675
				4,712,180
Hotels, Restaurants & Leisure - 4.0%
Affinity Gaming LLC Term Loan, 3-Month LIBOR + 3.25%, 4.25% (B), 07/01/2023		820,112		749,035
Caesars Resort Collection LLC 1st Lien Term Loan B, 1-Month LIBOR + 2.75%, 2.90% (B), 12/23/2024		341,817		319,694
ClubCorp Holdings, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 2.97% (B), 09/18/2024		454,196		380,106
Flynn Restaurant Group, LP 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 3.65% (B), 06/27/2025		583,008		547,542
NEP / NCP Holdco, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 3.40% (B), 10/20/2025		198,987		178,840
Penn National Gaming, Inc. Term Loan A, 1-Month LIBOR + 3.00%, 3.75% (B), 10/19/2023		688,078		670,876

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

Transamerica Funds Annual Report 2020

Page    80

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
United PF Holdings LLC
1st Lien Term Loan,
3-Month LIBOR + 4.00%, 4.22% (B), 12/30/2026		$ 330,910		$ 287,478
Term Loan,
3-Month LIBOR + 8.50%, 9.50% (B), 12/30/2026		200,000		198,000
				3,331,571
Household Durables - 4.6%
API Heat Transfer ThermaSys Corp. 2nd Lien Term Loan, 3-Month LIBOR + 0.00%, PIK Rate 12.00%, Cash Rate 0.00%, 12.00% (B), 12/31/2023 (E)		906,268		799,782
Hoffmaster Group, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 5.00% (B), 11/21/2023		476,122		409,465
Libbey Glass, Inc.
Term Loan,
1-Month LIBOR + 3.00%, 4.00% (B), 11/30/2020		279,548		279,548
1-Month LIBOR + 11.00%, 12.00% (B), 11/27/2020		277,741		291,628
Term Loan B,
1-Month LIBOR + 0.00%, PIK Rate 5.75%, Cash Rate 0.00%, 6.00% (B), 04/09/2021 (E)		990,846		151,413
Lifetime Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 02/28/2025		531,551		515,605
SIWF Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.25%, 4.40% (B), 06/15/2025		248,096		236,932
WKI Holding Co., Inc. Term Loan B, 1-Month LIBOR + 4.00%, 4.14% (B), 05/01/2024		1,164,154		1,132,140
				3,816,513
Household Products - 1.0%
Safety Products / JHC Acquisition Corp.
1st Lien Term Loan,
1-Month LIBOR + 4.50%, 4.65% (B), 06/26/2026		880,163		774,544
Delayed Draw Term Loan,
1-Month LIBOR + 4.50%, 2.00% - 5.00% (B), 06/26/2026		47,575		41,866
				816,410
Independent Power & Renewable Electricity Producers - 1.5%
Calpine Construction Finance Co., LP Term Loan B, 1-Month LIBOR + 2.00%, 2.15% (B), 01/15/2025		955,134		925,286

	Principal		Value
LOAN ASSIGNMENTS (continued)
Independent Power & Renewable Electricity Producers (continued)
Terra-Gen Finance Co. LLC Term Loan B, 1-Month LIBOR + 4.25%, 5.25% (B), 12/09/2021		$ 320,124		$ 314,522
				1,239,808
IT Services - 2.1%
Flexential Intermediate Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 3.72% (B), 08/01/2024		378,102		328,634
Helios Software Holdings, Inc. Term Loan, 6-Month LIBOR + 4.25%, 4.52% (B), 10/24/2025		496,211		486,287
Moneygram International, Inc. Term Loan B, 3-Month LIBOR + 6.00%, 6.21% (B), 06/30/2023		433,530		425,943
Rackspace Hosting, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 4.00% (B), 11/03/2023		205,581		200,670
Vestcom Parent Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.00%, 4.14% (B), 12/19/2023 (D)		359,878		348,182
				1,789,716
Leisure Products - 1.3%
Bombardier Recreational Products, Inc. Term Loan, 1-Month LIBOR + 2.00%, 2.15% (B), 05/24/2027		493,769		474,429
SP PF Buyer LLC Term Loan, 1-Month LIBOR + 4.50%, 4.65% (B), 12/22/2025		674,383		602,730
				1,077,159
Machinery - 1.8%
Alliance Laundry Systems LLC Term Loan B, 3-Month LIBOR + 3.50%, 4.25% (B), 10/08/2027		135,000		133,616
CTOS LLC Term Loan B, 1-Month LIBOR + 4.25%, 4.40% (B), 04/18/2025 (D)		254,313		252,088
Ingersoll-Rand Services Co. Term Loan, 1-Month LIBOR + 1.75%, 1.90% (B), 03/01/2027		248,750		239,982
Terex Corp. Term Loan B1, 2-Month LIBOR + 2.75%, 3.50% (B), 01/31/2024		738,750		722,128

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

Transamerica Funds Annual Report 2020

Page    81

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery (continued)
Vertiv Group Corp. Term Loan B, 1-Month LIBOR + 3.00%, 3.15% (B), 03/02/2027		$ 199,000		$ 193,901
				1,541,715
Media - 8.1%
AVSC Holding Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 3-Month LIBOR + 3.25%, 6-Month LIBOR + 3.25%, 4.25% (B), 03/03/2025		395,559		302,405
Block Communications, Inc. Term Loan, 3-Month LIBOR + 2.25%, 2.47% (B), 02/25/2027		149,250		146,389
Charter Communications Operating LLC Term Loan B2, 1-Month LIBOR + 1.75%, 1.90% (B), 02/01/2027		696,482		677,828
CSC Holdings LLC Term Loan B1, 1-Month LIBOR + 2.25%, 2.40% (B), 07/17/2025		498,708		480,131
E.W. Scripps Co. Term Loan B, 1-Month LIBOR + 2.00%, 2.15% (B), 10/02/2024		248,718		240,246
Gray Television, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 2.40% (B), 02/07/2024 (D)		1,250,000		1,218,750
Meredith Corp.
Term Loan B,
3-Month LIBOR + 4.25%, 5.25% (B), 01/31/2025		99,750		98,129
Term Loan B2,
1-Month LIBOR + 2.50%, 2.65% (B), 01/31/2025		590,577		571,383
MH Sub I LLC Term Loan, 1-Month LIBOR + 3.75%, 4.75% (B), 09/13/2024		149,625		147,568
Nexstar Broadcasting, Inc. Term Loan B4, 1-Month LIBOR + 2.75%, 2.90% (B), 09/18/2026		500,000		486,250
Quincy Newspapers, Inc. Term Loan B, 1-Month LIBOR + 3.00%, Prime Rate + 2.00%, 4.00% - 5.25% (B), 10/02/2022		623,174		613,826
Sinclair Television Group, Inc. Term Loan B2B, 1-Month LIBOR + 2.50%, 2.65% (B), 09/30/2026		495,000		478,500
Terrier Media Buyer, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 4.40% (B), 12/17/2026		496,250		483,146

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
UPC Broadband Holding BV
Term Loan B1,
TBD, 01/31/2029 (C) (D)		$ 215,000		$ 209,021
Term Loan B2,
TBD, 01/31/2029 (C) (D)		215,000		209,020
WMG Acquisition Corp. Term Loan F, 1-Month LIBOR + 2.13%, 2.27% (B), 11/01/2023		432,889		425,787
				6,788,379
Multi-Utilities - 0.6%
Solenis Holdings LLC 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 4.26% (B), 06/26/2025		495,175		481,712
Oil, Gas & Consumable Fuels - 1.8%
BCP Raptor LLC Term Loan B, 3-Month LIBOR + 4.25%, 5.25% (B), 06/24/2024		505,268		409,520
EG America LLC Term Loan, 3-Month LIBOR + 4.00%, 4.22% (B), 02/07/2025		249,361		238,451
Fieldwood Energy LLC
1st Lien Term Loan,
3-Month LIBOR + 5.25%, 7.50% (B), 04/11/2022 04/11/2018		1,100,000		260,563
Delayed Draw Term Loan,
1-Month LIBOR + 8.75%, 3.00% - 10.00% (B), 08/04/2021		13,114		13,114
Phoenix Services International LLC Term Loan, 1-Month LIBOR + 3.75%, 4.75% (B), 03/01/2025		215,241		205,556
Prairie ECI Acquiror, LP Term Loan B, 1-Month LIBOR + 4.75%, 4.90% (B), 03/11/2026		2,163		1,931
Southeast PowerGen LLC Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 12/02/2021		432,894		393,933
				1,523,068
Paper & Forest Products - 2.3%
Asplundh Tree Expert LLC Term Loan B, 1-Month LIBOR + 2.50%, 2.64% (B), 09/07/2027		500,000		498,542
Clearwater Paper Corp. Term Loan B, 1-Month LIBOR + 3.00%, 2-Month LIBOR + 3.00%, 6-Month LIBOR + 3.00%, 3.19% - 3.25% (B), 07/26/2026		370,450		367,672

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

Transamerica Funds Annual Report 2020

Page    82

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Paper & Forest Products (continued)
Dunn Paper, Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.75%, 5.75% (B), 08/26/2022		$ 898,735		$ 844,810
Neenah, Inc. Term Loan B, 3-Month LIBOR + 4.00%, 5.00% (B), 06/25/2027 (D)		37,813		37,718
Pixelle Specialty Solutions LLC Term Loan B, 1-Month LIBOR + 6.50%, 7.50% (B), 10/31/2024		196,212		194,413
				1,943,155
Personal Products - 0.9%
Knowlton Development Corp., Inc. Term Loan B, 1-Month LIBOR + 3.75%, 3.90% (B), 12/22/2025 (D)		732,500		714,188
Pharmaceuticals - 1.6%
Alphabet Holding Co., Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 3.65% (B), 09/26/2024		715,064		690,931
Amneal Pharmaceuticals LLC Term Loan B, 1-Month LIBOR + 3.50%, 3.69% (B), 05/04/2025		482,333		458,217
Elanco Animal Health, Inc. Term Loan B, 1-Month LIBOR + 1.75%, 1.90% (B), 08/01/2027		230,201		224,897
				1,374,045
Professional Services - 0.4%
Everi Payments, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (B), 05/09/2024 (D)		388,276		373,393
Real Estate Management & Development - 4.4%
Brookfield WEC Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.75% (B), 08/01/2025		248,734		242,555
CityCenter Holdings LLC Term Loan B, 1-Month LIBOR + 2.25%, 3.00% (B), 04/18/2024		443,013		415,325
Cushman & Wakefield US Borrower LLC Term Loan B, 1-Month LIBOR + 2.75%, 2.90% (B), 08/21/2025 (D)		462,750		441,541
RE/MAX International, Inc. Term Loan B, 3-Month LIBOR + 2.75%, 3.50% (B), 12/15/2023		645,569		639,113
Realogy Group LLC Term Loan A, 1-Month LIBOR + 2.25%, 2.40% (B), 02/08/2023		925,000		890,313

	Principal		Value
LOAN ASSIGNMENTS (continued)
Real Estate Management & Development (continued)
Redstone Buyer LLC Term Loan, 3-Month LIBOR + 5.00%, 6.00% (B), 09/01/2027		$ 375,000		$ 371,250
Trico Group LLC Term Loan B, 3-Month LIBOR + 7.50%, 8.50% (B), 02/02/2024 (D)		716,863		702,525
				3,702,622
Software - 3.8%
Ceridian HCM Holding, Inc. Term Loan B, 1-Week LIBOR + 2.50%, 2.59% (B), 04/30/2025		198,985		192,020
Epicor Software Corp. Term Loan, 1-Month LIBOR + 4.25%, 5.25% (B), 07/30/2027		250,000		248,875
LogMeIn, Inc. Term Loan B, 1-Month LIBOR + 4.75%, 4.89% (B), 08/31/2027		700,000		677,688
MA FinanceCo. LLC Term Loan B3, 1-Month LIBOR + 2.50%, 2.65% (B), 06/21/2024		56,003		52,712
Quest Software US Holdings, Inc. 1st Lien Term Loan, TBD, 05/16/2025 (C) (D)		200,000		192,000
Seattle Spinco, Inc. Term Loan B3, 1-Month LIBOR + 2.50%, 2.65% (B), 06/21/2024		378,200		355,980
Sophia, LP 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 4.50% (B), 10/07/2027		200,000		196,438
SS&C European Holdings SARL Term Loan B4, 1-Month LIBOR + 1.75%, 1.90% (B), 04/16/2025		391,866		380,460
SS&C Technologies, Inc. Term Loan B3, 1-Month LIBOR + 1.75%, 1.90% (B), 04/16/2025		557,762		541,527
Ultimate Software Group, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 3.90% (B), 05/04/2026		348,241		341,385
				3,179,085
Specialty Retail - 1.5%
Bass Pro Group LLC Term Loan B, 3-Month LIBOR + 5.00%, 5.75% (B), 09/25/2024		585,143		581,811

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

Transamerica Funds Annual Report 2020

Page    83

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Specialty Retail (continued)
Men’s Wearhouse, Inc. Term Loan B2, 1-Month LIBOR + 3.25%, 4.25% (B), 04/09/2025		$ 967,243		$ 331,281
Staples, Inc. Term Loan B2, 3-Month LIBOR + 4.50%, 4.75% (B), 09/12/2024 (D)		387,525		355,877
				1,268,969
Technology Hardware, Storage & Peripherals - 0.5%
NCR Corp. Term Loan, 1-Month LIBOR + 2.50%, 2.65% (B), 08/28/2026		396,000		382,140
Textiles, Apparel & Luxury Goods - 1.1%
Augusta Sportswear Group, Inc. Term Loan B, 3-Month LIBOR + 4.50%, 5.50% (B), 10/26/2023 (D)		317,581		276,295
Kontoor Brands, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 4.40% (B), 05/15/2026		501,750		496,733
Varsity Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (B), 12/15/2024		185,086		159,020
				932,048
Total Loan Assignments (Cost $75,712,363)				70,105,986
	Shares		Value
COMMON STOCKS - 0.3%
Health Care Providers & Services - 0.0% (F)
Valitas Holdings, Inc. (G) (H) (I)		21,887		0
Household Durables - 0.3%
API Heat Transfer Intermediate Corp. (H)		889,572		200,154
Software - 0.0% (F)
Avaya Holdings Corp. (J)		4		69
Total Common Stocks (Cost $316,362)				200,223
PREFERRED STOCK - 0.2%
Household Durables - 0.2%
API Heat Transfer Intermediate Corp., 0.00% (H)		220,055		156,899
Total Preferred Stock (Cost $220,055)				156,899
EXCHANGE-TRADED FUNDS - 1.6%
U.S. Fixed Income Funds - 1.6%
Invesco Senior Loan ETF (K)		31,100		668,650
SPDR Blackstone / GSO Senior Loan ETF (K)		15,000		663,900
Total Exchange-Traded Funds (Cost $1,329,187)				1,332,550

	Shares		Value
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (L)		819,418		$ 819,418
Total Other Investment Company (Cost $819,418)				819,418
	Principal		Value
REPURCHASE AGREEMENT - 0.4%
Fixed Income Clearing Corp., 0.00% (L), dated 10/30/2020, to be repurchased at $336,507 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $343,282.		$336,507		336,507
Total Repurchase Agreement (Cost $336,507)				336,507
Total Investments (Cost $84,431,928)				78,746,414
Net Other Assets (Liabilities) - 5.8%				4,886,936
Net Assets - 100.0%				$83,633,350

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

Transamerica Funds Annual Report 2020

Page    84

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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
Corporate Debt Securities	$	—	$	5,794,831	$	—	$	5,794,831
Loan Assignments		—		70,105,986		—		70,105,986
Common Stocks		69		200,154		0		200,223
Preferred Stock		—		156,899		—		156,899
Exchange-Traded Funds		1,332,550		—		—		1,332,550
Other Investment Company		819,418		—		—		819,418
Repurchase Agreement		—		336,507		—		336,507
Total Investments	$	2,152,037	$	76,594,377	$	0	$	78,746,414

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 October 31, 2020, the total value of 144A securities is $5,794,831, representing 6.9% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	All or a portion of the security represents unsettled loan commitments at October 31, 2020 where the rate will be determined at time of settlement.
(D)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(E)	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Security deemed worthless.
(H)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2020, the total value of securities is $357,053, representing 0.4% of the Fund’s net assets.
(I)	Security is Level 3 of the fair value hierarchy.
(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 $1,332,550, collateralized by cash collateral of $819,418 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $543,532. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(L)	Rates disclosed reflect the yields at October 31, 2020.
(M)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(N)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2020

Page    85

Transamerica Global Equity

(unaudited)

MARKET ENVIRONMENT

Equity markets produced volatile and substantially disparate returns for the 12-month period ended October 31, 2020. Central banks and governments embarked on significant monetary and fiscal stimulus to counteract the negative impact of the COVID-19 pandemic that contributed to a selloff in global equities in mid-February and March. The collective actions subsequently led to major gains in information technology stocks specifically and growth equities generally. On the flip side, value stocks which had been out of favor entering the fiscal year, fell even more out of favor. The valuation gap between growth and value was at its widest divergence in approximately two decades.

Coming into 2020, we thought that there were better opportunities on a relative basis in non-U.S. markets, particularly Europe. The recent passing of the stimulus package is indicative of a newfound solidarity amongst the European Union member states, and is noteworthy given the usual frugalness of Germany and other Northern European peers. While the pandemic has delayed our thesis of European market outperformance, we believe that the fiscal position the U.S. will find itself in post pandemic will pose longer-term challenges. While Europe and other geographies have also embarked on significant fiscal stimulus, it is not to the same magnitude as the U.S., which has seen a far greater expansion of its government debt than other regions, something we believe will pressure the U.S. dollar versus the euro and pound.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Global Equity (Class A) returned 1.72%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the MSCl All Country World Index Net and MSCI World Index ex-U.S., returned 4.89% and -6.35%, respectively.

STRATEGY REVIEW

The Fund underperformed its benchmark for the 12-month period ended October 31, 2020, primarily driven by our underweight in information technology on a sector basis, and holdings and overweight in Europe regionally. Our European bank holdings, led lower by Lloyds Bank Group PLC, suffered from the lower interest rate environment and suspension of dividends. Other detractors to relative performance were holdings in information technology, largely Kyocera Corp. and an underweight in Apple Inc., and health care, primarily GlaxoSmithKline PLC and an underweight in Roche Holding AG.

Among positive contributors to relative performance, Facebook, Inc., Class A was the largest individual contributor, as its business showed resilience even during the downturn and an advertising boycott from some companies. Led by Facebook, Inc., Class A and Progressive Corp., North American holdings were the largest regional contributors, while our holdings and overweight in Europe weighed the most. We continue to see better valuation opportunities in Europe, particularly in cyclicals that we believe should benefit from the stimulus package that will be distributed in 2021.

David P. Harris, CFA

Michael Seo, CFA

Co-Portfolio Managers

Rockefeller & Co. LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.5	%
Exchange-Traded Funds		0.4
Other Investment Company		0.2
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    86

Transamerica Global Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(3.90	)%		5.02	%		4.43	%		03/01/2006
Class A (NAV)		1.72	%		6.22	%		5.02	%		03/01/2006
MSCI All Country World Index Net (A)		4.89	%		8.11	%		7.90	%
MSCI World Index ex-U.S. (B)		(6.35	)%		3.50	%		4.10	%
Class C (POP)		(0.03	)%		5.42	%		4.26	%		03/01/2006
Class C (NAV)		0.93	%		5.42	%		4.26	%		03/01/2006
Class I (NAV)		1.97	%		6.50	%		5.35	%		11/30/2009
Class R6 (NAV)		2.07	%		6.59	%		5.28	%		05/29/2015

^(A) The MSCI All Country World Index Net is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Investments in global/international markets involve risks not associated with U. S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets.

Transamerica Funds Annual Report 2020

Page    87

Transamerica Global Equity

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 99.5%
Belgium - 0.8%
Umicore SA		16,523		$636,983
Canada - 2.7%
Agnico Eagle Mines, Ltd.		16,722		1,325,887
Intact Financial Corp.		8,868		916,021
				2,241,908
China - 2.1%
Alibaba Group Holding, Ltd., ADR (A)		5,967		1,818,085
Denmark - 0.7%
Vestas Wind Systems A/S		3,212		551,064
France - 4.4%
Air Liquide SA		5,078		742,598
Cie de Saint-Gobain (A)		43,133		1,680,182
Schneider Electric SE		10,891		1,323,326
				3,746,106
Germany - 8.7%
Continental AG		11,176		1,187,460
Deutsche Post AG		49,466		2,193,222
HeidelbergCement AG		26,003		1,487,201
KION Group AG		2,483		193,477
Vonovia SE		36,297		2,318,053
				7,379,413
Hong Kong - 1.8%
China Mobile, Ltd., ADR		50,291		1,545,442
India - 1.0%
ICICI Bank, Ltd., ADR (A)		81,942		864,488
Ireland - 1.3%
Medtronic PLC		11,201		1,126,485
Italy - 2.6%
Enel SpA		271,480		2,158,402
Japan - 8.3%
Kansai Electric Power Co., Inc.		91,800		835,414
KDDI Corp.		57,400		1,552,956
Kyocera Corp.		20,600		1,134,493
Nintendo Co., Ltd.		1,900		1,027,309
Panasonic Corp.		68,000		628,152
Sony Corp.		22,200		1,850,735
				7,029,059
Netherlands - 1.1%
Koninklijke Philips NV (A)		19,869		920,268
Republic of Korea - 3.7%
LG Corp.		13,435		804,475
Samsung Electronics Co., Ltd.		46,361		2,330,364
				3,134,839
Singapore - 0.8%
CapitaLand Mall Trust, REIT		545,200		691,072
Sweden - 4.1%
Svenska Handelsbanken AB, A Shares (A)		123,167		997,983
Swedbank AB, A Shares (A)		76,091		1,191,251
Tele2 AB, B Shares		107,689		1,270,940
				3,460,174
Switzerland - 2.9%
Roche Holding AG		4,191		1,346,700
TE Connectivity, Ltd.		11,568		1,120,708
				2,467,408

	Shares		Value
COMMON STOCKS (continued)
United Kingdom - 3.5%
Lloyds Banking Group PLC (A)		2,978,771		$ 1,084,590
Willis Towers Watson PLC		10,371		1,892,500
				2,977,090
United States - 49.0%
Aflac, Inc.		48,061		1,631,671
Alnylam Pharmaceuticals, Inc. (A)		5,168		635,509
Amazon.com, Inc. (A)		767		2,328,727
American Campus Communities, Inc., REIT		16,406		614,569
American Water Works Co., Inc.		4,789		720,792
Apple, Inc.		17,349		1,888,612
Applied Materials, Inc.		15,717		930,918
Becton Dickinson & Co.		7,787		1,799,809
BioMarin Pharmaceutical, Inc. (A)		11,186		832,574
Bridgebio Pharma, Inc. (A) (B)		10,268		394,086
Carrier Global Corp.		34,131		1,139,634
Cerner Corp.		15,142		1,061,303
Cognex Corp.		7,534		496,491
Crown Holdings, Inc. (A)		14,616		1,254,053
Deere & Co.		7,774		1,756,224
Discover Financial Services		27,862		1,811,309
Facebook, Inc., Class A (A)		9,932		2,613,209
Fidelity National Information Services, Inc.		4,056		505,337
First Horizon National Corp.		71,367		742,930
First Solar, Inc. (A)		6,495		565,357
Globe Life, Inc.		13,858		1,123,745
Illumina, Inc. (A)		1,615		472,711
Ionis Pharmaceuticals, Inc. (A)		9,613		451,330
Keysight Technologies, Inc. (A)		6,600		692,142
Kohl’s Corp.		30,532		650,026
Martin Marietta Materials, Inc.		3,848		1,024,915
Microsoft Corp.		20,673		4,185,662
Neurocrine Biosciences, Inc. (A)		4,373		431,484
Progressive Corp.		27,169		2,496,831
Regeneron Pharmaceuticals, Inc. (A)		997		541,929
Reinsurance Group of America, Inc.		17,931		1,811,390
Verizon Communications, Inc.		46,130		2,628,949
Visa, Inc., Class A		6,999		1,271,788
				41,506,016
Total Common Stocks (Cost $71,465,639)				84,254,302
EXCHANGE-TRADED FUNDS - 0.4%
United States - 0.4%
iShares Core MSCI EAFE ETF		2,952		171,688
iShares Core S&P 500 ETF		520		170,363
Total Exchange-Traded Funds (Cost $346,753)				342,051
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (C)		154,684		154,684
Total Other Investment Company (Cost $154,684)				154,684
Total Investments (Cost $71,967,076)				84,751,037
Net Other Assets (Liabilities) - (0.1)%				(122,420	)
Net Assets - 100.0%				$84,628,617

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

Transamerica Funds Annual Report 2020

Page    88

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Insurance		11.6	%	$	9,872,158
Banks		5.8		��	4,881,242
Wireless Telecommunication Services		5.2			4,369,338
Technology Hardware, Storage & Peripherals		5.0			4,218,976
Software		4.9			4,185,662
Internet & Direct Marketing Retail		4.9			4,146,812
Health Care Equipment & Supplies		4.5			3,846,562
Electronic Equipment, Instruments & Components		4.1			3,443,834
Biotechnology		3.9			3,286,912
Electric Utilities		3.5			2,993,816
Building Products		3.3			2,819,816
Diversified Telecommunication Services		3.1			2,628,949
Interactive Media & Services		3.1			2,613,209
Construction Materials		3.0			2,512,116
Household Durables		2.9			2,478,887
Real Estate Management & Development		2.7			2,318,053
Air Freight & Logistics		2.6			2,193,222
Machinery		2.3			1,949,701
Electrical Equipment		2.2			1,874,390
Consumer Finance		2.1			1,811,309
IT Services		2.1			1,777,125
Semiconductors & Semiconductor Equipment		1.8			1,496,275
Chemicals		1.6			1,379,581
Pharmaceuticals		1.6			1,346,700
Metals & Mining		1.6			1,325,887
Equity Real Estate Investment Trusts		1.5			1,305,641
Containers & Packaging		1.5			1,254,053
Auto Components		1.4			1,187,460
Health Care Technology		1.3			1,061,303
Entertainment		1.2			1,027,309
Industrial Conglomerates		0.9			804,475
Water Utilities		0.8			720,792
Multiline Retail		0.8			650,026
Life Sciences Tools & Services		0.6			472,711
International Equity Funds		0.2			171,688
U.S. Equity Funds		0.2			170,363
Investments		99.8			84,596,353
Short-Term Investments		0.2			154,684
Total Investments		100.0	%	$	84,751,037

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	$	52,115,632	$	32,138,670	$	—	$	84,254,302
Exchange-Traded Funds		342,051		—		—		342,051
Other Investment Company		154,684		—		—		154,684
Total Investments	$	52,612,367	$	32,138,670	$	—	$	84,751,037

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

Transamerica Funds Annual Report 2020

Page    89

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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 $174,284, collateralized by cash collateral of $154,684 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $23,550. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)	Rate disclosed reflects the yield at October 31, 2020.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

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

Transamerica Funds Annual Report 2020

Page    90

Transamerica Government Money Market

(unaudited)

Asset Allocation	Percentage of Net Assets
Repurchase Agreements		37.2	%
Short-Term U.S. Government Obligations		27.1
U.S. Government Agency Obligations		14.1
Short-Term U.S. Government Agency Obligations		13.9
U.S. Government Obligations		7.0
Net Other Assets (Liabilities)		0.7
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		0.30
Duration †		0.12

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.

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, it 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 if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Transamerica Funds Annual Report 2020

Page    91

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 14.1%
Federal Farm Credit Banks
SOFR + 0.04%, 0.13% (A), 11/03/2021		$30,895,000		$30,894,056
1-Month LIBOR, 0.15% (A), 03/17/2021		3,695,000		3,694,913
1-Month LIBOR + 0.01%, 0.16% (A), 12/28/2021		3,115,000		3,114,709
SOFR + 0.08%, 0.17% (A), 11/03/2022 (B)		7,220,000		7,220,000
SOFR + 0.09%, 0.18% (A), 10/07/2022		5,245,000		5,245,000
SOFR + 0.10%, 0.19% (A), 09/02/2022		2,305,000		2,305,000
3-Month Treasury Money Market Yield + 0.12%, 0.22% (A), 05/02/2022		1,885,000		1,884,829
0.22% (A), 09/23/2021		4,000,000		4,000,000
SOFR + 0.15%, 0.25% (A), 12/13/2021		3,625,000		3,620,979
1-Month LIBOR + 0.11%, 0.26% (A), 07/09/2021 - 11/12/2021		2,890,000		2,890,000
1-Month LIBOR + 0.13%, 0.27% (A), 10/08/2021		965,000		965,000
SOFR + 0.18%, 0.27% (A), 01/14/2022		5,805,000		5,805,000
FFR + 0.18%, 0.27% (A), 07/20/2022		14,420,000		14,417,550
SOFR + 0.19%, 0.28% (A), 11/18/2021 - 07/14/2022		6,770,000		6,770,000
3-Month Treasury Money Market Yield + 0.23%, 0.33% (A), 07/08/2021		3,055,000		3,055,000
3-Month Treasury Money Market Yield + 0.26%, 0.36% (A), 06/17/2021		5,180,000		5,179,680
3-Month Treasury Money Market Yield + 0.28%, 0.38% (A), 02/08/2022		7,000,000		7,000,000
Federal Home Loan Banks
3-Month LIBOR - 0.13%, 0.10% (A), 12/21/2020		8,320,000		8,320,000
SOFR + 0.04%, 0.13% (A), 02/09/2021		12,295,000		12,294,425
1-Month LIBOR - 0.02%, 0.14% (A), 04/27/2021		5,390,000		5,389,242
SOFR + 0.05%, 0.14% (A), 01/22/2021		2,010,000		2,010,000
SOFR + 0.07%, 0.16% (A), 04/28/2022		2,370,000		2,370,000
SOFR + 0.08%, 0.17% (A), 07/08/2021 - 07/23/2021		7,130,000		7,130,000
SOFR + 0.09%, 0.18% (A), 09/10/2021		11,945,000		11,945,000
SOFR + 0.12%, 0.21% (A), 03/12/2021 - 02/28/2022		28,290,000		28,290,000
Federal Home Loan Mortgage Corp.
SOFR + 0.18%, 0.27% (A), 12/13/2021, MTN		6,785,000		6,785,000
1.13%, 08/12/2021		2,400,000		2,418,420

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association
SOFR + 0.35%, 0.44% (A), 04/07/2022		$ 7,075,000		$ 7,075,000
SOFR + 0.39%, 0.48% (A), 04/15/2022		7,860,000		7,860,000
1.38%, 10/07/2021		3,345,000		3,383,410
Total U.S. Government Agency Obligations (Cost $213,332,213)				213,332,213
U.S. GOVERNMENT OBLIGATIONS - 7.0%
U.S. Treasury - 7.0%
U.S. Treasury Floating Rate Note
3-Month Treasury Money Market Yield + 0.06%, 0.16% (A), 07/31/2022		14,754,100		14,754,100
3-Month Treasury Money Market Yield + 0.12%, 0.22% (A), 01/31/2021		13,190,000		13,188,914
3-Month Treasury Money Market Yield + 0.14%, 0.24% (A), 04/30/2021		1,130,000		1,129,547
3-Month Treasury Money Market Yield + 0.22%, 0.32% (A), 07/31/2021		19,000,000		18,993,243
3-Month Treasury Money Market Yield + 0.30%, 0.40% (A), 10/31/2021		4,000,000		4,002,370
U.S. Treasury Note
1.63%, 11/30/2020		1,465,000		1,464,953
2.00%, 11/30/2020 - 01/15/2021		8,985,000		8,994,413
2.25%, 04/30/2021		20,000,000		20,209,607
2.38%, 12/31/2020		975,000		976,135
2.50%, 12/31/2020 - 01/31/2021		21,255,000		21,370,860
2.63%, 11/15/2020		1,175,000		1,175,426
Total U.S. Government Obligations (Cost $106,259,568)				106,259,568
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.9%
Federal Farm Credit Bank Discount Notes
0.13% (C), 08/24/2021 - 08/31/2021		3,060,000		3,056,694
0.14% (C), 11/12/2020		8,575,000		8,574,633
0.15% (C), 07/01/2021		13,430,000		13,416,458
0.17% (C), 03/11/2021		6,000,000		5,996,317
0.19% (C), 06/01/2021		8,275,000		8,265,741
0.27% (C), 03/17/2021		5,690,000		5,684,196
0.35% (C), 01/19/2021		7,900,000		7,894,106
0.44% (C), 02/12/2021		6,735,000		6,726,714
0.90% (C), 01/20/2021		1,790,000		1,786,500
1.53% (C), 12/08/2020		14,495,000		14,472,803
1.59% (C), 12/08/2020		4,500,000		4,492,831
Federal Farm Credit Banks
SOFR + 0.08%, 0.17% (A), 11/27/2020 - 01/14/2021		3,415,000		3,415,000
FFR + 0.10%, 0.19% (A), 12/16/2020		655,000		655,000
SOFR + 0.16%, 0.25% (A), 05/07/2021		11,590,000		11,590,000

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

Transamerica Funds Annual Report 2020

Page    92

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Bank Discount Notes
0.09% (C), 12/18/2020		$ 1,285,000		$ 1,284,852
0.10% (C), 01/15/2021		2,770,000		2,769,423
0.11% (C), 11/12/2020 - 01/15/2021		23,630,000		23,626,309
0.20% (C), 04/29/2021 - 06/11/2021		13,930,000		13,914,710
0.71% (C), 12/04/2020		7,740,000		7,735,033
Federal Home Loan Banks
3-Month LIBOR - 0.17%, 0.06% (A), 01/08/2021		4,680,000		4,680,000
0.11% (C), 06/29/2021		6,615,000		6,614,727
0.12% (C), 06/04/2021		8,820,000		8,819,406
SOFR + 0.04%, 0.13% (A), 02/25/2021		515,000		515,000
SOFR + 0.08%, 0.17% (A), 03/04/2021		3,700,000		3,700,000
0.17% (C), 05/13/2021		11,125,000		11,124,859
SOFR + 0.11%, 0.20% (A), 03/25/2021		5,975,000		5,975,000
0.20% (C), 06/17/2021		3,365,000		3,364,836
SOFR + 0.12%, 0.21% (A), 12/11/2020		3,660,000		3,660,000
SOFR + 0.16%, 0.25% (A), 05/07/2021		7,000,000		7,000,000
Federal Home Loan Mortgage Corp. SOFR + 0.03%, 0.12% (A), 02/26/2021		4,715,000		4,715,000
Federal National Mortgage Association SOFR + 0.07%, 0.16% (A), 12/11/2020		4,575,000		4,575,000
Total Short-Term U.S. Government Agency Obligations (Cost $210,101,148)				210,101,148
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 27.1%
U.S. Cash Management Bill
0.08% (C), 11/24/2020		1,920,000		1,919,899
0.09% (C), 11/24/2020 - 01/12/2021		61,499,700		61,493,326
0.10% (C), 02/09/2021		14,301,200		14,297,227
0.11% (C), 02/02/2021 - 02/23/2021		62,250,000		62,230,707
0.12% (C), 02/09/2021		24,115,000		24,107,129
0.16% (C), 12/01/2020		1,815,000		1,814,754
0.17% (C), 12/01/2020		2,450,000		2,449,663
0.18% (C), 11/10/2020 - 11/24/2020		9,960,000		9,959,407
0.19% (C), 11/24/2020		1,675,000		1,674,802
U.S. Treasury Bill
0.09% (C), 12/08/2020		6,000,000		5,999,445
0.10% (C), 11/27/2020 - 01/28/2021		127,145,000		127,128,886
0.11% (C), 11/12/2020 - 12/24/2020		32,125,000		32,122,464
0.12% (C), 01/07/2021		3,000,000		2,999,330
0.14% (C), 08/12/2021		5,645,000		5,638,765
0.16% (C), 05/20/2021		9,475,000		9,466,578
0.17% (C), 01/28/2021 - 03/25/2021		25,000,000		24,986,597
0.18% (C), 02/25/2021 - 03/25/2021		20,860,000		20,846,025
Total Short-Term U.S. Government Obligations (Cost $409,135,004)				409,135,004

	Principal		Value
REPURCHASE AGREEMENTS - 37.2%
Barclays Capital, Inc., 0.07% (C), dated 10/30/2020, to be repurchased at $45,000,263 on 11/02/2020. Collateralized by a U.S. Government Obligation, 1.75%, due 06/30/2024, and with a value of $45,900,087.		$ 45,000,000		$ 45,000,000
BNP Paribas SA, 0.07% (C), dated 10/30/2020, to be repurchased at $50,000,292 on 11/02/2020. Collateralized by U.S. Government Obligations, 0.00% - 3.88%, due 03/25/2021 - 11/15/2049, and with a total value of $51,000,000.		50,000,000		50,000,000
BNP Paribas SA, 0.09% (C), dated 10/30/2020, to be repurchased at $40,000,300 on 11/02/2020. Collateralized by U.S. Government Obligations, 0.00% - 2.50%, due 11/10/2020 - 08/15/2042, and with a total value of $40,800,035.		40,000,000		40,000,000
BNP Paribas SA, 0.10% (C), dated 09/22/2020, to be repurchased at $30,009,500 on 01/14/2021. Collateralized by U.S. Government Obligations, 0.00% - 6.25%, due 02/15/2021 - 08/15/2048, and with a total value of $30,600,034.		30,000,000		30,000,000
Citigroup Global Markets, Inc., 0.07% (C), dated 10/30/2020, to be repurchased at $80,000,467 on 11/02/2020. Collateralized by U.S. Government Obligations, 0.38% - 6.63%, due 12/31/2026 - 02/15/2027, and with a total value of $81,600,084.		80,000,000		80,000,000
Fixed Income Clearing Corp., 0.00% (C), dated 10/30/2020, to be repurchased at $392,174 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.50%, due 03/15/2023, and with a value of $400,077.		392,174		392,174
Goldman Sachs & Co., 0.07% (C), dated 10/30/2020, to be repurchased at $45,000,263 on 11/02/2020. Collateralized by U.S. Government Obligations, 1.38% - 3.00%, due 01/31/2021 - 02/15/2049, and with a total value of $45,900,024.		45,000,000		45,000,000
Goldman Sachs & Co., 0.09% (C), dated 10/30/2020, to be repurchased at $30,000,225 on 11/02/2020. Collateralized by U.S. Government Obligations, 0.00% - 3.00%, due 08/15/2040 - 02/15/2047, and with a total value of $30,600,000.		30,000,000		30,000,000

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

Transamerica Funds Annual Report 2020

Page    93

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
REPURCHASE AGREEMENTS (continued)
JPMorgan Chase & Co., 0.07% (C), dated 10/30/2020, to be repurchased at $45,000,263 on 11/02/2020. Collateralized by U.S. Government Obligations, 1.38% - 2.63%, due 05/31/2021 - 07/15/2021, and with a total value of $45,900,014.		$ 45,000,000		$ 45,000,000
JPMorgan Chase & Co., 0.09% (C), dated 10/30/2020, to be repurchased at $30,000,225 on 11/02/2020. Collateralized by U.S. Government Agency Obligations, 2.50% - 7.50%, due 07/20/2028 - 09/15/2060, and with a total value of $30,600,000.		30,000,000		30,000,000
Merrill Lynch & Co., Inc., 0.07% (C), dated 10/30/2020, to be repurchased at $38,000,222 on 11/02/2020. Collateralized by a U.S. Government Obligation, 1.63%, due 11/30/2026, and with a value of $38,760,066.		38,000,000		38,000,000
Merrill Lynch & Co., Inc., 0.09% (C), dated 10/30/2020, to be repurchased at $50,000,375 on 11/02/2020. Collateralized by a U.S. Government Agency Obligation, 1.50%, due 10/01/2035, and with a value of $51,500,000.		50,000,000		50,000,000

	Principal		Value
REPURCHASE AGREEMENTS (continued)
Toronto-Dominion Bank, 0.07% (C), dated 10/30/2020, to be repurchased at $45,000,263 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.38%, due 02/29/2024, and with a value of $45,900,052.		$ 45,000,000		$ 45,000,000
Toronto-Dominion Bank, 0.09% (C), dated 10/30/2020, to be repurchased at $25,000,188 on 11/02/2020. Collateralized by a U.S. Government Obligation, 1.50%, due 08/31/2021, and with a value of $25,500,097.		25,000,000		25,000,000
Wells Fargo Securities LLC, 0.07% (C), dated 10/30/2020, to be repurchased at $10,000,058 on 11/02/2020. Collateralized by a U.S. Government Obligation, 3.13%, due 11/15/2028, and with a value of $10,200,092.		10,000,000		10,000,000
Total Repurchase Agreements (Cost $563,392,174)				563,392,174
Total Investments (Cost $1,502,220,107)				1,502,220,107
Net Other Assets (Liabilities) - 0.7%				11,113,552
Net Assets - 100.0%				$1,513,333,659

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
U.S. Government Agency Obligations	$	—	$	213,332,213	$	—	$	213,332,213
U.S. Government Obligations		—		106,259,568		—		106,259,568
Short-Term U.S. Government Agency Obligations		—		210,101,148		—		210,101,148
Short-Term U.S. Government Obligations		—		409,135,004		—		409,135,004
Repurchase Agreements		—		563,392,174		—		563,392,174
Total Investments	$	—	$	1,502,220,107	$	—	$	1,502,220,107

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2020. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(C)	Rates disclosed reflect the yields at October 31, 2020.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    94

Transamerica Government Money Market

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2020

Page    95

Transamerica High Quality Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal period ended October 31, 2020 was dominated by the global impacts of the novel coronavirus COVID-19. As cases spread throughout the world, economies began to shut down and financial markets reflected the complete standstill in economic activity. By the end of March 2020, all risk assets (equities, fixed income, commodities and alternatives) had sold off considerably and market liquidity had frozen. Investment grade fixed income was not immune, as high-grade corporates, Asset-Backed Securities (“ABS”), and Mortgage-Backed Securities (“MBS”) experienced value destruction and limited liquidity for a period. Only U.S. Treasury securities and Agency MBS remained liquid and retained their value in a worldwide flight to quality. In a matter of weeks, spreads for non-government sectors went from decade-long tights to the widest levels since the 2008 financial crisis. Prompt and far-reaching support instigated by the U.S. Federal Reserve (the “Fed”) and other foreign central banks, as well as stimulus packages from governments, quickly reversed the market sell-off. Those support mechanisms included the reduction of the lower bound of the federal funds target rate to zero, the reintroduction of quantitative easing via the purchases of U.S. Treasurys and Agency MBS, and Fed purchases of risk assets such as ABS, Commercial Mortgage Backed Securities (“CMBS”) and corporate notes. Over the course of the subsequent two calendar quarters, spreads across ABS, CMBS and corporates recovered nearly all of the underperformance experienced during the first quarter of 2020. At the end of the fiscal period, there remained certain subsectors that had not fully recovered, as COVID-19 cases continued to rise, calling into question a return to normal business activity. Recoveries have lagged for sectors reliant on rent from retail, hospitality and offices in addition to most travel-related sectors. However, the Fed has remained steadfast in its support for financial markets, and follow-on government stimulus plans were under discussion at the end of the period.

PERFORMANCE

For the year ended October 31, 2020, Transamerica High Quality Bond (Class R4) returned 2.72%. By comparison, its benchmark, the ICE BofAML U.S. Corporate & Government 1-3 Years Index, returned 3.38%.

STRATEGY REVIEW

The Fund uses relative value analysis to select high quality fixed income assets, and to tactically adjust portfolio weightings to outperform the benchmark. As of October 31, 2020, the Fund’s yield to maturity was 1.37% versus 0.36% for the benchmark, and the portfolio duration was 1.78 years versus 1.88 years for the benchmark. Throughout the fiscal period, the Fund maintained a neutral average duration stance relative to the benchmark. During the fiscal year ended October 31, 2020, the Fund’s allocation to CMBS and Treasurys was modestly decreased, and the Fund’s allocation to ABS, corporates and Residential Mortgage Backed Securities (“RMBS”) was increased. Given that certain sectors are more susceptible to the pandemic, as mentioned above, a shift from private-label CMBS to government-guaranteed RMBS seemed appropriate. The Fund’s overweight to the securitized sectors relative to the index detracted from performance. This was mostly offset by strong security selection decisions within CMBS and ABS. The Fund’s holdings of subordinated Auto ABS tranches and non-Agency CMBS tranches outperformed the broader sectors, while holdings of secured airline paper underperformed. Treasury rates fell and the yield curve steepened over the fiscal year. Though overall Fund duration was close to the benchmark, the Fund was overweight the three- to five-year bucket, which experienced an outsized benefit from the decline in rates.

Peter S. Kaplan, CFA

Adam Ware, CFA

Jennifer K. Wynn, CFA

Co-Portfolio Managers

Merganser Capital Management LLC

Transamerica Funds Annual Report 2020

Page    96

Transamerica High Quality Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Asset-Backed Securities		43.1	%
Corporate Debt Securities		37.1
U.S. Government Agency Obligations		6.8
Mortgage-Backed Securities		6.7
U.S. Government Obligations		4.7
Net Other Assets (Liabilities)		1.6
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		2.58
Duration †		1.78
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		11.5	%
AAA		14.5
AA		13.6
A		21.0
BBB		35.2
BB		2.6
Net Other Assets (Liabilities)		1.6
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.

Transamerica Funds Annual Report 2020

Page    97

Transamerica High Quality Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		2.91	%		N/A			2.64	%		04/21/2017
Class R (NAV)		2.41	%		N/A			2.14	%		04/21/2017
Class R4 (NAV)		2.72	%		2.04	%		1.56	%		09/11/2000
ICE BofAML U.S. Corporate & Government 1-3 Years Index (A)		3.38	%		2.12	%		1.58	%

^(A) The ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year.

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

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

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

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

Any U.S. government guarantees of the securities held in this investment Fund pertain only to those securities and not the Fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. The value of bonds and bond funds generally falls when interest rates rise, causing an investor to lose money upon sale or redemption.

Transamerica Funds Annual Report 2020

Page    98

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES - 43.1%
American Express Credit Account Master Trust Series 2017-7, Class B, 2.54%, 05/15/2025		$1,000,000		$1,030,855
AmeriCredit Automobile Receivables Trust
Series 2018-1, Class D,
3.82%, 03/18/2024		3,000,000		3,157,775
Series 2018-2, Class D,
4.01%, 07/18/2024		3,000,000		3,180,610
Avis Budget Rental Car Funding AESOP LLC Series 2016-2A, Class A, 2.72%, 11/20/2022 (A)		500,000		506,451
Capital Auto Receivables Asset Trust Series 2018-2, Class C, 3.69%, 12/20/2023 (A)		1,750,000		1,784,563
CarMax Auto Owner Trust
Series 2018-1, Class C,
2.95%, 11/15/2023		2,485,000		2,563,205
Series 2019-1, Class B,
3.45%, 11/15/2024		920,000		972,005
CCG Receivables Trust Series 2018-1, Class B, 3.09%, 06/16/2025 (A)		2,600,000		2,632,932
CNH Equipment Trust
Series 2017-C, Class B,
2.54%, 05/15/2025		1,140,000		1,158,270
Series 2018-A, Class B,
3.47%, 10/15/2025		1,700,000		1,760,758
Series 2019-C, Class B,
2.35%, 04/15/2027		1,730,000		1,783,454
Dell Equipment Finance Trust
Series 2018-2, Class C,
3.72%, 10/22/2023 (A)		1,220,000		1,249,529
Series 2019-1, Class C,
3.14%, 03/22/2024 (A)		1,045,000		1,070,984
Evergreen Credit Card Trust
Series 2019-1, Class B,
3.59%, 01/15/2023 (A)		1,000,000		1,008,611
Series 2019-2, Class B,
2.27%, 09/15/2024 (A)		625,000		640,834
FirstKey Homes Trust Series 2020-SFR2, Class D, 1.97%, 10/19/2037 (A)		2,000,000		1,993,061
Ford Credit Auto Owner Trust
Series 2017-1, Class C,
3.01%, 08/15/2028 (A)		2,000,000		2,043,463
Series 2019-C, Class B,
2.13%, 05/15/2025		2,130,000		2,199,079
GM Financial Automobile Leasing Trust Series 2019-2, Class B, 2.89%, 03/20/2023		1,000,000		1,019,445
GM Financial Consumer Automobile Receivables Trust
Series 2018-2, Class C,
3.31%, 12/18/2023		2,100,000		2,169,127
Series 2018-3, Class C,
3.45%, 02/16/2024		1,000,000		1,036,413
Series 2019-1, Class C,
3.52%, 09/16/2024		2,790,000		2,920,389

	Principal		Value
ASSET-BACKED SECURITIES (continued)
GMF Floorplan Owner Revolving Trust Series 2020-1, Class B, 1.03%, 08/15/2025 (A)		$ 715,000		$ 714,276
Hilton Grand Vacations Trust Series 2018-AA, Class A, 3.54%, 02/25/2032 (A)		610,495		638,639
Hyundai Auto Receivables Trust
Series 2017-B, Class B,
2.23%, 02/15/2023		1,840,000		1,861,830
Series 2017-B, Class C,
2.44%, 05/15/2024		1,000,000		1,015,077
Invitation Homes Trust
Series 2018-SFR2, Class D,
1-Month LIBOR + 1.45%, 1.60% (B), 06/17/2037 (A)		2,225,000		2,224,999
Series 2018-SFR4, Class D,
1-Month LIBOR + 1.65%, 1.80% (B), 01/17/2038 (A)		2,400,000		2,402,976
Master Credit Card Trust II Series 2018-1A, Class C, 3.74%, 07/21/2024 (A)		675,000		706,092
MVW LLC Series 2019-2A, Class A, 2.22%, 10/20/2038 (A)		1,253,322		1,285,863
MVW Owner Trust
Series 2015-1A, Class A,
2.52%, 12/20/2032 (A)		365,855		367,314
Series 2016-1A, Class A,
2.25%, 12/20/2033 (A)		214,380		214,848
Series 2017-1A, Class A,
2.42%, 12/20/2034 (A)		468,856		477,653
Progress Residential Trust
Series 2018-SFR2, Class D,
4.34%, 08/17/2035 (A)		2,000,000		2,042,308
Series 2019-SFR3, Class D,
2.87%, 09/17/2036 (A)		1,000,000		1,016,706
Series 2020-SFR3, Class D,
1.90%, 10/17/2027 (A)		1,355,000		1,348,193
Santander Drive Auto Receivables Trust Series 2017-3, Class D, 3.20%, 11/15/2023		2,000,000		2,041,664
Sierra Timeshare Conduit Receivables Funding LLC Series 2017-1A, Class A, 2.91%, 03/20/2034 (A)		197,391		200,633
Sierra Timeshare Receivables Funding LLC Series 2018-2A, Class A, 3.50%, 06/20/2035 (A)		410,673		426,455
Synchrony Credit Card Master Note Trust Series 2017-2, Class C, 3.01%, 10/15/2025		640,000		650,828
Toyota Auto Receivables Owner Trust Series 2020-C, Class A3, 0.44%, 10/15/2024		985,000		987,157
Verizon Owner Trust
Series 2018-A, Class B,
3.38%, 04/20/2023		1,500,000		1,552,306
Series 2019-A, Class C,
3.22%, 09/20/2023		725,000		751,544

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

Transamerica Funds Annual Report 2020

Page    99

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Verizon Owner Trust (continued)
Series 2019-B, Class C,
2.60%, 12/20/2023		$ 1,535,000		$ 1,583,738
Series 2020-A, Class C,
2.06%, 07/22/2024		450,000		463,783
Series 2020-B, Class C,
0.83%, 02/20/2025		1,000,000		1,000,030
Volvo Financial Equipment LLC
Series 2018-1A, Class C,
3.06%, 12/15/2025 (A)		2,500,000		2,532,846
Series 2019-1A, Class B,
3.26%, 01/16/2024 (A)		660,000		689,915
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (A)		783,986		788,486
World Omni Auto Receivables Trust
Series 2018-A, Class B,
2.89%, 04/15/2025		1,500,000		1,539,677
Series 2019-B, Class B,
2.86%, 06/16/2025		625,000		650,668
World Omni Automobile Lease Securitization Trust Series 2018-B, Class B, 3.43%, 03/15/2024		1,700,000		1,725,316
World Omni Select Auto Trust Series 2018-1A, Class C, 3.86%, 01/15/2025 (A)		1,500,000		1,539,809
Total Asset-Backed Securities (Cost $71,401,843)				73,323,442
CORPORATE DEBT SECURITIES - 37.1%
Airlines - 1.3%
America West Airlines Pass-Through Trust 7.10%, 10/02/2022		383,762		375,969
United Airlines Pass-Through Trust 4.63%, 03/03/2024		1,862,829		1,773,152
				2,149,121
Banks - 11.7%
Banco del Estado de Chile 2.67%, 01/08/2021 (A)		1,150,000		1,149,997
Bank of America Corp. Fixed until 01/20/2022, 3.12% (B), 01/20/2023, MTN		2,450,000		2,523,988
Barclays PLC 3-Month LIBOR + 1.38%, 1.66% (B), 05/16/2024		2,000,000		2,011,575
BBVA USA 2.50%, 08/27/2024		2,170,000		2,260,641
Citigroup, Inc. 4.05%, 07/30/2022		3,425,000		3,629,310
Credit Suisse AG 1.00%, 05/05/2023		1,095,000		1,108,527
JPMorgan Chase & Co. 2.70%, 05/18/2023		725,000		763,943
Manufacturers & Traders Trust Co. 1-Month LIBOR + 1.22%, 1.37% (B), 12/28/2020		1,760,000		1,760,545

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Standard Chartered PLC Fixed until 09/10/2021, 2.74% (B), 09/10/2022 (A)		$ 1,150,000		$ 1,167,394
Sumitomo Mitsui Trust Bank, Ltd. 0.80%, 09/12/2023 (A)		1,075,000		1,079,010
Wells Fargo & Co. 3.07%, 01/24/2023		2,415,000		2,487,998
				19,942,928
Biotechnology - 0.6%
AbbVie, Inc. 2.30%, 11/21/2022 (A)		930,000		963,624
Capital Markets - 4.4%
Goldman Sachs Group, Inc. 3-Month LIBOR + 0.78%, 0.99% (B), 10/31/2022		3,500,000		3,513,947
Intercontinental Exchange, Inc. 3-Month LIBOR + 0.65%, 0.90% (B), 06/15/2023		715,000		717,595
Morgan Stanley 4.88%, 11/01/2022		3,000,000		3,244,385
				7,475,927
Consumer Finance - 1.4%
Capital One Financial Corp. 3.50%, 06/15/2023		965,000		1,032,143
Ford Motor Credit Co. LLC 3.34%, 03/28/2022		1,351,000		1,347,623
				2,379,766
Diversified Telecommunication Services - 1.1%
AT&T, Inc. 3-Month LIBOR + 1.18%, 1.43% (B), 06/12/2024		1,770,000		1,810,318
Electric Utilities - 2.1%
Edison International 2.95%, 03/15/2023		1,440,000		1,485,250
Exelon Generation Co. LLC 4.25%, 06/15/2022		1,000,000		1,052,271
Georgia Power Co. 2.40%, 04/01/2021		1,095,000		1,102,436
				3,639,957
Equity Real Estate Investment Trusts - 3.7%
Federal Realty Investment Trust 3.95%, 01/15/2024		1,660,000		1,798,011
SL Green Operating Partnership, LP 3-Month LIBOR + 0.98%, 1.26% (B), 08/16/2021		2,650,000		2,629,463
Welltower, Inc. 3.63%, 03/15/2024		1,650,000		1,789,103
				6,216,577
Health Care Providers & Services - 0.3%
Cigna Corp. 3.75%, 07/15/2023		459,000		496,567
Household Durables - 1.4%
Panasonic Corp. 2.54%, 07/19/2022 (A)		2,400,000		2,467,482

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

Transamerica Funds Annual Report 2020

Page    100

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery - 0.4%
Caterpillar Financial Services Corp. 0.65%, 07/07/2023		$ 680,000		$ 684,121
Media - 1.5%
Interpublic Group of Cos., Inc. 4.00%, 03/15/2022		2,411,000		2,512,834
Multi-Utilities - 0.8%
DTE Energy Co. 1.05%, 06/01/2025		1,425,000		1,429,972
Oil, Gas & Consumable Fuels - 1.8%
Energy Transfer Operating, LP 4.50%, 04/15/2024		1,565,000		1,660,716
Occidental Petroleum Corp. 2.70%, 08/15/2022		1,000,000		924,750
Phillips 66 3.70%, 04/06/2023		440,000		470,828
				3,056,294
Pharmaceuticals - 0.9%
AstraZeneca PLC 3-Month LIBOR + 0.67%, 0.95% (B), 08/17/2023		1,562,000		1,571,515
Road & Rail - 1.4%
Union Pacific Corp. 3.75%, 03/15/2024		2,250,000		2,460,933
Software - 0.7%
Oracle Corp. 2.50%, 04/01/2025		1,155,000		1,235,518
Technology Hardware, Storage & Peripherals - 0.8%
Hewlett Packard Enterprise Co. 3-Month LIBOR + 0.72%, 0.95% (B), 10/05/2021		1,285,000		1,285,168
Wireless Telecommunication Services - 0.8%
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.74%, 09/20/2029 (A)		1,235,000		1,343,334
Total Corporate Debt Securities (Cost $62,262,080)				63,121,956
MORTGAGE-BACKED SECURITIES - 6.7%
CGDB Commercial Mortgage Trust Series 2019-MOB, Class D, 1-Month LIBOR + 1.65%, 1.80% (B), 11/15/2036 (A)		2,210,000		2,138,214
CHC Commercial Mortgage Trust Series 2019-CHC, Class D, 1-Month LIBOR + 2.05%, 2.20% (B), 06/15/2034 (A)		2,688,399		2,430,486
Cold Storage Trust Series 2020-ICE5, Class D, 1-Month LIBOR + 2.10%, 2.14% (B), 11/15/2023 (A)		1,500,000		1,488,725
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class D, 1-Month LIBOR + 1.60%, 1.75% (B), 05/15/2036 (A)		1,810,000		1,796,536

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
UBS Commercial Mortgage Trust, Interest Only STRIPS Series 2019-C17, Class XA, 1.49% (B), 10/15/2052		$ 19,846,786		$ 2,037,509
Wells Fargo Commercial Mortgage Trust, Interest Only STRIPS Series 2019-C54, Class XA, 0.84% (B), 12/15/2052		23,947,527		1,486,030
Total Mortgage-Backed Securities (Cost $12,022,386)				11,377,500
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.8%
Federal Home Loan Mortgage Corp.
2.00%, 08/01/2035		1,664,967		1,756,717
2.50%, 07/01/2035		1,902,588		2,020,243
1-Year CMT + 2.04%, 3.12% (B), 06/01/2033		461,974		483,158
4.50%, 09/01/2026		265,215		279,607
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Interest Only STRIPS
0.89% (B), 09/25/2029		28,951,577		1,960,827
1.52% (B), 01/25/2030		16,193,940		1,937,828
Federal National Mortgage Association, Interest Only STRIPS
Zero Coupon (B), 10/25/2021		14,966,674		7,681
0.05% (B), 11/25/2022		42,548,482		44,735
0.19% (B), 01/25/2022		13,482,714		41,300
Government National Mortgage Association
4.14% (B), 12/20/2061		12,484		13,665
4.28% (B), 02/20/2063		37,627		39,765
4.58% (B), 09/20/2063		8,065		8,651
4.64% (B), 06/20/2063		18,177		19,064
4.72% (B), 05/20/2062		64,503		66,916
5.26% (B), 11/20/2060		11,499		12,061
5.75%, 12/15/2022		60,629		64,538
Seasoned Loans Structured Transaction Series 2018-1, Class A1, 3.50%, 06/25/2028		831,503		876,780
Seasoned Loans Structured Transaction Trust Series 2020-2, Class A1D, 1.75%, 09/25/2030		1,877,709		1,923,094
Total U.S. Government Agency Obligations (Cost $11,679,474)				11,556,630
U.S. GOVERNMENT OBLIGATIONS - 4.7%
U.S. Treasury - 4.7%
U.S. Treasury Note 0.13%, 09/30/2022 - 09/15/2023		8,080,000		8,066,583
Total U.S. Government Obligations (Cost $8,067,994)				8,066,583
Total Investments (Cost $165,433,777)				167,446,111
Net Other Assets (Liabilities) - 1.6%				2,732,452
Net Assets - 100.0%				$170,178,563

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

Transamerica Funds Annual Report 2020

Page    101

Transamerica High Quality Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENT VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	73,323,442	$	—	$	73,323,442
Corporate Debt Securities		—		63,121,956		—		63,121,956
Mortgage-Backed Securities		—		11,377,500		—		11,377,500
U.S. Government Agency Obligations		—		11,556,630		—		11,556,630
U.S. Government Obligations		—		8,066,583		—		8,066,583
Total Investments	$	—	$	167,446,111	$	—	$	167,446,111

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 October 31, 2020, the total value of 144A securities is $48,573,241, representing 28.5% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities

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

Transamerica Funds Annual Report 2020

Page    102

Transamerica High Yield Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2020 began with U.S. markets near all-time highs, though global trade tensions persisted, and manufacturing Purchasing Managers’ Indexes (“PMIs”) softened. It was risk on for markets as equities led the way in total and risk-adjusted returns in late 2019, followed by high yield, then by investment grade. Treasuries retreated toward the end of 2019.

Worries around trade ceded to concerns over the COVID-19 outbreak early in 2020. Confidence dropped rapidly as the country grappled with a worsening outbreak that eventually led to widespread stay at home orders and the closure of nonessential businesses. Gross domestic product (“GDP”) and private investment contracted, and risk assets declined meaningfully. PMIs declined materially, and GDP eventually faced a historic decline. Equities led the way down with peak-to-trough losses of approximately one third, and high yield bonds posted double digit declines. U.S. Treasuries rallied aggressively as investors fled risk assets.

Markets rebounded in the second quarter, after aggressive monetary stimulus from the U.S. Federal Reserve (“Fed”) and fiscal stimulus from the Federal Government gave markets the confidence that the worst may be over. The damage to the U.S. economy was historic with second quarter GDP declining by over 31%. Economic activity and the employment market improved materially by the end of the fiscal year, albeit both were still lower than had been were at the end of 2019.

Nonfarm payroll gains were a bright spot in October 2020, coming in higher than expected. Both the labor force and employment grew over the month, which led to meaningfully higher headline employment and labor force participation rates. Consumer confidence slightly retreated as an upbeat reading on present conditions was overshadowed by more muted expectations. Headline personal income which was propped up by government unemployment benefits that largely expired in July, advanced nonetheless in September, and spending growth accelerated.

PERFORMANCE

For the year ended October 31, 2020, Transamerica High Yield Bond (Class A) returned -0.33%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index, returned 3.42%.

STRATEGY REVIEW

Security selection was the primary driver of Fund performance this year. Selection was strong within CCCs and below, however it detracted from returns across BBs and B-rated bonds. An underweight to BBs also detracted from performance while an overweight to CCCs and below contributed. The modest off-benchmark exposure to investment grade credit was also advantageous during the period. By sector, the top contributors included consumer cyclical, communications and technology. The largest detractors from active returns were energy, transportation and finance companies.

With respect to positioning and themes, the portfolio managers continued to prefer U.S. issuers relative to the rest of the world during the fiscal year. The Fund was generally overweight a number of subsectors within the basic industry and capital goods sectors as well as financials. Other overweight allocations included metals & mining, building & construction, paper & packaging, cable & satellite, leisure & lodging, and banking.

As downgrade activity increased through the year, we focused on finding opportunities in the cross-over space as well as recent fallen angels. Underweight allocations were in various consumer non-cyclical subsectors such as food/beverage, as well as in energy, technology, and aerospace defense, given various idiosyncratic fundamental concerns and relatively unattractive valuations.

The Fund maintained a relatively neutral position with respect to ratings. The slight underweight to Bs was accompanied by a generally neutral to modest overweight to CCCs and below, mainly due to ratings migrations throughout the year. The underweight to BB-rated credit continued through the end of the period and was partially offset by the allocation to investment grade credit.

Kevin Bakker, CFA

Benjamin D. Miller, CFA

James K. Schaeffer, Jr.

Derek Thoms

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2020

Page    103

Transamerica High Yield Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		92.5	%
Repurchase Agreement		2.9
Other Investment Company		2.3
Preferred Stock		1.3
Exchange-Traded Fund		1.0
Loan Assignments		0.7
Common Stocks		0.5
Net Other Assets (Liabilities)		(1.2	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		5.18
Duration †		3.65
Credit Quality ‡	Percentage of Net Assets
AAA		2.9	%
BBB		5.3
BB		48.5
B		32.4
CCC and Below		6.4
Not Rated		5.7
Net Other Assets (Liabilities)		(1.2	)
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.

Transamerica Funds Annual Report 2020

Page    104

Transamerica High Yield Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(5.07	)%		3.47	%		4.80	%		06/14/1985
Class A (NAV)		(0.33	)%		4.49	%		5.31	%		06/14/1985
Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index (A)		3.42	%		6.31	%		6.25	%
Class C (POP)		(1.77	)%		3.81	%		4.59	%		11/11/2002
Class C (NAV)		(0.82	)%		3.81	%		4.59	%		11/11/2002
Class I (NAV)		0.46	%		4.87	%		5.66	%		11/30/2009
Class I2 (NAV)		0.17	%		4.95	%		5.75	%		11/08/2004
Class I3 (NAV)		0.28	%		N/A			3.86	%		03/24/2017
Class R (NAV)		(0.23	)%		N/A			3.35	%		03/24/2017
Class R4 (NAV)		0.03	%		N/A			3.61	%		03/24/2017
Class R6 (NAV)		0.28	%		4.95	%		3.96	%		05/29/2015

^(A) The Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.

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

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

Interest rates may go up, causing the value of the Fund’s investments to decline. Changes, in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Investing in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increase.

Transamerica Funds Annual Report 2020

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Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES - 92.5%
Aerospace & Defense - 0.9%
Bombardier, Inc.
6.13%, 01/15/2023 (A)		$  6,720,000		$  5,797,680
7.88%, 04/15/2027 (A)		9,556,000		6,961,259
Rolls-Royce PLC 5.75%, 10/15/2027 (A) (B)		2,436,000		2,466,450
Triumph Group, Inc.
5.25%, 06/01/2022 (B)		5,182,000		4,417,655
7.75%, 08/15/2025 (B)		2,962,000		1,910,490
8.88%, 06/01/2024 (A)		1,722,000		1,827,989
				23,381,523
Airlines - 0.9%
American Airlines Group, Inc.
3.75%, 03/01/2025 (A)		19,792,000		9,875,812
5.00%, 06/01/2022 (A)		154,000		99,823
American Airlines Pass-Through Trust 5.63%, 07/15/2022 (A)		1,090,330		1,029,510
Continental Airlines Pass-Through Trust 6.90%, 10/19/2023		673,513		627,515
Delta Air Lines, Inc. / SkyMiles IP, Ltd.
4.50%, 10/20/2025 (A)		2,385,000		2,420,646
4.75%, 10/20/2028 (A)		1,989,000		2,033,179
United Airlines Holdings, Inc. 4.88%, 01/15/2025 (B)		8,658,000		7,270,123
United Airlines Pass-Through Trust 4.63%, 03/03/2024		984,944		937,529
				24,294,137
Auto Components - 1.3%
Clarios Global, LP / Clarios US Finance Co. 6.25%, 05/15/2026 (A) (B)		3,703,000		3,879,041
Dana, Inc.
5.38%, 11/15/2027		5,058,000		5,222,385
5.50%, 12/15/2024 (B)		700,000		710,500
5.63%, 06/15/2028 (B)		3,900,000		4,093,830
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027 (B)		3,986,000		3,879,195
5.00%, 05/31/2026		1,404,000		1,383,656
9.50%, 05/31/2025		6,882,000		7,571,576
Patrick Industries, Inc. 7.50%, 10/15/2027 (A)		6,447,000		6,984,873
				33,725,056
Automobiles - 0.1%
Ford Motor Co.
8.50%, 04/21/2023		275,000		303,531
9.00%, 04/22/2025		980,000		1,154,827
9.63%, 04/22/2030		1,012,000		1,358,610
				2,816,968
Banks - 2.8%
Barclays PLC
Fixed until 06/20/2029, 5.09% (C), 06/20/2030		1,675,000		1,907,893
Fixed until 09/15/2023 (D), 7.75% (C)		8,507,000		8,771,312
Fixed until 06/15/2024 (D), 8.00% (C)		3,262,000		3,498,495

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BNP Paribas SA
Fixed until 03/14/2022 (D), 6.75% (A) (C)		$   5,700,000		$   5,835,375
Fixed until 03/30/2021 (D), 7.63% (A) (C)		1,899,000		1,922,738
CIT Bank NA Fixed until 09/27/2024, 2.97% (C), 09/27/2025		3,277,000		3,383,502
CIT Group, Inc.
4.75%, 02/16/2024		2,166,000		2,328,450
5.00%, 08/15/2022		3,080,000		3,253,250
Citigroup, Inc. Fixed until 09/12/2024 (D), 5.00% (C)		9,441,000		9,481,614
Intesa Sanpaolo SpA 5.71%, 01/15/2026 (A)		6,247,000		6,806,381
JPMorgan Chase & Co.
3-Month LIBOR + 3.47%, 3.68% (C), 01/30/2021 (D)		1,907,000		1,797,348
Fixed until 02/01/2025 (D), 4.60% (C)		6,020,000		5,935,720
Lloyds Banking Group PLC
Fixed until 06/27/2024 (D), 7.50% (C)		4,252,000		4,485,860
Fixed until 09/27/2025 (D), 7.50% (C)		1,509,000		1,626,568
Natwest Group PLC Fixed until 08/15/2021 (D), 8.63% (C)		2,860,000		2,951,835
Societe Generale SA Fixed until 09/13/2021 (D), 7.38% (A) (C)		8,708,000		8,944,858
				72,931,199
Beverages - 0.5%
Primo Water Holdings, Inc. 5.50%, 04/01/2025 (A)		11,347,000		11,715,778
Building Products - 1.8%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 09/01/2025 (A)		3,796,000		4,004,780
Builders FirstSource, Inc.
5.00%, 03/01/2030 (A)		694,000		732,170
6.75%, 06/01/2027 (A)		7,016,000		7,524,660
Cornerstone Building Brands, Inc.
6.13%, 01/15/2029 (A)		1,612,000		1,646,739
8.00%, 04/15/2026 (A)		21,973,000		22,851,920
Griffon Corp. 5.75%, 03/01/2028		4,426,000		4,614,105
Standard Industries, Inc. 3.38%, 01/15/2031 (A)		3,664,000		3,566,295
White Cap Buyer LLC 6.88%, 10/15/2028 (A)		1,309,000		1,341,725
				46,282,394
Capital Markets - 1.2%
Credit Suisse Group AG
Fixed until 02/11/2027 (D), 5.25% (A) (C)		5,250,000		5,285,700

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

Transamerica Funds Annual Report 2020

Page    106

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Credit Suisse Group AG (continued)
Fixed until 12/18/2024 (D), 6.25% (A) (C)		$   1,350,000		$   1,437,750
Fixed until 08/21/2026 (D), 6.38% (A) (C)		3,782,000		4,060,923
Fixed until 09/12/2025 (D), 7.25% (A) (C)		5,450,000		5,906,220
Fixed until 07/17/2023 (D), 7.50% (A) (C)		4,221,000		4,474,302
Fixed until 12/11/2023 (D), 7.50% (A) (C)		6,403,000		6,947,255
Deutsche Bank AG Fixed until 10/30/2025 (D), 6.00% (C)		1,400,000		1,246,000
Goldman Sachs Capital II 3-Month LIBOR + 0.77%, 4.00% (C), 11/30/2020 (B) (D)		1,048,000		984,082
				30,342,232
Chemicals - 1.9%
Avient Corp. 5.75%, 05/15/2025 (A)		1,759,000		1,851,348
Blue Cube Spinco LLC 10.00%, 10/15/2025		1,012,000		1,068,561
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC 7.50%, 05/01/2025 (A)		3,304,000		2,312,800
Hexion, Inc. 7.88%, 07/15/2027 (A) (B)		7,257,000		7,529,137
NOVA Chemicals Corp.
4.88%, 06/01/2024 (A)		8,059,000		7,971,963
5.25%, 06/01/2027 (A)		12,533,000		12,238,474
Olin Corp.
5.13%, 09/15/2027 (B)		3,235,000		3,283,525
5.63%, 08/01/2029		4,736,000		4,895,793
9.50%, 06/01/2025 (A)		6,655,000		7,870,336
				49,021,937
Commercial Services & Supplies - 2.8%
Ashtead Capital, Inc.
4.00%, 05/01/2028 (A)		7,892,000		8,227,410
4.25%, 11/01/2029 (A)		787,000		839,926
5.25%, 08/01/2026 (A)		3,642,000		3,855,967
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.75%, 07/15/2027 (A)		5,792,000		5,436,661
6.38%, 04/01/2024 (A) (B)		5,031,000		4,898,936
Covanta Holding Corp. 5.00%, 09/01/2030		887,000		902,523
FXI Holdings, Inc. 12.25%, 11/15/2026 (A)		6,200,000		6,479,000
Garda World Security Corp.
4.63%, 02/15/2027 (A)		8,095,000		7,892,625
8.75%, 05/15/2025 (A)		9,958,000		9,908,210
9.50%, 11/01/2027 (A) (B)		2,287,000		2,441,372
Herc Holdings, Inc. 5.50%, 07/15/2027 (A)		10,675,000		10,969,897
Nielsen Finance LLC / Nielsen Finance Co.
5.63%, 10/01/2028 (A)		3,283,000		3,385,594

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies (continued)
Nielsen Finance LLC / Nielsen Finance Co. (continued)
5.88%, 10/01/2030 (A)		$   1,640,000		$   1,722,000
Stericycle, Inc. 5.38%, 07/15/2024 (A)		5,849,000		6,081,439
				73,041,560
Communications Equipment - 1.2%
Avaya, Inc. 6.13%, 09/15/2028 (A)		6,844,000		7,023,655
CommScope Technologies LLC
5.00%, 03/15/2027 (A)		779,000		726,920
6.00%, 06/15/2025 (A)		8,843,000		8,766,773
CommScope, Inc.
5.50%, 03/01/2024 (A)		2,975,000		3,041,253
6.00%, 03/01/2026 (A)		3,723,000		3,862,613
8.25%, 03/01/2027 (A) (B)		2,579,000		2,669,252
Nokia OYJ 3.38%, 06/12/2022		4,034,000		4,119,723
				30,210,189
Construction & Engineering - 1.1%
Abengoa Abenewco 2 SA
PIK Rate 1.50%, Cash Rate 0.00%, 04/26/2024 (A) (E)		3,913,359		20
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.63%, 01/15/2028 (A)		6,120,000		6,150,600
6.75%, 08/01/2025 (A)		4,251,000		4,378,530
9.88%, 04/01/2027 (A)		9,020,000		10,012,200
Taylor Morrison Communities, Inc.
5.13%, 08/01/2030 (A)		2,906,000		3,154,986
6.63%, 07/15/2027 (A)		3,890,000		4,191,475
				27,887,811
Construction Materials - 0.4%
Norbord, Inc. 6.25%, 04/15/2023 (A)		9,423,000		10,082,610
Consumer Finance - 3.4%
Ally Financial, Inc.
3.05%, 06/05/2023		3,085,000		3,225,386
3.88%, 05/21/2024		4,841,000		5,206,250
5.75%, 11/20/2025		2,727,000		3,099,200
Altice Financing SA
5.00%, 01/15/2028 (A)		1,771,000		1,717,870
7.50%, 05/15/2026 (A)		8,910,000		9,299,812
Ford Motor Credit Co. LLC
3.20%, 01/15/2021		4,534,000		4,534,000
3.34%, 03/18/2021		3,794,000		3,794,000
3.35%, 11/01/2022		200,000		199,250
3.37%, 11/17/2023		7,877,000		7,808,076
3.81%, 10/12/2021		7,290,000		7,326,450
4.38%, 08/06/2023		3,548,000		3,606,010
4.39%, 01/08/2026, MTN		7,534,000		7,590,505
5.09%, 01/07/2021		4,390,000		4,476,483
5.60%, 01/07/2022		400,000		409,600
5.88%, 08/02/2021		1,488,000		1,519,546
Navient Corp.
5.00%, 03/15/2027		1,020,000		952,517
5.88%, 10/25/2024		11,427,000		11,341,297

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

Transamerica Funds Annual Report 2020

Page    107

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Navient Corp. (continued)
6.50%, 06/15/2022		$   3,708,000		$   3,782,160
6.63%, 07/26/2021		1,020,000		1,040,400
OneMain Finance Corp.
7.13%, 03/15/2026		2,705,000		2,999,466
8.88%, 06/01/2025		3,619,000		3,980,900
				87,909,178
Containers & Packaging - 3.8%
ARD Finance SA PIK Rate 7.25%, Cash Rate 6.50%, 06/30/2027 (A) (E)		8,112,000		8,243,820
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
5.25%, 08/15/2027 (A)		2,382,000		2,445,123
6.00%, 02/15/2025 (A)		1,062,000		1,097,842
Ball Corp. 2.88%, 08/15/2030		3,224,000		3,187,730
Cascades, Inc. / Cascades USA, Inc.
5.13%, 01/15/2026 (A) (B)		2,507,000		2,619,815
5.38%, 01/15/2028 (A) (B)		8,226,000		8,575,605
Crown Americas LLC / Crown Americas Capital Corp. VI 4.75%, 02/01/2026		13,253,000		13,749,987
Flex Acquisition Co., Inc.
6.88%, 01/15/2025 (A)		2,805,000		2,759,419
7.88%, 07/15/2026 (A)		5,488,000		5,545,075
Graphic Packaging International LLC 3.50%, 03/15/2028 - 03/01/2029 (A)		10,833,000		10,835,699
Greif, Inc. 6.50%, 03/01/2027 (A)		8,781,000		9,209,074
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/2024 (A)		6,226,000		6,228,366
7.25%, 04/15/2025 (A) (B)		2,707,000		2,611,443
OI European Group BV 4.00%, 03/15/2023 (A)		3,970,000		3,989,850
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023 (A) (B)		3,860,000		4,061,202
6.38%, 08/15/2025 (A) (B)		820,000		899,950
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
4.00%, 10/15/2027 (A)		3,734,000		3,780,675
5.13%, 07/15/2023 (A) (G)		363,000		367,538
Silgan Holdings, Inc. 4.13%, 02/01/2028		630,000		654,444
Trivium Packaging Finance BV
5.50%, 08/15/2026 (A)		4,224,000		4,424,640
8.50%, 08/15/2027 (A)		1,785,000		1,910,307
				97,197,604
Diversified Financial Services - 2.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.50%, 07/15/2025		1,969,000		2,169,347
Avation Capital SA 6.50%, 05/15/2021 (A)		3,305,000		2,082,150
DAE Funding LLC
4.50%, 08/01/2022 (A)		1,573,000		1,580,865
5.00%, 08/01/2024 (A)		3,964,000		4,005,226

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
DAE Funding LLC (continued)
5.75%, 11/15/2023 (A)		$   1,520,000		$   1,539,000
Dana Financing SARL 5.75%, 04/15/2025 (A)		15,976,000		16,535,160
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 2.98% (C), 12/21/2065 (A)		15,977,000		8,386,167
ILFC E-Capital Trust II 1.80% + Max of 3-Month LIBOR, 15-Year CMT or 30-Year CMT, 3.23% (C), 12/21/2065 (A)		3,974,000		2,264,671
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.25%, 02/01/2027 (A)		5,527,000		4,773,946
5.25%, 03/15/2022 - 10/01/2025 (A)		11,792,000		11,134,710
United Shore Financial Services LLC 5.50%, 11/15/2025 (A) (H)		6,034,000		6,107,615
Virgin Media Secured Finance PLC
4.50%, 08/15/2030 (A)		3,149,000		3,200,171
5.50%, 05/15/2029 (A)		11,769,000		12,574,117
				76,353,145
Diversified Telecommunication Services - 3.8%
Cablevision Lightpath LLC
3.88%, 09/15/2027 (A)		1,301,000		1,291,243
5.63%, 09/15/2028 (A)		666,000		672,660
CenturyLink, Inc.
5.13%, 12/15/2026 (A)		7,590,000		7,760,775
5.80%, 03/15/2022		6,234,000		6,483,360
6.45%, 06/15/2021		1,564,000		1,597,235
6.75%, 12/01/2023		7,836,000		8,521,650
7.50%, 04/01/2024 (B)		4,698,000		5,184,055
Connect Finco SARL / Connect US Finco LLC 6.75%, 10/01/2026 (A)		2,000,000		2,014,400
Frontier Communications Corp.
7.63%, 04/15/2024 (I)		6,057,000		2,422,800
8.50%, 04/01/2026 (A) (I)		6,664,000		6,705,650
8.75%, 04/15/2022 (I)		2,766,000		1,127,145
9.00%, 08/15/2031 (I)		5,484,000		2,131,905
11.00%, 09/15/2025 (I)		2,696,000		1,122,210
Hughes Satellite Systems Corp.
5.25%, 08/01/2026		328,000		351,542
6.63%, 08/01/2026		8,533,000		9,242,306
7.63%, 06/15/2021		8,342,000		8,571,405
Intelsat Jackson Holdings SA 8.50%, 10/15/2024 (A) (I)		5,205,000		3,214,608
Level 3 Financing, Inc.
3.63%, 01/15/2029 (A)		5,877,000		5,685,997
4.25%, 07/01/2028 (A)		5,517,000		5,544,585
5.38%, 01/15/2024		5,940,000		5,982,827
Sprint Capital Corp. 8.75%, 03/15/2032		2,435,000		3,643,369
Switch, Ltd. 3.75%, 09/15/2028 (A)		4,829,000		4,835,036
Zayo Group Holdings, Inc. 4.00%, 03/01/2027 (A)		3,434,000		3,370,454
				97,477,217

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

Transamerica Funds Annual Report 2020

Page    108

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities - 0.7%
Elwood Energy LLC 8.16%, 07/05/2026		$   3,593,958		$   3,791,626
NextEra Energy Operating Partners, LP 4.25%, 07/15/2024 (A)		3,624,000		3,787,080
NRG Energy, Inc. 7.25%, 05/15/2026 (B)		8,296,000		8,768,789
Vistra Operations Co. LLC 5.00%, 07/31/2027 (A)		1,343,000		1,403,435
				17,750,930
Electronic Equipment, Instruments & Components - 0.2%
CDW LLC / CDW Finance Corp. 3.25%, 02/15/2029		1,610,000		1,607,988
Sensata Technologies BV 4.88%, 10/15/2023 (A)		2,457,000		2,604,420
Sensata Technologies, Inc. 3.75%, 02/15/2031 (A)		667,000		660,330
				4,872,738
Energy Equipment & Services - 0.8%
Archrock Partners, LP / Archrock Partners Finance Corp. 6.88%, 04/01/2027 (A)		1,339,000		1,312,220
CSI Compressco, LP / CSI Compressco Finance, Inc.
7.50%, 04/01/2025 (A)		2,977,000		2,612,318
PIK Rate 3.50%, Cash Rate 7.25%, 04/01/2026 (A) (E)		7,526,928		5,419,388
Genesis Energy, LP / Genesis Energy Finance Corp.
6.25%, 05/15/2026		1,928,000		1,542,805
6.50%, 10/01/2025		3,851,000		3,196,330
Noble Holding International, Ltd.
6.05%, 03/01/2041 (I)		2,288,000		15,741
8.95%, 04/01/2045 (I)		2,283,000		15,707
Transocean Sentry, Ltd. 5.38%, 05/15/2023 (A)		3,665,000		2,354,763
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 09/01/2027		4,444,000		4,467,153
				20,936,425
Entertainment - 0.5%
Netflix, Inc.
4.88%, 04/15/2028		3,886,000		4,370,584
4.88%, 06/15/2030 (A)		4,450,000		5,078,562
5.38%, 11/15/2029 (A)		2,835,000		3,320,494
				12,769,640
Equity Real Estate Investment Trusts - 2.8%
CBL & Associates, LP
5.25%, 12/01/2023		7,893,000		2,979,608
5.95%, 12/15/2026		872,000		326,665
Equinix, Inc. 5.38%, 05/15/2027		3,867,000		4,215,665
HAT Holdings I LLC / HAT Holdings II LLC
5.25%, 07/15/2024 (A)		2,690,000		2,770,700
6.00%, 04/15/2025 (A)		3,212,000		3,408,735
Iron Mountain, Inc.
4.50%, 02/15/2031 (A)		1,881,000		1,872,667

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Iron Mountain, Inc. (continued)
5.25%, 03/15/2028 (A)		$   11,530,000		$   11,818,250
iStar, Inc.
4.25%, 08/01/2025		5,841,000		5,359,117
5.50%, 02/15/2026		7,570,000		7,167,049
MGM Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc.
4.63%, 06/15/2025 (A)		1,364,000		1,389,179
5.75%, 02/01/2027		2,539,000		2,739,924
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.88%, 10/01/2028 (A)		3,147,000		3,084,060
7.50%, 06/01/2025 (A)		7,823,000		8,175,035
SBA Communications Corp.
3.88%, 02/15/2027 (A)		5,857,000		5,952,176
4.00%, 10/01/2022		4,165,000		4,201,444
Service Properties Trust
4.35%, 10/01/2024		4,103,000		3,631,155
4.75%, 10/01/2026		2,278,000		1,947,690
7.50%, 09/15/2025		1,481,000		1,552,285
				72,591,404
Food & Staples Retailing - 1.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP
3.25%, 03/15/2026 (A)		1,607,000		1,576,387
3.50%, 03/15/2029 (A)		3,214,000		3,117,901
4.63%, 01/15/2027 (A)		5,022,000		5,178,410
5.75%, 03/15/2025		11,652,000		12,008,842
7.50%, 03/15/2026 (A)		1,383,000		1,532,364
Rite Aid Corp.
7.50%, 07/01/2025 (A)		4,594,000		4,594,000
8.00%, 11/15/2026 (A)		6,255,000		6,270,638
				34,278,542
Food Products - 2.6%
B&G Foods, Inc. 5.25%, 09/15/2027 (B)		8,120,000		8,404,200
JBS USA LUX SA / JBS USA Finance, Inc. 5.75%, 06/15/2025 (A)		2,794,000		2,872,232
Kraft Heinz Foods Co.
3.88%, 05/15/2027 (A)		4,454,000		4,711,699
3.95%, 07/15/2025		1,616,000		1,747,496
4.88%, 10/01/2049 (A)		3,922,000		4,146,504
5.00%, 07/15/2035 - 06/04/2042		8,559,000		9,763,362
6.88%, 01/26/2039		1,374,000		1,838,119
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 (A)		15,593,000		16,472,133
Post Holdings, Inc.
4.63%, 04/15/2030 (A)		4,134,000		4,247,685
5.00%, 08/15/2026 (A)		4,143,000		4,296,291
5.50%, 12/15/2029 (A)		3,462,000		3,743,287
5.63%, 01/15/2028 (A)		5,606,000		5,914,330
				68,157,338

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

Transamerica Funds Annual Report 2020

Page    109

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 5.4%
Acadia Healthcare Co., Inc. 5.00%, 04/15/2029 (A)		$   6,244,000		$   6,433,193
AdaptHealth LLC 6.13%, 08/01/2028 (A)		6,722,000		6,982,477
Centene Corp.
3.38%, 02/15/2030		501,000		520,414
4.25%, 12/15/2027		3,243,000		3,413,906
4.63%, 12/15/2029		1,024,000		1,114,865
CHS / Community Health Systems, Inc.
6.25%, 03/31/2023		6,307,000		6,251,814
6.63%, 02/15/2025 (A)		2,069,000		2,017,689
8.00%, 03/15/2026 (A)		14,296,000		14,353,184
8.13%, 06/30/2024 (A)		2,620,000		2,014,125
DaVita, Inc.
3.75%, 02/15/2031 (A)		7,184,000		6,905,620
4.63%, 06/01/2030 (A)		5,642,000		5,738,732
Encompass Health Corp.
4.50%, 02/01/2028		3,935,000		4,029,912
4.63%, 04/01/2031		638,000		657,140
4.75%, 02/01/2030		5,706,000		5,943,484
5.75%, 11/01/2024 - 09/15/2025		9,749,000		9,966,977
HCA, Inc.
3.50%, 09/01/2030		5,704,000		5,832,851
5.38%, 02/01/2025		8,523,000		9,437,774
5.88%, 02/15/2026 - 02/01/2029		15,997,000		18,170,706
7.50%, 11/06/2033		441,000		595,703
Tenet Healthcare Corp.
4.88%, 01/01/2026 (A)		7,025,000		7,126,375
5.13%, 05/01/2025		6,496,000		6,429,091
5.13%, 11/01/2027 (A)		7,225,000		7,439,582
6.13%, 10/01/2028 (A)		4,736,000		4,593,920
6.75%, 06/15/2023		2,401,000		2,531,951
7.50%, 04/01/2025 (A)		640,000		689,414
				139,190,899
Hotels, Restaurants & Leisure - 7.2%
1011778 BC ULC / New Red Finance, Inc. 4.00%, 10/15/2030 (A) (H)		4,993,000		4,961,794
Boyd Gaming Corp.
4.75%, 12/01/2027		8,250,000		8,023,207
6.00%, 08/15/2026		1,911,000		1,958,183
6.38%, 04/01/2026		2,760,000		2,863,721
8.63%, 06/01/2025 (A)		1,349,000		1,476,750
Boyne USA, Inc. 7.25%, 05/01/2025 (A)		10,026,000		10,477,170
Carnival Corp.
10.50%, 02/01/2026 (A) (B)		2,643,000		2,861,048
11.50%, 04/01/2023 (A)		3,030,000		3,327,970
GLP Capital, LP / GLP Financing II, Inc. 5.25%, 06/01/2025		8,338,000		9,109,098
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/2030		7,057,000		7,259,889
5.13%, 05/01/2026		4,585,000		4,642,312
5.38%, 05/01/2025 (A)		1,265,000		1,307,226
5.75%, 05/01/2028 (A)		493,000		516,765
International Game Technology PLC
5.25%, 01/15/2029 (A)		780,000		772,200
6.25%, 02/15/2022 (A)		3,838,000		3,929,172

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
International Game Technology PLC (continued)
6.25%, 01/15/2027 (A) (B)		$   4,038,000		$   4,290,375
6.50%, 02/15/2025 (A)		2,946,000		3,152,220
Marriott Ownership Resorts, Inc. / ILG LLC 6.50%, 09/15/2026 (B)		6,546,000		6,742,380
MGM Resorts International
4.75%, 10/15/2028		6,838,000		6,684,145
5.50%, 04/15/2027		10,798,000		10,901,769
5.75%, 06/15/2025		4,657,000		4,838,972
6.75%, 05/01/2025		3,938,000		4,142,382
NCL Corp., Ltd.
3.63%, 12/15/2024 (A)		5,397,000		3,723,930
10.25%, 02/01/2026 (A)		2,931,000		3,018,930
12.25%, 05/15/2024 (A) (B)		4,428,000		4,915,080
Royal Caribbean Cruises, Ltd.
9.13%, 06/15/2023 (A)		1,021,000		1,063,116
10.88%, 06/01/2023 (A)		1,529,000		1,667,390
11.50%, 06/01/2025 (A)		3,444,000		3,939,075
Scientific Games International, Inc.
5.00%, 10/15/2025 (A)		6,047,000		6,069,676
7.00%, 05/15/2028 (A)		3,402,000		3,379,241
7.25%, 11/15/2029 (A)		1,938,000		1,922,341
8.25%, 03/15/2026 (A)		6,194,000		6,283,132
Station Casinos LLC 4.50%, 02/15/2028 (A)		8,639,000		8,185,452
Viking Cruises, Ltd.
5.88%, 09/15/2027 (A)		19,113,000		14,908,140
6.25%, 05/15/2025 (A)		5,512,000		4,299,360
Waterford Gaming LLC / Waterford Gaming Financial Corp. 8.63%, 09/15/2014 (A) (F) (I) (J) (K)		1,025,248		0
Wyndham Destinations, Inc.
4.25%, 03/01/2022		1,780,000		1,784,450
5.65%, 04/01/2024		8,720,000		8,911,840
6.00%, 04/01/2027		8,016,000		8,256,480
				186,566,381
Household Durables - 2.6%
Beazer Homes USA, Inc.
5.88%, 10/15/2027		3,210,000		3,258,150
6.75%, 03/15/2025		3,724,000		3,826,410
7.25%, 10/15/2029		4,238,000		4,554,579
Century Communities, Inc.
5.88%, 07/15/2025		13,250,000		13,647,500
6.75%, 06/01/2027		5,571,000		5,933,115
KB Home
4.80%, 11/15/2029		5,373,000		5,802,840
7.50%, 09/15/2022		4,108,000		4,487,990
7.63%, 05/15/2023		5,595,000		6,154,500
Lennar Corp.
4.13%, 01/15/2022		4,000,000		4,095,000
4.75%, 05/30/2025 (B)		3,255,000		3,571,207
5.00%, 06/15/2027 (B)		5,208,000		5,950,140
8.38%, 01/15/2021		1,985,000		2,010,805
Meritage Homes Corp. 5.13%, 06/06/2027		1,570,000		1,734,850

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

Transamerica Funds Annual Report 2020

Page    110

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables (continued)
Newell Brands, Inc. 4.88%, 06/01/2025		$   1,338,000		$   1,448,786
				66,475,872
Independent Power & Renewable Electricity Producers - 0.9%
Calpine Corp.
4.50%, 02/15/2028 (A)		8,765,000		8,918,387
5.00%, 02/01/2031 (A)		3,802,000		3,881,652
5.13%, 03/15/2028 (A)		2,702,000		2,786,046
5.25%, 06/01/2026 (A)		7,839,000		8,051,594
				23,637,679
Insurance - 1.1%
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 2.41% (C), 02/12/2067 (A)		9,926,000		8,660,949
Lincoln National Corp. 3-Month LIBOR + 2.36%, 2.64% (C), 05/17/2066		16,762,000		11,901,020
Ohio National Financial Services, Inc. 5.55%, 01/24/2030 (A)		9,366,000		8,990,793
				29,552,762
Internet & Direct Marketing Retail - 0.2%
Expedia Group, Inc. 6.25%, 05/01/2025 (A)		4,106,000		4,515,235
IT Services - 0.5%
Gartner, Inc.
3.75%, 10/01/2030 (A)		2,262,000		2,313,121
4.50%, 07/01/2028 (A)		9,533,000		9,952,071
				12,265,192
Leisure Products - 0.2%
Mattel, Inc.
3.15%, 03/15/2023 (B)		1,554,000		1,546,230
5.45%, 11/01/2041		1,400,000		1,405,474
6.75%, 12/31/2025 (A) (B)		1,306,000		1,373,586
				4,325,290
Machinery - 1.3%
Colfax Corp.
6.00%, 02/15/2024 (A)		4,635,000		4,821,373
6.38%, 02/15/2026 (A)		845,000		889,363
Meritor, Inc.
6.25%, 02/15/2024		16,943,000		17,260,681
6.25%, 06/01/2025 (A)		1,932,000		2,018,940
SRM Escrow Issuer LLC 6.00%, 11/01/2028 (A)		8,437,000		8,437,000
				33,427,357
Media - 9.2%
Adelphia Communications Corp.
9.25%, 10/01/2049 (J) (K) (L)		1,305,000		91
10.25%, 06/15/2049 - 11/01/2049 (J) (K) (L)		1,460,000		102
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25%, 02/01/2031 (A)		4,808,000		4,927,190
4.50%, 08/15/2030 - 05/01/2032 (A)		18,281,000		18,933,496
4.75%, 03/01/2030 (A)		11,269,000		11,853,298
5.00%, 02/01/2028 (A)		3,937,000		4,135,818
5.38%, 06/01/2029 (A)		2,325,000		2,516,813
5.50%, 05/01/2026 (A)		10,527,000		10,948,080

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
CCO Holdings LLC / CCO Holdings Capital Corp. (continued)
5.75%, 02/15/2026 (A)		$   13,282,000		$   13,768,918
Clear Channel Worldwide Holdings, Inc.
5.13%, 08/15/2027 (A)		13,106,000		12,712,820
9.25%, 02/15/2024		4,051,000		3,505,614
CSC Holdings LLC
4.13%, 12/01/2030 (A)		2,196,000		2,232,849
4.63%, 12/01/2030 (A)		11,861,000		11,860,763
5.38%, 02/01/2028 (A)		3,600,000		3,825,000
6.50%, 02/01/2029 (A)		4,000,000		4,438,080
7.50%, 04/01/2028 (A)		1,901,000		2,081,338
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026 (A)		6,948,000		4,060,237
6.63%, 08/15/2027 (A) (B)		609,000		243,082
DISH DBS Corp.
5.00%, 03/15/2023		6,830,000		6,881,362
5.88%, 07/15/2022		3,238,000		3,335,140
6.75%, 06/01/2021		3,254,000		3,319,080
7.38%, 07/01/2028		5,175,000		5,213,812
7.75%, 07/01/2026 (B)		7,393,000		7,836,469
Gray Television, Inc.
4.75%, 10/15/2030 (A)		6,266,000		6,172,010
7.00%, 05/15/2027 (A) (B)		6,296,000		6,791,810
iHeartCommunications, Inc.
6.38%, 05/01/2026		4,073,000		4,241,011
8.38%, 05/01/2027		2,589,000		2,511,874
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (A)		8,137,000		8,645,562
Meredith Corp. 6.50%, 07/01/2025 (A)		5,807,000		5,966,692
Nexstar Broadcasting, Inc. 4.75%, 11/01/2028 (A)		1,571,000		1,588,517
Radiate Holdco LLC / Radiate Finance, Inc.
4.50%, 09/15/2026 (A)		3,288,000		3,297,042
6.50%, 09/15/2028 (A)		3,288,000		3,390,750
Scripps Escrow, Inc. 5.88%, 07/15/2027 (A)		3,608,000		3,508,780
Sinclair Television Group, Inc.
5.50%, 03/01/2030 (A) (B)		6,395,000		6,011,939
5.63%, 08/01/2024 (A) (B)		2,429,000		2,424,080
Sirius XM Radio, Inc.
4.13%, 07/01/2030 (A)		5,659,000		5,817,509
4.63%, 07/15/2024 (A)		3,125,000		3,222,500
5.50%, 07/01/2029 (A)		1,598,000		1,739,343
TEGNA, Inc.
4.63%, 03/15/2028 (A)		3,058,000		3,015,433
4.75%, 03/15/2026 (A)		2,229,000		2,290,298
Terrier Media Buyer, Inc. 8.88%, 12/15/2027 (A)		3,706,000		3,788,440
Univision Communications, Inc.
6.63%, 06/01/2027 (A)		5,599,000		5,661,989
9.50%, 05/01/2025 (A)		979,000		1,059,768
Virgin Media Finance PLC 5.00%, 07/15/2030 (A)		5,449,000		5,421,755

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

Transamerica Funds Annual Report 2020

Page    111

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Ziggo Bond Co. BV 6.00%, 01/15/2027 (A)		$   3,225,000		$   3,345,938
Ziggo BV 5.50%, 01/15/2027 (A)		8,824,000		9,154,900
				237,697,392
Metals & Mining - 5.1%
Alcoa Nederland Holding BV 7.00%, 09/30/2026 (A)		6,999,000		7,357,839
Big River Steel LLC / BRS Finance Corp. 6.63%, 01/31/2029 (A)		5,153,000		5,307,590
Cleveland-Cliffs, Inc.
4.88%, 01/15/2024 (A)		5,149,000		5,123,255
5.75%, 03/01/2025 (B)		710,000		686,038
5.88%, 06/01/2027		2,624,000		2,551,289
6.75%, 03/15/2026 (A)		7,840,000		8,232,000
Constellium SE
5.63%, 06/15/2028 (A) (B)		2,233,000		2,326,786
5.75%, 05/15/2024 (A)		5,213,000		5,279,257
5.88%, 02/15/2026 (A)		2,132,000		2,153,320
6.63%, 03/01/2025 (A)		15,623,000		15,857,345
First Quantum Minerals, Ltd. 7.25%, 04/01/2023 (A)		2,566,000		2,578,830
Freeport-McMoRan, Inc.
4.13%, 03/01/2028		5,142,000		5,248,054
4.25%, 03/01/2030		4,492,000		4,719,385
4.38%, 08/01/2028		4,277,000		4,464,119
4.55%, 11/14/2024		1,875,000		2,015,625
4.63%, 08/01/2030		4,277,000		4,565,697
5.45%, 03/15/2043		8,153,000		9,274,037
Mineral Resources, Ltd. 8.13%, 05/01/2027 (A)		7,482,000		8,155,380
New Gold, Inc.
6.38%, 05/15/2025 (A)		3,111,000		3,204,330
7.50%, 07/15/2027 (A)		7,506,000		8,110,233
Novelis Corp.
4.75%, 01/30/2030 (A)		4,421,000		4,483,402
5.88%, 09/30/2026 (A)		9,420,000		9,720,310
Teck Resources, Ltd.
6.00%, 08/15/2040		6,513,000		7,336,329
6.25%, 07/15/2041		2,579,000		2,949,204
				131,699,654
Multiline Retail - 0.1%
Macy’s Retail Holdings LLC 3.45%, 01/15/2021 (B)		2,557,000		2,537,823
Macy’s, Inc. 8.38%, 06/15/2025 (A) (B)		1,214,000		1,267,537
				3,805,360
Oil, Gas & Consumable Fuels - 9.3%
Antero Resources Corp.
5.00%, 03/01/2025 (B)		5,525,000		4,090,572
5.63%, 06/01/2023 (B)		2,725,000		2,289,000
Apache Corp.
4.25%, 01/15/2044		4,709,000		3,990,877
4.38%, 10/15/2028		3,338,000		3,052,601
4.63%, 11/15/2025 (B)		2,193,000		2,083,350
4.75%, 04/15/2043 (B)		1,669,000		1,477,065
4.88%, 11/15/2027		2,225,000		2,088,163

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Callon Petroleum Co.
6.13%, 10/01/2024		$   14,074,000		$   5,066,640
6.25%, 04/15/2023		5,992,000		2,336,880
6.38%, 07/01/2026		5,767,000		1,384,080
8.25%, 07/15/2025		4,645,000		1,277,375
Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/2025		2,801,000		3,169,959
Cheniere Energy Partners, LP 5.63%, 10/01/2026		6,233,000		6,398,798
Cheniere Energy, Inc. 4.63%, 10/15/2028 (A)		3,321,000		3,428,932
CrownRock, LP / CrownRock Finance, Inc. 5.63%, 10/15/2025 (A)		10,098,000		9,930,171
DCP Midstream Operating, LP 5.38%, 07/15/2025		6,143,000		6,450,150
DCP Midstream, LP Fixed until 12/15/2022 (D), 7.38% (C)		6,398,000		4,158,700
eG Global Finance PLC
6.75%, 02/07/2025 (A)		7,779,000		7,623,420
8.50%, 10/30/2025 (A)		2,947,000		3,014,781
EQM Midstream Partners, LP
6.00%, 07/01/2025 (A)		1,507,000		1,544,675
6.50%, 07/01/2027 (A)		3,980,000		4,174,204
Hess Midstream Operations, LP 5.13%, 06/15/2028 (A)		5,881,000		5,851,595
HighPoint Operating Corp. 8.75%, 06/15/2025		4,089,000		817,800
Kinder Morgan, Inc. 8.05%, 10/15/2030, MTN		2,486,000		3,260,591
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/2026 (A)		853,000		424,368
10.50%, 05/15/2027 (A)		3,210,000		1,653,150
NuStar Logistics, LP
5.63%, 04/28/2027		6,104,000		5,981,920
5.75%, 10/01/2025		1,223,000		1,231,353
6.00%, 06/01/2026		531,000		524,363
6.75%, 02/01/2021		5,132,000		5,176,905
Oasis Petroleum, Inc.
6.25%, 05/01/2026 (A)		8,148,000		1,772,190
6.88%, 03/15/2022 - 01/15/2023		8,535,000		1,727,520
Occidental Petroleum Corp.
2.70%, 08/15/2022		8,144,000		7,531,164
2.90%, 08/15/2024		12,466,000		10,375,452
4.85%, 03/15/2021		2,608,000		2,568,880
5.88%, 09/01/2025 (B)		4,668,000		4,107,840
6.45%, 09/15/2036		18,276,000		14,803,560
6.63%, 09/01/2030		4,396,000		3,852,215
Ovintiv, Inc. 7.38%, 11/01/2031		5,463,000		5,497,594
Parkland Corp. 5.88%, 07/15/2027 (A)		3,894,000		4,018,939
Parsley Energy LLC / Parsley Finance Corp.
5.25%, 08/15/2025 (A)		3,078,000		3,170,340
5.38%, 01/15/2025 (A)		5,034,000		5,147,265
5.63%, 10/15/2027 (A)		2,618,000		2,784,897

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

Transamerica Funds Annual Report 2020

Page    112

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
PDC Energy, Inc. 6.13%, 09/15/2024		$   11,607,000		$   11,287,807
Shelf Drilling Holdings, Ltd. 8.25%, 02/15/2025 (A)		2,389,000		788,370
SM Energy Co.
5.63%, 06/01/2025		1,160,000		455,544
6.63%, 01/15/2027		4,965,000		1,861,875
6.75%, 09/15/2026		9,903,000		3,812,655
Southwestern Energy Co. 7.50%, 04/01/2026 (B)		7,310,000		7,440,118
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.75%, 04/15/2025		4,578,000		2,964,255
Summit Midstream Partners, LP Fixed until 12/15/2022 (D), 9.50% (C)		4,110,000		647,325
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
4.88%, 02/01/2031 (A)		9,607,000		9,375,567
5.00%, 01/15/2028		3,140,000		3,100,750
5.13%, 02/01/2025		9,135,000		9,157,837
5.50%, 03/01/2030 (A)		6,836,000		6,871,547
5.88%, 04/15/2026 (B)		2,030,000		2,070,600
6.50%, 07/15/2027		1,228,000		1,286,330
Ultra Resources, Inc.
6.88%, 04/15/2022 (A) (G) (I)		811,000		2,636
7.13%, 04/15/2025 (A) (G) (I)		3,098,000		10,069
WPX Energy, Inc.
5.25%, 09/15/2024		3,876,000		4,011,660
5.88%, 06/15/2028		5,092,000		5,206,570
				241,661,809
Paper & Forest Products - 0.1%
Boise Cascade Co. 4.88%, 07/01/2030 (A) (B)		2,239,000		2,393,323
Pharmaceuticals - 1.8%
Bausch Health Americas, Inc.
8.50%, 01/31/2027 (A)		1,892,000		2,068,751
9.25%, 04/01/2026 (A)		3,917,000		4,318,492
Bausch Health Cos., Inc.
5.00%, 01/30/2028 (A)		598,000		591,051
5.25%, 01/30/2030 (A)		598,000		590,555
5.50%, 11/01/2025 (A)		1,745,000		1,792,639
5.88%, 05/15/2023 (A)		284,000		283,290
6.13%, 04/15/2025 (A)		12,981,000		13,328,242
7.00%, 01/15/2028 (A)		4,255,000		4,499,662
Endo Dac / Endo Finance LLC / Endo Finco, Inc.
6.00%, 06/30/2028 (A)		5,260,000		4,063,350
9.50%, 07/31/2027 (A)		3,289,000		3,528,143
Par Pharmaceutical, Inc. 7.50%, 04/01/2027 (A)		11,513,000		12,203,780
				47,267,955
Professional Services - 0.0% (M)
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.63%, 11/01/2026 (A)		854,000		864,931

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Real Estate Management & Development - 0.2%
Cushman & Wakefield US Borrower LLC 6.75%, 05/15/2028 (A)		$   5,468,000		$   5,816,585
Road & Rail - 1.3%
Avolon Holdings Funding, Ltd.
5.13%, 10/01/2023 (A)		3,558,000		3,620,222
5.25%, 05/15/2024 (A)		2,500,000		2,552,756
Hertz Corp.
5.50%, 10/15/2024 (A) (I)		13,490,000		5,362,275
6.00%, 01/15/2028 (A) (I)		8,482,000		3,414,005
6.25%, 10/15/2022 (I)		2,029,000		801,455
Park Aerospace Holdings, Ltd. 5.25%, 08/15/2022 (A)		971,000		999,945
Uber Technologies, Inc.
6.25%, 01/15/2028 (A)		639,000		647,786
7.50%, 09/15/2027 (A)		8,466,000		8,849,086
8.00%, 11/01/2026 (A)		8,222,000		8,663,933
				34,911,463
Semiconductors & Semiconductor Equipment - 0.1%
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (A)		1,886,000		1,970,870
Software - 0.3%
Logan Merger Sub, Inc. 5.50%, 09/01/2027 (A)		1,617,000		1,639,234
Open Text Corp. 3.88%, 02/15/2028 (A)		5,098,000		5,178,446
				6,817,680
Specialty Retail - 1.3%
L Brands, Inc.
5.25%, 02/01/2028		5,117,000		5,040,245
6.63%, 10/01/2030 (A)		2,292,000		2,406,600
6.75%, 07/01/2036		2,541,000		2,566,918
6.88%, 07/01/2025 (A)		1,210,000		1,297,096
6.88%, 11/01/2035		2,903,000		2,946,545
9.38%, 07/01/2025 (A)		907,000		1,052,120
Penske Automotive Group, Inc. 3.50%, 09/01/2025		3,108,000		3,115,770
Sally Holdings LLC / Sally Capital, Inc. 8.75%, 04/30/2025 (A)		7,998,000		8,777,805
Staples, Inc. 7.50%, 04/15/2026 (A)		8,340,000		7,797,900
				35,000,999
Technology Hardware, Storage & Peripherals - 2.0%
Dell International LLC / EMC Corp.
4.90%, 10/01/2026 (A)		2,078,000		2,366,327
5.88%, 06/15/2021 (A)		1,739,000		1,743,191
6.02%, 06/15/2026 (A)		2,070,000		2,453,872
6.20%, 07/15/2030 (A)		1,573,000		1,922,466
7.13%, 06/15/2024 (A)		12,473,000		12,925,520
8.35%, 07/15/2046 (A)		2,901,000		3,960,396
NCR Corp.
5.00%, 10/01/2028 (A)		2,808,000		2,779,920
5.25%, 10/01/2030 (A)		3,215,000		3,182,850
5.75%, 09/01/2027 (A)		1,656,000		1,706,715
6.13%, 09/01/2029 (A)		4,085,000		4,279,038
8.13%, 04/15/2025 (A) (B)		3,106,000		3,416,600
Seagate HDD Cayman
4.13%, 01/15/2031 (A)		452,000		487,148

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

Transamerica Funds Annual Report 2020

Page    113

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Seagate HDD Cayman (continued)
4.88%, 03/01/2024		$   4,325,000		$   4,736,105
Western Digital Corp. 4.75%, 02/15/2026 (B)		5,292,000		5,699,749
				51,659,897
Trading Companies & Distributors - 0.6%
United Rentals North America, Inc.
4.00%, 07/15/2030		8,613,000		8,786,122
5.50%, 05/15/2027		6,986,000		7,426,991
				16,213,113
Wireless Telecommunication Services - 2.0%
Altice France SA 7.38%, 05/01/2026 (A)		12,482,000		13,027,463
Sprint Corp.
7.13%, 06/15/2024		13,138,000		15,111,328
7.25%, 09/15/2021		7,307,000		7,610,825
7.63%, 03/01/2026		1,850,000		2,251,395
T-Mobile USA, Inc.
4.00%, 04/15/2022 (B)		1,493,000		1,540,007
4.50%, 02/01/2026		5,104,000		5,231,600
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031 (A)		6,455,000		6,455,000
				51,227,618
Total Corporate Debt Securities (Cost $2,436,913,163)				2,394,992,871
LOAN ASSIGNMENTS - 0.7%
Communications Equipment - 0.2%
Avaya, Inc.
Term Loan B,
1-Month LIBOR + 4.25%, 4.40% (C), 12/15/2024		198,784		194,986
1-Month LIBOR + 4.25%, 4.40% (C), 12/15/2027		5,009,865		4,821,995
				5,016,981
Diversified Telecommunication Services - 0.3%
Frontier Communications Corp. Term Loan, 3-Month LIBOR + 4.75%, 5.75% (C), 10/08/2021		2,438,000		2,401,430
Zayo Group Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.15% (C), 03/09/2027		5,000,000		4,814,060
				7,215,490
Hotels, Restaurants & Leisure - 0.2%
Connect Finco SARL Term Loan B, 1-Month LIBOR + 4.50%, 5.50% (C), 12/11/2026		5,292,405		5,181,265
Interactive Media & Services - 0.0% (M)
Adevinta ASA Term Loan B, TBD, 10/23/2027 (H) (N)		700,000		694,750
Total Loan Assignments (Cost $18,404,372)				18,108,486

	Shares		Value
COMMON STOCKS - 0.5%
Building Products - 0.3%
AMH New Finance, Inc. (J) (K) (O)		1,593,380		$   8,492,716
Chemicals - 0.1%
Hexion Holdings Corp., Class B (J) (O)		273,716		2,641,360
Electric Utilities - 0.0% (M)
Homer City Generation LLC (G) (J) (K) (O)		270,659		281,485
Oil, Gas & Consumable Fuels - 0.1%
Denbury, Inc. (O)		101,150		1,678,079
EP Energy Corp.		33,869		948,332
				2,626,411
Software - 0.0% (M)
ASG WT Corp. (J) (K) (O)		1,265		126,993
Total Common Stocks (Cost $37,605,233)				14,168,965
PREFERRED STOCK - 1.3%
Banks - 1.3%
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 6.07% (C)		1,283,954		33,048,976
Total Preferred Stock (Cost $31,704,829)				33,048,976
EXCHANGE-TRADED FUND - 1.0%
U.S. Fixed Income Fund - 1.0%
iShares iBoxx High Yield Corporate Bond ETF (B)		300,000		25,164,000
Total Exchange-Traded Fund (Cost $25,398,750)				25,164,000
OTHER INVESTMENT COMPANY - 2.3%
Securities Lending Collateral - 2.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (P)		59,187,435		59,187,435
Total Other Investment Company (Cost $59,187,435)				59,187,435
	Principal		Value
REPURCHASE AGREEMENT - 2.9%
Fixed Income Clearing Corp., 0.00% (P), dated 10/30/2020, to be repurchased at $74,144,452 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.63%, due 12/31/2023, and with a value of $75,627,351.		$  74,144,452		74,144,452
Total Repurchase Agreement (Cost $74,144,452)				74,144,452
Total Investments (Cost $2,683,358,234)				2,618,815,185
Net Other Assets (Liabilities) - (1.2)%				(30,671,280	)
Net Assets - 100.0%				$  2,588,143,905

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

Transamerica Funds Annual Report 2020

Page    114

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENT VALUATION:

Valuation Inputs ^(Q)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (R)		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	2,394,992,678	$	193	$	2,394,992,871
Loan Assignments		—		18,108,486		—		18,108,486
Common Stocks		2,626,411		2,641,360		8,901,194		14,168,965
Preferred Stock		33,048,976		—		—		33,048,976
Exchange-Traded Fund		25,164,000		—		—		25,164,000
Other Investment Company		59,187,435		—		—		59,187,435
Repurchase Agreement		—		74,144,452		—		74,144,452
Total Investments	$	120,026,822	$	2,489,886,976	$	8,901,387	$	2,618,815,185

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 October 31, 2020, the total value of 144A securities is $1,449,184,537, representing 56.0% 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 $102,500,967, collateralized by cash collateral of $59,187,435 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $45,503,038. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)	Perpetual maturity. The date displayed is the next call date.
(E)	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately.
(F)	Rounds to less than $1 or $(1).
(G)	Restricted securities. At October 31, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Corporate Debt Securities	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.13%, 07/15/2023		03/24/2017	$	370,260	$	367,538		0.0	%(M)
Corporate Debt Securities	Ultra Resources, Inc. 6.88%, 04/15/2022		04/07/2017		811,000		2,636		0.0	(M)
Corporate Debt Securities	Ultra Resources, Inc. 7.13%, 04/15/2025		04/10/2017		3,109,617		10,069		0.0	(M)
Common Stocks	Homer City Generation LLC		08/21/2017		13,906,767		281,485		0.0	(M)
Total				$	18,197,644	$	661,728		0.0	%(M)

(H)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(I)	Securities in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2020, the total value of such securities is $26,346,206, representing 1.0% of the Fund’s net assets.
(J)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2020, the total value of securities is $11,542,747, representing 0.4% of the Fund’s net assets.
(K)	Securities are Level 3 of the fair value hierarchy.
(L)	Escrow positions. Positions represents remaining escrow balances expected to be received upon finalization of restructuring.

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

Transamerica Funds Annual Report 2020

Page    115

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(M)	Percentage rounds to less than 0.1% or (0.1)%.
(N)	All or a portion of the security represents an unsettled loan commitment at October 31, 2020 where the rate will be determined at time of settlement.
(O)	Non-income producing securities.
(P)	Rates disclosed reflect the yields at October 31, 2020.
(Q)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(R)	Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
TBD	To Be Determined

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

Transamerica Funds Annual Report 2020

Page    116

Transamerica High Yield ESG

(unaudited)

MARKET ENVIRONMENT

The Transamerica High Yield ESG had an inception date of July 31, 2020. The fiscal year ended October 31, 2020 began with U.S. markets near all-time highs, though global trade tensions persisted, and manufacturing Purchasing Managers’ Indexes (“PMIs”) softened. It was risk on for markets as equities led the way in total and risk-adjusted returns, followed by high yield, then investment grade. Treasuries retreated toward the end of 2019.

Worries around trade ceded to concerns over the COVID-19 outbreak early in 2020. Confidence dropped rapidly as the country grappled with a worsening outbreak that eventually led to widespread stay at home orders and the closure of nonessential businesses. Gross domestic product (“GDP”) and private investment contracted, and risk assets declined meaningfully. PMIs declined materially, and GDP eventually faced a historic decline. Equities led the way down with peak-to-trough losses of approximately one third, and high yield bonds posted double digit declines. U.S. Treasuries rallied aggressively as investors fled risk assets.

Markets rebounded in the second quarter, after aggressive monetary stimulus from the U.S. Federal Reserve (“Fed”) and fiscal stimulus from the Federal Government gave markets the confidence that the worst may be over. The damage to the U.S. economy was historic with Q2 GDP declining by over 31%. Economic activity and the employment market improved materially by the end of the fiscal year, albeit both were still lower than they had been at the end of 2019.

Nonfarm payroll gains were a bright spot in October 2020, coming in higher than expected. Both the labor force and employment grew over the month, which led to meaningfully higher headline employment and labor force participation rates. Consumer confidence slightly retreated as an upbeat reading on present conditions was overshadowed by more muted expectations. Headline personal income which was propped up by government unemployment benefits that largely expired in July, advanced nonetheless in September, and spending growth accelerated.

PERFORMANCE

For the period from inception, July 31, 2020, through October 31, 2020, Transamerica High Yield ESG (Class I2) returned -0.08%. By comparison, its benchmark, the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index, returned 0.59%.

STRATEGY REVIEW

Security selection was the primary driver of Fund performance since inception, with the strongest contribution coming from BBs. This was partially offset by subpar selection within B-rated credits. The modest off-benchmark exposure to investment grade credit contributed to performance during the period as did the underweight to BBs. Meanwhile, the Fund’s underweight to CCCs and below detracted as lower-quality credit rallied. By sector, the top contributors included energy, banking and insurance. The largest detractors from active returns were from consumer non-cyclicals, communications and basic industry.

With respect to positioning and themes, the Fund was generally overweight a number of subsectors within the basic industry and capital goods sectors as well as financials. These subsectors included metals & mining, paper, building & construction, environmental, cable & satellite, lodging, food & beverage, banking, and electric utilities. The Fund also found opportunities in the cross-over space as well as recent fallen angels. The Fund was broadly underweight to various consumer non-cyclical subsectors, pharmaceuticals & healthcare, energy, gaming, retail, chemicals, and various industrials given idiosyncratic fundamental concerns and what we viewed as relatively unattractive valuations.

With respect to ratings allocation, Fund positioning was largely up in quality with a modest underweight to BB-rated credit which was offset by an off-index allocation to investment grade credit. The Fund held a neutral allocation to B-rated credits and a material underweight to CCC and below credit. On a case-by-case basis, the portfolio managers remained comfortable with risk exposure to certain lower-quality credits given underlying fundamentals. The Fund continued to tilt holdings towards issuers with more favorable ESG profiles based on the sub-adviser’s proprietary ESG methodology.

Kevin Bakker, CFA

Ben Miller, CFA

Jim Schaeffer

Derek Thoms

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2020

Page    117

Transamerica High Yield ESG

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		95.2	%
Preferred Stock		1.6
Other Investment Company		1.0
Net Other Assets (Liabilities)		2.2
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		4.99
Duration †		3.60
Credit Quality ‡	Percentage of Net Assets
BBB		5.6	%
BB		54.3
B		33.6
CCC and Below		3.3
Not Rated		1.0
Net Other Assets (Liabilities)		2.2
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.

Transamerica Funds Annual Report 2020

Page    118

Transamerica High Yield ESG

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	10 Year or Since Inception			Inception Date
Class I (NAV)		(0.08	)%(A)		07/31/2020
Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index (B)		0.59	%(A)
Class I2 (NAV)		(0.08	)%(A)		07/31/2020

^(A) Not annualized.

^(B) The Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.

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

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

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

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

The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Fund may also go down. High yield bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity 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. Securities of companies with what are defined 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. ESG ratings and assessments of issuers can vary across third party data providers.

Transamerica Funds Annual Report 2020

Page    119

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES - 95.2%
Aerospace & Defense - 0.2%
Bombardier, Inc. 7.50%, 03/15/2025 (A)		$  65,000		$  47,288
Auto Components - 1.4%
Dana, Inc. 5.63%, 06/15/2028		140,000		146,958
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027 (B)		40,000		38,928
9.50%, 05/31/2025		45,000		49,509
Patrick Industries, Inc. 7.50%, 10/15/2027 (A)		45,000		48,755
				284,150
Banks - 3.1%
Barclays PLC Fixed until 09/15/2023 (C), 7.75% (D)		200,000		206,214
CIT Group, Inc. 4.75%, 02/16/2024		55,000		59,125
Citigroup, Inc. Fixed until 09/12/2024 (C), 5.00% (D)		60,000		60,258
JPMorgan Chase & Co. Fixed until 02/01/2025 (C), 4.60% (D)		100,000		98,600
Societe Generale SA Fixed until 09/13/2021 (C), 7.38% (A) (D)		200,000		205,440
				629,637
Beverages - 1.1%
Primo Water Holdings, Inc. 5.50%, 04/01/2025 (A)		220,000		227,150
Building Products - 2.0%
Builders FirstSource, Inc.
5.00%, 03/01/2030 (A)		60,000		63,300
6.75%, 06/01/2027 (A)		80,000		85,800
Cornerstone Building Brands, Inc.
6.13%, 01/15/2029 (A)		12,000		12,259
8.00%, 04/15/2026 (A)		220,000		228,800
				390,159
Capital Markets - 1.1%
Credit Suisse Group AG Fixed until 07/17/2023 (C), 7.50% (A) (D)		200,000		212,002
Chemicals - 0.3%
Hexion, Inc. 7.88%, 07/15/2027 (A) (B)		50,000		51,875
Commercial Services & Supplies - 4.0%
Ashtead Capital, Inc. 5.25%, 08/01/2026 (A)		200,000		211,750
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 6.38%, 04/01/2024 (A) (B)		120,000		116,850
Covanta Holding Corp. 5.00%, 09/01/2030 (B)		14,000		14,245
FXI Holdings, Inc. 12.25%, 11/15/2026 (A)		30,000		31,350

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies (continued)
Garda World Security Corp.
4.63%, 02/15/2027 (A)		$   100,000		$   97,500
8.75%, 05/15/2025 (A)		40,000		39,800
Harsco Corp. 5.75%, 07/31/2027 (A)		110,000		112,475
Herc Holdings, Inc. 5.50%, 07/15/2027 (A)		75,000		77,072
Stericycle, Inc. 5.38%, 07/15/2024 (A)		95,000		98,775
				799,817
Communications Equipment - 2.4%
Avaya, Inc. 6.13%, 09/15/2028 (A) (B)		69,000		70,811
CommScope Technologies LLC 6.00%, 06/15/2025 (A)		163,000		161,595
CommScope, Inc. 6.00%, 03/01/2026 (A)		90,000		93,375
Nokia OYJ 3.38%, 06/12/2022		150,000		153,188
				478,969
Construction & Engineering - 1.3%
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.63%, 01/15/2028 (A)		80,000		80,400
9.88%, 04/01/2027 (A)		120,000		133,200
Taylor Morrison Communities, Inc. 5.88%, 06/15/2027 (A)		50,000		55,250
				268,850
Construction Materials - 1.9%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027 (A)		230,000		240,667
Norbord, Inc. 6.25%, 04/15/2023 (A)		130,000		139,100
				379,767
Consumer Finance - 2.2%
Ally Financial, Inc.
3.88%, 05/21/2024		75,000		80,659
5.75%, 11/20/2025		60,000		68,189
Ford Motor Credit Co. LLC 3.20%, 01/15/2021		200,000		200,000
OneMain Finance Corp. 7.13%, 03/15/2026		85,000		94,253
				443,101
Containers & Packaging - 2.7%
Cascades, Inc. / Cascades USA, Inc.
5.13%, 01/15/2026 (A)		135,000		141,075
5.38%, 01/15/2028 (A)		137,000		142,823
Graphic Packaging International LLC 3.50%, 03/15/2028 - 03/01/2029 (A)		108,000		108,040
Greif, Inc. 6.50%, 03/01/2027 (A)		55,000		57,681
Silgan Holdings, Inc. 4.13%, 02/01/2028		95,000		98,686
				548,305

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

Transamerica Funds Annual Report 2020

Page    120

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 2.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.50%, 07/15/2025		$   150,000		$   165,263
DAE Funding LLC 4.50%, 08/01/2022 (A)		80,000		80,400
Dana Financing SARL 5.75%, 04/15/2025 (A)		140,000		144,900
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.25%, 03/15/2022 - 10/01/2025 (A)		80,000		75,375
United Shore Financial Services LLC 5.50%, 11/15/2025 (A) (E)		94,000		95,147
				561,085
Diversified Telecommunication Services - 4.1%
CenturyLink, Inc. 5.13%, 12/15/2026 (A)		185,000		189,162
Hughes Satellite Systems Corp.
6.63%, 08/01/2026		125,000		135,391
7.63%, 06/15/2021		130,000		133,575
Level 3 Financing, Inc.
3.63%, 01/15/2029 (A)		18,000		17,415
4.25%, 07/01/2028 (A)		145,000		145,725
5.38%, 01/15/2024		100,000		100,721
Switch, Ltd. 3.75%, 09/15/2028 (A)		36,000		36,045
Zayo Group Holdings, Inc. 4.00%, 03/01/2027 (A)		60,000		58,890
				816,924
Electric Utilities - 3.3%
DPL, Inc. 4.13%, 07/01/2025 (A)		115,000		120,175
NextEra Energy Operating Partners, LP 4.25%, 07/15/2024 (A)		95,000		99,275
Pattern Energy Operations, LP / Pattern Energy Operations, Inc. 4.50%, 08/15/2028 (A)		425,000		443,118
				662,568
Electronic Equipment, Instruments & Components - 0.5%
Sensata Technologies BV 4.88%, 10/15/2023 (A)		95,000		100,700
Energy Equipment & Services - 0.7%
CSI Compressco, LP / CSI Compressco Finance, Inc. 7.50%, 04/01/2025 (A)		45,000		39,487
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 09/01/2027		100,000		100,521
				140,008
Entertainment - 0.4%
Netflix, Inc. 4.88%, 06/15/2030 (A)		70,000		79,887
Equity Real Estate Investment Trusts - 4.9%
Equinix, Inc. 5.38%, 05/15/2027		115,000		125,369
HAT Holdings I LLC / HAT Holdings II LLC 6.00%, 04/15/2025 (A)		215,000		228,169

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Iron Mountain, Inc.
4.50%, 02/15/2031 (A)		$   15,000		$   14,934
5.25%, 03/15/2028 (A)		215,000		220,375
iStar, Inc. 5.50%, 02/15/2026		37,000		35,030
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 5.88%, 10/01/2028 (A)		48,000		47,040
SBA Communications Corp.
3.88%, 02/15/2027 (A)		55,000		55,894
4.00%, 10/01/2022		115,000		116,006
4.88%, 09/01/2024		95,000		97,071
Service Properties Trust 4.35%, 10/01/2024		45,000		39,825
				979,713
Food & Staples Retailing - 1.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP 4.63%, 01/15/2027 (A)		150,000		154,672
Rite Aid Corp. 7.50%, 07/01/2025 (A)		100,000		100,000
				254,672
Food Products - 3.8%
B&G Foods, Inc. 5.25%, 09/15/2027		65,000		67,275
Darling Ingredients, Inc. 5.25%, 04/15/2027 (A)		205,000		217,300
Kraft Heinz Foods Co.
3.88%, 05/15/2027 (A)		120,000		126,943
4.88%, 10/01/2049 (A)		90,000		95,152
Post Holdings, Inc.
4.63%, 04/15/2030 (A)		121,000		124,327
5.00%, 08/15/2026 (A)		115,000		119,255
				750,252
Health Care Providers & Services - 3.8%
AdaptHealth LLC 6.13%, 08/01/2028 (A)		115,000		119,456
DaVita, Inc.
3.75%, 02/15/2031 (A)		58,000		55,753
4.63%, 06/01/2030 (A)		75,000		76,286
Encompass Health Corp.
4.63%, 04/01/2031		5,000		5,150
4.75%, 02/01/2030		140,000		145,827
5.75%, 11/01/2024		75,000		75,000
HCA, Inc.
3.50%, 09/01/2030		145,000		148,275
5.88%, 02/15/2026		85,000		96,050
Tenet Healthcare Corp. 6.13%, 10/01/2028 (A)		38,000		36,860
				758,657
Hotels, Restaurants & Leisure - 7.6%
Boyd Gaming Corp. 4.75%, 12/01/2027		125,000		121,564
Boyne USA, Inc. 7.25%, 05/01/2025 (A)		140,000		146,300
GLP Capital, LP / GLP Financing II, Inc. 5.25%, 06/01/2025		110,000		120,173

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

Transamerica Funds Annual Report 2020

Page    121

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/2030		$   190,000		$   195,462
5.13%, 05/01/2026		190,000		192,375
Marriott Ownership Resorts, Inc. / ILG LLC 6.50%, 09/15/2026		200,000		206,000
NCL Corp., Ltd.
3.63%, 12/15/2024 (A)		85,000		58,650
10.25%, 02/01/2026 (A) (B)		50,000		51,500
12.25%, 05/15/2024 (A)		30,000		33,300
Royal Caribbean Cruises, Ltd. 10.88%, 06/01/2023 (A)		65,000		70,883
Viking Cruises, Ltd.
5.88%, 09/15/2027 (A)		35,000		27,300
6.25%, 05/15/2025 (A)		150,000		117,000
Wyndham Destinations, Inc.
5.65%, 04/01/2024		100,000		102,200
6.60%, 10/01/2025		75,000		79,875
				1,522,582
Household Durables - 4.8%
Beazer Homes USA, Inc. 7.25%, 10/15/2029		45,000		48,361
Century Communities, Inc. 5.88%, 07/15/2025		238,000		245,140
KB Home
4.80%, 11/15/2029		70,000		75,600
7.63%, 05/15/2023		100,000		110,000
Lennar Corp.
5.00%, 06/15/2027		180,000		205,650
8.38%, 01/15/2021		100,000		101,300
Meritage Homes Corp. 5.13%, 06/06/2027		45,000		49,725
Newell Brands, Inc. 4.88%, 06/01/2025		110,000		119,108
				954,884
Independent Power & Renewable Electricity Producers - 2.0%
Calpine Corp.
4.50%, 02/15/2028 (A)		85,000		86,488
5.00%, 02/01/2031 (A)		90,000		91,885
Clearway Energy Operating LLC 4.75%, 03/15/2028 (A)		215,000		226,019
				404,392
Insurance - 0.7%
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 2.41% (D), 02/12/2067 (A)		60,000		52,353
Lincoln National Corp. 3-Month LIBOR + 2.36%, 2.64% (D), 05/17/2066		110,000		78,100
				130,453
Internet & Direct Marketing Retail - 0.5%
Expedia Group, Inc. 6.25%, 05/01/2025 (A)		90,000		98,970
IT Services - 0.3%
Gartner, Inc.
3.75%, 10/01/2030 (A)		17,000		17,384
4.50%, 07/01/2028 (A)		50,000		52,198
				69,582

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Leisure Products - 0.4%
Mattel, Inc. 6.75%, 12/31/2025 (A)		$   75,000		$   78,881
Machinery - 1.2%
Colfax Corp. 6.00%, 02/15/2024 (A)		45,000		46,809
Meritor, Inc. 6.25%, 06/01/2025 (A)		190,000		198,550
				245,359
Media - 10.3%
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25%, 02/01/2031 (A)		75,000		76,859
5.00%, 02/01/2028 (A)		75,000		78,788
5.75%, 02/15/2026 (A)		120,000		124,399
Clear Channel Worldwide Holdings, Inc.
5.13%, 08/15/2027 (A)		65,000		63,050
9.25%, 02/15/2024		15,000		12,981
Diamond Sports Group LLC / Diamond Sports Finance Co. 5.38%, 08/15/2026 (A)		25,000		14,609
DISH DBS Corp.
5.88%, 07/15/2022		85,000		87,550
7.75%, 07/01/2026		70,000		74,199
EW Scripps Co. 5.13%, 05/15/2025 (A)		80,000		76,300
Gray Television, Inc.
4.75%, 10/15/2030 (A)		50,000		49,250
7.00%, 05/15/2027 (A)		90,000		97,087
iHeartCommunications, Inc.
6.38%, 05/01/2026		100,000		104,125
8.38%, 05/01/2027		39,000		37,838
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (A)		200,000		212,500
Meredith Corp. 6.50%, 07/01/2025 (A)		50,000		51,375
Nexstar Broadcasting, Inc. 4.75%, 11/01/2028 (A)		23,000		23,256
Sinclair Television Group, Inc. 5.50%, 03/01/2030 (A) (B)		60,000		56,406
Sirius XM Radio, Inc.
4.13%, 07/01/2030 (A)		130,000		133,641
4.63%, 07/15/2024 (A)		55,000		56,716
TEGNA, Inc.
4.63%, 03/15/2028 (A)		120,000		118,330
4.75%, 03/15/2026 (A)		34,000		34,935
Univision Communications, Inc. 6.63%, 06/01/2027 (A)		70,000		70,788
Virgin Media Finance PLC 5.00%, 07/15/2030 (A)		250,000		248,750
Ziggo BV 5.50%, 01/15/2027 (A)		150,000		155,625
				2,059,357
Metals & Mining - 4.8%
Alcoa Nederland Holding BV 7.00%, 09/30/2026 (A)		200,000		210,254
Big River Steel LLC / BRS Finance Corp. 6.63%, 01/31/2029 (A)		38,000		39,140

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

Transamerica Funds Annual Report 2020

Page    122

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
Cleveland-Cliffs, Inc. 6.75%, 03/15/2026 (A)		$   60,000		$   63,000
Constellium SE 6.63%, 03/01/2025 (A)		250,000		253,750
Mineral Resources, Ltd. 8.13%, 05/01/2027 (A)		45,000		49,050
New Gold, Inc. 7.50%, 07/15/2027 (A)		185,000		199,893
Novelis Corp.
4.75%, 01/30/2030 (A)		45,000		45,635
5.88%, 09/30/2026 (A)		100,000		103,188
				963,910
Oil, Gas & Consumable Fuels - 3.5%
Cheniere Energy Partners, LP 5.63%, 10/01/2026		185,000		189,921
DCP Midstream Operating, LP 5.38%, 07/15/2025		38,000		39,900
DCP Midstream, LP Fixed until 12/15/2022 (C), 7.38% (D)		27,000		17,550
Hess Midstream Operations, LP 5.13%, 06/15/2028 (A)		115,000		114,425
NuStar Logistics, LP
5.63%, 04/28/2027		50,000		49,000
6.75%, 02/01/2021		50,000		50,437
Parkland Corp. 5.88%, 07/15/2027 (A)		140,000		144,492
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.50%, 03/01/2030 (A)		85,000		85,442
				691,167
Paper & Forest Products - 1.3%
Boise Cascade Co. 4.88%, 07/01/2030 (A)		240,000		256,542
Pharmaceuticals - 0.7%
Bausch Health Cos., Inc. 6.13%, 04/15/2025 (A)		145,000		148,879
Real Estate Management & Development - 0.2%
Cushman & Wakefield US Borrower LLC 6.75%, 05/15/2028 (A)		45,000		47,869
Road & Rail - 0.7%
Uber Technologies, Inc.
6.25%, 01/15/2028 (A)		5,000		5,069
8.00%, 11/01/2026 (A)		128,000		134,880
				139,949
Semiconductors & Semiconductor Equipment - 0.7%
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (A)		130,000		135,850
Software - 0.3%
Open Text Corp. 3.88%, 02/15/2028 (A)		50,000		50,789
Technology Hardware, Storage & Peripherals - 2.8%
Dell International LLC / EMC Corp.
6.02%, 06/15/2026 (A)		85,000		100,763
7.13%, 06/15/2024 (A)		95,000		98,447

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
NCR Corp.
5.00%, 10/01/2028 (A)		$   15,000		$   14,850
5.25%, 10/01/2030 (A)		9,000		8,910
6.13%, 09/01/2029 (A)		90,000		94,275
Seagate HDD Cayman 4.09%, 06/01/2029 (A)		130,000		140,076
Western Digital Corp. 4.75%, 02/15/2026		90,000		96,934
				554,255
Trading Companies & Distributors - 0.6%
United Rentals North America, Inc. 4.00%, 07/15/2030		115,000		117,311
Wireless Telecommunication Services - 2.5%
Altice France SA 7.38%, 05/01/2026 (A)		200,000		208,740
Sprint Corp. 7.88%, 09/15/2023		250,000		285,000
				493,740
Total Corporate Debt Securities (Cost $19,215,306)				19,030,257
	Shares		Value
PREFERRED STOCK - 1.6%
Banks - 1.6%
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 6.07% (D)		12,550		323,037
Total Preferred Stock (Cost $301,319)				323,037
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (F)		198,048		198,048
Total Other Investment Company (Cost $198,048)				198,048
Total Investments (Cost $19,714,673)				19,551,342
Net Other Assets (Liabilities) - 2.2%				437,620
Net Assets - 100.0%				$  19,988,962

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

Transamerica Funds Annual Report 2020

Page    123

Transamerica High Yield ESG

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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	$	—	$	19,030,257	$	—	$	19,030,257
Preferred Stock		323,037		—		—		323,037
Other Investment Company		198,048		—		—		198,048
Total Investments	$	521,085	$	19,030,257	$	—	$	19,551,342

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 October 31, 2020, the total value of 144A securities is $12,861,717, representing 64.3% of the Fund’s net assets.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $329,446, collateralized by cash collateral of $198,048 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $138,400. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Perpetual maturity. The date displayed is the next call date.
(D)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)	When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2020. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(F)	Rate disclosed reflects the yield at October 31, 2020.
(G)	There were no transfers in or out of Level 3 during the period ended October 31, 2020. 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 Annual Report 2020

Page    124

Transamerica High Yield Muni

(unaudited)

MARKET ENVIRONMENT

Following the municipal rally that concluded in 2019, the global marketplace was flipped on its head in 2020 with the outbreak of the COVID-19 pandemic. The first quarter experienced U.S. Treasury yields hitting all-time lows in February, including negative yielding T-bills for the first time since 2015. The pandemic escalated in March as the number of positive cases rose, leading to a global slowdown and a flood to safe-haven assets. Shortly after, in March 2020, a liquidity crunch hit the market, causing municipal yields to rise 190 basis points (“bps”) to their peak when the 10-year muni rose to 2.79% and the 30-year hit 3.37%. Despite rate cuts from the U.S. Federal Reserve (“Fed”) and a record breaking $2 trillion stimulus package from Congress, markets remained volatile and saw the 10-year municipals/Treasury ratios hit 365%. The stimulus measures paused the record sell-off near the end of March. As the market settled, municipal yields returned to pre-COVID levels with 10-year municipal yields remaining below 1%.

As a result of the pandemic, local municipalities have struggled, sales tax collections have fallen, and transportation hubs have continued to experience slowdowns. Despite the economic struggles, a second stimulus package was not, as of the fiscal period end, passed through Congress with bipartisan support. In the meantime, municipalities have been able to access the Municipal Liquidity Facility (“MLF”) to raise capital through the Fed, although few issuers have tapped it as a resource due to its higher financing costs versus accessing the market directly through new issuance.

PERFORMANCE

For the year ended October 31, 2020, Transamerica High Yield Muni (Class A) returned 0.60%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays High Yield Municipal Bond Index, returned 1.23%.

STRATEGY REVIEW

The Fund continued to prefer a higher quality credit profile than the benchmark index, as evidenced by its approximate 45% weighting to investment-grade credits at the end of the fiscal year. The Fund underperformed the benchmark as interest rates declined in the period due to its shorter duration positioning. As of the fiscal year end, the Fund maintained duration at 5.19, more than a full year shorter than the index duration of 6.48. The yield curve steepened dramatically throughout the fiscal year as 1-year municipals tightened 90 bps, whereas the 20- to 30-year bucket tightened between 35 and 40 bps depending on the maturity.

The Fund’s allocation to A-rated credits was a contributor to performance as spreads tightened and retail demand rose throughout the year. The Fund’s high yield credits outperformed the benchmark over the fiscal year, and the Fund remained underweight by over 40% relative to the benchmark towards non-rated and below-investment-grade bonds.

Security selection in the housing sector was a contributor to performance versus the benchmark, though the Fund closed the period underweight. Relative to the benchmark, the Fund’s largest overweight was education, which generated positive returns and was a relative contributor to performance. However, the Fund was underweight in the leasing sector, the top performing sector for the Index, and this detracted from returns.

The Fund’s top performing state/territory was Colorado. Colorado was a top contributor due to an overweight allocation as well as strong credit selection. Puerto Rico was a detractor from active returns, as the Fund’s insured Puerto Rico bonds, which trade at premiums and much tighter spreads, underperformed the uninsured bonds held in the index which rallied in the period.

Matthew Dalton

Brian Steeves

Co-Portfolio Managers

Belle Haven Investments, L.P.

Transamerica Funds Annual Report 2020

Page    125

Transamerica High Yield Muni

(unaudited)

Asset Allocation	Percentage of Net Assets
Municipal Government Obligations		97.1	%
Repurchase Agreement		2.4
Corporate Debt Securities		0.8
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity§		7.28
Duration†		5.19
Credit Quality ‡	Percentage of Net Assets
AAA		2.4	%
AA		18.9
A		4.5
BBB		23.1
BB		16.2
B		1.7
Not Rated		33.5
Net Other Assets (Liabilities)		(0.3	)
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.

Transamerica Funds Annual Report 2020

Page    126

Transamerica High Yield Muni

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(2.65	)%		3.31	%		5.76	%		07/31/2013
Class A (NAV)		0.60	%		4.00	%		6.24	%		07/31/2013
Bloomberg Barclays High Yield Municipal Bond Index (A)		1.23	%		5.78	%		5.83	%
Class C (POP)		(0.97	)%		3.39	%		5.64	%		07/31/2013
Class C (NAV)		0.00	%		3.39	%		5.64	%		07/31/2013
Class I (NAV)		0.58	%		4.14	%		6.40	%		07/31/2013
Class I2 (NAV)		0.77	%		N/A			3.08	%		09/30/2016

^(A) The Bloomberg Barclays High Yield Municipal Bond Index is comprised of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 3.25% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

Municipal bond prices can rise or fall depending on interest rates. Interest rates may go up, causing the value of the Fund’s investments to decline. All municipal bonds carry credit risk that the issuer will default or be unable to make timely payments of interest and principal. Generally, lower rated bonds carry more credit risk. High-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in fewer issuers, the Fund will be more susceptible to negative events affecting those issuers.

Municipal bond funds are expected to be exempt from federal income tax. If a fund investor is a resident in the state of issuance of the bonds held by the Fund, interest dividends may also be free of state and local income taxes. Such interest dividends may be subject to federal and/or state alternative minimum taxes.

Transamerica Funds Annual Report 2020

Page    127

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES - 0.8%
Construction & Engineering - 0.4%
CalAtlantic Group, Inc. 5.88%, 11/15/2024		$  350,000		$  368,812
Food & Staples Retailing - 0.3%
Ingles Markets, Inc. 5.75%, 06/15/2023		225,000		226,688
Oil, Gas & Consumable Fuels - 0.0% (A)
Marathon Petroleum Corp. 5.13%, 04/01/2024		40,000		40,370
Software - 0.1%
Logan Merger Sub, Inc. 5.50%, 09/01/2027 (B) (C)		100,000		101,375
Total Corporate Debt Securities (Cost $704,770)				737,245
MUNICIPAL GOVERNMENT OBLIGATIONS - 97.1%
Alabama - 1.0%
County of Perry, General Obligation Unlimited
Series A,
5.50%, 12/01/2040		50,000		48,092
Series B,
7.38%, 12/01/2030		345,000		345,442
Muscle Shoals Sheffield & Tuscumbia Solid Waste Disposal Authority, Revenue Bonds, Series A, 6.00%, 05/01/2040 (B)		500,000		507,950
				901,484
Arizona - 2.4%
Arizona Industrial Development Authority, Revenue Bonds
5.00%, 07/01/2055 (B)		395,000		398,729
Series B,
3.82%, 07/01/2044		400,000		393,616
Industrial Development Authority of the City of Phoenix, Revenue Bonds, 4.63%, 07/01/2026 (B)		600,000		632,958
Industrial Development Authority of the County of Pima, Revenue Bonds, 6.95%, 07/01/2041		150,000		150,301
La Paz County Industrial Development Authority, Revenue Bonds, 5.88%, 06/15/2048 (B)		500,000		513,450
Maricopa County Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2036		110,000		121,833
				2,210,887
Arkansas - 0.1%
County of Independence Hydroelectric Power Revenue, Revenue Bonds, ACA, 5.30%, 05/01/2033		45,000		44,149
Saline County Property Owners Improvement District No. 49, General Obligation Limited, Series A, 5.75%, 02/01/2036		15,000		15,012
				59,161

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California - 5.3%
California County Tobacco Securitization Agency, Revenue Bonds
5.88%, 06/01/2035		$   175,000		$   175,150
Series A,
5.88%, 06/01/2043		40,000		40,035
California Municipal Finance Authority, Revenue Bonds, Series A, 5.50%, 06/01/2038 (B)		700,000		750,918
California Public Finance Authority, Revenue Bonds, 5.00%, 06/15/2049 (B)		250,000		253,967
California Statewide Communities Development Authority, Revenue Bonds
Series A,
5.25%, 12/01/2056 (B)		500,000		549,890
Series B,
6.00%, 12/01/2024		210,000		223,054
California Statewide Financing Authority, Revenue Bonds
Series A,
5.63%, 05/01/2029		20,000		20,068
Series B,
6.00%, 05/01/2037		55,000		55,187
Cypress School District, General Obligation Unlimited, Zero Coupon (D), 08/01/2050		100,000		97,942
Golden State Tobacco Securitization Corp., Revenue Bonds, Series A-1, 5.00%, 06/01/2047		2,000,000		2,056,920
Palomar Health, Revenue Bonds, 5.00%, 11/01/2028		45,000		53,453
Tobacco Securitization Authority of Northern California, Revenue Bonds, Series A-1, 4.75%, 06/01/2023		50,000		50,070
Upland Community Facilities District, Special Tax, Series A, 3.50%, 09/01/2049		600,000		604,014
				4,930,668
Colorado - 9.4%
Aerotropolis Regional Transportation Authority, Revenue Bonds, 5.00%, 12/01/2051		290,000		295,156
Brighton Crossing Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2047		500,000		511,900
Bromley Park Metropolitan District No. 2, General Obligation Limited, Series B, 6.38%, 12/15/2047		937,000		961,043
Colorado Health Facilities Authority, Revenue Bonds
Series A,
4.00%, 12/01/2050		1,000,000		1,060,460
5.00%, 09/15/2053		250,000		265,853

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

Transamerica Funds Annual Report 2020

Page    128

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Colorado International Center Metropolitan District No. 14, General Obligation Limited, 5.88%, 12/01/2046		$   1,000,000		$   1,054,110
Denver Connection West Metropolitan District, General Obligation Limited, Series A, 5.38%, 08/01/2047		500,000		513,705
Denver Health & Hospital Authority, Revenue Bonds, Series A, 4.00%, 12/01/2040		500,000		540,940
Denver International Business Center Metropolitan District No. 1, General Obligation Limited, 6.00%, 12/01/2048		500,000		519,390
High Plains Metropolitan District, General Obligation Unlimited, NATL, 4.00%, 12/01/2047		340,000		370,685
Painted Prairie Metropolitan District No. 2, General Obligation Limited, 5.25%, 12/01/2048		2,000,000		2,044,580
Park 70 Metropolitan District, General Obligation Unlimited, AGM, 4.00%, 12/01/2048		250,000		276,113
Public Authority for Colorado Energy, Revenue Bonds, 6.50%, 11/15/2038		70,000		107,899
Town of Frisco Marina Enterprise Revenue, Revenue Bonds, 5.00%, 12/01/2048		150,000		160,521
				8,682,355
Connecticut - 1.7%
Connecticut State Health & Educational Facilities Authority, Revenue Bonds
Series A,
5.00%, 01/01/2055 (B)		500,000		524,445
Series B-1,
3.25%, 01/01/2027 (B)		275,000		276,419
Series J,
5.00%, 07/01/2037 - 07/01/2042		715,000		743,850
South Central Connecticut Regional Water Authority, Revenue Bonds, AGM, 4.50%, 08/01/2038		10,000		10,024
				1,554,738
Delaware - 1.0%
Delaware State Economic Development Authority, Revenue Bonds, 5.00%, 08/01/2054		835,000		917,055
District of Columbia - 0.2%
District of Columbia, Revenue Bonds, Series B, 5.00%, 07/01/2048		100,000		113,045

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
District of Columbia (continued)
District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds
6.50%, 05/15/2033		$   10,000		$   10,958
Series A,
Zero Coupon, 06/15/2046		100,000		20,709
				144,712
Florida - 5.0%
City of Tampa, Revenue Bonds, Series A, Zero Coupon, 09/01/2053		2,000,000		557,960
County of Lake, Revenue Bonds, 5.00%, 01/15/2054 (B)		825,000		851,969
Florida Development Finance Corp., Revenue Bonds
5.13%, 06/01/2040 (B) (E)		500,000		515,810
Series A,
4.00%, 06/01/2030		500,000		500,635
Miami-Dade County Industrial Development Authority, Revenue Bonds
Series A,
4.25%, 06/01/2030 (E)		660,000		654,133
5.00%, 06/01/2047 (E)		350,000		344,186
Northern Palm Beach County Improvement District, Special Assessment
4.50%, 08/01/2031		50,000		50,938
5.13%, 08/01/2022		5,000		5,170
St. Johns County Industrial Development Authority, Revenue Bonds
4.00%, 08/01/2055		1,000,000		1,055,860
Series B,
Fixed until 08/01/2024, 5.50% (F), 08/01/2044		60,000		64,995
				4,601,656
Georgia - 0.0% (A)
Atlanta Development Authority, Revenue Bonds, Series A, ACA, 6.25%, 07/01/2036		20,000		20,002
Hawaii - 0.4%
State of Hawaii, General Obligation Unlimited, 5.00%, 06/01/2026		30,000		30,106
State of Hawaii Department of Transportation, Revenue Bonds, 5.63%, 11/15/2027		295,000		295,310
				325,416
Idaho - 1.7%
Idaho Housing & Finance Association, Revenue Bonds
Series A,
5.00%, 06/01/2035		285,000		312,101
6.00%, 07/01/2049 - 07/01/2054 (B)		1,155,000		1,293,574
				1,605,675
Illinois - 13.9%
Chicago Board of Education, General Obligation Unlimited
Series A,
5.50%, 12/01/2039		25,000		25,328

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

Transamerica Funds Annual Report 2020

Page    129

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Chicago Board of Education, General Obligation Unlimited (continued)
Series A, AGM,
5.00%, 12/01/2035		$   550,000		$   657,492
City of Chicago, General Obligation Unlimited
7.52%, 01/01/2040		205,000		233,417
Series A,
5.00%, 01/01/2044		1,000,000		1,008,600
Series B,
5.43%, 01/01/2042		1,450,000		1,361,506
6.21%, 01/01/2032		250,000		263,545
Series C,
Zero Coupon, 01/01/2024		145,000		130,996
5.00%, 01/01/2026 - 01/01/2038		1,010,000		1,032,896
City of Chicago Waterworks Revenue, Revenue Bonds, 5.00%, 11/01/2026		40,000		43,370
Cook County Community College District No. 508, General Obligation Unlimited, 5.50%, 12/01/2038		500,000		527,165
Cook County School District No. 132, General Obligation Limited, Series A, AGM, 4.20%, 12/01/2027		361,000		419,366
Illinois Finance Authority, Revenue Bonds
4.00%, 08/01/2032		440,000		457,371
Series A,
5.00%, 11/01/2049		750,000		778,050
Lombard Public Facilities Corp., Revenue Bonds, Series A-2, ACA-CBI, 5.50%, 01/01/2025 (B) (C)		50,000		50,031
Metropolitan Pier & Exposition Authority, Revenue Bonds
5.00%, 06/15/2042		1,000,000		1,120,330
Series B,
5.00%, 06/15/2052		45,000		45,957
Southern Illinois University, Certificate of Participation Series A-1, BAM, 4.50%, 02/15/2031 - 02/15/2032		125,000		125,572
Southern Illinois University, Revenue Bonds
Series A, AGM,
4.50%, 04/01/2027		25,000		25,041
Series A, NATL,
Zero Coupon, 04/01/2026 - 04/01/2027		175,000		148,643
Series B1,
4.00%, 04/01/2035		20,000		18,765
State of Illinois, General Obligation Unlimited
4.13%, 03/01/2028		30,000		30,334
5.00%, 07/01/2021 - 08/01/2021		30,000		30,742
5.10% (D), 06/01/2033		680,000		667,699
6.63%, 02/01/2035		25,000		27,547
6.75%, 03/01/2029		115,000		127,684
7.10%, 07/01/2035		155,000		175,987
7.35%, 07/01/2035		20,000		22,681
Series A,
5.00%, 12/01/2034 - 05/01/2041		635,000		658,118

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Oak Lawn, General Obligation Unlimited
Series A,
3.35%, 12/01/2026		$   315,000		$   320,097
5.23%, 12/01/2024		600,000		592,512
Village of Rosemont, General Obligation Unlimited, Series A, AGC, 6.00%, 12/01/2035		15,000		18,340
Western Illinois Economic Development Authority, Revenue Bonds, 4.00%, 06/01/2036		1,480,000		1,483,700
Western Illinois University, Certificate of Participation
6.00%, 10/01/2025		15,000		14,999
6.38%, 10/01/2029		30,000		29,960
Will County Community High School District No. 210, General Obligation Unlimited
Series A,
3.25%, 01/01/2030		45,000		45,189
3.38%, 01/01/2033		25,000		25,041
5.00%, 01/01/2027		55,000		58,393
				12,802,464
Indiana - 0.6%
County of Knox, Revenue Bonds, Series A, 5.00%, 04/01/2037		10,000		10,242
Hamilton County Redevelopment Commission, Tax Allocation, 5.00%, 02/01/2025		60,000		60,071
Indiana Finance Authority, Revenue Bonds
5.00%, 10/01/2044		420,000		441,622
6.00%, 12/01/2026		60,000	��	56,751
Series A,
4.00%, 11/15/2026		15,000		15,587
				584,273
Iowa - 0.6%
Iowa Tobacco Settlement Authority, Revenue Bonds
Series A,
6.50%, 06/01/2023		95,000		96,425
Series C,
5.38%, 06/01/2038		145,000		146,984
5.50%, 06/01/2042		100,000		101,368
5.63%, 06/01/2046		215,000		217,941
				562,718
Kansas - 0.2%
Kansas Rural Water Finance Authority, Revenue Bonds, 4.25%, 03/01/2038		25,000		25,178
Wyandotte County Unified Government Special Obligation Revenue, Revenue Bonds, NATL, Zero Coupon, 12/01/2027		175,000		130,110
				155,288

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

Transamerica Funds Annual Report 2020

Page    130

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky - 0.0% (A)
Edmonson County Industrial Building Revenue, Revenue Bonds, 5.00%, 03/01/2027		$   20,000		$   20,007
Kentucky Area Development Districts, Certificate of Participation, Series M, 5.35%, 12/01/2028		25,000		25,010
				45,017
Louisiana - 1.1%
Louisiana Public Facilities Authority, Revenue Bonds, 5.00%, 05/15/2024		30,000		34,373
Parish of St. James, Revenue Bonds, Series 2, 6.35%, 07/01/2040 (B)		500,000		591,400
St. Tammany Parish Hospital Service District No. 1, Revenue Bonds, Series A, 4.00%, 07/01/2043		330,000		362,171
				987,944
Maryland - 0.1%
Maryland Economic Development Corp., Revenue Bonds, 5.75%, 09/01/2025		50,000		50,126
Massachusetts - 0.6%
Massachusetts Development Finance Agency, Revenue Bonds
5.00%, 10/01/2049		500,000		535,355
Series I,
5.00%, 07/01/2023		20,000		22,111
				557,466
Michigan - 0.4%
County of Wayne, Revenue Bonds, 9.25%, 12/01/2025		240,000		241,478
Dearborn Brownfield Redevelopment Authority, General Obligation Limited, Series A, AGC, 5.50%, 05/01/2039		25,000		25,090
Detroit Local Development Finance Authority, Tax Allocation, Series A, ACA-CBI, 5.50%, 05/01/2021		25,000		25,035
Michigan Finance Authority, Revenue Bonds, Series B, 5.00%, 07/01/2021		50,000		51,199
				342,802
Minnesota - 4.2%
City of Deephaven, Revenue Bonds, Series A, 5.25%, 07/01/2037		80,000		87,082
City of Ham Lake, Revenue Bonds, Series A, 4.00%, 07/01/2028		375,000		391,395
City of International Falls, Revenue Bonds, 5.65%, 12/01/2022		65,000		64,580

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
City of Minneapolis, Revenue Bonds, Series A, 5.00%, 07/01/2047		$   200,000		$   206,856
Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds
Series A,
4.50%, 07/01/2028		550,000		563,222
5.00%, 07/01/2036 - 12/01/2050		1,765,000		1,820,374
Series B,
5.25%, 04/01/2043		400,000		404,580
Township of Baytown, Revenue Bonds
Series A,
4.00%, 08/01/2041		200,000		203,694
4.25%, 08/01/2046		120,000		122,945
				3,864,728
Mississippi - 0.0% (A)
Mississippi Development Bank, Revenue Bonds, Series A, 3.25%, 06/01/2021		25,000		25,041
Missouri - 0.1%
Health & Educational Facilities Authority, Revenue Bonds, 4.25%, 12/01/2042 (B) (C)		75,000		80,258
Montana - 0.2%
City of Forsyth, Revenue Bonds, Series A, 3.90% (F), 03/01/2031		135,000		142,609
Lewistown Special Improvement District No. 2005, Special Assessment, 4.60%, 07/01/2022		25,000		25,015
				167,624
Nevada - 0.2%
City of Reno, Special Assessment, 7.25%, 12/01/2025		40,000		40,029
County of Clark, Special Assessment, 4.00%, 08/01/2022		165,000		169,308
				209,337
New Jersey - 3.0%
Essex County Improvement Authority, Revenue Bonds
Series A,
5.00%, 12/01/2035 (G) (H)		500,000		450,000
5.13%, 12/01/2045 (G) (H)		30,000		27,000
New Jersey Economic Development Authority, Revenue Bonds
Series A,
5.13%, 09/01/2052 (B)		760,000		779,965
Series B,
6.50%, 04/01/2031 (C)		10,000		10,483
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 5.00%, 07/01/2030		40,000		46,032
Tobacco Settlement Financing Corp., Revenue Bonds, Series B, 5.00%, 06/01/2046		1,320,000		1,492,946
				2,806,426

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

Transamerica Funds Annual Report 2020

Page    131

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Mexico - 0.4%
Artesia Hospital District, General Obligation Unlimited, 4.00%, 08/01/2023		$   400,000		$   406,440
New York - 8.4%
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds, Series A, 5.00%, 08/01/2052		500,000		532,925
City of Elmira City, General Obligation Limited, 4.00%, 05/27/2021		790,000		790,640
New York City Industrial Development Agency, Revenue Bonds, FGIC, CPI + 0.89%, 2.20%, 03/01/2027		20,000		19,936
New York Counties Tobacco Trust I, Revenue Bonds, Series B, 6.50%, 06/01/2035		15,000		15,007
New York Counties Tobacco Trust IV, Revenue Bonds Series A, 5.00%, 06/01/2038 - 06/01/2045		315,000		318,311
New York Counties Tobacco Trust VI, Revenue Bonds
Series A-2B,
5.00%, 06/01/2045		850,000		892,092
Series C,
3.75%, 06/01/2045		1,760,000		1,624,023
New York State Dormitory Authority, Revenue Bonds, AMBAC, 5.25%, 07/01/2025		100,000		117,281
New York Transportation Development Corp., Revenue Bonds, 5.00%, 10/01/2040		2,000,000		2,140,900
Port Authority of New York & New Jersey, Revenue Bonds
AGM-CR,
6.50%, 12/01/2028		50,000		50,804
NATL,
5.75%, 12/01/2022		660,000		668,177
Village of Brewster, General Obligation Unlimited, 5.00%, 05/01/2033		50,000		63,740
Yonkers Economic Development Corp., Revenue Bonds, 5.00%, 10/15/2054		465,000		498,238
				7,732,074
North Carolina - 1.2%
North Carolina Medical Care Commission, Revenue Bonds, Series A, 5.00%, 10/01/2050		1,000,000		1,151,120

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio - 4.0%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series B-2, Class 2,
5.00%, 06/01/2055		$   1,700,000		$   1,818,745
Series B-3, Class 2,
Zero Coupon, 06/01/2057		2,000,000		283,160
Cardinal Local School District, Certificate of Participation, 5.25%, 04/01/2038		1,410,000		1,281,056
City of Cleveland, Revenue Bonds, 5.38%, 09/15/2027 (C)		20,000		20,017
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Series A, 7.05%, 11/15/2040 (B) (C)		95,000		95,091
County of Greene, Revenue Bonds, Series A, ACA, 5.10%, 09/01/2029		110,000		110,039
County of Hamilton, Revenue Bonds, 5.00%, 01/01/2036		100,000		107,658
				3,715,766
Oregon - 2.2%
Oregon State Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2040		1,000,000		1,214,630
Series B,
6.75%, 06/15/2022 (B)		100,000		101,362
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Series B, 5.00%, 11/01/2039 (B)		600,000		711,630
				2,027,622
Pennsylvania - 0.9%
Cumberland County Municipal Authority, Revenue Bonds 5.00%, 01/01/2039 - 01/01/2045		650,000		646,632
Dallas Area Municipal Authority, Revenue Bonds, 5.00%, 05/01/2048		115,000		122,304
Montgomery County Industrial Development Authority, Revenue Bonds, Series A, 4.25%, 01/15/2029		60,000		61,939
Susquehanna Area Regional Airport Authority, Revenue Bonds, Series B, 9.88%, 01/01/2034		10,000		13,267
				844,142
Puerto Rico - 12.7%
Children’s Trust Fund, Revenue Bonds
5.38%, 05/15/2033		20,000		20,114
5.50%, 05/15/2039		55,000		56,324
5.63%, 05/15/2043		45,000		45,211
Commonwealth of Puerto Rico, General Obligation Unlimited
AGC-ICC,
5.50%, 07/01/2022		100,000		106,197

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

Transamerica Funds Annual Report 2020

Page    132

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico, General Obligation Unlimited (continued)
AGM,
5.13%, 07/01/2030		$   275,000		$   282,120
AGM-CR,
4.50%, 07/01/2023		75,000		75,111
5.00%, 07/01/2028		30,000		30,608
Series A, AGC-ICC,
5.00%, 07/01/2022 - 07/01/2033		620,000		632,573
5.25%, 07/01/2030		55,000		56,785
5.50%, 07/01/2029		245,000		279,420
Series A, AGM,
4.13%, 07/01/2023 - 07/01/2024		50,000		51,561
5.00%, 07/01/2035		265,000		277,481
5.38%, 07/01/2025		200,000		204,748
Series A-4, AGM,
5.00%, 07/01/2031		170,000		170,590
Series B, AGC-ICC,
5.00%, 07/01/2035		400,000		408,112
Series C, AGM,
5.25%, 07/01/2026 - 07/01/2027		160,000		165,090
5.38%, 07/01/2028		30,000		31,100
5.50%, 07/01/2032		145,000		150,929
5.75%, 07/01/2037		650,000		679,425
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds
Series A, AGC,
5.00%, 07/01/2028		195,000		198,955
5.13%, 07/01/2047		390,000		400,097
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, AGC,
4.50%, 07/01/2036		770,000		770,269
5.00%, 07/01/2027		210,000		214,259
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
3.63%, 07/01/2023		340,000		340,282
3.65%, 07/01/2024		210,000		210,107
Series RR, AGC,
5.00%, 07/01/2028		270,000		275,476
Series SS, AGM,
5.00%, 07/01/2030		110,000		112,231
Series TT, AGC-ICC,
5.00%, 07/01/2032		265,000		270,374
Series TT, AGM-CR,
5.00%, 07/01/2027		25,000		25,507
Series UU, AGC,
4.25%, 07/01/2027		365,000		365,190
5.00%, 07/01/2026		165,000		168,346
Series UU, AGM,
5.00%, 07/01/2021 - 07/01/2024		390,000		397,909
Series VV, AGM,
5.25%, 07/01/2027		70,000		78,169
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		55,000		56,115

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Highway & Transportation Authority, Revenue Bonds (continued)
Series AA, AGC-ICC,
5.00%, 07/01/2035		$   85,000		$   86,724
Series AA-1, AGM,
4.95%, 07/01/2026		175,000		178,080
Series CC, AGM,
5.25%, 07/01/2033 - 07/01/2036		290,000		333,852
Series CC, AGM-CR,
5.50%, 07/01/2029		75,000		86,141
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		580,000		591,763
Series E, AGM,
5.50%, 07/01/2023		150,000		161,291
Series I, AGC-ICC, FGIC,
5.00%, 07/01/2026		305,000		311,185
Series K, AGC-ICC,
4.40%, 07/01/2025		30,000		30,025
5.00%, 07/01/2030		30,000		30,608
Series M, AGC-ICC,
5.00%, 07/01/2032		160,000		163,234
Series N, AGC,
5.25%, 07/01/2036		120,000		138,282
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2026		265,000		297,266
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.75%, 08/01/2022		140,000		140,448
5.00%, 08/01/2021 - 08/01/2030		990,000		1,010,078
Series A, AGM-CR,
4.75%, 08/01/2025		60,000		60,160
Puerto Rico Public Buildings Authority, Revenue Bonds
Series I, AGC-ICC,
5.00%, 07/01/2036		290,000		295,881
Series K, AGM,
5.25%, 07/01/2027		190,000		196,165
Series L, AGM-CR,
5.50%, 07/01/2021		65,000		66,726
				11,784,694
South Carolina - 0.4%
County of Lancaster, Special Assessment, Series A, 3.13%, 12/01/2022		350,000		351,431
Tennessee - 0.1%
Tennessee Housing Development Agency, Revenue Bonds, 3.05%, 07/01/2027		95,000		104,470
Texas - 6.1%
Bexar County Health Facilities Development Corp., Revenue Bonds, 5.00%, 07/15/2042		650,000		683,429
Cameron Education Corp., Revenue Bonds, Series A, ACA, 5.25%, 08/15/2036		40,000		40,042

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

Transamerica Funds Annual Report 2020

Page    133

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
City of Dallas, Revenue Bonds, AGC, 5.25%, 08/15/2034		$   35,000		$   35,121
Harris County-Houston Sports Authority, Revenue Bonds, NATL, Zero Coupon, 11/15/2023		10,000		9,234
Love Field Airport Modernization Corp., Revenue Bonds, 5.25%, 11/01/2040		125,000		125,346
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
5.00%, 07/01/2046 - 01/01/2055		1,950,000		1,949,369
Series A,
3.38%, 08/15/2021 (B)		255,000		255,530
Series A1,
5.00%, 07/01/2031 - 07/01/2046		55,000		55,289
Series B,
4.25%, 07/01/2036		815,000		645,293
Series D,
6.00%, 07/01/2026		95,000		89,933
Newark Higher Education Finance Corp., Revenue Bonds, 5.00%, 06/15/2048		50,000		50,666
Port Beaumont Navigation District Dock & Wharf Facility Revenue, Revenue Bonds, 4.00%, 01/01/2050 (B)		1,000,000		998,250
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 5.00%, 08/15/2036		435,000		454,040
Texas State Student Housing Corp., Revenue Bonds, 6.75%, 07/01/2021		5,000		4,999
Van Alstyne Economic Development Corp., Revenue Bonds, 4.00%, 08/15/2031		240,000		238,260
				5,634,801
Virginia - 0.8%
Buena Vista Public Recreational Facilities Authority, Revenue Bonds, Series A, ACA, 5.50%, 07/15/2035 (I)		50,000		50,028
Buena Vista Public Service Authority, Revenue Bonds
Series A,
5.13%, 01/01/2023		20,000		20,028
6.00%, 01/01/2027		50,000		50,066
Henrico County Economic Development Authority, Revenue Bonds, Series C, 5.00%, 12/01/2047		375,000		396,011
Tobacco Settlement Financing Corp., Revenue Bonds, Series B1, 5.00%, 06/01/2047		190,000		190,802
				706,935

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
West Virginia - 0.1%
Tobacco Settlement Finance Authority, Revenue Bonds, Series A, 7.47%, 06/01/2047		$   90,000		$   97,367
Wisconsin - 6.4%
Public Finance Authority, Revenue Bonds
5.00%, 04/01/2022 (C)		25,000		25,459
5.00%, 04/01/2050 (B)		135,000		142,032
5.00%, 06/15/2053		200,000		222,556
Series A,
5.00%, 06/15/2049 (B)		90,000		92,612
Series A, AGM,
4.00%, 07/01/2059		1,000,000		1,066,020
5.00%, 07/01/2054 - 07/01/2058		2,145,000		2,456,941
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
5.00%, 08/01/2039		500,000		468,720
Class B,
4.38%, 07/01/2038		850,000		801,448
Class C,
7.00%, 07/01/2043		750,000		669,127
				5,944,915
Total Municipal Government Obligations (Cost $87,661,413)				89,697,098
REPURCHASE AGREEMENT - 2.4%
Fixed Income Clearing Corp., 0.00% (J), dated 10/30/2020, to be repurchased at $2,229,315 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $2,273,905.		$  2,229,315		2,229,315
Total Repurchase Agreement (Cost $2,229,315)				2,229,315
Total Investments (Cost $90,595,498)				92,663,658
Net Other Assets (Liabilities) - (0.3)%				(244,246	)
Net Assets - 100.0%				$  92,419,412

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

Transamerica Funds Annual Report 2020

Page    134

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENT VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	737,245	$	—	$	737,245
Municipal Government Obligations		—		89,697,098		—		89,697,098
Repurchase Agreement		—		2,229,315		—		2,229,315
Total Investments	$	—	$	92,663,658	$	—	$	92,663,658

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Percentage rounds to less than 0.1% or (0.1)%.
(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 October 31, 2020, the total value of 144A securities is $11,069,615, representing 12.0% of the Fund’s net assets.
(C)	Restricted securities. At October 31, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Corporate Debt Securities	Logan Merger Sub, Inc. 5.50%, 09/01/2027		08/14/2020	$	100,010	$	101,375		0.1	%
Municipal Government Obligations	Lombard Public Facilities Corp. Revenue Bonds Series A-2, ACA-CBI 5.50%, 01/01/2025		08/30/2017		46,990		50,031		0.1
Municipal Government Obligations	Health & Educational Facilities Authority Revenue Bonds 4.25%, 12/01/2042		09/10/2019		78,020		80,258		0.1
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series B 6.50%, 04/01/2031		01/22/2015		10,535		10,483		0.0	(A)
Municipal Government Obligations	City of Cleveland Revenue Bonds 5.38%, 09/15/2027		07/27/2015		20,062		20,017		0.0	(A)
Municipal Government Obligations	Cleveland-Cuyahoga County Port Authority Revenue Bonds Series A 7.05%, 11/15/2040		04/11/2014		92,766		95,091		0.1
Municipal Government Obligations	Public Finance Authority Revenue Bonds 5.00%, 04/01/2022		05/01/2017		25,171		25,459		0.0	(A)
Total				$	373,554	$	382,714		0.4	%

(D)	Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2020; the maturity dates disclosed are the ultimate maturity dates.
(E)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(F)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

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

Transamerica Funds Annual Report 2020

Page    135

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(G)	Securities in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2020, the total value of such securities is $477,000, representing 0.5% 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 October 31, 2020, the value of this security is $50,028, representing 0.1% of the Fund’s net assets.
(J)	Rate disclosed reflects the yield at October 31, 2020.
(K)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

MUNICIPAL INSURER ABBREVIATIONS:

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

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2020

Page    136

Transamerica Inflation Opportunities

(unaudited)

MARKET ENVIRONMENT

Coming into the end of 2019, U.S. macro numbers were as good as they have been since the 2008 Global Financial Crisis, China had been stimulating its economy, corporate spreads ended the year at the tight end of their range, commodity prices had steadily improved, and oil ended the year at $61 per barrel. The federal funds rate’s lower bound was 1.50% in November 2019 and the 10-year Treasury yield had been steadily rising along with the improving economy and closed the year at 1.92%. Inflation-linked securities had performed on par with the nominal curve and 10-year breakevens ended the year at 179 basis points. The U.S. dollar (“USD”) had risen into September 2019 and then sold off as the U.S. Federal Reserve (the “Fed”) stepped in to support the repurchase market, which had shown signs of strain.

However, the environment changed rapidly with the onset of the Covid-19 pandemic in late February and early March. The economic deterioration occurred across the board, but impacted commodity-linked corporates especially negatively. During the height of the crisis, the strengthening dollar and U.S. nominal Treasuries led performance in a global flight to quality. However, the second half of the fiscal year saw the USD weaken versus the G7 currencies. Even with corporate credit spreads tightening, the outperformance of credit was overshadowed by the volatility of the USD.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Inflation Opportunities (Class A) returned 5.99%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays Global Inflation Linked Bond Index, returned 7.19%.

STRATEGY REVIEW

The USD’s volatility was the main driver of Fund performance over the fiscal year ended October 31, 2020. The peak to trough of the U.S. dollar index was over 10% during the period, and that made for a challenging environment for any USD-denominated fund measured against the Fund’s benchmark. Foreign exchange exposure was the main detractor from relative performance during the period while the Fund’s overweight to U.S. Treasurys Inflation Protected Securities and security selection within the asset class were additive to relative performance.

The strategy was well positioned for the market environment leading into the end of 2019. Given the bullish pre-COVID-19 backdrop described above, the Fund was underweight duration and overweight commodity-linked corporate bonds. During the initial flight to quality caused by the first wave of the pandemic, the strengthening dollar led to strong relative Fund performance due to an overweight to the USD. However, the Fund’s overweight to the USD detracted from relative performance during the second half of the period.

The top performing inflation-index-linked countries for the period were New Zealand, U.S., and Canada, all of which the Fund was overweight, and thereby contributed to performance. The Fund was underweight U.K. inflation-linked bonds (or linkers), which hurt performance during the period. We favored the natural-resource-heavy countries of Canada, Australia, and New Zealand, during the period and continue to favor commodity-based credits.

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

Robert A. Vanden Assem, CFA

Roberto Coronado

Gunter H. Seeger

Co-Portfolio Managers

PineBridge Investments LLC

Transamerica Funds Annual Report 2020

Page    137

Transamerica Inflation Opportunities

(unaudited)

Asset Allocation	Percentage of Net Assets
U.S. Government Obligations		52.5	%
Corporate Debt Securities		23.4
Foreign Government Obligations		21.2
Other Investment Company		2.3
Short-Term Investment Company		1.4
Asset-Backed Security		0.4
Preferred Stock		0.1
Net Other Assets (Liabilities) ^		(1.3	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		9.41
Duration †		7.87
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		52.5	%
AAA		6.8
AA		8.3
A		5.6
BBB		18.8
BB		3.6
B		0.1
Not Rated		5.6
Net Other Assets (Liabilities) ^		(1.3	)
Total		100.0	%

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

‡ Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

Transamerica Funds Annual Report 2020

Page    138

Transamerica Inflation Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		0.97	%		2.61	%		1.56	%		03/01/2014
Class A (NAV)		5.99	%		3.61	%		2.31	%		03/01/2014
Bloomberg Barclays Global Inflation Linked Bond Index (A)		7.19	%		4.02	%		2.83	%
Class C (POP)		4.23	%		2.85	%		1.55	%		03/01/2014
Class C (NAV)		5.23	%		2.85	%		1.55	%		03/01/2014
Class I (NAV)		6.33	%		3.87	%		2.56	%		03/01/2014
Class I2 (NAV)		6.23	%		3.91	%		2.61	%		03/01/2014
Class R6 (NAV)		6.33	%		N/A			3.82	%		07/25/2016

^(A) The Bloomberg Barclays Global Inflation Linked Bond Index cover eleven sovereign markets, quasi-sovereign issues in the Euro market and a full credit index in sterling.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

Fixed income investing is subject to credit risk, inflation risk, and interest rate risk. Investing in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the return of principal and income derived from these securities are not guaranteed and can fluctuate based on firm profitability and economic conditions. Interest payment on inflation-related debt securities will vary as the principal and/or interest is adjusted for inflation.

Transamerica Funds Annual Report 2020

Page    139

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITY - 0.4%
STORE Master Funding I-VII Series 2018-1A, Class A1, 3.96%, 10/20/2048 (A)		$383,471		$399,958
Total Asset-Backed Security (Cost $383,372)				399,958
CORPORATE DEBT SECURITIES - 23.4%
Banks - 11.2%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% (B), 11/16/2020 (C)		726,000		700,256
Bank of America Corp.
CPI-YoY + 1.10%, 2.09% (B), 11/19/2024, MTN		1,000,000		1,003,870
4.18%, 11/25/2027, MTN		528,000		604,173
Fixed until 04/24/2037, 4.24% (B), 04/24/2038		452,000		546,160
Barclays Bank PLC CPI-YoY + 1.00%, 1.99% (B), 05/22/2023, MTN (D) (E) (F)		2,600,000		2,650,700
BBVA Bancomer SA Fixed until 01/18/2028, 5.13% (B), 01/18/2033 (A)		321,000		316,586
BNP Paribas SA Fixed until 09/30/2027, 1.90% (B), 09/30/2028 (A)		609,000		606,321
Citigroup, Inc. 4.65%, 07/23/2048		710,000		920,306
Corestates Capital II 3-Month LIBOR + 0.65%, 0.89% (B), 01/15/2027 (A)		269,000		247,577
Credit Agricole SA Fixed until 01/10/2028, 4.00% (B), 01/10/2033 (A)		701,000		765,055
Natwest Group PLC
Fixed until 03/08/2022, 2.00% (B), 03/08/2023, MTN (G)		EUR  800,000		952,712
Fixed until 08/28/2030, 3.03% (B), 11/28/2035		$  381,000		369,540
UniCredit SpA Fixed until 06/30/2030, 5.46% (B), 06/30/2035 (A)		621,000		628,975
Zions Bancorp NA 3.25%, 10/29/2029		288,000		288,916
				10,601,147
Building Products - 0.1%
Masco Corp. 2.00%, 10/01/2030		69,000		68,935
Capital Markets - 1.7%
Deutsche Bank AG Fixed until 09/18/2023, 2.22% (B), 09/18/2024		235,000		237,368
Goldman Sachs Group, Inc. Fixed until 11/10/2022 (C), 5.00% (B) (H)		702,000		670,761
Morgan Stanley CPI-YoY + 2.00%, 2.99% (B), 04/25/2023 - 06/09/2023		643,000		665,641
				1,573,770

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals - 0.5%
Dow Chemical Co. 5.25%, 11/15/2041		$ 198,000		$ 244,853
LYB International Finance III LLC 3.63%, 04/01/2051		207,000		206,724
				451,577
Food Products - 0.5%
Smithfield Foods, Inc. 5.20%, 04/01/2029 (A)		371,000		428,609
Insurance - 1.0%
Athene Holding, Ltd. 3.50%, 01/15/2031		207,000		208,739
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 2.41% (B), 02/12/2067 (A)		898,000		783,552
				992,291
Metals & Mining - 2.7%
Anglo American Capital PLC 2.63%, 09/10/2030 (A)		207,000		207,156
AngloGold Ashanti Holdings PLC 3.75%, 10/01/2030		216,000		228,937
Glencore Funding LLC 4.00%, 04/16/2025 (A)		226,000		248,828
Newcrest Finance Pty, Ltd.
4.20%, 05/13/2050 (A) (H)		115,000		133,606
5.75%, 11/15/2041 (A)		446,000		591,281
Steel Dynamics, Inc.
3.25%, 01/15/2031		92,000		99,410
3.45%, 04/15/2030		65,000		71,377
Teck Resources, Ltd.
3.90%, 07/15/2030		149,000		156,246
6.25%, 07/15/2041		650,000		743,305
Vale Overseas, Ltd. 3.75%, 07/08/2030		88,000		92,663
				2,572,809
Multi-Utilities - 0.2%
WEC Energy Group, Inc. 3-Month LIBOR + 2.11%, 2.39% (B), 05/15/2067		219,000		178,100
Oil, Gas & Consumable Fuels - 5.2%
Apache Corp.
4.25%, 01/15/2030		300,000		265,125
4.88%, 11/15/2027		50,000		46,925
BP Capital Markets America, Inc. 3.00%, 02/24/2050		533,000		499,918
Cenovus Energy, Inc. 4.25%, 04/15/2027		397,000		404,170
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/2029		99,000		103,434
Enable Midstream Partners, LP 4.95%, 05/15/2028		253,000		242,652
Enbridge, Inc. Fixed until 07/5/2027, 5.50% (B), 07/15/2077		731,000		698,178
Energy Transfer Operating, LP
5.80%, 06/15/2038		315,000		321,173
Fixed until 02/15/2023 (C), 6.25% (B)		691,000		463,454

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

Transamerica Funds Annual Report 2020

Page    140

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
EnLink Midstream Partners, LP Fixed until 12/15/2022 (C), 6.00% (B)		$ 133,000		$ 55,860
Enterprise Products Operating LLC
3.20%, 02/15/2052		247,000		228,225
Fixed until 08/16/2027, 5.25% (B), 08/16/2077		243,000		229,477
Kinder Morgan, Inc. 5.05%, 02/15/2046		155,000		174,065
MPLX, LP
2.65%, 08/15/2030		191,000		183,811
4.25%, 12/01/2027		346,000		383,581
Fixed until 02/15/2023 (C), 6.88% (B) (H)		348,000		292,376
Noble Energy, Inc. 3.85%, 01/15/2028		113,000		129,126
Valero Energy Corp. 2.15%, 09/15/2027		169,000		161,412
				4,882,962
Transportation Infrastructure - 0.3%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.35%, 11/01/2029 (A)		264,000		281,779
Total Corporate Debt Securities (Cost $21,858,569)				22,031,979
FOREIGN GOVERNMENT OBLIGATIONS - 21.2%
Australia - 3.0%
Australia Government Bond 0.75%, 11/21/2027 (G)		AUD  3,500,000		2,853,923
Canada - 3.4%
Canada Government Real Return Bond 4.25%, 12/01/2021		CAD  4,040,418		3,181,749
Italy - 1.9%
Italy Buoni Poliennali del Tesoro 0.55%, 05/21/2026 (G)		EUR  1,496,130		1,762,506
Mexico - 3.5%
Mexico Udibonos
Series S,
2.50%, 12/10/2020		MXN  17,990,054		851,664
4.50%, 12/04/2025		45,959,991		2,485,737
				3,337,401
New Zealand - 5.1%
New Zealand Government Inflation-Linked Bond 2.00%, 09/20/2025 (G)		NZD  5,850,000		4,849,955
Spain - 1.2%
Spain Government Inflation-Linked Bond
0.30%, 11/30/2021		EUR  2,100		2,479
1.00%, 11/30/2030 (G)		833,176		1,137,813
				1,140,292

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Kingdom - 3.1%
U.K. Gilt Inflation-Linked
0.13%, 03/22/2029 - 03/22/2044 (G)		GBP  907,888		$ 2,081,974
1.25%, 11/22/2032 (G)		398,521		828,585
				2,910,559
Total Foreign Government Obligations (Cost $19,996,877)				20,036,385
U.S. GOVERNMENT OBLIGATIONS - 52.5%
U.S. Treasury - 0.6%
U.S. Treasury Note 1.50%, 02/15/2030		$500,000		530,781
U.S. Treasury Inflation-Protected Securities - 51.9%
U.S. Treasury Inflation-Indexed Bond
0.75%, 02/15/2045		2,538,418		3,166,610
1.00%, 02/15/2046		2,084,015		2,752,229
1.38%, 02/15/2044		2,453,286		3,429,521
2.13%, 02/15/2040		841,701		1,270,442
2.38%, 01/15/2025		2,895,396		3,333,438
3.38%, 04/15/2032		1,757,016		2,629,210
3.88%, 04/15/2029		2,055,183		2,919,885
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2021 - 01/15/2030		10,319,771		10,818,102
0.13%, 04/15/2025 (H)		1,811,088		1,914,188
0.25%, 01/15/2025 - 07/15/2029		2,926,106		3,186,256
0.38%, 07/15/2023 - 07/15/2027		4,481,480		4,816,801
0.50%, 01/15/2028		1,580,430		1,756,222
0.63%, 04/15/2023 - 01/15/2026		5,980,422		6,397,845
1.13%, 01/15/2021		522,746		523,471
				48,914,220
Total U.S. Government Obligations (Cost $43,870,884)				49,445,001
	Shares		Value
PREFERRED STOCK - 0.1%
Banks - 0.1%
Banco Santander SA, Series 6, 3-Month LIBOR + 0.52%, 4.00% (B)		3,100		78,275
Total Preferred Stock (Cost $74,547)				78,275
SHORT-TERM INVESTMENT COMPANY - 1.4%
Money Market Fund - 1.4%
State Street Institutional U.S. Government Money Market Fund, 0.03 (I)		1,377,314		1,377,314
Total Short-Term Investment Company (Cost $1,377,314)				1,377,314

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

Transamerica Funds Annual Report 2020

Page    141

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
OTHER INVESTMENT COMPANY - 2.3%
Securities Lending Collateral - 2.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (I)		2,135,000		$ 2,135,000
Total Other Investment Company (Cost $2,135,000)				2,135,000
Total Investments (Cost $89,696,563)				95,503,912
Net Other Assets (Liabilities) - (1.3)%				(1,270,732	)
Net Assets - 100.0%				$94,233,180

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation			Unrealized Depreciation
JPMS		01/14/2021		USD	1,431,363		AUD	2,017,000		$	13,044		$	—
JPMS		01/14/2021		USD	3,885,163		EUR	3,291,000			45,111			—
JPMS		01/14/2021		USD	2,860,040		GBP	2,200,000			8,249			—
JPMS		01/14/2021		USD	3,093,367		MXN	66,000,000			7,827			—
JPMS		01/14/2021		USD	3,313,602		NZD	4,996,855			9,532			—
Total										$	83,763		$	—

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 Security	$	—	$	399,958	$	—	$	399,958
Corporate Debt Securities		—		19,381,279		2,650,700		22,031,979
Foreign Government Obligations		—		20,036,385		—		20,036,385
U.S. Government Obligations		—		49,445,001		—		49,445,001
Preferred Stock		78,275		—		—		78,275
Short-Term Investment Company		1,377,314		—		—		1,377,314
Other Investment Company		2,135,000		—		—		2,135,000
Total Investments	$	3,590,589	$	89,262,623	$	2,650,700	$	95,503,912
Other Financial Instruments
Forward Foreign Currency Contracts (K)	$	—	$	83,763	$	—	$	83,763
Total Other Financial Instruments	$	—	$	83,763	$	—	$	83,763

Level 3 Rollforward

Investments	Beginning Balance at October 31, 2019		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at October 31, 2020 (L)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at October 31, 2020
Corporate Debt Securities	$	2,603,900	$	—	$	—	$	2,448	$	—	$	44,352	$	2,650,700	$	—	$	2,650,700	$	44,352

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

Transamerica Funds Annual Report 2020

Page    142

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENT VALUATION (continued):

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
Corporate Debt Securities (E)	$	—	$	—	$	2,650,700	$	—

Quantitative Information About Significant Unobservable Inputs (Level 3):

Investments	Value at October 31, 2020		Valuation Technique	Unobservable Input Used as of October 31, 2020	Range of Input Values		Weighted Average of Input Values
Corporate Debt Securities		$  2,650,700	Market Quotation	Last Traded Price		$  101.95 - $  101.95		—

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 October 31, 2020, the total value of 144A securities is $5,639,283, representing 6.0% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	Perpetual maturity. The date displayed is the next call date.
(D)	Security is Level 3 of the fair value hierarchy.
(E)	Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.
(F)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2020, the value of the security is $2,650,700, representing 2.8% of the Fund’s net assets.
(G)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2020, the total value of Regulation S securities is $14,467,468, representing 15.4% of the Fund’s net assets.
(H)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,502,697, collateralized by cash collateral of $2,135,000 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $419,095. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(I)	Rates disclosed reflect the yields at October 31, 2020.
(J)	The Fund recognizes transfers in and out of Level 3 as of October 31, 2020. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(K)	Derivative instruments are valued at unrealized appreciation (depreciation).
(L)	Total value of Level 3 securities is 2.8% of the Fund’s net assets.

CURRENCY ABBREVIATIONS:

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

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

CPI-YoY	US Consumer Price Index Urban Consumers Year Over Year
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note

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

Transamerica Funds Annual Report 2020

Page    143

Transamerica Inflation-Protected Securities

(unaudited)

MARKET ENVIRONMENT

Coming into the end of 2019, U.S. macro numbers were as good as they have been since the 2008 Global Financial Crisis, China had been stimulating its economy, corporate spreads ended the year at the tight end of their range, commodity prices had steadily improved, and oil ended the year at $61 per barrel. The federal funds rate’s lower bound was 1.50% in November 2019 and the 10-year Treasury yield had been steadily rising along with the improving economy and closed the year at 1.92%. Inflation-linked securities had performed on par with the nominal curve and 10-year breakevens ended the year at 179 basis points. The U.S. dollar had risen into September 2019 and then sold off as the U.S. Federal Reserve (the “Fed”) stepped in to support the repurchase market, which had shown signs of strain.

However, the environment changed rapidly with the onset of the Covid-19 pandemic in late February and early March. The economic deterioration occurred across the board, but impacted commodity-linked corporates especially negatively.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Inflation-Protected Securities (Class R4) returned 7.39%. By comparison, its benchmark, the Bloomberg Barclays US Treasury Inflation Protected Securities Index, returned 9.09%.

STRATEGY REVIEW

The strategy was well positioned for the market environment leading into the end of 2019. Given the bullish pre-COVID-19 backdrop described above, the Fund was slightly underweight duration and overweight commodity-linked corporate bonds, and maintained some slight foreign exchange exposure due to an accommodative Fed helping the short-term repurchase and Treasury markets.

As markets unraveled with COVID-19 concerns, owning anything but U.S. government bonds hurt relative performance given that the benchmark is 100% U.S. Treasury Inflation Protected Securities (“TIPS”). The Fund was positioned with roughly 80% U.S. TIPS, so while owning other asset classes proved to be the right strategy at the end of 2019, these allocations detracted from performance as the market saw a flight to quality. For the fiscal year ended October 31, 2020, U.S. TIPS outperformed all other assets in the Fund. While the non-U.S. TIPS holdings have recovered over the period, they have not yet caught up to their pre-crisis highs.

Security selection within the U.S. TIPS asset class was a positive contributor to performance over the period, but yield curve positioning (underweight U.S. duration) detracted from performance during the period.

We favor natural-resource-heavy countries of Canada, Australia, and New Zealand during the period, and continue to do so. The first four months of the year damaged the corporate credit market and that market continues to recover gradually, though it is still away from the tights of 2019, and we continue to favor commodity-based credits. The Fund’s Commercial Mortgage Backed Securities weight was reduced in late 2019, and while not contributing to overall performance during the period, the decision to reduce that exposure was beneficial.

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

Robert A. Vanden Assem, CFA

Roberto Coronado

Gunter H. Seeger

Co-Portfolio Managers

PineBridge Investments LLC

Transamerica Funds Annual Report 2020

Page    144

Transamerica Inflation-Protected Securities

(unaudited)

Asset Allocation	Percentage of Net Assets
U.S. Government Obligations		81.2	%
Foreign Government Obligations		9.2
Corporate Debt Securities		8.9
Other Investment Company		0.6
Mortgage-Backed Security		0.5
Short-Term Investment Company		0.0	*
Net Other Assets (Liabilities) ^		(0.4	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		8.89
Duration †		7.90
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		81.2	%
AAA		4.7
AA		4.3
A		1.6
BBB		6.4
BB		0.8
Not Rated		1.4
Net Other Assets (Liabilities) ^		(0.4	)
Total		100.0	%

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

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

‡ Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

Transamerica Funds Annual Report 2020

Page    145

Transamerica Inflation-Protected Securities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		7.59	%		N/A			4.29	%		04/21/2017
Class R (NAV)		7.08	%		N/A			3.80	%		04/21/2017
Class R4 (NAV)		7.39	%		3.71	%		2.59	%		09/11/2000
Bloomberg Barclays US Treasury Inflation Protected Securities Index (A)		9.09	%		4.42	%		3.24	%

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

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

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

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

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

Any U.S. government guarantees of the securities held in this investment Fund pertain only to those securities and not the Fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. The value of bonds and bond funds generally falls when interest rates rise, causing an investor to lose money upon sale or redemption. Market values of inflation-protected securities can be affected by changes in the market’s inflation expectations or changes in real rates of interest.

Transamerica Funds Annual Report 2020

Page    146

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES - 8.9%
Banks - 4.3%
BAC Capital Trust XIV 3-Month LIBOR + 0.40%, 4.00% (A), 11/16/2020 (B)		$394,000		$380,029
Bank of America Corp.
Fixed until 07/23/2030, 1.90% (A), 07/23/2031, MTN		588,000		580,844
4.18%, 11/25/2027, MTN		508,000		581,287
Fixed until 04/24/2037, 4.24% (A), 04/24/2038		425,000		513,535
BNP Paribas SA Fixed until 09/30/2027, 1.90% (A), 09/30/2028 (C)		363,000		361,403
Citigroup, Inc. 4.65%, 07/23/2048		747,000		968,266
Credit Agricole SA Fixed until 01/10/2028, 4.00% (A), 01/10/2033 (C)		449,000		490,028
JPMorgan Chase & Co. Fixed until 05/13/2030, 2.96% (A), 05/13/2031		278,000		296,056
Natwest Group PLC
Fixed until 08/28/2030, 3.03% (A), 11/28/2035		200,000		193,984
Fixed until 06/25/2023, 4.52% (A), 06/25/2024		390,000		423,274
				4,788,706
Building Products - 0.0% (D)
Masco Corp. 2.00%, 10/01/2030		39,000		38,963
Capital Markets - 0.1%
Deutsche Bank AG Fixed until 09/18/2023, 2.22% (A), 09/18/2024		150,000		151,512
Chemicals - 0.1%
LYB International Finance III LLC 3.63%, 04/01/2051		126,000		125,832
Food Products - 0.2%
Smithfield Foods, Inc. 5.20%, 04/01/2029 (C)		200,000		231,056
Insurance - 0.5%
Athene Holding, Ltd. 3.50%, 01/15/2031		126,000		127,058
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 2.41% (A), 02/12/2067 (C)		487,000		424,933
				551,991
Media - 0.1%
Comcast Corp. 4.60%, 10/15/2038		86,000		109,601
Metals & Mining - 1.1%
Anglo American Capital PLC 2.63%, 09/10/2030 (C)		207,000		207,156
AngloGold Ashanti Holdings PLC 3.75%, 10/01/2030		200,000		211,979
Newcrest Finance Pty, Ltd. 4.20%, 05/13/2050 (C)		62,000		72,031

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
Newmont Corp. 2.25%, 10/01/2030		$ 148,000		$ 152,655
Steel Dynamics, Inc.
3.25%, 01/15/2031		50,000		54,027
3.45%, 04/15/2030		31,000		34,041
Teck Resources, Ltd.
3.90%, 07/15/2030		82,000		85,988
6.25%, 07/15/2041		284,000		324,767
Vale Overseas, Ltd. 3.75%, 07/08/2030		49,000		51,596
				1,194,240
Multi-Utilities - 0.1%
WEC Energy Group, Inc. 3-Month LIBOR + 2.11%, 2.39% (A), 05/15/2067		119,000		96,776
Oil, Gas & Consumable Fuels - 2.3%
Apache Corp.
4.25%, 01/15/2030		140,000		123,725
4.88%, 11/15/2027		28,000		26,278
BP Capital Markets America, Inc. 3.00%, 02/24/2050		263,000		246,676
Cenovus Energy, Inc. 4.25%, 04/15/2027		166,000		168,998
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/2029		45,000		47,016
Enable Midstream Partners, LP 4.95%, 05/15/2028		169,000		162,088
Enbridge, Inc. Fixed until 07/15/2027, 5.50% (A), 07/15/2077		397,000		379,175
Energy Transfer Operating, LP
5.80%, 06/15/2038		171,000		174,351
Fixed until 02/15/2023 (B), 6.25% (A) (E)		375,000		251,512
Enterprise Products Operating LLC
3.20%, 02/15/2052		138,000		127,511
Fixed until 08/16/2027, 5.25% (A), 08/16/2077		132,000		124,654
Kinder Morgan, Inc. 5.05%, 02/15/2046 (E)		88,000		98,824
MPLX, LP
2.65%, 08/15/2030		108,000		103,935
4.25%, 12/01/2027		187,000		207,311
Fixed until 02/15/2023 (B), 6.88% (A)		189,000		158,790
Noble Energy, Inc. 3.85%, 01/15/2028		62,000		70,848
Valero Energy Corp. 2.15%, 09/15/2027		98,000		93,600
				2,565,292
Transportation Infrastructure - 0.1%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.35%, 11/01/2029 (C)		118,000		125,946
Total Corporate Debt Securities (Cost $9,636,065)				9,979,915

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

Transamerica Funds Annual Report 2020

Page    147

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 9.2%
Australia - 1.7%
Australia Government Bond 0.75%, 11/21/2027 (F)		AUD  2,300,000		$ 1,875,435
Canada - 2.5%
Canada Government Real Return Bond 4.25%, 12/01/2021		CAD  3,586,901		2,824,614
Italy - 0.8%
Italy Buoni Poliennali del Tesoro 0.55%, 05/21/2026 (F)		EUR  749,385		882,808
New Zealand - 2.9%
New Zealand Government Inflation-Linked Bond 2.00%, 09/20/2025 (F)		NZD  3,900,000		3,233,303
United Kingdom - 1.3%
U.K. Gilt Inflation-Linked 0.13%, 03/22/2024 - 03/22/2044 (F)		GBP  871,203		1,479,773
Total Foreign Government Obligations (Cost $9,646,847)				10,295,933
MORTGAGE-BACKED SECURITY - 0.5%
Jackson Park Trust Series 2019-LIC, Class A, 2.77%, 10/14/2039 (C)		$500,000		524,576
Total Mortgage-Backed Security (Cost $496,059)				524,576
U.S. GOVERNMENT OBLIGATIONS - 81.2%
U.S. Treasury Inflation-Protected Securities - 81.2%
U.S. Treasury Inflation-Indexed Bond
0.25%, 02/15/2050		1,010,880		1,160,288
0.63%, 02/15/2043		50,868		61,474
0.75%, 02/15/2042 - 02/15/2045		3,599,162		4,468,929
1.00%, 02/15/2046 - 02/15/2048		4,503,547		6,009,731
1.38%, 02/15/2044		2,286,029		3,195,708
1.75%, 01/15/2028		2,561,736		3,088,393
2.00%, 01/15/2026		2,795,633		3,264,830
2.13%, 02/15/2040 - 02/15/2041		2,847,674		4,316,357
2.38%, 01/15/2025 - 01/15/2027		4,646,388		5,510,056
2.50%, 01/15/2029		1,053,005		1,359,940
3.38%, 04/15/2032		529,155		791,830
3.63%, 04/15/2028		763,254		1,034,641
3.88%, 04/15/2029		2,529,456		3,593,705

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities (continued)
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2021 - 01/15/2030		$ 21,431,126		$ 22,217,568
0.13%, 04/15/2025 (E)		573,511		606,160
0.25%, 01/15/2025		2,962,629		3,139,615
0.38%, 07/15/2023 - 07/15/2027		11,426,844		12,256,706
0.50%, 01/15/2028		1,053,550		1,170,737
0.63%, 04/15/2023 - 01/15/2026		9,397,204		10,020,065
0.75%, 07/15/2028		1,035,360		1,180,823
1.13%, 01/15/2021		2,732,538		2,736,327
Total U.S. Government Obligations (Cost $82,779,897)				91,183,883
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.0% (D)
Money Market Fund - 0.0% (D)
State Street Institutional U.S. Government Money Market Fund, 0.03% (G)		31,014		31,014
Total Short-Term Investment Company (Cost $31,014)				31,014
OTHER INVESTMENT COMPANY - 0.6%
Securities Lending Collateral - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (G)		619,608		619,608
Total Other Investment Company (Cost $619,608)				619,608
Total Investments (Cost $103,209,490)				112,634,929
Net Other Assets (Liabilities) - (0.4)%				(412,573	)
Net Assets - 100.0%				$112,222,356

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation			Unrealized Depreciation
JPMS		01/14/2021		USD	1,525,746		AUD	2,150,000		$	13,904		$	—
JPMS		01/14/2021		USD	2,364,466		CAD	3,110,000			29,222			—
JPMS		01/14/2021		USD	844,087		EUR	715,000			9,801			—
JPMS		01/14/2021		USD	1,448,220		GBP	1,114,000			4,177			—
JPMS		01/14/2021		USD	2,837,612		NZD	4,279,070			8,163			—
Total										$	65,267		$	—

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

Transamerica Funds Annual Report 2020

Page    148

Transamerica Inflation-Protected Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENT VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	9,979,915	$	—	$	9,979,915
Foreign Government Obligations		—		10,295,933		—		10,295,933
Mortgage-Backed Security		—		524,576		—		524,576
U.S. Government Obligations		—		91,183,883		—		91,183,883
Short-Term Investment Company		31,014		—		—		31,014
Other Investment Company		619,608		—		—		619,608
Total Investments	$	650,622	$	111,984,307	$	—	$	112,634,929
Other Financial Instruments
Forward Foreign Currency Contracts (I)	$	—	$	65,267	$	—	$	65,267
Total Other Financial Instruments	$	—	$	65,267	$	—	$	65,267

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Perpetual maturity. The date displayed is the next call date.
(C)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2020, the total value of 144A securities is $2,437,129, representing 2.2% of the Fund’s net assets.
(D)	Percentage rounds to less than 0.1% or (0.1)%.
(E)	All or a portion of the securities are on loan. The total value of all securities on loan is $842,374, collateralized by cash collateral of $619,608 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $239,940. 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)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2020, the total value of Regulation S securities is $7,471,319, representing 6.7% of the Fund’s net assets.
(G)	Rates disclosed reflect the yields at October 31, 2020.
(H)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(I)	Derivative instruments are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

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

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note

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

Transamerica Funds Annual Report 2020

Page    149

Transamerica Intermediate Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2020 began with U.S. markets near all-time highs, though global trade tensions persisted, and manufacturing Purchasing Managers’ Indexes (“PMIs”) softened. It was risk on for markets as equities led the way in total and risk-adjusted returns, followed by high yield, then investment grade. Treasuries retreated toward the end of 2019.

Worries around trade ceded to concerns over the COVID-19 outbreak early in 2020. Confidence dropped rapidly as the country grappled with a worsening outbreak that eventually led to widespread stay at home orders and the closure of nonessential businesses. Gross Domestic Product (“GDP”) and private investment contracted, and risk assets declined meaningfully. PMIs declined materially, and GDP eventually faced a historic decline. Equities led the way down with peak-to-trough losses of approximately one third, and high yield bonds posted double digit declines. U.S. Treasuries rallied aggressively as investors fled risk assets.

Markets rebounded in the second quarter, after aggressive monetary stimulus from the U.S. Federal Reserve (“Fed”) and fiscal stimulus from the Federal Government gave markets the confidence that the worst may be over. The damage to the U.S. economy was historic with second quarter GDP declining by over 31%. Economic activity and the employment market improved materially by the end of the fiscal year, albeit both were still lower than they had been at the end of 2019.

Nonfarm payroll gains were a bright spot in October 2020, coming in higher than expected. Both the labor force and employment grew over the month, which led to meaningfully higher headline employment and labor force participation rates. Consumer confidence slightly retreated as an upbeat reading on present conditions was overshadowed by more muted expectations. Headline personal income which was propped up by government unemployment benefits that largely expired in July, advanced nonetheless in September, and spending growth accelerated.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Intermediate Bond (Class R4) returned 5.49%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 6.19%.

STRATEGY REVIEW

Over the past year, the Fund remained overweight to spread-based assets relative to the benchmark, given the portfolio management team’s views on expected risk-adjusted returns of the assets. Portions of securitized credit tied to commercial real estate were negatively affected by changes to the economy due to COVID-19, and commercial mortgage-backed securities (“CMBS”) and other portions of the structured market detracted from returns in the period, though, in most cases, we continue to believe they offer attractive investment opportunities given their robust structural protections and an improving economic backdrop.

Within investment grade corporate credit, financials were preferred over industrials due to strong capital positions and lower expected event risk. During the period, portfolio managers became more biased toward intermediate-dated credit given the steeper credit curves compared to short-dated corporate credit.

During the one-year period, relative performance for the portfolio was driven by the overweight to spread-based assets. Carry contributed positively to relative returns but was offset by negative contributions from spread factors. Risk-based assets rallied during the second and third quarters, but not enough to offset losses during the first quarter. Yield curve positioning was also a detractor as Treasury rates moved lower.

At an asset class level, the portfolio’s allocation to longer duration Treasury securities compared to the benchmark’s Treasury holdings contributed positively to relative returns, as did the portfolio’s underweight allocation to agency residential mortgage-backed securities (“RMBS”). These positives were partially offset by the portfolio’s allocation to shorter duration CMBS and Asset Backed Securities.

Security selection within investment grade corporate credit detracted from returns. Within investment grade corporate credit, an overweight allocation to communications and security selection in consumer non-cyclicals and capital goods contributed positively to relative returns. Security selection in transportation and overweight allocations to energy and REITs detracted.

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Doug Weih, CFA

Brian W. Westhoff, CFA

Sivakumar N. Rajan

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2020

Page    150

Transamerica Intermediate Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		36.7	%
U.S. Government Obligations		21.1
U.S. Government Agency Obligations		19.7
Commercial Paper		13.5
Mortgage-Backed Securities		10.4
Asset-Backed Securities		6.9
Short-Term U.S. Government Obligations		3.3
Repurchase Agreement		2.0
Foreign Government Obligations		1.4
Other Investment Company		0.8
Municipal Government Obligations		0.7
Preferred Stocks		0.1
Net Other Assets (Liabilities)		(16.6	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		7.99
Duration †		6.06

Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		44.1	%
AAA		14.5
AA		4.2
A		11.1
BBB		24.4
BB		3.3
B		0.2
CCC and Below		0.2
Not Rated		14.6
Net Other Assets (Liabilities)		(16.6	)
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.

Transamerica Funds Annual Report 2020

Page    151

Transamerica Intermediate Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		5.74	%		N/A			4.82	%		03/24/2017
Class I3 (NAV)		5.83	%		N/A			4.80	%		03/24/2017
Class R (NAV)		5.29	%		N/A			4.28	%		03/24/2017
Class R4 (NAV)		5.49	%		4.00	%		3.72	%		09/11/2000
Bloomberg Barclays US Aggregate Bond Index (A)		6.19	%		4.08	%		3.55	%

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

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

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

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

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

Any U.S. government guarantees of the securities held in the Fund pertain only to those securities and not the Fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. The value of bonds and bond funds generally falls when interest rates rise, causing an investor to lose money upon sale or redemption.

Transamerica Funds Annual Report 2020

Page    152

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES - 6.9%
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 1.15% (A), 07/18/2027 (B)		$6,990,194		$6,921,760
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (B)		722,214		722,751
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 1.43% (A), 10/18/2030 (B)		11,780,000		11,699,837
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (B)		642,777		657,140
ICG CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 1.22%, 1.44% (A), 01/20/2030 (B)		2,743,714		2,700,372
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048 (B)		604,993		638,711
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (B)		878,000		919,778
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (B)		1,152,593		1,243,358
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (B)		2,095,245		2,146,277
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% (A), 04/25/2057 (B)		546,389		552,110
MVW Owner Trust
Series 2014-1A, Class A, 2.25%, 09/22/2031 (B)		453,847		454,791
Series 2016-1A, Class A, 2.25%, 12/20/2033 (B)		1,822,226		1,826,205
Series 2019-1A, Class A, 2.89%, 11/20/2036 (B)		999,409		1,025,969
New Residential Advance Receivables Trust Series 2020-T1, Class AT1, 1.43%, 08/15/2053 (B)		11,450,000		11,460,879
NRZ Advance Receivables Trust
Series 2020-T2, Class AT2,
1.48%, 09/15/2053 (B)		10,770,000		10,787,985
Series 2020-T3, Class AT3,
1.32%, 10/15/2052 (B)		1,240,000		1,241,111
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 1.41% (A), 01/20/2031 (B)		3,600,000		3,557,416
Ocwen Master Advance Receivables Trust Series 2020-T1, Class AT1, 1.28%, 08/15/2052 (B)		5,918,000		5,936,798

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Orange Lake Timeshare Trust
Series 2015-AA, Class A, 2.88%, 09/08/2027 (B)		$ 520,053		$ 524,311
Series 2018-A, Class A, 3.10%, 11/08/2030 (B)		1,824,825		1,866,839
Series 2018-A, Class B, 3.35%, 11/08/2030 (B)		1,493,026		1,516,212
Series 2019-A, Class A, 3.06%, 04/09/2038 (B)		1,062,461		1,091,424
Palmer Square CLO, Ltd. Series 2015-2A, Class A1R2, 3-Month LIBOR + 1.10%, 1.32% (A), 07/20/2030 (B)		6,450,000		6,364,060
RAAC Trust Series 2007-RP4, Class A, 1-Month LIBOR + 0.35%, 0.50% (A), 11/25/2046 (B)		621,952		586,081
Sierra Timeshare Receivables Funding LLC Series 2016-2A, Class A, 2.33%, 07/20/2033 (B)		578,491		580,954
SolarCity LMC LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (B)		1,839,177		1,854,682
Towd Point Mortgage Trust
Series 2015-4, Class A1B, 2.75% (A), 04/25/2055 (B)		295,371		296,980
Series 2015-5, Class A1B, 2.75% (A), 05/25/2055 (B)		1,944,269		1,960,475
Series 2015-6, Class A1B, 2.75% (A), 04/25/2055 (B)		1,489,800		1,514,661
Series 2016-2, Class A1A, 2.75% (A), 08/25/2055 (B)		1,741,633		1,783,500
Series 2016-3, Class A1, 2.25% (A), 04/25/2056 (B)		2,722,706		2,754,693
Series 2016-4, Class A1, 2.25% (A), 07/25/2056 (B)		2,225,523		2,260,748
Series 2017-1, Class A1, 2.75% (A), 10/25/2056 (B)		2,751,151		2,819,831
Series 2017-2, Class A1, 2.75% (A), 04/25/2057 (B)		3,285,215		3,372,937
Series 2017-3, Class A1, 2.75% (A), 07/25/2057 (B)		1,009,453		1,038,659
Series 2018-1, Class A1, 3.00% (A), 01/25/2058 (B)		9,189,919		9,590,344
Series 2020-4, Class A1, 1.75%, 10/25/2060 (B)		3,994,000		4,066,160
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (B)		3,945,000		4,048,112
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (B)		2,368,879		2,382,475
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (B)		3,347,655		3,386,962
Wellfleet CLO, Ltd. Series 2016-2A, Class A1R, 3-Month LIBOR + 1.14%, 1.36% (A), 10/20/2028 (B)		7,991,408		7,928,676
Total Asset-Backed Securities (Cost $127,059,780)				128,083,024

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

Transamerica Funds Annual Report 2020

Page    153

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES - 36.7%
Aerospace & Defense - 0.7%
BAE Systems PLC 3.40%, 04/15/2030 (B)		$ 2,003,000		$ 2,228,087
Boeing Co.
3.50%, 03/01/2039		2,225,000		2,015,039
5.15%, 05/01/2030		3,665,000		4,050,306
Huntington Ingalls Industries, Inc. 3.84%, 05/01/2025 (B)		1,592,000		1,751,744
L3 Harris Technologies, Inc. 2.90%, 12/15/2029		2,149,000		2,345,324
				12,390,500
Airlines - 0.6%
American Airlines Pass-Through Trust 3.20%, 12/15/2029		186		172
Delta Air Lines Pass-Through Trust 6.82%, 02/10/2024		2,692,057		2,732,130
JetBlue Pass-Through Trust 2.75%, 11/15/2033		4,325,607		4,213,366
Southwest Airlines Co. Pass-Through Trust 6.15%, 02/01/2024		136,102		140,600
United Airlines Pass-Through Trust 3.75%, 03/03/2028		2,603,117		2,517,097
US Airways Pass-Through Trust 5.38%, 05/15/2023		1,951,176		1,657,056
				11,260,421
Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025 (C)		2,046,000		2,230,647
Automobiles - 0.2%
General Motors Co.
4.88%, 10/02/2023		2,058,000		2,245,904
6.25%, 10/02/2043		811,000		997,570
				3,243,474
Banks - 5.5%
Bank of America Corp.
Fixed until 02/13/2030, 2.50% (A), 02/13/2031, MTN		8,921,000		9,233,257
Fixed until 06/19/2040, 2.68% (A), 06/19/2041, MTN		2,845,000		2,872,425
Fixed until 12/20/2027, 3.42% (A), 12/20/2028		4,142,000		4,601,431
Barclays Bank PLC 10.18%, 06/12/2021 (B)		6,042,000		6,362,429
Barclays PLC 5.20%, 05/12/2026		1,652,000		1,856,303
CIT Group, Inc. 4.13%, 03/09/2021		555,000		558,469
Citigroup, Inc. Fixed until 10/27/2027, 3.52% (A), 10/27/2028		7,839,000		8,709,658
Commerzbank AG 8.13%, 09/19/2023 (B)		5,316,000		6,102,291
Credit Agricole SA 3.25%, 01/14/2030 (B)		4,080,000		4,356,535
Danske Bank A/S Fixed until 12/20/2024, 3.24% (A), 12/20/2025 (B)		4,622,000		4,898,960

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Discover Bank 3.45%, 07/27/2026		$ 4,042,000		$ 4,439,094
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (B)		2,945,000		3,107,999
JPMorgan Chase & Co.
Fixed until 05/13/2030, 2.96% (A), 05/13/2031		5,622,000		5,987,136
Fixed until 04/22/2040, 3.11% (A), 04/22/2041		3,970,000		4,250,620
4.13%, 12/15/2026		4,481,000		5,192,507
Lloyds Banking Group PLC
Fixed until 11/07/2022, 2.91% (A), 11/07/2023		2,121,000		2,206,158
Fixed until 07/09/2024, 3.87% (A), 07/09/2025		2,481,000		2,706,114
Macquarie Bank, Ltd. 3.62%, 06/03/2030 (B)		5,003,000		5,258,862
Natwest Group PLC Fixed until 08/28/2030, 3.03% (A), 11/28/2035		2,959,000		2,869,993
Santander UK Group Holdings PLC 5.63%, 09/15/2045 (B)		2,250,000		2,841,001
UniCredit SpA Fixed until 09/22/2025, 2.57% (A), 09/22/2026 (B)		5,485,000		5,436,241
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		6,475,000		7,324,035
Fixed until 06/15/2024 (D), 5.90% (A)		2,083,000		2,101,161
				103,272,679
Beverages - 0.8%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/2025		842,000		955,046
4.44%, 10/06/2048		2,483,000		2,887,218
4.75%, 01/23/2029		2,909,000		3,522,872
Constellation Brands, Inc.
3.15%, 08/01/2029		1,485,000		1,626,493
3.70%, 12/06/2026		1,061,000		1,209,048
Keurig Dr. Pepper, Inc. 3.20%, 05/01/2030		2,703,000		3,014,914
Pernod Ricard SA 4.45%, 01/15/2022 (B)		2,330,000		2,438,899
				15,654,490
Biotechnology - 0.5%
AbbVie, Inc.
3.20%, 05/14/2026		1,317,000		1,454,546
4.05%, 11/21/2039 (B)		1,787,000		2,049,247
Amgen, Inc. 2.20%, 02/21/2027		2,816,000		2,958,322
Biogen, Inc. 2.25%, 05/01/2030		1,859,000		1,873,305
Gilead Sciences, Inc. 4.15%, 03/01/2047		895,000		1,058,971
				9,394,391
Building Products - 0.1%
Carrier Global Corp. 2.72%, 02/15/2030 (B)		2,471,000		2,579,027

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

Transamerica Funds Annual Report 2020

Page    154

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets - 2.1%
Credit Suisse Group Funding Guernsey, Ltd. 3.75%, 03/26/2025		$ 3,730,000		$ 4,127,111
Deutsche Bank AG Fixed until 09/18/2030, 3.55% (A), 09/18/2031		2,673,000		2,716,952
Goldman Sachs Group, Inc. 6.75%, 10/01/2037		3,440,000		5,011,968
Intercontinental Exchange, Inc. 1.85%, 09/15/2032		3,885,000		3,853,487
Lazard Group LLC 4.50%, 09/19/2028		4,899,000		5,649,549
Morgan Stanley
Fixed until 01/22/2030, 2.70% (A), 01/22/2031, MTN		3,503,000		3,733,386
3.70%, 10/23/2024, MTN		4,716,000		5,240,861
5.00%, 11/24/2025		2,327,000		2,742,785
UBS AG 7.63%, 08/17/2022		4,959,000		5,522,393
				38,598,492
Chemicals - 0.4%
Nutrition & Biosciences, Inc. 2.30%, 11/01/2030 (B)		2,787,000		2,802,657
Syngenta Finance NV 3.93%, 04/23/2021 (B)		3,870,000		3,919,657
				6,722,314
Commercial Services & Supplies - 0.6%
Ashtead Capital, Inc. 4.25%, 11/01/2029 (B)		1,623,000		1,732,146
ERAC USA Finance LLC
2.70%, 11/01/2023 (B)		3,323,000		3,487,363
3.85%, 11/15/2024 (B)		2,280,000		2,503,258
Waste Connections, Inc. 2.60%, 02/01/2030		2,470,000		2,629,486
				10,352,253
Communications Equipment - 0.2%
Nokia OYJ 3.38%, 06/12/2022		3,636,000		3,713,265
Construction & Engineering - 1.1%
Quanta Services, Inc. 2.90%, 10/01/2030		2,099,000		2,190,807
SBA Tower Trust
2.84%, 01/15/2050 (B)		9,589,000		10,159,307
3.17%, 04/09/2047 (B)		3,423,000		3,462,240
3.45%, 03/15/2048 (B)		4,919,000		5,237,864
				21,050,218
Construction Materials - 0.4%
CRH America Finance, Inc. 4.50%, 04/04/2048 (B)		2,162,000		2,519,239
LafargeHolcim Finance LLC 4.75%, 09/22/2046 (B)		4,153,000		4,910,512
				7,429,751
Consumer Finance - 0.4%
Ally Financial, Inc. 3.88%, 05/21/2024		2,337,000		2,513,325

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
American Express Co. 4.05%, 12/03/2042		$ 1,567,000		$ 1,947,528
BMW US Capital LLC 2.80%, 04/11/2026 (B)		3,613,000		3,889,913
				8,350,766
Containers & Packaging - 0.0% (E)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.13%, 07/15/2023 (B) (F)		174,000		176,175
Diversified Consumer Services - 0.0% (E)
President & Fellows of Harvard College 3.62%, 10/01/2037		491,000		574,346
Diversified Financial Services - 0.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.50%, 09/15/2023		2,876,000		2,986,743
6.50%, 07/15/2025		736,000		810,888
Aviation Capital Group LLC 5.50%, 12/15/2024 (B)		5,865,000		6,106,635
Element Fleet Management Corp. 3.85%, 06/15/2025 (B)		2,390,000		2,542,605
				12,446,871
Diversified Telecommunication Services - 1.1%
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		2,295,000		2,358,113
Level 3 Financing, Inc. 3.40%, 03/01/2027 (B)		2,673,000		2,859,495
Sprint Capital Corp. 6.88%, 11/15/2028		822,000		1,039,830
Verizon Communications, Inc.
1.68%, 10/30/2030 (B)		6,559,000		6,480,288
2.99%, 10/30/2056 (B)		7,743,000		7,842,754
				20,580,480
Electric Utilities - 1.8%
Appalachian Power Co. 3.40%, 06/01/2025		3,399,000		3,721,679
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		345,000		429,695
DTE Electric Co. 4.30%, 07/01/2044		4,094,000		5,046,420
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		9,107,000		10,185,287
Duke Energy Progress LLC 3.60%, 09/15/2047		1,530,000		1,755,062
Entergy Arkansas LLC 3.70%, 06/01/2024		838,000		918,364
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		2,542,000		2,662,323
5.30%, 06/01/2042		397,000		553,771
Pacific Gas & Electric Co. 2.50%, 02/01/2031		2,745,000		2,595,289
PacifiCorp
3.60%, 04/01/2024		3,188,000		3,482,628
5.75%, 04/01/2037		301,000		417,232

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

Transamerica Funds Annual Report 2020

Page    155

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal			Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		$ 1,628,000			$ 1,783,763
					33,551,513
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp. 2.80%, 02/15/2030		2,790,000			3,045,659
Arrow Electronics, Inc. 3.88%, 01/12/2028		2,026,000			2,253,244
Keysight Technologies, Inc. 4.60%, 04/06/2027		3,039,000			3,541,825
					8,840,728
Energy Equipment & Services - 0.2%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (B)		3,648,000			3,901,062
Schlumberger Investment SA 3.65%, 12/01/2023		629,000			676,736
					4,577,798
Equity Real Estate Investment Trusts - 1.9%
Agree, LP 2.90%, 10/01/2030		1,359,000			1,397,428
American Tower Trust #1 3.65%, 03/15/2048 (B)		2,000,000			2,199,627
Corporate Office Properties, LP 2.25%, 03/15/2026		1,319,000			1,334,553
CyrusOne, LP / CyrusOne Finance Corp. 2.90%, 11/15/2024		2,578,000			2,735,310
Equinix, Inc. 5.38%, 05/15/2027		2,855,000			3,112,419
Federal Realty Investment Trust 1.25%, 02/15/2026		2,448,000			2,441,180
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		2,441,000			2,603,286
Healthpeak Properties, Inc. 3.50%, 07/15/2029		2,242,000	��		2,486,586
Highwoods Realty, LP 3.05%, 02/15/2030		3,133,000			3,225,076
Life Storage, LP 4.00%, 06/15/2029		2,326,000			2,635,140
Mid-America Apartments, LP 1.70%, 02/15/2031		1,633,000			1,583,084
National Retail Properties, Inc. 2.50%, 04/15/2030		2,703,000			2,678,707
Realty Income Corp. 3.25%, 01/15/2031		1,317,000			1,440,604
Weyerhaeuser Co. 4.00%, 04/15/2030		3,090,000			3,585,649
WP Carey, Inc. 2.40%, 02/01/2031		1,069,000			1,055,371
					34,514,020
Food & Staples Retailing - 0.5%
Sysco Corp. 3.30%, 07/15/2026		3,329,000			3,630,040
Walmart, Inc. 3.63%, 12/15/2047		4,540,000			5,537,180
					9,167,220

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products - 0.2%
Campbell Soup Co. 2.38%, 04/24/2030		$ 3,596,000		$ 3,712,031
Health Care Equipment & Supplies - 0.8%
Abbott Laboratories 1.40%, 06/30/2030		1,391,000		1,387,758
Alcon Finance Corp. 2.75%, 09/23/2026 (B)		1,862,000		2,017,347
Boston Scientific Corp. 4.70%, 03/01/2049		2,810,000		3,636,294
Danaher Corp. 2.60%, 10/01/2050		2,590,000		2,575,575
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030		2,900,000		3,144,742
Smith & Nephew PLC 2.03%, 10/14/2030		2,672,000		2,658,129
				15,419,845
Health Care Providers & Services - 1.5%
Anthem, Inc. 2.25%, 05/15/2030		2,615,000		2,687,325
Centene Corp. 3.38%, 02/15/2030		2,847,000		2,957,321
Cigna Corp. 2.40%, 03/15/2030		2,542,000		2,637,029
CVS Health Corp.
2.70%, 08/21/2040		1,949,000		1,860,715
3.75%, 04/01/2030		3,846,000		4,360,834
HCA, Inc.
4.13%, 06/15/2029		1,049,000		1,190,421
5.25%, 04/15/2025		1,007,000		1,166,355
Health Care Service Corp. 2.20%, 06/01/2030 (B)		2,951,000		3,015,549
Quest Diagnostics, Inc. 4.20%, 06/30/2029		4,194,000		4,941,215
UnitedHealth Group, Inc. 2.00%, 05/15/2030		2,395,000		2,492,230
				27,308,994
Household Durables - 0.2%
D.R. Horton, Inc. 4.38%, 09/15/2022		3,547,000		3,758,940
Industrial Conglomerates - 0.2%
Carlisle Cos., Inc. 3.75%, 12/01/2027		2,099,000		2,359,555
General Electric Co. 6.88%, 01/10/2039, MTN		1,563,000		2,069,786
				4,429,341
Insurance - 1.4%
American International Group, Inc.
4.20%, 04/01/2028		2,783,000		3,239,973
4.25%, 03/15/2029		2,220,000		2,621,412
CNA Financial Corp. 3.90%, 05/01/2029		2,494,000		2,832,422
Markel Corp. 3.35%, 09/17/2029		4,808,000		5,278,133
Pacific LifeCorp 3.35%, 09/15/2050 (B)		1,495,000		1,529,961

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

Transamerica Funds Annual Report 2020

Page    156

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Prudential Financial, Inc. Fixed until 07/01/2030, 3.70% (A), 10/01/2050 (C)		$ 4,336,000		$ 4,433,560
Reinsurance Group of America, Inc. 3.90%, 05/15/2029		5,272,000		6,000,516
				25,935,977
Interactive Media & Services - 0.7%
Alphabet, Inc. 1.10%, 08/15/2030		3,033,000		2,963,262
Baidu, Inc. 4.38%, 05/14/2024		5,327,000		5,840,310
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (B)		3,690,000		3,921,604
				12,725,176
Internet & Direct Marketing Retail - 0.1%
Expedia Group, Inc. 3.80%, 02/15/2028		2,325,000		2,336,940
IT Services - 0.3%
Fidelity National Information Services, Inc. 3.75%, 05/21/2029		1,699,000		1,957,822
Fiserv, Inc. 3.50%, 07/01/2029		3,077,000		3,454,209
				5,412,031
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc. 5.30%, 02/01/2044		1,528,000		2,148,210
Machinery - 0.1%
Xylem, Inc. 1.95%, 01/30/2028		1,786,000		1,845,422
Media - 0.7%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		2,022,000		2,303,461
Clear Channel Worldwide Holdings, Inc. 5.13%, 08/15/2027 (B)		2,020,000		1,959,400
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (B) (D)		2,806,000		2,841,075
NBCUniversal Media LLC 4.45%, 01/15/2043		3,081,000		3,892,856
ViacomCBS, Inc. 4.20%, 05/19/2032		1,651,000		1,899,504
				12,896,296
Metals & Mining - 0.3%
Anglo American Capital PLC
4.00%, 09/11/2027 (B)		3,796,000		4,197,902
4.75%, 04/10/2027 (B)		905,000		1,040,947
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		1,125,000		1,162,125
				6,400,974
Multi-Utilities - 0.3%
Black Hills Corp. 4.25%, 11/30/2023		2,683,000		2,930,488
CMS Energy Corp.
3.88%, 03/01/2024		407,000		443,198
4.88%, 03/01/2044		547,000		704,451

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		$ 1,171,000		$ 1,222,861
				5,300,998
Oil, Gas & Consumable Fuels - 2.6%
Boardwalk Pipelines, LP 3.40%, 02/15/2031		1,754,000		1,686,736
BP Capital Markets PLC 3.12%, 05/04/2026		5,007,000		5,442,411
CNOOC Petroleum North America ULC 5.88%, 03/10/2035		110,000		152,498
Energy Transfer Operating, LP
4.90%, 02/01/2024		1,606,000		1,716,941
5.15%, 03/15/2045		936,000		870,216
5.95%, 10/01/2043		725,000		728,792
7.60%, 02/01/2024		2,269,000		2,574,111
Enterprise Products Operating LLC 4.25%, 02/15/2048		5,576,000		5,984,451
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		3,919,000		4,254,279
Noble Energy, Inc. 3.25%, 10/15/2029		2,295,000		2,539,442
Occidental Petroleum Corp. 5.55%, 03/15/2026		6,303,000		5,483,610
Petroleos Mexicanos
6.84%, 01/23/2030		4,604,000		4,115,976
6.88%, 08/04/2026		2,785,000		2,673,321
7.69%, 01/23/2050		641,000		532,626
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		1,738,000		1,666,577
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		1,621,000		1,759,873
Shell International Finance BV
2.50%, 09/12/2026		2,894,000		3,141,303
3.75%, 09/12/2046		1,603,000		1,761,262
Williams Cos., Inc.
5.40%, 03/04/2044		614,000		672,318
7.88%, 09/01/2021		601,000		636,860
				48,393,603
Pharmaceuticals - 1.1%
AstraZeneca PLC
4.00%, 01/17/2029		1,224,000		1,461,138
4.38%, 08/17/2048		1,339,000		1,744,774
Bayer US Finance II LLC 4.38%, 12/15/2028 (B)		2,430,000		2,801,888
Bristol-Myers Squibb Co. 3.20%, 06/15/2026		1,443,000		1,615,273
Merck & Co., Inc. 3.40%, 03/07/2029		1,699,000		1,962,172
Royalty Pharma PLC 2.20%, 09/02/2030 (B)		3,000,000		2,952,735
Takeda Pharmaceutical Co., Ltd. 5.00%, 11/26/2028		3,325,000		4,100,423
Upjohn, Inc. 2.30%, 06/22/2027 (B)		1,396,000		1,443,998
Zoetis, Inc. 2.00%, 05/15/2030		1,822,000		1,867,817
				19,950,218

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

Transamerica Funds Annual Report 2020

Page    157

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Professional Services - 0.3%
Equifax, Inc. 2.60%, 12/01/2024		$ 2,246,000		$ 2,389,971
Experian Finance PLC 2.75%, 03/08/2030 (B) (C)		2,782,000		2,989,038
				5,379,009
Road & Rail - 0.6%
Avolon Holdings Funding, Ltd.
4.38%, 05/01/2026 (B)		5,789,000		5,614,736
5.50%, 01/15/2026 (B)		1,741,000		1,778,331
CSX Corp. 3.80%, 11/01/2046 - 04/15/2050		3,489,000		4,026,695
				11,419,762
Semiconductors & Semiconductor Equipment - 1.7%
Intel Corp. 2.88%, 05/11/2024		1,960,000		2,105,230
KLA Corp. 3.30%, 03/01/2050		2,434,000		2,556,563
Lam Research Corp.
1.90%, 06/15/2030		2,076,000		2,135,155
3.75%, 03/15/2026		1,944,000		2,232,181
Micron Technology, Inc. 2.50%, 04/24/2023		1,410,000		1,467,429
NVIDIA Corp. 2.85%, 04/01/2030		2,695,000		2,986,266
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.40%, 05/01/2030 (B)		1,277,000		1,402,513
QUALCOMM, Inc. 3.25%, 05/20/2027 - 05/20/2050		4,144,000		4,592,479
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (B)		2,585,000		2,701,325
TSMC Global, Ltd. 1.38%, 09/28/2030 (B)		6,766,000		6,613,265
Xilinx, Inc. 2.38%, 06/01/2030		2,775,000		2,831,626
				31,624,032
Software - 0.6%
Adobe, Inc. 2.15%, 02/01/2027		2,565,000		2,731,495
Infor, Inc. 1.75%, 07/15/2025 (B)		2,869,000		2,950,121
Intuit, Inc. 1.35%, 07/15/2027		1,953,000		1,966,976
Microsoft Corp. 3.30%, 02/06/2027		2,908,000		3,303,681
				10,952,273
Technology Hardware, Storage & Peripherals - 0.9%
Apple, Inc.
2.65%, 05/11/2050		2,086,000		2,104,180
2.85%, 02/23/2023		1,411,000		1,486,079
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (B)		2,344,000		2,778,684
Hewlett Packard Enterprise Co. 4.45%, 10/02/2023		2,674,000		2,951,855
Seagate HDD Cayman 4.13%, 01/15/2031 (B)		488,000		525,948

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp. 4.75%, 02/15/2026		$ 5,945,000		$ 6,403,062
				16,249,808
Tobacco - 0.5%
Altria Group, Inc. 3.40%, 05/06/2030		2,434,000		2,644,598
BAT Capital Corp.
2.26%, 03/25/2028		4,811,000		4,796,650
4.91%, 04/02/2030		2,324,000		2,708,779
				10,150,027
Wireless Telecommunication Services - 1.1%
America Movil SAB de CV
3.13%, 07/16/2022		2,675,000		2,770,189
4.38%, 07/16/2042		2,100,000		2,522,136
Crown Castle Towers LLC
3.22%, 05/15/2042 (B)		3,550,000		3,586,693
3.72%, 07/15/2043 (B)		3,233,000		3,389,565
Sprint Corp.
7.25%, 09/15/2021		1,520,000		1,583,202
7.88%, 09/15/2023		1,290,000		1,470,600
T-Mobile USA, Inc. 3.88%, 04/15/2030 (B)		3,813,000		4,283,372
				19,605,757
Total Corporate Debt Securities (Cost $642,606,756)				684,027,503
FOREIGN GOVERNMENT OBLIGATIONS - 1.4%
Brazil - 0.1%
Brazil Government International Bond 4.25%, 01/07/2025		1,440,000		1,566,000
Chile - 0.1%
Chile Government International Bond 3.50%, 01/25/2050		2,200,000		2,422,772
Colombia - 0.3%
Colombia Government International Bond
4.00%, 02/26/2024		810,000		862,974
4.50%, 01/28/2026 (C)		3,650,000		4,042,412
				4,905,386
Indonesia - 0.3%
Indonesia Government International Bond
4.75%, 01/08/2026 (B)		4,060,000		4,694,213
5.38%, 10/17/2023 (B)		900,000		1,013,381
				5,707,594
Mexico - 0.2%
Mexico Government International Bond 3.75%, 01/11/2028		3,987,000		4,314,412
Panama - 0.1%
Panama Government International Bond 3.88%, 03/17/2028		1,335,000		1,511,901
Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025		1,010,000		1,290,285
Poland - 0.0% (E)
Republic of Poland Government International Bond 3.00%, 03/17/2023		500,000		529,893

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

Transamerica Funds Annual Report 2020

Page    158

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Qatar - 0.1%
Qatar Government International Bond 3.88%, 04/23/2023 (B)		$ 913,000		$ 979,193
Saudi Arabia - 0.1%
Saudi Government International Bond 2.38%, 10/26/2021 (B)		2,547,000		2,584,899
Total Foreign Government Obligations (Cost $23,871,076)				25,812,335
MORTGAGE-BACKED SECURITIES - 10.4%
Alternative Loan Trust
Series 2005-36, Class 2A1A,
1-Month LIBOR + 0.31%, 0.46% (A), 08/25/2035		499,777		436,088
Series 2005-50CB, Class 1A1,
5.50%, 11/25/2035		813,369		780,849
Series 2005-51, Class 3A3A,
1-Month LIBOR + 0.64%, 0.79% (A), 11/20/2035		515,971		465,204
Series 2007-22, Class 2A16,
6.50%, 09/25/2037		5,332,628		3,111,841
Series 2007-5CB, Class 1A31,
5.50%, 04/25/2037		911,023		678,276
Banc of America Funding Trust Series 2005-E, Class 4A1, 3.34% (A), 03/20/2035		5,657		5,757
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (B)		9,060,000		9,040,480
Series 2012-TFT, Class C,
3.47% (A), 06/05/2030 (B)		7,195,000		4,065,939
BBCMS Trust
Series 2013-TYSN, Class B,
4.04%, 09/05/2032 (B)		2,530,000		2,498,083
Series 2015-MSQ, Class B,
3.89%, 09/15/2032 (B)		1,100,000		1,133,027
Bear Stearns Alt-A Trust Series 2004-11, Class 2A2, 3.15% (A), 11/25/2034		29,198		29,017
CHL Mortgage Pass-Through Trust
Series 2003-60, Class 1A1,
3.87% (A), 02/25/2034		31,009		30,746
Series 2005-3, Class 1A2,
1-Month LIBOR + 0.58%, 0.73% (A), 04/25/2035		100,048		90,369
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		874,201		936,465
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		2,065,000		2,234,814
Citigroup Mortgage Loan Trust
Series 2014-A, Class A,
4.00% (A), 01/25/2035 (B)		461,898		485,009
Series 2015-A, Class A1,
3.50% (A), 06/25/2058 (B)		1,200,823		1,231,529
Series 2015-PS1, Class A1,
3.75% (A), 09/25/2042 (B)		673,683		692,557
Citigroup Mortgage Loan Trust, Inc. Series 2018-RP1, Class A1, 3.00% (A), 09/25/2064 (B)		2,758,126		2,908,490

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (A), 08/10/2050		$ 565,000		$ 618,072
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (B)		125,389		125,083
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (B)		4,005,000		3,798,245
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		4,680,000		5,081,288
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (B)		8,340,000		8,885,887
Series 2016-GCT, Class C,
3.46% (A), 08/10/2029 (B)		4,900,000		4,916,630
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (B)		7,035,000		6,014,239
CSMC Trust
Series 2014-11R, Class 17A1,
1-Month LIBOR + 0.15%, 0.30% (A), 12/27/2036 (B)		831,917		816,407
Series 2014-4R, Class 21A1,
1-Month LIBOR + 0.33%, 0.81% (A), 12/27/2035 (B)		1,363,253		1,360,069
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class B, 3.45%, 12/10/2036 (B)		6,050,000		6,080,566
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 4.30% (A), 03/18/2035		10,007		9,662
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (A), 04/10/2031 (B)		4,664,567		4,611,955
HarborView Mortgage Loan Trust Series 2004-4, Class 2A, 1-Month LIBOR + 0.56%, 0.71% (A), 06/19/2034		225,081		227,127
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (B)		4,498,000		4,536,263
Impac CMB Trust Series 2004-6, Class 1A1, 1-Month LIBOR + 0.80%, 0.95% (A), 10/25/2034		11,651		11,584
IndyMac INDX Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.32% (A), 08/25/2037		365,971		305,361
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (B)		6,488,150		5,143,347
Series 2014-DSTY, Class B,
3.77%, 06/10/2027 (B)		4,800,000		1,386,634
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1,
2.70% (A), 02/25/2034		23,413		23,266
Series 2006-A2, Class 5A1,
2.98% (A), 11/25/2033		18,584		19,088
Series 2006-S3, Class 1A12,
6.50%, 08/25/2036		185,326		112,337

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

Transamerica Funds Annual Report 2020

Page    159

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
MASTR Adjustable Rate Mortgages Trust Series 2007-R5, Class A1, 3.01% (A), 11/25/2035 (B)		$ 266,415		$ 202,612
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1,
1-Month LIBOR + 0.64%, 0.79% (A), 10/25/2028		11,963		11,812
Series 2004-A1, Class 2A1,
3.14% (A), 02/25/2034		74,396		74,626
Series 2005-A3, Class A1,
1-Month LIBOR + 0.27%, 0.42% (A), 04/25/2035		1,156		1,155
Series 2005-A4, Class 2A2,
3.30% (A), 07/25/2035		74,746		71,681
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class AS,
3.48%, 11/15/2045		1,800,000		1,860,667
Series 2013-C11, Class B,
4.35% (A), 08/15/2046		1,035,000		1,012,621
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (B)		13,747,000		13,706,397
Morgan Stanley Resecuritization Trust
Series 2014-R3, Class 2A,
3.00% (A), 07/26/2048 (B)		1,898,620		1,898,396
Series 2014-R4, Class 4A,
2.84% (A), 11/21/2035 (B)		306,425		305,925
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 1.55% (A), 08/15/2034 (B)		16,983,809		16,632,555
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (A), 12/25/2052 (B)		1,320,722		1,360,877
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (A), 01/25/2054 (B)		559,739		601,064
Series 2014-2A, Class A3,
3.75% (A), 05/25/2054 (B)		432,592		466,426
Series 2014-3A, Class AFX3,
3.75% (A), 11/25/2054 (B)		1,432,554		1,530,195
Series 2015-2A, Class A1,
3.75% (A), 08/25/2055 (B)		1,985,448		2,143,738
Series 2016-2A, Class A1,
3.75% (A), 11/26/2035 (B)		1,854,964		2,000,445
Series 2016-3A, Class A1B,
3.25% (A), 09/25/2056 (B)		2,580,744		2,739,777
Series 2017-1A, Class A1,
4.00% (A), 02/25/2057 (B)		3,167,442		3,426,106
Series 2017-2A, Class A3,
4.00% (A), 03/25/2057 (B)		1,380,206		1,486,706
Series 2017-3A, Class A1,
4.00% (A), 04/25/2057 (B)		7,877,064		8,496,488
Series 2017-4A, Class A1,
4.00% (A), 05/25/2057 (B)		2,840,719		3,098,374
Series 2018-1A, Class A1A,
4.00% (A), 12/25/2057 (B)		1,473,296		1,588,710

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2019-4A, Class A1B,
3.50% (A), 12/25/2058 (B)		$ 10,245,454		$ 10,849,314
Series 2019-5A, Class A1B,
3.50% (A), 08/25/2059 (B)		2,482,650		2,597,774
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (B)		10,807,000		11,212,755
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (B)		6,500,000		5,135,000
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% (A), 01/11/2037 (B)		4,200,000		3,869,379
RALI Trust Series 2007-QO4, Class A1A, 1-Month LIBOR + 0.19%, 0.34% (A), 05/25/2047		467,278		426,946
RBSSP Resecuritization Trust Series 2009-7, Class 5A4, 1-Month LIBOR + 0.40%, 0.55% (A), 06/26/2037 (B)		34,994		34,902
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-15, Class 1A1,
3.31% (A), 07/25/2035		268,068		198,526
Series 2007-3, Class 3A1,
3.86% (A), 04/25/2047		692,956		455,452
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1-Month LIBOR + 0.70%, 0.85% (A), 01/19/2034		20,256		19,725
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (B)		6,983,000		6,913,405
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR8, Class 2A1A,
1-Month LIBOR + 0.58%, 0.73% (A), 07/25/2045		27,269		26,166
Series 2007-OA6, Class 1A1B,
12-MTA + 0.81%, 1.69% (A), 07/25/2047		90,863		9,854
Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class B, 3.78%, 02/15/2048		3,000,000		3,034,614
Total Mortgage-Backed Securities (Cost $204,358,162)				194,438,815
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.7%
California - 0.5%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		340,000		565,134

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

Transamerica Funds Annual Report 2020

Page    160

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
State of California, General Obligation Unlimited
7.30%, 10/01/2039		$ 1,270,000		$ 2,052,422
7.60%, 11/01/2040		2,820,000		4,994,276
7.70%, 11/01/2030		1,650,000		1,650,000
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		315,000		417,807
				9,679,639
Georgia - 0.0% (E)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		290,000		417,878
New Jersey - 0.1%
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		431,000		706,271
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		355,000		424,892
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		340,000		525,474
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		330,000		449,925
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		570,000		735,255
				2,135,546
Total Municipal Government Obligations (Cost $11,342,474)				12,939,334
U.S. GOVERNMENT AGENCY OBLIGATIONS - 19.7%
Federal Home Loan Mortgage Corp.
6-Month LIBOR + 1.36%, 1.89% (A), 05/01/2037		25,117		25,959
6-Month LIBOR + 1.57%, 2.06% (A), 04/01/2037		33,106		34,010
12-Month LIBOR + 1.80%, 2.33% (A), 09/01/2037		11,186		11,711
12-Month LIBOR + 1.73%, 2.35% (A), 09/01/2035		240,653		251,628
6-Month LIBOR + 1.57%, 2.45% (A), 02/01/2037		4,739		4,766
12-Month LIBOR + 1.66%, 3.70% (A), 01/01/2038		68,572		71,667
6-Month LIBOR + 2.12%, 3.71% (A), 05/01/2037		6,516		6,574

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. (continued)
12-Month LIBOR + 1.75%, 3.76% (A), 12/01/2034		$ 10,540		$ 11,042
12-Month LIBOR + 1.90%, 3.90% (A), 02/01/2041		99,847		103,559
5.00%, 12/01/2035		326,969		378,146
6.00%, 05/01/2031		230,923		266,684
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.89%, 06/25/2027		8,996,848		9,595,980
3.01%, 07/25/2025		12,812,000		14,097,424
3.06% (A), 08/25/2024		4,990,000		5,391,591
3.17%, 10/25/2024		2,140,000		2,343,994
3.49%, 01/25/2024		6,965,000		7,549,955
Federal National Mortgage Association
6-Month LIBOR + 0.93%, 1.39% (A), 08/01/2037		2,563		2,609
6-Month LIBOR + 1.53%, 2.03% (A), 08/01/2034		1,706		1,714
6-Month LIBOR + 1.51%, 2.43% (A), 01/01/2035		7,713		7,967
12-Month LIBOR + 1.74%, 2.80% (A), 08/01/2035		24,795		26,033
3.50%, 07/01/2028 - 01/01/2029		1,904,659		2,066,022
12-Month LIBOR + 1.75%, 3.75% (A), 03/01/2041		58,595		58,899
12-Month LIBOR + 1.82%, 3.82% (A), 03/01/2041		10,876		10,966
4.50%, 02/01/2025 - 04/01/2025		90,317		95,696
5.00%, 04/01/2039 - 11/01/2039		8,266,292		9,540,840
5.50%, 04/01/2036 - 12/01/2041		3,789,603		4,481,828
6.00%, 02/01/2034 - 01/01/2040		3,459,066		4,077,835
6.50%, 06/01/2038 - 05/01/2040		1,447,228		1,732,326
Government National Mortgage Association, Interest Only STRIPS 0.71% (A), 02/16/2053		4,318,695		161,063
Uniform Mortgage-Backed Security
2.00%, TBA (G)		46,018,000		47,626,649
2.50%, TBA (G)		28,633,000		29,807,050
3.00%, TBA (G)		108,581,000		113,484,848
3.50%, TBA (G)		89,577,000		94,592,962
4.00%, TBA (G)		18,536,000		19,799,489
Total U.S. Government Agency Obligations (Cost $364,431,540)				367,719,486
U.S. GOVERNMENT OBLIGATIONS - 21.1%
U.S. Treasury - 17.3%
U.S. Treasury Bond
1.25%, 05/15/2050 (C)		3,042,000		2,763,467
2.00%, 02/15/2050 (C)		12,640,000		13,759,825
2.25%, 08/15/2046		3,501,000		4,008,919
2.50%, 02/15/2045 - 05/15/2046		42,510,200		50,883,263
2.75%, 08/15/2042 (C)		14,697,500		18,301,258
2.75%, 11/15/2047		1,522,000		1,915,699
2.88%, 08/15/2045 (C)		6,203,000		7,919,244
2.88%, 05/15/2049		3,692,500		4,779,335
3.00%, 05/15/2042 - 08/15/2048 (C)		13,602,300		17,681,486

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

Transamerica Funds Annual Report 2020

Page    161

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
3.13%, 02/15/2042 - 05/15/2048		$ 11,750,200		$ 15,492,462
3.50%, 02/15/2039		10,202,000		13,959,604
3.63%, 02/15/2044		20,901,600		29,734,975
4.50%, 02/15/2036 (C)		6,799,200		10,052,192
4.75%, 02/15/2037 (C)		3,783,000		5,817,397
5.25%, 02/15/2029		12,153,100		16,599,426
U.S. Treasury Note
0.13%, 05/31/2022		2,637,000		2,635,970
0.25%, 05/31/2025		3,253,000		3,239,658
0.63%, 05/15/2030 - 08/15/2030		20,732,000		20,309,242
1.50%, 02/15/2030 (C)		18,973,700		20,141,768
1.63%, 08/15/2029 (C)		4,823,000		5,171,726
1.75%, 05/15/2023		2,351,200		2,444,513
1.75%, 11/15/2029 (C)		4,439,000		4,811,113
2.25%, 11/15/2025 (C)		2,711,500		2,962,737
2.25%, 11/15/2027		14,589,400		16,217,600
2.38%, 02/29/2024		1,579,000		1,691,319
2.63%, 12/15/2021 - 02/15/2029 (C)		4,153,400		4,549,670
2.75%, 02/15/2028		6,022,000		6,920,125
2.88%, 05/15/2028 (C)		9,871,100		11,465,128
2.88%, 08/15/2028		5,293,700		6,165,506
				322,394,627
U.S. Treasury Inflation-Protected Securities - 3.8%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		8,613,263		10,384,028
2.50%, 01/15/2029		19,852,762		25,639,532
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		33,270,882		35,151,467
				71,175,027
Total U.S. Government Obligations (Cost $345,575,581)				393,569,654
	Shares		Value
PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 6.59% (A)		52,502		1,438,555
Electric Utilities - 0.0% (E)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (A)		7,998		176,756
Total Preferred Stocks (Cost $1,614,154)				1,615,311
	Principal		Value
COMMERCIAL PAPER - 13.5%
Banks - 4.3%
Concord Minutemen Capital Co. 0.20% (H), 11/19/2020		$19,670,000		19,668,361
HSBC Bank PLC 0.20% (H), 01/07/2021		7,150,000		7,146,985
Macquarie Bank, Ltd. 0.19% (H), 01/15/2021		4,400,000		4,398,240

	Principal		Value
COMMERCIAL PAPER (continued)
Banks (continued)
Manhattan Asset Funding Co. LLC
0.16% (H), 12/01/2020		$ 11,000,000		$ 10,998,514
0.20% (H), 02/03/2021		7,000,000		6,996,229
National Bank of Canada 0.17% (H), 01/04/2021		13,000,000		12,997,045
Skandinaviska Enskilda Banken AB 0.17% (H), 11/17/2020		3,000,000		2,999,850
Sumitomo Mitsui Brokerage Corp. 0.21% (H), 02/11/2021		15,500,000		15,491,761
				80,696,985
Capital Markets - 0.1%
Cedar Springs Capital Co. LLC 0.20% (H), 01/05/2021		2,000,000		1,999,341
Diversified Financial Services - 8.2%
Anglesea Funding PLC 0.22% (H), 11/04/2020		3,000,000		2,999,950
Atlantic Asset Securitization LLC 0.14% (H), 12/04/2020		14,850,000		14,847,762
Cancara Asset Securitisation LLC 0.21% (H), 12/03/2020		4,000,000		3,999,607
Collateralized Commercial Paper FLEX Co. LLC 0.17% (H), 11/13/2020		18,000,000		17,999,097
Gotham Funding Corp. 0.17% (H), 11/10/2020		18,000,000		17,999,423
Jupiter Securitization Co. LLC 0.19% (H), 11/04/2020		12,330,000		12,329,794
Lexington Parker Capital Co. LLC 0.22% (H), 11/12/2020		17,000,000		16,999,171
LMA Americas LLC 0.19% (H), 11/04/2020		19,000,000		18,999,739
Mont Blanc Capital Corp. 0.17% (H), 11/20/2020		18,883,000		18,881,304
Sheffield Receivable
0.15% (H), 11/02/2020		7,400,000		7,399,926
0.17% (H), 12/01/2020		5,450,000		5,449,264
Victory Receivables Corp. 0.17% (H), 01/04/2021		14,000,000		13,995,842
				151,900,879
Equity Real Estate Investment Trusts - 0.9%
Simon Property Group, Inc. 0.20% (H), 11/03/2020		17,380,000		17,379,826
Total Commercial Paper (Cost $251,974,620)				251,977,031
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 3.3%
U.S. Treasury Bill
0.09% (H), 12/31/2020		61,000,000		60,990,752
0.11% (H), 12/10/2020		1,000,000		999,905
Total Short-Term U.S. Government Obligations (Cost $61,990,481)				61,990,657

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

Transamerica Funds Annual Report 2020

Page    162

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
OTHER INVESTMENT COMPANY - 0.8%
Securities Lending Collateral - 0.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (H)		15,816,668		$ 15,816,668
Total Other Investment Company (Cost $15,816,668)				15,816,668
	Principal		Value
REPURCHASE AGREEMENT - 2.0%
Fixed Income Clearing Corp., 0.00% (H), dated 10/30/2020, to be repurchased at $36,869,892 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $37,607,375.		$36,869,892		36,869,892
Total Repurchase Agreement (Cost $36,869,892)				36,869,892
Total Investments (Cost $2,087,511,184)				2,174,859,710
Net Other Assets (Liabilities) - (16.6)%				(309,741,797	)
Net Assets - 100.0%				$1,865,117,913

INVESTMENT VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	128,083,024	$	—	$	128,083,024
Corporate Debt Securities		—		684,027,503		—		684,027,503
Foreign Government Obligations		—		25,812,335		—		25,812,335
Mortgage-Backed Securities		—		194,438,815		—		194,438,815
Municipal Government Obligations		—		12,939,334		—		12,939,334
U.S. Government Agency Obligations		—		367,719,486		—		367,719,486
U.S. Government Obligations		—		393,569,654		—		393,569,654
Preferred Stocks		1,615,311		—		—		1,615,311
Commercial Paper		—		251,977,031		—		251,977,031
Short-Term U.S. Government Obligations		—		61,990,657		—		61,990,657
Other Investment Company		15,816,668		—		—		15,816,668
Repurchase Agreement		—		36,869,892		—		36,869,892
Total Investments	$	17,431,979	$	2,157,427,731	$	—	$	2,174,859,710

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)

Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

(B)

Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2020, the total value of 144A securities is $501,862,585, representing 26.9% of the Fund’s net assets.

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

Transamerica Funds Annual Report 2020

Page    163

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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 $87,245,278, collateralized by cash collateral of $15,816,668 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $73,210,078. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Perpetual maturity. The date displayed is the next call date.
(E)	Percentage rounds to less than 0.1% or (0.1)%.
(F)	Restricted security. At October 31, 2020, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Corporate Debt Securities	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.13%, 07/15/2023		12/22/2016	$	177,045	$	176,175		0.0	%(E)

(G)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)	Rates disclosed reflect the yields at October 31, 2020.
(I)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2020

Page    164

Transamerica Intermediate Muni

(unaudited)

MARKET ENVIRONMENT

Following the municipal rally that concluded in 2019, the global marketplace was flipped on its head in 2020 with the outbreak of the COVID-19 pandemic. The first quarter experienced U.S. Treasury yields hitting all-time lows in February, including negative yielding T-bills for the first time since 2015. The pandemic escalated in March as the number of positive cases rose, leading to a global slowdown and a flood to safe-haven assets. Shortly after, in March 2020, a liquidity crunch hit the market causing municipal yields to rise 190 basis points (“bps”) to their peak when the 10-year muni rose to 2.79% and the 30-year hit 3.37%. Despite rate cuts from the U.S. Federal Reserve (“Fed”) and a record breaking $2 trillion stimulus package from Congress, markets remained volatile and saw the 10-year municipals/Treasury ratios hit 365%. The stimulus measures paused the record sell-off near the end of March. As the market settled, municipal yields returned to pre-COVID levels with 10-year municipal yields remaining below 1%.

As a result of the pandemic, local municipalities have struggled, sales tax collections have fallen, and transportation hubs have continued to experience slowdowns. Despite the economic struggles, a second stimulus package was not, as of the fiscal period end, passed through Congress with bipartisan support. In the meantime, municipalities are able to access the Municipal Liquidity Facility (“MLF”) to raise capital through the Fed, although few issuers have tapped it as a resource due to its higher financing costs versus accessing the market directly through new issuance.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Intermediate Muni (Class A) returned 2.73%, excluding any sales charges. By

comparison, its benchmark, the Bloomberg Barclays Muni Managed Money Intermediate Index, returned 4.47%.

STRATEGY REVIEW

The Fund shortened its duration from 5.04 years to 4.67 years during the fiscal year, positioning itself 0.55 years shorter than the benchmark. As a result, this caused the Fund to underperform as the yield curve tightened throughout the year, including 10-year municipals tightening 56 basis points throughout the year. The Fund was underweight in the 1-15 year maturities which saw the tightest compression. 20-year municipals and longer only rallied between 35 to 40 basis points throughout the year, lagging their shorter counterparts as the curve steepened as a whole. The Fund has maintained a shorter duration stance in an effort to better position against a potential rise in interest rates.

The housing sector was the top-contributing sector to performance, and the Fund was overweight to the sector relative to the benchmark, which has no exposure. With the rally in municipal yields across the curve, housing bonds outperformed with higher price sensitivity to the market due to their lower average coupons.

As a result of the COVID-19 pandemic the Fund took a premium on credit research and remained relatively conservative in positioning during the second half of the period. Over 20% of the portfolio was invested in insured municipal bonds at period end, adding an extra layer of protection to ensure the proper payment of interest and principal of each holding. All ratings buckets of the Fund produced positive returns in the fiscal year. Meeting redemptions throughout the liquidity crisis in March was the largest detractor from performance, as the Fund had to sell some holdings into an unfavorable market environment.

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

Matthew Dalton

Brian Steeves

Co-Portfolio Managers

Belle Haven Investments L.P.

Transamerica Funds Annual Report 2020

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Transamerica Intermediate Muni

(unaudited)

Asset Allocation	Percentage of Net Assets
Municipal Government Obligations		92.1	%
Repurchase Agreement		6.9
Net Other Assets (Liabilities)		1.0
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		5.50
Duration †		4.67
Credit Quality ‡	Percentage of Net Assets
AAA		10.4	%
AA		60.6
A		10.7
BBB		8.5
BB		1.4
B		0.0	*
Not Rated		7.4
Net Other Assets (Liabilities)		1.0
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)%.

Transamerica Funds Annual Report 2020

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Transamerica Intermediate Muni

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(0.64	)%		2.69	%		4.20	%		10/31/2012
Class A (NAV)		2.73	%		3.37	%		4.64	%		10/31/2012
Bloomberg Barclays Muni Managed Money Intermediate Index (A)		4.47	%		3.54	%		3.13	%
Class C (POP)		1.10	%		2.77	%		4.01	%		10/31/2012
Class C (NAV)		2.10	%		2.77	%		4.01	%		10/31/2012
Class I (NAV)		2.81	%		3.45	%		4.74	%		10/31/2012
Class I2 (NAV)		2.94	%		N/A			2.92	%		09/30/2016

^(A) The Bloomberg Barclays Muni Managed Money Intermediate Index is comprised of tax-exempt bonds with maturities ranging from 1 to 17 years that are rated Aa3/AA- or higher by at least two of the following statistical ratings agencies: Moody’s, S&P and Fitch.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 3.25% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.

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

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

Municipal bond prices can rise or fall depending on interest rates. Interest rates may go up, causing the value of the Fund’s investments to decline. All municipal bonds carry credit risk that the issuer will default or be unable to make timely payments of interest and principal. Generally, lower rated bonds carry more credit risk.

Municipal bond funds are expected to be exempt from federal income tax. If a fund investor is a resident in the state of issuance of the bonds held by the Fund, interest dividends may also be free of state and local income taxes. Such interest dividends may be subject to federal and/or state alternative minimum taxes.

Transamerica Funds Annual Report 2020

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 92.1%
Alabama - 0.8%
Bessemer Governmental Utility Services Corp., Revenue Bonds, BAM, 5.00%, 06/01/2029		$2,010,000		$2,518,671
Bibb County Board of Education, Special Tax Series B, BAM, 4.00%, 04/01/2045 - 04/01/2050		1,775,000		1,994,632
City of Opelika, General Obligation Unlimited, 4.50%, 11/01/2020		50,000		50,000
County of Jefferson Sewer Revenue, Revenue Bonds, Series A, AGM, 5.50%, 10/01/2053		1,015,000		1,128,994
Dekalb-Jackson Cooperative District, Revenue Bonds
AGM,
4.05%, 01/01/2050		140,000		148,172
5.00%, 01/01/2056		750,000		833,040
Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc., Revenue Bonds, AGM, 4.00%, 04/01/2025		70,000		78,632
Marshall County Board of Education, Special Tax, AGM, 4.00%, 03/01/2032		230,000		258,290
Muscle Shoals Sheffield & Tuscumbia Solid Waste Disposal Authority, Revenue Bonds, Series A, 6.00%, 05/01/2040 (A)		2,850,000		2,895,315
Phenix City Board of Education, Special Tax, BAM, 4.00%, 08/01/2044		6,500,000		7,522,060
				17,427,806
Alaska - 0.2%
Alaska Housing Finance Corp., Revenue Bonds
Series B,
2.50%, 12/01/2034		3,000,000		3,114,510
Series D,
5.00%, 12/01/2025		935,000		1,093,772
State of Alaska International Airports System, Revenue Bonds, Series A, 5.00%, 10/01/2031		65,000		76,100
				4,284,382
Arizona - 1.7%
Arizona Health Facilities Authority, Revenue Bonds, Series B2, AGM, 5.00%, 03/01/2041		35,000		35,542

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arizona (continued)
Arizona Industrial Development Authority, Revenue Bonds
4.00%, 02/01/2050		$ 3,500,000		$ 3,882,900
Series A,
4.00%, 09/01/2046 - 10/01/2049		3,850,000		4,143,847
5.00%, 03/01/2037		830,000		975,009
Series A, BAM,
5.00%, 06/01/2054 - 06/01/2058		8,640,000		9,931,409
BluePath Trust, Revenue Bonds, 2.75%, 09/01/2026 (A) (B)		4,140,892		4,250,894
County of Pima, Certificate of Participation, 5.00%, 12/01/2026		35,000		39,785
County of Santa Cruz, Revenue Bonds, AGM, 4.00%, 07/01/2026		140,000		161,291
Glendale Industrial Development Authority, Revenue Bonds, 5.00%, 07/01/2038		250,000		258,273
Goodyear McDowell Road Commercial Corridor Improvement District, Special Assessment, BAM, 3.00%, 01/01/2025		1,130,000		1,237,497
Industrial Development Authority of the City of Phoenix, Revenue Bonds
2.95%, 07/01/2026		1,910,000		1,955,286
3.88%, 07/01/2021 (A)		50,000		50,355
5.00%, 07/01/2036		1,440,000		1,558,886
Series A,
5.00%, 07/01/2043		110,000		128,990
Industrial Development Authority of the County of Pima, Revenue Bonds, Series R, 2.88%, 07/01/2021		20,000		20,229
La Paz County Industrial Development Authority, Revenue Bonds
4.90%, 06/15/2028 (A)		510,000		515,717
Series A,
5.00%, 02/15/2021 - 02/15/2026 (A)		1,745,000		1,900,871
Maricopa County Elementary School District No. 25, General Obligation Unlimited, Series A, BAM, 4.00%, 07/01/2024		135,000		152,329
Maricopa County Industrial Development Authority, Revenue Bonds
4.00%, 07/01/2049 - 07/01/2054		3,000,000		3,302,030
Series A,
5.00%, 01/01/2034 - 07/01/2054		1,650,000		1,893,608
Maricopa County Pollution Control Corp., Revenue Bonds, Series B, 3.60%, 04/01/2040		1,740,000		1,856,858
Maricopa County Unified School District No. 89, General Obligation Limited, 5.00%, 07/01/2023		40,000		44,704

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

Transamerica Funds Annual Report 2020

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arizona (continued)
Yuma County Elementary School District No. 1, General Obligation Unlimited, Series B, AGM, 5.00%, 07/01/2027		$ 575,000		$ 729,554
				39,025,864
Arkansas - 0.6%
Little Rock School District, General Obligation Limited 3.00%, 02/01/2026 - 02/01/2030		10,545,000		10,972,739
University of Central Arkansas, Revenue Bonds Series D, AGM, 3.00%, 09/01/2026 - 09/01/2029		1,915,000		2,106,617
				13,079,356
California - 11.8%
Acalanes Union High School District, General Obligation Unlimited, Series C, Zero Coupon, 08/01/2026		235,000		222,042
Adelanto Elementary School District Community Facilities District No. 1, Special Tax BAM, 5.00%, 09/01/2036 - 09/01/2039		3,200,000		3,975,642
Adelanto School District, Special Tax BAM, 4.00%, 09/01/2035 - 09/01/2036		555,000		634,226
Alameda Corridor Transportation Authority, Revenue Bonds Series B, AGM, 4.00%, 10/01/2035 - 10/01/2037		2,405,000		2,660,726
Avalon Community Improvement Agency Successor Agency, Tax Allocation Series A, AGM, 5.00%, 09/01/2024 - 09/01/2026		1,310,000		1,562,119
Baldwin Park / Monrovia School Facilities Grant Financing Authority, Revenue Bonds
AGM,
3.00%, 10/01/2033		60,000		64,498
4.00%, 10/01/2027		185,000		218,522
Beaumont Public Improvement Authority, Revenue Bonds Series A, AGM, 5.00%, 09/01/2037 - 09/01/2049		8,695,000		10,415,938
Borrego Springs Unified School District, General Obligation Unlimited, Series A, AGM, 4.00%, 08/01/2044		1,105,000		1,246,120
Calexico Financing Authority, Revenue Bonds, AGM, 4.00%, 04/01/2024		205,000		228,097
California County Tobacco Securitization Agency, Revenue Bonds, Series B, 1.75%, 06/01/2030		500,000		503,065

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Health Facilities Financing Authority, Revenue Bonds, Series B, 5.00%, 11/15/2031		$ 75,000		$ 90,825
California Municipal Finance Authority, Revenue Bonds
4.00%, 10/01/2050		4,450,000		4,996,816
4.38%, 07/01/2025 (A)		640,000		673,600
5.00%, 07/01/2034 - 01/01/2049		16,400,000		19,822,902
BAM-TCRS,
5.00%, 05/15/2041 - 05/15/2052		2,450,000		2,921,474
Series A,
4.00%, 10/01/2034 - 10/01/2044		4,715,000		5,139,075
4.50%, 06/01/2028 (A)		200,000		211,712
5.00%, 10/01/2044		1,000,000		1,149,010
California Public Finance Authority, Revenue Bonds, 4.25%, 06/15/2029 (A)		790,000		803,280
California School Finance Authority, Revenue Bonds, Series A, 4.00%, 08/01/2025 (A)		350,000		384,153
California Statewide Communities Development Authority, Revenue Bonds
5.00%, 08/01/2034 - 08/01/2038		3,020,000		3,606,928
AGM,
5.00%, 10/01/2026		400,000		463,792
Series A,
3.00%, 11/01/2022 (A)		1,300,000		1,301,027
3.50%, 11/01/2027 (A)		2,630,000		2,639,652
5.00%, 12/01/2025 - 12/01/2029 (A)		775,000		877,958
California Statewide Communities Development Authority, Special Assessment
4.00%, 09/02/2028 - 09/02/2044		2,840,000		3,086,797
5.00%, 09/02/2034 - 09/02/2049		1,470,000		1,699,616
Carmichael Water District, Certificate of Participation, Series A, 4.00%, 11/01/2037		2,280,000		2,708,047
Cascade Union Elementary School District, General Obligation Unlimited Series B, MAC, 4.00%, 08/01/2034 - 08/01/2039		445,000		507,060
Chaffey Joint Union High School District, General Obligation Unlimited, Series B, Zero Coupon, 08/01/2037		1,000,000		532,780
Chowchilla Elementary School District, General Obligation Unlimited, 5.00%, 08/01/2048		650,000		777,367
City of Azusa, Special Tax AGM, 5.00%, 09/01/2044 - 09/01/2049		2,500,000		2,971,250
City of Beaumont, Special Tax, 5.00%, 09/01/2044		345,000		386,221
City of Fontana, Special Tax 4.00%, 09/01/2045 - 09/01/2050		600,000		640,066

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

Transamerica Funds Annual Report 2020

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Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
City of Glendale Water Revenue, Revenue Bonds 2.00%, 02/01/2035 - 02/01/2037		$ 4,190,000		$ 4,124,157
City of Irvine, Special Tax, AGM, 5.00%, 09/01/2051		5,020,000		5,857,738
City of Lathrop, Special Assessment 4.00%, 09/02/2021 - 09/02/2022		265,000		275,078
City of Lemoore Water Revenue, Revenue Bonds, BAM, 5.00%, 06/01/2049		7,400,000		8,885,994
City of Los Angeles Department of Airports, Revenue Bonds, Series C, 5.00%, 05/15/2038		4,700,000		5,389,678
City of Porterville Sewer Revenue, Certificate of Participation, Series C, AGM, 4.00%, 09/15/2049		3,135,000		3,548,977
City of Sacramento, Special Tax Series 02, 5.00%, 09/01/2044 - 09/01/2049		2,585,000		2,917,623
City of San Francisco Public Utilities Commission Water Revenue, Revenue Bonds, Series B, 5.00%, 11/01/2037		75,000		88,855
City of Susanville Natural Gas Revenue, Revenue Bonds, AGM, 4.00%, 06/01/2045		3,320,000		3,724,974
City of Tulare Water Revenue, Revenue Bonds, AGM, 4.00%, 12/01/2049		700,000		776,111
Coachella Redevelopment Agency Successor Agency, Tax Allocation
AGM,
5.00%, 09/01/2026		70,000		81,296
Series A, AGM,
4.00%, 09/01/2032		110,000		124,383
5.00%, 09/01/2029 - 09/01/2030		600,000		721,504
Colton Joint Unified School District, General Obligation Unlimited
BAM,
4.00%, 02/01/2033		55,000		61,763
5.00%, 02/01/2029		480,000		578,443
Compton Unified School District, General Obligation Unlimited
Series B, BAM,
Zero Coupon, 06/01/2034		1,000,000		707,430
Series B, BAM,
4.00%, 06/01/2049		5,855,000		6,509,355
County of El Dorado, Special Tax
BAM,
3.00%, 09/01/2025 - 09/01/2026		260,000		290,475
5.00%, 09/01/2021 - 09/01/2024		1,770,000		1,990,641

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
County of San Bernardino, Special Tax, 4.00%, 09/01/2047		$ 100,000		$ 104,361
County of Santa Cruz, Certificate of Participation, 4.00%, 08/01/2033		75,000		84,611
Coyote Canyon Public Facilities Community Facilities District No. 2004-1, Special Tax, Series A, AGM, 4.00%, 09/01/2029		60,000		66,607
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, Revenue Bonds
Series B,
3.00%, 12/01/2031		5,400,000		5,751,054
3.25%, 12/01/2036		5,300,000		5,628,971
Dry Creek Joint Elementary School District, Special Tax, AGM, 5.00%, 09/01/2024		140,000		165,059
Durham Unified School District, General Obligation Unlimited Series A, AGM, 4.00%, 08/01/2037 - 08/01/2039		710,000		797,037
Elk Grove Unified School District, Certificate of Participation BAM, 5.00%, 02/01/2027 - 02/01/2028		2,270,000		2,752,047
Etiwanda School District, Special Tax
Series 2,
3.00%, 09/01/2021 - 09/01/2022		185,000		189,267
3.50%, 09/01/2023		75,000		77,779
Eureka City Schools, General Obligation Unlimited, BAM, 4.00%, 08/01/2038		485,000		564,147
Fairfield-Suisun Unified School District Public Financing Authority, Special Tax BAM, 2.25%, 08/15/2021 - 08/15/2023		6,195,000		6,227,201
Folsom Cordova Unified School District, General Obligation Unlimited, Series D, AGM, 4.00%, 10/01/2044		44,890,000		49,911,395
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Series A, AGM, 5.00%, 01/15/2042		410,000		449,430
Golden State Tobacco Securitization Corp., Revenue Bonds
Series A, AGM,
5.00%, 06/01/2040		1,000,000		1,173,080
Series A-1,
5.00%, 06/01/2023 - 06/01/2047		16,195,000		16,982,990
5.25%, 06/01/2047		3,580,000		3,688,331
Series A-2,
5.00%, 06/01/2047		14,000,000		14,398,440

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

Transamerica Funds Annual Report 2020

Page    170

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Hacienda La Puente Unified School District, Certificate of Participation, AGM, 5.00%, 06/01/2024		$ 190,000		$ 220,220
Heber Elementary School District, General Obligation Unlimited Series A, MAC, 4.00%, 08/01/2035 - 08/01/2038		360,000		405,644
Konocti Unified School District, General Obligation Unlimited, AGM, 5.00%, 08/01/2042		740,000		883,197
Lynwood Unified School District, General Obligation Unlimited Series B, BAM, 4.00%, 08/01/2045 - 08/01/2049		5,125,000		5,720,152
McFarland Unified School District, General Obligation Unlimited Series A, BAM, 4.00%, 11/01/2040 - 11/01/2045		750,000		848,145
Menifee Union School District Public Financing Authority, Special Tax
Series A,
5.00%, 09/01/2023		425,000		470,594
Series A, BAM,
5.00%, 09/01/2029 - 09/01/2034		1,240,000		1,419,212
Monterey Peninsula Community College District, General Obligation Unlimited, Zero Coupon, 08/01/2032		195,000		145,595
Mountain House Public Financing Authority, Revenue Bonds Series A, BAM, 4.00%, 12/01/2036 - 12/01/2038		610,000		708,546
Oakdale Public Financing Authority, Special Tax, 2.63%, 09/01/2022		110,000		112,473
Pittsburg Successor Agency Redevelopment Agency, Tax Allocation, Series A, AGM, 5.00%, 09/01/2022		425,000		459,833
Pollock Pines Elementary School District, General Obligation Unlimited, MAC, 4.00%, 08/01/2049		1,565,000		1,743,754
Rio Elementary School District Community Facilities District, Special Tax BAM, 5.00%, 09/01/2029 - 09/01/2032		1,505,000		1,850,436
River Island Public Financing Authority Revenue, Revenue Bonds AGM, 4.00%, 09/01/2045 - 09/01/2050		2,400,000		2,702,178
Robla School District, General Obligation Unlimited
AGM,
4.00%, 08/01/2037 - 08/01/2038		1,075,000		1,227,703
5.00%, 08/01/2044		1,720,000		2,052,579

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Roseland School District, General Obligation Unlimited, Series C, MAC, 5.00%, 08/01/2046		$ 260,000		$ 313,680
San Bernardino County Redevelopment Agency Successor Agency, Tax Allocation Series B, AGM, 5.00%, 09/01/2025 - 09/01/2026		330,000		393,069
San Diego Public Facilities Financing Authority, Revenue Bonds, Series A, 5.00%, 10/15/2044		365,000		426,236
San Diego Unified School District, General Obligation Unlimited, Series K-2, Zero Coupon, 07/01/2030 (C)		1,350,000		1,107,310
San Leandro Unified School District, General Obligation Unlimited, AGC, Zero Coupon, 08/01/2039 (C)		305,000		293,440
Sanger Unified School District, Certificate of Participation, AGM, 3.13%, 06/01/2033		75,000		81,911
Santa Clarita Redevelopment Successor Agency, Tax Allocation, AGM, 5.00%, 10/01/2023		435,000		490,767
Snowline Joint Unified School District, Special Tax, Series A, 3.00%, 09/01/2022		280,000		288,697
South Tahoe Redevelopment Agency, Special Tax, Series 1, 3.38%, 10/01/2021		110,000		111,758
Stockton Public Financing Authority, Special Tax, Series A, BAM, 4.00%, 09/02/2030		1,310,000		1,490,675
Successor Agency to the Upland Community Redevelopment Agency, Tax Allocation, AGM, 5.00%, 09/01/2022		50,000		54,098
Sutter Union High School District, General Obligation Unlimited, BAM, Zero Coupon, 08/01/2028		140,000		120,565
Tahoe-Truckee Unified School District, Certificate of Participation, BAM, 4.00%, 06/01/2043		1,000,000		1,103,600
Tobacco Securitization Authority of Northern California, Revenue Bonds, Series A-1, 4.75%, 06/01/2023		15,000		15,021

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

Transamerica Funds Annual Report 2020

Page    171

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Upland Community Facilities District, Special Tax, Series A, 4.00%, 09/01/2049		$ 750,000		$ 793,365
Vacaville Unified School District, Certificate of Participation, AGM, 4.00%, 12/01/2024		105,000		119,940
Washington Township Health Care District, General Obligation Unlimited Series DT, 4.00%, 08/01/2034 - 08/01/2036		1,585,000		1,748,851
West Kern Community College District, Certificate of Participation AGM, 4.00%, 11/01/2040 - 11/01/2044		1,390,000		1,555,507
Whittier Union High School District, General Obligation Unlimited, Zero Coupon, 08/01/2026		950,000		903,583
				268,171,019
Colorado - 2.3%
BNC Metropolitan District No. 1, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2032		360,000		438,674
Bradburn Metropolitan District No. 2, General Obligation Limited, Series A, 4.00%, 12/01/2028		500,000		511,895
Brighton Crossing Metropolitan District No. 4, General Obligation Limited, Series A, 5.00%, 12/01/2037		525,000		544,740
Bromley Park Metropolitan District No. 2, General Obligation Limited Series A, BAM, 5.00%, 12/01/2031 - 12/01/2032		460,000		575,930
Castle Oaks Metropolitan District No. 3, General Obligation Limited
5.00%, 12/01/2037		1,500,000		1,550,520
AGM,
4.00%, 12/01/2040 - 12/01/2050		2,575,000		2,930,349
City of Arvada, Certificate of Participation 4.00%, 12/01/2032 - 12/01/2033		1,080,000		1,224,264
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
4.00%, 08/01/2024 - 08/01/2026		365,000		413,953
5.00%, 06/15/2029 - 08/01/2031		1,590,000		1,862,691
Series A,
5.00%, 06/01/2036		540,000		618,062
Colorado Health Facilities Authority, Revenue Bonds
4.00%, 09/01/2045 - 09/01/2050		3,800,000		4,083,340
Series A,
4.00%, 08/01/2049		2,000,000		2,152,760
4.25%, 11/01/2024		1,420,000		1,362,021
5.00%, 12/01/2033		100,000		110,198
Series B,
5.00%, 05/15/2021 - 05/15/2026		2,815,000		3,083,146

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Colorado Housing & Finance Authority, Revenue Bonds
0.14% (D), 11/01/2021		$ 1,500,000		$ 1,500,000
GNMA,
3.38%, 11/01/2033		780,000		838,890
3.60%, 11/01/2038		195,000		209,245
Crystal Valley Metropolitan District No. 2, General Obligation Limited, Series A, AGM, 4.00%, 12/01/2035		1,000,000		1,175,600
Denver Health & Hospital Authority, Revenue Bonds, Series A, 4.00%, 12/01/2040		750,000		811,410
Erie Commons Metropolitan District No. 2, General Obligation Limited, Series A, AGM, 4.00%, 12/01/2039		1,300,000		1,480,856
Flying Horse Metropolitan District No. 2, General Obligation Limited, Series A, 4.00%, 12/01/2050		875,000		1,004,859
Heather Gardens Metropolitan District, General Obligation Unlimited AGM, 4.00%, 12/01/2024 - 12/01/2032		2,125,000		2,501,895
Meridian Metropolitan District, General Obligation Unlimited, AGM, 5.00%, 12/01/2042		15,000		18,042
North Park Metropolitan District No. 1, Revenue Bonds, Series A-2, 5.50%, 12/01/2034		1,000,000		1,052,220
Northglenn Urban Renewal Authority, Tax Allocation 4.00%, 12/01/2024 - 12/01/2038		2,740,000		2,977,486
Park Creek Metropolitan District, Revenue Bonds
Series A,
5.00%, 12/01/2032 - 12/01/2037		1,205,000		1,403,715
Series A, AGM,
4.00%, 12/01/2046		7,000,000		8,044,050
Series A, NATL-IBC,
5.00%, 12/01/2045		1,220,000		1,404,781
Sand Creek Metropolitan District, General Obligation Limited MAC, 4.00%, 12/01/2032 - 12/01/2034		1,475,000		1,712,825
Silver Peaks Metropolitan District No. 2, General Obligation Limited BAM, 5.00%, 12/01/2037 - 12/01/2042		1,520,000		1,839,668
South Sloan’s Lake Metropolitan District No. 2, General Obligation Limited, AGM, 4.00%, 12/01/2044		500,000		554,530

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

Transamerica Funds Annual Report 2020

Page    172

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Vauxmont Metropolitan District, General Obligation Limited, AGM, 3.25%, 12/15/2050		$ 2,000,000		$ 2,124,880
Wyndham Hill Metropolitan District No. 2, General Obligation Limited, Series A, BAM, 4.00%, 12/01/2034		540,000		618,214
				52,735,709
Connecticut - 2.2%
City of Bridgeport, General Obligation Unlimited, Series C, AGM, 5.00%, 08/15/2024		1,275,000		1,470,904
City of Hartford, General Obligation Unlimited
Series A,
5.00%, 04/01/2030		20,000		21,050
Series A, AGM,
5.00%, 07/01/2025 - 07/01/2032		460,000		544,914
Series A, BAM,
4.00%, 12/01/2027		515,000		600,923
5.00%, 12/01/2022 - 12/01/2026		11,430,000		13,640,312
Series A, BAM-TCRS,
5.00%, 04/01/2025		765,000		810,242
Series B, AGM,
5.00%, 10/01/2032		100,000		112,857
Series C, AGM,
5.00%, 07/15/2023		900,000		1,005,561
Series C, BAM,
5.00%, 08/15/2021		320,000		331,011
City of New Haven, General Obligation Unlimited
Series A,
5.50%, 08/01/2034 - 08/01/2038		1,855,000		2,172,406
Series A, BAM-TCRS,
5.00%, 08/01/2037		635,000		743,883
Series B, BAM,
5.00%, 08/15/2025		40,000		46,916
Connecticut Housing Finance Authority, Revenue Bonds
Series 24,
3.80%, 06/15/2031		370,000		415,921
Series A-1,
3.10%, 05/15/2028		2,015,000		2,215,513
Series B-1,
2.40%, 11/15/2026		90,000		95,708
Series B3,
2.40%, 05/15/2026		55,000		58,720
Connecticut State Health & Educational Facilities Authority, Revenue Bonds
4.00%, 07/01/2055		11,000,000		11,999,130
Series A, AGM-CR,
2.13%, 07/01/2031		7,990,000		7,906,185
Series B-2,
2.75%, 01/01/2026 (A)		650,000		652,405
Series J,
5.00%, 07/01/2034 - 07/01/2042		1,225,000		1,275,190

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Connecticut (continued)
State of Connecticut, General Obligation Unlimited, Series B, 4.00%, 03/01/2029		$ 25,000		$ 26,476
State of Connecticut, Special Tax, Revenue Bonds, Series A, 5.00%, 08/01/2022		15,000		16,223
Town of Hamden, General Obligation Unlimited
BAM,
6.00%, 08/15/2033		1,190,000		1,501,625
Series A, BAM,
5.00%, 08/01/2027		535,000		651,555
Town of Sprague, General Obligation Unlimited BAM, 4.00%, 09/01/2040 - 09/01/2045		375,000		423,764
				48,739,394
Delaware - 0.2%
Delaware Municipal Electric Corp., Revenue Bonds Series A, BAM, 5.00%, 10/01/2035 - 10/01/2044		2,725,000		3,355,831
Delaware State Economic Development Authority, Revenue Bonds
5.00%, 08/01/2049		900,000		990,918
5.38%, 10/01/2045		80,000		80,195
				4,426,944
District of Columbia - 0.4%
District of Columbia, Revenue Bonds
4.00%, 07/01/2049		1,000,000		1,054,740
Series A,
4.13%, 07/01/2027		1,000,000		982,520
5.00%, 07/01/2032		1,500,000		1,509,180
Series C,
4.00%, 12/01/2021		25,000		26,017
District of Columbia Housing Finance Agency, Revenue Bonds, Series A, 3.70%, 09/01/2033		1,510,000		1,738,599
District of Columbia Water & Sewer Authority, Revenue Bonds, Series A, 5.00%, 10/01/2023		25,000		27,260
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds
5.00%, 10/01/2053		505,000		525,917
Series B, AGM,
4.00%, 10/01/2053		1,500,000		1,639,005
Series B, AGM-CR,
6.50%, 10/01/2044 (C)		1,065,000		1,379,239
Series C, AGC,
6.50%, 10/01/2041 (C)		285,000		355,936
				9,238,413

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

Transamerica Funds Annual Report 2020

Page    173

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida - 3.6%
Bridgewater Community Development District, Special Assessment, 4.50%, 05/01/2031		$ 25,000		$ 27,434
Cape Coral Health Facilities Authority, Revenue Bonds, 4.25%, 07/01/2021 (A)		435,000		433,717
Capital Trust Agency, Inc., Revenue Bonds 3.50%, 07/01/2021 - 07/01/2022 (A)		1,240,000		1,236,773
City of Cape Coral Water & Sewer Revenue, Special Assessment
AGM,
2.13%, 09/01/2022		85,000		87,242
2.75%, 09/01/2025 - 09/01/2026		540,000		594,225
City of Fort Myers, Revenue Bonds 4.00%, 12/01/2032 - 12/01/2033		310,000		347,192
City of Jacksonville, Revenue Bonds
Series A,
5.00%, 10/01/2030		1,000,000		1,212,240
Series C,
5.00%, 10/01/2031		100,000		108,016
City of Miami Parking System Revenue, Revenue Bonds BAM, 5.00%, 10/01/2027 - 10/01/2029		1,215,000		1,562,682
City of Orlando Tourist Development Tax Revenue, Revenue Bonds
Series A, AGM,
5.00%, 11/01/2027 - 11/01/2029		4,230,000		5,277,600
Series B, AGM,
5.00%, 11/01/2025 - 11/01/2038		7,870,000		9,316,077
City of Tallahassee, Revenue Bonds, 5.00%, 10/01/2023		55,000		59,849
City of Tampa, Revenue Bonds
4.00%, 07/01/2045		2,000,000		2,227,200
5.00%, 07/01/2050		2,500,000		3,016,050
Series A,
Zero Coupon, 09/01/2045		1,400,000		559,468
5.00%, 11/15/2025		70,000		74,657
County of Lake, Revenue Bonds 5.00%, 01/15/2029 - 01/15/2049 (A)		1,750,000		1,836,142
County of Miami-Dade, Revenue Bonds, Series A, AGC, 6.88%, 10/01/2034 (C)		345,000		497,418
County of Miami-Dade Water & Sewer System Revenue, Revenue Bonds, Series B, 5.00%, 10/01/2044		1,000,000		1,254,410
County of Polk Utility System Revenue, Revenue Bonds, BAM, 5.00%, 10/01/2043		10,000,000		11,336,200
Florida Department of Environmental Protection, Revenue Bonds, Series A, 5.00%, 07/01/2022		55,000		59,309
Florida Development Finance Corp., Revenue Bonds Series A, 5.00%, 06/15/2035 - 06/15/2040		2,000,000		2,256,920

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, 5.00%, 04/01/2035		$ 1,050,000		$ 1,181,260
Florida Housing Finance Corp., Revenue Bonds
Series 1, GNMA, FNMA, FHLMC,
2.20%, 01/01/2023		90,000		92,813
2.25%, 07/01/2023		80,000		83,064
2.30%, 01/01/2024		200,000		208,714
2.35%, 07/01/2024		335,000		352,326
2.45%, 01/01/2025		280,000		296,772
2.50%, 07/01/2025		325,000		347,051
2.65%, 01/01/2026		335,000		361,783
2.70%, 07/01/2026		165,000		179,075
2.75%, 01/01/2027		330,000		358,948
2.80%, 07/01/2027		325,000		353,330
2.85%, 01/01/2028		110,000		119,180
2.90%, 07/01/2028		255,000		276,076
3.75%, 07/01/2035		1,815,000		1,930,851
Florida Keys Aqueduct Authority, Revenue Bonds, Series A, 5.00%, 09/01/2049		1,250,000		1,443,162
Herons Glen Recreation District, Special Assessment
BAM,
3.00%, 05/01/2033 - 05/01/2035		785,000		819,032
4.00%, 05/01/2050		1,000,000		1,099,390
Lee County Industrial Development Authority, Revenue Bonds 5.00%, 11/15/2039 - 11/15/2044		3,500,000		3,803,380
Manatee County School District, Revenue Bonds, AGM, 5.00%, 10/01/2021		50,000		52,174
Martin County Health Facilities Authority, Revenue Bonds, AGM-CR, 5.50%, 11/15/2042		15,000		15,807
Miami-Dade County Industrial Development Authority, Revenue Bonds, Series A, 5.00%, 06/01/2047 (E)		1,875,000		1,843,856
North Sumter County Utility Dependent District, Revenue Bonds
5.00%, 10/01/2042		100,000		103,335
BAM,
5.00%, 10/01/2036 - 10/01/2037		500,000		638,467
Northern Palm Beach County Improvement District, Special Assessment, AGM, 5.00%, 08/01/2024		105,000		121,902
Orange County Health Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2033 - 10/01/2034		8,200,000		9,715,084
Series B,
5.00%, 10/01/2044		200,000		231,058

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

Transamerica Funds Annual Report 2020

Page    174

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Orange County Housing Finance Authority, Revenue Bonds, Series A, GNMA, FNMA, FHLMC, 3.15%, 09/01/2032		$ 310,000		$ 329,722
St. Johns County Industrial Development Authority, Revenue Bonds
4.00%, 08/01/2055		6,625,000		6,995,072
Series A,
Fixed until 08/01/2024, 4.13% (D), 08/01/2047		1,000,000		1,074,620
Tradition Community Development District No. 1, Special Assessment, AGM, 4.00%, 05/01/2023		275,000		298,249
Village Community Development District No. 12, Special Assessment
3.25%, 05/01/2023 (A)		300,000		305,214
3.25%, 05/01/2026		2,450,000		2,530,776
Volusia County School Board, Certificate of Participation Series A, BAM, 5.00%, 08/01/2027 - 08/01/2028		625,000		755,349
Walton County District School Board, Certificate of Participation, AGM, 5.00%, 07/01/2026		220,000		258,159
				81,955,872
Georgia - 1.5%
Bibb County Development Authority, Revenue Bonds, 5.25%, 06/01/2050		5,720,000		6,809,946
City of East Point, Tax Allocation, 3.00%, 08/01/2022		1,000,000		1,023,280
Cobb County Kennestone Hospital Authority Revenue, Revenue Bonds, 5.00%, 04/01/2050		3,075,000		3,704,791
Cornelia Urban Redevelopment Agency, Revenue Bonds, AGM, 5.00%, 10/01/2054		1,440,000		1,716,235
Development Authority for Fulton County, Revenue Bonds, 4.00%, 07/01/2049		6,460,000		7,173,701
Fulton Country Development Authority Hospital Revenue, Revenue Bonds, 4.00%, 04/01/2050		2,000,000		2,214,880
Georgia Housing & Finance Authority, Revenue Bonds
Series A-1,
3.20%, 12/01/2036		690,000		726,508
3.25%, 12/01/2037		1,320,000		1,390,131
Series B,
3.40%, 12/01/2037		2,285,000		2,432,131
Series C,
2.85%, 06/01/2028 - 12/01/2028		570,000		619,138

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Georgia (continued)
Main Street Natural Gas, Inc., Revenue Bonds, Series A, 5.00%, 05/15/2049		$ 5,000,000		$ 6,942,650
				34,753,391
Guam - 0.0% (F)
Guam Government Waterworks Authority, Revenue Bonds 5.00%, 07/01/2023 - 07/01/2031		335,000		386,890
Guam Power Authority, Revenue Bonds
Series A,
5.00%, 10/01/2034		100,000		104,696
Series A, AGM,
5.00%, 10/01/2026		215,000		233,023
				724,609
Idaho - 0.2%
County of Nez Perce, Revenue Bonds, 2.75%, 10/01/2024		4,500,000		4,568,535
Idaho Health Facilities Authority, Revenue Bonds, Series D, 5.00%, 12/01/2032		50,000		53,613
Idaho Housing & Finance Association, Revenue Bonds
Series A,
4.00%, 07/01/2026		255,000		271,254
4.63%, 07/01/2029 (A)		185,000		194,230
Series A-1, Class I,
2.75%, 07/01/2031		305,000		309,206
				5,396,838
Illinois - 14.1%
Adams County School District No. 172, General Obligation Unlimited
AGM,
3.00%, 02/01/2033		300,000		318,099
4.00%, 02/01/2032 - 02/01/2035		3,250,000		3,528,384
5.00%, 02/01/2029		1,345,000		1,613,220
Berwyn Municipal Securitization Corp., Revenue Bonds, AGM-CR, 5.00%, 01/01/2035		8,230,000		10,129,072
Boone & Winnebago Counties Community Unit School District No. 200, General Obligation Unlimited, AGM, Zero Coupon, 01/01/2023		1,490,000		1,462,033
Carol Stream Park District, General Obligation Unlimited, BAM, 5.00%, 01/01/2037		1,375,000		1,633,871
Champaign & Piatt Counties Community Unit School District No. 3, General Obligation Unlimited Series A, AGM, 5.00%, 10/01/2022 - 10/01/2024		4,910,000		5,492,414

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

Transamerica Funds Annual Report 2020

Page    175

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SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Channahon Park District, General Obligation Unlimited Series A, BAM, 4.00%, 12/15/2034 - 12/15/2038		$ 475,000		$ 532,643
Chicago Board of Education, General Obligation Unlimited
Series A,
4.00%, 12/01/2020		3,245,000		3,252,204
Series A, AGM-CR, AMBAC,
5.50%, 12/01/2021		410,000		429,860
Series A, AGM-CR, NATL,
5.25%, 12/01/2021		150,000		156,683
Series A, NATL,
Zero Coupon, 12/01/2022		25,000		23,836
Chicago O’Hare International Airport, Revenue Bonds
Series B,
5.00%, 01/01/2021 - 01/01/2035		225,000		226,053
Series B, AGM,
4.00%, 01/01/2053		310,000		336,747
Series D, BAM-TCRS,
5.00%, 01/01/2039		25,000		26,760
Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds, AGM-CR, 5.00%, 12/01/2051		25,000		28,586
City of Calumet City, General Obligation Unlimited
BAM,
4.00%, 03/01/2023 - 03/01/2024		2,135,000		2,318,087
Series A, BAM,
4.00%, 03/01/2022		955,000		995,272
City of Chicago, General Obligation Unlimited
Series A,
5.50%, 01/01/2049		2,750,000		2,906,640
Series C,
5.00%, 01/01/2026 - 01/01/2027		2,950,000		3,113,104
City of Chicago Wastewater Transmission Revenue, Revenue Bonds
AGM-CR,
3.00%, 01/01/2021		750,000		752,130
5.00%, 01/01/2022 - 01/01/2024		700,000		730,898
BAM-TCRS,
3.00%, 01/01/2021		475,000		476,349
Series A, AGM,
5.25%, 01/01/2042		675,000		811,255
City of Chicago Waterworks Revenue, Revenue Bonds
4.00%, 11/01/2023		500,000		525,225
5.00%, 11/01/2021 - 11/01/2028		3,500,000		3,699,915
AGM-CR,
5.00%, 11/01/2027		165,000		178,685
City of Country Club Hills, General Obligation Unlimited
BAM,
4.00%, 12/01/2028 - 12/01/2031		1,240,000		1,399,474
4.50%, 12/01/2030 - 12/01/2031		1,295,000		1,414,025

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of East Moline, General Obligation Unlimited Series A, AGM, 4.00%, 01/15/2034 - 01/15/2037		$ 2,490,000		$ 2,827,892
City of Flora, General Obligation Unlimited BAM, 3.50%, 11/01/2022 - 11/01/2024		585,000		622,653
City of Monmouth, General Obligation Unlimited
Series A, AGM,
Zero Coupon, 12/01/2044		100,000		34,856
Series B, BAM,
3.00%, 12/01/2023		130,000		139,637
City of North Chicago, General Obligation Unlimited
Series A, AGM,
4.00%, 11/01/2020		160,000		160,000
Series B, AGM,
4.00%, 11/01/2023		40,000		43,774
City of Peoria, General Obligation Unlimited Series B, BAM-TCRS, 5.00%, 01/01/2026 - 01/01/2027		2,370,000		2,820,117
City of Sterling, General Obligation Unlimited, AGM, 3.00%, 12/01/2024		140,000		151,906
City of Waukegan, General Obligation Unlimited
Series A, AGM,
5.00%, 12/30/2035 - 12/30/2036		2,220,000		2,688,680
Series B, AGM,
5.00%, 12/30/2030 - 12/30/2032		1,620,000		1,986,518
Clinton Bond Fayette Etc. Counties Community College District No. 501, General Obligation Unlimited BAM-TCRS, 4.00%, 12/01/2026 - 12/01/2027		3,955,000		4,091,020
Cook & Will Counties Community College District No. 515, General Obligation Limited 5.00%, 12/01/2024		70,000		81,098
Cook & Will Counties School District No. 194, General Obligation Limited, Series B, BAM, 5.00%, 12/01/2033		775,000		901,170
Cook & Will Counties School District No. 194, General Obligation Unlimited, BAM, 4.13%, 12/01/2035		680,000		757,160
Cook County Community College District No. 508, General Obligation Unlimited
5.00%, 12/01/2020 - 12/01/2024		1,445,000		1,525,917
BAM-TCRS,
5.25%, 12/01/2027		2,050,000		2,315,413
Cook County Community High School District No. 229, General Obligation Limited, 4.00%, 12/01/2023		1,505,000		1,663,868

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

Transamerica Funds Annual Report 2020

Page    176

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Cook County School District No. 100, General Obligation Unlimited, BAM, 4.00%, 12/01/2021		$ 430,000		$ 446,060
Cook County School District No. 111, General Obligation Limited, Series A, BAM, 5.00%, 12/01/2037		2,350,000		2,859,809
Cook County School District No. 111, General Obligation Unlimited AGM, 4.00%, 12/01/2033 - 12/01/2034		1,195,000		1,335,604
Cook County School District No. 149, General Obligation Limited, Series A-1, AGM, 4.00%, 12/01/2028		980,000		1,071,199
Cook County School District No. 157, General Obligation Unlimited Series A, AGM, Zero Coupon, 11/01/2022 - 11/01/2025		920,000		877,885
Cook County School District No. 158, General Obligation Limited, AGM, 3.00%, 12/01/2021		325,000		334,184
Cook County School District No. 160, General Obligation Unlimited Series A, BAM, 4.00%, 12/01/2026 - 12/01/2027		285,000		333,824
Cook County School District No. 162, General Obligation Limited, AGM, 4.00%, 12/01/2027		250,000		250,735
Cook County School District No. 163, General Obligation Limited, Series A, AGM, 5.00%, 12/15/2028		70,000		73,673
Cook County School District No. 31, General Obligation Limited Series A, 3.00%, 12/01/2021		100,000		102,416
Cook County School District No. 94, General Obligation Unlimited BAM, 4.00%, 12/01/2034 - 12/01/2040		3,190,000		3,509,720
Cook County Township High School District No. 201, General Obligation Limited, Series C, AGM, Zero Coupon, 12/01/2024		270,000		258,055
Cook County Township High School District No. 220, General Obligation Limited
AGM-CR,
5.00%, 12/01/2025		700,000		790,412
BAM-TCRS,
5.00%, 12/01/2026		1,545,000		1,735,993
Cook County Township High School District No. 220, General Obligation Unlimited BAM, 5.00%, 12/01/2028 - 12/01/2034		1,265,000		1,601,594

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
County of Cook, General Obligation Unlimited, Series C, AGM-CR, 5.00%, 11/15/2024		$ 1,500,000		$ 1,626,165
County of Logan, General Obligation Unlimited, Series B, BAM, 3.25%, 11/01/2037		50,000		52,941
County of Union, General Obligation Unlimited, AGM, 4.25%, 09/01/2042		1,665,000		1,921,227
DeKalb & Kane Counties Community Unit School District No. 427, General Obligation Unlimited, Series A, BAM-TCRS, 4.00%, 02/01/2030		2,060,000		2,134,572
Douglas & Champaign Counties Community Unit School District No. 302, General Obligation Unlimited, Series B, AGM, 4.00%, 12/01/2034		785,000		882,772
DuPage County School District No. 2, General Obligation Unlimited, 4.00%, 05/01/2037		500,000		581,820
Grundy County School District No. 54, General Obligation Unlimited, AGM-CR, 6.00%, 12/01/2024		2,050,000		2,175,398
Henry & Whiteside Counties Community Unit School District No. 228, General Obligation Unlimited, Series A, AGM, 5.00%, 08/15/2028		150,000		180,027
Illinois Development Finance Authority, Revenue Bonds, AGM, Zero Coupon, 01/01/2021		30,000		29,982
Illinois Finance Authority, Revenue Bonds
4.00%, 08/01/2032 - 10/01/2050		925,000		968,159
5.00%, 08/01/2025 - 08/01/2031		6,790,000		7,811,224
AGM,
4.00%, 12/01/2023		140,000		153,381
5.00%, 12/01/2036		1,900,000		2,250,512
Series A,
4.00%, 11/01/2023		405,000		412,906
5.00%, 07/01/2021 - 11/01/2025		1,750,000		1,773,881
Series C,
5.00%, 08/15/2021		30,000		31,025
Illinois Housing Development Authority, Revenue Bonds
FNMA,
2.63%, 09/01/2032		1,467,813		1,515,120
Series A-1,
3.00%, 02/01/2022		340,000		349,778
Illinois State Toll Highway Authority, Revenue Bonds
Series A,
4.50%, 12/01/2020		250,000		250,798

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

Transamerica Funds Annual Report 2020

Page    177

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois State Toll Highway Authority, Revenue Bonds (continued)
Series B,
5.00%, 01/01/2037		$ 140,000		$ 164,518
Series D,
5.00%, 01/01/2024		45,000		51,253
Iroquois & Kankakee Counties Community Unit School District No. 4, General Obligation Unlimited, Series A, AMBAC, BAM-TCRS, Zero Coupon, 11/01/2022		1,300,000		1,276,483
Jersey & Greene County Community Unit School District No. 100, General Obligation Unlimited Series A, BAM, 5.00%, 12/01/2026 - 12/01/2027		3,975,000		4,802,649
Joliet Regional Port District, General Obligation Unlimited, Series A, AGM, 4.00%, 12/30/2024		250,000		279,965
Kane Cook & DuPage Counties School District No. U-46, General Obligation Limited, Series A, 5.00%, 01/01/2033		260,000		294,289
Kane Cook & DuPage Counties School District No. U-46, General Obligation Unlimited Series D, 5.00%, 01/01/2025 - 01/01/2026		130,000		148,088
Kane County School District No. 129, General Obligation Unlimited Series C, BAM-TCRS, 5.00%, 02/01/2024 - 02/01/2025		5,000,000		5,776,333
Kane Kendall Etc. Counties Community College District No. 516, General Obligation Unlimited, Series A, 5.00%, 12/15/2022		100,000		105,198
Knox & Warren Counties Community Unit School District No. 205, General Obligation Unlimited
Series A, BAM,
4.00%, 12/01/2039		1,300,000		1,442,363
Series B,
3.50%, 01/01/2027		185,000		198,485
Series B, BAM,
4.00%, 01/01/2034 - 01/01/2036		1,785,000		2,004,046
Lake & McHenry Counties Community Unit School District No. 118, General Obligation Unlimited 5.00%, 01/01/2021 - 01/01/2022		105,000		108,055
Lake County Community Unit School District No. 116, General Obligation Limited, Series B, 3.00%, 01/15/2023		105,000		110,548

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Lake County School District No. 38, General Obligation Unlimited, BAM-TCRS, 3.00%, 02/01/2022		$ 2,500,000		$ 2,572,050
Lee & Ogle Counties Community Unit School District No. 275, General Obligation Unlimited Series B, AGM, 4.50%, 12/01/2025 - 12/01/2027		1,085,000		1,168,556
Macon & De Witt Counties Community Unit School District No. 2, General Obligation Unlimited
Series C, BAM,
3.25%, 12/01/2023		1,195,000		1,290,397
4.00%, 12/01/2025		1,360,000		1,579,082
Macon County School District No. 61, General Obligation Unlimited, AGM, 4.00%, 01/01/2040 - 01/01/2045		4,530,000		4,960,046
Macoupin Sangamon & Montgomery Counties Community Unit School District, General Obligation Unlimited BAM, 4.50%, 12/01/2036 - 12/01/2041		1,625,000		1,748,141
Madison & Jersey Counties Unit School District No. 11, General Obligation Unlimited
BAM,
5.00%, 12/01/2030		3,270,000		4,051,007
Series B, BAM,
3.50%, 03/01/2029		1,700,000		1,821,839
Madison-Macoupin Etc. Counties Community College District No. 536, General Obligation Unlimited
5.00%, 11/01/2021		105,000		109,574
Series A, AGM,
5.00%, 11/01/2031 - 11/01/2033		3,450,000		4,187,183
Series A, BAM-TCRS,
5.00%, 11/01/2022 - 11/01/2026		4,990,000		5,685,877
McHenry & Kane Counties Community Consolidated School District No. 158, General Obligation Unlimited, AGM-CR, FGIC, Zero Coupon, 01/01/2024		510,000		493,568
McHenry County Community Unit School District No. 12, General Obligation Unlimited
BAM,
5.00%, 01/01/2035		2,625,000		3,022,031
Series A, AGM,
5.00%, 01/01/2023		70,000		76,067
McHenry County Conservation District, General Obligation Unlimited, 5.00%, 02/01/2026		110,000		130,955
McLean County Public Building Commission, Revenue Bonds, 4.00%, 12/01/2034		1,245,000		1,363,238

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

Transamerica Funds Annual Report 2020

Page    178

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Metropolitan Pier & Exposition Authority, Revenue Bonds
BAM-TCRS,
5.00%, 06/15/2052		$ 500,000		$ 534,750
NATL,
5.70%, 06/15/2023 (C)		165,000		180,739
Series A, NATL,
Zero Coupon, 06/15/2026		100,000		87,885
Series B,
5.00%, 12/15/2028		145,000		150,704
Northeastern Illinois University, Certificate of Participation
AGM,
3.00%, 07/01/2021 - 07/01/2023		1,505,000		1,527,636
4.00%, 07/01/2025		565,000		614,590
Northeastern Illinois University, Revenue Bonds Series 1, BAM, 4.00%, 07/01/2021 - 07/01/2022		1,015,000		1,061,402
Northern Illinois University, Certificate of Participation, AGM, 5.00%, 09/01/2024		105,000		119,612
Northern Illinois University, Revenue Bonds
Series B, BAM,
4.00%, 04/01/2036 - 04/01/2041		4,190,000		4,606,494
5.00%, 04/01/2027		355,000		428,655
Northlake Public Library District, General Obligation Unlimited, AGM, 3.00%, 12/01/2021		610,000		627,239
Peoria Public Building Commission, Revenue Bonds, BAM, 5.00%, 12/01/2022		1,075,000		1,172,320
Pulaski Massac Alexander & Johnson Counties Community Unit School District No. 10, General Obligation Unlimited Series C, MAC, 4.00%, 12/01/2026 - 12/01/2029		625,000		683,755
Railsplitter Tobacco Settlement Authority, Revenue Bonds
5.25%, 06/01/2021		50,000		51,380
5.38%, 06/01/2021		85,000		87,407
6.00%, 06/01/2028		75,000		77,492
Regional Transportation Authority, Revenue Bonds, Series A, NATL, 5.50%, 07/01/2025		65,000		78,631
Rock Island County Public Building Commission, Revenue Bonds
AGM,
3.00%, 12/01/2021		175,000		178,875
4.00%, 12/01/2023		285,000		311,784
5.00%, 12/01/2024 - 12/01/2041		1,745,000		2,112,713

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Sangamon County Community Unit School District No. 5, General Obligation Unlimited, Series B, 5.00%, 01/01/2023		$ 150,000		$ 163,949
Sangamon County Water Reclamation District, General Obligation Unlimited, Series A, BAM-TCRS, 4.00%, 01/01/2044		14,135,000		15,963,928
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		1,429,596
5.00%, 12/01/2036		345,000		423,584
Southern Illinois University, Certificate of Participation, Series A-1, BAM, 4.00%, 02/15/2026		455,000		474,529
Southern Illinois University, Revenue Bonds
Series A, AGM,
5.50%, 04/01/2023		370,000		398,142
Series B, BAM-TCRS,
5.00%, 04/01/2021		435,000		442,843
Southwestern Illinois Development Authority, Revenue Bonds, Series B, BAM-TCRS, 5.00%, 10/15/2026		1,000,000		1,199,500
St. Clair County Community Consolidated School District No. 90, General Obligation Unlimited AMBAC, BAM-TCRS, Zero Coupon, 12/01/2020 - 12/01/2023		645,000		637,754
St. Clair County High School District No. 201, General Obligation Unlimited, Series B, BAM, 5.00%, 02/01/2025		4,040,000		4,789,016
St. Clair County School District No. 119, General Obligation Unlimited, Series A, AGM, 4.00%, 04/01/2038		2,575,000		2,935,912
State of Illinois, General Obligation Unlimited
5.00%, 02/01/2022 - 11/01/2035		8,180,000		8,710,789
5.25%, 07/01/2030		1,020,000		1,061,891
5.50%, 07/01/2025 - 05/01/2039		6,135,000		6,741,668
5.75%, 05/01/2045		1,645,000		1,821,591
BAM-TCRS,
4.00%, 06/01/2041		18,625,000		19,187,847
Series A,
4.00%, 01/01/2030		225,000		226,323
5.00%, 04/01/2024		3,350,000		3,528,622
Tazewell County School District No. 51, General Obligation Unlimited NATL, 9.00%, 12/01/2021 - 12/01/2022		1,355,000		1,537,388

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

Transamerica Funds Annual Report 2020

Page    179

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Town of Cicero, General Obligation Unlimited, Series B, AGM, 4.20%, 12/01/2027		$ 340,000		$ 340,649
University of Illinois, Revenue Bonds
Series A, AGM,
4.00%, 04/01/2043		5,795,000		6,285,199
Series A, AMBAC,
5.50%, 04/01/2022		75,000		79,903
Series A, BAM-TCRS,
4.00%, 04/01/2031		1,445,000		1,575,642
Village of Bedford Park Water System Revenue, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2026		95,000		106,538
Village of Bellwood, General Obligation Unlimited
AGM,
5.00%, 12/01/2027		235,000		272,746
Series B, AGM,
3.00%, 12/01/2029		1,000,000		1,058,750
Village of Broadview, General Obligation Unlimited Series A, BAM, 3.00%, 12/01/2020 - 12/01/2022		510,000		521,696
Village of Calumet Park, General Obligation Unlimited BAM, 4.00%, 12/01/2021 - 12/01/2032		2,490,000		2,772,392
Village of Crestwood, General Obligation Unlimited
BAM,
4.50%, 12/15/2027 - 12/15/2029		2,395,000		2,559,598
Series B, BAM,
5.00%, 12/15/2028 - 12/15/2035		7,305,000		8,153,715
Village of Dolton, General Obligation Unlimited, Series A, AGC, 4.50%, 12/01/2024		300,000		300,633
Village of Franklin Park, Revenue Bonds, BAM, 5.00%, 04/01/2026		230,000		272,313
Village of Hazel Crest, General Obligation Unlimited BAM, 4.00%, 12/01/2024 - 12/01/2025		640,000		728,847
Village of Lombard, General Obligation Unlimited
4.00%, 01/01/2021		910,000		913,449
5.00%, 01/01/2022 - 01/01/2024		1,740,000		1,872,115
Village of Lyons, General Obligation Unlimited
Series B, BAM,
4.00%, 12/01/2036 - 12/01/2039		4,440,000		5,092,478
5.00%, 12/01/2032		125,000		133,415
Series C, BAM,
3.00%, 12/01/2020		85,000		85,164
4.00%, 12/01/2022 - 12/01/2023		550,000		587,667

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Matteson, Revenue Bonds BAM, 5.00%, 12/01/2024 - 12/01/2035		$ 3,610,000		$ 4,349,926
Village of Montgomery, Special Assessment
BAM,
2.85%, 03/01/2024		182,000		192,791
3.00%, 03/01/2025		135,000		145,472
3.10%, 03/01/2026		253,000		276,876
3.30%, 03/01/2028		194,000		213,643
3.40%, 03/01/2029		706,000		776,727
3.45%, 03/01/2030		133,000		145,656
Village of Mount Prospect, General Obligation Unlimited, 3.00%, 12/01/2021		100,000		102,826
Village of Mundelein, General Obligation Unlimited, AGM, 4.00%, 12/15/2039		720,000		836,446
Village of Oak Lawn, General Obligation Unlimited, Series A, 3.00%, 12/01/2020		260,000		260,354
Village of Stone Park, General Obligation Unlimited Series B, BAM, 4.00%, 02/01/2035 - 02/01/2036		310,000		338,449
Warren County Community Unit School District No. 238, General Obligation Unlimited, AGM, 4.00%, 12/01/2021		75,000		77,760
Wauconda Special Service Area No.1, Special Tax, Series A, BAM, 5.00%, 03/01/2033		305,000		350,573
Western Illinois Economic Development Authority, Revenue Bonds 4.00%, 06/01/2021 - 06/01/2033		4,915,000		5,004,069
Western Illinois University, Certificate of Participation
AGM,
3.00%, 10/01/2022		3,010,000		3,097,651
5.00%, 10/01/2024		3,330,000		3,771,824
Western Illinois University, Revenue Bonds BAM, 5.00%, 04/01/2021 - 04/01/2024		2,030,000		2,189,204
Will County Community High School District No. 210, General Obligation Unlimited, Series A, AGM-CR, 5.00%, 01/01/2027		3,475,000		3,708,416
Will County Community Unit School District No. 201, General Obligation Limited, Series C, AGM, 5.00%, 01/01/2027		1,075,000		1,305,609

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

Transamerica Funds Annual Report 2020

Page    180

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Will County Community Unit School District No. 201, General Obligation Unlimited
AGM,
Zero Coupon, 11/01/2024		$ 610,000		$ 589,498
Series B, AGM,
5.00%, 01/01/2026		515,000		625,184
Will County School District No. 86, General Obligation Unlimited, Series C, AGM-CR, 5.00%, 03/01/2024		8,105,000		9,260,125
Will Grundy Etc. County Revenue, General Obligation Unlimited, Series B, 5.00%, 06/01/2038		200,000		224,724
				320,953,585
Indiana - 2.0%
Bloomington Redevelopment District, Tax Allocation Series A-1, 5.00%, 02/01/2026 - 02/01/2040		2,315,000		2,779,776
City of Evansville, Revenue Bonds, Series A, AGM, 5.00%, 02/01/2025		140,000		164,027
City of Rockport, Revenue Bonds
Series A,
2.75%, 06/01/2025		6,295,000		6,786,325
Series D,
Fixed until 06/01/2021, 2.05% (D), 04/01/2025		645,000		648,993
Evansville Redevelopment Authority, Revenue Bonds
BAM,
4.00%, 02/01/2028 - 02/01/2029		5,840,000		6,849,687
5.00%, 02/01/2026		700,000		851,963
Greater Clark County School Building Corp., Revenue Bonds, Series A, 4.00%, 07/15/2024		135,000		152,029
Hammond Multi-School Building Corp., Revenue Bonds 4.00%, 01/15/2021 - 07/15/2021		755,000		766,029
Indiana Finance Authority, Revenue Bonds
3.00%, 11/01/2030		4,125,000		4,103,220
3.50%, 10/01/2025		960,000		1,008,854
4.00%, 02/01/2021		405,000		406,081
5.00%, 02/01/2022 - 10/01/2035		3,030,000		3,516,054
Series A,
5.00%, 09/15/2023 - 09/15/2026		1,020,000		1,110,431
Series C,
3.00%, 11/01/2030		3,825,000		3,727,424
Indiana Finance Authority, Educational Facilities Revenue, Revenue Bonds, 4.00%, 02/01/2040		25,000		27,413
Indiana Health Facility Financing Authority, Revenue Bonds, 5.00%, 11/15/2034		1,725,000		2,025,495

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Indiana (continued)
Indiana Housing & Community Development Authority, Revenue Bonds
Series A-1, GNMA, FNMA, FHLMC,
2.85%, 07/01/2031		$ 225,000		$ 236,174
Series C-1, GNMA, FNMA, FHLMC,
3.25%, 01/01/2032		1,515,000		1,635,367
Indiana University, Revenue Bonds, Series A, 5.00%, 06/01/2024		50,000		58,341
Jeffersonville Redevelopment Authority, Revenue Bonds, AGM, 3.00%, 08/01/2026		760,000		855,783
Merrillville Building Corp., Revenue Bonds BAM, 4.00%, 07/15/2036 - 12/15/2039		2,720,000		3,096,018
Merrillville Redevelopment Authority, Revenue Bonds BAM, 4.00%, 07/15/2036 - 12/15/2039		3,335,000		3,780,655
Wawasee High School Building Corp., Revenue Bonds, 5.00%, 07/15/2038		1,300,000		1,537,783
				46,123,922
Kansas - 0.1%
City of Dodge City, Revenue Bonds, 3.00%, 07/15/2021		80,000		81,270
City of Wichita, Revenue Bonds, Series I, 5.00%, 05/15/2028		300,000		313,779
Kansas Development Finance Authority, Revenue Bonds, Series C, BAM, 4.00%, 05/01/2022		90,000		94,366
Marais Des Cygnes Public Utility Authority, Revenue Bonds AGM, 3.00%, 12/01/2026 - 12/01/2027		990,000		1,097,410
Montgomery County Unified School District No. 446, General Obligation Unlimited, BAM, 5.00%, 09/01/2028		810,000		1,006,919
Unified Government of Greeley County, General Obligation Unlimited, Series B, 5.00%, 12/01/2037		225,000		264,204
				2,857,948
Kentucky - 3.5%
Bullitt County School District Finance Corp., Revenue Bonds, 3.10%, 09/01/2026		65,000		69,687
City of Winchester Combined Utilities Revenue, Revenue Bonds, Series A, BAM, 4.00%, 07/01/2029		685,000		827,062
County of Hardin, Revenue Bonds AGM, 5.75%, 08/01/2033 - 08/01/2045		105,000		120,223

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

Transamerica Funds Annual Report 2020

Page    181

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky (continued)
County of Knox, General Obligation Unlimited, BAM, 5.00%, 10/01/2035		$ 1,590,000		$ 1,802,821
Eastern Kentucky University, Revenue Bonds, Series A, 4.00%, 04/01/2025		125,000		138,505
Fayette County School District Finance Corp., Revenue Bonds, Series B, 4.00%, 05/01/2024		140,000		156,248
Kentucky Bond Development Corp., Revenue Bonds, BAM, 5.00%, 09/01/2049		23,005,000		27,931,061
Kentucky Economic Development Finance Authority, Revenue Bonds
5.25%, 08/15/2046		1,230,000		1,277,601
AGM,
5.00%, 12/01/2045 - 12/01/2047		6,705,000		7,754,990
Kentucky Municipal Power Agency, Revenue Bonds
NATL,
5.00%, 09/01/2032		1,000,000		1,164,940
Series A,
Fixed until 03/01/2026, 3.45% (D), 09/01/2042		2,500,000		2,545,375
Series A, NATL,
5.00%, 09/01/2023		115,000		128,705
Kentucky State Property & Building Commission, Revenue Bonds, BAM-TCRS, 5.00%, 04/01/2029		3,150,000		3,868,546
Kentucky Turnpike Authority, Revenue Bonds, Series A, 5.00%, 07/01/2021		45,000		46,295
Louisville & Jefferson County Visitors & Convention Commission, Revenue Bonds, AGM-CR, 4.00%, 06/01/2024 - 06/01/2029		16,290,000		18,724,636
Louisville / Jefferson County Metropolitan Government, Revenue Bonds Series A, 4.00%, 10/01/2039 - 10/01/2040		1,000,000		1,127,080
Morehead State University, Revenue Bonds
Series A,
3.00%, 04/01/2027		155,000		164,931
4.00%, 04/01/2030 - 04/01/2032		435,000		473,990
Nicholas County School District Finance Corp., Revenue Bonds
2.00%, 02/01/2023		55,000		56,902
2.38%, 02/01/2025		240,000		257,174
2.50%, 02/01/2027		305,000		325,658
3.00%, 02/01/2028 - 02/01/2032		365,000		393,763

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky (continued)
Northern Kentucky University, Revenue Bonds
Series A,
4.00%, 09/01/2025		$ 900,000		$ 1,030,788
Series A, AGM,
4.00%, 09/01/2030		1,130,000		1,267,024
Paducah Electric Plant Board, Revenue Bonds Series A, AGM, 5.00%, 10/01/2029 - 10/01/2032		2,330,000		2,786,734
Warren County Justice Center Expansion Corp., Revenue Bonds, 5.00%, 09/01/2024		820,000		954,833
Warren County School District Finance Corp., Revenue Bonds, 4.00%, 04/01/2026		3,690,000		4,228,260
				79,623,832
Louisiana - 2.9%
City of Ruston, Revenue Bonds, AGM, 5.00%, 06/01/2036		260,000		305,032
Jefferson Sales Tax District, Revenue Bonds
Series B, AGM,
4.00%, 12/01/2039		2,685,000		3,106,169
5.00%, 12/01/2032		35,000		42,779
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds
AGM,
5.00%, 08/01/2026 - 08/01/2029		13,795,000		16,839,899
BAM,
5.00%, 10/01/2028 - 10/01/2034		510,000		637,434
Louisiana Public Facilities Authority, Revenue Bonds
5.00%, 07/01/2022 - 07/01/2027 (G)		3,160,000		2,496,400
AGM,
5.00%, 06/01/2021		65,000		66,732
Series A,
3.38%, 09/01/2028		10,000,000		10,093,000
New Orleans Aviation Board, Revenue Bonds AGM, 5.00%, 10/01/2033 - 10/01/2048		12,510,000		14,639,187
Parish of St. John the Baptist, Revenue Bonds
Fixed until 07/01/2024, 2.10% (D), 06/01/2037		1,220,000		1,224,270
Fixed until 07/01/2026, 2.20% (D), 06/01/2037		1,835,000		1,835,954
Series B-2,
Fixed until 07/01/2026, 2.38% (D), 06/01/2037		3,500,000		3,534,265
St. Tammany Parish Hospital Service District No. 1, Revenue Bonds Series A, 5.00%, 07/01/2033 - 07/01/2048		10,015,000		11,978,119
				66,799,240

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

Transamerica Funds Annual Report 2020

Page    182

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Maine - 0.4%
City of Portland General Airport Revenue, Revenue Bonds, 5.00%, 01/01/2028		$ 640,000		$ 740,147
Maine Governmental Facilities Authority, Revenue Bonds, Series A, 5.00%, 10/01/2028		350,000		432,373
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 07/01/2038		35,000		42,189
Maine State Housing Authority, Revenue Bonds
Series B,
2.75%, 11/15/2028		410,000		441,016
2.90%, 11/15/2029		880,000		947,848
3.15%, 11/15/2039		1,680,000		1,791,216
3.35%, 11/15/2044		130,000		138,562
Series C,
2.35%, 11/15/2027		245,000		257,314
2.50%, 11/15/2028		550,000		579,672
2.75%, 11/15/2031		2,120,000		2,219,937
Series D-1,
2.50%, 11/15/2026		435,000		470,426
2.65%, 11/15/2027		555,000		599,522
2.80%, 11/15/2028		570,000		614,762
2.95%, 11/15/2029		350,000		377,990
				9,652,974
Maryland - 0.1%
City of Baltimore, Revenue Bonds, Series C, 5.00%, 07/01/2028		50,000		56,390
City of Rockville, Revenue Bonds
Series A-2,
2.25%, 11/01/2022		250,000		243,607
5.00%, 11/01/2023		345,000		358,096
Series A1,
5.00%, 11/01/2021 - 11/01/2023		550,000		564,998
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds
4.00%, 07/01/2045 - 07/01/2050		750,000		819,845
5.00%, 07/01/2021		35,000		36,033
Montgomery County Revenue Authority, Revenue Bonds, Series A, 4.00%, 11/01/2020		85,000		85,000
				2,163,969
Massachusetts - 0.8%
Commonwealth of Massachusetts, General Obligation Limited, Series A, 5.00%, 07/01/2037		45,000		53,195
Lynn Housing Authority & Neighborhood Development, Revenue Bonds
4.25%, 10/01/2028		315,000		337,519
4.38%, 10/01/2029		300,000		321,432

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Massachusetts (continued)
Massachusetts Development Finance Agency, Revenue Bonds
5.00%, 10/01/2039		$ 250,000		$ 270,198
Series C, AGM,
4.00%, 10/01/2045		1,250,000		1,405,938
Series I,
5.00%, 07/01/2025 - 07/01/2026		1,080,000		1,285,772
Series K,
4.00%, 07/01/2038		5,255,000		5,707,140
Massachusetts Housing Finance Agency, Revenue Bonds
2.10%, 12/01/2035		2,280,000		2,287,250
Series 178,
3.70%, 12/01/2033		330,000		354,404
Series 183,
2.80%, 06/01/2031		1,575,000		1,652,711
Series 187, FNMA,
2.65%, 12/01/2027		740,000		797,298
2.80%, 06/01/2028 - 12/01/2028		2,915,000		3,151,939
Series C,
2.40%, 12/01/2025		210,000		228,108
2.60%, 12/01/2026		150,000		162,219
2.70%, 06/01/2027		150,000		164,697
2.85%, 06/01/2028		160,000		173,562
2.90%, 12/01/2028		125,000		135,571
				18,488,953
Michigan - 2.6%
Allendale Public School District, General Obligation Unlimited, 5.00%, 11/01/2026		100,000		122,949
Capac Community School District, General Obligation Unlimited BAM, 4.00%, 05/01/2027 - 05/01/2031		1,180,000		1,394,326
City of Detroit Sewage Disposal System Revenue, Revenue Bonds, Series A, AGM, 5.25%, 07/01/2024		50,000		58,485
Clarkston Community Schools, General Obligation Unlimited, Series I, 5.00%, 05/01/2041		20,000		24,063
Decatur Public School District, General Obligation Unlimited, 3.00%, 05/01/2022		145,000		150,435
Detroit Downtown Development Authority, Tax Allocation, 5.00%, 07/01/2048		10,000,000		11,102,300
Detroit Wayne County Stadium Authority, Revenue Bonds, AGM, 5.00%, 10/01/2026		2,775,000		2,973,829
Fitzgerald Public School District, General Obligation Unlimited, BAM, 4.00%, 05/01/2025		630,000		717,129

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

Transamerica Funds Annual Report 2020

Page    183

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Forest Hills Public Schools, General Obligation Unlimited, Series I, 3.00%, 05/01/2024		$ 85,000		$ 92,641
Grand Rapids Economic Development Corp., Revenue Bonds, 3.00%, 11/01/2022		1,190,000		1,176,827
Grand Rapids Public Schools, General Obligation Unlimited AGM, 5.00%, 05/01/2030 - 11/01/2039		1,680,000		2,080,096
Lake City Area Schools, General Obligation Unlimited, BAM, 5.00%, 05/01/2035		2,725,000		3,254,604
Meridian Economic Development Corp., Revenue Bonds, Series A, 3.25%, 07/01/2021		605,000		603,651
Michigan Finance Authority, Revenue Bonds
Series A,
4.00%, 11/15/2050		500,000		548,350
Series C,
5.25%, 10/01/2043		20,000		22,584
Michigan State Hospital Finance Authority, Revenue Bonds, Series F, Fixed until 03/15/2023, 2.40% (D), 11/15/2047		780,000		815,568
Michigan State Housing Development Authority, Revenue Bonds
Series B,
3.25%, 12/01/2032		3,835,000		4,128,876
Series D,
3.65%, 10/01/2032		2,700,000		2,778,975
Michigan Strategic Fund, Revenue Bonds, 5.00%, 11/15/2049		2,500,000		2,678,150
Saranac Community Schools, General Obligation Unlimited
4.00%, 05/01/2030		400,000		458,868
Series A,
4.00%, 05/01/2025		130,000		149,405
Southgate Community School District, General Obligation Unlimited 5.00%, 05/01/2032 - 05/01/2035		1,950,000		2,356,271
Stockbridge Community Schools, General Obligation Unlimited, Series A, 5.00%, 05/01/2031		375,000		460,151
Sturgis Public School District, General Obligation Unlimited, Series A, 5.00%, 05/01/2026		45,000		54,286
Tri-County Area School District, General Obligation Unlimited, AGM, 4.00%, 05/01/2044		5,170,000		5,948,654

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Warren Consolidated Schools, General Obligation Unlimited
AGM,
4.00%, 05/01/2025 - 05/01/2027		$ 700,000		$ 818,770
Series B, BAM,
5.00%, 05/01/2023 - 05/01/2024		5,450,000		6,314,226
Wayne County Airport Authority, Revenue Bonds, Series A, 5.00%, 12/01/2032		250,000		299,840
Zeeland Public Schools, General Obligation Unlimited Series B, BAM, 5.00%, 05/01/2026 - 05/01/2030		5,820,000		7,342,760
				58,927,069
Minnesota - 2.7%
City of Apple Valley, Revenue Bonds, 4.25%, 09/01/2038		1,000,000		1,004,720
City of Deephaven, Revenue Bonds
Series A,
4.38%, 10/01/2027		245,000		252,404
4.40%, 07/01/2025		110,000		115,314
City of Minneapolis, Revenue Bonds Series A, AGM-CR, 5.00%, 11/15/2035 - 11/15/2036		21,225,000		25,955,250
City of Red Wing, Revenue Bonds, Class A, 5.00%, 08/01/2047		1,250,000		1,156,300
City of St. Cloud, Revenue Bonds, Series A, 3.00%, 04/01/2021		250,000		170,000
City of Stillwater, Tax Allocation
3.00%, 02/01/2021 - 02/01/2027		2,455,000		2,487,949
4.00%, 02/01/2030		500,000		514,795
County of Chippewa, Revenue Bonds 4.00%, 03/01/2023 - 03/01/2026		5,460,000		5,747,621
County of Hennepin, General Obligation Unlimited, Series B, 0.14% (D), 12/01/2041		3,775,000		3,775,000
Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds
Series A,
5.00%, 11/15/2025 - 12/01/2030		850,000		998,683
Series B,
4.25%, 04/01/2025		125,000		128,254
Minnesota Housing Finance Agency, Revenue Bonds
Series A,
4.00%, 08/01/2031		100,000		111,053
Series B, GNMA, FNMA, FHLMC,
2.40%, 01/01/2035		5,660,000		5,857,364
2.63%, 01/01/2040		7,110,000		7,292,229
Series C, GNMA, FNMA, FHLMC,
2.80%, 07/01/2024		80,000		85,431
2.95%, 07/01/2025		50,000		53,845
Series E, GNMA, FNMA, FHLMC,
3.30%, 01/01/2034		2,780,000		3,001,232

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

Transamerica Funds Annual Report 2020

Page    184

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
Minnesota Housing Finance Agency, Revenue Bonds (continued)
Series F,
2.90%, 01/01/2026		$ 165,000		$ 178,424
2.95%, 07/01/2026		205,000		221,314
Series F, GNMA, FNMA, FHLMC,
2.30%, 07/01/2032		1,140,000		1,167,953
Township of Baytown, Revenue Bonds, Series A, 4.00%, 08/01/2036		675,000		694,521
				60,969,656
Mississippi - 1.1%
Mississippi Development Bank, Revenue Bonds
AGM,
6.88%, 12/01/2040		3,160,000		3,666,169
AGM-CR,
5.25%, 02/01/2049		7,440,000		9,229,171
BAM,
4.00%, 07/01/2050		3,770,000		4,289,770
Series A,
5.00%, 03/01/2022		650,000		652,126
Mississippi Home Corp., Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
2.20%, 12/01/2024		695,000		733,308
2.35%, 06/01/2025		320,000		340,742
2.45%, 12/01/2025		520,000		558,844
2.70%, 12/01/2026		475,000		517,926
2.75%, 06/01/2027		150,000		163,473
2.80%, 12/01/2027		75,000		81,922
2.85%, 06/01/2028		170,000		185,031
2.95%, 12/01/2028		535,000		583,428
Series E, GNMA, FNMA, FHLMC,
3.00%, 12/01/2028		80,000		87,230
West Rankin Utility Authority, Revenue Bonds AGM, 5.00%, 01/01/2037 - 01/01/2038		3,105,000		3,502,999
				24,592,139
Missouri - 1.0%
Belton School District No. 124, Certificate of Participation, AGM, 5.00%, 01/15/2044		700,000		802,522
Branson Industrial Development Authority, Revenue Bonds
Series A,
3.00%, 11/01/2020 - 11/01/2021		750,000		749,591
4.00%, 11/01/2022		350,000		354,288
City of Kansas City, Revenue Bonds, Series A, 5.00%, 09/01/2034		100,000		100,315
Hannibal Industrial Development Authority, Revenue Bonds, 5.00%, 10/01/2037		1,500,000		1,751,880

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Missouri (continued)
Health & Educational Facilities Authority, Revenue Bonds, Series A, 4.00%, 02/15/2049		$ 1,000,000		$ 1,108,940
Industrial Development Authority of the City of St. Louis, Tax Allocation, 3.75%, 11/01/2027		320,000		322,851
Lincoln University Auxiliary System Revenue, Revenue Bonds
AGM,
4.00%, 06/01/2035 - 06/01/2037		840,000		933,135
5.00%, 06/01/2027		870,000		1,079,574
Missouri Health & Educational Facilities Authority Revenue 4.00%, 06/01/2053		5,000,000		5,517,150
Missouri Housing Development Commission, Revenue Bonds
Series B, GNMA, FNMA, FHLMC,
2.50%, 05/01/2029		5,000		5,242
2.55%, 11/01/2029		365,000		382,425
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, 5.00%, 12/01/2043		250,000		292,450
Missouri Southern State University, Revenue Bonds, Series A, AGM, 4.00%, 10/01/2037		170,000		187,498
Missouri State Health & Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 02/01/2029		2,145,000		2,402,486
St. Louis Municipal Finance Corp., Revenue Bonds Series A, AGM, 5.00%, 02/15/2030 - 02/15/2033		4,160,000		4,937,243
St. Louis Municipal Library District, Certificate of Participation, BAM, 4.00%, 03/15/2048		1,000,000		1,113,070
				22,040,660
Montana - 0.1%
Montana Facility Finance Authority, Revenue Bonds
5.00%, 07/01/2030		575,000		706,802
Series C,
5.00%, 06/01/2024 - 06/01/2025		1,460,000		1,687,601
				2,394,403
Nebraska - 0.3%
Central Plains Energy Project, Revenue Bonds, Series A, 5.00%, 09/01/2034		880,000		1,161,829
Madison County Hospital Authority No. 1, Revenue Bonds, Series V, 5.00%, 07/01/2025		1,765,000		2,058,855

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

Transamerica Funds Annual Report 2020

Page    185

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Nebraska (continued)
Omaha Public Power District, Revenue Bonds, Series A, 5.00%, 02/01/2034		$ 3,850,000		$ 4,457,645
				7,678,329
Nevada - 0.2%
County of Washoe, Revenue Bonds, Series B, Fixed until 06/01/2022, 3.00% (D), 03/01/2036		1,200,000		1,247,088
Henderson Local Improvement Districts, Special Assessment
2.00%, 09/01/2023		345,000		355,240
2.25%, 09/01/2024		530,000		555,143
2.38%, 03/01/2021 - 03/01/2022		1,150,000		1,171,449
2.50%, 03/01/2023 - 09/01/2025		1,315,000		1,378,508
Nevada System of Higher Education, Revenue Bonds Series A, 5.00%, 07/01/2021 - 07/01/2024		50,000		53,636
				4,761,064
New Jersey - 6.5%
Camden County Improvement Authority, Revenue Bonds
5.00%, 01/15/2026		230,000		262,106
Series A,
5.00%, 01/15/2029		10,000		11,745
City of Atlantic City, General Obligation Unlimited, Series B, AGM, 5.00%, 03/01/2037		900,000		1,063,989
City of Bayonne, General Obligation Unlimited, AGM, 5.00%, 08/01/2024		70,000		81,778
City of Paterson, General Obligation Unlimited, BAM, 5.00%, 01/15/2024		745,000		809,860
City of Trenton, General Obligation Unlimited
AGM,
5.00%, 07/15/2034		200,000		246,932
BAM,
5.00%, 07/15/2022 - 12/01/2023		5,805,000		6,393,556
Cumberland County Improvement Authority, Revenue Bonds BAM, 5.00%, 12/15/2023 - 12/15/2024		845,000		992,979
Essex County Improvement Authority, Revenue Bonds
4.00%, 11/01/2045		3,475,000		3,855,651
Series A,
5.00%, 12/01/2035 (H) (I)		535,000		481,500
Garden State Preservation Trust, Revenue Bonds
Series A, AGM,
5.75%, 11/01/2028		5,000,000		6,252,450

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
Garden State Preservation Trust, Revenue Bonds (continued)
Series C, AGM,
5.25%, 11/01/2021		$ 45,000		$ 47,076
Greater Egg Harbor Regional High School District, General Obligation Unlimited
AGM,
4.00%, 02/01/2030		150,000		168,660
5.00%, 02/01/2023 - 02/01/2024		2,345,000		2,677,072
Little Egg Harbor Board of Education, General Obligation Unlimited, AGM, 4.00%, 01/15/2021		125,000		125,906
New Jersey Building Authority, Revenue Bonds
Series A,
5.00%, 12/15/2022		45,000		45,111
Series A, BAM,
5.00%, 06/15/2028		475,000		555,033
New Jersey Economic Development Authority, Revenue Bonds
5.00%, 11/01/2044		10,000,000		11,229,700
Series A,
3.50%, 09/01/2022 (A) (B)		80,000		80,480
4.25%, 09/01/2027 (A)		200,000		207,816
5.00%, 06/15/2022 - 06/15/2025		8,675,000		9,602,640
5.00%, 09/01/2037 (A)		750,000		775,350
Series A, BAM,
3.13%, 07/01/2031		2,510,000		2,545,642
5.00%, 06/15/2021 - 07/01/2028		12,910,000		14,576,651
Series A, BAM-TCRS,
5.00%, 06/15/2027 - 06/15/2030		15,850,000		19,051,185
Series B,
4.25%, 09/01/2022 (A) (B)		95,000		94,687
Series C,
4.00%, 06/15/2025		1,825,000		1,998,521
Series C, BAM-TCRS,
5.00%, 06/15/2026		2,755,000		3,261,149
Series DDD,
5.00%, 06/15/2024		2,000,000		2,235,240
Series DDD, BAM-TCRS,
5.00%, 06/15/2026 - 06/15/2035		6,985,000		8,313,367
Series PP, AGM-CR,
5.00%, 06/15/2025		14,450,000		16,257,695
Series UU, AGM-CR,
5.00%, 06/15/2025		905,000		1,018,216
New Jersey Educational Facilities Authority, Revenue Bonds
Series A,
4.00%, 07/01/2050		1,000,000		1,046,260
Series C, AGM,
4.00%, 07/01/2050		250,000		277,180
Series D, AGM,
5.00%, 07/01/2024		2,485,000		2,794,581
Series H, AGM,
5.00%, 07/01/2026		610,000		719,635
New Jersey Health Care Facilities Financing Authority, Revenue Bonds
5.00%, 07/01/2023		70,000		75,395

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

Transamerica Funds Annual Report 2020

Page    186

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Jersey Health Care Facilities Financing Authority, Revenue Bonds (continued)
Series A, AGM,
5.00%, 07/01/2046		$ 110,000		$ 120,963
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Series A, 2.38%, 12/01/2029		4,930,000		4,885,926
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds
Series A,
2.60%, 11/01/2024		2,120,000		2,276,838
2.85%, 11/01/2025		1,830,000		2,010,896
Series B,
2.00%, 05/01/2021		4,490,000		4,521,654
Series E,
2.05%, 10/01/2035		5,045,000		4,979,617
Series F, FHLMC,
3.35%, 12/01/2030		1,255,000		1,352,877
New Jersey Transportation Trust Fund Authority, Revenue Bonds
Series A, AGM-CR,
5.50%, 12/15/2022		3,150,000		3,457,377
Series B, AGC-ICC, FGIC,
5.50%, 12/15/2020		100,000		100,560
Series C, AMBAC, BAM-TCRS,
Zero Coupon, 12/15/2028		2,650,000		2,178,856
New Jersey Turnpike Authority, Revenue Bonds, Series B, 5.00%, 01/01/2033		15,000		18,218
Parking Authority of the City of Trenton, Revenue Bonds Series B, AGM, 4.00%, 04/01/2023 - 04/01/2028		1,620,000		1,818,800
Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.00%, 06/01/2023		25,000		27,792
Town of Kearny, General Obligation Unlimited, Series A, AGM, 5.00%, 02/01/2023		565,000		619,539
				148,602,707
New Mexico - 0.2%
City of Farmington, Revenue Bonds, Fixed until 06/01/2022, 2.13% (D), 06/01/2040		1,450,000		1,477,521
New Mexico Mortgage Finance Authority, Revenue Bonds
Series A-1,
1.65%, 09/01/2021		10,000		10,084
Series A-1, GNMA, FNMA, FHLMC,
3.45%, 07/01/2033		925,000		1,008,444
3.70%, 07/01/2038		960,000		1,046,583

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Mexico (continued)
Village of Los Ranchos de Albuquerque, Revenue Bonds, 4.00%, 09/01/2040		$ 1,200,000		$ 1,309,620
				4,852,252
New York - 4.8%
Brookhaven Local Development Corp. 4.00%, 11/01/2045 (E)		1,000,000		1,025,690
Brooklyn Arena Local Development Corp., Revenue Bonds, Series A, AGM, 4.00%, 07/15/2035		2,820,000		3,076,676
Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds
5.00%, 10/01/2037		400,000		461,964
Series A,
3.88%, 08/01/2027		2,545,000		2,674,108
5.00%, 08/01/2037		1,320,000		1,433,837
Buffalo Municipal Water Finance Authority, Revenue Bonds, Series A, AGM, 5.00%, 07/01/2039		455,000		545,222
Build NYC Resource Corp., Revenue Bonds, 5.00%, 07/01/2041		100,000		105,364
City of New York, General Obligation Unlimited, Series H-6, 0.12% (D), 03/01/2034		940,000		940,000
City of Niagara Falls, General Obligation Limited, BAM, 5.00%, 05/15/2028		55,000		67,252
County of Suffolk, General Obligation Limited
Series D, BAM,
4.00%, 10/15/2027 - 10/15/2029		10,810,000		12,732,398
5.00%, 10/15/2023		115,000		129,648
Dutchess County Local Development Corp., Revenue Bonds 5.00%, 07/01/2032 - 07/01/2036		555,000		600,654
East Ramapo Central School District, General Obligation Unlimited AGM, 5.00%, 03/15/2039 - 03/15/2047		9,375,000		11,048,250
Jefferson County Civic Facility Development Corp., Revenue Bonds, Series A, 4.00%, 11/01/2030		350,000		381,580
Lockport City School District, General Obligation Unlimited
2.25%, 08/01/2027		620,000		665,620
2.50%, 08/01/2028		1,145,000		1,226,650
Metropolitan Transportation Authority, Revenue Bonds
Series C, AGM-CR,
5.00%, 11/15/2038		5,000,000		6,019,750
Series D-1, BAM,
5.00%, 11/15/2033		14,250,000		16,135,275

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

Transamerica Funds Annual Report 2020

Page    187

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds, Series A, 5.00%, 11/15/2051		$ 2,000,000		$ 2,076,100
New York City Housing Development Corp., Revenue Bonds
Series A, AGM,
4.10%, 07/01/2042		25,000		25,542
Series C-1,
2.25%, 05/01/2026		510,000		537,693
2.30%, 11/01/2026		925,000		973,692
2.40%, 05/01/2027		850,000		896,291
2.45%, 11/01/2027		190,000		200,277
2.55%, 05/01/2028		320,000		337,114
Series I, FNMA,
Fixed until 02/01/2026, 2.95% (D), 11/01/2045		4,950,000		5,380,402
New York City Industrial Development Agency, Revenue Bonds, AGM, 4.00%, 03/01/2045		2,500,000		2,836,925
New York Counties Tobacco Trust VI, Revenue Bonds, Series C, 3.75%, 06/01/2045		180,000		166,093
New York Liberty Development Corp., Revenue Bonds, 2.80%, 09/15/2069		1,500,000		1,430,745
New York State Dormitory Authority, Revenue Bonds
4.00%, 02/01/2034 - 07/01/2046		2,635,000		3,007,043
Series A,
5.00%, 10/01/2033 - 07/01/2035		515,000		607,189
Series A, AGM,
5.00%, 10/01/2034		335,000		414,043
New York State Housing Finance Agency, Revenue Bonds
Series H, GNMA, FNMA, FHLMC,
1.65%, 11/01/2021		4,970,000		5,023,129
Series L, GNMA, FNMA, FHLMC,
1.50%, 11/01/2020		180,000		180,000
New York State Thruway Authority, Revenue Bonds
Series A,
5.00%, 01/01/2051		175,000		200,072
Series B,
4.00%, 01/01/2050		10,000,000		11,086,300
Niagara Tobacco Asset Securitization Corp., Revenue Bonds, 4.00%, 05/15/2029		145,000		145,132
Oneida County Local Development Corp. Revenue, Revenue Bonds, 4.00%, 12/01/2049		3,000,000		3,357,000
Port Authority of New York & New Jersey, Revenue Bonds, 5.00%, 09/01/2048		2,160,000		2,565,907
State of New York Mortgage Agency, Revenue Bonds
Series 190,
3.45%, 10/01/2030		110,000		116,258

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
State of New York Mortgage Agency, Revenue Bonds (continued)
Series 197,
1.90%, 04/01/2025		$ 925,000		$ 969,761
Town of North Hempstead, General Obligation Limited
Series A,
2.50%, 03/15/2030		1,330,000		1,428,034
2.75%, 03/15/2031 - 03/15/2033		3,115,000		3,339,201
Town of Oyster Bay, General Obligation Limited, AGM-CR, 4.00%, 02/15/2024		1,035,000		1,148,809
TSASC, Inc., Revenue Bonds, Series A, 5.00%, 06/01/2024		140,000		158,641
Westchester County Local Development Corp., Revenue Bonds, 5.00%, 11/01/2026		675,000		774,724
Windsor Central School District, General Obligation Unlimited 3.00%, 06/15/2030 - 06/15/2031		285,000		306,851
				108,958,906
North Carolina - 0.8%
City of Charlotte, Certificate of Participation, Series A, 5.00%, 12/01/2021		25,000		26,286
City of Raleigh Combined Enterprise System Revenue, Revenue Bonds, Series B, 0.15% (D), 03/01/2035		1,750,000		1,750,000
North Carolina Housing Finance Agency, Revenue Bonds
Series 37-B, GNMA, FNMA,
1.95%, 07/01/2023		20,000		20,662
Series 38-B,
2.38%, 01/01/2025		2,010,000		2,148,047
2.45%, 07/01/2025		1,180,000		1,273,055
2.65%, 01/01/2026		1,030,000		1,117,756
2.80%, 01/01/2027		80,000		88,002
North Carolina Medical Care Commission, Revenue Bonds
2.30%, 09/01/2025		1,250,000		1,248,275
5.00%, 01/01/2038		620,000		667,449
Series A,
5.00%, 10/01/2040 - 10/01/2045		2,000,000		2,329,780
Series B-1,
2.55%, 09/01/2026		1,575,000		1,569,046
North Carolina Turnpike Authority, Revenue Bonds, AGM, 5.00%, 01/01/2035		995,000		1,233,919
Winston-Salem State University, Revenue Bonds BAM, 5.00%, 06/01/2029 - 06/01/2036		3,445,000		4,053,552
				17,525,829

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

Transamerica Funds Annual Report 2020

Page    188

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Dakota - 0.2%
City of Mandan, Revenue Bonds, Series A, 4.00%, 09/01/2034		$ 1,010,000		$ 1,090,830
County of Burleigh, Revenue Bonds, 3.60%, 05/01/2024		285,000		282,874
County of Burleigh Multi-County Sales Tax Revenue, Revenue Bonds Series A, AGM, 3.00%, 11/01/2024 - 11/01/2025		905,000		952,811
Fargo Public School District No. 1, General Obligation Limited, Series A, 3.00%, 08/01/2026		25,000		27,118
Jamestown Park District, Revenue Bonds Series A, 4.00%, 07/01/2026 - 07/01/2027		1,235,000		1,362,903
North Dakota Housing Finance Agency, Revenue Bonds
Series A,
2.80%, 07/01/2023		55,000		57,901
Series C,
2.55%, 01/01/2028		775,000		820,012
Series D,
2.80%, 01/01/2025		810,000		810,000
				5,404,449
Ohio - 2.3%
Brunswick City School District, General Obligation Unlimited Series A, 5.00%, 12/01/2027 - 12/01/2036		520,000		583,138
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2, Class 1,
4.00%, 06/01/2048		2,000,000		2,167,820
Series B-2, Class 2,
5.00%, 06/01/2055		20,730,000		22,177,990
Cardinal Local School District, Certificate of Participation, 5.25%, 04/01/2038		2,090,000		1,898,869
Cleveland Heights & University Heights City School District, General Obligation Unlimited 4.00%, 12/01/2029 - 12/01/2030		1,095,000		1,292,040
Cleveland-Cuyahoga County Port Authority, Revenue Bonds Series C, 3.00%, 05/15/2021 - 11/15/2023		520,000		524,862
Cleveland-Cuyahoga County Port Authority, Tax Allocation Series D, 3.00%, 05/15/2021 - 05/15/2023		1,175,000		1,186,411
Columbus-Franklin County Finance Authority, Revenue Bonds, 4.00%, 11/15/2020		110,000		110,107
Conotton Valley Union Local School District, Certificate of Participation MAC, 4.00%, 12/01/2035 - 12/01/2042		800,000		878,200

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
County of Butler, Revenue Bonds, 5.00%, 11/15/2027		$ 65,000		$ 81,887
County of Lucas, Revenue Bonds, Series D, 5.00%, 11/15/2023		810,000		836,276
County of Scioto, Revenue Bonds, AGM-CR, 3.50%, 02/15/2038		1,680,000		1,769,527
County of Warren, Revenue Bonds
5.00%, 07/01/2023		250,000		274,718
Series A,
4.00%, 07/01/2045		500,000		537,140
Dayton City School District, Certificate of Participation 4.00%, 12/01/2026 - 12/01/2030		800,000		923,683
East Knox Local School District, General Obligation Unlimited, BAM, 4.00%, 12/01/2030		260,000		296,189
Euclid City School District, Certificate of Participation, BAM, 4.00%, 12/01/2044		600,000		687,918
Indian Creek Local School District, General Obligation Unlimited, Series B, BAM, 5.00%, 11/01/2055		200,000		238,626
Little Miami Local School District, General Obligation Unlimited, Series B, 5.00%, 11/01/2048		2,000,000		2,328,740
Ohio Housing Finance Agency, Revenue Bonds
Series D, GNMA, FNMA, FHLMC,
3.05%, 09/01/2032		1,735,000		1,852,650
3.40%, 09/01/2037		3,455,000		3,710,083
Pinnacle Community Infrastructure Financing Authority, Revenue Bonds, Series A, AGM, 4.00%, 12/01/2031		1,030,000		1,147,389
State of Ohio, Revenue Bonds 4.00%, 11/15/2036 - 11/15/2041		3,760,000		4,077,040
Summit County Development Finance Authority, Revenue Bonds
4.00%, 12/01/2028 - 12/01/2032		570,000		605,160
Series C,
4.00%, 11/15/2024 - 11/15/2025		155,000		171,867
University of Toledo, Revenue Bonds, Series B, BAM-TCRS, 5.00%, 06/01/2030		380,000		490,443
Warrensville Heights City School District, General Obligation Unlimited, Series A, BAM, 5.25%, 12/01/2055		1,000,000		1,143,830
Willoughby-Eastlake City School District, Certificate of Participation, BAM, 4.00%, 03/01/2025		145,000		163,998
				52,156,601

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

Transamerica Funds Annual Report 2020

Page    189

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Oklahoma - 0.5%
Caddo County Governmental Building Authority, Revenue Bonds, 5.00%, 09/01/2027		$ 435,000		$ 511,186
Cleveland County Educational Facilities Authority, Revenue Bonds, 5.00%, 06/01/2023		45,000		49,761
Garfield County Educational Facilities Authority, Revenue Bonds, Series A, 5.00%, 09/01/2027		1,315,000		1,629,627
Grady County School Finance Authority, Revenue Bonds
3.00%, 12/01/2028		85,000		90,385
4.00%, 12/01/2023		875,000		960,041
5.00%, 09/01/2022 - 12/01/2027		3,725,000		4,524,330
Jefferson County Educational Facilities Authority, Revenue Bonds
3.25%, 12/01/2023		135,000		142,175
3.38%, 12/01/2024		135,000		145,071
Oklahoma Housing Finance Agency, Revenue Bonds, Series A, GNMA, FNMA, FHLMC, 2.75%, 09/01/2034		1,855,000		1,949,958
Oklahoma Water Resources Board, Revenue Bonds, Series B, 4.75%, 04/01/2039		55,000		56,035
				10,058,569
Oregon - 1.0%
County of Jackson Airport Revenue, Revenue Bonds AGM, 5.00%, 12/01/2030 - 12/01/2032		255,000		297,452
Klamath Falls Intercommunity Hospital Authority, Revenue Bonds, 3.00%, 09/01/2035		820,000		850,340
Medford Hospital Facilities Authority, Revenue Bonds, Series A, AGM, 4.00%, 08/15/2040		4,165,000		4,852,725
Oregon State Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2021 - 10/01/2040		1,190,000		1,368,862
5.50%, 06/15/2035 (A)		750,000		779,325
State of Oregon Housing & Community Services Department, Revenue Bonds
Series A,
2.45%, 07/01/2034		3,360,000		3,435,600
2.65%, 07/01/2039		7,650,000		7,904,286
Series D,
2.30%, 01/01/2026		755,000		800,172
2.45%, 01/01/2027		1,150,000		1,228,384
Warm Springs Reservation Confederated Tribe, Revenue Bonds Series B, 5.00%, 11/01/2034 - 11/01/2036 (A)		600,000		719,391
				22,236,537

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania - 5.8%
Allegheny County Sanitary Authority, Revenue Bonds
AGM,
4.00%, 12/01/2035		$ 295,000		$ 334,542
5.00%, 12/01/2024		30,000		35,747
Allentown City School District, General Obligation Limited, AGM, 4.00%, 02/15/2023		5,295,000		5,681,323
Altoona Area School District, General Obligation Limited, BAM, 5.00%, 12/01/2036		160,000		190,821
Beaver County Economic Development Authority, Revenue Bonds BAM, 4.00%, 11/15/2035 - 11/15/2036		4,000,000		4,459,960
Bradys Run Sanitary Authority Sewer System Revenue, Revenue Bonds, AGM, 4.00%, 12/01/2045		750,000		844,095
Bristol Township School District, General Obligation Limited, BAM-TCRS, 5.00%, 06/01/2027		80,000		88,877
Bucks County Industrial Development Authority, Revenue Bonds
4.00%, 08/15/2050		6,110,000		6,559,818
5.00%, 10/01/2033 - 10/01/2037		1,950,000		2,104,752
Chartiers Valley School District, General Obligation Limited, Series B, 5.00%, 10/15/2040		115,000		134,566
Cheltenham Township School District, General Obligation Limited, Series A, 5.00%, 02/15/2033		90,000		103,647
City of Allentown, General Obligation Unlimited, BAM, 4.00%, 10/01/2045		3,225,000		3,571,139
City of Reading, General Obligation Unlimited, BAM, 5.00%, 11/01/2021		675,000		702,614
Coatesville School District, General Obligation Limited Series A, BAM, Zero Coupon, 10/01/2037 - 10/01/2038		1,500,000		765,095
Commonwealth Financing Authority, Revenue Bonds, Series B-1, AGM, 5.00%, 06/01/2025		2,900,000		3,496,994
County of Lackawanna, General Obligation Unlimited BAM, 4.00%, 09/15/2032 - 09/15/2033		6,965,000		7,918,724

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

Transamerica Funds Annual Report 2020

Page    190

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Cumberland County Municipal Authority, Revenue Bonds
2.50%, 01/01/2021		$ 150,000		$ 149,669
3.00%, 01/01/2022		805,000		796,644
5.00%, 01/01/2029		1,000,000		1,033,780
Delaware County Authority 4.00%, 10/01/2021 - 10/01/2022 (E)		370,000		379,260
Delaware Valley Regional Finance Authority, Revenue Bonds, Series B, AMBAC, 5.70%, 07/01/2027		350,000		447,132
Erie County Conventional Center Authority, Revenue Bonds, 5.00%, 01/15/2026		1,725,000		1,995,670
Fairview School District, General Obligation Limited Series A, 4.00%, 02/01/2024 - 02/01/2026		180,000		201,476
Indiana County Hospital Authority, Revenue Bonds, Series A, 5.50%, 06/01/2029		250,000		263,525
Lancaster Industrial Development Authority, Revenue Bonds, 4.00%, 12/01/2044		1,070,000		1,147,821
Lancaster School District, General Obligation Limited, Series A, AGM, 5.00%, 06/01/2031		735,000		870,519
Lycoming County Water & Sewer Authority, Revenue Bonds, AGM, 2.00%, 11/15/2020		230,000		230,117
Mountaintop Area Joint Sanitary Authority Sewer Revenue, Revenue Bonds, 4.00%, 12/15/2046		2,510,000		2,812,003
Nazareth Area School District, General Obligation Limited, Series D, 5.00%, 11/15/2035		10,000		12,028
Paradise Township Sewer Authority, Revenue Bonds, BAM, 4.00%, 10/15/2035		125,000		135,668
Penn Delco School District, General Obligation Limited, 4.00%, 06/01/2045		2,475,000		2,745,443
Penn Hills School District, General Obligation Limited
BAM,
5.00%, 11/15/2023 - 11/15/2024		180,000		208,118
Series A, BAM,
5.00%, 11/15/2025		110,000		132,851
Pennsylvania Economic Development Financing Authority, Revenue Bonds, AGM, 5.00%, 01/01/2034		105,000		115,707

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 4.00%, 08/15/2049		$ 1,295,000		$ 1,461,395
Pennsylvania Housing Finance Agency, Revenue Bonds
Series 119,
1.85%, 04/01/2022		620,000		630,366
Series 121,
2.20%, 04/01/2026		2,155,000		2,273,633
2.25%, 10/01/2026		1,275,000		1,342,881
2.35%, 04/01/2027		3,505,000		3,697,740
Series 124B,
2.30%, 04/01/2026		1,365,000		1,454,749
2.40%, 10/01/2026		745,000		798,849
2.45%, 04/01/2027		1,600,000		1,714,384
2.55%, 10/01/2027		1,450,000		1,561,345
2.65%, 04/01/2028		1,700,000		1,829,115
2.75%, 10/01/2028		1,580,000		1,703,272
Series 129,
2.20%, 04/01/2027		670,000		709,363
2.25%, 10/01/2027		660,000		701,296
2.35%, 04/01/2028		1,405,000		1,497,575
2.40%, 10/01/2028		1,360,000		1,453,990
2.45%, 04/01/2029 - 10/01/2029		2,600,000		2,771,431
2.55%, 04/01/2030		1,280,000		1,361,600
2.60%, 10/01/2030		1,395,000		1,479,565
Pennsylvania Turnpike Commission, Revenue Bonds
Series A,
5.00%, 12/01/2044		10,130,000		12,220,123
Series A, AGM,
4.00%, 12/01/2049		11,725,000		13,252,298
Series B,
5.00%, 12/01/2034 - 12/01/2038		1,320,000		1,591,435
Series B, BAM-TCRS,
5.25%, 12/01/2044		8,275,000		9,326,173
Series C,
5.00%, 12/01/2044		500,000		559,475
Series E,
6.38%, 12/01/2038 (C)		485,000		625,029
Philadelphia Gas Works Co., Revenue Bonds
4.00%, 10/01/2036 - 10/01/2037		300,000		327,443
5.00%, 08/01/2024		150,000		173,541
Reading School District, General Obligation Unlimited Series A, AGM, 5.00%, 02/01/2026 - 02/01/2027		2,115,000		2,493,833
State Public School Building Authority, Revenue Bonds
5.00%, 09/15/2021 - 09/15/2022		180,000		190,762
AGM,
5.00%, 10/01/2023		125,000		141,296
Series A, AGM,
5.00%, 09/15/2021 - 06/01/2032		2,670,000		3,085,095
Upper Dublin School District, General Obligation Limited 4.00%, 05/15/2037 - 05/15/2044		1,845,000		2,005,696

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

Transamerica Funds Annual Report 2020

Page    191

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Wilkes-Barre Area School District, General Obligation Limited
BAM,
4.00%, 04/15/2054		$ 1,505,000		$ 1,680,588
5.00%, 04/15/2059		3,710,000		4,422,654
				131,208,135
Puerto Rico - 1.1%
Children’s Trust Fund, Revenue Bonds, 5.63%, 05/15/2043		125,000		125,586
Commonwealth of Puerto Rico, General Obligation Unlimited
AGM,
5.13%, 07/01/2030		10,000		10,259
AGM-CR,
4.50%, 07/01/2023		100,000		100,148
Series A, AGC-ICC,
5.00%, 07/01/2023 - 07/01/2034		615,000		627,472
5.50%, 07/01/2029		140,000		159,669
Series A, AGM,
4.00%, 07/01/2022		470,000		487,630
5.00%, 07/01/2035		1,645,000		1,722,479
5.25%, 07/01/2024		255,000		260,975
6.00%, 07/01/2034		440,000		451,757
Series A-4, AGM,
5.00%, 07/01/2031		115,000		115,399
Series B, AGC-ICC,
5.00%, 07/01/2035		715,000		729,500
Series C, AGM,
5.75%, 07/01/2037		480,000		501,730
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Series A, AGC, 5.13%, 07/01/2047		470,000		482,168
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, AGC,
4.50%, 07/01/2036		1,765,000		1,765,618
5.00%, 07/01/2027		535,000		545,850
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
3.65%, 07/01/2024		620,000		620,316
5.00%, 07/01/2023		40,000		40,811
Series RR, AGC,
5.00%, 07/01/2028		345,000		351,997
Series SS, AGC,
4.38%, 07/01/2030		145,000		145,084
Series SS, AGM,
5.00%, 07/01/2030		2,100,000		2,142,588
Series TT, AGC-ICC,
5.00%, 07/01/2032		50,000		51,014
Series UU, AGC,
4.25%, 07/01/2027		20,000		20,010
5.00%, 07/01/2026		650,000		663,182
Series UU, AGM,
4.00%, 07/01/2023		120,000		120,133
5.00%, 07/01/2021 - 07/01/2024		1,100,000		1,122,309

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Electric Power Authority, Revenue Bonds (continued)
Series VV, AGM,
5.25%, 07/01/2027		$ 80,000		$ 89,336
Puerto Rico Highway & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		30,000		30,608
Series A, AGC-ICC,
4.75%, 07/01/2038		185,000		185,083
Series A, AGM-CR,
4.75%, 07/01/2038		395,000		395,178
Series CC, AGM,
5.25%, 07/01/2032 - 07/01/2036		495,000		569,834
Series CC, AGM-CR,
5.50%, 07/01/2029 - 07/01/2031		160,000		185,077
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		3,575,000		3,647,501
Series E, AGM,
5.50%, 07/01/2023		115,000		123,656
Series M, AGC-ICC,
5.00%, 07/01/2032 - 07/01/2037		1,175,000		1,198,747
Series N, AGC,
5.25%, 07/01/2034 - 07/01/2036		260,000		299,709
Series N, AGM-CR, AGC,
5.25%, 07/01/2034		335,000		386,476
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2025		95,000		105,231
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Series B, AGC-ICC, 5.00%, 07/01/2041		35,000		35,710
Puerto Rico Municipal Finance Agency, Revenue Bonds Series A, AGM, 5.00%, 08/01/2021 - 08/01/2030		2,545,000		2,596,612
Puerto Rico Public Buildings Authority, Revenue Bonds
AGC-ICC,
5.25%, 07/01/2033		350,000		361,361
Series I, AGC-ICC,
5.00%, 07/01/2036		495,000		505,039
Series L, AGM-CR,
5.50%, 07/01/2021		125,000		128,319
Series N, AGC-ICC,
5.00%, 07/01/2032		210,000		214,259
				24,421,420
Rhode Island - 1.1%
Providence Public Building Authority, Revenue Bonds Series A, AGM, 5.00%, 09/15/2024 - 09/15/2037		14,630,000		17,543,075
Providence Redevelopment Agency, Revenue Bonds, Series A, AGM-CR, 5.00%, 04/01/2027		1,200,000		1,406,508

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

Transamerica Funds Annual Report 2020

Page    192

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Rhode Island (continued)
Rhode Island Commerce Corp., Revenue Bonds, BAM-TCRS, 5.00%, 07/01/2034		$ 1,395,000		$ 1,640,994
Rhode Island Health & Educational Building Corp., Revenue Bonds
5.00%, 05/15/2028 - 05/15/2029		2,425,000		2,802,978
AGM,
4.00%, 05/15/2024		55,000		61,411
Series C,
5.00%, 09/15/2027		180,000		218,230
Rhode Island Turnpike & Bridge Authority Revenue, Revenue Bonds, Series A, 5.00%, 10/01/2024		130,000		151,442
Tobacco Settlement Financing Corp., Revenue Bonds Series A, 5.00%, 06/01/2023 - 06/01/2027		1,105,000		1,261,181
				25,085,819
South Carolina - 0.3%
City of Georgetown Combined Public Utility Revenue, Revenue Bonds, Series A, BAM, 4.00%, 06/01/2029		385,000		435,035
Piedmont Municipal Power Agency, Revenue Bonds, Series C, AGC, 5.75%, 01/01/2034		200,000		205,480
SCAGO Educational Facilities Corp. for Williamsburg School District, Revenue Bonds Series B, BAM, 5.00%, 12/01/2024 - 12/01/2025		500,000		601,464
South Carolina Jobs-Economic Development Authority, Revenue Bonds, 5.00%, 10/01/2026 (A)		2,400,000		2,498,952
South Carolina Public Service Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 12/01/2036		125,000		130,475
Spartanburg Regional Health Services District, Revenue Bonds Series A, AGM, 4.00%, 04/15/2036 - 04/15/2045		3,065,000		3,466,680
State of South Carolina, General Obligation Unlimited, 3.00%, 04/01/2026		200,000		200,390
				7,538,476
South Dakota - 0.5%
South Dakota Housing Development Authority, Revenue Bonds
Series B, GNMA, FNMA, FHLMC,
2.20%, 11/01/2024		665,000		703,743
2.30%, 05/01/2025		250,000		265,422
2.45%, 11/01/2025		290,000		313,003
2.55%, 05/01/2026		1,860,000		2,012,594

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Dakota (continued)
South Dakota Housing Development Authority, Revenue Bonds (continued)
2.65%, 11/01/2026		$ 330,000		$ 359,664
2.75%, 05/01/2027		970,000		1,059,473
2.80%, 11/01/2027		1,330,000		1,451,934
2.85%, 05/01/2028		1,210,000		1,316,323
2.95%, 11/01/2028		440,000		479,574
Series C,
2.00%, 05/01/2023		20,000		20,601
Series F, GNMA, FNMA, FHLMC,
2.60%, 05/01/2027		860,000		929,282
2.65%, 11/01/2027		1,285,000		1,387,838
2.70%, 05/01/2028		390,000		420,907
2.75%, 11/01/2028		1,425,000		1,536,834
				12,257,192
Tennessee - 1.3%
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds, 5.00%, 10/01/2027		675,000		704,801
City of Jackson, Revenue Bonds, 5.00%, 04/01/2041		150,000		179,129
Greeneville Health & Educational Facilities Board, Revenue Bonds, Series A, 5.00%, 07/01/2034		2,975,000		3,213,952
Knox County Health Educational & Housing Facility Board, Revenue Bonds, Series A, 5.00%, 01/01/2026		100,000		120,047
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, Revenue Bonds, Fixed until 11/03/2020, 1.55% (D), 11/15/2030		100,000		100,000
Tennessee Housing Development Agency, Revenue Bonds
2.45%, 01/01/2024		260,000		273,372
2.75%, 01/01/2025		40,000		43,139
2.80%, 07/01/2025		280,000		303,478
2.95%, 01/01/2026		45,000		49,632
3.00%, 01/01/2031		440,000		473,444
Series 2B,
2.30%, 01/01/2022		285,000		290,352
2.55%, 01/01/2028		340,000		359,747
2.70%, 07/01/2024		195,000		206,813
Series B2,
2.05%, 01/01/2024		890,000		924,683
2.15%, 07/01/2024		265,000		277,781
2.25%, 01/01/2025		1,000,000		1,055,960
2.40%, 07/01/2025		2,000,000		2,131,320
2.55%, 01/01/2026		120,000		129,306
2.60%, 07/01/2026		800,000		863,872
2.80%, 07/01/2027		2,270,000		2,458,864
2.85%, 01/01/2028		3,205,000		3,460,663
2.95%, 07/01/2028		2,655,000		2,879,586
3.00%, 01/01/2029		2,750,000		2,972,778
3.05%, 07/01/2029		3,100,000		3,348,868
3.15%, 01/01/2030		2,820,000		3,053,073
				29,874,660

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

Transamerica Funds Annual Report 2020

Page    193

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas - 4.7%
Board of Managers Joint Guadalupe County-City of Seguin Hospital, Revenue Bonds 5.00%, 12/01/2020 - 12/01/2022		$ 4,060,000		$ 4,211,053
Camino Real Regional Mobility Authority, Revenue Bonds, AGM, 5.00%, 06/01/2024		420,000		482,761
Centerville Independent School District, General Obligation Unlimited, 4.00%, 08/15/2036		535,000		550,906
Central Texas Regional Mobility Authority, Revenue Bonds, 5.00%, 01/01/2045		2,500,000		3,026,300
Central Texas Turnpike System, Revenue Bonds, Series A, AGM-CR, 5.00%, 08/15/2041		125,000		135,558
City of Arlington, Special Tax Revenue Series C, BAM, 5.00%, 02/15/2045		95,000		96,043
City of Bryan Rural Electric System Revenue, Revenue Bonds, 5.00%, 07/01/2025		30,000		35,987
City of Dallas, Revenue Bonds, AGC, 5.25%, 08/15/2038		345,000		346,187
City of Laredo International Toll Bridge System Revenue, Revenue Bonds, AGM, 5.00%, 10/01/2022		90,000		97,910
City of Pearland, General Obligation Limited, 5.00%, 03/01/2023		25,000		27,656
Colorado River Municipal Water District, Revenue Bonds, 5.00%, 01/01/2023		760,000		835,863
County of Kaufman, General Obligation Limited, Series A, 4.00%, 02/15/2045		250,000		285,380
Dallas County Flood Control District No. 1, General Obligation Unlimited 5.00%, 04/01/2021 - 04/01/2024 (A)		5,040,000		5,238,197
Dallas-Fort Worth International Airport, Revenue Bonds
Series A,
5.00%, 11/01/2045		50,000		50,000
Series C,
5.00%, 11/01/2034		40,000		44,190
Denton County Fresh Water Supply District No. 10, General Obligation Unlimited, AGM, 2.75%, 09/01/2030		80,000		83,346
El Paso County Hospital District, General Obligation Limited, 5.00%, 08/15/2026		150,000		159,888

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Fort Bend County Levee Improvement District No. 15, General Obligation Unlimited BAM, 4.00%, 09/01/2029 - 09/01/2032		$ 380,000		$ 412,781
Fort Bend County Municipal Utility District No. 58 4.00%, 04/01/2040		300,000		303,381
Grand Parkway Transportation Corp., Revenue Bonds, Series B, 5.00%, 04/01/2053		25,000		28,419
Grant Road Public Utility District, General Obligation Unlimited, AGC, 3.50%, 10/01/2023		750,000		751,695
Harris County Municipal Utility District No. 399, General Obligation Unlimited, AGM, 4.00%, 09/01/2033		270,000		288,176
Harris County Municipal Utility District No. 412, General Obligation Unlimited, MAC, 3.00%, 09/01/2021		100,000		102,045
Harris County-Houston Sports Authority, Revenue Bonds NATL, Zero Coupon, 11/15/2024		400,000		364,302
Houston Higher Education Finance Corp., Revenue Bonds, 5.00%, 08/15/2024		340,000		395,002
Hunt Memorial Hospital District Charitable Health, General Obligation Limited, 5.00%, 02/15/2024		15,000		16,844
Love Field Airport Modernization Corp., Revenue Bonds, 5.25%, 11/01/2040		500,000		501,385
Montgomery County Municipal Utility District No. 113, General Obligation Unlimited, AGM, 3.00%, 09/01/2033		150,000		156,131
Montgomery County Municipal Utility District No. 119, General Obligation Unlimited, BAM, 4.00%, 04/01/2024		275,000		305,294
Nacogdoches County Hospital District, Revenue Bonds, AGM, 4.00%, 05/15/2037		400,000		411,224
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
3.00%, 07/01/2021 - 01/01/2024		705,000		698,554
4.00%, 07/01/2023 - 07/01/2028		2,355,000		2,324,509
5.00%, 01/01/2022 - 01/01/2028		3,835,000		4,117,291
Series A1,
4.00%, 07/01/2021 - 07/01/2036		2,130,000		1,966,161
5.00%, 07/01/2031 - 07/01/2046		1,815,000		1,789,663
Series B,
4.00%, 07/01/2021 - 07/01/2031		2,815,000		2,641,050
4.25%, 07/01/2036		885,000		700,716

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

Transamerica Funds Annual Report 2020

Page    194

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds (continued)
Series B1, AGM,
5.00%, 07/01/2058		$ 750,000		$ 836,212
Series C,
5.00%, 07/01/2022 - 07/01/2026		635,000		612,416
North Central Texas Health Facility Development Corp., Revenue Bonds, 5.00%, 08/15/2022		90,000		96,962
North East Independent School District, General Obligation Unlimited, Series B, Fixed until 08/01/2021, 1.42% (D), 08/01/2040		5,385,000		5,398,516
Northeast Higher Education Finance Corp., Revenue Bonds, Series A, 4.00%, 08/15/2025		70,000		77,168
Northwoods Road District No. 1, General Obligation Unlimited BAM, 4.00%, 08/15/2024 - 08/15/2027		405,000		465,420
Old Spanish Trail-Alemda Corridors Redevelopment Authority, Tax Allocation BAM, 4.00%, 09/01/2036 - 09/01/2037		2,450,000		2,792,904
Pottsboro Higher Education Finance Corp., Revenue Bonds, Series A, 3.88%, 08/15/2026		410,000		421,869
Southwest Houston Redevelopment Authority, Tax Allocation, Series B, AGM, 5.00%, 09/01/2034		2,100,000		2,517,144
State of Texas, Revenue Bonds, 4.00%, 08/26/2021		52,150,000		53,748,919
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, 0.12% (D), 07/01/2047		2,200,000		2,200,000
Texas Public Finance Authority, Revenue Bonds, BAM, 4.00%, 05/01/2029		150,000		165,848
Travis County Municipal Utility District No. 4, General Obligation Unlimited, AGM, 4.00%, 09/01/2035		450,000		473,589
Trophy Club Public Improvement District No. 1, Special Assessment, AGM, 3.00%, 06/01/2024		98,000		105,092
University of Houston, Revenue Bonds, Series A, 5.00%, 02/15/2024		40,000		40,535
Viridian Municipal Management District, General Obligation Unlimited
BAM,
4.00%, 12/01/2026		610,000		687,561
6.00%, 12/01/2024 - 12/01/2031		1,285,000		1,557,594

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Washington County Junior College District, Revenue Bonds, BAM, 5.00%, 10/01/2024		$ 485,000		$ 568,478
				106,748,075
U.S. Virgin Islands - 0.0% (F)
Virgin Islands Public Finance Authority, Revenue Bonds, Series A, AGM-CR, 5.00%, 10/01/2032		100,000		106,871
Utah - 0.3%
City of South Jordan, Special Assessment, 3.13%, 11/01/2036		2,145,000		2,272,928
Jordan Valley Water Conservancy District, Revenue Bonds Series A, 5.00%, 10/01/2034 - 10/01/2035		970,000		1,008,976
Utah Charter School Finance Authority, Revenue Bonds
4.00%, 10/15/2021 - 10/15/2031		890,000		964,707
4.25%, 04/15/2034		120,000		128,197
Series A,
5.00%, 10/15/2024 - 10/15/2025		1,035,000		1,203,269
Series G,
4.00%, 10/15/2022 - 10/15/2028		1,110,000		1,248,828
				6,826,905
Vermont - 0.5%
City of Burlington, General Obligation Unlimited
Series A,
5.00%, 11/01/2034 - 11/01/2035		290,000		363,296
Series A, AGM,
5.00%, 11/01/2032		540,000		590,884
City of Burlington Waterworks System Revenue, Revenue Bonds, 5.00%, 11/01/2034		125,000		156,979
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds Series A, 5.00%, 12/01/2026 - 12/01/2027		1,175,000		1,409,462
Vermont Housing Finance Agency, Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
3.13%, 11/01/2042		950,000		1,002,402
Series D, GNMA, FNMA, FHLMC,
2.60%, 11/01/2026		330,000		363,145
2.90%, 05/01/2029		275,000		297,943
3.15%, 05/01/2033		1,880,000		2,014,119
Vermont Municipal Bond Bank, Revenue Bonds, Series A, 4.00%, 10/01/2040		500,000		584,495
Vermont Public Power Supply Authority, Revenue Bonds
Series A,
4.00%, 07/01/2021		200,000		204,224
5.00%, 07/01/2022 - 07/01/2027		3,105,000		3,606,609
				10,593,558

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

Transamerica Funds Annual Report 2020

Page    195

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Virginia - 0.6%
City of Norfolk, General Obligation Unlimited, 0.14% (D), 08/01/2037		$ 5,450,000		$ 5,450,000
Henrico County Economic Development Authority, Revenue Bonds, Series C, 3.50%, 12/01/2027		445,000		443,331
Loudoun County Economic Development Authority, Revenue Bonds, Zero Coupon, 07/01/2049		9,325,000		3,801,150
Virginia Housing Development Authority, Revenue Bonds
Series E,
2.45%, 12/01/2027		830,000		893,669
2.60%, 12/01/2028		800,000		860,992
Virginia Small Business Financing Authority, Revenue Bonds, 4.00%, 11/01/2036		1,900,000		2,212,702
				13,661,844
Washington - 0.8%
Central Puget Sound Regional Transit Authority, Revenue Bonds, NATL, 4.75%, 02/01/2028		50,000		55,789
Port of Vancouver, Revenue Bonds, Series B, AGM, 5.00%, 12/01/2048		930,000		1,131,075
Seattle Housing Authority, Revenue Bonds, Series A, 3.40%, 12/01/2032		450,000		492,674
Washington Health Care Facilities Authority, Revenue Bonds
Series A,
4.00%, 08/15/2046		100,000		102,813
Series B,
5.00%, 10/01/2026		75,000		92,021
Series C,
5.00%, 10/01/2044		5,000,000		5,661,300
Washington State Housing Finance Commission, Revenue Bonds
3.20%, 07/01/2021 (A)		120,000		119,786
3.70%, 07/01/2023 (A)		130,000		131,799
5.00%, 07/01/2033 (A)		375,000		402,000
Series 2N, GNMA, FNMA, FHLMC,
2.20%, 12/01/2025		90,000		95,611
2.35%, 06/01/2026		175,000		187,535
Series 3N, GNMA, FNMA, FHLMC,
2.25%, 06/01/2024		780,000		819,577
2.30%, 12/01/2024		595,000		630,176
2.40%, 06/01/2025		810,000		868,085
2.45%, 12/01/2025		565,000		608,663
2.60%, 06/01/2026		845,000		919,343
2.65%, 12/01/2026		620,000		678,032
2.70%, 06/01/2027		785,000		863,830
2.75%, 12/01/2027		805,000		885,299
2.80%, 06/01/2028		925,000		1,013,374
2.85%, 12/01/2028		640,000		698,477

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Washington (continued)
Washington State Housing Finance Commission, Revenue Bonds (continued)
3.25%, 12/01/2032		$ 1,500,000		$ 1,628,655
Series 3N-R, GNMA, FNMA, FHLMC,
2.05%, 12/01/2022		645,000		664,982
				18,750,896
West Virginia - 0.2%
City of Buckhannon, Revenue Bonds Series C, 4.25%, 08/01/2022 - 08/01/2023		1,090,000		1,090,463
West Virginia Economic Development Authority, Revenue Bonds, Fixed until 06/01/2022, 2.63% (D), 12/01/2042		875,000		897,461
West Virginia Housing Development Fund, Revenue Bonds, Series B, 3.70%, 11/01/2032		1,500,000		1,644,090
				3,632,014
			��
Wisconsin - 0.9%
Milwaukee Housing Authority, Revenue Bonds, Series A, 3.38%, 07/01/2029		200,000		216,232
Public Finance Authority, Revenue Bonds
3.00%, 04/01/2025 (A)		400,000		396,076
4.00%, 09/01/2029 (A)		850,000		935,876
Series A,
4.00%, 01/01/2045		1,500,000		1,651,740
5.00%, 06/01/2027 - 07/01/2038		725,000		832,421
Series A, AGM,
4.00%, 07/01/2038 - 07/01/2055		2,530,000		2,719,859
5.00%, 07/01/2036 - 07/01/2054		1,225,000		1,425,512
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
3.50%, 08/01/2022		720,000		706,716
5.00%, 08/15/2022 - 08/01/2032		2,325,000		2,554,408
Class B,
4.25%, 07/01/2033		1,250,000		1,201,337
5.00%, 07/01/2053		1,000,000		991,970
Series A,
5.25%, 10/15/2039		15,000		15,448
Series A1,
5.00%, 07/01/2038		5,000,000		5,293,850
Series B-4,
Fixed until 06/01/2021, 5.00% (D), 11/15/2043		105,000		107,802
Wisconsin Housing & Economic Development Authority, Revenue Bonds, Series B, FNMA, 3.15%, 09/01/2030		1,625,000		1,662,261
				20,711,508

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

Transamerica Funds Annual Report 2020

Page    196

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wyoming - 0.3%
Wyoming Community Development Authority, Revenue Bonds
Series 1,
2.25%, 06/01/2031		$ 400,000		$ 416,536
2.30%, 12/01/2031		305,000		317,795
2.40%, 12/01/2032		1,125,000		1,168,549
Series 2,
2.95%, 06/01/2033		3,860,000		4,028,334
				5,931,214
Total Municipal Government Obligations (Cost $2,021,532,510)				2,095,131,777

	Principal		Value
REPURCHASE AGREEMENT - 6.9%
Fixed Income Clearing Corp., 0.00% (J), dated 10/30/2020, to be repurchased at $155,953,097 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $159,072,235.		$155,953,097		$ 155,953,097
Total Repurchase Agreement (Cost $155,953,097)				155,953,097
Total Investments (Cost $2,177,485,607)				2,251,084,874
Net Other Assets (Liabilities) - 1.0%				22,270,874
Net Assets - 100.0%				$2,273,355,748

INVESTMENT VALUATION:

Valuation Inputs ^(K)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Municipal Government Obligations	$	—	$	2,095,131,777	$	—	$	2,095,131,777
Repurchase Agreement		—		155,953,097		—		155,953,097
Total Investments	$	—	$	2,251,084,874	$	—	$	2,251,084,874

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 October 31, 2020, the total value of 144A securities is $33,542,750, representing 1.5% of the Fund’s net assets.
(B)	Restricted securities. At October 31, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	BluePath Trust Revenue Bonds 2.75%, 09/01/2026		06/27/2016	$	4,140,900	$	4,250,894		0.2	%
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series A 3.50%, 09/01/2022		09/18/2017		79,968		80,480		0.0	(F)
Municipal Government Obligations	New Jersey Economic Development Authority Revenue Bonds Series B 4.25%, 09/01/2022		09/18/2017		94,834		94,687		0.0	(F)
Total				$	4,315,702	$	4,426,061		0.2	%

(C) Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2020; the maturity dates disclosed are the ultimate maturity dates.

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

Transamerica Funds Annual Report 2020

Page    197

Transamerica Intermediate Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2020, the value of this security is $2,496,400, representing 0.1% of the Fund’s net assets.
(H)	Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2020, the value of this security is $481,500, representing less than 0.1% of the Fund’s net assets.
(I)	Non-income producing security.
(J)	Rate disclosed reflects the yield at October 31, 2020.
(K)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

MUNICIPAL INSURER ABBREVIATIONS:

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

PORTFOLIO ABBREVIATIONS:

CR	Custodial Receipts
IBC	Insured Bond Certificate
ICC	Insured Custody Certificate
TCRS	Temporary Custodian Receipts

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

Transamerica Funds Annual Report 2020

Page    198

Transamerica International Equity

(unaudited)

MARKET ENVIRONMENT

Some of 2019’s prominent political risks, like Brexit and the U.S./China trade dispute, receded in the fourth quarter of 2019 to help push global stock valuations higher. The market rally continued into early 2020 but shifted massively from mid-February to late March as the COVID-19 pandemic became a reality, causing stocks to sell off dramatically. Governments and central banks around the world responded with stimulus, which led to the anticipation of a global economic recovery and a risk-on attitude among investors. Markets rallied steadily from late March through the third quarter of 2020.

PERFORMANCE

For the year ended October 31, 2020, Transamerica International Equity (Class I) returned -8.38%. By comparison, its benchmark, the MSCI EAFE Index, returned -6.46%.

STRATEGY REVIEW

The Fund underperformed its benchmark over the 12-month period ended October 31, 2020. Asia ex-Japan was the largest detractor from performance on a regional basis during the period. Australian airline Qantas Airways Ltd. and Hong Kong-based conglomerate CK Hutchison Holdings Ltd. were the primary underperformers. Qantas Airways Ltd. underperformed as COVID-19 quarantines and travel bans forced the airline to ground most of its fleet. We sold the position on our belief Qantas Airways Ltd.’s operations would be significantly impaired over the medium-term. CK Hutchison Holdings Ltd. was also impacted by COVID-19 and geopolitical tension. While we acknowledge unrest in Hong Kong could impact foreign investment and economic activity, the city remains a key gateway between mainland China and global financial markets.

The United Kingdom led regional relative performance during the period with holdings Ashtead Group PLC and GVC Holdings PLC among the top individual performers. Ashtead Group PLC rebounded from COVID-19 lows as global economies reopened and there was an anticipated pickup in construction activity. The construction equipment rental company has a cash generative business model that appears well-positioned to survive near-term headwinds, in our view. The company opted to maintain its dividend, highlighting management’s confidence in the business. Sports betting and gaming group GVC Holdings PLC reported strong results amid the stay-at-home environment. Regulatory concerns about the U.K. and German gaming markets were allayed with better-than-expected outcomes. Additionally, one of its competitors, William Hill PLC, announced it was in takeover discussions with Caesars Entertainment and Apollo Management. GVC Holdings PLC continued to invest in its joint venture with MGM Resorts International to address the U.S. online sports betting market.

The portfolio’s underweight in the second-best performing benchmark sector, health care, weighed on performance during the period. Overall, the portfolio’s health-care holdings performed relatively well, with Philips N.V., Olympus Corp., and Sanofi positively contributing. However, a few benchmark holdings not in the portfolio saw significant share price appreciation, as COVID-19 extrapolations expanded drug and product applications. German health-care group Fresenius SE & Co. KGaA (“Fresenius”) underperformed despite reporting satisfactory results. A large portion of Fresenius’ business revolves around necessary but elective procedures, which were postponed due to the pandemic. We believe the company is undervalued and expect shares to recover as consumer patterns normalize.

On a sector basis, holdings in consumer discretionary contributed the most to relative performance during the period, led by Sony Corp. and GVC Holdings PLC. Japanese technology and media conglomerate, Sony Corp. outperformed after reporting a series of strong results. The company also announced the consolidation of Sony Financial Holdings and began accepting pre-orders for the next generation PlayStation. Mentioned previously, GVC Holdings PLC also performed well.

Brandon H. Harrell, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.5	%
Other Investment Company		0.3
Net Other Assets (Liabilities)		0.2
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    199

Transamerica International Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(13.80	)%		(0.33	)%		2.57	%		03/01/2011
Class A (NAV)		(8.77	)%		0.80	%		3.17	%		03/01/2011
Class C (POP)		(10.27	)%		0.10	%		2.47	%		03/01/2011
Class C (NAV)		(9.38	)%		0.10	%		2.47	%		03/01/2011
Class I (NAV)		(8.38	)%		1.17	%		4.33	%		12/18/1992
MSCI EAFE Index (A)		(6.46	)%		3.35	%		4.31	%
Class I2 (NAV)		(8.28	)%		1.26	%		3.64	%		03/01/2011
Class I3 (NAV)		(8.34	)%		N/A			1.05	%		03/10/2017
Class R (NAV)		(8.75	)%		N/A			0.56	%		03/10/2017
Class R4 (NAV)		(8.50	)%		N/A			0.80	%		03/10/2017
Class R6 (NAV)		(8.31	)%		1.26	%		0.11	%		05/29/2015

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments and relatively small size and lesser liquidity of the markets.

Transamerica Funds Annual Report 2020

Page    200

Transamerica International Equity

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 99.5%
Australia - 3.3%
BHP Group PLC, ADR		378,969		$14,730,525
Challenger, Ltd. (A)		6,564,639		22,191,676
Lendlease Corp., Ltd.		3,223,100		27,113,150
Macquarie Group, Ltd.		509,700		45,444,831
Santos, Ltd.		5,966,400		19,834,615
				129,314,797
Belgium - 1.9%
Groupe Bruxelles Lambert SA		391,220		32,083,243
KBC Group NV		864,700		42,722,073
				74,805,316
China - 0.5%
Baidu, Inc., ADR (B)		134,500		17,895,225
Denmark - 1.2%
AP Moller - Maersk A/S, Class B		29,735		47,654,339
Drilling Co. of 1972 A/S (A) (B)		48,550		917,139
				48,571,478
France - 9.4%
Airbus SE (B)		103,700		7,587,318
Arkema SA		409,660		40,121,994
Dassault Aviation SA (B)		16,466		13,776,383
Engie SA (B)		5,376,000		65,020,312
Rexel SA (B)		1,629,317		17,154,533
Sanofi		797,401		71,999,999
TOTAL SE		933,200		28,272,888
Ubisoft Entertainment SA (B)		377,000		33,301,686
Veolia Environnement SA		2,502,351		46,575,363
Vivendi SA		1,539,024		44,421,626
				368,232,102
Germany - 10.8%
Allianz SE		208,902		36,799,047
Bayer AG		468,452		22,012,801
Deutsche Boerse AG		241,600		35,600,610
Deutsche Post AG		855,500		37,931,140
Fresenius SE & Co. KGaA		1,402,700		52,030,960
HeidelbergCement AG		946,300		54,122,137
Infineon Technologies AG		1,615,227		44,969,820
SAP SE		512,747		54,702,197
Siemens AG		621,195		72,876,133
Talanx AG (B)		448,384		13,218,880
				424,263,725
Hong Kong - 2.6%
China Mobile, Ltd.		5,090,300		31,135,021
CK Asset Holdings, Ltd.		5,403,000		25,088,774
CK Hutchison Holdings, Ltd.		7,488,800		45,232,180
				101,455,975
Ireland - 3.2%
AIB Group PLC (B)		10,549,900		11,933,889
DCC PLC		613,331		39,855,448
Ryanair Holdings PLC, ADR (B)		150,372		12,119,983
Smurfit Kappa Group PLC		1,678,715		63,252,459
				127,161,779
Isle of Man - 1.0%
GVC Holdings PLC (B)		3,066,000		38,407,874

	Shares		Value
COMMON STOCKS (continued)
Israel - 0.6%
Check Point Software Technologies, Ltd. (B)		223,100		$ 25,335,236
Italy - 2.0%
Mediobanca Banca di Credito Finanziario SpA		4,279,492		30,383,193
Prysmian SpA		753,522		20,505,141
UniCredit SpA (B)		3,848,600		28,823,660
				79,711,994
Japan - 27.0%
Astellas Pharma, Inc.		3,793,200		52,015,911
Daiwa Securities Group, Inc.		7,456,800		30,213,596
Denka Co., Ltd.		774,480		23,859,988
ENEOS Holdings, Inc.		4,148,000		13,996,538
FANUC Corp.		268,700		56,756,065
Fujitsu, Ltd.		272,360		32,224,158
Hitachi, Ltd.		1,637,280		55,183,369
Japan Airlines Co., Ltd. (B)		1,393,000		24,329,903
Kirin Holdings Co., Ltd.		1,408,000		25,383,941
Kyocera Corp.		810,100		44,614,191
Matsumotokiyoshi Holdings Co., Ltd.		472,100		17,428,210
Nintendo Co., Ltd.		131,800		71,262,776
Olympus Corp.		2,983,400		57,114,448
ORIX Corp.		4,526,900		52,943,163
Rakuten, Inc.		5,852,700		56,942,009
Sega Sammy Holdings, Inc.		2,498,600		31,311,393
Seven & i Holdings Co., Ltd.		2,220,800		67,500,472
Sony Corp.		1,542,200		128,567,698
Square Enix Holdings Co., Ltd.		667,200		38,766,184
Sumitomo Mitsui Financial Group, Inc. (A)		2,113,600		58,508,460
Toshiba Corp.		1,877,650		47,496,760
Toyota Industries Corp.		1,116,400		72,145,523
				1,058,564,756
Luxembourg - 1.0%
ArcelorMittal SA (B)		2,894,535		39,249,968
Netherlands - 5.7%
ASML Holding NV		122,700		44,393,213
EXOR NV		242,200		12,600,894
Heineken Holding NV		661,185		50,952,256
Koninklijke Philips NV (B)		1,568,908		72,666,720
NXP Semiconductors NV		306,400		41,400,768
				222,013,851
Norway - 0.9%
Mowi ASA (A)		2,181,300		34,460,074
Republic of Korea - 1.9%
Samsung Electronics Co., Ltd.		1,500,800		75,438,625
Singapore - 1.2%
DBS Group Holdings, Ltd.		3,196,000		47,607,141
Spain - 0.9%
Siemens Gamesa Renewable Energy SA		1,250,717		35,494,460
Sweden - 1.8%
Investor AB, B Shares		646,872		38,772,817
Volvo AB, B Shares (B)		1,642,237		31,920,470
				70,693,287
Switzerland - 9.3%
ABB, Ltd.		2,284,500		55,433,411

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

Transamerica Funds Annual Report 2020

Page    201

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Switzerland (continued)
Alcon, Inc. (B)		829,373		$ 47,152,442
Glencore PLC (A) (B)		5,663,300		11,424,209
Nestle SA		768,064		86,390,217
Novartis AG		931,615		72,593,844
Roche Holding AG		50,200		16,130,833
Siemens Energy AG (B)		674,797		14,774,965
UBS Group AG		5,421,874		63,121,292
				367,021,213
United Kingdom - 13.3%
Ashtead Group PLC		1,127,300		40,737,587
Aviva PLC		13,790,101		45,997,892
Barratt Developments PLC (B)		1,089,100		6,807,512
British Land Co. PLC, REIT (A)		6,874,000		31,042,379
Bunzl PLC		791,548		24,606,274
IG Group Holdings PLC		732,000		7,223,743
Imperial Brands PLC		1,454,494		23,021,279
Inchcape PLC (B)		4,874,496		31,268,510
Informa PLC (B)		3,052,851		16,563,652
Liberty Global PLC, Class C (B)		1,787,200		33,349,152
Linde PLC		127,200		28,027,248
Persimmon PLC		1,173,000		35,514,355

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Savills PLC (B)		769,291		$ 8,285,487
Smith & Nephew PLC		2,278,400		39,562,434
Tesco PLC (A)		20,578,800		54,771,414
Unilever PLC		1,640,014		93,462,456
				520,241,374
Total Common Stocks (Cost $4,016,498,169)				3,905,940,250
OTHER INVESTMENT COMPANY - 0.3%
Securities Lending Collateral - 0.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (C)		12,532,343		12,532,343
Total Other Investment Company (Cost $12,532,343)				12,532,343
Total Investments (Cost $4,029,030,512)				3,918,472,593
Net Other Assets (Liabilities) - 0.2%				6,433,976
Net Assets - 100.0%				$3,924,906,569

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Pharmaceuticals		6.0	%	$	234,753,388
Banks		5.6			219,978,416
Health Care Equipment & Supplies		5.5			216,496,044
Industrial Conglomerates		5.2			205,460,521
Entertainment		4.8			187,752,272
Capital Markets		4.6			181,604,072
Household Durables		4.4			170,889,565
Diversified Financial Services		4.0			158,591,793
Food & Staples Retailing		3.6			139,700,096
Semiconductors & Semiconductor Equipment		3.3			130,763,801
Electrical Equipment		3.2			126,207,977
Food Products		3.1			120,850,291
Multi-Utilities		2.9			111,595,675
Electronic Equipment, Instruments & Components		2.5			99,797,560
Insurance		2.5			96,015,819
Personal Products		2.4			93,462,456
Chemicals		2.4			92,009,230
Machinery		2.3			88,676,535
Trading Companies & Distributors		2.1			82,498,394
Software		2.0			80,037,433
Beverages		2.0			76,336,197
Technology Hardware, Storage & Peripherals		1.9			75,438,625
Auto Components		1.8			72,145,523
Metals & Mining		1.7			65,404,702
Containers & Packaging		1.6			63,252,459
Oil, Gas & Consumable Fuels		1.6			62,104,041
Real Estate Management & Development		1.5			60,487,411
Internet & Direct Marketing Retail		1.5			56,942,009
Construction Materials		1.4			54,122,137
Health Care Providers & Services		1.3			52,030,960

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

Transamerica Funds Annual Report 2020

Page    202

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Marine		1.2	%	$	47,654,339
Hotels, Restaurants & Leisure		1.0			38,407,874
Air Freight & Logistics		1.0			37,931,140
Airlines		0.9			36,449,886
Diversified Telecommunication Services		0.9			33,349,152
IT Services		0.8			32,224,158
Leisure Products		0.8			31,311,393
Distributors		0.8			31,268,510
Wireless Telecommunication Services		0.8			31,135,021
Equity Real Estate Investment Trusts		0.8			31,042,379
Tobacco		0.6			23,021,279
Aerospace & Defense		0.5			21,363,701
Interactive Media & Services		0.5			17,895,225
Media		0.4			16,563,652
Energy Equipment & Services		0.0	*		917,139
Investments		99.7			3,905,940,250
Short-Term Investments		0.3			12,532,343
Total Investments		100.0	%	$	3,918,472,593

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	$	172,858,137	$	3,733,082,113	$	—	$	3,905,940,250
Other Investment Company		12,532,343		—		—		12,532,343
Total Investments	$	185,390,480	$	3,733,082,113	$	—	$	3,918,472,593

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 $54,056,089, collateralized by cash collateral of $12,532,343 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $44,299,474. 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)	Rate disclosed reflects the yield at October 31, 2020.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

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

Transamerica Funds Annual Report 2020

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Transamerica International Growth

(unaudited)

MARKET ENVIRONMENT

International markets were relatively weak over the fiscal year ended October 31, 2020. Most notable during the period was a significant sell-off in mid-February through March because of the COVID-19 pandemic. Global markets rebounded following significant monetary and fiscal responses; however, markets remained sensitive to macroeconomic news as well as a second wave of COVID-19 cases in Europe.

The information technology sector and two of the more defensive sectors, health care and utilities, led sector performance for the benchmark over the period. Energy was the worst performing sector; there were supply side issues earlier in the year and uncertainty over global demand as the year progressed. The U.K. market lagged the broader MSCI EAFE benchmark, as uncertainty over Brexit remained, which caused headwinds for the domestic economy. In addition, the U.K. market has a higher exposure to the sectors that performed poorly over the past year, namely energy and financials.

At the company level, we continue to see marginal improvement in 12-month forward earnings on a year-over-year basis. Although our overall outlook for the international equity market is still negative, many companies have taken pragmatic cost-cutting measures and have benefited from government support programs. We remain focused on managing the portfolio through this period of volatility with the same disciplined investment philosophy and process, focusing on stocks with high impact growth and profitability characteristics that have strong earnings momentum and reasonable valuations.

PERFORMANCE

For the year ended October 31, 2020, Transamerica International Growth (Class I2) returned 5.34%. By comparison, its benchmark, the MSCI EAFE Index, returned -6.46%.

STRATEGY REVIEW

The Fund significantly outperformed its benchmark for the 12-month period ended October 31, 2020, with all regions contributing to relative performance. Emerging market holdings tilted toward Asia were the strongest contributors to relative performance during the period. Tencent Holdings, Ltd. a gaming and advertising services company in China, was the Fund’s top individual contributor. The company reported strong results with strength in online gaming. While we expect the company’s other business lines, including advertising and fintech, to recover as the Chinese economy continues to rebound, we trimmed the position to take profits and manage risk. Europe ex-U.K. holdings also contributed to regional performance during the period. Lonza Group, a European life science company, was a key contributor. Having a more defensive growth profile, the company’s growth drivers were largely not impacted by the pandemic. In addition to its traditional pharmaceutical business, Lonza Group AG benefited from higher capital spending in the sector.

From a sector perspective, contribution to performance was broad based with eight of the 11 sectors adding to performance. Stock selection in the communication services, information technology, and industrial sectors contributed the most to relative performance during the period. Individually, Taiwan Semiconductor Manufacturing Co., Ltd., ADR was a top contributor, as it benefited from spending in smartphone upgrades, growth in the cloud, and major trends such as 5G. Management raised its full-year revenue guidance to over 20% and boosted its capital spending budget. There was also positive sentiment on new opportunities with Intel, which is looking at outsourcing manufacturing as a solution for its core central processing unit (“CPU”) products. Kingspan Group PLC, an Irish manufacturer of energy efficient insulated building panels, was another top contributor. Year-over-year revenues in the first half of 2020 beat consensus estimates, but they were down on a year-over-year basis. There was positive sentiment due to the company’s focus on environmental efficiency. We trimmed the position to take profits and reduce risk based on a reduced construction market outlook.

Holdings in consumer staples and financials and an underweight in health care weighed the most on relative performance on a sector basis. At the stock level, the worst performing holding was Aroundtown, a German real estate company. The company performed well operationally; however, there were near-term headwinds with its exposure to hotels. Management highlighted that no single tenant represented more than 5%, and over the short term the operating companies should be able to access government support programs and business interruption insurance. At period end, we appreciated the company’s strong balance sheet with 72% of the assets unencumbered and continued to hold our position.

Alfred Li, CFA

Jeff Tiefenbach, CFA

Co-Portfolio Managers

TDAM USA Inc.

Transamerica Funds Annual Report 2020

Page    204

Transamerica International Growth

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		96.7	%
Repurchase Agreement		1.2
Other Investment Company		0.1
Net Other Assets (Liabilities)		2.0
Total		100.0	%

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

Transamerica Funds Annual Report 2020

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Transamerica International Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(0.98	)%		N/A			0.13	%		03/01/2018
Class A (NAV)		4.81	%		N/A			2.28	%		03/01/2018
Class I (NAV)		4.96	%		N/A			2.46	%		03/01/2018
Class I2 (NAV)		5.34	%		5.39	%		5.47	%		06/10/2008
MSCI EAFE Index (A)		(6.46	)%		3.35	%		4.31	%
Class R6 (NAV)		5.19	%		N/A			2.71	%		03/01/2018

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets.

Transamerica Funds Annual Report 2020

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Transamerica International Growth

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 96.7%
Australia - 2.2%
Northern Star Resources, Ltd.		3,000,962		$31,701,891
Austria - 1.1%
Erste Group Bank AG (A)		784,373		16,123,151
China - 9.4%
Airtac International Group		959,600		25,833,250
Alibaba Group Holding, Ltd., ADR (A)		99,916		30,443,406
ANTA Sports Products, Ltd.		1,594,900		17,705,219
Ping An Insurance Group Co. of China, Ltd., H Shares		1,842,800		19,053,950
Tencent Holdings, Ltd.		560,700		42,840,625
				135,876,450
Finland - 2.3%
Neste OYJ		634,538		33,093,405
France - 4.7%
Sanofi		360,023		32,507,679
TOTAL SE		396,662		12,017,553
Vinci SA		296,165		23,392,612
				67,917,844
Germany - 4.5%
Bayerische Motoren Werke AG		310,286		21,204,550
Henkel AG & Co. KGaA		177,178		16,017,578
Knorr-Bremse AG		237,900		27,549,095
				64,771,223
Ireland - 4.4%
Kingspan Group PLC (A)		285,371		24,876,948
Smurfit Kappa Group PLC		1,037,243		39,082,376
				63,959,324
Israel - 2.1%
Nice, Ltd., ADR (A) (B)		130,750		29,844,995
Italy - 3.2%
Enel SpA		5,752,539		45,735,575
Japan - 23.9%
Asahi Group Holdings, Ltd.		1,069,500		33,097,935
Haseko Corp.		1,800,500		21,586,442
Koito Manufacturing Co., Ltd.		452,000		21,797,153
Lasertec Corp.		243,300		21,074,842
Nidec Corp.		369,400		37,310,134
Nitori Holdings Co., Ltd.		172,200		35,396,860
Open House Co., Ltd.		748,200		25,477,813
Pan Pacific International Holdings Corp.		1,330,300		28,226,890
SoftBank Group Corp.		537,600		35,015,916
Sushiro Global Holdings, Ltd.		965,800		26,218,034
Takeda Pharmaceutical Co., Ltd.		615,542		19,021,841
Tokyo Electron, Ltd.		148,400		39,832,165
				344,056,025
Luxembourg - 1.4%
Aroundtown SA (A)		4,251,751		20,394,190
Netherlands - 2.4%
Euronext NV (C)		328,536		34,207,659
New Zealand - 1.4%
a2 Milk Co., Ltd. (A) (B)		2,114,410		20,317,206
Norway - 3.9%
DnB ASA (A)		2,567,174		34,669,140
Equinor ASA		1,635,395		20,867,165
				55,536,305

	Shares		Value
COMMON STOCKS (continued)
Republic of Korea - 2.8%
Samsung Electronics Co., Ltd.		803,470		$ 40,386,908
Spain - 2.3%
Iberdrola SA		2,829,686		33,411,734
Sweden - 2.4%
Epiroc AB, Class A		695,555		10,385,753
Epiroc AB, Class B		1,684,489		24,114,534
				34,500,287
Switzerland - 7.8%
Lonza Group AG		71,497		43,320,749
Roche Holding AG		142,631		45,831,810
Swiss Life Holding AG		70,660		23,769,216
				112,921,775
Taiwan - 2.4%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		405,370		33,998,382
United Kingdom - 12.1%
Ashtead Group PLC		978,137		35,347,237
Beazley PLC		3,956,901		15,084,782
British American Tobacco PLC		834,026		26,434,764
GlaxoSmithKline PLC		1,014,498		16,940,573
Legal & General Group PLC		9,889,552		23,711,233
Rio Tinto PLC, ADR (B)		721,922		40,983,512
Smith & Nephew PLC		865,218		15,023,758
				173,525,859
Total Common Stocks (Cost $1,302,977,045)				1,392,280,188
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (D)		1,635,368		1,635,368
Total Other Investment Company (Cost $1,635,368)				1,635,368
	Principal		Value
REPURCHASE AGREEMENT - 1.2%
Fixed Income Clearing Corp., 0.00% (D), dated 10/30/2020, to be repurchased at $16,692,216 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.63%, due 12/31/2023, and with a value of $17,026,167.		$16,692,216		16,692,216
Total Repurchase Agreement (Cost $16,692,216)				16,692,216
Total Investments (Cost $1,321,304,629)				1,410,607,772
Net Other Assets (Liabilities) - 2.0%				29,149,200
Net Assets - 100.0%				$1,439,756,972

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

Transamerica Funds Annual Report 2020

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Transamerica International Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Pharmaceuticals		8.1	%	$	114,301,903
Semiconductors & Semiconductor Equipment		6.7			94,905,389
Machinery		6.2			87,882,632
Insurance		5.8			81,619,181
Electric Utilities		5.6			79,147,309
Metals & Mining		5.2			72,685,403
Oil, Gas & Consumable Fuels		4.7			65,978,123
Banks		3.6			50,792,291
Real Estate Management & Development		3.2			45,872,003
Life Sciences Tools & Services		3.1			43,320,749
Interactive Media & Services		3.0			42,840,625
Technology Hardware, Storage & Peripherals		2.9			40,386,908
Containers & Packaging		2.8			39,082,376
Electrical Equipment		2.6			37,310,134
Specialty Retail		2.5			35,396,860
Trading Companies & Distributors		2.5			35,347,237
Wireless Telecommunication Services		2.5			35,015,916
Capital Markets		2.4			34,207,659
Beverages		2.3			33,097,935
Internet & Direct Marketing Retail		2.2			30,443,406
Software		2.1			29,844,995
Multiline Retail		2.0			28,226,890
Tobacco		1.9			26,434,764
Hotels, Restaurants & Leisure		1.9			26,218,034
Building Products		1.8			24,876,948
Construction & Engineering		1.7			23,392,612
Auto Components		1.5			21,797,153
Household Durables		1.5			21,586,442
Automobiles		1.5			21,204,550
Food Products		1.4			20,317,206
Textiles, Apparel & Luxury Goods		1.3			17,705,219
Household Products		1.1			16,017,578
Health Care Equipment & Supplies		1.1			15,023,758
Investments		98.7			1,392,280,188
Short-Term Investments		1.3			18,327,584
Total Investments		100.0	%	$	1,410,607,772

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	$	135,270,295	$	1,257,009,893	$	—	$	1,392,280,188
Other Investment Company		1,635,368		—		—		1,635,368
Repurchase Agreement		—		16,692,216		—		16,692,216
Total Investments	$	136,905,663	$	1,273,702,109	$	—	$	1,410,607,772

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

Transamerica Funds Annual Report 2020

Page    208

Transamerica International Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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 $51,424,402, collateralized by cash collateral of $1,635,368 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $51,157,615. 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 October 31, 2020, the value of the 144A security is $34,207,659, representing 2.4% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at October 31, 2020.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2020

Page    209

Transamerica International Small Cap Value

(unaudited)

MARKET ENVIRONMENT

Some of 2019’s prominent political risks, like Brexit and the U.S./China trade dispute, receded in the fourth quarter to help push global stock valuations higher. The market rally continued into early 2020 but shifted massively from mid-February to late March as the COVID-19 pandemic became a reality, causing stocks to sell off dramatically. Governments and central banks around the world responded with stimulus which led to the anticipation of a global economic recovery and a risk-on attitude among investors. Markets rallied steadily from late March through the third quarter of 2020.

PERFORMANCE

For the year ended October 31, 2020, Transamerica International Small Cap Value (Class I) returned -3.21%. By comparison, its benchmark, the MSCI EAFE Small Cap Index Gross, returned -1.02%.

STRATEGY REVIEW

The Fund underperformed its benchmark during the 12-month period ended October 31, 2020. United Kingdom holdings were the largest regional detractors from relative return. Within the U.K., Informa PLC and Equiniti Group PLC were primary underperformers. Events and publishing company Informa underperformed, as COVID-19 related quarantines and travel bans forced the postponement of large events and conventions. We trimmed the position when initial COVID-19 reports began circulating in February. While the events business was substantially impacted by COVID-19, steady performance in its publishing division allowed Informa to remain profitable. We believe the company will recover as normal industry activities resume. Equiniti Group PLC is a U.K.-based provider of share registration, investor services, administration of employee share plans, pension administration and software, and employee benefit programs. The company underperformed after management suspended guidance and withdrew the fiscal year 2019 final dividend. Equiniti Group PLC generates most of its revenues from long-term contracts with recurring revenues; however, some of its more cyclical services, such as share repurchase programs and dividend payments, were negatively impacted by the global economic slowdown. We believe Equiniti Group PLC operates a stable core business and could benefit from increased corporate activity during macroeconomic volatility.

Japan was a top regional contributor driven by favorable stock selection across a broad array of industries and sectors. Videogame creator Capcom Co., Ltd. and drugstore operator Welcia Holdings Co., Ltd. were among the top performers in Japan. Capcom Co. Ltd. outperformed after a series of strong earnings reports and raising full year guidance. Sales of hit game Monster Hunter World outpaced expectations since its launch and maintained its momentum through additional content releases. As consumers continue to stay at home, gaming companies should benefit from increasing sales and higher margins, driven by digital game offerings. Drugstore chain Welcia outperformed after releasing a series of favorable earnings reports, displaying strong same-store sales growth. The company benefited from extraordinary demand for hygiene products and daily goods since the COVID-19 outbreak began in late January.

On a sector basis, holdings in consumer discretionary detracted the most from relative performance, led lower by U.K. homebuilders Redrow PLC and Bellway PLC. Both companies were negatively impacted by COVID-19, as containment measures forced the closure of project sites and offices. The pair focused on preserving capital and maintaining their strong balance sheets. At period end, we believed these stocks were undervalued given the good demand dynamics for the U.K. housing market and the stocks’ discounts to net asset values, strong balance sheets, and experienced management teams.

Communication services holdings were the largest contributors to relative performance on a sector basis. Japanese videogame companies Capcom Co., Ltd. and Square Enix Holdings Co., Ltd. Capcom Co. Ltd., mentioned previously, outperformed after a series of strong earnings reports and raising full year guidance. Square Enix Holdings Co. Ltd. also performed well, reporting satisfactory results and strong growth in its mobile-game segment. As consumers continue to stay at home, gaming companies should benefit from increasing sales and higher margins, driven by digital game offerings.

Brandon H. Harrell, CFA

Stedman D. Oakey, CFA

Co-Portfolio Managers

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		99.3	%
Other Investment Company		1.9
Repurchase Agreement		0.2
Net Other Assets (Liabilities)		(1.4	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    210

Transamerica International Small Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I (NAV)		(3.21	)%		3.73	%		5.80	%		01/04/2013
MSCI EAFE Small Cap Index Gross (A)		(1.02	)%		5.77	%		7.47	%
Class I2 (NAV)		(3.15	)%		3.82	%		5.90	%		01/04/2013

^(A) The MSCI EAFE Small Cap Index Gross is an equity index which captures small cap representation across developed markets countries around the world, excluding the U.S. and Canada.

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

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

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

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

Investments in international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and relatively small size and lesser liquidity of the markets. Investing in small-and medium-size companies involves greater risk than is customarily associated with more established companies. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

Transamerica Funds Annual Report 2020

Page    211

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 99.3%
Australia - 3.4%
BlueScope Steel, Ltd.		541,900		$5,597,118
Charter Hall Group, REIT		531,932		4,612,131
Omni Bridgeway, Ltd. (A)		2,197,569		5,345,819
Senex Energy, Ltd. (A) (B)		10,029,500		2,080,695
				17,635,763
Austria - 0.8%
ams AG (B)		199,600		4,273,770
Belgium - 6.8%
Barco NV		282,934		4,438,397
D’ieteren SA		134,108		6,718,801
Fagron		275,248		6,110,801
Groupe Bruxelles Lambert SA		141,427		11,598,172
Telenet Group Holding NV		157,500		6,057,524
				34,923,695
Denmark - 2.4%
Scandinavian Tobacco Group A/S, Class A (C)		490,928		6,934,270
Schouw & Co. A/S		59,667		5,195,918
				12,130,188
Finland - 1.3%
Kamux Corp.		111,600		1,206,031
Raisio OYJ, V Shares		1,498,483		5,322,886
				6,528,917
France - 3.4%
ICADE, REIT (A)		73,600		3,721,995
Kaufman & Broad SA		201,729		7,188,953
Rothschild & Co. (B)		265,219		6,826,410
				17,737,358
Germany - 5.9%
Bertrandt AG		38,309		1,313,958
Borussia Dortmund GmbH & Co. KGaA (A)		439,600		2,158,483
DIC Asset AG		423,378		4,872,851
Gerresheimer AG		108,600		10,916,947
Hamburger Hafen und Logistik AG		313,340		5,252,810
SAF-Holland SE (B)		427,600		3,635,102
Takkt AG (B)		232,113		2,466,622
				30,616,773
Greece - 0.4%
Motor Oil Hellas Corinth Refineries SA		214,951		2,009,745
Hong Kong - 3.1%
Great Eagle Holdings, Ltd.		1,271,493		3,073,189
Kerry Logistics Network, Ltd.		4,502,000		9,402,358
Pacific Textiles Holdings, Ltd.		6,331,900		3,613,031
				16,088,578
Ireland - 4.0%
Bank of Ireland Group PLC (B)		1,397,800		3,468,284
C&C Group PLC (B)		1,408,444		2,950,939
Grafton Group PLC (B)		369,400		3,211,373
Greencore Group PLC		1,772,700		2,075,371
Smurfit Kappa Group PLC		240,610		9,065,967
				20,771,934
Italy - 2.3%
Danieli & C Officine Meccaniche SpA		150,690		1,361,889
doValue SpA (B) (C)		314,700		2,906,467

	Shares		Value
COMMON STOCKS (continued)
Italy (continued)
Prysmian SpA		284,352		$ 7,737,900
				12,006,256
Japan - 36.3%
Aida Engineering, Ltd.		306,900		2,347,279
Air Water, Inc.		346,400		4,949,295
Capcom Co., Ltd.		394,900		21,597,688
Denka Co., Ltd.		338,160		10,417,950
DTS Corp.		330,400		6,425,946
Fuji Corp. (A)		265,800		5,343,636
Furyu Corp.		101,900		1,225,874
GMO internet, Inc.		268,500		7,161,495
Hakuhodo DY Holdings, Inc.		158,100		2,014,380
Hikari Tsushin, Inc.		24,000		5,629,072
Horiba, Ltd.		103,800		5,106,067
Hosokawa Micron Corp.		54,700		2,743,973
Kaken Pharmaceutical Co., Ltd.		102,100		4,021,315
Kenedix, Inc.		1,340,700		6,947,610
Kintetsu World Express, Inc.		539,800		11,475,100
Kumiai Chemical Industry Co., Ltd. (A)		642,200		6,173,999
Kyushu Railway Co.		118,700		2,524,854
Matsumotokiyoshi Holdings Co., Ltd.		190,300		7,025,182
Meitec Corp.		88,100		4,367,572
Nakanishi, Inc.		463,900		8,278,264
Nichiha Corp.		197,400		5,752,054
Nippon Parking Development Co., Ltd.		2,559,000		3,137,482
Paramount Bed Holdings Co., Ltd.		104,100		4,010,747
PCA Corp. (A)		35,100		1,577,343
Rohto Pharmaceutical Co., Ltd.		191,800		5,996,242
Sanwa Holdings Corp.		943,600		10,763,539
Shinoken Group Co., Ltd. (A)		380,600		3,776,938
Square Enix Holdings Co., Ltd.		232,800		13,526,330
Takasago Thermal Engineering Co., Ltd.		283,300		3,755,830
Token Corp.		75,600		5,689,297
Wakita & Co., Ltd.		317,300		3,284,631
				187,046,984
Netherlands - 4.5%
ASM International NV		89,500		12,783,358
Euronext NV (C)		17,300		1,801,302
Intertrust NV (C)		471,100		7,304,366
Van Lanschot Kempen NV, CVA (B)		54,000		1,080,828
				22,969,854
New Zealand - 0.6%
Pushpay Holdings, Ltd. (B)		492,200		2,960,695
Norway - 0.5%
ABG Sundal Collier Holding ASA		4,565,727		2,436,374
Philippines - 0.2%
Alliance Global Group, Inc. (B)		6,793,600		1,113,182
Republic of Korea - 2.3%
Eugene Technology Co., Ltd.		258,909		6,212,552
Interpark Corp.		498,619		938,247
Value Added Technology Co., Ltd.		246,800		4,516,910
				11,667,709
Spain - 1.3%
Cia de Distribucion Integral Logista Holdings SA		400,964		6,769,652

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

Transamerica Funds Annual Report 2020

Page    212

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Sweden - 3.1%
Cloetta AB, B Shares (B)		1,992,800		$ 4,683,912
Dios Fastigheter AB		982,774		6,881,019
Nobina AB (B) (C)		406,672		2,230,044
Trelleborg AB, B Shares (B)		130,000		2,163,169
				15,958,144
Switzerland - 1.4%
Swissquote Group Holding SA		88,476		7,045,112
United Kingdom - 15.3%
Bellway PLC		287,800		8,707,440
Dialog Semiconductor PLC (B)		99,687		3,800,457
Domino’s Pizza Group PLC (B)		897,000		3,851,265
Equiniti Group PLC (B) (C)		3,393,300		4,539,531
Howden Joinery Group PLC (B)		916,200		7,564,006
IG Group Holdings PLC		753,035		7,431,327
Inchcape PLC (B)		404,700		2,596,036
Informa PLC (B)		879,127		4,769,821
Intermediate Capital Group PLC		323,335		4,911,240
International Personal Finance PLC (B)		1,437,450		1,068,912
Lancashire Holdings, Ltd.		594,300		4,904,461
Oxford Metrics PLC		747,400		716,544
Redde Northgate PLC		268,468		617,600
Redrow PLC (B)		1,484,200		8,002,237
Rentokil Initial PLC (B)		637,181		4,338,061
Savills PLC (B)		826,400		8,900,567
Vectura Group PLC (B)		1,445,800		1,929,224
				78,648,729
Total Common Stocks (Cost $470,860,596)				511,339,412

	Shares		Value
OTHER INVESTMENT COMPANY - 1.9%
Securities Lending Collateral - 1.9%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (D)		9,625,108		$ 9,625,108
Total Other Investment Company (Cost $9,625,108)				9,625,108
	Principal		Value
REPURCHASE AGREEMENT - 0.2%
Fixed Income Clearing Corp., 0.00% (D), dated 10/30/2020, to be repurchased at $1,242,596 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $1,267,517.		$1,242,596		1,242,596
Total Repurchase Agreement (Cost $1,242,596)				1,242,596
Total Investments (Cost $481,728,300)				522,207,116
Net Other Assets (Liabilities) - (1.4)%				(7,460,168	)
Net Assets - 100.0%				$514,746,948

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Entertainment		7.1	%	$	37,282,501
Real Estate Management & Development		6.6			34,452,174
Capital Markets		5.8			30,451,765
Household Durables		5.7			29,587,927
Air Freight & Logistics		5.3			27,647,110
Semiconductors & Semiconductor Equipment		5.2			27,070,137
Chemicals		4.1			21,541,244
IT Services		4.0			21,087,667
Building Products		3.9			20,271,423
Diversified Financial Services		3.8			19,850,458
Food Products		3.3			17,278,087
Health Care Equipment & Supplies		3.2			16,805,921
Trading Companies & Distributors		2.7			14,060,010
Machinery		2.7			13,959,946
Professional Services		2.5			12,985,896
Media		2.5			12,841,725
Life Sciences Tools & Services		2.1			10,916,947
Electronic Equipment, Instruments & Components		1.8			9,544,464
Distributors		1.8			9,314,837
Containers & Packaging		1.7			9,065,967
Equity Real Estate Investment Trusts		1.6			8,334,126
Electrical Equipment		1.5			7,737,900
Commercial Services & Supplies		1.4			7,475,543
Food & Staples Retailing		1.4			7,025,182

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

Transamerica Funds Annual Report 2020

Page    213

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Tobacco		1.3	%	$	6,934,270
Specialty Retail		1.3			6,835,103
Health Care Providers & Services		1.2			6,110,801
Personal Products		1.2			5,996,242
Pharmaceuticals		1.1			5,950,539
Metals & Mining		1.1			5,597,118
Road & Rail		1.0			5,372,498
Transportation Infrastructure		1.0			5,252,810
Insurance		0.9			4,904,461
Banks		0.9			4,549,112
Oil, Gas & Consumable Fuels		0.8			4,090,440
Hotels, Restaurants & Leisure		0.7			3,851,265
Auto Components		0.7			3,635,102
Textiles, Apparel & Luxury Goods		0.7			3,613,031
Internet & Direct Marketing Retail		0.7			3,404,869
Beverages		0.6			2,950,939
Software		0.4			2,293,887
Leisure Products		0.2			1,225,874
Industrial Conglomerates		0.2			1,113,182
Consumer Finance		0.2			1,068,912
Investments		97.9			511,339,412
Short-Term Investments		2.1			10,867,704
Total Investments		100.0	%	$	522,207,116

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	$	—	$	511,339,412	$	—	$	511,339,412
Other Investment Company		9,625,108		—		—		9,625,108
Repurchase Agreement		—		1,242,596		—		1,242,596
Total Investments	$	9,625,108	$	512,582,008	$	—	$	522,207,116

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 $13,452,910, collateralized by cash collateral of $9,625,108 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $4,550,870. 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.
(B)	Non-income producing securities.
(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 October 31, 2020, the total value of 144A securities is $25,715,980, representing 5.0% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at October 31, 2020.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2020

Page    214

Transamerica International Stock

(unaudited)

MARKET ENVIRONMENT

International markets were negative over the 12-month period ended October 31, 2020.

The market shock of the COVID-19 pandemic is clearly entirely different from any past events, and therefore impossible to forecast. Economic activity was deliberately frozen to stem the pandemic. The initial shock was, therefore, sudden, and very deep. The shock’s size and each country’s ability to withstand the impact has varied greatly across the globe. Countries with less aggressive responses to the virus have been hit hard and the pandemic has not yet peaked. We could see increased return dispersion across regions and countries as a result, and the associated opportunities this often creates. The pandemic is reinforcing structural trends that were already at play, such as e-commerce and at the same time re-writing the future of certain industries such as hotels, airlines and cruise ships. Related, the relative success of the impromptu experiment in remote work could alter the landscape of commercial real estate, business travel and daily commutes.

Debt has ballooned as governments worked quickly to prop up individuals and businesses. Central banks have committed to keep rates low in the short term, enabling an unprecedented fiscal expansion, however we all know there is no free lunch. Heavy debt loads, combined with the risk of ongoing supply shocks, raises the potential for higher inflation in the medium to longer term. As the world restarts there are many uncertainties around how quickly people and companies will feel comfortable to resume their pre-pandemic activities.

Focusing on the fundamental drivers of companies has been key in the consistency of the strategy’s long-term track record. This remains a challenging market environment and will likely continue to be volatile in the short term. But we would emphasize that experience is irreplaceable, and our portfolio management team has managed these portfolios through past periods of extreme uncertainty. History suggests sharp volatility such as we are experiencing creates opportunity for long-term investors.

PERFORMANCE

For the year ended October 31, 2020, Transamerica International Stock (Class A) returned -10.21%, excluding any sales charges. By comparison, its benchmark, the MSCI EAFE Index, returned -6.46%.

STRATEGY REVIEW

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

The Fund underperformed its benchmark for the fiscal year ended October 31, 2020. Overweights to information technology and health care and strong stock selection within real estate and materials contributed to performance, whereas an underweight to consumer staples and stock selection within industrials and communication services hurt performance. An overweight to the Netherlands and strong selection within Australia also contributed to performance, while stock selection was weak within France and Japan.

Top stock-level contributors included Fortescue Metals Group Ltd. (“Fortescue”) which explores for and produces iron ore and is headquartered in Australia, and NEC Corp. which manufactures and provides computers, telecommunication equipment, electronic devices, semiconductors, and software and is based in Japan. Fortescue recorded record annual profits driven by record shipments and ongoing low costs as China’s investment in new infrastructure continues to provide strong demand for steel. NEC Corp. reported an unexpected loss in the first quarter of 2020, however Japan’s plan to accelerate digital government is expected to benefit the company.

Bottom stock-level contributors included the Italy-based industrial company, Leonardo SpA, and the Japanese trading company, Marubeni Corp. Leonardo SpA’s 2019 report delivered or exceeded guidance for the second year in a row, however, shares fell after the company had to temporarily suspend activities. Marubeni lagged its peers as it reported a full-year loss and guidance well below consensus with plans to cut its future dividend payment.

For the fiscal year, the Fund did not utilize derivatives.

David R. Vaughn, CFA

Priyanshu Mutreja, CFA

Alex Turner, CFA

Co-Portfolio Managers

ClariVest Asset Management LLC

Transamerica Funds Annual Report 2020

Page    215

Transamerica International Stock

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		94.0	%
Exchange-Traded Fund		1.9
Preferred Stocks		1.5
Other Investment Company		0.6
Net Other Assets (Liabilities)		2.0
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    216

Transamerica International Stock

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(15.16	)%		(9.27	)%		09/28/2018
Class A (NAV)		(10.21	)%		(6.79	)%		09/28/2018
MSCI EAFE Index (A)		(6.46	)%		(2.16	)%
Class I (NAV)		(9.98	)%		(6.59	)%		09/28/2018
Class I2 (NAV)		(9.98	)%		(6.59	)%		09/28/2018
Class R6 (NAV)		(9.98	)%		(6.59	)%		09/28/2018

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets.

Transamerica Funds Annual Report 2020

Page    217

Transamerica International Stock

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 94.0%
Australia - 6.5%
Austal, Ltd.		197,740		$377,059
BHP Group, Ltd. (A)		20,471		490,723
Coles Group, Ltd.		140,918		1,760,386
CSL, Ltd.		4,755		962,685
Fortescue Metals Group, Ltd.		109,224		1,336,191
Northern Star Resources, Ltd.		80,265		847,912
Resolute Mining, Ltd. (B)		349,497		198,497
Sandfire Resources, Ltd.		131,347		408,735
Sonic Healthcare, Ltd.		25,401		622,147
				7,004,335
Austria - 0.9%
ams AG (B)		47,070		1,007,847
Belgium - 0.6%
Euronav NV		51,106		373,425
UCB SA		3,014		297,697
				671,122
Denmark - 2.7%
AP Moller - Maersk A/S, Class B		774		1,236,317
Novo Nordisk A/S, Class B		19,549		1,246,555
Scandinavian Tobacco Group A/S, Class A (C)		26,902		379,986
				2,862,858
France - 6.9%
Atos SE (B)		7,278		497,203
BNP Paribas SA (B)		16,674		581,502
Cie Generale des Etablissements Michelin SCA		9,044		976,761
Constellium SE (B)		31,600		278,396
Eiffage SA (B)		10,935		793,634
Engie SA (B)		69,772		843,861
Peugeot SA (B)		57,840		1,039,050
Sanofi		16,887		1,524,783
Sartorius Stedim Biotech		1,308		496,007
Societe Generale SA (B)		30,724		417,475
				7,448,672
Germany - 7.2%
Bayer AG		12,285		577,278
Daimler AG		23,929		1,237,380
Deutsche Post AG		12,529		555,076
Deutsche Telekom AG		60,250		915,724
HeidelbergCement AG		12,701		726,414
Hornbach Holding AG & Co. KGaA		2,422		233,279
Merck KGaA		13,735		2,034,581
Muenchener Rueckversicherungs-Gesellschaft AG		2,548		597,193
TAG Immobilien AG (B)		28,150		829,570
				7,706,495
Hong Kong - 1.2%
CK Hutchison Holdings, Ltd.		114,000		688,557
WH Group, Ltd. (C)		750,000		590,720
				1,279,277
Israel - 0.7%
Teva Pharmaceutical Industries, Ltd., ADR (B)		88,200		769,104
Italy - 1.8%
Enel SpA		199,112		1,583,041
Eni SpA		55,357		387,778
				1,970,819

	Shares		Value
COMMON STOCKS (continued)
Japan - 29.5%
Arcland Sakamoto Co., Ltd.		14,000		$ 269,596
Central Glass Co., Ltd.		20,200		433,462
Chubu Electric Power Co., Inc.		37,900		424,549
Cosmo Energy Holdings Co., Ltd.		12,700		185,904
FUJIFILM Holdings Corp.		42,900		2,187,581
Fujitsu, Ltd.		10,100		1,194,977
Hirogin Holdings, Inc.		47,700		259,614
Hitachi, Ltd.		53,000		1,786,328
Hokkaido Electric Power Co., Inc.		64,400		249,611
Honda Motor Co., Ltd.		31,600		747,433
Hoya Corp.		11,400		1,286,569
ITOCHU Corp.		116,100		2,788,548
Kajima Corp.		37,900		404,978
KDDI Corp.		100,900		2,729,848
Marubeni Corp.		177,900		928,852
Mitsubishi Corp.		26,500		591,251
Mitsubishi UFJ Financial Group, Inc.		224,600		885,352
Mitsui & Co., Ltd.		80,000		1,245,523
Mizuho Financial Group, Inc.		36,590		450,497
NEC Corp.		50,400		2,538,656
Nichi-iko Pharmaceutical Co., Ltd.		25,200		249,487
Nippon Telegraph & Telephone Corp.		103,400		2,175,105
Nomura Holdings, Inc.		272,400		1,219,926
Obayashi Corp.		37,800		316,323
Ricoh Co., Ltd.		65,500		430,153
Sawai Pharmaceutical Co., Ltd.		11,300		544,655
Sekisui House, Ltd.		55,900		928,684
Sony Corp.		34,000		2,834,458
Toyota Motor Corp.		16,300		1,070,044
World Co., Ltd.		25,144		319,241
				31,677,205
Netherlands - 8.7%
Akzo Nobel NV		9,750		937,836
ASM International NV		8,766		1,252,055
ASR Nederland NV		7,808		236,937
Koninklijke Ahold Delhaize NV		85,979		2,357,180
Koninklijke Philips NV (B)		17,015		788,079
NN Group NV		51,622		1,796,494
PostNL NV (B)		167,554		555,569
Royal Dutch Shell PLC, B Shares		42,403		511,352
Signify NV (B) (C)		27,255		967,425
				9,402,927
New Zealand - 0.2%
Fisher & Paykel Healthcare Corp., Ltd.		11,617		267,873
Norway - 0.2%
Austevoll Seafood ASA		26,008		177,154
Singapore - 0.2%
Yanlord Land Group, Ltd.		253,500		194,953
Spain - 1.9%
Banco Bilbao Vizcaya Argentaria SA		78,124		225,399
Iberdrola SA		104,494		1,233,821
Repsol SA		23,321		146,411
Telefonica SA		121,105		393,958
				1,999,589
Sweden - 1.6%
Swedish Match AB		7,580		569,884

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

Transamerica Funds Annual Report 2020

Page    218

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Sweden (continued)
Telefonaktiebolaget LM Ericsson, B Shares		102,022		$ 1,139,026
				1,708,910
Switzerland - 10.0%
Credit Suisse Group AG		142,634		1,345,234
Nestle SA		13,697		1,540,610
Novartis AG		31,316		2,440,223
Roche Holding AG		7,592		2,439,548
STMicroelectronics NV		7,050		215,055
Swiss Life Holding AG		2,598		873,937
UBS Group AG		87,593		1,019,755
Zurich Insurance Group AG		2,585		858,596
				10,732,958
United Kingdom - 13.2%
Anglo American PLC		25,036		587,424
AstraZeneca PLC		15,161		1,522,247
Aviva PLC		120,009		400,299
Barclays PLC (B)		460,495		638,280
Bellway PLC		9,334		282,402
BP PLC		146,785		374,402
British American Tobacco PLC		27,823		881,860
Coca-Cola European Partners PLC		14,854		530,436
Computacenter PLC		24,897		735,380
Dialog Semiconductor PLC (B)		27,559		1,050,656
GlaxoSmithKline PLC		51,774		864,547
Imperial Brands PLC		47,928		758,590
Kingfisher PLC (B)		147,776		549,635
Lloyds Banking Group PLC (B)		959,276		349,279
Persimmon PLC		54,926		1,662,968
Redrow PLC (B)		45,494		245,286
Rio Tinto PLC		15,626		883,828
Standard Chartered PLC (B)		84,466		385,993
Tesco PLC		375,836		1,000,305

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Vodafone Group PLC		332,806		$ 443,953
				14,147,770
Total Common Stocks (Cost $106,738,587)				101,029,868
PREFERRED STOCKS - 1.5%
Germany - 1.5%
Draegerwerk AG & Co. KGaA, 0.26% (D)		2,170		174,357
Volkswagen AG, 3.58% (D)		9,749		1,420,079
Total Preferred Stocks (Cost $1,930,768)				1,594,436
EXCHANGE-TRADED FUND - 1.9%
United States - 1.9%
iShares MSCI EAFE ETF		32,740		2,009,909
Total Exchange-Traded Fund (Cost $1,844,785)				2,009,909
OTHER INVESTMENT COMPANY - 0.6%
Securities Lending Collateral - 0.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (D)		688,099		688,099
Total Other Investment Company (Cost $688,099)				688,099
Total Investments (Cost $111,202,239)				105,322,312
Net Other Assets (Liabilities) - 2.0%				2,143,452
Net Assets - 100.0%				$107,465,764

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Pharmaceuticals		13.8	%	$	14,510,705
Household Durables		5.6			5,953,798
Trading Companies & Distributors		5.3			5,554,174
Automobiles		5.2			5,513,986
Food & Staples Retailing		4.9			5,117,871
Metals & Mining		4.8			5,031,706
IT Services		4.7			4,966,216
Insurance		4.5			4,763,456
Banks		4.0			4,193,391
Capital Markets		3.4			3,584,915
Semiconductors & Semiconductor Equipment		3.3			3,525,613
Electric Utilities		3.3			3,491,022
Diversified Telecommunication Services		3.3			3,484,787
Wireless Telecommunication Services		3.0			3,173,801
Technology Hardware, Storage & Peripherals		2.5			2,617,734
Tobacco		2.5			2,590,320
Health Care Equipment & Supplies		2.4			2,516,878
Food Products		2.2			2,308,484
International Equity Funds		1.9			2,009,909
Oil, Gas & Consumable Fuels		1.9			1,979,272

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

Transamerica Funds Annual Report 2020

Page    219

Transamerica International Stock

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Electronic Equipment, Instruments & Components		1.7	%	$	1,786,328
Construction & Engineering		1.4			1,514,935
Specialty Retail		1.3			1,371,751
Marine		1.2			1,236,317
Communications Equipment		1.1			1,139,026
Air Freight & Logistics		1.1			1,110,645
Real Estate Management & Development		1.0			1,024,523
Auto Components		0.9			976,761
Electrical Equipment		0.9			967,425
Biotechnology		0.9			962,685
Chemicals		0.9			937,836
Multi-Utilities		0.8			843,861
Construction Materials		0.7			726,414
Industrial Conglomerates		0.6			688,557
Health Care Providers & Services		0.6			622,147
Beverages		0.5			530,436
Life Sciences Tools & Services		0.5			496,007
Building Products		0.4			433,462
Aerospace & Defense		0.4			377,059
Investments		99.4			104,634,213
Short-Term Investments		0.6			688,099
Total Investments		100.0	%	$	105,322,312

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	$	1,577,936	$	99,451,932	$	—	$	101,029,868
Preferred Stocks		—		1,594,436		—		1,594,436
Exchange-Traded Fund		2,009,909		—		—		2,009,909
Other Investment Company		688,099		—		—		688,099
Total Investments	$	4,275,944	$	101,046,368	$	—	$	105,322,312

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $655,001, collateralized by cash collateral of $688,099. 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)	Non-income producing securities.
(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 October 31, 2020, the total value of 144A securities is $1,938,131, representing 1.8% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at October 31, 2020.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2020

Page    220

Transamerica Large Cap Value

(unaudited)

MARKET ENVIRONMENT

During the year ended October 31, 2020, U.S. equity markets experienced their first decline on a fiscal year basis since 2008 with the Russell 1000^® Value Index falling -7.57%, with large dispersions in performance among sectors. The top performing sectors were health care, materials, and consumer staples, while the bottom sectors were energy, real estate, and financials.

The past 12 months were marked by three distinct periods. From early November through mid-February, the equity markets continued to advance as economic conditions and the investing climate remained healthy. When COVID-19 hit, the Russell 1000^® Value Index then collapsed from mid-February through the third week in March. From the equity market lows of March 23 to October 31, the Russell 1000^® Value Index recovered dramatically as economic conditions and prospects improved.

The economic recovery since the market’s bottom has been strong, but in October, equity markets retreated as COVID-19 cases rose more rapidly than expected in the U.S. and Europe, clouding the near-term outlook. In addition, Congress was unable to come to an agreement before the presidential election for another round of fiscal stimulus. Still, the investment climate remains constructive. Interest rates are near historic lows, and the U.S. Federal Reserve has indicated that it expects rates to stay low for years. We believe equity valuations under this interest rate environment, especially for value stocks, appear attractive. Aggregate consumer debt is down sharply, and spending is up, most encouragingly in housing and autos. Although many sectors of the service economy are suffering, the goods economy is thriving. Finally, with several promising COVID-19 vaccine candidates in accelerated Phase III testing, we could be months away from the beginning of widespread vaccine distribution.

The past 12 months were challenging for value investors. Growth stocks continued to outperform as shown by the 29.22% advance in the Russell 1000^® Growth Index during the 12-month period ended October 31, 2020. Even within value indices, there was a dichotomy of performance between perceived safety stocks and the contra-momentum stocks that are the hallmark of our investing style.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Large Cap Value (Class A) returned -13.06%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Value Index, returned -7.57%.

STRATEGY REVIEW

The Fund underperformed the Russell 1000^® Value Index during the year ended October 31, 2020, all due to stock selection as sector weightings had a positive effect. We believe this underperformance was related primarily to the overall underperformance of both value and contra-momentum stocks for the 12-month period.

The sectors with the largest contribution to fund performance relative to the benchmark were consumer staples (Walmart Inc., Tyson Foods Inc., Archer-Daniels-Midland Co.), consumer discretionary (Lowe’s Companies Inc.) and health care (AbbVie Inc. and Johnson & Johnson). AbbVie Inc. and Archer-Daniels-Midland Co. continue to be among our largest positions, and the Fund still holds Walmart Inc. and Lowe’s Companies Inc. Tyson Foods Inc. and Johnson & Johnson were sold after significant price appreciation.

The sectors that detracted most from fund performance over the 12-month period ended October 31, 2020 relative to the benchmark were utilities (CenterPoint Energy. Inc.), financials (American International Group Inc. (“AIG”) and Lincoln National Corp), and industrials (Raytheon Technologies Corp.). We continue to hold CenterPoint Energy, Inc., Raytheon Technologies Corp., and AIG, while Lincoln National was sold in mid-March.

Our method of stock selection uses bottom-up fundamental research to identify quality businesses selling below intrinsic value that have catalysts for change which can drive stock prices higher, including management teams that are focused on creating shareholder value through strategic actions and optimal capital deployment. In addition, our contra-momentum strategy seeks to buy companies that are down in price or have significantly underperformed the market averages.

The Fund’s strategy has historically performed well on both an absolute and relative basis when markets are broad-based and not momentum driven. We have managed the strategy through many market cycles and have successfully navigated periods of underperformance by being true to our investment philosophy and process.

Jack Murphy

Christopher Susanin

Co-Portfolio Managers

Levin Easterly Partners LLC

Transamerica Funds Annual Report 2020

Page    221

Transamerica Large Cap Value

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		97.5	%
Repurchase Agreement		1.1
Net Other Assets (Liabilities)		1.4
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    222

Transamerica Large Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(17.85	)%		2.27	%		7.61	%		11/15/2010
Class A (NAV)		(13.06	)%		3.43	%		8.22	%		11/15/2010
Russell 1000® Value Index (A)		(7.57	)%		5.82	%		9.36	%
Class C (POP)		(14.60	)%		2.66	%		7.46	%		11/15/2010
Class C (NAV)		(13.77	)%		2.66	%		7.46	%		11/15/2010
Class I (NAV)		(12.67	)%		3.75	%		8.58	%		11/15/2010
Class I2 (NAV)		(12.66	)%		3.84	%		8.68	%		11/15/2010
Class R6 (NAV)		(12.66	)%		3.84	%		3.24	%		05/29/2015

^(A) The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. The Fund may be more concentrated than that of a more diversified fund, subjecting it to greater fluctuation and risk.

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    223

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 97.5%
Aerospace & Defense - 3.2%
Raytheon Technologies Corp.		950,000		$51,604,000
Automobiles - 4.7%
General Motors Co.		2,200,000		75,966,000
Banks - 4.4%
Citigroup, Inc.		1,120,000		46,390,400
JPMorgan Chase & Co.		250,000		24,510,000
				70,900,400
Beverages - 2.8%
Primo Water Corp.		3,560,175		44,608,993
Biotechnology - 6.3%
AbbVie, Inc.		1,200,000		102,120,000
Capital Markets - 7.3%
Goldman Sachs Group, Inc.		285,000		53,876,400
Morgan Stanley		1,335,000		64,280,250
				118,156,650
Chemicals - 3.5%
DuPont de Nemours, Inc.		1,000,000		56,880,000
Communications Equipment - 2.3%
Cisco Systems, Inc.		1,050,000		37,695,000
Containers & Packaging - 3.2%
International Paper Co.		1,200,000		52,500,000
Diversified Financial Services - 8.0%
Berkshire Hathaway, Inc., Class B (A)		400,000		80,760,000
Voya Financial, Inc.		1,024,239		49,091,775
				129,851,775
Diversified Telecommunication Services - 1.9%
Verizon Communications, Inc.		535,000		30,489,650
Electrical Equipment - 4.1%
Eaton Corp. PLC		636,272		66,038,671
Food & Staples Retailing - 2.7%
Walmart, Inc.		320,000		44,400,000
Food Products - 4.8%
Archer-Daniels-Midland Co.		1,682,832		77,814,152
Health Care Equipment & Supplies - 2.1%
Medtronic PLC		330,000		33,188,100
Insurance - 4.3%
American International Group, Inc.		2,209,445		69,575,423

	Shares		Value
COMMON STOCKS (continued)
IT Services - 3.2%
International Business Machines Corp.		470,000		$ 52,480,200
Multi-Utilities - 5.2%
CenterPoint Energy, Inc.		3,945,000		83,357,850
Oil, Gas & Consumable Fuels - 5.0%
Chevron Corp.		725,000		50,387,500
Hess Corp.		300,000		11,166,000
Williams Cos., Inc.		1,000,000		19,190,000
				80,743,500
Pharmaceuticals - 4.0%
Pfizer, Inc.		1,800,000		63,864,000
Semiconductors & Semiconductor Equipment - 5.3%
Intel Corp.		1,920,000		85,017,600
Specialty Retail - 6.2%
Lowe’s Cos., Inc.		280,000		44,268,000
TJX Cos., Inc.		1,110,000		56,388,000
				100,656,000
Wireless Telecommunication Services - 3.0%
Vodafone Group PLC, ADR (B)		3,600,000		48,636,000
Total Common Stocks (Cost $1,568,321,948)				1,576,543,964
	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 0.00% (C), dated 10/30/2020, to be repurchased at $17,080,628 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.63%, due 12/31/2023, and with a value of $17,422,349.		$17,080,628		17,080,628
Total Repurchase Agreement (Cost $17,080,628)				17,080,628
Total Investments (Cost $1,585,402,576)				1,593,624,592
Net Other Assets (Liabilities) - 1.4%				23,434,088
Net Assets - 100.0%				$1,617,058,680

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	$	1,576,543,964	$	—	$	—	$	1,576,543,964
Repurchase Agreement		—		17,080,628		—		17,080,628
Total Investments	$	1,576,543,964	$	17,080,628	$	—	$	1,593,624,592

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

Transamerica Funds Annual Report 2020

Page    224

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing security.
(B)	All or a portion of the security is on loan. The value of the security on loan is $11,434,864, collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $11,849,600. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)	Rate disclosed reflects the yield at October 31, 2020.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2020

Page    225

Transamerica Large Core

(unaudited)

MARKET ENVIRONMENT

In the fourth quarter of 2019, there emerged some clarity on several ongoing global issues that were hanging over the markets. This clarity helped to propel markets to a fourth quarter 2019 rally. The first quarter of 2020 was one of the most volatile periods for equity markets since the 2008 Global Financial Crisis as significant de-risking occurred in the latter half of the quarter following markets reaching new highs due to the surrounding concerns about the economic and social impacts of the COVID-19 global pandemic. While largely viewed as an Asia issue to begin the year, coronavirus impacts began to show signs of global penetration beginning in the middle of February. As new COVID-19 cases began to rapidly spread to countries outside of China and the surrounding region, the market reaction was equally swift as governments around the world began to shut down non-essential activities and restrict travel. To add to already high market volatility, oil prices collapsed as Saudi Arabia and Russia became engaged in a price war that only served to further distress markets. The U.S. equity markets rallied in the second quarter of 2020 off a historically strong month in April as markets bounced back from the steep sell-off in March, spurred by optimism that the worst of the virus had passed and governments began preliminary assessments for reopening. In the third quarter of 2020, there was a significant amount of de-risking going into the U.S. presidential election in November.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Large Core (Class R4) returned 7.31%. By comparison, its benchmark, the S&P 500^®, returned 9.71%.

STRATEGY REVIEW

We believe that the most effective way to invest in equities is to categorize stocks according to where they reside in their respective company life cycles, then to let the categorization drive how they are analyzed for investment attractiveness. Through our quantitative framework, we rank companies within fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). Our model quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category. The model’s 70-plus factors can be aggregated into three equally-weighted clusters: quality, sentiment and valuation.

The Fund underperformed its benchmark over the 12-month period ended October 31, 2020. Real estate was the largest detracting sector to performance, with Simon Property Group and Equity Residential detracting the most. The top performing sectors were financials and industrials. Within financials, underweights in Wells Fargo and JP Morgan contributed the most to relative performance. Based on our proprietary life-cycle categorization approach, high stable growth holdings were the best performers during the period while mature defensive holdings underperformed during the period.

Sheedsa Ali, CFA

Kate Faraday

Co-Portfolio Managers

PineBridge Investments LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		98.8	%
Exchange-Traded Fund		1.1
Other Investment Company		0.0	*
Net Other Assets (Liabilities)		0.1
Total		100.0	%

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

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

Transamerica Funds Annual Report 2020

Page    226

Transamerica Large Core

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		7.62	%		N/A			9.74	%		03/10/2017
Class R (NAV)		7.05	%		N/A			9.18	%		03/10/2017
Class R4 (NAV)		7.31	%		8.90	%		12.12	%		09/11/2000
S&P 500® (A)		9.71	%		11.71	%		13.01	%

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

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

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

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

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

Equity funds invest in equity securities, which include common stock, preferred stock and convertible securities. Because such securities represent ownership in a corporation, they tend to be more volatile than fixed income or debt securities, which do not represent ownership.

Transamerica Funds Annual Report 2020

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Transamerica Large Core

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 98.8%
Aerospace & Defense - 1.5%
Boeing Co.		1,723		$248,784
Howmet Aerospace, Inc.		8,073		139,259
Huntington Ingalls Industries, Inc.		1,901		280,360
Lockheed Martin Corp.		3,335		1,167,684
Northrop Grumman Corp.		1,167		338,220
Raytheon Technologies Corp.		6,673		362,477
				2,536,784
Air Freight & Logistics - 0.9%
CH Robinson Worldwide, Inc.		416		36,787
Expeditors International of Washington, Inc.		8,411		743,280
FedEx Corp.		1,275		330,824
United Parcel Service, Inc., Class B		2,689		422,469
				1,533,360
Airlines - 0.1%
Alaska Air Group, Inc.		3,204		121,400
Southwest Airlines Co.		2,063		81,550
				202,950
Auto Components - 0.1%
BorgWarner, Inc.		6,384		223,312
Automobiles - 0.3%
Ford Motor Co.		31,955		247,012
General Motors Co.		6,448		222,650
				469,662
Banks - 3.0%
Citigroup, Inc.		12,934		535,726
Fifth Third Bancorp		21,071		489,269
JPMorgan Chase & Co.		22,139		2,170,507
M&T Bank Corp.		3,475		359,940
People’s United Financial, Inc.		26,219		279,757
SVB Financial Group (A)		508		147,676
US Bancorp		25,183		980,878
				4,963,753
Beverages - 1.2%
Coca-Cola Co.		4,342		208,677
Monster Beverage Corp. (A)		5,612		429,711
PepsiCo, Inc.		10,081		1,343,696
				1,982,084
Biotechnology - 2.2%
AbbVie, Inc.		10,050		855,255
Alexion Pharmaceuticals, Inc. (A)		2,594		298,673
Amgen, Inc.		4,198		910,714
Biogen, Inc. (A)		1,451		365,754
Gilead Sciences, Inc.		10,724		623,601
Regeneron Pharmaceuticals, Inc. (A)		221		120,127
Vertex Pharmaceuticals, Inc. (A)		2,354		490,479
				3,664,603
Building Products - 0.4%
A.O. Smith Corp.		6,788		350,872
Fortune Brands Home & Security, Inc.		1,989		160,850
Masco Corp.		3,653		195,801
				707,523
Capital Markets - 3.6%
Ameriprise Financial, Inc.		901		144,908
BlackRock, Inc.		846		506,932
MarketAxess Holdings, Inc.		914		492,509

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (continued)
Moody’s Corp.		2,058		$ 541,048
Morgan Stanley		14,918		718,302
MSCI, Inc.		514		179,818
Northern Trust Corp.		9,924		776,751
Raymond James Financial, Inc.		4,192		320,436
S&P Global, Inc.		3,255		1,050,486
State Street Corp.		7,385		434,976
T. Rowe Price Group, Inc.		5,898		747,041
				5,913,207
Chemicals - 1.4%
Corteva, Inc.		12,480		411,590
Dow, Inc.		11,723		533,279
FMC Corp.		2,847		292,501
LyondellBasell Industries NV, Class A		3,416		233,825
Mosaic Co.		6,105		112,943
Sherwin-Williams Co.		1,051		723,067
				2,307,205
Commercial Services & Supplies - 0.3%
Republic Services, Inc.		5,078		447,727
Waste Management, Inc.		1,027		110,824
				558,551
Communications Equipment - 0.9%
Arista Networks, Inc. (A)		451		94,214
Cisco Systems, Inc.		34,822		1,250,110
Motorola Solutions, Inc.		952		150,473
				1,494,797
Consumer Finance - 0.1%
Discover Financial Services		908		59,029
Synchrony Financial		4,974		124,450
				183,479
Containers & Packaging - 0.2%
International Paper Co.		9,437		412,869
Distributors - 0.4%
LKQ Corp. (A)		10,763		344,309
Pool Corp.		722		252,577
				596,886
Diversified Financial Services - 1.3%
Berkshire Hathaway, Inc., Class B (A)		10,343		2,088,252
Diversified Telecommunication Services - 1.3%
AT&T, Inc.		41,765		1,128,490
CenturyLink, Inc.		7,482		64,495
Verizon Communications, Inc.		16,797		957,261
				2,150,246
Electric Utilities - 2.5%
Duke Energy Corp.		666		61,345
Evergy, Inc.		22,110		1,220,472
Exelon Corp.		26,206		1,045,357
NextEra Energy, Inc.		620		45,390
NRG Energy, Inc.		9,591		303,267
Pinnacle West Capital Corp.		12,250		999,233
Southern Co.		7,455		428,290
				4,103,354
Electrical Equipment - 0.2%
Emerson Electric Co.		6,456		418,284

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

Transamerica Funds Annual Report 2020

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Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components - 0.2%
Keysight Technologies, Inc. (A)		3,141		$ 329,397
Energy Equipment & Services - 0.5%
Baker Hughes Co.		12,411		183,310
Halliburton Co.		12,782		154,151
National Oilwell Varco, Inc.		12,704		106,714
Schlumberger NV		7,648		114,261
TechnipFMC PLC		35,254		194,955
				753,391
Entertainment - 2.0%
Activision Blizzard, Inc.		9,998		757,149
Electronic Arts, Inc. (A)		4,244		508,558
Netflix, Inc. (A)		2,127		1,011,899
Take-Two Interactive Software, Inc. (A)		3,252		503,800
Walt Disney Co.		4,221		511,796
				3,293,202
Equity Real Estate Investment Trusts - 2.4%
Alexandria Real Estate Equities, Inc.		3,112		471,530
American Tower Corp.		1,736		398,673
Boston Properties, Inc.		4,908		355,388
Duke Realty Corp.		11,455		435,176
Equinix, Inc.		324		236,922
Equity Residential		8,557		402,008
Kimco Realty Corp.		15,782		161,923
Mid-America Apartment Communities, Inc.		3,924		457,656
SBA Communications Corp.		2,036		591,193
Simon Property Group, Inc.		1,252		78,638
Welltower, Inc.		1,654		88,936
Weyerhaeuser Co.		10,166		277,430
				3,955,473
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.		539		192,757
Kroger Co.		7,742		249,370
Walmart, Inc.		8,784		1,218,780
				1,660,907
Food Products - 1.2%
Campbell Soup Co.		7,665		357,725
Conagra Brands, Inc.		7,440		261,070
Hershey Co.		3,600		494,856
J.M. Smucker Co.		1,402		157,304
Kellogg Co.		6,901		434,004
Tyson Foods, Inc., Class A		6,204		355,055
				2,060,014
Health Care Equipment & Supplies - 2.9%
Abbott Laboratories		13,301		1,398,068
DexCom, Inc. (A)		493		157,553
Edwards Lifesciences Corp. (A)		9,422		675,463
Hologic, Inc. (A)		2,688		184,988
Intuitive Surgical, Inc. (A)		865		577,024
Medtronic PLC		11,783		1,185,016
ResMed, Inc.		1,661		318,812
STERIS PLC		683		121,021
West Pharmaceutical Services, Inc.		691		188,001
				4,805,946
Health Care Providers & Services - 3.4%
Anthem, Inc.		1,822		497,042

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (continued)
Cardinal Health, Inc.		5,952		$ 272,542
Cigna Corp.		3,799		634,319
CVS Health Corp.		12,910		724,122
DaVita, Inc. (A)		3,201		276,086
HCA Healthcare, Inc.		1,511		187,273
Humana, Inc.		1,432		571,769
McKesson Corp.		1,851		273,004
UnitedHealth Group, Inc.		6,366		1,942,521
Universal Health Services, Inc., Class B		2,480		271,684
				5,650,362
Hotels, Restaurants & Leisure - 0.9%
Carnival Corp.		7,830		107,349
Chipotle Mexican Grill, Inc. (A)		140		168,207
Domino’s Pizza, Inc.		391		147,923
McDonald’s Corp.		3,900		830,700
Starbucks Corp.		1,717		149,311
Yum! Brands, Inc.		1,858		173,407
				1,576,897
Household Durables - 0.9%
D.R. Horton, Inc.		4,636		309,731
Garmin, Ltd.		4,554		473,707
Lennar Corp., Class A		2,909		204,299
Mohawk Industries, Inc. (A)		554		57,167
Newell Brands, Inc.		2,658		46,941
PulteGroup, Inc.		8,983		366,147
				1,457,992
Household Products - 2.8%
Clorox Co.		2,329		482,685
Colgate-Palmolive Co.		7,950		627,176
Kimberly-Clark Corp.		8,401		1,113,889
Procter & Gamble Co.		17,764		2,435,444
				4,659,194
Industrial Conglomerates - 1.2%
3M Co.		6,006		960,719
General Electric Co.		40,783		302,610
Honeywell International, Inc.		4,203		693,285
				1,956,614
Insurance - 2.4%
Aflac, Inc.		16,523		560,956
Allstate Corp.		8,673		769,729
Aon PLC, Class A		1,567		288,343
Arthur J. Gallagher & Co.		3,032		314,449
Cincinnati Financial Corp.		768		54,328
Everest Re Group, Ltd.		1,235		243,394
Hartford Financial Services Group, Inc.		10,289		396,332
MetLife, Inc.		5,895		223,126
Principal Financial Group, Inc.		4,004		157,037
Progressive Corp.		7,539		692,834
Travelers Cos., Inc.		1,831		221,020
W.R. Berkley Corp.		1,450		87,174
				4,008,722
Interactive Media & Services - 6.3%
Alphabet, Inc., Class A (A)		1,192		1,926,403
Alphabet, Inc., Class C (A)		2,703		4,381,590
Facebook, Inc., Class A (A)		15,511		4,081,100

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

Transamerica Funds Annual Report 2020

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Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (continued)
Twitter, Inc. (A)		1,006		$ 41,608
				10,430,701
Internet & Direct Marketing Retail - 5.2%
Amazon.com, Inc. (A)		2,588		7,857,556
Booking Holdings, Inc. (A)		187		303,408
eBay, Inc.		10,043		478,348
				8,639,312
IT Services - 5.7%
Accenture PLC, Class A		4,491		974,143
Akamai Technologies, Inc. (A)		2,378		226,195
Automatic Data Processing, Inc.		1,083		171,071
Cognizant Technology Solutions Corp., Class A		6,744		481,657
Fiserv, Inc. (A)		2,628		250,895
FleetCor Technologies, Inc. (A)		796		175,844
Gartner, Inc. (A)		2,779		333,758
International Business Machines Corp.		10,891		1,216,089
Jack Henry & Associates, Inc.		1,112		164,854
Leidos Holdings, Inc.		2,035		168,905
Mastercard, Inc., Class A		7,143		2,061,756
Paychex, Inc.		1,716		141,141
PayPal Holdings, Inc. (A)		6,064		1,128,692
VeriSign, Inc. (A)		1,271		242,380
Visa, Inc., Class A		8,303		1,508,738
Western Union Co.		14,317		278,322
				9,524,440
Life Sciences Tools & Services - 0.9%
Illumina, Inc. (A)		1,283		375,534
Mettler-Toledo International, Inc. (A)		256		255,465
PerkinElmer, Inc.		3,380		437,879
Thermo Fisher Scientific, Inc.		1,080		510,970
				1,579,848
Machinery - 1.6%
Caterpillar, Inc.		3,133		492,038
Cummins, Inc.		2,383		523,998
Illinois Tool Works, Inc.		1,893		370,801
Otis Worldwide Corp.		5,451		334,037
PACCAR, Inc.		5,080		433,730
Snap-on, Inc.		2,379		374,764
Westinghouse Air Brake Technologies Corp.		2,361		140,007
				2,669,375
Media - 1.9%
Charter Communications, Inc., Class A (A)		2,197		1,326,593
Comcast Corp., Class A		34,247		1,446,593
Discovery, Inc., Class A (A) (B)		1,994		40,359
Discovery, Inc., Class C (A)		11,551		211,614
DISH Network Corp., Class A (A)		1,419		36,170
Omnicom Group, Inc. (B)		3,220		151,984
				3,213,313
Metals & Mining - 0.5%
Newmont Corp.		5,912		371,510
Nucor Corp.		10,570		504,823
				876,333
Multi-Utilities - 0.4%
NiSource, Inc.		7,455		171,241
Sempra Energy		3,938		493,668
				664,909

	Shares		Value
COMMON STOCKS (continued)
Multiline Retail - 0.9%
Dollar General Corp.		3,486		$ 727,563
Dollar Tree, Inc. (A)		3,133		282,972
Target Corp.		3,721		566,411
				1,576,946
Oil, Gas & Consumable Fuels - 1.6%
Chevron Corp.		14,366		998,437
ConocoPhillips		7,494		214,478
Exxon Mobil Corp.		11,804		385,047
HollyFrontier Corp.		5,269		97,529
Marathon Oil Corp.		46,302		183,356
Occidental Petroleum Corp.		4,888		44,627
Phillips 66		4,728		220,608
Pioneer Natural Resources Co.		4,153		330,413
Valero Energy Corp.		5,085		196,332
				2,670,827
Pharmaceuticals - 4.0%
Bristol-Myers Squibb Co.		14,272		834,198
Eli Lilly & Co.		5,340		696,656
Johnson & Johnson		13,996		1,918,992
Merck & Co., Inc.		13,423		1,009,544
Pfizer, Inc.		49,872		1,769,459
Zoetis, Inc.		2,515		398,753
				6,627,602
Professional Services - 0.2%
Robert Half International, Inc.		5,295		268,404
Road & Rail - 1.0%
CSX Corp.		8,744		690,251
Old Dominion Freight Line, Inc.		2,200		418,814
Union Pacific Corp.		3,147		557,617
				1,666,682
Semiconductors & Semiconductor Equipment - 5.5%
Advanced Micro Devices, Inc. (A)		6,656		501,130
Analog Devices, Inc.		1,957		231,963
Applied Materials, Inc.		9,237		547,107
Broadcom, Inc.		1,152		402,774
Intel Corp.		33,230		1,471,424
KLA Corp.		1,566		308,784
Lam Research Corp.		720		246,298
Microchip Technology, Inc.		1,823		191,561
Micron Technology, Inc. (A)		5,994		301,738
NVIDIA Corp.		3,678		1,844,002
Qorvo, Inc. (A)		2,210		281,466
QUALCOMM, Inc.		9,387		1,157,980
Texas Instruments, Inc.		11,329		1,638,060
				9,124,287
Software - 8.4%
Adobe, Inc. (A)		3,746		1,674,837
Autodesk, Inc. (A)		1,442		339,649
Citrix Systems, Inc.		2,012		227,899
Intuit, Inc.		954		300,205
Microsoft Corp.		47,305		9,577,843
salesforce.com, Inc. (A)		3,704		860,328
ServiceNow, Inc. (A)		1,328		660,773
Tyler Technologies, Inc. (A)		741		284,825
				13,926,359

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

Transamerica Funds Annual Report 2020

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Transamerica Large Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail - 2.7%
AutoZone, Inc. (A)		191		$ 215,635
Best Buy Co., Inc.		1,373		153,158
Home Depot, Inc.		9,331		2,488,671
Lowe’s Cos., Inc.		5,595		884,569
O’Reilly Automotive, Inc. (A)		837		365,434
TJX Cos., Inc.		3,181		161,595
Tractor Supply Co.		1,374		183,031
				4,452,093
Technology Hardware, Storage & Peripherals - 6.9%
Apple, Inc.		104,602		11,386,974
HP, Inc.		6,453		115,896
				11,502,870
Textiles, Apparel & Luxury Goods - 0.2%
Hanesbrands, Inc.		5,852		94,042
NIKE, Inc., Class B		1,950		234,156
				328,198
Tobacco - 0.9%
Altria Group, Inc.		17,942		647,347
Philip Morris International, Inc.		12,706		902,380
				1,549,727
Trading Companies & Distributors - 0.3%
Fastenal Co.		3,517		152,040
United Rentals, Inc. (A)		328		58,479

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors (continued)
WW Grainger, Inc.		855		$ 299,267
				509,786
Wireless Telecommunication Services - 0.0% (C)
T-Mobile US, Inc. (A)		725		79,438
Total Common Stocks (Cost $140,808,225)				164,560,722
EXCHANGE-TRADED FUND - 1.1%
U.S. Equity Fund - 1.1%
SPDR S&P 500 ETF Trust (B)		5,476		1,788,133
Total Exchange-Traded Fund (Cost $1,860,047)				1,788,133
OTHER INVESTMENT COMPANY - 0.0% (C)
Securities Lending Collateral - 0.0% (C)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (D)		40,961		40,961
Total Other Investment Company (Cost $40,961)				40,961
Total Investments (Cost $142,709,233)				166,389,816
Net Other Assets (Liabilities) - 0.1%				114,752
Net Assets - 100.0%				$166,504,568

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	$	164,560,722	$	—	$	—	$	164,560,722
Exchange-Traded Fund		1,788,133		—		—		1,788,133
Other Investment Company		40,961		—		—		40,961
Total Investments	$	166,389,816	$	—	$	—	$	166,389,816

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $1,960,554, collateralized by cash collateral of $40,961 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,960,321. 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)	Rate disclosed reflects the yield at October 31, 2020.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    231

Transamerica Large Growth

(unaudited)

MARKET ENVIRONMENT

Morgan Stanley Investment Management Inc.

Large cap growth stocks advanced over the fiscal year ended October 31, 2020, with consumer discretionary and information technology as the best performing sectors in the Russell 1000^® Growth index. Energy posted a double digit decline and hence was the greatest relative underperformer. Against this backdrop, our team continued to focus on bottom-up stock selection and the long-term outlook for companies owned in the Fund.

Wellington Management Company LLP

U.S. equities, as measured by the S&P 500^® Index, posted positive results over the trailing 12-month period ended October 31, 2020. Waning recession fears, improved trade sentiment, and accommodative U.S. Federal Reserve (“Fed”) policy benefitted U.S. markets toward the end of 2019. In the first quarter of 2020, U.S. equities fell sharply after achieving record highs in February, as the coronavirus spread rapidly throughout the country, causing unprecedented market disruptions and financial damage, and heightening fears of a severe economic downturn. Volatility surged to extreme levels, and the S&P 500^® Index suffered its fastest-ever decline into a bear market. The unprecedented scale of the fiscal and monetary stimulus implemented by the U.S. Congress and the Fed in response to the pandemic was the most influential driver of the market’s rebound in the second quarter. Momentum continued into the third quarter with substantial monetary support from the Fed, a broadening U.S. economic recovery, better-than-expected corporate earnings, and promising trials for several COVID-19 vaccines. However, the path to a sustainable economic recovery was clouded by concerns about a resurgence in COVID-19 infections in many areas of the country, an undetermined timeline for vaccines, high unemployment, elevated debt burdens, and uncertainty about additional fiscal stimulus.

Returns varied by market-cap, as large-cap stocks, measured by the S&P 500^® Index outperformed small-cap and mid-cap stocks, as measured by the Russell 2000^® Index and S&P MidCap 400^® Index respectively, during the period.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Large Growth (Class R4) returned 57.53%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 29.22%.

STRATEGY REVIEW

Morgan Stanley Investment Management Inc.

During the November 1, 2019 to October 31, 2020 period, the sleeve of the Fund outperformed its primary benchmark, the Russell 1000^® Growth Index.

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

Information technology was by far the greatest contributor in the Fund’s sleeve, largely due to strong stock selection. Zoom Video Communications, which offers a proprietary cloud-based communications platform that connects users through frictionless video, voice, chat, and content sharing, was the top contributor in the sector and across the Fund’s sleeve. The company has experienced growing use of its products by both consumers and businesses as video-based communication has become mission critical during the COVID-19 pandemic. Shopify, Inc. (“Shopify”), which operates a cloud-based software and services platform that enables merchants to build an ecommerce presence, was the second greatest contributor across the Fund’s sleeve. Shopify has seen strong demand for its services, as a growing number of merchants of all sizes seek to build or expand their ecommerce capabilities at a time when the global health pandemic has resulted in a sharp reduction in consumer traffic to physical stores. Twilio, Inc., (“Twilio”) which provides a proprietary cloud communications platform allowing software developers to build voice and messaging capabilities into their applications, was the third greatest contributor in the Fund’s sleeve. Although the company was adversely impacted during the pandemic by weakness among some of its larger customers in the travel, hospitality, and transportation industries, this was more than offset by the positive impact of new and expanded use cases for Twilio’s product in applications addressing contactless delivery, distance learning, telehealth, and mass notifications. Within information technology the strength in these holdings was partly offset by weakness in software provider Workday (no longer held in the Fund’s sleeve), which was the top detractor in the Fund’s sleeve.

Consumer discretionary and healthcare were also material contributors primarily due to favorable stock selection, while stock selection and sector allocations to consumer staples, energy, financials, industrials, real estate, and utilities all contributed to a lesser extent.

Our positions in social media platform Facebook, Inc. and media streaming platform Roku, Inc. detracted from relative performance during the fiscal year. Our positions in Facebook, Inc. and Roku, Inc. were eliminated during the first and second quarter of 2020 respectively.

Transamerica Funds Annual Report 2020

Page    232

Transamerica Large Growth

(unaudited)

STRATEGY REVIEW (continued)

Our stock selection decisions within materials detracted slightly, however this was more than offset by the favorable impact of a sector underweight position.

The Fund’s sleeve has a small derivatives investment, OTC puts on the Chinese Yuan. These puts are designed to provide a potential hedge to equities in the Fund that are exposed, directly or indirectly, to China.

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

Wellington Management Company LLP

Wellington Management implements a disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process, build a portfolio that seeks to generate benchmark-relative outperformance largely via stock selection.

The Fund’s sleeve managed by Wellington Management underperformed its benchmark, the Russell 1000^® Growth Index, during the 12-month period ended October 31, 2020.

Our sector allocation decisions, which are driven by our bottom-up stock selection process, detracted from relative performance. Our overweight positions within consumer staples and industrials sectors, and underweight allocation within consumer discretionary sector detracted from performance. This was partially offset by underweight allocations to health care, real estate, and energy sectors, which contributed to performance.

Our stock selection also detracted from relative performance. Our weak stock selection decisions within consumer discretionary, financials, and communication services sectors were partially offset by favorable stock selection decisions within industrials, consumer staples, and health care sectors.

Our largest individual contributor to relative performance during the period was an overweight to DocuSign, Inc. DocuSign, Inc. benefited as businesses relied on its services to conduct transactions virtually and limited in-person interactions driven by the COVID-19 pandemic.

Our largest individual detractor from relative performance during the period was an underweight to Tesla, Inc., an electric vehicle manufacturer.

Dennis P. Lynch

Sam G. Chainani, CFA

Jason C. Yeung, CFA

David S. Cohen

Armistead B. Nash

Alexander T. Norton.

Co-Portfolio Managers

Morgan Stanley Investment Management, Inc.

Mammen Chally, CFA

Douglas McLane, CFA

David Siegle, CFA

Co-Portfolio Managers

Wellington Management Company LLP

Asset Allocation	Percentage of Net Assets
Common Stocks		97.4	%
Other Investment Company		2.0
Over-the-Counter Foreign Exchange Options Purchased		0.1
Net Other Assets (Liabilities)		0.5
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    233

Transamerica Large Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		57.90	%		N/A			26.82	%		03/10/2017
Class R (NAV)		57.02	%		N/A			26.19	%		03/10/2017
Class R4 (NAV)		57.53	%		20.78	%		17.62	%		09/11/2000
Russell 1000® Growth Index (A)		29.22	%		17.32	%		16.31	%

^(A) The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

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

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

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

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

Equity funds invest in equity securities, which include common stock, preferred stock and convertible securities. Because such securities represent ownership in a corporation, they tend to be more volatile than fixed income or debt securities, which do not represent ownership.

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    234

Transamerica Large Growth

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 97.4%
Aerospace & Defense - 0.3%
Raytheon Technologies Corp.		61,057		$3,316,616
Air Freight & Logistics - 0.6%
FedEx Corp.		21,201		5,501,024
Automobiles - 0.6%
Tesla, Inc. (A)		14,952		5,801,974
Beverages - 1.1%
Constellation Brands, Inc., Class A		35,162		5,809,817
Monster Beverage Corp. (A)		69,197		5,298,415
				11,108,232
Biotechnology - 2.2%
Alnylam Pharmaceuticals, Inc. (A)		15,165		1,864,840
Biogen, Inc. (A)		7,997		2,015,804
Exact Sciences Corp. (A)		23,081		2,858,120
Moderna, Inc. (A)		28,647		1,932,813
Regeneron Pharmaceuticals, Inc. (A)		6,640		3,609,238
Seagen, Inc. (A)		23,338		3,892,779
Vertex Pharmaceuticals, Inc. (A)		24,795		5,166,286
				21,339,880
Building Products - 0.5%
Fortune Brands Home & Security, Inc.		62,405		5,046,692
Capital Markets - 0.3%
S&P Global, Inc.		8,582		2,769,669
Chemicals - 0.8%
PPG Industries, Inc.		34,057		4,417,874
Sherwin-Williams Co.		4,732		3,255,521
				7,673,395
Commercial Services & Supplies - 0.4%
Copart, Inc. (A)		38,457		4,244,115
Construction Materials - 0.4%
Vulcan Materials Co.		26,497		3,837,826
Consumer Finance - 0.5%
American Express Co.		57,373		5,234,713
Diversified Telecommunication Services - 0.3%
Verizon Communications, Inc.		47,961		2,733,297
Electronic Equipment, Instruments & Components - 0.6%
CDW Corp.		26,083		3,197,776
Zebra Technologies Corp., Class A (A)		8,589		2,436,184
				5,633,960
Entertainment - 3.8%
Activision Blizzard, Inc.		64,820		4,908,819
Netflix, Inc. (A)		12,276		5,840,184
Spotify Technology SA (A)		93,922		22,530,948
Walt Disney Co.		35,892		4,351,905
				37,631,856
Equity Real Estate Investment Trusts - 0.5%
American Tower Corp.		21,769		4,999,251
Food & Staples Retailing - 0.6%
Costco Wholesale Corp.		16,889		6,039,844
Health Care Equipment & Supplies - 4.9%
Baxter International, Inc.		59,481		4,613,941
Becton Dickinson & Co.		15,909		3,677,047
DexCom, Inc. (A)		28,761		9,191,441
Edwards Lifesciences Corp. (A)		49,697		3,562,778
Intuitive Surgical, Inc. (A)		34,815		23,224,390

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
Teleflex, Inc.		12,035		$ 3,829,898
				48,099,495
Health Care Providers & Services - 1.9%
Guardant Health, Inc. (A)		67,959		7,248,507
UnitedHealth Group, Inc.		38,009		11,598,066
				18,846,573
Health Care Technology - 2.7%
Livongo Health, Inc. (A) (B) (C)		19,855		2,534,179
Veeva Systems, Inc., Class A (A)		90,132		24,340,147
				26,874,326
Hotels, Restaurants & Leisure - 0.8%
McDonald’s Corp.		24,146		5,143,098
Penn National Gaming, Inc. (A)		46,131		2,490,151
				7,633,249
Household Products - 0.8%
Procter & Gamble Co.		55,053		7,547,766
Interactive Media & Services - 9.9%
Alphabet, Inc., Class A (A)		15,616		25,237,174
Facebook, Inc., Class A (A)		82,583		21,728,413
Pinterest, Inc., Class A (A)		116,025		6,839,674
Snap, Inc., Class A (A)		462,491		18,217,520
Twitter, Inc. (A)		429,938		17,782,236
Zillow Group, Inc., Class C (A) (B)		86,753		7,688,051
				97,493,068
Internet & Direct Marketing Retail - 8.6%
Amazon.com, Inc. (A)		21,536		65,386,527
Chewy, Inc., Class A (A) (B)		116,455		7,173,628
Wayfair, Inc., Class A (A) (B)		46,313		11,487,013
				84,047,168
IT Services - 16.5%
Adyen NV (A) (D)		4,219		7,091,055
EPAM Systems, Inc. (A)		13,397		4,139,003
Fastly, Inc., Class A (A) (B)		80,951		5,141,198
FleetCor Technologies, Inc. (A)		23,621		5,218,115
Global Payments, Inc.		32,905		5,190,435
GoDaddy, Inc., Class A (A)		65,408		4,626,962
Leidos Holdings, Inc.		38,954		3,233,182
Mastercard, Inc., Class A		39,020		11,262,733
MongoDB, Inc. (A) (B)		21,918		5,007,605
Okta, Inc. (A)		62,906		13,199,566
PayPal Holdings, Inc. (A)		50,338		9,369,412
Shopify, Inc., Class A (A)		31,190		28,864,162
Snowflake, Inc., Class A (A) (B)		43,497		10,875,120
Square, Inc., Class A (A)		235,095		36,411,514
Twilio, Inc., Class A (A)		44,585		12,437,877
				162,067,939
Life Sciences Tools & Services - 2.5%
10X Genomics, Inc., Class A (A)		57,881		7,923,909
Illumina, Inc. (A)		27,440		8,031,688
Thermo Fisher Scientific, Inc.		18,459		8,733,322
				24,688,919
Machinery - 0.8%
Illinois Tool Works, Inc.		20,864		4,086,841
Nordson Corp.		18,017		3,485,028
				7,571,869

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

Transamerica Funds Annual Report 2020

Page    235

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Metals & Mining - 0.1%
Royal Gold, Inc.		5,937		$ 705,375
Oil, Gas & Consumable Fuels - 0.1%
Texas Pacific Land Trust (B)		1,542		694,532
Pharmaceuticals - 1.1%
Eli Lilly & Co.		54,923		7,165,255
Horizon Therapeutics PLC (A)		34,848		2,611,161
Royalty Pharma PLC, Class A		36,879		1,353,459
				11,129,875
Professional Services - 0.3%
Equifax, Inc.		21,784		2,975,694
Road & Rail - 1.8%
Uber Technologies, Inc. (A)		540,103		18,044,841
Semiconductors & Semiconductor Equipment - 3.5%
Advanced Micro Devices, Inc. (A)		90,239		6,794,094
Entegris, Inc.		53,873		4,028,084
KLA Corp.		19,936		3,930,981
Marvell Technology Group, Ltd.		112,947		4,236,642
Micron Technology, Inc. (A)		77,898		3,921,385
NVIDIA Corp.		15,922		7,982,654
Teradyne, Inc.		42,221		3,709,115
				34,602,955
Software - 18.4%
Adobe, Inc. (A)		24,813		11,093,892
Cloudflare, Inc., Class A (A)		102,454		5,324,534
Coupa Software, Inc. (A)		46,373		12,414,052
Datadog, Inc., Class A (A)		80,149		7,273,522
DocuSign, Inc. (A)		12,677		2,563,923
Guidewire Software, Inc. (A)		34,856		3,350,010
Microsoft Corp.		170,897		34,601,516
salesforce.com, Inc. (A)		51,850		12,043,200
ServiceNow, Inc. (A)		13,292		6,613,700
Slack Technologies, Inc., Class A (A) (B)		537,110		13,739,274
Splunk, Inc. (A)		24,687		4,889,014
Trade Desk, Inc., Class A (A) (B)		32,832		18,597,686
Unity Software, Inc. (A)		42,510		4,033,349

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Workday, Inc., Class A (A)		32,749		$ 6,881,220
Zoom Video Communications, Inc., Class A (A)		79,511		36,647,415
				180,066,307
Specialty Retail - 2.6%
Carvana Co. (A) (B)		92,874		17,214,195
TJX Cos., Inc.		153,621		7,803,947
				25,018,142
Technology Hardware, Storage & Peripherals - 4.6%
Apple, Inc.		412,534		44,908,451
Textiles, Apparel & Luxury Goods - 2.0%
NIKE, Inc., Class B		62,671		7,525,534
PVH Corp.		60,173		3,507,484
Under Armour, Inc., Class C (A)		289,331		3,538,518
VF Corp.		82,116		5,518,195
				20,089,731
Total Common Stocks (Cost $564,189,058)				956,018,619
OTHER INVESTMENT COMPANY - 2.0%
Securities Lending Collateral - 2.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (E)		19,769,031		19,769,031
Total Other Investment Company (Cost $19,769,031)				19,769,031
Total Investments Excluding Options Purchased (Cost $583,958,089)				975,787,650
Total Options Purchased - 0.1% (Cost $1,463,936)				525,039
Total Investments (Cost $585,422,025)				976,312,689
Net Other Assets (Liabilities) - 0.5%				4,430,164
Net Assets - 100.0%				$980,742,853

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:

Description

Counterparty

Exercise Price

Expiration Date

Notional Amount/ Number of Contracts

Premiums Paid

Value

Put - USD vs. CNH

RBS

USD

8.06

07/23/2021

USD

95,986,000

$  509,110

$  193,796

Put - USD vs. CNH

BNP

USD

7.99

09/10/2021

USD

85,473,788

517,593

267,020

Put - USD vs. CNH

RBS

USD

8.48

05/28/2021

USD

70,035,672

437,233

64,223

Total

$  1,463,936

$  525,039

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

Transamerica Funds Annual Report 2020

Page    236

Transamerica Large Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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	$	946,393,385	$	9,625,234	$	—	$	956,018,619
Other Investment Company		19,769,031		—		—		19,769,031
Over-the-Counter Foreign Exchange Options Purchased		—		525,039		—		525,039
Total Investments	$	966,162,416	$	10,150,273	$	—	$	976,312,689

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 $89,590,416, collateralized by cash collateral of $19,769,031 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $71,740,430. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2020, the value of the security is $2,534,179, representing 0.3% of the Fund’s net assets.
(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 October 31, 2020, the value of the 144A security is $7,091,055, representing 0.7% of the Fund’s net assets.
(E)	Rate disclosed reflects the yield at October 31, 2020.
(F)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

CURRENCY ABBREVIATIONS:

CNH	Chinese Yuan Renminbi (offshore)
USD	United States Dollar

COUNTERPARTY ABBREVIATIONS:

BNP	BNP Paribas
RBS	Royal Bank of Scotland PLC

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

Transamerica Funds Annual Report 2020

Page    237

Transamerica Large Value Opportunities

(unaudited)

MARKET ENVIRONMENT

In the fourth quarter of 2019, there emerged some clarity on several ongoing global issues that were hanging over the markets. This clarity helped to propel markets to a fourth quarter 2019 rally. The first quarter of 2020 was one of the most volatile periods for equity markets since the Global Financial Crisis as significant de-risking occurred in the latter half of the quarter following markets reaching new highs due to the surrounding concerns about the economic and social impacts of the COVID-19 global pandemic. While largely viewed as an Asia issue to begin the year, coronavirus impacts began to show signs of global penetration beginning in the middle of February. As new COVID-19 cases began to rapidly spread to countries outside of China and the surrounding region, the market reaction was equally swift as governments around the world began to shut down non-essential activities and restrict travel. To add to already high market volatility, oil prices collapsed as Saudi Arabia and Russia became engaged in a price war that only served to further distress markets. The U.S. equity markets rallied in the second quarter of 2020 off a historically strong month in April as markets bounced back from the steep sell-off in March, spurred by optimism that the worst of the virus had passed and governments began preliminary assessments for reopening. In the third quarter of 2020, there was a significant amount of de-risking going into the U.S. presidential election in November.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Large Value Opportunities (Class R4) returned -9.81%. By comparison, its benchmark, the MSCI USA Value Index Gross, returned -8.42%.

STRATEGY REVIEW

We believe that the most effective way to invest in equities is to categorize stocks according to where they reside in their respective company life cycles, then to let the categorization drive how they are analyzed for investment attractiveness. Through our quantitative framework, we rank companies within fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). Our model quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category. The model’s 70-plus factors can be aggregated into three equally-weighted clusters: quality, sentiment and valuation.

The Fund underperformed its benchmark over the 12-month period ended October 31, 2020. Industrials was the largest detracting sector to performance with Delta Air Lines and United Airlines Holdings the largest individual detractors. The two holdings were overweights and underperformed largely due to global pandemic travel restrictions. The top-performing sectors were information technology and consumer discretionary. Within information technology, the top-performing holdings were Apple and Texas Instruments. Based on the proprietary life-cycle categorization approach, exceptional growth holdings were the best performers during the period, while mature defensive holdings underperformed during the period.

Sheedsa Ali, CFA

Kate Faraday

Co-Portfolio Managers

PineBridge Investments LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		98.2	%
Exchange-Traded Fund		1.6
Other Investment Company		0.2
Net Other Assets (Liabilities)		0.0	*
Total		100.0	%

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

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

Transamerica Funds Annual Report 2020

Page    238

Transamerica Large Value Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I3 (NAV)		(9.67	)%		N/A			2.41	%		05/05/2017
Class R (NAV)		(10.05	)%		N/A			1.91	%		05/05/2017
Class R4 (NAV)		(9.81	)%		3.18	%		8.66	%		09/11/2000
MSCI USA Value Index Gross (A)		(8.42	)%		6.10	%		9.52	%

^(A) The MSCI USA Value Index Gross captures large and mid-cap U.S. securities exhibiting overall value style characteristics.

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

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

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. The Fund may be more concentrated than that of a more diversified fund, subjecting it to greater fluctuation and risk.

Transamerica Funds Annual Report 2020

Page    239

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 98.2%
Aerospace & Defense - 2.5%
BWX Technologies, Inc.		17,951		$  987,485
Curtiss-Wright Corp.		20,321		1,714,280
Huntington Ingalls Industries, Inc.		9,054		1,335,284
Lockheed Martin Corp.		7,765		2,718,759
Northrop Grumman Corp.		2,771		803,091
Raytheon Technologies Corp.		9,712		527,556
				8,086,455
Air Freight & Logistics - 0.8%
FedEx Corp.		10,604		2,751,420
Automobiles - 0.3%
General Motors Co.		30,075		1,038,490
Banks - 6.5%
Bank of America Corp.		58,220		1,379,814
Fifth Third Bancorp		48,809		1,133,345
JPMorgan Chase & Co.		74,408		7,294,960
M&T Bank Corp.		19,101		1,978,482
PNC Financial Services Group, Inc.		17,698		1,980,052
Prosperity Bancshares, Inc.		15,160		835,468
Signature Bank		6,101		492,595
SVB Financial Group (A)		7,262		2,111,063
US Bancorp		109,866		4,279,281
				21,485,060
Beverages - 1.8%
Coca-Cola Co.		32,806		1,576,657
PepsiCo, Inc.		33,804		4,505,735
				6,082,392
Biotechnology - 3.6%
AbbVie, Inc.		45,876		3,904,047
Amgen, Inc.		16,523		3,584,500
Biogen, Inc. (A)		5,245		1,322,107
Gilead Sciences, Inc.		44,404		2,582,093
Vertex Pharmaceuticals, Inc. (A)		2,936		611,745
				12,004,492
Capital Markets - 4.8%
Ameriprise Financial, Inc.		6,441		1,035,906
BlackRock, Inc.		5,654		3,387,933
LPL Financial Holdings, Inc.		11,783		941,815
Morgan Stanley		17,615		848,162
Northern Trust Corp.		17,903		1,401,268
Raymond James Financial, Inc.		21,824		1,668,226
S&P Global, Inc.		4,372		1,410,976
SEI Investments Co.		28,651		1,408,197
T. Rowe Price Group, Inc.		28,807		3,648,695
				15,751,178
Chemicals - 1.5%
Dow, Inc.		70,699		3,216,098
NewMarket Corp.		2,225		795,860
Valvoline, Inc.		49,036		964,538
				4,976,496
Commercial Services & Supplies - 0.7%
Republic Services, Inc.		25,731		2,268,702
Communications Equipment - 1.7%
Cisco Systems, Inc.		156,798		5,629,048
Containers & Packaging - 0.9%
Graphic Packaging Holding Co.		87,673		1,165,174

	Shares		Value
COMMON STOCKS (continued)
Containers & Packaging (continued)
International Paper Co.		39,458		$   1,726,288
				2,891,462
Diversified Financial Services - 2.1%
Berkshire Hathaway, Inc., Class B (A)		30,566		6,171,275
Voya Financial, Inc.		14,433		691,774
				6,863,049
Diversified Telecommunication Services - 1.7%
AT&T, Inc.		84,421		2,281,055
Verizon Communications, Inc.		58,809		3,351,525
				5,632,580
Electric Utilities - 4.0%
American Electric Power Co., Inc.		5,464		491,378
Evergy, Inc.		56,812		3,136,022
Exelon Corp.		86,364		3,445,060
Hawaiian Electric Industries, Inc.		26,598		878,798
NextEra Energy, Inc.		3,004		219,923
NRG Energy, Inc.		34,978		1,106,004
Pinnacle West Capital Corp.		36,254		2,957,239
Southern Co.		19,158		1,100,627
				13,335,051
Electronic Equipment, Instruments & Components - 0.3%
Keysight Technologies, Inc. (A)		9,909		1,039,157
Energy Equipment & Services - 0.5%
Baker Hughes Co.		58,043		857,295
TechnipFMC PLC		133,916		740,556
				1,597,851
Entertainment - 0.6%
Walt Disney Co.		17,269		2,093,866
Equity Real Estate Investment Trusts - 2.4%
Brandywine Realty Trust		192,640		1,687,526
Corporate Office Properties Trust		57,337		1,286,069
Equity Residential		29,094		1,366,836
Gaming and Leisure Properties, Inc.		21,004		763,495
Invitation Homes, Inc.		37,317		1,017,262
Weingarten Realty Investors		51,830		822,024
WP Carey, Inc.		17,296		1,082,903
				8,026,115
Food & Staples Retailing - 1.4%
Kroger Co.		26,757		861,843
Walgreens Boots Alliance, Inc.		14,397		490,074
Walmart, Inc.		24,653		3,420,604
				4,772,521
Food Products - 2.1%
Campbell Soup Co.		19,928		930,040
Conagra Brands, Inc.		28,688		1,006,662
Hershey Co.		18,785		2,582,186
Ingredion, Inc.		10,941		775,607
Tyson Foods, Inc., Class A		25,437		1,455,760
				6,750,255
Health Care Equipment & Supplies - 1.1%
Edwards Lifesciences Corp. (A)		12,698		910,320
Hill-Rom Holdings, Inc.		9,677		881,284
Medtronic PLC		16,797		1,689,274
				3,480,878

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

Transamerica Funds Annual Report 2020

Page    240

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services - 3.7%
Anthem, Inc.		3,698		$   1,008,814
Cardinal Health, Inc.		27,729		1,269,711
Chemed Corp.		1,481		708,392
Cigna Corp.		18,218		3,041,859
CVS Health Corp.		68,841		3,861,292
Humana, Inc.		2,436		972,646
McKesson Corp.		3,546		523,000
UnitedHealth Group, Inc.		2,972		906,876
				12,292,590
Household Durables - 0.8%
Lennar Corp., Class A		10,168		714,098
PulteGroup, Inc.		50,818		2,071,342
				2,785,440
Household Products - 4.5%
Clorox Co.		10,574		2,191,461
Kimberly-Clark Corp.		29,957		3,971,999
Procter & Gamble Co.		62,521		8,571,629
				14,735,089
Independent Power & Renewable Electricity Producers - 0.6%
Vistra Corp.		117,294		2,037,397
Industrial Conglomerates - 1.4%
3M Co.		17,958		2,872,561
General Electric Co.		139,814		1,037,420
Honeywell International, Inc.		3,962		653,532
				4,563,513
Insurance - 5.6%
Aflac, Inc.		103,643		3,518,680
Allstate Corp.		41,698		3,700,698
Fidelity National Financial, Inc.		41,059		1,284,736
Hartford Financial Services Group, Inc.		61,395		2,364,935
Loews Corp.		38,539		1,336,533
Markel Corp. (A)		2,050		1,912,240
MetLife, Inc.		44,437		1,681,940
Old Republic International Corp.		90,018		1,465,493
RenaissanceRe Holdings, Ltd.		6,785		1,097,270
				18,362,525
Interactive Media & Services - 0.8%
Alphabet, Inc., Class C (A)		1,083		1,755,554
Facebook, Inc., Class A (A)		3,033		798,012
				2,553,566
Internet & Direct Marketing Retail - 0.5%
eBay, Inc.		33,213		1,581,935
IT Services - 3.1%
Booz Allen Hamilton Holding Corp.		12,345		969,083
Cognizant Technology Solutions Corp., Class A		19,448		1,388,976
Gartner, Inc. (A)		10,635		1,277,264
International Business Machines Corp.		38,790		4,331,291
Mastercard, Inc., Class A		2,597		749,598
Western Union Co.		73,686		1,432,456
				10,148,668
Leisure Products - 0.2%
Polaris, Inc.		5,836		530,259
Machinery - 1.8%
Allison Transmission Holdings, Inc.		55,264		1,997,794

	Shares		Value
COMMON STOCKS (continued)
Machinery (continued)
Cummins, Inc.		13,097		$   2,879,899
PACCAR, Inc.		13,440		1,147,507
				6,025,200
Media - 3.5%
Charter Communications, Inc., Class A (A)		5,414		3,269,082
Comcast Corp., Class A		158,609		6,699,644
Discovery, Inc., Class A (A) (B)		31,463		636,811
Discovery, Inc., Class C (A)		17,195		315,012
Sirius XM Holdings, Inc. (B)		129,547		742,304
				11,662,853
Metals & Mining - 0.8%
Reliance Steel & Aluminum Co.		25,441		2,772,815
Mortgage Real Estate Investment Trusts - 0.9%
AGNC Investment Corp.		148,788		2,078,568
Starwood Property Trust, Inc.		68,241		953,327
				3,031,895
Multi-Utilities - 0.7%
MDU Resources Group, Inc.		93,548		2,222,700
Multiline Retail - 1.2%
Dollar General Corp.		5,639		1,176,916
Dollar Tree, Inc. (A)		8,286		748,391
Target Corp.		14,019		2,133,972
				4,059,279
Oil, Gas & Consumable Fuels - 3.3%
Chevron Corp.		70,224		4,880,568
ConocoPhillips		73,007		2,089,460
Exxon Mobil Corp.		30,090		981,536
HollyFrontier Corp.		32,433		600,335
Pioneer Natural Resources Co.		18,695		1,487,374
Valero Energy Corp.		19,413		749,536
				10,788,809
Pharmaceuticals - 7.9%
Bristol-Myers Squibb Co.		70,318		4,110,087
Johnson & Johnson		78,562		10,771,636
Merck & Co., Inc.		54,904		4,129,330
Pfizer, Inc.		200,315		7,107,176
				26,118,229
Professional Services - 0.3%
FTI Consulting, Inc. (A)		8,533		840,159
Road & Rail - 1.7%
CSX Corp.		10,617		838,106
Knight-Swift Transportation Holdings, Inc.		20,050		761,700
Landstar System, Inc.		26,535		3,308,914
Schneider National, Inc., Class B		24,802		547,132
Union Pacific Corp.		262		46,424
				5,502,276
Semiconductors & Semiconductor Equipment - 4.9%
Broadcom, Inc.		5,603		1,958,977
Intel Corp.		134,918		5,974,169
Lam Research Corp.		1,937		662,609
Microchip Technology, Inc.		6,957		731,042
Micron Technology, Inc. (A)		22,463		1,130,787
QUALCOMM, Inc.		20,247		2,497,670
Texas Instruments, Inc.		22,570		3,263,396
				16,218,650

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

Transamerica Funds Annual Report 2020

Page    241

Transamerica Large Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Software - 0.9%
Adobe, Inc. (A)		2,963		$   1,324,757
Microsoft Corp.		8,144		1,648,916
				2,973,673
Specialty Retail - 3.9%
AutoNation, Inc. (A)		10,172		577,058
Home Depot, Inc.		38,062		10,151,516
Lowe’s Cos., Inc.		6,072		959,983
Tractor Supply Co.		4,380		583,460
Williams-Sonoma, Inc.		5,025		458,330
				12,730,347
Technology Hardware, Storage & Peripherals - 1.0%
Apple, Inc.		28,969		3,153,565
Tobacco - 2.1%
Altria Group, Inc.		92,596		3,340,864
Philip Morris International, Inc.		49,076		3,485,377
				6,826,241
Trading Companies & Distributors - 0.8%
HD Supply Holdings, Inc. (A)		49,667		1,979,727
United Rentals, Inc. (A)		3,302		588,713
				2,568,440
Total Common Stocks (Cost $335,315,391)				323,642,631

	Shares		Value
EXCHANGE-TRADED FUND - 1.6%
U.S. Equity Fund - 1.6%
iShares Russell 1000 Value ETF (B)		43,570		$   5,085,926
Total Exchange-Traded Fund (Cost $5,090,950)				5,085,926
OTHER INVESTMENT COMPANY - 0.2%
Securities Lending Collateral - 0.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (C)		703,493		703,493
Total Other Investment Company (Cost $703,493)				703,493
Total Investments (Cost $341,109,834)				329,432,050
Net Other Assets (Liabilities) - 0.0% (D)				158,497
Net Assets - 100.0%				$  329,590,547

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	$	323,642,631	$	—	$	—	$	323,642,631
Exchange-Traded Fund		5,085,926		—		—		5,085,926
Other Investment Company		703,493		—		—		703,493
Total Investments	$	329,432,050	$	—	$	—	$	329,432,050

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $1,422,683, collateralized by cash collateral of $703,493 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $769,506. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rate disclosed reflects the yield at October 31, 2020.
(D)	Percentage rounds to less than 0.1% or (0.1)%.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    242

Transamerica Mid Cap Growth

(unaudited)

MARKET ENVIRONMENT

U.S. equities, as measured by the S&P 500^® Index rose over the trailing 12-month period ended October 31, 2020. Small, mid and large cap growth equities outperformed the broader market during this period. Waning recession fears, improved trade sentiment, and accommodative U.S. Federal Reserve (“Fed”) policy benefitted U.S. markets toward the end of 2019. In the first quarter of 2020, U.S. equities fell sharply after achieving record highs in February, as the coronavirus spread rapidly throughout the country, causing unprecedented market disruptions and financial damage, and heightening fears of a severe economic downturn. Many states adopted extraordinary measures to fight the contagion, while companies shuttered stores and production, withdrew earnings guidance, and drew down credit lines at a record pace as borrowing costs soared. Volatility surged to extreme levels, and the S&P 500^® Index suffered its fastest ever decline into a bear market. The unprecedented scale of fiscal and monetary stimulus implemented by the U.S. Congress and the Fed in response to the pandemic drove the market’s rebound in the second quarter. Momentum carried into the third quarter bolstered by substantial monetary support from the Fed, a broadening U.S. economic recovery and promising trials for COVID-19 vaccines. However, the path to sustainable economic recovery was clouded by concerns about a resurgence in COVID-19 infections around the country, an undetermined timeline for vaccines, high unemployment, elevated debt burdens, and uncertainty about additional fiscal stimulus.

Returns varied by market-cap, as large-cap stocks, measured by the S&P 500^® Index, outperformed small-cap and mid-cap stocks, as measured by the Russell 2000^® Index and S&P MidCap 400^® Index, respectively, during the period.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Mid Cap Growth (Class R4) returned 17.50%. By comparison, its benchmark, the Russell Midcap^® Growth Index, returned 21.14%.

STRATEGY REVIEW

The Fund underperformed its benchmark, the Russell Midcap^® Growth Index, during the one-year period ended October 31, 2020. Relative underperformance was driven by stock selection. By sector, stock selection in consumer discretionary and industrials detracted most from relative performance, while security selection in information technology, and to a lesser extent, real estate and financials, aided relative performance.

Notable detractors from relative performance included positions in Hexcel Corp., a supplier of aerospace grade carbon fiber, Aramark, a uniform and food services provider to a broad base of customers, and Expedia Group, Inc., an online travel services company.

Contributors to relative performance included DocuSign, Inc., an electronic signature solutions company, Monolithic Power Systems, Inc., a maker of power circuits for a wide range of industries, and Square, Inc., a mobile payment solutions provider enabling small businesses to accept digital payment methods.

In terms of positioning, the portfolio continues to have a meaningful overweight to the consumer discretionary sector and is also notably overweight industrials. The Fund reduced exposure to the information technology sector, which is now the Fund’s largest underweight. Additionally, the Fund is underweight consumer staples and has no exposure to materials, real estate, energy, or utilities. Over the period, we added several new holdings, largely in the financials and health care sectors. We also eliminated several holdings which had graduated beyond our mid cap opportunity set or exceeded our valuation comfort zone on the back of strong performance.

We remain balanced between short term winners and losers, with a little more weight added to stocks which have underperformed this year, while trimming the winners at extreme valuation highs. In our view, there is a large number of alpha opportunities available and we will continue to use volatility in the coming months to try to position the Fund for success.

Timothy N. Manning

Portfolio Manager

Wellington Management Company LLP

Asset Allocation	Percentage of Net Assets
Common Stocks		98.6	%
Repurchase Agreement		1.5
Other Investment Company		1.2
Net Other Assets (Liabilities)		(1.3	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    243

Transamerica Mid Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		10.81	%		N/A			9.21	%		03/10/2017
Class A (NAV)		17.25	%		N/A			10.92	%		03/10/2017
Class C (POP)		15.43	%		N/A			10.12	%		03/10/2017
Class C (NAV)		16.43	%		N/A			10.12	%		03/10/2017
Class I (NAV)		17.61	%		N/A			11.24	%		03/10/2017
Class I2 (NAV)		17.69	%		N/A			11.25	%		03/10/2017
Class I3 (NAV)		17.71	%		N/A			11.12	%		03/10/2017
Class R (NAV)		17.05	%		N/A			10.54	%		03/10/2017
Class R4 (NAV)		17.50	%		11.15	%		11.13	%		11/07/2001
Russell Midcap® Growth Index (A)		21.14	%		14.15	%		14.13	%

^(A) The Russell Midcap^® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R and R4 shares.

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

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

Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. Investing in small and medium-sized companies involves greater risk than is customarily associated with more established companies. The securities of small and mid-capitalization companies are subject to higher volatility than larger, more established companies.

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    244

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 98.6%
Aerospace & Defense - 6.3%
BWX Technologies, Inc.		363,468		$  19,994,375
Hexcel Corp.		282,751		9,466,503
				29,460,878
Biotechnology - 7.4%
Abcam PLC, ADR (A)		42,179		801,401
Bluebird Bio, Inc. (A)		145,537		7,525,718
Incyte Corp. (A)		166,928		14,462,642
Seagen, Inc. (A)		70,748		11,800,767
				34,590,528
Building Products - 2.4%
Fortune Brands Home & Security, Inc.		136,601		11,046,923
Capital Markets - 6.5%
Hamilton Lane, Inc., Class A		278,572		19,416,469
Tradeweb Markets, Inc., Class A		196,259		10,692,190
				30,108,659
Diversified Consumer Services - 2.3%
Bright Horizons Family Solutions, Inc. (A)		69,384		10,966,141
Electronic Equipment, Instruments & Components - 4.9%
CDW Corp.		185,531		22,746,101
Entertainment - 4.1%
Take-Two Interactive Software, Inc. (A)		121,953		18,892,959
Food Products - 0.8%
Freshpet, Inc. (A)		31,554		3,612,933
Health Care Equipment & Supplies - 8.5%
ABIOMED, Inc. (A)		40,563		10,217,008
IDEXX Laboratories, Inc. (A)		48,463		20,588,052
Penumbra, Inc. (A)		33,584		8,766,432
				39,571,492
Hotels, Restaurants & Leisure - 8.6%
Aramark		478,479		13,273,007
Domino’s Pizza, Inc.		37,484		14,180,947
Vail Resorts, Inc.		53,538		12,422,958
				39,876,912
Interactive Media & Services - 1.8%
ZoomInfo Technologies, Inc., Class A (A)		223,998		8,509,684
Internet & Direct Marketing Retail - 2.2%
Etsy, Inc. (A)		85,072		10,343,904
Life Sciences Tools & Services - 7.1%
ICON PLC (A)		82,859		14,939,478
Mettler-Toledo International, Inc. (A)		18,317		18,278,717
				33,218,195

	Shares		Value
COMMON STOCKS (continued)
Professional Services - 3.6%
TransUnion		213,663		$   17,020,395
Road & Rail - 3.6%
JB Hunt Transport Services, Inc.		138,413		16,850,399
Semiconductors & Semiconductor Equipment - 9.5%
KLA Corp.		103,143		20,337,737
Monolithic Power Systems, Inc.		52,907		16,909,077
Teradyne, Inc.		80,496		7,071,573
				44,318,387
Software - 14.7%
Avalara, Inc. (A)		66,715		9,943,871
Guidewire Software, Inc. (A)		155,904		14,983,933
Medallia, Inc. (A) (B)		496,436		14,123,604
SS&C Technologies Holdings, Inc.		316,135		18,721,515
Tyler Technologies, Inc. (A)		27,846		10,703,445
				68,476,368
Specialty Retail - 4.3%
Burlington Stores, Inc. (A)		103,768		20,087,409
Total Common Stocks (Cost $404,661,223)				459,698,267
OTHER INVESTMENT COMPANY - 1.2%
Securities Lending Collateral - 1.2%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (C)		5,603,744		5,603,744
Total Other Investment Company (Cost $5,603,744)				5,603,744
	Principal		Value
REPURCHASE AGREEMENT - 1.5%
Fixed Income Clearing Corp., 0.00% (C), dated 10/30/2020, to be repurchased at $6,929,312 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $7,067,972.		$  6,929,312		6,929,312
Total Repurchase Agreement (Cost $6,929,312)				6,929,312
Total Investments (Cost $417,194,279)				472,231,323
Net Other Assets (Liabilities) - (1.3)%				(6,112,659	)
Net Assets - 100.0%				$  466,118,664

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

Transamerica Funds Annual Report 2020

Page    245

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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	$	459,698,267	$	—	$	—	$	459,698,267
Other Investment Company		5,603,744		—		—		5,603,744
Repurchase Agreement		—		6,929,312		—		6,929,312
Total Investments	$	465,302,011	$	6,929,312	$	—	$	472,231,323

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 $14,123,604, collateralized by cash collateral of $5,603,744 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $8,917,009. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2020.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2020

Page    246

Transamerica Mid Cap Value Opportunities

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2020 has been a notable environment, driven by the onset of the COVID-19 pandemic in 2020. While all major U.S. value indices were down during the period, growth indices, however, posted positive and even double-digit positive results as investors continued their preference for growth stocks.

In the fourth quarter of 2019 markets posted strong returns driven by optimism on a trade deal with China and abatement of global manufacturing concerns. The first quarter of 2020, however, brought extreme volatility, shifting investors’ demands and changes in investors’ risk appetites due to the onset of the COVID-19 pandemic. The calendar year began with a modest sell-off in January and February as overall contagion concerns remained muted and markets appeared to take the threat of COVID-19 in stride. As the threat of COVID-19 spread, sheer panic and forced selling from market participants drove the markets in February through the end of March. In this environment, the market witnessed one of the historically highest levels of stock correlations. Late March to the end of October has generally been much more of a risk-on environment in aggregate, aided by significant monetary and fiscal stimulus injected into the economy.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Mid Cap Value Opportunities (Class A) returned -10.80%, excluding any sales charges. By comparison, its benchmark, the Russell Midcap^® Value Index, returned -6.94%.

STRATEGY REVIEW

Thompson Siegel & Walmsley seeks to invest in companies that we believe present a value or potential worth that is not currently recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. Our process employs a combination of a quantitative four-factor valuation screen and qualitative, fundamental research, and bottom-up stock selection and portfolio construction.

The Fund underperformed its benchmark during the 12-month period ended October 31, 2020.

The strategy’s top contributing sectors to relative performance over the period included energy and real estate. Within the energy sector, the Fund continued to benefit from an underweight allocation to oil producers given weakness in the sector. The top holdings included two primarily natural gas producers, EQT Corporation and Antero Resources Corporation, both of which benefited from a more positive natural gas backdrop driven from reduced supply in the sector and improvement in cash flow generation.

Within real estate, the underweight allocation was the primary driver of relative performance over the period given the continued weakness in the industry. Given our valuation discipline, there are limited attractive risk/reward opportunities in the industry. Our position in Gaming and Leisure Properties, Inc. was a top contributor to relative performance driven by improving trends in casino attendance and a triple-net-lease structure that has garnered value in the current environment.

The strategy’s primary sector detractors from relative performance over the period were industrials and utilities. Within the industrials sector, the underweight allocation and unowned benchmark names in the machinery and building products industries where valuation is at a premium, drove the underperformance. At the stock level, AerCap Holdings N.V. (“AerCap”), an aircraft lessor, was the largest detractor driven by its exposure to the airline sector. We continue to hold AerCap, given its industry positioning and potential for fundamental improvement going forward.

Within the utilities sector, the primary detractors from relative performance over the period were FirstEnergy Corp (“FirstEnergy”) and CenterPoint Energy, Inc. (“CenterPoint”). FirstEnergy separated its subsidiary and power generation business, First Energy Solutions (“FES”), in 2019. FirstEnergy’s performance was adversely impacted by allegations of and an investigation into inappropriate payments during the separation process. While we continue to believe the risk/reward remains attractive, the Fund reduced the position owing to the added uncertainty. CenterPoint is primarily an electric and natural gas utility. The market has penalized the stock given a negative rate case decision at its utility in Texas and uncertainty around distributions from the midstream energy business to the parent company. We continue to hold shares and believe new management, recent restructuring plans, and improved execution could be meaningful positive catalysts.

R. Michael Creager, CFA

Brett P. Hawkins, CFA

Co-Portfolio Managers

Thompson, Siegel & Walmsley LLC

Transamerica Funds Annual Report 2020

Page    247

Transamerica Mid Cap Value Opportunities

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		95.0	%
Repurchase Agreement		6.6
Net Other Assets (Liabilities)		(1.6	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    248

Transamerica Mid Cap Value Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(15.72	)%		2.56	%		4.27	%		04/30/2014
Class A (NAV)		(10.80	)%		3.72	%		5.18	%		04/30/2014
Russell Midcap® Value Index (A)		(6.94	)%		5.32	%		5.16	%
Class C (POP)		(12.29	)%		2.98	%		4.43	%		04/30/2014
Class C (NAV)		(11.43	)%		2.98	%		4.43	%		04/30/2014
Class I (NAV)		(10.48	)%		4.03	%		5.49	%		04/30/2014
Class I2 (NAV)		(10.31	)%		4.15	%		5.59	%		04/30/2014
Class I3 (NAV)		(10.43	)%		N/A			1.09	%		03/24/2017
Class R (NAV)		(10.77	)%		N/A			0.59	%		03/24/2017
Class R4 (NAV)		(10.55	)%		N/A			0.91	%		03/24/2017
Class R6 (NAV)		(10.40	)%		N/A			2.94	%		07/25/2016

^(A) The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.

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

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

Investing in mid-sized companies involves greater risk than is customarily associated with more established companies. The securities of mid-sized companies are subject to higher volatility than larger, more established companies. The prices of securities the sub-adviser believes are undervalued many not appreciate as anticipated or may go down. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced.

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    249

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 95.0%
Aerospace & Defense - 0.8%
Huntington Ingalls Industries, Inc.		66,100		$  9,748,428
Banks - 1.5%
CIT Group, Inc.		636,060		18,731,967
Beverages - 2.4%
Molson Coors Beverage Co., Class B		860,284		30,333,614
Biotechnology - 2.8%
Alexion Pharmaceuticals, Inc. (A)		195,000		22,452,300
United Therapeutics Corp. (A)		93,700		12,577,351
				35,029,651
Chemicals - 3.8%
Axalta Coating Systems, Ltd. (A)		525,600		13,197,816
Corteva, Inc.		616,500		20,332,170
Mosaic Co.		755,600		13,978,600
				47,508,586
Construction & Engineering - 0.8%
AECOM (A)		227,700		10,210,068
Consumer Finance - 1.2%
Ally Financial, Inc.		540,739		14,426,917
Containers & Packaging - 1.0%
Sealed Air Corp.		310,200		12,280,818
Distributors - 1.9%
LKQ Corp. (A)		750,400		24,005,296
Diversified Financial Services - 0.3%
Equitable Holdings, Inc.		156,300		3,358,887
Diversified Telecommunication Services - 1.8%
GCI Liberty, Inc., Class A (A)		281,104		22,834,078
Electric Utilities - 4.9%
FirstEnergy Corp.		405,046		12,037,967
OGE Energy Corp.		935,000		28,769,950
PPL Corp.		720,350		19,809,625
				60,617,542
Electronic Equipment, Instruments & Components - 1.8%
FLIR Systems, Inc.		369,400		12,814,486
Vontier Corp. (A)		333,700		9,590,538
				22,405,024
Energy Equipment & Services - 1.4%
Baker Hughes Co.		1,140,100		16,839,277
Equity Real Estate Investment Trusts - 3.0%
Gaming and Leisure Properties, Inc.		421,041		15,304,840
JBG SMITH Properties		962,370		22,471,340
				37,776,180
Food & Staples Retailing - 0.8%
US Foods Holding Corp. (A)		481,900		10,071,710
Food Products - 5.0%
Kraft Heinz Co.		749,100		22,914,969
Post Holdings, Inc. (A)		355,700		30,554,630
Tyson Foods, Inc., Class A		154,400		8,836,312
				62,305,911
Gas Utilities - 3.3%
UGI Corp.		1,258,000		40,683,720
Health Care Equipment & Supplies - 0.9%
Alcon, Inc. (A)		192,100		10,918,964

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services - 4.6%
AmerisourceBergen Corp.		242,756		$   23,321,569
Centene Corp. (A)		428,400		25,318,440
Laboratory Corp. of America Holdings (A)		45,738		9,137,080
				57,777,089
Hotels, Restaurants & Leisure - 0.7%
Aramark		310,500		8,613,270
Independent Power & Renewable Electricity Producers - 1.8%
Vistra Corp.		1,286,200		22,341,294
Insurance - 12.6%
Alleghany Corp.		47,610		26,039,337
Allstate Corp.		246,700		21,894,625
American International Group, Inc.		199,600		6,285,404
Arch Capital Group, Ltd. (A)		883,500		26,690,535
Fidelity National Financial, Inc.		925,122		28,947,067
Loews Corp.		839,317		29,107,514
Markel Corp. (A)		20,403		19,031,919
				157,996,401
Internet & Direct Marketing Retail - 2.0%
eBay, Inc.		331,400		15,784,582
Expedia Group, Inc.		66,854		6,294,304
Qurate Retail, Inc., Series A		400,500		2,711,385
				24,790,271
IT Services - 4.1%
Euronet Worldwide, Inc. (A)		136,494		12,126,127
FleetCor Technologies, Inc. (A)		71,000		15,684,610
Leidos Holdings, Inc.		198,000		16,434,000
Science Applications International Corp.		89,600		6,842,752
				51,087,489
Media - 8.8%
Discovery, Inc., Class C (A)		704,380		12,904,242
DISH Network Corp., Class A (A)		703,243		17,925,664
Fox Corp., Class A		963,400		25,549,368
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		625,800		21,652,680
News Corp., Class A		1,208,855		15,872,266
ViacomCBS, Inc., Class B		575,845		16,451,892
				110,356,112
Mortgage Real Estate Investment Trusts - 1.8%
Annaly Capital Management, Inc.		3,156,245		22,377,777
Multi-Utilities - 3.1%
CenterPoint Energy, Inc.		1,115,202		23,564,218
NiSource, Inc.		645,900		14,836,323
				38,400,541
Multiline Retail - 2.0%
Dollar Tree, Inc. (A)		282,000		25,470,240
Oil, Gas & Consumable Fuels - 3.9%
EQT Corp.		846,900		12,822,066
HollyFrontier Corp.		888,600		16,447,986
Williams Cos., Inc.		1,018,000		19,535,420
				48,805,472
Pharmaceuticals - 1.7%
Jazz Pharmaceuticals PLC (A)		78,900		11,369,490
Mylan NV (A)		655,100		9,525,154
				20,894,644

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

Transamerica Funds Annual Report 2020

Page    250

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 0.4%
Qorvo, Inc. (A)		43,500		$   5,540,160
Software - 2.7%
CDK Global, Inc.		402,300		17,339,130
SS&C Technologies Holdings, Inc.		282,000		16,700,040
				34,039,170
Specialty Retail - 0.7%
Ross Stores, Inc.		107,600		9,164,292
Technology Hardware, Storage & Peripherals - 1.2%
NCR Corp. (A)		749,800		15,235,936
Trading Companies & Distributors - 3.5%
AerCap Holdings NV (A)		759,900		18,868,317
HD Supply Holdings, Inc. (A)		627,547		25,014,023
				43,882,340
Total Common Stocks (Cost $1,169,792,666)				1,186,859,136

	Principal		Value
REPURCHASE AGREEMENT - 6.6%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $82,262,153 on 11/02/2020. Collateralized by U.S. Government Obligations, 0.38% - 2.63%, due 06/30/2023 - 07/15/2023, and with a total value of $83,907,463.		$  82,262,153		$   82,262,153
Total Repurchase Agreement (Cost $82,262,153)				82,262,153
Total Investments (Cost $1,252,054,819)				1,269,121,289
Net Other Assets (Liabilities) - (1.6)%				(19,528,644	)
Net Assets - 100.0%				$  1,249,592,645

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	$	1,186,859,136	$	—	$	—	$	1,186,859,136
Repurchase Agreement		—		82,262,153		—		82,262,153
Total Investments	$	1,186,859,136	$	82,262,153	$	—	$	1,269,121,289

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Rate disclosed reflects the yield at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    251

Transamerica MLP & Energy Income

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2020 was initially promising for the midstream sector. Crude prices were staging a rally and companies seemed to be indicating that the downturn was not as bad as initially feared. However, the downdraft in crude pricing towards the latter part of the fiscal year, combined with a prevailing risk-off environment and increased volatility due to the coronavirus pandemic negatively impacted the sector. The midstream sector was down more than 40% during the fiscal year as measured by the Alerian MLP Index but managed to outperform the broader energy market.

Cost-cutting was a universal theme with many management teams expressing confidence about the sustainability of lower operating expenses. Companies had been responding to investors’ push to be free cash flow positive as many companies further reduced capex budgets for both 2020 and 2021 and focused their attention on free cash flow versus distributable cash flow metrics. Shoring up balance sheets, protecting credit ratings and meeting de-leveraging targets were universally the top priority for the midstream sector. Furthermore, companies remained extremely cautious about providing guidance beyond 2020 with regulatory, political, and commodity uncertainty driving their conservatism.

PERFORMANCE

For the year ended October 31, 2020, Transamerica MLP & Energy Income (Class A) returned -22.37%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Alerian MLP Total Return Index, returned 9.71% and -42.52%, respectively.

STRATEGY REVIEW

Market performance among energy infrastructure sub-sectors was negatively biased for the fiscal year ended October 31, 2020. Renewable infrastructure was the only sub-sector to post a positive return, delivering the best relative results as much of the space met or exceeded expectations and had minimal pandemic-related financial impacts, followed by Canadian infrastructure companies, which did not experience the same level of volatility as their U.S. counterparts.

The largest individual contributors to performance during the fiscal year were investments in Nextera Energy, Inc. and Brookfield Renewable Corp. as renewable infrastructure related names continued their strong run benefiting from an acceleration of the energy transition away from fossil fuels driven by increasing investor demands for sustainability.

ONEOK, Inc and Phillips 66 were the primary detractors from performance. A cloudy outlook fostered negative sentiment for ONEOK, Inc. as shares were impacted by uncertainty associated with Bakken production, a potential Dakota Access Pipeline shut-down, and leverage concerns, while Phillips 66 was affected by the prevailing downstream demand destruction, and their refining business subsequently was negatively impacted as well.

The Fund performed significantly better than the sector in large part due to our active portfolio management and shifting allocations to less volatile segments of the infrastructure space, specifically renewable infrastructure.

John C. Frey

Portfolio Manager

Kayne Anderson Capital Advisors, L.P.

Asset Allocation	Percentage of Net Assets
Common Stocks		66.4	%
Master Limited Partnerships		31.2
Repurchase Agreement		2.0
Other Investment Company		0.8
Net Other Assets (Liabilities)		(0.4	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    252

Transamerica MLP & Energy Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(26.64	)%		(6.13	)%		(6.15	)%		04/30/2013
Class A (NAV)		(22.37	)%		(5.07	)%		(5.45	)%		04/30/2013
S&P 500® (A)		9.71	%		11.71	%		12.32	%
Alerian MLP Total Return Index (B)		(42.52	)%		(12.46	)%		(10.55	)%
Class C (POP)		(23.87	)%		(5.83	)%		(6.18	)%		04/30/2013
Class C (NAV)		(23.15	)%		(5.83	)%		(6.18	)%		04/30/2013
Class I (NAV)		(22.28	)%		(4.83	)%		(5.20	)%		04/30/2013
Class I2 (NAV)		(22.19	)%		(4.73	)%		(5.11	)%		04/30/2013

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

^(B) The Alerian MLP Total Return Index is a composite of the 50 most prominent energy Master Limited Partnerships (“MLPs”) that provides investors with an unbiased, comprehensive benchmark for this asset class.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I and I2 shares.

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

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

Investing in MLPs involve risks related to limited control, cash flow changes, dilution risks and risk linked to the general partner’s right to require unit holders to sell their common units at an undesirable time or price. The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations.

The Fund is subject to certain MLP tax risks. As the Fund is registered as a Regulated Investment Company, the Fund does not pay taxes. Changes to government regulations may impact future returns.

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

Transamerica Funds Annual Report 2020

Page    253

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 66.4%
Electric Utilities - 6.8%
Avangrid, Inc.		16,100		$  794,374
NextEra Energy, Inc.		134,400		9,839,424
				10,633,798
Gas Utilities - 0.6%
AltaGas, Ltd. (A)		40,600		514,700
Brookfield Infrastructure Corp., Class A		7,222		393,382
				908,082
Independent Power & Renewable Electricity Producers - 15.5%
Atlantica Sustainable Infrastructure PLC		217,900		6,425,871
Brookfield Renewable Corp., Class A		84,909		5,669,374
Clearway Energy, Inc., Class A		29,300		767,953
Clearway Energy, Inc., Class C		168,500		4,744,960
Innergex Renewable Energy, Inc.		172,600		3,111,801
Northland Power, Inc.		57,000		1,843,526
TransAlta Corp.		148,500		880,545
TransAlta Renewables, Inc. (A)		76,700		961,412
				24,405,442
Multi-Utilities - 3.1%
Algonquin Power & Utilities Corp.		53,400		809,638
Algonquin Power & Utilities Corp. (A)		186,500		2,825,475
Sempra Energy		10,000		1,253,600
				4,888,713
Oil, Gas & Consumable Fuels - 40.4%
Antero Midstream Corp. (A)		215,700		1,235,961
Cheniere Energy, Inc. (B)		40,791		1,952,665
Enbridge, Inc.		240,154		6,618,644
Equitrans Midstream Corp.		191,700		1,391,742
Gibson Energy, Inc. (A)		87,700		1,291,506
Hess Midstream, LP, Class A		14,800		252,784
Kinder Morgan, Inc.		732,900		8,721,510
ONEOK, Inc.		64,700		1,876,300
Pembina Pipeline Corp.		269,600		5,642,728
Phillips 66		96,600		4,507,356
Plains GP Holdings, LP, Class A (B)		583,313		3,727,370
Targa Resources Corp.		329,335		5,285,827
TC Energy Corp.		240,525		9,491,117
Williams Cos., Inc.		592,200		11,364,318
				63,359,828
Total Common Stocks (Cost $121,234,712)				104,195,863
MASTER LIMITED PARTNERSHIPS - 31.2% (C)
Independent Power & Renewable Electricity Producers - 12.8%
Brookfield Renewable Partners, LP (B)		102,300		5,549,775

	Shares		Value
MASTER LIMITED PARTNERSHIPS (continued) (C)
Independent Power & Renewable Electricity Producers (continued)
NextEra Energy Partners, LP		230,622		$   14,483,062
				20,032,837
Multi-Utilities - 1.8%
Brookfield Infrastructure Partners, LP		65,000		2,788,500
Oil, Gas & Consumable Fuels - 16.6%
BP Midstream Partners, LP		158,755		1,539,923
Enable Midstream Partners, LP		136,700		608,315
Energy Transfer, LP		798,637		4,112,981
Enterprise Products Partners, LP		370,211		6,134,396
Enviva Partners, LP		23,109		990,221
Magellan Midstream Partners, LP		108,300		3,848,982
MPLX, LP		280,681		4,830,520
Phillips 66 Partners, LP		84,300		1,978,521
Rattler Midstream, LP		146,400		859,368
TC PipeLines, LP		44,016		1,239,050
				26,142,277
Total Master Limited Partnerships (Cost $62,885,333)				48,963,614
OTHER INVESTMENT COMPANY - 0.8%
Securities Lending Collateral - 0.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (D)		1,291,233		1,291,233
Total Other Investment Company (Cost $1,291,233)				1,291,233
	Principal		Value
REPURCHASE AGREEMENT - 2.0%
Fixed Income Clearing Corp., 0.00% (D), dated 10/30/2020, to be repurchased at $3,088,947 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $3,150,826.		$  3,088,947		3,088,947
Total Repurchase Agreement (Cost $3,088,947)				3,088,947
Total Investments (Cost $188,500,225)				157,539,657
Net Other Assets (Liabilities) - (0.4)%				(563,823	)
Net Assets - 100.0%				$  156,975,834

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

Transamerica Funds Annual Report 2020

Page    254

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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	$	104,195,863	$	—	$	—	$	104,195,863
Master Limited Partnerships		48,963,614		—		—		48,963,614
Other Investment Company		1,291,233		—		—		1,291,233
Repurchase Agreement		—		3,088,947		—		3,088,947
Total Investments	$	154,450,710	$	3,088,947	$	—	$	157,539,657

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 $3,110,943, collateralized by cash collateral of $1,291,233 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,972,585. 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 October 31, 2020.
(E)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    255

Transamerica Multi-Asset Income

(unaudited)

MARKET ENVIRONMENT

While investors enjoyed the continuation of the eleven-year bull market to end 2019 and start 2020, markets were overwhelmingly dominated by COVID-19 during the fiscal year ended October 31, 2020. Investors indiscriminately sold assets and de-risked portfolios in February and March, generally with little disregard for price, causing high correlations across risk assets and illiquid conditions. This was followed by risk markets across the globe rallying in response to a combination of central bank interventions, government stimulus packages, and the economy re-opening after the quarantine shutdowns. After advances in the third quarter and a historically strong second quarter, the S&P 500^® Index fully recovered pandemic related losses and posted positive returns for the fiscal year ended October 31, 2020.

Volatility is likely to remain elevated in the market pending the U.S. presidential election and headlines surrounding progress towards a vaccine release. Our bottom up approach should allow us to find interesting and attractive long-term investment opportunities as market dislocations may develop.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Multi-Asset Income (Class A) returned 2.91%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica Multi-Asset Income Blended Benchmark, returned 9.71% and 7.33%, respectively.

STRATEGY REVIEW

The strategy is comprised of a mix of equites, corporate credit, and preferred equity in an effort to generate income above the S&P 500^® Index and moderate volatility. Exposure to corporate credit and preferred equities served as detractors to the strategy’s relative performance versus the all-equity S&P 500^® Index benchmark. The Bloomberg Barclays US High Yield Corporate Index returned 3.49% for the one year ended October 31, 2020. Higher quality high yield outperformed lower quality high yield as investors largely shunned risk during the pandemic sell-off in March. The Bloomberg Barclays US High Yield (Ba) Index returned 6.67% while the Bloomberg Barclays US High Yield (Caa) Index returned -3.09% for the one year ended October 31, 2020. Additionally, the ICE BofA Fixed Rate Preferred Index returned 5.20% for the one year ended October 31, 2020.

Within equity the top sectors in terms of relative return were technology and industrials. In technology, Apple Inc. reported stronger than expected earnings throughout the year from robust sales within wearables, iPhones, and services. Within industrials, the portfolio’s underweight allocation aided relative returns. Recent additions included Pentair PLC, a water pump and filtration company and Johnson Controls International PLC, an HVAC and building management company, both of which benefitted from surging home demand trends during the period.

William M. Bellamy, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		51.3	%
Corporate Debt Securities		41.1
Preferred Stocks		5.9
Other Investment Company		1.6
Repurchase Agreement		0.8
Master Limited Partnership		0.4
Net Other Assets (Liabilities)		(1.1	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    256

Transamerica Multi-Asset Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(2.77	)%		5.77	%		5.31	%		03/01/2014
Class A (NAV)		2.91	%		6.98	%		6.21	%		03/01/2014
S&P 500® (A)		9.71	%		11.71	%		11.05	%
Transamerica Multi-Asset Income Blended Benchmark (A) (B) (C)		7.33	%		9.55	%		8.63	%
Class C (POP)		1.18	%		6.21	%		5.43	%		03/01/2014
Class C (NAV)		2.17	%		6.21	%		5.43	%		03/01/2014
Class I (NAV)		3.17	%		7.26	%		6.48	%		03/01/2014
Class I2 (NAV)		3.28	%		6.65	%		5.69	%		03/01/2014

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

^(B) The Transamerica Multi-Asset Income Blended Benchmark is composed of the following benchmarks: 60% S&P 500^® and 40% ICE BofAML U.S. High Yield BB-B Rated Constrained Index.

^(C) The ICE BofAML U.S. High Yield BB-B Rated Constrained Index tracks the performance of BB and B rated high yield bonds.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I and I2 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Fixed income investing is subject to credit risk, inflation risk, and interest rate risk. Investing in high-yield securities may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. Preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility.

Transamerica Funds Annual Report 2020

Page    257

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 51.3%
Automobiles - 1.3%
General Motors Co.		95,000		$  3,280,350
Banks - 1.9%
JPMorgan Chase & Co.		50,000		4,902,000
Biotechnology - 1.8%
AbbVie, Inc.		55,000		4,680,500
Building Products - 1.7%
Carrier Global Corp.		65,000		2,170,350
Fortune Brands Home & Security, Inc.		10,000		808,700
Johnson Controls International PLC		35,000		1,477,350
				4,456,400
Capital Markets - 1.4%
Blackstone Group, Inc., Class A		27,500		1,386,550
Morgan Stanley		45,000		2,166,750
				3,553,300
Chemicals - 1.0%
LyondellBasell Industries NV, Class A		38,000		2,601,100
Communications Equipment - 1.2%
Cisco Systems, Inc.		90,000		3,231,000
Diversified Telecommunication Services - 0.4%
Verizon Communications, Inc.		20,000		1,139,800
Electric Utilities - 1.0%
Duke Energy Corp.		15,000		1,381,650
PPL Corp.		45,000		1,237,500
				2,619,150
Equity Real Estate Investment Trusts - 0.7%
STORE Capital Corp.		70,008		1,799,206
Food & Staples Retailing - 1.5%
Walmart, Inc.		27,500		3,815,625
Health Care Providers & Services - 1.5%
CVS Health Corp.		70,000		3,926,300
Hotels, Restaurants & Leisure - 1.3%
McDonald’s Corp.		16,000		3,408,000
Household Durables - 2.0%
D.R. Horton, Inc.		32,500		2,171,325
Garmin, Ltd.		20,000		2,080,400
Toll Brothers, Inc.		25,000		1,057,000
				5,308,725
Insurance - 2.6%
Allstate Corp.		18,600		1,650,750
Fidelity National Financial, Inc.		110,000		3,441,900
MetLife, Inc.		45,000		1,703,250
				6,795,900
Interactive Media & Services - 2.5%
Alphabet, Inc., Class C (A)		4,000		6,484,040
Machinery - 0.6%
Pentair PLC		30,000		1,492,800
Mortgage Real Estate Investment Trusts - 1.8%
AGNC Investment Corp.		110,000		1,536,700
Annaly Capital Management, Inc.		264,350		1,874,241
Blackstone Mortgage Trust, Inc., Class A		54,925		1,191,873
				4,602,814
Multi-Utilities - 1.1%
Dominion Energy, Inc.		35,000		2,811,900

	Shares		Value
COMMON STOCKS (continued)
Multiline Retail - 1.3%
Target Corp.		22,500		$   3,424,950
Oil, Gas & Consumable Fuels - 0.3%
BP PLC, ADR		55,000		851,400
Pharmaceuticals - 4.7%
Bristol-Myers Squibb Co.		75,000		4,383,750
GlaxoSmithKline PLC, ADR		25,000		835,500
Johnson & Johnson		17,500		2,399,425
Merck & Co., Inc.		50,000		3,760,500
Pfizer, Inc.		25,000		887,000
				12,266,175
Semiconductors & Semiconductor Equipment - 4.2%
Broadcom, Inc.		15,000		5,244,450
QUALCOMM, Inc.		45,000		5,551,200
				10,795,650
Software - 2.8%
Microsoft Corp.		35,750		7,238,302
Specialty Retail - 2.4%
Foot Locker, Inc.		60,050		2,214,644
Lowe’s Cos., Inc.		26,275		4,154,077
				6,368,721
Technology Hardware, Storage & Peripherals - 6.8%
Apple, Inc.		138,000		15,022,680
Seagate Technology PLC		54,607		2,611,307
				17,633,987
Textiles, Apparel & Luxury Goods - 0.4%
Tapestry, Inc.		47,500		1,055,925
Tobacco - 1.1%
Philip Morris International, Inc.		40,000		2,840,800
Total Common Stocks (Cost $114,599,709)				133,384,820
PREFERRED STOCKS - 5.9%
Automobiles - 0.2%
Ford Motor Co., 6.20% (B)		20,000		512,600
Banks - 1.5%
BancorpSouth Bank, Series A, 5.50%		40,000		1,044,000
Citigroup, Inc., Series J, Fixed until 09/30/2023, 7.13% (B) (C)		12,000		339,360
Dime Community Bancshares, Inc., Series A, 5.50% (B)		45,000		1,092,600
KeyCorp, Series F, 5.65%		17,451		462,277
Wells Fargo & Co., Series Q, Fixed until 09/15/2023, 5.85% (B) (C)		40,000		1,035,600
				3,973,837
Diversified Financial Services - 0.2%
Voya Financial, Inc., Series B, Fixed until 09/15/2029, 5.35% (B) (C)		19,547		554,939
Equity Real Estate Investment Trusts - 0.5%
Colony Capital, Inc., Series G, 7.50%		8,250		181,665

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

Transamerica Funds Annual Report 2020

Page    258

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
PREFERRED STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Monmouth Real Estate Investment Corp., Series C, 6.13%		50,000		$   1,245,000
				1,426,665
Insurance - 1.4%
Aspen Insurance Holdings, Ltd., 5.63%		20,000		501,000
Athene Holding, Ltd., Series A, Fixed until 06/30/2029, 6.35% (C)		35,000		937,300
Enstar Group, Ltd., Series E, 7.00% (B)		60,000		1,584,000
Globe Life, Inc., 6.13%		20,000		517,400
				3,539,700
Mortgage Real Estate Investment Trusts - 1.8%
AGNC Investment Corp., Series E, Fixed until 10/15/2024, 6.50% (C)		63,100		1,398,927
Annaly Capital Management, Inc., Series F, Fixed until 09/30/2022, 6.95% (B) (C)		62,000		1,395,620
Dynex Capital, Inc., Series C, Fixed until 04/15/2025, 6.90% (C)		45,000		989,100
Two Harbors Investment Corp., Series B, Fixed until 07/27/2027, 7.63% (C)		39,800		816,696
				4,600,343
Real Estate Management & Development - 0.3%
Brookfield Property Partners, LP, Series A-1, 6.50%		39,500		824,760
Total Preferred Stocks (Cost $16,190,867)				15,432,844
MASTER LIMITED PARTNERSHIP - 0.4%
Capital Markets - 0.4%
AllianceBernstein Holding, LP		35,000		1,017,100
Total Master Limited Partnership (Cost $679,990)				1,017,100
	Principal		Value
CORPORATE DEBT SECURITIES - 41.1%
Air Freight & Logistics - 0.2%
XPO Logistics, Inc. 6.13%, 09/01/2023 (D)		$  500,000		506,250
Auto Components - 2.1%
Clarios Global, LP / Clarios US Finance Co.
6.25%, 05/15/2026 (D)		1,750,000		1,833,195
8.50%, 05/15/2027 (D)		1,250,000		1,303,937
Cooper Tire & Rubber Co. 7.63%, 03/15/2027		79,000		91,443
Dana, Inc. 5.38%, 11/15/2027		1,750,000		1,806,875
Goodyear Tire & Rubber Co. 7.00%, 03/15/2028		475,000		502,790
				5,538,240

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Automobiles - 1.0%
General Motors Co. 6.80%, 10/01/2027		$   500,000		$   613,811
Tesla, Inc. 5.30%, 08/15/2025 (D)		2,000,000		2,069,254
				2,683,065
Building Products - 0.5%
Builders FirstSource, Inc. 6.75%, 06/01/2027 (D)		900,000		965,250
JELD-WEN, Inc. 4.88%, 12/15/2027 (D)		400,000		413,000
				1,378,250
Capital Markets - 2.2%
BCD Acquisition, Inc. 9.63%, 09/15/2023 (D)		2,565,000		2,568,206
Compass Group Diversified Holdings LLC 8.00%, 05/01/2026 (D)		2,000,000		2,102,860
Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 6.25%, 02/01/2022		1,000,000		1,002,500
				5,673,566
Chemicals - 1.0%
Blue Cube Spinco LLC 9.75%, 10/15/2023		508,000		522,620
Methanex Corp.
5.13%, 10/15/2027		500,000		509,150
5.25%, 12/15/2029		1,500,000		1,519,840
				2,551,610
Commercial Services & Supplies - 1.6%
Cimpress PLC 7.00%, 06/15/2026 (D)		2,350,000		2,338,250
Herc Holdings, Inc. 5.50%, 07/15/2027 (D)		1,500,000		1,541,437
Stena International SA 6.13%, 02/01/2025 (D)		300,000		282,000
				4,161,687
Communications Equipment - 0.5%
CommScope Technologies LLC 6.00%, 06/15/2025 (D)		866,000		858,535
CommScope, Inc. 8.25%, 03/01/2027 (B) (D)		500,000		517,498
				1,376,033
Construction & Engineering - 1.3%
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 6.25%, 09/15/2027 (D)		1,300,000		1,332,110
Forestar Group, Inc. 5.00%, 03/01/2028 (D)		1,750,000		1,737,260
New Enterprise Stone & Lime Co., Inc. 6.25%, 03/15/2026 (D)		200,000		206,750
				3,276,120
Construction Materials - 1.7%
Cemex SAB de CV
5.45%, 11/19/2029 (D)		1,500,000		1,586,700
7.38%, 06/05/2027 (D)		500,000		550,755

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

Transamerica Funds Annual Report 2020

Page    259

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction Materials (continued)
Norbord, Inc. 5.75%, 07/15/2027 (D)		$   2,000,000		$   2,100,000
US Concrete, Inc. 6.38%, 06/01/2024 (B)		102,000		104,550
				4,342,005
Consumer Finance - 1.4%
Altice Financing SA 7.50%, 05/15/2026 (D)		1,050,000		1,095,938
Credit Acceptance Corp.
5.13%, 12/31/2024 (D)		500,000		496,250
6.63%, 03/15/2026		250,000		259,375
Enova International, Inc. 8.50%, 09/15/2025 (D)		2,000,000		1,840,000
				3,691,563
Diversified Consumer Services - 0.9%
Carriage Services, Inc. 6.63%, 06/01/2026 (D)		2,261,000		2,376,447
Diversified Financial Services - 1.0%
Cornerstone Chemical Co. 6.75%, 08/15/2024 (D)		1,000,000		940,000
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 2.98% (C), 12/21/2065 (D)		900,000		472,401
Quicken Loans LLC 5.25%, 01/15/2028 (D)		1,250,000		1,306,575
				2,718,976
Diversified Telecommunication Services - 0.6%
Zayo Group Holdings, Inc. 6.13%, 03/01/2028 (D)		1,500,000		1,513,125
Electric Utilities - 0.6%
Drax Finco PLC 6.63%, 11/01/2025 (D)		1,371,000		1,435,266
Electrical Equipment - 0.4%
WESCO Distribution, Inc. 7.13%, 06/15/2025 (D)		1,000,000		1,077,500
Electronic Equipment, Instruments & Components - 0.1%
MTS Systems Corp. 5.75%, 08/15/2027 (D)		300,000		304,035
Energy Equipment & Services - 2.3%
Archrock Partners, LP / Archrock Partners Finance Corp. 6.25%, 04/01/2028 (D)		1,500,000		1,447,500
Enviva Partners, LP / Enviva Partners Finance Corp. 6.50%, 01/15/2026 (D)		3,800,000		4,009,000
Transocean Sentry, Ltd. 5.38%, 05/15/2023 (D)		750,000		481,875
				5,938,375
Equity Real Estate Investment Trusts - 0.5%
GEO Group, Inc.
5.13%, 04/01/2023 (B)		750,000		603,750
5.88%, 01/15/2022		650,000		601,250
				1,205,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products - 1.1%
B&G Foods, Inc. 5.25%, 04/01/2025		$   1,184,000		$   1,219,520
Chobani LLC / Chobani Finance Corp., Inc. 4.63%, 11/15/2028 (D)		500,000		501,650
Pilgrim’s Pride Corp. 5.75%, 03/15/2025 (D)		1,000,000		1,023,750
				2,744,920
Hotels, Restaurants & Leisure - 2.3%
Marriott Ownership Resorts, Inc. 4.75%, 01/15/2028		1,200,000		1,143,000
Scientific Games International, Inc.
7.00%, 05/15/2028 (D)		2,350,000		2,334,279
8.25%, 03/15/2026 (D)		1,000,000		1,014,390
VOC Escrow, Ltd. 5.00%, 02/15/2028 (D)		866,000		749,410
Wyndham Destinations, Inc. 6.60%, 10/01/2025		650,000		692,250
				5,933,329
Household Durables - 0.8%
LGI Homes, Inc. 6.88%, 07/15/2026 (D)		2,026,000		2,117,170
Household Products - 0.7%
Central Garden & Pet Co. 6.13%, 11/15/2023		1,700,000		1,728,390
Industrial Conglomerates - 0.6%
General Electric Co. Fixed until 01/21/2021 (E), 5.00% (C)		2,000,000		1,620,000
IT Services - 0.9%
Leidos, Inc. 7.13%, 07/01/2032		1,800,000		2,367,000
Leisure Products - 0.6%
Mattel, Inc. 5.88%, 12/15/2027 (D)		1,500,000		1,630,050
Machinery - 1.9%
JB Poindexter & Co., Inc. 7.13%, 04/15/2026 (D)		250,000		265,702
Meritor, Inc. 6.25%, 02/15/2024		1,440,000		1,467,000
Mueller Industries, Inc. 6.00%, 03/01/2027		1,400,000		1,428,000
Terex Corp. 5.63%, 02/01/2025 (D)		1,150,000		1,167,250
Wabash National Corp. 5.50%, 10/01/2025 (D)		500,000		500,105
				4,828,057
Marine - 0.1%
Tidewater, Inc. 8.00%, 08/01/2022		393,528		375,819
Media - 0.7%
CCO Holdings LLC / CCO Holdings Capital Corp. 4.50%, 05/01/2032 (D)		400,000		413,500
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38%, 08/15/2026 (D)		1,250,000		730,469

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

Transamerica Funds Annual Report 2020

Page    260

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Diamond Sports Group LLC / Diamond Sports Finance Co. (continued)
6.63%, 08/15/2027 (D)		$   1,500,000		$   598,725
				1,742,694
Metals & Mining - 1.7%
Allegheny Technologies, Inc. 5.88%, 12/01/2027 (B)		2,452,000		2,307,945
Kaiser Aluminum Corp. 6.50%, 05/01/2025 (D)		1,200,000		1,272,000
U.S. Steel Corp. 6.88%, 08/15/2025		1,000,000		794,000
				4,373,945
Mortgage Real Estate Investment Trusts - 0.4%
AG Issuer LLC 6.25%, 03/01/2028 (D)		1,000,000		975,000
Multiline Retail - 0.7%
Dillard’s, Inc.
7.00%, 12/01/2028		230,000		240,346
7.75%, 07/15/2026		1,150,000		1,235,493
7.88%, 01/01/2023		350,000		374,282
				1,850,121
Oil, Gas & Consumable Fuels - 0.5%
Hess Midstream Operations, LP 5.13%, 06/15/2028 (D)		1,000,000		995,000
Valero Energy Corp. 8.75%, 06/15/2030		300,000		396,026
				1,391,026
Personal Products - 0.8%
HLF Financing SARL LLC / Herbalife International, Inc. 7.25%, 08/15/2026 (D)		2,000,000		2,058,740
Pharmaceuticals - 0.4%
Bausch Health Cos., Inc.
5.00%, 01/30/2028 (D)		500,000		494,190
5.25%, 01/30/2030 (D)		500,000		493,775
				987,965
Professional Services - 0.1%
AMN Healthcare, Inc. 5.13%, 10/01/2024 (D)		380,000		389,728
Real Estate Management & Development - 0.4%
Kennedy-Wilson, Inc. 5.88%, 04/01/2024		1,000,000		965,000
Road & Rail - 1.9%
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/01/2025 (D)		350,000		344,824
6.75%, 03/15/2022 (D)		1,415,000		1,404,334
9.75%, 08/01/2027 (D)		500,000		531,875
Uber Technologies, Inc. 8.00%, 11/01/2026 (D)		2,450,000		2,581,687
				4,862,720
Software - 0.5%
j2 Cloud Services LLC / j2 Cloud Co-Obligor, Inc. 6.00%, 07/15/2025 (D)		1,250,000		1,309,125

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail - 1.9%
Carvana Co. 5.88%, 10/01/2028 (D)		$   2,520,000		$   2,489,029
L Brands, Inc.
6.69%, 01/15/2027		1,000,000		1,001,150
6.88%, 07/01/2025 (D)		500,000		535,990
Lithia Motors, Inc. 5.25%, 08/01/2025 (D)		1,000,000		1,035,000
				5,061,169
Technology Hardware, Storage & Peripherals - 0.4%
Dell International LLC / EMC Corp. 8.10%, 07/15/2036 (D)		750,000		1,013,060
Textiles, Apparel & Luxury Goods - 0.4%
PVH Corp. 7.75%, 11/15/2023		100,000		116,068
Wolverine World Wide, Inc. 5.00%, 09/01/2026 (D)		800,000		806,000
				922,068
Trading Companies & Distributors - 0.6%
H&E Equipment Services, Inc. 5.63%, 09/01/2025		1,500,000		1,556,250
Wireless Telecommunication Services - 0.8%
Altice France SA 7.38%, 05/01/2026 (D)		2,000,000		2,087,400
Total Corporate Debt Securities (Cost $108,311,471)				106,637,859
	Shares		Value
OTHER INVESTMENT COMPANY - 1.6%
Securities Lending Collateral - 1.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (F)		4,033,990		4,033,990
Total Other Investment Company (Cost $4,033,990)				4,033,990
	Principal		Value
REPURCHASE AGREEMENT - 0.8%
Fixed Income Clearing Corp., 0.00% (F), dated 10/30/2020, to be repurchased at $2,153,191 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $2,196,345.		$  2,153,191		2,153,191
Total Repurchase Agreement (Cost $2,153,191)				2,153,191
Total Investments (Cost $245,969,218)				262,659,804
Net Other Assets (Liabilities) - (1.1)%				(2,899,790	)
Net Assets - 100.0%				$  259,760,014

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

Transamerica Funds Annual Report 2020

Page    261

Transamerica Multi-Asset Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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	$	133,384,820	$	—	$	—	$	133,384,820
Preferred Stocks		15,432,844		—		—		15,432,844
Master Limited Partnership		1,017,100		—		—		1,017,100
Corporate Debt Securities		—		106,637,859		—		106,637,859
Other Investment Company		4,033,990		—		—		4,033,990
Repurchase Agreement		—		2,153,191		—		2,153,191
Total Investments	$	153,868,754	$	108,791,050	$	—	$	262,659,804

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing security.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $4,469,814, collateralized by cash collateral of $4,033,990 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $529,650. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(D)	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 October 31, 2020, the total value of 144A securities is $77,472,366, representing 29.8% of the Fund’s net assets.
(E)	Perpetual maturity. The date displayed is the next call date.
(F)	Rates disclosed reflect the yields at October 31, 2020.
(G)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2020

Page    262

Transamerica Multi-Managed Balanced

(unaudited)

MARKET ENVIRONMENT

Aegon USA Investment Management, LLC

The fiscal year ended October 31, 2020 began with U.S. markets near all-time highs, though global trade tensions persisted, and manufacturing Purchasing Managers’ Indexes (“PMIs”) softened. It was risk on for markets as equities led the way in total and risk-adjusted returns in late 2019, followed by high yield, then investment grade. Treasuries retreated toward the end of 2019.

Worries around trade ceded to concerns over the COVID-19 outbreak early in 2020. Confidence dropped rapidly as the country grappled with a worsening outbreak that eventually led to widespread stay at home orders and the closure of nonessential businesses. Gross Domestic Product (“GDP”) and private investment contracted, and risk assets declined meaningfully. PMIs declined materially, and GDP eventually faced a historic decline. Equities led the way down with peak-to-trough losses of approximately one third, and high yield bonds posted double digit declines. U.S. Treasuries rallied aggressively as investors fled risk assets.

Markets rebounded in the second quarter, after aggressive monetary stimulus from the U.S. Federal Reserve (“Fed”) and fiscal stimulus from the Federal Government gave markets the confidence that the worst may be over. The damage to the U.S. economy was historic with second quarter GDP declining by over 31%. Economic activity and the employment market improved materially by the end of the fiscal year, albeit both were still lower than they had been at the end of 2019.

Nonfarm payroll gains were a bright spot in October 2020, coming in higher than expected. Both the labor force and employment grew over the month, which led to meaningfully higher headline employment and labor force participation rates. Consumer confidence slightly retreated as an upbeat reading on present conditions was overshadowed by more muted expectations. Headline personal income which was propped up by government unemployment benefits that largely expired in July, advanced nonetheless in September, and spending growth accelerated.

J.P. Morgan Investment Management, Inc.

After a strong close to 2019, solid U.S. economic indicators continued to buoy the S&P 500^® in the beginning of 2020. Despite the late January volatility due to initial outbreaks of COVID-19, an early indication that the disease’s effects would be relatively short-lived propelled the S&P 500^® to new all-time highs in February. However, the outbreak continued to grow and ramp up globally. Distinct read-throughs began to take place in global economic data, such as in jobless claims and global manufacturing and service Purchasing Managers’ Indexes (“PMIs”), ultimately leading to a dramatic downturn for the markets in March. The U.S. economy contracted at an annualized pace of 5.0% in the frist quarter of the year, ending more than a decade-long expansion. While extraordinary fiscal and monetary policy responses helped the market recover from April through June, 2020, volatility remained elevated throughout the summer.

In light of the volatility and following strong performance in the second quarter, the market continued to rise and reached new all-time highs in August, driven by a rally in technology stocks and encouraging economic data. While gross domestic product (“GDP”) for the second quarter fell by an annualized rate of 31.4%, investors focused on the continued recovery in other economic data. The unemployment rate fell, and the composite PMI impressed in August. U.S. consumer confidence also rebounded along with a recovery in retail sales. The Federal Reserve’s intentions to maintain an accommodative monetary policy as long as necessary to support the economy also helped lift equity market levels.

However, September brought renewed bouts of volatility as concerns over a second wave of COVID-19 infections, the upcoming U.S. presidential election and renewed lockdown measures took a toll on investor confidence. Meanwhile, trade tensions between the U.S. and China rose as the Trump Administration announced targeted trade restrictions on certain Chinese firms. While the economic indicators have shown continued improvement, including third quarter GDP having grown at an annualized rate of 33.1% when compared to the previous quarter, the new wave of COVID-19 infections and the persisting trade tensions continue to weigh on the path to economic recovery.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Multi-Managed Balanced (Class A) returned 9.76%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Bloomberg Barclays US Aggregate Bond Index, returned 9.71% and 6.19%, respectively.

Transamerica Funds Annual Report 2020

Page    263

Transamerica Multi-Managed Balanced

(unaudited)

STRATEGY REVIEW

Aegon USA Investment Management, LLC

Over the past year, the Fund remained overweight to spread-based assets relative to the benchmark, given the portfolio management team’s views on expected risk-adjusted returns of the assets. Portions of securitized credit tied to commercial real estate were negatively affected by changes to the economy due to COVID-19, and commercial mortgage-backed securities (“CMBS”) and other portions of the structured market detracted from returns in the period, though, in most cases, we continue to believe they offer attractive investment opportunities given robust structural protections and an improving economic backdrop.

Within investment grade corporate credit, financials were preferred over industrials due to strong capital positions and lower expected event risk. During the period, the portfolio managers became more biased toward intermediate-dated credit given the steeper credit curves compared to short-dated corporate credit.

During the one-year period, relative performance for the portfolio was driven by the overweight to spread-based assets. Carry contributed positively to relative returns but was offset by negative contributions from spread factors. Risk-based assets rallied during the second and third quarters, but not enough to offset losses during the first quarter. Yield curve positioning was also a detractor as Treasury rates moved lower.

At an asset class level, the portfolio’s allocation to longer duration Treasury securities compared to the benchmark’s Treasury holdings contributed positively to relative returns, as did the portfolio’s underweight allocation to agency residential mortgage-backed securities (“RMBS”). These positives were partially offset by the portfolio’s allocation to shorter duration CMBS and security selection within investment grade corporate credit.

Within investment grade corporate credit, security selection in banking and overweight allocations to communications and consumer non-cyclicals contributed positively to relative returns. Security selection in transportation and overweight allocations to energy and REITs detracted.

J.P. Morgan Investment Management, Inc.

Stock selection in the technology and industrial cyclical sectors contributed to results while stock selection in the insurance and pharma/medtech sectors detracted from returns.

On the positive side, within financials, our overweight in PayPal Holdings, Inc. (“PayPal”) buoyed returns. PayPal outperformed on accelerating ecommerce adoption due to COVID-19. While PayPal is not immune to a slowdown, it was viewed as a relative safe haven amid COVID-19 concerns given limited exposure to travel and nearly 100% ecommerce exposure. Data points indicate that multiple years of typical ecommerce adoption were condensed into April and May, and daily net new active customer growth is at record highs. Additionally, within technology, our underweight in Intel Corp. helped results. Shares of Intel Corp. underperformed as the company lowered its guidance for Q3 2020 and announced a delay in its 7nm processors.

On the negative side, within technology, our overweight in Automatic Data Processing held back results as it reported much weaker fiscal Q4 2020 bookings and a higher than expected expense outlook for fiscal year 2021. Additionally, within financials, our overweight in Citigroup (“Citigroup”) hurt returns. Citigroup has been weighed down by fears over the pace of the economic recovery in the U.S. Fears of rising credit losses and lower interest rates have negatively affected the near-term earnings outlook for all banks. In addition, Citigroup acknowledged a regulatory review on issues surrounding risk and controls management in light of erroneous payments to creditors of Revlon.

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

Bradley D. Doyle, CFA

Tyler A. Knight, CFA

Doug Weih, CFA

Brian W. Westhoff, CFA

Sivakumar N. Rajan

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Tim Snyder, CFA

Raffaele Zingone, CFA

Steven G. Lee

Co-Portfolio Manager

J.P. Morgan Investment Management Inc.

Transamerica Funds Annual Report 2020

Page    264

Transamerica Multi-Managed Balanced

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		58.4	%
Corporate Debt Securities		14.2
U.S. Government Obligations		10.1
U.S. Government Agency Obligations		8.0
Commercial Paper		5.8
Mortgage-Backed Securities		3.6
Asset-Backed Securities		3.1
Repurchase Agreement		1.5
Short-Term U.S. Government Obligations		1.0
Foreign Government Obligations		0.5
Other Investment Company		0.5
Municipal Government Obligations		0.2
Preferred Stocks		0.0	*
Net Other Assets (Liabilities) ^		(6.9	)
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 Annual Report 2020

Page    265

Transamerica Multi-Managed Balanced

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		3.71	%		7.03	%		8.55	%		12/02/1994
Class A (NAV)		9.76	%		8.25	%		9.17	%		12/02/1994
S&P 500® (A)		9.71	%		11.71	%		13.01	%
Bloomberg Barclays US Aggregate Bond Index (B)		6.19	%		4.08	%		3.55	%
Class C (POP)		7.89	%		7.44	%		8.42	%		11/11/2002
Class C (NAV)		8.89	%		7.44	%		8.42	%		11/11/2002
Class I (NAV)		9.99	%		8.49	%		9.49	%		11/30/2009
Class R6 (NAV)		10.11	%		8.62	%		7.70	%		05/29/2015

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

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

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I and R6 shares.

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

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

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

Transamerica Funds Annual Report 2020

Page    266

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 58.4%
Aerospace & Defense - 0.6%
General Dynamics Corp.		7,855		$  1,031,597
Northrop Grumman Corp.		8,465		2,453,327
Raytheon Technologies Corp.		52,991		2,878,471
				6,363,395
Air Freight & Logistics - 0.3%
FedEx Corp.		12,375		3,210,941
Airlines - 0.2%
Delta Air Lines, Inc.		22,522		690,074
Southwest Airlines Co.		29,200		1,154,276
				1,844,350
Auto Components - 0.1%
Magna International, Inc.		21,388		1,093,141
Automobiles - 0.1%
General Motors Co.		41,353		1,427,919
Banks - 1.8%
Bank of America Corp.		124,982		2,962,074
Citigroup, Inc.		140,924		5,837,072
Citizens Financial Group, Inc.		51,408		1,400,868
KeyCorp		173,794		2,255,846
Regions Financial Corp.		135,258		1,798,931
Truist Financial Corp.		23,818		1,003,214
US Bancorp		41,540		1,617,983
Wells Fargo & Co.		144,368		3,096,694
				19,972,682
Beverages - 0.7%
Coca-Cola Co.		101,985		4,901,399
Constellation Brands, Inc., Class A		17,886		2,955,304
				7,856,703
Biotechnology - 1.5%
AbbVie, Inc.		82,086		6,985,519
Alexion Pharmaceuticals, Inc. (A)		21,586		2,485,412
Amgen, Inc.		4,363		946,509
Biogen, Inc. (A)		6,422		1,618,793
Regeneron Pharmaceuticals, Inc. (A)		4,322		2,349,266
Vertex Pharmaceuticals, Inc. (A)		10,721		2,233,828
				16,619,327
Building Products - 0.5%
Carrier Global Corp.		29,796		994,889
Masco Corp.		40,589		2,175,570
Trane Technologies PLC		18,283		2,427,068
				5,597,527
Capital Markets - 1.8%
BlackRock, Inc.		4,067		2,436,987
Goldman Sachs Group, Inc.		10,484		1,981,895
Intercontinental Exchange, Inc.		30,507		2,879,861
MarketAxess Holdings, Inc.		1,766		951,609
Morgan Stanley		103,017		4,960,269
MSCI, Inc.		2,558		894,891
S&P Global, Inc.		12,080		3,898,579
State Street Corp.		25,386		1,495,235
T. Rowe Price Group, Inc.		4,690		594,035
				20,093,361
Chemicals - 1.0%
Air Products & Chemicals, Inc.		5,140		1,419,874
Celanese Corp.		12,082		1,371,428

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Dow, Inc.		31,413		$   1,428,977
DuPont de Nemours, Inc.		24,637		1,401,353
Eastman Chemical Co.		35,041		2,832,714
Linde PLC		8,948		1,971,602
LyondellBasell Industries NV, Class A		11,873		812,707
				11,238,655
Commercial Services & Supplies - 0.1%
Cintas Corp.		2,486		781,971
Communications Equipment - 0.2%
Cisco Systems, Inc.		52,106		1,870,605
Motorola Solutions, Inc.		2,319		366,541
				2,237,146
Consumer Finance - 0.2%
Capital One Financial Corp.		36,683		2,680,794
Containers & Packaging - 0.4%
Avery Dennison Corp.		11,722		1,622,208
Crown Holdings, Inc. (A)		17,070		1,464,606
Packaging Corp. of America		4,674		535,126
WestRock Co.		24,325		913,404
				4,535,344
Diversified Consumer Services - 0.0% (B)
H&R Block, Inc.		9,303		160,570
Diversified Financial Services - 1.0%
Berkshire Hathaway, Inc., Class B (A)		51,531		10,404,109
Voya Financial, Inc.		8,771		420,394
				10,824,503
Diversified Telecommunication Services - 0.6%
Verizon Communications, Inc.		123,361		7,030,343
Electric Utilities - 1.1%
Entergy Corp.		21,393		2,165,399
Exelon Corp.		20,100		801,789
FirstEnergy Corp.		13,398		398,189
NextEra Energy, Inc.		99,636		7,294,352
Xcel Energy, Inc.		26,871		1,881,776
				12,541,505
Electrical Equipment - 0.5%
Eaton Corp. PLC		41,404		4,297,321
Emerson Electric Co.		24,960		1,617,158
				5,914,479
Electronic Equipment, Instruments & Components - 0.1%
TE Connectivity, Ltd.		11,539		1,117,898
Entertainment - 0.8%
Electronic Arts, Inc. (A)		7,679		920,174
Netflix, Inc. (A)		16,067		7,643,715
				8,563,889
Equity Real Estate Investment Trusts - 1.1%
Camden Property Trust		16,824		1,551,846
Equinix, Inc.		4,710		3,444,140
Equity Lifestyle Properties, Inc.		9,764		577,931
Mid-America Apartment Communities, Inc.		10,482		1,222,516
Prologis, Inc.		35,225		3,494,320
Realty Income Corp.		5,008		289,763
Sun Communities, Inc.		3,211		441,930
UDR, Inc.		6,954		217,243

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

Transamerica Funds Annual Report 2020

Page    267

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Ventas, Inc.		18,453		$   728,340
				11,968,029
Food & Staples Retailing - 0.3%
Costco Wholesale Corp.		7,392		2,643,527
Kroger Co.		33,116		1,066,666
				3,710,193
Food Products - 0.4%
Conagra Brands, Inc.		11,706		410,764
Mondelez International, Inc., Class A		80,835		4,293,955
				4,704,719
Health Care Equipment & Supplies - 1.9%
Abbott Laboratories		9,218		968,904
ABIOMED, Inc. (A)		1,054		265,482
Baxter International, Inc.		39,303		3,048,734
Becton Dickinson & Co.		8,862		2,048,274
Boston Scientific Corp. (A)		58,362		2,000,066
DexCom, Inc. (A)		2,249		718,735
Edwards Lifesciences Corp. (A)		8,669		621,481
Intuitive Surgical, Inc. (A)		1,875		1,250,775
Medtronic PLC		56,388		5,670,941
Zimmer Biomet Holdings, Inc.		29,864		3,945,034
				20,538,426
Health Care Providers & Services - 1.7%
Anthem, Inc.		8,326		2,271,333
Centene Corp. (A)		7,654		452,351
Cigna Corp.		20,298		3,389,157
McKesson Corp.		24,648		3,635,334
UnitedHealth Group, Inc.		28,056		8,561,008
				18,309,183
Hotels, Restaurants & Leisure - 0.3%
Hilton Worldwide Holdings, Inc.		17,976		1,578,473
Yum! Brands, Inc.		23,980		2,238,053
				3,816,526
Household Durables - 0.2%
Lennar Corp., Class A		35,239		2,474,835
Household Products - 1.1%
Kimberly-Clark Corp.		24,706		3,275,768
Procter & Gamble Co.		68,237		9,355,293
				12,631,061
Industrial Conglomerates - 0.6%
Honeywell International, Inc.		41,086		6,777,136
Insurance - 1.1%
Allstate Corp.		36,232		3,215,590
American International Group, Inc.		20,562		647,497
Chubb, Ltd.		15,812		2,054,137
Hartford Financial Services Group, Inc.		25,147		968,663
Marsh & McLennan Cos., Inc.		10,857		1,123,265
MetLife, Inc.		7,530		285,011
Progressive Corp.		38,088		3,500,287
				11,794,450
Interactive Media & Services - 3.7%
Alphabet, Inc., Class A (A)		9,012		14,564,383
Alphabet, Inc., Class C (A)		7,227		11,715,039
Facebook, Inc., Class A (A)		53,045		13,956,670
				40,236,092

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 3.3%
Amazon.com, Inc. (A)		11,138		$   33,816,639
Booking Holdings, Inc. (A)		1,632		2,647,920
				36,464,559
IT Services - 3.4%
Accenture PLC, Class A		28,868		6,261,758
Booz Allen Hamilton Holding Corp.		13,100		1,028,350
FleetCor Technologies, Inc. (A)		2,042		451,098
International Business Machines Corp.		31,392		3,505,231
Leidos Holdings, Inc.		27,585		2,289,555
Mastercard, Inc., Class A		36,157		10,436,357
PayPal Holdings, Inc. (A)		40,933		7,618,859
Visa, Inc., Class A		31,088		5,649,000
				37,240,208
Life Sciences Tools & Services - 1.0%
Illumina, Inc. (A)		5,410		1,583,507
Thermo Fisher Scientific, Inc.		18,262		8,640,117
Waters Corp. (A)		1,633		363,865
				10,587,489
Machinery - 1.1%
Cummins, Inc.		11,682		2,568,755
Deere & Co.		8,775		1,982,360
Parker-Hannifin Corp.		15,787		3,289,380
Snap-on, Inc.		6,845		1,078,293
Stanley Black & Decker, Inc.		21,491		3,571,804
				12,490,592
Media - 1.4%
Altice USA, Inc., Class A (A)		24,762		667,336
Charter Communications, Inc., Class A (A)		9,734		5,877,584
Comcast Corp., Class A		151,702		6,407,892
Discovery, Inc., Class A (A) (C)		50,565		1,023,436
Discovery, Inc., Class C (A)		72,737		1,332,542
				15,308,790
Metals & Mining - 0.1%
Newmont Corp.		18,753		1,178,438
Multi-Utilities - 0.7%
Ameren Corp.		13,715		1,112,561
CMS Energy Corp.		26,325		1,667,162
DTE Energy Co.		13,982		1,725,658
Public Service Enterprise Group, Inc.		41,684		2,423,925
Sempra Energy		7,038		882,284
				7,811,590
Multiline Retail - 0.5%
Dollar Tree, Inc. (A)		16,558		1,495,518
Target Corp.		26,445		4,025,458
				5,520,976
Oil, Gas & Consumable Fuels - 1.2%
Cabot Oil & Gas Corp.		11,295		200,938
Cheniere Energy, Inc. (A)		14,291		684,110
Chevron Corp.		58,378		4,057,271
ConocoPhillips		30,140		862,607
Diamondback Energy, Inc.		20,325		527,637
EOG Resources, Inc.		55,059		1,885,220
Kinder Morgan, Inc.		51,774		616,111
Phillips 66		29,488		1,375,910
Pioneer Natural Resources Co.		25,593		2,036,179

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

Transamerica Funds Annual Report 2020

Page    268

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc.		28,561		$   548,085
				12,794,068
Personal Products - 0.1%
Estee Lauder Cos., Inc., Class A		7,382		1,621,530
Pharmaceuticals - 2.3%
Bristol-Myers Squibb Co.		109,790		6,417,226
Eli Lilly & Co.		36,240		4,727,870
Johnson & Johnson		37,839		5,188,105
Merck & Co., Inc.		98,600		7,415,706
Pfizer, Inc.		30,277		1,074,228
				24,823,135
Professional Services - 0.1%
Verisk Analytics, Inc.		3,857		686,430
Road & Rail - 0.7%
CSX Corp.		33,322		2,630,439
Lyft, Inc., Class A (A)		10,832		247,295
Norfolk Southern Corp.		24,678		5,160,663
				8,038,397
Semiconductors & Semiconductor Equipment - 3.4%
Advanced Micro Devices, Inc. (A)		43,513		3,276,094
Analog Devices, Inc.		36,189		4,289,482
Applied Materials, Inc.		63,181		3,742,211
Intel Corp.		29,907		1,324,282
Lam Research Corp.		7,978		2,729,114
Microchip Technology, Inc.		11,415		1,199,488
Micron Technology, Inc. (A)		38,231		1,924,549
NVIDIA Corp.		12,140		6,086,510
NXP Semiconductors NV		23,550		3,182,076
Qorvo, Inc. (A)		13,622		1,734,898
QUALCOMM, Inc.		9,384		1,157,610
Texas Instruments, Inc.		44,920		6,494,983
				37,141,297
Software - 5.2%
Fortinet, Inc. (A)		3,373		372,278
Intuit, Inc.		15,110		4,754,815
Microsoft Corp.		211,398		42,801,753
salesforce.com, Inc. (A)		32,362		7,516,722
Workday, Inc., Class A (A)		7,208		1,514,545
				56,960,113
Specialty Retail - 2.2%
AutoZone, Inc. (A)		3,099		3,498,709
Best Buy Co., Inc.		36,516		4,073,360
Home Depot, Inc.		25,610		6,830,443
Lowe’s Cos., Inc.		43,531		6,882,251
TJX Cos., Inc.		50,457		2,563,216
				23,847,979
Technology Hardware, Storage & Peripherals - 4.1%
Apple, Inc.		403,073		43,878,527
Seagate Technology PLC		36,801		1,759,824
				45,638,351
Textiles, Apparel & Luxury Goods - 0.6%
Carter’s, Inc.		17,695		1,441,258
NIKE, Inc., Class B		40,853		4,905,628
				6,346,886

	Shares		Value
COMMON STOCKS (continued)
Tobacco - 0.7%
Altria Group, Inc.		95,343		$   3,439,975
Philip Morris International, Inc.		62,239		4,420,214
				7,860,189
Wireless Telecommunication Services - 0.3%
T-Mobile US, Inc. (A)		34,399		3,769,098
Total Common Stocks (Cost $415,496,824)				644,797,208
PREFERRED STOCKS - 0.0% (B)
Banks - 0.0% (B)
Citigroup Capital XIII, 3-Month LIBOR + 6.37%, 6.59% (D)		11,963		327,786
Electric Utilities - 0.0% (B)
SCE Trust III, Series H, Fixed until 03/15/2024, 5.75% (D)		960		21,216
Total Preferred Stocks (Cost $351,477)				349,002
	Principal		Value
ASSET-BACKED SECURITIES - 3.1%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (E)		$  258,019		288,809
BlueMountain CLO, Ltd. Series 2015-2A, Class A1R, 3-Month LIBOR + 0.93%, 1.15% (D), 07/18/2027 (E)		737,813		730,589
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.94%, 05/25/2029 (E)		274,550		278,736
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (E)		300,167		300,390
CIFC Funding, Ltd. Series 2013-2A, Class A1LR, 3-Month LIBOR + 1.21%, 1.43% (D), 10/18/2030 (E)		1,975,000		1,961,560
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 02/20/2032 (E)		255,420		262,038
ICG CLO, Ltd. Series 2014-1A, Class A1R, 3-Month LIBOR + 1.22%, 1.44% (D), 01/20/2030 (E)		668,469		657,909
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (E)		475,937		498,583
JGWPT XXVIII LLC Series 2013-1A, Class A, 3.22%, 04/15/2067 (E)		814,424		878,558
Laurel Road Prime Student Loan Trust Series 2018-B, Class A2FX, 3.54%, 05/26/2043 (E)		330,682		338,736
Longfellow Place CLO, Ltd. Series 2013-1A, Class ARR, 3-Month LIBOR + 1.34%, 1.58% (D), 04/15/2029 (E)		1,154,271		1,146,131

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

Transamerica Funds Annual Report 2020

Page    269

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% (D), 04/25/2057 (E)		$   112,693		$   113,873
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (E)		81,490		81,659
Series 2016-1A, Class A,
2.25%, 12/20/2033 (E)		85,752		85,939
Series 2019-1A, Class A,
2.89%, 11/20/2036 (E)		257,890		264,744
New Residential Advance Receivables Trust Series 2020-T1, Class AT1, 1.43%, 08/15/2053 (E)		900,000		900,855
NRZ Advance Receivables Trust
Series 2020-T2, Class AT2,
1.48%, 09/15/2053 (E)		2,846,000		2,850,753
Series 2020-T3, Class AT3,
1.32%, 10/15/2052 (E)		100,000		100,090
Octagon Investment Partners 33, Ltd. Series 2017-1A, Class A1, 3-Month LIBOR + 1.19%, 1.41% (D), 01/20/2031 (E)		800,000		790,537
Ocwen Master Advance Receivables Trust Series 2020-T1, Class AT1, 1.28%, 08/15/2052 (E)		3,216,000		3,226,215
Orange Lake Timeshare Trust
Series 2016-A, Class A,
2.61%, 03/08/2029 (E)		553,313		557,258
Series 2018-A, Class A,
3.10%, 11/08/2030 (E)		82,015		83,903
Series 2018-A, Class B,
3.35%, 11/08/2030 (E)		67,102		68,144
Series 2019-A, Class A,
3.06%, 04/09/2038 (E)		512,481		526,451
Palmer Square CLO, Ltd. Series 2015-2A, Class A1R2, 3-Month LIBOR + 1.10%, 1.32% (D), 07/20/2030 (E)		2,000,000		1,973,352
Sierra Timeshare Receivables Funding LLC
Series 2016-2A, Class A,
2.33%, 07/20/2033 (E)		116,622		117,119
Series 2020-2A, Class A,
1.33%, 07/20/2037 (E)		639,705		642,384
SolarCity LMC LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (E)		368,565		371,672
SPS Servicer Advance Receivables Trust II Series 2020-T1, Class AT1, 1.28%, 11/15/2052 (E)		481,000		481,195
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (D), 03/25/2054 (E)		117,941		118,558
Series 2015-4, Class A1B,
2.75% (D), 04/25/2055 (E)		175,035		175,988
Series 2015-5, Class A1B,
2.75% (D), 05/25/2055 (E)		156,211		157,513
Series 2015-6, Class A1B,
2.75% (D), 04/25/2055 (E)		256,704		260,988
Series 2016-1, Class A1B,
2.75% (D), 02/25/2055 (E)		189,696		192,394

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust (continued)
Series 2016-2, Class A1A,
2.75% (D), 08/25/2055 (E)		$   503,639		$   515,746
Series 2016-3, Class A1,
2.25% (D), 04/25/2056 (E)		216,853		219,400
Series 2016-4, Class A1,
2.25% (D), 07/25/2056 (E)		495,769		503,616
Series 2017-1, Class A1,
2.75% (D), 10/25/2056 (E)		679,154		696,109
Series 2017-2, Class A1,
2.75% (D), 04/25/2057 (E)		725,505		744,877
Series 2017-3, Class A1,
2.75% (D), 07/25/2057 (E)		314,000		323,085
Series 2017-4, Class A1,
2.75% (D), 06/25/2057 (E)		1,097,163		1,134,930
Series 2018-1, Class A1,
3.00% (D), 01/25/2058 (E)		875,786		913,946
Series 2018-3, Class A1,
3.75% (D), 05/25/2058 (E)		1,276,017		1,359,779
Series 2018-4, Class A1,
3.00% (D), 06/25/2058 (E)		837,393		893,413
Series 2019-1, Class A1,
3.75% (D), 03/25/2058 (E)		1,349,145		1,444,941
Series 2020-4, Class A1,
1.75%, 10/25/2060 (E)		1,900,000		1,934,328
VB-S1 Issuer LLC Series 2018-1A, Class C, 3.41%, 02/15/2048 (E)		1,155,000		1,185,189
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (E)		107,164		107,779
Welk Resorts LLC Series 2017-AA, Class A, 2.82%, 06/15/2033 (E)		432,562		437,641
Wellfleet CLO, Ltd. Series 2016-2A, Class A1R, 3-Month LIBOR + 1.14%, 1.36% (D), 10/20/2028 (E)		808,064		801,721
Total Asset-Backed Securities (Cost $34,405,809)				34,700,123
CORPORATE DEBT SECURITIES - 14.2%
Aerospace & Defense - 0.3%
BAE Systems PLC 3.40%, 04/15/2030 (E)		356,000		396,005
Boeing Co.
3.50%, 03/01/2039		1,202,000		1,088,574
5.15%, 05/01/2030		737,000		814,482
Huntington Ingalls Industries, Inc. 3.84%, 05/01/2025 (E)		312,000		343,307
L3 Harris Technologies, Inc. 2.90%, 12/15/2029		414,000		451,821
				3,094,189
Airlines - 0.3%
American Airlines Pass-Through Trust 3.20%, 12/15/2029		639,444		589,387
Delta Air Lines Pass-Through Trust 6.82%, 02/10/2024		961,370		975,681

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

Transamerica Funds Annual Report 2020

Page    270

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
JetBlue Pass-Through Trust 2.75%, 11/15/2033		$   731,965		$   712,972
United Airlines Pass-Through Trust 3.75%, 03/03/2028		690,813		667,985
US Airways Pass-Through Trust 5.38%, 05/15/2023		608,873		517,091
				3,463,116
Auto Components - 0.0% (B)
BorgWarner, Inc. 3.38%, 03/15/2025 (C)		321,000		349,970
Automobiles - 0.1%
General Motors Co.
4.88%, 10/02/2023		601,000		655,874
6.25%, 10/02/2043		159,000		195,578
				851,452
Banks - 2.1%
Bank of America Corp.
Fixed until 02/13/2030, 2.50% (D), 02/13/2031, MTN		2,023,000		2,093,810
Fixed until 06/19/2040, 2.68% (D), 06/19/2041, MTN		632,000		638,092
Fixed until 12/20/2027, 3.42% (D), 12/20/2028		1,097,000		1,218,679
Barclays Bank PLC 10.18%, 06/12/2021 (E)		633,000		666,570
Barclays PLC 5.20%, 05/12/2026		349,000		392,161
CIT Group, Inc. 4.13%, 03/09/2021		70,000		70,438
Citigroup, Inc. Fixed until 10/27/2027, 3.52% (D), 10/27/2028		1,824,000		2,026,587
Commerzbank AG 8.13%, 09/19/2023 (E)		1,117,000		1,282,216
Credit Agricole SA 3.25%, 01/14/2030 (E)		1,316,000		1,405,196
Danske Bank A/S Fixed until 12/20/2024, 3.24% (D), 12/20/2025 (E)		939,000		995,267
Discover Bank 3.45%, 07/27/2026		1,163,000		1,277,255
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (E)		420,000		443,246
JPMorgan Chase & Co.
Fixed until 05/13/2030, 2.96% (D), 05/13/2031		1,664,000		1,772,073
Fixed until 04/22/2040, 3.11% (D), 04/22/2041		929,000		994,667
4.13%, 12/15/2026		841,000		974,537
Lloyds Banking Group PLC
Fixed until 11/07/2022, 2.91% (D), 11/07/2023		303,000		315,165
Fixed until 07/09/2024, 3.87% (D), 07/09/2025		466,000		508,283
Macquarie Bank, Ltd. 3.62%, 06/03/2030 (E)		1,257,000		1,321,285

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Natwest Group PLC Fixed until 08/28/2030, 3.03% (D), 11/28/2035		$   679,000		$   658,576
Santander UK Group Holdings PLC 5.63%, 09/15/2045 (E)		514,000		649,011
UniCredit SpA Fixed until 09/22/2025, 2.57% (D), 09/22/2026 (E)		1,298,000		1,286,461
Wells Fargo & Co.
4.10%, 06/03/2026, MTN		1,368,000		1,547,379
Fixed until 06/15/2024 (F), 5.90% (D)		513,000		517,473
				23,054,427
Beverages - 0.3%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/2025		316,000		358,426
4.44%, 10/06/2048		504,000		586,048
4.75%, 01/23/2029		662,000		801,699
Constellation Brands, Inc.
3.15%, 08/01/2029		335,000		366,919
3.70%, 12/06/2026		152,000		173,210
Keurig Dr. Pepper, Inc. 3.20%, 05/01/2030		913,000		1,018,356
Pernod Ricard SA 4.45%, 01/15/2022 (E)		385,000		402,994
				3,707,652
Biotechnology - 0.2%
AbbVie, Inc.
3.20%, 05/14/2026		403,000		445,089
4.05%, 11/21/2039 (E)		344,000		394,483
Amgen, Inc. 2.20%, 02/21/2027		571,000		599,859
Biogen, Inc. 2.25%, 05/01/2030		359,000		361,762
Gilead Sciences, Inc. 4.15%, 03/01/2047		177,000		209,428
				2,010,621
Building Products - 0.1%
Carrier Global Corp. 2.72%, 02/15/2030 (E)		665,000		694,072
Capital Markets - 0.9%
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/2025		772,000		854,190
3.80%, 06/09/2023		738,000		793,800
Deutsche Bank AG Fixed until 09/18/2030, 3.55% (D), 09/18/2031		634,000		644,425
Goldman Sachs Group, Inc. 6.75%, 10/01/2037		732,000		1,066,500
Intercontinental Exchange, Inc. 1.85%, 09/15/2032		867,000		859,967
Lazard Group LLC 4.50%, 09/19/2028		782,000		901,806
Morgan Stanley
Fixed until 01/22/2030, 2.70% (D), 01/22/2031, MTN		1,042,000		1,110,531
3.70%, 10/23/2024, MTN		1,260,000		1,400,230
5.00%, 11/24/2025		486,000		572,838

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

Transamerica Funds Annual Report 2020

Page    271

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
UBS AG 7.63%, 08/17/2022		$   1,047,000		$   1,165,950
				9,370,237
Chemicals - 0.1%
Nutrition & Biosciences, Inc. 2.30%, 11/01/2030 (E)		664,000		667,730
Syngenta Finance NV 3.93%, 04/23/2021 (E)		828,000		838,625
				1,506,355
Commercial Services & Supplies - 0.2%
Ashtead Capital, Inc. 4.25%, 11/01/2029 (E)		414,000		441,842
ERAC USA Finance LLC
2.70%, 11/01/2023 (E)		186,000		195,200
3.30%, 12/01/2026 (E)		368,000		402,092
3.85%, 11/15/2024 (E)		521,000		572,016
Waste Connections, Inc. 2.60%, 02/01/2030		503,000		535,478
				2,146,628
Communications Equipment - 0.1%
Nokia OYJ 3.38%, 06/12/2022		654,000		667,897
Construction & Engineering - 0.5%
Quanta Services, Inc. 2.90%, 10/01/2030		499,000		520,826
SBA Tower Trust
1.88%, 07/15/2050 (E)		546,000		562,951
2.84%, 01/15/2050 (E)		2,715,000		2,876,475
3.17%, 04/09/2047 (E)		745,000		753,540
3.45%, 03/15/2048 (E)		345,000		367,364
				5,081,156
Construction Materials - 0.1%
CRH America Finance, Inc. 4.50%, 04/04/2048 (E)		575,000		670,010
LafargeHolcim Finance LLC 4.75%, 09/22/2046 (E)		780,000		922,273
				1,592,283
Consumer Finance - 0.2%
Ally Financial, Inc. 3.88%, 05/21/2024		617,000		663,552
American Express Co. 4.05%, 12/03/2042		382,000		474,765
BMW US Capital LLC 2.80%, 04/11/2026 (E)		1,029,000		1,107,866
				2,246,183
Containers & Packaging - 0.0% (B)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.13%, 07/15/2023 (E) (G)		34,000		34,425
Diversified Consumer Services - 0.0% (B)
President & Fellows of Harvard College 3.62%, 10/01/2037		65,000		76,033

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 0.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.50%, 09/15/2023		$   640,000		$   664,644
6.50%, 07/15/2025		152,000		167,466
Aviation Capital Group LLC 5.50%, 12/15/2024 (E)		1,296,000		1,349,394
Element Fleet Management Corp. 3.85%, 06/15/2025 (E)		494,000		525,543
				2,707,047
Diversified Telecommunication Services - 0.4%
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		410,000		421,275
Level 3 Financing, Inc. 3.40%, 03/01/2027 (E)		517,000		553,071
Sprint Capital Corp. 6.88%, 11/15/2028		135,000		170,775
Verizon Communications, Inc.
1.68%, 10/30/2030 (E)		1,668,000		1,647,983
2.99%, 10/30/2056 (E)		1,410,000		1,428,165
				4,221,269
Electric Utilities - 0.7%
Appalachian Power Co. 3.40%, 06/01/2025		809,000		885,801
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		117,000		145,723
DTE Electric Co. 4.30%, 07/01/2044		1,273,000		1,569,148
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		1,486,000		1,656,652
Duke Energy Progress LLC 3.60%, 09/15/2047		848,000		972,740
Entergy Arkansas LLC 3.70%, 06/01/2024		192,000		210,413
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		834,000		873,477
5.30%, 06/01/2042		70,000		97,642
Pacific Gas & Electric Co. 2.50%, 02/01/2031		611,000		577,676
PacifiCorp
3.60%, 04/01/2024		506,000		552,764
5.75%, 04/01/2037		117,000		162,180
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		424,000		464,567
				8,168,783
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp. 2.80%, 02/15/2030		536,000		585,116
Arrow Electronics, Inc.
3.25%, 09/08/2024		232,000		249,548
3.88%, 01/12/2028		201,000		223,545
Keysight Technologies, Inc. 4.60%, 04/06/2027		724,000		843,791
				1,902,000
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (E)		802,000		857,635

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

Transamerica Funds Annual Report 2020

Page    272

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Schlumberger Investment SA 3.65%, 12/01/2023		$   98,000		$   105,437
				963,072
Equity Real Estate Investment Trusts - 0.7%
Agree, LP 2.90%, 10/01/2030		303,000		311,568
American Tower Trust #1 3.65%, 03/15/2048 (E)		755,000		830,359
Corporate Office Properties, LP 2.25%, 03/15/2026		314,000		317,703
CyrusOne, LP / CyrusOne Finance Corp. 2.90%, 11/15/2024		514,000		545,364
Equinix, Inc. 5.38%, 05/15/2027		735,000		801,271
Federal Realty Investment Trust 1.25%, 02/15/2026		588,000		586,362
Healthcare Trust of America Holdings, LP 3.10%, 02/15/2030		447,000		476,718
Healthpeak Properties, Inc. 3.50%, 07/15/2029		377,000		418,128
Highwoods Realty, LP 3.05%, 02/15/2030		824,000		848,217
Life Storage, LP 4.00%, 06/15/2029		563,000		637,826
Mid-America Apartments, LP 1.70%, 02/15/2031		364,000		352,874
National Retail Properties, Inc. 2.50%, 04/15/2030		603,000		597,580
Realty Income Corp. 3.25%, 01/15/2031		273,000		298,622
Weyerhaeuser Co. 4.00%, 04/15/2030		604,000		700,884
WP Carey, Inc. 2.40%, 02/01/2031		256,000		252,736
				7,976,212
Food & Staples Retailing - 0.2%
Sysco Corp. 3.30%, 07/15/2026		536,000		584,470
Walmart, Inc. 3.63%, 12/15/2047		1,046,000		1,275,747
				1,860,217
Food Products - 0.1%
Campbell Soup Co. 2.38%, 04/24/2030		801,000		826,846
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories 1.40%, 06/30/2030		310,000		309,278
Alcon Finance Corp. 2.75%, 09/23/2026 (E)		600,000		650,058
Boston Scientific Corp. 4.70%, 03/01/2049		655,000		847,606
Danaher Corp. 2.60%, 10/01/2050		618,000		614,558
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030		814,000		882,697
Smith & Nephew PLC 2.03%, 10/14/2030		640,000		636,677
				3,940,874

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 0.6%
Anthem, Inc. 2.25%, 05/15/2030		$   526,000		$   540,548
Centene Corp.
3.00%, 10/15/2030		875,000		908,646
3.38%, 02/15/2030		510,000		529,763
Cigna Corp. 2.40%, 03/15/2030		528,000		547,739
CVS Health Corp.
2.70%, 08/21/2040		434,000		414,341
3.75%, 04/01/2030		753,000		853,798
HCA, Inc.
4.13%, 06/15/2029		351,000		398,320
5.25%, 04/15/2025		230,000		266,397
Health Care Service Corp. 2.20%, 06/01/2030 (E)		735,000		751,077
Quest Diagnostics, Inc. 4.20%, 06/30/2029		1,088,000		1,281,841
UnitedHealth Group, Inc. 2.00%, 05/15/2030		494,000		514,055
				7,006,525
Household Durables - 0.1%
D.R. Horton, Inc. 4.38%, 09/15/2022		704,000		746,065
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc. 3.75%, 12/01/2027		610,000		685,721
General Electric Co. 6.88%, 01/10/2039, MTN		392,000		519,102
				1,204,823
Insurance - 0.5%
American International Group, Inc.
4.20%, 04/01/2028		466,000		542,518
4.25%, 03/15/2029		540,000		637,641
CNA Financial Corp. 3.90%, 05/01/2029		419,000		475,856
Markel Corp. 3.35%, 09/17/2029		823,000		903,474
Pacific LifeCorp 3.35%, 09/15/2050 (E)		356,000		364,325
Prudential Financial, Inc. Fixed until 07/01/2030, 3.70% (D), 10/01/2050 (C)		895,000		915,138
Reinsurance Group of America, Inc. 3.90%, 05/15/2029		1,056,000		1,201,924
				5,040,876
Interactive Media & Services - 0.2%
Alphabet, Inc. 1.10%, 08/15/2030		636,000		621,377
Baidu, Inc. 4.38%, 05/14/2024		940,000		1,030,578
Tencent Holdings, Ltd. 3.28%, 04/11/2024 (E)		742,000		788,572
				2,440,527
Internet & Direct Marketing Retail - 0.0% (B)
Expedia Group, Inc. 3.80%, 02/15/2028		512,000		514,629

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

Transamerica Funds Annual Report 2020

Page    273

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services - 0.1%
Fidelity National Information Services, Inc. 3.75%, 05/21/2029		$   414,000		$   477,068
Fiserv, Inc. 3.50%, 07/01/2029		701,000		786,935
				1,264,003
Life Sciences Tools & Services - 0.0% (B)
Thermo Fisher Scientific, Inc. 5.30%, 02/01/2044		295,000		414,739
Machinery - 0.0% (B)
Xylem, Inc. 1.95%, 01/30/2028		397,000		410,208
Media - 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.80%, 03/01/2050		377,000		429,478
Clear Channel Worldwide Holdings, Inc. 5.13%, 08/15/2027 (E)		300,000		291,000
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (E) (F)		738,000		747,225
NBCUniversal Media LLC 4.45%, 01/15/2043		571,000		721,461
ViacomCBS, Inc. 4.20%, 05/19/2032		588,000		676,504
				2,865,668
Metals & Mining - 0.1%
Anglo American Capital PLC
4.00%, 09/11/2027 (E)		852,000		942,206
4.75%, 04/10/2027 (E)		230,000		264,550
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		140,000		144,620
				1,351,376
Multi-Utilities - 0.1%
Black Hills Corp. 4.25%, 11/30/2023		587,000		641,147
CMS Energy Corp.
3.88%, 03/01/2024		65,000		70,781
4.88%, 03/01/2044		141,000		181,586
Public Service Enterprise Group, Inc. 2.65%, 11/15/2022		158,000		164,997
				1,058,511
Oil, Gas & Consumable Fuels - 1.0%
Boardwalk Pipelines, LP 3.40%, 02/15/2031		390,000		375,044
BP Capital Markets PLC 3.12%, 05/04/2026		1,328,000		1,443,484
CNOOC Petroleum North America ULC 5.88%, 03/10/2035		10,000		13,863
Energy Transfer Operating, LP
4.90%, 02/01/2024		356,000		380,592
5.15%, 02/01/2043		559,000		521,219
5.95%, 10/01/2043		499,000		501,610
7.60%, 02/01/2024		397,000		450,384
Enterprise Products Operating LLC 4.25%, 02/15/2048		1,353,000		1,452,109
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		772,000		838,046

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Noble Energy, Inc. 3.25%, 10/15/2029		$   368,000		$   407,196
Occidental Petroleum Corp. 5.55%, 03/15/2026		1,184,000		1,030,080
Petroleos Mexicanos
6.50%, 01/23/2029		385,000		343,382
6.84%, 01/23/2030		892,000		797,448
6.88%, 08/04/2026		340,000		326,366
7.69%, 01/23/2050		95,000		78,938
Plains All American Pipeline, LP / PAA Finance Corp. 3.55%, 12/15/2029		426,000		408,494
Sabine Pass Liquefaction LLC 4.20%, 03/15/2028		352,000		382,156
Shell International Finance BV
2.50%, 09/12/2026		813,000		882,474
3.75%, 09/12/2046		351,000		385,654
Williams Cos., Inc.
5.40%, 03/04/2044		97,000		106,213
7.88%, 09/01/2021		93,000		98,549
				11,223,301
Pharmaceuticals - 0.5%
AstraZeneca PLC
2.38%, 06/12/2022		551,000		567,518
4.00%, 01/17/2029		197,000		235,167
4.38%, 08/17/2048		451,000		587,672
Bayer US Finance II LLC 4.38%, 12/15/2028 (E)		516,000		594,969
Bristol-Myers Squibb Co. 3.20%, 06/15/2026		309,000		345,890
Merck & Co., Inc. 3.40%, 03/07/2029		349,000		403,059
Royalty Pharma PLC 2.20%, 09/02/2030 (E)		687,000		676,177
Takeda Pharmaceutical Co., Ltd. 5.00%, 11/26/2028		1,035,000		1,276,372
Upjohn, Inc. 2.30%, 06/22/2027 (E)		311,000		321,693
Zoetis, Inc. 2.00%, 05/15/2030		377,000		386,480
				5,394,997
Professional Services - 0.1%
Equifax, Inc. 2.60%, 12/01/2024		436,000		463,948
Experian Finance PLC 2.75%, 03/08/2030 (C) (E)		957,000		1,028,220
				1,492,168
Road & Rail - 0.2%
Avolon Holdings Funding, Ltd.
4.38%, 05/01/2026 (E)		964,000		934,981
5.50%, 01/15/2026 (E)		415,000		423,899
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		38,000		39,944
3.75%, 04/01/2024		35,000		38,387
CSX Corp. 3.80%, 11/01/2046 - 04/15/2050		620,000		716,376
				2,153,587

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

Transamerica Funds Annual Report 2020

Page    274

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment - 0.7%
Intel Corp. 2.88%, 05/11/2024		$   489,000		$   525,233
KLA Corp. 3.30%, 03/01/2050		494,000		518,875
Lam Research Corp.
1.90%, 06/15/2030		418,000		429,911
3.75%, 03/15/2026		585,000		671,721
Micron Technology, Inc. 2.50%, 04/24/2023		267,000		277,875
NVIDIA Corp. 2.85%, 04/01/2030		527,000		583,956
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.40%, 05/01/2030 (E)		656,000		720,476
QUALCOMM, Inc. 3.25%, 05/20/2027 - 05/20/2050		1,086,000		1,203,027
Sensata Technologies, Inc., Co. 4.38%, 02/15/2030 (E)		403,000		421,135
TSMC Global, Ltd. 1.38%, 09/28/2030 (E)		1,611,000		1,574,634
Xilinx, Inc. 2.38%, 06/01/2030		574,000		585,713
				7,512,556
Software - 0.2%
Adobe, Inc. 2.15%, 02/01/2027		521,000		554,818
Infor, Inc. 1.75%, 07/15/2025 (E)		595,000		611,824
Intuit, Inc. 1.35%, 07/15/2027		435,000		438,113
Microsoft Corp. 3.30%, 02/06/2027		863,000		980,425
				2,585,180
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc.
2.65%, 05/11/2050		375,000		378,268
2.85%, 02/23/2023		719,000		757,258
Dell International LLC / EMC Corp. 6.02%, 06/15/2026 (E)		520,000		616,432
Hewlett Packard Enterprise Co. 4.45%, 10/02/2023		476,000		525,461
Seagate HDD Cayman 4.13%, 01/15/2031 (E)		101,000		108,854
Western Digital Corp. 4.75%, 02/15/2026		855,000		920,878
				3,307,151
Tobacco - 0.2%
Altria Group, Inc. 3.40%, 05/06/2030		476,000		517,185
BAT Capital Corp.
2.26%, 03/25/2028		1,145,000		1,141,585
4.91%, 04/02/2030		447,000		521,009
				2,179,779
Wireless Telecommunication Services - 0.4%
America Movil SAB de CV
3.13%, 07/16/2022		407,000		421,483
4.38%, 07/16/2042		300,000		360,305

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services (continued)
Crown Castle Towers LLC
3.22%, 05/15/2042 (E)		$   1,542,000		$   1,557,939
3.72%, 07/15/2043 (E)		160,000		167,748
Sprint Corp.
7.25%, 09/15/2021		200,000		208,316
7.88%, 09/15/2023		390,000		444,600
T-Mobile USA, Inc. 3.88%, 04/15/2030 (E)		987,000		1,108,756
				4,269,147
Total Corporate Debt Securities (Cost $148,863,898)				156,948,832
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Brazil - 0.0% (B)
Brazil Government International Bond 4.25%, 01/07/2025		330,000		358,875
Chile - 0.1%
Chile Government International Bond 3.50%, 01/25/2050		400,000		440,504
Colombia - 0.1%
Colombia Government International Bond
4.00%, 02/26/2024		235,000		250,369
4.50%, 01/28/2026 (C)		850,000		941,383
				1,191,752
Indonesia - 0.1%
Indonesia Government International Bond
4.75%, 01/08/2026 (E)		610,000		705,288
5.38%, 10/17/2023 (E)		115,000		129,488
				834,776
Mexico - 0.1%
Mexico Government International Bond 3.75%, 01/11/2028		1,126,000		1,218,467
Panama - 0.0% (B)
Panama Government International Bond 3.88%, 03/17/2028		315,000		356,741
Peru - 0.0% (B)
Peru Government International Bond 7.35%, 07/21/2025		125,000		159,689
Poland - 0.0% (B)
Republic of Poland Government International Bond 3.00%, 03/17/2023		275,000		291,441
Qatar - 0.0% (B)
Qatar Government International Bond 3.88%, 04/23/2023 (C) (E)		200,000		214,500
Saudi Arabia - 0.1%
Saudi Government International Bond 2.38%, 10/26/2021 (E)		455,000		461,770
Total Foreign Government Obligations (Cost $5,113,731)				5,528,515
MORTGAGE-BACKED SECURITIES - 3.6%
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (E)		1,145,000		1,142,533

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

Transamerica Funds Annual Report 2020

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Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BB-UBS Trust (continued)
Series 2012-TFT, Class C,
3.47% (D), 06/05/2030 (E)		$   1,070,000		$   604,664
BB-UBS Trust, Interest Only STRIPS
Series 2012-SHOW, Class XA,
0.60% (D), 11/05/2036 (E)		3,045,000		68,955
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 (E)		1,600,000		1,648,040
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		78,006		83,561
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		220,000		238,092
Citigroup Mortgage Loan Trust, Inc.
Series 2015-A, Class A1,
3.50% (D), 06/25/2058 (E)		133,796		137,218
Series 2018-RP1, Class A1,
3.00% (D), 09/25/2064 (E)		479,224		505,350
COMM Mortgage Trust
Series 2013-CR11, Class AM,
4.72% (D), 08/10/2050		1,310,000		1,433,053
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (E)		21,766		21,713
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (E)		110,000		104,321
Series 2013-WWP, Class B,
3.73%, 03/10/2031 (E)		1,150,000		1,218,777
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		2,415,000		2,622,075
Series 2015-3BP, Class A,
3.18%, 02/10/2035 (E)		2,680,000		2,855,417
Series 2016-GCT, Class C,
3.46% (D), 08/10/2029 (E)		520,000		521,765
Commercial Mortgage Pass-Through Certificates Trust Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (E)		830,000		709,569
CSMC Trust Series 2014-4R, Class 21A1, 1-Month LIBOR + 0.33%, 0.81% (D), 12/27/2035 (E)		184,099		183,669
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class B, 3.45%, 12/10/2036 (E)		1,250,000		1,256,315
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (D), 04/10/2031 (E)		675,000		667,387
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (E)		700,000		705,955
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (E)		2,053,033		1,627,499
Series 2013-C13, Class B,
4.08% (D), 01/15/2046		950,000		987,706
MetLife Securitization Trust Series 2019-1A, Class A1A, 3.75% (D), 04/25/2058 (E)		193,191		206,726

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class AS, 3.48%, 11/15/2045		$   320,000		$   330,785
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (E)		3,050,000		3,040,992
Morgan Stanley Resecuritization Trust Series 2014-R3, Class 2A, 3.00% (D), 07/26/2048 (E)		215,413		215,387
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 1.55% (D), 08/15/2034 (E)		2,226,793		2,180,739
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (D), 12/25/2052 (E)		146,362		150,811
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (E)		75,536		81,112
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (E)		180,247		194,344
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (E)		139,318		148,814
Series 2015-2A, Class A1,
3.75% (D), 08/25/2055 (E)		337,296		364,187
Series 2016-2A, Class A1,
3.75% (D), 11/26/2035 (E)		237,435		256,057
Series 2016-3A, Class A1B,
3.25% (D), 09/25/2056 (E)		241,945		256,854
Series 2016-4A, Class A1,
3.75% (D), 11/25/2056 (E)		296,402		318,127
Series 2017-1A, Class A1,
4.00% (D), 02/25/2057 (E)		686,279		742,323
Series 2017-2A, Class A3,
4.00% (D), 03/25/2057 (E)		1,552,180		1,671,950
Series 2017-3A, Class A1,
4.00% (D), 04/25/2057 (E)		976,438		1,053,221
Series 2017-4A, Class A1,
4.00% (D), 05/25/2057 (E)		798,685		871,126
Series 2018-1A, Class A1A,
4.00% (D), 12/25/2057 (E)		338,858		365,403
Series 2018-RPL1, Class A1,
3.50% (D), 12/25/2057 (E)		615,080		648,648
Series 2019-4A, Class A1B,
3.50% (D), 12/25/2058 (E)		1,860,104		1,969,737
Series 2019-5A, Class A1B,
3.50% (D), 08/25/2059 (E)		1,797,527		1,880,881
One Market Plaza Trust Series 2017-1MKT, Class A, 3.61%, 02/10/2032 (E)		1,373,000		1,424,550
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (E)		950,000		750,500
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% (D), 01/11/2037 (E)		410,000		377,725

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

Transamerica Funds Annual Report 2020

Page    276

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (E)		$   560,000		$   554,419
Total Mortgage-Backed Securities (Cost $40,053,630)				39,399,052
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2%
California - 0.2%
Los Angeles Community College District, General Obligation Unlimited, 6.60%, 08/01/2042		45,000		74,797
State of California, General Obligation Unlimited
7.30%, 10/01/2039		290,000		468,663
7.60%, 11/01/2040		480,000		850,090
7.70%, 11/01/2030		340,000		340,000
University of California, Revenue Bonds, Series AD, 4.86%, 05/15/2112		40,000		53,055
				1,786,605
Georgia - 0.0% (B)
Municipal Electric Authority of Georgia, Revenue Bonds, Series A, 6.64%, 04/01/2057		35,000		50,434
New Jersey - 0.0% (B)
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		54,000		88,489
New York - 0.0% (B)
Metropolitan Transportation Authority, Revenue Bonds, Series E, 6.81%, 11/15/2040		45,000		53,860
New York City Water & Sewer System, Revenue Bonds, Series CC, 5.88%, 06/15/2044		45,000		69,548
New York State Dormitory Authority, Revenue Bonds, Series H, 5.39%, 03/15/2040		40,000		54,536
Port Authority of New York & New Jersey, Revenue Bonds, Series 181, 4.96%, 08/01/2046		70,000		90,294
				268,238
Total Municipal Government Obligations (Cost $1,919,502)				2,193,766
U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.0%
Federal Home Loan Mortgage Corp.
5.00%, 08/01/2035		211,110		242,256
5.50%, 06/01/2041		78,849		91,646
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
1.38%, 06/25/2030		2,547,000		2,581,830

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (continued)
2.89%, 06/25/2027		$   970,156		$   1,034,762
3.01%, 07/25/2025		2,408,000		2,649,594
3.06% (D), 08/25/2024		1,820,000		1,966,472
3.49%, 01/25/2024		1,298,000		1,407,012
3.53% (D), 07/25/2023		1,000,000		1,078,158
Federal National Mortgage Association
3.33% (D), 10/25/2023		133,281		141,303
3.50%, 07/01/2028 - 11/01/2028		233,458		253,334
12-Month LIBOR + 1.52%, 3.52% (D), 02/01/2043		40,732		41,087
4.00%, 04/01/2026 - 06/01/2042		66,996		73,626
4.50%, 02/01/2025 - 06/01/2026		112,478		119,062
5.00%, 04/01/2039 - 11/01/2039		977,280		1,127,976
5.50%, 10/01/2036 - 12/01/2041		739,645		870,436
6.00%, 08/01/2036 - 06/01/2041		972,835		1,147,962
6.50%, 05/01/2040		91,100		109,186
Government National Mortgage Association, Interest Only STRIPS 0.71% (D), 02/16/2053		413,755		15,431
Uniform Mortgage-Backed Security
2.00%, TBA (H)		13,369,000		13,839,378
2.50%, TBA (H)		7,017,000		7,305,538
3.00%, TBA (H)		25,509,000		26,661,064
3.50%, TBA (H)		20,515,000		21,663,760
4.00%, TBA (H)		3,820,000		4,080,387
Total U.S. Government Agency Obligations (Cost $87,888,733)				88,501,260
U.S. GOVERNMENT OBLIGATIONS - 10.1%
U.S. Treasury - 8.9%
U.S. Treasury Bond
1.25%, 05/15/2050 (C)		1,026,000		932,057
2.00%, 02/15/2050		2,074,000		2,257,743
2.25%, 08/15/2046		2,031,000		2,325,654
2.50%, 02/15/2045 - 05/15/2046		7,240,000		8,668,653
2.75%, 08/15/2047 (C)		1,308,900		1,646,811
2.75%, 11/15/2047		1,540,000		1,938,355
2.88%, 08/15/2045 (C)		1,070,000		1,366,047
2.88%, 05/15/2049		138,600		179,395
3.00%, 05/15/2042 (C)		476,000		615,211
3.00%, 08/15/2048 - 02/15/2049		2,087,400		2,755,554
3.13%, 02/15/2042 - 05/15/2048		3,617,600		4,767,529
3.50%, 02/15/2039		2,329,000		3,186,818
3.63%, 02/15/2044		6,938,000		9,870,118
4.50%, 02/15/2036 (C)		2,035,500		3,009,360
4.75%, 02/15/2037 (C)		1,790,000		2,752,615
5.25%, 02/15/2029		2,129,000		2,907,915
U.S. Treasury Note
0.13%, 05/31/2022		865,000		864,662
0.25%, 05/31/2025 - 08/31/2025		3,417,000		3,399,126
0.63%, 05/15/2030 - 08/15/2030		5,579,000		5,466,686
1.13%, 06/30/2021		5,143,000		5,177,153
1.50%, 08/15/2026 - 02/15/2030		2,221,100		2,355,433
1.63%, 11/15/2022 - 08/15/2029 (C)		5,840,000		6,215,117
1.75%, 11/30/2021		3,514,000		3,574,671

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

Transamerica Funds Annual Report 2020

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Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note (continued)
2.13%, 06/30/2022 (C)		$   554,000		$   572,113
2.25%, 11/15/2025 (C)		897,100		980,222
2.25%, 11/15/2027		1,205,500		1,340,036
2.38%, 01/31/2023 - 05/15/2029		7,437,100		8,369,700
2.50%, 01/31/2024 - 05/15/2024		4,055,000		4,372,688
2.63%, 12/15/2021 - 02/15/2029 (C)		984,500		1,092,547
2.88%, 05/15/2028 (C)		3,162,900		3,673,659
2.88%, 08/15/2028		757,400		882,134
3.13%, 11/15/2028		939,500		1,116,060
				98,631,842
U.S. Treasury Inflation-Protected Securities - 1.2%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		2,345,880		2,828,160
2.50%, 01/15/2029		2,794,537		3,609,101
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		6,194,009		6,544,115
				12,981,376
Total U.S. Government Obligations (Cost $100,994,098)				111,613,218
COMMERCIAL PAPER - 5.8%
Banks - 2.6%
Concord Minutemen Capital Co. 0.20% (I), 11/19/2020		2,800,000		2,799,766
CRC Funding LLC 0.17% (I), 12/08/2020		3,350,000		3,349,423
HSBC Bank PLC 0.20% (I), 01/07/2021		2,500,000		2,498,946
Macquarie Bank, Ltd.
0.17% (I), 12/03/2020		2,400,000		2,399,590
0.18% (I), 12/03/2020		2,000,000		1,999,658
Manhattan Asset Funding Co. LLC 0.16% (I), 12/01/2020		4,250,000		4,249,426
National Bank of Canada 0.17% (I), 01/04/2021		4,400,000		4,399,000
Skandinaviska Enskilda Banken AB 0.17% (I), 11/17/2020		700,000		699,965
Sumitomo Mitsui Brokerage Corp. 0.21% (I), 02/11/2021		2,762,000		2,760,532
Swedbank AB 0.17% (I), 11/03/2020		3,610,000		3,609,961
				28,766,267
Capital Markets - 0.3%
Cedar Springs Capital Co. LLC 0.20% (I), 01/05/2021		3,500,000		3,498,847
Commercial Services & Supplies - 0.1%
Charta LLC 0.17% (I), 01/15/2021		1,100,000		1,099,600
Diversified Financial Services - 2.8%
Anglesea Funding PLC 0.22% (I), 11/04/2020		4,000,000		3,999,933
Cancara Asset Securitisation LLC 0.19% (I), 11/19/2020		1,000,000		999,944
Gotham Funding Corp. 0.17% (I), 11/10/2020		2,750,000		2,749,912

	Principal		Value
COMMERCIAL PAPER (continued)
Diversified Financial Services (continued)
Jupiter Securitization Co. LLC 0.19% (I), 11/04/2020		$   1,766,000		$   1,765,971
Lexington Parker Capital Co. LLC 0.23% (I), 01/13/2021		1,800,000		1,799,306
Mont Blanc Capital Corp. 0.17% (I), 11/20/2020		4,000,000		3,999,641
Nieuw Amsterdam Receivables Corp.
0.16% (I), 01/14/2021		360,000		359,862
0.17% (I), 12/10/2020		3,750,000		3,749,291
Ridgefield Funding Co. 0.20% (I), 11/17/2020		4,100,000		4,099,709
Sheffield Receivable
0.15% (I), 11/02/2020		3,000,000		2,999,970
0.17% (I), 12/01/2020		1,438,000		1,437,806
Victory Receivables Corp. 0.17% (I), 01/04/2021		2,200,000		2,199,347
				30,160,692
Total Commercial Paper (Cost $63,524,714)				63,525,406
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.0%
U.S. Treasury Bill
0.09% (I), 12/31/2020		3,956,000		3,955,400
0.10% (I), 11/05/2020		400,000		399,998
0.11% (I), 12/10/2020		6,304,000		6,303,401
Total Short-Term U.S. Government Obligations (Cost $10,658,662)				10,658,799
	Shares		Value
OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (I)		5,326,594		5,326,594
Total Other Investment Company (Cost $5,326,594)				5,326,594
	Principal		Value
REPURCHASE AGREEMENT - 1.5%
Fixed Income Clearing Corp., 0.00% (I), dated 10/30/2020, to be repurchased at $16,072,330 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.63%, due 12/31/2023 , and with a value of $16,393,925.		$  16,072,330		16,072,330
Total Repurchase Agreement (Cost $16,072,330)				16,072,330
Total Investments (Cost $930,670,002)				1,179,614,105
Net Other Assets (Liabilities) - (6.9)%				(76,507,613	)
Net Assets - 100.0%				$  1,103,106,492

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

Transamerica Funds Annual Report 2020

Page    278

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		56		12/18/2020	$	9,496,851	$	9,141,160	$	—	$	(355,691	)

INVESTMENT VALUATION:

Valuation Inputs ^(J)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	644,797,208		$	—	$	—	$	644,797,208
Preferred Stocks		349,002			—		—		349,002
Asset-Backed Securities		—			34,700,123		—		34,700,123
Corporate Debt Securities		—			156,948,832		—		156,948,832
Foreign Government Obligations		—			5,528,515		—		5,528,515
Mortgage-Backed Securities		—			39,399,052		—		39,399,052
Municipal Government Obligations		—			2,193,766		—		2,193,766
U.S. Government Agency Obligations		—			88,501,260		—		88,501,260
U.S. Government Obligations		—			111,613,218		—		111,613,218
Commercial Paper		—			63,525,406		—		63,525,406
Short-Term U.S. Government Obligations		—			10,658,799		—		10,658,799
Other Investment Company		5,326,594			—		—		5,326,594
Repurchase Agreement		—			16,072,330		—		16,072,330
Total Investments	$	650,472,804		$	529,141,301	$	—	$	1,179,614,105
LIABILITIES
Other Financial Instruments
Futures Contracts (K)	$	(355,691	)	$	—	$	—	$	(355,691	)
Total Other Financial Instruments	$	(355,691	)	$	—	$	—	$	(355,691	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $26,979,087, collateralized by cash collateral of $5,326,594 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $22,208,008. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2020, the total value of 144A securities is $113,466,371, representing 10.3% of the Fund’s net assets.
(F)	Perpetual maturity. The date displayed is the next call date.
(G)	Restricted security. At October 31, 2020, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Corporate Debt Securities	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.13%, 07/15/2023		12/22/2016	$	34,595	$	34,425		0.0	%(B)

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

Transamerica Funds Annual Report 2020

Page    279

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(H)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. 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 October 31, 2020.
(J)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. 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
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

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

Transamerica Funds Annual Report 2020

Page    280

Transamerica Short-Term Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2020 began with U.S. markets near all-time highs, though global trade tensions persisted, and manufacturing Purchasing Managers’ Indexes (“PMIs”) softened. It was risk on for markets as equities led the way in total and risk-adjusted returns in late 2019, followed by high yield, then investment grade. Treasuries retreated toward the end of 2019.

Worries around trade ceded to concerns over the COVID-19 outbreak early in 2020. Confidence dropped rapidly as the country grappled with a worsening outbreak that eventually led to widespread stay at home orders and the closure of nonessential businesses. Gross domestic product (“GDP”) and private investment contracted, and risk assets declined meaningfully. PMIs declined materially, and GDP eventually faced a historic decline. Equities led the way down with peak-to-trough losses of approximately one third, and high yield bonds posted double digit declines. U.S. Treasuries rallied aggressively as investors fled risk assets.

Markets rebounded in the second quarter, after aggressive monetary stimulus from the U.S. Federal Reserve (“Fed”) and fiscal stimulus from the Federal Government gave markets the confidence that the worst may be over. The damage to the U.S. economy was historic with second quarter GDP declining by over 31%. Economic activity and the employment market improved materially by the end of the fiscal year, albeit both were still lower than they had been at the end of 2019.

Nonfarm payroll gains were a bright spot in October 2020, coming in higher than expected. Both the labor force and employment grew over the month, which led to meaningfully higher headline employment and labor force participation rates. Consumer confidence slightly retreated as an upbeat reading on present conditions was overshadowed by more muted expectations. Headline personal income which was propped up by government unemployment benefits that largely expired in July, advanced nonetheless in September, and spending growth accelerated.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Short-Term Bond (Class I2) returned 2.63%. By comparison, its benchmark, ICE BofAML U.S. Corporate & Government 1-3 Years Index, returned 3.38%.

STRATEGY REVIEW

The front end of the Treasury yield curve has been depressed during the fiscal year given the Fed’s renewed focus on providing accommodative financial conditions and the tame inflationary backdrop. While some corporate and structured credit directly benefited from Fed support, the strong liquidity environment, improving fundamentals and robust structural protections should benefit these securities going forward given the excess yields and recovering economic growth. In credit, the Fund continued to favor financials, but added to industrials credit during the fiscal year, seeking to benefit from the economic recovery.

During the 12-month period ended October 31, 2020, the largest driver of excess returns was coupon carry given the portfolio’s overweight to spread-based assets. Although the portfolio’s overall duration remained relatively in line with the benchmark, yield curve factors detracted slightly from relative performance, primarily driven by an underweight to the one to two-year portions of the curve. Given volatility early in the year, credit spread factors were a negative contributor to relative performance. Risk assets rallied during the second and third quarters of 2020, but not enough to offset the volatility experienced during the first quarter.

At an asset class level, the overweight allocation to, and security selection in, investment grade corporate credit contributed positively to relative returns, as did the portfolio‘s overweight to high yield and underweight allocation to Treasury securities. Detractors include the portfolio’s ex-index allocations to structured debt, including commercial mortgage-backed and asset-backed securities, as well as underweight exposure to emerging markets debt.

Within corporate credit, banking, technology and electronics, and healthcare contributed positively to relative performance, while capital goods, transportation and insurance detracted.

Tyler A. Knight, CFA

Doug Weih, CFA

Brian W. Westhoff, CFA

Norbert King

Glen Kneeland

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2020

Page    281

Transamerica Short-Term Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		62.1	%
Mortgage-Backed Securities		18.1
Asset-Backed Securities		15.1
Repurchase Agreement		3.3
Other Investment Company		0.5
Loan Assignment		0.4
Foreign Government Obligation		0.1
U.S. Government Agency Obligation		0.0	*
Net Other Assets (Liabilities)		0.4
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		2.73
Duration †		1.90
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		0.0	*%
AAA		15.3
AA		6.1
A		26.1
BBB		46.7
BB		3.0
B		1.1
CCC and Below		0.2
Not Rated		1.1
Net Other Assets (Liabilities)		0.4
Total		100.0	%

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

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

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

‡ Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

Transamerica Funds Annual Report 2020

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Transamerica Short-Term Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(0.10	)%		1.97	%		2.27	%		11/01/2007
Class A (NAV)		2.43	%		2.49	%		2.53	%		11/01/2007
Class C (POP)		0.62	%		1.70	%		1.74	%		11/01/2007
Class C (NAV)		1.62	%		1.70	%		1.74	%		11/01/2007
Class I (NAV)		2.73	%		2.72	%		2.75	%		11/30/2009
Class I2 (NAV)		2.63	%		2.78	%		2.84	%		11/08/2004
ICE BofAML U.S. Corporate & Government 1-3 Years Index (A)		3.38	%		2.12	%		1.58	%
Class R6 (NAV)		2.74	%		2.81	%		2.57	%		05/29/2015

^(A) The ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 2.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The Fund is subject to a variety of risks, including credit risk, inflation risk, interest rate risk, prepayment risk, and liquidity risk. Additional risks include investing in foreign markets and non-investment grade securities. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significant affect the value of the Fund.

Transamerica Funds Annual Report 2020

Page    283

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES - 15.1%
Avid Automobile Receivables Trust Series 2019-1, Class A, 2.62%, 02/15/2024 (A)		$  2,500,729		$  2,526,603
Benefit Street Partners CLO VII, Ltd. Series 2015-VIIA, Class A2R, 3-Month LIBOR + 1.20%, 1.42% (B), 07/18/2027 (A)		8,000,000		7,871,112
BXG Receivables Note Trust
Series 2013-A, Class A, 3.01%, 12/04/2028 (A)		3,364,763		3,404,544
Series 2017-A, Class A, 2.95%, 10/04/2032 (A)		4,453,376		4,529,262
Series 2020-A, Class A, 1.55%, 02/28/2036 (A)		9,820,449		9,805,427
CF Hippolyta LLC Series 2020-1, Class B1, 2.28%, 07/15/2060 (A)		6,416,464		6,446,069
CIFC Funding, Ltd. Series 2015-2A, Class BR2, 3-Month LIBOR + 1.50%, 1.74% (B), 04/15/2030 (A)		16,300,000		15,846,453
CWABS, Inc. Asset-Backed Certificates Trust Series 2006-17, Class 2A2, 1-Month LIBOR + 0.15%, 0.30% (B), 03/25/2047		5,768,673		5,647,278
Diamond Resorts Owner Trust
Series 2017-1A, Class A, 3.27%, 10/22/2029 (A)		4,009,858		4,065,980
Series 2019-1A, Class A, 2.89%, 02/20/2032 (A)		6,385,498		6,550,943
DT Auto Owner Trust
Series 2020-1A, Class A, 1.94%, 09/15/2023 (A)		2,153,345		2,165,812
Series 2020-1A, Class B, 2.16%, 05/15/2024 (A)		3,000,000		3,040,436
Halcyon Loan Advisors Funding, Ltd.
Series 2014-3A, Class B1R,
3-Month LIBOR + 1.70%, 1.92% (B), 10/22/2025 (A)		10,000,000		9,913,070
Series 2015-1A, Class B1R,
3-Month LIBOR + 1.55%, 1.77% (B), 04/20/2027 (A)		8,000,000		7,876,304
Hertz Vehicle Financing II, LP Series 2019-1A, Class B, 4.10%, 03/25/2023 (A)		11,900,000		11,862,964
Hilton Grand Vacations Trust
Series 2019-AA, Class A, 2.34%, 07/25/2033 (A)		7,427,891		7,613,034
Series 2020-AA, Class A, 2.74%, 02/25/2039 (A)		5,306,684		5,496,443
ICG CLO, Ltd. Series 2016-1A, Class A2R, 3-Month LIBOR + 1.70%, 1.91% (B), 07/29/2028 (A)		6,000,000		5,787,174
Jamestown CLO IV, Ltd. Series 2014-4A, Class A2R, 3-Month LIBOR + 1.35%, 1.59% (B), 07/15/2026 (A)		13,500,000		13,436,955

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Marathon CLO VII, Ltd. Series 2014-7A, Class A1R, 3-Month LIBOR + 1.32%, 1.54% (B), 10/28/2025 (A)		$   2,349,753		$   2,344,064
Mill City Mortgage Loan Trust Series 2017-3, Class A1, 2.75% (B), 01/25/2061 (A)		9,390,348		9,667,496
Mountain View CLO, Ltd. Series 2014-1A, Class BRR, 3-Month LIBOR + 1.45%, 1.69% (B), 10/15/2026 (A)		10,000,000		9,874,100
MVW LLC
Series 2019-2A, Class B, 2.44%, 10/20/2038 (A)		6,596,432		6,631,030
Series 2020-1A, Class A, 1.74%, 10/20/2037 (A)		7,578,563		7,694,103
MVW Owner Trust
Series 2014-1A, Class A, 2.25%, 09/22/2031 (A)		1,910,523		1,914,498
Series 2014-1A, Class B, 2.70%, 09/22/2031 (A)		1,299,675		1,298,067
Series 2015-1A, Class A, 2.52%, 12/20/2032 (A)		1,367,682		1,373,137
Series 2019-1A, Class A, 2.89%, 11/20/2036 (A)		8,373,062		8,595,583
New Residential Advance Receivables Trust
Series 2020-T1, Class AT1, 1.43%, 08/15/2053 (A)		13,700,000		13,713,016
Series 2020-T1, Class CT1, 2.27%, 08/15/2053 (A)		1,780,000		1,786,335
NRZ Advance Receivables Trust
Series 2020-T2, Class AT2, 1.48%, 09/15/2053 (A)		15,000,000		15,025,049
Series 2020-T3, Class AT3, 1.32%, 10/15/2052 (A)		20,000,000		20,017,914
Series 2020-T3, Class BT3, 1.57%, 10/15/2052 (A)		2,500,000		2,502,228
Series 2020-T3, Class DT3, 2.46%, 10/15/2052 (A)		2,500,000		2,503,596
Ocwen Master Advance Receivables Trust Series 2020-T1, Class AT1, 1.28%, 08/15/2052 (A)		14,758,000		14,804,877
Orange Lake Timeshare Trust
Series 2015-AA, Class A, 2.88%, 09/08/2027 (A)		2,456,943		2,477,060
Series 2016-A, Class A, 2.61%, 03/08/2029 (A)		5,065,305		5,101,424
Series 2018-A, Class C, 3.74%, 11/08/2030 (A)		3,355,070		3,362,899
Series 2019-A, Class C, 3.61%, 04/09/2038 (A)		5,937,247		5,852,935
OZLM Funding IV, Ltd. Series 2013-4A, Class A2R, 3-Month LIBOR + 1.70%, 1.92% (B), 10/22/2030 (A)		6,000,000		5,820,186

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

Transamerica Funds Annual Report 2020

Page    284

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC
Series 2018-2A, Class B, 3.65%, 06/20/2035 (A)		$   2,474,308		$   2,549,925
Series 2018-3A, Class A, 3.69%, 09/20/2035 (A)		2,946,942		3,052,643
Series 2018-3A, Class D, 5.20%, 09/20/2035 (A)		2,880,636		2,865,167
Series 2019-2A, Class C, 3.12%, 05/20/2036 (A)		5,347,518		5,343,049
Series 2020-2A, Class A, 1.33%, 07/20/2037 (A)		7,310,916		7,341,529
Series 2020-2A, Class C, 3.51%, 07/20/2037 (A)		6,397,051		6,508,968
Small Business Lending Trust Series 2019-A, Class A, 2.85%, 07/15/2026 (A)		3,571,699		3,559,110
SoFi Consumer Loan Program LLC Series 2017-1, Class A, 3.28%, 01/26/2026 (A)		23,085		23,122
SPS Servicer Advance Receivables Trust II Series 2020-T1, Class AT1, 1.28%, 11/15/2052 (A)		6,550,000		6,552,654
TICP CLO I, Ltd.
Series 2015-1A, Class AR,
3-Month LIBOR + 0.80%, 1.02% (B), 07/20/2027 (A)		4,299,316		4,266,194
Series 2015-1A, Class BR,
3-Month LIBOR + 1.30%, 1.52% (B), 07/20/2027 (A)		10,000,000		9,760,380
TICP CLO III, Ltd. Series 2018-3R, Class B, 3-Month LIBOR + 1.35%, 1.57% (B), 04/20/2028 (A)		10,000,000		9,758,210
Towd Point Mortgage Trust
Series 2015-3, Class A1B, 3.00% (B), 03/25/2054 (A)		483,487		486,016
Series 2015-4, Class A1B, 2.75% (B), 04/25/2055 (A)		2,075,253		2,086,559
Series 2016-3, Class A1, 2.25% (B), 04/25/2056 (A)		3,590,117		3,632,295
Series 2016-5, Class A1, 2.50% (B), 10/25/2056 (A)		6,152,183		6,286,416
Series 2017-2, Class A1, 2.75% (B), 04/25/2057 (A)		4,373,072		4,489,842
Series 2017-3, Class A1, 2.75% (B), 07/25/2057 (A)		7,373,193		7,586,522
Series 2017-4, Class A1, 2.75% (B), 06/25/2057 (A)		7,836,876		8,106,640
Series 2017-6, Class A1, 2.75% (B), 10/25/2057 (A)		9,625,794		9,936,179
Series 2018-1, Class A1, 3.00% (B), 01/25/2058 (A)		8,261,585		8,621,561
Series 2018-2, Class A1, 3.25% (B), 03/25/2058 (A)		3,821,935		3,997,188
Series 2018-3, Class A1, 3.75% (B), 05/25/2058 (A)		6,823,620		7,271,545
Series 2020-4, Class A1, 1.75%, 10/25/2060 (A)		12,830,000		13,061,801

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Trafigura Securitisation Finance PLC Series 2018-1A, Class A2, 3.73%, 03/15/2022 (A)		$   11,000,000		$   11,109,153
VSE VOI Mortgage LLC Series 2017-A, Class A, 2.33%, 03/20/2035 (A)		12,351,018		12,530,956
Welk Resorts LLC
Series 2013-AA, Class A, 3.10%, 03/15/2029 (A)		1,165,537		1,176,917
Series 2015-AA, Class A, 2.79%, 06/16/2031 (A)		1,798,454		1,801,874
Series 2017-AA, Class A, 2.82%, 06/15/2033 (A)		3,479,305		3,520,158
Wellfleet CLO, Ltd.
Series 2016-1A, Class BR,
3-Month LIBOR + 1.50%, 1.72% (B), 04/20/2028 (A)		15,000,000		14,555,745
Series 2017-2A, Class A2R,
3-Month LIBOR + 1.62%, 1.84% (B), 10/20/2029 (A)		15,000,000		14,465,565
Total Asset-Backed Securities (Cost $470,346,720)				472,549,343
CORPORATE DEBT SECURITIES - 62.1%
Aerospace & Defense - 0.8%
Boeing Co.
1.95%, 02/01/2024		9,965,000		9,926,931
2.13%, 03/01/2022		10,685,000		10,771,365
2.30%, 08/01/2021 (C)		4,430,000		4,475,844
Raytheon Technologies Corp. 3.65%, 08/16/2023		320,000		345,715
				25,519,855
Airlines - 0.7%
Delta Air Lines Pass-Through Trust
3.20%, 10/25/2025		6,212,000		6,186,492
6.82%, 02/10/2024		3,091,559		3,137,579
Delta Air Lines, Inc. 3.80%, 04/19/2023		9,957,000		9,417,276
Northwest Airlines Pass-Through Trust 6.26%, 05/20/2023		154,759		152,173
US Airways Pass-Through Trust 3.95%, 05/15/2027		4,718,218		3,872,335
				22,765,855
Automobiles - 0.1%
Nissan Motor Co., Ltd. 3.04%, 09/15/2023 (A)		4,360,000		4,424,561
Banks - 17.3%
AIB Group PLC 4.75%, 10/12/2023 (A)		8,438,000		9,169,184
Banco Santander SA
2.71%, 06/27/2024		8,400,000		8,891,337
3.85%, 04/12/2023		4,600,000		4,917,066
Bank of America Corp.
Fixed until 10/22/2024, 2.46% (B), 10/22/2025, MTN		9,821,000		10,372,465
Fixed until 10/01/2024, 3.09% (B), 10/01/2025, MTN		18,836,000		20,293,070

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

Transamerica Funds Annual Report 2020

Page    285

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Bank of America Corp. (continued)
Fixed until 01/20/2022, 3.12% (B), 01/20/2023, MTN		$   4,893,000		$   5,040,764
Banque Federative du Credit Mutuel SA 2.13%, 11/21/2022 (A)		4,991,000		5,152,754
Barclays Bank PLC 10.18%, 06/12/2021 (A)		5,158,000		5,431,547
Barclays PLC Fixed until 05/07/2025, 2.85% (B), 05/07/2026		10,000,000		10,487,271
BNP Paribas SA 5.00%, 01/15/2021		17,935,000		18,106,279
BPCE SA
2.75%, 12/02/2021, MTN		8,737,000		8,961,322
5.15%, 07/21/2024 (A)		14,000,000		15,668,964
Canadian Imperial Bank of Commerce Fixed until 07/22/2022, 2.61% (B), 07/22/2023		4,425,000		4,582,447
CIT Bank NA Fixed until 09/27/2024, 2.97% (B), 09/27/2025		6,927,000		7,152,127
CIT Group, Inc. 4.13%, 03/09/2021		600,000		603,750
Citibank, NA Fixed until 05/20/2021, 2.84% (B), 05/20/2022		11,000,000		11,147,543
Citigroup, Inc.
Fixed until 11/04/2021, 2.31% (B), 11/04/2022		9,909,000		10,088,144
Fixed until 04/08/2025, 3.11% (B), 04/08/2026		4,988,000		5,369,544
Commerzbank AG 8.13%, 09/19/2023 (A)		8,000,000		9,183,283
Cooperatieve Rabobank UA
Fixed until 06/24/2025, 1.34% (B), 06/24/2026 (A) (C)		5,000,000		5,034,412
3.95%, 11/09/2022		10,100,000		10,765,872
Credit Agricole SA Fixed until 06/16/2025, 1.91% (B), 06/16/2026 (A)		5,000,000		5,121,835
Credit Suisse AG
2.80%, 04/08/2022		5,477,000		5,668,316
6.50%, 08/08/2023 (A)		5,462,000		6,151,578
Danske Bank A/S
1.23%, 06/22/2024 (A)		10,000,000		10,099,857
Fixed until 09/20/2021, 3.00% (B), 09/20/2022 (A)		10,000,000		10,173,265
DnB Bank ASA Fixed until 09/16/2025, 1.13% (B), 09/16/2026 (A)		10,000,000		9,982,691
Fifth Third Bancorp 3.65%, 01/25/2024		10,000,000		10,890,831
Fifth Third Bank NA 3.35%, 07/26/2021		8,848,000		9,025,230
First Horizon National Corp. 3.50%, 12/15/2020		8,160,000		8,167,770
First Niagara Financial Group, Inc. 7.25%, 12/15/2021		6,340,000		6,813,433

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
HSBC Holdings PLC 3-Month LIBOR + 1.00%, 1.27% (B), 05/18/2024		$   10,000,000		$   10,010,270
Huntington Bancshares, Inc. 2.30%, 01/14/2022 (D)		13,724,000		14,015,760
ING Bank NV 5.80%, 09/25/2023 (A)		12,067,000		13,580,077
Intesa Sanpaolo SpA 3.25%, 09/23/2024 (A) (C)		11,000,000		11,598,340
JPMorgan Chase & Co.
Fixed until 04/22/2025, 2.08% (B), 04/22/2026		6,082,000		6,359,717
3.88%, 09/10/2024		4,920,000		5,453,115
Fixed until 12/05/2023, 4.02% (B), 12/05/2024		10,000,000		11,014,536
Lloyds Banking Group PLC 4.50%, 11/04/2024		8,740,000		9,588,930
MUFG Union Bank NA 3.15%, 04/01/2022		11,000,000		11,399,272
Natwest Group PLC 6.00%, 12/19/2023		12,464,000		13,987,068
Nordea Bank Abp 1.00%, 06/09/2023 (A)		8,797,000		8,916,404
PNC Financial Services Group, Inc. 3.90%, 04/29/2024		7,811,000		8,607,031
Regions Financial Corp. 2.75%, 08/14/2022 (C)		12,360,000		12,837,961
Royal Bank of Canada SOFR + 0.40%, 0.49% (B), 08/05/2022, MTN		15,809,000		15,853,324
Santander UK Group Holdings PLC 4.75%, 09/15/2025 (A)		2,357,000		2,599,212
Santander UK PLC 5.00%, 11/07/2023 (A)		10,000,000		10,937,000
Standard Chartered PLC Fixed until 10/14/2022, 1.32% (B), 10/14/2023 (A)		10,220,000		10,262,413
Svenska Handelsbanken AB 3.90%, 11/20/2023		10,000,000		11,022,070
Swedbank AB 1.30%, 06/02/2023 (A)		9,000,000		9,160,624
Synovus Bank Fixed until 02/10/2022, 2.29% (B), 02/10/2023		9,052,000		9,170,089
Truist Bank
SOFR + 0.73%, 0.82% (B), 03/09/2023		7,250,000		7,304,064
2.80%, 05/17/2022		6,013,000		6,231,563
UniCredit SpA
Fixed until 09/22/2025, 2.57% (B), 09/22/2026 (A)		8,885,000		8,806,017
6.57%, 01/14/2022 (A)		10,000,000		10,580,705
US Bancorp 2.40%, 07/30/2024		9,070,000		9,629,351
Wells Fargo & Co.
Fixed until 04/30/2025, 2.19% (B), 04/30/2026		8,969,000		9,325,020
3.75%, 01/24/2024, MTN		14,000,000		15,197,905
				541,961,789

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

Transamerica Funds Annual Report 2020

Page    286

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 1.1%
Constellation Brands, Inc. 2.65%, 11/07/2022		$   5,537,000		$   5,759,659
Keurig Dr. Pepper, Inc.
3.40%, 11/15/2025		7,027,000		7,807,372
4.42%, 05/25/2025		7,016,000		8,055,070
Pernod Ricard SA
4.45%, 01/15/2022 (A)		8,000,000		8,373,902
5.75%, 04/07/2021 (A)		4,696,000		4,800,974
				34,796,977
Biotechnology - 0.7%
AbbVie, Inc. 2.60%, 11/21/2024 (A)		9,959,000		10,591,845
Gilead Sciences, Inc. 0.75%, 09/29/2023 (C)		11,877,000		11,904,985
				22,496,830
Capital Markets - 4.6%
Ameriprise Financial, Inc. 3.00%, 03/22/2022		7,986,000		8,276,472
Bank of New York Mellon Corp. 2.20%, 08/16/2023, MTN		10,000,000		10,480,483
Charles Schwab Corp. 2.65%, 01/25/2023		9,964,000		10,427,110
Credit Suisse Group Funding Guernsey, Ltd. 3.13%, 12/10/2020		10,000,000		10,027,600
Deutsche Bank AG Fixed until 09/18/2023, 2.22% (B), 09/18/2024		6,000,000		6,060,461
Goldman Sachs Group, Inc.
Fixed until 10/31/2021, 2.88% (B), 10/31/2022		20,961,000		21,457,672
3.50%, 04/01/2025		2,988,000		3,292,314
Intercontinental Exchange, Inc. 0.70%, 06/15/2023		8,712,000		8,766,789
Morgan Stanley
Fixed until 04/28/2025, 2.19% (B), 04/28/2026		6,976,000		7,306,810
Fixed until 07/22/2024, 2.72% (B), 07/22/2025, MTN		4,981,000		5,304,487
4.10%, 05/22/2023, MTN		14,873,000		16,100,070
4.88%, 11/01/2022		5,085,000		5,499,232
State Street Corp.
Fixed until 03/30/2030, 2.83% (B), 03/30/2023		1,492,000		1,540,039
3.10%, 05/15/2023		11,076,000		11,809,670
UBS AG 1.75%, 04/21/2022 (A)		4,441,000		4,520,684
UBS Group AG
Fixed until 07/30/2023, 1.01% (B), 07/30/2024 (A)		3,000,000		3,011,187
3.00%, 04/15/2021 (A)		9,354,000		9,466,708
				143,347,788
Chemicals - 1.3%
Huntsman International LLC 5.13%, 11/15/2022		6,972,000		7,469,757
LYB International Finance III LLC 1.25%, 10/01/2025		4,983,000		4,995,662

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals (continued)
Mosaic Co. 3.75%, 11/15/2021		$   12,074,000		$   12,324,952
Nutrition & Biosciences, Inc. 0.70%, 09/15/2022 (A)		4,322,000		4,333,956
Syngenta Finance NV 4.44%, 04/24/2023 (A)		10,000,000		10,571,899
				39,696,226
Construction Materials - 0.4%
CRH America, Inc. 3.88%, 05/18/2025 (A)		10,000,000		11,208,537
Consumer Finance - 3.0%
Ally Financial, Inc.
4.13%, 02/13/2022		8,145,000		8,485,809
4.63%, 03/30/2025		6,973,000		7,800,369
American Honda Finance Corp. 0.88%, 07/07/2023, MTN		11,959,000		12,057,728
BMW US Capital LLC 3.40%, 08/13/2021 (A)		11,846,000		12,126,270
Daimler Finance North America LLC 3.40%, 02/22/2022 (A)		7,000,000		7,252,220
Ford Motor Credit Co. LLC 3.34%, 03/18/2021		8,000,000		8,000,000
General Motors Financial Co., Inc.
3.55%, 07/08/2022		9,957,000		10,341,540
4.15%, 06/19/2023		4,587,000		4,899,485
Hyundai Capital America 1.80%, 10/15/2025 (A) (C)		13,771,000		13,736,910
Volkswagen Group of America Finance LLC 2.70%, 09/26/2022 (A)		10,000,000		10,361,146
				95,061,477
Diversified Consumer Services - 0.2%
Nationwide Building Society Fixed until 03/08/2023, 3.77% (B), 03/08/2024 (A)		6,821,000		7,236,445
Diversified Financial Services - 2.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.30%, 01/23/2023		6,030,000		6,082,068
AIG Global Funding 0.80%, 07/07/2023 (A)		6,976,000		7,026,950
Aircastle, Ltd. 5.13%, 03/15/2021		7,967,000		8,073,394
Aviation Capital Group LLC
2.88%, 01/20/2022 (A)		5,506,000		5,497,167
5.50%, 12/15/2024 (A)		10,832,000		11,278,273
Element Fleet Management Corp. 3.85%, 06/15/2025 (A)		8,707,000		9,262,954
GE Capital International Funding Unlimited Co. 2.34%, 11/15/2020		12,800,000		12,808,448
Voya Financial, Inc. 3.13%, 07/15/2024		9,332,000		10,066,494
				70,095,748
Diversified Telecommunication Services - 0.5%
British Telecommunications PLC 4.50%, 12/04/2023		8,200,000		9,052,171

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

Transamerica Funds Annual Report 2020

Page    287

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. 5.15%, 09/15/2023		$   5,000,000		$   5,622,783
				14,674,954
Electric Utilities - 3.9%
American Electric Power Co., Inc. 2.95%, 12/15/2022		8,469,000		8,849,671
Appalachian Power Co. 4.60%, 03/30/2021		4,633,000		4,663,040
Berkshire Hathaway Energy Co. 2.38%, 01/15/2021		11,562,000		11,610,107
Duke Energy Corp. 3.05%, 08/15/2022		21,461,000		22,260,053
Entergy Corp. 4.00%, 07/15/2022		8,552,000		9,006,351
Evergy, Inc. 2.45%, 09/15/2024		11,565,000		12,256,641
FirstEnergy Corp. 4.25%, 03/15/2023		6,261,000		6,597,673
Georgia Power Co. 2.10%, 07/30/2023		7,441,000		7,772,601
Metropolitan Edison Co. 3.50%, 03/15/2023 (A)		5,566,000		5,827,133
Oncor Electric Delivery Co. LLC 2.75%, 06/01/2024		10,771,000		11,539,518
Pacific Gas & Electric Co. 1.75%, 06/16/2022		8,781,000		8,781,822
Southern Co. 2.35%, 07/01/2021		12,232,000		12,370,570
				121,535,180
Energy Equipment & Services - 0.3%
Schlumberger Finance Canada, Ltd. 1.40%, 09/17/2025 (C)		9,965,000		10,097,695
Entertainment - 0.3%
Walt Disney Co. 3.35%, 03/24/2025		7,972,000		8,822,379
Equity Real Estate Investment Trusts - 1.6%
American Tower Corp. 3.00%, 06/15/2023		17,032,000		18,047,130
Crown Castle International Corp. 5.25%, 01/15/2023		7,556,000		8,289,419
CyrusOne, LP / CyrusOne Finance Corp. 2.90%, 11/15/2024		13,044,000		13,839,945
VEREIT Operating Partnership, LP 4.60%, 02/06/2024		8,370,000		9,013,894
				49,190,388
Food & Staples Retailing - 0.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP 3.50%, 02/15/2023 (A)		3,984,000		4,047,342
Sysco Corp. 2.50%, 07/15/2021		9,646,000		9,770,111
				13,817,453
Food Products - 1.0%
Bunge, Ltd. Finance Corp. 1.63%, 08/17/2025		3,594,000		3,615,586
Campbell Soup Co. 3.65%, 03/15/2023		7,064,000		7,561,869

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products (continued)
Cargill, Inc. 1.38%, 07/23/2023 (A)		$   9,965,000		$   10,193,243
Mondelez International 0.63%, 07/01/2022		8,881,000		8,912,928
				30,283,626
Health Care Equipment & Supplies - 0.9%
Becton Dickinson & Co.
3-Month LIBOR + 1.03%, 1.28% (B), 06/06/2022		2,726,000		2,747,926
2.89%, 06/06/2022		13,942,000		14,421,978
DH Europe Finance II SARL 2.05%, 11/15/2022		10,888,000		11,232,503
				28,402,407
Health Care Providers & Services - 2.0%
Cigna Corp.
3-Month LIBOR + 0.89%, 1.13% (B), 07/15/2023		12,689,000		12,820,178
3.90%, 02/15/2022		9,465,000		9,871,385
CVS Health Corp. 2.63%, 08/15/2024		4,979,000		5,310,730
HCA, Inc. 5.00%, 03/15/2024		14,941,000		16,716,898
Laboratory Corp. of America Holdings 2.30%, 12/01/2024		9,959,000		10,533,814
UnitedHealth Group, Inc. 3.50%, 02/15/2024		6,971,000		7,615,599
				62,868,604
Hotels, Restaurants & Leisure - 0.5%
GLP Capital, LP / GLP Financing II, Inc. 3.35%, 09/01/2024		4,479,000		4,547,126
International Game Technology PLC 6.25%, 02/15/2022 (A)		2,873,000		2,941,248
Las Vegas Sands Corp. 3.20%, 08/08/2024		8,963,000		9,065,773
				16,554,147
Household Durables - 0.1%
D.R. Horton, Inc. 2.55%, 12/01/2020		4,029,000		4,035,018
Insurance - 2.6%
American International Group, Inc. 2.50%, 06/30/2025		10,551,000		11,311,412
Aon Corp. 2.20%, 11/15/2022		7,967,000		8,247,082
Athene Global Funding
1.20%, 10/13/2023 (A)		9,881,000		9,895,525
3.00%, 07/01/2022 (A)		4,205,000		4,332,373
Equitable Financial Life Global Funding 1.40%, 07/07/2025 (A)		9,966,000		10,193,477
Five Corners Funding Trust 4.42%, 11/15/2023 (A)		8,785,000		9,731,022
Jackson National Life Global Funding 3.30%, 02/01/2022 (A) (C)		9,000,000		9,327,754
Marsh & McLennan Cos., Inc. 3.88%, 03/15/2024		8,778,000		9,682,287
Principal Life Global Funding II 2.25%, 11/21/2024 (A)		8,666,000		9,166,269
				81,887,201

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

Transamerica Funds Annual Report 2020

Page    288

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Internet & Direct Marketing Retail - 0.1%
Expedia Group, Inc. 4.50%, 08/15/2024 (C)		$   4,287,000		$   4,561,484
IT Services - 0.5%
Fiserv, Inc. 2.75%, 07/01/2024		13,481,000		14,404,227
Machinery - 0.3%
Otis Worldwide Corp. 3-Month LIBOR + 0.45%, 0.68% (B), 04/05/2023		9,962,000		9,964,496
Media - 1.9%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.91%, 07/23/2025		14,947,000		17,220,353
Comcast Corp. 3.70%, 04/15/2024		6,390,000		7,037,798
CSC Holdings LLC 6.75%, 11/15/2021		8,655,000		9,044,475
Discovery Communications LLC 2.95%, 03/20/2023		6,297,000		6,630,914
Sky, Ltd. 3.13%, 11/26/2022 (A) (C)		6,970,000		7,344,358
Time Warner Cable LLC 4.00%, 09/01/2021		5,256,000		5,359,036
ViacomCBS, Inc. 4.75%, 05/15/2025 (C)		4,463,000		5,122,883
				57,759,817
Metals & Mining - 0.2%
Glencore Funding LLC 3.00%, 10/27/2022 (A)		6,974,000		7,215,300
Multi-Utilities - 1.2%
Black Hills Corp. 4.25%, 11/30/2023		9,898,000		10,811,023
Dominion Energy, Inc.
2.45%, 01/15/2023 (A)		7,820,000		8,115,434
2.72% (E), 08/15/2021		7,100,000		7,217,929
DTE Energy Co. 2.53%, 10/01/2024		10,070,000		10,686,386
				36,830,772
Oil, Gas & Consumable Fuels - 2.3%
El Paso Natural Gas Co. LLC 8.63%, 01/15/2022		8,935,000		9,740,838
Energy Transfer Operating, LP 4.20%, 09/15/2023		4,980,000		5,248,117
Eni SpA 4.00%, 09/12/2023 (A)		8,629,000		9,329,791
MPLX, LP
3.50%, 12/01/2022		8,683,000		9,083,960
4.88%, 12/01/2024		5,661,000		6,339,617
Plains All American Pipeline, LP / PAA Finance Corp.
3.60%, 11/01/2024		1,570,000		1,612,653
3.85%, 10/15/2023		6,324,000		6,606,886
4.65%, 10/15/2025		5,976,000		6,377,564
Sabine Pass Liquefaction LLC 5.63%, 04/15/2023		8,281,000		9,044,088

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc. 4.55%, 06/24/2024		$   7,966,000		$   8,787,323
				72,170,837
Pharmaceuticals - 2.3%
AstraZeneca PLC 2.38%, 06/12/2022		9,966,000		10,264,763
Bayer US Finance LLC 3.00%, 10/08/2021 (A)		7,474,000		7,646,179
Bristol-Myers Squibb Co. 2.90%, 07/26/2024		8,515,000		9,189,003
Merck & Co., Inc. 0.75%, 02/24/2026		9,965,000		9,937,597
Royalty Pharma PLC 0.75%, 09/02/2023 (A)		9,188,000		9,184,373
Takeda Pharmaceutical Co., Ltd. 4.00%, 11/26/2021		14,535,000		15,036,296
Upjohn, Inc.
1.13%, 06/22/2022 (A)		4,078,000		4,114,653
1.65%, 06/22/2025 (A) (C)		4,983,000		5,087,933
				70,460,797
Professional Services - 0.3%
Equifax, Inc. 2.60%, 12/01/2024		8,195,000		8,720,308
Road & Rail - 1.0%
Avolon Holdings Funding, Ltd.
3.63%, 05/01/2022 (A)		12,397,000		12,426,046
5.50%, 01/15/2023 (A)		6,127,000		6,261,784
Canadian Pacific Railway Co. 9.45%, 08/01/2021		7,000,000		7,459,316
Union Pacific Corp. 3.50%, 06/08/2023		4,457,000		4,785,768
				30,932,914
Semiconductors & Semiconductor Equipment - 1.4%
Broadcom, Inc. 3.46%, 09/15/2026		12,132,000		13,221,415
KLA Corp. 4.65%, 11/01/2024		8,678,000		9,868,961
Micron Technology, Inc. 2.50%, 04/24/2023		4,701,000		4,892,472
NXP BV / NXP Funding LLC 3.88%, 09/01/2022 (A)		10,000,000		10,569,334
QUALCOMM, Inc. 2.60%, 01/30/2023		5,815,000		6,092,245
				44,644,427
Software - 0.4%
Infor, Inc. 1.45%, 07/15/2023 (A)		2,192,000		2,223,469
Intuit, Inc. 0.65%, 07/15/2023		10,450,000		10,522,457
				12,745,926
Technology Hardware, Storage & Peripherals - 0.5%
Hewlett Packard Enterprise Co.
1.45%, 04/01/2024		9,113,000		9,280,257
4.45%, 10/02/2023		4,984,000		5,501,887
				14,782,144

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

Transamerica Funds Annual Report 2020

Page    289

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Textiles, Apparel & Luxury Goods - 0.5%
Ralph Lauren Corp. 1.70%, 06/15/2022		$   6,094,000		$   6,216,168
VF Corp. 2.05%, 04/23/2022		9,966,000		10,197,145
				16,413,313
Tobacco - 0.5%
BAT International Finance PLC 1.67%, 03/25/2026		14,947,000		15,001,616
Trading Companies & Distributors - 1.2%
Air Lease Corp. 2.25%, 01/15/2023		15,548,000		15,633,618
International Lease Finance Corp. 8.25%, 12/15/2020		21,682,000		21,862,241
				37,495,859
Transportation Infrastructure - 0.3%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.45%, 07/01/2024 (A)		7,966,000		8,639,028
Wireless Telecommunication Services - 0.7%
T-Mobile USA, Inc. 3.50%, 04/15/2025 (A)		10,291,000		11,274,923
Vodafone Group PLC 3.75%, 01/16/2024		8,355,000		9,120,234
				20,395,157
Total Corporate Debt Securities (Cost $1,888,770,038)				1,943,919,562
FOREIGN GOVERNMENT OBLIGATION - 0.1%
Qatar - 0.1%
Qatar Government International Bond 3.88%, 04/23/2023 (A) (C)		2,175,000		2,332,688
Total Foreign Government Obligation (Cost $2,167,333)				2,332,688
LOAN ASSIGNMENT - 0.4%
Commercial Services & Supplies - 0.4%
Spin Holdco, Inc. Term Loan B, 3-Month LIBOR + 3.25%, 4.25% (B), 11/14/2022		12,929,993		12,567,954
Total Loan Assignment (Cost $12,909,687)				12,567,954
MORTGAGE-BACKED SECURITIES - 18.1%
20 Times Square Trust
Series 2018-20TS, Class B,
3.10% (B), 05/15/2035 (A)		3,000,000		2,980,088
Series 2018-20TS, Class C,
3.10% (B), 05/15/2035 (A)		10,900,000		10,573,238
280 Park Avenue Mortgage Trust Series 2017-280P, Class C, 1-Month LIBOR + 1.25%, 1.40% (B), 09/15/2034 (A)		16,000,000		15,749,422
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76% (B), 04/25/2048 (A)		6,183,327		6,250,760

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Ashford Hospitality Trust
Series 2018-ASHF, Class C,
1-Month LIBOR + 1.40%, 1.55% (B), 04/15/2035 (A)		$   18,800,000		$   17,129,404
Series 2018-ASHF, Class D,
1-Month LIBOR + 2.10%, 2.25% (B), 04/15/2035 (A)		10,520,000		9,577,588
Austin Fairmont Hotel Trust Series 2019-FAIR, Class D, 1-Month LIBOR + 1.80%, 1.95% (B), 09/15/2032 (A)		5,000,000		4,567,637
BBCMS Mortgage Trust
Series 2017-DELC, Class C,
1-Month LIBOR + 1.20%, 1.35% (B), 08/15/2036 (A)		15,300,000		14,244,445
Series 2017-DELC, Class D,
1-Month LIBOR + 1.70%, 1.85% (B), 08/15/2036 (A)		15,000,000		13,724,640
Series 2018-TALL, Class C,
1-Month LIBOR + 1.12%, 1.27% (B), 03/15/2037 (A)		16,015,000		14,893,641
Series 2018-TALL, Class E,
1-Month LIBOR + 2.44%, 2.59% (B), 03/15/2037 (A)		15,000,000		13,907,535
BHMS Trust Series 2018-ATLS, Class C, 1-Month LIBOR + 1.90%, 2.05% (B), 07/15/2035 (A)		14,900,000		13,577,218
BX Commercial Mortgage Trust
Series 2019-XL, Class D,
1-Month LIBOR + 1.45%, 1.60% (B), 10/15/2036 (A)		11,391,574		11,327,533
Series 2020-VKNG, Class C,
1-Month LIBOR + 1.40%, 1.55% (B), 10/15/2037 (A)		5,900,000		5,903,635
BX Trust
Series 2018-GW, Class C,
1-Month LIBOR + 1.22%, 1.37% (B), 05/15/2035 (A)		5,480,000		5,088,708
Series 2018-GW, Class D,
1-Month LIBOR + 1.77%, 1.92% (B), 05/15/2035 (A)		6,250,000		5,772,423
BXP Trust Series 2017-CQHP, Class D, 1-Month LIBOR + 2.00%, 2.15% (B), 11/15/2034 (A)		11,825,000		10,044,584
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D, 1-Month LIBOR + 1.75%, 1.90% (B), 12/15/2037 (A)		9,760,000		9,751,423
CCRESG Commercial Mortgage Trust
Series 2016-HEAT, Class B,
4.11%, 04/10/2029 (A)		4,319,000		4,297,443
Series 2016-HEAT, Class C,
4.92%, 04/10/2029 (A)		3,619,000		3,573,794
Series 2016-HEAT, Class D,
5.49% (B), 04/10/2029 (A)		7,290,000		7,053,138

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

Transamerica Funds Annual Report 2020

Page    290

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CGMS Commercial Mortgage Trust Series 2017-MDRB, Class B, 1-Month LIBOR + 1.75%, 1.90% (B), 07/15/2030 (A)		$   10,000,000		$   9,515,410
CHT Mortgage Trust Series 2017-CSMO, Class D, 1-Month LIBOR + 2.25%, 2.40% (B), 11/15/2036 (A)		17,400,000		16,506,225
Citigroup Mortgage Loan Trust Series 2014-A, Class A, 4.00% (B), 01/25/2035 (A)		2,552,506		2,680,224
Citigroup Mortgage Loan Trust, Inc. Series 2018-RP1, Class A1, 3.00% (B), 09/25/2064 (A)		7,688,277		8,107,417
Colony Trust Series 2019-IKPR, Class C, 1-Month LIBOR + 1.68%, 1.82% (B), 11/15/2038 (A)		11,900,000		10,849,826
CORE Mortgage Trust Series 2019-CORE, Class C, 1-Month LIBOR + 1.30%, 1.45% (B), 12/15/2031 (A)		15,390,000		15,067,535
DBCG Mortgage Trust
Series 2017-BBG, Class B,
1-Month LIBOR + 0.85%, 1.00% (B), 06/15/2034 (A)		12,500,000		12,304,272
Series 2017-BBG, Class C,
1-Month LIBOR + 1.00%, 1.15% (B), 06/15/2034 (A)		2,500,000		2,450,035
DBWF Mortgage Trust Series 2018-GLKS, Class D, 1-Month LIBOR + 2.40%, 2.55% (B), 12/19/2030 (A)		10,000,000		9,174,723
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class D, 3.96% (B), 12/10/2036 (A)		15,000,000		14,405,368
Great Wolf Trust Series 2019-WOLF, Class C, 1-Month LIBOR + 1.63%, 1.78% (B), 12/15/2036 (A)		9,960,000		9,101,223
GS Mortgage Securities Corp. Trust Series 2019-SOHO, Class D, 1-Month LIBOR + 1.60%, 1.75% (B), 06/15/2036 (A)		7,500,000		7,166,152
GS Mortgage Securities Trust Series 2013-G1, Class A1, 2.06%, 04/10/2031 (A)		3,333,663		3,357,072
Hilton Orlando Trust Series 2018-ORL, Class C, 1-Month LIBOR + 1.30%, 1.45% (B), 12/15/2034 (A)		14,000,000		12,806,118
HPLY Trust Series 2019-HIT, Class C, 1-Month LIBOR + 1.60%, 1.75% (B), 11/15/2036 (A)		7,077,752		6,665,266
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2014-DSTY, Class C,
3.80% (B), 06/10/2027 (A)		10,000,000		1,532,375

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (continued)
Series 2020-NNN, Class CFL,
1-Month LIBOR + 1.30%, 1.45% (B), 01/16/2037 (A)		$   9,900,000		$   9,370,641
Series 2020-NNN, Class DFL,
1-Month LIBOR + 1.55%, 1.70% (B), 01/16/2037 (A)		5,000,000		4,705,026
KKR Industrial Portfolio Trust Series 2020-AIP, Class D, 1-Month LIBOR + 2.03%, 2.18% (B), 03/15/2037 (A)		9,803,009		9,606,394
Lehman Brothers Small Balance Commercial Mortgage Trust Series 2005-1A, Class A, 1-Month LIBOR + 0.25%, 0.40% (B), 02/25/2030 (A)		19,273		19,209
MBRT Series 2019-MBR, Class D, 1-Month LIBOR + 1.70%, 1.85% (B), 11/15/2036 (A)		10,730,000		10,110,186
Metlife Securitization Trust Series 2017-1A, Class A, 3.00% (B), 04/25/2055 (A)		9,242,270		9,737,354
Morgan Stanley Capital I Trust
Series 2017-ASHF, Class D,
1-Month LIBOR + 2.20%, 2.35% (B), 11/15/2034 (A)		15,700,000		13,894,002
Series 2018-SUN, Class C,
1-Month LIBOR + 1.65%, 1.80% (B), 07/15/2035 (A)		10,850,000		10,075,581
Series 2019-BPR, Class B,
1-Month LIBOR + 2.10%, 2.25% (B), 05/15/2036 (A)		6,720,000		6,127,666
Series 2019-NUGS, Class B,
1-Month LIBOR + 1.30%, 2.80% (B), 12/15/2036 (A)		7,000,000		7,049,991
Series 2019-NUGS, Class C,
1-Month LIBOR + 1.50%, 3.00% (B), 12/15/2036 (A)		5,200,000		5,206,508
Mortgage Equity Conversion Asset Trust Series 2010-1A, Class A, 4.00%, 07/25/2060 (A)		4,033,529		3,900,171
Motel 6 Trust Series 2017-MTL6, Class C, 1-Month LIBOR + 1.40%, 1.55% (B), 08/15/2034 (A)		8,024,479		7,858,519
MSCG Trust
Series 2018-SELF, Class C,
1-Month LIBOR + 1.18%, 1.33% (B), 10/15/2037 (A)		11,780,000		11,603,377
Series 2018-SELF, Class D,
1-Month LIBOR + 1.65%, 1.80% (B), 10/15/2037 (A)		9,220,000		9,024,613
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (B), 01/25/2054 (A)		1,743,131		1,871,824
Series 2014-3A, Class AFX3,
3.75% (B), 11/25/2054 (A)		2,141,975		2,287,970

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

Transamerica Funds Annual Report 2020

Page    291

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust (continued)
Series 2016-4A, Class A1,
3.75% (B), 11/25/2056 (A)		$   3,732,468		$   4,006,048
Series 2017-3A, Class A1,
4.00% (B), 04/25/2057 (A)		6,556,415		7,071,988
Series 2017-4A, Class A1,
4.00% (B), 05/25/2057 (A)		4,275,616		4,663,417
Series 2017-5A, Class A1,
1-Month LIBOR + 1.50%, 1.65% (B), 06/25/2057 (A)		4,562,654		4,580,742
Series 2018-1A, Class A1A,
4.00% (B), 12/25/2057 (A)		4,125,228		4,448,387
Series 2018-2A, Class A1,
4.50% (B), 02/25/2058 (A)		6,462,598		7,038,133
Series 2018-RPL1, Class A1,
3.50% (B), 12/25/2057 (A)		4,679,960		4,935,363
Series 2019-2A, Class A1,
4.25% (B), 12/25/2057 (A)		8,355,468		8,979,344
Series 2019-3A, Class A1A,
3.75% (B), 11/25/2058 (A)		7,236,527		7,717,547
Series 2019-4A, Class A1B,
3.50% (B), 12/25/2058 (A)		8,184,458		8,666,845
Series 2019-5A, Class A1B,
3.50% (B), 08/25/2059 (A)		11,050,370		11,562,792
Series 2019-RPL2, Class A1,
3.25% (B), 02/25/2059 (A)		8,417,694		8,979,638
RBSSP Resecuritization Trust Series 2013-2, Class 2A1, 1-Month LIBOR + 0.19%, 0.35% (B), 12/20/2036 (A)		4,219,196		4,157,380
Tharaldson Hotel Portfolio Trust Series 2018-THL, Class C, 1-Month LIBOR + 1.35%, 1.49% (B), 11/11/2034 (A)		12,151,204		11,178,827
VNDO Mortgage Trust Series 2013-PENN, Class D, 3.95% (B), 12/13/2029 (A)		3,596,000		3,566,687
Total Mortgage-Backed Securities (Cost $595,236,526)				565,679,708

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATION - 0.0% (F)
Federal Home Loan Mortgage Corp. 12-Month LIBOR + 1.77%, 2.39% (B), 08/01/2037		$   314,993		$   316,677
Total U.S. Government Agency Obligation (Cost $319,410)				316,677
	Shares		Value
OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (G)		14,300,200		14,300,200
Total Other Investment Company (Cost $14,300,200)				14,300,200
	Principal		Value
REPURCHASE AGREEMENT - 3.3%
Fixed Income Clearing Corp., 0.00% (G), dated 10/30/2020, to be repurchased at $103,369,590 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 10/15/2023, and with a value of $105,437,074.		$  103,369,590		103,369,590
Total Repurchase Agreement (Cost $103,369,590)				103,369,590
Total Investments (Cost $3,087,419,504)				3,115,035,722
Net Other Assets (Liabilities) - 0.4%				12,585,080
Net Assets - 100.0%				$  3,127,620,802

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	$	—	$	472,549,343	$	—	$	472,549,343
Corporate Debt Securities		—		1,943,919,562		—		1,943,919,562
Foreign Government Obligation		—		2,332,688		—		2,332,688
Loan Assignment		—		12,567,954		—		12,567,954
Mortgage-Backed Securities		—		565,679,708		—		565,679,708
U.S. Government Agency Obligation		—		316,677		—		316,677
Other Investment Company		14,300,200		—		—		14,300,200
Repurchase Agreement		—		103,369,590		—		103,369,590
Total Investments	$	14,300,200	$	3,100,735,522	$	—	$	3,115,035,722

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

Transamerica Funds Annual Report 2020

Page    292

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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 October 31, 2020, the total value of 144A securities is $1,552,695,202, representing 49.6% of the Fund’s net assets.
(B)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $15,873,005, collateralized by cash collateral of $14,300,200 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,905,660. 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.
(D)	Restricted security. At October 31, 2020, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Corporate Debt Securities	Huntington Bancshares, Inc. 2.30%, 01/14/2022		05/04/2018 - 07/03/2018	$	13,175,083	$	14,015,760		0.4	%

(E)	Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2020; the maturity date disclosed is the ultimate maturity date.
(F)	Percentage rounds to less than 0.1% or (0.1)%.
(G)	Rates disclosed reflect the yields at October 31, 2020.
(H)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2020

Page    293

Transamerica Small Cap Growth

(unaudited)

MARKET ENVIRONMENT

The end of 2019 was characterized by strong equity returns that were largely driven by multiple expansion, while earnings growth was challenged. We entered 2020 with valuation risk and market hopes that reduced trade tensions coupled with monetary easing by the U.S. Federal Reserve (“Fed”) would stimulate economic growth and in turn reaccelerate the revenue and earnings of corporate America. This optimistic consensus reached its peak in mid-January as the U.S. and China signed their trade agreement. Almost immediately after the signing, concerns about COVID-19 causing a material slowdown in Chinese economic activity began the reversal of the ebullient expectations for 2020 growth. Initial concerns concentrated on the supply side disruption of goods manufactured in China. However, as the virus spread beyond Asia, investors transitioned from supply chain concerns to worries over demand side contractions as the U.S. and Europe began taking unprecedented measures to control the spread. The litany of cancellations and actions taken by organizations, cities, states and federal governments grew and extensions of these shutdowns continue.

Not knowing the depth and breadth of the crisis makes economic and business modeling difficult for investors. Therefore, the resulting sell-off and volatility achieved levels in March 2020 only experienced in the deepest market declines of the 1930s, 1987 and 2008-2009. However, in early April 2020, much of the country began adjusting to a shutdown imposed to contain the spread of COVID-19. The majority of the states across the country slowly began a phased approach to resuming activities. As it often does, the equity market anticipated this change in behavior and have rallied since then.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Small Cap Growth (Class A) returned 9.34%, excluding any sales charges. By comparison, its benchmark, the Russell 2000^® Growth Index, returned 13.37%.

STRATEGY REVIEW

The Fund underperformed its benchmark for the 12-month period ended October 31, 2020.

From a quality perspective, low quality factors in the benchmark dominated benchmark returns. Non-earnings companies outperformed companies with positive earnings. From a valuation perspective, the benchmark was dominated by the highest valuation companies across all measures (including price/earnings, price/cash flow and price/sales ratios).

Our favorable stock selection decisions within the information technology, industrials and consumer discretionary sectors provided the strongest relative outperformance versus the benchmark. Our stock selection decisions within the healthcare sector were the largest detractor from performance on a relative basis largely due to the significant returns by non-earning biotech and pharmaceutical companies.

Repligen Corp., a bioprocessing company, was the largest contributor to performance. The company provides development, production and commercialization products used in the manufacturing of biologic drugs. The strength was due to the continued execution of their growth strategy supported by the underlying strength in the biotechnology and pharmaceutical industries.

Inter Parfums, Inc., a marketer of licensed fragrance and skin care products, was the largest detractor from performance. As the coronavirus pandemic shut down retail and travel worldwide, the company’s sales were significantly impaired. With a very long, slow return to normalcy and growth, we decided to exit the position.

W. Conrad Doenges

Andrew Hill

Joseph LaBate

Co-Portfolio Managers

Ranger Investment Management, L.P.

Asset Allocation	Percentage of Net Assets
Common Stocks		96.2	%
Repurchase Agreement		3.2
Other Investment Company		1.6
Net Other Assets (Liabilities)		(1.0	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    294

Transamerica Small Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		3.39	%		9.40	%		10.04	%		08/31/2012
Class A (NAV)		9.34	%		10.65	%		10.80	%		08/31/2012
Russell 2000® Growth Index (A)		13.37	%		10.36	%		12.26	%
Class C (POP)		7.52	%		9.81	%		10.01	%		08/31/2012
Class C (NAV)		8.52	%		9.81	%		10.01	%		08/31/2012
Class I (NAV)		9.56	%		10.90	%		11.09	%		08/31/2012
Class I2 (NAV)		9.85	%		11.06	%		11.24	%		08/31/2012
Class I3 (NAV)		9.69	%		N/A			10.35	%		03/10/2017
Class R (NAV)		9.38	%		N/A			9.83	%		03/10/2017
Class R4 (NAV)		9.74	%		N/A			10.25	%		03/10/2017
Class R6 (NAV)		9.69	%		N/A			11.46	%		07/25/2016

^(A) The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.

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

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

Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    295

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 96.2%
Aerospace & Defense - 4.7%
Kratos Defense & Security Solutions, Inc. (A)		238,654		$  4,508,174
Mercury Systems, Inc. (A)		54,861		3,778,826
				8,287,000
Banks - 3.1%
Banc of California, Inc.		232,157		2,785,884
Home BancShares, Inc.		165,191		2,742,171
				5,528,055
Chemicals - 2.0%
Quaker Chemical Corp. (B)		18,832		3,592,957
Consumer Finance - 1.5%
LendingTree, Inc. (A) (B)		8,014		2,593,250
Electronic Equipment, Instruments & Components - 0.3%
nLight, Inc. (A)		28,631		608,122
Energy Equipment & Services - 0.5%
Select Energy Services, Inc., Class A (A)		287,233		867,444
Food & Staples Retailing - 3.4%
Grocery Outlet Holding Corp. (A)		138,887		6,113,806
Health Care Equipment & Supplies - 11.9%
BioLife Solutions, Inc. (A)		86,402		2,480,602
CONMED Corp.		38,625		3,011,591
Heska Corp. (A) (B)		24,052		2,822,021
Integer Holdings Corp. (A)		14,600		853,370
LeMaitre Vascular, Inc.		58,430		1,897,806
Mesa Laboratories, Inc.		18,567		4,853,600
Neogen Corp. (A)		74,723		5,211,182
				21,130,172
Health Care Providers & Services - 4.4%
BioTelemetry, Inc. (A)		63,358		2,697,784
LHC Group, Inc. (A)		23,371		5,060,990
				7,758,774
Health Care Technology - 3.6%
Simulations Plus, Inc.		53,672		3,479,019
Tabula Rasa HealthCare, Inc. (A) (B)		83,258		2,875,731
				6,354,750
Hotels, Restaurants & Leisure - 2.9%
Texas Roadhouse, Inc.		73,717		5,162,402
Household Durables - 4.9%
Skyline Champion Corp. (A)		192,935		4,948,783
TopBuild Corp. (A)		25,136		3,851,086
				8,799,869
Internet & Direct Marketing Retail - 1.4%
Magnite, Inc. (A) (B)		275,100		2,484,153
IT Services - 12.4%
Endava PLC, ADR (A)		50,961		3,256,408
Evo Payments, Inc., Class A (A)		257,109		5,417,287
I3 Verticals, Inc., Class A (A) (B)		86,110		1,776,449
MAXIMUS, Inc.		47,997		3,243,637
Repay Holdings Corp. (A)		77,593		1,748,170
WNS Holdings, Ltd., ADR (A)		114,985		6,627,736
				22,069,687
Life Sciences Tools & Services - 12.2%
Medpace Holdings, Inc. (A)		50,384		5,589,601
NeoGenomics, Inc. (A)		160,352		6,290,609

	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services (continued)
PRA Health Sciences, Inc. (A)		21,671		$   2,111,622
Repligen Corp. (A)		46,354		7,721,186
				21,713,018
Personal Products - 1.5%
elf Beauty, Inc. (A)		136,308		2,762,963
Road & Rail - 4.1%
Marten Transport, Ltd.		213,179		3,271,232
Saia, Inc. (A)		26,952		3,979,732
				7,250,964
Semiconductors & Semiconductor Equipment - 2.0%
CMC Materials, Inc.		13,132		1,867,239
Silicon Laboratories, Inc. (A)		16,170		1,656,778
				3,524,017
Software - 17.5%
Appfolio, Inc., Class A (A)		20,713		2,959,266
Box, Inc., Class A (A)		230,145		3,567,248
Cerence, Inc. (A) (B)		36,365		1,984,802
Mimecast, Ltd. (A)		121,897		4,657,684
Onespan, Inc. (A)		89,347		1,959,380
Pegasystems, Inc.		69,247		8,024,342
Qualys, Inc. (A)		27,129		2,383,283
Workiva, Inc. (A)		100,882		5,579,783
				31,115,788
Trading Companies & Distributors - 1.9%
SiteOne Landscape Supply, Inc. (A)		27,932		3,337,595
Total Common Stocks (Cost $134,394,423)				171,054,786
OTHER INVESTMENT COMPANY - 1.6%
Securities Lending Collateral - 1.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (C)		2,792,029		2,792,029
Total Other Investment Company (Cost $2,792,029)				2,792,029
	Principal		Value
REPURCHASE AGREEMENT - 3.2%
Fixed Income Clearing Corp., 0.00% (C), dated 10/30/2020, to be repurchased at $5,621,180 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 10/15/2023, and with a value of $5,733,628.		$  5,621,180		5,621,180
Total Repurchase Agreement (Cost $5,621,180)				5,621,180
Total Investments (Cost $142,807,632)				179,467,995
Net Other Assets (Liabilities) - (1.0)%				(1,774,680	)
Net Assets - 100.0%				$  177,693,315

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

Transamerica Funds Annual Report 2020

Page    296

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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	$	171,054,786	$	—	$	—	$	171,054,786
Other Investment Company		2,792,029		—		—		2,792,029
Repurchase Agreement		—		5,621,180		—		5,621,180
Total Investments	$	173,846,815	$	5,621,180	$	—	$	179,467,995

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 $11,634,801, collateralized by cash collateral of $2,792,029 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $9,092,267. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2020.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2020

Page    297

Transamerica Small Cap Value

(unaudited)

MARKET ENVIRONMENT

The market environment for the one-year period ended October 31, 2020 was overwhelmingly dominated by the effects of the COVID-19 pandemic. A historic selloff of equities began in late February 2020 as the impact of the pandemic on the economy and labor market was digested by the market. Unprecedented fiscal and monetary intervention gave a lifeline to a precarious economy and allowed the market to find a bottom in late March 2020. During the selloff and the subsequent recovery, investors sought refuge in larger cap and growth names. The Fund was at a disadvantage given its focus on U.S. small cap value equities which underperformed in this environment.

By late summer, the performance differential between growth and value reached levels not seen since the Great Depression nearly a century ago. As the reporting period ended, the market’s focus had begun to turn to the U.S. elections and expectations of further stimulus to aid the economy as a bridge until a vaccine is widely available. As the focus shifted to the economic recovery, the market broadened which benefitted small cap value stocks and the Fund for the final month of the 12-month period ended October 31, 2020.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Small Cap Value (Class R4) returned -13.88%. By comparison, its benchmark, the Russell 2000^® Value Index, returned -13.92%.

STRATEGY REVIEW

The strategy focuses on companies that are believed to be mispriced relative to their sector peers and have a fundamental story that supports a pathway for the business to return to a higher valuation.

The Fund (Class R4) outperformed its benchmark during the 12-month period ended October 31, 2020.

During the fiscal year, our favorable stock selection decisions in financials, producer durables and consumer staples were additive to relative performance. Our holdings within technology, consumer discretionary and healthcare lagged on a relative basis in the past fiscal year.

We took advantage of stocks that sold off significantly in order to upgrade to what we believed to be higher quality stocks trading at attractive valuations across all sectors. We also added to stocks trading at attractive valuations that were already held in the portfolio where we had strong conviction. Darling Ingredients Inc., Cerence Inc.(no longer held in the Fund), MarineMax, Inc., and National General Holdings Corp. (no longer held in the Fund) helped performance over the 12-month period ended October 31, 2020.

As the pandemic unfolded, businesses were evaluated relative to their ability to manage in an environment with significant distruption to revenue. We focused on debt levels and associated maturities, access to credit lines, and ability to manage variable costs. We eliminated Caleres, AMC Entertainment Holdings, and Hertz Global Holdings, because they were not well positioned during this period and underperformed during the period.

Jason R. Ballsrud, CFA

Tasso H. Coin, Jr., CFA

Douglas G. Pugh, CFA

Co-Portfolio Managers

Peregrine Capital Management, LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		97.1	%
Repurchase Agreement		15.4
Other Investment Company		1.1
Net Other Assets (Liabilities)		(13.6	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    298

Transamerica Small Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(18.74	)%		N/A			(5.05	)%		04/21/2017
Class A (NAV)		(14.03	)%		N/A			(3.53	)%		04/21/2017
Class C (POP)		(15.49	)%		N/A			(4.24	)%		04/21/2017
Class C (NAV)		(14.67	)%		N/A			(4.24	)%		04/21/2017
Class I (NAV)		(13.77	)%		N/A			(3.21	)%		04/21/2017
Class I2 (NAV)		(13.69	)%		N/A			(3.17	)%		04/21/2017
Class I3 (NAV)		(13.75	)%		N/A			(3.15	)%		04/21/2017
Class R (NAV)		(14.05	)%		N/A			(3.60	)%		04/21/2017
Class R4 (NAV)		(13.88	)%		(0.08	)%		6.29	%		01/23/2003
Russell 2000® Value Index (A)		(13.92	)%		3.71	%		7.06	%
Class R6 (NAV)		(13.69	)%		N/A			(3.17	)%		04/21/2017

^(A) The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    299

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 97.1%
Auto Components - 2.4%
Stoneridge, Inc. (A)		209,398		$  4,780,557
Visteon Corp. (A)		71,048		6,369,453
				11,150,010
Automobiles - 1.0%
Winnebago Industries, Inc.		100,317		4,709,883
Banks - 21.9%
Ameris Bancorp		178,240		5,222,432
Atlantic Union Bankshares Corp.		173,570		4,389,585
BancorpSouth Bank		181,885		4,257,928
Cadence BanCorp		421,940		4,734,167
Enterprise Financial Services Corp.		123,429		3,593,018
FB Financial Corp.		129,302		3,814,409
First Bancorp		167,696		4,039,797
First Horizon National Corp.		469,795		4,890,566
Hancock Whitney Corp.		172,591		3,947,156
Pacific Premier Bancorp, Inc.		203,607		5,191,978
Pinnacle Financial Partners, Inc.		126,401		5,787,902
Renasant Corp.		172,004		4,903,834
South State Corp.		94,657		5,811,940
Synovus Financial Corp.		208,169		5,412,394
TCF Financial Corp.		182,859		4,975,593
Umpqua Holdings Corp.		365,713		4,593,355
United Community Banks, Inc.		217,271		4,549,655
Valley National Bancorp		530,615		4,053,899
Veritex Holdings, Inc.		232,620		4,589,593
Webster Financial Corp.		165,658		5,335,844
WesBanco, Inc.		201,364		4,891,132
Wintrust Financial Corp.		95,311		4,692,160
				103,678,337
Biotechnology - 1.2%
Coherus Biosciences, Inc. (A) (B)		341,466		5,692,238
Building Products - 1.0%
Griffon Corp.		214,951		4,608,549
Capital Markets - 0.9%
Stifel Financial Corp.		75,993		4,442,551
Chemicals - 1.3%
Livent Corp. (A) (B)		559,186		6,011,250
Commercial Services & Supplies - 2.1%
BrightView Holdings, Inc. (A)		381,432		4,664,913
Covanta Holding Corp.		556,918		5,056,816
				9,721,729
Communications Equipment - 0.9%
Casa Systems, Inc. (A)		1,018,561		4,247,399
Construction & Engineering - 3.4%
MasTec, Inc. (A)		174,082		8,641,430
Tutor Perini Corp. (A)		536,162		7,243,549
				15,884,979
Construction Materials - 0.9%
Summit Materials, Inc., Class A (A)		244,368		4,322,870
Containers & Packaging - 2.5%
Graphic Packaging Holding Co.		354,170		4,706,919
Greif, Inc., Class A		112,340		4,559,881
Ranpak Holdings Corp. (A)		281,691		2,402,824
				11,669,624

	Shares		Value
COMMON STOCKS (continued)
Diversified Consumer Services - 0.9%
Adtalem Global Education, Inc. (A)		179,059		$   4,197,143
Electric Utilities - 0.6%
Spark Energy, Inc., Class A		318,642		2,906,015
Electronic Equipment, Instruments & Components - 3.0%
Flex, Ltd. (A)		471,692		6,674,442
Knowles Corp. (A)		290,706		4,142,561
Sanmina Corp. (A)		130,471		3,188,711
				14,005,714
Energy Equipment & Services - 0.5%
Liberty Oilfield Services, Inc., Class A		346,873		2,317,112
Entertainment - 2.1%
IMAX Corp. (A) (B)		399,257		4,603,433
Lions Gate Entertainment Corp., Class B (A)		817,058		5,122,954
				9,726,387
Equity Real Estate Investment Trusts - 8.0%
Alexander & Baldwin, Inc.		273,709		3,517,161
Apple Hospitality, Inc.		465,801		4,611,430
CatchMark Timber Trust, Inc., Class A		510,156		4,433,256
Community Healthcare Trust, Inc.		98,229		4,548,003
Independence Realty Trust, Inc. (B)		360,007		4,374,085
Industrial Logistics Properties Trust		202,518		3,884,295
NexPoint Residential Trust, Inc.		114,697		5,083,371
Outfront Media, Inc.		315,559		4,136,978
Summit Hotel Properties, Inc.		630,639		3,329,774
				37,918,353
Food Products - 2.2%
B&G Foods, Inc. (B)		144,380		3,834,733
Darling Ingredients, Inc. (A)		156,648		6,735,864
				10,570,597
Health Care Equipment & Supplies - 0.7%
Lantheus Holdings, Inc. (A)		328,392		3,566,337
Health Care Providers & Services - 3.5%
AMN Healthcare Services, Inc. (A)		90,444		5,904,184
Patterson Cos., Inc.		149,924		3,729,360
Premier, Inc., Class A		215,082		7,039,634
				16,673,178
Hotels, Restaurants & Leisure - 1.5%
Extended Stay America, Inc.		296,916		3,369,996
International Game Technology PLC (B)		426,841		3,504,365
				6,874,361
Household Durables - 4.3%
Century Communities, Inc. (A)		146,630		5,695,109
MDC Holdings, Inc.		127,968		5,569,167
Taylor Morrison Home Corp. (A)		212,254		4,584,687
Universal Electronics, Inc. (A)		122,870		4,553,562
				20,402,525
Insurance - 4.3%
Argo Group International Holdings, Ltd.		100,712		3,593,404
Hanover Insurance Group, Inc.		53,533		5,120,967
Horace Mann Educators Corp.		139,798		4,740,550
Selective Insurance Group, Inc.		92,076		4,793,477
Universal Insurance Holdings, Inc.		184,290		2,298,096
				20,546,494

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

Transamerica Funds Annual Report 2020

Page    300

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Leisure Products - 0.9%
Callaway Golf Co.		275,031		$   4,260,230
Machinery - 3.6%
Meritor, Inc. (A)		222,088		5,405,622
Middleby Corp. (A)		54,942		5,468,927
Wabash National Corp.		435,731		6,213,524
				17,088,073
Media - 1.8%
Gray Television, Inc. (A)		341,959		4,336,040
Nexstar Media Group, Inc., Class A		48,559		4,001,262
				8,337,302
Metals & Mining - 0.8%
Compass Minerals International, Inc.		63,600		3,840,168
Multi-Utilities - 1.6%
Black Hills Corp.		65,658		3,720,182
NorthWestern Corp.		69,989		3,648,527
				7,368,709
Oil, Gas & Consumable Fuels - 2.3%
Brigham Minerals, Inc., Class A		222,988		1,966,754
CNX Resources Corp. (A)		229,556		2,226,693
Delek US Holdings, Inc.		159,646		1,606,039
Renewable Energy Group, Inc. (A)		71,238		4,017,823
Scorpio Tankers, Inc. (B)		143,588		1,266,446
				11,083,755
Paper & Forest Products - 0.8%
Neenah, Inc.		99,493		3,743,922
Pharmaceuticals - 0.6%
Prestige Consumer Healthcare, Inc. (A)		90,165		2,978,150
Road & Rail - 1.0%
Ryder System, Inc.		97,390		4,797,431
Software - 3.0%
Ebix, Inc. (B)		182,948		3,304,041
Xperi Holding Corp.		398,740		4,944,376
Zix Corp. (A) (B)		950,658		5,827,533
				14,075,950
Specialty Retail - 4.6%
Asbury Automotive Group, Inc. (A)		70,218		7,231,049
Foot Locker, Inc.		130,117		4,798,715

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
MarineMax, Inc. (A)		161,417		$   4,839,282
Urban Outfitters, Inc. (A)		210,579		4,704,335
				21,573,381
Textiles, Apparel & Luxury Goods - 0.6%
Oxford Industries, Inc.		65,089		2,679,714
Trading Companies & Distributors - 4.4%
GATX Corp.		58,927		4,023,535
GMS, Inc. (A)		239,145		5,404,677
Rush Enterprises, Inc., Class A		164,931		5,911,127
WESCO International, Inc. (A)		137,291		5,661,881
				21,001,220
Total Common Stocks (Cost $457,852,121)				458,671,640
OTHER INVESTMENT COMPANY - 1.1%
Securities Lending Collateral - 1.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (C)		4,977,484		4,977,484
Total Other Investment Company (Cost $4,977,484)				4,977,484
	Principal		Value
REPURCHASE AGREEMENT - 15.4%
Fixed Income Clearing Corp., 0.00% (C), dated 10/30/2020, to be repurchased at $72,894,597 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.75%, due 11/15/2023, and with a value of $74,352,576.		$  72,894,597		72,894,597
Total Repurchase Agreement (Cost $72,894,597)				72,894,597
Total Investments (Cost $535,724,202)				536,543,721
Net Other Assets (Liabilities) - (13.6)%				(64,196,844	)
Net Assets - 100.0%				$  472,346,877

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	$	458,671,640	$	—	$	—	$	458,671,640
Other Investment Company		4,977,484		—		—		4,977,484
Repurchase Agreement		—		72,894,597		—		72,894,597
Total Investments	$	463,649,124	$	72,894,597	$	—	$	536,543,721

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

Transamerica Funds Annual Report 2020

Page    301

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $16,835,905, collateralized by cash collateral of $4,977,484 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $12,343,785. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2020.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    302

Transamerica Small/Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

Systematic Financial Management, L.P.

The COVID-19 pandemic dominated trading during much of 2020, as the economic shutdown in the spring caused the first recession since the global financial crisis. U.S. small cap stocks were especially hard hit by the severe risk aversion that gripped investors at the outset of the crisis. The equity markets almost certainly would have fared worse had it not been for aggressive monetary and fiscal stimulus by the U.S. The U.S. Federal Reserve (“Fed”) stepped in with unprecedented measures to provide liquidity and stabilize financial markets, lowering the federal funds rate to near zero in the process. The U.S. Congress, meanwhile, delivered a two trillion dollars bill that extended additional credit, incentivized employers to maintain payrolls, and issued direct assistance to citizens. In time, a new normal began to take shape as the economy slowly reopened to a largely socially distanced population.

The equity markets responded favorably, staging a furious recovery from the March 2020 lows, but U.S. small cap value equities underperformed during the market rally. As equities rallied, investors favored U.S. large cap and growth equities and perceived them as better positioned for a “work from home” economy. Investor sentiment toward certain areas of the U.S. small cap universe remained poor throughout much of the stock market’s recovery, such as financials, real estate, and energy sectors. These sectors all have acute business and credit risks related to the pandemic.

Thompson, Siegel & Walmsley

The 12-month period ended October 31, 2020 has been a notable environment, driven by the onset of the COVID-19 pandemic in 2020. While all major U.S. value indices were down during the period, growth indices, posted positive and even double-digit positive results as investors continued their preference for growth stock stories.

In the fourth quarter of 2019 markets posted strong returns driven by optimism on a trade deal with China and abatement of global manufacturing concerns. The first quarter of 2020, however, brought extreme volatility, shifting investor demands and changes in investor risk appetite due to the onset of the COVID-19 pandemic. The calendar year began with a modest sell-off in January and February as overall contagion concerns remained muted and markets appeared to take the threat of COVID-19 in stride. As the threat of COVID-19 spread, sheer panic and forced selling from market participants drove the markets in February through the end of March. In this environment, the market witnessed one of the historically highest levels of stock correlations. Late March to the end of October has generally been a risk-on environment in aggregate, aided by significant monetary and fiscal stimulus injected into the economy.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Small/Mid Cap Value (Class A) returned -11.70%, excluding any sales charges. By comparison, its benchmark, the Russell 2500^™ Value Index, returned -11.92%.

STRATEGY REVIEW

Systematic Financial Management, L.P.

In the Fund’s small-cap sleeve, Systematic generally invests in stocks of companies with small capitalizations that we believe are attractively valued. Our security selection process generally favors companies with strong operating cash flow, healthy free cash flow, limited financial leverage and strong debt coverage.

The small-cap sleeve outperformed its benchmark, the Russell 2000^® Value benchmark during the 12-month period ended October 31, 2020.

Our outperformance was driven in large part by our unique focus on the underlying quality of the companies we research. As solvency and liquidity risks rose and U.S. small cap stocks underperformed early in the pandemic, the sustainable cash flows and low debt levels of the companies in the small-cap sleeve of the Fund positioned us well on a relative basis. As risk aversion waned, however, investors bought stocks without regard to valuation, in part due to their preferences for more expensive growth stocks over value and our stock selection results were not favorable during this period.

From a sector allocation perspective, our positioning added to relative outperformance. Our underweight positions within the poorly performing financials and energy sectors added to relative returns, as did our overweight position within consumer discretionary sector. Our sector allocation decisions slightly constrained relative performance within consumer staples and materials sectors, driven by small underweight positions.

Transamerica Funds Annual Report 2020

Page    303

Transamerica Small/Mid Cap Value

(unaudited)

STRATEGY REVIEW (continued)

Overall, our stock selection decisions detracted from relative performance during the fiscal year, driven by our valuation methodology and discipline. Our stock selection decisions were unfavorable within the healthcare and real estate sectors, as investors shunned value in the past twelve months. Our stock selection decisions were favorable within the information technology and industrials sectors and helped relative performance.

Thompson, Siegel & Walmsley

In the Fund’s mid-cap sleeve, Thompson, Siegel & Walmsley LLC seeks to invest in companies we believe present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. Our process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen.

The mid-cap sleeve of the Fund underperformed its benchmark, the Russell MidCap Value Index, during the 12-month period ended October 31, 2020.

The strategy’s top contributing sectors to relative performance over the period included energy and real estate. Within the energy sector, the Fund continued to benefit from an underweight allocation to oil producers given weakness in the sector. The top holdings included two primarily natural gas producers, EQT Corporation and Antero Resources Corporation, both of which benefited from a more positive natural gas backdrop driven from reduced supply in the sector and improved cash flow generation.

Within real estate, the underweight allocation was the primary driver of relative performance given the continued weakness in the industry. Given our valuation discipline, there are limited attractive risk/reward opportunities in the industry. Our position in Gaming and Leisure Properties, Inc. was a top contributor to relative performance driven by improving trends in casino attendance and a triple-net-lease structure that has garnered value in the current environment.

The strategy’s primary sector detractors from relative performance over the period were industrials and utilities. Within the industrials sector, the underweight allocation and unowned benchmark names in the machinery and building products industries where valuation is at a premium, drove the underperformance. At the stock level, AerCap Holdings NV (“AerCap”), an aircraft lessor, was the largest detractor from relative performance driven by its exposure to the airline sector. We continue to hold AerCap, given its industry positioning and potential for fundamental improvement going forward.

Within the utilities sector, the primary detractors from relative performance were FirstEnergy Corp. (“FirstEnergy”) and CenterPoint Energy, Inc. (“CenterPoint”). FirstEnergy separated its subsidiary and power generation business, First Energy Solutions, in 2019. FirstEnergy’s performance was adversely impacted by allegations of and an investigation into inappropriate payments during the separation process. While we continue to believe the risk/reward remains attractive, the Fund reduced the position owing to the added uncertainty. CenterPoint is primarily an electric and natural gas utility. The market has penalized the stock given a negative rate case decision at its utility in Texas and uncertainty around distributions from the midstream energy business to the parent company. We continue to hold shares and believe new management, recent restructuring plans, and improved execution could be meaningful positive catalysts.

Kenneth Burgess, CFA

Portfolio Manager

Systematic Financial Management, L.P.

R. Michael Creager, CFA

Brett P. Hawkins, CFA

Co-Portfolio Managers

Thompson, Siegel & Walmsley LLC

Asset Allocation	Percentage of Net Assets
Common Stocks		98.2	%
Repurchase Agreement		2.4
Other Investment Company		0.7
Net Other Assets (Liabilities)		(1.3	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    304

Transamerica Small/Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		(16.55	)%		3.62	%		7.80	%		04/02/2001
Class A (NAV)		(11.70	)%		4.79	%		8.41	%		04/02/2001
Russell 2500™ Value Index (A)		(11.92	)%		3.91	%		7.84	%
Class C (POP)		(13.20	)%		4.08	%		7.69	%		11/11/2002
Class C (NAV)		(12.35	)%		4.08	%		7.69	%		11/11/2002
Class I (NAV)		(11.41	)%		5.16	%		8.82	%		11/30/2009
Class I2 (NAV)		(11.30	)%		5.28	%		8.93	%		11/15/2005
Class R6 (NAV)		(11.32	)%		5.27	%		3.87	%		05/29/2015

^(A) The Russell 2500^™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500^™ Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500^™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2 and R6 shares.

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

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

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock considered undervalued. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    305

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 98.2%
Aerospace & Defense - 1.5%
Aerojet Rocketdyne Holdings, Inc. (A)		46,000		$  1,491,320
Cubic Corp.		29,850		1,764,433
Curtiss-Wright Corp.		16,600		1,400,376
Elbit Systems, Ltd. (B)		14,150		1,587,064
Huntington Ingalls Industries, Inc.		20,200		2,979,096
				9,222,289
Auto Components - 0.8%
Dana, Inc.		46,500		650,535
Gentex Corp.		33,000		913,110
Stoneridge, Inc. (A)		39,450		900,644
Visteon Corp. (A)		30,000		2,689,500
				5,153,789
Banks - 5.8%
Atlantic Union Bankshares Corp.		40,500		1,024,245
Bank of Princeton		32,000		629,440
Berkshire Hills Bancorp, Inc.		92,581		1,206,330
Central Valley Community Bancorp		19,500		251,550
CIT Group, Inc.		196,100		5,775,145
Dime Community Bancshares, Inc.		113,000		1,429,450
First Citizens BancShares, Inc., Class A		12,888		5,963,278
First Community Bankshares, Inc.		57,000		1,081,860
First Merchants Corp.		75,050		1,959,555
Hope Bancorp, Inc.		99,332		801,609
Lakeland Bancorp, Inc.		179,000		1,992,270
OceanFirst Financial Corp.		55,950		837,572
People’s United Financial, Inc.		115,000		1,227,050
Sandy Spring Bancorp, Inc.		97,500		2,471,625
Sterling Bancorp		105,000		1,404,900
Umpqua Holdings Corp.		155,000		1,946,800
United Bankshares, Inc.		20,851		546,922
United Community Banks, Inc.		107,500		2,251,050
Washington Trust Bancorp, Inc.		21,621		730,141
Webster Financial Corp.		46,150		1,486,492
Western Alliance Bancorp		35,000		1,442,000
				36,459,284
Beverages - 1.5%
Molson Coors Beverage Co., Class B		264,000		9,308,640
Biotechnology - 2.0%
Alexion Pharmaceuticals, Inc. (A)		64,500		7,426,530
Exelixis, Inc. (A)		64,500		1,320,960
United Therapeutics Corp. (A)		28,500		3,825,555
				12,573,045
Building Products - 1.9%
American Woodmark Corp. (A)		32,200		2,660,042
Gibraltar Industries, Inc. (A)		15,350		881,857
Masonite International Corp. (A)		20,000		1,760,000
Owens Corning		29,000		1,898,630
PGT Innovations, Inc. (A)		121,000		2,006,180
Quanex Building Products Corp.		135,000		2,457,000
				11,663,709
Capital Markets - 0.8%
Piper Sandler Cos.		31,650		2,641,193
Stifel Financial Corp.		37,000		2,163,020
				4,804,213
Chemicals - 2.9%
Axalta Coating Systems, Ltd. (A)		173,900		4,366,629

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Chase Corp.		7,400		$   704,184
Corteva, Inc.		204,200		6,734,516
Huntsman Corp.		50,050		1,215,714
Mosaic Co.		250,300		4,630,550
Trinseo SA		12,350		392,977
				18,044,570
Commercial Services & Supplies - 0.4%
HNI Corp.		26,400		859,320
Tetra Tech, Inc.		16,750		1,690,243
				2,549,563
Communications Equipment - 0.7%
Harmonic, Inc. (A)		117,000		694,980
KVH Industries, Inc. (A)		199,500		1,733,655
NETGEAR, Inc. (A)		13,250		408,365
Silicom, Ltd. (A)		40,000		1,488,400
				4,325,400
Construction & Engineering - 1.5%
AECOM (A)		66,500		2,981,860
Comfort Systems USA, Inc.		63,850		2,924,330
EMCOR Group, Inc.		40,000		2,727,600
Granite Construction, Inc. (B)		25,250		487,577
				9,121,367
Construction Materials - 0.2%
US Concrete, Inc. (A)		34,150		1,159,734
Consumer Finance - 0.8%
Ally Financial, Inc.		178,505		4,762,513
Containers & Packaging - 0.6%
Sealed Air Corp.		102,600		4,061,934
Distributors - 1.2%
LKQ Corp. (A)		238,400		7,626,416
Diversified Consumer Services - 0.7%
American Public Education, Inc. (A)		90,250		2,551,367
K12, Inc. (A)		43,450		1,037,152
Strategic Education, Inc.		7,850		652,021
				4,240,540
Diversified Financial Services - 0.2%
Equitable Holdings, Inc.		49,000		1,053,010
Diversified Telecommunication Services - 1.1%
GCI Liberty, Inc., Class A (A)		84,600		6,872,058
Electric Utilities - 3.3%
FirstEnergy Corp.		118,500		3,521,820
OGE Energy Corp.		304,600		9,372,542
Portland General Electric Co.		22,750		894,075
PPL Corp.		239,400		6,583,500
				20,371,937
Electrical Equipment - 0.8%
Acuity Brands, Inc.		8,850		788,889
LSI Industries, Inc.		181,000		1,238,040
Regal Beloit Corp.		32,500		3,206,125
				5,233,054
Electronic Equipment, Instruments & Components - 2.0%
Coherent, Inc. (A)		11,300		1,414,082
FLIR Systems, Inc.		86,200		2,990,278
Methode Electronics, Inc.		73,850		2,272,364

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

Transamerica Funds Annual Report 2020

Page    306

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
OSI Systems, Inc. (A)		13,100		$   1,010,796
Vishay Intertechnology, Inc.		127,500		2,068,050
Vontier Corp. (A)		100,900		2,899,866
				12,655,436
Energy Equipment & Services - 0.8%
Baker Hughes Co.		315,300		4,656,981
Helmerich & Payne, Inc.		42,700		634,949
				5,291,930
Entertainment - 0.2%
Madison Square Garden Entertainment Corp. (A)		11,700		760,500
Madison Square Garden Sports Corp., Class A (A)		3,950		559,478
				1,319,978
Equity Real Estate Investment Trusts - 4.0%
Apple Hospitality, Inc.		170,000		1,683,000
Brandywine Realty Trust		166,500		1,458,540
Community Healthcare Trust, Inc.		43,750		2,025,625
DiamondRock Hospitality Co.		44,000		217,360
Gaming and Leisure Properties, Inc.		137,577		5,000,924
JBG SMITH Properties		293,196		6,846,127
Lexington Realty Trust		230,500		2,288,865
Physicians Realty Trust		155,500		2,621,730
Piedmont Office Realty Trust, Inc., Class A		55,000		628,100
Sabra Health Care, Inc.		128,000		1,684,480
Summit Hotel Properties, Inc.		72,500		382,800
				24,837,551
Food & Staples Retailing - 0.7%
US Foods Holding Corp. (A)		155,100		3,241,590
Village Super Market, Inc., Class A		44,800		1,014,720
				4,256,310
Food Products - 3.6%
Kraft Heinz Co.		246,600		7,543,494
Nomad Foods, Ltd. (A)		30,850		748,112
Post Holdings, Inc. (A)		122,000		10,479,800
Sanderson Farms, Inc.		9,000		1,151,730
Tyson Foods, Inc., Class A		34,800		1,991,604
Whole Earth Brands, Inc. (A)		111,500		913,185
				22,827,925
Gas Utilities - 2.0%
UGI Corp.		383,800		12,412,092
Health Care Equipment & Supplies - 1.5%
Alcon, Inc. (A)		63,500		3,609,340
AngioDynamics, Inc. (A)		129,350		1,337,479
Meridian Bioscience, Inc. (A)		92,500		1,586,375
OraSure Technologies, Inc. (A)		176,000		2,629,440
				9,162,634
Health Care Providers & Services - 4.1%
AmerisourceBergen Corp.		79,900		7,675,993
AMN Healthcare Services, Inc. (A)		44,250		2,888,640
BioTelemetry, Inc. (A)		10,000		425,800
Centene Corp. (A)		130,700		7,724,370
Cross Country Healthcare, Inc. (A)		273,000		2,143,050
Encompass Health Corp.		30,400		1,863,824

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (continued)
Laboratory Corp. of America Holdings (A)		15,099		$   3,016,327
				25,738,004
Health Care Technology - 0.1%
Omnicell, Inc. (A)		10,600		917,430
Hotels, Restaurants & Leisure - 0.7%
Aramark		101,800		2,823,932
Churchill Downs, Inc.		11,300		1,685,395
				4,509,327
Household Durables - 1.4%
Helen of Troy, Ltd. (A)		10,150		1,924,440
KB Home		30,650		988,463
La-Z-Boy, Inc.		64,100		2,194,143
MDC Holdings, Inc.		30,650		1,333,888
PulteGroup, Inc.		17,100		696,996
Turtle Beach Corp. (A)		78,500		1,414,570
				8,552,500
Household Products - 0.4%
Spectrum Brands Holdings, Inc.		41,450		2,357,262
Independent Power & Renewable Electricity Producers - 1.1%
Vistra Corp.		398,000		6,913,260
Insurance - 9.2%
Alleghany Corp.		17,175		9,393,523
Allstate Corp.		78,048		6,926,760
American International Group, Inc.		60,800		1,914,592
Arch Capital Group, Ltd. (A)		267,500		8,081,175
Everest Re Group, Ltd.		4,750		936,130
Fidelity National Financial, Inc.		289,900		9,070,971
Loews Corp.		263,100		9,124,308
Markel Corp. (A)		6,313		5,888,766
Old Republic International Corp.		133,300		2,170,124
Selective Insurance Group, Inc.		58,150		3,027,289
United Fire Group, Inc.		43,768		898,995
				57,432,633
Internet & Direct Marketing Retail - 1.3%
eBay, Inc.		103,800		4,943,994
Expedia Group, Inc.		22,026		2,073,748
Qurate Retail, Inc., Series A		132,800		899,056
				7,916,798
IT Services - 3.5%
Euronet Worldwide, Inc. (A)		40,600		3,606,904
FleetCor Technologies, Inc. (A)		22,500		4,970,475
KBR, Inc.		110,000		2,451,900
Leidos Holdings, Inc.		73,900		6,133,700
Perficient, Inc. (A)		30,350		1,188,506
Science Applications International Corp.		45,250		3,455,742
				21,807,227
Leisure Products - 0.6%
MasterCraft Boat Holdings, Inc. (A)		149,200		3,076,504
Polaris, Inc.		10,500		954,030
				4,030,534
Machinery - 1.7%
Altra Industrial Motion Corp.		42,250		1,806,610
Columbus McKinnon Corp.		55,642		1,885,707
Douglas Dynamics, Inc.		36,150		1,233,077
Gencor Industries, Inc. (A)		86,000		994,160

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

Transamerica Funds Annual Report 2020

Page    307

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Machinery (continued)
Lydall, Inc. (A)		48,500		$   959,815
Miller Industries, Inc.		30,850		923,649
Mueller Industries, Inc.		90,450		2,616,718
				10,419,736
Media - 5.9%
Discovery, Inc., Class C (A)		220,660		4,042,491
DISH Network Corp., Class A (A)		215,200		5,485,448
Fox Corp., Class A		298,200		7,908,264
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		208,073		7,199,326
MSG Networks, Inc., Class A (A) (B)		194,000		1,734,360
News Corp., Class A		369,116		4,846,493
ViacomCBS, Inc., Class B (B)		191,313		5,465,812
				36,682,194
Metals & Mining - 0.7%
Commercial Metals Co.		120,000		2,478,000
Kaiser Aluminum Corp.		19,500		1,227,135
Schnitzer Steel Industries, Inc., Class A		48,450		1,017,450
				4,722,585
Mortgage Real Estate Investment Trusts - 1.2%
Annaly Capital Management, Inc.		1,066,642		7,562,492
Multi-Utilities - 2.4%
CenterPoint Energy, Inc.		307,500		6,497,475
NiSource, Inc.		173,400		3,982,998
NorthWestern Corp.		88,300		4,603,079
				15,083,552
Multiline Retail - 1.3%
Dollar Tree, Inc. (A)		93,200		8,417,824
Oil, Gas & Consumable Fuels - 2.8%
Delek US Holdings, Inc.		64,746		651,345
EQT Corp.		244,640		3,703,850
HollyFrontier Corp.		222,800		4,124,028
Magnolia Oil & Gas Corp., Class A (A)		212,000		920,080
REX American Resources Corp. (A)		28,250		2,053,492
Williams Cos., Inc.		308,400		5,918,196
				17,370,991
Paper & Forest Products - 0.5%
Domtar Corp.		48,500		1,158,180
Glatfelter Corp.		140,550		2,005,649
				3,163,829
Pharmaceuticals - 1.6%
BioDelivery Sciences International, Inc. (A)		446,000		1,409,360
Jazz Pharmaceuticals PLC (A)		40,400		5,821,640
Mylan NV (A)		205,300		2,985,062
				10,216,062
Professional Services - 1.2%
ASGN, Inc. (A)		38,650		2,577,182
FTI Consulting, Inc. (A)		11,950		1,176,597
Heidrick & Struggles International, Inc.		49,100		1,121,935
ICF International, Inc.		41,150		2,690,799
				7,566,513
Real Estate Management & Development - 0.1%
Newmark Group, Inc., Class A		85,000		402,475

	Shares		Value
COMMON STOCKS (continued)
Road & Rail - 0.3%
AMERCO		5,000		$   1,735,800
Semiconductors & Semiconductor Equipment - 4.2%
AXT, Inc. (A) (B)		115,000		684,250
Brooks Automation, Inc.		11,500		537,050
Cohu, Inc.		115,164		2,502,514
Entegris, Inc.		18,100		1,353,337
MagnaChip Semiconductor Corp. (A) (B)		226,000		3,093,940
MaxLinear, Inc. (A)		25,000		661,000
MKS Instruments, Inc.		23,100		2,503,809
NeoPhotonics Corp. (A)		103,500		704,835
Onto Innovation, Inc. (A)		51,150		1,640,380
Qorvo, Inc. (A)		42,324		5,390,385
Silicon Motion Technology Corp., ADR		79,100		2,985,234
Tower Semiconductor, Ltd. (A)		96,850		2,043,535
Universal Display Corp.		9,700		1,923,607
				26,023,876
Software - 2.0%
CDK Global, Inc.		132,500		5,710,750
Progress Software Corp.		35,000		1,272,950
SS&C Technologies Holdings, Inc.		93,100		5,513,382
				12,497,082
Specialty Retail - 2.2%
Abercrombie & Fitch Co., Class A		102,000		1,450,440
American Eagle Outfitters, Inc.		211,000		2,892,810
Foot Locker, Inc.		32,000		1,180,160
Hibbett Sports, Inc. (A)		30,150		1,139,971
Ross Stores, Inc.		33,900		2,887,263
Urban Outfitters, Inc. (A)		96,000		2,144,640
Williams-Sonoma, Inc.		22,100		2,015,741
				13,711,025
Technology Hardware, Storage & Peripherals - 0.8%
NCR Corp. (A)		248,126		5,041,920
Textiles, Apparel & Luxury Goods - 0.4%
Deckers Outdoor Corp. (A)		5,000		1,266,850
Steven Madden, Ltd.		58,850		1,412,989
				2,679,839
Thrifts & Mortgage Finance - 0.8%
Provident Financial Services, Inc.		87,100		1,181,947
TrustCo Bank Corp.		231,400		1,271,543
Washington Federal, Inc.		132,000		2,810,280
				5,263,770
Trading Companies & Distributors - 2.2%
AerCap Holdings NV (A)		231,572		5,749,933
HD Supply Holdings, Inc. (A)		202,939		8,089,148
				13,839,081
Total Common Stocks (Cost $544,366,156)				613,946,542
OTHER INVESTMENT COMPANY - 0.7%
Securities Lending Collateral - 0.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (C)		4,090,107		4,090,107
Total Other Investment Company (Cost $4,090,107)				4,090,107

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

Transamerica Funds Annual Report 2020

Page    308

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
REPURCHASE AGREEMENT - 2.4%
Fixed Income Clearing Corp., 0.00% (C), dated 10/30/2020, to be repurchased at $15,081,945 on 11/02/2020. Collateralized by U.S. Government Obligations, 2.63% - 2.75%, due 07/31/2023 - 12/31/2023, and with a total value of $15,383,657.		$  15,081,945		$  15,081,945
Total Repurchase Agreement (Cost $15,081,945)				15,081,945
Total Investments (Cost $563,538,208)				633,118,594
Net Other Assets (Liabilities) - (1.3)%				(8,040,532	)
Net Assets - 100.0%				$  625,078,062

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	$	613,946,542	$	—	$	—	$	613,946,542
Other Investment Company		4,090,107		—		—		4,090,107
Repurchase Agreement		—		15,081,945		—		15,081,945
Total Investments	$	618,036,649	$	15,081,945	$	—	$	633,118,594

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 $11,620,995, collateralized by cash collateral of $4,090,107 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $7,832,902. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2020.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2020

Page    309

Transamerica Sustainable Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2020 began with U.S. markets near all-time highs, though global trade tensions persisted, and manufacturing Purchasing Managers’ Indexes (“PMIs”) softened. It was risk on for markets as equities led the way in total and risk-adjusted returns, followed by high yield, then by investment grade. Treasuries retreated toward the end of 2019.

Worries around trade ceded to concerns over the COVID-19 outbreak early in 2020. Confidence dropped rapidly as the country grappled with a worsening outbreak that eventually led to widespread stay at home orders and the closure of nonessential businesses. Gross domestic product (“GDP”) and private investment contracted, and risk assets declined meaningfully. PMIs declined materially, and GDP eventually faced a historic decline. Equities led the way down with peak-to-trough losses of approximately one third, and high yield bonds posted double digit declines. U.S. Treasuries rallied aggressively as investors fled risk assets.

Markets rebounded in the second quarter, after aggressive monetary stimulus from the U.S. Federal Reserve (“Fed”) and fiscal stimulus from the Federal Government gave markets the confidence that the worst may be over. The damage to the U.S. economy was historic with second quarter GDP declining by over 31%. Economic activity and the employment market improved materially by the end of the fiscal year, albeit both were still lower than they had been at the end of 2019.

Nonfarm payroll gains were a bright spot in October 2020, coming in higher than expected. Both the labor force and employment grew over the month, which led to meaningfully higher headline employment and labor force participation rates. Consumer confidence slightly retreated as an upbeat reading on present conditions was overshadowed by more muted expectations. Headline personal income which was propped up by government unemployment benefits that largely expired in July, advanced nonetheless in September, and spending growth accelerated.

PERFORMANCE

For the period from inception, July 31, 2020, through October 31, 2020, Transamerica Sustainable Bond (Class I) returned -1.52%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned -1.26%.

STRATEGY REVIEW

Since inception, the Fund has remained overweight to spread-based assets relative to the benchmark as the team favored excess carry and spread tightening opportunities from select ex-index positioning in securitized credit, high yield and emerging markets. In contrast, the Fund was underweight relative to the benchmark in government-related debt and agency mortgage-backed securities.

In corporate credit, the portfolio managers were selectively partial to credits with strong balance sheets. The Fund remained overweight securitized credit – asset backed (“ABS”), commercial mortgage backed securities (“CMBS”) and residential mortgage backed securities (“RMBS”) – given excess carry and strong structural protections.

Performance was primarily driven by advantageous allocation decisions while security selection was a detractor. Key contributors included the overweight positioning in CMBS and ABS. Within CMBS, the exposure to high-quality office properties was beneficial as these demonstrated greater resilience during the period since the Fund’s inception. Solar ABS continued to see strong credit performance with minimal delinquencies, given high quality underlying borrowers and utility savings associated with staying current.

Investment grade credit was a notable driver of performance due to strong security selection relative to the benchmark. The ex-index exposure to high yield bonds also contributed modestly. By industry, the top contributors included banking, consumer non-cyclical and communications. The largest detractors by industry included financials and utilities.

Conversely, the exposure to Agency RMBS and emerging markets weighed on performance. The largest detractor in the period was an underweight to longer-maturity U.S. Treasuries.

Bradley D. Doyle, CFA

Charles Foster, CFA

Jeremy Mead, CFA

Jose Pluto, CFA

Jeremy Thurm, CFA

James Rich

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2020

Page    310

Transamerica Sustainable Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		48.0	%
U.S. Government Agency Obligations		18.0
Commercial Paper		14.2
Asset-Backed Securities		10.3
Mortgage-Backed Securities		8.5
U.S. Government Obligations		8.1
Other Investment Company		7.8
Foreign Government Obligations		1.5
Loan Assignments		1.4
Net Other Assets (Liabilities)		(17.8	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		7.61
Duration †		6.03
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		26.1	%
AAA		12.2
AA		5.0
A		16.3
BBB		20.0
BB		8.3
B		2.7
CCC and Below		0.7
Not Rated		26.5
Net Other Assets (Liabilities)		(17.8	)
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.

Transamerica Funds Annual Report 2020

Page    311

Transamerica Sustainable Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	10 Year or Since Inception			Inception Date
Class I (NAV)		(1.52	)%(A)		07/31/2020
Bloomberg Barclays US Aggregate Bond Index (B)		(1.26	)%(A)
Class I2 (NAV)		(1.51	)%(A)		07/31/2020

^(A) Not annualized.

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

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

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

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

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

The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Fund may also go down. High yield bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity 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. Securities of companies with what are defined 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. ESG ratings and assessments of issuers can vary across third party data providers.

Transamerica Funds Annual Report 2020

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Transamerica Sustainable Bond

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES - 10.3%
Helios Issuer LLC Series 2020-AA, Class A, 2.98%, 06/20/2047 (A)		$  258,541		$  268,266
Loanpal Solar Loan, Ltd. Series 2020-2GF, Class A, 2.75%, 07/20/2047 (A)		239,563		246,800
MMAF Equipment Finance LLC Series 2020-A, Class A5, 1.56%, 10/09/2042 (A)		186,000		191,085
SoFi Professional Loan Program LLC
Series 2016-C, Class B,
3.35% (B), 05/25/2037 (A)		100,000		101,995
Series 2016-D, Class B,
3.23% (B), 01/25/2039 (A)		100,000		102,642
Series 2017-A, Class A2B,
2.40%, 03/26/2040 (A)		127,194		128,699
Series 2019-C, Class BFX,
3.05%, 11/16/2048 (A)		261,000		269,170
Towd Point Mortgage Trust
Series 2016-2, Class A1A,
2.75% (B), 08/25/2055 (A)		253,226		259,313
Series 2016-3, Class A1,
2.25% (B), 04/25/2056 (A)		120,474		121,889
Series 2018-3, Class A1,
3.75% (B), 05/25/2058 (A)		263,622		280,927
Series 2018-5, Class A1A,
3.25% (B), 07/25/2058 (A)		135,191		141,461
Vantage Data Centers LLC Series 2020-1A, Class A2, 1.65%, 09/15/2045 (A)		180,000		178,882
Vivint Solar Financing VII LLC Series 2020-1A, Class A, 2.21%, 07/31/2051 (A)		250,000		249,001
Total Asset-Backed Securities (Cost $2,533,018)				2,540,130
CORPORATE DEBT SECURITIES - 48.0%
Auto Components - 0.4%
BorgWarner, Inc. 4.38%, 03/15/2045		90,000		103,491
Automobiles - 0.3%
Toyota Motor Credit Corp. 3.40%, 04/14/2025, MTN		70,000		78,094
Banks - 12.0%
Bank of America Corp. Fixed until 10/22/2024, 2.46% (B), 10/22/2025, MTN		440,000		464,707
Barclays Bank PLC 10.18%, 06/12/2021 (A)		80,000		84,243
CIT Group, Inc. 4.75%, 02/16/2024		225,000		241,875
Citigroup, Inc. Fixed until 05/15/2023, 1.68% (B), 05/15/2024		220,000		225,309
Huntington National Bank 3.55%, 10/06/2023		250,000		271,134
ING Groep NV Fixed until 07/01/2025, 1.40% (B), 07/01/2026 (A)		200,000		201,576

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Intesa Sanpaolo SpA 3.38%, 01/12/2023 (A)		$   200,000		$   208,121
JPMorgan Chase & Co. Fixed until 09/16/2023, 0.65% (B), 09/16/2024		279,000		279,171
Natwest Group PLC Fixed until 05/22/2023, 2.36% (B), 05/22/2024		200,000		206,623
PNC Bank NA 4.05%, 07/26/2028		250,000		291,063
Standard Chartered PLC Fixed until 10/14/2022, 1.32% (B), 10/14/2023 (A) (C)		204,000		204,847
US Bancorp 3.10%, 04/27/2026, MTN		250,000		278,261
				2,956,930
Biotechnology - 0.5%
AbbVie, Inc.
3.20%, 05/14/2026		20,000		22,089
4.05%, 11/21/2039 (A)		20,000		22,935
Amgen, Inc. 3.13%, 05/01/2025		40,000		43,648
Gilead Sciences, Inc. 3.65%, 03/01/2026		20,000		22,579
				111,251
Building Products - 0.8%
Cornerstone Building Brands, Inc. 8.00%, 04/15/2026 (A)		179,000		186,160
Capital Markets - 0.6%
Morgan Stanley Fixed until 10/21/2024, 0.86% (B), 10/21/2025		140,000		139,816
Chemicals - 2.8%
Huntsman International LLC 4.50%, 05/01/2029		80,000		89,247
Minerals Technologies, Inc. 5.00%, 07/01/2028 (A)		200,000		206,000
Orbia Advance Corp. SAB de CV 5.88%, 09/17/2044 (D)		200,000		232,698
PPG Industries, Inc. 2.55%, 06/15/2030		50,000		53,048
Sherwin-Williams Co. 4.50%, 06/01/2047 (C)		80,000		100,217
				681,210
Commercial Services & Supplies - 0.8%
Covanta Holding Corp. 5.00%, 09/01/2030 (C)		106,000		107,855
Waste Management, Inc. 3.13%, 03/01/2025		80,000		87,700
				195,555
Communications Equipment - 0.7%
CommScope Technologies LLC 6.00%, 06/15/2025 (A)		183,000		181,422
Construction & Engineering - 0.5%
SBA Tower Trust 3.45%, 03/15/2048 (A)		125,000		133,103

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

Transamerica Funds Annual Report 2020

Page    313

Transamerica Sustainable Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction Materials - 0.8%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027 (A)		$   190,000		$   198,812
Consumer Finance - 0.4%
American Honda Finance Corp. 2.30%, 09/09/2026, MTN		90,000		95,970
Containers & Packaging - 0.6%
Cascades, Inc. / Cascades USA, Inc.
5.13%, 01/15/2026 (A)		59,000		61,655
5.38%, 01/15/2028 (A)		88,000		91,740
				153,395
Diversified Financial Services - 0.6%
USAA Capital Corp. 2.13%, 05/01/2030 (A)		150,000		156,210
Diversified Telecommunication Services - 2.6%
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		200,000		205,500
Network i2i, Ltd. Fixed until 01/15/2025 (E), 5.65% (B) (D)		200,000		200,300
Verizon Communications, Inc. 3.88%, 02/08/2029		200,000		234,071
				639,871
Electric Utilities - 3.2%
Duke Energy Carolinas LLC 3.95%, 11/15/2028		110,000		130,956
NextEra Energy Capital Holdings, Inc. 3.55%, 05/01/2027		120,000		134,770
NextEra Energy Operating Partners, LP 4.25%, 07/15/2024 (A)		137,000		143,165
Niagara Mohawk Power Corp. 1.96%, 06/27/2030 (A)		70,000		71,443
Northern States Power Co. 2.60%, 06/01/2051		70,000		70,540
Pattern Energy Operations, LP / Pattern Energy Operations, Inc. 4.50%, 08/15/2028 (A)		221,000		230,421
				781,295
Equity Real Estate Investment Trusts - 4.9%
American Tower Corp. 3.60%, 01/15/2028		80,000		89,361
Crown Castle International Corp. 3.30%, 07/01/2030		50,000		54,485
Digital Realty Trust, LP 3.70%, 08/15/2027		140,000		157,614
Equinix, Inc. 5.38%, 05/15/2027		130,000		141,722
Federal Realty Investment Trust 1.25%, 02/15/2026		84,000		83,766
HAT Holdings I LLC / HAT Holdings II LLC 6.00%, 04/15/2025 (A)		197,000		209,066
Healthpeak Properties, Inc. 3.50%, 07/15/2029		90,000		99,818
Prologis, LP 3.75%, 11/01/2025 (C)		130,000		147,876
UDR, Inc. 3.10%, 11/01/2034		80,000		86,409

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Ventas Realty, LP 3.50%, 02/01/2025		$   130,000		$   141,509
				1,211,626
Food & Staples Retailing - 1.6%
Kroger Co. 4.50%, 01/15/2029		150,000		182,505
Sysco Corp. 3.30%, 07/15/2026 - 02/15/2050		210,000		218,920
				401,425
Food Products - 1.8%
Danone SA 2.95%, 11/02/2026 (A)		200,000		219,549
Grupo Bimbo SAB de CV Fixed until 04/17/2023 (E), 5.95% (B) (D)		200,000		212,802
				432,351
Health Care Equipment & Supplies - 0.7%
Danaher Corp. 3.35%, 09/15/2025		80,000		88,766
Koninklijke Philips NV 6.88%, 03/11/2038		60,000		91,492
				180,258
Household Durables - 0.3%
D.R. Horton, Inc. 2.60%, 10/15/2025		70,000		74,679
Household Products - 0.7%
Kimberly-Clark Corp. 3.10%, 03/26/2030		80,000		91,200
Procter & Gamble Co. 2.45%, 11/03/2026		80,000		87,811
				179,011
Industrial Conglomerates - 0.5%
Carlisle Cos., Inc. 2.75%, 03/01/2030		110,000		116,676
Interactive Media & Services - 0.2%
Alphabet, Inc. 1.10%, 08/15/2030		40,000		39,080
IT Services - 0.2%
International Business Machines Corp. 3.30%, 01/27/2027		35,000		39,026
Life Sciences Tools & Services - 0.5%
Thermo Fisher Scientific, Inc. 3.20%, 08/15/2027		120,000		134,056
Machinery - 0.3%
Xylem, Inc. 1.95%, 01/30/2028		80,000		82,662
Multi-Utilities - 1.1%
Consolidated Edison Co. of New York, Inc. 3.35%, 04/01/2030		110,000		126,240
Public Service Co. of Colorado 4.10%, 06/15/2048		110,000		137,745
				263,985
Paper & Forest Products - 0.7%
Boise Cascade Co. 4.88%, 07/01/2030 (A)		157,000		167,821

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

Transamerica Funds Annual Report 2020

Page    314

Transamerica Sustainable Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Personal Products - 0.4%
Unilever Capital Corp. 2.00%, 07/28/2026		$   100,000		$   106,420
Pharmaceuticals - 3.0%
AstraZeneca PLC 4.00%, 01/17/2029		60,000		71,624
Bausch Health Cos., Inc. 5.25%, 01/30/2030 (A)		189,000		186,647
Eli Lilly & Co. 2.75%, 06/01/2025		40,000		43,618
GlaxoSmithKline Capital, Inc. 3.63%, 05/15/2025		40,000		44,834
Merck & Co., Inc. 3.70%, 02/10/2045		40,000		47,452
Pfizer, Inc. 4.20%, 09/15/2048		40,000		52,001
Sanofi 3.38%, 06/19/2023		40,000		42,969
Takeda Pharmaceutical Co., Ltd. 5.00%, 11/26/2028		200,000		246,642
				735,787
Semiconductors & Semiconductor Equipment - 0.9%
Intel Corp. 3.73%, 12/08/2047		140,000		164,561
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.40%, 05/01/2030 (A)		50,000		54,914
				219,475
Software - 0.6%
Microsoft Corp. 3.30%, 02/06/2027		130,000		147,689
Technology Hardware, Storage & Peripherals - 1.5%
Apple, Inc. 3.00%, 06/20/2027		130,000		145,432
Dell International LLC / EMC Corp.
6.02%, 06/15/2026 (A)		70,000		82,981
6.20%, 07/15/2030 (A)		70,000		85,552
Hewlett Packard Enterprise Co. 4.90%, 10/15/2025		40,000		45,957
				359,922
Water Utilities - 0.5%
American Water Capital Corp. 3.45%, 06/01/2029		110,000		125,211
Total Corporate Debt Securities (Cost $11,959,507)				11,809,745
FOREIGN GOVERNMENT OBLIGATIONS - 1.5%
Chile - 0.7%
Chile Government International Bond 3.63%, 10/30/2042		150,000		168,000
Panama - 0.3%
Panama Government International Bond 6.70%, 01/26/2036		53,000		76,585
Uruguay - 0.5%
Uruguay Government International Bond 4.38%, 10/27/2027		113,000		132,070
Total Foreign Government Obligations (Cost $399,655)				376,655

	Principal		Value
LOAN ASSIGNMENTS - 1.4%
Commercial Services & Supplies - 0.4%
GFL Environmental, Inc. Term Loan B, TBD, 05/30/2025 (F) (G)		$   90,000		$   88,988
Communications Equipment - 0.3%
Avaya, Inc. Term Loan B, TBD, 12/15/2027 (F) (G)		90,000		86,625
IT Services - 0.3%
Rackspace Hosting, Inc. 1st Lien Term Loan, TBD, 11/03/2023 (F) (G)		84,000		81,993
Machinery - 0.4%
Vertiv Group Corp. Term Loan B, TBD, 03/02/2027 (F) (G)		90,000		87,694
Total Loan Assignments (Cost $351,232)				345,300
MORTGAGE-BACKED SECURITIES - 8.5%
280 Park Avenue Mortgage Trust Series 2017-280P, Class A, 1-Month LIBOR + 0.88%, 1.03% (B), 09/15/2034 (A)		200,000		199,876
BBCMS Trust Series 2015-MSQ, Class B, 3.89%, 09/15/2032 (A)		200,000		206,005
Benchmark Mortgage Trust Series 2020-IG1, Class A3, 2.69%, 09/15/2043		242,000		259,477
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D, 1-Month LIBOR + 1.75%, 1.90% (B), 12/15/2037 (A)		115,000		114,899
Hudson Yards Mortgage Trust Series 2019-55HY, Class A, 2.94% (B), 12/10/2041 (A)		250,000		271,768
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2019-OSB, Class A,
3.40%, 06/05/2039 (A)		300,000		338,691
Series 2019-OSB, Class C,
3.75% (B), 06/05/2039 (A)		56,000		60,633
Manhattan West Series 2020-1MW, Class B, 2.34% (B), 09/10/2039 (A)		185,000		187,603
Towd Point Mortgage Trust Series 2019-4, Class A1, 2.90% (B), 10/25/2059 (A)		257,585		273,046
Worldwide Plaza Trust Series 2017-WWP, Class A, 3.53%, 11/10/2036 (A)		170,000		184,708
Total Mortgage-Backed Securities (Cost $2,117,917)				2,096,706
U.S. GOVERNMENT AGENCY OBLIGATIONS - 18.0%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
3.51%, 03/25/2029		225,000		263,591
3.90%, 04/25/2028		418,000		496,550

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

Transamerica Funds Annual Report 2020

Page    315

Transamerica Sustainable Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association 0.88%, 08/05/2030		$   239,000		$   232,546
Uniform Mortgage-Backed Security
2.50%, TBA (G)		430,000		446,872
3.00%, TBA (G)		2,870,000		2,999,618
Total U.S. Government Agency Obligations (Cost $4,462,533)				4,439,177
U.S. GOVERNMENT OBLIGATIONS - 8.1%
U.S. Treasury - 8.1%
U.S. Treasury Bond 1.25%, 05/15/2050 (C)		1,702,000		1,546,160
U.S. Treasury Note
0.13%, 07/31/2022		99,000		98,942
0.63%, 08/15/2030		350,000		342,344
Total U.S. Government Obligations (Cost $2,165,035)				1,987,446
COMMERCIAL PAPER - 14.2%
Banks - 8.1%
BNP Paribas SA 0.17% (H), 11/03/2020		1,000,000		999,992
DnB Bank ASA 0.21% (H), 01/29/2021		1,000,000		999,669
				1,999,661

	Principal		Value
COMMERCIAL PAPER (continued)
Consumer Finance - 4.1%
American Honda Finance Corp. 0.41% (H), 11/04/2020		$   1,000,000		$   999,978
Pharmaceuticals - 2.0%
Pfizer, Inc.
0.10% (H), 11/17/2020		250,000		249,991
0.12% (H), 11/25/2020		250,000		249,984
				499,975
Total Commercial Paper (Cost $3,499,407)				3,499,614
	Shares		Value
OTHER INVESTMENT COMPANY - 7.8%
Securities Lending Collateral - 7.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (H)		1,912,438		1,912,438
Total Other Investment Company (Cost $1,912,438)				1,912,438
Total Investments (Cost $29,400,742)				29,007,211
Net Other Assets (Liabilities) - (17.8)%				(4,386,667	)
Net Assets - 100.0%				$  24,620,544

INVESTMENT VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	2,540,130	$	—	$	2,540,130
Corporate Debt Securities		—		11,809,745		—		11,809,745
Foreign Government Obligations		—		376,655		—		376,655
Loan Assignments		—		345,300		—		345,300
Mortgage-Backed Securities		—		2,096,706		—		2,096,706
U.S. Government Agency Obligations		—		4,439,177		—		4,439,177
U.S. Government Obligations		—		1,987,446		—		1,987,446
Commercial Paper		—		3,499,614		—		3,499,614
Other Investment Company		1,912,438		—		—		1,912,438
Total Investments	$	1,912,438	$	27,094,773	$	—	$	29,007,211

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 October 31, 2020, the total value of 144A securities is $7,765,742, representing 31.5% of the Fund’s net assets.

(B)

Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

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

Transamerica Funds Annual Report 2020

Page    316

Transamerica Sustainable Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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 $1,981,727, collateralized by cash collateral of $1,912,438 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $108,940. 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 October 31, 2020, the total value of Regulation S securities is $645,800, representing 2.6% of the Fund’s net assets.
(E)	Perpetual maturity. The date displayed is the next call date.
(F)	All or a portion of the security represents unsettled loan commitments at October 31, 2020 where the rate will be determined at time of settlement.
(G)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)	Rates disclosed reflect the yields at October 31, 2020.
(I)	There were no transfers in or out of Level 3 during the period ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
TBA	To Be Announced
TBD	To Be Determined

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

Transamerica Funds Annual Report 2020

Page    317

Transamerica Unconstrained Bond

(unaudited)

MARKET ENVIRONMENT

Credit-related asset classes performed relatively well in the last two months of 2019 as trade tensions eased, fears about slowing global growth abated and developed market central banks continued to engage in the next phase of stimulus. The U.S. Federal Reserve (the “Fed”) made an anticipated 25 basis points (“bps”) cut during its October meeting, the third such cut in as many meetings, lowering the federal funds target range to 1.5%-1.75%, and began expanding its balance sheet. Additionally, growth in Asia appeared to have stabilized as many central banks eased policy, and the U.S. economy rose by a better-than-expected 2.1% in the third quarter as the consumer remained strong and the Fed cut rates. By the end of the year, Treasury rates pushed towards the top end of recent trading ranges while the Fed refreshed its dot plot signaling no action in 2020 and the potential for one hike in 2021.

Following the rally in December 2019, credit spreads continued to tighten throughout the first few weeks of January amid a backdrop of consistently positive macroeconomic data, a signed phase one U.S.-China trade agreement, and a relatively strong start to fourth quarter earnings. However, the outbreak of Covid-19 during the last couple weeks of January reversed this trend and put the reinvigorated global growth story on hold as investors grappled with the potential implications. Subsequently, the first few weeks of February saw investors shrug off concerns of a material economic impact caused by the outbreak. However, the global spread of the virus towards the end of February 2020 increased fears of a global pandemic, leading to a market selloff and bringing 10-year Treasury yields to record lows. The selloff continued in March as markets experienced steep declines. The pace of spread widening was historic, faster than any other period on record, and spreads were trading at levels not seen since the 2008-2009 Global Financial Crisis. As a result of the outbreak, governments across the globe imposed extreme containment measures and shut down non-essential functions. Central banks began taking dramatic steps to combat the economic shocks caused by the outbreak, with government-sponsored fiscal stimulus following soon thereafter.

Markets began recovering in April 2020 as the dramatic monetary and fiscal actions taken to combat the economic shocks renewed investor confidence. The Fed expanded its bond buying program on April 9 to include fallen angels as well as high yield exchange-traded funds, with an aim to ensure credit markets are able to support businesses that are otherwise fundamentally sound. This helped lead to a pick-up in issuance of high yield bonds, though primarily in the senior secured format. The recovery continued in May as investor confidence improved further on the back of consistent monetary and fiscal support and in anticipation of an imminent reopening of economies as most developed market countries moved past peak infection. The pace of the recovery slowed in June as investors had to weigh improving economic reports, albeit from incredibly low levels, against the increase in Covid-19 infections across many parts of the country threatening the economic reopening. Technical conditions remained supportive as a deluge of new-issue activity was met with record retail inflows alongside the start of the Fed’s exchange-traded funds buying program.

The recovery reaccelerated in July and August 2020 amid ongoing accommodative monetary policy in the United States and globally, better-than-feared earnings, positive news around vaccine and treatment development, and progress on another fiscal relief package. However, we saw renewed volatility in September due to increased uncertainty around additional fiscal stimulus in the U.S., the surge of COVID-19 in Europe, and political uncertainty from the upcoming U.S. presidential election and Brexit. September’s sell-off was short-term in nature as better-than-expected earnings and an accommodative Fed assuaged investor concerns.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Unconstrained Bond (Class I) returned 3.83%. By comparison, its benchmark, the ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index, returned 1.38%.

STRATEGY REVIEW

The Fund has both top-down and bottom-up elements to it. The global multi-asset team sets top-down targets across all fixed income asset classes with a forward-looking intermediate-term investment horizon of 9-18 months. These targets are expected to be reset two to six times per year depending upon the magnitude and frequency of changes in market conditions.

Once given these targets, the fixed income team has flexibility to make tactical adjustments depending on their bottom-up views of market sentiment, valuations, and technicals given the backdrop of a shorter investment horizon. Finally, portfolio managers work with analysts in implementing bottom-up credit research and selecting individual issues for the portfolio.

The Fund benefited most from allocations to asset classes with longer spread and interest rate duration, particularly during the recovery period in April to October of 2020. The three largest contributors from an asset allocation standpoint were long duration investment grade corporate bonds, high yield bonds and emerging markets corporate high yield bonds. The asset allocation to emerging markets sovereign holdings, both investment grade and below investment grade, detracted over the trailing year as they came under pressure in March along with most risk assets.

Transamerica Funds Annual Report 2020

Page    318

Transamerica Unconstrained Bond

(unaudited)

STRATEGY REVIEW (continued)

From a security selection standpoint, the Fund benefited from credit selection among intermediate and long duration investment grade corporate bonds as well as emerging markets corporate high yield bonds. However, credit selection among below investment grade collateralized loan obligation debt tranches and european investment grade corporate bonds detracted from performance.

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

Peter Hu, CFA

Michael J. Kelly, CFA

Steven Oh, CFA

Robert A. Vanden Assem, CFA

Gunther H. Seeger

Co-Portfolio Managers

PineBridge Investments LLC

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		71.1	%
Foreign Government Obligations		10.6
Loan Assignments		8.5
Short-Term Investment Company		5.7
Other Investment Company		2.0
Short-Term U.S. Government Obligation		1.3
Preferred Stocks		1.2
Asset-Backed Securities		0.7
U.S. Government Obligations		0.3
Convertible Bond		0.0	*
Common Stocks		0.0	*
Net Other Assets (Liabilities) ^		(1.4	)
Total		100.0	%

Fund Characteristics	Years
Average Maturity §		6.29
Duration †		3.02
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		1.6	%
AAA		0.3
AA		2.3
A		12.6
BBB		33.7
BB		20.7
B		19.0
CCC and Below		3.0
Not Rated		8.2
Net Other Assets (Liabilities) ^		(1.4	)
Total		100.0	%

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

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

‡ Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

Transamerica Funds Annual Report 2020

Page    319

Transamerica Unconstrained Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year	10 Year or Since Inception			Inception Date
Class A (POP)		N/A		N/A		(3.82	)%(A)		10/01/2020
Class A (NAV)		N/A		N/A		0.98	%(A)		10/01/2020
Class I (NAV)		3.83	%	3.75%		3.33	%		12/08/2014
ICE BofAML U.S. Dollar LIBOR 3-Month Constant Maturity Index (B)		1.38	%	1.50%		1.31	%
Class I2 (NAV)		3.93	%	3.89%		3.46	%		12/08/2014

^(A) Not annualized.

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

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

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

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

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

Investing in the Fund entails interest rate risk, pre-payment risk, and credit risk as well as additional risks in that it may invest in high-yield/non-investment grade bonds. The Fund may also invest in foreign securities, including emerging markets, which carry currency risk if denominated in non-dollar or non-USD and are difficult to trade during periods of stress. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Derivatives involve risks in addition to the risks of underlying securities, particularly counterparty and liquidity risk.

Transamerica Funds Annual Report 2020

Page    320

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES - 0.7%
Ares XXXIIR CLO, Ltd. Series 2014-32RA, Class E, 3-Month LIBOR + 8.40%, 8.68% (A), 05/15/2030 (B)		$  3,400,000		$  2,544,264
Ares XXXVII CLO, Ltd. Series 2015-4A, Class ER, 3-Month LIBOR + 7.27%, 7.51% (A), 10/15/2030 (B)		4,000,000		2,964,764
Avery Point VI CLO, Ltd. Series 2015-6A, Class F, 3-Month LIBOR + 6.80%, 7.05% (A), 08/05/2027 (B)		2,000,000		1,512,786
Dryden 55 CLO, Ltd. Series 2018-55A, Class F, 3-Month LIBOR + 7.20%, 7.44% (A), 04/15/2031 (B)		3,000,000		2,224,023
Octagon Investment Partners 18-R, Ltd. Series 2018-18A, Class E, 3-Month LIBOR + 8.25%, 8.48% (A), 04/16/2031 (B)		1,625,000		1,186,262
Total Asset-Backed Securities (Cost $13,283,750)				10,432,099
CONVERTIBLE BOND - 0.0% (C)
Energy Equipment & Services - 0.0% (C)
Hi-Crush, Inc. 8.00%, 04/09/2026 (D) (E) (F)		459,000		459,000
Total Convertible Bond (Cost $413,921)				459,000
CORPORATE DEBT SECURITIES - 71.1%
Aerospace & Defense - 0.4%
BAE Systems Holdings, Inc. 3.85%, 12/15/2025 (B)		223,000		251,825
BAE Systems PLC 3.40%, 04/15/2030 (B)		831,000		924,383
Embraer Finance BV
5.40%, 02/01/2027		2,050,000		1,949,591
6.95%, 01/17/2028 (B)		350,000		352,450
Huntington Ingalls Industries, Inc. 4.20%, 05/01/2030 (B)		175,000		201,817
Lockheed Martin Corp. 3.10%, 01/15/2023		647,000		682,615
Moog, Inc. 4.25%, 12/15/2027 (B)		904,000		927,730
Spirit AeroSystems, Inc. 7.50%, 04/15/2025 (B)		1,391,000		1,401,419
				6,691,830
Air Freight & Logistics - 0.2%
Cargo Aircraft Management, Inc. 4.75%, 02/01/2028 (B)		2,125,000		2,159,531
FedEx Corp. 1.88%, 08/20/2035		211,000		211,048
United Parcel Service, Inc. 3.90%, 04/01/2025		107,000		121,404
				2,491,983

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines - 0.4%
American Airlines, Inc. 11.75%, 07/15/2025 (B)		$   1,925,000		$   1,872,062
Controladora Mabe SA de CV 5.60%, 10/23/2028 (G)		1,350,000		1,530,576
Delta Air Lines, Inc. 7.00%, 05/01/2025 (B)		1,576,000		1,719,917
Delta Air Lines, Inc. / SkyMiles IP, Ltd.
4.50%, 10/20/2025 (B)		410,387		416,521
4.75%, 10/20/2028 (B)		305,000		311,775
				5,850,851
Auto Components - 0.2%
Allison Transmission, Inc. 5.00%, 10/01/2024 (B)		1,350,000		1,362,082
BorgWarner, Inc.
2.65%, 07/01/2027 (H)		123,000		129,080
5.00%, 10/01/2025 (B)		991,000		1,150,961
Dana, Inc. 5.38%, 11/15/2027		869,000		897,243
				3,539,366
Automobiles - 0.8%
Ford Motor Co.
4.75%, 01/15/2043		2,086,000		1,926,838
6.63%, 10/01/2028		2,096,000		2,342,280
7.45%, 07/16/2031		209,000		248,971
8.50%, 04/21/2023		615,000		678,806
Nissan Motor Co., Ltd.
2.65%, 03/17/2026 (B)		EUR  1,000,000		1,178,665
3.04%, 09/15/2023 (B)		$  200,000		202,962
Tesla, Inc. 5.30%, 08/15/2025 (B)		373,000		385,916
Volkswagen Financial Services AG 3.38%, 04/06/2028, MTN (G)		EUR  1,335,000		1,840,442
Volkswagen International Finance NV
Fixed until 06/27/2024 (I), 3.38% (A) (G)		800,000		935,203
Fixed until 03/24/2021 (I), 3.75% (A) (G)		2,315,000		2,709,646
				12,449,729
Banks - 11.6%
ADCB Finance Cayman, Ltd.
4.00%, 03/29/2023, MTN (G)		$  1,600,000		1,696,192
4.50%, 03/06/2023, MTN (G)		600,000		636,858
Akbank T.A.S.
5.13%, 03/31/2025, MTN (G)		400,000		368,752
6.80%, 02/06/2026 (B) (H)		1,555,000		1,503,371
Al Ahli Bank of Kuwait KSCP 3.50%, 04/05/2022 (G)		1,000,000		1,030,310
Australia & New Zealand Banking Group, Ltd.
Fixed until 07/22/2025, 2.95% (A), 07/22/2030 (B)		637,000		660,849
Fixed until 06/15/2026 (I), 6.75% (A) (B)		563,000		638,588
Banco de Bogota SA 6.25%, 05/12/2026 (G)		2,000,000		2,195,020
Banco de Credito e Inversiones SA 3.50%, 10/12/2027 (G)		1,500,000		1,627,005

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

Transamerica Funds Annual Report 2020

Page    321

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Banco Inbursa SA Institucion de Banca Multiple Grupo Financiero Inbursa 4.38%, 04/11/2027 (G)		$   1,500,000		$   1,582,500
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander 5.38%, 04/17/2025 (B)		284,000		318,083
Banco Santander SA
1.38%, 01/05/2026, MTN (G)		EUR  1,500,000		1,821,305
2.71%, 06/27/2024		$  200,000		211,698
Bank Mandiri Persero Tbk PT 4.75%, 05/13/2025, MTN (G)		1,110,000		1,219,738
Bank of America Corp.
3-Month LIBOR + 1.16%, 1.38% (A), 01/20/2023, MTN		2,000,000		2,021,848
Fixed until 05/19/2023, 1.49% (A), 05/19/2024, MTN		324,000		330,616
Fixed until 07/23/2030, 1.90% (A), 07/23/2031, MTN		147,000		145,211
Fixed until 10/22/2024, 2.46% (A), 10/22/2025, MTN		307,000		324,239
2.63%, 04/19/2021, MTN		835,000		844,004
Fixed until 10/24/2050, 2.83% (A), 10/24/2051, MTN		1,612,000		1,602,506
Fixed until 04/24/2027, 3.71% (A), 04/24/2028		2,152,000		2,418,179
Fixed until 03/20/2050, 4.08% (A), 03/20/2051, MTN		1,443,000		1,760,125
6.11%, 01/29/2037		2,132,000		3,009,998
Bank of China, Ltd. 5.00%, 11/13/2024 (G)		1,000,000		1,109,910
Bank of Montreal 2.05%, 11/01/2022, MTN		409,000		422,591
Bank of Nova Scotia Fixed until 06/04/2025 (I), 4.90% (A)		2,187,000		2,282,791
BankUnited, Inc.
4.88%, 11/17/2025		180,000		203,712
5.13%, 06/11/2030		5,009,000		5,497,712
Barclays PLC
Fixed until 09/23/2030, 3.56% (A), 09/23/2035		747,000		739,575
Fixed until 12/15/2025 (I), 6.13% (A)		2,500,000		2,543,750
Fixed until 03/15/2022 (I), 7.88% (A) (G)		4,000,000		4,124,400
Fixed until 06/15/2024 (I), 8.00% (A)		2,963,000		3,177,817
BNP Paribas SA
Fixed until 03/20/2021, 2.88% (A), 03/20/2026, MTN (G)		EUR  3,500,000		4,111,698
Fixed until 01/13/2030, 3.05% (A), 01/13/2031 (B)		$  271,000		287,226
Fixed until 01/10/2024, 4.71% (A), 01/10/2025 (B)		778,000		859,057
Fixed until 03/14/2022 (I), 6.75% (A) (B)		3,305,000		3,383,494

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BNP Paribas SA (continued)
Fixed until 03/30/2021 (I), 7.63% (A) (B)		$   400,000		$   405,000
Canadian Imperial Bank of Commerce
0.95%, 10/23/2025		102,000		101,981
2.25%, 01/28/2025		241,000		253,934
CBQ Finance, Ltd. 5.00%, 05/24/2023, MTN (G)		1,900,000		2,052,274
Citigroup, Inc.
3-Month LIBOR + 1.07%, 1.32% (A), 12/08/2021		1,000,000		1,009,399
Fixed until 01/29/2030, 2.67% (A), 01/29/2031		899,000		943,243
Fixed until 06/01/2023, 4.04% (A), 06/01/2024		305,000		330,515
4.45%, 09/29/2027		169,000		194,989
4.65%, 07/23/2048		982,000		1,272,874
4.75%, 05/18/2046		477,000		596,476
5.30%, 05/06/2044		773,000		1,024,216
6.00%, 10/31/2033		883,000		1,186,171
Citizens Financial Group, Inc. 2.64%, 09/30/2032 (B)		201,000		201,961
Cooperatieve Rabobank UA Fixed until 09/24/2025, 1.00% (A), 09/24/2026 (B)		350,000		347,333
Credit Agricole SA
Fixed until 06/16/2025, 1.91% (A), 06/16/2026 (B)		250,000		256,092
Fixed until 01/23/2024 (I), 7.88% (A) (B)		4,000,000		4,408,800
Fixed until 12/23/2025 (I), 8.13% (A) (B)		1,553,000		1,822,290
Danske Bank A/S
Fixed until 08/27/2024, 0.50% (A), 08/27/2025 (G)		EUR  1,750,000		2,034,286
Fixed until 02/12/2025, 1.38% (A), 02/12/2030, MTN (G)		2,500,000		2,896,799
Fixed until 12/20/2024, 3.24% (A), 12/20/2025 (B)		$  210,000		222,584
Fixed until 06/26/2025 (I), 7.00% (A) (G)		500,000		536,070
DBS Group Holdings, Ltd. Fixed until 02/27/2025 (I), 3.30% (A), MTN (G) (H)		5,000,000		4,987,500
Discover Bank 2.70%, 02/06/2030		541,000		564,171
First Abu Dhabi Bank PJSC 3.00%, 03/30/2022, MTN (G)		1,000,000		1,029,740
First Horizon Bank 5.75%, 05/01/2030		563,000		634,962
HSBC Holdings PLC
0.88%, 09/06/2024 (G)		EUR  1,100,000		1,311,788
Fixed until 06/04/2030, 2.85% (A), 06/04/2031		$  756,000		784,179
Fixed until 09/29/2023 (I), 6.00% (A) (G)		EUR  1,700,000		2,094,601
Fixed until 03/30/2025 (I), 6.38% (A) (H)		$  3,000,000		3,123,750

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

Transamerica Funds Annual Report 2020

Page    322

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
ING Groep NV
Fixed until 07/01/2025, 1.40% (A), 07/01/2026 (B)		$   321,000		$   323,530
Fixed until 11/16/2026 (I), 5.75% (A)		2,050,000		2,135,854
Fixed until 04/16/2025 (I), 6.50% (A)		1,500,000		1,588,125
JPMorgan Chase & Co.
Fixed until 09/16/2023, 0.65% (A), 09/16/2024		216,000		216,133
Fixed until 03/13/2025, 2.01% (A), 03/13/2026		480,000		497,572
Fixed until 05/13/2030, 2.96% (A), 05/13/2031		298,000		317,354
Fixed until 04/22/2040, 3.11% (A), 04/22/2041		1,999,000		2,140,300
Fixed until 04/22/2050, 3.11% (A), 04/22/2051		1,074,000		1,134,556
Fixed until 01/23/2028, 3.51% (A), 01/23/2029		225,000		252,607
Fixed until 07/24/2037, 3.88% (A), 07/24/2038		1,341,000		1,575,747
Fixed until 04/30/2024 (I), 6.13% (A)		635,000		661,587
Lloyds Banking Group PLC
Fixed until 06/27/2026 (I), 6.75% (A)		1,881,000		1,972,699
Fixed until 06/27/2024 (I), 7.50% (A)		2,300,000		2,426,500
Malayan Banking Bhd. Fixed until 10/29/2021, 3.91% (A), 10/29/2026 (G)		1,200,000		1,222,488
Metropolitan Bank & Trust Co. 2.13%, 01/15/2026, MTN (G)		1,900,000		1,896,200
Mitsubishi UFJ Financial Group, Inc.
2.19%, 02/25/2025		298,000		312,401
2.56%, 02/25/2030		2,300,000		2,426,668
3.20%, 07/18/2029		3,500,000		3,854,866
Mizuho Financial Group, Inc.
Fixed until 09/13/2024, 2.56% (A), 09/13/2025		418,000		438,894
Fixed until 07/16/2029, 3.15% (A), 07/16/2030		2,000,000		2,175,119
National Bank of Canada 2.15%, 10/07/2022 (B)		329,000		339,778
National Westminster Bank PLC 3-Month EURIBOR + 2.15%, 1.65% (A), 01/05/2021, MTN (G) (I)		EUR  2,170,000		2,420,437
Natwest Group PLC
Fixed until 05/22/2023, 2.36% (A), 05/22/2024		$  281,000		290,305
Fixed until 08/28/2030, 3.03% (A), 11/28/2035		529,000		513,088
Fixed until 03/22/2024, 4.27% (A), 03/22/2025		287,000		314,340
Fixed until 12/29/2025 (I), 6.00% (A)		1,875,000		1,940,062

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
NatWest Markets PLC
2.38%, 05/21/2023 (B)		$   515,000		$   533,128
2.75%, 04/02/2025, MTN (G)		EUR  1,500,000		1,911,365
Nordea Bank Abp Fixed until 03/26/2026 (I), 6.63% (A) (B)		$  2,721,000		3,044,119
Oversea-Chinese Banking Corp., Ltd.
Fixed until 09/10/2025, 1.83% (A), 09/10/2030 (B)		510,000		508,531
4.25%, 06/19/2024, MTN (G)		1,300,000		1,419,883
Philippine National Bank 3.28%, 09/27/2024, MTN (G)		2,000,000		2,097,891
Powszechna Kasa Oszczednosci Bank Polski SA via PKO Finance AB 4.63%, 09/26/2022 (G)		1,750,000		1,859,854
QNB Finance, Ltd.
2.13%, 09/07/2021, MTN (G)		1,250,000		1,261,178
3.50%, 03/28/2024, MTN (G)		550,000		584,694
Santander Holdings USA, Inc. 3.24%, 10/05/2026		82,000		88,245
Shinhan Bank Co., Ltd. 3.88%, 03/24/2026, MTN (G)		2,200,000		2,425,170
Signature Bank Fixed until 10/15/2025, 4.00% (A), 10/15/2030		329,000		330,040
Skandinaviska Enskilda Banken AB Fixed until 05/28/2021, 2.50% (A), 05/28/2026, MTN (G)		EUR  3,250,000		3,829,815
Societe Generale SA Fixed until 12/18/2023 (I), 7.88% (A), (B) (H)		$  2,000,000		2,133,760
Standard Chartered PLC
Fixed until 07/02/2026, 0.90% (A), 07/02/2027, MTN (G)		EUR  2,000,000		2,349,919
Fixed until 04/02/2022 (I), 7.50% (A) (B)		$  3,488,000		3,601,360
Sumitomo Mitsui Financial Group, Inc. 2.13%, 07/08/2030		2,000,000		2,030,502
Synovus Bank Fixed until 02/10/2022, 2.29% (A), 02/10/2023		271,000		274,535
Truist Bank 2.25%, 03/11/2030		1,004,000		1,032,525
Fixed until 09/17/2024, 2.64% (A), 09/17/2029		410,000		425,008
UniCredit SpA
Fixed until 07/22/2026, 2.20% (A), 07/22/2027, MTN (G)		EUR  1,550,000		1,840,564
Fixed until 09/22/2025, 2.57% (A), 09/22/2026 (B)		$  350,000		346,889
Fixed until 06/30/2030, 5.46% (A), 06/30/2035 (B)		3,012,000		3,050,681
United Overseas Bank, Ltd.
Fixed until 09/16/2021, 3.50% (A), 09/16/2026, MTN (G)		1,300,000		1,322,373
Fixed until 10/19/2023 (I), 3.88% (A), MTN (G)		3,500,000		3,587,500

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

Transamerica Funds Annual Report 2020

Page    323

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Wells Fargo & Co.
3-Month LIBOR + 1.11%, 1.32% (A), 01/24/2023		$   4,000,000		$   4,030,312
Fixed until 06/02/2027, 2.39% (A), 06/02/2028, MTN		268,000		278,536
Fixed until 04/30/2040, 3.07% (A), 04/30/2041		1,796,000		1,858,184
4.30%, 07/22/2027, MTN		873,000		1,002,079
4.65%, 11/04/2044, MTN		2,448,000		2,967,677
Fixed until 04/04/2050, 5.01% (A), 04/04/2051, MTN		442,000		597,975
Woori Bank 5.13%, 08/06/2028, MTN (G)		1,900,000		2,231,322
Zions Bancorp NA 3.25%, 10/29/2029		2,001,000		2,007,366
				183,588,896
Beverages - 1.2%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.90%, 02/01/2046		4,823,000		5,899,195
Anheuser-Busch InBev SA 3.70%, 04/02/2040 (G)		EUR  1,000,000		1,551,896
Anheuser-Busch InBev Worldwide, Inc.
4.60%, 04/15/2048		$  1,079,000		1,278,491
4.75%, 01/23/2029		140,000		169,543
Coca-Cola Co. 2.50%, 03/15/2051		1,451,000		1,429,982
Coca-Cola Femsa SAB de CV 1.85%, 09/01/2032		1,094,000		1,094,766
Diageo Capital PLC 2.13%, 04/29/2032		242,000		251,340
Heineken NV
2.25%, 03/30/2030, MTN (G)		EUR  1,690,000		2,305,346
3.50%, 01/29/2028 (B)		$  395,000		446,436
Keurig Dr. Pepper, Inc.
3.80%, 05/01/2050		948,000		1,080,427
4.50%, 11/15/2045		631,000		777,227
PepsiCo, Inc.
2.25%, 03/19/2025		164,000		174,739
2.88%, 10/15/2049		2,575,000		2,754,114
Pernod Ricard International Finance LLC 2.75%, 10/01/2050 (B)		329,000		314,549
				19,528,051
Biotechnology - 0.5%
AbbVie, Inc.
4.05%, 11/21/2039 (B)		1,326,000		1,520,594
4.25%, 11/21/2049 (B)		1,396,000		1,630,398
4.50%, 05/14/2035		512,000		622,341
Amgen, Inc.
3.15%, 02/21/2040		1,844,000		1,939,282
3.38%, 02/21/2050		608,000		647,025
5.15%, 11/15/2041		552,000		738,787
Biogen, Inc. 3.15%, 05/01/2050		388,000		375,472

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Biotechnology (continued)
Regeneron Pharmaceuticals, Inc.
1.75%, 09/15/2030		$   173,000		$   166,768
2.80%, 09/15/2050		657,000		616,962
				8,257,629
Building Products - 0.5%
Carrier Global Corp.
2.70%, 02/15/2031 (B)		307,000		321,863
2.72%, 02/15/2030 (B)		458,000		478,023
3.38%, 04/05/2040 (B)		1,476,000		1,560,143
Griffon Corp. 5.75%, 03/01/2028		1,754,000		1,828,545
Masco Corp. 2.00%, 10/01/2030		873,000		872,183
Owens Corning 4.30%, 07/15/2047		781,000		861,968
Standard Industries, Inc. 3.38%, 01/15/2031 (B)		1,420,000		1,382,134
				7,304,859
Capital Markets - 3.0%
Altice France Holding SA 6.00%, 02/15/2028 (B)		1,825,000		1,756,563
Ameriprise Financial, Inc. 3.00%, 03/22/2022		157,000		162,711
Bank of New York Mellon Corp. Fixed until 09/20/2025 (I), 4.70% (A)		1,667,000		1,783,690
Beijing State-Owned Assets Management Hong Kong Co., Ltd. 4.13%, 05/26/2025 (G)		588,000		635,111
Charles Schwab Corp.
3.85%, 05/21/2025		420,000		473,486
Fixed until 06/01/2025 (I), 5.38% (A)		2,270,000		2,484,061
Credit Suisse Group AG
Fixed until 06/05/2025, 2.19% (A), 06/05/2026 (B)		250,000		258,379
Fixed until 04/01/2030, 4.19% (A), 04/01/2031 (B)		288,000		330,310
Fixed until 02/11/2027 (I), 5.25% (A) (B)		1,667,000		1,678,336
Fixed until 07/17/2023 (I), 7.50% (A) (B)		1,745,000		1,849,717
Fixed until 12/11/2023 (I), 7.50% (A) (B)		1,700,000		1,844,500
Deutsche Bank AG
1.75%, 01/17/2028, MTN (G)		EUR  1,500,000		1,769,842
Fixed until 09/18/2023, 2.22% (A), 09/18/2024		$  152,000		153,532
Donnelley Financial Solutions, Inc. 8.25%, 10/15/2024		949,000		994,078
Goldman Sachs Group, Inc.
0.88%, 01/21/2030, MTN (G)		EUR  1,500,000		1,768,356
2.35%, 11/15/2021		$  811,000		811,537
3.50%, 11/16/2026		177,000		195,964
3.80%, 03/15/2030		150,000		172,960
Fixed until 10/31/2037, 4.02% (A), 10/31/2038		1,001,000		1,169,486

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

Transamerica Funds Annual Report 2020

Page    324

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Goldman Sachs Group, Inc. (continued)
Fixed until 04/23/2038, 4.41% (A), 04/23/2039		$   2,451,000		$   2,987,785
6.75%, 10/01/2037		1,048,000		1,526,902
Huarong Finance Co., Ltd. Fixed until 11/07/2022 (I), 4.00% (A), MTN (G)		2,750,000		2,780,938
Huarong Finance II Co., Ltd. 5.00%, 11/19/2025, MTN (G)		2,800,000		3,103,380
Intercontinental Exchange, Inc. 3.00%, 06/15/2050		377,000		390,170
LPL Holdings, Inc.
4.63%, 11/15/2027 (B)		410,000		420,250
5.75%, 09/15/2025 (B)		1,125,000		1,164,769
Mirae Asset Daewoo Co., Ltd. 2.63%, 07/30/2025 (G)		1,800,000		1,821,370
Morgan Stanley
Fixed until 04/01/2030, 3.62% (A), 04/01/2031, MTN		392,000		448,688
3.63%, 01/20/2027		484,000		549,764
Fixed until 07/22/2037, 3.97% (A), 07/22/2038		1,329,000		1,586,657
5.00%, 11/24/2025		36,000		42,432
SURA Asset Management SA
4.38%, 04/11/2027 (G)		750,000		835,875
4.88%, 04/17/2024 (G)		1,550,000		1,688,570
UBS AG Fixed until 02/12/2021, 4.75% (A), 02/12/2026, MTN (G)		EUR  3,700,000		4,346,911
UBS Group AG
Fixed until 08/15/2022, 2.86% (A), 08/15/2023 (B)		$  612,000		634,074
Fixed until 01/31/2024 (I), 7.00% (A) (B)		3,225,000		3,470,906
				48,092,060
Chemicals - 1.7%
Air Products & Chemicals, Inc.
0.80%, 05/05/2032, MTN		EUR  1,500,000		1,822,098
1.85%, 05/15/2027		$  128,000		133,733
Albemarle Wodgina Pty, Ltd. 3.45%, 11/15/2029		517,000		523,341
Braskem Finance BV
4.50%, 01/10/2028 - 01/31/2030 (B)		1,880,000		1,757,901
4.50%, 01/31/2030 (G)		1,010,000		932,785
5.88%, 01/31/2050 (G)		985,000		914,829
Braskem Idesa SAPI 7.45%, 11/15/2029 (G)		1,080,000		1,021,162
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co., LP 3.30%, 05/01/2023 (B)		70,000		74,009
CNAC Finbridge Co., Ltd. 4.88%, 03/14/2025 (G)		1,800,000		1,982,395
Consolidated Energy Finance SA 6.88%, 06/15/2025 (B)		1,085,000		1,009,050
Dow Chemical Co. 4.80%, 11/30/2028		110,000		132,281

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals (continued)
Ecolab, Inc. 2.38%, 08/10/2022		$   375,000		$   387,576
Equate Petrochemical BV 3.00%, 03/03/2022 (G)		1,700,000		1,722,950
Huntsman International LLC 4.50%, 05/01/2029		1,019,000		1,136,781
LYB International Finance III LLC 3.63%, 04/01/2051		723,000		722,038
MEGlobal Canada ULC 5.88%, 05/18/2030 (B)		1,236,000		1,469,577
Minerals Technologies, Inc. 5.00%, 07/01/2028 (B)		1,085,000		1,117,550
Nutrien, Ltd. 3.95%, 05/13/2050		352,000		403,404
OCI NV 5.25%, 11/01/2024 (B)		1,340,000		1,370,150
Olin Corp. 9.50%, 06/01/2025 (B)		966,000		1,142,411
Sasol Financing USA LLC 5.88%, 03/27/2024		1,800,000		1,738,800
Westlake Chemical Corp.
1.63%, 07/17/2029		EUR  2,000,000		2,324,027
4.38%, 11/15/2047		$  939,000		1,007,050
Yara International ASA 3.15%, 06/04/2030 (B)		356,000		379,578
Yingde Gases Investment, Ltd. 6.25%, 01/19/2023 (G)		1,420,000		1,462,520
				26,687,996
Commercial Services & Supplies - 1.3%
Ahern Rentals, Inc. 7.38%, 05/15/2023 (B)		2,870,000		1,843,975
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.75%, 07/15/2027 (B) (H)		1,226,000		1,152,440
Brink’s Co.
4.63%, 10/15/2027 (B)		1,120,000		1,142,770
5.50%, 07/15/2025 (B)		707,000		735,428
Covanta Holding Corp. 5.00%, 09/01/2030 (H)		1,423,000		1,447,903
Garda World Security Corp. 9.50%, 11/01/2027 (B)		1,711,000		1,826,492
Harsco Corp. 5.75%, 07/31/2027 (B)		1,895,000		1,937,637
KAR Auction Services, Inc. 5.13%, 06/01/2025 (B)		1,174,000		1,182,805
Nielsen Finance LLC / Nielsen Finance Co.
5.00%, 04/15/2022 (B)		843,000		843,422
5.63%, 10/01/2028 (B)		705,000		727,031
5.88%, 10/01/2030 (B)		1,114,000		1,169,700
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.25%, 04/15/2024 (B)		350,000		366,125
5.75%, 04/15/2026 (B)		1,415,000		1,506,975
6.25%, 01/15/2028 (B)		1,800,000		1,818,864
Sotheby’s 7.38%, 10/15/2027 (B) (H)		1,970,000		2,009,400

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

Transamerica Funds Annual Report 2020

Page    325

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies (continued)
Trane Technologies Luxembourg Finance SA 4.50%, 03/21/2049		$   980,000		$   1,247,501
				20,958,468
Construction & Engineering - 0.3%
ABB Finance USA, Inc. 3.38%, 04/03/2023		176,000		188,144
IHS Holdco BV 8.00%, 09/18/2027 (G)		1,850,000		1,877,750
Mattamy Group Corp. 5.25%, 12/15/2027 (B)		1,426,000		1,507,995
Quanta Services, Inc. 2.90%, 10/01/2030		825,000		861,084
				4,434,973
Construction Materials - 0.1%
Cemex SAB de CV
7.38%, 06/05/2027 (B)		600,000		660,906
7.38%, 06/05/2027 (G)		780,000		859,178
				1,520,084
Consumer Finance - 1.2%
Altice Financing SA 5.00%, 01/15/2028 (B)		1,506,000		1,460,820
American Express Co.
3.40%, 02/22/2024		128,000		138,899
4.20%, 11/06/2025		107,000		123,453
BMW US Capital LLC 3.10%, 04/12/2021 (B)		180,000		182,129
Credit Acceptance Corp. 6.63%, 03/15/2026		1,664,000		1,726,400
Credito Real SAB de CV SOFOM ER 7.25%, 07/20/2023 (G)		900,000		879,939
Daimler Finance North America LLC 2.00%, 07/06/2021 (B)		351,000		354,388
Enova International, Inc. 8.50%, 09/01/2024 - 09/15/2025 (B)		2,302,000		2,114,980
FirstCash, Inc. 4.63%, 09/01/2028 (B)		1,089,000		1,105,335
Ford Motor Credit Co. LLC 5.13%, 06/16/2025		211,000		219,923
General Motors Financial Co., Inc.
0.20%, 09/02/2022, MTN (G)		EUR  2,175,000		2,517,317
2.75%, 06/20/2025		$  152,000		156,893
3.20%, 07/06/2021		461,000		467,211
3.60%, 06/21/2030		627,000		659,617
goeasy, Ltd. 5.38%, 12/01/2024 (B)		1,256,000		1,268,560
Hyundai Capital America 3.40%, 06/20/2024 (B)		137,000		145,575
5.88%, 04/07/2025 (B)		1,500,000		1,746,666
John Deere Capital Corp. 2.95%, 04/01/2022, MTN		289,000		299,500
3.65%, 10/12/2023		79,000		86,560
Navient Corp. 5.00%, 03/15/2027		473,000		441,706
OneMain Finance Corp. 5.38%, 11/15/2029		682,000		700,782
6.88%, 03/15/2025		1,222,000		1,344,200

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
PACCAR Financial Corp. 0.80%, 06/08/2023, MTN		$   103,000		$   103,839
Synchrony Financial 4.50%, 07/23/2025		417,000		463,471
				18,708,163
Containers & Packaging - 0.6%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 5.25%, 08/15/2027 (B)		1,300,000		1,334,450
Cascades, Inc. / Cascades USA, Inc. 5.38%, 01/15/2028 (B)		1,348,000		1,405,290
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (B) (H)		1,760,000		1,848,000
Klabin Austria GmbH
7.00%, 04/03/2049 (B)		956,000		1,092,230
7.00%, 04/03/2049 (G)		450,000		514,125
Silgan Holdings, Inc. 4.75%, 03/15/2025		875,000		892,500
Sonoco Products Co. 3.13%, 05/01/2030		618,000		672,741
Trivium Packaging Finance BV 8.50%, 08/15/2027 (B)		1,275,000		1,364,505
				9,123,841
Distributors - 0.3%
Genuine Parts Co. 1.88%, 11/01/2030		696,000		681,430
Ingram Micro, Inc. 5.45%, 12/15/2024		1,975,000		2,111,985
Performance Food Group, Inc. 5.50%, 10/15/2027 (B)		1,600,000		1,640,000
				4,433,415
Diversified Consumer Services - 0.0% (C)
Ford Foundation 2.82%, 06/01/2070		547,000		535,845
Diversified Financial Services - 1.7%
CDBL Funding 1 3.50%, 10/24/2027, MTN (G)		2,820,000		3,017,231
Fairstone Financial, Inc. 7.88%, 07/15/2024 (B)		1,653,000		1,694,325
GE Capital Funding LLC 4.40%, 05/15/2030 (B)		810,000		885,366
GE Capital International Funding Unlimited Co.
3.37%, 11/15/2025		313,000		335,844
4.42%, 11/15/2035		2,271,000		2,455,707
Genworth Mortgage Holdings, Inc. 6.50%, 08/15/2025 (B)		964,000		1,004,970
ICBCIL Finance Co., Ltd. 3.63%, 11/15/2027, MTN (G)		3,202,000		3,455,182
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 4.25%, 02/01/2027 (B)		1,870,000		1,615,212
LD Holdings Group LLC 6.50%, 11/01/2025 (B)		632,000		641,480
Lukoil Securities BV 3.88%, 05/06/2030 (B)		2,000,000		2,120,200

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

Transamerica Funds Annual Report 2020

Page    326

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
National Rural Utilities Cooperative Finance Corp.
1.35%, 03/15/2031		$   1,034,000		$   1,015,845
2.85%, 01/27/2025		482,000		522,097
Fixed until 04/30/2023, 4.75% (A), 04/30/2043		624,000		644,280
Fixed until 04/20/2026, 5.25% (A), 04/20/2046		352,000		383,317
Power Finance Corp., Ltd. 3.95%, 04/23/2030, MTN (G)		1,000,000		978,662
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc. 3.63%, 03/01/2029 (B)		941,000		926,885
Unifin Financiera SAB de CV 7.25%, 09/27/2023 (G)		250,000		218,753
Voya Financial, Inc. Fixed until 01/23/2028, 4.70% (A), 01/23/2048		680,000		676,600
Xingsheng BVI Co., Ltd. 4.50%, 09/20/2021 (G)		4,800,000		4,919,856
				27,511,812
Diversified Telecommunication Services - 2.2%
AT&T, Inc.
3.15%, 09/04/2036		EUR  1,000,000		1,414,072
3.55%, 09/15/2055 (B)		$  795,000		753,076
4.50%, 05/15/2035		772,000		900,437
4.75%, 05/15/2046		1,472,000		1,698,289
4.80%, 06/15/2044		779,000		905,066
4.85%, 07/15/2045		2,370,000		2,764,392
4.90%, 08/15/2037		1,237,000		1,491,705
Cablevision Lightpath LLC
3.88%, 09/15/2027 (B)		780,000		774,150
5.63%, 09/15/2028 (B)		211,000		213,110
CenturyLink, Inc.
5.13%, 12/15/2026 (B)		1,973,000		2,017,392
7.50%, 04/01/2024		1,014,000		1,118,908
Cogent Communications Group, Inc. 5.38%, 03/01/2022 (B)		1,125,000		1,144,687
Connect Finco SARL / Connect US Finco LLC 6.75%, 10/01/2026 (B)		1,849,000		1,862,313
Hughes Satellite Systems Corp. 6.63%, 08/01/2026		2,024,000		2,192,245
Ooredoo International Finance, Ltd. 3.25%, 02/21/2023, MTN (G)		2,200,000		2,295,480
Telecom Italia Capital SA 7.72%, 06/04/2038		530,000		717,975
Telefonica Emisiones SA
4.67%, 03/06/2038		896,000		1,026,919
5.21%, 03/08/2047		669,000		790,599
Telesat Canada / Telesat LLC
4.88%, 06/01/2027 (B)		142,000		144,485
6.50%, 10/15/2027 (B) (H)		2,160,000		2,149,200
TELUS Corp. 4.30%, 06/15/2049		456,000		543,818
Verizon Communications, Inc.
1.50%, 09/18/2030		261,000		256,270
2.99%, 10/30/2056 (B)		4,726,000		4,786,886

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (continued)
3.00%, 03/22/2027		$   173,000		$   190,674
3.38%, 02/15/2025		115,000		127,742
4.02%, 12/03/2029		168,000		198,697
4.27%, 01/15/2036		368,000		449,824
4.40%, 11/01/2034		749,000		925,186
Zayo Group Holdings, Inc. 6.13%, 03/01/2028 (B)		1,789,000		1,804,654
				35,658,251
Electric Utilities - 4.2%
AEP Texas, Inc. 4.15%, 05/01/2049		534,000		633,243
AEP Transmission Co. LLC 3.80%, 06/15/2049		663,000		785,967
Avangrid, Inc. 3.20%, 04/15/2025		283,000		310,744
Castle Peak Power Finance Co., Ltd. 2.20%, 06/22/2030, MTN (G)		2,500,000		2,529,001
CenterPoint Energy Houston Electric LLC 4.25%, 02/01/2049		348,000		441,698
CGNPC International, Ltd. 4.00%, 05/19/2025 (G)		3,500,000		3,862,425
China Huadian Overseas Development Management Co., Ltd. Fixed until 05/29/2024 (I), 4.00% (A) (G)		5,250,000		5,475,413
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		125,000		155,687
CLP Power Hong Kong Financing, Ltd. 2.50%, 06/30/2035, MTN (G)		2,750,000		2,792,437
Dominion Energy South Carolina, Inc. 5.10%, 06/01/2065		70,000		104,341
DTE Electric Co.
2.95%, 03/01/2050		735,000		769,018
3.95%, 03/01/2049		1,279,000		1,577,903
4.05%, 05/15/2048		776,000		965,617
Duke Energy Carolinas LLC 3.75%, 06/01/2045		1,468,000		1,721,988
Duke Energy Indiana LLC 3.25%, 10/01/2049		1,245,000		1,351,278
Electricite de France SA 5.00%, 09/21/2048 (B)		1,705,000		2,169,573
Emera US Finance, LP 4.75%, 06/15/2046		468,000		565,893
Empresas Publicas de Medellin ESP 4.38%, 02/15/2031 (B)		845,000		862,965
Enel Finance International NV
4.25%, 09/14/2023 (B)		200,000		218,761
4.75%, 05/25/2047 (B)		510,000		627,475
Energuate Trust 5.88%, 05/03/2027 (G)		520,000		535,605
Engie Energia Chile SA 3.40%, 01/28/2030 (B)		253,000		268,559
Entergy Arkansas LLC 2.65%, 06/15/2051		1,082,000		1,072,438
Entergy Texas, Inc. 4.50%, 03/30/2039		557,000		681,008

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

Transamerica Funds Annual Report 2020

Page    327

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Evergy Kansas Central, Inc. 3.45%, 04/15/2050		$   931,000		$   1,049,752
Exelon Corp. 4.70%, 04/15/2050		550,000		701,692
Fenix Power Peru SA 4.32%, 09/20/2027 (G)		1,614,706		1,640,961
FirstEnergy Corp. 7.38%, 11/15/2031		984,000		1,320,129
Georgia Power Co. 4.30%, 03/15/2042		707,000		842,715
Infraestructura Energetica Nova SAB de CV 4.75%, 01/15/2051 (B)		500,000		469,750
Interstate Power & Light Co. 3.50%, 09/30/2049		353,000		386,399
Israel Electric Corp., Ltd. 5.00%, 11/12/2024 (G)		1,650,000		1,864,500
Kentucky Utilities Co. 3.30%, 06/01/2050		274,000		294,611
Lamar Funding, Ltd. 3.96%, 05/07/2025 (G)		800,000		730,406
Liberty Utilities Finance GP 1 2.05%, 09/15/2030 (B)		505,000		495,495
Minejesa Capital BV 4.63%, 08/10/2030 (G)		1,500,000		1,541,070
Mong Duong Finance Holdings BV 5.13%, 05/07/2029 (G)		1,000,000		1,018,087
NextEra Energy Operating Partners, LP 4.25%, 07/15/2024 (B)		1,100,000		1,149,500
NSTAR Electric Co. 3.95%, 04/01/2030		151,000		181,600
Oklahoma Gas & Electric Co. 3.85%, 08/15/2047		27,000		30,606
OmGrid Funding, Ltd. 5.20%, 05/16/2027 (G) (H)		1,500,000		1,382,583
Orazul Energy Egenor SCA 5.63%, 04/28/2027 (G)		1,500,000		1,552,515
Pacific Gas & Electric Co.
3.95%, 12/01/2047		1,241,000		1,160,513
4.30%, 03/15/2045		230,000		221,221
PacifiCorp
3.30%, 03/15/2051		546,000		596,620
4.15%, 02/15/2050		1,106,000		1,358,300
Pattern Energy Operations, LP / Pattern Energy Operations, Inc. 4.50%, 08/15/2028 (B)		1,345,000		1,402,337
PECO Energy Co. 3.00%, 09/15/2049		591,000		625,553
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 05/15/2027, MTN (G)		2,500,000		2,700,000
Public Service Electric & Gas Co. 3.20%, 08/01/2049, MTN		498,000		549,948
Puget Sound Energy, Inc. 4.22%, 06/15/2048		1,092,000		1,354,560
RTE Reseau de Transport d’Electricite SADIR 1.13%, 07/08/2040, MTN (G)		EUR  2,200,000		2,759,793

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Southern California Edison Co. 3.65%, 02/01/2050		$  859,000		$   896,873
Southwestern Public Service Co. 4.50%, 08/15/2041		1,142,000		1,424,663
SPIC Senior Perpetual Bond Co., Ltd. Fixed until 05/21/2022 (I), 5.80% (A) (G)		1,205,000		1,265,852
Talen Energy Supply LLC
6.63%, 01/15/2028 (B)		1,801,000		1,719,955
7.25%, 05/15/2027 (B)		152,000		152,313
Union Electric Co. 2.95%, 06/15/2027		151,000		165,964
Vistra Operations Co. LLC 5.00%, 07/31/2027 (B)		1,367,000		1,428,515
				66,914,388
Electrical Equipment - 0.5%
Emerson Electric Co. 0.88%, 10/15/2026		145,000		143,566
EnerSys
4.38%, 12/15/2027 (B)		535,000		549,713
5.00%, 04/30/2023 (B)		2,125,000		2,183,437
Hubbell, Inc. 3.35%, 03/01/2026		122,000		131,597
Siemens Financieringsmaatschappij NV
3.25%, 05/27/2025 (B)		432,000		476,313
3.30%, 09/15/2046 (B)		1,660,000		1,870,926
WESCO Distribution, Inc.
7.13%, 06/15/2025 (B)		434,000		467,635
7.25%, 06/15/2028 (B)		1,320,000		1,445,400
				7,268,587
Electronic Equipment, Instruments & Components - 0.2%
Arrow Electronics, Inc. 4.00%, 04/01/2025		112,000		122,390
Corning, Inc. 5.45%, 11/15/2079		2,206,000		2,782,247
Trimble, Inc. 4.75%, 12/01/2024 (H)		19,000		21,556
4.90%, 06/15/2028		879,000		1,030,960
				3,957,153
Energy Equipment & Services - 0.9%
Archrock Partners, LP / Archrock Partners Finance Corp. 6.88%, 04/01/2027 (B)		1,332,000		1,305,360
Azure Power Solar Energy Pvt, Ltd. 5.65%, 12/24/2024, MTN (G)		970,000		1,018,985
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc. 4.49%, 05/01/2030		306,000		348,459
ChampionX Corp. 6.38%, 05/01/2026		1,140,000		1,087,492
Genesis Energy, LP / Genesis Energy Finance Corp.
5.63%, 06/15/2024		2,096,000		1,803,000
6.00%, 05/15/2023		750,000		681,562
6.50%, 10/01/2025		150,000		124,500
Greenko Mauritius, Ltd. 6.25%, 02/21/2023 (G)		1,410,000		1,459,335

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

Transamerica Funds Annual Report 2020

Page    328

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Halliburton Co. 2.92%, 03/01/2030 (H)		$   836,000		$   812,567
Hi-Crush, Inc. 9.50%, 08/01/2026 (B) (D)		430,000		12,900
Neerg Energy, Ltd. 6.00%, 02/13/2022 (G)		1,860,000		1,887,898
Nine Energy Service, Inc. 8.75%, 11/01/2023 (B)		1,384,000		408,280
ReNew Power Pvt, Ltd. 6.45%, 09/27/2022 (G)		1,430,000		1,465,750
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (B)		144,000		160,493
USA Compression Partners, LP / USA Compression Finance Corp. 6.88%, 04/01/2026		1,531,000		1,518,155
				14,094,736
Entertainment - 0.3%
Activision Blizzard, Inc. 2.50%, 09/15/2050		537,000		483,742
Netflix, Inc. 4.88%, 06/15/2030 (B)		2,380,000		2,716,175
Walt Disney Co. 2.20%, 01/13/2028		242,000		252,918
2.75%, 09/01/2049		961,000		929,003
3.80%, 05/13/2060		234,000		268,900
				4,650,738
Equity Real Estate Investment Trusts - 2.3%
Alexandria Real Estate Equities, Inc. 1.88%, 02/01/2033		370,000		359,934
American Tower Corp.
2.25%, 01/15/2022		740,000		756,031
3.10%, 06/15/2050		596,000		583,205
3.60%, 01/15/2028		22,000		24,574
Brixmor Operating Partnership, LP 4.05%, 07/01/2030		106,000		114,565
Columbia Property Trust Operating Partnership, LP 4.15%, 04/01/2025		138,000		144,136
Crown Castle International Corp.
4.30%, 02/15/2029		121,000		140,341
5.20%, 02/15/2049		574,000		741,960
CTR Partnership, LP / CareTrust Capital Corp. 5.25%, 06/01/2025		2,120,000		2,183,600
Digital Euro Finco LLC 1.13%, 04/09/2028 (G)		EUR  3,235,000		3,884,719
ESH Hospitality, Inc. 4.63%, 10/01/2027 (B)		$  1,410,000		1,381,800
Essex Portfolio, LP 2.65%, 09/01/2050		891,000		812,911
Federal Realty Investment Trust 1.25%, 02/15/2026		203,000		202,434
Hammerson PLC 2.00%, 07/01/2022 (G)		EUR  1,000,000		1,088,948
HAT Holdings I LLC / HAT Holdings II LLC
3.75%, 09/15/2030 (B)		$  405,000		404,494
5.25%, 07/15/2024 (B)		495,000		509,850
6.00%, 04/15/2025 (B)		1,255,000		1,331,869

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Host Hotels & Resorts, LP 3.50%, 09/15/2030		$   873,000		$   833,711
MGM Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc. 5.75%, 02/01/2027		1,151,000		1,242,084
MPT Operating Partnership, LP / MPT Finance Corp. 5.00%, 10/15/2027		1,255,000		1,313,295
Omega Healthcare Investors, Inc. 3.38%, 02/01/2031		693,000		668,079
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 5.88%, 10/01/2028 (B)		1,430,000		1,401,400
Piedmont Operating Partnership, LP 3.15%, 08/15/2030		920,000		911,849
Prologis, LP
1.25%, 10/15/2030		456,000		443,411
2.13%, 04/15/2027		604,000		637,412
Sabra Health Care, LP 5.13%, 08/15/2026		2,070,000		2,256,393
Scentre Group Trust 2 Fixed until 06/24/2030, 5.13% (A), 09/24/2080 (B)		1,909,000		1,876,959
Simon Property Group, LP
2.65%, 07/15/2030		264,000		264,473
3.25%, 09/13/2049		2,725,000		2,467,079
3.38%, 12/01/2027		17,000		18,163
Trust Fibra Uno
4.87%, 01/15/2030 (B)		930,000		967,200
6.39%, 01/15/2050 (G)		1,000,000		1,038,750
Unibail-Rodamco-Westfield SE Fixed until 07/25/2023 (I), 2.13% (A) (G)		EUR  5,600,000		5,648,009
Welltower, Inc. 2.75%, 01/15/2031		$  109,000		111,444
				36,765,082
Food & Staples Retailing - 0.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP
4.63%, 01/15/2027 (B)		1,710,000		1,763,258
5.75%, 03/15/2025		246,000		253,534
5.88%, 02/15/2028 (B)		980,000		1,036,350
Alimentation Couche-Tard, Inc. 3.80%, 01/25/2050 (B)		526,000		570,990
Auchan Holding SA 3.25%, 07/23/2027, MTN (G)		EUR  1,500,000		1,965,012
Sysco Corp.
2.40%, 02/15/2030		$  139,000		141,279
5.95%, 04/01/2030		116,000		148,015
6.60%, 04/01/2050		582,000		815,346
Tesco Corporate Treasury Services PLC 0.88%, 05/29/2026, MTN (G)		EUR  1,000,000		1,193,749
US Foods, Inc. 6.25%, 04/15/2025 (B)		$  1,261,000		1,317,745
Walmart, Inc. 2.55%, 04/11/2023		293,000		307,182
				9,512,460

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

Transamerica Funds Annual Report 2020

Page    329

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products - 1.5%
BRF SA
4.88%, 01/24/2030 (G)		$   1,000,000		$   1,001,520
5.75%, 09/21/2050 (B) (H)		590,000		561,164
ConAgra Brands, Inc.
5.40%, 11/01/2048		1,350,000		1,846,848
7.00%, 10/01/2028		115,000		154,417
Cydsa SAB de CV 6.25%, 10/04/2027 (G)		380,000		377,530
Dole Food Co., Inc. 7.25%, 06/15/2025 (B)		1,885,000		1,885,000
Gruma SAB de CV 4.88%, 12/01/2024 (G)		1,000,000		1,115,010
Grupo KUO SAB de CV 5.75%, 07/07/2027 (G)		1,740,000		1,743,480
JBS USA LUX SA / JBS USA Finance, Inc. 5.75%, 06/15/2025 (B)		1,087,000		1,117,436
Kraft Heinz Foods Co. 4.88%, 10/01/2049 (B)		1,037,000		1,096,360
Lamb Weston Holdings, Inc. 4.63%, 11/01/2024 (B)		555,000		573,038
Land O’ Lakes, Inc. 7.00%, 09/18/2028 (B) (I)		4,820,000		4,338,000
Land O’Lakes Capital Trust I 7.45%, 03/15/2028 (B)		975,000		1,106,625
MARB BondCo PLC 7.00%, 03/15/2024 (G)		740,000		759,062
Mars, Inc. 2.38%, 07/16/2040 (B)		776,000		763,818
Minerva Luxembourg SA 6.50%, 09/20/2026 (G)		1,250,000		1,300,013
Mondelez International, Inc. 1.88%, 10/15/2032		483,000		475,470
Nestle Holdings, Inc. 3.50%, 09/24/2025 (B)		225,000		252,602
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 (B)		830,000		876,795
Sigma Alimentos SA de CV 4.13%, 05/02/2026 (G)		500,000		543,315
Sigma Finance BV 4.88%, 03/27/2028 (G)		1,350,000		1,515,712
Smithfield Foods, Inc.
4.25%, 02/01/2027 (B)		100,000		108,819
5.20%, 04/01/2029 (B)		353,000		407,814
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025 (B)		315,000		311,161
				24,231,009
Gas Utilities - 0.2%
Brooklyn Union Gas Co. 4.49%, 03/04/2049 (B)		39,000		48,733
ONE Gas, Inc. 4.50%, 11/01/2048		1,088,000		1,371,346
Resources Gas Group, Ltd. 4.50%, 04/05/2022, MTN (G)		1,000,000		1,041,288
				2,461,367
Health Care Equipment & Supplies - 0.3%
Baxter International, Inc. 3.75%, 10/01/2025 (B)		333,000		376,637

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
Becton Dickinson & Co. 4.69%, 12/15/2044		$   568,000		$   694,998
DH Europe Finance II SARL 3.25%, 11/15/2039		1,851,000		2,059,332
Stryker Corp. 1.00%, 12/03/2031		EUR  2,000,000		2,396,747
				5,527,714
Health Care Providers & Services - 1.2%
Acadia Healthcare Co., Inc.
5.00%, 04/15/2029 (B)		$  275,000		283,333
5.50%, 07/01/2028 (B)		1,317,000		1,369,680
Cardinal Health, Inc.
4.60%, 03/15/2043		129,000		141,937
4.90%, 09/15/2045		1,085,000		1,246,971
CVS Health Corp.
2.70%, 08/21/2040		445,000		424,843
4.13%, 04/01/2040		248,000		281,474
4.25%, 04/01/2050		374,000		436,989
4.30%, 03/25/2028		993,000		1,149,888
4.78%, 03/25/2038		474,000		572,503
5.05%, 03/25/2048		1,236,000		1,567,596
Encompass Health Corp. 4.63%, 04/01/2031		408,000		420,240
HCA, Inc. 5.38%, 02/01/2025		2,870,000		3,178,037
Laboratory Corp. of America Holdings 4.70%, 02/01/2045		785,000		997,648
Legacy LifePoint Health LLC 4.38%, 02/15/2027 (B)		1,421,000		1,406,378
Providence Service Corp. 5.88%, 11/15/2025 (B) (J)		324,000		329,670
Tenet Healthcare Corp.
4.63%, 07/15/2024		1,600,000		1,627,043
6.13%, 10/01/2028 (B)		1,715,000		1,663,550
UnitedHealth Group, Inc.
1.25%, 01/15/2026		198,000		201,996
3.13%, 05/15/2060		407,000		437,198
3.75%, 07/15/2025		451,000		512,080
4.25%, 06/15/2048		1,245,000		1,591,209
				19,840,263
Hotels, Restaurants & Leisure - 1.4%
Arcos Dorados Holdings, Inc. 5.88%, 04/04/2027 (B)		578,000		594,618
Banijay Entertainment SASU 5.38%, 03/01/2025 (B)		1,400,000		1,421,000
Boyd Gaming Corp.
4.75%, 12/01/2027		2,031,000		1,975,168
8.63%, 06/01/2025 (B)		40,000		43,788
Brinker International, Inc. 5.00%, 10/01/2024 (B)		809,000		809,121
Caesars Entertainment, Inc. 6.25%, 07/01/2025 (B)		2,000,000		2,048,736
Dave & Buster’s, Inc. 7.63%, 11/01/2025 (B) (H)		1,445,000		1,417,906
GLP Capital, LP / GLP Financing II, Inc. 5.38%, 04/15/2026		164,000		182,145
Golden Nugget, Inc. 6.75%, 10/15/2024 (B)		2,005,000		1,697,774

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

Transamerica Funds Annual Report 2020

Page    330

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. 6.13%, 12/01/2024		$   1,907,000		$   1,964,210
McDonald’s Corp.
3.63%, 09/01/2049, MTN		440,000		490,146
4.20%, 04/01/2050, MTN		431,000		522,144
4.45%, 03/01/2047, MTN		434,000		533,306
NCL Corp., Ltd. 3.63%, 12/15/2024 (B)		1,113,000		767,970
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025 (B) (H)		1,265,000		1,325,878
Silversea Cruise Finance, Ltd. 7.25%, 02/01/2025 (B)		1,395,000		1,404,137
Six Flags Entertainment Corp. 5.50%, 04/15/2027 (B) (H)		1,175,000		1,093,102
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025 (B)		90,000		95,288
Viking Cruises, Ltd. 13.00%, 05/15/2025 (B)		139,000		157,418
VOC Escrow, Ltd. 5.00%, 02/15/2028 (B)		1,415,000		1,224,499
Wyndham Destinations, Inc.
6.00%, 04/01/2027		1,355,000		1,395,650
6.63%, 07/31/2026 (B)		610,000		649,009
				21,813,013
Household Durables - 0.1%
Turkiye Sise ve Cam Fabrikalari AS 6.95%, 03/14/2026 (G)		1,740,000		1,762,470
Household Products - 0.2%
Central Garden & Pet Co. 5.13%, 02/01/2028		1,059,000		1,119,893
Energizer Holdings, Inc. 4.38%, 03/31/2029 (B)		1,135,000		1,145,782
Kimberly-Clark Corp.
3.10%, 03/26/2030		535,000		609,902
3.20%, 07/30/2046		250,000		282,274
				3,157,851
Independent Power & Renewable Electricity Producers - 0.3%
Clearway Energy Operating LLC
4.75%, 03/15/2028 (B)		940,000		988,175
5.00%, 09/15/2026		1,750,000		1,808,853
5.75%, 10/15/2025		84,000		87,990
Termocandelaria Power, Ltd. 7.88%, 01/30/2029 (G)		1,810,000		1,965,660
				4,850,678
Industrial Conglomerates - 0.4%
General Electric Co.
1.88%, 05/28/2027		EUR  3,000,000		3,576,694
3.63%, 05/01/2030		$  198,000		209,096
4.25%, 05/01/2040		850,000		895,948
4.35%, 05/01/2050		546,000		581,703
Honeywell International, Inc. 0.48%, 08/19/2022		117,000		117,176
KOC Holding AS 6.50%, 03/11/2025 (G)		1,400,000		1,410,640

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Industrial Conglomerates (continued)
Roper Technologies, Inc. 2.80%, 12/15/2021		$   341,000		$   349,388
				7,140,645
Insurance - 3.4%
Ageas SA Fixed until 07/02/2029, 3.25% (A), 07/02/2049 (G)		EUR  2,100,000		2,649,277
Allianz SE Fixed until 10/24/2023 (I), 4.75% (A), MTN (G)		2,600,000		3,337,198
American International Group, Inc.
4.38%, 01/15/2055		$  1,225,000		1,443,835
4.50%, 07/16/2044		870,000		1,043,960
Assurant, Inc. Fixed until 03/27/2028, 7.00% (A), 03/27/2048 (H)		2,100,000		2,286,123
Athene Global Funding 1.13%, 09/02/2025, MTN (G)		EUR  2,885,000		3,409,105
Athene Holding, Ltd.
3.50%, 01/15/2031		$  852,000		859,159
6.15%, 04/03/2030		1,852,000		2,213,344
Berkshire Hathaway Finance Corp.
2.85%, 10/15/2050		395,000		402,399
4.25%, 01/15/2049		2,028,000		2,576,706
Brighthouse Financial, Inc.
4.70%, 06/22/2047		1,520,000		1,478,192
5.63%, 05/15/2030		2,183,000		2,576,975
Chubb INA Holdings, Inc. 1.38%, 09/15/2030		504,000		492,185
Credit Agricole Assurances SA Fixed until 09/27/2028, 4.75% (A), 09/27/2048 (G)		EUR  2,100,000		2,903,563
Dai-ichi Life Insurance Co., Ltd. Fixed until 07/24/2026 (I), 4.00% (A) (G)		$  3,500,000		3,797,500
Enstar Finance LLC Fixed until 09/01/2025, 5.75% (A), 09/01/2040 (H)		2,100,000		2,136,118
Enstar Group, Ltd. 4.95%, 06/01/2029		927,000		1,022,300
Everest Reinsurance Holdings, Inc. 3.50%, 10/15/2050		586,000		603,210
Guardian Life Insurance Co. of America 3.70%, 01/22/2070 (B)		182,000		189,055
Manulife Financial Corp. Fixed until 02/24/2027, 4.06% (A), 02/24/2032		976,000		1,053,312
Markel Corp. Fixed until 06/01/2025 (I), 6.00% (A)		2,667,000		2,833,688
New York Life Insurance Co.
3.75%, 05/15/2050 (B)		791,000		882,243
4.45%, 05/15/2069 (B)		1,248,000		1,538,771
Northwestern Mutual Life Insurance Co. 3.63%, 09/30/2059 (B)		587,000		640,069
Pacific LifeCorp 3.35%, 09/15/2050 (B)		305,000		312,133

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

Transamerica Funds Annual Report 2020

Page    331

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Progressive Corp.
3.95%, 03/26/2050		$   248,000		$   310,173
4.20%, 03/15/2048		1,724,000		2,203,268
Prudential Financial, Inc.
1.50%, 03/10/2026, MTN		343,000		351,855
3.00%, 03/10/2040, MTN		498,000		517,222
Fixed until 06/15/2023, 5.63% (A), 06/15/2043		463,000		493,640
5.70%, 12/14/2036, MTN		1,640,000		2,310,168
Fixed until 09/15/2028, 5.70% (A), 09/15/2048 (H)		99,000		112,417
QBE Insurance Group, Ltd. Fixed until 05/12/2025 (I), 5.88% (A) (B) (H)		1,742,000		1,859,585
Teachers Insurance & Annuity Association of America 4.27%, 05/15/2047 (B)		1,582,000		1,854,924
Unum Group 4.50%, 03/15/2025		64,000		71,171
Willis North America, Inc.
3.88%, 09/15/2049		739,000		859,885
5.05%, 09/15/2048		168,000		227,108
				53,851,836
Interactive Media & Services - 0.1%
Alphabet, Inc. 2.05%, 08/15/2050		915,000		825,100
Tencent Holdings, Ltd. 3.24%, 06/03/2050 (B)		1,000,000		1,008,000
				1,833,100
Internet & Catalog Retail - 0.1%
GrubHub Holdings, Inc. 5.50%, 07/01/2027 (B)		1,310,000		1,362,400
Meituan 2.13%, 10/28/2025 (B)		200,000		200,196
				1,562,596
Internet & Direct Marketing Retail - 0.2%
Amazon.com, Inc.
2.80%, 08/22/2024		231,000		249,358
4.80%, 12/05/2034		402,000		547,029
Prosus NV 5.50%, 07/21/2025 (G)		1,300,000		1,491,506
				2,287,893
IT Services - 0.9%
Alliance Data Systems Corp. 4.75%, 12/15/2024 (B)		2,115,000		1,961,663
Automatic Data Processing, Inc. 1.25%, 09/01/2030		192,000		187,160
Banff Merger Sub, Inc. 9.75%, 09/01/2026 (B)		1,750,000		1,839,425
Fiserv, Inc. 1.63%, 07/01/2030		EUR  1,750,000		2,208,179
Global Payments, Inc. 3.80%, 04/01/2021		$  297,000		300,432
International Business Machines Corp. 2.95%, 05/15/2050		1,206,000		1,212,253

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services (continued)
Leidos, Inc.
2.30%, 02/15/2031 (B)		$   574,000		$   569,006
3.63%, 05/15/2025 (B)		100,000		110,682
4.38%, 05/15/2030 (B)		803,000		934,363
Mastercard, Inc.
2.00%, 03/03/2025		193,000		204,424
3.80%, 11/21/2046		1,785,000		2,189,925
3.85%, 03/26/2050		296,000		368,463
Presidio Holdings, Inc. 8.25%, 02/01/2028 (B) (H)		1,330,000		1,409,800
Tempo Acquisition LLC / Tempo Acquisition Finance Corp.
5.75%, 06/01/2025 (B)		102,000		106,845
6.75%, 06/01/2025 (B)		1,290,000		1,309,028
Visa, Inc. 0.75%, 08/15/2027		62,000		61,082
				14,972,730
Life Sciences Tools & Services - 0.1%
Jaguar Holding Co. II / PPD Development, LP
4.63%, 06/15/2025 (B)		201,000		207,631
5.00%, 06/15/2028 (B)		842,000		877,625
				1,085,256
Machinery - 0.6%
Caterpillar Financial Services Corp.
0.65%, 07/07/2023		227,000		228,376
1.10%, 09/14/2027, MTN		171,000		169,921
Caterpillar, Inc. 3.25%, 09/19/2049		671,000		744,079
CNH Industrial Capital LLC
1.88%, 01/15/2026		159,000		159,553
4.20%, 01/15/2024		144,000		155,866
CNH Industrial Finance Europe SA 1.75%, 03/25/2027, MTN (G)		EUR  2,200,000		2,672,225
CNH Industrial NV 4.50%, 08/15/2023		$  113,000		122,483
Cummins, Inc. 2.60%, 09/01/2050		774,000		739,685
Elementia SAB de CV 5.50%, 01/15/2025 (G)		1,190,000		1,192,380
HTA Group, Ltd. 7.00%, 12/18/2025 (B)		1,400,000		1,462,720
Illinois Tool Works, Inc. 3.50%, 03/01/2024		135,000		146,941
Parker-Hannifin Corp. 4.00%, 06/14/2049		1,237,000		1,461,423
Stanley Black & Decker, Inc.
3.40%, 03/01/2026		128,000		143,653
Fixed until 03/15/2025, 4.00% (A), 03/15/2060		231,000		241,231
5.20%, 09/01/2040		511,000		698,263
				10,338,799
Marine - 0.2%
Hidrovias International Finance SARL 5.95%, 01/24/2025 (G)		1,670,000		1,680,872
Kirby Corp. 4.20%, 03/01/2028		84,000		87,874

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

Transamerica Funds Annual Report 2020

Page    332

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Marine (continued)
Pelabuhan Indonesia II PT 4.25%, 05/05/2025 (G)		$   1,300,000		$   1,410,500
				3,179,246
Media - 2.0%
Belo Corp. 7.25%, 09/15/2027		2,275,000		2,502,500
Block Communications, Inc. 4.88%, 03/01/2028 (B)		1,515,000		1,552,875
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00%, 02/01/2028 (B)		418,000		439,109
5.38%, 06/01/2029 (B)		1,645,000		1,780,713
Charter Communications Operating LLC / Charter Communications Operating Capital
3.70%, 04/01/2051		834,000		811,777
4.80%, 03/01/2050		698,000		795,161
5.05%, 03/30/2029		13,000		15,507
5.38%, 04/01/2038		261,000		312,065
6.38%, 10/23/2035		704,000		951,199
Comcast Corp.
2.45%, 08/15/2052		584,000		535,468
3.30%, 02/01/2027		122,000		136,369
3.75%, 04/01/2040		492,000		572,673
3.90%, 03/01/2038		240,000		284,813
3.97%, 11/01/2047		915,000		1,096,445
4.15%, 10/15/2028		445,000		529,221
4.60%, 10/15/2038		1,488,000		1,896,350
CSC Holdings LLC
5.25%, 06/01/2024		1,017,000		1,085,648
5.50%, 04/15/2027 (B)		2,070,000		2,181,262
Discovery Communications LLC 4.00%, 09/15/2055 (B)		972,000		987,902
EW Scripps Co. 5.13%, 05/15/2025 (B)		1,836,000		1,751,085
Globo Comunicacao e Participacoes SA 4.88%, 01/22/2030 (G)		1,825,000		1,805,400
National CineMedia LLC 5.88%, 04/15/2028 (B)		1,169,000		812,455
Omnicom Group, Inc.
2.45%, 04/30/2030		221,000		226,101
4.20%, 06/01/2030		145,000		169,181
Scripps Escrow, Inc. 5.88%, 07/15/2027 (B)		360,000		350,100
Terrier Media Buyer, Inc. 8.88%, 12/15/2027 (B)		1,434,000		1,465,899
Time Warner Cable LLC 6.55%, 05/01/2037		695,000		908,032
Univision Communications, Inc.
5.13%, 02/15/2025 (B)		147,000		144,428
6.63%, 06/01/2027 (B)		2,366,000		2,392,617
ViacomCBS, Inc.
4.38%, 03/15/2043		1,235,000		1,336,108
5.85%, 09/01/2043		1,090,000		1,374,643
				31,203,106

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining - 3.0%
Anglo American Capital PLC
2.63%, 09/10/2030 (B)		$   481,000		$   481,362
5.38%, 04/01/2025 (B)		263,000		303,135
AngloGold Ashanti Holdings PLC 3.75%, 10/01/2030		1,086,000		1,151,046
Antofagasta PLC 2.38%, 10/14/2030 (B) (H)		265,000		261,025
Chalco Hong Kong Investment Co., Ltd. Fixed until 11/07/2021 (I), 4.25% (A) (G)		2,165,000		2,190,980
Chinalco Capital Holdings, Ltd. Fixed until 09/11/2024 (I), 4.10% (A) (G)	��	3,000,000		3,061,340
Cleveland-Cliffs, Inc.
5.75%, 03/01/2025 (H)		902,000		871,557
6.75%, 03/15/2026 (B)		1,084,000		1,138,200
Commercial Metals Co. 5.75%, 04/15/2026		1,040,000		1,073,800
First Quantum Minerals, Ltd.
7.25%, 04/01/2023 (G)		890,000		894,450
7.25%, 04/01/2023 (B)		1,803,000		1,812,015
7.50%, 04/01/2025 (B)		970,000		974,850
FMG Resources August 2006 Pty, Ltd. 4.50%, 09/15/2027 (B)		1,598,000		1,711,346
Freeport-McMoRan, Inc.
4.13%, 03/01/2028		124,000		126,558
4.25%, 03/01/2030		2,174,000		2,284,048
4.38%, 08/01/2028		546,000		569,888
4.63%, 08/01/2030		546,000		582,855
5.25%, 09/01/2029		128,000		138,240
Glencore Capital Finance DAC 1.13%, 03/10/2028, MTN (G)		EUR  1,100,000		1,281,807
GTL Trade Finance, Inc. / Gerdau Holdings, Inc. 5.89%, 04/29/2024 (G)		$  800,000		880,000
GUSAP III, LP 4.25%, 01/21/2030 (B)		850,000		901,850
Indonesia Asahan Aluminium Persero PT 5.45%, 05/15/2030 (G)		1,650,000		1,879,719
Industrias Penoles SAB de CV 4.75%, 08/06/2050 (B)		280,000		294,350
JSW Steel, Ltd. 5.95%, 04/18/2024 (G)		1,480,000		1,513,946
Minera y Metalurgica del Boleo SAPI de CV 3.25%, 04/17/2024 (G)		3,300,000		3,504,171
Mineral Resources, Ltd. 8.13%, 05/01/2027 (B)		1,125,000		1,226,250
Minmetals Bounteous Finance BVI, Ltd. Fixed until 09/03/2024 (I), 3.38% (A) (G)		3,594,000		3,649,707
Nexa Resources SA
5.38%, 05/04/2027 (G)		600,000		631,800
6.50%, 01/18/2028 (B)		1,300,000		1,447,875
Novolipetsk Steel Via Steel Funding DAC 4.50%, 06/15/2023 (G)		1,600,000		1,696,410

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

Transamerica Funds Annual Report 2020

Page    333

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

		Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
Reliance Steel & Aluminum Co. 2.15%, 08/15/2030			$   353,000		$   349,317
Severstal OAO Via Steel Capital SA 5.90%, 10/17/2022 (G)			1,000,000		1,071,104
Steel Dynamics, Inc.
3.25%, 01/15/2031			263,000		284,182
3.45%, 04/15/2030			1,089,000		1,195,832
Stillwater Mining Co. 7.13%, 06/27/2025 (G)			920,000		970,600
Teck Resources, Ltd.
3.90%, 07/15/2030			537,000		563,115
6.25%, 07/15/2041			2,446,000		2,797,112
Usiminas International SARL 5.88%, 07/18/2026 (G)			1,500,000		1,562,340
					47,328,182
Mortgage Real Estate Investment Trusts - 0.2%
AG Issuer LLC 6.25%, 03/01/2028 (B)			1,475,000		1,438,125
Starwood Property Trust, Inc.
4.75%, 03/15/2025			1,678,000		1,627,660
5.50%, 11/01/2023 (B) (J)			285,000		282,446
					3,348,231
	��
Multi-Utilities - 0.4%
Centrica PLC Fixed until 04/10/2021, 3.00% (A), 04/10/2076 (G)			EUR  1,500,000		1,742,608
CMS Energy Corp. Fixed until 03/01/2030, 4.75% (A), 06/01/2050			$  107,000		114,604
Consolidated Edison Co. of New York, Inc. 3.95%, 04/01/2050			422,000		498,249
Delmarva Power & Light Co. 4.15%, 05/15/2045			409,000		497,748
Dominion Energy, Inc. 5.25%, 08/01/2033			300,000		379,286
NiSource, Inc.
3.95%, 03/30/2048			691,000		804,349
5.65%, 02/01/2045			64,000		89,517
Public Service Co. of Colorado
2.70%, 01/15/2051			1,108,000		1,120,257
3.70%, 06/15/2028			140,000		161,961
4.10%, 06/15/2048			344,000		430,765
					5,839,344
Multiline Retail - 0.2%
El Puerto de Liverpool SAB de CV 3.88%, 10/06/2026 (G)			2,300,000		2,383,398
Kohl’s Corp.
5.55%, 07/17/2045			103,000		93,209
9.50%, 05/15/2025			55,000		65,811
					2,542,418
Oil, Gas & Consumable Fuels - 7.7%
Adaro Indonesia PT 4.25%, 10/31/2024 (G) (H)			1,500,000		1,488,750
AI Candelaria Spain SLU 7.50%, 12/15/2028 (G)			820,000		885,608

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Apache Corp.
4.38%, 10/15/2028		$   1,134,000		$   1,037,043
4.63%, 11/15/2025 (H)		163,000		154,850
4.88%, 11/15/2027		240,000		225,240
BP Capital Markets America, Inc.
2.75%, 05/10/2023		559,000		589,529
3.00%, 02/24/2050		2,698,000		2,530,542
3.54%, 04/06/2027		425,000		471,649
BP Capital Markets PLC
Fixed until 03/22/2029 (I), 3.63% (A) (G)		EUR  1,100,000		1,314,698
Fixed until 03/22/2030 (I), 4.88% (A)		$  811,000		847,122
Buckeye Partners, LP
4.13%, 03/01/2025 (B)		150,000		142,125
4.50%, 03/01/2028 (B)		1,676,000		1,592,200
Callon Petroleum Co.
6.13%, 10/01/2024		113,000		40,680
6.38%, 07/01/2026		1,131,000		271,440
Canadian Natural Resources, Ltd. 2.95%, 01/15/2023 - 07/15/2030		738,000		759,085
Cenovus Energy, Inc. 4.25%, 04/15/2027		1,738,000		1,769,388
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/2029		1,280,000		1,337,335
5.13%, 06/30/2027		300,000		336,155
Cheniere Energy Partners, LP
4.50%, 10/01/2029		1,601,000		1,632,252
5.25%, 10/01/2025		220,000		223,784
Cheniere Energy, Inc. 4.63%, 10/15/2028 (B)		994,000		1,026,305
Chevron Corp. 1.55%, 05/11/2025		302,000		311,685
Chevron USA, Inc. 1.02%, 08/12/2027		103,000		101,846
CNOOC Finance, Ltd. 3.00%, 05/09/2023		2,000,000		2,091,283
Colonial Enterprises, Inc. 3.25%, 05/15/2030 (B)		304,000		334,454
DCP Midstream Operating, LP
5.60%, 04/01/2044		960,000		835,200
5.63%, 07/15/2027		675,000		699,570
6.75%, 09/15/2037 (B)		293,000		278,350
Diamondback Energy, Inc. 3.50%, 12/01/2029		766,000		761,679
Ecopetrol SA
5.88%, 05/28/2045		600,000		654,420
6.88%, 04/29/2030		900,000		1,082,160
eG Global Finance PLC 6.75%, 02/07/2025 (B)		1,663,000		1,629,740
Enable Midstream Partners, LP 4.95%, 05/15/2028		142,000		136,192
Endeavor Energy Resources, LP / EER Finance, Inc. 5.75%, 01/30/2028 (B)		748,000		776,050
Energy Transfer Operating, LP
4.90%, 03/15/2035		331,000		325,613
5.25%, 04/15/2029		52,000		56,337

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

Transamerica Funds Annual Report 2020

Page    334

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Operating, LP (continued)
5.50%, 06/01/2027		$   207,000		$   229,577
6.05%, 06/01/2041		279,000		285,818
6.13%, 12/15/2045		307,000		312,233
EnLink Midstream Partners, LP Fixed until 12/15/2022 (I), 6.00% (A)		1,400,000		588,000
Enterprise Products Operating LLC
4.05%, 02/15/2022		375,000		392,173
4.25%, 02/15/2048		572,000		613,900
4.85%, 03/15/2044		170,000		192,082
Fixed until 08/16/2022, 4.88% (A), 08/16/2077		138,000		123,513
Fixed until 08/16/2027, 5.25% (A), 08/16/2077		193,000		182,260
EOG Resources, Inc.
4.38%, 04/15/2030		69,000		81,195
4.95%, 04/15/2050		1,587,000		1,969,903
Equinor ASA
1.75%, 01/22/2026 (H)		90,000		93,370
3.25%, 11/18/2049		816,000		839,833
Exxon Mobil Corp. 1.41%, 06/26/2039		EUR  2,500,000		2,898,348
Galaxy Pipeline Assets Bidco, Ltd. 2.63%, 03/31/2036 (B) (J)		$  1,030,000		1,027,522
Geopark, Ltd. 6.50%, 09/21/2024 (G)		1,570,000		1,475,800
Gray Oak Pipeline LLC
2.00%, 09/15/2023 (B)		216,000		216,649
3.45%, 10/15/2027 (B)		129,000		130,795
Harvest Midstream I, LP 7.50%, 09/01/2028 (B)		1,643,000		1,630,678
Hess Corp.
6.00%, 01/15/2040		342,000		379,324
7.13%, 03/15/2033		575,000		693,034
Hilcorp Energy I, LP / Hilcorp Finance Co. 5.00%, 12/01/2024 (B)		2,561,000		2,368,925
Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00%, 02/01/2028 (B)		1,679,000		1,590,853
Indika Energy Capital III Pte, Ltd. 5.88%, 11/09/2024 (G)		1,570,000		1,479,617
Indika Energy Capital IV Pte, Ltd. 8.25%, 10/22/2025 (B)		420,000		418,818
Kinder Morgan, Inc. 5.05%, 02/15/2046		603,000		677,169
Leviathan Bond, Ltd. 6.75%, 06/30/2030 (G)		490,000		502,887
Marathon Oil Corp.
2.80%, 11/01/2022		151,000		153,746
6.60%, 10/01/2037		1,297,000		1,338,055
6.80%, 03/15/2032		111,000		119,373
Marathon Petroleum Corp. 4.50%, 04/01/2048		804,000		771,851
Medco Bell Pte, Ltd. 6.38%, 01/30/2027 (G)		1,350,000		1,188,675

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
MEG Energy Corp.
6.50%, 01/15/2025 (B)		$   2,639,000		$   2,566,427
7.13%, 02/01/2027 (B)		1,145,000		1,030,191
MPLX, LP
2.65%, 08/15/2030		911,000		876,709
3.50%, 12/01/2022		67,000		70,094
Fixed until 02/15/2023 (I), 6.88% (A)		5,500,000		4,620,880
Murphy Oil USA, Inc. 4.75%, 09/15/2029		1,125,000		1,178,438
Noble Energy, Inc.
3.90%, 11/15/2024		375,000		414,342
4.20%, 10/15/2049		379,000		452,399
5.25%, 11/15/2043		731,000		973,539
NuStar Logistics, LP
5.75%, 10/01/2025		578,000		581,948
6.38%, 10/01/2030		869,000		874,431
Occidental Petroleum Corp.
5.88%, 09/01/2025 (H)		920,000		809,600
6.38%, 09/01/2028		1,419,000		1,241,625
Oil India International Pte, Ltd. 4.00%, 04/21/2027 (G)		2,033,000		2,078,763
Oleoducto Central SA 4.00%, 07/14/2027 (B) (H)		550,000		576,070
ONEOK Partners, LP 6.65%, 10/01/2036		90,000		99,363
ONEOK, Inc.
3.10%, 03/15/2030		497,000		477,020
7.15%, 01/15/2051		272,000		318,374
ONGC Videsh Vankorneft Pte, Ltd. 3.75%, 07/27/2026 (G)		1,800,000		1,883,975
ONGC Videsh, Ltd. 4.63%, 07/15/2024 (G)		1,800,000		1,930,340
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 02/15/2028 (B)		1,508,000		580,505
Pertamina Persero PT
3.10%, 08/27/2030 (B)		875,000		904,433
4.30%, 05/20/2023, MTN (G)		1,000,000		1,071,750
5.63%, 05/20/2043, MTN (G)		2,000,000		2,340,000
6.45%, 05/30/2044, MTN (G)		3,000,000		3,900,000
Petrobras Global Finance BV 5.60%, 01/03/2031		2,330,000		2,514,885
Petroleos Mexicanos
6.50%, 03/13/2027		900,000		835,875
6.84%, 01/23/2030		1,170,000		1,045,980
Petronas Capital, Ltd.
3.50%, 04/21/2030, MTN (G)		2,000,000		2,225,600
4.55%, 04/21/2050, MTN (G)		1,500,000		1,887,778
Phillips 66 2.15%, 12/15/2030		146,000		137,090
Pioneer Natural Resources Co. 1.90%, 08/15/2030		741,000		693,591
Plains All American Pipeline, LP / PAA Finance Corp. 4.30%, 01/31/2043		298,000		247,664
Raizen Fuels Finance SA 5.30%, 01/20/2027 (G)		1,300,000		1,404,975
Sabine Pass Liquefaction LLC 4.50%, 05/15/2030 (B)		565,000		632,077

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

Transamerica Funds Annual Report 2020

Page    335

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Saka Energi Indonesia PT 4.45%, 05/05/2024 (G)		$   1,800,000		$   1,656,084
Saudi Arabian Oil Co.
3.50%, 04/16/2029, MTN (G) (H)		2,000,000		2,206,575
4.25%, 04/16/2039, MTN (G)		2,350,000		2,680,407
Shell International Finance BV
3.63%, 08/21/2042		157,000		169,588
4.00%, 05/10/2046		2,241,000		2,558,103
Sinopec Group Overseas Development, Ltd. 2.95%, 11/12/2029 (B)		1,800,000		1,906,524
Southwestern Energy Co.
7.50%, 04/01/2026 (H)		830,000		844,774
8.38%, 09/15/2028		532,000		555,940
SunCoke Energy Partners, LP / SunCoke Energy Partners Finance Corp. 7.50%, 06/15/2025 (B)		1,912,000		1,711,240
Suncor Energy, Inc. 5.95%, 05/15/2035		139,000		168,313
Sunoco Logistics Partners Operations, LP 5.35%, 05/15/2045		360,000		342,853
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
4.88%, 02/01/2031 (B)		1,465,000		1,429,708
5.00%, 01/15/2028		111,000		109,613
Tengizchevroil Finance Co. International, Ltd. 4.00%, 08/15/2026 (G)		1,000,000		1,063,700
Thaioil Treasury Center Co., Ltd. 4.63%, 11/20/2028, MTN (G)		1,800,000		2,055,004
Total Capital International SA
2.88%, 02/17/2022		559,000		577,206
3.46%, 07/12/2049		709,000		755,128
Transportadora de Gas del Peru SA 4.25%, 04/30/2028 (G)		2,050,000		2,275,520
Valero Energy Corp. 2.15%, 09/15/2027		106,000		101,241
Williams Cos., Inc.
5.40%, 03/04/2044		900,000		985,482
5.75%, 06/24/2044		212,000		245,181
Wintershall Dea Finance BV 1.33%, 09/25/2028 (G)		EUR  1,400,000		1,582,240
				123,173,490
Paper & Forest Products - 0.6%
Boise Cascade Co. 4.88%, 07/01/2030 (B)		$740,000		791,005
Celulosa Arauco y Constitucion SA 4.50%, 08/01/2024		1,400,000		1,522,514
Clearwater Paper Corp. 4.75%, 08/15/2028 (B)		1,431,000		1,438,155
Domtar Corp. 6.75%, 02/15/2044		2,030,000		2,326,402
Georgia-Pacific LLC 2.30%, 04/30/2030 (B)		837,000		876,856
Inversiones CMPC SA 4.38%, 05/15/2023 (G)		1,500,000		1,591,590

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Paper & Forest Products (continued)
Suzano Austria GmbH 3.75%, 01/15/2031		$   1,012,000		$   1,041,955
				9,588,477
Personal Products - 0.3%
Coty, Inc. 6.50%, 04/15/2026 (B) (H)		2,495,000		1,952,462
Herbalife Nutrition, Ltd. / HLF Financing, Inc. 7.88%, 09/01/2025 (B)		414,000		436,770
HLF Financing SARL LLC / Herbalife International, Inc. 7.25%, 08/15/2026 (B)		1,921,000		1,977,420
				4,366,652
Pharmaceuticals - 0.7%
AstraZeneca PLC 2.13%, 08/06/2050 (H)		269,000		241,985
Bristol-Myers Squibb Co.
3.25%, 02/20/2023		569,000		603,216
3.63%, 05/15/2024		82,000		90,057
4.25%, 10/26/2049		1,440,000		1,839,727
Catalent Pharma Solutions, Inc. 5.00%, 07/15/2027 (B)		591,000		616,117
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.00%, 06/30/2028 (B)		1,466,000		1,132,485
GlaxoSmithKline Capital, Inc. 3.38%, 05/15/2023		134,000		143,986
Mylan, Inc.
4.55%, 04/15/2028		146,000		169,499
5.20%, 04/15/2048		806,000		1,001,663
Par Pharmaceutical, Inc. 7.50%, 04/01/2027 (B)		1,256,000		1,331,360
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		316,000		351,225
Takeda Pharmaceutical Co., Ltd.
1.38%, 07/09/2032		EUR  1,335,000		1,639,159
3.18%, 07/09/2050		$  1,179,000		1,197,425
Upjohn, Inc.
1.65%, 06/22/2025 (B)		258,000		263,433
4.00%, 06/22/2050 (B)		415,000		439,335
Wyeth LLC 5.95%, 04/01/2037		216,000		317,192
				11,377,864
Professional Services - 0.1%
Korn Ferry 4.63%, 12/15/2027 (B)		958,000		974,765
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.63%, 11/01/2026 (B)		977,000		989,506
				1,964,271
Real Estate Management & Development - 2.6%
Aroundtown SA 1.45%, 07/09/2028, MTN (G)		EUR  2,200,000		2,622,284
China Aoyuan Group, Ltd. 8.50%, 01/23/2022 (G)		$  360,000		369,180

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

Transamerica Funds Annual Report 2020

Page    336

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Real Estate Management & Development (continued)
China Evergrande Group 9.50%, 04/11/2022 (G)		$   1,000,000		$   852,991
China Overseas Finance Cayman VII, Ltd. 4.75%, 04/26/2028 (G)		2,090,000		2,397,544
China SCE Group Holdings, Ltd. 5.88%, 03/10/2022 (G)		1,860,000		1,865,563
CIFI Holdings Group Co., Ltd. 6.45%, 11/07/2024 (G)		1,400,000		1,470,606
Country Garden Holdings Co., Ltd.
5.63%, 12/15/2026 (G)		1,410,000		1,560,526
7.25%, 04/08/2026 (G)		1,000,000		1,117,875
CPI Property Group SA 1.45%, 04/14/2022, MTN (G)		EUR  300,000		351,636
Cushman & Wakefield US Borrower LLC 6.75%, 05/15/2028 (B)		$  1,323,000		1,407,341
Goodman HK Finance 3.00%, 07/22/2030, MTN (G)		1,000,000		1,027,780
Hongkong Land Finance Cayman Islands Co., Ltd. 2.88%, 05/27/2030, MTN (G)		3,500,000		3,693,096
Hysan MTN, Ltd. 2.88%, 06/02/2027, MTN (G)		1,500,000		1,540,020
Logicor Financing SARL 0.75%, 07/15/2024, MTN (G)		EUR  3,050,000		3,586,639
Longfor Group Holdings, Ltd.
3.85%, 01/13/2032 (G)		$  800,000		833,772
3.95%, 09/16/2029 (G) (H)		2,173,000		2,307,291
4.50%, 01/16/2028 (G)		2,000,000		2,196,600
Newmark Group, Inc. 6.13%, 11/15/2023		1,490,000		1,575,336
RKPF Overseas, Ltd. 5.90%, 03/05/2025 (G)		1,450,000		1,447,255
Sun Hung Kai Properties Capital Market, Ltd. 2.75%, 05/13/2030, MTN (G)		2,500,000		2,598,701
Times China Holdings, Ltd. 6.75%, 07/16/2023 - 07/08/2025 (G)		1,540,000		1,570,768
Vanke Real Estate Hong Kong Co., Ltd. 3.50%, 11/12/2029, MTN (G)		2,287,000		2,381,133
Yuzhou Group Holdings Co., Ltd.
7.38%, 01/13/2026 (G)		1,500,000		1,444,500
7.70%, 02/20/2025 (G)		580,000		577,684
				40,796,121
Road & Rail - 0.7%
AerCap Global Aviation Trust Fixed until 06/15/2025, 6.50% (A), 06/15/2045 (B)		785,000		694,725
Avolon Holdings Funding, Ltd. 5.13%, 10/01/2023 (B)		1,445,000		1,470,270
Burlington Northern Santa Fe LLC
4.05%, 06/15/2048		409,000		502,275
4.45%, 03/15/2043		1,976,000		2,488,030
Canadian Pacific Railway Co. 6.13%, 09/15/2115		317,000		476,468

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail (continued)
CMB International Leasing Management, Ltd. 3.00%, 07/03/2024, MTN (G)		$   2,400,000		$   2,470,676
Kansas City Southern
2.88%, 11/15/2029		621,000		657,537
3.50%, 05/01/2050		661,000		681,288
4.70%, 05/01/2048		182,000		209,769
Norfolk Southern Corp. 4.10%, 05/15/2049		1,242,000		1,506,822
				11,157,860
Semiconductors & Semiconductor Equipment - 0.4%
Broadcom, Inc.
4.15%, 11/15/2030		883,000		989,202
5.00%, 04/15/2030		515,000		605,790
Intel Corp.
3.25%, 11/15/2049		1,277,000		1,408,105
3.40%, 03/25/2025		432,000		479,948
NVIDIA Corp. 3.70%, 04/01/2060		1,130,000		1,320,001
ON Semiconductor Corp. 3.88%, 09/01/2028 (B)		990,000		1,007,325
TSMC Global, Ltd.
0.75%, 09/28/2025 (B)		231,000		229,187
1.38%, 09/28/2030 (B)		1,081,000		1,056,598
				7,096,156
Software - 0.6%
Camelot Finance SA 4.50%, 11/01/2026 (B)		950,000		988,000
Microsoft Corp.
2.40%, 02/06/2022		929,000		952,338
2.68%, 06/01/2060		393,000		401,265
3.95%, 08/08/2056		1,859,000		2,385,942
Oracle Corp.
2.50%, 04/01/2025		348,000		372,260
3.85%, 07/15/2036		1,205,000		1,406,361
4.00%, 11/15/2047		806,000		934,397
SS&C Technologies, Inc. 5.50%, 09/30/2027 (B)		1,305,000		1,386,993
VMware, Inc. 4.70%, 05/15/2030		766,000		904,059
				9,731,615
Specialty Retail - 0.4%
Advance Auto Parts, Inc.
1.75%, 10/01/2027		109,000		108,206
3.90%, 04/15/2030		152,000		171,130
AutoNation, Inc. 4.75%, 06/01/2030		325,000		381,128
Conn’s, Inc. 7.25%, 07/15/2022		1,140,000		1,080,150
Home Depot, Inc.
3.35%, 04/15/2050		812,000		917,561
4.40%, 03/15/2045		650,000		833,546
L Brands, Inc. 6.63%, 10/01/2030 (B)		117,000		122,850
Lowe’s Cos., Inc.
3.00%, 10/15/2050		427,000		437,351
4.05%, 05/03/2047		1,231,000		1,465,933

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

Transamerica Funds Annual Report 2020

Page    337

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Specialty Retail (continued)
Ross Stores, Inc. 1.88%, 04/15/2031		$   1,024,000		$   1,013,389
				6,531,244
Technology Hardware, Storage & Peripherals - 0.5%
Apple, Inc.
0.75%, 05/11/2023		194,000		195,897
2.05%, 09/11/2026		128,000		136,350
2.55%, 08/20/2060		1,453,000		1,399,503
Dell International LLC / EMC Corp.
7.13%, 06/15/2024 (B)		1,355,000		1,404,159
8.10%, 07/15/2036 (B)		982,000		1,326,433
Diebold Nixdorf, Inc.
8.50%, 04/15/2024 (H)		1,002,000		911,820
9.38%, 07/15/2025 (B)		1,081,000		1,147,211
Hewlett Packard Enterprise Co.
1.75%, 04/01/2026		599,000		603,019
6.20%, 10/15/2035		676,000		836,124
				7,960,516
Thrifts & Mortgage Finance - 0.1%
New York Community Bancorp, Inc. Fixed until 11/06/2023, 5.90% (A), 11/06/2028		155,000		158,018
NMI Holdings, Inc. 7.38%, 06/01/2025 (B)		1,202,000		1,310,180
				1,468,198
Trading Companies & Distributors - 0.5%
BOC Aviation, Ltd.
2.63%, 09/17/2030 (B)		2,770,000		2,696,486
3.00%, 09/11/2029, MTN (G)		2,500,000		2,532,924
GATX Corp.
4.00%, 06/30/2030 (H)		113,000		130,374
4.35%, 02/15/2024		221,000		242,225
H&E Equipment Services, Inc. 5.63%, 09/01/2025		1,648,000		1,709,800
				7,311,809
Transportation Infrastructure - 0.3%
DP World PLC 5.63%, 09/25/2048, MTN (G)		300,000		342,375
5.63%, 09/25/2048 (B)		1,500,000		1,711,875
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.35%, 11/01/2029 (B)		826,000		881,625
3.40%, 11/15/2026 (B)		140,000		153,780
4.20%, 04/01/2027 (B)		103,000		115,558
PSA Treasury Pte, Ltd. 2.13%, 09/05/2029, MTN (G)		1,000,000		1,035,098
Rumo Luxembourg SARL 5.25%, 01/10/2028 (B)		960,000		1,005,600
				5,245,911
Water Utilities - 0.1%
American Water Capital Corp. 3.45%, 05/01/2050		319,000		361,706
Essential Utilities, Inc. 3.35%, 04/15/2050		427,000		448,098
				809,804

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 1.3%
Altice France SA 7.38%, 05/01/2026 (B)		$   2,479,000		$   2,587,332
America Movil SAB de CV 4.38%, 04/22/2049		521,000		638,089
Colombia Telecomunicaciones SA ESP 4.95%, 07/17/2030 (B)		1,328,000		1,414,984
Empresa Nacional de Telecomunicaciones SA 4.75%, 08/01/2026 (G)		1,500,000		1,657,385
MTN Mauritius Investments, Ltd. 4.76%, 11/11/2024 (G)		800,000		820,400
6.50%, 10/13/2026 (G)		900,000		1,003,396
Sprint Corp. 7.88%, 09/15/2023		3,715,000		4,235,100
T-Mobile USA, Inc. 2.25%, 11/15/2031 (B)		246,000		242,982
3.00%, 02/15/2041 (B)		114,000		110,564
3.30%, 02/15/2051 (B)		1,096,000		1,055,930
3.60%, 11/15/2060 (B)		449,000		441,201
Turkcell Iletisim Hizmetleri AS 5.80%, 04/11/2028 (G)		1,070,000		1,034,326
Vodafone Group PLC 4.88%, 06/19/2049		359,000		444,278
5.25%, 05/30/2048		1,084,000		1,403,772
Fixed until 01/04/2029, 7.00% (A), 04/04/2079		2,614,000		3,102,353
				20,192,092
Total Corporate Debt Securities (Cost $1,094,096,669)				1,129,461,073
FOREIGN GOVERNMENT OBLIGATIONS - 10.6%
Belarus - 0.6%
Republic of Belarus International Bond 6.88%, 02/28/2023 (G)		5,350,000		5,283,895
Republic of Belarus Ministry of Finance 6.38%, 02/24/2031 (B)		4,400,000		4,145,240
				9,429,135
Colombia - 0.9%
Colombia Government International Bond 3.13%, 04/15/2031		7,300,000		7,493,450
4.50%, 03/15/2029		6,700,000		7,518,338
				15,011,788
Cote d’Ivoire - 0.7%
Ivory Coast Government International Bond 5.75%, 12/31/2032 (G)		2,490,000		2,431,111
6.13%, 06/15/2033 (G)		4,000,000		4,033,824
6.38%, 03/03/2028 (G)		3,700,000		3,879,117
				10,344,052
Dominican Republic - 0.6%
Dominican Republic International Bond
5.50%, 01/27/2025 (G)		1,590,000		1,698,915
5.88%, 01/30/2060 (G)		2,500,000		2,387,500
5.95%, 01/25/2027 (G)		2,000,000		2,180,020
6.00%, 07/19/2028 (G)		1,000,000		1,100,010
6.60%, 01/28/2024 (G)		1,800,000		1,968,318
				9,334,763

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

Transamerica Funds Annual Report 2020

Page    338

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Egypt - 0.5%
Egypt Government International Bond 7.63%, 05/29/2032 (B)		$   8,600,000		$   8,699,760
Ghana - 0.7%
Ghana Government International Bond 10.75%, 10/14/2030 (G)		8,500,000		10,407,638
India - 0.1%
Export-Import Bank of India 3.38%, 08/05/2026 (G)		1,300,000		1,370,642
Italy - 0.6%
Italy Buoni Poliennali del Tesoro 2.50%, 11/15/2025 (G)		EUR  6,655,000		8,673,860
Republic of Italy Government International Bond 4.00%, 10/17/2049		$  667,000		718,794
				9,392,654
Jordan - 0.5%
Jordan Government International Bond
5.85%, 07/07/2030 (B) (H)		4,300,000		4,327,234
7.38%, 10/10/2047 (G)		4,200,000		4,336,003
				8,663,237
Kenya - 0.7%
Kenya Government International Bond
6.88%, 06/24/2024 (G)		6,600,000		6,984,582
8.00%, 05/22/2032 (G)		3,800,000		3,986,656
				10,971,238
Mexico - 1.5%
Mexico Government International Bond
3.25%, 04/16/2030 (H)		3,700,000		3,823,136
4.50%, 04/22/2029		652,000		739,368
5.00%, 04/27/2051		4,300,000		4,908,450
Series A,
6.05%, 01/11/2040		6,000,000		7,538,280
4.75%, 03/08/2044, MTN		4,035,000		4,458,715
6.75%, 09/27/2034, MTN		1,340,000		1,797,289
				23,265,238
Republic of Korea - 0.6%
Industrial Bank of Korea 1.04%, 06/22/2025 (B)		427,000		429,458
Korea Development Bank
0.50%, 10/27/2023		200,000		200,038
2.75%, 03/19/2023		3,000,000		3,151,770
Korea National Oil Corp.
1.63%, 10/05/2030 (B)		1,430,000		1,394,770
3.25%, 10/01/2025 (G)		1,000,000		1,103,889
2.63%, 04/14/2026, MTN (G)		2,500,000		2,683,150
				8,963,075
Romania - 0.5%
Romania Government International Bond
3.00%, 02/14/2031 (B)		3,700,000		3,831,395
4.00%, 02/14/2051 (B)		4,800,000		4,890,067
				8,721,462

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Supranational - 0.2%
African Development Bank 0.75%, 04/03/2023		$   221,000		$   223,546
European Bank for Reconstruction & Development 1.50%, 02/13/2025, MTN		268,000		277,664
Inter-American Development Bank 4.38%, 01/24/2044		914,000		1,362,472
2.63%, 04/19/2021, MTN		608,000		614,688
International Bank for Reconstruction & Development 3.13%, 11/20/2025		210,000		236,752
International Finance Corp. 0.50%, 03/20/2023 (H)		313,000		314,737
				3,029,859
Turkey - 0.5%
Turkey Government International Bond 5.60%, 11/14/2024		4,450,000		4,271,644
6.25%, 09/26/2022		4,300,000		4,309,546
				8,581,190
Ukraine - 0.5%
Ukraine Government International Bond 7.25%, 03/15/2033 (B)		4,400,000		4,130,526
7.75%, 09/01/2023 (G)		4,300,000		4,472,000
				8,602,526
Uruguay - 0.9%
Uruguay Government International Bond 4.98%, 04/20/2055		10,800,000		14,256,000
Total Foreign Government Obligations (Cost $168,434,091)				169,044,257
LOAN ASSIGNMENTS - 8.5%
Aerospace & Defense - 0.1%
Dynasty Acquisition Co., Inc.
Term Loan B1,
3-Month LIBOR + 3.50%, 3.72% (A), 04/06/2026		682,499		608,135
Term Loan B2,
3-Month LIBOR + 3.50%, 3.72% (A), 04/06/2026		366,935		326,954
Spirit Aerosystems, Inc. Term Loan B, 1-Month LIBOR + 5.25%, 6.00% (A), 01/30/2025 (J)		674,788		673,102
TransDigm, Inc. Term Loan F, 1-Month LIBOR + 2.25%, 2.40% (A), 12/09/2025		299,246		280,959
				1,889,150
Airlines - 0.2%
American Airlines, Inc. Term Loan, 1-Month LIBOR + 2.00%, 2.15% (A), 12/15/2023 (J)		575,000		472,398
Delta Air Lines, Inc. Term Loan B, 3-Month LIBOR + 4.75%, 5.75% (A), 04/29/2023		638,502		635,600

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

Transamerica Funds Annual Report 2020

Page    339

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Airlines (continued)
Kestrel Bidco, Inc. Term Loan B, 6-Month LIBOR + 3.00%, 4.00% (A), 12/11/2026		$   860,765		$   757,043
Mileage Plus Holdings LLC Term Loan B, 3-Month LIBOR + 5.25%, 6.25% (A), 06/25/2027		484,603		492,742
SkyMiles IP, Ltd. 1st Lien Term Loan B, 3-Month LIBOR + 3.75%, 4.75% (A), 10/20/2027		194,595		193,703
				2,551,486
Auto Components - 0.1%
Les Schwab Tire Centers Term Loan B, TBD, 10/28/2027 (J) (K)		540,484		535,080
Mavis Tire Express Services Corp. 1st Lien Term Loan, 3-Month LIBOR + 3.25%, 3.47% (A), 03/20/2025		1,310,292		1,250,237
TI Group Automotive Systems LLC Term Loan, 3-Month LIBOR + 3.75%, 4.50% (A), 12/16/2024		299,841		298,154
				2,083,471
Automobiles - 0.0% (C)
CWGS Group LLC Term Loan, 1-Month LIBOR + 2.75%, 3.50% (A), 11/08/2023		500,057		487,660
Biotechnology - 0.0% (C)
Curium BidCo SARL 2nd Lien Term Loan,
TBD, 10/27/2028 (J) (K)		168,062		166,381
Term Loan,
TBD, 10/28/2027 (J) (K)		441,905		437,486
				603,867
Building Products - 0.1%
CD&R Hydra Buyer, Inc. Term Loan, 1-Month LIBOR + 4.25%, 5.25% (A), 12/11/2024		894,640		841,632
Quikrete Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.50%, 2.65% (A), 02/01/2027		541,905		530,841
				1,372,473
Capital Markets - 0.3%
Advisor Group, Inc. Term Loan B, 1-Month LIBOR + 5.00%, 5.00% (A), 07/31/2026		918,077		882,502

	Principal		Value
LOAN ASSIGNMENTS (continued)
Capital Markets (continued)
Blackstone CQP Holdco, LP Term Loan B, 3-Month LIBOR + 3.50%, 3.73% (A), 09/30/2024		$   1,022,935		$   998,641
Camelot US Acquisition 1 Co. Term Loan B, 1-Month LIBOR + 3.00%, 3.15% (A), 10/30/2026		1,030,099		1,004,347
Deerfield Dakota Holding LLC Term Loan B, 1-Month LIBOR + 3.75%, 4.75% (A), 04/09/2027		665,609		655,125
Mega Broadband Investments LLC Term Loan, TBD, 10/08/2027 (J) (K)		407,662		403,585
NEXUS Buyer LLC Term Loan B, 1-Month LIBOR + 3.75%, 3.90% (A), 11/09/2026		803,809		786,929
PAI Holdco, Inc. Term Loan B, TBD, 10/28/2027 (J) (K)		405,388		401,841
				5,132,970
Chemicals - 0.3%
Charter NEX US, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (A), 05/16/2024		683,117		666,040
Chemours Co. Term Loan B, 1-Month LIBOR + 1.75%, 1.90% (A), 04/03/2025		810,670		774,190
Hexion, Inc. Term Loan, 6-Month LIBOR + 3.50%, 3.73% (A), 07/01/2026		748,106		734,391
PQ Corp.
Term Loan B,
3-Month LIBOR + 2.25%, 2.46% (A), 02/07/2027		505,264		489,790
3-Month LIBOR + 3.00%, 4.00% (A), 02/07/2027		89,385		88,435
Starfruit Finco BV Term Loan B, 1-Month LIBOR + 3.00%, 3.15% (A), 10/01/2025 (J)		687,917		665,559
Tronox Finance LLC Term Loan B, 1-Month LIBOR + 3.00%, 3-Month LIBOR + 3.00%, 3.15% - 3.22% (A), 09/23/2024 (J)		548,000		536,013
				3,954,418
Commercial Services & Supplies - 0.5%
Asurion LLC
2nd Lien Term Loan,
1-Month LIBOR + 6.50%, 6.65% (A), 08/04/2025		465,032		465,032

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

Transamerica Funds Annual Report 2020

Page    340

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies (continued)
Asurion LLC (continued)
Term Loan B6,
1-Month LIBOR + 3.00%, 3.15% (A), 11/03/2023		$   508,792		$   498,616
Term Loan B7,
1-Month LIBOR + 3.00%, 3.15% (A), 11/03/2024		723,471		708,872
BidFair MergerRight, Inc. Term Loan B, 1-Month LIBOR + 5.50%, 6.50% (A), 01/15/2027		869,852		861,153
Cast & Crew Payroll LLC 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 3.90% (A), 02/09/2026		545,593		509,448
Creative Artists Agency LLC Term Loan B, 1-Month LIBOR + 3.75%, 3.90% (A), 11/27/2026		773,475		741,569
Garda World Security Corp. 1st Lien Term Loan B, 1-Month LIBOR + 4.75%, 4.90% (A), 10/30/2026		620,560		617,302
GFL Environmental, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 3-Month LIBOR + 3.00%, 4.00% (A), 05/30/2025		715,362		707,315
Prime Security Services Borrower LLC Term Loan B1, 1-Month LIBOR + 3.25%, 3-Month LIBOR + 3.25%, 12-Month LIBOR + 3.25%, 4.25% (A), 09/23/2026		1,177,522		1,159,859
Service Logic Acquisition, Inc.
Delayed Draw Term Loan,
TBD, 10/23/2027 (J) (K)		106,343		105,679
Term Loan,
TBD, 10/23/2027 (J) (K)		368,657		366,353
West Corp.
Term Loan,
1-Month LIBOR + 4.00%, 5.00% (A), 10/10/2024		771,743		715,378
Term Loan B1,
1-Month LIBOR + 3.50%, 4.50% (A), 10/10/2024		254,787		234,722
				7,691,298
Communications Equipment - 0.1%
CommScope, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 3.40% (A), 04/06/2026		972,771		934,590
Construction & Engineering - 0.1%
USIC Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 4.25% (A), 12/08/2023		900,652		884,327

	Principal		Value
LOAN ASSIGNMENTS (continued)
Consumer Finance - 0.1%
Altice Financing SA Term Loan B, 1-Month LIBOR + 2.75%, 2.90% (A), 07/15/2025		$   436,369		$   414,551
Nielsen Finance LLC Term Loan B4, 1-Month LIBOR + 2.00%, 2.15% (A), 10/04/2023		636,591		621,074
				1,035,625
Containers & Packaging - 0.2%
Berry Global, Inc. Term Loan Y, 1-Month LIBOR + 2.00%, 2.15% (A), 07/01/2026		473,948		457,191
BWAY Holding Co. Term Loan B, 2-Month LIBOR + 3.25%, 3-Month LIBOR + 3.25%, 3.48% (A), 04/03/2024		1,184,722		1,105,494
Graham Packaging Co., Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.50% (A), 08/04/2027		662,982		655,405
Packaging Coordinators Midco, Inc. Term Loan, TBD, 09/25/2027 (J) (K)		404,196		397,627
Reynolds Group Holdings, Inc.
Term Loan,
1-Month LIBOR + 2.75%, 2.90% (A), 02/05/2023		332,612		326,079
Term Loan B2,
1-Month LIBOR + 3.25%, 3.40% (A), 02/05/2026		541,922		527,922
Trident TPI Holdings, Inc. Term Loan B1, 3-Month LIBOR + 3.00%, 4.00% (A), 10/17/2024		404,928		391,009
				3,860,727
Distributors - 0.0% (C)
American Builders & Contractors Supply Co., Inc. Term Loan, 1-Month LIBOR + 2.00%, 2.15% (A), 01/15/2027		734,554		711,828
Diversified Consumer Services - 0.1%
William Morris Endeavor Entertainment LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 2.90% (A), 05/18/2025		1,543,647		1,312,100
Diversified Financial Services - 0.2%
AI Ladder Subco SARL Term Loan, 1-Month LIBOR + 4.50%, 4.65% (A), 07/09/2025		611,299		582,262

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

Transamerica Funds Annual Report 2020

Page    341

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Financial Services (continued)
AlixPartners LLP Term Loan B, 1-Month LIBOR + 2.50%, 2.64% (A), 04/04/2024		$   637,471		$   616,355
Claros Mortgage Trust, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 3.40% (A), 08/09/2026		498,741		478,167
Fastlane Parent Co., Inc. 1st Lien Term Loan, 1-Month LIBOR + 4.50%, 4.65% (A), 02/04/2026		751,989		727,080
Refinitiv US Holdings, Inc. Term Loan, 1-Month LIBOR + 3.25%, 3.40% (A), 10/01/2025		616,737		607,058
Stars Group Holdings BV Term Loan, 3-Month LIBOR + 3.50%, 3.72% (A), 07/10/2025		427,868		427,236
				3,438,158
Diversified Telecommunication Services - 0.3%
Cablevision Lightpath LLC Term Loan B, TBD, 09/15/2027 (J) (K)		471,771		464,223
CenturyLink, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 2.40% (A), 03/15/2027		1,570,738		1,509,872
Intelsat Jackson Holdings SA
Term Loan,
3-Month LIBOR + 5.50%, 3.60% - 6.50% (A), 07/13/2022		97,422		98,786
Term Loan B3,
Prime Rate + 4.75%, 8.00% (A), 11/27/2023		943,000		947,715
Iridium Satellite LLC Term Loan, 1-Month LIBOR + 3.75%, 4.75% (A), 11/04/2026		657,756		655,994
Telesat Canada Term Loan B5, 1-Month LIBOR + 2.75%, 2.90% (A), 12/07/2026		769,576		740,717
Virgin Media Bristol LLC Term Loan Q, TBD, 01/31/2029 (J) (K)		342,000		335,282
Zayo Group Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.15% (A), 03/09/2027		790,420		761,026
				5,513,615
Electric Utilities - 0.1%
Talen Energy Supply LLC Term Loan B, 1-Month LIBOR + 3.75%, 3.90% (A), 07/08/2026		776,212		756,806

	Principal		Value
LOAN ASSIGNMENTS (continued)
Electrical Equipment - 0.1%
EXC Holdings III Corp.
1st Lien Term Loan,
3-Month LIBOR + 3.50%, 4.50% (A), 12/02/2024		$   842,792		$   829,096
2nd Lien Term Loan,
3-Month LIBOR + 7.50%, 8.50% (A), 12/01/2025		347,000		340,928
Gates Global LLC Repriced Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (A), 04/01/2024		496,875		486,471
				1,656,495
Electronic Equipment, Instruments & Components - 0.1%
Tech Data Corp.
Term Loan,
1-Month LIBOR + 3.50%, 3.65% (A), 06/30/2025		578,355		577,150
1-Month LIBOR + 5.50%, 5.65% (A), 06/30/2025		660,752		645,885
Verifone Systems, Inc. 1st Lien Term Loan, 3-Month LIBOR + 4.00%, 4.25% (A), 08/20/2025		369,659		337,545
				1,560,580
Energy Equipment & Services - 0.0% (C)
Apergy Corp.
1st Lien Term Loan,
1-Month LIBOR + 2.50%, 2.69% (A), 05/09/2025		221,324		212,471
Term Loan,
3-Month LIBOR + 5.00%, 6.00% (A), 05/28/2027		378,885		376,517
				588,988
Food & Staples Retailing - 0.0% (C)
BW Gas & Convenience Holdings LLC Term Loan, 1-Month LIBOR + 6.25%, 6.41% (A), 11/18/2024		576,538		572,213
Food Products - 0.2%
Dole Food Co., Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (A), 04/06/2024 (J)		607,405		592,979
Froneri International, Ltd. Term Loan, 1-Month LIBOR + 2.25%, 2.40% (A), 01/31/2027		413,797		397,910
Nomad Foods Europe Midco, Ltd. Term Loan B4, 1-Month LIBOR + 2.25%, 2.40% (A), 05/15/2024		872,950		849,763
Sunshine Luxembourg VII SARL Term Loan B1, 3-Month LIBOR + 4.25%, 5.25% (A), 10/01/2026		1,124,196		1,110,986
				2,951,638

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

Transamerica Funds Annual Report 2020

Page    342

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Equipment & Supplies - 0.1%
Athenahealth, Inc. Term Loan B, 3-Month LIBOR + 4.50%, 4.75% (A), 02/11/2026		$   866,800		$   847,297
Ortho-Clinical Diagnostics SA Term Loan B, 1-Month LIBOR + 3.25%, 3.39% (A), 06/30/2025		1,176,515		1,135,337
				1,982,634
Health Care Providers & Services - 0.3%
Envision Healthcare Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.75%, 3.90% (A), 10/10/2025		937,841		667,977
HC Group Holdings II, Inc. Term Loan B, 1-Month LIBOR + 4.50%, 4.65% (A), 08/06/2026		865,820		845,257
MPH Acquisition Holdings LLC Term Loan B, 3-Month LIBOR + 2.75%, 3.75% (A), 06/07/2023		356,298		351,102
RegionalCare Hospital Partners Holdings, Inc. Term Loan B, 1-Month LIBOR + 3.75%, 3.90% (A), 11/16/2025		949,741		920,457
Team Health Holdings, Inc. 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.75% (A), 02/06/2024		953,854		773,099
Upstream Newco, Inc. Term Loan, 1-Month LIBOR + 4.50%, 4.65% (A), 11/20/2026		596,068		566,265
				4,124,157
Health Care Technology - 0.1%
Change Healthcare Holdings LLC Term Loan B, 1-Month LIBOR + 2.50%, 3-Month LIBOR + 2.50%, 3.50% (A), 03/01/2024		812,988		793,244
Hotels, Restaurants & Leisure - 0.8%
Boyd Gaming Corp. Term Loan B3, 1 Week LIBOR + 2.25%, 2.34% (A), 09/15/2023		245,592		238,263
Caesars Resort Collection LLC 1st Lien Term Loan B, 1-Month LIBOR + 2.75%, 2.90% (A), 12/23/2024		1,568,636		1,467,110
Carnival Corp. Term Loan B, 1-Month LIBOR + 7.50%, 8.50% (A), 06/30/2025		941,096		943,449
Connect Finco SARL Term Loan B, 1-Month LIBOR + 4.50%, 5.50% (A), 12/11/2026		642,770		629,272

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
ETA Australia Holdings III Pty, Ltd. Term Loan, 1-Month LIBOR + 4.00%, 4.15% (A), 05/06/2026		$   425,835		$   410,665
Golden Nugget, Inc.
Term Loan,
3-Month LIBOR + 12.00%, 13.00% (A), 10/04/2023		5,575		6,272
Term Loan B,
1-Month LIBOR + 2.50%, 2-Month LIBOR + 2.50%, 3.25% (A), 10/04/2023		970,050		852,189
Herschend Entertainment Co. LLC Term Loan B, 3-Month LIBOR + 5.75%, 6.75% (A), 08/25/2025		691,125		666,936
Hornblower Sub LLC Term Loan B, 3-Month LIBOR + 4.50%, 5.50% (A), 04/27/2025		764,545		546,650
IRB Holding Corp. Term Loan B, 6-Month LIBOR + 2.75%, 3.75% (A), 02/05/2025		906,272		860,311
Motion Finco SARL
Delayed Draw Term Loan B2,
3-Month LIBOR + 3.25%, 3.47% (A), 11/12/2026		46,712		39,892
Term Loan B1,
3-Month LIBOR + 3.25%, 3.47% (A), 11/12/2026		355,415		303,525
NEP / NCP Holdco, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 3.40% (A), 10/20/2025		936,332		841,528
PCI Gaming Authority Term Loan, 1-Month LIBOR + 2.50%, 2.65% (A), 05/29/2026		352,939		340,806
PF Chang’s China Bistro, Inc. Term Loan B, 1-Month LIBOR + 6.25%, 6.40% (A), 03/01/2026		600,429		464,832
Scientific Games International, Inc. Term Loan B5, 1-Month LIBOR + 2.75%, 2.90% (A), 08/14/2024 (J)		1,057,519		981,840
SeaWorld Parks & Entertainment, Inc. Term Loan B5, 1-Month LIBOR + 3.00%, 3.75% (A), 03/31/2024		1,162,122		1,082,952
Station Casinos LLC Term Loan B, 1-Month LIBOR + 2.25%, 2.50% (A), 02/08/2027		725,078		693,960

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

Transamerica Funds Annual Report 2020

Page    343

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
Travelport Finance SARL
Term Loan,
3-Month LIBOR + 1.50%, PIK Rate 6.50%, Cash Rate 2.50%, 2.50% - 6.50% (A), 02/28/2025 (L)		$   594,869		$   559,177
3-Month LIBOR + 5.00%, 5.22% (A), 05/29/2026		850,621		438,070
Whatabrands LLC Term Loan B, 1-Month LIBOR + 2.75%, 2.90% (A), 07/31/2026		689,526		669,185
				13,036,884
Household Durables - 0.1%
API Heat Transfer ThermaSys Corp. 2nd Lien Term Loan, 3-Month LIBOR + 0.00%, PIK Rate 12.00%, Cash Rate 0.00%, 12.00% (A), 12/31/2023 (D) (L)		481,500		424,924
CHI Overhead Doors, Inc. Term Loan, 3-Month LIBOR + 3.50%, 4.50% (A), 07/31/2025		607,284		602,730
CNT Holdings I Corp. 2nd Lien Term Loan,
TBD, 10/16/2028 (J) (K)		205,369		205,883
Term Loan,
TBD, 10/16/2027 (J) (K)		675,378		666,513
				1,900,050
Household Products - 0.0% (C)
Diamond BV Term Loan, 3-Month LIBOR + 3.00%, 3.15% - 3.21% (A), 09/06/2024		482,176		460,077
Independent Power & Renewable Electricity Producers - 0.0% (C)
Terra-Gen Finance Co. LLC Term Loan B, 1-Month LIBOR + 4.25%, 5.25% (A), 12/09/2021		292,357		287,241
Insurance - 0.3%
Alliant Holdings Intermediate LLC Term Loan B, 1-Month LIBOR + 2.75%, 2.90% (A), 05/09/2025		1,078,724		1,036,418
AmWINS Group, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (A), 01/25/2024		686,422		676,340
Hub International, Ltd. Term Loan B, 3-Month LIBOR + 3.00%, 3.19% - 3.21% (A), 04/25/2025		1,300,278		1,248,592
Hyperion Insurance Group, Ltd. Repriced Term Loan, 1-Month LIBOR + 3.50%, 4.50% (A), 12/20/2024		669,822		659,216

	Principal		Value
LOAN ASSIGNMENTS (continued)
Insurance (continued)
LEB Holdings, Inc Term Loan B, TBD, 09/25/2027 (J) (K)		$   405,156		$   400,345
Sedgwick Claims Management Services, Inc. Term Loan B, 1-Month LIBOR + 3.25%, 3.40% (A), 12/31/2025		1,233,837		1,181,784
				5,202,695
IT Services - 0.3%
Banff Merger Sub, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 4.40% (A), 10/02/2025		932,256		903,123
Moneygram International, Inc. Term Loan B, 3-Month LIBOR + 6.00%, 7.00% (A), 06/30/2023		589,374		579,061
PI US MergerCo, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.50%, 4.50% (A), 01/03/2025		1,228,998		1,189,823
Rackspace Hosting, Inc. 1st Lien Term Loan, 3-Month LIBOR + 3.00%, 4.00% (A), 11/03/2023		1,481,874		1,446,473
Tempo Acquisition LLC Term Loan, 1-Month LIBOR + 3.25%, 3.75% (A), 11/02/2026		341,041		329,104
Verra Mobility Corp. Term Loan B, 1-Month LIBOR + 3.25%, 3.40% (A), 02/28/2025		546,019		528,956
				4,976,540
Life Sciences Tools & Services - 0.1%
Jaguar Holding Co. II Term Loan, 1-Month LIBOR + 2.50%, 3.50% (A), 08/18/2022		1,305,495		1,294,517
Parexel International Corp. Term Loan B, 1-Month LIBOR + 2.75%, 2.90% (A), 09/27/2024		838,749		804,500
				2,099,017
Machinery - 0.1%
Alliance Laundry Systems LLC Term Loan B, 3-Month LIBOR + 3.50%, 4.25% (A), 10/08/2027 (J)		403,345		399,210
Crosby US Acquisition Corp. Term Loan B, 1-Month LIBOR + 4.75%, 4.90% (A), 06/26/2026		439,013		415,965
Gardner Denver, Inc. Term Loan B2, 1-Month LIBOR + 1.75%, 1.90% (A), 03/01/2027		412,086		397,560

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

Transamerica Funds Annual Report 2020

Page    344

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Machinery (continued)
Patriot Container Corp. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 4.50% (A), 03/20/2025		$   786,053		$   759,524
				1,972,259
Media - 0.5%
Cogeco Communications Finance, LP Term Loan B, 1-Month LIBOR + 2.00%, 2.15% (A), 01/03/2025		917,600		894,374
CSC Holdings LLC
Term Loan B1,
1-Month LIBOR + 2.25%, 2.40% (A), 07/17/2025 (J)		683,552		658,090
Term Loan B5,
1-Month LIBOR + 2.50%, 2.65% (A), 04/15/2027		698,010		673,871
Gray Television, Inc. Term Loan C, 1-Month LIBOR + 2.50%, 2.65% (A), 01/02/2026		373,843		365,245
ION Media Networks, Inc. Term Loan B, 1-Month LIBOR + 3.00%, 3.19% (A), 12/18/2024		1,517,434		1,499,730
Nexstar Broadcasting, Inc. Term Loan B4, 1-Month LIBOR + 2.75%, 2.90% (A), 09/18/2026		559,434		544,050
Numericable Group SA Term Loan B11, 1-Month LIBOR + 2.75%, 2.90% (A), 07/31/2025		303,729		289,377
Rentpath, Inc. 2nd Lien Term Loan, 3-Month LIBOR + 0.00%, 1.61% (A), 12/17/2022 (D)		765,000		76,500
Terrier Media Buyer, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 4.40% (A), 12/17/2026		1,016,823		989,973
Univision Communications, Inc. Term Loan, 1-Month LIBOR + 3.75%, 4.75% (A), 03/15/2026		850,283		827,052
UPC Broadband Holding BV
Term Loan B1,
TBD, 01/31/2029 (J) (K)		311,474		302,811
Term Loan B2,
TBD, 01/31/2029 (J) (K)		311,474		302,811
Ziggo Financing Partnership Term Loan I, 1-Month LIBOR + 2.50%, 2.65% (A), 04/30/2028		559,305		535,612
				7,959,496

	Principal		Value
LOAN ASSIGNMENTS (continued)
Metals & Mining - 0.1%
US Silica Co. Term Loan B, 1-Month LIBOR + 4.00%, 5.00% (A), 05/01/2025		$   873,228		$   733,823
WP CPP Holdings LLC Term Loan, 1-Month LIBOR + 3.75%, 3-Month LIBOR + 3.75%, 4.75% (A), 04/30/2025		806,376		710,115
				1,443,938
Oil, Gas & Consumable Fuels - 0.2%
Buckeye Partners, LP Term Loan B, 1-Month LIBOR + 2.75%, 2.90% (A), 11/01/2026		526,355		514,101
EG America LLC
2nd Lien Term Loan,
3-Month LIBOR + 8.00%, 9.00% (A), 04/20/2026		175,229		166,468
Term Loan,
3-Month LIBOR + 4.00%, 4.22% (A), 02/07/2025		966,840		924,540
Medallion Midland Acquisition LLC 1st Lien Term Loan, 1-Month LIBOR + 3.25%, 4.25% (A), 10/30/2024		556,749		522,648
Osum Production Corp. Term Loan, 3-Month LIBOR + 7.50%, 8.50% (A), 07/31/2022		658,780		579,727
				2,707,484
Paper & Forest Products - 0.0% (C)
Vertical Midco GmbH Term Loan B, 6-Month LIBOR + 4.25%, 4.57% (A), 07/30/2027		740,096		729,303
Personal Products - 0.1%
Coty, Inc. Term Loan B, 1-Month LIBOR + 2.25%, 2.39% (A), 04/07/2025		1,229,099		1,069,931
Pharmaceuticals - 0.2%
Alphabet Holding Co., Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.50%, 3.65% (A), 09/26/2024		910,344		879,620
Amneal Pharmaceuticals LLC Term Loan B, 1-Month LIBOR + 3.50%, 3.69% (A), 05/04/2025		867,369		824,000
Bausch Health Cos., Inc.
Term Loan B,
1-Month LIBOR + 2.75%, 2.90% (A), 11/27/2025		890,561		866,936
1-Month LIBOR + 3.00%, 3.15% (A), 06/02/2025		113,504		110,684

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

Transamerica Funds Annual Report 2020

Page    345

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Pharmaceuticals (continued)
Endo Luxembourg Finance Co. I SARL Term Loan B, 3-Month LIBOR + 4.25%, 5.00% (A), 04/29/2024		$   1,067,778		$   1,015,991
				3,697,231
Professional Services - 0.1%
Everi Payments, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 3.75% (A), 05/09/2024		784,412		754,343
Real Estate Management & Development - 0.2%
Brookfield WEC Holdings, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.75% (A), 08/01/2025		896,503		874,230
CityCenter Holdings LLC Term Loan B, 1-Month LIBOR + 2.25%, 3.00% (A), 04/18/2024		1,310,782		1,228,858
Cushman & Wakefield US Borrower LLC Term Loan B, 1-Month LIBOR + 2.75%, 2.90% (A), 08/21/2025		859,304		819,920
				2,923,008
Road & Rail - 0.1%
Genesee & Wyoming, Inc. Term Loan, 3-Month LIBOR + 2.00%, 2.22% (A), 12/30/2026		339,623		331,875
PODS LLC 1st Lien Term Loan, 1-Month LIBOR + 2.75%, 3.75% (A), 12/06/2024		493,892		483,191
				815,066
Semiconductors & Semiconductor Equipment - 0.1%
Bright Bidco BV Term Loan B, 6-Month LIBOR + 3.50%, 4.50% (A), 06/30/2024		1,081,040		504,485
MaxLinear, Inc. Term Loan B, 1-Month LIBOR + 2.50%, 3.25% (A), 05/12/2024		409,814		405,716
				910,201
Software - 1.0%
Applied Systems, Inc.
1st Lien Term Loan,
3-Month LIBOR + 3.25%, 4.25% (A), 09/19/2024		595,037		591,425
2nd Lien Term Loan,
3-Month LIBOR + 7.00%, 8.00% (A), 09/19/2025		249,232		249,543
Barracuda Networks, Inc. 1st Lien Term Loan, TBD, 02/12/2025 (J) (K)		680,000		668,100

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
CCC Information Services, Inc. 1st Lien Term Loan, 1-Month LIBOR + 3.00%, 4.00% (A), 04/29/2024		$   788,864		$   779,332
Comet Acquisition, Inc. Term Loan, 3-Month LIBOR + 3.25%, 3.47% (A), 10/24/2025		793,313		765,547
Corel Corp. Term Loan, 3-Month LIBOR + 5.00%, 5.26% (A), 07/02/2026		854,562		828,925
Cornerstone OnDemand, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 4.40% (A), 04/22/2027		631,814		625,338
DCert Buyer, Inc. Term Loan B, 1-Month LIBOR + 4.00%, 4.15% (A), 10/16/2026		977,762		956,067
Epicor Software Corp.
2nd Lien Term Loan,
1-Month LIBOR + 7.75%, 8.75% (A), 07/31/2028		109,907		111,555
Term Loan,
1-Month LIBOR + 4.25%, 5.25% (A), 07/30/2027		862,000		858,121
Finastra USA, Inc.
1st Lien Term Loan,
6-Month LIBOR + 3.50%, 4.50% (A), 06/13/2024		1,008,409		950,285
2nd Lien Term Loan,
6-Month LIBOR + 7.25%, 8.25% (A), 06/13/2025		265,000		257,580
Greeneden US Holdings II LLC Term Loan B, TBD, 10/08/2027 (J) (K)		869,218		858,081
Informatica LLC Term Loan B, 1-Month LIBOR + 3.25%, 3.40% (A), 02/25/2027		553,651		533,720
ION Trading Technologies SARL Term Loan B, 6-Month LIBOR + 4.00%, 5.00% (A), 11/21/2024		633,911		620,327
McAfee LLC Term Loan B, 1-Month LIBOR + 3.75%, 3.89% (A), 09/30/2024		1,244,316		1,230,512
Navicure, Inc. Term Loan B, 1-Month LIBOR + 4.00%, 4.75% (A), 10/22/2026 (J)		678,661		666,785
Project Boost Purchaser LLC Term Loan B, 1-Month LIBOR + 3.50%, 3.65% (A), 06/01/2026		1,013,541		979,587

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

Transamerica Funds Annual Report 2020

Page    346

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Solera LLC Term Loan B, 2-Month LIBOR + 2.75%, 2.92% (A), 03/03/2023		$   678,161		$   658,906
Sophia, LP 1st Lien Term Loan, 3-Month LIBOR + 3.75%, 4.50% (A), 10/07/2027		950,034		933,112
SS&C European Holdings SARL Term Loan B4, 1-Month LIBOR + 1.75%, 1.90% (A), 04/16/2025		90,584		87,947
SS&C Technologies, Inc.
Term Loan B3,
1-Month LIBOR + 1.75%, 1.90% (A), 04/16/2025		128,932		125,179
Term Loan B5,
1-Month LIBOR + 1.75%, 1.90% (A), 04/16/2025		221,996		215,455
Ultimate Software Group, Inc.
2nd Lien Term Loan,
3-Month LIBOR + 6.75%, 7.50% (A), 05/03/2027		144,420		146,586
Term Loan B,
1-Month LIBOR + 3.75%, 3.90% (A), 05/04/2026		396,543		388,736
3-Month LIBOR + 4.00%, 4.75% (A), 05/04/2026		459,917		456,404
VS Buyer LLC Term Loan B, 1-Month LIBOR + 3.25%, 3.40% (A), 02/28/2027		407,592		398,931
				15,942,086
Specialty Retail - 0.1%
Bass Pro Group LLC Term Loan B, 3-Month LIBOR + 5.00%, 5.75% (A), 09/25/2024		1,042,681		1,036,744
Belron Finance US LLC Term Loan B, 3-Month LIBOR + 2.25%, 2.46% (A), 10/30/2026		340,724		330,502
JP Intermediate B LLC Term Loan, 3-Month LIBOR + 5.50%, 6.50% (A), 11/20/2025		296,542		259,474
Wand NewCo 3, Inc. Term Loan, 1-Month LIBOR + 3.00%, 3.15% (A), 02/05/2026		604,862		582,936
				2,209,656
Technology Hardware, Storage & Peripherals - 0.1%
Diebold, Inc. Term Loan B, 1-Month LIBOR + 2.75%, 2.94% (A), 11/06/2023		828,605		789,246

	Principal		Value
LOAN ASSIGNMENTS (continued)
Technology Hardware, Storage & Peripherals (continued)
NCR Corp. Term Loan, 1-Month LIBOR + 2.50%, 2.65% (A), 08/28/2026		$   452,102		$   436,278
				1,225,524
Textiles, Apparel & Luxury Goods - 0.1%
Samsonite International SA Term Loan B2, 1-Month LIBOR + 4.50%, 5.50% (A), 04/25/2025		676,305		656,016
Varsity Brands, Inc. Term Loan B, 1-Month LIBOR + 3.50%, 4.50% (A), 12/15/2024		560,061		481,186
				1,137,202
Trading Companies & Distributors - 0.1%
ASP Unifrax Holdings, Inc. Term Loan B, 3-Month LIBOR + 3.75%, 3.97% (A), 12/12/2025		734,747		639,230
Univar, Inc.
Term Loan B3,
1-Month LIBOR + 2.25%, 2.40% (A), 07/01/2024		506,058		494,672
Term Loan B5,
1-Month LIBOR + 2.00%, 2.15% (A), 07/01/2026		109,686		106,464
				1,240,366
Wireless Telecommunication Services - 0.1%
Altice France SA
Term Loan B12,
1-Month LIBOR + 3.69%, 3.84% (A), 01/31/2026		1,541,986		1,488,016
Term Loan B13,
3-Month LIBOR + 4.00%, 4.24% (A), 08/14/2026		354,881		343,259
				1,831,275
Total Loan Assignments (Cost $140,112,550)				134,975,391
U.S. GOVERNMENT OBLIGATIONS - 0.3%
U.S. Treasury - 0.3%
U.S. Treasury Bond 1.25%, 05/15/2050 (H)		4,575,400		4,156,465
U.S. Treasury Note 1.75%, 11/15/2029 (H)		600,000		650,297
Total U.S. Government Obligations (Cost $4,927,131)				4,806,762
	Shares		Value
COMMON STOCKS - 0.0% (C)
Household Durables - 0.0% (C)
API Heat Transfer Intermediate Corp. (D) (F)		472,381		106,286
Machinery - 0.0% (C)
Ameriforge Group, Inc. (D) (E) (F)		2,679		128,592
Total Common Stocks (Cost $247,541)				234,878

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

Transamerica Funds Annual Report 2020

Page    347

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
PREFERRED STOCKS - 1.2%
Banks - 0.4%
Banco Santander SA, Series 6, 3-Month LIBOR + 0.52%, 4.00% (A)		49,970		$   1,261,742
Bank of America Corp., Series K*, Fixed until 12/15/2066, 6.45% (A)		6,800		179,384
Customers Bancorp, Inc., 5.38%		88,000		2,098,800
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 6.07% (A)		136,300		3,508,362
				7,048,288
Capital Markets - 0.0% (C)
Oaktree Capital Group LLC, Series B, 6.55% (H)		8,834		236,663
Equity Real Estate Investment Trusts - 0.2%
Office Properties Income Trust, 5.88%		92,487		2,333,447
Household Durables - 0.0% (C)
API Heat Transfer Intermediate Corp., 0.00% (D) (F)		100,682		71,786
Insurance - 0.2%
American Equity Investment Life Holding Co., Series A, Fixed until 12/01/2024, 5.95% (A) (H)		86,295		2,148,746
Athene Holding, Ltd., Series A, Fixed until 06/30/2029, 6.35% (A)		10,512		281,511
				2,430,257
Mortgage Real Estate Investment Trusts - 0.2%
AGNC Investment Corp., Series E, Fixed until 10/15/2024, 6.50% (A)		130,804		2,899,925
Oil, Gas & Consumable Fuels - 0.2%
Energy Transfer Operating, LP, Series E, Fixed until 05/15/2024, 7.60% (A)		185,150		3,601,167

	Shares		Value
PREFERRED STOCKS (continued)
Real Estate Management & Development - 0.0% (C)
Brookfield Property Partners, LP, Series A-1, 6.50% (H)		30,325		$   633,186
Total Preferred Stocks (Cost $20,842,800)				19,254,719
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.3%
U.S. Cash Management Bill 0.10% (M), 03/09/2021 (N)		$  20,000,000		19,993,368
Total Short-Term U.S. Government Obligation (Cost $19,992,711)				19,993,368
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 5.7%
Money Market Fund - 5.7%
State Street Institutional U.S. Government Money Market Fund, 0.03% (M)		90,672,396		90,672,396
Total Short-Term Investment Company (Cost $90,672,396)				90,672,396
OTHER INVESTMENT COMPANY - 2.0%
Securities Lending Collateral - 2.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (M)		32,214,510		32,214,510
Total Other Investment Company (Cost $32,214,510)				32,214,510
Total Investments (Cost $1,585,238,070)				1,611,548,453
Net Other Assets (Liabilities) - (1.4)%				(22,683,001	)
Net Assets - 100.0%				$  1,588,865,452

FUTURES CONTRACTS:

Short Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
10-Year U.S. Treasury Note		(801	)		12/21/2020	$	(111,247,438	)	$	(110,713,219	)	$	534,219	$	—
10-Year U.S. Treasury Ultra Note		(225	)		12/21/2020		(35,711,221	)		(35,388,281	)		322,940		—
30-Year U.S. Treasury Bond		(517	)		12/21/2020		(90,341,901	)		(89,166,344	)		1,175,557		—
German Euro Bund		(190	)		12/08/2020		(38,606,810	)		(38,979,091	)		—		(372,281	)
U.S. Treasury Ultra Bond		(607	)		12/21/2020		(132,687,238	)		(130,505,000	)		2,182,238		—
Total Futures Contracts												$	4,214,954	$	(372,281	)

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

Transamerica Funds Annual Report 2020

Page    348

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation			Unrealized Depreciation
JPMS		01/14/2021		USD	126,079,763		EUR	106,350,000		$	1,986,901		$	—
JPMS		01/14/2021		EUR	3,550,000		USD	4,199,662			—			(57,399	)
Total										$	1,986,901		$	(57,399	)

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
Asset-Backed Securities	$	—		$	10,432,099		$	—	$	10,432,099
Convertible Bond		—			—			459,000		459,000
Corporate Debt Securities		—			1,129,461,073			—		1,129,461,073
Foreign Government Obligations		—			169,044,257			—		169,044,257
Loan Assignments		—			134,975,391			—		134,975,391
U.S. Government Obligations		—			4,806,762			—		4,806,762
Common Stocks		—			106,286			128,592		234,878
Preferred Stocks		19,182,933			71,786			—		19,254,719
Short-Term U.S. Government Obligation		—			19,993,368			—		19,993,368
Short-Term Investment Companies		90,672,396			—			—		90,672,396
Other Investment Company		32,214,510			—			—		32,214,510
Total Investments	$	142,069,839		$	1,468,891,022		$	587,592	$	1,611,548,453
Other Financial Instruments
Futures Contracts (Q)	$	4,214,954		$	—		$	—	$	4,214,954
Forward Foreign Currency Contracts (Q)		—			1,986,901			—		1,986,901
Total Other Financial Instruments	$	4,214,954		$	1,986,901		$	—	$	6,201,855
LIABILITIES
Other Financial Instruments
Futures Contracts (Q)	$	(372,281	)	$	—		$	—	$	(372,281	)
Forward Foreign Currency Contracts (Q)		—			(57,399	)		—		(57,399	)
Total Other Financial Instruments	$	(372,281	)	$	(57,399	)	$	—	$	(429,680	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2020, the total value of 144A securities is $359,054,017, representing 22.6% of the Fund’s net assets.
(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 Annual Report 2020

Page    349

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D) Restricted securities. At October 31, 2020, the value of such securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Convertible Bond	Hi-Crush, Inc. 8.00%, 04/09/2026		10/08/2020	$	413,504	$	459,000		0.0	%
Corporate Debt Securities	Hi-Crush, Inc. 9.50%, 08/01/2026		07/27/2018 - 01/08/2020		346,495		12,900		0.0	(C)
Loan Assignments	API Heat Transfer ThermaSys Corp. 2nd Lien Term Loan, 3-Month LIBOR + 0.00%, PIK Rate 12.00%, Cash Rate 0.00%, 12.00%, 12/31/2023		12/31/2018 - 09/30/2020		481,500		424,924		0.0	(C)
Loan Assignments	Rentpath, Inc. 2nd Lien Term Loan 3-Month LIBOR + 0.00%, 1.61%, 12/17/2022		02/08/2018 - 03/15/2018		764,338		76,500		0.0	(C)
Common Stocks	API Heat Transfer Intermediate Corp.		12/31/2018		156,455		106,286		0.0	(C)
Common Stocks	Ameriforge Group, Inc.		04/20/2016 - 05/13/2016		91,268		128,592		0.0	(C)
Preferred Stocks	API Heat Transfer Intermediate Corp., 0.00%		12/31/2018		100,682		71,786		0.0	(C)
Total				$	2,354,242	$	1,279,988		0.0	%

(E)	Securities are Level 3 of the fair value hierarchy.
(F)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2020, the total value of securities is $765,664, representing less than 0.1% of the Fund’s net assets.
(G)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2020, the total value of Regulation S securities is $411,883,874, representing 25.9% of the Fund’s net assets.
(H)	All or a portion of the securities are on loan. The total value of all securities on loan is $34,020,014, collateralized by cash collateral of $32,214,510 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,518,373. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(I)	Perpetual maturity. The date displayed is the next call date.
(J)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(K)	All or a portion of the security represents unsettled loan commitments at October 31, 2020 where the rate will be determined at time of settlement.
(L)	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.
(M)	Rates disclosed reflect the yields at October 31, 2020.
(N)	All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The value of the security is $18,278,937.
(O)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. 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.
(Q)	Derivative instruments are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

EUR	Euro
USD	United States Dollar

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

Transamerica Funds Annual Report 2020

Page    350

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

COUNTERPARTY ABBREVIATION:

JPMS JPMorgan Securities LLC

PORTFOLIO ABBREVIATIONS:

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

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

Transamerica Funds Annual Report 2020

Page    351

Transamerica US Growth

(unaudited)

MARKET ENVIRONMENT

U.S. equities, as measured by the S&P 500^® Index, posted positive results over the trailing 12-month period ended October 31, 2020. Waning recession fears, improved trade sentiment, and accommodative U.S. Federal Reserve (“Fed”) policy benefitted U.S. markets toward the end of 2019. In the first quarter of 2020, U.S. equities fell sharply after achieving record highs in February, as the coronavirus spread rapidly throughout the country, causing unprecedented market disruptions and financial damage, and heightening fears of a severe economic downturn. Volatility surged to extreme levels, and the S&P 500^® Index suffered its fastest-ever decline into a bear market. The unprecedented scale of the fiscal and monetary stimulus implemented by the U.S. Congress and the Fed in response to the pandemic was the most influential driver of the market’s rebound in the second quarter. Momentum continued into the third quarter with substantial monetary support from the Fed, a broadening U.S. economic recovery, better-than-expected corporate earnings, and promising trials for several COVID-19 vaccines. However, the path to a sustainable economic recovery was clouded by concerns about a resurgence in COVID-19 infections in many areas of the country, an undetermined timeline for vaccines, high unemployment, elevated debt burdens, and uncertainty about additional fiscal stimulus.

Returns varied by market-cap, as large-cap stocks, measured by the S&P 500^® Index outperformed small-cap and mid-cap stocks, as measured by the Russell 2000^® Index and S&P MidCap 400^® Index respectively, during the period.

PERFORMANCE

For the year ended October 31, 2020, Transamerica US Growth (Class A) returned 26.76%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 29.22%.

STRATEGY REVIEW

Wellington Management implements a disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process, build a portfolio that seeks to generate benchmark-relative outperformance largely via stock selection.

The Fund underperformed its benchmark, the Russell 1000^® Growth Index, during the 12-month period ended October 31, 2020.

During the period, our stock selection within the consumer discretionary, financials, and communication services sectors drove relative underperformance. This was partially offset by stronger selection within the industrials, health care and consumer staples sectors.

Our sector allocation decisions, which are driven by our bottom-up stock selection process, also detracted from relative performance. Our overweight positioning within consumer staples, and underweight allocations to consumer discretionary and information technology sectors detracted from performance. This was partially offset by underweight allocations to health care, real estate, and energy sectors, which contributed to performance.

Our largest individual contributor to relative performance during the period was an overweight to DocuSign, Inc. DocuSign, Inc. benefited as businesses relied on its services to conduct transactions virtually and limited in-person interactions driven by the COVID-19 pandemic.

Our largest individual detractors from relative performance during the period included an underweight to Tesla, Inc., an electric vehicle manufacturer, and an overweight to FleetCor, a business payments company.

Mammen Chally, CFA

Douglas McLane, CFA

David Siegle, CFA

Co-Portfolio Managers

Wellington Management Company LLP

Asset Allocation	Percentage of Net Assets
Common Stocks		99.7	%
Repurchase Agreement		0.8
Net Other Assets (Liabilities)		(0.5	)
Total		100.0	%

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

Transamerica Funds Annual Report 2020

Page    352

Transamerica US Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class A (POP)		19.78	%		14.72	%		13.51	%		11/13/2009
Class A (NAV)		26.76	%		16.03	%		14.16	%		11/13/2009
Russell 1000® Growth Index (A)		29.22	%		17.32	%		16.31	%
Class C (POP)		24.72	%		15.10	%		13.27	%		11/13/2009
Class C (NAV)		25.72	%		15.10	%		13.27	%		11/13/2009
Class I (NAV)		27.07	%		16.36	%		14.55	%		11/30/2009
Class I2 (NAV)		27.23	%		16.50	%		14.73	%		11/13/2009
Class T (POP)		16.35	%		14.38	%		14.25	%		02/10/2012
Class T (NAV)		27.17	%		16.44	%		15.42	%		02/10/2012

^(A) The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

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

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares and 8.5% for Class T shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I and I2 shares.

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

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

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

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    353

Transamerica US Growth

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 99.7%
Aerospace & Defense - 0.7%
Raytheon Technologies Corp.		220,942		$  12,001,569
Air Freight & Logistics - 1.1%
FedEx Corp.		75,929		19,701,298
Automobiles - 1.2%
Tesla, Inc. (A)		52,942		20,543,614
Beverages - 2.2%
Constellation Brands, Inc., Class A		123,580		20,419,124
Monster Beverage Corp. (A)		248,055		18,993,571
				39,412,695
Biotechnology - 3.6%
Biogen, Inc. (A)		28,599		7,208,950
Exact Sciences Corp. (A)		82,928		10,268,974
Regeneron Pharmaceuticals, Inc. (A)		23,904		12,993,258
Seagen, Inc. (A)		83,705		13,961,994
Vertex Pharmaceuticals, Inc. (A)		87,775		18,288,799
				62,721,975
Building Products - 1.0%
Fortune Brands Home & Security, Inc.		224,427		18,149,411
Capital Markets - 0.6%
S&P Global, Inc.		31,055		10,022,380
Chemicals - 1.9%
PPG Industries, Inc.		122,087		15,837,126
Sherwin-Williams Co.		25,857		17,789,099
				33,626,225
Commercial Services & Supplies - 0.9%
Copart, Inc. (A)		136,949		15,113,692
Construction Materials - 0.8%
Vulcan Materials Co.		94,311		13,660,005
Consumer Finance - 1.1%
American Express Co.		204,300		18,640,332
Diversified Telecommunication Services - 0.6%
Verizon Communications, Inc.		173,780		9,903,722
Electronic Equipment, Instruments & Components - 1.2%
CDW Corp.		94,376		11,570,498
Zebra Technologies Corp., Class A (A)		31,489		8,931,540
				20,502,038
Entertainment - 1.9%
Activision Blizzard, Inc.		230,826		17,480,453
Walt Disney Co.		129,275		15,674,594
				33,155,047
Equity Real Estate Investment Trusts - 1.3%
American Tower Corp.		103,764		23,829,403
Food & Staples Retailing - 1.2%
Costco Wholesale Corp.		60,000		21,457,200
Health Care Equipment & Supplies - 3.8%
Baxter International, Inc.		211,906		16,437,548
Becton Dickinson & Co.		56,652		13,093,977
Danaher Corp.		49,092		11,268,578
Edwards Lifesciences Corp. (A)		178,745		12,814,229
Teleflex, Inc.		43,146		13,730,352
				67,344,684
Health Care Providers & Services - 2.3%
UnitedHealth Group, Inc.		135,000		41,193,900

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure - 1.6%
McDonald’s Corp.		86,559		$   18,437,067
Penn National Gaming, Inc. (A)		167,100		9,020,058
				27,457,125
Household Products - 1.5%
Procter & Gamble Co.		193,644		26,548,592
Interactive Media & Services - 9.4%
Alphabet, Inc., Class A (A)		55,466		89,639,157
Facebook, Inc., Class A (A)		293,326		77,177,004
				166,816,161
Internet & Direct Marketing Retail - 7.7%
Amazon.com, Inc. (A)		45,021		136,690,509
IT Services - 9.5%
EPAM Systems, Inc. (A)		48,034		14,840,104
FleetCor Technologies, Inc. (A)		86,005		18,999,365
Global Payments, Inc.		118,637		18,713,800
GoDaddy, Inc., Class A (A)		236,534		16,732,415
Leidos Holdings, Inc.		140,285		11,643,655
Mastercard, Inc., Class A		138,601		40,005,793
PayPal Holdings, Inc. (A)		180,039		33,510,659
Square, Inc., Class A (A)		88,517		13,709,513
				168,155,304
Life Sciences Tools & Services - 1.8%
Thermo Fisher Scientific, Inc.		65,986		31,219,296
Machinery - 1.5%
Illinois Tool Works, Inc.		75,491		14,787,177
Nordson Corp.		64,802		12,534,651
				27,321,828
Pharmaceuticals - 2.0%
Eli Lilly & Co.		196,386		25,620,518
Horizon Therapeutics PLC (A)		125,982		9,439,831
				35,060,349
Professional Services - 0.6%
Equifax, Inc.		78,057		10,662,586
Semiconductors & Semiconductor Equipment - 5.4%
Advanced Micro Devices, Inc. (A)		319,500		24,055,155
Entegris, Inc.		195,096		14,587,328
KLA Corp.		71,465		14,091,468
Marvell Technology Group, Ltd.		408,274		15,314,358
Micron Technology, Inc. (A)		281,458		14,168,596
Teradyne, Inc.		152,342		13,383,245
				95,600,150
Software - 16.5%
Adobe, Inc. (A)		88,180		39,425,278
DocuSign, Inc. (A)		45,127		9,126,936
Guidewire Software, Inc. (A)		127,450		12,249,219
Microsoft Corp.		607,032		122,905,769
salesforce.com, Inc. (A)		184,173		42,777,863
ServiceNow, Inc. (A)		47,140		23,455,450
Splunk, Inc. (A)		88,887		17,603,181
Workday, Inc., Class A (A)		116,008		24,375,601
				291,919,297
Specialty Retail - 1.6%
TJX Cos., Inc.		549,298		27,904,338

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

Transamerica Funds Annual Report 2020

Page    354

Transamerica US Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 9.0%
Apple, Inc.		1,465,335		$   159,516,368
Textiles, Apparel & Luxury Goods - 4.2%
NIKE, Inc., Class B		244,309		29,336,625
PVH Corp.		220,283		12,840,296
Under Armour, Inc., Class C (A)		1,026,062		12,548,738
VF Corp.		291,970		19,620,384
				74,346,043
Total Common Stocks (Cost $964,546,406)				1,760,197,136

	Principal		Value
REPURCHASE AGREEMENT - 0.8%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $14,140,616 on 11/02/2020. Collateralized by U.S. Government Obligations, 2.63% - 2.75%, due 11/15/2023 - 12/31/2023, and with a total value of $14,423,509.		$  14,140,616		$   14,140,616
Total Repurchase Agreement (Cost $14,140,616)				14,140,616
Total Investments (Cost $978,687,022)				1,774,337,752
Net Other Assets (Liabilities) - (0.5)%				(8,175,100	)
Net Assets - 100.0%				$  1,766,162,652

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	$	1,760,197,136	$	—	$	—	$	1,760,197,136
Repurchase Agreement		—		14,140,616		—		14,140,616
Total Investments	$	1,760,197,136	$	14,140,616	$	—	$	1,774,337,752

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Rate disclosed reflects the yield at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

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

Transamerica Funds Annual Report 2020

Page    355

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2020

	Transamerica Balanced II		Transamerica Bond		Transamerica Capital Growth			Transamerica Dividend Focused			Transamerica Dynamic Income
Assets:
Investments, at value (A) (B)	$	127,027,417	$	1,983,580,378	$	3,922,201,223		$	489,189,803		$	132,442,071
Repurchase agreements, at value (C)		—		17,855,620		312,913,479			16,094,288			423,376
Cash		1,142,341		1,817,864		—			—			—
Cash collateral pledged at broker for:
TBA commitments		—		281,009		—			—			—
Futures contracts		178,000		10,000		—			—			—
Foreign currency, at value (D)		—		—		1,110			—			—
Receivables and other assets:
Investments sold		102,059		—		32,581,202			—			—
Net income from securities lending		377		8,594		54,262			—			15,415
Shares of beneficial interest sold		7,187		9,505,999		16,810,629			9,566			28,256
Dividends		62,617		—		—			985,831			—
Interest		261,407		12,883,119		—			—			—
Tax reclaims		867		—		29,342			—			—
Other assets		32,677		—		—			—			—
Total assets		128,814,949		2,025,942,583		4,284,591,247			506,279,488			132,909,118
Liabilities:
Cash collateral received upon return of:
Securities on loan		1,643,348		18,111,870		100,794,803			—			16,159,975
Cash collateral at broker for:
OTC derivatives (E)		—		—		4,012,000			—			—
Payables and other liabilities:
Investments purchased		131,147		—		73,444,359			—			—
When-issued, delayed-delivery, forward and TBA commitments purchased		8,097,989		97,376,607		—			—			—
Dividends and/or distributions		—		596,256		—			—			—
Shares of beneficial interest redeemed		189,800		6,667,771		11,508,576			27,852			272,167
Investment management fees		49,865		552,073		2,497,965			319,260			21,314
Distribution and service fees		28,975		108,883		586,107			17,693			49,195
Transfer agent fees		420		155,798		329,557			6,392			14,250
Trustees, CCO and deferred compensation fees		472		78,223		194,363			27,799			812
Audit and tax fees		27,753		36,718		29,470			19,991			19,128
Custody fees		6,878		77,965		94,619	��		15,928			3,478
Legal fees		608		8,086		14,035			2,401			736
Printing and shareholder reports fees		4,055		100,800		149,552			17,784			14,865
Registration fees		96		1,355		2,916			406			98
Other accrued expenses		5,847		23,144		29,912			8,182			4,143
Variation margin payable on futures contracts		7,473		538		—			—			—
Total liabilities		10,194,726		123,896,087		193,688,234			463,688			16,560,161
Net assets	$	118,620,223	$	1,902,046,496	$	4,090,903,013		$	505,815,800		$	116,348,957
Net assets consist of:
Paid-in capital	$	96,474,542	$	1,847,989,653	$	2,141,601,637		$	554,623,585			203,990,622
Total distributable earnings (accumulated losses)		22,145,681		54,056,843		1,949,301,376			(48,807,785	)		(87,641,665	)
Net assets	$	118,620,223	$	1,902,046,496	$	4,090,903,013		$	505,815,800		$	116,348,957

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

Transamerica Funds Annual Report 2020

Page    356

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Balanced II		Transamerica Bond		Transamerica Capital Growth		Transamerica Dividend Focused		Transamerica Dynamic Income
Net assets by class:
Class A	$	—	$	149,010,417	$	844,139,382	$	69,390,674	$	48,801,790
Class C		—		89,962,391		425,797,565		2,641,204		43,858,269
Class I		—		1,286,751,272		2,393,492,703		8,239,980		23,688,898
Class I2		—		352,650,315		402,582,832		420,957,592		—
Class I3		52,587,382		—		—		—		—
Class R		66,032,841		—		—		—		—
Class R6		—		23,672,101		24,890,531		4,586,350		—
Shares outstanding (unlimited shares, no par value):
Class A		—		15,574,786		18,305,406		10,112,308		6,246,810
Class C		—		9,465,578		12,246,781		386,708		5,640,095
Class I		—		134,228,190		48,821,992		1,201,546		3,032,007
Class I2		—		36,760,476		19,467,158		61,359,450		—
Class I3		4,526,668		—		—		—		—
Class R		5,684,590		—		—		—		—
Class R6		—		2,469,936		1,203,645		668,946		—
Net asset value per share: (F)
Class A	$	—	$	9.57	$	46.11	$	6.86	$	7.81
Class C		—		9.50		34.77		6.83		7.78
Class I		—		9.59		49.02		6.86		7.81
Class I2		—		9.59		20.68		6.86		—
Class I3		11.62		—		—		—		—
Class R		11.62		—		—		—		—
Class R6		—		9.58		20.68		6.86		—
Maximum offering price per share: (G)
Class A	$	—	$	10.05	$	48.79	$	7.26	$	8.20
(A) Investments, at cost	$	109,110,028	$	1,939,628,026	$	2,226,038,601	$	498,062,989	$	137,678,181
(B) Securities on loan, at value	$	3,555,990	$	97,127,837	$	320,382,775	$	—	$	24,749,244
(C) Repurchase agreements, at cost	$	—	$	17,855,620	$	312,913,479	$	16,094,288	$	423,376
(D) Foreign currency, at cost	$	—	$	—	$	1,112	$	—	$	—

(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 Annual Report 2020

Page    357

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Emerging Markets Debt			Transamerica Emerging Markets Opportunities		Transamerica Event Driven		Transamerica Floating Rate			Transamerica Global Equity
Assets:
Investments, at value (A) (B)	$	374,232,449		$	830,589,828	$	59,322,949	$	78,409,907		$	84,751,037
Repurchase agreements, at value (C)		29,826,933			—		6,900,315		336,507			—
Cash		—			16,579,440		—		1,448,481			—
Cash collateral pledged at broker for:
Securities sold short		—			—		3,159,043		—			—
OTC derivatives (F)		1,030,000			—		3,526,394		—			—
Futures contracts		—			529,947		480,000		—			—
Foreign currency, at value (D)		1,381,961			1,082,264		—		—			465,124
Receivables and other assets:
Investments sold		2,690,901			434,631		519,259		—			617,534
When-issued, delayed-delivery, forward and TBA commitments sold		—			—		—		5,350,857			—
Net income from securities lending		1,566			7,854		3		943			1,348
Shares of beneficial interest sold		175,952			1,038		144		2,334,296			1,372
Dividends		492			318,680		2,906		—			142,794
Interest		4,883,138			—		205,048		461,381			—
Tax reclaims		46,330			23,290		458		—			40,804
Variation margin receivable on futures contracts		—			—		116,532		—			—
Unrealized appreciation on forward foreign currency contracts		236,810			—		138,077		—			—
Total assets		414,506,532			849,566,972		74,371,128		88,342,372			86,020,013
Liabilities:
Securities sold short, at value (E)		—			—		14,786,497		—			—
Cash collateral received upon return of:
Securities on loan		6,101,605			3,948,073		—		819,418			154,684
Cash collateral at broker for:
Securities sold short		—			—		58		—			—
OTC derivatives (F)		560,000			—		—		—			—
Payables and other liabilities:
Investments purchased		2,699,417			2,783,681		—		5,591			465,120
When-issued, delayed-delivery, forward and TBA commitments purchased		2,825,000			—		—		2,737,561			—
Dividends and/or distributions		—			—		—		2,054			—
Dividends, interest and fees for borrowings from securities sold short		—			—		2,740		—			—
Shares of beneficial interest redeemed		198,577			4,560		26,264		927,852			96,899
Foreign capital gains tax		117,420			—		—		—			—
Due to custodian		—			550,272		—		—			524,154
Investment management fees		216,079			571,009		56,686		91,470			69,545
Distribution and service fees		7,035			—		—		14,355			15,552
Transfer agent fees		25,714			5,450		537		7,722			12,749
Trustees, CCO and deferred compensation fees		2,081			768		331		1,330			402
Audit and tax fees		32,539			15,745		33,256		33,603			16,619
Custody fees		78,586			137,999		24,628		43,235			23,251
Legal fees		2,417			2,221		436		637			468
Printing and shareholder reports fees		38,533			13,747		3,183		13,305			8,489
Registration fees		303			151		57		68			69
Other accrued expenses		9,427			5,787		38,564		3,837			3,395
Variation margin payable on futures contracts		—			69,709		—		—			—
Unrealized depreciation on forward foreign currency contracts		221,777			—		81,344		—			—
Unrealized depreciation on unfunded commitments		—			—		—		6,984			—
Total liabilities		13,136,510			8,109,172		15,054,581		4,709,022			1,391,396
Net assets	$	401,370,022		$	841,457,800	$	59,316,547	$	83,633,350		$	84,628,617
Net assets consist of:
Paid-in capital	$	503,248,838		$	816,082,547	$	50,854,946	$	112,815,150		$	70,670,706
Total distributable earnings (accumulated losses)		(101,878,816	)		25,375,253		8,461,601		(29,181,800	)		13,957,911
Net assets	$	401,370,022		$	841,457,800	$	59,316,547	$	83,633,350		$	84,628,617

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

Transamerica Funds Annual Report 2020

Page    358

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Emerging Markets Debt		Transamerica Emerging Markets Opportunities		Transamerica Event Driven		Transamerica Floating Rate		Transamerica Global Equity
Net assets by class:
Class A	$	8,355,747	$	—	$	—	$	13,778,875	$	50,018,901
Class C		6,014,154		—		—		12,659,018		4,925,271
Class I		243,965,170		69,830		5,507,718		57,185,507		28,914,520
Class I2		133,270,137		841,387,970		53,808,829		9,950		—
Class R6		9,764,814		—		—		—		769,925
Shares outstanding (unlimited shares, no par value):
Class A		808,665		—		—		1,485,986		3,662,964
Class C		588,322		—		—		1,364,622		371,021
Class I		23,455,823		7,055		476,513		6,196,098		2,111,139
Class I2		12,806,531		84,984,037		4,721,598		1,073		—
Class R6		938,786		—		—		—		56,139
Net asset value per share: (G)
Class A	$	10.33	$	—	$	—	$	9.27	$	13.66
Class C		10.22		—		—		9.28		13.27
Class I		10.40		9.90		11.56		9.23		13.70
Class I2		10.41		9.90		11.40		9.27		—
Class R6		10.40		—		—		—		13.71
Maximum offering price per share: (H)
Class A	$	10.85	$	—	$	—	$	9.73	$	14.46
(A) Investments, at cost	$	391,763,855	$	784,242,439	$	54,317,908	$	84,095,421	$	71,967,076
(B) Securities on loan, at value	$	7,834,889	$	15,184,023	$	—	$	1,332,550	$	174,284
(C) Repurchase agreements, at cost	$	29,826,933	$	—	$	6,900,315	$	336,507	$	—
(D) Foreign currency, at cost	$	1,379,076	$	1,078,438	$	—	$	—	$	465,204
(E) Proceeds received from securities sold short	$	—	$	—	$	14,393,914	$	—	$	—

(F)	OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.
(G)	Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.
(H)	Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds’ Prospectus.

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

Transamerica Funds Annual Report 2020

Page    359

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Government Money Market			Transamerica High Quality Bond			Transamerica High Yield Bond			Transamerica High Yield ESG			Transamerica High Yield Muni
Assets:
Investments, at value (A) (B)	$	938,827,933		$	167,446,111		$	2,544,670,733		$	19,551,342		$	90,434,343
Repurchase agreements, at value (C)		563,392,174			—			74,144,452			—			2,229,315
Cash		—			2,272,560			11,666,763			452,610			—
Receivables and other assets:
Investments sold		13,000,000			2,717			—			—			—
When-issued, delayed-delivery, forward and TBA commitments sold		—			—			695,588			—			—
Net income from securities lending		—			—			11,297			50			—
Shares of beneficial interest sold		5,840,190			4,975			2,056,168			—			51,387
Dividends		—			—			—			—			—
Interest		586,432			580,710			36,734,859			260,095			1,402,382
Tax reclaims		—			1,554			—			—			—
Due from investment manager		346,474			—			—			41,512			—
Due from distributor		304,445			—			967			—			4,022
Total assets		1,522,297,648			170,308,627			2,669,980,827			20,305,609			94,121,449
Liabilities:
Cash collateral received upon return of:
Securities on loan		—			—			59,187,435			198,048			—
Payables and other liabilities:
Investments purchased		—			—			8,946,333			—			—
When-issued, delayed-delivery, forward and TBA commitments purchased		7,220,000			—			9,136,151			94,000			1,512,755
Dividends and/or distributions		34			—			265,344			—			904
Shares of beneficial interest redeemed		540,569			4,893			2,658,932			—			76,516
Investment management fees		226,786			56,423			1,170,988			—			2,747
Distribution and service fees		460,910			12,590			180,068			—			13,797
Transfer agent fees		268,488			1,020			76,474			206			7,199
Trustees, CCO and deferred compensation fees		4,710			897			6,411			17			324
Audit and tax fees		21,946			28,967			36,757			23,701			33,720
Custody fees		103,646			11,428			80,673			386			43,685
Legal fees		42,920			1,030			9,720			96			506
Printing and shareholder reports fees		46,301			7,783			55,335			87			6,187
Registration fees		1,078			151			1,871			16			72
Other accrued expenses		26,601			4,882			24,430			90			3,625
Total liabilities		8,963,989			130,064			81,836,922			316,647			1,702,037
Net assets	$	1,513,333,659		$	170,178,563		$	2,588,143,905		$	19,988,962		$	92,419,412
Net assets consist of:
Paid-in capital	$	1,513,333,693		$	175,983,227		$	2,723,387,553		$	20,184,749		$	94,075,793
Total distributable earnings (accumulated losses)		(34	)		(5,804,664	)		(135,243,648	)		(195,787	)		(1,656,381	)
Net assets	$	1,513,333,659		$	170,178,563		$	2,588,143,905		$	19,988,962		$	92,419,412

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

Transamerica Funds Annual Report 2020

Page    360

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Government Money Market		Transamerica High Quality Bond		Transamerica High Yield Bond		Transamerica High Yield ESG		Transamerica High Yield Muni
Net assets by class:
Class A	$	274,311,270	$	—	$	78,108,684	$	—	$	18,111,174
Class C		15,474,450		—		19,387,003		—		11,730,785
Class I		23,804,232		—		520,044,261		999,400		62,566,133
Class I2		5,378,336		—		1,054,362,628		18,989,562		11,320
Class I3		85,899,422		124,050,276		218,199,462		—		—
Class R		—		13,762,045		32,169,093		—		—
Class R2		1,017,444,916		—		—		—		—
Class R4		91,021,033		32,366,242		621,798,008		—		—
Class R6		—		—		44,074,766		—		—
Shares outstanding (unlimited shares, no par value):
Class A		274,314,145		—		9,129,367		—		1,562,101
Class C		15,471,180		—		2,276,331		—		1,010,870
Class I		23,805,204		—		60,266,035		100,926		5,398,114
Class I2		5,377,920		—		121,966,386		1,917,706		976
Class I3		85,905,693		12,443,909		25,245,840		—		—
Class R		—		1,377,037		3,722,023		—		—
Class R2		1,017,454,151		—		—		—		—
Class R4		91,023,170		3,246,801		71,943,357		—		—
Class R6		—		—		5,099,506		—		—
Net asset value per share: (D)
Class A	$	1.00	$	—	$	8.56	$	—	$	11.59
Class C		1.00		—		8.52		—		11.60
Class I		1.00		—		8.63		9.90		11.59
Class I2		1.00		—		8.64		9.90		11.60
Class I3		1.00		9.97		8.64		—		—
Class R		—		9.99		8.64		—		—
Class R2		1.00		—		—		—		—
Class R4		1.00		9.97		8.64		—		—
Class R6		—		—		8.64		—		—
Maximum offering price per share: (E)
Class A	$	1.00	$	—	$	8.99	$	—	$	11.98
Class R2	$	1.00	$	—	$	—	$	—	$	—
(A) Investments, at cost	$	938,827,933	$	165,433,777	$	2,609,213,782	$	19,714,673	$	88,366,183
(B) Securities on loan, at value	$	—	$	—	$	102,500,967	$	329,446	$	—
(C) Repurchase agreements, at cost	$	563,392,174	$	—	$	74,144,452	$	—	$	2,229,315

(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 Annual Report 2020

Page    361

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Inflation Opportunities		Transamerica Inflation- Protected Securities		Transamerica Intermediate Bond		Transamerica Intermediate Muni		Transamerica International Equity
Assets:
Investments, at value (A) (B)	$	95,503,912	$	112,634,929	$	2,137,989,818	$	2,095,131,777	$	3,918,472,593
Repurchase agreements, at value (C)		—		—		36,869,892		155,953,097		—
Cash		—		—		45		590,892		—
Cash collateral pledged at broker for:
TBA commitments		—		—		522,062		—		—
OTC derivatives (E)		470,000		—		—		—		—
Foreign currency, at value (D)		364		117,966		—		—		6
Receivables and other assets:
Investments sold		150,280		82,705		2,668,573		968,768		8,464,281
Net income from securities lending		190		63		6,484		—		8,659
Shares of beneficial interest sold		5,528		696		340,517		9,856,038		17,522,763
Dividends		—		—		—		—		12,603,729
Interest		401,242		315,092		9,771,523		23,535,549		—
Tax reclaims		—		—		—		—		14,806,878
Money market waiver due from investment manager		—		—		—		50,041		—
Unrealized appreciation on forward foreign currency contracts		83,763		65,267		—		—		—
Total assets		96,615,279		113,216,718		2,188,168,914		2,286,086,162		3,971,878,909
Liabilities:
Cash collateral received upon return of:
Securities on loan		2,135,000		619,608		15,816,668		—		12,532,343
Payables and other liabilities:
Investments purchased		150,280		82,705		—		3,931,515		5,020,702
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—		305,873,699		3,241,876		—
Dividends and/or distributions		—		—		—		851,008		—
Shares of beneficial interest redeemed		675		171,621		417,929		3,419,666		6,206,417
Due to custodian		—		—		—		—		19,518,443
Investment management fees		39,627		59,036		602,217		636,834		2,570,162
Affiliated fund fees		—		—		—		6,524		—
Distribution and service fees		664		4,973		52,200		169,208		74,136
Transfer agent fees		1,218		654		11,670		176,177		233,366
Trustees, CCO and deferred compensation fees		465		573		8,644		5,458		17,649
Audit and tax fees		30,343		29,840		40,704		42,850		41,579
Custody fees		14,963		17,125		100,411		120,830		432,125
Legal fees		576		586		10,964		10,110		21,577
Printing and shareholder reports fees		4,484		3,870		81,772		88,790		242,550
Registration fees		79		90		1,474		1,710		3,282
Other accrued expenses		3,725		3,681		32,649		27,858		58,009
Total liabilities		2,382,099		994,362		323,051,001		12,730,414		46,972,340
Net assets	$	94,233,180	$	112,222,356	$	1,865,117,913	$	2,273,355,748	$	3,924,906,569
Net assets consist of:
Paid-in capital	$	88,855,336	$	109,453,443	$	1,717,558,922	$	2,225,798,811	$	4,306,952,081
Total distributable earnings (accumulated losses)		5,377,844		2,768,913		147,558,991		47,556,937		(382,045,512	)
Net assets	$	94,233,180	$	112,222,356	$	1,865,117,913	$	2,273,355,748	$	3,924,906,569

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

Transamerica Funds Annual Report 2020

Page    362

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Inflation Opportunities		Transamerica Inflation- Protected Securities		Transamerica Intermediate Bond		Transamerica Intermediate Muni		Transamerica International Equity
Net assets by class:
Class A	$	866,235	$	—	$	—	$	245,980,243	$	147,673,703
Class C		562,437		—		—		138,959,009		27,883,734
Class I		5,896,669		—		—		1,888,405,251		1,891,397,632
Class I2		86,849,177		—		1,275,121,671		11,245		1,387,536,403
Class I3		—		99,721,797		385,809,421		—		204,877,271
Class R		—		10,488,042		42,002,171		—		25,412,588
Class R4		—		2,012,517		162,184,650		—		17,802,122
Class R6		58,662		—		—		—		222,323,116
Shares outstanding (unlimited shares, no par value):
Class A		80,334		—		—		20,777,205		9,387,477
Class C		53,473		—		—		11,761,179		1,803,712
Class I		543,086		—		—		158,942,889		118,598,735
Class I2		7,979,178		—		117,517,301		945		86,884,482
Class I3		—		9,197,354		35,495,455		—		12,739,219
Class R		—		966,923		3,860,085		—		1,580,276
Class R4		—		185,265		14,917,635		—		1,108,603
Class R6		5,388		—		—		—		13,782,440
Net asset value per share: (F)
Class A	$	10.78	$	—	$	—	$	11.84	$	15.73
Class C		10.52		—		—		11.82		15.46
Class I		10.86		—		—		11.88		15.95
Class I2		10.88		—		10.85		11.90		15.97
Class I3		—		10.84		10.87		—		16.08
Class R		—		10.85		10.88		—		16.08
Class R4		—		10.86		10.87		—		16.06
Class R6		10.89		—		—		—		16.13
Maximum offering price per share: (G)
Class A	$	11.32	$	—	$	—	$	12.24	$	16.65
(A) Investments, at cost	$	89,696,563	$	103,209,490	$	2,050,641,292	$	2,021,532,510	$	4,029,030,512
(B) Securities on loan, at value	$	2,502,697	$	842,374	$	87,245,278	$	—	$	54,056,089
(C) Repurchase agreements, at cost	$	—	$	—	$	36,869,892	$	155,953,097	$	—
(D) Foreign currency, at cost	$	368	$	119,723	$	—	$	—	$	6

(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 Annual Report 2020

Page    363

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica International Growth		Transamerica International Small Cap Value		Transamerica International Stock			Transamerica Large Cap Value			Transamerica Large Core
Assets:
Investments, at value (A) (B)	$	1,393,915,556	$	520,964,520	$	105,322,312		$	1,576,543,964		$	166,389,816
Repurchase agreements, at value (C)		16,692,216		1,242,596		—			17,080,628			—
Cash		—		—		2,683,510			—			185,052
Foreign currency, at value (D)		26,280,196		111,922		37			—			—
Receivables and other assets:
Investments sold		—		764,745		6,502,763			22,235,979			—
Net income from securities lending		12,094		2,758		547			913			225
Shares of beneficial interest sold		1,191		198,937		47			65,670			187
Dividends		3,238,811		1,145,314		448,267			3,658,125			172,499
Tax reclaims		2,412,883		1,193,667		81,471			591,674			—
Due from distributor		6		—		—			—			—
Total assets		1,442,552,953		525,624,459		115,038,954			1,620,176,953			166,747,779
Liabilities:
Cash collateral received upon return of:
Securities on loan		1,635,368		9,625,108		688,099			—			40,961
Payables and other liabilities:
Investments purchased		—		518,327		6,773,992			1,289,646			—
Shares of beneficial interest redeemed		5,034		124,174		642			488,679			60,861
Investment management fees		951,403		432,740		47,004			1,051,562			67,516
Distribution and service fees		41		—		105			24,669			25,323
Transfer agent fees		9,653		22,914		769			30,966			820
Trustees, CCO and deferred compensation fees		4,119		2,218		139			37,692			876
Audit and tax fees		24,440		23,650		18,660			25,599			19,683
Custody fees		104,808		95,801		37,326			54,870			12,751
Legal fees		6,185		2,872		439			9,031			1,005
Printing and shareholder reports fees		37,167		19,984		2,657			80,327			8,502
Registration fees		1,153		442		74			1,619			141
Other accrued expenses		16,610		9,281		3,284			23,613			4,772
Total liabilities		2,795,981		10,877,511		7,573,190			3,118,273			243,211
Net assets	$	1,439,756,972	$	514,746,948	$	107,465,764		$	1,617,058,680		$	166,504,568
Net assets consist of:
Paid-in capital	$	1,412,277,714	$	504,145,245	$	116,020,688		$	1,917,645,996		$	129,009,067
Total distributable earnings (accumulated losses)		27,479,258		10,601,703		(8,554,924	)		(300,587,316	)		37,495,501
Net assets	$	1,439,756,972	$	514,746,948	$	107,465,764		$	1,617,058,680		$	166,504,568

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

Transamerica Funds Annual Report 2020

Page    364

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica International Growth		Transamerica International Small Cap Value		Transamerica International Stock		Transamerica Large Cap Value		Transamerica Large Core
Net assets by class:
Class A	$	190,158	$	—	$	473,203	$	50,010,511	$	—
Class C		—		—		—		14,804,095		—
Class I		20,876		232,368,407		438,541		72,130,673		—
Class I2		1,439,535,200		282,378,541		106,120,414		1,454,992,206		—
Class I3		—		—		—		—		109,142,210
Class R		—		—		—		—		55,317,836
Class R4		—		—		—		—		2,044,522
Class R6		10,738		—		433,606		25,121,195		—
Shares outstanding (unlimited shares, no par value):
Class A		24,469		—		54,923		5,494,916		—
Class C		—		—		—		1,634,930		—
Class I		2,680		19,462,897		50,689		7,867,887		—
Class I2		185,128,828		23,604,690		12,268,038		158,867,334		—
Class I3		—		—		—		—		10,374,161
Class R		—		—		—		—		5,256,317
Class R4		—		—		—		—		194,311
Class R6		1,375		—		50,119		2,742,959		—
Net asset value per share: (E)
Class A	$	7.77	$	—	$	8.62	$	9.10	$	—
Class C		—		—		—		9.05		—
Class I		7.79		11.94		8.65		9.17		—
Class I2		7.78		11.96		8.65		9.16		—
Class I3		—		—		—		—		10.52
Class R		—		—		—		—		10.52
Class R4		—		—		—		—		10.52
Class R6		7.81		—		8.65		9.16		—
Maximum offering price per share: (F)
Class A	$	8.22	$	—	$	8.62	$	9.63	$	—
(A) Investments, at cost	$	1,304,612,413	$	480,485,704	$	111,202,239	$	1,568,321,948	$	142,709,233
(B) Securities on loan, at value	$	51,424,402	$	13,452,910	$	655,001	$	11,434,864	$	1,960,554
(C) Repurchase agreements, at cost	$	16,692,216	$	1,242,596	$	—	$	17,080,628	$	—
(D) Foreign currency, at cost	$	26,538,047	$	111,924	$	37	$	—	$	—

(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 Annual Report 2020

Page    365

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Large Growth		Transamerica Large Value Opportunities			Transamerica Mid Cap Growth		Transamerica Mid Cap Value Opportunities		Transamerica MLP & Energy Income
Assets:
Investments, at value (A) (B)	$	976,312,689	$	329,432,050		$	465,302,011	$	1,186,859,136	$	154,450,710
Repurchase agreements, at value (C)		—		—			6,929,312		82,262,153		3,088,947
Cash		33,895,765		728,857			—		—		124,187
Foreign currency, at value (D)		—		—			—		—		3,833
Receivables and other assets:
Investments sold		4,224,382		—			—		1,847,154		104,996
Net income from securities lending		10,220		373			2,533		37		1,327
Shares of beneficial interest sold		427		47,193			7,958		1,144,636		52,728
Dividends		130,280		487,898			—		238,379		716,256
Tax reclaims		15,342		—			—		—		—
Total assets		1,014,589,105		330,696,371			472,241,814		1,272,351,495		158,542,984
Liabilities:
Cash collateral received upon return of:
Securities on loan		19,769,031		703,493			5,603,744		—		1,291,233
Cash collateral at broker for:
OTC derivatives (E)		590,000		—			—		—		—
Payables and other liabilities:
Investments purchased		10,814,656		—			—		18,029,963		—
Shares of beneficial interest redeemed		1,882,503		163,300			152,972		3,698,700		48,847
Investment management fees		585,912		142,059			292,790		721,513		154,449
Distribution and service fees		85,743		29,756			14,159		53,218		8,459
Transfer agent fees		5,861		1,903			5,108		54,262		6,480
Trustees, CCO and deferred compensation fees		3,233		2,004			862		5,090		933
Audit and tax fees		22,385		19,589			23,072		29,580		25,046
Custody fees		41,269		16,029			15,209		50,194		14,471
Legal fees		4,476		2,063			1,588		6,332		1,024
Printing and shareholder reports fees		25,636		17,770			7,794		90,538		11,193
Registration fees		814		275			386		936		137
Other accrued expenses		14,733		7,583			5,466		18,524		4,878
Total liabilities		33,846,252		1,105,824			6,123,150		22,758,850		1,567,150
Net assets	$	980,742,853	$	329,590,547		$	466,118,664	$	1,249,592,645	$	156,975,834
Net assets consist of:
Paid-in capital	$	431,674,945	$	354,653,066		$	392,957,227	$	1,247,206,111	$	391,826,511
Total distributable earnings (accumulated losses)		549,067,908		(25,062,519	)		73,161,437		2,386,534		(234,850,677	)
Net assets	$	980,742,853	$	329,590,547		$	466,118,664	$	1,249,592,645	$	156,975,834

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

Transamerica Funds Annual Report 2020

Page    366

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Large Growth		Transamerica Large Value Opportunities		Transamerica Mid Cap Growth		Transamerica Mid Cap Value Opportunities		Transamerica MLP & Energy Income
Net assets by class:
Class A	$	—	$	—	$	12,669,771	$	14,787,821	$	13,352,493
Class C		—		—		1,341,116		13,167,442		6,225,479
Class I		—		—		1,487,595		475,102,024		14,247,026
Class I2		—		—		391,785,435		293,440,394		123,150,836
Class I3		769,669,656		254,110,007		35,974,615		114,102,302		—
Class R		161,088,926		56,104,322		22,526,544		46,193,831		—
Class R4		49,984,271		19,376,218		333,588		83,064,957		—
Class R6		—		—		—		209,733,874		—
Shares outstanding (unlimited shares, no par value):
Class A		—		—		1,063,689		1,471,201		2,825,763
Class C		—		—		120,433		1,333,826		1,320,411
Class I		—		—		122,959		47,013,026		3,015,937
Class I2		—		—		32,142,702		29,000,791		26,065,155
Class I3		45,206,135		31,123,189		2,955,199		11,224,776		—
Class R		9,593,381		6,865,292		1,872,001		4,551,556		—
Class R4		2,950,131		2,371,722		27,400		8,154,945		—
Class R6		—		—		—		20,574,750		—
Net asset value per share: (F)
Class A	$	—	$	—	$	11.91	$	10.05	$	4.73
Class C		—		—		11.14		9.87		4.71
Class I		—		—		12.10		10.11		4.72
Class I2		—		—		12.19		10.12		4.72
Class I3		17.03		8.16		12.17		10.17		—
Class R		16.79		8.17		12.03		10.15		—
Class R4		16.94		8.17		12.17		10.19		—
Class R6		—		—		—		10.19		—
Maximum offering price per share: (G)
Class A	$	—	$	—	$	12.60	$	10.63	$	5.01
(A) Investments, at cost	$	585,422,025	$	341,109,834	$	410,264,967	$	1,169,792,666	$	185,411,278
(B) Securities on loan, at value	$	89,590,416	$	1,422,683	$	14,123,604	$	—	$	3,110,943
(C) Repurchase agreements, at cost	$	—	$	—	$	6,929,312	$	82,262,153	$	3,088,947
(D) Foreign currency, at cost	$	—	$	—	$	—	$	—	$	3,830

(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 Annual Report 2020

Page    367

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Multi-Asset Income			Transamerica Multi-Managed Balanced		Transamerica Short-Term Bond			Transamerica Small Cap Growth		Transamerica Small Cap Value
Assets:
Investments, at value (A) (B)	$	260,506,613		$	1,163,541,775	$	3,011,666,132		$	173,846,815	$	463,649,124
Repurchase agreements, at value (C)		2,153,191			16,072,330		103,369,590			5,621,180		72,894,597
Cash collateral pledged at broker for:
TBA commitments		—			254,012		—			—		—
Futures contracts		—			884,000		—			—		—
Receivables and other assets:
Investments sold		290,989			934,388		11,614,120			1,782,246		—
Net income from securities lending		2,169			1,657		2,710			1,412		2,657
Shares of beneficial interest sold		199,744			1,161,192		16,564,375			157,741		36,332
Dividends		270,965			579,680		—			9,038		73,800
Interest		1,929,938			2,343,481		17,817,726			—		—
Tax reclaims		121,622			—		—			—		—
Total assets		265,475,231			1,185,772,515		3,161,034,653			181,418,432		536,656,510
Liabilities:
Cash collateral received upon return of:
Securities on loan		4,033,990			5,326,594		14,300,200			2,792,029		4,977,484
Payables and other liabilities:
Investments purchased		384,182			1,496,692		11,448,790			627,169		59,034,382
When-issued, delayed-delivery, forward and TBA commitments purchased		—			73,684,998		—			—		—
Dividends and/or distributions		—			—		606,567			—		—
Shares of beneficial interest redeemed		1,012,876			817,077		5,106,367			92,972		46,304
Investment management fees		129,581			572,068		961,967			144,346		203,628
Distribution and service fees		53,275			313,508		347,447			13,552		4,125
Transfer agent fees		22,364			79,304		223,196			6,823		3,603
Trustees, CCO and deferred compensation fees		901			90,857		10,446			689		912
Audit and tax fees		30,905			31,947		44,278			19,012		18,691
Custody fees		25,012			73,187		120,996			13,088		12,692
Legal fees		1,356			5,314		15,849			830		594
Printing and shareholder reports fees		14,681			51,078		181,315			10,358		3,734
Registration fees		208			870		2,149			153		168
Other accrued expenses		5,886			17,638		44,284			4,096		3,316
Variation margin payable on futures contracts		—			104,891		—			—		—
Total liabilities		5,715,217			82,666,023		33,413,851			3,725,117		64,309,633
Net assets	$	259,760,014		$	1,103,106,492	$	3,127,620,802		$	177,693,315	$	472,346,877
Net assets consist of:
Paid-in capital	$	309,369,780		$	815,299,655	$	3,142,150,224		$	128,014,774	$	480,007,029
Total distributable earnings (accumulated losses)		(49,609,766	)		287,806,837		(14,529,422	)		49,678,541		(7,660,152	)
Net assets	$	259,760,014		$	1,103,106,492	$	3,127,620,802		$	177,693,315	$	472,346,877

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

Transamerica Funds Annual Report 2020

Page    368

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Multi-Asset Income		Transamerica Multi-Managed Balanced		Transamerica Short-Term Bond		Transamerica Small Cap Growth		Transamerica Small Cap Value
Net assets by class:
Class A	$	36,695,478	$	572,827,302	$	731,602,408	$	16,016,607	$	4,246,077
Class C		52,109,370		216,560,919		225,837,864		3,770,767		581,218
Class I		170,941,938		296,123,378		1,979,173,741		35,706,157		12,838,490
Class I2		13,228		—		155,004,726		79,099,783		419,837,276
Class I3		—		—		—		28,088,867		28,471,091
Class R		—		—		—		14,838,512		6,205,146
Class R4		—		—		—		93,110		117,111
Class R6		—		17,594,893		36,002,063		79,512		50,468
Shares outstanding (unlimited shares, no par value):
Class A		3,182,402		18,950,948		70,885,145		2,446,010		522,080
Class C		4,539,939		7,311,087		21,920,330		658,269		72,715
Class I		14,821,348		9,745,529		195,070,759		5,194,753		1,562,216
Class I2		1,201		—		15,294,160		11,273,266		51,042,255
Class I3		—		—		—		4,006,289		3,454,615
Class R		—		—		—		2,160,897		754,157
Class R4		—		—		—		13,347		14,228
Class R6		—		578,992		3,550,337		11,338		6,095
Net asset value per share: (D)
Class A	$	11.53	$	30.23	$	10.32	$	6.55	$	8.13
Class C		11.48		29.62		10.30		5.73		7.99
Class I		11.53		30.39		10.15		6.87		8.22
Class I2		11.01		—		10.13		7.02		8.23
Class I3		—		—		—		7.01		8.24
Class R		—		—		—		6.87		8.23
Class R4		—		—		—		6.98		8.23
Class R6		—		30.39		10.14		7.01		8.28
Maximum offering price per share: (E)
Class A	$	12.20	$	31.99	$	10.58	$	6.93	$	8.60
(A) Investments, at cost	$	243,816,027	$	914,597,672	$	2,984,049,914	$	137,186,452	$	462,829,605
(B) Securities on loan, at value	$	4,469,814	$	26,979,087	$	15,873,005	$	11,634,801	$	16,835,905
(C) Repurchase agreements, at cost	$	2,153,191	$	16,072,330	$	103,369,590	$	5,621,180	$	72,894,597

^(D)  Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset value less any applicable contingent deferred sales charge.

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

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

Transamerica Funds Annual Report 2020

Page    369

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Small/Mid Cap Value		Transamerica Sustainable Bond			Transamerica Unconstrained Bond		Transamerica US Growth
Assets:
Investments, at value (A) (B)	$	618,036,649	$	29,007,211		$	1,611,548,453	$	1,760,197,136
Repurchase agreements, at value (C)		15,081,945		—			—		14,140,616
Cash		—		1,453,001			349,359		—
Foreign currency, at value (D)		—		—			138,620		—
Receivables and other assets:
Investments sold		2,422,494		—			1,541,822		180,488
When-issued, delayed-delivery, forward and TBA commitments sold		—		—			2,395,401		—
Net income from securities lending		1,769		84			8,887		—
Shares of beneficial interest sold		480,660		—			—		164,886
Dividends		189,196		—			87,946		469,434
Interest		—		131,112			14,729,908		—
Tax reclaims		—		531			—		407,951
Due from investment manager		—		57,486			—		—
Variation margin receivable on futures contracts		—		—			780,033		—
Unrealized appreciation on forward foreign currency contracts		—		—			1,986,901		—
Unrealized appreciation on unfunded commitments		—		—			1,364		—
Total assets		636,212,713		30,649,425			1,633,568,694		1,775,560,511
Liabilities:
Cash collateral received upon return of:
Securities on loan		4,090,107		1,912,438			32,214,510		—
Payables and other liabilities:
Investments purchased		4,951,639		274,937			1,223,458		6,757,203
When-issued, delayed-delivery, forward and TBA commitments purchased		—		3,807,483			10,112,828		—
Shares of beneficial interest redeemed		1,284,609		—			129		892,693
Investment management fees		431,256		—			836,770		1,038,058
Distribution and service fees		111,076		—			2		188,692
Transfer agent fees		87,882		234			10,136		130,670
Trustees, CCO and deferred compensation fees		37,753		21			3,194		208,084
Audit and tax fees		19,999		33,066			40,009		27,425
Custody fees		41,065		386			147,670		53,687
Legal fees		3,562		119			6,776		8,436
Printing and shareholder reports fees		61,429		87			31,927		66,642
Registration fees		503		20			1,228		1,411
Other accrued expenses		13,771		90			17,206		24,858
Unrealized depreciation on forward foreign currency contracts		—		—			57,399		—
Total liabilities		11,134,651		6,028,881			44,703,242		9,397,859
Net assets	$	625,078,062	$	24,620,544		$	1,588,865,452	$	1,766,162,652
Net assets consist of:
Paid-in capital	$	619,115,043	$	25,072,174		$	1,568,995,317	$	806,579,815
Total distributable earnings (accumulated losses)		5,963,019		(451,630	)		19,870,135		959,582,837
Net assets	$	625,078,062	$	24,620,544		$	1,588,865,452	$	1,766,162,652

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

Transamerica Funds Annual Report 2020

Page    370

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica Small/Mid Cap Value		Transamerica Sustainable Bond		Transamerica Unconstrained Bond		Transamerica US Growth
Net assets by class:
Class A	$	268,642,375	$	—	$	10,102	$	764,324,914
Class C		58,622,045		—		—		18,000,210
Class I		228,537,068		984,703		757,434		309,755,103
Class I2		17,795,076		23,635,841		1,588,097,916		529,573,108
Class R6		51,481,498		—		—		—
Class T		—		—		—		144,509,317
Shares outstanding (unlimited shares, no par value):
Class A		12,335,684		—		1,021		29,489,313
Class C		3,190,325		—		—		763,289
Class I		10,079,160		100,288		76,573		11,613,918
Class I2		782,929		2,407,203		160,911,719		19,848,669
Class R6		2,254,551		—		—		—
Class T		—		—		—		1,811,528
Net asset value per share: (E)
Class A	$	21.78	$	—	$	9.89	$	25.92
Class C		18.37		—		—		23.58
Class I		22.67		9.82		9.89		26.67
Class I2		22.73		9.82		9.87		26.68
Class R6		22.83		—		—		—
Class T		—		—		—		79.77
Maximum offering price per share: (F)
Class A	$	23.05	$	—	$	9.89	$	27.43
Class T	$	—	$	—	$	—	$	87.18
(A) Investments, at cost	$	548,456,263	$	29,400,742	$	1,585,238,070	$	964,546,406
(B) Securities on loan, at value	$	11,620,995	$	1,981,727	$	34,020,014	$	—
(C) Repurchase agreements, at cost	$	15,081,945	$	—	$	—	$	14,140,616
(D) Foreign currency, at cost	$	—	$	—	$	140,909	$	—

^(E)  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.

^(F)  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 Annual Report 2020

Page    371

STATEMENTS OF OPERATIONS

For the year ended October 31, 2020

	Transamerica Balanced II			Transamerica Bond			Transamerica Capital Growth			Transamerica Dividend Focused			Transamerica Dynamic Income
Investment Income:
Dividend income	$	1,221,651		$	390,700		$	190,715		$	14,247,596		$	5,505,283
Interest income		1,177,673			51,925,404			146,816			37,665			2,708
Net income from securities lending		3,322			97,336			586,583			2,653			259,931
Withholding taxes on foreign income		(1,826	)		—			—			(712	)		—
Total investment income		2,400,820			52,413,440			924,114			14,287,202			5,767,922
Expenses:
Investment management fees		570,390			6,278,821			19,308,770			3,463,525			704,802
Distribution and service fees:
Class A		—			359,634			1,489,879			185,087			124,220
Class C		—			881,226			2,957,165			41,308			620,881
Class R		339,229			—			—			—			—
Transfer agent fees
Class A		—			330,388			612,829			29,489			65,953
Class C		—			74,092			304,939			6,484			84,986
Class I		—			1,292,006			1,776,542			9,870			30,166
Class I2		—			11,541			28,739			29,223			—
Class I3		3,824			—			—			—			—
Class R		1,133			—			—			—			—
Class R6		—			1,692			1,565			332			—
Trustees, CCO and deferred compensation fees		2,929			114,558			258,527			37,453			3,452
Audit and tax fees		36,106			53,837			45,655			27,840			27,186
Custody fees		13,677			167,339			211,818			31,197			7,600
Legal fees		5,129			74,252			124,499			29,903			5,926
Printing and shareholder reports fees		10,621			300,669			415,412			39,051			72,408
Registration fees		17,907			103,603			236,000			69,712			41,057
Other		15,782			71,588			96,497			29,497			28,001
Total expenses before waiver and/or reimbursement and recapture		1,016,727			10,115,246			27,868,836			4,029,971			1,816,638
Expenses waived and/or reimbursed:
Class A		—			—			—			—			(48,817	)
Class C		—			—			—			(2,154	)		(60,572	)
Class I		—			(635,743	)		—			—			(19,045	)
Class R		(161	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			—			1,184
Class C		—			—			—			1,070			46
Class I		—			26,297			—			—			97
Class R		161			—			—			—			—
Net expenses		1,016,727			9,505,800			27,868,836			4,028,887			1,689,531
Net investment income (loss)		1,384,093			42,907,640			(26,944,722	)		10,258,315			4,078,391
Net realized gain (loss) on:
Investments		3,884,846			14,213,572			317,209,826			(39,261,636	)		(19,456,741	)
Capital gain distributions received from unaffiliated investment companies		—			—			—			—			15,128
Futures contracts		92,457			32,522			—			—			—
Foreign currency transactions		—			—			2,716			—			—
Net realized gain (loss)		3,977,303			14,246,094			317,212,542			(39,261,636	)		(19,441,613	)
Net change in unrealized appreciation (depreciation) on:
Investments		5,348,083			3,788,455			1,487,641,024			(55,000,327	)		(2,640,904	)
Futures contracts		(39,919	)		(4,042	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			—			375			—			—
Net change in unrealized appreciation (depreciation)		5,308,164			3,784,413			1,487,641,399			(55,000,327	)		(2,640,904	)
Net realized and change in unrealized gain (loss)		9,285,467			18,030,507			1,804,853,941			(94,261,963	)		(22,082,517	)
Net increase (decrease) in net assets resulting from operations	$	10,669,560		$	60,938,147		$	1,777,909,219		$	(84,003,648	)	$	(18,004,126	)

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

Transamerica Funds Annual Report 2020

Page    372

STATEMENTS OF OPERATIONS (continued)

For the period and year ended October 31, 2020

	Transamerica Emerging Markets Debt			Transamerica Emerging Markets Opportunities (A)			Transamerica Event Driven			Transamerica Floating Rate			Transamerica Global Equity
Investment Income:
Dividend income	$	28,213		$	9,665,311		$	285,054		$	35,939		$	1,800,986
Interest income		31,032,893			—			657,446			5,870,995			2,891
Net income from securities lending		26,632			62,835			2,941			4,076			9,407
Withholding taxes on foreign income		(139,677	)		(1,114,340	)		—			—			(131,501	)
Total investment income		30,948,061			8,613,806			945,441			5,911,010			1,681,783
Expenses:
Investment management fees		2,951,868			3,087,642			981,027			705,483			727,705
Distribution and service fees:
Class A		21,640			—			—			44,263			128,304
Class C		72,542			—			—			152,227			71,112
Transfer agent fees
Class A		23,109			—			—			20,048			110,696
Class C		12,596			—			—			15,296			15,762
Class I		344,593			106			959			73,928			34,029
Class I2		8,890			28,660			6,044			472			—
Class R6		565			—			—			—			62
Trustees, CCO and deferred compensation fees		11,676			9,985			2,020			2,522			2,255
Audit and tax fees		44,686			25,202			42,836			43,001			22,622
Custody fees		159,191			229,583			49,529			113,322			60,133
Legal fees		19,586			44,412			3,573			2,117			3,899
Printing and shareholder reports fees		69,291			68,800			8,149			3,825			17,733
Registration fees		86,096			71,679			19,850			44,192			52,071
Dividends, interest and fees for borrowings from securities sold short		—			—			52,361			—			—
Other		35,343			20,954			15,194			16,110			17,432
Total expenses before waiver and/or reimbursement and recapture		3,861,672			3,587,023			1,181,542			1,236,806			1,263,815
Expenses waived and/or reimbursed:
Class A		—			—			—			(44,823	)		(54,249	)
Class C		—			—			—			(37,353	)		(8,761	)
Class I		—			(130	)		(1,601	)		(168,210	)		(8,322	)
Class I2		—			(388	)		(33,977	)		(12,971	)		—
Class R6		—			—			—			—			(9	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			16,950			6,427
Class C		—			—			—			15,326			1,760
Class I		—			43			403			62,889			14,509
Class I2		—			388			6,979			9,710			—
Class R6		—			—			—			—			9
Net expenses		3,861,672			3,586,936			1,153,346			1,078,324			1,215,179
Net investment income (loss)		27,086,389			5,026,870			(207,905	)		4,832,686			466,604
Net realized gain (loss) on:
Investments		(32,320,153	)(B)		(27,131,441	)		7,082,138			(11,554,141	)		1,601,397
Securities sold short		—			—			(2,486,663	)		—			—
Written options and swaptions		—			—			(397,706	)		—			—
Swap agreements		—			—			(53,816	)		—			—
Futures contracts		—			1,283,268			55,156			—			—
Forward foreign currency contracts		(2,444,475	)		—			116,781			—			(1,513	)
Foreign currency transactions		(1,252,757	)		(93,635	)		(99,231	)		—			(23,093	)
Net realized gain (loss)		(36,017,385	)		(25,941,808	)		4,216,659			(11,554,141	)		1,576,791
Net change in unrealized appreciation (depreciation) on:
Investments		(7,670,347	)(C)		46,347,389			2,408,428			4,123,380			(2,072,323	)
Unfunded commitment		—			—			—			(1,046	)		—
Securities sold short		—			—			153,689			—			—
Written options and swaptions		—			—			(25,479	)		—			—
Swap agreements		—			—			12,543			—			—
Futures contracts		—			(59,889	)		351,348			—			—
Forward foreign currency contracts		(964,929	)		—			84,746			—			—
Translation of assets and liabilities denominated in foreign currencies		(95,364	)		2,104			(24,039	)		—			10,314
Net change in unrealized appreciation (depreciation)		(8,730,640	)		46,289,604			2,961,236			4,122,334			(2,062,009	)
Net realized and change in unrealized gain (loss)		(44,748,025	)		20,347,796			7,177,895			(7,431,807	)		(485,218	)
Net increase (decrease) in net assets resulting from operations	$	(17,661,636	)	$	25,374,666		$	6,969,990		$	(2,599,121	)	$	(18,614	)

(A)	Fund commenced operations on December 19, 2019.
(B)	Includes net of realized foreign capital gains tax of $94,150.
(C)	Includes net change in foreign capital gains tax of $(18,791).

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

Transamerica Funds Annual Report 2020

Page    373

STATEMENTS OF OPERATIONS (continued)

For the period and year ended October 31, 2020

	Transamerica Government Money Market			Transamerica High Quality Bond			Transamerica High Yield Bond			Transamerica High Yield ESG (A)			Transamerica High Yield Muni
Investment Income:
Dividend income	$	—		$	—		$	3,176,139		$	5,061		$	42,092
Interest income		11,876,303			6,677,719			107,937,122			188,685			3,989,350
Net income from securities lending		—			2,344			225,396			63			1,156
Total investment income		11,876,303			6,680,063			111,338,657			193,809			4,032,598
Expenses:
Investment management fees		3,299,425			748,557			10,764,260			27,805			527,350
Distribution and service fees:
Class A		536,773			—			207,777			—			48,346
Class C		133,606			—			230,632			—			116,032
Class R		—			64,918			165,381			—			—
Class R2		2,429,955			—			—			—			—
Class R4		265,173			98,387			1,108,941			—			—
Transfer agent fees
Class A		204,659			—			158,597			—			12,240
Class C		15,368			—			32,398			—			7,742
Class I		38,596			—			311,402			253			68,498
Class I2		401			—			59,677			358			—
Class I3		5,862			10,848			17,466			—			—
Class R		—			—			52,237			—			—
Class R2		2,833,740			—			—			—			—
Class R4		7,955			2,952			33,268			—			—
Class R6		—			—			3,403			—			—
Trustees, CCO and deferred compensation fees		34,996			4,803			49,888			190			2,462
Audit and tax fees		32,199			37,617			51,298			34,602			45,303
Custody fees		212,092			23,334			160,201			386			73,589
Legal fees		651,583			8,391			85,296			19,279			4,329
Printing and shareholder reports fees		125,768			15,736			166,812			12,910			14,148
Registration fees		114,678			33,298			176,270			442			54,374
Other		75,687			17,796			77,612			563			14,320
Total expenses before waiver and/or reimbursement and recapture		11,018,516			1,066,637			13,912,816			96,788			988,733
Expenses waived and/or reimbursed:
Class A		(716,066	)		—			—			—			(30,595	)
Class C		(127,828	)		—			—			—			(36,087	)
Class I		(41,830	)		—			(230,893	)		(3,129	)		(64,178	)
Class I2		(7,847	)		—			—			(55,966	)		—
Class I3		(106,901	)		—			—			—			—
Class R		—			—			(49,947	)		—			—
Class R2		(3,675,247	)		—			—			—			—
Class R4		(364,066	)		(25,698	)		(36,419	)		—			—
Recapture of previously waived and/or reimbursed fees:
Class A		132,785			—			—			—			269
Class C		6,065			—			3,092			—			88
Class I		532			—			—			—			—
Class I3		—			—			5,099			—			—
Class R		—			—			899			—			—
Class R2		8,108			—			—			—			—
Class R4		2,237			2,314			43,078			—			—
Net expenses		6,128,458			1,043,253			13,647,725			37,693			858,230
Net investment income (loss)		5,747,845			5,636,810			97,690,932			156,116			3,174,368
Net realized gain (loss) on:
Investments		—			1,145,886			(30,053,672	)		(3,823	)		(1,329,076	)
Net change in unrealized appreciation (depreciation) on:
Investments		—			(1,296,387	)		(29,178,599	)		(163,331	)		(2,646,649	)
Net realized and change in unrealized gain (loss)		—			(150,501	)		(59,232,271	)		(167,154	)		(3,975,725	)
Net increase (decrease) in net assets resulting from operations	$	5,747,845		$	5,486,309		$	38,458,661		$	(11,038	)	$	(801,357	)

(A) Fund commenced operations on July 31, 2020.

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

Transamerica Funds Annual Report 2020

Page    374

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2020

	Transamerica Inflation Opportunities			Transamerica Inflation- Protected Securities			Transamerica Intermediate Bond			Transamerica Intermediate Muni			Transamerica International Equity
Investment Income:
Dividend income	$	3,169		$	—		$	116,530		$	115,783		$	106,142,945
Interest income		2,361,004			1,885,042			53,763,553			45,305,964			86,464
Non-cash dividend income		—			—			—			—			7,960,798
Net income from securities lending		9,391			6,149			130,074			—			435,322
Withholding taxes on foreign income		—			—			—			—			(9,838,710	)
Total investment income		2,373,564			1,891,191			54,010,157			45,421,747			104,786,819
Expenses:
Investment management fees		617,029			431,611			7,954,980			8,232,997			30,409,244
Distribution and service fees:
Class A		2,898			—			—			584,896			375,897
Class C		5,409			—			—			1,413,400			374,067
Class R		—			50,181			227,493			—			140,389
Class R4		—			5,372			410,750			—			44,762
Transfer agent fees
Class A		1,665			—			—			85,090			441,527
Class C		453			—			—			82,358			75,087
Class I		5,168			—			—			1,661,841			2,034,415
Class I2		7,673			—			111,018			—			120,537
Class I3		—			7,605			30,743			—			15,705
Class R		—			—			762			—			466
Class R4		—			161			12,323			—			1,343
Class R6		4			—			—			—			18,293
Trustees, CCO and deferred compensation fees		2,689			2,821			51,531			50,007			106,252
Audit and tax fees		40,436			38,263			57,909			60,583			64,096
Custody fees		29,473			41,838			212,002			237,226			926,751
Legal fees		4,718			4,928			88,916			89,553			178,546
Printing and shareholder reports fees		11,819			9,063			160,522			231,885			347,182
Registration fees		55,224			30,912			54,904			140,185			216,929
Acquired fund fees		—			—			—			6,524			—
Other		14,787			13,253			105,946			84,342			186,893
Total expenses before waiver and/or reimbursement and recapture		799,445			636,008			9,479,799			12,960,887			36,078,381
Expenses waived and/or reimbursed:
Class A		(2,164	)		—			—			(233,958	)		(102,388	)
Class C		(426	)		—			—			(353,350	)		—
Class I		(5,123	)		—			—			(1,183,870	)		—
Class I2		(9,321	)		—			—			—			—
Class I3		—			(20,031	)		—			—			—
Class R		—			(4,380	)		—			—			—
Class R4		—			(2,919	)		(36,908	)		—			—
Class R6		(6	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		947			—			—			—			20,505
Class C		180			—			—			—			—
Class I		857			—			—			—			—
Class I2		9,321			—			—			—			—
Class I3		—			32,502			—			—			—
Class R		—			3,335			—			—			—
Class R4		—			393			2,527			—			—
Class R6		6			—			—			—			—
Net expenses		793,716			644,908			9,445,418			11,189,709			35,996,498
Net investment income (loss)		1,579,848			1,246,283			44,564,739			34,232,038			68,790,321
Net realized gain (loss) on:
Investments		1,438,679			468,552			79,792,419			(1,997,112	)		(172,196,572	)
Written options and swaptions		—			—			—			2,196			—
Forward foreign currency contracts		(630,396	)		(362,769	)		—			—			—
Foreign currency transactions		(80,653	)		(1,072	)		—			—			445,818
Net realized gain (loss)		727,630			104,711			79,792,419			(1,994,916	)		(171,750,754	)
Net change in unrealized appreciation (depreciation) on:
Investments		3,080,887			6,445,841			(5,750,715	)		18,156,703			(303,917,483	)
Forward foreign currency contracts		644,621			206,288			—			—			—
Translation of assets and liabilities denominated in foreign currencies		894			(2,867	)		—			—			759,171
Net change in unrealized appreciation (depreciation)		3,726,402			6,649,262			(5,750,715	)		18,156,703			(303,158,312	)
Net realized and change in unrealized gain (loss)		4,454,032			6,753,973			74,041,704			16,161,787			(474,909,066	)
Net increase (decrease) in net assets resulting from operations	$	6,033,880		$	8,000,256		$	118,606,443		$	50,393,825		$	(406,118,745	)

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

Transamerica Funds Annual Report 2020

Page    375

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2020

	Transamerica International Growth			Transamerica International Small Cap Value			Transamerica International Stock			Transamerica Large Cap Value			Transamerica Large Core
Investment Income:
Dividend income	$	30,428,263		$	12,848,981		$	2,852,630		$	52,869,124		$	3,783,197
Interest income		60,620			23,672			—			185,543			—
Net income from securities lending		246,668			84,338			8,041			35,022			3,311
Withholding taxes on foreign income		(2,618,353	)		(1,268,243	)		(253,071	)		(151,681	)		—
Total investment income		28,117,198			11,688,748			2,607,600			52,938,008			3,786,508
Expenses:
Investment management fees		9,389,159			5,254,026			633,319			11,365,534			880,281
Distribution and service fees:
Class A		342			—			1,174			155,210			—
Class C		—			—			—			242,176			—
Class R		—			—			—			—			290,295
Class R4		—			—			—			—			9,953
Transfer agent fees
Class A		936			—			123			102,698			—
Class C		—			—			—			42,720			—
Class I		97			175,934			519			157,776			—
Class I2		93,421			28,822			6,682			117,859			—
Class I3		—			—			—			—			10,025
Class R		—			—			—			—			990
Class R4		—			—			—			—			299
Class R6		—			—			34			2,066			—
Trustees, CCO and deferred compensation fees		31,404			13,609			2,317			76,301			4,725
Audit and tax fees		36,079			31,004			25,315			38,227			26,763
Custody fees		230,802			180,508			93,669			110,055			25,501
Legal fees		53,656			23,742			4,358			81,346			8,146
Printing and shareholder reports fees		88,815			41,768			10,254			142,155			16,155
Registration fees		53,128			37,525			50,609			83,131			31,126
Other		116,942			29,905			14,538			78,495			18,028
Total expenses before waiver and/or reimbursement and recapture		10,094,781			5,816,843			842,911			12,795,749			1,322,287
Expenses waived and/or reimbursed:
Class A		(737	)		—			(270	)		(3,601	)		—
Class C		—			—			—			(1,168	)		—
Class I		(54	)		—			(350	)		(130,603	)		—
Class I2		—			—			(49,775	)		(126,179	)		—
Class R6		—			—			(238	)		(1,835	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		9			—			511			—			—
Class I		—			—			189			—			—
Class I2		—			—			108,493			—			—
Class R6		—			—			555			—			—
Net expenses		10,093,999			5,816,843			902,026			12,532,363			1,322,287
Net investment income (loss)		18,023,199			5,871,905			1,705,574			40,405,645			2,464,221
Net realized gain (loss) on:
Investments		(16,855,688	)		5,343,422			(4,106,715	)		(264,651,953	)		13,346,867
Foreign currency transactions		401,719			320,843			7,168			—			—
Net realized gain (loss)		(16,453,969	)		5,664,265			(4,099,547	)		(264,651,953	)		13,346,867
Net change in unrealized appreciation (depreciation) on:
Investments		65,056,424			(15,299,765	)		(8,434,371	)		(22,285,601	)		1,667,002
Translation of assets and liabilities denominated in foreign currencies		(123,232	)		59,877			6,377			—			—
Net change in unrealized appreciation (depreciation)		64,933,192			(15,239,888	)		(8,427,994	)		(22,285,601	)		1,667,002
Net realized and change in unrealized gain (loss)		48,479,223			(9,575,623	)		(12,527,541	)		(286,937,554	)		15,013,869
Net increase (decrease) in net assets resulting from operations	$	66,502,422		$	(3,703,718	)	$	(10,821,967	)	$	(246,531,909	)	$	17,478,090

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

Transamerica Funds Annual Report 2020

Page    376

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2020

	Transamerica Large Growth			Transamerica Large Value Opportunities			Transamerica Mid Cap Growth			Transamerica Mid Cap Value Opportunities			Transamerica MLP & Energy Income
Investment Income:
Dividend income	$	3,242,271		$	11,495,727		$	1,578,473		$	24,671,887		$	8,710,745
Interest income		7,221			—			14,157			297,036			32,954
Net income from securities lending		128,143			10,131			15,192			19,826			20,761
Withholding taxes on foreign income		—			(5,657	)		—			—			(376,002	)
Total investment income		3,377,635			11,500,201			1,607,822			24,988,749			8,388,458
Expenses:
Investment management fees		5,769,490			1,789,546			2,291,849			8,675,392			2,231,129
Distribution and service fees:
Class A		—			—			29,765			44,059			33,743
Class C		—			—			13,539			160,933			89,562
Class R		694,360			323,951			107,903			251,338			—
Class R4		110,803			55,196			1,243			222,049			—
Transfer agent fees
Class A		—			—			21,994			54,903			30,645
Class C		—			—			2,473			26,172			22,605
Class I		—			—			1,479			494,997			13,429
Class I2		—			—			19,150			17,188			12,197
Class I3		52,848			23,562			2,762			10,914			—
Class R		2,171			1,090			354			991			—
Class R4		3,324			1,656			37			6,661			—
Class R6		—			—			—			15,873			—
Trustees, CCO and deferred compensation fees		22,037			9,664			8,303			30,278			4,713
Audit and tax fees		30,357			27,393			31,662			42,176			35,571
Custody fees		81,639			33,791			29,567			98,699			28,447
Legal fees		43,051			16,495			15,104			51,371			8,115
Printing and shareholder reports fees		69,663			31,251			28,832			189,168			28,058
Registration fees		38,554			33,575			66,399			121,099			43,542
Other		43,556			27,332			20,982			63,685			22,508
Total expenses before waiver and/or reimbursement and recapture		6,961,853			2,374,502			2,693,397			10,577,946			2,604,264
Expenses waived and/or reimbursed:
Class A		—			—			—			(20,347	)		(13,463	)
Class C		—			—			—			—			(11,788	)
Class I3		—
Class R		—			(5,348	)		(946	)		(3,020	)		—
Class R4		(20,241	)		(2,842	)		(346	)		(94,284	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			1,272			835
Class C		—			—			—			—			1,178
Class I2		—			—			5,047			—			—
Class I3		—			4,762			6,032			—			—
Class R		—			10,060			13,600			3,904			—
Class R4		501			3,153			27			2,294			—
Net expenses		6,942,113			2,384,287			2,716,811			10,467,765			2,581,026
Net investment income (loss)		(3,564,478	)		9,115,914			(1,108,989	)		14,520,984			5,807,432
Net realized gain (loss) on:
Investments		159,523,649			(13,795,632	)		20,305,200			(28,025,278	)		(17,844,696	)
Foreign currency transactions		671			—			—			—			3,484
Net realized gain (loss)		159,524,320			(13,795,632	)		20,305,200			(28,025,278	)		(17,841,212	)
Net change in unrealized appreciation (depreciation) on:
Investments		246,912,683			(26,786,024	)		38,860,110			(115,182,318	)		(38,218,841	)
Translation of assets and liabilities denominated in foreign currencies		650			—			—			—			(188	)
Net change in unrealized appreciation (depreciation)		246,913,333			(26,786,024	)		38,860,110			(115,182,318	)		(38,219,029	)
Net realized and change in unrealized gain (loss)		406,437,653			(40,581,656	)		59,165,310			(143,207,596	)		(56,060,241	)
Net increase (decrease) in net assets resulting from operations	$	402,873,175		$	(31,465,742	)	$	58,056,321		$	(128,686,612	)	$	(50,252,809	)

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

Transamerica Funds Annual Report 2020

Page    377

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2020

	Transamerica Multi-Asset Income			Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond			Transamerica Small Cap Growth			Transamerica Small Cap Value
Investment Income:
Dividend income	$	5,354,182		$	10,751,627		$	—		$	498,521		$	2,174,623
Interest income		6,839,972			9,873,589			84,697,913			18,904			7,369
Net income from securities lending		49,944			21,558			32,768			24,610			110,508
Withholding taxes on foreign income		—			(9,855	)		—			—			—
Total investment income		12,244,098			20,636,919			84,730,681			542,035			2,292,500
Expenses:
Investment management fees		1,533,263			6,482,352			11,331,050			1,445,993			1,055,527
Distribution and service fees:
Class A		94,163			1,405,647			1,734,940			37,080			10,019
Class C		516,225			2,050,457			2,599,505			37,254			6,244
Class R		—			—			—			76,004			32,398
Class R4		—			—			—			251			380
Transfer agent fees
Class A		40,699			436,319			396,197			26,677			8,962
Class C		45,785			168,370			242,139			6,089			855
Class I		184,654			293,350			1,886,781			36,495			13,664
Class I2		—			—			21,254			5,257			6,241
Class I3		—			—			—			2,029			1,824
Class R		—			—			—			247			107
Class R4		—			—			—			8			11
Class R6		—			1,195			2,695			6			4
Trustees, CCO and deferred compensation fees		6,686			113,394			77,609			4,122			3,057
Audit and tax fees		44,225			43,492			65,299			25,911			25,081
Custody fees		62,065			145,701			252,197			25,823			23,072
Legal fees		12,254			45,787			137,278			7,155			3,895
Printing and shareholder reports fees		45,093			124,806			412,788			26,370			5,037
Registration fees		79,976			83,640			197,695			89,324			74,875
Other		20,047			53,520			133,331			18,915			16,004
Total expenses before waiver and/or reimbursement and recapture		2,685,135			11,448,030			19,490,758			1,871,010			1,287,257
Expenses waived and/or reimbursed:
Class A		—			—			—			(4,141	)		(5,871	)
Class C		—			—			—			(670	)		(557	)
Class I		(120,752	)		—			—			—			(8,306	)
Class I2		—			—			—			(9,679	)		(40,788	)
Class I3		—			—			—			(2,347	)		(14,614	)
Class R		—			—			—			—			(5,278	)
Class R4		—			—			—			(122	)		(247	)
Class R6		—			—			—			—			(31	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			1,360			2,371
Class C		—			—			—			587			554
Class I		15,933			—			—			—			8,306
Class I2		—			—			—			12,136			40,788
Class I3		—			—			—			3,325			14,614
Class R		—			—			—			—			4,134
Class R4		—			—			—			25			139
Class R6		—			—			—			—			22
Net expenses		2,580,316			11,448,030			19,490,758			1,871,484			1,282,493
Net investment income (loss)		9,663,782			9,188,889			65,239,923			(1,329,449	)		1,010,007
Net realized gain (loss) on:
Investments		(2,764,091	)		43,298,094			(190,797	)		15,016,375			(8,041,199	)
Futures contracts		—			61,532			—			—			—
Foreign currency transactions		298			—			—			—			—
Net realized gain (loss)		(2,763,793	)		43,359,626			(190,797	)		15,016,375			(8,041,199	)
Net change in unrealized appreciation (depreciation) on:
Investments		(4,936,810	)		40,314,103			(11,097,201	)		3,997,968			(7,976,971	)
Futures contracts		—			(569,887	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		8,345			—			—			—			—
Net change in unrealized appreciation (depreciation)		(4,928,465	)		39,744,216			(11,097,201	)		3,997,968			(7,976,971	)
Net realized and change in unrealized gain (loss)		(7,692,258	)		83,103,842			(11,287,998	)		19,014,343			(16,018,170	)
Net increase (decrease) in net assets resulting from operations	$	1,971,524		$	92,292,731		$	53,951,925		$	17,684,894		$	(15,008,163	)

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

Transamerica Funds Annual Report 2020

Page    378

STATEMENTS OF OPERATIONS (continued)

For the period and year ended October 31, 2020

	Transamerica Small/Mid Cap Value			Transamerica Sustainable Bond (A)			Transamerica Unconstrained Bond			Transamerica US Growth
Investment Income:
Dividend income	$	13,343,566		$	—		$	1,726,485		$	12,202,719
Interest income		90,958			89,221			49,692,935			61,572
Net income from securities lending		80,105			118			124,993			24,056
Withholding taxes on foreign income		(11,820	)		—			—			—
Total investment income		13,502,809			89,339			51,544,413			12,288,347
Expenses:
Investment management fees		5,456,807			25,536			8,636,945			10,833,669
Distribution and service fees:
Class A (B)		738,715			—			2			1,793,411
Class C		831,649			—			—			186,644
Transfer agent fees
Class A		658,803			—			—			982,394
Class C		150,344			—			—			32,909
Class I		285,329			251			726			365,419
Class I2		1,362			448			101,407			37,830
Class R6		3,633			—			—			—
Class T		—			—			—			78,101
Trustees, CCO and deferred compensation fees		52,208			239			34,233			243,645
Audit and tax fees		27,306			47,088			58,653			41,677
Custody fees		79,339			386			336,106			108,661
Legal fees		29,723			18,280			61,791			75,563
Printing and shareholder reports fees		121,787			12,950			107,006			181,606
Registration fees		75,663			458			51,415			79,916
Other		44,787			564			59,166			73,727
Total expenses		8,557,455			106,200			9,447,450			15,115,172
Expenses waived and/or reimbursed:
Class C		—			—			—			(3,519	)
Class I		—			(3,223	)		(34	)		—
Class I2		—			(74,824	)		(79,363	)		—
Recapture of previously waived and/or reimbursed fees:
Class C		—			—			—			3,393
Net expenses		8,557,455			28,153			9,368,053			15,115,046
Net investment income (loss)		4,945,354			61,186			42,176,360			(2,826,699	)
Net realized gain (loss) on:
Investments		(46,127,028	)		(47,111	)		13,929,963			168,537,730
Futures contracts		—			—			2,470,091			—
Forward foreign currency contracts		—			—			(7,163,455	)		—
Foreign currency transactions		—			—			161,466			—
Net realized gain (loss)		(46,127,028	)		(47,111	)		9,398,065			168,537,730
Net change in unrealized appreciation (depreciation) on:
Investments		(56,312,013	)		(393,531	)		20,462,998			223,779,803
Unfunded commitment		—			—			5,629			—
Futures contracts		—			—			2,759,868			—
Forward foreign currency contracts		—			—			2,674,687			—
Translation of assets and liabilities denominated in foreign currencies		—			—			8,618			14,258
Net change in unrealized appreciation (depreciation)		(56,312,013	)		(393,531	)		25,911,800			223,794,061
Net realized and change in unrealized gain (loss)		(102,439,041	)		(440,642	)		35,309,865			392,331,791
Net increase (decrease) in net assets resulting from operations	$	(97,493,687	)	$	(379,456	)	$	77,486,225		$	389,505,092

(A)	Fund commenced operations on July 31, 2020.
(B)	Class A commenced operations for Transamerica Unconstrained Bond on October 1, 2020.

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

Transamerica Funds Annual Report 2020

Page    379

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Balanced II						Transamerica Bond						Transamerica Capital Growth
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	1,384,093		$	1,882,430		$	42,907,640		$	33,260,379		$	(26,944,722	)	$	(14,632,538	)
Net realized gain (loss)		3,977,303			2,630,631			14,246,094			3,167,514			317,212,542			248,146,744
Net change in unrealized appreciation (depreciation)		5,308,164			10,571,200			3,784,413			47,815,884			1,487,641,399			(178,872,607	)
Net increase (decrease) in net assets resulting from operations		10,669,560			15,084,261			60,938,147			84,243,777			1,777,909,219			54,641,599
Dividends and/or distributions to shareholders:
Class A		—			—			(3,550,175	)		(3,599,802	)		(42,218,753	)		(16,845,243	)
Class B (A)		—			—			—			(928	)		—			(41,993	)
Class C		—			—			(1,652,158	)		(1,514,060	)		(26,097,461	)		(8,569,291	)
Class I		—			—			(34,363,536	)		(24,398,329	)		(92,872,512	)		(29,773,771	)
Class I2		—			—			(4,370,710	)		(3,545,254	)		(63,098,839	)		(13,510,949	)
Class I3		(1,981,053	)		(2,359,981	)		—			—			—			—
Class R		(2,375,724	)		(3,396,677	)		—			—			—			—
Class R6 (B)		—			—			(664,305	)		(503,661	)		(3,117,851	)		—
Class T1 (C)		—			—			—			(118	)		—			(2,954	)
Advisor Class (C)		—			—			—			—			—			(16,460	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(4,356,777	)		(5,756,658	)		(44,600,884	)		(33,562,152	)		(227,405,416	)		(68,760,661	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			66,068,341			75,784,620			282,458,678			163,954,427
Class B (A)		—			—			—			1,616			—			18,955
Class C		—			—			35,934,488			45,576,088			124,728,775			103,162,094
Class I		—			—			771,626,652			867,375,933			1,312,369,519			785,845,665
Class I2		—			—			275,465,455			239,618			33,918,895			3,794,193
Class I3		3,690,088			590,339			—			—			—			—
Class R		4,130,620			2,972,488			—			—			—			—
Class R6 (B)		—			—			10,675,575			11,408,787			6,707,763			204,903
Class T1 (C)		—			—			—			—			—			9,700
Advisor Class (C)		—			—			—			—			—			3,800
		7,820,708			3,562,827			1,159,770,511			1,000,386,662			1,760,183,630			1,056,993,737
Issued from fund acquisition:
Class I2		—			—			—			—			—			171,778,728
Class R6 (B)		—			—			—			—			—			14,982,875
		—			—			—			—			—			186,761,603
Dividends and/or distributions reinvested:
Class A		—			—			3,089,728			3,182,834			39,180,816			15,744,346
Class B (A)		—			—			—			881			—			41,964
Class C		—			—			1,403,144			1,260,503			25,797,127			8,420,392
Class I		—			—			26,506,614			18,490,111			91,807,370			29,370,611
Class I2		—			—			4,370,710			3,545,254			63,098,839			13,510,949
Class I3		1,981,053			2,359,981			—			—			—			—
Class R		2,375,724			3,396,677			—			—			—			—
Class R6 (B)		—			—			651,475			503,661			3,117,851			—
Class T1 (C)		—			—			—			101			—			2,954
Advisor Class (C)		—			—			—			—			—			16,460
		4,356,777			5,756,658			36,021,671			26,983,345			223,002,003			67,107,676
Cost of shares redeemed:
Class A		—			—			(60,169,123	)		(41,940,624	)		(236,526,012	)		(146,505,845	)
Class B (A)		—			—			—			(48,203	)		—			(22,933	)
Class C		—			—			(22,761,324	)		(12,567,104	)		(77,369,913	)		(45,651,712	)
Class I		—			—			(603,671,487	)		(233,374,752	)		(927,636,620	)		(475,600,960	)
Class I2		—			—			(17,069,236	)		(25,998,005	)		(204,232,045	)		(35,163,964	)
Class I3		(6,203,606	)		(6,385,554	)		—			—			—			—
Class R		(14,339,645	)		(23,822,041	)		—			—			—			—
Class R6 (B)		—			—			(7,627,410	)		(2,017,577	)		(10,336,223	)		(95,904	)
Class T1 (C)		—			—			—			(10,527	)		—			(75,200	)
Advisor Class (C)		—			—			—			—			—			(426,071	)
		(20,543,251	)		(30,207,595	)		(711,298,580	)		(315,956,792	)		(1,456,100,813	)		(703,542,589	)

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

Transamerica Funds Annual Report 2020

Page    380

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Balanced II						Transamerica Bond						Transamerica Capital Growth
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Automatic conversions:
Class A	$	—		$	—		$	—		$	71,198		$	—		$	879,020
Class B (A)		—			—			—			(71,198	)		—			(879,020	)
		—			—			—			—			—			—
Automatic conversions:
Class A		—			—			5,851,645			2,053,180			7,214,452			5,022,289
Class C		—			—			(5,851,645	)		(2,053,180	)		(7,214,452	)		(5,022,289	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(8,365,766	)		(20,888,110	)		484,493,602			711,413,215			527,084,820			607,320,427
Net increase (decrease) in net assets		(2,052,983	)		(11,560,507	)		500,830,865			762,094,840			2,077,588,623			593,201,365
Net assets:
Beginning of year		120,673,206			132,233,713			1,401,215,631			639,120,791			2,013,314,390			1,420,113,025
End of year	$	118,620,223		$	120,673,206		$	1,902,046,496		$	1,401,215,631		$	4,090,903,013		$	2,013,314,390
Capital share transactions - shares:
Shares issued:
Class A		—			—			6,997,509			8,249,628			7,659,467			5,896,175
Class B (A)		—			—			—			179			—			900
Class C		—			—			3,816,404			4,971,272			4,505,206			4,669,717
Class I		—			—			81,434,878			93,962,005			34,489,664			26,697,868
Class I2		—			—			29,259,876			26,122			2,317,768			259,845
Class I3		322,847			55,932			—			—			—			—
Class R		362,657			289,343			—			—			—			—
Class R6 (B)		—			—			1,123,270			1,234,352			444,276			15,357
Class T1 (C)		—			—			—			—			—			382
Advisor Class (C)		—			—			—			—			—			139
		685,504			345,275			122,631,937			108,443,558			49,416,381			37,540,383
Shares issued on fund acquisition:
Class I2		—			—			—			—			—			12,844,998
Class R6 (B)		—			—			—			—			—			1,120,366
		—			—			—			—			—			13,965,364
Shares reinvested:
Class A		—			—			327,265			346,066			1,502,332			662,641
Class B (A)		—			—			—			98			—			2,296
Class C		—			—			149,651			137,907			1,303,544			449,807
Class I		—			—			2,801,776			1,998,725			3,317,939			1,174,824
Class I2		—			—			459,822			386,053			5,411,564			1,142,092
Class I3		181,097			241,447			—			—			—			—
Class R		216,573			350,180			—			—			—			—
Class R6 (B)		—			—			68,857			54,555			267,397			—
Class T1 (C)		—			—			—			11			—			124
Advisor Class (C)		—			—			—			—			—			660
		397,670			591,627			3,807,371			2,923,415			11,802,776			3,432,444
Shares redeemed:
Class A		—			—			(6,429,148	)		(4,541,197	)		(6,856,363	)		(5,295,810	)
Class B (A)		—			—			—			(5,374	)		—			(1,092	)
Class C		—			—			(2,447,701	)		(1,381,656	)		(3,085,919	)		(2,104,314	)
Class I		—			—			(64,799,028	)		(25,372,662	)		(25,943,024	)		(16,489,041	)
Class I2		—			—			(1,848,847	)		(2,820,054	)		(11,807,417	)		(2,546,337	)
Class I3		(554,529	)		(615,129	)		—			—			—			—
Class R		(1,297,361	)		(2,300,042	)		—			—			—			—
Class R6 (B)		—			—			(818,554	)		(217,239	)		(636,661	)		(7,090	)
Class T1 (C)		—			—			—			(1,165	)		—			(2,729	)
Advisor Class (C)		—			—			—			—			—			(14,789	)
		(1,851,890	)		(2,915,171	)		(76,343,278	)		(34,339,347	)		(48,329,384	)		(26,461,202	)
Automatic conversions:
Class A		—			—			—			7,812			—			30,433
Class B (A)		—			—			—			(7,801	)		—			(39,645	)
		—			—			—			11			—			(9,212	)
Automatic conversions:
Class A		—			—			611,619			221,106			195,642			178,851
Class C		—			—			(615,578	)		(222,518	)		(257,931	)		(227,886	)
		—			—			(3,959	)		(1,412	)		(62,289	)		(49,035	)

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

Transamerica Funds Annual Report 2020

Page    381

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Balanced II						Transamerica Bond					Transamerica Capital Growth
	October 31, 2020			October 31, 2019			October 31, 2020		October 31, 2019			October 31, 2020			October 31, 2019
Net increase (decrease) in shares outstanding:
Class A		—			—			1,507,245		4,283,415			2,501,078			1,472,290
Class B (A)		—			—			—		(12,898	)		—			(37,541	)
Class C		—			—			902,776		3,505,005			2,464,900			2,787,324
Class I		—			—			19,437,626		70,588,068			11,864,579			11,383,651
Class I2		—			—			27,870,851		(2,407,879	)		(4,078,085	)		11,700,598
Class I3		(50,585	)		(317,750	)		—		—			—			—
Class R		(718,131	)		(1,660,519	)		—		—			—			—
Class R6 (B)		—			—			373,573		1,071,668			75,012			1,128,633
Class T1 (C)		—			—			—		(1,154	)		—			(2,223	)
Advisor Class (C)		—			—			—		—			—			(13,990	)
		(768,716	)		(1,978,269	)		50,092,071		77,026,225			12,827,484			28,418,742

(A)	Class ceased operations on May 6, 2019.
(B)	Class R6 commenced operations for Transamerica Capital Growth on October 18, 2019.
(C)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2020

Page    382

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Dividend Focused						Transamerica Dynamic Income						Transamerica Emerging Markets Debt
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	10,258,315		$	12,678,632		$	4,078,391		$	6,744,762		$	27,086,389		$	39,112,721
Net realized gain (loss)		(39,261,636	)		59,286,473			(19,441,613	)		(3,123,023	)		(36,017,385	)		(8,104,776	)
Net change in unrealized appreciation (depreciation)		(55,000,327	)		(27,626,239	)		(2,640,904	)		13,050,499			(8,730,640	)		37,871,772
Net increase (decrease) in net assets resulting from operations		(84,003,648	)		44,338,866			(18,004,126	)		16,672,238			(17,661,636	)		68,879,717
Dividends and/or distributions to shareholders:
Class A		(10,787,279	)		(12,974,346	)		(1,692,895	)		(2,377,154	)		(195,910	)		(325,061	)
Class C		(721,058	)		(782,738	)		(1,799,395	)		(3,254,419	)		(146,193	)		(289,607	)
Class I		(1,581,031	)		(2,234,630	)		(1,047,778	)		(1,743,915	)		(9,372,202	)		(19,384,805	)
Class I2		(56,983,657	)		(74,189,906	)		—			—			(2,916,454	)		(6,267,258	)
Class R6		(625,262	)		(672,731	)		—			—			(154,889	)		(204,543	)
Class T1 (A)		—			(2,888	)		—			(105	)		—			(87	)
Advisor Class (A)		—			(1,560	)		—			(108	)		—			(284	)
Return of capital:
Class A		—			—			(718,078	)		(591,949	)		(42,326	)		—
Class C		—			—			(763,255	)		(810,402	)		(31,583	)		—
Class I		—			—			(444,440	)		(434,262	)		(2,024,779	)		—
Class I2														(630,074	)
Class R6														(33,462	)
Class T1 (A)		—			—			—			(26	)		—			—
Advisor Class (A)		—			—			—			(28	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(70,698,287	)		(90,858,799	)		(6,465,841	)		(9,212,368	)		(15,547,872	)		(26,471,645	)
Capital share transactions:
Proceeds from shares sold:
Class A		13,785,487			8,974,798			1,971,346			1,587,296			1,847,039			2,444,722
Class C		460,413			3,928,096			1,362,424			1,482,915			774,343			823,332
Class I		2,374,122			3,067,457			6,278,385			16,673,685			95,204,590			153,999,298
Class I2		126,422,160			8,967,098			—			—			31,139,417			399,295
Class R6		1,397,574			936,656			—			—			7,043,922			4,043,273
Advisor Class (A)		—			—			—			—			—			428
		144,439,756			25,874,105			9,612,155			19,743,896			136,009,311			161,710,348
Dividends and/or distributions reinvested:
Class A		10,779,638			12,961,595			2,185,432			2,717,182			229,127			313,023
Class C		711,825			780,105			2,386,850			3,763,669			161,923			266,219
Class I		1,579,273			2,232,331			1,472,491			2,147,872			8,757,588			15,266,165
Class I2		56,983,657			74,189,906			—			—			3,546,528			6,267,258
Class R6		625,262			672,731			—			—			188,351			143,622
Class T1 (A)		—			2,888			—			131			—			87
Advisor Class (A)		—			1,560			—			136			—			284
		70,679,655			90,841,116			6,044,773			8,628,990			12,883,517			22,256,658
Cost of shares redeemed:
Class A		(14,261,925	)		(17,951,568	)		(16,764,173	)		(21,936,644	)		(3,533,589	)		(9,827,760	)
Class C		(2,249,059	)		(3,479,245	)		(18,589,154	)		(31,513,301	)		(2,681,427	)		(2,648,306	)
Class I		(3,892,717	)		(8,905,043	)		(20,942,784	)		(21,533,160	)		(289,360,645	)		(224,678,743	)
Class I2		(66,611,567	)		(100,875,088	)		—			—			(32,166,671	)		(43,122,922	)
Class R6		(542,627	)		(880,158	)		—			—			(3,280,200	)		(4,073,222	)
Class T1 (A)		—			(31,447	)		—			(10,441	)		—			(10,504	)
Advisor Class (A)		—			(11,234	)		—			(10,442	)		—			(34,147	)
		(87,557,895	)		(132,133,783	)		(56,296,111	)		(75,003,988	)		(331,022,532	)		(284,395,604	)
Automatic conversions:
Class A		266,992			852,319			11,094,368			5,544,466			816,742			389,034
Class C		(266,992	)		(852,319	)		(11,094,368	)		(5,544,466	)		(816,742	)		(389,034	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		127,561,516			(15,418,562	)		(40,639,183	)		(46,631,102	)		(182,129,704	)		(100,428,598	)
Net increase (decrease) in net assets		(27,140,419	)		(61,938,495	)		(65,109,150	)		(39,171,232	)		(215,339,212	)		(58,020,526	)
Net assets:
Beginning of year		532,956,219			594,894,714			181,458,107			220,629,339			616,709,234			674,729,760
End of year	$	505,815,800		$	532,956,219		$	116,348,957		$	181,458,107		$	401,370,022		$	616,709,234

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

Transamerica Funds Annual Report 2020

Page    383

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Dividend Focused						Transamerica Dynamic Income						Transamerica Emerging Markets Debt
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		2,084,312			1,015,229			232,817			175,506			177,061			235,928
Class C		63,976			442,696			161,001			164,995			76,543			81,339
Class I		323,168			337,729			723,572			1,831,892			9,245,346			14,981,143
Class I2		18,745,840			994,701			—			—			2,927,758			38,562
Class R6		194,237			101,927			—			—			693,678			384,484
Advisor Class (A)		—			—			—			—			—			42
		21,411,533			2,892,282			1,117,390			2,172,393			13,120,386			15,721,498
Shares reinvested:
Class A		1,273,490			1,545,506			264,190			301,938			23,392			30,519
Class C		82,964			93,888			288,289			420,323			16,620			26,151
Class I		185,581			266,631			177,731			238,413			894,177			1,482,558
Class I2		6,764,364			8,852,392			—			—			362,468			609,057
Class R6		74,533			80,178			—			—			19,266			13,922
Class T1 (A)		—			346			—			15			—			9
Advisor Class (A)		—			186			—			15			—			29
		8,380,932			10,839,127			730,210			960,704			1,315,923			2,162,245
Shares redeemed:
Class A		(1,886,201	)		(1,942,004	)		(2,006,595	)		(2,445,615	)		(348,111	)		(979,828	)
Class C		(338,461	)		(379,275	)		(2,262,208	)		(3,522,860	)		(267,235	)		(260,699	)
Class I		(562,480	)		(938,275	)		(2,460,768	)		(2,382,852	)		(30,093,530	)		(21,822,766	)
Class I2		(8,877,950	)		(10,874,035	)		—			—			(3,328,799	)		(4,169,461	)
Class R6		(71,980	)		(95,458	)		—			—			(335,637	)		(394,931	)
Class T1 (A)		—			(3,250	)		—			(1,149	)		—			(1,010	)
Advisor Class (A)		—			(1,217	)		—			(1,152	)		—			(3,268	)
		(11,737,072	)		(14,233,514	)		(6,729,571	)		(8,353,628	)		(34,373,312	)		(27,631,963	)
Automatic conversions:
Class A		34,453			96,072			1,374,667			604,457			79,102			37,443
Class C		(34,675	)		(96,627	)		(1,381,692	)		(607,675	)		(79,846	)		(37,740	)
		(222	)		(555	)		(7,025	)		(3,218	)		(744	)		(297	)
Net increase (decrease) in shares outstanding:
Class A		1,506,054			714,803			(134,921	)		(1,363,714	)		(68,556	)		(675,938	)
Class C		(226,196	)		60,682			(3,194,610	)		(3,545,217	)		(253,918	)		(190,949	)
Class I		(53,731	)		(333,915	)		(1,559,465	)		(312,547	)		(19,954,007	)		(5,359,065	)
Class I2		16,632,254			(1,026,942	)		—			—			(38,573	)		(3,521,842	)
Class R6		196,790			86,647			—			—			377,307			3,475
Class T1 (A)		—			(2,904	)		—			(1,134	)		—			(1,001	)
Advisor Class (A)		—			(1,031	)		—			(1,137	)		—			(3,197	)
		18,055,171			(502,660	)		(4,888,996	)		(5,223,749	)		(19,937,747	)		(9,748,517	)

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

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

Transamerica Funds Annual Report 2020

Page    384

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Emerging Markets Opportunities			Transamerica Event Driven						Transamerica Floating Rate
	October 31, 2020 (A)			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	5,026,870		$	(207,905	)	$	204,205		$	4,832,686		$	28,964,447
Net realized gain (loss)		(25,941,808	)		4,216,659			1,472,231			(11,554,141	)		(11,288,973	)
Net change in unrealized appreciation (depreciation)		46,289,604			2,961,236			2,840,617			4,122,334			(2,836,803	)
Net increase (decrease) in net assets resulting from operations		25,374,666			6,969,990			4,517,053			(2,599,121	)		14,838,671
Dividends and/or distributions to shareholders:
Class A		—			—			—			(722,909	)		(1,279,886	)
Class C		—			—			—			(508,554	)		(840,954	)
Class I		—			(3,398	)		(15,011	)		(3,085,493	)		(5,991,885	)
Class I2		—			(386,265	)		(2,151,965	)		(292,926	)		(20,944,564	)
Class T1 (B)		—			—			—			—			(155	)
Advisor Class (B)		—			—			(300	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		—			(389,663	)		(2,167,276	)		(4,609,882	)		(29,057,444	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			—			7,566,852			10,257,246
Class C		—			—			—			2,703,938			4,513,734
Class I		76,808			4,856,642			124,584			28,460,821			50,365,367
Class I2		838,971,712			3,050,206			225,690			10,328			275,571
		839,048,520			7,906,848			350,274			38,741,939			65,411,918
Dividends and/or distributions reinvested:
Class A		—			—			—			714,978			1,270,733
Class C		—			—			—			493,580			825,011
Class I		—			3,398			15,011			3,057,145			5,918,132
Class I2		—			386,265			2,151,965			156,732			20,944,564
Class T1 (B)		—			—			—			—			132
Advisor Class (B)		—			—			300			—			—
		—			389,663			2,167,276			4,422,435			28,958,572
Cost of shares redeemed:
Class A		—			—			—			(17,973,676	)		(23,861,842	)
Class C		—			—			—			(7,513,923	)		(8,549,819	)
Class I		(6,656	)		(174,316	)		(33,752	)		(68,572,406	)		(140,552,949	)
Class I2		(22,958,730	)		(49,305,677	)		(27,631,941	)		(81,285,082	)		(404,081,506	)
Class T1 (B)		—			—			—			—			(10,534	)
Advisor Class (B)		—			—			(16,050	)		—			—
		(22,965,386	)		(49,479,993	)		(27,681,743	)		(175,345,087	)		(577,056,650	)
Automatic conversions:
Class A		—			—			—			381,460			427,681
Class C		—			—			—			(381,460	)		(427,681	)
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		816,083,134			(41,183,482	)		(25,164,193	)		(132,180,713	)		(482,686,160	)
Net increase (decrease) in net assets		841,457,800			(34,603,155	)		(22,814,416	)		(139,389,716	)		(496,904,933	)
Net assets:
Beginning of period/year		—			93,919,702			116,734,118			223,023,066			719,927,999
End of period/year	$	841,457,800		$	59,316,547		$	93,919,702		$	83,633,350		$	223,023,066

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

Transamerica Funds Annual Report 2020

Page    385

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Emerging Markets Opportunities			Transamerica Event Driven						Transamerica Floating Rate
	October 31, 2020 (A)			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		—			—			—			812,347			1,054,717
Class C		—			—			—			290,882			464,771
Class I		7,797			414,473			12,186			3,108,389			5,197,945
Class I2		87,408,829			277,086			21,996			1,036			28,286
		87,416,626			691,559			34,182			4,212,654			6,745,719
Shares reinvested:
Class A		—			—			—			77,412			130,841
Class C		—			—			—			53,589			84,866
Class I		—			312			1,522			332,738			611,051
Class I2		—			35,965			221,624			16,362			2,153,729
Class T1 (B)		—			—			—			—			14
Advisor Class (B)		—			—			30			—			—
		—			36,277			223,176			480,101			2,980,501
Shares redeemed:
Class A		—			—			—			(1,953,184	)		(2,471,943	)
Class C		—			—			—			(836,115	)		(877,761	)
Class I		(742	)		(16,889	)		(3,206	)		(7,614,649	)		(14,490,005	)
Class I2		(2,424,792	)		(4,497,630	)		(2,694,147	)		(8,464,440	)		(41,650,286	)
Class T1 (B)		—			—			—			—			(1,085	)
Advisor Class (B)		—			—			(1,569	)		—			—
		(2,425,534	)		(4,514,519	)		(2,698,922	)		(18,868,388	)		(59,491,080	)
Automatic conversions:
Class A		—			—			—			41,642			43,811
Class C		—			—			—			(41,612	)		(43,801	)
		—			—			—			30			10
Net increase (decrease) in shares outstanding:
Class A		—			—			—			(1,021,783	)		(1,242,574	)
Class C		—			—			—			(533,256	)		(371,925	)
Class I		7,055			397,896			10,502			(4,173,522	)		(8,681,009	)
Class I2		84,984,037			(4,184,579	)		(2,450,527	)		(8,447,042	)		(39,468,271	)
Class T1 (B)		—			—			—			—			(1,071	)
Advisor Class (B)		—			—			(1,539	)		—			—
		84,991,092			(3,786,683	)		(2,441,564	)		(14,175,603	)		(49,764,850	)

(A)	Fund commenced operations on December 19, 2019.
(B)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2020

Page    386

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Global Equity						Transamerica Government Money Market						Transamerica High Quality Bond
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	466,604		$	835,834		$	5,747,845		$	20,596,108		$	5,636,810		$	6,211,163
Net realized gain (loss)		1,576,791			4,683,969			—			—			1,145,886			606,443
Net change in unrealized appreciation (depreciation)		(2,062,009	)		2,169,415			—			—			(1,296,387	)		6,034,498
Net increase (decrease) in net assets resulting from operations		(18,614	)		7,689,218			5,747,845			20,596,108			5,486,309			12,852,104
Dividends and/or distributions to shareholders:
Class A		(3,113,147	)		(13,068	)		(1,024,138	)		(3,070,100	)		—			—
Class B (A)		—			—			—			(548	)		—			—
Class C		(422,012	)		—			(188,512	)		(68,665	)		—			—
Class I		(2,238,353	)		(74,335	)		(92,482	)		(365,363	)		—			—
Class I2		—			—			(32,663	)		(74,325	)		—			—
Class I3		—			—			(530,935	)		(1,931,043	)		(4,455,458	)		(6,076,937	)
Class R		—			—			—			—			(348,745	)		(336,587	)
Class R2		—			—			(3,257,565	)		(12,396,432	)		—			—
Class R4		—			—			(625,633	)		(2,706,954	)		(1,181,613	)		(1,096,904	)
Class R6		(56,693	)		(2,938	)		—			—			—			—
Class T1 (B)		—			(6	)		—			—			—			—
Advisor Class (B)		—			(27	)		—			—			—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(5,830,205	)		(90,374	)		(5,751,928	)		(20,613,430	)		(5,985,816	)		(7,510,428	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,663,871			1,733,370			201,612,658			137,449,584			—			—
Class B (A)		—			4,227			—			8,567			—			—
Class C		238,352			380,046			18,125,323			12,640,089			—			—
Class I		661,450			7,563,001			15,343,406			3,446,872			—			—
Class I2		—			—			6,139,242			5,436,000			—			—
Class I3		—			—			498,734,146			520,476,831			53,225,012			73,622,348
Class R		—			—			—			—			5,916,697			2,921,142
Class R2		—			—			176,573,967			251,051,561			—			—
Class R4		—			—			124,061,564			117,122,333			9,894,023			16,603,956
Class R6		148,052			252,990			—			—			—			—
		2,711,725			9,933,634			1,040,590,306			1,047,631,837			69,035,732			93,147,446
Dividends and/or distributions reinvested:
Class A		2,885,120			12,078			1,012,709			3,052,122			—			—
Class B (A)		—			—			—			495			—			—
Class C		365,737			—			184,885			67,170			—			—
Class I		2,104,357			69,132			88,269			344,135			—			—
Class I2		—			—			32,663			74,325			—			—
Class I3		—			—			530,935			1,931,043			4,455,458			6,076,937
Class R		—			—			—			—			348,745			336,587
Class R2		—			—			3,257,765			12,396,432			—			—
Class R4		—			—			625,633			2,706,954			1,181,613			1,096,904
Class R6		56,693			2,938			—			—			—			—
Class T1 (B)		—			6			—			—			—			—
Advisor Class (B)		—			27			—			—			—			—
		5,411,907			84,181			5,732,859			20,572,676			5,985,816			7,510,428
Cost of shares redeemed:
Class A		(10,828,642	)		(9,805,365	)		(116,818,645	)		(125,470,775	)		—			—
Class B (A)		—			(7,503	)		—			(34,151	)		—			—
Class C		(1,872,048	)		(3,912,539	)		(11,182,361	)		(16,492,390	)		—			—
Class I		(9,868,447	)		(3,932,358	)		(9,840,199	)		(6,859,421	)		—			—
Class I2		—			—			(6,193,982	)		(4,127,233	)		—			—
Class I3		—			—			(548,246,012	)		(493,951,562	)		(118,593,264	)		(130,048,875	)
Class R		—			—			—			—			(4,800,969	)		(4,645,626	)
Class R2		—			—			(72,733,542	)		(81,353,120	)		—			—
Class R4		—			—			(151,397,417	)		(176,245,652	)		(20,295,265	)		(14,607,954	)
Class R6		(351,551	)		(302,903	)		—			—			—			—
Class T1 (B)		—			(11,620	)		—			—			—			—
Advisor Class (B)		—			(12,483	)		—			—			—			—
		(22,920,688	)		(17,984,771	)		(916,412,158	)		(904,534,304	)		(143,689,498	)		(149,302,455	)

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

Transamerica Funds Annual Report 2020

Page    387

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Global Equity						Transamerica Government Money Market						Transamerica High Quality Bond
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Automatic conversions:
Class A	$	—		$	195,226		$	—		$	424,383		$	—		$	—
Class B (A)		—			(195,226	)		—			(424,383	)		—			—
		—			—			—			—			—			—
Automatic conversions:
Class A		3,437,172			7,578,843			870,934			474,307			—			—
Class C		(3,437,172	)		(7,578,843	)		(870,934	)		(474,307	)		—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(14,797,056	)		(7,966,956	)		129,911,007			163,670,209			(68,667,950	)		(48,644,581	)
Net increase (decrease) in net assets		(20,645,875	)		(368,112	)		129,906,924			163,652,887			(69,167,457	)		(43,302,905	)
Net assets:
Beginning of year		105,274,492			105,642,604			1,383,426,735			1,219,773,848			239,346,020			282,648,925
End of year	$	84,628,617		$	105,274,492		$	1,513,333,659		$	1,383,426,735		$	170,178,563		$	239,346,020
Capital share transactions - shares:
Shares issued:
Class A		124,638			128,526			201,612,658			137,449,585			—			—
Class B (A)		—			309			—			8,567			—			—
Class C		18,234			29,502			18,125,323			12,640,091			—			—
Class I		48,572			553,973			15,343,406			3,446,872			—			—
Class I2		—			—			6,139,242			5,436,000			—			—
Class I3		—			—			498,734,146			520,476,833			5,388,710			7,444,897
Class R		—			—			—			—			594,203			293,783
Class R2		—			—			176,573,967			251,051,562			—			—
Class R4		—			—			124,061,564			117,122,333			1,000,483			1,674,175
Class R6		11,318			18,425			—			—			—			—
		202,762			730,735			1,040,590,306			1,047,631,843			6,983,396			9,412,855
Shares reinvested:
Class A		204,618			974			1,012,709			3,052,121			—			—
Class B (A)		—			—			—			495			—			—
Class C		26,503			—			184,885			67,170			—			—
Class I		149,139			5,571			88,269			344,135			—			—
Class I2		—			—			32,663			74,323			—			—
Class I3		—			—			530,935			1,931,043			459,277			615,637
Class R		—			—			—			—			35,984			33,991
Class R2		—			—			3,257,765			12,396,429			—			—
Class R4		—			—			625,633			2,706,954			121,969			111,060
Class R6		4,015			237			—			—			—			—
Advisor Class (B)		—			2			—			—			—			—
		384,275			6,784			5,732,859			20,572,670			617,230			760,688
Shares redeemed:
Class A		(839,615	)		(722,699	)		(116,818,645	)		(125,470,776	)		—			—
Class B (A)		—			(597	)		—			(34,151	)		—			—
Class C		(147,718	)		(298,210	)		(11,182,361	)		(16,492,389	)		—			—
Class I		(798,147	)		(292,946	)		(9,840,199	)		(6,859,421	)		—			—
Class I2		—			—			(6,193,982	)		(4,127,232	)		—			—
Class I3		—			—			(548,246,012	)		(493,951,562	)		(11,936,829	)		(13,151,435	)
Class R		—			—			—			—			(490,580	)		(467,790	)
Class R2		—			—			(72,733,542	)		(81,353,120	)		—			—
Class R4		—			—			(151,397,417	)		(176,245,652	)		(2,047,655	)		(1,478,833	)
Class R6		(27,098	)		(22,516	)		—			—			—			—
Class T1 (B)		—			(848	)		—			—			—			—
Advisor Class (B)		—			(889	)		—			—			—			—
		(1,812,578	)		(1,338,705	)		(916,412,158	)		(904,534,303	)		(14,475,064	)		(15,098,058	)
Automatic conversions:
Class A		—			13,886			—			424,383			—			—
Class B (A)		—			(14,130	)		—			(424,050	)		—			—
		—			(244	)		—			333			—			—
Automatic conversions:
Class A		253,914			557,407			870,934			474,307			—			—
Class C		(260,660	)		(572,913	)		(870,934	)		(474,307	)		—			—
		(6,746	)		(15,506	)		—			—			—			—

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

Transamerica Funds Annual Report 2020

Page    388

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Global Equity						Transamerica Government Money Market						Transamerica High Quality Bond
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Net increase (decrease) in shares outstanding:
Class A		(256,445	)		(21,906	)		86,677,656			15,929,620			—			—
Class B (A)		—			(14,418	)		—			(449,139	)		—			—
Class C		(363,641	)		(841,621	)		6,256,913			(4,259,435	)		—			—
Class I		(600,436	)		266,598			5,591,476			(3,068,414	)		—			—
Class I2		—			—			(22,077	)		1,383,091			—			—
Class I3		—			—			(48,980,931	)		28,456,314			(6,088,842	)		(5,090,901	)
Class R		—			—			—			—			139,607			(140,016	)
Class R2		—			—			107,098,190			182,094,871			—			—
Class R4		—			—			(26,710,220	)		(56,416,365	)		(925,203	)		306,402
Class R6		(11,765	)		(3,854	)		—			—			—			—
Class T1 (B)		—			(848	)		—			—			—			—
Advisor Class (B)		—			(887	)		—			—			—			—
		(1,232,287	)		(616,936	)		129,911,007			163,670,543			(6,874,438	)		(4,924,515	)

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

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

Transamerica Funds Annual Report 2020

Page    389

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica High Yield Bond						Transamerica High Yield ESG			Transamerica High Yield Muni
	October 31, 2020			October 31, 2019			October 31, 2020 (A)			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	97,690,932		$	79,177,796		$	156,116		$	3,174,368		$	3,809,913
Net realized gain (loss)		(30,053,672	)		(11,005,992	)		(3,823	)		(1,329,076	)		(297,921	)
Net change in unrealized appreciation (depreciation)		(29,178,599	)		35,803,758			(163,331	)		(2,646,649	)		5,968,897
Net increase (decrease) in net assets resulting from operations		38,458,661			103,975,562			(11,038	)		(801,357	)		9,480,889
Dividends and/or distributions to shareholders:
Class A		(4,153,927	)		(4,797,236	)		—			(683,904	)		(931,266	)
Class B (B)		—			(3,047	)		—			—			—
Class C		(996,309	)		(1,409,698	)		—			(348,998	)		(349,658	)
Class I		(15,448,277	)		(4,249,037	)		(9,195	)		(2,446,476	)		(2,528,251	)
Class I2		(43,238,267	)		(27,363,567	)		(175,727	)		(421	)		(409	)
Class I3		(12,656,643	)		(16,936,055	)		—			—			—
Class R		(1,634,345	)		(2,021,155	)		—			—			—
Class R4		(22,901,908	)		(21,144,240	)		—			—			—
Class R6		(2,477,978	)		(2,135,745	)		—			—			—
Class T1 (C)		—			(159	)		—			—			(120	)
Advisor Class (C)		—			(285	)		—			—			—
Return of capital:
Class A		—			—			—			(65,834	)		—
Class C		—			—			—			(33,595	)		—
Class I		—			—			—			(235,504	)		—
Class I2		—			—			—			(41	)		—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(103,507,654	)		(80,060,224	)		(184,922	)		(3,814,773	)		(3,809,704	)
Capital share transactions:
Proceeds from shares sold:
Class A		23,809,544			32,993,875			—			4,812,378			9,954,383
Class B (B)		—			310			—			—			—
Class C		3,128,935			4,570,392			—			3,163,283			2,273,692
Class I		648,690,407			126,945,132			1,000,000			45,803,869			38,371,474
Class I2		573,034,852			2,421,305			19,000,000			—			—
Class I3		17,302,976			8,618,013			—			—			—
Class R		4,805,904			5,569,276			—			—			—
Class R4		266,983,560			57,182,197			—			—			—
Class R6		18,339,755			21,170,851			—			—			—
		1,556,095,933			259,471,351			20,000,000			53,779,530			50,599,549
Dividends and/or distributions reinvested:
Class A		3,800,799			4,318,466			—			741,021			924,092
Class B (B)		—			2,963			—			—			—
Class C		938,173			1,308,337			—			380,786			347,983
Class I		14,803,334			4,104,219			9,195			2,673,684			2,521,080
Class I2		43,227,311			27,363,540			175,727			462			409
Class I3		12,656,643			16,935,672			—			—			—
Class R		1,430,431			1,802,587			—			—			—
Class R4		22,901,908			21,120,218			—			—			—
Class R6		2,477,969			2,135,920			—			—			—
Class T1 (C)		—			159			—			—			109
Advisor Class (C)		—			242			—			—			—
		102,236,568			79,092,323			184,922			3,795,953			3,793,673
Cost of shares redeemed:
Class A		(43,531,823	)		(35,269,248	)		—			(8,731,381	)		(20,839,014	)
Class B (B)		—			34,654			—			—			—
Class C		(6,128,617	)		(7,092,570	)		—			(2,916,172	)		(2,941,848	)
Class I		(210,258,098	)		(144,494,404	)		—			(58,119,118	)		(30,499,946	)
Class I2		(17,375,677	)		(33,003,586	)		—			—			—
Class I3		(79,459,856	)		(50,245,051	)		—			—			—
Class R		(7,679,198	)		(15,456,717	)		—			—			—
Class R4		(43,882,783	)		(49,754,812	)		—			—			—
Class R6		(18,393,435	)		(8,835,399	)		—			—			—
Class T1 (C)		—			(10,741	)		—			—			(10,956	)
Advisor Class (C)		—			(16,279	)		—			—			—
		(426,709,487	)		(344,144,153	)		—			(69,766,671	)		(54,291,764	)
Automatic conversions:
Class A		—			151,472			—			—			—
Class B (B)		—			(151,472	)		—			—			—
		—			—			—			—			—
Automatic conversions:
Class A		4,018,101			3,727,191			—			31,967			139,340
Class C		(4,018,101	)		(3,727,191	)		—			(31,967	)		(139,340	)
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		1,231,623,014			(5,580,479	)		20,184,922			(12,191,188	)		101,458
Net increase (decrease) in net assets		1,166,574,021			18,334,859			19,988,962			(16,807,318	)		5,772,643
Net assets:
Beginning of period/year		1,421,569,884			1,403,235,025			—			109,226,730			103,454,087
End of period/year	$	2,588,143,905		$	1,421,569,884		$	19,988,962		$	92,419,412		$	109,226,730

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

Transamerica Funds Annual Report 2020

Page    390

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica High Yield Bond						Transamerica High Yield ESG		Transamerica High Yield Muni
	October 31, 2020			October 31, 2019			October 31, 2020 (A)		October 31, 2020			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		2,831,638			3,720,549			—		416,388			865,245
Class B (B)		—			35			—		—			—
Class C		365,612			514,274			—		269,000			196,220
Class I		75,748,848			14,134,618			100,000		4,011,007			3,298,261
Class I2		66,515,449			271,649			1,900,000		—			—
Class I3		2,038,124			954,162			—		—			—
Class R		558,757			619,412			—		—			—
Class R4		30,802,017			6,342,153			—		—			—
Class R6		2,096,684			2,350,839			—		—			—
		180,957,129			28,907,691			2,000,000		4,696,395			4,359,726
Shares reinvested:
Class A		445,061			484,922			—		63,812			79,280
Class B (B)		—			341			—		—			—
Class C		110,476			147,698			—		32,816			29,737
Class I		1,721,846			457,566			926		230,094			215,036
Class I2		5,045,485			3,041,824			17,706		40			35
Class I3		1,465,334			1,883,526			—		—			—
Class R		166,151			200,610			—		—			—
Class R4		2,661,234			2,347,640			—		—			—
Class R6		288,187			237,094			—		—			—
Class T1 (C)		—			18			—		—			10
Advisor Class (C)		—			28			—		—			—
		11,903,774			8,801,267			18,632		326,762			324,098
Shares redeemed:
Class A		(5,098,775	)		(3,986,368	)		—		(767,211	)		(1,802,301	)
Class B (B)		—			3,874			—		—			—
Class C		(724,132	)		(804,049	)		—		(251,996	)		(253,677	)
Class I		(24,604,983	)		(16,186,910	)		—		(5,136,990	)		(2,633,965	)
Class I2		(2,029,590	)		(3,745,534	)		—		—			—
Class I3		(8,912,333	)		(5,605,265	)		—		—			—
Class R		(896,605	)		(1,717,646	)		—		—			—
Class R4		(5,093,346	)		(5,529,895	)		—		—			—
Class R6		(2,193,688	)		(980,597	)		—		—			—
Class T1 (C)		—			(1,208	)		—		—			(960	)
Advisor Class (C)		—			(1,816	)		—		—			—
		(49,553,452	)		(38,555,414	)		—		(6,156,197	)		(4,690,903	)
Automatic conversions:
Class A		—			17,005			—		—			—
Class B (B)		—			(17,059	)		—		—			—
		—			(54	)		—		—			—
Automatic conversions:
Class A		474,162			415,301			—		2,808			11,767
Class C		(476,371	)		(417,510	)		—		(2,805	)		(11,757	)
		(2,209	)		(2,209	)		—		3			10
Net increase (decrease) in shares outstanding:
Class A		(1,347,914	)		651,409			—		(284,203	)		(846,009	)
Class B (B)		—			(12,809	)		—		—			—
Class C		(724,415	)		(559,587	)		—		47,015			(39,477	)
Class I		52,865,711			(1,594,726	)		100,926		(895,889	)		879,332
Class I2		69,531,344			(432,061	)		1,917,706		40			35
Class I3		(5,408,875	)		(2,767,577	)		—		—			—
Class R		(171,697	)		(897,624	)		—		—			—
Class R4		28,369,905			3,159,898			—		—			—
Class R6		191,183			1,607,336			—		—			—
Class T1 (C)		—			(1,190	)		—		—			(960	)
Advisor Class (C)		—			(1,788	)		—		—			—
		143,305,242			(848,719	)		2,018,632		(1,133,037	)		(7,079	)

(A)	Fund commenced operations on July 31, 2020.
(B)	Class ceased operations on May 6, 2019.
(C)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2020

Page    391

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Inflation Opportunities						Transamerica Inflation-Protected Securities						Transamerica Intermediate Bond
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	1,579,848		$	2,603,991		$	1,246,283		$	2,035,388		$	44,564,739		$	77,395,404
Net realized gain (loss)		727,630			530,200			104,711			(69,425	)		79,792,419			36,073,363
Net change in unrealized appreciation (depreciation)		3,726,402			9,055,691			6,649,262			8,084,359			(5,750,715	)		187,996,753
Net increase (decrease) in net assets resulting from operations		6,033,880			12,189,882			8,000,256			10,050,322			118,606,443			301,465,520
Dividends and/or distributions to shareholders:
Class A		(8,598	)		(11,193	)		—			—			—			—
Class C		(2,322	)		(5,149	)		—			—			—			—
Class I		(53,735	)		(47,553	)		—			—			—			—
Class I2		(1,094,726	)		(2,338,367	)		—			—			(33,993,563	)		(54,762,627	)
Class I3		—			—			(1,333,775	)		(2,585,805	)		(9,443,631	)		(18,423,248	)
Class R		—			—			(94,679	)		(196,619	)		(816,989	)		(1,479,017	)
Class R4		—			—			(24,677	)		(216,656	)		(3,379,895	)		(4,868,442	)
Class R6		(596	)		(892	)		—			—			—			—
Class T1 (A)		—			(71	)		—			—			—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(1,159,977	)		(2,403,225	)		(1,453,131	)		(2,999,080	)		(47,634,078	)		(79,533,334	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,833,310			66,601			—			—			—			—
Class C		23,565			70,199			—			—			—			—
Class I		2,789,400			2,510,098			—			—			—			—
Class I2		4,466,472			735,568			—			—			55,112,361			28,253,306
Class I3		—			—			9,078,534			1,742,569			55,306,002			21,539,587
Class R		—			—			3,481,541			1,047,764			8,809,500			7,152,395
Class R4		—			—			653,522			1,306,281			26,112,930			38,761,272
		9,112,747			3,382,466			13,213,597			4,096,614			145,340,793			95,706,560
Dividends and/or distributions reinvested:
Class A		8,436			10,889			—			—			—			—
Class C		2,322			5,149			—			—			—			—
Class I		53,735			47,553			—			—			—			—
Class I2		1,094,726			2,338,367			—			—			33,993,563			54,762,627
Class I3		—			—			1,333,775			2,585,805			9,443,631			18,423,248
Class R		—			—			94,679			196,619			816,989			1,479,017
Class R4		—			—			24,677			216,656			3,379,895			4,868,442
Class R6		596			892			—			—			—			—
Class T1 (A)		—			71			—			—			—			—
		1,159,815			2,402,921			1,453,131			2,999,080			47,634,078			79,533,334
Cost of shares redeemed:
Class A		(1,832,382	)		(79,081	)		—			—			—			—
Class C		(16,787	)		(22,933	)		—			—			—			—
Class I		(1,852,443	)		(246,173	)		—			—			—			—
Class I2		(44,723,049	)		(39,543,990	)		—			—			(690,868,803	)		(379,471,338	)
Class I3		—			—			(21,221,599	)		(17,855,380	)		(178,302,842	)		(302,983,743	)
Class R		—			—			(2,790,988	)		(3,197,155	)		(20,628,903	)		(57,140,717	)
Class R4		—			—			(1,130,857	)		(14,745,076	)		(51,408,095	)		(60,752,215	)
Class T1 (A)		—			(10,259	)		—			—			—			—
		(48,424,661	)		(39,902,436	)		(25,143,444	)		(35,797,611	)		(941,208,643	)		(800,348,013	)
Automatic conversions:
Class A		1,128			9,623			—			—			—			—
Class C		(1,128	)		(9,623	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(38,152,099	)		(34,117,049	)		(10,476,716	)		(28,701,917	)		(748,233,772	)		(625,108,119	)
Net increase (decrease) in net assets		(33,278,196	)		(24,330,392	)		(3,929,591	)		(21,650,675	)		(677,261,407	)		(403,175,933	)
Net assets:
Beginning of year		127,511,376			151,841,768			116,151,947			137,802,622			2,542,379,320			2,945,555,253
End of year	$	94,233,180		$	127,511,376		$	112,222,356		$	116,151,947		$	1,865,117,913		$	2,542,379,320

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

Transamerica Funds Annual Report 2020

Page    392

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Inflation Opportunities						Transamerica Inflation-Protected Securities						Transamerica Intermediate Bond
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		178,574			6,655			—			—			—			—
Class C		2,344			7,024			—			—			—			—
Class I		265,384			246,660			—			—			—			—
Class I2		423,869			73,203			—			—			5,207,917			2,889,261
Class I3		—			—			862,096			176,654			5,174,493			2,113,402
Class R		—			—			333,227			106,195			817,112			701,311
Class R4		—			—			62,487			132,966			2,430,130			3,842,517
		870,171			333,542			1,257,810			415,815			13,629,652			9,546,491
Shares reinvested:
Class A		810			1,105			—			—			—			—
Class C		226			535			—			—			—			—
Class I		5,091			4,763			—			—			—			—
Class I2		103,966			235,403			—			—			3,190,159			5,405,519
Class I3		—			—			128,211			263,616			883,740			1,819,051
Class R		—			—			9,078			20,069			76,466			146,128
Class R4		—			—			2,366			22,444			315,935			479,337
Class R6		56			89			—			—			—			—
Class T1 (A)		—			7			—			—			—			—
		110,149			241,902			139,655			306,129			4,466,300			7,850,035
Shares redeemed:
Class A		(175,012	)		(7,916	)		—			—			—			—
Class C		(1,638	)		(2,394	)		—			—			—			—
Class I		(178,635	)		(24,045	)		—			—			—			—
Class I2		(4,288,363	)		(3,946,098	)		—			—			(64,909,562	)		(37,431,644	)
Class I3		—			—			(2,044,009	)		(1,810,799	)		(16,768,924	)		(29,502,427	)
Class R		—			—			(267,688	)		(322,797	)		(1,912,164	)		(5,709,001	)
Class R4		—			—			(108,418	)		(1,528,291	)		(4,828,882	)		(5,983,515	)
Class T1 (A)		—			(1,053	)		—			—			—			—
		(4,643,648	)		(3,981,506	)		(2,420,115	)		(3,661,887	)		(88,419,532	)		(78,626,587	)
Automatic conversions:
Class A		110			950			—			—			—			—
Class C		(112	)		(970	)		—			—			—			—
		(2	)		(20	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		4,482			794			—			—			—			—
Class C		820			4,195			—			—			—			—
Class I		91,840			227,378			—			—			—			—
Class I2		(3,760,528	)		(3,637,492	)		—			—			(56,511,486	)		(29,136,864	)
Class I3		—			—			(1,053,702	)		(1,370,529	)		(10,710,691	)		(25,569,974	)
Class R		—			—			74,617			(196,533	)		(1,018,586	)		(4,861,562	)
Class R4		—			—			(43,565	)		(1,372,881	)		(2,082,817	)		(1,661,661	)
Class R6		56			89			—			—			—			—
Class T1 (A)		—			(1,046	)		—			—			—			—
		(3,663,330	)		(3,406,082	)		(1,022,650	)		(2,939,943	)		(70,323,580	)		(61,230,061	)

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

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

Transamerica Funds Annual Report 2020

Page    393

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Growth
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	34,232,038		$	37,928,061		$	68,790,321		$	113,118,662		$	18,023,199		$	24,705,628
Net realized gain (loss)		(1,994,916	)		1,651,178			(171,750,754	)		(108,226,159	)		(16,453,969	)		(62,062,587	)
Net change in unrealized appreciation (depreciation)		18,156,703			92,728,203			(303,158,312	)		352,576,211			64,933,192			196,243,244
Net increase (decrease) in net assets resulting from operations		50,393,825			132,307,442			(406,118,745	)		357,468,714			66,502,422			158,886,285
Dividends and/or distributions to shareholders:
Class A		(4,732,319	)		(5,914,290	)		(3,866,427	)		(9,317,566	)		(1,722	)		(9,584	)
Class C		(2,112,410	)		(2,669,640	)		(770,760	)		(2,326,119	)		—			—
Class I		(34,632,751	)		(29,328,247	)		(60,537,092	)		(117,072,117	)		(335	)		(2,024	)
Class I2		(214	)		(283	)		(55,020,620	)		(109,821,969	)		(23,067,648	)		(191,458,593	)
Class I3		—			—			(5,988,789	)		(10,855,310	)		—			—
Class R		—			—			(743,068	)		(1,635,400	)		—			—
Class R4		—			—			(509,323	)		(748,348	)		—			—
Class R6		—			—			(7,323,736	)		(10,172,104	)		(203	)		(1,378	)
Class T1 (A)		—			(81	)		—			(911	)		—			—
Advisor Class (A)		—			(6,499	)		—			(112,005	)		—			—
Return of capital:
Class A		(791,274	)		—			—			—			—			—
Class C		(353,226	)		—			—			—			—			—
Class I		(5,790,954	)		—			—			—			—			—
Class I2		(69	)		—			—			—			—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(48,413,217	)		(37,919,040	)		(134,759,815	)		(262,061,849	)		(23,069,908	)		(191,471,579	)
Capital share transactions:
Proceeds from shares sold:
Class A		90,873,850			94,379,092			48,904,275			41,398,565			128,311			76,048
Class C		26,966,419			25,125,189			3,392,641			4,732,171			—			—
Class I		983,697,491			648,803,374			1,242,855,491			1,026,346,576			1,000			4,543
Class I2		—			—			89,612,245			188,968,326			292,676,339			49,084,772
Class I3		—			—			46,197,288			8,227,178			—			—
Class R		—			—			1,722,842			3,002,497			—			—
Class R4		—			—			4,551,848			4,038,039			—			—
Class R6		—			—			78,758,238			84,784,663			—			—
Advisor Class (A)		—			433,886			—			291,187			—			—
		1,101,537,760			768,741,541			1,515,994,868			1,361,789,202			292,805,650			49,165,363
Dividends and/or distributions reinvested:
Class A		4,985,003			5,503,603			3,381,249			8,451,921			1,722			9,584
Class C		2,065,223			2,258,292			655,134			2,019,668			—			—
Class I		31,702,694			22,952,456			55,216,987			105,994,701			335			2,024
Class I2		283			283			55,020,620			109,821,969			23,067,648			191,458,593
Class I3		—			—			5,988,789			10,855,310			—			—
Class R		—			—			743,068			1,635,400			—			—
Class R4		—			—			509,323			748,348			—			—
Class R6		—			—			7,180,647			10,172,104			203			1,378
Class T1 (A)		—			68			—			911			—			—
Advisor Class (A)		—			5,392			—			112,005			—			—
		38,753,203			30,720,094			128,695,817			249,812,337			23,069,908			191,471,579
Cost of shares redeemed:
Class A		(71,934,360	)		(167,219,326	)		(42,641,856	)		(99,752,508	)		(50,071	)		(31,835	)
Class C		(30,834,828	)		(41,082,013	)		(15,415,451	)		(24,532,497	)		—			—
Class I		(482,756,780	)		(386,435,610	)		(1,361,048,212	)		(1,462,817,933	)		(15	)		(968	)
Class I2		—			—			(461,729,666	)		(610,460,118	)		(81,755,840	)		(262,267,476	)
Class I3		—			—			(36,631,066	)		(31,905,385	)		—			—
Class R		—			—			(5,292,293	)		(10,823,187	)		—			—
Class R4		—			—			(4,445,353	)		(1,700,962	)		—			—
Class R6		—			—			(90,191,366	)		(45,889,518	)		—			—
Class T1 (A)		—			(10,698	)		—			(24,746	)		—			—
Advisor Class (A)		—			(1,084,313	)		—			(2,513,368	)		—			—
		(585,525,968	)		(595,831,960	)		(2,017,395,263	)		(2,290,420,222	)		(81,805,926	)		(262,300,279	)
Automatic conversions:
Class A		2,845,240			992,952			2,563,370			472,108			—			—
Class C		(2,845,240	)		(992,952	)		(2,563,370	)		(472,108	)		—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		554,764,995			203,629,675			(372,704,578	)		(678,818,683	)		234,069,632			(21,663,337	)
Net increase (decrease) in net assets		556,745,603			298,018,077			(913,583,138	)		(583,411,818	)		277,502,146			(54,248,631	)
Net assets:
Beginning of year		1,716,610,145			1,418,592,068			4,838,489,707			5,421,901,525			1,162,254,826			1,216,503,457
End of year	$	2,273,355,748		$	1,716,610,145		$	3,924,906,569		$	4,838,489,707		$	1,439,756,972		$	1,162,254,826

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

Transamerica Funds Annual Report 2020

Page    394

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Intermediate Muni						Transamerica International Equity						Transamerica International Growth
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		7,698,776			8,212,786			3,033,594			2,488,391			16,704			10,986
Class C		2,287,918			2,177,778			202,237			290,315			—			—
Class I		83,234,576			55,966,706			80,619,823			61,601,712			127			647
Class I2		—			—			6,160,804			11,122,278			39,473,275			7,167,736
Class I3		—			—			2,871,714			494,016			—			—
Class R		—			—			105,836			175,667			—			—
Class R4		—			—			279,146			236,459			—			—
Class R6		—			—			4,789,549			4,986,787			—			—
Advisor Class (A)		—			38,482			—			16,507			—			—
		93,221,270			66,395,752			98,062,703			81,412,132			39,490,106			7,179,369
Shares reinvested:
Class A		422,059			476,954			187,223			548,816			224			1,561
Class C		175,247			195,742			36,682			132,611			—			—
Class I		2,673,273			1,970,538			3,025,588			6,812,010			43			329
Class I2		24			24			3,013,177			7,053,434			3,003,600			31,284,084
Class I3		—			—			325,655			692,303			—			—
Class R		—			—			40,231			103,901			—			—
Class R4		—			—			27,681			47,696			—			—
Class R6		—			—			389,195			647,080			26			224
Class T1 (A)		—			6			—			59			—			—
Advisor Class (A)		—			476			—			7,089			—			—
		3,270,603			2,643,740			7,045,432			16,044,999			3,003,893			31,286,198
Shares redeemed:
Class A		(6,134,186	)		(14,592,462	)		(2,677,550	)		(6,079,760	)		(6,567	)		(4,568	)
Class C		(2,634,458	)		(3,591,398	)		(983,942	)		(1,507,120	)		—			—
Class I		(41,224,777	)		(33,693,788	)		(88,605,884	)		(87,155,027	)		(2	)		(133	)
Class I2		—			—			(28,927,210	)		(35,993,117	)		(11,602,363	)		(38,686,421	)
Class I3		—			—			(2,125,770	)		(1,870,919	)		—			—
Class R		—			—			(327,688	)		(635,166	)		—			—
Class R4		—			—			(276,501	)		(99,848	)		—			—
Class R6		—			—			(5,538,943	)		(2,693,684	)		—			—
Class T1 (A)		—			(940	)		—			(1,469	)		—			—
Advisor Class (A)		—			(94,992	)		—			(148,360	)		—			—
		(49,993,421	)		(51,973,580	)		(129,463,488	)		(136,184,470	)		(11,608,932	)		(38,691,122	)
Automatic conversions:
Class A		239,508			84,498			156,734			27,945			—			—
Class C		(239,946	)		(84,707	)		(159,233	)		(28,416	)		—			—
		(438	)		(209	)		(2,499	)		(471	)		—			—
Net increase (decrease) in shares outstanding:
Class A		2,226,157			(5,818,224	)		700,001			(3,014,608	)		10,361			7,979
Class C		(411,239	)		(1,302,585	)		(904,256	)		(1,112,610	)		—			—
Class I		44,683,072			24,243,456			(4,960,473	)		(18,741,305	)		168			843
Class I2		24			24			(19,753,229	)		(17,817,405	)		30,874,512			(234,601	)
Class I3		—			—			1,071,599			(684,600	)		—			—
Class R		—			—			(181,621	)		(355,598	)		—			—
Class R4		—			—			30,326			184,307			—			—
Class R6		—			—			(360,199	)		2,940,183			26			224
Class T1 (A)		—			(934	)		—			(1,410	)		—			—
Advisor Class (A)		—			(56,034	)		—			(124,764	)		—			—
		46,498,014			17,065,703			(24,357,852	)		(38,727,810	)		30,885,067			(225,555	)

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

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

Transamerica Funds Annual Report 2020

Page    395

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica International Small Cap Value						Transamerica International Stock						Transamerica Large Cap Value
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	5,871,905		$	12,812,331		$	1,705,574		$	136,453		$	40,405,645		$	41,688,988
Net realized gain (loss)		5,664,265			(25,767,476	)		(4,099,547	)		(305,360	)		(264,651,953	)		22,290,004
Net change in unrealized appreciation (depreciation)		(15,239,888	)		62,097,107			(8,427,994	)		2,716,330			(22,285,601	)		(6,265,871	)
Net increase (decrease) in net assets resulting from operations		(3,703,718	)		49,141,962			(10,821,967	)		2,547,423			(246,531,909	)		57,713,121
Dividends and/or distributions to shareholders:
Class A		—			—			—			(520	)		(3,334,303	)		(10,117,977	)
Class C		—			—			—			—			(1,202,352	)		(4,908,925	)
Class I		(2,374,910	)		(19,912,659	)		(594	)		(526	)		(9,061,707	)		(38,243,845	)
Class I2		(10,778,003	)		(32,128,632	)		(114,563	)		(520	)		(78,087,363	)		(179,435,398	)
Class R6		—			—			(571	)		(520	)		(1,450,249	)		(3,093,034	)
Class T1 (A)		—			—			—			—			—			(1,018	)
Advisor Class (A)		—			—			—			—			—			(152,908	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(13,152,913	)		(52,041,291	)		(115,728	)		(2,086	)		(93,135,974	)		(235,953,105	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			44,662			17,895			7,842,464			14,954,685
Class C		—			—			—			—			2,115,715			10,691,585
Class I		149,487,207			42,457,716			—			18,226			39,788,143			148,592,891
Class I2		3,719,310			12,793,954			44,897,615			73,559,100			715,822,737			31,320,543
Class R6		—			—			—			—			7,026,988			9,596,075
Advisor Class (A)		—			—			—			—			—			15,971
		153,206,517			55,251,670			44,942,277			73,595,221			772,596,047			215,171,750
Dividends and/or distributions reinvested:
Class A		—			—			—			520			3,041,302			9,108,990
Class C		—			—			—			—			924,887			3,984,868
Class I		2,340,217			17,882,828			594			526			6,777,622			30,380,750
Class I2		10,778,003			32,128,632			114,563			520			78,087,363			179,435,398
Class R6		—			—			571			520			1,450,249			3,093,034
Class T1 (A)		—			—			—			—			—			1,018
Advisor Class (A)		—			—			—			—			—			152,908
		13,118,220			50,011,460			115,728			2,086			90,281,423			226,156,966
Cost of shares redeemed:
Class A		—			—			(17,008	)		(976	)		(30,253,219	)		(30,946,348	)
Class C		—			—			—			—			(19,676,811	)		(21,309,614	)
Class I		(34,368,431	)		(233,699,206	)		(14,527	)		—			(189,634,403	)		(270,800,517	)
Class I2		(166,487,204	)		(33,906,638	)		(4,602,083	)		—			(583,033,685	)		(219,399,362	)
Class R6		—			—			—			—			(8,788,826	)		(7,127,020	)
Class T1 (A)		—			—			—			—			—			(10,980	)
Advisor Class (A)		—			—			—			—			—			(2,057,040	)
		(200,855,635	)		(267,605,844	)		(4,633,618	)		(976	)		(831,386,944	)		(551,650,881	)
Automatic conversions:
Class A		—			—			—			—			1,254,102			717,014
Class C		—			—			—			—			(1,254,102	)		(717,014	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(34,530,898	)		(162,342,714	)		40,424,387			73,596,331			31,490,526			(110,322,165	)
Net increase (decrease) in net assets		(51,387,529	)		(165,242,043	)		29,486,692			76,141,668			(308,177,357	)		(288,562,149	)
Net assets:
Beginning of year		566,134,477			731,376,520			77,979,072			1,837,404			1,925,236,037			2,213,798,186
End of year	$	514,746,948		$	566,134,477		$	107,465,764		$	77,979,072		$	1,617,058,680		$	1,925,236,037

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

Transamerica Funds Annual Report 2020

Page    396

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica International Small Cap Value						Transamerica International Stock						Transamerica Large Cap Value
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		—			—			4,757			1,908			843,441			1,353,084
Class C		—			—			—			—			206,758			989,741
Class I		13,967,764			3,638,479			—			2,017			4,119,268			13,415,710
Class I2		380,802			1,067,407			4,855,976			7,899,916			74,926,210			2,799,204
Class R6		—			—			—			—			755,911			863,199
Advisor Class (A)		—			—			—			—			—			1,361
		14,348,566			4,705,886			4,860,733			7,903,841			80,851,588			19,422,299
Shares reinvested:
Class A		—			—			—			62			296,984			905,886
Class C		—			—			—			—			87,966			400,620
Class I		177,558			1,668,174			60			62			651,132			2,996,684
Class I2		817,134			2,991,493			11,537			62			7,791,838			17,700,123
Class R6		—			—			57			62			143,742			304,522
Class T1 (A)		—			—			—			—			—			102
Advisor Class (A)		—			—			—			—			—			15,169
		994,692			4,659,667			11,654			248			8,971,662			22,323,106
Shares redeemed:
Class A		—			—			(1,701	)		(103	)		(3,183,361	)		(2,823,903	)
Class C		—			—			—			—			(2,033,817	)		(1,966,330	)
Class I		(3,072,533	)		(20,348,376	)		(1,450	)		—			(19,676,029	)		(24,482,018	)
Class I2		(14,058,376	)		(2,882,054	)		(549,453	)		—			(61,874,732	)		(19,378,082	)
Class R6		—			—			—			—			(912,534	)		(638,586	)
Class T1 (A)		—			—			—			—			—			(982	)
Advisor Class (A)		—			—			—			—			—			(181,043	)
		(17,130,909	)		(23,230,430	)		(552,604	)		(103	)		(87,680,473	)		(49,470,944	)
Automatic conversions:
Class A		—			—			—			—			134,470			64,937
Class C		—			—			—			—			(135,237	)		(65,403	)
		—			—			—			—			(767	)		(466	)
Net increase (decrease) in shares outstanding:
Class A		—			—			3,056			1,867			(1,908,466	)		(499,996	)
Class C		—			—			—			—			(1,874,330	)		(641,372	)
Class I		11,072,789			(15,041,723	)		(1,390	)		2,079			(14,905,629	)		(8,069,624	)
Class I2		(12,860,440	)		1,176,846			4,318,060			7,899,978			20,843,316			1,121,245
Class R6		—			—			57			62			(12,881	)		529,135
Class T1 (A)		—			—			—			—			—			(880	)
Advisor Class (A)		—			—			—			—			—			(164,513	)
		(1,787,651	)		(13,864,877	)		4,319,783			7,903,986			2,142,010			(7,726,005	)

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

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

Transamerica Funds Annual Report 2020

Page    397

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Large Core						Transamerica Large Growth						Transamerica Large Value Opportunities
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	2,464,221		$	3,878,705		$	(3,564,478	)	$	82,445		$	9,115,914		$	12,999,507
Net realized gain (loss)		13,346,867			(622,268	)		159,524,320			138,691,214			(13,795,632	)		(336,389	)
Net change in unrealized appreciation (depreciation)		1,667,002			22,256,766			246,913,333			(21,408,050	)		(26,786,024	)		27,803,045
Net increase (decrease) in net assets resulting from operations		17,478,090			25,513,203			402,873,175			117,365,609			(31,465,742	)		40,466,163
Dividends and/or distributions to shareholders:
Class I3		(2,483,040	)		(33,494,006	)		(119,368,201	)		(51,130,073	)		(10,356,721	)		(82,193,743	)
Class R		(710,117	)		(12,409,397	)		(22,410,796	)		(11,259,676	)		(1,716,469	)		(15,794,135	)
Class R4		(57,356	)		(944,680	)		(6,771,539	)		(3,067,488	)		(636,156	)		(8,730,705	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(3,250,513	)		(46,848,083	)		(148,550,536	)		(65,457,237	)		(12,709,346	)		(106,718,583	)
Capital share transactions:
Proceeds from shares sold:
Class I3		1,920,000			4,144,027			7,973,435			10,628,391			14,171,316			7,678,091
Class R		2,391,672			1,509,647			11,649,455			5,876,055			3,738,478			1,980,160
Class R4		93,624			429,993			8,087,967			3,248,277			4,617,080			16,946,049
		4,405,296			6,083,667			27,710,857			19,752,723			22,526,874			26,604,300
Dividends and/or distributions reinvested:
Class I3		2,483,040			33,494,006			119,368,201			51,130,073			10,356,721			82,193,743
Class R		710,117			12,409,397			22,410,796			11,259,676			1,716,469			15,794,135
Class R4		57,356			944,680			6,771,539			3,067,488			636,156			8,730,705
		3,250,513			46,848,083			148,550,536			65,457,237			12,709,346			106,718,583
Cost of shares redeemed:
Class I3		(97,788,262	)		(20,775,687	)		(199,324,676	)		(86,550,003	)		(175,687,627	)		(60,516,673	)
Class R		(12,116,207	)		(19,131,877	)		(30,467,740	)		(46,245,671	)		(14,254,250	)		(37,582,706	)
Class R4		(3,528,615	)		(1,267,555	)		(13,448,139	)		(10,925,695	)		(21,401,710	)		(18,029,749	)
		(113,433,084	)		(41,175,119	)		(243,240,555	)		(143,721,369	)		(211,343,587	)		(116,129,128	)
Net increase (decrease) in net assets resulting from capital share transactions		(105,777,275	)		11,756,631			(66,979,162	)		(58,511,409	)		(176,107,367	)		17,193,755
Net increase (decrease) in net assets		(91,549,698	)		(9,578,249	)		187,343,477			(6,603,037	)		(220,282,455	)		(49,058,665	)
Net assets:
Beginning of year		258,054,266			267,632,515			793,399,376			800,002,413			549,873,002			598,931,667
End of year	$	166,504,568		$	258,054,266		$	980,742,853		$	793,399,376		$	329,590,547		$	549,873,002
Capital share transactions - shares:
Shares issued:
Class I3		209,171			429,447			585,532			932,410			1,766,093			851,620
Class R		239,817			154,338			827,171			476,392			455,777			208,849
Class R4		9,004			45,208			575,957			274,357			559,130			1,633,747
		457,992			628,993			1,988,660			1,683,159			2,781,000			2,694,216
Shares reinvested:
Class I3		250,237			3,947,064			10,317,044			4,893,808			1,207,416			9,992,136
Class R		71,908			1,466,414			1,955,567			1,081,621			202,489			1,922,607
Class R4		5,848			111,534			587,297			293,821			75,531			1,063,561
		327,993			5,525,012			12,859,908			6,269,250			1,485,436			12,978,304
Shares redeemed:
Class I3		(9,339,164	)		(2,164,698	)		(14,591,990	)		(6,933,037	)		(18,833,646	)		(6,537,991	)
Class R		(1,235,306	)		(1,987,977	)		(2,294,933	)		(3,746,333	)		(1,681,508	)		(3,890,110	)
Class R4		(327,006	)		(134,819	)		(889,133	)		(888,881	)		(2,356,183	)		(1,994,459	)
		(10,901,476	)		(4,287,494	)		(17,776,056	)		(11,568,251	)		(22,871,337	)		(12,422,560	)
Net increase (decrease) in shares outstanding:
Class I3		(8,879,756	)		2,211,813			(3,689,414	)		(1,106,819	)		(15,860,137	)		4,305,765
Class R		(923,581	)		(367,225	)		487,805			(2,188,320	)		(1,023,242	)		(1,758,654	)
Class R4		(312,154	)		21,923			274,121			(320,703	)		(1,721,522	)		702,849
		(10,115,491	)		1,866,511			(2,927,488	)		(3,615,842	)		(18,604,901	)		3,249,960

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

Transamerica Funds Annual Report 2020

Page    398

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Mid Cap Growth						Transamerica Mid Cap Value Opportunities						Transamerica MLP & Energy Income
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	(1,108,989	)	$	(418,487	)	$	14,520,984		$	16,080,885		$	5,807,432		$	7,230,982
Net realized gain (loss)		20,305,200			3,052,135			(28,025,278	)		34,759,911			(17,841,212	)		(13,448,809	)
Net change in unrealized appreciation (depreciation)		38,860,110			17,944,621			(115,182,318	)		86,789,438			(38,219,029	)		6,925,167
Net increase (decrease) in net assets resulting from operations		58,056,321			20,578,269			(128,686,612	)		137,630,234			(50,252,809	)		707,340
Dividends and/or distributions to shareholders:
Class A		(208,795	)		(3,390,336	)		(694,686	)		(7,646,310	)		(584,938	)		(187,587	)
Class C		(26,101	)		(432,213	)		(594,668	)		(1,146,490	)		(335,902	)		(116,268	)
Class I		(16,021	)		(196,830	)		(20,206,202	)		(23,727,906	)		(553,388	)		(184,148	)
Class I2		(2,699,917	)		(2,893	)		(11,157,523	)		(21,187,078	)		(7,519,202	)		(2,515,577	)
Class I3		(654,480	)		(11,444,616	)		(8,364,563	)		(16,928,642	)		—			—
Class R		(369,115	)		(6,087,925	)		(2,016,833	)		(4,822,358	)		—			—
Class R4		(6,606	)		(1,515,560	)		(3,639,334	)		(26,495,775	)		—			—
Class R6		—			—			(9,301,409	)		(15,092,910	)		—			—
Class T1 (A)		—			(3,227	)		—			(805	)		—			(25	)
Advisor Class (A)		—			(3,406	)		—			(791	)		—			(17	)
Return of capital:
Class A		—			—			—			—			(224,853	)		(779,277	)
Class C		—			—			—			—			(129,121	)		(483,029	)
Class I		—			—			—			—			(212,729	)		(764,978	)
Class I2		—			—			—			—			(2,890,453	)		(10,450,350	)
Class T1 (A)		—			—			—			—			—			(87	)
Advisor Class (A)		—			—			—			—			—			(100	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(3,981,035	)		(23,077,006	)		(55,975,218	)		(117,049,065	)		(12,450,586	)		(15,481,443	)
Capital share transactions:
Proceeds from shares sold:
Class A		4,813,519			3,548,776			6,054,533			27,567,062			4,046,441			1,009,593
Class C		260,197			220,232			2,630,825			6,658,632			1,900,805			660,502
Class I		825,623			221,731			237,628,354			315,293,391			11,440,115			5,650,629
Class I2		217,314,648			152,630,204			99,912,706			1,286,706			7,874,154			502,991
Class I3		3,389,359			5,695,501			7,069,779			4,157,071			—			—
Class R		4,948,192			2,322,807			3,705,257			2,926,781			—			—
Class R4		193,389			487,798			7,236,699			18,579,319			—			—
Class R6		—			—			59,104,519			72,826,043			—			—
Class T1 (A)		—			—			—			500			—			—
		231,744,927			165,127,049			423,342,672			449,295,505			25,261,515			7,823,715
Dividends and/or distributions reinvested:
Class A		208,428			3,386,329			638,177			7,531,028			751,915			891,610
Class C		26,101			432,213			541,318			1,065,963			402,273			493,051
Class I		16,021			196,830			18,138,218			20,775,719			754,032			930,504
Class I2		2,699,917			2,893			11,157,523			21,187,078			10,409,655			12,965,927
Class I3		654,480			11,444,616			8,364,563			16,928,642			—			—
Class R		369,115			6,087,925			2,016,833			4,822,358			—			—
Class R4		6,606			1,515,560			3,639,334			26,495,775			—			—
Class R6		—			—			9,301,409			15,092,910			—			—
Class T1 (A)		—			3,227			—			805			—			112
Advisor Class (A)		—	��		3,406			—			791			—			117
		3,980,668			23,072,999			53,797,375			113,901,069			12,317,875			15,281,321
Cost of shares redeemed:
Class A		(6,040,162	)		(2,925,254	)		(10,885,239	)		(121,735,632	)		(4,979,221	)		(7,693,212	)
Class C		(363,546	)		(288,544	)		(6,497,088	)		(5,685,509	)		(3,843,609	)		(4,459,800	)
Class I		(304,896	)		(250,707	)		(231,217,644	)		(206,466,212	)		(8,385,754	)		(12,445,124	)
Class I2		(28,922,359	)		(7	)		(54,331,682	)		(30,672,823	)		(51,792,271	)		(51,703,582	)
Class I3		(11,798,005	)		(13,201,092	)		(93,120,790	)		(43,626,312	)		—			—
Class R		(6,306,802	)		(5,315,208	)		(14,215,936	)		(15,270,008	)		—			—
Class R4		(307,649	)		(5,512,863	)		(15,442,258	)		(297,491,796	)		—			—
Class R6		—			—			(47,800,871	)		(36,785,911	)		—			—
Class T1 (A)		—			(10,673	)		—			(11,388	)		—			(9,769	)
Advisor Class (A)		—			(11,315	)		—			(11,305	)		—			(10,061	)
		(54,043,419	)		(27,515,663	)		(473,511,508	)		(757,756,896	)		(69,000,855	)		(76,321,548	)

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

Transamerica Funds Annual Report 2020

Page    399

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Mid Cap Growth						Transamerica Mid Cap Value Opportunities						Transamerica MLP & Energy Income
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Automatic conversions:
Class A	$	105,131		$	103,703		$	300,596		$	186,061		$	956,259		$	117,945
Class C		(105,131	)		(103,703	)		(300,596	)		(186,061	)		(956,259	)		(117,945	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		181,682,176			160,684,385			3,628,539			(194,560,322	)		(31,421,465	)		(53,216,512	)
Net increase (decrease) in net assets		235,757,462			158,185,648			(181,033,291	)		(173,979,153	)		(94,124,860	)		(67,990,615	)
Net assets:
Beginning of year		230,361,202			72,175,554			1,430,625,936			1,604,605,089			251,100,694			319,091,309
End of year	$	466,118,664		$	230,361,202		$	1,249,592,645		$	1,430,625,936		$	156,975,834		$	251,100,694
Capital share transactions - shares:
Shares issued:
Class A		456,350			338,761			589,400			2,569,778			854,374			147,767
Class C		26,776			25,042			268,947			624,727			338,924			98,141
Class I		77,810			23,495			25,445,634			28,030,136			2,207,805			832,010
Class I2		19,322,648			14,900,203			9,614,374			113,962			1,929,181			72,998
Class I3		324,455			724,652			785,323			364,907			—			—
Class R		464,376			239,740			387,292			257,461			—			—
Class R4		17,439			51,866			752,341			1,655,596			—			—
Class R6		—			—			5,747,976			6,241,247			—			—
Class T1 (A)		—			—			—			42			—			—
		20,689,854			16,303,759			43,591,287			39,857,856			5,330,284			1,150,916
Shares reinvested:
Class A		19,497			442,079			54,545			763,022			156,796			132,576
Class C		2,595			59,452			46,827			108,883			83,800			73,365
Class I		1,479			25,463			1,547,629			2,096,440			155,324			138,477
Class I2		247,699			372			951,196			2,135,794			2,159,687			1,925,163
Class I3		60,099			1,472,924			710,065			1,699,663			—			—
Class R		34,146			784,526			170,773			482,718			—			—
Class R4		606			194,303			307,896			2,657,550			—			—
Class R6		—			—			787,588			1,510,802			—			—
Class T1 (A)		—			421			—			81			—			18
Advisor Class (A)		—			441			—			79			—			18
		366,121			2,979,981			4,576,519			11,455,032			2,555,607			2,269,617
Shares redeemed:
Class A		(583,087	)		(325,307	)		(1,107,071	)		(10,861,358	)		(887,664	)		(1,144,372	)
Class C		(37,753	)		(33,065	)		(677,212	)		(530,209	)		(724,277	)		(665,948	)
Class I		(29,853	)		(26,179	)		(23,632,219	)		(18,254,845	)		(1,532,726	)		(1,871,965	)
Class I2		(2,328,916	)		—			(5,210,796	)		(2,721,732	)		(10,012,393	)		(7,583,842	)
Class I3		(1,069,767	)		(1,357,010	)		(8,299,218	)		(3,854,179	)		—			—
Class R		(611,962	)		(545,652	)		(1,354,420	)		(1,373,365	)		—			—
Class R4		(24,589	)		(570,859	)		(1,484,080	)		(26,795,287	)		—			—
Class R6		—			—			(4,733,451	)		(3,211,701	)		—			—
Class T1 (A)		—			(1,195	)		—			(1,020	)		—			(1,354	)
Advisor Class (A)		—			(1,256	)		—			(1,000	)		—			(1,391	)
		(4,685,927	)		(2,860,523	)		(46,498,467	)		(67,604,696	)		(13,157,060	)		(11,268,872	)
Automatic conversions:
Class A		11,109			11,159			30,102			16,514			193,221			17,373
Class C		(11,836	)		(11,789	)		(30,590	)		(16,715	)		(193,635	)		(17,446	)
		(727	)		(630	)		(488	)		(201	)		(414	)		(73	)
Net increase (decrease) in shares outstanding:
Class A		(96,131	)		466,692			(433,024	)		(7,512,044	)		316,727			(846,656	)
Class C		(20,218	)		39,640			(392,028	)		186,686			(495,188	)		(511,888	)
Class I		49,436			22,779			3,361,044			11,871,731			830,403			(901,478	)
Class I2		17,241,431			14,900,575			5,354,774			(471,976	)		(5,923,525	)		(5,585,681	)
Class I3		(685,213	)		840,566			(6,803,830	)		(1,789,609	)		—			—
Class R		(113,440	)		478,614			(796,355	)		(633,186	)		—			—
Class R4		(6,544	)		(324,690	)		(423,843	)		(22,482,141	)		—			—
Class R6		—			—			1,802,113			4,540,348			—			—
Class T1 (A)		—			(774	)		—			(897	)		—			(1,336	)
Advisor Class (A)		—			(815	)		—			(921	)		—			(1,373	)
		16,369,321			16,422,587			1,668,851			(16,292,009	)		(5,271,583	)		(7,848,412	)

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

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

Transamerica Funds Annual Report 2020

Page    400

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Multi-Asset Income						Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	9,663,782		$	6,598,672		$	9,188,889		$	12,013,274		$	65,239,923		$	74,632,861
Net realized gain (loss)		(2,763,793	)		839,401			43,359,626			30,060,718			(190,797	)		1,541,076
Net change in unrealized appreciation (depreciation)		(4,928,465	)		13,836,796			39,744,216			71,047,927			(11,097,201	)		66,195,032
Net increase (decrease) in net assets resulting from operations		1,971,524			21,274,869			92,292,731			113,121,919			53,951,925			142,368,969
Dividends and/or distributions to shareholders:
Class A		(1,340,768	)		(1,292,583	)		(22,137,786	)		(38,925,530	)		(14,589,317	)		(17,334,476	)
Class B (A)		—			—			—			(53,987	)		—			—
Class C		(1,533,848	)		(1,529,847	)		(6,566,522	)		(12,466,933	)		(3,478,237	)		(6,286,965	)
Class I		(7,063,932	)		(5,327,742	)		(10,369,114	)		(17,156,884	)		(41,287,337	)		(43,159,744	)
Class I2		(533	)		(595	)		—			—			(6,905,751	)		(7,760,016	)
Class R6		—			—			(612,950	)		(612,950	)		(855,455	)		(689,224	)
Class T1 (B)		—			(230	)		—			(693	)		—			(81	)
Advisor Class (B)		—			(2,337	)		—			(5,459	)		—			(47,660	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(9,939,081	)		(8,153,334	)		(39,686,372	)		(69,222,436	)		(67,116,097	)		(75,278,166	)
Capital share transactions:
Proceeds from shares sold:
Class A		16,663,501			10,013,616			56,864,956			48,858,902			208,405,218			215,323,232
Class B (A)		—			—			—			24,921			—			—
Class C		18,592,863			12,269,643			49,640,583			33,854,740			52,736,345			38,102,130
Class I		100,904,471			78,401,567			82,970,981			43,855,787			1,247,387,825			999,395,879
Class I2		—			—			—			—			195,572,936			128,088,532
Class R6		—			—			5,537,711			8,583,507			30,164,598			9,999,256
Advisor Class (B)		—			—			—			1,500			—			1,781,376
		136,160,835			100,684,826			195,014,231			135,179,357			1,734,266,922			1,392,690,405
Dividends and/or distributions reinvested:
Class A		1,294,695			1,263,288			21,761,739			38,048,394			13,410,015			16,207,781
Class B (A)		—			—			—			53,843			—			—
Class C		1,501,460			1,480,469			6,175,460			11,817,417			3,046,783			5,555,410
Class I		7,025,798			5,242,764			9,445,456			15,710,502			34,241,902			34,773,916
Class I2		533			595			—			—			6,901,065			7,760,016
Class R6		—			—			387,875			595,462			758,271			684,210
Class T1 (B)		—			230			—			693			—			69
Advisor Class (B)		—			2,337			—			5,459			—			42,201
		9,822,486			7,989,683			37,770,530			66,231,770			58,358,036			65,023,603
Cost of shares redeemed:
Class A		(16,662,618	)		(6,822,899	)		(103,456,016	)		(93,532,358	)		(255,876,525	)		(335,529,063	)
Class B (A)		—			—			—			(63,497	)		—			—
Class C		(11,070,621	)		(7,792,673	)		(33,906,819	)		(37,138,071	)		(57,376,423	)		(97,196,825	)
Class I		(85,219,846	)		(30,606,574	)		(53,669,730	)		(57,746,192	)		(1,042,527,804	)		(776,375,068	)
Class I2		—			—			—			—			(322,094,410	)		(80,213,860	)
Class R6		—			—			(2,680,074	)		(3,385,661	)		(23,814,862	)		(8,670,816	)
Class T1 (B)		—			(11,154	)		—			(11,228	)		—			(10,327	)
Advisor Class (B)		—			(112,335	)		—			(91,713	)		—			(7,302,644	)
		(112,953,085	)		(45,345,635	)		(193,712,639	)		(191,968,720	)		(1,701,690,024	)		(1,305,298,603	)
Automatic conversions:
Class A		—			—			—			955,910			—			—
Class B (A)		—			—			—			(955,910	)		—			—
		—			—			—			—			—			—
Automatic conversions:
Class A		2,460,873			473,281			10,877,866			6,556,689			67,018,293			53,677,373
Class C		(2,460,873	)		(473,281	)		(10,877,866	)		(6,556,689	)		(67,018,293	)		(53,677,373	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		33,030,236			63,328,874			39,072,122			9,442,407			90,934,934			152,415,405
Net increase (decrease) in net assets		25,062,679			76,450,409			91,678,481			53,341,890			77,770,762			219,506,208
Net assets:
Beginning of year		234,697,335			158,246,926			1,011,428,011			958,086,121			3,049,850,040			2,830,343,832
End of year	$	259,760,014		$	234,697,335		$	1,103,106,492		$	1,011,428,011		$	3,127,620,802		$	3,049,850,040

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

Transamerica Funds Annual Report 2020

Page    401

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Multi-Asset Income						Transamerica Multi-Managed Balanced						Transamerica Short-Term Bond
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Capital share transactions - shares:
Shares issued:
Class A		1,432,626			911,389			1,949,135			1,796,147			20,357,830			21,194,546
Class B (A)		—			—			—			910			—			—
Class C		1,605,159			1,111,565			1,737,413			1,272,405			5,169,945			3,758,700
Class I		8,852,708			7,063,555			2,809,228			1,603,079			124,034,591			100,085,455
Class I2		—			—			—			—			19,354,606			12,892,612
Class R6		—			—			188,767			311,720			3,016,692			991,396
Advisor Class (B)		—			—			—			59			—			180,305
		11,890,493			9,086,509			6,684,543			4,984,320			171,933,664			139,103,014
Shares reinvested:
Class A		119,766			117,538			762,921			1,512,608			1,313,913			1,593,881
Class B (A)		—			—			—			2,180			—			—
Class C		139,872			138,772			219,761			482,081			299,226			547,615
Class I		653,879			487,224			329,659			620,831			3,413,402			3,476,173
Class I2		51			58			—			—			690,032			776,465
Class R6		—			—			13,542			23,469			75,562			68,498
Class T1 (B)		—			22			—			28			—			7
Advisor Class (B)		—			226			—			219			—			4,265
		913,568			743,840			1,325,883			2,641,416			5,792,135			6,466,904
Shares redeemed:
Class A		(1,568,707	)		(621,223	)		(3,617,220	)		(3,440,442	)		(25,159,077	)		(33,101,024	)
Class B (A)		—			—			—			(2,378	)		—			—
Class C		(1,010,727	)		(714,076	)		(1,215,769	)		(1,399,530	)		(5,653,657	)		(9,602,674	)
Class I		(7,854,514	)		(2,825,802	)		(1,867,958	)		(2,144,954	)		(104,993,232	)		(77,856,693	)
Class I2		—			—			—			—			(32,718,837	)		(8,050,251	)
Class R6		—			—			(90,381	)		(126,455	)		(2,391,686	)		(867,409	)
Class T1 (B)		—			(1,022	)		—			(421	)		—			(1,023	)
Advisor Class (B)		—			(10,325	)		—			(3,462	)		—			(735,540	)
		(10,433,948	)		(4,172,448	)		(6,791,328	)		(7,117,642	)		(170,916,489	)		(130,214,614	)
Automatic conversions:
Class A		—			—			—			34,929			—			—
Class B (A)		—			—			—			(35,138	)		—			—
		—			—			—			(209	)		—			—
Automatic conversions:
Class A		214,947			41,719			366,715			236,934			6,550,917			5,244,714
Class C		(215,998	)		(41,871	)		(374,228	)		(241,566	)		(6,563,509	)		(5,253,290	)
		(1,051	)		(152	)		(7,513	)		(4,632	)		(12,592	)		(8,576	)
Net increase (decrease) in shares outstanding:
Class A		198,632			449,423			(538,449	)		140,176			3,063,583			(5,067,883	)
Class B (A)		—			—			—			(34,426	)		—			—
Class C		518,306			494,390			367,177			113,390			(6,747,995	)		(10,549,649	)
Class I		1,652,073			4,724,977			1,270,929			78,956			22,454,761			25,704,935
Class I2		51			58			—			—			(12,674,199	)		5,618,826
Class R6		—			—			111,928			208,734			700,568			192,485
Class T1 (B)		—			(1,000	)		—			(393	)		—			(1,016	)
Advisor Class (B)		—			(10,099	)		—			(3,184	)		—			(550,970	)
		2,369,062			5,657,749			1,211,585			503,253			6,796,718			15,346,728

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

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

Transamerica Funds Annual Report 2020

Page    402

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Small Cap Growth						Transamerica Small Cap Value						Transamerica Small/Mid Cap Value
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	(1,329,449	)	$	(846,832	)	$	1,010,007		$	1,755,414		$	4,945,354		$	4,684,282
Net realized gain (loss)		15,016,375			9,471,121			(8,041,199	)		1,890,712			(46,127,028	)		13,395,335
Net change in unrealized appreciation (depreciation)		3,997,968			6,481,845			(7,976,971	)		1,953,468			(56,312,013	)		41,061,548
Net increase (decrease) in net assets resulting from operations		17,684,894			15,106,134			(15,008,163	)		5,599,594			(97,493,687	)		59,141,165
Dividends and/or distributions to shareholders:
Class A		(1,056,936	)		(1,414,128	)		(174,711	)		(328,985	)		(11,113,612	)		(35,533,133	)
Class B (A)		—			—			—			—			—			(46,031	)
Class C		(311,870	)		(490,258	)		(24,525	)		(64,184	)		(3,497,263	)		(17,639,233	)
Class I		(2,503,008	)		(3,349,386	)		(640,359	)		(1,523,486	)		(10,236,353	)		(26,960,120	)
Class I2		(3,751,739	)		(3,261,131	)		(2,169,732	)		(18,710,196	)		(722,448	)		(1,973,487	)
Class I3		(1,779,450	)		(2,685,929	)		(1,017,542	)		(2,348,533	)		—			—
Class R		(1,064,589	)		(1,546,130	)		(286,573	)		(756,005	)		—			—
Class R4		(16,978	)		(625,490	)		(13,588	)		(21,805	)		—			—
Class R6		(4,843	)		(6,051	)		(2,478	)		(5,036	)		(1,753,628	)		(2,428,112	)
Class T1 (B)		—			(9,028	)		—			(870	)		—			(1,106	)
Advisor Class (B)		—			(1,358	)		—			(867	)		—			(31,000	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(10,489,413	)		(13,388,889	)		(4,329,508	)		(23,759,967	)		(27,323,304	)		(84,612,222	)
Capital share transactions:
Proceeds from shares sold:
Class A		4,396,063			4,069,143			1,414,811			2,299,973			28,112,194			27,957,215
Class B (A)		—			—			—			—			—			9,393
Class C		381,765			600,532			9,670			68,878			4,231,405			10,184,716
Class I		7,839,807			17,942,491			2,126,790			16,854,295			93,649,504			113,632,632
Class I2		48,749,177			20,694,441			410,886,751			1,107,468			1,081,935			960,735
Class I3		6,553,201			1,023,437			11,207,798			1,779,839			—			—
Class R		2,295,465			1,574,222			1,229,498			1,024,770			—			—
Class R4		55,232			346,137			10,302			93,762			—			—
Class R6		—			—			—			—			21,693,181			39,880,100
Class T1 (B)		—			537			—			—			—			—
Advisor Class (B)		—			—			—			—			—			750
		70,270,710			46,250,940			426,885,620			23,228,985			148,768,219			192,625,541
Dividends and/or distributions reinvested:
Class A		1,053,485			1,409,450			174,711			328,985			10,523,294			34,017,232
Class B (A)		—			—			—			—			—			45,596
Class C		311,713			490,039			23,673			61,866			3,218,634			16,355,911
Class I		2,501,047			3,347,331			640,359			1,523,486			8,460,478			22,431,984
Class I2		2,452,204			3,261,131			2,169,732			18,710,196			722,448			1,973,487
Class I3		1,779,450			2,685,929			1,017,542			2,348,533			—			—
Class R		1,064,589			1,546,130			286,573			756,005			—			—
Class R4		16,978			625,490			13,588			21,805			—			—
Class R6		4,843			6,051			2,478			5,036			1,743,699			2,428,112
Class T1 (B)		—			4,745			—			870			—			1,106
Advisor Class (B)		—			1,358			—			867			—			31,000
		9,184,309			13,377,654			4,328,656			23,757,649			24,668,553			77,284,428
Cost of shares redeemed:
Class A		(4,622,016	)		(9,647,333	)		(1,186,774	)		(900,436	)		(86,524,255	)		(85,608,852	)
Class B (A)		—			—			—			—			—			(23,957	)
Class C		(878,024	)		(1,467,483	)		(56,797	)		(114,037	)		(28,963,794	)		(40,704,415	)
Class I		(12,791,632	)		(16,075,177	)		(2,951,815	)		(3,320,073	)		(125,148,177	)		(103,925,647	)
Class I2		(30,980,310	)		(6,938,882	)		(33,832,068	)		(164,096,780	)		(1,625,969	)		(1,314,154	)
Class I3		(7,889,945	)		(6,863,546	)		(5,136,871	)		(5,397,154	)		—			—
Class R		(4,682,039	)		(4,188,076	)		(1,920,234	)		(2,459,965	)		—			—
Class R4		(234,739	)		(6,909,904	)		(210,088	)		(27,995	)		—			—
Class R6		—			—			—			—			(12,488,979	)		(7,112,981	)
Class T1 (B)		—			(92,078	)		—			(10,424	)		—			(11,101	)
Advisor Class (B)		—			(15,069	)		—			(10,460	)		—			(323,549	)
		(62,078,705	)		(52,197,548	)		(45,294,647	)		(176,337,324	)		(254,751,174	)		(239,024,656	)
Automatic conversions:
Class A		—			—			—			—			—			439,615
Class B (A)		—			—			—			—			—			(439,615	)
		—			—			—			—			—			—

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

Transamerica Funds Annual Report 2020

Page    403

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Small Cap Growth						Transamerica Small Cap Value						Transamerica Small/Mid Cap Value
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Automatic conversions:
Class A	$	135,194		$	51,648		$	2,975		$	344		$	18,409,025		$	25,628,344
Class C		(135,194	)		(51,648	)		(2,975	)		(344	)		(18,409,025	)		(25,628,344	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		17,376,314			7,431,046			385,919,629			(129,350,690	)		(81,314,402	)		30,885,313
Net increase (decrease) in net assets		24,571,795			9,148,291			366,581,958			(147,511,063	)		(206,131,393	)		5,414,256
Net assets:
Beginning of year		153,121,520			143,973,229			105,764,919			253,275,982			831,209,455			825,795,199
End of year	$	177,693,315		$	153,121,520		$	472,346,877		$	105,764,919		$	625,078,062		$	831,209,455
Capital share transactions - shares:
Shares issued:
Class A		719,068			670,318			184,281			231,153			1,364,757			1,172,179
Class B (A)		—			—			—			—			—			395
Class C		66,816			112,955			1,174			7,714			219,323			500,538
Class I		1,247,890			2,837,682			280,117			1,675,407			4,380,342			4,562,679
Class I2		7,483,475			3,071,290			49,762,508			119,842			47,927			37,712
Class I3		960,972			174,600			1,548,160			198,540			—			—
Class R		356,984			248,679			153,229			104,610			—			—
Class R4		8,831			54,405			1,351			9,776			—			—
Class R6		—			—			—			—			915,058			1,548,982
Class T1 (B)		—			80			—			—			—			—
Advisor Class (B)		—			—			—			—			—			29
		10,844,036			7,170,009			51,930,820			2,347,042			6,927,407			7,822,514
Shares reinvested:
Class A		169,371			272,621			17,701			38,613			408,038			1,582,933
Class B (A)		—			—			—			—			—			2,442
Class C		56,882			105,840			2,426			7,330			147,037			890,360
Class I		384,185			622,181			64,358			177,356			316,043			1,007,274
Class I2		369,308			596,185			218,064			2,178,137			26,947			88,497
Class I3		267,990			491,029			102,060			273,085			—			—
Class R		163,031			285,791			28,686			87,704			—			—
Class R4		2,569			114,980			1,363			2,532			—			—
Class R6		729			1,106			247			583			64,749			108,398
Class T1 (B)		—			918			—			102			—			51
Advisor Class (B)		—			253			—			100			—			1,375
		1,414,065			2,490,904			434,905			2,765,542			962,814			3,681,330
Shares redeemed:
Class A		(762,099	)		(1,500,466	)		(142,311	)		(94,020	)		(3,999,560	)		(3,528,733	)
Class B (A)		—			—			—			—			—			(1,200	)
Class C		(163,460	)		(266,126	)		(7,388	)		(12,923	)		(1,576,060	)		(1,977,841	)
Class I		(2,018,293	)		(2,565,256	)		(358,794	)		(346,542	)		(5,831,037	)		(4,158,667	)
Class I2		(4,428,207	)		(1,074,530	)		(4,195,412	)		(16,754,141	)		(70,349	)		(51,181	)
Class I3		(1,178,033	)		(1,037,587	)		(628,046	)		(551,808	)		—			—
Class R		(718,865	)		(657,470	)		(231,254	)		(252,491	)		—			—
Class R4		(35,064	)		(1,102,211	)		(21,433	)		(2,870	)		—			—
Class R6		—			—			—			—			(528,966	)		(279,877	)
Class T1 (B)		—			(15,095	)		—			(1,040	)		—			(454	)
Advisor Class (B)		—			(2,385	)		—			(1,029	)		—			(12,615	)
		(9,304,021	)		(8,221,126	)		(5,584,638	)		(18,016,864	)		(12,005,972	)		(10,010,568	)
Automatic conversions:
Class A		—			—			—			—			—			17,661
Class B (A)		—			—			—			—			—			(20,374	)
		—			—			—			—			—			(2,713	)
Automatic conversions:
Class A		21,654			8,531			388			37			828,144			1,040,972
Class C		(24,509	)		(9,550	)		(394	)		(37	)		(978,261	)		(1,222,137	)
		(2,855	)		(1,019	)		(6	)		—			(150,117	)		(181,165	)

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

Transamerica Funds Annual Report 2020

Page    404

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Small Cap Growth						Transamerica Small Cap Value						Transamerica Small/Mid Cap Value
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Net increase (decrease) in shares outstanding:
Class A		147,994			(548,996	)		60,059			175,783			(1,398,621	)		285,012
Class B (A)		—			—			—			—			—			(18,737	)
Class C		(64,271	)		(56,881	)		(4,182	)		2,084			(2,187,961	)		(1,809,080	)
Class I		(386,218	)		894,607			(14,319	)		1,506,221			(1,134,652	)		1,411,286
Class I2		3,424,576			2,592,945			45,785,160			(14,456,162	)		4,525			75,028
Class I3		50,929			(371,958	)		1,022,174			(80,183	)		—			—
Class R		(198,850	)		(123,000	)		(49,339	)		(60,177	)		—			—
Class R4		(23,664	)		(932,826	)		(18,719	)		9,438			—			—
Class R6		729			1,106			247			583			450,841			1,377,503
Class T1 (B)		—			(14,097	)		—			(938	)		—			(403	)
Advisor Class (B)		—			(2,132	)		—			(929	)		—			(11,211	)
		2,951,225			1,438,768			46,781,081			(12,904,280	)		(4,265,868	)		1,309,398

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

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

Transamerica Funds Annual Report 2020

Page    405

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Sustainable Bond			Transamerica Unconstrained Bond						Transamerica US Growth
	October 31, 2020 (A)			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	61,186		$	42,176,360		$	29,729,385		$	(2,826,699	)	$	(1,895,812	)
Net realized gain (loss)		(47,111	)		9,398,065			(24,951,032	)		168,537,730			121,338,133
Net change in unrealized appreciation (depreciation)		(393,531	)		25,911,800			24,674,567			223,794,061			88,287,983
Net increase (decrease) in net assets resulting from operations		(379,456	)		77,486,225			29,452,920			389,505,092			207,730,304
Dividends and/or distributions to shareholders:
Class A (B)		—			(19	)		—			(54,541,249	)		(55,720,551	)
Class B (C)		—			—			—			—			(336,306	)
Class C		—			—			—			(1,601,166	)		(1,485,668	)
Class I		(2,840	)		(17,708	)		(38,580	)		(21,547,803	)		(18,533,239	)
Class I2		(71,044	)		(39,201,833	)		(25,928,686	)		(38,866,155	)		(18,610,200	)
Class T		—			—			—			(3,524,318	)		(4,280,779	)
Class T1 (D)		—			—			—			—			(1,290	)
Advisor Class (D)		—			—			(121	)		—			(1,376	)
Return of capital:
Class A					(8	)
Class I		—			(3,580	)		(5,287	)		—			—
Class I2		—			(7,935,490	)		(3,552,855	)		—			—
Advisor Class (D)		—			—			(18	)		—			—
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(73,884	)		(47,158,638	)		(29,525,547	)		(120,080,691	)		(98,969,409	)
Capital share transactions:
Proceeds from shares sold:
Class A (B)		—			10,000			—			31,944,444			18,661,331
Class B (C)		—			—			—			—			27,935
Class C		—			—			—			4,098,962			3,689,229
Class I		1,000,000			363,802			488,264			57,263,370			13,833,380
Class I2		24,000,000			570,641,481			315,217,999			145,238,784			4,509,941
Class T		—			—			—			372,048			363,331
		25,000,000			571,015,283			315,706,263			238,917,608			41,085,147
Issued from fund acquisition:
Class A		—			—			—			—			57,268,942
Class C		—			—			—			—			3,847,753
Class I		—			—			—			—			52,176,672
Class I2		—			—			—			—			301,892,730
		—			—			—			—			415,186,097
Dividends and/or distributions reinvested:
Class A (B)		—			27			—			53,717,535			54,741,100
Class B (C)		—			—			—			—			334,466
Class C		—			—			—			1,574,446			1,463,450
Class I		2,840			21,288			43,867			21,222,163			18,237,941
Class I2		71,044			47,104,657			29,481,541			38,866,155			18,610,200
Class T		—			—			—			3,447,209			4,187,398
Class T1 (D)		—			—			—			—			1,290
Advisor Class (D)		—			—			119			—			1,376
		73,884			47,125,972			29,525,527			118,827,508			97,577,221
Cost of shares redeemed:
Class A		—			—			—			(99,790,839	)		(73,305,079	)
Class B (C)		—			—			—			—			(102,374	)
Class C		—			—			—			(6,374,964	)		(3,107,802	)
Class I		—			(485,096	)		(1,463,714	)		(80,053,084	)		(22,762,544	)
Class I2		—			(53,296,610	)		(60,465,651	)		(225,470,981	)		(48,207,235	)
Class T		—			—			—			(13,485,319	)		(9,445,212	)
Class T1 (D)		—			—			—			—			(13,347	)
Advisor Class (D)		—			—			(10,684	)		—			(14,524	)
		—			(53,781,706	)		(61,940,049	)		(425,175,187	)		(156,958,117	)
Automatic conversions:
Class A		—			—			—			—			3,513,726
Class B (C)		—			—			—			—			(3,513,726	)
		—			—			—			—			—

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

Transamerica Funds Annual Report 2020

Page    406

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:

	Transamerica Sustainable Bond		Transamerica Unconstrained Bond						Transamerica US Growth
	October 31, 2020 (A)		October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Automatic conversions:
Class A	$	—	$	—		$	—		$	2,271,571		$	2,481,727
Class C		—		—			—			(2,271,571	)		(2,481,727	)
		—		—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		25,073,884		564,359,549			283,291,741			(67,430,071	)		396,890,348
Net increase (decrease) in net assets		24,620,544		594,687,136			283,219,114			201,994,330			505,651,243
Net assets:
Beginning of period/year		—		994,178,316			710,959,202			1,564,168,322			1,058,517,079
End of period/year	$	24,620,544	$	1,588,865,452		$	994,178,316		$	1,766,162,652		$	1,564,168,322
Capital share transactions - shares:
Shares issued:
Class A (B)		—		1,018			—			1,399,620			936,835
Class B (C)		—		—			—			—			1,418
Class C		—		—			—			197,623			194,827
Class I		100,000		36,919			49,842			2,438,077			645,406
Class I2		2,400,000		60,710,189			32,023,619			5,576,879			212,953
Class T		—		—			—			5,358			6,166
		2,500,000		60,748,126			32,073,461			9,617,557			1,997,605
Shares issued on fund acquisition:
Class A		—		—			—			—			2,699,101
Class C		—		—			—			—			194,819
Class I		—		—			—			—			2,395,604
Class I2		—		—			—			—			13,762,481
		—		—			—			—			19,052,005
Shares reinvested:
Class A (B)		—		3			—			2,449,500			3,203,107
Class B (C)		—		—			—			—			21,196
Class C		—		—			—			78,370			92,099
Class I		288		2,194			4,484			942,788			1,044,556
Class I2		7,203		4,872,898			3,015,936			1,727,385			1,067,711
Class T		—		—			—			51,222			84,526
Class T1 (D)		—		—			—			—			75
Advisor Class (D)		—		—			12			—			79
		7,491		4,875,095			3,020,432			5,249,265			5,513,349
Shares redeemed:
Class A		—		—			—			(4,306,099	)		(3,600,757	)
Class B (C)		—		—			—			—			(5,747	)
Class C		—		—			—			(304,610	)		(165,490	)
Class I		—		(50,711	)		(150,631	)		(3,517,217	)		(1,099,341	)
Class I2		—		(5,740,951	)		(6,239,634	)		(9,143,954	)		(2,312,071	)
Class T		—		—			—			(194,055	)		(161,539	)
Class T1 (D)		—		—			—			—			(679	)
Advisor Class (D)		—		—			(1,092	)		—			(723	)
		—		(5,791,662	)		(6,391,357	)		(17,465,935	)		(7,346,347	)
Automatic conversions:
Class A		—		—			—			—			170,334
Class B (C)		—		—			—			—			(184,899	)
		—		—			—			—			(14,565	)
Automatic conversions:
Class A		—		—			—			96,917			118,654
Class C		—		—			—			(105,951	)		(127,964	)
		—		—			—			(9,034	)		(9,310	)
Net increase (decrease) in shares outstanding:
Class A (B)		—		1,021			—			(360,062	)		3,527,274
Class B (C)		—		—			—			—			(168,032	)
Class C		—		—			—			(134,568	)		188,291
Class I		100,288		(11,598	)		(96,305	)		(136,352	)		2,986,225
Class I2		2,407,203		59,842,136			28,799,921			(1,839,690	)		12,731,074
Class T		—		—			—			(137,475	)		(70,847	)
Class T1 (D)		—		—			—			—			(604	)
Advisor Class (D)		—		—			(1,080	)		—			(644	)
		2,507,491		59,831,559			28,702,536			(2,608,147	)		19,192,737

(A)	Fund commenced operations on July 31, 2020.
(B)	Class A commenced operations for Transamerica Unconstrained Bond on October 1, 2020.
(C)	Class ceased operations on May 6, 2019.
(D)	Class ceased operations on February 15, 2019.

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

Transamerica Funds Annual Report 2020

Page    407

STATEMENT OF CASH FLOWS

For the year ended October 31, 2020

	Transamerica Event Driven
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	6,969,990
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of long-term investments		(139,113,871	)
Proceeds from long-term investments		182,675,311
Purchases to cover securities sold short		(53,163,268	)
Proceeds from securities sold short		48,759,159
Net amortization (accretion) of discount and premium		(181,183	)
Net purchases/proceeds of short-term investments		2,379,810
Net realized (gain) loss		(4,216,659	)
Net change in unrealized (appreciation) depreciation		(2,961,236	)
Receivables:
(Increase) decrease in receivables for investments sold		(519,259	)
(Increase) decrease in receivables for net income from securities lending		630
(Increase) decrease in receivables for dividends		2,414
(Increase) decrease in receivables for interest		36,440
(Increase) decrease in receivable for tax reclaim		(458	)
Payables:
Increase (decrease) in collateral for securities on loan		(2,871,734	)
Increase (decrease) in dividends, interest and fees for borrowings from securities sold short		(5,705	)
Increase (decrease) in accrued liabilities		(35,520	)
Net cash provided by (used for) written options and swaptions transactions		(423,785	)
Net cash provided by (used for) swap agreement transactions		89,370
Net cash provided by (used for) in futures contracts transactions		562,241
Net cash provided by (used for) in forward foreign currency contracts		32,035
Net cash provided by (used for) foreign currency transactions		(147,309	)
Net cash provided by (used for) operating activities		37,867,413
Cash flows from financing activities:
Proceeds of shares sold, net of receivable for shares sold		7,906,704
Payment of shares redeemed, net of payable for shares redeemed		(49,512,359	)
Net cash provided by (used for) financing activities		(41,605,655	)
Net increase (decrease) in cash and foreign currencies		(3,738,242	)
Cash and foreign currencies, at beginning of year (A)	$	10,903,621
Cash and foreign currencies, at end of year (A)	$	7,165,379
Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	58,066
Non-cash financing activities included herein consist of reinvestment of distributions	$	389,663

(A) For the year ended October 31, 2020, the beginning and ending cash balances consist of the following:

	Beginning of Year		End of Year
Assets:
Cash collateral pledged at custodian:
OTC derivatives	$	3,500,000	$	—
Cash collateral pledged at broker for:
Securities sold short		7,150,533		3,159,043
OTC derivatives		71,088		3,526,394
Futures contracts		182,000		480,000
Total assets		10,903,621		7,165,437
Liabilities:
Cash collateral received at broker:
Securities sold short		—		58
Total liabilities		—		58
Net cash per statement of assets and liabilities	$	10,903,621	$	7,165,379
Total cash and foreign currencies per statement of cash flows	$	10,903,621	$	7,165,379

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

Transamerica Funds Annual Report 2020

Page    408

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	Transamerica Balanced II
	Class I3
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.99		$	10.21		$	10.17		$	10.00
Investment operations:
Net investment income (loss) (B)		0.16			0.19			0.18			0.02
Net realized and unrealized gain (loss)		0.91			1.08			0.07			0.15
Total investment operations		1.07			1.27			0.25			0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.20	)		(0.17	)		—
Net realized gains		(0.27	)		(0.29	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.44	)		(0.49	)		(0.21	)		—
Net asset value, end of period/year	$	11.62		$	10.99		$	10.21		$	10.17
Total return		10.01	%		13.14	%		2.49	%		1.70	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	52,587		$	50,316		$	49,964		$	56,169
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.57	%		0.58	%		0.59	%		0.66	%(D)
Including waiver and/or reimbursement and recapture		0.57	%		0.57	%		0.50	%		0.50	%(D)
Net investment income (loss) to average net assets		1.44	%		1.80	%		1.73	%		1.23	%(D)
Portfolio turnover rate		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 period and years indicated:	Transamerica Balanced II
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	10.99		$	10.20		$	10.17		$	10.11		$	9.68		$	9.85
Investment operations:
Net investment income (loss) (D)		0.11			0.14			0.13			0.14			0.11			0.10
Net realized and unrealized gain (loss)		0.90			1.09			0.06			0.91			0.63			(0.11	)
Total investment operations		1.01			1.23			0.19			1.05			0.74			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.15	)		(0.12	)		(0.09	)		(0.12	)		(0.10	)
Net realized gains		(0.27	)		(0.29	)		(0.04	)		(0.90	)		(0.19	)		(0.06	)
Total dividends and/or distributions to shareholders		(0.38	)		(0.44	)		(0.16	)		(0.99	)		(0.31	)		(0.16	)
Net asset value, end of period/year	$	11.62		$	10.99		$	10.20		$	10.17		$	10.11		$	9.68
Total return		9.43	%		12.79	%		1.85	%		10.68	%(E)		7.69	%		(0.08	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	66,033		$	70,357		$	82,270		$	91,171		$	90,455		$	90,541
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%		1.07	%		1.09	%		1.20	%(F)		1.18	%		1.16	%
Including waiver and/or reimbursement and recapture		1.07	%		1.07	%(G)		1.01	%		1.13	%(F)(H)		1.09	%(H)(I)		1.10	%
Net investment income (loss) to average net assets		0.96	%		1.32	%		1.22	%		0.95	%(F)		1.13	%		1.00	%
Portfolio turnover rate		51	%		45	%		60	%		40	%(E)		37	%		50	%

(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 Annual Report 2020

Page    409

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Bond
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.43		$	8.95		$	9.34		$	9.31		$	9.22
Investment operations:
Net investment income (loss) (A)		0.22			0.29			0.33			0.33			0.36	(B)
Net realized and unrealized gain (loss)		0.15			0.49			(0.39	)		0.05			0.07
Total investment operations		0.37			0.78			(0.06	)		0.38			0.43
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.30	)		(0.33	)		(0.35	)		(0.34	)
Net asset value, end of year	$	9.57		$	9.43		$	8.95		$	9.34		$	9.31
Total return (C)		4.03	%		9.00	%		(0.67	)%		4.12	%		4.78	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	149,010		$	132,682		$	87,523		$	83,251		$	86,305
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.93	%		0.94	%		0.99	%		0.97	%		0.93	%
Including waiver and/or reimbursement and recapture		0.93	%		0.94	%(D)		0.97	%		0.97	%		0.91	%(B)
Net investment income (loss) to average net assets		2.36	%		3.20	%		3.58	%		3.59	%		3.92	%(B)
Portfolio turnover rate		39	%		50	%		38	%		34	%		47	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Bond
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.37		$	8.89		$	9.28		$	9.25		$	9.16
Investment operations:
Net investment income (loss) (A)		0.16			0.23			0.27			0.27			0.29	(B)
Net realized and unrealized gain (loss)		0.15			0.49			(0.39	)		0.05			0.07
Total investment operations		0.31			0.72			(0.12	)		0.32			0.36
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.24	)		(0.27	)		(0.29	)		(0.27	)
Net asset value, end of year	$	9.50		$	9.37		$	8.89		$	9.28		$	9.25
Total return (C)		3.31	%		8.24	%		(1.33	)%		3.41	%		4.18	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	89,962		$	80,239		$	44,958		$	49,394		$	60,126
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.53	%		1.56	%		1.63	%		1.65	%		1.64	%
Including waiver and/or reimbursement and recapture		1.53	%		1.56	%(D)		1.61	%		1.65	%		1.62	%(B)
Net investment income (loss) to average net assets		1.76	%		2.56	%		2.93	%		2.90	%		3.20	%(B)
Portfolio turnover rate		39	%		50	%		38	%		34	%		47	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2020

Page    410

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Bond
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.45		$	8.96		$	9.36		$	9.32		$	9.23
Investment operations:
Net investment income (loss) (A)		0.26			0.33			0.36			0.36			0.38	(B)
Net realized and unrealized gain (loss)		0.15			0.50			(0.40	)		0.06			0.07
Total investment operations		0.41			0.83			(0.04	)		0.42			0.45
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.34	)		(0.36	)		(0.38	)		(0.36	)
Net asset value, end of year	$	9.59		$	9.45		$	8.96		$	9.36		$	9.32
Total return		4.46	%		9.44	%		(0.39	)%		4.54	%		5.05	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,286,752		$	1,084,474		$	396,083		$	181,977		$	162,875
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.56	%		0.58	%		0.64	%		0.67	%		0.67	%
Including waiver and/or reimbursement and recapture		0.50	%		0.50	%		0.59	%		0.67	%		0.65	%(B)
Net investment income (loss) to average net assets		2.78	%		3.57	%		3.94	%		3.88	%		4.20	%(B)
Portfolio turnover rate		39	%		50	%		38	%		34	%		47	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Bond
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.45		$	8.96		$	9.36		$	9.32		$	9.23
Investment operations:
Net investment income (loss) (A)		0.26			0.34			0.37			0.37			0.39	(B)
Net realized and unrealized gain (loss)		0.16			0.49			(0.40	)		0.06			0.07
Total investment operations		0.42			0.83			(0.03	)		0.43			0.46
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.34	)		(0.37	)		(0.39	)		(0.37	)
Net asset value, end of year	$	9.59		$	9.45		$	8.96		$	9.36		$	9.32
Total return		4.52	%		9.49	%		(0.32	)%		4.65	%		5.17	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	352,650		$	84,016		$	101,251		$	118,738		$	137,246
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.46	%		0.47	%		0.53	%		0.56	%		0.55	%
Including waiver and/or reimbursement and recapture		0.46	%		0.47	%(C)		0.52	%		0.56	%		0.53	%(B)
Net investment income (loss) to average net assets		2.73	%		3.73	%		4.03	%		3.99	%		4.23	%(B)
Portfolio turnover rate		39	%		50	%		38	%		34	%		47	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2020

Page    411

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Bond
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.45		$	8.96		$	9.36		$	9.32		$	9.23
Investment operations:
Net investment income (loss) (A)		0.27			0.34			0.37			0.37			0.40	(B)
Net realized and unrealized gain (loss)		0.14			0.49			(0.40	)		0.06			0.06
Total investment operations		0.41			0.83			(0.03	)		0.43			0.46
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.34	)		(0.37	)		(0.39	)		(0.37	)
Net asset value, end of year	$	9.58		$	9.45		$	8.96		$	9.36		$	9.32
Total return		4.41	%		9.49	%		(0.30	)%		4.65	%		5.16	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	23,672		$	19,805		$	9,181		$	6,283		$	3,028
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.45	%		0.48	%		0.53	%		0.56	%		0.55	%
Including waiver and/or reimbursement and recapture		0.45	%		0.48	%(C)		0.51	%		0.56	%		0.52	%(B)
Net investment income (loss) to average net assets		2.83	%		3.65	%		4.05	%		4.01	%		4.38	%(B)
Portfolio turnover rate		39	%		50	%		38	%		34	%		47	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	26.93		$	26.81		$	28.32		$	25.70		$	25.35
Investment operations:
Net investment income (loss) (A)		(0.37	)		(0.26	)		(0.21	)		(0.24	)		(0.14	)(B)
Net realized and unrealized gain (loss)		22.30			1.55			4.14			7.40			1.33
Total investment operations		21.93			1.29			3.93			7.16			1.19
Dividends and/or distributions to shareholders:
Net realized gains		(2.75	)		(1.17	)		(5.44	)		(4.54	)		(0.84	)
Net asset value, end of year	$	46.11		$	26.93		$	26.81		$	28.32		$	25.70
Total return (C)		89.28	%		5.40	%		16.52	%		34.66	%		4.77	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	844,139		$	425,595		$	384,193		$	223,299		$	170,198
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.08	%		1.18	%		1.19	%		1.23	%		1.23	%
Including waiver and/or reimbursement and recapture		1.08	%		1.18	%(D)		1.19	%		1.23	%		1.22	%(B)
Net investment income (loss) to average net assets		(1.04	)%		(0.92	)%		(0.78	)%		(0.95	)%		(0.57	)%(B)
Portfolio turnover rate		52	%		90	%		40	%		66	%		32	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(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 Annual Report 2020

Page    412

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	21.08		$	21.41		$	23.83		$	22.50		$	22.46
Investment operations:
Net investment income (loss) (A)		(0.48	)		(0.37	)		(0.34	)		(0.35	)		(0.28	)(B)
Net realized and unrealized gain (loss)		16.92			1.21			3.36			6.22			1.16
Total investment operations		16.44			0.84			3.02			5.87			0.88
Dividends and/or distributions to shareholders:
Net realized gains		(2.75	)		(1.17	)		(5.44	)		(4.54	)		(0.84	)
Net asset value, end of year	$	34.77		$	21.08		$	21.41		$	23.83		$	22.50
Total return (C)		87.95	%		4.57	%		15.65	%		33.68	%		4.03	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	425,798		$	206,156		$	149,727		$	84,852		$	69,159
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.83	%		1.93	%		1.93	%		1.97	%		1.96	%
Including waiver and/or reimbursement and recapture		1.83	%		1.93	%(D)		1.93	%		1.97	%		1.95	%(B)
Net investment income (loss) to average net assets		(1.79	)%		(1.67	)%		(1.52	)%		(1.69	)%		(1.30	)%(B)
Portfolio turnover rate		52	%		90	%		40	%		66	%		32	%

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

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	28.40		$	28.13		$	29.39		$	26.43		$	25.98
Investment operations:
Net investment income (loss) (A)		(0.31	)		(0.20	)		(0.16	)		(0.18	)		(0.07	)(B)
Net realized and unrealized gain (loss)		23.68			1.64			4.34			7.68			1.36
Total investment operations		23.37			1.44			4.18			7.50			1.29
Dividends and/or distributions to shareholders:
Net realized gains		(2.75	)		(1.17	)		(5.44	)		(4.54	)		(0.84	)
Net asset value, end of year	$	49.02		$	28.40		$	28.13		$	29.39		$	26.43
Total return		89.76	%		5.69	%		16.77	%		35.03	%		5.09	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,393,493		$	1,049,618		$	719,431		$	292,452		$	164,575
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%		0.92	%		0.94	%		0.96	%		0.94	%
Including waiver and/or reimbursement and recapture		0.84	%		0.92	%		0.94	%		0.96	%		0.93	%(B)
Net investment income (loss) to average net assets		(0.81	)%		(0.66	)%		(0.55	)%		(0.69	)%		(0.28	)%(B)
Portfolio turnover rate		52	%		90	%		40	%		66	%		32	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2020

Page    413

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	13.45		$	13.97		$	17.26		$	17.43		$	17.40
Investment operations:
Net investment income (loss) (A)		(0.11	)		(0.08	)		(0.05	)		(0.08	)		(0.03	)(B)
Net realized and unrealized gain (loss)		10.09			0.73			2.20			4.45			0.90
Total investment operations		9.98			0.65			2.15			4.37			0.87
Dividends and/or distributions to shareholders:
Net realized gains		(2.75	)		(1.17	)		(5.44	)		(4.54	)		(0.84	)
Net asset value, end of year	$	20.68		$	13.45		$	13.97		$	17.26		$	17.43
Total return		90.02	%		5.82	%		16.90	%		35.14	%		5.25	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	402,583		$	316,761		$	165,523		$	230,981		$	241,857
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%		0.80	%		0.83	%		0.85	%		0.81	%
Including waiver and/or reimbursement and recapture		0.73	%		0.80	%		0.83	%		0.85	%		0.81	%(B)
Net investment income (loss) to average net assets		(0.69	)%		(0.54	)%		(0.38	)%		(0.56	)%		(0.18	)%(B)
Portfolio turnover rate		52	%		90	%		40	%		66	%		32	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and year indicated:	Transamerica Capital Growth
	Class R6
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	13.45		$	13.37
Investment operations:
Net investment income (loss) (B)		(0.11	)		(0.00	)(C)
Net realized and unrealized gain (loss)		10.09			0.08
Total investment operations		9.98			0.08
Dividends and/or distributions to shareholders:
Net realized gains		(2.75	)		—
Net asset value, end of period/year	$	20.68		$	13.45
Total return		90.02	%		0.60	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	24,890		$	15,184
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%		0.76	%(E)
Including waiver and/or reimbursement and recapture		0.73	%		0.76	%(E)
Net investment income (loss) to average net assets		(0.70	)%		(0.56	)%(E)
Portfolio turnover rate		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 Annual Report 2020

Page    414

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.57		$	10.59		$	11.53		$	11.15		$	12.75
Investment operations:
Net investment income (loss) (A)		0.15			0.20			0.21			0.20			0.23	(B)
Net realized and unrealized gain (loss)		(1.60	)		0.43			(0.19	)		1.92			0.23
Total investment operations		(1.45	)		0.63			0.02			2.12			0.46
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.20	)		(0.21	)		(0.24	)		(0.23	)
Net realized gains		(1.10	)		(1.45	)		(0.75	)		(1.50	)		(1.83	)
Total dividends and/or distributions to shareholders		(1.26	)		(1.65	)		(0.96	)		(1.74	)		(2.06	)
Net asset value, end of year	$	6.86		$	9.57		$	10.59		$	11.53		$	11.15
Total return (C)		(17.52	)%		8.43	%		(0.20	)%		20.35	%		4.30	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	69,391		$	82,402		$	83,567		$	94,083		$	86,943
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.06	%		1.05	%		1.03	%		1.01	%		0.97	%
Including waiver and/or reimbursement and recapture		1.06	%		1.05	%		1.03	%		1.01	%		0.97	%(B)
Net investment income (loss) to average net assets		1.94	%		2.11	%		1.85	%		1.77	%		2.09	%(B)
Portfolio turnover rate		45	%		55	%		22	%		14	%		54	%

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

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.52		$	10.53		$	11.47		$	11.09		$	12.70
Investment operations:
Net investment income (loss) (A)		0.09			0.12			0.11			0.11			0.14	(B)
Net realized and unrealized gain (loss)		(1.59	)		0.44			(0.19	)		1.91			0.22
Total investment operations		(1.50	)		0.56			(0.08	)		2.02			0.36
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.12	)		(0.11	)		(0.14	)		(0.14	)
Net realized gains		(1.10	)		(1.45	)		(0.75	)		(1.50	)		(1.83	)
Total dividends and/or distributions to shareholders		(1.19	)		(1.57	)		(0.86	)		(1.64	)		(1.97	)
Net asset value, end of year	$	6.83		$	9.52		$	10.53		$	11.47		$	11.09
Total return (C)		(18.21	)%		7.57	%		(1.06	)%		19.42	%		3.41	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,641		$	5,836		$	5,816		$	7,080		$	7,755
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.93	%		1.91	%		1.86	%		1.84	%		1.80	%
Including waiver and/or reimbursement and recapture		1.90	%		1.90	%		1.86	%		1.84	%		1.80	%(B)
Net investment income (loss) to average net assets		1.23	%		1.25	%		1.02	%		0.96	%		1.23	%(B)
Portfolio turnover rate		45	%		55	%		22	%		14	%		54	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2020

Page    415

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.57		$	10.59		$	11.52		$	11.14		$	12.75
Investment operations:
Net investment income (loss) (A)		0.17			0.21			0.22			0.21			0.25	(B)
Net realized and unrealized gain (loss)		(1.61	)		0.44			(0.17	)		1.93			0.22
Total investment operations		(1.44	)		0.65			0.05			2.14			0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.22	)		(0.23	)		(0.26	)		(0.25	)
Net realized gains		(1.10	)		(1.45	)		(0.75	)		(1.50	)		(1.83	)
Total dividends and/or distributions to shareholders		(1.27	)		(1.67	)		(0.98	)		(1.76	)		(2.08	)
Net asset value, end of year	$	6.86		$	9.57		$	10.59		$	11.52		$	11.14
Total return		(17.36	)%		8.65	%		0.06	%		20.56	%		4.38	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	8,240		$	12,013		$	16,823		$	17,286		$	10,559
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%		0.87	%		0.85	%		0.84	%		0.81	%
Including waiver and/or reimbursement and recapture		0.88	%		0.87	%		0.85	%		0.84	%		0.80	%(B)
Net investment income (loss) to average net assets		2.16	%		2.30	%		1.98	%		1.91	%		2.26	%(B)
Portfolio turnover rate		45	%		55	%		22	%		14	%		54	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.57		$	10.59		$	11.53		$	11.15		$	12.75
Investment operations:
Net investment income (loss) (A)		0.16			0.22			0.24			0.23			0.26	(B)
Net realized and unrealized gain (loss)		(1.59	)		0.44			(0.19	)		1.92			0.23
Total investment operations		(1.43	)		0.66			0.05			2.15			0.49
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.23	)		(0.24	)		(0.27	)		(0.26	)
Net realized gains		(1.10	)		(1.45	)		(0.75	)		(1.50	)		(1.83	)
Total dividends and/or distributions to shareholders		(1.28	)		(1.68	)		(0.99	)		(1.77	)		(2.09	)
Net asset value, end of year	$	6.86		$	9.57		$	10.59		$	11.53		$	11.15
Total return		(17.26	)%		8.77	%		0.08	%		20.67	%		4.57	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	420,958		$	428,187		$	484,565		$	576,947		$	672,378
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%		0.77	%		0.75	%		0.74	%		0.70	%
Including waiver and/or reimbursement and recapture		0.78	%		0.77	%		0.75	%		0.74	%		0.70	%(B)
Net investment income (loss) to average net assets		2.18	%		2.40	%		2.14	%		2.07	%		2.31	%(B)
Portfolio turnover rate		45	%		55	%		22	%		14	%		54	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2020

Page    416

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dividend Focused
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.57		$	10.59		$	11.52		$	11.15		$	12.75
Investment operations:
Net investment income (loss) (A)		0.16			0.22			0.24			0.21			0.27	(B)
Net realized and unrealized gain (loss)		(1.59	)		0.44			(0.18	)		1.93			0.22
Total investment operations		(1.43	)		0.66			0.06			2.14			0.49
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.23	)		(0.24	)		(0.27	)		(0.26	)
Net realized gains		(1.10	)		(1.45	)		(0.75	)		(1.50	)		(1.83	)
Total dividends and/or distributions to shareholders		(1.28	)		(1.68	)		(0.99	)		(1.77	)		(2.09	)
Net asset value, end of year	$	6.86		$	9.57		$	10.59		$	11.52		$	11.15
Total return		(17.25	)%		8.77	%		0.17	%		20.67	%		4.57	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,586		$	4,518		$	4,082		$	3,524		$	474
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%		0.77	%		0.75	%		0.74	%		0.71	%
Including waiver and/or reimbursement and recapture		0.78	%		0.77	%		0.75	%		0.74	%		0.70	%(B)
Net investment income (loss) to average net assets		2.18	%		2.37	%		2.11	%		1.90	%		2.39	%(B)
Portfolio turnover rate		45	%		55	%		22	%		14	%		54	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.18		$	8.83		$	9.45		$	9.46		$	9.38
Investment operations:
Net investment income (loss) (A)		0.24			0.33			0.32			0.32			0.36	(B)
Net realized and unrealized gain (loss)		(1.21	)		0.48			(0.54	)		0.06			0.32
Total investment operations		(0.97	)		0.81			(0.22	)		0.38			0.68
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.37	)		(0.32	)		(0.32	)		(0.33	)
Net realized gains		—			—			—			—			(0.20	)
Return of capital		(0.12	)		(0.09	)		(0.08	)		(0.07	)		(0.07	)
Total dividends and/or distributions to shareholders		(0.40	)		(0.46	)		(0.40	)		(0.39	)		(0.60	)
Net asset value, end of year	$	7.81		$	9.18		$	8.83		$	9.45		$	9.46
Total return (C)		(10.68	)%		9.35	%		(2.38	)%		4.12	%		7.79	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	48,802		$	58,587		$	68,424		$	97,964		$	122,240
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.02	%		0.99	%		0.93	%		0.89	%		0.89	%
Including waiver and/or reimbursement and recapture		0.92	%		0.92	%		0.92	%		0.89	%		0.88	%(B)
Net investment income (loss) to average net assets		2.85	%		3.69	%		3.48	%		3.41	%		3.89	%(B)
Portfolio turnover rate		38	%		20	%		23	%		9	%		27	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	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 Annual Report 2020

Page    417

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.14		$	8.79		$	9.41		$	9.42		$	9.34
Investment operations:
Net investment income (loss) (A)		0.22			0.28			0.26			0.25			0.28	(B)
Net realized and unrealized gain (loss)		(1.24	)		0.46			(0.54	)		0.06			0.33
Total investment operations		(1.02	)		0.74			(0.28	)		0.31			0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.31	)		(0.27	)		(0.26	)		(0.28	)
Net realized gains		—			—			—			—			(0.20	)
Return of capital		(0.10	)		(0.08	)		(0.07	)		(0.06	)		(0.05	)
Total dividends and/or distributions to shareholders		(0.34	)		(0.39	)		(0.34	)		(0.32	)		(0.53	)
Net asset value, end of year	$	7.78		$	9.14		$	8.79		$	9.41		$	9.42
Total return (C)		(11.32	)%		8.56	%		(3.07	)%		3.34	%		7.00	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	43,858		$	80,716		$	108,855		$	161,999		$	210,600
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.77	%		1.74	%		1.69	%		1.65	%		1.65	%
Including waiver and/or reimbursement and recapture		1.67	%		1.67	%		1.67	%		1.65	%		1.64	%(B)
Net investment income (loss) to average net assets		2.65	%		3.12	%		2.77	%		2.68	%		3.11	%(B)
Portfolio turnover rate		38	%		20	%		23	%		9	%		27	%

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

For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.18		$	8.84		$	9.45		$	9.46		$	9.38
Investment operations:
Net investment income (loss) (A)		0.29			0.35			0.35			0.35			0.39	(B)
Net realized and unrealized gain (loss)		(1.24	)		0.47			(0.53	)		0.06			0.31
Total investment operations		(0.95	)		0.82			(0.18	)		0.41			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.38	)		(0.34	)		(0.34	)		(0.35	)
Net realized gains		—			—			—			—			(0.20	)
Return of capital		(0.13	)		(0.10	)		(0.09	)		(0.08	)		(0.07	)
Total dividends and/or distributions to shareholders		(0.42	)		(0.48	)		(0.43	)		(0.42	)		(0.62	)
Net asset value, end of year	$	7.81		$	9.18		$	8.84		$	9.45		$	9.46
Total return		(10.46	)%		9.50	%		(2.04	)%		4.37	%		8.06	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	23,689		$	42,155		$	43,330		$	66,235		$	83,297
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.73	%		0.72	%		0.68	%		0.66	%		0.65	%
Including waiver and/or reimbursement and recapture		0.67	%		0.67	%		0.67	%		0.66	%		0.64	%(B)
Net investment income (loss) to average net assets		3.48	%		3.88	%		3.78	%		3.66	%		4.25	%(B)
Portfolio turnover rate		38	%		20	%		23	%		9	%		27	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	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 Annual Report 2020

Page    418

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.49		$	9.85		$	10.92		$	10.50		$	9.70
Investment operations:
Net investment income (loss) (A)		0.54			0.57			0.51			0.55			0.63	(B)
Net realized and unrealized gain (loss)		(0.43	)		0.44			(1.23	)		0.38			0.49
Total investment operations		0.11			1.01			(0.72	)		0.93			1.12
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.37	)		(0.32	)		(0.51	)		(0.30	)
Return of capital		(0.05	)		—			(0.03	)		—			(0.02	)
Total dividends and/or distributions to shareholders		(0.27	)		(0.37	)		(0.35	)		(0.51	)		(0.32	)
Net asset value, end of year	$	10.33		$	10.49		$	9.85		$	10.92		$	10.50
Total return (C)		1.20	%		10.42	%		(6.65	)%		8.96	%		11.86	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	8,356		$	9,203		$	15,294		$	21,804		$	35,765
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.23	%		1.18	%		1.12	%		1.12	%		1.15	%
Including waiver and/or reimbursement and recapture		1.23	%		1.18	%		1.12	%		1.12	%		1.15	%(B)
Net investment income (loss) to average net assets		5.33	%		5.52	%		4.81	%		5.20	%		6.39	%(B)
Portfolio turnover rate		236	%		255	%		221	%		247	%		257	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.41		$	9.76		$	10.85		$	10.43		$	9.66
Investment operations:
Net investment income (loss) (A)		0.48			0.50			0.42			0.48			0.55	(B)
Net realized and unrealized gain (loss)		(0.44	)		0.46			(1.22	)		0.36			0.49
Total investment operations		0.04			0.96			(0.80	)		0.84			1.04
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.31	)		(0.26	)		(0.42	)		(0.25	)
Return of capital		(0.04	)		—			(0.03	)		—			(0.02	)
Total dividends and/or distributions to shareholders		(0.23	)		(0.31	)		(0.29	)		(0.42	)		(0.27	)
Net asset value, end of year	$	10.22		$	10.41		$	9.76		$	10.85		$	10.43
Total return (C)		0.51	%		9.70	%		(7.36	)%		8.26	%		11.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	6,014		$	8,765		$	10,089		$	14,023		$	14,363
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.89	%		1.88	%		1.88	%		1.87	%		1.89	%
Including waiver and/or reimbursement and recapture		1.89	%		1.88	%		1.88	%		1.87	%		1.88	%(B)
Net investment income (loss) to average net assets		4.71	%		4.89	%		4.03	%		4.53	%		5.56	%(B)
Portfolio turnover rate		236	%		255	%		221	%		247	%		257	%

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

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

Transamerica Funds Annual Report 2020

Page    419

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.54		$	9.88		$	10.95		$	10.52		$	9.72
Investment operations:
Net investment income (loss) (A)		0.59			0.62			0.54			0.60			0.66	(B)
Net realized and unrealized gain (loss)		(0.44	)		0.46			(1.24	)		0.37			0.49
Total investment operations		0.15			1.08			(0.70	)		0.97			1.15
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.42	)		(0.33	)		(0.54	)		(0.33	)
Return of capital		(0.05	)		—			(0.04	)		—			(0.02	)
Total dividends and/or distributions to shareholders		(0.29	)		(0.42	)		(0.37	)		(0.54	)		(0.35	)
Net asset value, end of year	$	10.40		$	10.54		$	9.88		$	10.95		$	10.52
Total return		1.61	%		10.89	%		(6.36	)%		9.33	%		12.27	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	243,965		$	457,449		$	481,999		$	682,535		$	618,258
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.80	%		0.82	%		0.82	%		0.82	%
Including waiver and/or reimbursement and recapture		0.82	%		0.80	%		0.82	%		0.82	%		0.82	%(B)
Net investment income (loss) to average net assets		5.77	%		5.96	%		5.12	%		5.62	%		6.60	%(B)
Portfolio turnover rate		236	%		255	%		221	%		247	%		257	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.54		$	9.89		$	10.95		$	10.52		$	9.72
Investment operations:
Net investment income (loss) (A)		0.59			0.63			0.55			0.62			0.65	(B)
Net realized and unrealized gain (loss)		(0.43	)		0.45			(1.23	)		0.36			0.51
Total investment operations		0.16			1.08			(0.68	)		0.98			1.16
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.43	)		(0.34	)		(0.55	)		(0.33	)
Return of capital		(0.05	)		—			(0.04	)		—			(0.03	)
Total dividends and/or distributions to shareholders		(0.29	)		(0.43	)		(0.38	)		(0.55	)		(0.36	)
Net asset value, end of year	$	10.41		$	10.54		$	9.89		$	10.95		$	10.52
Total return		1.77	%		11.00	%		(6.21	)%		9.44	%		12.25	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	133,270		$	135,377		$	161,794		$	214,450		$	169,122
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%		0.70	%		0.73	%		0.72	%		0.72	%
Including waiver and/or reimbursement and recapture		0.72	%		0.70	%		0.73	%		0.72	%		0.72	%(B)
Net investment income (loss) to average net assets		5.78	%		6.08	%		5.21	%		5.83	%		6.48	%(B)
Portfolio turnover rate		236	%		255	%		221	%		247	%		257	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2020

Page    420

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.53		$	9.88		$	10.94		$	10.52		$	9.71
Investment operations:
Net investment income (loss) (A)		0.59			0.63			0.58			0.64			0.66	(B)
Net realized and unrealized gain (loss)		(0.43	)		0.45			(1.26	)		0.33			0.51
Total investment operations		0.16			1.08			(0.68	)		0.97			1.17
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.43	)		(0.34	)		(0.55	)		(0.33	)
Return of capital		(0.05	)		—			(0.04	)		—			(0.03	)
Total dividends and/or distributions to shareholders		(0.29	)		(0.43	)		(0.38	)		(0.55	)		(0.36	)
Net asset value, end of year	$	10.40		$	10.53		$	9.88		$	10.94		$	10.52
Total return		1.76	%		11.01	%		(6.30	)%		9.45	%		12.36	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	9,765		$	5,915		$	5,512		$	6,933		$	87
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%		0.70	%		0.73	%		0.72	%		0.72	%
Including waiver and/or reimbursement and recapture		0.72	%		0.70	%		0.73	%		0.72	%		0.72	%(B)
Net investment income (loss) to average net assets		5.77	%		6.09	%		5.50	%		5.87	%		6.62	%(B)
Portfolio turnover rate		236	%		255	%		221	%		247	%		257	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period indicated:	Transamerica Emerging Markets Opportunities
	Class I			Class I2
	October 31, 2020 (A)			October 31, 2020 (A)
Net asset value, beginning of period	$	10.00		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.10
Net realized and unrealized gain (loss)		(0.17	)(C)		(0.20	)(C)
Total investment operations		(0.10	)		(0.10	)
Net asset value, end of period	$	9.90		$	9.90
Total return		(1.00	)%(D)		(1.00	)%(D)
Ratio and supplemental data:
Net assets end of period (000’s)	$	70		$	841,388
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.21	%(F)		0.94	%(F)
Including waiver and/or reimbursement and recapture		0.98	%(F)		0.94	%(F)
Net investment income (loss) to average net assets		0.92	%(F)		1.32	%(F)
Portfolio turnover rate		49	%(D)		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.

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

Transamerica Funds Annual Report 2020

Page    421

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Event Driven
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.60		$	10.36		$	10.46		$	9.78
Investment operations:
Net investment income (loss) (B)		(0.05	)		0.02			(0.02	)		0.10
Net realized and unrealized gain (loss)		1.05			0.41			0.08			0.60
Total investment operations		1.00			0.43			0.06			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.00	)(C)		(0.16	)		(0.02	)
Net realized gains		(0.04	)		(0.19	)		—			—
Total dividends and/or distributions to shareholders		(0.04	)		(0.19	)		(0.16	)		(0.02	)
Net asset value, end of period/year	$	11.56		$	10.60		$	10.36		$	10.46
Total return		9.60	%		4.34	%		0.57	%		7.19	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,508		$	834		$	706		$	60
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.54	%		1.61	%		1.69	%		1.81	%(F)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.41	%		1.53	%		1.49	%		1.44	%(F)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees from borrowings from securities sold short		1.35	%		1.35	%		1.35	%		1.38	%(F)
Net investment income (loss) to average net assets		(0.42	)%		0.18	%		(0.15	)%		1.03	%(F)
Portfolio turnover rate		170	%		214	%		514	%		633	%

(A)	Commenced operations on November 11, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the years indicated:	Transamerica Event Driven
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.45		$	10.22		$	10.31		$	9.83		$	9.66
Investment operations:
Net investment income (loss) (A)		(0.03	)		0.02			(0.04	)		0.16			0.15	(B)
Net realized and unrealized gain (loss)		1.02			0.40			0.11			0.48			0.04	(C)
Total investment operations		0.99			0.42			0.07			0.64			0.19
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(D)		(0.00	)(D)		(0.16	)		(0.16	)		(0.02	)
Net realized gains		(0.04	)		(0.19	)		—			—			—
Total dividends and/or distributions to shareholders		(0.04	)		(0.19	)		(0.16	)		(0.16	)		(0.02	)
Net asset value, end of year	$	11.40		$	10.45		$	10.22		$	10.31		$	9.83
Total return		9.54	%		4.41	%		0.68	%		6.55	%		1.98	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	53,809		$	93,086		$	116,012		$	90,175		$	97,399
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.45	%		1.51	%		1.68	%		1.76	%		2.57	%
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		1.42	%		1.54	%		1.60	%		1.62	%		2.53	%(B)
Excluding dividends, interest and fees from borrowings from securities sold short		1.35	%		1.35	%		1.35	%		1.45	%		1.73	%(B)
Net investment income (loss) to average net assets		(0.25	)%		0.19	%		(0.40	)%		1.55	%		1.62	%(B)
Portfolio turnover rate		170	%		214	%		514	%		633	%		579	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values during the year.
(D)	Rounds to less than $0.01 or $(0.01).
(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 Annual Report 2020

Page    422

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.61		$	9.87		$	9.97		$	9.95		$	9.82
Investment operations:
Net investment income (loss) (A)		0.40			0.48			0.42			0.38			0.40	(B)
Net realized and unrealized gain (loss)		(0.37	)		(0.26	)		(0.10	)		0.03			0.12
Total investment operations		0.03			0.22			0.32			0.41			0.52
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.48	)		(0.42	)		(0.39	)		(0.39	)
Net asset value, end of year	$	9.27		$	9.61		$	9.87		$	9.97		$	9.95
Total return (C)		0.47	%		2.44	%		3.32	%		4.14	%		5.50	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	13,779		$	24,106		$	37,011		$	38,312		$	6,327
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.21	%		1.07	%		1.07	%		1.08	%		1.11	%
Including waiver and/or reimbursement and recapture		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%(B)
Net investment income (loss) to average net assets		4.31	%		4.94	%		4.22	%		3.79	%		4.05	%(B)
Portfolio turnover rate		37	%		23	%		54	%		55	%		50	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.62		$	9.87		$	9.97		$	9.95		$	9.82
Investment operations:
Net investment income (loss) (A)		0.33			0.41			0.35			0.30			0.32	(B)
Net realized and unrealized gain (loss)		(0.36	)		(0.25	)		(0.10	)		0.04			0.13
Total investment operations		(0.03	)		0.16			0.25			0.34			0.45
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.41	)		(0.35	)		(0.32	)		(0.32	)
Net asset value, end of year	$	9.28		$	9.62		$	9.87		$	9.97		$	9.95
Total return (C)		(0.28	)%		1.68	%		2.55	%		3.36	%		4.70	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	12,659		$	18,255		$	22,412		$	17,549		$	6,669
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.94	%		1.81	%		1.83	%		1.83	%		1.84	%
Including waiver and/or reimbursement and recapture		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%(B)
Net investment income (loss) to average net assets		3.58	%		4.22	%		3.50	%		3.05	%		3.30	%(B)
Portfolio turnover rate		37	%		23	%		54	%		55	%		50	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	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 Annual Report 2020

Page    423

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.58		$	9.84		$	9.94		$	9.92		$	9.79
Investment operations:
Net investment income (loss) (A)		0.42			0.51			0.45			0.40			0.41	(B)
Net realized and unrealized gain (loss)		(0.37	)		(0.26	)		(0.10	)		0.04			0.14
Total investment operations		0.05			0.25			0.35			0.44			0.55
Dividends and/or distributions to shareholders:
Net investment income		(0.40	)		(0.51	)		(0.45	)		(0.42	)		(0.42	)
Net asset value, end of year	$	9.23		$	9.58		$	9.84		$	9.94		$	9.92
Total return		0.60	%		2.69	%		3.57	%		4.40	%		5.75	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	57,185		$	99,384		$	187,447		$	72,316		$	13,061
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.95	%		0.82	%		0.85	%		0.85	%		0.85	%
Including waiver and/or reimbursement and recapture		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%(B)
Net investment income (loss) to average net assets		4.58	%		5.20	%		4.56	%		4.02	%		4.21	%(B)
Portfolio turnover rate		37	%		23	%		54	%		55	%		50	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.62		$	9.87		$	9.97		$	9.95		$	9.82
Investment operations:
Net investment income (loss) (A)		0.44			0.52			0.45			0.41			0.42	(B)
Net realized and unrealized gain (loss)		(0.40	)		(0.25	)		(0.09	)		0.03			0.13
Total investment operations		0.04			0.27			0.36			0.44			0.55
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		(0.52	)		(0.46	)		(0.42	)		(0.42	)
Net asset value, end of year	$	9.27		$	9.62		$	9.87		$	9.97		$	9.95
Total return		0.55	%		2.78	%		3.64	%		4.45	%		5.81	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	10		$	81,278		$	473,047		$	512,061		$	374,908
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.85	%		0.72	%		0.75	%		0.75	%		0.75	%
Including waiver and/or reimbursement and recapture		0.80	%		0.72	%		0.75	%		0.75	%		0.75	%(B)(D)
Net investment income (loss) to average net assets		4.36	%		5.30	%		4.54	%		4.12	%		4.32	%(B)
Portfolio turnover rate		37	%		23	%		54	%		55	%		50	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.
(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 Annual Report 2020

Page    424

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	14.19		$	13.17		$	13.58		$	11.14		$	11.15
Investment operations:
Net investment income (loss) (A)		0.06			0.11			0.05			0.08			0.08	(B)
Net realized and unrealized gain (loss)		0.21	(C)		0.91			(0.20	)		2.64			(0.09	)
Total investment operations		0.27			1.02			(0.15	)		2.72			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.00	)(D)		(0.26	)		(0.28	)		—
Net realized gains		(0.64	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.80	)		(0.00	)(D)		(0.26	)		(0.28	)		—
Net asset value, end of year	$	13.66		$	14.19		$	13.17		$	13.58		$	11.14
Total return (E)		1.72	%		7.77	%		(1.18	)%		24.92	%		(0.09	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	50,019		$	55,612		$	51,912		$	42,264		$	39,699
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.45	%(F)		1.48	%(F)		1.45	%(F)		1.49	%		1.39	%
Including waiver and/or reimbursement and recapture		1.35	%(F)		1.35	%(F)		1.35	%(F)		1.35	%		1.34	%(B)
Net investment income (loss) to average net assets		0.48	%		0.80	%		0.35	%		0.68	%		0.74	%(B)
Portfolio turnover rate		71	%		51	%		36	%		38	%		63	%

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

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	13.77		$	12.87		$	13.27		$	10.89		$	10.98
Investment operations:
Net investment income (loss) (A)		(0.04	)		0.01			(0.06	)		(0.01	)		0.00	(B)(C)
Net realized and unrealized gain (loss)		0.18	(D)		0.89			(0.19	)		2.58			(0.09	)
Total investment operations		0.14			0.90			(0.25	)		2.57			(0.09	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.15	)		(0.19	)		—
Net realized gains		(0.64	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.64	)		—			(0.15	)		(0.19	)		—
Net asset value, end of year	$	13.27		$	13.77		$	12.87		$	13.27		$	10.89
Total return (E)		0.86	%		6.99	%		(1.91	)%		23.90	%		(0.82	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,925		$	10,113		$	20,289		$	44,450		$	48,720
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.20	%(F)		2.19	%(F)		2.18	%(F)		2.21	%		2.13	%
Including waiver and/or reimbursement and recapture		2.10	%(F)		2.10	%(F)		2.10	%(F)		2.10	%		2.09	%(C)
Net investment income (loss) to average net assets		(0.31	)%		0.04	%		(0.41	)%		(0.07	)%		(0.01	)%(C)
Portfolio turnover rate		71	%		51	%		36	%		38	%		63	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	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.
(E)	Total return has been calculated without deduction of the contingent deferred sales charge.
(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 Annual Report 2020

Page    425

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	14.23		$	13.20		$	13.61		$	11.19		$	11.17
Investment operations:
Net investment income (loss) (A)		0.10			0.15			0.08			0.11			0.11	(B)
Net realized and unrealized gain (loss)		0.20	(C)		0.91			(0.20	)		2.64			(0.08	)
Total investment operations		0.30			1.06			(0.12	)		2.75			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.03	)		(0.29	)		(0.33	)		(0.01	)
Net realized gains		(0.64	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.83	)		(0.03	)		(0.29	)		(0.33	)		(0.01	)
Net asset value, end of year	$	13.70		$	14.23		$	13.20		$	13.61		$	11.19
Total return		1.97	%		8.07	%		(0.94	)%		25.20	%		0.24	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	28,915		$	38,582		$	32,283		$	34,572		$	28,605
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.08	%(D)		1.11	%(D)		1.12	%(D)		1.14	%		1.04	%
Including waiver and/or reimbursement and recapture		1.10	%(D)		1.10	%(D)		1.10	%(D)		1.10	%		1.02	%(B)
Net investment income (loss) to average net assets		0.71	%		1.09	%		0.59	%		0.93	%		1.04	%(B)
Portfolio turnover rate		71	%		51	%		36	%		38	%		63	%

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

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	14.25		$	13.22		$	13.62		$	11.22		$	11.18
Investment operations:
Net investment income (loss) (A)		0.11			0.15			0.10			0.13			0.09	(B)
Net realized and unrealized gain (loss)		0.20	(C)		0.92			(0.20	)		2.63			(0.05	)
Total investment operations		0.31			1.07			(0.10	)		2.76			0.04
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.04	)		(0.30	)		(0.36	)		(0.00	)(D)
Net realized gains		(0.64	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.85	)		(0.04	)		(0.30	)		(0.36	)		(0.00	)(D)
Net asset value, end of year	$	13.71		$	14.25		$	13.22		$	13.62		$	11.22
Total return		2.07	%		8.14	%		(0.80	)%		25.19	%		0.36	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	770		$	967		$	949		$	1,114		$	140
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%(E)		1.01	%(E)		1.02	%(E)		1.04	%		0.95	%
Including waiver and/or reimbursement and recapture		0.99	%(E)		1.01	%(E)		1.02	%(E)		1.04	%		0.94	%(B)
Net investment income (loss) to average net assets		0.84	%		1.08	%		0.70	%		1.01	%		0.82	%(B)
Portfolio turnover rate		71	%		51	%		36	%		38	%		63	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	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.
(D)	Rounds to less than $0.01 or $(0.01).
(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 Annual Report 2020

Page    426

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.01			0.02			0.00	(B)		0.00	(B)		0.00	(B)(C)
Total investment operations		0.01			0.02			0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)(D)		(0.02	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (E)		0.53	%(D)		1.64	%		0.46	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	274,311		$	187,635		$	171,707		$	191,477		$	192,607
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.67	%		0.65	%		0.68	%		0.78	%		0.87	%
Including waiver and/or reimbursement and recapture		0.40	%(F)		0.73	%		1.25	%		0.82	%(G)		0.43	%(C)(G)
Net investment income (loss) to average net assets		0.48	%		1.62	%		0.44	%		0.01	%		0.01	%(C)

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Distributions to shareholders from Net investment income and Total return information reflect the impact of one or more distributions paid to shareholders related to certain Rule 12b-1 fees that had been paid from the Fund to TCI but had not been subsequently paid from TCI to various service providers. These fees were returned to the Fund and distributed from Net investment income. Please reference the Distribution and service fees section of the Notes to financial statements for more information regarding Rule 12b-1 fee payments. The Distributions to shareholders from Net investment income and Total return would have been 0.00 lower and 0.09% lower, respectively, had the Fund not paid out the distribution(s).
(E)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(F)	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.

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.02			0.01			0.00	(B)		0.00	(B)		0.00	(B)(C)
Total investment operations		0.02			0.01			0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)(D)		(0.01	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (E)		1.73	%(D)		0.57	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	15,475		$	9,218		$	13,477		$	19,707		$	22,189
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.44	%		1.41	%		1.46	%		1.56	%		1.61	%
Including waiver and/or reimbursement and recapture		0.53	%(F)		1.77	%		1.69	%(G)		0.81	%(G)		0.43	%(C)(G)
Net investment income (loss) to average net assets		1.41	%		0.57	%		0.01	%		0.01	%		0.01	%(C)

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Distributions to shareholders from Net investment income and Total return information reflect the impact of one or more distributions paid to shareholders related to certain Rule 12b-1 fees that had been paid from the Fund to TCI but had not been subsequently paid from TCI to various service providers. These fees were returned to the Fund and distributed from Net investment income. Please reference the Distribution and service fees section of the Notes to financial statements for more information regarding Rule 12b-1 fee payments. The Distributions to shareholders from Net investment income and Total return would have been 0.01 lower and 1.31% lower, respectively, had the Fund not paid out the distribution(s).
(E)	Total return has been calculated without deduction of the contingent deferred sales charge.
(F)	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. 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.

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

Transamerica Funds Annual Report 2020

Page    427

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Government Money Market
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.01			0.02			0.01			0.00	(B)		0.00	(B)(C)
Total investment operations		0.01			0.02			0.01			0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.52	%		1.89	%		0.95	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	23,804		$	18,213		$	21,281		$	21,578		$	21,185
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.52	%		0.50	%		0.52	%		0.62	%		0.69	%
Including waiver and/or reimbursement and recapture		0.31	%(D)		0.48	%		0.76	%(E)		0.82	%(E)		0.43	%(C)(E)
Net investment income (loss) to average net assets		0.48	%		1.87	%		0.94	%		0.01	%		0.01	%(C)

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Transamerica Asset Management, Inc. or any of its affiliates 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.
(E)	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 years indicated:	Transamerica Government Money Market
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.01			0.01			0.00	(B)		0.00	(B)		0.00	(B)(C)
Total investment operations		0.01			0.01			0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.65	%		1.42	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,378		$	5,400		$	4,017		$	7,850		$	11,954
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.33	%		0.30	%		0.32	%		0.43	%		0.48	%
Including waiver and/or reimbursement and recapture		0.18	%(D)		0.88	%		1.64	%		0.79	%(E)		0.43	%(C)(E)
Net investment income (loss) to average net assets		0.61	%		1.47	%		0.00	%(F)		0.01	%		0.01	%(C)

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Transamerica Asset Management, Inc. or any of its affiliates 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.
(E)	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.
(F)	Rounds to less than 0.01% or (0.01)%.

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

Transamerica Funds Annual Report 2020

Page    428

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class I3
	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
Investment operations:
Net investment income (loss) (B)		0.01			0.02			0.01			0.00	(C)
Total investment operations		0.01			0.02			0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.65	%		2.07	%		1.41	%		0.34	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	85,900		$	134,883		$	106,431		$	122,549
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.33	%		0.30	%		0.32	%		0.40	%(E)
Including waiver and/or reimbursement and recapture		0.19	%(F)		0.30	%(G)		0.30	%		0.30	%(E)(H)
Net investment income (loss) to average net assets		0.68	%		2.02	%		1.41	%		0.86	%(E)

(A)	Commenced operations on May 19, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	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)	Waiver and/or reimbursement rounds to less than 0.01%.
(H)	Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of March 1, 2019. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class R2
	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
Investment operations:
Net investment income (loss) (B)		0.00	(C)		0.02			0.01			0.00	(C)
Total investment operations		0.00	(C)		0.02			0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.35	%		1.56	%		0.91	%		0.02	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,017,445		$	910,347		$	728,262		$	634,919
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%		0.85	%		0.88	%		0.91	%(E)
Including waiver and/or reimbursement and recapture		0.49	%(F)		0.80	%		0.80	%		0.80	%(E)
Net investment income (loss) to average net assets		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.

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

Transamerica Funds Annual Report 2020

Page    429

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Government Money Market
	Class R4
	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
Investment operations:
Net investment income (loss) (B)		0.01			0.02			0.01			0.00	(C)
Total investment operations		0.01			0.02			0.01			0.00	(C)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)(C)
Net asset value, end of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.60	%		1.86	%		1.21	%		0.03	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	91,021		$	117,731		$	174,150		$	190,300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.58	%		0.55	%		0.57	%		0.65	%(E)
Including waiver and/or reimbursement and recapture		0.24	%(F)		0.50	%		0.50	%		0.50	%(E)
Net investment income (loss) to average net assets		0.59	%		1.85	%		1.19	%		0.61	%(E)

(A)	Commenced operations on October 13, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Not annualized.
(E)	Annualized.
(F)	Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class’s yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class’s effective daily yield being negative. Any such reimbursement may result in the class’s expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.

For a share outstanding during the period and years indicated:	Transamerica High Quality Bond
	Class I3
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.00		$	9.79		$	9.97		$	10.00
Investment operations:
Net investment income (loss) (B)		0.29			0.25			0.21			0.09
Net realized and unrealized gain (loss)		(0.01	)		0.27			(0.15	)		(0.04	)
Total investment operations		0.28			0.52			0.06			0.05
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.31	)		(0.24	)		(0.08	)
Net asset value, end of period/year	$	9.97		$	10.00		$	9.79		$	9.97
Total return		2.91	%		5.38	%		0.57	%		0.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	124,051		$	185,244		$	231,291		$	242,577
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.46	%		0.45	%		0.44	%		0.48	%(D)
Including waiver and/or reimbursement and recapture		0.46	%		0.45	%(E)		0.40	%		0.40	%(D)
Net investment income (loss) to average net assets		2.95	%		2.55	%		2.16	%		1.63	%(D)
Portfolio turnover rate		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 Annual Report 2020

Page    430

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Quality Bond
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.02		$	9.82		$	9.99		$	10.00
Investment operations:
Net investment income (loss) (B)		0.23			0.20			0.16			0.06
Net realized and unrealized gain (loss)		(0.00	)(C)		0.26			(0.15	)		(0.03	)
Total investment operations		0.23			0.46			0.01			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.26	)		(0.18	)		(0.04	)
Net asset value, end of period/year	$	9.99		$	10.02		$	9.82		$	9.99
Total return		2.41	%		4.85	%		0.14	%		0.32	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,762		$	12,401		$	13,520		$	19,443
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%		0.94	%		0.93	%		0.97	%(E)
Including waiver and/or reimbursement and recapture		0.95	%		0.94	%(F)		0.90	%		0.97	%(E)
Net investment income (loss) to average net assets		2.36	%		2.00	%		1.60	%		1.03	%(E)
Portfolio turnover rate		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 period and years indicated:	Transamerica High Quality Bond
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	10.00		$	9.79		$	9.97		$	9.98		$	10.03		$	10.17
Investment operations:
Net investment income (loss) (D)		0.27			0.22			0.19			0.11			0.14			0.10
Net realized and unrealized gain (loss)		(0.01	)		0.28			(0.16	)		0.01	(E)		(0.01	)		(0.06	)
Total investment operations		0.26			0.50			0.03			0.12			0.13			0.04
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.29	)		(0.21	)		(0.13	)		(0.18	)		(0.18	)
Net asset value, end of period/year	$	9.97		$	10.00		$	9.79		$	9.97		$	9.98		$	10.03
Total return		2.72	%		5.15	%		0.31	%		1.13	%(F)		1.31	%		0.38	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	32,366		$	41,701		$	37,838		$	40,216		$	56,312		$	57,227
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.71	%		0.70	%		0.69	%		0.75	%(G)		0.78	%		0.76	%
Including waiver and/or reimbursement and recapture		0.65	%		0.65	%		0.65	%		0.66	%(G)(H)		0.64	%(I)		0.65	%
Net investment income (loss) to average net assets		2.69	%		2.24	%		1.89	%		1.33	%(G)		1.34	%		1.01	%
Portfolio turnover rate		93	%		69	%		120	%		31	%(F)		92	%		70	%

(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 Annual Report 2020

Page    431

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.01		$	8.86		$	9.34		$	9.06		$	8.97
Investment operations:
Net investment income (loss) (A)		0.40			0.48			0.50			0.48			0.49	(B)
Net realized and unrealized gain (loss)		(0.42	)		0.16			(0.49	)		0.30			0.10
Total investment operations		(0.02	)		0.64			0.01			0.78			0.59
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.49	)		(0.49	)		(0.50	)		(0.50	)
Net asset value, end of year	$	8.56	��	$	9.01		$	8.86		$	9.34		$	9.06
Total return (C)		(0.10	)%		7.79	%		(0.20	)%		8.63	%		6.95	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	78,109		$	94,450		$	87,028		$	104,904		$	114,761
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%		1.09	%		1.08	%		1.04	%		1.02	%
Including waiver and/or reimbursement and recapture		1.03	%		1.05	%		1.00	%		1.04	%		1.01	%(B)
Net investment income (loss) to average net assets		4.68	%		5.36	%		5.45	%		5.24	%		5.64	%(B)
Portfolio turnover rate		37	%		38	%		35	%		39	%		49	%

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

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	8.97		$	8.81		$	9.30		$	9.02		$	8.92
Investment operations:
Net investment income (loss) (A)		0.34			0.42			0.43			0.42			0.43	(B)
Net realized and unrealized gain (loss)		(0.42	)		0.16			(0.50	)		0.29			0.10
Total investment operations		(0.08	)		0.58			(0.07	)		0.71			0.53
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.42	)		(0.42	)		(0.43	)		(0.43	)
Net asset value, end of year	$	8.52		$	8.97		$	8.81		$	9.30		$	9.02
Total return (C)		(0.82	)%		6.88	%		(0.88	)%		7.91	%		6.34	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	19,387		$	26,922		$	31,361		$	46,129		$	51,787
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.73	%		1.76	%		1.75	%		1.73	%		1.74	%
Including waiver and/or reimbursement and recapture		1.74	%		1.75	%		1.72	%		1.73	%		1.73	%(B)
Net investment income (loss) to average net assets		4.00	%		4.68	%		4.74	%		4.56	%		4.93	%(B)
Portfolio turnover rate		37	%		38	%		35	%		39	%		49	%

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

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

Transamerica Funds Annual Report 2020

Page    432

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31,   2016
Net asset value, beginning of year	$	9.06		$	8.91		$	9.40		$	9.13		$	9.03
Investment operations:
Net investment income (loss) (A)		0.43			0.51			0.52			0.52			0.52	(B)
Net realized and unrealized gain (loss)		(0.39	)		0.16			(0.49	)		0.28			0.10
Total investment operations		0.04			0.67			0.03			0.80			0.62
Dividends and/or distributions to shareholders:
Net investment income		(0.47	)		(0.52	)		(0.52	)		(0.53	)		(0.52	)
Net asset value, end of year	$	8.63		$	9.06		$	8.91		$	9.40		$	9.13
Total return		0.57	%		7.93	%		0.17	%		8.83	%		7.33	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	520,044		$	67,078		$	80,141		$	164,626		$	155,777
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%		0.74	%		0.74	%		0.73	%		0.73	%
Including waiver and/or reimbursement and recapture		0.62	%(C)		0.74	%(D)		0.71	%		0.73	%		0.72	%(B)
Net investment income (loss) to average net assets		4.96	%		5.66	%		5.67	%		5.54	%		5.86	%(B)
Portfolio turnover rate		37	%		38	%		35	%		39	%		49	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	TAM has contractually agreed to reimburse 0.08% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2023.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31,    2016
Net asset value, beginning of year	$	9.10		$	8.94		$	9.43		$	9.15		$	9.05
Investment operations:
Net investment income (loss) (A)		0.44			0.52			0.54			0.53			0.53	(B)
Net realized and unrealized gain (loss)		(0.43	)		0.17			(0.50	)		0.29			0.10
Total investment operations		0.01			0.69			0.04			0.82			0.63
Dividends and/or distributions to shareholders:
Net investment income		(0.47	)		(0.53	)		(0.53	)		(0.54	)		(0.53	)
Net asset value, end of year	$	8.64		$	9.10		$	8.94		$	9.43		$	9.15
Total return		0.28	%		8.17	%		0.30	%		9.05	%		7.43	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,054,363		$	477,381		$	472,589		$	858,441		$	958,137
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.60	%		0.63	%		0.63	%		0.63	%		0.63	%
Including waiver and/or reimbursement and recapture		0.60	%		0.63	%(C)		0.61	%		0.63	%		0.62	%(B)
Net investment income (loss) to average net assets		5.14	%		5.80	%		5.83	%		5.65	%		6.01	%(B)
Portfolio turnover rate		37	%		38	%		35	%		39	%		49	%

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

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

Transamerica Funds Annual Report 2020

Page    433

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class I3
	October 31, 2020			October 31,    2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	9.10		$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.44			0.52			0.54			0.32
Net realized and unrealized gain (loss)		(0.43	)		0.18			(0.50	)		0.18
Total investment operations		0.01			0.70			0.04			0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.47	)		(0.53	)		(0.54	)		(0.32	)
Net asset value, end of period/year	$	8.64		$	9.10		$	8.93		$	9.43
Total return		0.28	%		8.02	%		0.33	%		5.51	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	218,199		$	279,020		$	298,604		$	380,900
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.60	%		0.63	%		0.63	%		0.63	%(D)
Including waiver and/or reimbursement and recapture		0.60	%		0.63	%(E)		0.60	%		0.60	%(D)
Net investment income (loss) to average net assets		5.11	%		5.79	%		5.85	%		5.69	%(D)
Portfolio turnover rate		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 R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.10		$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.40			0.48			0.49			0.29
Net realized and unrealized gain (loss)		(0.43	)		0.17			(0.50	)		0.19
Total investment operations		(0.03	)		0.65			(0.01	)		0.48
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.48	)		(0.49	)		(0.30	)
Net asset value, end of period/year	$	8.64		$	9.10		$	8.93		$	9.43
Total return		(0.23	)%		7.51	%		(0.17	)%		5.19	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	32,169		$	35,439		$	42,802		$	55,724
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.25	%		1.26	%		1.23	%		1.14	%(D)
Including waiver and/or reimbursement and recapture		1.10	%		1.10	%		1.10	%		1.10	%(D)
Net investment income (loss) to average net assets		4.63	%		5.33	%		5.35	%		5.12	%(D)
Portfolio turnover rate		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 Annual Report 2020

Page    434

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Bond
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	9.10		$	8.93		$	9.43		$	9.25
Investment operations:
Net investment income (loss) (B)		0.42			0.50			0.52			0.31
Net realized and unrealized gain (loss)		(0.43	)		0.18			(0.51	)		0.18
Total investment operations		(0.01	)		0.68			0.01			0.49
Dividends and/or distributions to shareholders:
Net investment income		(0.45	)		(0.51	)		(0.51	)		(0.31	)
Net asset value, end of period/year	$	8.64		$	9.10		$	8.93		$	9.43
Total return		0.03	%		7.78	%		0.08	%		5.35	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	621,798		$	396,605		$	361,072		$	369,181
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.88	%		0.88	%		0.88	%(D)
Including waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.85	%		0.85	%(D)
Net investment income (loss) to average net assets		4.86	%		5.56	%		5.61	%		5.43	%(D)
Portfolio turnover rate		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.

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.10		$	8.94		$	9.43		$	9.15		$	9.05
Investment operations:
Net investment income (loss) (A)		0.44			0.52			0.54			0.54			0.52	(B)
Net realized and unrealized gain (loss)		(0.43	)		0.17			(0.50	)		0.28			0.11
Total investment operations		0.01			0.69			0.04			0.82			0.63
Dividends and/or distributions to shareholders:
Net investment income		(0.47	)		(0.53	)		(0.53	)		(0.54	)		(0.53	)
Net asset value, end of year	$	8.64		$	9.10		$	8.94		$	9.43		$	9.15
Total return		0.28	%		8.05	%		0.29	%		9.06	%		7.43	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	44,075		$	44,675		$	29,499		$	34,335		$	4,086
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.60	%		0.63	%		0.63	%		0.63	%		0.63	%
Including waiver and/or reimbursement and recapture		0.60	%		0.63	%(C)		0.61	%		0.63	%		0.61	%(B)
Net investment income (loss) to average net assets		5.14	%		5.77	%		5.85	%		5.73	%		5.81	%(B)
Portfolio turnover rate		37	%		38	%		35	%		39	%		49	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2020

Page    435

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica High Yield ESG
	Class I			Class I2
	October 31, 2020 (A)			October 31,    2020 (A)
Net asset value, beginning of period	$	10.00		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08			0.08
Net realized and unrealized gain (loss)		(0.09	)		(0.09	)
Total investment operations		(0.01	)		(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.09	)
Net asset value, end of period	$	9.90		$	9.90
Total return		(0.08	)%(C)		(0.08	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	999		$	18,990
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.02	%(D)		1.92	%(D)
Including waiver and/or reimbursement and recapture		0.77	%(D)(E)		0.75	%(D)
Net investment income (loss) to average net assets		3.09	%(D)		3.11	%(D)
Portfolio turnover rate		3	%(C)		3	%(C)

(A)	Commenced operations on July 31, 2020.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.
(E)	TAM has contractually agreed to reimburse 0.08% of the sub-transfer agency fees and certain per account transfer agency fees on Class I shares through March 1, 2022.

For a share outstanding during the years indicated:	Transamerica High Yield Muni
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017				October 31, 2016
Net asset value, beginning of year	$	11.98		$	11.34		$	11.60		$	11.88			$	11.47
Investment operations:
Net investment income (loss) (A)		0.38			0.42			0.40			0.34				0.31	(B)
Net realized and unrealized gain (loss)		(0.32	)		0.64			(0.26	)		(0.11	)			0.47
Total investment operations		0.06			1.06			0.14			0.23				0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.41	)		(0.42	)		(0.40	)		(0.35	)			(0.30	)
Net realized gains		—			—			—			(0.16	)			(0.07	)
Return of capital		(0.04	)		—			—			—				—
Total dividends and/or distributions to shareholders		(0.45	)		(0.42	)		(0.40	)		(0.51	)			(0.37	)
Net asset value, end of year	$	11.59		$	11.98		$	11.34		$	11.60			$	11.88
Total return (C)		0.60	%		9.54	%		1.19	%		2.26	%			6.72	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	18,111		$	22,116		$	30,521		$	34,191			$	58,848
Expenses to average net assets (D)													��
Excluding waiver and/or reimbursement and recapture		1.07	%		1.04	%		1.00	%		1.04	%			0.98	%
Including waiver and/or reimbursement and recapture		0.91	%		0.91	%		0.91	%		0.91	%			0.91	%(B)
Net investment income (loss) to average net assets		3.22	%		3.63	%		3.45	%		3.02	%			2.59	%(B)
Portfolio turnover rate		37	%		54	%		119	%		115	%			61	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	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 Annual Report 2020

Page    436

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Muni
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.99		$	11.35		$	11.61		$	11.88		$	11.48
Investment operations:
Net investment income (loss) (A)		0.31			0.36			0.33			0.28			0.24	(B)
Net realized and unrealized gain (loss)		(0.32	)		0.64			(0.26	)		(0.11	)		0.46
Total investment operations		(0.01	)		1.00			0.07			0.17			0.70
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.36	)		(0.33	)		(0.28	)		(0.23	)
Net realized gains		—			—			—			(0.16	)		(0.07	)
Return of capital		(0.03	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.38	)		(0.36	)		(0.33	)		(0.44	)		(0.30	)
Net asset value, end of year	$	11.60		$	11.99		$	11.35		$	11.61		$	11.88
Total return (C)		—	%		8.89	%		0.59	%		1.64	%		6.12	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	11,731		$	11,561		$	11,389		$	12,109		$	13,670
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.82	%		1.81	%		1.76	%		1.80	%		1.73	%
Including waiver and/or reimbursement and recapture		1.51	%		1.51	%		1.51	%		1.51	%		1.51	%(B)
Net investment income (loss) to average net assets		2.63	%		3.05	%		2.84	%		2.42	%		2.02	%(B)
Portfolio turnover rate		37	%		54	%		119	%		115	%		61	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica High Yield Muni
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.00		$	11.36		$	11.62		$	11.89		$	11.48
Investment operations:
Net investment income (loss) (A)		0.39			0.44			0.42			0.36			0.33	(B)
Net realized and unrealized gain (loss)		(0.33	)		0.64			(0.26	)		(0.10	)		0.46
Total investment operations		0.06			1.08			0.16			0.26			0.79
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.44	)		(0.42	)		(0.37	)		(0.31	)
Net realized gains		—			—			—			(0.16	)		(0.07	)
Return of capital		(0.04	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.47	)		(0.44	)		(0.42	)		(0.53	)		(0.38	)
Net asset value, end of year	$	11.59		$	12.00		$	11.36		$	11.62		$	11.89
Total return		0.58	%		9.70	%		1.35	%		2.41	%		6.96	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	62,566		$	75,539		$	61,523		$	57,151		$	55,795
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.86	%		0.84	%		0.79	%		0.83	%		0.77	%
Including waiver and/or reimbursement and recapture		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%(B)
Net investment income (loss) to average net assets		3.37	%		3.79	%		3.59	%		3.17	%		2.76	%(B)
Portfolio turnover rate		37	%		54	%		119	%		115	%		61	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	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 Annual Report 2020

Page    437

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	12.00		$	11.36		$	11.62		$	11.89		$	12.10
Investment operations:
Net investment income (loss) (B)		0.39			0.45			0.42			0.37			0.03
Net realized and unrealized gain (loss)		(0.31	)		0.64			(0.26	)		(0.11	)		(0.21	)(C)
Total investment operations		0.08			1.09			0.16			0.26			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.44	)		(0.45	)		(0.42	)		(0.37	)		(0.03	)
Net realized gains		—			—			—			(0.16	)		—
Return of capital		(0.04	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.48	)		(0.45	)		(0.42	)		(0.53	)		(0.03	)
Net asset value, end of period/year	$	11.60		$	12.00		$	11.36		$	11.62		$	11.89
Total return		0.77	%		9.73	%		1.42	%		2.44	%		(1.47	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11		$	10		$	10		$	10
Expenses to average net assets (E)		0.75	%		0.73	%		0.68	%		0.72	%		0.66	%(F)
Net investment income (loss) to average net assets		3.39	%		3.83	%		3.67	%		3.21	%		3.22	%(F)
Portfolio turnover rate		37	%		54	%		119	%		115	%		61	%

(A)	Commenced operations on September 30, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the years indicated:	Transamerica Inflation Opportunities
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.26		$	9.58		$	9.97		$	9.99		$	9.57
Investment operations:
Net investment income (loss) (A)		0.10			0.16			0.20			0.14			0.08	(B)
Net realized and unrealized gain (loss)		0.51			0.67			(0.38	)		(0.03	)		0.34
Total investment operations		0.61			0.83			(0.18	)		0.11			0.42
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.15	)		(0.21	)		(0.13	)		—
Net asset value, end of year	$	10.78		$	10.26		$	9.58		$	9.97		$	9.99
Total return (C)		5.99	%		8.73	%		(1.81	)%		1.11	%		4.39	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	866		$	778		$	719		$	634		$	645
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.10	%(D)		1.07	%(D)		0.95	%(D)		1.55	%		1.00	%
Including waiver and/or reimbursement and recapture		1.00	%(D)		1.00	%(D)		1.00	%(D)		1.00	%		0.99	%(B)
Net investment income (loss) to average net assets		0.97	%		1.59	%		2.02	%		1.39	%		0.81	%(B)
Portfolio turnover rate		28	%		23	%		36	%		41	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	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 Annual Report 2020

Page    438

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Inflation Opportunities
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.04		$	9.41		$	9.81		$	9.84		$	9.50
Investment operations:
Net investment income (loss) (A)		0.05			0.08			0.13			0.07			0.01	(B)
Net realized and unrealized gain (loss)		0.47			0.66			(0.38	)		(0.03	)		0.33
Total investment operations		0.52			0.74			(0.25	)		0.04			0.34
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.11	)		(0.15	)		(0.07	)		—
Net asset value, end of year	$	10.52		$	10.04		$	9.41		$	9.81		$	9.84
Total return (C)		5.23	%		7.90	%		(2.59	)%		0.46	%		3.58	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	562		$	529		$	456		$	709		$	517
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%(D)		1.80	%(D)		1.81	%(D)		1.80	%		1.77	%
Including waiver and/or reimbursement and recapture		1.75	%(D)		1.75	%(D)		1.75	%(D)		1.75	%		1.74	%(B)
Net investment income (loss) to average net assets		0.44	%		0.80	%		1.35	%		0.70	%		0.12	%(B)
Portfolio turnover rate		28	%		23	%		36	%		41	%		39	%

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

For a share outstanding during the years indicated:	Transamerica Inflation Opportunities
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.32		$	9.63		$	10.03		$	10.03		$	9.59
Investment operations:
Net investment income (loss) (A)		0.16			0.18			0.18			0.17			0.10	(B)
Net realized and unrealized gain (loss)		0.49			0.68			(0.34	)		(0.03	)		0.34
Total investment operations		0.65			0.86			(0.16	)		0.14			0.44
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.17	)		(0.24	)		(0.14	)		—
Net asset value, end of year	$	10.86		$	10.32		$	9.63		$	10.03		$	10.03
Total return		6.33	%		8.97	%		(1.67	)%		1.47	%		4.59	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,897		$	4,658		$	2,156		$	270		$	1,336
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%(C)		0.82	%(C)		0.82	%(C)		0.81	%		0.79	%
Including waiver and/or reimbursement and recapture		0.73	%(C)		0.75	%(C)		0.75	%(C)		0.75	%		0.74	%(B)
Net investment income (loss) to average net assets		1.48	%		1.80	%		1.81	%		1.76	%		0.98	%(B)
Portfolio turnover rate		28	%		23	%		36	%		41	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	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 Annual Report 2020

Page    439

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Inflation Opportunities
	Class I2
	October 31, 2020			October 31,    2019			October 31,    2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.35		$	9.65		$	10.05		$	10.05		$	9.60
Investment operations:
Net investment income (loss) (A)		0.15			0.19			0.24			0.17			0.10	(B)
Net realized and unrealized gain (loss)		0.49			0.68			(0.40	)		(0.02	)		0.35
Total investment operations		0.64			0.87			(0.16	)		0.15			0.45
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.17	)		(0.24	)		(0.15	)		—
Net asset value, end of year	$	10.88		$	10.35		$	9.65		$	10.05		$	10.05
Total return		6.23	%		9.09	%		(1.63	)%		1.53	%		4.69	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	86,849		$	121,491		$	148,450		$	171,965		$	178,853
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%(C)		0.71	%(C)		0.70	%(C)		0.70	%		0.68	%
Including waiver and/or reimbursement and recapture		0.72	%(C)		0.71	%(C)		0.70	%(C)		0.70	%		0.67	%(B)
Net investment income (loss) to average net assets		1.46	%		1.86	%		2.38	%		1.67	%		0.99	%(B)
Portfolio turnover rate		28	%		23	%		36	%		41	%		39	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	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 R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	10.35		$	9.66		$	10.05		$	10.05		$	9.92
Investment operations:
Net investment income (loss) (B)		0.16			0.19			0.24			0.17			0.03	(C)
Net realized and unrealized gain (loss)		0.49			0.67			(0.39	)		(0.02	)		0.10
Total investment operations		0.65			0.86			(0.15	)		0.15			0.13
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.17	)		(0.24	)		(0.15	)		—
Net asset value, end of period/year	$	10.89		$	10.35		$	9.66		$	10.05		$	10.05
Total return		6.33	%		8.97	%		(1.53	)%		1.53	%		1.31	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	59		$	55		$	51		$	51		$	51
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%(E)		0.71	%(E)		0.70	%(E)		0.70	%		0.66	%(F)
Including waiver and/or reimbursement and recapture		0.72	%(E)		0.71	%(E)		0.70	%(E)		0.70	%		0.64	%(C)(F)
Net investment income (loss) to average net assets		1.47	%		1.87	%		2.37	%		1.69	%		1.15	%(C)(F)
Portfolio turnover rate		28	%		23	%		36	%		41	%		39	%

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Not annualized.
(E)	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 Annual Report 2020

Page    440

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation-Protected Securities
	Class I3
	October 31, 2020			October 31, 2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	10.21		$	9.63		$	9.97		$	10.00
Investment operations:
Net investment income (loss) (B)		0.12			0.17			0.26			0.08
Net realized and unrealized gain (loss)		0.65			0.65			(0.34	)		(0.06	)
Total investment operations		0.77			0.82			(0.08	)		0.02
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.24	)		(0.26	)		(0.05	)
Net asset value, end of period/year	$	10.84		$	10.21		$	9.63		$	9.97
Total return		7.59	%		8.58	%		(0.88	)%		0.16	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	99,722		$	104,687		$	111,874		$	144,334
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.51	%		0.49	%		0.56	%		0.52	%(E)
Including waiver and/or reimbursement and recapture		0.52	%		0.47	%		0.40	%		0.40	%(E)
Net investment income (loss) to average net assets		1.14	%		1.73	%		2.59	%		1.45	%(E)
Portfolio turnover rate		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.

For a share outstanding during the period and years indicated:	Transamerica Inflation-Protected Securities
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31,  2017 (A)
Net asset value, beginning of period/year	$	10.23		$	9.65		$	9.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07			0.11			0.21			0.05
Net realized and unrealized gain (loss)		0.65			0.67			(0.34	)		(0.07	)
Total investment operations		0.72			0.78			(0.13	)		(0.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.20	)		(0.20	)		(0.00	)(C)
Net asset value, end of period/year	$	10.85		$	10.23		$	9.65		$	9.98
Total return		7.08	%		8.24	%		(1.29	)%		(0.20	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10,488		$	9,125		$	10,508		$	12,683
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.00	%		0.98	%		1.05	%		1.01	%(F)
Including waiver and/or reimbursement and recapture		0.99	%		1.00	%		0.92	%		1.00	%(F)
Net investment income (loss) to average net assets		0.69	%		1.13	%		2.07	%		0.85	%(F)
Portfolio turnover rate		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.

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

Transamerica Funds Annual Report 2020

Page    441

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation-Protected Securities
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	10.23		$	9.63		$	9.97		$	9.93		$	9.69		$	9.93
Investment operations:
Net investment income (loss) (D)		0.11			0.10			0.23			0.12			0.11			(0.01	)
Net realized and unrealized gain (loss)		0.64			0.72			(0.34	)		0.01	(E)		0.26			(0.21	)
Total investment operations		0.75			0.82			(0.11	)		0.13			0.37			(0.22	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.22	)		(0.23	)		(0.09	)		(0.13	)		—
Return of capital		—			—			—			—			—			(0.02	)
Total dividends and/or distributions to shareholders		(0.12	)		(0.22	)		(0.23	)		(0.09	)		(0.13	)		(0.02	)
Net asset value, end of period/year	$	10.86		$	10.23		$	9.63		$	9.97		$	9.93		$	9.69
Total return		7.39	%		8.58	%		(1.15	)%		1.37	%(F)		3.76	%		(2.18	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,012		$	2,340		$	15,421		$	23,203		$	63,638		$	76,421
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%(G)		0.74	%(G)		0.81	%(G)		0.81	%(G)(H)		0.82	%		0.80	%
Including waiver and/or reimbursement and recapture		0.64	%(G)		0.65	%(G)		0.65	%(G)(I)		0.66	%(G)(H)(I)		0.64	%(J)		0.65	%
Net investment income (loss) to average net assets		1.04	%		1.07	%		2.33	%		1.41	%(H)		1.13	%		(0.13	)%
Portfolio turnover rate		16	%		14	%		134	%		51	%(F)		52	%		54	%

(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)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Annualized.
(I)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(J)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the period and years indicated:	Transamerica Intermediate Bond
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.50		$	9.70		$	10.20		$	10.08
Investment operations:
Net investment income (loss) (B)		0.23			0.28			0.27			0.14
Net realized and unrealized gain (loss)		0.37		��	0.81			(0.49	)		0.14
Total investment operations		0.60			1.09			(0.22	)		0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.29	)		(0.28	)		(0.16	)
Net asset value, end of period/year	$	10.85		$	10.50		$	9.70		$	10.20
Total return		5.74	%		11.39	%		(2.22	)%		2.92	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	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	%		0.42	%		0.41	%		0.43	%(D)
Including waiver and/or reimbursement and recapture		0.42	%		0.42	%(E)		0.41	%		0.43	%(D)
Net investment income (loss) to average net assets		2.16	%		2.77	%		2.68	%		2.29	%(D)
Portfolio turnover rate		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 Annual Report 2020

Page    442

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Intermediate Bond
	Class I3
	October 31, 2020			October 31,   2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	10.51		$	9.72		$	10.22		$	10.08
Investment operations:
Net investment income (loss) (B)		0.23			0.28			0.27			0.14
Net realized and unrealized gain (loss)		0.38			0.80			(0.49	)		0.15
Total investment operations		0.61			1.08			(0.22	)		0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.29	)		(0.28	)		(0.15	)
Net asset value, end of period/year	$	10.87		$	10.51		$	9.72		$	10.22
Total return		5.83	%		11.26	%		(2.21	)%		2.87	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	385,809		$	485,794		$	697,789		$	628,055
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%		0.42	%		0.41	%		0.42	%(D)
Including waiver and/or reimbursement and recapture		0.42	%		0.42	%(E)		0.40	%		0.40	%(D)
Net investment income (loss) to average net assets		2.14	%		2.78	%		2.70	%		2.33	%(D)
Portfolio turnover rate		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 period and years indicated:	Transamerica Intermediate Bond
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	10.52		$	9.73		$	10.22		$	10.08
Investment operations:
Net investment income (loss) (B)		0.18			0.23			0.22			0.11
Net realized and unrealized gain (loss)		0.37			0.80			(0.48	)		0.14
Total investment operations		0.55			1.03			(0.26	)		0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.24	)		(0.23	)		(0.11	)
Net asset value, end of period/year	$	10.88		$	10.52		$	9.73		$	10.22
Total return		5.29	%		10.68	%		(2.61	)%		2.50	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	42,002		$	51,335		$	94,748		$	112,450
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%		0.91	%		0.91	%		0.91	%(D)
Including waiver and/or reimbursement and recapture		0.92	%		0.91	%(E)		0.90	%		0.91	%(D)
Net investment income (loss) to average net assets		1.64	%		2.29	%		2.18	%		1.75	%(D)
Portfolio turnover rate		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 Annual Report 2020

Page    443

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Intermediate Bond
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31,    2016			December 31, 2015
Net asset value, beginning of period/year	$	10.52		$	9.72		$	10.22		$	10.03		$	10.04		$	10.32
Investment operations:
Net investment income (loss) (D)		0.20			0.26			0.24			0.17			0.22			0.21
Net realized and unrealized gain (loss)		0.37			0.81			(0.49	)		0.21			0.10			(0.18	)
Total investment operations		0.57			1.07			(0.25	)		0.38			0.32			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.27	)		(0.25	)		(0.19	)		(0.24	)		(0.23	)
Net realized gains		—			—			—			—			(0.09	)		(0.08	)
Total dividends and/or distributions to shareholders		(0.22	)		(0.27	)		(0.25	)		(0.19	)		(0.33	)		(0.31	)
Net asset value, end of period/year	$	10.87		$	10.52		$	9.72		$	10.22		$	10.03		$	10.04
Total return		5.49	%		11.10	%		(2.46	)%		3.75	%(E)		3.21	%		0.21	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	162,185		$	178,769		$	181,447		$	291,565		$	317,150		$	373,605
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.67	%		0.67	%		0.66	%		0.68	%(F)		0.71	%		0.71	%
Including waiver and/or reimbursement and recapture		0.65	%		0.65	%		0.65	%		0.65	%(F)		0.63	%(G)		0.65	%
Net investment income (loss) to average net assets		1.90	%		2.54	%		2.41	%		1.99	%(F)		2.08	%		1.99	%
Portfolio turnover rate		46	%		49	%		49	%		22	%(E)		50	%		46	%

(A)	Transamerica Partners Institutional Core Bond reorganized into the Fund on March 24, 2017. Prior to March 24, 2017, information provided reflects Transamerica Partners Institutional Core Bond, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 24, 2017, the Fund underwent a 1.06-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 24, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	Not annualized.
(F)	Annualized.
(G)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the years indicated:	Transamerica Intermediate Muni
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31,    2016
Net asset value, beginning of year	$	11.80		$	11.06		$	11.40		$	11.57		$	11.31
Investment operations:
Net investment income (loss) (A)		0.19			0.28			0.26			0.23			0.21	(B)
Net realized and unrealized gain (loss)		0.13			0.75			(0.34	)		(0.10	)		0.30
Total investment operations		0.32			1.03			(0.08	)		0.13			0.51
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.29	)		(0.26	)		(0.23	)		(0.20	)
Net realized gains		—			—			—			(0.07	)		(0.05	)
Return of capital		(0.04	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.28	)		(0.29	)		(0.26	)		(0.30	)		(0.25	)
Net asset value, end of year	$	11.84		$	11.80		$	11.06		$	11.40		$	11.57
Total return (C)		2.73	%		9.35	%		(0.73	)%		1.20	%		4.58	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	245,980		$	218,941		$	269,452		$	312,347		$	426,748
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.75	%		0.78	%		0.77	%		0.78	%		0.78	%
Including waiver and/or reimbursement and recapture		0.65	%		0.68	%		0.67	%		0.68	%		0.68	%(B)
Net investment income (loss) to average net assets		1.65	%		2.47	%		2.29	%		2.00	%		1.79	%(B)
Portfolio turnover rate		20	%		14	%		34	%		55	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	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 Annual Report 2020

Page    444

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Intermediate Muni
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31,    2016
Net asset value, beginning of year	$	11.78		$	11.03		$	11.38		$	11.54		$	11.28
Investment operations:
Net investment income (loss) (A)		0.12			0.21			0.19			0.16			0.14	(B)
Net realized and unrealized gain (loss)		0.13			0.75			(0.35	)		(0.09	)		0.31
Total investment operations		0.25			0.96			(0.16	)		0.07			0.45
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.21	)		(0.19	)		(0.16	)		(0.14	)
Net realized gains		—			—			—			(0.07	)		(0.05	)
Return of capital		(0.03	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.21	)		(0.21	)		(0.19	)		(0.23	)		(0.19	)
Net asset value, end of year	$	11.82		$	11.78		$	11.03		$	11.38		$	11.54
Total return (C)		2.10	%		8.80	%		(1.43	)%		0.67	%		4.00	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	138,959		$	143,332		$	148,672		$	180,744		$	199,784
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.52	%		1.55	%		1.53	%		1.54	%		1.53	%
Including waiver and/or reimbursement and recapture		1.27	%		1.30	%		1.28	%		1.29	%		1.29	%(B)
Net investment income (loss) to average net assets		1.03	%		1.86	%		1.67	%		1.39	%		1.18	%(B)
Portfolio turnover rate		20	%		14	%		34	%		55	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Does not include expenses of the underlying investments in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Intermediate Muni
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31,    2016
Net asset value, beginning of year	$	11.85		$	11.11		$	11.46		$	11.62		$	11.36
Investment operations:
Net investment income (loss) (A)		0.21			0.30			0.27			0.24			0.22	(B)
Net realized and unrealized gain (loss)		0.12			0.74			(0.35	)		(0.09	)		0.30
Total investment operations		0.33			1.04			(0.08	)		0.15			0.52
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.30	)		(0.27	)		(0.24	)		(0.21	)
Net realized gains		—			—			—			(0.07	)		(0.05	)
Return of capital		(0.04	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.30	)		(0.30	)		(0.27	)		(0.31	)		(0.26	)
Net asset value, end of year	$	11.88		$	11.85		$	11.11		$	11.46		$	11.62
Total return		2.81	%		9.45	%		(0.71	)%		1.39	%		4.62	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,888,406		$	1,354,326		$	999,826		$	914,290		$	833,151
Expenses to average net assets (C)
Excluding waiver and/or reimbursement and recapture		0.56	%		0.59	%		0.58	%		0.59	%		0.59	%
Including waiver and/or reimbursement and recapture		0.49	%		0.56	%		0.58	%		0.59	%		0.61	%(B)
Net investment income (loss) to average net assets		1.80	%		2.59	%		2.38	%		2.09	%		1.86	%(B)
Portfolio turnover rate		20	%		14	%		34	%		55	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	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 Annual Report 2020

Page    445

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Intermediate Muni
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	11.86		$	11.11		$	11.46		$	11.62		$	11.78
Investment operations:
Net investment income (loss) (B)		0.21			0.31			0.28			0.25			0.02
Net realized and unrealized gain (loss)		0.13			0.75			(0.35	)		(0.09	)		(0.16	)(C)
Total investment operations		0.34			1.06			(0.07	)		0.16			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.31	)		(0.28	)		(0.25	)		(0.02	)
Net realized gains		—			—			—			(0.07	)		—
Return of capital		(0.07	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.30	)		(0.31	)		(0.28	)		(0.32	)		(0.02	)
Net asset value, end of period/year	$	11.90		$	11.86		$	11.11		$	11.46		$	11.62
Total return		2.94	%		9.64	%		(0.60	)%		1.49	%		(1.18	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11		$	10		$	10		$	10
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.46	%		0.48	%		0.47	%		0.48	%		0.48	%(F)
Including waiver and/or reimbursement and recapture		0.46	%		0.48	%		0.47	%		0.48	%		0.48	%(F)
Net investment income (loss) to average net assets		1.80	%		2.68	%		2.49	%		2.20	%		2.02	%(F)
Portfolio turnover rate		20	%		14	%		34	%		55	%		34	%

(A)	Commenced operations on September 30, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.

For a share outstanding during the years indicated:	Transamerica International Equity
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31,    2016
Net asset value, beginning of year	$	17.65		$	17.30		$	19.29		$	16.49		$	17.37
Investment operations:
Net investment income (loss) (A)		0.20			0.32			0.33			0.43			0.29	(B)
Net realized and unrealized gain (loss)		(1.69	)		0.83			(1.79	)		2.61			(0.78	)
Total investment operations		(1.49	)		1.15			(1.46	)		3.04			(0.49	)
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.28	)		(0.53	)		(0.20	)		(0.30	)
Net realized gains		—			(0.52	)		—			(0.04	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.43	)		(0.80	)		(0.53	)		(0.24	)		(0.39	)
Net asset value, end of year	$	15.73		$	17.65		$	17.30		$	19.29		$	16.49
Total return (C)		(8.77	)%		7.28	%		(7.82	)%		18.72	%		(2.83	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	147,674		$	153,300		$	202,462		$	274,610		$	313,394
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.30	%		1.28	%		1.23	%		1.20	%		1.24	%
Including waiver and/or reimbursement and recapture		1.25	%		1.25	%		1.22	%		1.20	%		1.30	%(B)
Net investment income (loss) to average net assets		1.22	%		1.94	%		1.74	%		2.43	%		1.78	%(B)
Portfolio turnover rate		18	%		13	%		21	%		22	%		19	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

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

Transamerica Funds Annual Report 2020

Page    446

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Equity
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	17.34		$	16.97		$	18.97		$	16.22		$	17.11
Investment operations:
Net investment income (loss) (A)		0.07			0.19			0.21			0.29			0.17	(B)
Net realized and unrealized gain (loss)		(1.66	)		0.83			(1.78	)		2.58			(0.76	)
Total investment operations		(1.59	)		1.02			(1.57	)		2.87			(0.59	)
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.13	)		(0.43	)		(0.08	)		(0.21	)
Net realized gains		—			(0.52	)		—			(0.04	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.29	)		(0.65	)		(0.43	)		(0.12	)		(0.30	)
Net asset value, end of year	$	15.46		$	17.34		$	16.97		$	18.97		$	16.22
Total return (C)		(9.38	)%		6.50	%		(8.49	)%		17.88	%		(3.47	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	27,884		$	46,960		$	64,847		$	72,542		$	60,630
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.96	%		1.96	%		1.94	%		1.94	%		1.96	%
Including waiver and/or reimbursement and recapture		1.96	%		1.96	%		1.94	%		1.94	%		1.96	%(B)
Net investment income (loss) to average net assets		0.45	%		1.15	%		1.12	%		1.64	%		1.07	%(B)
Portfolio turnover rate		18	%		13	%		21	%		22	%		19	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica International Equity
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31,      2016
Net asset value, beginning of year	$	17.89		$	17.54		$	19.55		$	16.73		$	17.60
Investment operations:
Net investment income (loss) (A)		0.26			0.39			0.42			0.50			0.36	(B)
Net realized and unrealized gain (loss)		(1.70	)		0.83			(1.83	)		2.63			(0.79	)
Total investment operations		(1.44	)		1.22			(1.41	)		3.13			(0.43	)
Dividends and/or distributions to shareholders:
Net investment income		(0.50	)		(0.35	)		(0.60	)		(0.27	)		(0.35	)
Net realized gains		—			(0.52	)		—			(0.04	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.50	)		(0.87	)		(0.60	)		(0.31	)		(0.44	)
Net asset value, end of year	$	15.95		$	17.89		$	17.54		$	19.55		$	16.73
Total return		(8.38	)%		7.66	%		(7.49	)%		19.09	%		(2.46	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,891,398		$	2,210,381		$	2,495,943		$	2,242,175		$	1,552,632
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%		0.86	%		0.89	%		0.89	%		0.90	%
Including waiver and/or reimbursement and recapture		0.86	%		0.86	%		0.89	%		0.89	%		0.90	%(B)
Net investment income (loss) to average net assets		1.58	%		2.31	%		2.17	%		2.77	%		2.20	%(B)
Portfolio turnover rate		18	%		13	%		21	%		22	%		19	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2020

Page    447

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Equity
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31,      2016
Net asset value, beginning of year	$	17.91		$	17.57		$	19.58		$	16.75		$	17.62
Investment operations:
Net investment income (loss) (A)		0.28			0.39			0.43			0.52			0.37	(B)
Net realized and unrealized gain (loss)		(1.70	)		0.84			(1.82	)		2.63			(0.79	)
Total investment operations		(1.42	)		1.23			(1.39	)		3.15			(0.42	)
Dividends and/or distributions to shareholders:
Net investment income		(0.52	)		(0.37	)		(0.62	)		(0.28	)		(0.36	)
Net realized gains		—			(0.52	)		—			(0.04	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.52	)		(0.89	)		(0.62	)		(0.32	)		(0.45	)
Net asset value, end of year	$	15.97		$	17.91		$	17.57		$	19.58		$	16.75
Total return		(8.28	)%		7.72	%		(7.40	)%		19.23	%		(2.38	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,387,536		$	1,910,356		$	2,186,243		$	2,298,782		$	1,704,610
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.77	%		0.79	%		0.79	%		0.81	%
Including waiver and/or reimbursement and recapture		0.77	%		0.77	%		0.79	%		0.79	%		0.80	%(B)
Net investment income (loss) to average net assets		1.69	%		2.31	%		2.21	%		2.87	%		2.27	%(B)
Portfolio turnover rate		18	%		13	%		21	%		22	%		19	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class I3
	October 31, 2020			October 31, 2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	18.04		$	17.68		$	19.58		$	17.24
Investment operations:
Net investment income (loss) (B)		0.29			0.41			0.43			0.45
Net realized and unrealized gain (loss)		(1.73	)		0.84			(1.84	)		1.89
Total investment operations		(1.44	)		1.25			(1.41	)		2.34
Dividends and/or distributions to shareholders:
Net investment income		(0.52	)		(0.37	)		(0.49	)		—
Net realized gains		—			(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.52	)		(0.89	)		(0.49	)		—
Net asset value, end of period/year	$	16.08		$	18.04		$	17.68		$	19.58
Total return		(8.34	)%		7.78	%		(7.41	)%		13.57	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	204,877		$	210,438		$	218,378		$	270,144
Expenses to average net assets		0.77	%		0.77	%		0.79	%		0.79	%(D)
Net investment income (loss) to average net assets		1.74	%		2.40	%		2.21	%		3.70	%(D)
Portfolio turnover rate		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 Annual Report 2020

Page    448

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Equity
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	18.03		$	17.65		$	19.51		$	17.24
Investment operations:
Net investment income (loss) (B)		0.20			0.32			0.34			0.48
Net realized and unrealized gain (loss)		(1.72	)		0.84			(1.83	)		1.79
Total investment operations		(1.52	)		1.16			(1.49	)		2.27
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.26	)		(0.37	)		—
Net realized gains		—			(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.43	)		(0.78	)		(0.37	)		—
Net asset value, end of period/year	$	16.08		$	18.03		$	17.65		$	19.51
Total return		(8.75	)%		7.23	%		(7.89	)%		13.22	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	25,413		$	31,770		$	37,376		$	45,713
Expenses to average net assets		1.26	%		1.26	%		1.28	%		1.29	%(D)
Net investment income (loss) to average net assets		1.18	%		1.89	%		1.72	%		4.08	%(D)
Portfolio turnover rate		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 period and years indicated:	Transamerica International Equity
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	18.01		$	17.65		$	19.54		$	17.24
Investment operations:
Net investment income (loss) (B)		0.24			0.36			0.38			0.48
Net realized and unrealized gain (loss)		(1.71	)		0.83			(1.82	)		1.82
Total investment operations		(1.47	)		1.19			(1.44	)		2.30
Dividends and/or distributions to shareholders:
Net investment income		(0.48	)		(0.31	)		(0.45	)		—
Net realized gains		—			(0.52	)		—			—
Total dividends and/or distributions to shareholders		(0.48	)		(0.83	)		(0.45	)		—
Net asset value, end of period/year	$	16.06		$	18.01		$	17.65		$	19.54
Total return		(8.50	)%		7.44	%		(7.59	)%		13.34	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	17,802		$	19,425		$	15,775		$	21,339
Expenses to average net assets		1.02	%		1.02	%		1.04	%		1.04	%(D)
Net investment income (loss) to average net assets		1.46	%		2.14	%		1.95	%		4.04	%(D)
Portfolio turnover rate		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 Annual Report 2020

Page    449

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Equity
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	18.09		$	17.73		$	19.76		$	16.90		$	17.62
Investment operations:
Net investment income (loss) (A)		0.28			0.41			0.46			0.56			0.42	(B)
Net realized and unrealized gain (loss)		(1.72	)		0.84			(1.87	)		2.62			(0.84	)
Total investment operations		(1.44	)		1.25			(1.41	)		3.18			(0.42	)
Dividends and/or distributions to shareholders:
Net investment income		(0.52	)		(0.37	)		(0.62	)		(0.28	)		(0.21	)
Net realized gains		—			(0.52	)		—			(0.04	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.52	)		(0.89	)		(0.62	)		(0.32	)		(0.30	)
Net asset value, end of year	$	16.13		$	18.09		$	17.73		$	19.76		$	16.90
Total return		(8.31	)%		7.76	%		(7.43	)%		19.24	%		(2.37	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	222,323		$	255,860		$	198,633		$	180,679		$	56,917
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.77	%		0.79	%		0.79	%		0.81	%
Including waiver and/or reimbursement and recapture		0.77	%		0.77	%		0.79	%		0.79	%		0.80	%(B)
Net investment income (loss) to average net assets		1.70	%		2.42	%		2.35	%		3.06	%		2.53	%(B)
Portfolio turnover rate		18	%		13	%		21	%		22	%		19	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and years indicated:	Transamerica International Growth
	Class A
	October 31, 2020			October 31, 2019			October 31,    2018 (A)
Net asset value, beginning of period/year	$	7.53		$	7.85		$	8.89
Investment operations:
Net investment income (loss) (B)		0.08			0.14			0.09
Net realized and unrealized gain (loss)		0.28			0.75			(1.13	)
Total investment operations		0.36			0.89			(1.04	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.11	)		—
Net realized gains		—			(1.10	)		—
Total dividends and/or distributions to shareholders		(0.12	)		(1.21	)		—
Net asset value, end of period/year	$	7.77		$	7.53		$	7.85
Total return (C)		4.81	%		14.77	%		(11.70	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	190		$	106		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.74	%		1.74	%		1.43	%(E)
Including waiver and/or reimbursement and recapture		1.20	%		1.23	%		1.30	%(E)
Net investment income (loss) to average net assets		1.11	%		2.06	%		1.49	%(E)
Portfolio turnover rate		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.

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

Transamerica Funds Annual Report 2020

Page    450

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Growth
	Class I
	October 31, 2020			October 31, 2019			October 31,    2018 (A)
Net asset value, beginning of period/year	$	7.55		$	7.86		$	8.89
Investment operations:
Net investment income (loss) (B)		0.09			0.14			0.13
Net realized and unrealized gain (loss)		0.28			0.77			(1.16	)
Total investment operations		0.37			0.91			(1.03	)
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.12	)		—
Net realized gains		—			(1.10	)		—
Total dividends and/or distributions to shareholders		(0.13	)		(1.22	)		—
Net asset value, end of period/year	$	7.79		$	7.55		$	7.86
Total return		4.96	%		14.99	%		(11.59	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	21		$	19		$	13
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%		1.43	%		1.36	%(D)
Including waiver and/or reimbursement and recapture		1.03	%		1.05	%		1.05	%(D)
Net investment income (loss) to average net assets		1.24	%		1.93	%		2.27	%(D)
Portfolio turnover rate		28	%		25	%		119	%

(A)	Commenced operations on March 1, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the years indicated:		Transamerica International Growth
		Class I2
		October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year		$	7.53		$	7.87		$	9.02		$	7.27		$	7.80
Investment operations:
Net investment income (loss) (A)			0.11			0.15			0.16			0.11			0.11	(B)
Net realized and unrealized gain (loss)			0.29			0.76			(1.16	)		1.72			(0.40	)
Total investment operations			0.40			0.91			(1.00	)		1.83			(0.29	)
Dividends and/or distributions to shareholders:
Net investment income			(0.15	)		(0.15	)		(0.15	)		(0.08	)		(0.08	)
Net realized gains			—			(1.10	)		—			—			(0.16	)
Total dividends and/or distributions to shareholders			(0.15	)		(1.25	)		(0.15	)		(0.08	)		(0.24	)
Net asset value, end of year	��	$	7.78		$	7.53		$	7.87		$	9.02		$	7.27
Total return			5.34	%		15.22	%		(11.29	)%		25.45	%		(3.75	)%
Ratio and supplemental data:
Net assets end of year (000’s)		$	1,439,535		$	1,162,120		$	1,216,433		$	1,368,414		$	1,164,016
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture			0.81	%		0.81	%		0.87	%		0.95	%		0.97	%
Including waiver and/or reimbursement and recapture			0.81	%		0.81	%		0.87	%		0.95	%		0.96	%(B)
Net investment income (loss) to average net assets			1.45	%		2.20	%		1.80	%		1.36	%		1.52	%(B)
Portfolio turnover rate			28	%		25	%		119	%		15	%		15	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2020

Page    451

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Growth
	Class R6
	October 31, 2020			October 31, 2019			October 31,    2018 (A)
Net asset value, beginning of period/year	$	7.57		$	7.87		$	8.89
Investment operations:
Net investment income (loss) (B)		0.11			0.16			0.16
Net realized and unrealized gain (loss)		0.28			0.77			(1.18	)
Total investment operations		0.39			0.93			(1.02	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.13	)		—
Net realized gains		—			(1.10	)		—
Total dividends and/or distributions to shareholders		(0.15	)		(1.23	)		—
Net asset value, end of period/year	$	7.81		$	7.57		$	7.87
Total return		5.19	%		15.35	%		(11.47	)%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	10		$	9
Expenses to average net assets		0.81	%		0.80	%		0.83	%(D)
Net investment income (loss) to average net assets		1.46	%		2.26	%		2.72	%(D)
Portfolio turnover rate		28	%		25	%		119	%

(A)	Commenced operations on March 1, 2018.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the years indicated:	Transamerica International Small Cap Value
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.60		$	12.44		$	13.67		$	11.39		$	12.40
Investment operations:
Net investment income (loss) (A)		0.13			0.24			0.27			0.18			0.25	(B)
Net realized and unrealized gain (loss)		(0.51	)		0.83			(1.08	)		2.42			(0.55	)
Total investment operations		(0.38	)		1.07			(0.81	)		2.60			(0.30	)
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.22	)		(0.42	)		(0.24	)		(0.29	)
Net realized gains		—			(0.69	)		—			(0.08	)		(0.42	)
Total dividends and/or distributions to shareholders		(0.28	)		(0.91	)		(0.42	)		(0.32	)		(0.71	)
Net asset value, end of year	$	11.94		$	12.60		$	12.44		$	13.67		$	11.39
Total return		(3.21	)%		9.84	%		(6.20	)%		23.51	%		(2.48	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	232,368		$	105,692		$	291,455		$	326,445		$	273,540
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.11	%		1.10	%		1.12	%		1.12	%		1.12	%
Including waiver and/or reimbursement and recapture		1.11	%		1.10	%		1.12	%		1.12	%		1.11	%(B)
Net investment income (loss) to average net assets		1.09	%		2.07	%		1.92	%		1.48	%		2.18	%(B)
Portfolio turnover rate		30	%		18	%		20	%		25	%		20	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2020

Page    452

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Small Cap Value
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.63		$	12.47		$	13.70		$	11.42		$	12.43
Investment operations:
Net investment income (loss) (A)		0.12			0.24			0.27			0.19			0.27	(B)
Net realized and unrealized gain (loss)		(0.49	)		0.85			(1.07	)		2.42			(0.56	)
Total investment operations		(0.37	)		1.09			(0.80	)		2.61			(0.29	)
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.24	)		(0.43	)		(0.25	)		(0.30	)
Net realized gains		—			(0.69	)		—			(0.08	)		(0.42	)
Total dividends and/or distributions to shareholders		(0.30	)		(0.93	)		(0.43	)		(0.33	)		(0.72	)
Net asset value, end of year	$	11.96		$	12.63		$	12.47		$	13.70		$	11.42
Total return		(3.15	)%		9.97	%		(6.11	)%		23.58	%		(2.38	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	282,379		$	460,442		$	439,922		$	525,571		$	440,438
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%		1.00	%		1.02	%		1.02	%		1.02	%
Including waiver and/or reimbursement and recapture		1.01	%		1.00	%		1.02	%		1.02	%		1.01	%(B)
Net investment income (loss) to average net assets		1.04	%		2.05	%		1.95	%		1.56	%		2.36	%(B)
Portfolio turnover rate		30	%		18	%		20	%		25	%		20	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and years indicated:	Transamerica International Stock
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.60		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14			0.18			(0.01	)
Net realized and unrealized gain (loss)		(1.12	)		0.24			(0.80	)
Total investment operations		(0.98	)		0.42			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		—
Net asset value, end of period/year	$	8.62		$	9.60		$	9.19
Total return (C)		(10.21	)%		4.59	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	473		$	498		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.20	%		3.11	%		14.60	%(F)
Including waiver and/or reimbursement and recapture		1.25	%		1.24	%		1.25	%(F)
Net investment income (loss) to average net assets		1.60	%		1.95	%		(0.74	)%(F)
Portfolio turnover rate		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 Annual Report 2020

Page    453

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Stock
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.62		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.17			0.20			(0.00	)(C)
Net realized and unrealized gain (loss)		(1.13	)		0.24			(0.81	)
Total investment operations		(0.96	)		0.44			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—
Net asset value, end of period/year	$	8.65		$	9.62		$	9.19
Total return		(9.98	)%		4.81	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	439		$	501		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.03	%		2.95	%		14.44	%(F)
Including waiver and/or reimbursement and recapture		1.00	%		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		1.83	%		2.21	%		(0.49	)%(F)
Portfolio turnover rate		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 International Stock
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.62		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.17			0.11			(0.00	)(C)
Net realized and unrealized gain (loss)		(1.13	)		0.33			(0.81	)
Total investment operations		(0.96	)		0.44			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—
Net asset value, end of period/year	$	8.65		$	9.62		$	9.19
Total return		(9.98	)%		4.81	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	106,120		$	76,498		$	459
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.93	%		2.85	%		14.35	%(F)
Including waiver and/or reimbursement and recapture		1.00	%		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		1.89	%		1.24	%		(0.49	)%(F)
Portfolio turnover rate		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 Annual Report 2020

Page    454

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Stock
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018 (A)
Net asset value, beginning of period/year	$	9.62		$	9.19		$	10.00
Investment operations:
Net investment income (loss) (B)		0.17			0.20			(0.00	)(C)
Net realized and unrealized gain (loss)		(1.13	)		0.24			(0.81	)
Total investment operations		(0.96	)		0.44			(0.81	)
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		—
Net asset value, end of period/year	$	8.65		$	9.62		$	9.19
Total return		(9.98	)%		4.81	%		(8.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	434		$	482		$	460
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.93	%		2.85	%		14.35	%(F)
Including waiver and/or reimbursement and recapture		1.00	%		0.99	%		1.00	%(F)
Net investment income (loss) to average net assets		1.85	%		2.20	%		(0.50	)%(F)
Portfolio turnover rate		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 years indicated:	Transamerica Large Cap Value
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.97		$	12.09		$	13.56		$	12.36		$	12.71
Investment operations:
Net investment income (loss) (A)		0.19			0.19			0.14			0.14			0.14	(B)
Net realized and unrealized gain (loss)		(1.57	)		(0.02	)(C)		(0.04	)		2.28			0.98
Total investment operations		(1.38	)		0.17			0.10			2.42			1.12
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.19	)		(0.12	)		(0.17	)		(0.15	)
Net realized gains		(0.31	)		(1.10	)		(1.45	)		(1.05	)		(1.32	)
Total dividends and/or distributions to shareholders		(0.49	)		(1.29	)		(1.57	)		(1.22	)		(1.47	)
Net asset value, end of year	$	9.10		$	10.97		$	12.09		$	13.56		$	12.36
Total return (D)		(13.06	)%		2.51	%		0.56	%		20.29	%		9.83	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	50,011		$	81,213		$	95,523		$	103,851		$	71,700
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.07	%		1.08	%		1.08	%		1.06	%		1.05	%
Including waiver and/or reimbursement and recapture		1.07	%(E)		1.08	%		1.08	%		1.06	%		1.04	%(B)
Net investment income (loss) to average net assets		1.93	%		1.69	%		1.06	%		1.11	%		1.16	%(B)
Portfolio turnover rate		184	%		162	%		139	%		128	%		127	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2020

Page    455

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.90		$	12.01		$	13.48		$	12.31		$	12.67
Investment operations:
Net investment income (loss) (A)		0.12			0.11			0.04			0.04			0.05	(B)
Net realized and unrealized gain (loss)		(1.57	)		(0.02	)(C)		(0.02	)		2.27			0.98
Total investment operations		(1.45	)		0.09			0.02			2.31			1.03
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.10	)		(0.04	)		(0.09	)		(0.07	)
Net realized gains		(0.31	)		(1.10	)		(1.45	)		(1.05	)		(1.32	)
Total dividends and/or distributions to shareholders		(0.40	)		(1.20	)		(1.49	)		(1.14	)		(1.39	)
Net asset value, end of year	$	9.05		$	10.90		$	12.01		$	13.48		$	12.31
Total return (D)		(13.77	)%		1.81	%		(0.16	)%		19.37	%		9.00	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	14,804		$	38,234		$	49,839		$	49,014		$	22,482
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.83	%		1.82	%		1.80	%		1.79	%		1.80	%
Including waiver and/or reimbursement and recapture		1.83	%(E)		1.82	%		1.80	%		1.79	%		1.80	%(B)
Net investment income (loss) to average net assets		1.21	%		0.96	%		0.33	%		0.30	%		0.43	%(B)
Portfolio turnover rate		184	%		162	%		139	%		128	%		127	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class I
	October 31, 2020			October 31,    2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.05		$	12.16		$	13.64		$	12.43		$	12.77
Investment operations:
Net investment income (loss) (A)		0.24			0.23			0.17			0.15			0.17	(B)
Net realized and unrealized gain (loss)		(1.59	)		(0.02	)(C)		(0.04	)		2.31			0.99
Total investment operations		(1.35	)		0.21			0.13			2.46			1.16
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.22	)		(0.16	)		(0.20	)		(0.18	)
Net realized gains		(0.31	)		(1.10	)		(1.45	)		(1.05	)		(1.32	)
Total dividends and/or distributions to shareholders		(0.53	)		(1.32	)		(1.61	)		(1.25	)		(1.50	)
Net asset value, end of year	$	9.17		$	11.05		$	12.16		$	13.64		$	12.43
Total return		(12.67	)%		2.88	%		0.78	%		20.55	%		10.14	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	72,131		$	251,629		$	375,161		$	245,508		$	56,161
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.79	%		0.80	%		0.79	%		0.79	%
Including waiver and/or reimbursement and recapture		0.68	%(D)		0.77	%(D)		0.80	%		0.79	%		0.78	%(B)
Net investment income (loss) to average net assets		2.38	%		2.02	%		1.31	%		1.17	%		1.37	%(B)
Portfolio turnover rate		184	%		162	%		139	%		128	%		127	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	TAM has contractually agreed to reimburse 0.09% of the sub-transfer agency fees through March 1, 2021. These amounts are not subject to recapture by TAM.

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

Transamerica Funds Annual Report 2020

Page    456

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class I2
	October 31,      2020			October 31,    2019			October 31, 2018			October 31, 2017			October 31,      2016
Net asset value, beginning of year	$	11.04		$	12.16		$	13.63		$	12.42		$	12.76
Investment operations:
Net investment income (loss) (A)		0.21			0.23			0.19			0.19			0.19	(B)
Net realized and unrealized gain (loss)		(1.56	)		(0.02	)(C)		(0.03	)		2.28			0.98
Total investment operations		(1.35	)		0.21			0.16			2.47			1.17
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.23	)		(0.18	)		(0.21	)		(0.19	)
Net realized gains		(0.31	)		(1.10	)		(1.45	)		(1.05	)		(1.32	)
Total dividends and/or distributions to shareholders		(0.53	)		(1.33	)		(1.63	)		(1.26	)		(1.51	)
Net asset value, end of year	$	9.16		$	11.04		$	12.16		$	13.63		$	12.42
Total return		(12.66	)%		2.90	%		0.96	%		20.66	%		10.25	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,454,992		$	1,523,734		$	1,664,184		$	1,899,205		$	1,898,665
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.66	%		0.69	%		0.69	%		0.69	%		0.69	%
Including waiver and/or reimbursement and recapture		0.66	%(D)		0.69	%		0.69	%		0.69	%		0.68	%(B)
Net investment income (loss) to average net assets		2.23	%		2.06	%		1.46	%		1.44	%		1.60	%(B)
Portfolio turnover rate		184	%		162	%		139	%		128	%		127	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.04		$	12.16		$	13.63		$	12.42		$	12.76
Investment operations:
Net investment income (loss) (A)		0.22			0.23			0.18			0.17			0.15	(B)
Net realized and unrealized gain (loss)		(1.57	)		(0.02	)(C)		(0.02	)		2.30			1.02
Total investment operations		(1.35	)		0.21			0.16			2.47			1.17
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.23	)		(0.18	)		(0.21	)		(0.19	)
Net realized gains		(0.31	)		(1.10	)		(1.45	)		(1.05	)		(1.32	)
Total dividends and/or distributions to shareholders		(0.53	)		(1.33	)		(1.63	)		(1.26	)		(1.51	)
Net asset value, end of year	$	9.16		$	11.04		$	12.16		$	13.63		$	12.42
Total return		(12.66	)%		2.90	%		0.96	%		20.66	%		10.25	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	25,121		$	30,426		$	27,069		$	16,356		$	3,391
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.66	%		0.69	%		0.69	%		0.69	%		0.69	%
Including waiver and/or reimbursement and recapture		0.66	%(D)		0.69	%		0.69	%		0.69	%		0.68	%(B)
Net investment income (loss) to average net assets		2.30	%		2.06	%		1.42	%		1.29	%		1.25	%(B)
Portfolio turnover rate		184	%		162	%		139	%		128	%		127	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2020

Page    457

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Core
	Class I3
	October 31,    2020			October 31,    2019			October 31,    2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	9.95		$	11.12		$	11.02		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14			0.16			0.14			0.09
Net realized and unrealized gain (loss)		0.60			0.64			0.55			1.01
Total investment operations		0.74			0.80			0.69			1.10
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.16	)		(0.14	)		(0.08	)
Net realized gains		(0.00	)(C)		(1.81	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(0.17	)		(1.97	)		(0.59	)		(0.08	)
Net asset value, end of period/year	$	10.52		$	9.95		$	11.12		$	11.02
Total return		7.62	%		10.53	%		6.20	%		11.09	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	109,142		$	191,543		$	189,483		$	200,790
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.52	%(E)		0.51	%(E)		0.66	%(E)		0.72	%(F)
Including waiver and/or reimbursement and recapture		0.52	%(E)		0.57	%(E)		0.64	%(E)		0.64	%(F)
Net investment income (loss) to average net assets		1.41	%		1.63	%		1.24	%		1.32	%(F)
Portfolio turnover rate		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)	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 Large Core
	Class R
	October 31,    2020			October 31,    2019			October 31,    2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	9.95		$	11.11		$	11.01		$	10.00
Investment operations:
Net investment income (loss) (B)		0.09			0.11			0.08			0.05
Net realized and unrealized gain (loss)		0.60			0.65			0.55			1.01
Total investment operations		0.69			0.76			0.63			1.06
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.11	)		(0.08	)		(0.05	)
Net realized gains		(0.00	)(C)		(1.81	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(0.12	)		(1.92	)		(0.53	)		(0.05	)
Net asset value, end of period/year	$	10.52		$	9.95		$	11.11		$	11.01
Total return		7.05	%		10.05	%		5.67	%		10.68	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	55,318		$	61,472		$	72,764		$	76,828
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%(E)		1.01	%(E)		1.15	%(E)		1.22	%(F)
Including waiver and/or reimbursement and recapture		1.02	%(E)		1.06	%(E)		1.14	%(E)		1.14	%(F)
Net investment income (loss) to average net assets		0.91	%		1.15	%		0.74	%		0.82	%(F)
Portfolio turnover rate		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)	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 Annual Report 2020

Page    458

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Core
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31,    2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	9.95		$	11.12		$	11.01		$	9.52		$	8.98		$	9.17
Investment operations:
Net investment income (loss) (D)		0.12			0.13			0.12			0.09			0.15			0.10
Net realized and unrealized gain (loss)		0.59			0.64			0.55			1.50			0.54			(0.20	)
Total investment operations		0.71			0.77			0.67			1.59			0.69			(0.10	)
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.13	)		(0.11	)		(0.10	)		(0.15	)		(0.09	)
Net realized gains		(0.00	)(E)		(1.81	)		(0.45	)		—			—			—
Total dividends and/or distributions to shareholders		(0.14	)		(1.94	)		(0.56	)		(0.10	)		(0.15	)		(0.09	)
Net asset value, end of period/year	$	10.52		$	9.95		$	11.12		$	11.01		$	9.52		$	8.98
Total return		7.31	%		10.15	%		6.00	%		16.72	%(F)		7.79	%		(1.02	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,045		$	5,039		$	5,386		$	11,636		$	10,633		$	11,995
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%(G)		0.76	%(G)		0.91	%(G)		1.05	%(H)		1.34	%		1.28	%
Including waiver and/or reimbursement and recapture		0.78	%(G)		0.88	%(G)		0.89	%(G)		0.90	%(H)		0.90	%(I)		0.90	%
Net investment income (loss) to average net assets		1.20	%		1.33	%		1.01	%		1.10	%(H)		1.65	%		1.04	%
Portfolio turnover rate		83	%		82	%		130	%		41	%(F)		47	%		64	%

(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)	Does not include expenses of the underlying investments in which the Fund invests.
(H)	Annualized.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the period and years indicated:	Transamerica Large Growth
	Class I3
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	13.09		$	12.45		$	11.72		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.04	)		0.01			0.03			0.03
Net realized and unrealized gain (loss)		6.45			1.66			1.22			1.72
Total investment operations		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		(2.47	)		(1.02	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(2.47	)		(1.03	)		(0.52	)		(0.03	)
Net asset value, end of period/year	$	17.03		$	13.09		$	12.45		$	11.72
Total return		57.90	%		15.57	%		10.94	%		17.49	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	769,670		$	640,098		$	622,541		$	666,225
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.70	%		0.70	%		0.72	%(D)
Including waiver and/or reimbursement and recapture		0.69	%		0.69	%		0.65	%		0.65	%(D)
Net investment income (loss) to average net assets		(0.31	)%		0.10	%		0.20	%		0.40	%(D)
Portfolio turnover rate		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 Annual Report 2020

Page    459

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Growth
	Class R
	October 31, 2020			October 31,    2019			October 31, 2018			October 31,    2017 (A)
Net asset value, beginning of period/year	$	13.00		$	12.41		$	11.71		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.11	)		(0.05	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		6.37			1.66			1.23			1.72
Total investment operations		6.26			1.61			1.19			1.71
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.04	)		—
Net realized gains		(2.47	)		(1.02	)		(0.45	)		—
Total dividends and/or distributions to shareholders		(2.47	)		(1.02	)		(0.49	)		—
Net asset value, end of period/year	$	16.79		$	13.00		$	12.41		$	11.71
Total return		57.02	%		15.06	%		10.39	%		17.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	161,089		$	118,346		$	140,192		$	146,404
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%		1.19	%		1.19	%		1.22	%(D)
Including waiver and/or reimbursement and recapture		1.19	%		1.19	%(E)		1.15	%		1.22	%(D)
Net investment income (loss) to average net assets		(0.81	)%		(0.38	)%		(0.30	)%		(0.10	)%(D)
Portfolio turnover rate		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 period and years indicated:	Transamerica Large Growth
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	13.06		$	12.44		$	11.72		$	9.14		$	9.08		$	8.35
Investment operations:
Net investment income (loss) (D)		(0.07	)		(0.01	)		(0.01	)		0.01			0.01			0.01
Net realized and unrealized gain (loss)		6.42			1.65			1.23			2.58			0.06			0.73
Total investment operations		6.35			1.64			1.22			2.59			0.07			0.74
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.05	)		(0.01	)		(0.01	)		(0.01	)
Net realized gains		(2.47	)		(1.02	)		(0.45	)		—			—			—
Total dividends and/or distributions to shareholders		(2.47	)		(1.02	)		(0.50	)		(0.01	)		(0.01	)		(0.01	)
Net asset value, end of period/year	$	16.94		$	13.06		$	12.44		$	11.72		$	9.14		$	9.08
Total return		57.53	%		15.29	%		10.68	%		28.42	%(E)		0.84	%		8.89	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	49,984		$	34,955		$	37,269		$	38,038		$	82,546		$	107,369
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.95	%		0.95	%		0.99	%(F)		1.01	%		0.99	%
Including waiver and/or reimbursement and recapture		0.90	%		0.90	%		0.90	%		0.90	%(F)		0.88	%(G)		0.90	%
Net investment income (loss) to average net assets		(0.52	)%		(0.10	)%		(0.04	)%		0.14	%(F)		0.15	%		0.07	%
Portfolio turnover rate		39	%		63	%		34	%		21	%(E)		36	%		33	%

(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 Annual Report 2020

Page    460

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Value Opportunities
	Class I3
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.32		$	10.75		$	10.71		$	10.00
Investment operations:
Net investment income (loss) (B)		0.21			0.22			0.18			0.08
Net realized and unrealized gain (loss)		(1.09	)		0.28			0.21			0.71
Total investment operations		(0.88	)		0.50			0.39			0.79
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.22	)		(0.17	)		(0.08	)
Net realized gains		(0.05	)		(1.71	)		(0.18	)		—
Total dividends and/or distributions to shareholders		(0.28	)		(1.93	)		(0.35	)		(0.08	)
Net asset value, end of period/year	$	8.16		$	9.32		$	10.75		$	10.71
Total return		(9.67	)%		7.58	%		3.60	%		7.94	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	254,111		$	438,107		$	458,786		$	520,709
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.50	%(D)		0.49	%(D)		0.52	%(D)		0.57	%(E)
Including waiver and/or reimbursement and recapture		0.50	%(D)(F)		0.50	%(D)		0.49	%(D)		0.49	%(E)
Net investment income (loss) to average net assets		2.36	%		2.38	%		1.64	%		1.69	%(E)
Portfolio turnover rate		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)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Large Value Opportunities
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.33		$	10.75		$	10.71		$	10.00
Investment operations:
Net investment income (loss) (B)		0.16			0.18			0.13			0.08
Net realized and unrealized gain (loss)		(1.09	)		0.28			0.21			0.69
Total investment operations		(0.93	)		0.46			0.34			0.77
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.17	)		(0.12	)		(0.06	)
Net realized gains		(0.05	)		(1.71	)		(0.18	)		—
Total dividends and/or distributions to shareholders		(0.23	)		(1.88	)		(0.30	)		(0.06	)
Net asset value, end of period/year	$	8.17		$	9.33		$	10.75		$	10.71
Total return		(10.05	)%		6.97	%		3.08	%		7.69	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	56,104		$	73,596		$	103,701		$	113,861
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%(D)		0.99	%(D)		1.01	%(D)		1.06	%(E)
Including waiver and/or reimbursement and recapture		1.00	%(D)		1.00	%(D)		0.99	%(D)		0.99	%(E)
Net investment income (loss) to average net assets		1.89	%		1.91	%		1.14	%		1.36	%(E)
Portfolio turnover rate		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)	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 Annual Report 2020

Page    461

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Large Value Opportunities
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	9.33		$	10.75		$	10.71		$	9.84		$	9.18		$	9.36
Investment operations:
Net investment income (loss) (D)		0.19			0.20			0.15			0.14			0.16			0.12
Net realized and unrealized gain (loss)		(1.10	)		0.29			0.21			0.85			0.67			(0.18	)
Total investment operations		(0.91	)		0.49			0.36			0.99			0.83			(0.06	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.20	)		(0.14	)		(0.12	)		(0.17	)		(0.12	)
Net realized gains		(0.05	)		(1.71	)		(0.18	)		—			—			—
Total dividends and/or distributions to shareholders		(0.25	)		(1.91	)		(0.32	)		(0.12	)		(0.17	)		(0.12	)
Net asset value, end of period/year	$	8.17		$	9.33		$	10.75		$	10.71		$	9.84		$	9.18
Total return		(9.81	)%		7.31	%		3.32	%		9.99	%(E)		9.14	%		(0.69	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	19,376		$	38,170		$	36,445		$	53,449		$	99,292		$	99,418
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%(F)		0.74	%(F)		0.77	%(F)		0.83	%(G)		0.84	%		0.83	%
Including waiver and/or reimbursement and recapture		0.75	%(F)(H)		0.75	%(F)		0.74	%(F)		0.74	%(G)		0.74	%(I)		0.75	%
Net investment income (loss) to average net assets		2.13	%		2.14	%		1.39	%		1.35	%(G)		1.80	%		1.21	%
Portfolio turnover rate		116	%		118	%		137	%		33	%(E)		48	%		65	%

(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)	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%.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.33		$	12.98		$	14.14		$	13.12
Investment operations:
Net investment income (loss) (B)		(0.07	)		(0.06	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		1.83			1.58			(0.91	)(C)		1.03
Total investment operations		1.76			1.52			(0.92	)		1.02
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		(0.01	)		—
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.18	)		(4.17	)		(0.24	)		—
Net asset value, end of period/year	$	11.91		$	10.33		$	12.98		$	14.14
Total return (D)		17.25	%		23.15	%		(6.88	)%		7.77	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,670		$	11,984		$	8,997		$	9,903
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%		1.31	%		1.28	%		1.30	%(F)
Including waiver and/or reimbursement and recapture		1.19	%		1.20	%		1.10	%		1.30	%(F)
Net investment income (loss) to average net assets		(0.68	)%		(0.62	)%		(0.04	)%		(0.10	)%(F)
Portfolio turnover rate		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.

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

Transamerica Funds Annual Report 2020

Page    462

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.74		$	12.55		$	13.77		$	12.84
Investment operations:
Net investment income (loss) (B)		(0.14	)		(0.12	)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		1.72			1.47			(0.88	)(C)		1.00
Total investment operations		1.58			1.35			(0.99	)		0.93
Dividends and/or distributions to shareholders:
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Net asset value, end of period/year	$	11.14		$	9.74		$	12.55		$	13.77
Total return (D)		16.43	%		22.29	%		(7.58	)%		7.24	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,341		$	1,370		$	1,268		$	1,448
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.94	%		2.06	%		2.05	%		2.05	%(F)
Including waiver and/or reimbursement and recapture		1.94	%		1.93	%		1.85	%		2.05	%(F)
Net investment income (loss) to average net assets		(1.43	)%		(1.34	)%		(0.79	)%		(0.85	)%(F)
Portfolio turnover rate		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.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.46		$	13.09		$	14.27		$	13.21
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.03	)		0.03			0.02
Net realized and unrealized gain (loss)		1.86			1.60			(0.93	)(C)		1.04
Total investment operations		1.82			1.57			(0.90	)		1.06
Dividends and/or distributions to shareholders:
Net investment income		—			(0.04	)		(0.05	)		—
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.18	)		(4.20	)		(0.28	)		—
Net asset value, end of period/year	$	12.10		$	10.46		$	13.09		$	14.27
Total return		17.61	%		23.45	%		(6.64	)%		8.02	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,488		$	769		$	664		$	664
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%		1.00	%		0.99	%		0.98	%(E)
Including waiver and/or reimbursement and recapture		0.88	%		0.90	%		0.85	%		0.98	%(E)
Net investment income (loss) to average net assets		(0.38	)%		(0.32	)%		0.20	%		0.22	%(E)
Portfolio turnover rate		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 Annual Report 2020

Page    463

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.53		$	13.10		$	14.31		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.04	)		0.07			0.03
Net realized and unrealized gain (loss)		1.87			1.63			(0.99	)(C)		1.04
Total investment operations		1.84			1.59			(0.92	)		1.07
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.06	)		—
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.18	)		(4.16	)		(0.29	)		—
Net asset value, end of period/year	$	12.19		$	10.53		$	13.10		$	14.31
Total return		17.69	%		23.34	%		(6.60	)%		8.08	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	391,784		$	156,858		$	9		$	155,629
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.77	%		0.88	%		0.86	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.77	%(F)		0.85	%		0.74	%		0.87	%(E)
Net investment income (loss) to average net assets		(0.29	)%		(0.41	)%		0.45	%		0.35	%(E)
Portfolio turnover rate		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 period and years indicated:	Transamerica Mid Cap Growth
	Class I3
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.51		$	13.14		$	14.32		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.03	)		(0.03	)		0.05			0.04
Net realized and unrealized gain (loss)		1.87			1.61			(0.95	)(C)		1.04
Total investment operations		1.84			1.58			(0.90	)		1.08
Dividends and/or distributions to shareholders:
Net investment income		—			(0.05	)		(0.05	)		—
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Total dividends and/or distributions to shareholders		(0.18	)		(4.21	)		(0.28	)		—
Net asset value, end of period/year	$	12.17		$	10.51		$	13.14		$	14.32
Total return		17.71	%		23.41	%		(6.49	)%		8.16	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	35,975		$	38,275		$	36,797		$	48,330
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.76	%		0.88	%		0.87	%		0.87	%(E)
Including waiver and/or reimbursement and recapture		0.78	%		0.84	%		0.75	%		0.75	%(E)
Net investment income (loss) to average net assets		(0.27	)%		(0.27	)%		0.32	%		0.50	%(E)
Portfolio turnover rate		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 Annual Report 2020

Page    464

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.45		$	13.08		$	14.26		$	13.24
Investment operations:
Net investment income (loss) (B)		(0.09	)		(0.07	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		1.85			1.60			(0.92	)(C)		1.03
Total investment operations		1.76			1.53			(0.95	)		1.02
Dividends and/or distributions to shareholders:
Net realized gains		(0.18	)		(4.16	)		(0.23	)		—
Net asset value, end of period/year	$	12.03		$	10.45		$	13.08		$	14.26
Total return		17.05	%		22.79	%		(6.89	)%		7.70	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	22,527		$	20,748		$	19,711		$	26,153
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.26	%		1.37	%		1.37	%		1.37	%(E)
Including waiver and/or reimbursement and recapture		1.32	%		1.35	%		1.27	%		1.35	%(E)
Net investment income (loss) to average net assets		(0.81	)%		(0.76	)%		(0.19	)%		(0.16	)%(E)
Portfolio turnover rate		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.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Growth
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	10.53		$	13.13		$	14.30		$	12.70		$	12.50		$	15.44
Investment operations:
Net investment income (loss) (D)		(0.05	)		(0.03	)		0.02			0.01			(0.01	)		(0.05	)
Net realized and unrealized gain (loss)		1.87			1.60			(0.95	)(E)		1.92			1.48			(0.24	)
Total investment operations		1.82			1.57			(0.93	)		1.93			1.47			(0.29	)
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		(0.01	)		—			—			—
Net realized gains		(0.18	)		(4.16	)		(0.23	)		(0.33	)		(1.27	)		(2.65	)
Total dividends and/or distributions to shareholders		(0.18	)		(4.17	)		(0.24	)		(0.33	)		(1.27	)		(2.65	)
Net asset value, end of period/year	$	12.17		$	10.53		$	13.13		$	14.30		$	12.70		$	12.50
Total return		17.50	%		23.05	%		(6.64	)%		15.34	%(F)		12.13	%		(1.60	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	334		$	357		$	4,709		$	10,232		$	16,767		$	17,075
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%		1.13	%		1.12	%		1.20	%(G)		1.36	%		1.22	%
Including waiver and/or reimbursement and recapture		0.95	%		0.95	%		0.95	%		0.98	%(G)(H)		0.95	%(I)		0.95	%
Net investment income (loss) to average net assets		(0.43	)%		(0.32	)%		0.17	%		0.13	%(G)		(0.09	)%		(0.31	)%
Portfolio turnover rate		91	%		136	%		61	%		30	%(F)		79	%		70	%

(A)	Transamerica Partners Institutional Mid Growth reorganized into the Fund on March 10, 2017. Prior to March 10, 2017, information provided reflects Transamerica Partners Institutional Mid Growth, which was the accounting and performance survivor of the reorganization.
(B)	Effective March 10, 2017, the Fund underwent a 0.84-for-1 share split. The per share data has been retroactively adjusted to reflect the share split. See the Stock Split section of the Notes to Financial Statements for more information.
(C)	The fiscal year end of the Fund is October 31 while the fiscal year end of the accounting and performance survivor is December 31. Prior to the closing of the applicable Transamerica Partners reorganization as of the close of business on March 10, 2017, the accounting and performance survivor operated as a feeder in a master-feeder structure and invested all of its investable assets in a corresponding Series Portfolio. The Financial Highlights represents activity for the ten months of January 1, 2017—October 31, 2017.
(D)	Calculated based on average number of shares outstanding.
(E)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(F)	Not annualized.
(G)	Annualized.
(H)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(I)	Includes reimbursement of custody fees at the underlying Series Portfolio level.

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

Transamerica Funds Annual Report 2020

Page    465

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Mid Cap Value Opportunities
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.63		$	11.53		$	11.86		$	11.80		$	11.37
Investment operations:
Net investment income (loss) (A)		0.09			0.11			0.09			0.07			0.06	(B)
Net realized and unrealized gain (loss)		(1.29	)		0.83			0.50			0.95			0.78
Total investment operations		(1.20	)		0.94			0.59			1.02			0.84
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.11	)		(0.09	)		(0.12	)		(0.14	)
Net realized gains		(0.34	)		(0.73	)		(0.83	)		(0.84	)		(0.27	)
Total dividends and/or distributions to shareholders		(0.38	)		(0.84	)		(0.92	)		(0.96	)		(0.41	)
Net asset value, end of year	$	10.05		$	11.63		$	11.53		$	11.86		$	11.80
Total return (C)		(10.80	)%		9.64	%		4.75	%		8.77	%		7.72	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	14,788		$	22,143		$	108,568		$	116,047		$	75,556
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%		1.33	%		1.25	%		1.09	%		1.08	%
Including waiver and/or reimbursement and recapture		1.20	%		1.11	%		1.05	%		1.09	%		1.08	%(B)
Net investment income (loss) to average net assets		0.86	%		1.01	%		0.78	%		0.57	%		0.55	%(B)
Portfolio turnover rate		82	%		77	%		85	%		76	%		95	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Mid Cap Value Opportunities
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.48		$	11.35		$	11.71		$	11.70		$	11.31
Investment operations:
Net investment income (loss) (A)		0.02			(0.00	)(B)		0.01			(0.03	)		(0.04	)(C)
Net realized and unrealized gain (loss)		(1.28	)		0.88			0.48			0.95			0.79
Total investment operations		(1.26	)		0.88			0.49			0.92			0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.02	)		(0.02	)		(0.07	)		(0.09	)
Net realized gains		(0.34	)		(0.73	)		(0.83	)		(0.84	)		(0.27	)
Total dividends and/or distributions to shareholders		(0.35	)		(0.75	)		(0.85	)		(0.91	)		(0.36	)
Net asset value, end of year	$	9.87		$	11.48		$	11.35		$	11.71		$	11.70
Total return (D)		(11.43	)%		9.00	%		4.00	%		7.95	%		6.87	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	13,167		$	19,808		$	17,476		$	17,808		$	7,104
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.91	%		1.89	%		1.88	%		1.89	%		1.90	%
Including waiver and/or reimbursement and recapture		1.91	%		1.86	%		1.80	%		1.89	%		1.90	%(C)
Net investment income (loss) to average net assets		0.16	%		(0.04	)%		0.06	%		(0.29	)%		(0.37	)%(C)
Portfolio turnover rate		82	%		77	%		85	%		76	%		95	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2020

Page    466

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Mid Cap Value Opportunities
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.73		$	11.60		$	11.93		$	11.85		$	11.41
Investment operations:
Net investment income (loss) (A)		0.12			0.11			0.13			0.10			0.11	(B)
Net realized and unrealized gain (loss)		(1.28	)		0.89			0.49			0.95			0.75
Total investment operations		(1.16	)		1.00			0.62			1.05			0.86
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.14	)		(0.12	)		(0.13	)		(0.15	)
Net realized gains		(0.34	)		(0.73	)		(0.83	)		(0.84	)		(0.27	)
Total dividends and/or distributions to shareholders		(0.46	)		(0.87	)		(0.95	)		(0.97	)		(0.42	)
Net asset value, end of year	$	10.11		$	11.73		$	11.60		$	11.93		$	11.85
Total return		(10.48	)%		9.99	%		5.16	%		8.94	%		8.00	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	475,103		$	512,150		$	368,787		$	394,378		$	298,589
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.85	%		0.86	%		0.86	%
Including waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.80	%		0.86	%		0.86	%(B)
Net investment income (loss) to average net assets		1.16	%		0.94	%		1.09	%		0.79	%		0.97	%(B)
Portfolio turnover rate		82	%		77	%		85	%		76	%		95	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Mid Cap Value Opportunities
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.74		$	11.62		$	11.95		$	11.87		$	11.41
Investment operations:
Net investment income (loss) (A)		0.13			0.12			0.14			0.11			0.15	(B)
Net realized and unrealized gain (loss)		(1.28	)		0.88			0.49			0.95			0.74
Total investment operations		(1.15	)		1.00			0.63			1.06			0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.15	)		(0.13	)		(0.14	)		(0.16	)
Net realized gains		(0.34	)		(0.73	)		(0.83	)		(0.84	)		(0.27	)
Total dividends and/or distributions to shareholders		(0.47	)		(0.88	)		(0.96	)		(0.98	)		(0.43	)
Net asset value, end of year	$	10.12		$	11.74		$	11.62		$	11.95		$	11.87
Total return		(10.31	)%		10.04	%		5.26	%		9.09	%		8.12	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	293,440		$	277,692		$	280,299		$	298,655		$	323,275
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.75	%		0.76	%		0.74	%
Including waiver and/or reimbursement and recapture		0.75	%		0.75	%(C)		0.71	%		0.76	%		0.74	%(B)
Net investment income (loss) to average net assets		1.21	%		1.09	%		1.15	%		0.92	%		1.37	%(B)
Portfolio turnover rate		82	%		77	%		85	%		76	%		95	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2020

Page    467

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I3
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.80		$	11.67		$	11.96		$	11.93
Investment operations:
Net investment income (loss) (B)		0.13			0.12			0.14			0.06
Net realized and unrealized gain (loss)		(1.29	)		0.90			0.48			(0.03	) (C)
Total investment operations		(1.16	)		1.02			0.62			0.03
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.16	)		(0.08	)		—
Net realized gains		(0.34	)		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.47	)		(0.89	)		(0.91	)		—
Net asset value, end of period/year	$	10.17		$	11.80		$	11.67		$	11.96
Total return		(10.43	)%		10.10	%		5.19	%		0.25	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	114,102		$	212,674		$	231,307		$	275,016
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.75	%		0.76	%(E)
Including waiver and/or reimbursement and recapture		0.75	%		0.75	%(F)		0.70	%		0.70	%(E)
Net investment income (loss) to average net assets		1.28	%		1.09	%		1.16	%		0.79	%(E)
Portfolio turnover rate		82	%		77	%		85	%		76	%

(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 period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.77		$	11.63		$	11.92		$	11.93
Investment operations:
Net investment income (loss) (B)		0.08			0.07			0.07			0.02
Net realized and unrealized gain (loss)		(1.29	)		0.88			0.50			(0.03	)(C)
Total investment operations		(1.21	)		0.95			0.57			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.08	)		(0.03	)		—
Net realized gains		(0.34	)		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.41	)		(0.81	)		(0.86	)		—
Net asset value, end of period/year	$	10.15		$	11.77		$	11.63		$	11.92
Total return		(10.77	)%		9.45	%		4.70	%		(0.08	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	46,194		$	62,961		$	69,546		$	88,909
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.25	%		1.25	%		1.26	%		1.27	%(E)
Including waiver and/or reimbursement and recapture		1.25	%(F)		1.25	%(F)		1.24	%		1.25	%(E)
Net investment income (loss) to average net assets		0.79	%		0.60	%		0.63	%		0.26	%(E)
Portfolio turnover rate		82	%		77	%		85	%		76	%

(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 Annual Report 2020

Page    468

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.79		$	11.66		$	11.94		$	11.93
Investment operations:
Net investment income (loss) (B)		0.12			0.12			0.11			0.04
Net realized and unrealized gain (loss)		(1.30	)		0.87			0.50			(0.03	)(C)
Total investment operations		(1.18	)		0.99			0.61			0.01
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.13	)		(0.06	)		—
Net realized gains		(0.34	)		(0.73	)		(0.83	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.86	)		(0.89	)		—
Net asset value, end of period/year	$	10.19		$	11.79		$	11.66		$	11.94
Total return		(10.55	)%		9.83	%		5.07	%		0.08	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	83,065		$	101,137		$	362,082		$	424,122
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%		1.00	%		1.00	%		1.01	%(E)
Including waiver and/or reimbursement and recapture		0.90	%		0.90	%		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		1.13	%		1.06	%		0.96	%		0.58	%(E)
Portfolio turnover rate		82	%		77	%		85	%		76	%

(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
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	11.83		$	11.70		$	12.03		$	11.87		$	11.87
Investment operations:
Net investment income (loss) (B)		0.13			0.12			0.04			0.08			0.01	(C)
Net realized and unrealized gain (loss)		(1.30	)		0.90			0.59			0.98			(0.01	)(D)
Total investment operations		(1.17	)		1.02			0.63			1.06			—
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.16	)		(0.13	)		(0.06	)		—
Net realized gains		(0.34	)		(0.73	)		(0.83	)		(0.84	)		—
Total dividends and/or distributions to shareholders		(0.47	)		(0.89	)		(0.96	)		(0.90	)		—
Net asset value, end of period/year	$	10.19		$	11.83		$	11.70		$	12.03		$	11.87
Total return		(10.40	)%		10.06	%		5.22	%		9.09	%		0.00	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	209,734		$	222,061		$	166,519		$	16,391		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.75	%		0.76	%		0.79	%(F)
Including waiver and/or reimbursement and recapture		0.75	%		0.75	%(G)		0.71	%		0.76	%		0.78	%(C)(F)
Net investment income (loss) to average net assets		1.27	%		1.08	%		0.30	%		0.68	%		0.18	%(C)(F)
Portfolio turnover rate		82	%		77	%		85	%		76	%		95	%

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.
(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 Annual Report 2020

Page    469

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	6.52		$	6.88		$	7.37		$	7.59		$	7.94
Investment operations:
Net investment income (loss) (A)		0.12			0.16			0.03			0.15			0.24	(B)
Net realized and unrealized gain (loss)		(1.58	)		(0.17	)		(0.16	)		0.04			(0.33	)(C)
Total investment operations		(1.46	)		(0.01	)		(0.13	)		0.19			(0.09	)
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.07	)		(0.07	)		(0.30	)		(0.26	)
Return of capital		(0.09	)		(0.28	)		(0.29	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.33	)		(0.35	)		(0.36	)		(0.41	)		(0.26	)
Net asset value, end of year	$	4.73		$	6.52		$	6.88		$	7.37		$	7.59
Total return (D)		(22.37	)%		(0.20	)%		(1.85	)%		2.30	%		(0.87	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	13,353		$	16,363		$	23,096		$	32,083		$	43,221
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.69	%		1.63	%		1.61	%		1.58	%		1.57	%
Including waiver and/or reimbursement and recapture		1.60	%		1.60	%		1.60	%		1.58	%		1.56	%(B)
Net investment income (loss) to average net assets		2.27	%		2.27	%		0.40	%		1.97	%		3.50	%(B)
Portfolio turnover rate		20	%		20	%		33	%		41	%		79	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	6.50		$	6.85		$	7.34		$	7.55		$	7.91
Investment operations:
Net investment income (loss) (A)		0.11			0.10			(0.02	)		0.09			0.19	(B)
Net realized and unrealized gain (loss)		(1.62	)		(0.15	)		(0.17	)		0.05			(0.35	)(C)
Total investment operations		(1.51	)		(0.05	)		(0.19	)		0.14			(0.16	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.06	)		(0.06	)		(0.25	)		(0.20	)
Return of capital		(0.08	)		(0.24	)		(0.24	)		(0.10	)		—
Total dividends and/or distributions to shareholders		(0.28	)		(0.30	)		(0.30	)		(0.35	)		(0.20	)
Net asset value, end of year	$	4.71		$	6.50		$	6.85		$	7.34		$	7.55
Total return (D)		(23.15	)%		(0.84	)%		(2.66	)%		1.64	%		(1.79	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	6,225		$	11,796		$	15,955		$	23,673		$	31,067
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.47	%		2.42	%		2.39	%		2.36	%		2.36	%
Including waiver and/or reimbursement and recapture		2.35	%		2.35	%		2.35	%		2.35	%		2.35	%(B)
Net investment income (loss) to average net assets		2.08	%		1.52	%		(0.29	)%		1.10	%		2.73	%(B)
Portfolio turnover rate		20	%		20	%		33	%		41	%		79	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2020

Page    470

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	6.52		$	6.89		$	7.37		$	7.59		$	7.95
Investment operations:
Net investment income (loss) (A)		0.11			0.18			0.07			0.16			0.26	(B)
Net realized and unrealized gain (loss)		(1.57	)		(0.18	)		(0.17	)		0.05			(0.34	)(C)
Total investment operations		(1.46	)		—			(0.10	)		0.21			(0.08	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.07	)		(0.08	)		(0.31	)		(0.28	)
Return of capital		(0.09	)		(0.30	)		(0.30	)		(0.12	)		—
Total dividends and/or distributions to shareholders		(0.34	)		(0.37	)		(0.38	)		(0.43	)		(0.28	)
Net asset value, end of year	$	4.72		$	6.52		$	6.89		$	7.37		$	7.59
Total return		(22.28	)%		(0.03	)%		(1.42	)%		2.61	%		(0.68	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	14,247		$	14,258		$	21,257		$	48,023		$	39,716
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.33	%		1.30	%		1.30	%		1.29	%		1.26	%
Including waiver and/or reimbursement and recapture		1.33	%		1.30	%		1.30	%		1.29	%		1.25	%(B)
Net investment income (loss) to average net assets		2.08	%		2.56	%		1.02	%		2.05	%		3.79	%(B)
Portfolio turnover rate		20	%		20	%		33	%		41	%		79	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

For a share outstanding during the years indicated:	Transamerica MLP & Energy Income
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	6.52		$	6.89		$	7.38		$	7.60		$	7.95
Investment operations:
Net investment income (loss) (A)		0.17			0.18			0.07			0.17			0.25	(B)
Net realized and unrealized gain (loss)		(1.62	)		(0.17	)		(0.17	)		0.05			(0.31	)(C)
Total investment operations		(1.45	)		0.01			(0.10	)		0.22			(0.06	)
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.07	)		(0.08	)		(0.32	)		(0.29	)
Return of capital		(0.10	)		(0.31	)		(0.31	)		(0.12	)		—
Total dividends and/or distributions to shareholders		(0.35	)		(0.38	)		(0.39	)		(0.44	)		(0.29	)
Net asset value, end of year	$	4.72		$	6.52		$	6.89		$	7.38		$	7.60
Total return		(22.19	)%		0.08	%		(1.44	)%		2.70	%		(0.45	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	123,151		$	208,684		$	258,764		$	209,277		$	268,516
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.22	%		1.20	%		1.20	%		1.19	%		1.16	%
Including waiver and/or reimbursement and recapture		1.22	%		1.20	%		1.20	%		1.19	%		1.15	%(B)
Net investment income (loss) to average net assets		3.11	%		2.60	%		0.95	%		2.18	%		3.69	%(B)
Portfolio turnover rate		20	%		20	%		33	%		41	%		79	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

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

Transamerica Funds Annual Report 2020

Page    471

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Asset Income
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.64		$	10.91		$	10.96		$	9.97		$	9.97
Investment operations:
Net investment income (loss) (A)		0.40			0.40			0.39			0.39			0.35	(B)
Net realized and unrealized gain (loss)		(0.09	)		0.82			(0.05	)		0.96			0.03
Total investment operations		0.31			1.22			0.34			1.35			0.38
Dividends and/or distributions to shareholders:
Net investment income		(0.41	)		(0.36	)		(0.35	)		(0.36	)		(0.34	)
Net realized gains		(0.01	)		(0.13	)		(0.04	)		—			(0.04	)
Total dividends and/or distributions to shareholders		(0.42	)		(0.49	)		(0.39	)		(0.36	)		(0.38	)
Net asset value, end of year	$	11.53		$	11.64		$	10.91		$	10.96		$	9.97
Total return (C)		2.91	%		11.72	%		3.11	%		13.77	%		3.88	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	36,696		$	34,731		$	27,644		$	20,733		$	2,153
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%		1.12	%		1.20	%		1.19	%		1.21	%(D)
Including waiver and/or reimbursement and recapture		1.03	%		1.12	%		1.20	%		1.21	%(E)		1.20	%(B)(D)
Net investment income (loss) to average net assets		3.54	%		3.59	%		3.50	%		3.74	%		3.60	%(B)
Portfolio turnover rate		61	%		53	%		38	%		79	%		51	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	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.

For a share outstanding during the years indicated:	Transamerica Multi-Asset Income
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.59		$	10.86		$	10.92		$	9.94		$	9.94
Investment operations:
Net investment income (loss) (A)		0.32			0.31			0.31			0.31			0.28	(B)
Net realized and unrealized gain (loss)		(0.09	)		0.84			(0.07	)		0.97			0.03
Total investment operations		0.23			1.15			0.24			1.28			0.31
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.29	)		(0.26	)		(0.30	)		(0.27	)
Net realized gains		(0.01	)		(0.13	)		(0.04	)		—			(0.04	)
Total dividends and/or distributions to shareholders		(0.34	)		(0.42	)		(0.30	)		(0.30	)		(0.31	)
Net asset value, end of year	$	11.48		$	11.59		$	10.86		$	10.92		$	9.94
Total return (C)		2.17	%		11.00	%		2.24	%		12.97	%		3.17	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	52,109		$	46,600		$	38,322		$	43,076		$	4,173
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.76	%		1.85	%		1.92	%		1.94	%		1.94	%(D)
Including waiver and/or reimbursement and recapture		1.76	%		1.85	%		1.92	%		1.94	%		1.95	%(B)(D)
Net investment income (loss) to average net assets		2.82	%		2.86	%		2.80	%		2.99	%		2.86	%(B)
Portfolio turnover rate		61	%		53	%		38	%		79	%		51	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	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 Annual Report 2020

Page    472

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Asset Income
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.64		$	10.91		$	10.97		$	9.97		$	9.97
Investment operations:
Net investment income (loss) (A)		0.44			0.43			0.42			0.42			0.38	(B)
Net realized and unrealized gain (loss)		(0.10	)		0.83			(0.06	)		0.97			0.02
Total investment operations		0.34			1.26			0.36			1.39			0.40
Dividends and/or distributions to shareholders:
Net investment income		(0.44	)		(0.40	)		(0.38	)		(0.39	)		(0.36	)
Net realized gains		(0.01	)		(0.13	)		(0.04	)		—			(0.04	)
Total dividends and/or distributions to shareholders		(0.45	)		(0.53	)		(0.42	)		(0.39	)		(0.40	)
Net asset value, end of year	$	11.53		$	11.64		$	10.91		$	10.97		$	9.97
Total return		3.17	%		12.14	%		3.27	%		14.10	%		4.13	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	170,942		$	153,353		$	92,148		$	71,827		$	41,691
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%		0.85	%		0.93	%		0.94	%		1.01	%(C)
Including waiver and/or reimbursement and recapture		0.72	%		0.83	%		0.95	%		0.96	%(D)		0.95	%(B)(C)
Net investment income (loss) to average net assets		3.87	%		3.86	%		3.75	%		4.02	%		3.83	%(B)
Portfolio turnover rate		61	%		53	%		38	%		79	%		51	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Does not include expenses of the underlying investments in which the Fund invests.
(D)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

For a share outstanding during the years indicated:	Transamerica Multi-Asset Income
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.14		$	10.47		$	10.52		$	9.62		$	9.89
Investment operations:
Net investment income (loss) (A)		0.42			0.41			0.42			0.40			0.09	(B)
Net realized and unrealized gain (loss)		(0.09	)		0.79			(0.06	)		0.90			0.04
Total investment operations		0.33			1.20			0.36			1.30			0.13
Dividends and/or distributions to shareholders:
Net investment income		(0.45	)		(0.40	)		(0.37	)		(0.40	)		(0.36	)
Net realized gains		(0.01	)		(0.13	)		(0.04	)		—			(0.04	)
Total dividends and/or distributions to shareholders		(0.46	)		(0.53	)		(0.41	)		(0.40	)		(0.40	)
Net asset value, end of year	$	11.01		$	11.14		$	10.47		$	10.52		$	9.62
Total return		3.28	%		12.03	%		3.45	%		13.70	%		1.38	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	13		$	13		$	11		$	11		$	0	(C)
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%		0.74	%		0.82	%		0.84	%		0.00	%(D)(E)
Including waiver and/or reimbursement and recapture		0.68	%		0.82	%		0.82	%		0.96	%(F)		0.00	%(B)(D)(E)
Net investment income (loss) to average net assets		3.89	%		3.89	%		3.88	%		3.94	%		0.96	%(B)
Portfolio turnover rate		61	%		53	%		38	%		79	%		51	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $1,000.
(D)	Rounds to less than 0.01% or (0.01)%.
(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.

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

Transamerica Funds Annual Report 2020

Page    473

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	28.66		$	27.54		$	27.90		$	24.88		$	24.86
Investment operations:
Net investment income (loss) (A)		0.28			0.36			0.34			0.28			0.25	(B)
Net realized and unrealized gain (loss)		2.44			2.79			0.24			3.15			0.61
Total investment operations		2.72			3.15			0.58			3.43			0.86
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.37	)		(0.35	)		(0.32	)		(0.26	)
Net realized gains		(0.85	)		(1.66	)		(0.59	)		(0.09	)		(0.58	)
Total dividends and/or distributions to shareholders		(1.15	)		(2.03	)		(0.94	)		(0.41	)		(0.84	)
Net asset value, end of year	$	30.23		$	28.66		$	27.54		$	27.90		$	24.88
Total return (C)		9.76	%		12.53	%		2.05	%		13.89	%		3.57	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	572,827		$	558,639		$	532,861		$	573,224		$	406,606
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%		1.04	%		1.03	%		1.03	%		1.10	%
Including waiver and/or reimbursement and recapture		1.01	%		1.04	%		1.03	%		1.03	%		1.08	%(B)
Net investment income (loss) to average net assets		0.98	%		1.34	%		1.22	%		1.07	%		1.04	%(B)
Portfolio turnover rate		53	%		41	%		48	%		39	%		35	%

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

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	28.11		$	27.04		$	27.41		$	24.45		$	24.44
Investment operations:
Net investment income (loss) (A)		0.06			0.15			0.13			0.08			0.08	(B)
Net realized and unrealized gain (loss)		2.39			2.75			0.22			3.09			0.59
Total investment operations		2.45			2.90			0.35			3.17			0.67
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.17	)		(0.13	)		(0.12	)		(0.08	)
Net realized gains		(0.85	)		(1.66	)		(0.59	)		(0.09	)		(0.58	)
Total dividends and/or distributions to shareholders		(0.94	)		(1.83	)		(0.72	)		(0.21	)		(0.66	)
Net asset value, end of year	$	29.62		$	28.11		$	27.04		$	27.41		$	24.45
Total return (C)		8.89	%		11.73	%		1.25	%		13.02	%		2.84	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	216,561		$	195,175		$	184,727		$	222,884		$	208,410
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.76	%		1.80	%		1.79	%		1.79	%		1.83	%
Including waiver and/or reimbursement and recapture		1.76	%		1.80	%		1.79	%		1.79	%		1.82	%(B)
Net investment income (loss) to average net assets		0.22	%		0.58	%		0.47	%		0.32	%		0.33	%(B)
Portfolio turnover rate		53	%		41	%		48	%		39	%		35	%

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

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

Transamerica Funds Annual Report 2020

Page    474

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	28.81		$	27.67		$	28.03		$	24.99		$	24.96
Investment operations:
Net investment income (loss) (A)		0.35			0.43			0.41			0.34			0.32	(B)
Net realized and unrealized gain (loss)		2.45			2.80			0.23			3.16			0.60
Total investment operations		2.80			3.23			0.64			3.50			0.92
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.43	)		(0.41	)		(0.37	)		(0.31	)
Net realized gains		(0.85	)		(1.66	)		(0.59	)		(0.09	)		(0.58	)
Total dividends and/or distributions to shareholders		(1.22	)		(2.09	)		(1.00	)		(0.46	)		(0.89	)
Net asset value, end of year	$	30.39		$	28.81		$	27.67		$	28.03		$	24.99
Total return		9.99	%		12.79	%		2.26	%		14.13	%		3.83	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	296,123		$	244,156		$	232,308		$	266,637		$	208,512
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%		0.82	%		0.82	%		0.82	%		0.84	%
Including waiver and/or reimbursement and recapture		0.79	%		0.82	%		0.82	%		0.82	%		0.84	%(B)
Net investment income (loss) to average net assets		1.18	%		1.55	%		1.44	%		1.28	%		1.32	%(B)
Portfolio turnover rate		53	%		41	%		48	%		39	%		35	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	28.81		$	27.67		$	28.03		$	24.99		$	24.95
Investment operations:
Net investment income (loss) (A)		0.37			0.44			0.44			0.37			0.25	(B)
Net realized and unrealized gain (loss)		2.46			2.82			0.23			3.16			0.71
Total investment operations		2.83			3.26			0.67			3.53			0.96
Dividends and/or distributions to shareholders:
Net investment income		(0.40	)		(0.46	)		(0.44	)		(0.40	)		(0.34	)
Net realized gains		(0.85	)		(1.66	)		(0.59	)		(0.09	)		(0.58	)
Total dividends and/or distributions to shareholders		(1.25	)		(2.12	)		(1.03	)		(0.49	)		(0.92	)
Net asset value, end of year	$	30.39		$	28.81		$	27.67		$	28.03		$	24.99
Total return		10.11	%		12.92	%		2.37	%		14.25	%		3.99	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	17,595		$	13,458		$	7,149		$	9,749		$	6,316
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.71	%		0.71	%		0.71	%		0.73	%
Including waiver and/or reimbursement and recapture		0.69	%		0.71	%		0.71	%		0.71	%		0.73	%(B)
Net investment income (loss) to average net assets		1.28	%		1.62	%		1.54	%		1.39	%		1.02	%(B)
Portfolio turnover rate		53	%		41	%		48	%		39	%		35	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2020

Page    475

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.29		$	10.05		$	10.22		$	10.23		$	10.19
Investment operations:
Net investment income (loss) (A)		0.21			0.26			0.22			0.19			0.20	(B)
Net realized and unrealized gain (loss)		0.04	(C)		0.24			(0.17	)		0.01			0.06
Total investment operations		0.25			0.50			0.05			0.20			0.26
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.26	)		(0.22	)		(0.21	)		(0.20	)
Return of capital		—			—			—			—			(0.02	)
Total dividends and/or distributions to shareholders		(0.22	)		(0.26	)		(0.22	)		(0.21	)		(0.22	)
Net asset value, end of year	$	10.32		$	10.29		$	10.05		$	10.22		$	10.23
Total return (D)		2.43	%		5.04	%		0.53	%		1.90	%		2.60	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	731,602		$	698,062		$	732,815		$	940,515		$	934,615
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%		0.82	%		0.85	%		0.84	%		0.85	%
Including waiver and/or reimbursement and recapture		0.72	%		0.82	%		0.85	%		0.84	%		0.84	%(B)
Net investment income (loss) to average net assets		2.04	%		2.54	%		2.16	%		1.84	%		1.95	%(B)
Portfolio turnover rate		44	%		61	%		60	%		52	%		45	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.27		$	10.03		$	10.20		$	10.21		$	10.17
Investment operations:
Net investment income (loss) (A)		0.13			0.18			0.14			0.11			0.12	(B)
Net realized and unrealized gain (loss)		0.03	(C)		0.24			(0.16	)		0.01			0.06
Total investment operations		0.16			0.42			(0.02	)		0.12			0.18
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.18	)		(0.15	)		(0.13	)		(0.12	)
Return of capital		—			—			—			—			(0.02	)
Total dividends and/or distributions to shareholders		(0.13	)		(0.18	)		(0.15	)		(0.13	)		(0.14	)
Net asset value, end of year	$	10.30		$	10.27		$	10.03		$	10.20		$	10.21
Total return (D)		1.62	%		4.23	%		(0.24	)%		1.12	%		1.82	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	225,838		$	294,497		$	393,543		$	517,918		$	621,425
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.50	%		1.61	%		1.62	%		1.61	%		1.61	%
Including waiver and/or reimbursement and recapture		1.50	%		1.61	%		1.62	%		1.61	%		1.60	%(B)
Net investment income (loss) to average net assets		1.28	%		1.77	%		1.40	%		1.07	%		1.18	%(B)
Portfolio turnover rate		44	%		61	%		60	%		52	%		45	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.

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

Transamerica Funds Annual Report 2020

Page    476

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.11		$	9.88		$	10.05		$	10.05		$	10.01
Investment operations:
Net investment income (loss) (A)		0.22			0.27			0.24			0.20			0.21	(B)
Net realized and unrealized gain (loss)		0.05	(C)		0.24			(0.17	)		0.02			0.07
Total investment operations		0.27			0.51			0.07			0.22			0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.28	)		(0.24	)		(0.22	)		(0.21	)
Return of capital		—			—			—			—			(0.03	)
Total dividends and/or distributions to shareholders		(0.23	)		(0.28	)		(0.24	)		(0.22	)		(0.24	)
Net asset value, end of year	$	10.15		$	10.11		$	9.88		$	10.05		$	10.05
Total return		2.73	%		5.20	%		0.71	%		2.21	%		2.82	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,979,174		$	1,745,843		$	1,451,634		$	1,312,220		$	979,858
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.52	%		0.62	%		0.65	%		0.64	%		0.64	%
Including waiver and/or reimbursement and recapture		0.52	%		0.62	%		0.65	%		0.64	%		0.63	%(B)
Net investment income (loss) to average net assets		2.24	%		2.74	%		2.39	%		2.04	%		2.15	%(B)
Portfolio turnover rate		44	%		61	%		60	%		52	%		45	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.11		$	9.87		$	10.04		$	10.04		$	10.01
Investment operations:
Net investment income (loss) (A)		0.24			0.28			0.24			0.22			0.22	(B)
Net realized and unrealized gain (loss)		0.02	(C)		0.25			(0.16	)		0.01			0.06
Total investment operations		0.26			0.53			0.08			0.23			0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.29	)		(0.25	)		(0.23	)		(0.22	)
Return of capital		—			—			—			—			(0.03	)
Total dividends and/or distributions to shareholders		(0.24	)		(0.29	)		(0.25	)		(0.23	)		(0.25	)
Net asset value, end of year	$	10.13		$	10.11		$	9.87		$	10.04		$	10.04
Total return		2.63	%		5.41	%		0.81	%		2.31	%		2.81	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	155,005		$	282,641		$	220,648		$	427,397		$	282,016
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%		0.52	%		0.55	%		0.54	%		0.54	%
Including waiver and/or reimbursement and recapture		0.42	%		0.52	%		0.55	%		0.54	%		0.54	%(B)
Net investment income (loss) to average net assets		2.37	%		2.85	%		2.45	%		2.15	%		2.21	%(B)
Portfolio turnover rate		44	%		61	%		60	%		52	%		45	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

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

Transamerica Funds Annual Report 2020

Page    477

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.11		$	9.87		$	10.03		$	10.04		$	10.01
Investment operations:
Net investment income (loss) (A)		0.23			0.28			0.26			0.21			0.23	(B)
Net realized and unrealized gain (loss)		0.04	(C)		0.25			(0.17	)		0.01			0.05
Total investment operations		0.27			0.53			0.09			0.22			0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.29	)		(0.25	)		(0.23	)		(0.22	)
Return of capital		—			—			—			—			(0.03	)
Total dividends and/or distributions to shareholders		(0.24	)		(0.29	)		(0.25	)		(0.23	)		(0.25	)
Net asset value, end of year	$	10.14		$	10.11		$	9.87		$	10.03		$	10.04
Total return		2.74	%		5.42	%		0.92	%		2.21	%		2.82	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	36,002		$	28,807		$	26,240		$	1,412		$	372
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.42	%		0.52	%		0.55	%		0.54	%		0.54	%
Including waiver and/or reimbursement and recapture		0.42	%		0.52	%		0.55	%		0.54	%		0.52	%(B)
Net investment income (loss) to average net assets		2.32	%		2.85	%		2.65	%		2.14	%		2.26	%(B)
Portfolio turnover rate		44	%		61	%		60	%		52	%		45	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	6.43		$	6.51		$	6.89		$	12.15		$	12.82
Investment operations:
Net investment income (loss) (A)		(0.07	)		(0.05	)		(0.04	)		(0.06	)		(0.10	)(B)
Net realized and unrealized gain (loss)		0.65			0.61			0.34			2.42			0.49
Total investment operations		0.58			0.56			0.30			2.36			0.39
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		(7.62	)		(1.06	)
Net asset value, end of year	$	6.55		$	6.43		$	6.51		$	6.89		$	12.15
Total return (C)		9.34	%		11.11	%		4.50	%		26.31	%		3.42	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	16,017		$	14,777		$	18,537		$	15,520		$	8,835
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.42	%		1.47	%		1.41	%		1.51	%		1.36	%
Including waiver and/or reimbursement and recapture		1.40	%		1.35	%		1.25	%		1.41	%(D)		1.35	%(B)
Net investment income (loss) to average net assets		(1.07	)%		(0.81	)%		(0.55	)%		(0.92	)%		(0.82	)%(B)
Portfolio turnover rate		69	%		72	%		55	%		80	%		43	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	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 Annual Report 2020

Page    478

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	5.72		$	5.91		$	6.35		$	11.77		$	12.55
Investment operations:
Net investment income (loss) (A)		(0.10	)		(0.09	)		(0.08	)		(0.10	)		(0.18	)(B)
Net realized and unrealized gain (loss)		0.57			0.54			0.32			2.30			0.46
Total investment operations		0.47			0.45			0.24			2.20			0.28
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		(7.62	)		(1.06	)
Net asset value, end of year	$	5.73		$	5.72		$	5.91		$	6.35		$	11.77
Total return (C)		8.52	%		10.28	%		3.87	%		25.22	%		2.56	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	3,771		$	4,131		$	4,604		$	3,588		$	1,369
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.15	%		2.19	%		2.15	%		2.23	%		2.10	%
Including waiver and/or reimbursement and recapture		2.15	%(E)		2.10	%		2.00	%		2.16	%(D)		2.09	%(B)
Net investment income (loss) to average net assets		(1.81	)%		(1.55	)%		(1.32	)%		(1.69	)%		(1.54	)%(B)
Portfolio turnover rate		69	%		72	%		55	%		80	%		43	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Total return has been calculated without deduction of the contingent deferred sales charge.
(D)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.
(E)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	6.71		$	6.74		$	7.09		$	12.30		$	12.94
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.03	)		(0.02	)		(0.05	)		(0.06	)(B)
Net realized and unrealized gain (loss)		0.67			0.64			0.35			2.46			0.48
Total investment operations		0.62			0.61			0.33			2.41			0.42
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		(7.62	)		(1.06	)
Net asset value, end of year	$	6.87		$	6.71		$	6.74		$	7.09		$	12.30
Total return		9.56	%		11.50	%		4.82	%		26.40	%		3.64	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	35,706		$	37,424		$	31,592		$	27,564		$	2,042
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.09	%		1.13	%		1.11	%		1.18	%		1.03	%
Including waiver and/or reimbursement and recapture		1.09	%		1.07	%		1.00	%		1.16	%(C)		1.03	%(B)
Net investment income (loss) to average net assets		(0.76	)%		(0.54	)%		(0.31	)%		(0.69	)%		(0.48	)%(B)
Portfolio turnover rate		69	%		72	%		55	%		80	%		43	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Includes reorganization expenses incurred outside the Fund’s operating expense limit.

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

Transamerica Funds Annual Report 2020

Page    479

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small Cap Growth
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	6.83		$	6.85		$	7.18		$	12.36		$	12.99
Investment operations:
Net investment income (loss) (A)		(0.05	)		(0.03	)		(0.01	)		(0.04	)		(0.04	)(B)
Net realized and unrealized gain (loss)		0.70			0.65			0.36			2.48			0.47
Total investment operations		0.65			0.62			0.35			2.44			0.43
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		(7.62	)		(1.06	)
Net asset value, end of year	$	7.02		$	6.83		$	6.85		$	7.18		$	12.36
Total return		9.85	%		11.48	%		5.06	%		26.63	%		3.71	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	79,099		$	53,600		$	35,995		$	47,690		$	53,790
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%		1.04	%		1.01	%		1.09	%		0.92	%
Including waiver and/or reimbursement and recapture		1.00	%(C)		1.00	%		0.91	%		1.09	%		0.91	%(B)
Net investment income (loss) to average net assets		(0.69	)%		(0.46	)%		(0.20	)%		(0.57	)%		(0.32	)%(B)
Portfolio turnover rate		69	%		72	%		55	%		80	%		43	%

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

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class I3
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	6.83		$	6.84		$	7.19		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.03	)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		0.68			0.66			0.34			0.77
Total investment operations		0.64			0.63			0.33			0.75
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	7.01		$	6.83		$	6.84		$	7.19
Total return		9.69	%		11.48	%		4.90	%		11.65	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	28,089		$	26,997		$	29,619		$	34,587
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%		1.04	%		1.01	%		1.07	%(D)
Including waiver and/or reimbursement and recapture		1.00	%(E)		0.99	%		0.90	%		0.90	%(D)
Net investment income (loss) to average net assets		(0.67	)%		(0.46	)%		(0.20	)%		(0.47	)%(D)
Portfolio turnover rate		69	%		72	%		55	%		80	%

(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%.

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

Transamerica Funds Annual Report 2020

Page    480

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	6.72		$	6.79		$	7.16		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.08	)		(0.06	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		0.69			0.63			0.36			0.77
Total investment operations		0.61			0.57			0.31			0.72
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	6.87		$	6.72		$	6.79		$	7.16
Total return		9.38	%		10.78	%		4.48	%		11.18	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	14,838		$	15,869		$	16,846		$	17,479
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.49	%		1.53	%		1.50	%		1.57	%(D)
Including waiver and/or reimbursement and recapture		1.49	%		1.49	%		1.42	%		1.55	%(D)
Net investment income (loss) to average net assets		(1.15	)%		(0.94	)%		(0.73	)%		(1.17	)%(D)
Portfolio turnover rate		69	%		72	%		55	%		80	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	6.80		$	6.81		$	7.18		$	6.44
Investment operations:
Net investment income (loss) (B)		(0.05	)		(0.02	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		0.69			0.65			0.34			0.77
Total investment operations		0.64			0.63			0.31			0.74
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		—
Net asset value, end of period/year	$	6.98		$	6.80		$	6.81		$	7.18
Total return		9.74	%		11.54	%		4.60	%		11.49	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	93		$	252		$	6,609		$	5,943
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.25	%		1.29	%		1.26	%		1.32	%(D)
Including waiver and/or reimbursement and recapture		1.15	%		1.15	%		1.15	%		1.15	%(D)
Net investment income (loss) to average net assets		(0.77	)%		(0.38	)%		(0.46	)%		(0.77	)%(D)
Portfolio turnover rate		69	%		72	%		55	%		80	%

(A)	Commenced operations on March 10, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Annualized.

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

Transamerica Funds Annual Report 2020

Page    481

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016 (A)
Net asset value, beginning of period/year	$	6.83		$	6.85		$	7.18		$	12.36		$	12.65
Investment operations:
Net investment income (loss) (B)		(0.04	)		(0.03	)		(0.02	)		(0.04	)		(0.01	)(C)
Net realized and unrealized gain (loss)		0.68			0.65			0.37			2.48			(0.28	)(D)
Total investment operations		0.64			0.62			0.35			2.44			(0.29	)
Dividends and/or distributions to shareholders:
Net realized gains		(0.46	)		(0.64	)		(0.68	)		(7.62	)		—
Net asset value, end of period/year	$	7.01		$	6.83		$	6.85		$	7.18		$	12.36
Total return		9.69	%		11.48	%		5.06	%		26.63	%		(2.29	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	80		$	72		$	65		$	62		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%		1.03	%		1.01	%		1.09	%		0.97	%(F)
Including waiver and/or reimbursement and recapture		1.00	%		1.00	%		0.91	%		1.09	%		0.95	%(C)(F)
Net investment income (loss) to average net assets		(0.66	)%		(0.46	)%		(0.22	)%		(0.58	)%		(0.37	)%(C)(F)
Portfolio turnover rate		69	%		72	%		55	%		80	%		43	%

(A)	Commenced operations on July 25, 2016.
(B)	Calculated based on average number of shares outstanding.
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Not annualized.
(F)	Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.83		$	10.66		$	11.94		$	11.07
Investment operations:
Net investment income (loss) (B)		0.05			(0.01	)		0.02			0.01
Net realized and unrealized gain (loss)		(1.36	)		0.11			(0.82	)		0.86
Total investment operations		(1.31	)		0.10			(0.80	)		0.87
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.06	)		(0.01	)		—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.39	)		(0.93	)		(0.48	)		—
Net asset value, end of period/year	$	8.13		$	9.83		$	10.66		$	11.94
Total return (C)		(14.03	)%		2.35	%		(7.12	)%		7.76	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,246		$	4,543		$	3,050		$	2,757
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.39	%		1.36	%		1.45	%(E)		1.49	%(F)
Including waiver and/or reimbursement and recapture		1.30	%		1.27	%		1.20	%(E)		1.30	%(F)
Net investment income (loss) to average net assets		0.66	%		(0.08	)%		0.20	%		0.19	%(F)
Portfolio turnover rate		80	%		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.
(D)	Not annualized.
(E)	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 Annual Report 2020

Page    482

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.67		$	10.50		$	11.85		$	11.03
Investment operations:
Net investment income (loss) (B)		(0.00	)(C)		(0.07	)		(0.06	)		(0.03	)
Net realized and unrealized gain (loss)		(1.36	)		0.11			(0.82	)		0.85
Total investment operations		(1.36	)		0.04			(0.88	)		0.82
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		—			—			—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.87	)		(0.47	)		—
Net asset value, end of period/year	$	7.99		$	9.67		$	10.50		$	11.85
Total return (D)		(14.67	)%		1.60	%		(7.88	)%		7.34	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	581		$	744		$	786		$	891
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.05	%		2.02	%		2.06	%(F)		2.05	%(G)
Including waiver and/or reimbursement and recapture		2.05	%(H)		2.00	%		1.95	%(F)		2.05	%(G)
Net investment income (loss) to average net assets		(0.06	)%		(0.75	)%		(0.52	)%		(0.56	)%(G)
Portfolio turnover rate		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)	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%.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.93		$	10.75		$	12.03		$	11.14
Investment operations:
Net investment income (loss) (B)		0.08			0.02			0.07			0.00	(C)
Net realized and unrealized gain (loss)		(1.38	)		0.12			(0.83	)		0.89
Total investment operations		(1.30	)		0.14			(0.76	)		0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.09	)		(0.05	)		—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.41	)		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	8.22		$	9.93		$	10.75		$	12.03
Total return		(13.77	)%		2.66	%		(6.86	)%		7.89	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,838		$	15,653		$	756		$	2,521
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%		1.00	%		1.07	%(E)		1.05	%(F)
Including waiver and/or reimbursement and recapture		1.02	%(G)		0.99	%		0.95	%(E)		1.05	%(F)
Net investment income (loss) to average net assets		0.96	%		0.19	%		0.57	%		0.01	%(F)
Portfolio turnover rate		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)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2020

Page    483

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.94		$	10.76		$	12.04		$	11.15
Investment operations:
Net investment income (loss) (B)		0.05			0.09			0.07			0.03
Net realized and unrealized gain (loss)		(1.34	)		0.05			(0.83	)		0.86
Total investment operations		(1.29	)		0.14			(0.76	)		0.89
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.09	)		(0.05	)		—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	8.23		$	9.94		$	10.76		$	12.04
Total return		(13.69	)%		2.66	%(C)		(6.81	)%		7.89	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	419,838		$	52,241		$	212,025		$	255,161
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%		0.90	%		0.96	%(E)		0.93	%(F)
Including waiver and/or reimbursement and recapture		0.92	%(G)		0.90	%(G)		0.86	%(E)		0.93	%(F)
Net investment income (loss) to average net assets		0.68	%		0.89	%		0.58	%		0.55	%(F)
Portfolio turnover rate		80	%		168	%		84	%		35	%(D)

(A)	Commenced operations on April 21, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Total return reflects certain litigation payments received by the Fund in the year. Had these payments not occurred, the total return would be 0.30% lower.
(D)	Not annualized.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class I3
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.96		$	10.77		$	12.05		$	11.15
Investment operations:
Net investment income (loss) (B)		0.08			0.04			0.07			0.05
Net realized and unrealized gain (loss)		(1.38	)		0.11			(0.84	)		0.85
Total investment operations		(1.30	)		0.15			(0.77	)		0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.09	)		(0.04	)		—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.96	)		(0.51	)		—
Net asset value, end of period/year	$	8.24		$	9.96		$	10.77		$	12.05
Total return		(13.75	)%		2.77	%		(6.78	)%		8.07	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	28,471		$	24,216		$	27,065		$	35,000
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%		0.90	%		0.96	%(D)		0.94	%(E)
Including waiver and/or reimbursement and recapture		0.92	%(F)		0.90	%(F)		0.85	%(D)		0.85	%(E)
Net investment income (loss) to average net assets		1.04	%		0.40	%		0.60	%		0.82	%(E)
Portfolio turnover rate		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)	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 Annual Report 2020

Page    484

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class R
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	9.93		$	10.73		$	12.01		$	11.15
Investment operations:
Net investment income (loss) (B)		0.05			(0.01	)		0.01			0.00	(C)
Net realized and unrealized gain (loss)		(1.38	)		0.10			(0.82	)		0.86
Total investment operations		(1.33	)		0.09			(0.81	)		0.86
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.02	)		—			—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.37	)		(0.89	)		(0.47	)		—
Net asset value, end of period/year	$	8.23		$	9.93		$	10.73		$	12.01
Total return		(14.05	)%		2.13	%		(7.25	)%		7.71	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,206		$	7,982		$	9,264		$	11,811
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.42	%		1.40	%		1.45	%(E)		1.43	%(F)
Including waiver and/or reimbursement and recapture		1.40	%		1.39	%		1.35	%(E)		1.43	%(F)
Net investment income (loss) to average net assets		0.59	%		(0.08	)%		0.10	%		0.01	%(F)
Portfolio turnover rate		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)	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 Small Cap Value
	Class R4
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A) (B) (C)			December 31, 2016			December 31, 2015
Net asset value, beginning of period/year	$	9.95		$	10.74		$	12.01		$	11.25		$	9.52		$	10.23
Investment operations:
Net investment income (loss) (D)		0.08			(0.01	)		0.04			0.01			0.06			0.07
Net realized and unrealized gain (loss)		(1.39	)		0.14			(0.84	)		0.76			1.75			(0.72	)
Total investment operations		(1.31	)		0.13			(0.80	)		0.77			1.81			(0.65	)
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.05	)		—			(0.01	)		(0.08	)		(0.06	)
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—			—			—
Total dividends and/or distributions to shareholders		(0.41	)		(0.92	)		(0.47	)		(0.01	)		(0.08	)		(0.06	)
Net asset value, end of period/year	$	8.23		$	9.95		$	10.74		$	12.01		$	11.25		$	9.52
Total return		(13.88	)%		2.57	%		(6.99	)%		6.85	%(E)		19.24	%		(6.33	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	117		$	328		$	253		$	345		$	7,065		$	6,709
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.17	%		1.15	%		1.21	%(F)		2.06	%(G)		1.72	%		1.73	%
Including waiver and/or reimbursement and recapture		1.10	%		1.10	%		1.10	%(F)		1.17	%(G)(H)		1.11	%(H)(I)		1.10	%
Net investment income (loss) to average net assets		0.93	%		(0.07	)%		0.36	%		0.06	%(G)		0.67	%		0.73	%
Portfolio turnover rate		80	%		168	%		84	%		35	%(E)		89	%		133	%

(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)	Does not include expenses of the underlying investments in which the Fund invests.
(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 Annual Report 2020

Page    485

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	10.00		$	10.81		$	12.10		$	11.20
Investment operations:
Net investment income (loss) (B)		0.09			0.03			0.07			0.00	(C)
Net realized and unrealized gain (loss)		(1.39	)		0.12			(0.84	)		0.90
Total investment operations		(1.30	)		0.15			(0.77	)		0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.09	)		(0.05	)		—
Net realized gains		(0.21	)		(0.87	)		(0.47	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.96	)		(0.52	)		—
Net asset value, end of period/year	$	8.28		$	10.00		$	10.81		$	12.10
Total return		(13.69	)%		2.84	%		(6.85	)%		7.93	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	50		$	58		$	57		$	61
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%		0.90	%		0.95	%(E)		0.93	%(F)
Including waiver and/or reimbursement and recapture		0.90	%		0.90	%(G)		0.86	%(E)		0.93	%(F)
Net investment income (loss) to average net assets		1.08	%		0.35	%		0.57	%		0.55	%(F)
Portfolio turnover rate		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)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Annualized.
(G)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	25.45		$	26.61		$	29.46		$	25.09		$	26.18
Investment operations:
Net investment income (loss) (A)		0.14			0.13			0.14			0.03			0.24	(B)
Net realized and unrealized gain (loss)		(2.99	)		1.41			0.61			5.92			0.87
Total investment operations		(2.85	)		1.54			0.75			5.95			1.11
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.14	)		(0.06	)		(0.22	)		(0.03	)
Net realized gains		(0.69	)		(2.56	)		(3.54	)		(1.36	)		(2.17	)
Total dividends and/or distributions to shareholders		(0.82	)		(2.70	)		(3.60	)		(1.58	)		(2.20	)
Net asset value, end of year	$	21.78		$	25.45		$	26.61		$	29.46		$	25.09
Total return (C)		(11.70	)%		7.63	%		2.25	%		24.23	%		4.69	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	268,643		$	349,550		$	357,948		$	362,890		$	338,577
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%		1.31	%		1.29	%		1.28	%		1.34	%
Including waiver and/or reimbursement and recapture		1.31	%		1.31	%		1.29	%		1.28	%		1.33	%(B)
Net investment income (loss) to average net assets		0.61	%		0.54	%		0.49	%		0.09	%		0.99	%(B)
Portfolio turnover rate		65	%		60	%		61	%		104	%		74	%

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

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

Transamerica Funds Annual Report 2020

Page    486

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	21.62		$	23.05		$	26.07		$	22.37		$	23.70
Investment operations:
Net investment income (loss) (A)		(0.01	)		(0.02	)		(0.03	)		(0.15	)		0.07	(B)
Net realized and unrealized gain (loss)		(2.55	)		1.15			0.55			5.28			0.77
Total investment operations		(2.56	)		1.13			0.52			5.13			0.84
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.07	)		—
Net realized gains		(0.69	)		(2.56	)		(3.54	)		(1.36	)		(2.17	)
Total dividends and/or distributions to shareholders		(0.69	)		(2.56	)		(3.54	)		(1.43	)		(2.17	)
Net asset value, end of year	$	18.37		$	21.62		$	23.05		$	26.07		$	22.37
Total return (C)		(12.35	)%		6.85	%		1.60	%		23.43	%		3.99	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	58,622		$	116,291		$	165,647		$	241,737		$	237,404
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.02	%		2.00	%		1.96	%		1.95	%		2.02	%
Including waiver and/or reimbursement and recapture		2.02	%		2.00	%		1.96	%		1.95	%		2.01	%(B)
Net investment income (loss) to average net assets		(0.04	)%		(0.09	)%		(0.11	)%		(0.59	)%		0.31	%(B)
Portfolio turnover rate		65	%		60	%		61	%		104	%		74	%

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

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	26.46		$	27.56		$	30.40		$	25.84		$	26.91
Investment operations:
Net investment income (loss) (A)		0.23			0.23			0.24			0.10			0.34	(B)
Net realized and unrealized gain (loss)		(3.11	)		1.46			0.63			6.14			0.89
Total investment operations		(2.88	)		1.69			0.87			6.24			1.23
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.23	)		(0.17	)		(0.32	)		(0.13	)
Net realized gains		(0.69	)		(2.56	)		(3.54	)		(1.36	)		(2.17	)
Total dividends and/or distributions to shareholders		(0.91	)		(2.79	)		(3.71	)		(1.68	)		(2.30	)
Net asset value, end of year	$	22.67		$	26.46		$	27.56		$	30.40		$	25.84
Total return		(11.41	)%		8.03	%		2.60	%		24.68	%		5.06	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	228,537		$	296,684		$	270,188		$	242,460		$	158,538
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%		0.95	%		0.94	%		0.94	%		0.98	%
Including waiver and/or reimbursement and recapture		0.95	%		0.95	%		0.94	%		0.94	%		0.97	%(B)
Net investment income (loss) to average net assets		0.98	%		0.90	%		0.82	%		0.35	%		1.35	%(B)
Portfolio turnover rate		65	%		60	%		61	%		104	%		74	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2020

Page    487

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	26.52		$	27.62		$	30.45		$	25.88		$	26.95
Investment operations:
Net investment income (loss) (A)		0.25			0.26			0.27			0.15			0.36	(B)
Net realized and unrealized gain (loss)		(3.11	)		1.46			0.63			6.12			0.90
Total investment operations		(2.86	)		1.72			0.90			6.27			1.26
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.26	)		(0.19	)		(0.34	)		(0.16	)
Net realized gains		(0.69	)		(2.56	)		(3.54	)		(1.36	)		(2.17	)
Total dividends and/or distributions to shareholders		(0.93	)		(2.82	)		(3.73	)		(1.70	)		(2.33	)
Net asset value, end of year	$	22.73		$	26.52		$	27.62		$	30.45		$	25.88
Total return		(11.30	)%		8.14	%		2.72	%		24.80	%		5.18	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	17,795		$	20,641		$	19,429		$	20,628		$	18,082
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.84	%		0.84	%		0.88	%
Including waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.84	%		0.84	%		0.87	%(B)
Net investment income (loss) to average net assets		1.06	%		1.01	%		0.95	%		0.51	%		1.46	%(B)
Portfolio turnover rate		65	%		60	%		61	%		104	%		74	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	26.64		$	27.74		$	30.56		$	25.97		$	26.95
Investment operations:
Net investment income (loss) (A)		0.24			0.20			0.18			0.10			0.44	(B)
Net realized and unrealized gain (loss)		(3.12	)		1.52			0.74			6.19			0.82
Total investment operations		(2.88	)		1.72			0.92			6.29			1.26
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.26	)		(0.20	)		(0.34	)		(0.07	)
Net realized gains		(0.69	)		(2.56	)		(3.54	)		(1.36	)		(2.17	)
Total dividends and/or distributions to shareholders		(0.93	)		(2.82	)		(3.74	)		(1.70	)		(2.24	)
Net asset value, end of year	$	22.83		$	26.64		$	27.74		$	30.56		$	25.97
Total return		(11.32	)%		8.11	%		2.75	%		24.79	%		5.18	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	51,481		$	48,043		$	11,822		$	3,961		$	941
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.84	%		0.84	%		0.88	%
Including waiver and/or reimbursement and recapture		0.85	%		0.85	%		0.84	%		0.84	%		0.86	%(B)
Net investment income (loss) to average net assets		1.04	%		0.80	%		0.62	%		0.33	%		1.72	%(B)
Portfolio turnover rate		65	%		60	%		61	%		104	%		74	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2020

Page    488

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica Sustainable Bond
	Class I			Class I2
	October 31, 2020 (A)			October 31, 2020 (A)
Net asset value, beginning of period	$	10.00		$	10.00
Investment operations:
Net investment income (loss) (B)		0.02			0.02
Net realized and unrealized gain (loss)		(0.17	)		(0.17	)
Total investment operations		(0.15	)		(0.15	)
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.03	)
Net asset value, end of period	$	9.82		$	9.82
Total return		(1.52	)%(C)		(1.51	)%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	985		$	23,636
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.79	%(D)		1.70	%(D)
Including waiver and/or reimbursement and recapture		0.50	%(D)		0.45	%(D)
Net investment income (loss) to average net assets		0.93	%(D)		0.98	%(D)
Portfolio turnover rate		33	%(C)		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 indicated:	Transamerica Unconstrained Bond
	Class A
	October 31, 2020 (A)
Net asset value, beginning of period	$	9.82
Investment operations:
Net investment income (loss) (B)		0.02
Net realized and unrealized gain (loss)		0.08
Total investment operations		0.10
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)
Return of capital		(0.01	)
Total dividends and/or distributions to shareholders		(0.03	)
Net asset value, end of period	$	9.89
Total return		0.98	%(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		0.94	%(E)
Including waiver and/or reimbursement and recapture		0.93	%(E)
Net investment income (loss) to average net assets		2.25	%(E)
Portfolio turnover rate		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.

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

Transamerica Funds Annual Report 2020

Page    489

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Unconstrained Bond
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.85		$	9.85		$	10.23		$	9.92		$	9.83
Investment operations:
Net investment income (loss) (A)		0.28			0.41			0.37			0.22			0.42	(B)
Net realized and unrealized gain (loss)		0.08			0.00	(C)(D)		(0.38	)		0.38			0.04
Total investment operations		0.36			0.41			(0.01	)		0.60			0.46
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.36	)		(0.33	)		(0.29	)		(0.37	)
Net realized gains		—			—			(0.00	)(C)		—			—
Return of capital		(0.05	)		(0.05	)		(0.04	)		—			—
Total dividends and/or distributions to shareholders		(0.32	)		(0.41	)		(0.37	)		(0.29	)		(0.37	)
Net asset value, end of year	$	9.89		$	9.85		$	9.85		$	10.23		$	9.92
Total return		3.83	%		4.23	%		(0.14	)%		6.07	%		4.86	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	757		$	869		$	1,817		$	2,110		$	287
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.80	%(E)		0.83	%(E)		0.87	%(E)		0.91	%		0.95	%
Including waiver and/or reimbursement and recapture		0.80	%(E)(F)		0.83	%(E)(F)		0.87	%(E)(F)		0.93	%		0.95	%(B)
Net investment income (loss) to average net assets		2.91	%		4.22	%		3.62	%		2.18	%		4.33	%(B)
Portfolio turnover rate		126	%		87	%		72	%		87	%		141	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(E)	Does not include expenses of the underlying investments in which the Fund invests.
(F)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Unconstrained Bond
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	9.83		$	9.81		$	10.20		$	9.91		$	9.83
Investment operations:
Net investment income (loss) (A)		0.30			0.42			0.40			0.27			0.43	(B)
Net realized and unrealized gain (loss)		0.07			0.02	(C)		(0.41	)		0.35			0.03
Total investment operations		0.37			0.44			(0.01	)		0.62			0.46
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.37	)		(0.34	)		(0.33	)		(0.38	)
Net realized gains		—			—			(0.00	)(D)		—			—
Return of capital		(0.06	)		(0.05	)		(0.04	)		—			—
Total dividends and/or distributions to shareholders		(0.33	)		(0.42	)		(0.38	)		(0.33	)		(0.38	)
Net asset value, end of year	$	9.87		$	9.83		$	9.81		$	10.20		$	9.91
Total return		3.93	%		4.54	%		(0.10	)%		6.32	%		4.87	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,588,098		$	993,309		$	709,125		$	266,887		$	219,009
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%(E)		0.73	%(E)		0.78	%(E)		0.81	%		0.84	%
Including waiver and/or reimbursement and recapture		0.69	%(E)		0.73	%(E)(F)		0.78	%(E)(F)		0.81	%		0.84	%(B)
Net investment income (loss) to average net assets		3.12	%		4.25	%		3.97	%		2.70	%		4.40	%(B)
Portfolio turnover rate		126	%		87	%		72	%		87	%		141	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Rounds to less than $0.01 or $(0.01).
(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 Annual Report 2020

Page    490

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class A
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	22.16		$	20.92		$	20.75		$	16.87		$	17.45
Investment operations:
Net investment income (loss) (A)		(0.08	)		(0.06	)		(0.07	)		0.01			0.00	(B)(C)
Net realized and unrealized gain (loss)		5.68			3.44			2.36			4.25			(0.17	)
Total investment operations		5.60			3.38			2.29			4.26			(0.17	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.00	)(C)		(0.01	)		(0.00	)(C)
Net realized gains		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)
Total dividends and/or distributions to shareholders		(1.84	)		(2.14	)		(2.12	)		(0.38	)		(0.41	)
Net asset value, end of year	$	25.92		$	22.16		$	20.92		$	20.75		$	16.87
Total return (D)		26.76	%		19.17	%		11.74	%		25.76	%		(0.95	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	764,325		$	661,541		$	550,529		$	500,587		$	432,130
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.08	%		1.16	%		1.16	%		1.18	%		1.20	%
Including waiver and/or reimbursement and recapture		1.08	%		1.16	%		1.16	%		1.18	%		1.18	%(B)
Net investment income (loss) to average net assets		(0.35	)%		(0.32	)%		(0.35	)%		0.07	%		0.03	%(B)
Portfolio turnover rate		28	%		37	%		27	%		35	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica US Growth
	Class C
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	20.47		$	19.63		$	19.75		$	16.18		$	16.89
Investment operations:
Net investment income (loss) (A)		(0.24	)		(0.21	)		(0.22	)		(0.13	)		(0.12	)(B)
Net realized and unrealized gain (loss)		5.19			3.19			2.22			4.07			(0.18	)
Total investment operations		4.95			2.98			2.00			3.94			(0.30	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.00	)(C)		—
Net realized gains		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)
Total dividends and/or distributions to shareholders		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)
Net asset value, end of year	$	23.58		$	20.47		$	19.63		$	19.75		$	16.18
Total return (D)		25.72	%		18.30	%		10.78	%		24.84	%		(1.77	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	18,000		$	18,378		$	13,930		$	48,087		$	44,877
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.87	%(E)		1.93	%		1.96	%		1.97	%		1.99	%
Including waiver and/or reimbursement and recapture		1.87	%(E)(F)		1.93	%		1.96	%		1.97	%		1.97	%(B)
Net investment income (loss) to average net assets		(1.12	)%		(1.09	)%		(1.09	)%		(0.72	)%		(0.76	)%(B)
Portfolio turnover rate		28	%		37	%		27	%		35	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Total return has been calculated without deduction of the contingent deferred sales charge.
(E)	Includes extraordinary expenses outside the operating expense limit.
(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 Annual Report 2020

Page    491

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class I
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	22.70		$	21.31		$	21.11		$	17.15		$	17.74
Investment operations:
Net investment income (loss) (A)		(0.02	)		(0.01	)		(0.01	)		0.07			0.06	(B)
Net realized and unrealized gain (loss)		5.83			3.54			2.39			4.33			(0.18	)
Total investment operations		5.81			3.53			2.38			4.40			(0.12	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.06	)		(0.07	)		(0.06	)
Net realized gains		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)
Total dividends and/or distributions to shareholders		(1.84	)		(2.14	)		(2.18	)		(0.44	)		(0.47	)
Net asset value, end of year	$	26.67		$	22.70		$	21.31		$	21.11		$	17.15
Total return		27.07	%		19.56	%		12.01	%		26.21	%		(0.67	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	309,755		$	266,730		$	186,752		$	183,788		$	160,628
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.86	%		0.87	%		0.88	%		0.87	%
Including waiver and/or reimbursement and recapture		0.82	%		0.86	%		0.87	%		0.88	%		0.85	%(B)
Net investment income (loss) to average net assets		(0.08	)%		(0.03	)%		(0.06	)%		0.37	%		0.35	%(B)
Portfolio turnover rate		28	%		37	%		27	%		35	%		34	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica US Growth
	Class I2
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	22.68		$	21.27		$	21.07		$	17.13		$	17.72
Investment operations:
Net investment income (loss) (A)		0.01			0.01			0.02			0.09			0.08	(B)
Net realized and unrealized gain (loss)		5.83			3.54			2.39			4.31			(0.18	)
Total investment operations		5.84			3.55			2.41			4.40			(0.10	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.09	)		(0.09	)		(0.08	)
Net realized gains		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)
Total dividends and/or distributions to shareholders		(1.84	)		(2.14	)		(2.21	)		(0.46	)		(0.49	)
Net asset value, end of year	$	26.68		$	22.68		$	21.27		$	21.07		$	17.13
Total return		27.23	%		19.70	%		12.18	%		26.29	%		(0.53	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	529,573		$	491,921		$	190,514		$	230,952		$	258,722
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%		0.74	%		0.75	%		0.75	%		0.74	%
Including waiver and/or reimbursement and recapture		0.70	%		0.74	%		0.75	%		0.75	%		0.72	%(B)
Net investment income (loss) to average net assets		0.03	%		0.07	%		0.08	%		0.50	%		0.48	%(B)
Portfolio turnover rate		28	%		37	%		27	%		35	%		34	%

(A)

Calculated based on average number of shares outstanding.

(B)

Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2020

Page    492

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class T
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	64.44		$	56.19		$	52.20		$	41.76		$	42.47
Investment operations:
Net investment income (loss) (A)		(0.01	)		0.02			0.00	(B)		0.20			0.17	(C)
Net realized and unrealized gain (loss)		17.18			10.37			6.16			10.66			(0.43	)
Total investment operations		17.17			10.39			6.16			10.86			(0.26	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.05	)		(0.05	)		(0.04	)
Net realized gains		(1.84	)		(2.14	)		(2.12	)		(0.37	)		(0.41	)
Total dividends and/or distributions to shareholders		(1.84	)		(2.14	)		(2.17	)		(0.42	)		(0.45	)
Net asset value, end of year	$	79.77		$	64.44		$	56.19		$	52.20		$	41.76
Total return (D)		27.17	%		19.63	%		12.10	%		26.24	%		(0.59	)%
Ratios and supplemental data:
Net assets end of year (000’s)	$	144,510		$	125,598		$	113,486		$	109,183		$	94,877
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.80	%		0.81	%		0.82	%		0.82	%
Including waiver and/or reimbursement and recapture		0.75	%		0.80	%		0.81	%		0.82	%		0.80	%(C)
Net investment income (loss) to average net assets		(0.02	)%		0.04	%		0.02	%		0.43	%		0.40	%(C)
Portfolio turnover rate		28	%		37	%		27	%		35	%		34	%

(A)	Calculated based on average number of shares outstanding.
(B)	Rounds to less than $0.01 or $(0.01).
(C)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.
(D)	Total return has been calculated without deduction of the initial sales charge.

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

Transamerica Funds Annual Report 2020

Page    493

NOTES TO FINANCIAL STATEMENTS

At October 31, 2020

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,C,I,I2,R6
Transamerica Capital Growth (“Capital Growth”)	A,C,I,I2,R6
Transamerica Dividend Focused (“Dividend Focused”)	A,C,I,I2,R6
Transamerica Dynamic Income (“Dynamic Income”)	A,C,I
Transamerica Emerging Markets Debt (“Emerging Markets Debt”)	A,C,I,I2,R6
Transamerica Emerging Markets Opportunities (“Emerging Markets Opportunities”) (A)	I,I2
Transamerica Event Driven (“Event Driven”)	I,I2
Transamerica Floating Rate (“Floating Rate”)	A,C,I,I2
Transamerica Global Equity (“Global Equity”)	A,C,I,R6
Transamerica Government Money Market (“Government Money Market”)	A,C,I,I2,I3,R2,R4
Transamerica High Quality Bond (“‘High Quality Bond”)	I3,R,R4
Transamerica High Yield Bond (“High Yield Bond”)	A,C,I,I2,I3,R,R4,R6
Transamerica High Yield ESG (“High Yield ESG”) (B)	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
Transamerica Intermediate Muni (“Intermediate Muni”)	A,C,I,I2
Transamerica International Equity (“International Equity”)	A,C,I,I2,I3,R,R4,R6
Transamerica International Growth (“International Growth”)	A,I,I2,R6
Transamerica International Small Cap Value (“International Small Cap Value”)	I,I2
Transamerica International Stock (“International Stock”)	A,I,I2,R6
Transamerica Large Cap Value (“Large Cap Value”)	A,C,I,I2,R6
Transamerica Large Core (“Large Core”)	I3,R,R4
Transamerica Large Growth (“Large Growth”)	I3,R,R4
Transamerica Large Value Opportunities (“Large Value Opportunities”)	I3,R,R4
Transamerica Mid Cap Growth (“Mid Cap Growth”)	A,C,I,I2,I3,R,R4
Transamerica Mid Cap Value Opportunities (“Mid Cap Value Opportunities”)	A,C,I,I2,I3,R,R4,R6
Transamerica MLP & Energy Income (“MLP & Energy Income”)	A,C,I,I2
Transamerica Multi-Asset Income (“Multi-Asset Income”)	A,C,I,I2
Transamerica Multi-Managed Balanced (“Multi-Managed Balanced”)	A,C,I,R6
Transamerica Short-Term Bond (“Short-Term Bond”)	A,C,I,I2,R6
Transamerica Small Cap 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”) (B)	I,I2
Transamerica Unconstrained Bond (“Unconstrained Bond”) (C)	A,I,I2
Transamerica US Growth (“US Growth”)	A,C,I,I2,T

(A)	Fund commenced operations on December 19,2019.
(B)	Fund commenced operations on July 31,2020.
(C)	Class A commenced operations on October 1,2020.

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

Emerging Markets Debt, Event Driven, High Yield Muni and MLP & Energy Income are “non-diversified” funds, as defined under the 1940 Act.

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

Transamerica Funds Annual Report 2020

Page    494

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

1. ORGANIZATION (continued)

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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.

Transamerica Funds Annual Report 2020

Page    495

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

Foreign taxes: The Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

Cash overdraft: The Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations.

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

Commissions recaptured are included within Net realized gain (loss) within the Statements of Operations. For the year ended October 31, 2020, commissions recaptured are as follows. Funds not listed in the subsequent table do not have any commissions recaptured during the year.

Fund	Commissions Recaptured
Dividend Focused	$	5,870
Emerging Markets Opportunities		932
International Equity		161,664
International Small Cap Value		14,347
International Stock		9,338
Large Cap Value		84,149
Large Core		14,326
Large Growth		2,113
Large Value Opportunities		58,615
Mid Cap Growth		387
Mid Cap Value Opportunities		90,275
MLP & Energy Income		606
Multi-Asset Income		5,491

Transamerica Funds Annual Report 2020

Page    496

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Fund	Commissions Recaptured
Multi-Managed Balanced	$	9,957
Small Cap Growth		5,058
Small Cap Value		82,465
Small/Mid Cap Value		57,577
US Growth		6,497

Statement of cash flows: GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a Statement of Cash Flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions. These conditions may include the enterprise had little or no debt, based on the average debt outstanding during the period, little or no illiquid investments, and little or no investments classified as Level 3 of the fair value hierarchy in relation to average total assets. Funds with certain degrees of borrowing activity, typically through the use of sale-buyback financing transactions, line of credit borrowing, reverse repurchase agreements, short sale transactions, illiquid investments, or Level 3 classified securities have been determined to be at a level requiring a Statement of Cash Flows. A Statement of Cash Flows has been prepared for Event Driven using the indirect method which requires net change in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

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

3. INVESTMENT VALUATION

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2020, is disclosed within the Investment Valuation section of each Fund’s Schedule of Investments.

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

Transamerica Funds Annual Report 2020

Page    497

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

3. INVESTMENT VALUATION (continued)

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

Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

Exchange-traded funds (“ETF”): ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

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

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Commercial paper: Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Convertible bonds: The fair value of convertible bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, broker price quotations (where observable), and models incorporating benchmark curves, underlying stock data, and foreign exchange rates. While most convertible bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Foreign government obligations: Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Loan assignments: Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

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,

Transamerica Funds Annual Report 2020

Page    498

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

3. INVESTMENT VALUATION (continued)

periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Municipal government obligations: The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

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

Short-term notes: A Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Government Money Market values all security positions using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government agency obligations: U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

U.S. government obligations: U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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 Fund 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.

Transamerica Funds Annual Report 2020

Page    499

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

4. SECURITIES AND OTHER INVESTMENTS (continued)

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 year.

Fund	Principal Commitment		Unrealized Appreciation (Depreciation)
Floating Rate
Fieldwood Energy LLC, Delayed Draw Term Loan	$	118,030	$	—
Pathway Vet Alliance LLC, Delayed Draw Term Loan		18,384		40
Safety Products / JHC Acquisition Corp., Delayed Draw Term Loan		53,469		(6,797	)
Southern Veterinary Partners, LLC, Delayed Draw Term Loan		30,076		(227	)
	$	219,959	$	(6,984	)
Unconstrained Bond
Intelsat Jackson Holdings SA, Term Loan	$	98,786	$	1,364
Total	$	98,786	$	1,364

Open funded loan participations and assignments at October 31, 2020, if any, are included within the Schedule of Investments.

Payment in-kind (“PIK”) securities: PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a “dirty price”) and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statements of Assets and Liabilities.

PIKs held at October 31, 2020, 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 October 31, 2020, if any, are identified within the Schedule of Investments.

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

Restricted securities held at October 31, 2020, if any, are identified within the Schedule of Investments.

Transamerica Funds Annual Report 2020

Page    500

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

4. SECURITIES AND OTHER INVESTMENTS (continued)

Treasury inflation-protected securities (“TIPS”): Certain Funds may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at October 31, 2020, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statements of Operations, with a corresponding adjustment to Investments, at cost within the Statements of Assets and Liabilities.

When-issued, delayed-delivery, forward, and to be announced (“TBA”) commitment transactions: The Funds may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Funds will segregate with their custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund’s other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2020, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

Transamerica Funds Annual Report 2020

Page    501

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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 year ended October 31, 2020, the Funds have not utilized the program.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2020.

Repurchase agreements at October 31, 2020, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Securities lending: The Funds may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Funds is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Each Fund receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statements of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio (the “Navigator”). The Transamerica family of mutual funds is a significant shareholder of the Navigator as of October 31, 2020. No individual fund has a significant holding in the Navigator.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2020, if any, are shown on a gross basis within the Schedule of Investments.

Short sales: A short sale is a transaction in which the Funds sell securities they do not own, but have borrowed, in anticipation of a decline in the fair market value of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends and/or interest payable on securities in a short position and these payables, if any, are reflected as Dividends, interest and fees for borrowings from securities sold short within the Statements of Assets and Liabilities. The Funds also bear other costs, such as charges for the prime brokerage accounts, in connection with short positions. These costs are reported as Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations.

Open short sale transactions at October 31, 2020, if any, are included within the Schedule of Investments and are reflected in Securities sold short, at value within the Statements of Assets and Liabilities.

Transamerica Funds Annual Report 2020

Page    502

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2020. 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	$	112,018	$	—	$	—	$	—	$	112,018
Corporate Debt Securities		185,716		—		—		—		185,716
U.S. Government Obligations		1,345,614		—		—		—		1,345,614
Total Securities Lending Transactions	$	1,643,348	$	—	$	—	$	—	$	1,643,348
Total Borrowings	$	1,643,348	$	—	$	—	$	—	$	1,643,348
Bond
Securities Lending Transactions
Corporate Debt Securities	$	14,335,750	$	—	$	—	$	—	$	14,335,750
U.S. Government Obligations		3,776,120		—		—		—		3,776,120
Total Securities Lending Transactions	$	18,111,870	$	—	$	—	$	—	$	18,111,870
Total Borrowings	$	18,111,870	$	—	$	—	$	—	$	18,111,870
Capital Growth
Securities Lending Transactions
Common Stocks	$	100,794,803	$	—	$	—	$	—	$	100,794,803
Total Borrowings	$	100,794,803	$	—	$	—	$	—	$	100,794,803
Dynamic Income
Securities Lending Transactions
Exchange-Traded Funds	$	16,159,975	$	—	$	—	$	—	$	16,159,975
Total Borrowings	$	16,159,975	$	—	$	—	$	—	$	16,159,975
Emerging Markets Debt
Securities Lending Transactions
Corporate Debt Securities	$	2,982,490	$	—	$	—	$	—	$	2,982,490
Foreign Government Obligations		3,119,115		—		—		—		3,119,115
Total Securities Lending Transactions	$	6,101,605	$	—	$	—	$	—	$	6,101,605
Total Borrowings	$	6,101,605	$	—	$	—	$	—	$	6,101,605
Emerging Markets Opportunities
Securities Lending Transactions
Common Stocks	$	78,849	$	—	$	—	$	—	$	78,849
Exchange-Traded Funds		3,869,224		—		—		—		3,869,224
Total Securities Lending Transactions	$	3,948,073	$	—	$	—	$	—	$	3,948,073
Total Borrowings	$	3,948,073	$	—	$	—	$	—	$	3,948,073
Floating Rate
Securities Lending Transactions
Exchange-Traded Funds	$	819,418	$	—	$	—	$	—	$	819,418
Total Borrowings	$	819,418	$	—	$	—	$	—	$	819,418
Global Equity
Securities Lending Transactions
Common Stocks	$	154,684	$	—	$	—	$	—	$	154,684
Total Borrowings	$	154,684	$	—	$	—	$	—	$	154,684

Transamerica Funds Annual Report 2020

Page    503

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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
High Yield Bond
Securities Lending Transactions
Corporate Debt Securities	$	52,745,546	$	—	$	—	$	—	$	52,745,546
Exchange-Traded Funds		6,441,889		—		—		—		6,441,889
Total Securities Lending Transactions	$	59,187,435	$	—	$	—	$	—	$	59,187,435
Total Borrowings	$	59,187,435	$	—	$	—	$	—	$	59,187,435
High Yield ESG
Securities Lending Transactions
Corporate Debt Securities	$	198,048	$	—	$	—	$	—	$	198,048
Total Borrowings	$	198,048	$	—	$	—	$	—	$	198,048
Inflation Opportunities
Securities Lending Transactions
Corporate Debt Securities	$	178,816	$	—	$	—	$	—	$	178,816
U.S. Government Obligations		1,956,184		—		—		—		1,956,184
Total Securities Lending Transactions	$	2,135,000	$	—	$	—	$	—	$	2,135,000
Total Borrowings	$	2,135,000	$	—	$	—	$	—	$	2,135,000
Inflation-Protected Securities
Securities Lending Transactions
Corporate Debt Securities	$	1,153	$	—	$	—	$	—	$	1,153
U.S. Government Obligations		618,455		—		—		—		618,455
Total Securities Lending Transactions	$	619,608	$	—	$	—	$	—	$	619,608
Total Borrowings	$	619,608	$	—	$	—	$	—	$	619,608
Intermediate Bond
Securities Lending Transactions
U.S. Government Obligations	$	15,816,668	$	—	$	—	$	—	$	15,816,668
Total Borrowings	$	15,816,668	$	—	$	—	$	—	$	15,816,668
International Equity
Securities Lending Transactions
Common Stocks	$	12,532,343	$	—	$	—	$	—	$	12,532,343
Total Borrowings	$	12,532,343	$	—	$	—	$	—	$	12,532,343
International Growth
Securities Lending Transactions
Common Stocks	$	1,635,368	$	—	$	—	$	—	$	1,635,368
Total Borrowings	$	1,635,368	$	—	$	—	$	—	$	1,635,368
International Small Cap Value
Securities Lending Transactions
Common Stocks	$	9,625,108	$	—	$	—	$	—	$	9,625,108
Total Borrowings	$	9,625,108	$	—	$	—	$	—	$	9,625,108
International Stock
Securities Lending Transactions
Common Stocks	$	688,099	$	—	$	—	$	—	$	688,099
Total Borrowings	$	688,099	$	—	$	—	$	—	$	688,099

Transamerica Funds Annual Report 2020

Page    504

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Large Core
Securities Lending Transactions
Common Stocks	$	40,961	$	—	$	—	$	—	$	40,961
Total Borrowings	$	40,961	$	—	$	—	$	—	$	40,961
Large Growth
Securities Lending Transactions
Common Stocks	$	19,769,031	$	—	$	—	$	—	$	19,769,031
Total Borrowings	$	19,769,031	$	—	$	—	$	—	$	19,769,031
Large Value Opportunities
Securities Lending Transactions
Common Stocks	$	237,862	$	—	$	—	$	—	$	237,862
Exchange-Traded Funds		465,631		—		—		—		465,631
Total Securities Lending Transactions	$	703,493	$	—	$	—	$	—	$	703,493
Total Borrowings	$	703,493	$	—	$	—	$	—	$	703,493
Mid Cap Growth
Securities Lending Transactions
Common Stocks	$	5,603,744	$	—	$	—	$	—	$	5,603,744
Total Borrowings	$	5,603,744	$	—	$	—	$	—	$	5,603,744
MLP & Energy Income
Securities Lending Transactions
Common Stocks	$	1,291,233	$	—	$	—	$	—	$	1,291,233
Total Borrowings	$	1,291,233	$	—	$	—	$	—	$	1,291,233
Multi-Asset Income
Securities Lending Transactions
Preferred Stocks	$	731,818	$	—	$	—	$	—	$	731,818
Corporate Debt Securities		3,302,172		—		—		—		3,302,172
Total Securities Lending Transactions	$	4,033,990	$	—	$	—	$	—	$	4,033,990
Total Borrowings	$	4,033,990	$	—	$	—	$	—	$	4,033,990
Multi-Managed Balanced
Securities Lending Transactions
Common Stocks	$	354,852	$	—	$	—	$	—	$	354,852
Foreign Government Obligations		199,849		—		—		—		199,849
U.S. Government Obligations		4,771,893		—		—		—		4,771,893
Total Securities Lending Transactions	$	5,326,594	$	—	$	—	$	—	$	5,326,594
Total Borrowings	$	5,326,594	$	—	$	—	$	—	$	5,326,594
Short-Term Bond
Securities Lending Transactions
Corporate Debt Securities	$	11,927,415	$	—	$	—	$	—	$	11,927,415
Foreign Government Obligations		2,372,785		—		—		—		2,372,785
Total Securities Lending Transactions	$	14,300,200	$	—	$	—	$	—	$	14,300,200
Total Borrowings	$	14,300,200	$	—	$	—	$	—	$	14,300,200
Small Cap Growth
Securities Lending Transactions
Common Stocks	$	2,792,029	$	—	$	—	$	—	$	2,792,029
Total Borrowings	$	2,792,029	$	—	$	—	$	—	$	2,792,029

Transamerica Funds Annual Report 2020

Page    505

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Small Cap Value
Securities Lending Transactions
Common Stocks	$	4,977,484	$	—	$	—	$	—	$	4,977,484
Total Borrowings	$	4,977,484	$	—	$	—	$	—	$	4,977,484
Small/Mid Cap Value
Securities Lending Transactions
Common Stocks	$	4,090,107	$	—	$	—	$	—	$	4,090,107
Total Borrowings	$	4,090,107	$	—	$	—	$	—	$	4,090,107
Sustainable Bond
Securities Lending Transactions
Corporate Debt Securities	$	325,265	$	—	$	—	$	—	$	325,265
U.S. Government Obligations		1,587,173		—		—		—		1,587,173
Total Securities Lending Transactions	$	1,912,438	$	—	$	—	$	—	$	1,912,438
Total Borrowings	$	1,912,438	$	—	$	—	$	—	$	1,912,438
Unconstrained Bond
Securities Lending Transactions
Corporate Debt Securities	$	22,477,068	$	—	$	—	$	—	$	22,477,068
Foreign Government Obligations		5,185,320		—		—		—		5,185,320
U.S. Government Obligations		4,089,868		—		—		—		4,089,868
Preferred Stocks		462,254		—		—		—		462,254
Total Securities Lending Transactions	$	32,214,510	$	—	$	—	$	—	$	32,214,510
Total Borrowings	$	32,214,510	$	—	$	—	$	—	$	32,214,510

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.

Transamerica Funds Annual Report 2020

Page    506

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

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

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 October 31, 2020, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statements of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Funds and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Funds, with the exception of Government Money Market, may enter into credit default, cross-currency, interest rate, total return, including contracts for difference (“CFD”), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statements of Assets and Liabilities.

Transamerica Funds Annual Report 2020

Page    507

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

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 October 31, 2020, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

Forward foreign currency contracts: The Funds are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds, with the exception of Government Money Market, may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Additionally, Bond utilizes forward foreign currency contracts for speculative purposes. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statements of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statements of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2020, if any, are listed within the Schedule of Investments.

The following is a summary of the location and each Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2020. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the year.

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)	$	—	$	3,935,067	$	—	$	—	$	—	$	3,935,067
Total	$	—	$	3,935,067	$	—	$	—	$	—	$	3,935,067
Emerging Markets Debt
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—	$	236,810	$	—	$	—	$	—	$	236,810
Total	$	—	$	236,810	$	—	$	—	$	—	$	236,810

Transamerica Funds Annual Report 2020

Page    508

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

Asset Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts			Credit Contracts		Commodity Contracts		Total
Event Driven
Purchased options and swaptions:
Investments, at value (A)	$	—		$	—	$	18,000		$	—	$	—	$	18,000
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)		—			—		253,368			—		—		253,368
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—			138,077		—			—		—		138,077
Total	$	—		$	138,077	$	271,368		$	—	$	—	$	409,445
Inflation Opportunities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—		$	83,763	$	—		$	—	$	—	$	83,763
Total	$	—		$	83,763	$	—		$	—	$	—	$	83,763
Inflation-Protected Securities
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts	$	—		$	65,267		—		$	—	$	—	$	65,267
Total	$	—		$	65,267	$	—		$	—	$	—	$	65,267
Large Growth
Purchased options and swaptions:
Investments, at value (A)	$	—		$	525,039	$	—		$	—	$	—	$	525,039
Total	$	—		$	525,039	$	—		$	—	$	—	$	525,039
Unconstrained Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	4,214,954		$	—	$	—		$	—	$	—	$	4,214,954
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—			1,986,901		—			—		—		1,986,901
Total	$	4,214,954		$	1,986,901	$	—		$	—	$	—	$	6,201,855
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)	$	—		$	—	$	(36,493	)	$	—	$	—	$	(36,493	)
Total	$	—		$	—	$	(36,493	)	$	—	$	—	$	(36,493	)
Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	(4,042	)	$	—	$	—		$	—	$	—	$	(4,042	)
Total	$	(4,042	)	$	—	$	—		$	—	$	—	$	(4,042	)

Transamerica Funds Annual Report 2020

Page    509

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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
Emerging Markets Debt
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(221,777	)	$	—		$	—	$	—	$	(221,777	)
Total	$	—		$	(221,777	)	$	—		$	—	$	—	$	(221,777	)
Emerging Markets Opportunities
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—		$	—		$	(59,889	)	$	—	$	—	$	(59,889	)
Total	$	—		$	—		$	(59,889	)	$	—	$	—	$	(59,889	)
Event Driven
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts	$	—		$	(81,344	)	$	—		$	—	$	—	$	(81,344	)
Total	$	—		$	(81,344	)	$	—		$	—	$	—	$	(81,344	)
Multi-Managed Balanced
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—		$	—		$	(355,691	)	$	—	$	—	$	(355,691	)
Total	$	—		$	—		$	(355,691	)	$	—	$	—	$	(355,691	)
Unconstrained Bond
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	(372,281	)	$	—		$	—		$	—	$	—	$	(372,281	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(57,399	)		—			—		—		(57,399	)
Total	$	(372,281	)	$	(57,399	)	$	—		$	—	$	—	$	(429,680	)

(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 October 31, 2020.

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Balanced II
Futures contracts	$	—	$	—		$	92,457	$	—	$	—	$	92,457
Total	$	—	$	—		$	92,457	$	—	$	—	$	92,457
Bond
Futures contracts	$	32,522	$	—		$	—	$	—	$	—	$	32,522
Total	$	32,522	$	—		$	—	$	—	$	—	$	32,522
Capital Growth
Purchased options and swaptions (A)	$	—	$	(5,405,685	)	$	—	$	—	$	—	$	(5,405,685	)
Total	$	—	$	(5,405,685	)	$	—	$	—	$	—	$	(5,405,685	)

Transamerica Funds Annual Report 2020

Page    510

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Emerging Markets Debt
Forward foreign currency contracts	$	—		$	(2,444,475	)	$	—		$	—	$	—	$	(2,444,475	)
Total	$	—		$	(2,444,475	)	$	—		$	—	$	—	$	(2,444,475	)
Emerging Markets Opportunities
Futures contracts	$	—		$	—		$	1,283,268		$	—	$	—	$	1,283,268
Total	$	—		$	—		$	1,283,268		$	—	$	—	$	1,283,268
Event Driven
Purchased options and swaptions (A)	$	—		$	—		$	1,246,516		$	—	$	—	$	1,246,516
Written options and swaptions		—			—			(397,706	)		—		—		(397,706	)
Swap agreements		(53,816	)		—			—			—		—		(53,816	)
Futures contracts		—			—			55,156			—		—		55,156
Forward foreign currency contracts		—			116,781			—			—		—		116,781
Total	$	(53,816	)	$	116,781		$	903,966		$	—	$	—	$	966,931
Global Equity
Forward foreign currency contracts	$	—		$	(1,513	)	$	—		$	—	$	—	$	(1,513	)
Total	$	—		$	(1,513	)	$	—		$	—	$	—	$	(1,513	)
Inflation Opportunities
Forward foreign currency contracts	$	—		$	(630,396	)	$	—		$	—	$	—	$	(630,396	)
Total	$	—		$	(630,396	)	$	—		$	—	$	—	$	(630,396	)
Inflation-Protected Securities
Forward foreign currency contracts	$	—		$	(362,769	)	$	—		$	—	$	—	$	(362,769	)
Total	$	—		$	(362,769	)	$	—		$	—	$	—	$	(362,769	)
Intermediate Muni
Written options and swaptions	$	—		$	—		$	2,196		$	—	$	—	$	2,196
Total	$	—		$	—		$	2,196		$	—	$	—	$	2,196
Multi-Managed Balanced
Futures contracts	$	—		$	—		$	61,532		$	—	$	—	$	61,532
Total	$	—		$	—		$	61,532		$	—	$	—	$	61,532
Unconstrained Bond
Futures contracts	$	2,470,091		$	—		$	—		$	—	$	—	$	2,470,091
Forward foreign currency contracts		—			(7,163,455	)		—			—		—		(7,163,455	)
Total	$	2,470,091		$	(7,163,455	)	$	—		$	—	$	—	$	(4,693,364	)
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	$	—		$	—		$	(39,919	)	$	—	$	—	$	(39,919	)
Total	$	—		$	—		$	(39,919	)	$	—	$	—	$	(39,919	)
Bond
Futures contracts	$	(4,042	)	$	—		$	—		$	—	$	—	$	(4,042	)
Total	$	(4,042	)	$	—		$	—		$	—	$	—	$	(4,042	)
Capital Growth
Purchased options and swaptions (B)	$	—		$	(4,792,018	)	$	—		$	—	$	—	$	(4,792,018	)
Total	$	—		$	(4,792,018	)	$	—		$	—	$	—	$	(4,792,018	)

Transamerica Funds Annual Report 2020

Page    511

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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
Emerging Markets Debt
Forward foreign currency contracts	$	—	$	(964,929	)	$	—		$	—	$	—	$	(964,929	)
Total	$	—	$	(964,929	)	$	—		$	—	$	—	$	(964,929	)
Emerging Markets Opportunities
Futures contracts	$	—	$	—		$	(59,889	)	$	—	$	—	$	(59,889	)
Total	$	—	$	—		$	(59,889	)	$	—	$	—	$	(59,889	)
Event Driven
Purchased options and swaptions (B)	$	—	$	—		$	182,981		$	—	$	—	$	182,981
Written options and swaptions		—		—			(25,479	)		—		—		(25,479	)
Swap agreements		12,543		—			—			—		—		12,543
Futures contracts		—		—			351,348			—		—		351,348
Forward foreign currency contracts		—		84,746			—			—		—		84,746
Total	$	12,543	$	84,746		$	508,850		$	—	$	—	$	606,139
Inflation Opportunities
Forward foreign currency contracts	$	—	$	644,621		$	—		$	—	$	—	$	644,621
Total	$	—	$	644,621		$	—		$	—	$	—	$	644,621
Inflation-Protected Securities
Forward foreign currency contracts	$	—	$	206,288		$	—		$	—	$	—	$	206,288
Total	$	—	$	206,288		$	—		$	—	$	—	$	206,288
Large Growth
Purchased options and swaptions (B)	$	—	$	(938,897	)	$	—		$	—	$	—	$	(938,897	)
Total	$	—	$	(938,897	)	$	—		$	—	$	—	$	(938,897	)
Multi-Managed Balanced
Futures contracts	$	—	$	—		$	(569,887	)	$	—	$	—	$	(569,887	)
Total	$	—	$	—		$	(569,887	)	$	—	$	—	$	(569,887	)
Unconstrained Bond
Futures contracts	$	2,759,868	$	—		$	—		$	—	$	—	$	2,759,868
Forward foreign currency contracts		—		2,674,687			—			—		—		2,674,687
Total	$	2,759,868	$	2,674,687		$	—		$	—	$	—	$	5,434,555

(A)	Included within Net realized gain (loss) on Investments in the Statements of Operations.
(B)	Included within Net change in unrealized appreciation (depreciation) on Investments in the Statements of Operations.

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2020.

	Balanced II		Bond		Capital Growth		Emerging Markets Debt		Emerging Markets Opportunities
Options:
Average value of option contracts purchased	$	—	$	—	$	3,296,763	$	—	$	—
Average notional value of swaption contracts purchased		—		—		—		—		—
Futures contracts:
Average notional value of contracts — long		664,743		189,832		—		—		5,000,147
Forward foreign currency exchange contracts:
Average contract amounts purchased — in USD		—		—		—		50,507,261		15,715
Average contract amounts sold — in USD		—		—		—		54,695,952		—

Transamerica Funds Annual Report 2020

Page    512

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

	Event Driven			Global Equity		Inflation Opportunities		Inflation- Protected Securities		Intermediate Muni			Large Growth		Multi- Managed Balanced
Options:
Average value of option contracts purchased	$	79,006		$	—	$	—	$	—	$	—		$	185,183	$	—
Average value of option contracts written		(17,863	)		—		—		—		(92	)		—		—
Total return swaps:
Average notional value — long		597,814			—		—		—		—			—		—
Futures contracts:
Average notional value of contracts — long		—			—		—		—		—			—		8,141,098
Average notional value of contracts — short		(4,854,007	)		—		—		—		—			—		—
Forward foreign currency exchange contracts:
Average contract amounts purchased — in USD		1,226,667			—		2,394,964		537,972		—			—		—
Average contract amounts sold — in USD		6,898,833			16,837		21,647,408		10,388,137		—			—		—

	Unconstrained Bond
Futures contracts:
Average notional value of contracts — short	$	(337,181,675	)
Forward foreign currency exchange contracts:
Average contract amounts purchased — in USD		5,607,569
Average contract amounts sold — in USD		158,373,374

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.

Transamerica Funds Annual Report 2020

Page    513

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

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 October 31, 2020. For financial reporting purposes, the Funds do not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements. Funds not listed in the subsequent tables do not have master netting agreements for open derivative positions during the year.

	Gross Amounts of Assets Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities						Net Amount		Gross Amounts of Liabilities Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities						Net Amount
Counterparty			Financial Instruments			Collateral Received (B)							Financial Instruments			Collateral Pledged (B)
	Assets										Liabilities
Capital Growth
BNP Paribas	$	2,024,141	$	—		$	(2,024,141	)	$	—	$	—	$	—		$	—		$	—
Royal Bank of Scotland PLC		1,910,926		—			—			1,910,926		—		—			—			—
Total	$	3,935,067	$	—		$	(2,024,141	)	$	1,910,926	$	—	$	—		$	—		$	—
Emerging Markets Debt
HSBC Bank USA	$	104,355	$	—		$	—		$	104,355	$	—	$	—		$	—		$	—
JPMorgan Chase Bank, N.A.		102,286		(102,286	)		—			—		158,671		(102,286	)		(56,385	)		—
Toronto-Dominion Bank		30,169		—			—			30,169		—		—			—			—
Other Derivatives (C)		—		—			—			—		63,106		—			—			63,106
Total	$	236,810	$	(102,286	)	$	—		$	134,524	$	221,777	$	(102,286	)	$	(56,385	)	$	63,106
Inflation Opportunities
JPMorgan Securities LLC	$	83,763	$	—		$	—		$	83,763	$	—	$	—		$	—		$	—
Total	$	83,763	$	—		$	—		$	83,763	$	—	$	—		$	—		$	—
Inflation-Protected Securities
JPMorgan Securities LLC	$	65,267	$	—		$	—		$	65,267	$	—	$	—		$	—		$	—
Total	$	65,267	$	—		$	—		$	65,267	$	—	$	—		$	—		$	—
Large Growth
BNP Paribas	$	267,020	$	—		$	(267,020	)	$	—	$	—	$	—		$	—		$	—
Royal Bank of Scotland PLC		258,019		—			(258,019	)		—		—		—			—			—
Total	$	525,039	$	—		$	(525,039	)	$	—	$	—	$	—		$	—		$	—
Unconstrained Bond
JPMorgan Securities LLC	$	1,986,901	$	(57,399	)	$	—		$	1,929,502	$	57,399	$	(57,399	)	$	—		$	—
Other Derivatives (C)		4,214,954		—			—			4,214,954		372,281		—			—			372,281
Total	$	6,201,855	$	(57,399	)	$	—		$	6,144,456	$	429,680	$	(57,399	)	$	—		$	372,281

(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.

Transamerica Funds Annual Report 2020

Page    514

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

7. RISK FACTORS

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

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets are subject to heightened foreign investments risks. Emerging market countries tend to have economic, political and legal systems and regulatory and accounting standards that are less developed, and that can be expected to be less stable. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation, and may be based on only a few industries. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and extreme price volatility. An investment in emerging market securities should be considered speculative.

Environmental, social and governance (“ESG”) investing risk: Applying the sub-adviser’s ESG criteria to its investment analysis for the Funds may impact the sub-adviser’s investment decisions as to securities of certain issuers and, therefore, the Funds may forgo some investment opportunities available to funds that do not use ESG criteria or that apply different ESG criteria. 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. ESG ratings and assessments of issuers can vary across third party data providers.

Fixed income risk: Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by a Fund falls, the value of your investment will go down. The prices of fixed-income securities will generally go down when interest rates rise. Interest rates in the U.S. and certain foreign markets have been low relative to historic levels, so the Fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

Foreign investment risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund’s foreign investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Lack of information and weaker legal systems and accounting standards also may affect the value of these securities. Foreign investments may have lower liquidity and be more difficult to value than investments in U.S. issuers.

Government money market fund risk: Government Money Market operates as a “government” money market fund under applicable federal regulations. The Fund continues to use the special pricing and valuation conventions that currently facilitate a stable share price of $1.00, although there is no guarantee that the Fund will be able to maintain a $1.00 share price. The Fund does not currently intend to avail itself of the ability to impose “liquidity fees” and/or “redemption gates” on fund redemptions, as permitted under the applicable regulations. However, the Board reserves the right, with notice to shareholders, to change this policy, thereby permitting the Fund to impose such fees and gates in the future.

Growth risk: Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth securities typically fall. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

High-yield debt risk: High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or, if unrated, determined to be below investment grade by the sub-adviser. Issuers of junk bonds are typically in weaker financial health. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities, and they may result in losses for the Funds. Junk bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments.

Transamerica Funds Annual Report 2020

Page    515

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

7. RISK FACTORS (continued)

Inflation-protected security risk: Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. The market for U.S. Treasury inflation-protected securities (“TIPS”) and corporate inflation-protected securities (“CIPS”) may be less developed or liquid, and more volatile, than certain other securities markets. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected.

LIBOR risk: Many financial instruments, financings or other transactions to which the Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate (“LIBOR”). LIBOR is widely used in financial markets. In July 2017, the United Kingdom’s financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect the Fund’s performance or NAV.

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

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

Master limited partnership (“MLP”) risk: Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner’s right to require unit holders to sell their common units at an undesirable time or price. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. Energy and natural resources MLPs may be adversely affected by changes in and volatility of commodity prices. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of a Fund’s investments in such securities may decline if interest rates rise. Further, rising interest rates could adversely impact the financial performance of MLPs and other issuers in the energy sector by increasing their cost of capital. This may reduce their ability to execute acquisitions or expansion projects in a cost-effective manner. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs are generally considered interest-rate sensitive investments, and during period of interest rate volatility, may not provide attractive returns.

Mortgage-related and asset-backed security risk: The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact a Fund. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or

Transamerica Funds Annual Report 2020

Page    516

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

7. RISK FACTORS (continued)

guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, a Fund or Portfolio may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.

Municipal security risk: The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent a Fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, a Fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

Real estate investment trusts (“REITs”) and real estate risk: Investing in real estate investment trusts “REITs” involves unique risks. When a Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, a Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to a Fund.

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

Small and medium capitalization risk: The Fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the Portfolio managers believe appropriate and may offer greater potential for losses.

Transamerica Funds Annual Report 2020

Page    517

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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 N.V. 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 N.V., 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.

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

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

As of October 31, 2020, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows:

Fund	Account Balance		Percentage of Net Assets
Balanced II	$	118,620,223		100.00	%
Bond		368,616,611		19.38
Capital Growth		403,363,037		9.86
Dividend Focused		458,218,533		90.59
Emerging Markets Debt		127,394,845		31.74
Emerging Markets Opportunities		820,000,626		97.45
Event Driven		52,762,069		88.95
Floating Rate		8,363		0.01
Global Equity		770,120		0.91
Government Money Market		572,494,123		37.83
High Quality Bond		170,178,563		100.00
High Yield ESG		19,988,962		100.00
High Yield Bond		1,925,139,940		74.39
High Yield Muni		9,242		0.01
Inflation Opportunities		66,057,459		70.10
Inflation-Protected Securities		112,222,356		100.00
Intermediate Bond		1,803,009,486		96.67
Intermediate Muni		11,228		0.00	(A)
International Equity		1,554,263,001		39.60

Fund	Account Balance		Percentage of Net Assets
International Growth	$	1,418,448,569		98.52	%
International Small Cap Value		275,749,940		53.57
International Stock		102,597,565		95.47
Large Cap Value		1,459,718,870		90.27
Large Core		161,692,586		97.11
Large Growth		963,874,076		98.28
Large Value Opportunities		326,854,945		99.17
Mid Cap Growth		444,910,265		95.45
Mid Cap Value Opportunities		527,328,096		42.20
MLP & Energy Income		113,477,830		72.29
Multi-Asset Income		25,976		0.01
Multi-Managed Balanced		11,251,686		1.02
Short-Term Bond		123,541,022		3.95
Small Cap Growth		65,888,681		37.08
Small Cap Value		451,563,614		95.60
Small/Mid Cap Value		63,570,439		10.17
Sustainable Bond		24,620,544		100.00
Unconstrained Bond		1,588,388,792		99.97
US Growth		531,791,575		30.11

(A) Rounds to less than 0.01%.

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

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Fund	Rate
Balanced II		0.4800%
Bond
First $500 million		0.4100
Over $500 million up to $1 billion		0.3900
Over $1 billion up to $1.5 billion		0.3800
Over $1.5 billion		0.3750

Fund	Rate
Capital Growth
First $1.5 billion		0.7075	%
Over $1.5 billion up to $3 billion		0.6415
Over $3 billion up to $5 billion		0.6300
Over $5 billion		0.5800

Transamerica Funds Annual Report 2020

Page    518

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Rate
Dividend Focused
First $200 million		0.7800	%
Over $200 million up to $500 million		0.6800
Over $500 million up to $1.5 billion		0.6300
Over $1.5 billion up to $2.5 billion		0.5900
Over $2.5 billion		0.5800
Dynamic Income
First $500 million		0.5000
Over $500 million up to $1 billion		0.4900
Over $1 billion up to $1.5 billion		0.4800
Over $1.5 billion up to $2 billion		0.4700
Over $2 billion up to $2.5 billion		0.4600
Over $2.5 billion		0.4500
Emerging Markets Debt
First $400 million		0.6300
Over $400 million		0.6100
Emerging Markets Opportunities
First $250 million		0.8300
Over $250 million up to $500 million		0.8000
Over $500 million		0.7500
Event Driven
First $50 million		1.2500
Over $50 million up to $300 million		1.1300
Over $300 million up to $750 million		1.0800
Over $750 million		1.0550
Floating Rate
First $1 billion		0.6400
Over $1 billion up to $1.5 billion		0.6200
Over $1.5 billion up to $2 billion		0.6000
Over $2 billion		0.5900
Global Equity
First $250 million		0.7900
Over $250 million up to $1 billion		0.7400
Over $1 billion up to $2 billion		0.7300
Over $2 billion		0.7000
Government Money Market
First $1 billion		0.2400
Over $1 billion up to $3 billion		0.2200
Over $3 billion		0.2100
High Quality Bond		0.3800
High Yield Bond
Effective January 6, 2020
First $1.25 billion		0.5540
Over $1.25 billion up to $2 billion		0.5440
Over $2 billion		0.5200
Prior to January 6, 2020
First $1.25 billion		0.5800
Over $1.25 billion up to $2 billion		0.5550
Over $2 billion		0.5300
High Yield ESG
First $1.25 billion		0.5540
Over $1.25 billion up to $2 billion		0.5440
Over $2 billion		0.5200

Fund	Rate
High Yield Muni
First $500 million		0.5400	%
Over $500 million up to $1 billion		0.5300
Over $1 billion		0.5000
Inflation Opportunities
Effective August 28, 2020
First $250 million		0.4900
Over $250 million up to $1 billion		0.4300
Over $1 billion		0.3800
Prior to August 28, 2020
First $200 million		0.5800
Over $200 million up to $500 million		0.5700
Over $500 million		0.5400
Inflation Protected-Securities		0.3800
Intermediate Bond
First $2 billion		0.3800
Over $2 billion up to $3.5 billion		0.3650
Over $3.5 billion up to $5 billion		0.3600
Over $5 billion		0.3550
Intermediate Muni
Effective May 1, 2020
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
Prior to May 1, 2020
First $150 million		0.4700
Over $150 million up to $350 million		0.4500
Over $350 million up to $650 million		0.4400
Over $650 million up to $1 billion		0.4200
Over $1 billion		0.3900
International Equity
First $500 million		0.7700
Over $500 million up to $1 billion		0.7500
Over $1 billion up to $2 billion		0.7200
Over $2 billion up to $6 billion		0.6900
Over $6 billion		0.6800
International Growth
First $500 million		0.7700
Over $500 million up to $1 billion		0.7600
Over $1 billion up to $2 billion		0.7100
Over $2 billion up to $3 billion		0.6950
Over $3 billion		0.6800
International Small Cap Value
First $300 million		0.9550
Over $300 million up to $750 million		0.9300
Over $750 million up to $1 billion		0.8800
Over $1 billion		0.8400

Transamerica Funds Annual Report 2020

Page    519

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Rate
International Stock
First $500 million		0.7000	%
Over $500 million up to $1 billion		0.6800
Over $1 billion up to $2 billion		0.6700
Over $2 billion up to $3 billion		0.6400
Over $3 billion		0.6300
Large Cap Value
First $750 million		0.6500
Over $750 million up to $1 billion		0.6200
Over $1 billion up to $2 billion		0.6000
Over $2 billion up to $3 billion		0.5900
Over $3 billion		0.5800
Large Core
First $250 million		0.4500
Over $250 million up to $750 million		0.4400
Over $750 million		0.4300
Large Growth
First $1 billion		0.6500
Over $1 billion up to $1.5 billion		0.6350
Over $1.5 billion up to $2 billion		0.6150
Over $2 billion up to $3 billion		0.6050
Over $3 billion up to $4 billion		0.5900
Over $4 billion up to $5 billion		0.5750
Over $5 billion		0.5700
Large Value Opportunities
First $250 million		0.4500
Over $250 million up to $750 million		0.4400
Over $750 million		0.4300
Mid Cap Growth
First $200 million		0.7050
Over $200 million up to $1 billion		0.6850
Over $1 billion		0.6700
Mid Cap Value Opportunities
First $750 million		0.7000
Over $750 million up to $1.5 billion		0.6950
Over $1.5 billion up to $2 billion		0.6850
Over $2 billion		0.6775
MLP & Energy Income
First $250 million		1.1300
Over $250 million up to $500 million		1.0800
Over $500 million up to $1 billion		1.0100
Over $1 billion up to $2 billion		0.9100
Over $2 billion		0.8500
Multi-Asset Income
First $500 million		0.5740
Over $500 million up to $1 billion		0.5700
Over $1 billion up to $1.5 billion		0.5450
Over $1.5 billion up to $2 billion		0.5350
Over $2 billion		0.5150

Fund	Rate
Multi-Managed Balanced
Effective May 1, 2020
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
Prior to May 1, 2020
First $1 billion		0.6500
Over $1 billion up to $5 billion		0.5900
Over $5 billion		0.5800
Short-Term Bond
First $250 million		0.4200
Over $250 million up to $500 million		0.3900
Over $500 million up to $1 billion		0.3700
Over $1 billion		0.3600
Small Cap 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
Unconstrained Bond
First $500 million		0.6500
Over $500 million up to $1 billion		0.6400
Over $1 billion up to $2 billion		0.6200
Over $2 billion		0.6100
US Growth
First $500 million		0.6800
Over $500 million up to $800 million		0.6700
Over $800 million up to $1 billion		0.6575
Over $1 billion up to $2 billion		0.6130
Over $2 billion up to $3 billion		0.6050
Over $3 billion up to $4 billion		0.5900
Over $4 billion up to $5 billion		0.5750
Over $5 billion		0.5700

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds’

Transamerica Funds Annual Report 2020

Page    520

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

business, exceed the following stated annual operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Fund	Current Operating Expense Limit (A)				Prior Operating Expense Limit (B) (C)
Balanced II
Class I3		0.75	%
Class R		1.10
Bond
Class A		1.00				1.10	%
Class C		1.65				1.75
Class I		0.50
Class I2, Class R6		0.65				0.75
Capital Growth
Class A		1.25
Class C		2.00
Class I		1.10
Class I2, Class R6		1.00
Dividend Focused
Class A		1.15
Class C		1.90
Class I		0.90
Class I2, Class R6		0.85
Dynamic Income
Class A		0.92
Class C		1.67		��
Class I		0.67
Emerging Markets Debt
Class A		1.25
Class C		2.00
Class I, Class I2, Class R6		0.85
Emerging Markets Opportunities
Class I		0.98
Class I2		0.95
Event Driven
Class I, Class I2		1.35
Floating Rate
Class A		1.05
Class C		1.80
Class I, Class I2		0.80
Global Equity
Class A		1.35
Class C		2.10
Class I, Class R6		1.10
Government Money Market
Class A		0.73
Class C		1.48
Class I		0.38				0.48	(D)
Class I2, Class I3		0.38				0.48
Class R2		0.80
Class R4		0.50

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
High Quality Bond
Class I3		0.55	%
Class R		1.00
Class R4		0.65
High Yield Bond
Class A		1.15
Class C		1.85
Class I, Class R4		0.85
Class I2, Class I3		0.75
Class R		1.10
Class R6		0.75			0.85	%
High Yield ESG
Class I		0.85
Class I2		0.75
High Yield Muni
Class A		1.01
Class C		1.76
Class I, Class I2		0.76
Inflation Opportunities
Class A		1.00
Class C		1.75
Class I		0.65			0.75	(D)
Class I2, Class R6		0.75
Inflation-Protected Securities
Class I3		0.53
Class R		1.00
Class R4		0.65
Intermediate Bond
Class I2, Class I3		0.50
Class R		1.00
Class R4		0.65
Intermediate Muni
Class A		0.85
Class C		1.60
Class I		0.49
Class I2		0.60
International Equity
Class A		1.25
Class C		2.00
Class I		1.00
Class I2, Class I3, Class R6		0.90			1.00
Class R		1.40
Class R4		1.15
International Growth
Class A		1.20
Class I		1.05
Class I2, Class R6		0.95

Transamerica Funds Annual Report 2020

Page    521

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
International Small Cap Value
Class I		1.22	%
Class I2		1.12
International Stock
Class A		1.25
Class I, Class I2, Class R6		1.00
Large Cap Value
Class A		1.15
Class C		1.90
Class I		0.90
Class I2, Class R6		0.80
Large Core
Class I3		0.65
Class R		1.15
Class R4		0.90
Large Growth
Class I3		0.75
Class R		1.25
Class R4		0.90
Large Value Opportunities
Class I3		0.65
Class R		1.00
Class R4		0.75
Mid Cap Growth
Class A		1.30
Class C		2.05
Class I		1.05
Class I2, Class I3		0.85
Class R		1.35
Class R4		0.95
Mid Cap Value Opportunities
Class A		1.20
Class C		1.95
Class I		0.90			0.95	%
Class I2, Class I3, Class R6		0.80
Class R		1.25
Class R4		0.90
MLP & Energy Income
Class A		1.60
Class C		2.35
Class I		1.35
Class I2		1.25
Multi-Asset Income
Class A		1.20
Class C		1.95
Class I		0.72
Class I2		0.95

Fund	Current Operating Expense Limit (A)			Prior Operating Expense Limit (B) (C)
Multi-Managed Balanced
Class A		1.15	%
Class C		1.90
Class I		0.90
Class R6		0.80
Short-Term Bond
Class A		0.90
Class C		1.75
Class I		0.75
Class I2, Class R6		0.65
Small Cap Growth
Class A		1.40
Class C		2.15
Class I, Class R4, Class R6		1.15
Class I2, Class I3		1.00
Class R		1.55
Small Cap Value
Class A		1.30
Class C		2.05
Class I		1.05
Class I2, Class I3		0.95
Class R		1.50
Class R4		1.10
Class R6		0.95			1.05	%
Small/Mid Cap Value
Class A		1.40
Class C		2.05
Class I		1.00
Class I2, Class R6		0.90
Sustainable Bond
Class I		0.50
Class I2		0.45
Unconstrained Bond
Class A		1.20
Class I		0.95
Class I2		0.85
US Growth
Class A		1.25
Class C		1.86
Class I, Class T		1.00
Class I2		0.90

^(A)  Current operating expense limit is effective through March 1, 2021.

^(B)  Prior operating expense limit was effective through March 1, 2020.

^(C)  No rate present indicates no change to the operating expense limit during the period.

^(D)  Prior operating expense limit was effective through August 28, 2020.

Transamerica Funds Annual Report 2020

Page    522

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2020 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

TAM, on a voluntary basis and in addition to the contractual 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 years ended October 31, 2018, October 31, 2019 and October 31, 2020, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture during the year. Government Money Market is discussed in further detail in proceeding notes and tables:

	Amounts Available
Fund	2018		2019		2020		Total
Balanced II
Class I3	$	50,758	$	2,618	$	—	$	53,376
Bond
Class I		90,657		537,645		635,743		1,264,045
Class R6		1,551		228		—		1,779
Dividend Focused
Class C		—		—		1,568		1,568
Dynamic Income
Class A		2,110		43,680		48,817		94,607
Class C		18,987		77,138		60,572		156,697
Class I		6,519		23,027		19,045		48,591
Emerging Markets Opportunities (A)
Class I		—		—		87		87
Event Driven
Class I		—		658		1,601		2,259
Class I2		100,411		69,871		33,977		204,259
Floating Rate
Class A		—		9,390		44,823		54,213
Class C		—		—		37,306		37,306
Class I		1,225		50,520		168,210		219,955
Class I2		—		—		3,261		3,261
Global Equity
Class A		51,350		97,975		54,249		203,574
Class C		42,396		30,558		8,761		81,715
Class I		—		6,943		8,322		15,265
High Quality Bond
Class I3		90,825		7,845		—		98,670
Class R4		14,866		22,814		25,698		63,378
High Yield Bond
Class A		—		33,227		—		33,227
Class I3		107,025		9,383		—		116,408
Class R		63,766		61,948		49,947		175,661
Class R4		120,878		120,069		36,419		277,366
High Yield ESG (B)
Class I		—		—		2,928		2,928
Class I2		—		—		55,966		55,966
High Yield Muni
Class A		1,063		12,183		11,256		24,502
Class C		1,672		6,525		7,079		15,276
Class I		22,998		59,242		64,178		146,418

	Amounts Available
Fund	2018		2019		2020		Total
Inflation Opportunities
Class A	$	2,101	$	666	$	2,164	$	4,931
Class C		365		357		426		1,148
Class I		—		2,268		5,123		7,391
Inflation-Protected Securities
Class I3		212,731		17,486		3,809		234,026
Class R		—		2,903		3,774		6,677
Class R4		30,803		11,831		2,790		45,424
Intermediate Bond
Class I3		103,194		8,593		—		111,787
Class R4		37,880		33,189		36,908		107,977
Intermediate Muni
Class I		—		296,110		1,183,870		1,479,980
International Equity
Class A		—		45,472		102,388		147,860
International Growth
Class A		—		488		737		1,225
Class I		23		61		48		132
International Stock
Class A		—		14,284		266		14,550
Class I		—		15,189		347		15,536
Class I2		—		56,838		45,570		102,408
Class R6		—		14,046		235		14,281
Large Growth
Class I3		320,429		25,498		—		345,927
Class R4		18,921		20,283		20,241		59,445
Large Value Opportunities
Class I3		107,301		12		—		107,313
Class R		20,958		3,354		5,348		29,660
Class R4		8,830		1,618		2,842		13,290

Transamerica Funds Annual Report 2020

Page    523

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available
Fund	2018		2019		2020		Total
Mid Cap Growth
Class A	$	—	$	10,442	$	—	$	10,442
Class C		19		1,570		—		1,589
Class I		—		549		—		549
Class I3		60,653		8,407		—		69,060
Class R4		14,856		9,681		346		24,883
Mid Cap Value Opportunities
Class A		56,699		128,022		20,347		205,068
Class C		—		5,315		—		5,315
Class I		—		53,758		—		53,758
Class I3		133,669		9,172		—		142,841
Class R		14,569		5,826		3,020		23,415
Class R4		404,966		337,698		94,284		836,948
MLP & Energy Income
Class A		—		7,214		13,463		20,677
Class C		8,151		11,062		11,788		31,001
Multi-Asset Income
Class I		—		45,273		120,752		166,025

	Amounts Available
Fund	2018		2019		2020		Total
Small Cap Growth
Class A	$	7,029	$	16,860	$	4,141	$	28,030
Class C		1,259		3,178		670		5,107
Class I		1,597		15,778		—		17,375
Class I2		—		636		9,679		10,315
Class I3		42,159		9,598		2,347		54,104
Class R4		8,393		4,298		122		12,813
Small Cap Value
Class A		4,581		1,886		5,445		11,912
Class C		40		188		4		232
Class I		2		1,849		—		1,851
Class I3		37,587		1,032		—		38,619
Class R4		342		215		247		804
Sustainable Bond (B)
Class I		—		—		3,223		3,223
Class I2		—		—		74,824		74,824
US Growth
Class C		—		—		126		126

(A)	The Fund commenced operations on December 19, 2019.
(B)	The 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. There can be no assurance that Government Money Market will be able to prevent a negative yield.

Voluntarily waived and/or reimbursed expenses related to the maintenance of yield are included in “Expenses waived and/or reimbursed,” and amounts recaptured by TAM under the voluntary yield waiver are included in “Recapture of previously waived and/or reimbursed fees,” in each case included in Government Money Market’s Statement of Operations included in this shareholder report. The actual expense ratio of each class of Government Money Market, including any amounts waived and/or reimbursed and any amounts recaptured under the voluntary yield waiver, are shown in the “Ratio and supplemental data” section in the Fund’s Financial Highlights in this shareholder report.

For the years ended October 31, 2018, October 30, 2019 and October 31, 2020, the amounts waived by TAM due to the maintenance of the yield are as follows:

	Amounts Waived
	2018		2019		2020		Total
Class A	$	—	$	—	$	329,813	$	329,813
Class C		7,148		—		23,256		30,404
Class I		—		—		28,927		28,927
Class I2		—		—		7,847		7,847
Class I3		—		—		106,901		106,901
Class R2		—		—		1,384,070		1,384,070
Class R4		—		—		144,946		144,946

Transamerica Funds Annual Report 2020

Page    524

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

As of October 31, 2020, the balances available for recapture by TAM due to the maintenance of the yield is as follows:

	Amounts Available
	2018			2019 (A)		2020		Total
Class A	$	—		$	—	$	241,970	$	241,970
Class C		7,148	(B)		—		17,127		24,275
Class I		—			—		17,696		17,696
Class I2		—			—		2,819		2,819
Class I3		—			—		40,120		40,120
Class R2		—			—		1,383,836		1,383,836
Class R4		—			—		16,964		16,964

(A)	Effective March 1, 2019, TAM discontinued the earlier recaptures under the voluntary fee waiver for classes A, I, I2 and I3.
(B)	Effective March 1, 2019, TAM stopped earlier recaptures under the voluntary fee waiver, but could recapture available amounts in the future.

For the years ended October 31, 2018, October 31, 2019 and October 31, 2020, the amounts waived by TAM due to the operating expense limitation is as follows:

	Amounts Waived
	2018		2019		2020		Total
Class A	$	33,727	$	7,016	$	1,253	$	41,996
Class C		3,861		1,060		372		5,293
Class I		8,755		3,684		12,904		25,343
Class I2		1,207		—		—		1,207
Class I3		24,051		227		—		24,278
Class R2		573,624		405,211		632,536		1,611,371
Class R4		129,445		66,995		86,496		282,936

As of October 31, 2020, the balances available for recapture by TAM due to the operating expense limitation is as follows:

	Amounts Available
	2018		2019		2020		Total
Class C	$	3,861	$	1,060	$	372	$	5,293
Class I		8,755		3,684		12,904		25,343
Class I3		16,108		227		—		16,335
Class R2		562,431		405,211		632,536		1,600,178
Class R4		129,445		66,995		86,496		282,936

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

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

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

Class (A)	Rate
Class A		0.25	%
Class C		1.00
Class R		0.50
Class R2		0.25
Class R4		0.25

(A) 12b-1 fees are not applicable for Class I, Class I2, Class I3, Class R6, and Class T.

Transamerica Funds Annual Report 2020

Page    525

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

TAM has contractually agreed to waive a portion of the 12b-1 fees at the following annual rates. These amounts are not subject to recapture by TAM in future years. Funds not listed in the subsequent table do not have a 12b-1 waiver.

Fund	Class A Waiver			Class C Waiver			12b-1 Expense Waiver Effective Through
High Yield Muni		0.10	%		0.25	%		March 1, 2021
Intermediate Muni		0.10			0.25			March 1, 2021

Shareholder fees: Class A 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 year ended October 31, 2020, underwriter commissions received by TCI from the various sales charges are as follows. Funds and/or classes not listed in the subsequent table do not have shareholder fees.

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Bond
Class A	$	272,964	$	3,893
Class C		—		23,746
Capital Growth
Class A		3,783,000		3,630
Class C		—		59,833
Dividend Focused
Class A		28,535		40
Class C		—		42
Dynamic Income
Class A		18,357		—
Class C		—		844
Emerging Markets Debt
Class A		3,530		16
Class C		—		240
Floating Rate
Class A		25,849		9,768
Class C		—		2,494
Global Equity
Class A		14,350		—
Class C		—		142
Government Money Market
Class A		—		37,013
Class C		—		2,857
High Yield Bond
Class A		113,833		2,042
Class C		—		3,825
High Yield Muni
Class A		35,065		25
Class C		—		3,421
Inflation Opportunities
Class A		2,704		—
Intermediate Muni
Class A		273,106		966
Class C		—		14,089
International Equity
Class A		60,134		106
Class C		—		1,763
International Growth
Class A		4,286		—

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
International Stock
Class A	$	456	$	—
Large Cap Value
Class A		60,809		482
Class C		—		6,969
Mid Cap Growth
Class A		16,229		—
Class C		—		40
Mid Cap Value Opportunities
Class A		54,814		37
Class C		—		3,122
MLP & Energy Income
Class A		62,440		—
Class C		—		1,262
Multi-Asset Income
Class A		306,061		9,327
Class C		—		9,555
Multi-Managed Balanced
Class A		736,019		624
Class C		—		18,816
Short-Term Bond
Class A		217,588		49,774
Class C		—		22,727
Small Cap Growth
Class A		26,087		—
Class C		—		70
Small Cap Value
Class A		5,635		3
Class C		—		15
Small/Mid Cap Value
Class A		107,754		24
Class C		—		4,130
US Growth
Class A		252,623		62
Class C		—		1,379

Transamerica Funds Annual Report 2020

Page    526

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

For the year ended October 31, 2020, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Balanced II	$	3,824	$	345
Bond		1,685,117		154,174
Capital Growth		2,690,396		325,703
Dividend Focused		73,933		6,301
Dynamic Income		178,716		14,110
Emerging Markets Debt		383,833		25,422
Emerging Markets Opportunities		28,766		5,450
Event Driven		6,990		536
Floating Rate		107,997		7,626
Global Equity		159,037		12,652
Government Money Market		268,810		23,141
High Quality Bond		13,800		1,020
High Yield ESG		609		206
High Yield Bond		662,656		75,689
High Yield Muni		86,797		7,099
Inflation Opportunities		14,845		1,210
Inflation-Protected Securities		7,766		654
Intermediate Bond		154,084		11,622
Intermediate Muni		1,796,591		173,802
International Equity		2,671,727		230,902

Fund	Fees Paid to TFS		Fees Due to TFS
International Growth	$	94,451	$	9,653
International Small Cap Value		202,115		22,651
International Stock		7,342		768
Large Cap Value		419,539		30,788
Large Core		10,350		756
Large Growth		56,172		5,678
Large Value Opportunities		25,218		1,836
Mid Cap Growth		47,655		5,065
Mid Cap Value Opportunities		618,273		53,633
MLP & Energy Income		78,318		6,442
Multi-Asset Income		266,406		22,071
Multi-Managed Balanced		882,241		78,102
Short-Term Bond		2,502,786		220,160
Small Cap Growth		75,706		6,743
Small Cap Value		31,261		3,577
Small/Mid Cap Value		1,088,786		87,241
Sustainable Bond		698		234
Unconstrained Bond		102,123		10,136
US Growth		1,477,584		129,243

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, (as amended and restated January 1, 2010), available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2020, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the Investment Manager or sub-adviser(s) for the year ended October 31, 2020.

Cross-trades: The Funds are authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Funds and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of each Fund participating in the transaction.

For the year ended October 31, 2020, the Funds engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) as follows. Funds not listed in the subsequent table did not have 17a-7 transactions during the year.

Fund	Purchases		Sales		Net Realized Gains (Losses)
Capital Growth	$	2,808,902	$	—	$	—
Emerging Markets Opportunities		174,005		—		—
Large Growth		—		343,536		248,376
US Growth		—		1,267,825		773,991

Transamerica Funds Annual Report 2020

Page    527

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

9. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2020, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
Balanced II	$	44,236,076	$	11,941,414	$	54,796,233	$	12,073,113
Bond		849,196,108		280,344,030		388,453,536		197,238,806
Capital Growth		1,409,425,009		—		1,405,836,663		—
Dividend Focused		273,873,972		—		210,673,155		—
Dynamic Income		53,911,933		—		93,973,038		—
Emerging Markets Debt		1,049,575,334		236,672		1,241,837,571		240,122
Emerging Markets Opportunities		1,028,125,338		—		220,697,571		—
Event Driven		131,811,756		—		173,789,810		—
Floating Rate		37,347,958		—		132,960,782		—
Global Equity		64,705,253		—		83,822,409		—
High Quality Bond		54,069,138		126,155,986		98,683,690		139,384,643
High Yield ESG		19,668,994		—		577,521		—
High Yield Bond		1,823,617,203		—		672,640,931		—
High Yield Muni		34,905,719		—		44,818,079		—
Inflation Opportunities		18,990,209		10,667,049		38,877,856		30,133,350
Inflation-Protected Securities		10,820,003		7,281,054		12,434,589		16,853,565
Intermediate Bond		413,055,099		382,471,099		735,468,227		641,059,034
Intermediate Muni		741,154,996		—		367,371,333		—
International Equity		771,610,750		—		1,188,801,618		—
International Growth		541,967,595		—		331,282,336		—
International Small Cap Value		164,043,594		—		197,028,360		—
International Stock		83,822,068		—		43,132,352		—
Large Cap Value		3,173,957,158		—		3,154,274,588		—
Large Core		159,067,750		—		264,826,122		—
Large Growth		334,879,267		—		555,915,691		—
Large Value Opportunities		455,498,033		—		632,203,412		—
Mid Cap Growth		460,640,895		—		288,517,793		—
Mid Cap Value Opportunities		973,380,480		—		955,602,251		—
MLP & Energy Income		37,935,433		—		66,159,592		—
Multi-Asset Income		193,589,053		—		157,250,377		—
Multi-Managed Balanced		436,987,594		87,879,443		441,409,497		69,157,903
Short-Term Bond		1,539,958,999		—		1,293,050,854		12,334
Small Cap Growth		116,005,232		—		109,380,377		—
Small Cap Value		489,613,985		—		117,277,964		—
Small/Mid Cap Value		438,388,239		—		520,560,511		—
Sustainable Bond		17,430,479		9,269,153		316,640		6,072,947
Unconstrained Bond		2,002,926,155		98,225,225		1,440,971,261		103,732,309
US Growth		469,106,141		—		650,669,090		—

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.

Transamerica Funds Annual Report 2020

Page    528

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, interest written off, passive foreign investment companies, preferred securities, convertible bond income adjustments, preferred stock interest accrual adjustments, defaulted bonds, premium amortization adjustments, premium amortization accruals, organizational expenses, dividends payable, forward contracts mark-to-market, futures contracts mark-to-market, partnership basis adjustments, straddle loss deferral and TIPS adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to, adjustments to prior year accumulated balances, equalization, basis adjustments due to prior mergers, non-deductible excise taxes, non-deductible stock issuance cost, distributions in excess of current earnings, reversal of second basis financial statement adjustments, non-deductible stock issuance cost, net operating losses, partnership non-deductible expense. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

Fund	Paid-in Capital			Total Distributable Earnings
Balanced II	$	(593,578	)	$	593,578
Bond		—			—
Capital Growth		21,146,433			(21,146,433	)
Dividend Focused		—			—
Dynamic Income		(463,903	)		463,903
Emerging Markets Debt		—			—
Emerging Markets Opportunities		(587	)		587
Event Driven		—			—
Floating Rate		—			—
Global Equity		—			—
Government Money Market		(6,567	)		6,567
High Quality Bond		643,057			(643,057	)
High Yield Bond		(3,836	)		3,836
High Yield ESG		(173	)		173
High Yield Muni		—			—
Inflation Opportunities		—			—
Inflation-Protected Securities		(129,925	)		129,925
Intermediate Bond		419,467			(419,467	)
Intermediate Muni		—			—

Fund	Paid-in Capital			Total Distributable Earnings
International Equity	$	210,526		$	(210,526	)
International Growth		—			—
International Small Cap Value		—			—
International Stock		—			—
Large Cap Value		—			—
Large Core		(1,333,717	)		1,333,717
Large Growth		(3,412,519	)		3,412,519
Large Value Opportunities		(1,434,259	)		1,434,259
Mid Cap Growth		—			—
Mid Cap Value Opportunities		(3,935,008	)		3,935,008
MLP & Energy Income		(142,218	)		142,218
Multi-Asset Income		(14,567	)		14,567
Multi-Managed Balanced		—			—
Short-Term Bond		(605,554	)		605,554
Small Cap Growth		(1,387,017	)		1,387,017
Small Cap Value		—			—
Small/Mid Cap Value		—			—
Sustainable Bond		(1,710	)		1,710
Unconstrained Bond		—			—
US Growth		—			—

As of October 31, 2020, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Balanced II	$	105,895,090	$	24,028,301	$	(2,895,974	)	$	21,132,327
Bond		1,957,890,690		78,196,668		(34,651,360	)		43,545,308
Capital Growth		2,560,027,297		1,743,461,625		(68,374,220	)		1,675,087,405
Dividend Focused		514,836,129		41,198,112		(50,750,150	)		(9,552,038	)
Dynamic Income		144,560,869		4,710,026		(16,405,448	)		(11,695,422	)
Emerging Markets Debt		424,399,178		12,567,675		(32,907,471	)		(20,339,796	)
Emerging Markets Opportunities		793,347,712		80,355,189		(43,134,181	)		37,221,008
Event Driven		61,572,520		6,826,345		(2,568,185	)		4,258,160
Floating Rate		84,470,198		332,321		(6,056,105	)		(5,723,784	)
Global Equity		72,599,382		17,348,814		(5,197,159	)		12,151,655
Government Money Market		1,502,220,107		—		—			—
High Quality Bond		165,678,788		3,130,134		(1,362,811	)		1,767,323
High Yield Bond		2,687,415,463		71,213,363		(139,813,641	)		(68,600,278	)
High Yield ESG		19,745,149		97,675		(291,482	)		(193,807	)
High Yield Muni		91,003,167		2,446,754		(786,263	)		1,660,491

Transamerica Funds Annual Report 2020

Page    529

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Inflation Opportunities	$	89,969,880	$	7,614,824	$	(2,080,792	)	$	5,534,032
Inflation-Protected Securities		102,350,074		10,629,599		(344,744	)		10,284,855
Intermediate Bond		2,089,311,865		106,018,489		(20,470,644	)		85,547,845
Intermediate Muni		2,184,734,052		77,911,991		(11,561,169	)		66,350,822
International Equity		4,063,672,449		579,191,541		(724,411,392	)		(145,219,851	)
International Growth		1,324,339,721		243,902,279		(157,634,228	)		86,268,051
International Small Cap Value		495,137,972		96,598,734		(69,529,590	)		27,069,144
International Stock		111,353,737		5,992,396		(12,023,821	)		(6,031,425	)
Large Cap Value		1,682,119,012		11,129,283		(99,623,703	)		(88,494,420	)
Large Core		141,558,179		33,116,350		(8,284,713	)		24,831,637
Large Growth		579,977,196		407,662,352		(11,326,859	)		396,335,493
Large Value Opportunities		342,386,443		23,117,469		(36,071,862	)		(12,954,393	)
Mid Cap Growth		423,305,923		61,971,913		(13,046,513	)		48,925,400
Mid Cap Value Opportunities		1,246,876,942		95,118,869		(72,874,522	)		22,244,347
MLP & Energy Income		170,630,341		22,529,156		(35,619,840	)		(13,090,684	)
Multi-Asset Income		246,588,076		29,290,556		(13,218,828	)		16,071,728
Multi-Managed Balanced		938,536,705		260,879,017		(19,801,617	)		241,077,400
Short-Term Bond		3,087,841,162		67,818,551		(40,623,991	)		27,194,560
Small Cap Growth		145,574,798		38,616,338		(4,723,141	)		33,893,197
Small Cap Value		540,290,478		13,555,934		(17,302,691	)		(3,746,757	)
Small/Mid Cap Value		603,364,056		64,884,173		(35,129,635	)		29,754,538
Sustainable Bond		29,404,163		35,840		(432,792	)		(396,952	)
Unconstrained Bond		1,585,842,581		48,792,505		(23,086,633	)		25,705,872
US Growth		983,229,578		812,571,545		(21,463,371	)		791,108,174

As of October 31, 2020, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Unlimited
Fund	Short-Term			Long-Term
Dividend Focused	$	25,879,823		$	13,716,477
Dynamic Income		29,170,719			46,762,170
Emerging Markets Debt		45,350,133			31,227,855
Emerging Markets Opportunities		17,667,513			—
Floating Rate		2,028,243			21,717,186
High Quality Bond		1,661,792			6,524,808
High Yield Bond		4,573,304			62,222,108
High Yield ESG		4,832			—
High Yield Muni		1,902,478			1,401,125
Inflation Opportunities		—			526,276
Inflation-Protected Securities		3,004,865			4,018,469
Intermediate Muni		16,843,260			1,937,250
International Equity		56,023,871	(A)		238,937,617	(A)
International Growth		64,333,010			10,958,900
International Small Cap Value		13,768,121			8,750,326
International Stock		3,338,165			791,969
Large Cap Value		42,005,514			172,844,679
Large Value Opportunities		6,264,074			3,339,887
Mid Cap Value Opportunities		24,517,463			—
MLP & Energy Income		64,305,841			129,009,247
Multi-Asset Income		49,610,093	(A)		15,047,916	(A)
Short-Term Bond		14,201,900			26,879,204
Small Cap Value		3,262,299			1,325,099
Small/Mid Cap Value		17,629,557			9,264,626

Transamerica Funds Annual Report 2020

Page    530

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

	Unlimited
Fund	Short-Term		Long-Term
Sustainable Bond	$	54,678	$	—
Unconstrained Bond		—		5,792,776

^(A)  Utilization of losses are subject to further limitations under tax regulations.

During the year ended October 31, 2020, the capital loss carryforwards utilized or expired are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards utilized or expired.

Fund	Capital Loss Carryforwards Utilized/Expired
Bond	$	1,862,054
High Quality Bond		670,704
Inflation Opportunities		1,741,909
Inflation-Protected Securities		135,355
Intermediate Bond		13,654,241
Unconstrained Bond		18,229,784

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2020 and 2019 are as follows:

	2020 Distributions Paid From:								2019 Distributions Paid From:
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital
Balanced II	$	1,898,688	$	—	$	2,458,089	$	—	$	2,067,717	$	—	$	3,688,941	$	—
Bond		44,600,884		—		—		—		33,562,152		—		—		—
Capital Growth		—		—		227,405,416		—		—		—		68,760,661		—
Dividend Focused		15,058,379		—		55,639,908		—		13,242,490		—		77,616,309		—
Dynamic Income		4,540,068		—		—		1,925,773		7,375,701		—		—		1,836,667
Emerging Markets Debt		12,785,649		—		—		2,762,223		26,471,645		—		—		—
Emerging Markets Opportunities		—		—		—		—		—		—		—		—
Event Driven		389,663		—		—		—		1,298,529		—		868,747		—
Floating Rate		4,609,882		—		—		—		29,057,444		—		—		—
Global Equity		1,123,881		—		4,706,324		—		90,374		—		—		—
Government Money Market		5,751,928		—		—		—		20,613,430		—		—		—
High Quality Bond		5,985,816		—		—		—		7,510,428		—		—		—
High Yield Bond		103,507,654		—		—		—		80,060,224		—		—		—
High Yield ESG		184,922		—		—		—		—		—		—		—
High Yield Muni		375,587		3,104,212		—		334,974		432,732		3,376,972		—		—
Inflation Opportunities		1,159,977		—		—		—		2,403,225		—		—		—
Inflation-Protected Securities		1,453,131		—		—		—		2,999,080		—		—		—
Intermediate Bond		47,634,078		—		—		—		79,533,334		—		—		—
Intermediate Muni		390,839		41,086,855		—		6,935,523		717,659		37,201,381		—		—
International Equity		134,759,815		—		—		—		105,818,769		—		156,243,080		—
International Growth		23,069,908		—		—		—		25,097,645		—		166,373,934		—
International Small Cap Value		13,152,913		—		—		—		13,027,026		—		39,014,265		—
International Stock		115,728		—		—		—		2,086		—		—		—
Large Cap Value		41,045,770		—		52,090,204		—		40,994,363		—		194,958,742		—
Large Core		3,168,914		—		81,599		—		14,553,908		—		32,294,175		—
Large Growth		5,419,768		—		143,130,768		—		4,260,636		—		61,196,601		—
Large Value Opportunities		10,039,236		—		2,670,110		—		36,550,619		—		70,167,964		—
Mid Cap Growth		—		—		3,981,035		—		3,762,638		—		19,314,368		—
Mid Cap Value Opportunities		14,450,132		—		41,525,086		—		18,676,600		—		98,372,465		—

Transamerica Funds Annual Report 2020

Page    531

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

	2020 Distributions Paid From:								2019 Distributions Paid From:
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital
MLP & Energy Income	$	8,993,429	$	—	$	—	$	3,457,157	$	3,003,622	$	—	$	—	$	12,477,821
Multi-Asset Income		9,742,472		—		196,609		—		6,006,305		—		2,147,029		—
Multi-Managed Balanced		12,503,411		—		27,182,961		—		12,154,697		—		57,067,739		—
Short-Term Bond		67,116,097		—		—		—		75,278,166		—		—		—
Small Cap Growth		—		—		10,489,413		—		—		—		13,388,889		—
Small Cap Value		2,020,819		—		2,308,689		—		1,849,305		—		21,910,662		—
Small/Mid Cap Value		4,707,989		—		22,615,315		—		10,313,127		—		74,299,095		—
Sustainable Bond		73,884		—		—		—		—		—		—		—
Unconstrained Bond		39,219,560		—		—		7,939,078		25,967,387		—		—		3,558,160
US Growth		5,142,631		—		114,938,060		—		11,674,232		—		87,295,177		—

As of October 31, 2020, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferred			Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Balanced II	$	90,325	$	—	$	4,633,752	$	—		$	—		$	(3,710,723	)	$	21,132,327
Bond		8,971,736		—		2,244,158		—			—			(704,359	)		43,545,308
Capital Growth		—		—		292,997,336		—			(18,783,919	)		—			1,675,087,959
Dividend Focused		340,553		—		—		(39,596,300	)		—			—			(9,552,038	)
Dynamic Income		—		—		—		(75,932,889	)		—			(13,354	)		(11,695,422	)
Emerging Markets Debt		—		—		—		(76,577,988	)		—			(4,799,414	)		(20,501,414	)
Emerging Markets Opportunities		5,819,654		—		—		(17,667,513	)		—			—			37,223,112
Event Driven		1,900,274		—		2,391,687		—			—			(72,550	)		4,242,190
Floating Rate		296,451		—		—		(23,745,429	)		—			(2,054	)		(5,730,768	)
Global Equity		199,466		—		1,597,487		—			—			—			12,160,958
Government Money Market		—		—		—		—			—			(34	)		—
High Quality Bond		383,187		—		—		(8,186,600	)		—			231,426			1,767,323
High Yield Bond		1,053,782		—		—		(66,795,412	)		—			(901,740	)		(68,600,278	)
High Yield ESG		2,852		—		—		(4,832	)		—			—			(193,807	)
High Yield Muni		—		—		—		(3,303,603	)		—			(13,269	)		1,660,491
Inflation Opportunities		367,740		—		—		(526,276	)		—			—			5,536,380
Inflation-Protected Securities		486,396		—		—		(7,023,334	)		—			(977,319	)		10,283,170
Intermediate Bond		27,634,157		—		34,370,232		—			—			6,757			85,547,845
Intermediate Muni		—		—		—		(18,780,510	)		—			(13,375	)		66,350,822
International Equity		58,393,641		—		—		(294,961,488	)		—			(950,425	)		(144,527,240	)
International Growth		16,622,355		—		—		(75,291,910	)		—			—			86,148,813
International Small Cap Value		5,992,353		—		—		(22,518,447	)		—			—			27,127,797
International Stock		1,599,275		—		—		(4,130,134	)		—			—			(6,024,065	)
Large Cap Value		2,757,297		—		—		(214,850,193	)		—			—			(88,494,420	)
Large Core		753,593		—		13,437,831		—			—			(1,527,560	)		24,831,637
Large Growth		76,522,344		—		84,315,003		—			—			(8,105,420	)		396,335,981
Large Value Opportunities		573,318		—		—		(9,603,961	)		—			(3,077,483	)		(12,954,393	)
Mid Cap Growth		7,532,480		—		16,703,557		—			—			—			48,925,400
Mid Cap Value Opportunities		10,303,313		—		—		(24,517,463	)		—			(5,643,663	)		22,244,347
MLP & Energy Income		—		—		—		(193,315,088	)		—			(28,444,352	)		(13,091,237	)

Transamerica Funds Annual Report 2020

Page    532

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferred			Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Multi-Asset Income	$	1,024,032	$	—	$	—	$	(64,658,009	)	$	—		$	(2,054,753	)	$	16,078,964
Multi-Managed Balanced		517,542		—		46,277,870		—			—			(65,975	)		241,077,400
Short-Term Bond		—		—		—		(41,081,104	)		—			(642,878	)		27,194,560
Small Cap Growth		—		—		17,095,109		—			(1,155,099	)		(154,666	)		33,893,197
Small Cap Value		691,150		—		—		(4,587,398	)		—			(17,147	)		(3,746,757	)
Small/Mid Cap Value		3,102,664		—		—		(26,894,183	)		—			—			29,754,538
Sustainable Bond		—		—		—		(54,678	)		—			—			(396,952	)
Unconstrained Bond		—		—		—		(5,792,776	)		—			(59,915	)		25,722,826
US Growth		3,025,205		—		165,392,471		—			—			—			791,165,161

11. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

In October 2020, FASB issued Accounting Standards Update No. 2020-08 (“ASU 2020-08”), “Receivables – Nonrefundable Fees and Other Costs (Codification Improvements Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities”. ASU 2020-08 is an update of ASU No. 2017-08, which amends the amortization period of certain purchased callable debt securities held at a premium. ASU 2020-08 updates the amortization period for callable debt securities to be amortized to the next call date. For purposes of this update, the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Management has evaluated and adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

12. CHANGE IN ACCOUNTING PRINCIPLE

The Funds have adopted the FASB Accounting Standards Update 2017-08 “Premium Amortization of Callable Debt Securities” (“ASU 2017-08”), which amends the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with explicit non-contingent call features to the earliest call date.

It is impracticable to evaluate the effect on individual prior periods, therefore the Funds applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments. This change in accounting principle has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the net asset value of each Fund’s financial statements.

The cumulative effect adjustments that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments were as follows:

Fund	Amount
Balanced II	$	15,122
Bond		388,617
Emerging Markets Debt		4,037
Floating Rate		52,267
High Quality Bond		38,024

Transamerica Funds Annual Report 2020

Page    533

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

12. CHANGE IN ACCOUNTING PRINCIPLE (continued)

Fund	Amount
High Yield Bond	$	1,725,985
High Yield Muni		291,953
Inflation Opportunities		3,105
Inflation-Protected Securities		107
Intermediate Bond		1,236,952
Intermediate Muni		7,221,147
Multi-Asset Income		122,776
Multi-Managed Balanced		212,462
Short-Term Bond		200,373
Unconstrained Bond		131,489

13. STOCK SPLIT

Effective as of the close of business on the date listed in the subsequent table, the respective Fund’s classes underwent a stock split. Funds not listed in the table did not have a stock split. There was no impact to the aggregate market value of shares outstanding. The historical 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

14. REORGANIZATION

US Growth: Following the close of business on August 2, 2019, US Growth acquired all of the net assets of Transamerica Multi-Cap Growth (“Multi-Cap Growth”) pursuant to a Plan of Reorganization. US Growth is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of US Growth for shares of Multi-Cap Growth outstanding following the close of business on August 2, 2019. The cost basis of the investments received from Multi-Cap Growth was carried forward to align ongoing reporting of the US Growth’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Multi-Cap Growth shareholders, along with the exchange ratio of the reorganization for US Growth, were as follows:

Multi-Cap Growth Class	Multi-Cap Growth Shares		US Growth Class	US Growth Shares		Dollar Amount		Exchange Ratio (A)
Class A		7,844,908	Class A		2,626,174	$	55,685,141		0.33
Class C		507,451	Class C		134,699		2,641,935		0.27
Class I		5,552,868	Class I		2,050,971		44,511,618		0.37
Class I2		19,223,117	Class I2		7,236,705		156,880,191		0.38

(A) Calculated by dividing the US Growth shares issuable by the Multi-Cap Growth shares outstanding on August 2, 2019.

Transamerica Funds Annual Report 2020

Page    534

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

14. REORGANIZATION (continued)

The net assets of Multi-Cap Growth, including unrealized appreciation (depreciation), were combined with those of US Growth. These amounts were as follows:

Multi-Cap Growth Unrealized Appreciation (Depreciation)		Multi-Cap Growth Net Assets		US Growth Net Assets Prior to Reorganization		Net Assets After Reorganization
	$  57,052,474	$	259,718,885	$	1,113,166,249	$	1,372,885,134

Additionally, following the close of business on October 18, 2019, US Growth acquired all of the net assets of Transamerica Concentrated Growth (“Concentrated Growth”) pursuant to a Plan of Reorganization. US Growth is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of US Growth for shares of Concentrated Growth, outstanding following the close of business on October 18, 2019. The cost basis of the investments received from Concentrated Growth was carried forward to align ongoing reporting of the US Growth’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Concentrated Growth shareholders, along with the exchange ratio of the reorganization US Growth, were as follows:

Concentrated Growth Class	Concentrated Growth Shares		US Growth Class	US Growth Shares		Dollar Amount		Exchange Ratio (A)
Class A		95,613	Class A		72,927	$	1,583,801		0.76
Class C		76,226	Class C		60,120		1,205,818		0.79
Class I		464,728	Class I		344,633		7,665,054		0.74
Class I2		8,655,199	Class I2		6,525,776		145,012,539		0.75

(A) Calculated by dividing the US Growth shares issuable by the Concentrated Growth shares outstanding on October 18, 2019.

The net assets of Concentrated Growth, including unrealized appreciation (depreciation), were combined with those of US Growth. These amounts were as follows:

Concentrated Growth Unrealized Appreciation (Depreciation)		Concentrated Growth Net Assets		US Growth Net Assets Prior to Reorganization		Net Assets After Reorganization
	$  59,754,359	$	155,467,212	$	1,381,888,625	$	1,537,355,837

Capital Growth: Following the close of business on October 18, 2019, Capital Growth acquired all of the net assets of Transamerica Growth (“Growth”) pursuant to a Plan of Reorganization. Capital Growth is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Capital Growth for shares of Growth outstanding following the close of business on October 18, 2019. The cost basis of the investments received from Growth was carried forward to align ongoing reporting of the Capital Growth’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Growth shareholders, along with the exchange ratio of the reorganization for Capital Growth, were as follows:

Growth Class	Growth Shares		Capital Growth Class	Capital Growth Shares		Dollar Amount		Exchange Ratio (A)
Class I2		23,439,002	Class I2		12,844,998	$	171,778,728		0.55
Class R6		2,044,737	Class R6		1,120,366		14,982,875		0.55

(A) Calculated by dividing the Capital Growth shares issuable by the Growth shares outstanding on October 18, 2019.

The net assets of Growth, including unrealized appreciation (depreciation), were combined with those of Capital Growth. These amounts were as follows:

Growth Unrealized Appreciation (Depreciation)	Growth Net Assets		Capital Growth Net Assets Prior to Reorganization		Net Assets After Reorganization
$  85,371,924	$	186,761,603	$	1,852,085,270	$	2,038,846,873

Transamerica Funds Annual Report 2020

Page    535

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

15. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street, the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

16. LEGAL PROCEEDINGS

On September 30, 2020, Transamerica Asset Management, Inc. (“TAM”), the investment manager of the funds, entered into a settlement with the Securities and Exchange Commission (the “SEC”) relating to expense recaptures. The recaptures at issue, which TAM self-reported to the SEC, involved amounts previously voluntarily waived and/or reimbursed to four money market funds to prevent the funds from experiencing a negative yield. In some cases recaptures under the voluntary yield waiver arrangements exceeded contractual expense limits. The recaptured amounts were not reflected in the funds’ prospectus fee tables. The funds involved were Transamerica Government Money Market, Transamerica BlackRock Government Money Market VP, Transamerica Partners Government Money Market and Transamerica Partners Institutional Government Money Market. The two Transamerica Partners Government Money Market funds reorganized into Transamerica Government Money Market in October of 2017.

Under the settlement order, TAM agreed to pay affected fund investors approximately $5.3 million in disgorgement and approximately $690,000 in prejudgment interest. These amounts represent expenses incurred above the applicable expense limit (plus interest). TAM was also censured and ordered to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. The settlement order imposes no civil penalty on TAM based upon TAM having self-reported the matter, the prompt remedial steps taken by TAM, and TAM’s cooperation in the SEC staff’s investigation. The settlement order does not affect TAM’s ability to manage the funds.

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

The settlement had no impact on the Funds’ financial statements.

17. SUBSEQUENT EVENTS

The Board has approved a name change for Transamerica Dividend Focused to Transamerica Sustainable Equity Income and a change in management fees. In addition, on November 25, 2020, shareholders of the Fund approved a sub-adviser change to Aegon Asset Management UK plc, an affiliate of TAM. These changes went into effect on December 1, 2020.

The Board has approved a sub-adviser change to Rothschild & Co. Asset Management US, Inc., including a change in sub-advisory and management fees for Transamerica Large Cap Value. These changes went into effect on December 1, 2020.

Transamerica Funds Annual Report 2020

Page    536

Report of Independent Registered Public Accounting Firm

To the Shareholders of Transamerica Balanced II, Transamerica Bond, Transamerica Capital Growth, Transamerica Dividend Focused, Transamerica Dynamic Income, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Opportunities, Transamerica Event Driven, Transamerica Floating Rate, Transamerica Global Equity, Transamerica Government Money Market, Transamerica High Quality Bond, Transamerica High Yield Bond, Transamerica High Yield ESG, Transamerica High Yield Muni, Transamerica Inflation Opportunities, Transamerica Inflation-Protected Securities, Transamerica Intermediate Bond, Transamerica Intermediate Muni, Transamerica International Equity, Transamerica International Growth, Transamerica International Small Cap Value, Transamerica International Stock, Transamerica Large Cap Value, Transamerica Large Core, Transamerica Large Growth, Transamerica Large Value Opportunities, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica MLP & Energy Income, Transamerica Multi-Asset Income, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, Transamerica Sustainable Bond, Transamerica Unconstrained Bond and Transamerica US Growth and the Board of Trustees of Transamerica Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica Balanced II, Transamerica Bond, Transamerica Capital Growth, Transamerica Dividend Focused, Transamerica Dynamic Income, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Opportunities, Transamerica Event Driven, Transamerica Floating Rate, Transamerica Global Equity, Transamerica Government Money Market, Transamerica High Quality Bond, Transamerica High Yield Bond, Transamerica High Yield ESG, Transamerica High Yield Muni, Transamerica Inflation Opportunities, Transamerica Inflation-Protected Securities, Transamerica Intermediate Bond, Transamerica Intermediate Muni, Transamerica International Equity, Transamerica International Growth, Transamerica International Small Cap Value, Transamerica International Stock, Transamerica Large Cap Value, Transamerica Large Core, Transamerica Large Growth, Transamerica Large Value Opportunities, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica MLP & Energy Income, Transamerica Multi-Asset Income, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, Transamerica Sustainable Bond, Transamerica Unconstrained Bond and Transamerica US Growth (collectively referred to as the “Funds”), (thirty-nine of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2020, and the related statements of operations, and changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the statement of cash flows for Transamerica Event Driven for the year ended October 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (thirty-nine of the Funds constituting Transamerica Funds) at October 31, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, and cash flows for Transamerica Event Driven for the year ended October 31, 2020, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Bond Transamerica Capital Growth Transamerica Dividend Focused Transamerica Dynamic Income Transamerica Emerging Markets Debt Transamerica Event Driven Transamerica Floating Rate Transamerica Global Equity Transamerica Government Money Market Transamerica High Yield Bond Transamerica High Yield Muni Transamerica Inflation Opportunities Transamerica Intermediate Muni Transamerica International Equity Transamerica International Growth Transamerica International Small Cap Value Transamerica Large Cap Value Transamerica Mid Cap Value Opportunities Transamerica MLP & Energy Income Transamerica Multi-Asset Income Transamerica Multi-Managed Balanced	For the year ended October 31, 2020	For each of the two years in the period ended October 31, 2020	For each of the five years in the period ended October 31, 2020

Transamerica Funds Annual Report 2020

Page    537

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica Short-Term Bond Transamerica Small Cap Growth Transamerica Small/Mid Cap Value Transamerica Unconstrained Bond Transamerica US Growth
Transamerica Balanced II Transamerica High Quality Bond Transamerica Inflation-Protected Securities Transamerica Intermediate Bond Transamerica Large Core Transamerica Large Growth Transamerica Large Value Opportunities Transamerica Mid Cap Growth Transamerica Small Cap Value	For the year ended October 31, 2020	For each of the two years in the period ended October 31, 2020	For each of the three years in the period ended October 31, 2020, the period from January 1, 2017 through October 31, 2017, and for each of the two years in the period ended December 31, 2016
Transamerica International Stock	For the year ended October 31, 2020	For each of the two years in the period ended October 31, 2020	For each of the two years in the period ended October 31, 2020 and the period from September 28, 2018 (commencement of operations) through October 31, 2018
Transamerica Emerging Markets Opportunities	For the period from December 19, 2019 (commencement of operations) through October 31, 2020
Transamerica High Yield ESG Transamerica Sustainable Bond	For the period from July 31, 2020 (commencement of operations) through October 31, 2020

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, brokers and others, or by other appropriate auditing procedures where replies from brokers or others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2020

Transamerica Funds Annual Report 2020

Page    538

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2020, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Balanced II	$	1,176,689
Dividend Focused		13,339,982
Emerging Markets Opportunities		1,056,389
Event Driven		149,026
Global Equity		1,123,881
High Yield Bond		1,691,754
International Equity		89,006,547
International Growth		25,065,183
International Small Cap Value		9,614,526
International Stock		331,664
Large Cap Value		41,045,770
Large Core		3,168,914
Large Growth		3,120,765
Large Value Opportunities		10,039,236
Mid Cap Value Opportunities		14,450,132
MLP & Energy Income		2,724,252
Multi-Asset Income		3,509,008
Multi-Managed Balanced		10,369,528
Small Cap Value		1,701,398
Small/Mid Cap Value		4,707,989
US Growth		5,142,631

For corporate shareholders, investment income (dividend income plus short-term gains, if any) which qualifies for the maximum dividends received deductions are as follows:

Fund	Dividend Received Deduction Percentage
Balanced II		71	%
Dividend Focused		93
Event Driven		56
Global Equity		53
High Yield Bond		2
Large Cap Value		100
Large Core		100
Large Growth		92
Large Value Opportunities		100
Mid Cap Value Opportunities		100
MLP & Energy Income		13
Multi-Asset Income		32
Multi-Managed Balanced		92
Small Cap Value		100
Small/Mid Cap Value		100
US Growth		100

For tax purposes, the long-term capital gain designations for the year ended October 31, 2020 are as follows:

Fund	Long-Term Capital Gain Designation
Balanced II	$	2,458,089
Capital Growth		227,405,416

Transamerica Funds Annual Report 2020

Page    539

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION (continued)

Fund	Long-Term Capital Gain Designation
Dividend Focused	$	55,639,908
Global Equity		4,706,324
Large Cap Value		52,090,204
Large Core		81,599
Large Growth		143,130,768
Large Value Opportunities		2,670,110
Mid Cap Growth		3,981,035
Mid Cap Value Opportunities		41,525,086
Multi-Asset Income		196,609
Multi-Managed Balanced		27,182,961
Small Cap Growth		10,489,413
Small Cap Value		2,308,689
Small/Mid Cap Value		22,615,315
US Growth		114,938,060

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

Fund	Foreign Source Income		Foreign Taxes
Emerging Markets Opportunities	$	6,065,634	$	1,056,389
International Equity		78,107,239		8,370,809
International Growth		20,334,264		1,995,275
International Small Cap Value		7,032,137		1,171,750
International Stock		1,926,470		215,936

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2020. Complete information will be computed and reported in conjunction with your 2020 Form 1099-DIV.

Transamerica Funds Annual Report 2020

Page    540

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 17-18, 2020, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica Balanced II	Transamerica International Growth
Transamerica Bond	Transamerica International Small Cap Value
Transamerica Capital Growth	Transamerica International Stock
Transamerica Dividend Focused	Transamerica Large Cap Value
Transamerica Dynamic Income	Transamerica Large Core
Transamerica Emerging Markets Debt	Transamerica Large Growth
Transamerica Event Driven	Transamerica Large Value Opportunities
Transamerica Floating Rate	Transamerica Mid Cap Growth
Transamerica Global Equity	Transamerica Mid Cap Value Opportunities
Transamerica Government Money Market	Transamerica MLP & Energy Income
Transamerica High Quality Bond	Transamerica Multi-Asset Income
Transamerica High Yield Bond	Transamerica Multi-Managed Balanced
Transamerica High Yield Muni	Transamerica Short-Term Bond
Transamerica Inflation Opportunities	Transamerica Small Cap Growth
Transamerica Inflation-Protected Securities	Transamerica Small Cap Value
Transamerica Intermediate Bond	Transamerica Small/Mid Cap Value
Transamerica Intermediate Muni	Transamerica Unconstrained Bond
Transamerica International Equity	Transamerica US Growth

For the Funds listed in the left column below, the Board also considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively the “Sub-Advisory Agreements” and, together with the Management Agreement, the “Agreements”) between TAM and the corresponding sub-advisers listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).

Fund	Sub-Adviser(s)
Transamerica Balanced II	Aegon Asset Management US J.P. Morgan Investment Management Inc.
Transamerica Bond	Aegon Asset Management US
Transamerica Capital Growth	Morgan Stanley Investment Management Inc.
Transamerica Dividend Focused	Barrow, Hanley, Mewhinney & Strauss, LLC
Transamerica Dynamic Income	QS Investors, LLC
Transamerica Emerging Markets Debt	MetLife Investment Management, LLC
Transamerica Event Driven	Advent Capital Management, LLC
Transamerica Floating Rate	Aegon Asset Management US
Transamerica Global Equity	Rockefeller and Co., Inc.
Transamerica Government Money Market	BlackRock Investment Management, LLC
Transamerica High Quality Bond	Merganser Capital Management, LLC
Transamerica High Yield Bond	Aegon Asset Management US
Transamerica High Yield Muni	Belle Haven Investments, L.P.
Transamerica Inflation Opportunities	PineBridge Investments LLC
Transamerica Inflation-Protected Securities	PineBridge Investments LLC
Transamerica Intermediate Bond	Aegon Asset Management US
Transamerica Intermediate Muni	Belle Haven Investments, L.P.
Transamerica International Equity	Thompson, Siegel & Walmsley LLC
Transamerica International Growth	TDAM USA Inc.
Transamerica International Small Cap Value	Thompson, Siegel & Walmsley LLC
Transamerica International Stock	ClariVest Asset Management LLC
Transamerica Large Cap Value	Levin Easterly Partners LLC
Transamerica Large Core	PineBridge Investments LLC
Transamerica Large Growth	Morgan Stanley Investment Management Inc. Wellington Management Company LLP
Transamerica Large Value Opportunities	PineBridge Investments LLC
Transamerica Mid Cap Growth	Wellington Management Company LLP
Transamerica Mid Cap Value Opportunities	Thompson, Siegel & Walmsley LLC

Transamerica Funds Annual Report 2020

Page    541

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Fund	Sub-Adviser(s)
Transamerica MLP & Energy Income	Kayne Anderson Capital Advisors, L.P.
Transamerica Multi-Asset Income	Thompson, Siegel & Walmsley LLC
Transamerica Multi-Managed Balanced	Aegon Asset Management US J.P. Morgan Investment Management Inc.
Transamerica Short-Term Bond	Aegon Asset Management US
Transamerica Small Cap Growth	Ranger Investment Management, L.P.
Transamerica Small Cap Value	Peregrine Capital Management, LLC
Transamerica Small/Mid Cap Value	Systematic Financial Management L.P. Thompson, Siegel & Walmsley LLC
Transamerica Unconstrained Bond	PineBridge Investments LLC
Transamerica US Growth	Wellington Management Company, LLP

Following its review and consideration, the Board determined that the terms of the Management Agreement and each Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2021.

Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Fund, and knowledge they gained over time through meeting with TAM and each Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. In their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s and each Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser, and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM’s investment management services

Transamerica Funds Annual Report 2020

Page    542

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2019. Based on these considerations, the Board determined that TAM and each Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares, Class I3 Shares or Class R Shares, where such class is offered and in that order of preference. In describing a Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” the median if a Fund’s performance ranked anywhere in the first or second quintiles, as “below” the median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering each Fund’s performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica Balanced II. The Board noted that the performance of Class R Shares of the Fund was above the median for its peer universe but below its primary benchmark, each for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s equity sub-adviser, J.P. Morgan Investment Management Inc., had commenced sub-advising that portion of the Fund on July 9, 2010 pursuant to its current equity investment strategies. The Board also noted that the Fund’s fixed income sub-adviser, Aegon Asset Management US, had commenced sub-advising that portion of the Fund on May 1, 2014 pursuant to its current fixed income investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of two Transamerica Partners funds on September 15, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Balanced, effective as of that date in place of its own historical performance record.

Transamerica Bond. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica Capital Growth. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe and benchmark, each for the past 3-, 5- and 10-year periods and below the median for its peer universe and benchmark, each for the past 1-year period. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on March 22, 2011 pursuant to its current investment strategies.

Transamerica Dividend Focused. The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund.

Transamerica Dynamic Income. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its composite benchmark for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on May 1, 2015 pursuant to its current investment strategies.

Transamerica Emerging Markets Debt. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was in line with its benchmark for the past 3-year period and below its benchmark for the past 1- and 5-year periods.

Transamerica Funds Annual Report 2020

Page    543

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Event Driven. The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1- and 3-year periods.

Transamerica Floating Rate. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5-year period, in line with the median for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was below its benchmark for the past 1-, 3- and 5-year periods.

Transamerica Global Equity. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 3- and 5-year periods and below the median for the past 1- and 10-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on September 4, 2014 pursuant to its current investment strategies.

Transamerica Government Money Market. The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on November 1, 2018 pursuant to its current investment strategies. The Board also noted that the Fund converted from a “prime” to a “government” money market fund as of May 1, 2016.

Transamerica High Quality Bond. The Board noted that the performance of Class I3 Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-year period. The Board also reviewed the longer-term performance of Class R4 Shares of the Fund. The Board noted that the performance of Class R4 Shares was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on April 21, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional High Quality Bond, effective as of that date in place of its own historical performance record.

Transamerica High Yield Bond. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica High Yield Muni. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe but below its benchmark, each for the past 1-, 3- and 5-year periods.

Transamerica Inflation Opportunities. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1- and 5-year periods and below for the past 3-year period.

Transamerica Inflation-Protected Securities. The Board noted that the performance of Class I3 Shares of the Fund was above the median for its peer universe but below its benchmark, each for the past 1-year period. The Board also reviewed the longer-term performance of Class R4 Shares of the Fund. The Board noted that the performance of Class R4 Shares was above the median for its peer universe for the past 1-, 3- and 10-year periods and in line with the median for the past 5-year period. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on June 29, 2018 pursuant to its current investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on April 21, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Inflation-Protected Securities, effective as of that date in place of its own historical performance record.

Transamerica Intermediate Bond. The Board noted that the performance of Class I3 Shares of the Fund was in line with the median for its peer universe and above its benchmark, each for the past 1-year period. The Board also reviewed the longer-term performance of Class I2 Shares and Class R4 Shares of the Fund. The Board noted that the performance of Class I2 Shares was above the median for its peer universe for the past 3- and 5-year periods and in line with the median for the past 1-year period. The Board noted that the performance of Class R4 Shares was above the median for its peer universe for the past 10-year period and in line with the median for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on May 1, 2014 pursuant to its current investment objective. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 24, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Core Bond, effective as of that date in place of its own historical performance record.

Transamerica Funds Annual Report 2020

Page    544

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Intermediate Muni. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-, 3- and 5-year periods.

Transamerica International Equity. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 10-year period and below its benchmark for the past 1-, 3- and 5-year periods.

Transamerica International Growth. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-year period. The Board also reviewed the longer-term performance of Class I2 Shares of the Fund. The Board noted that the performance of Class I2 Shares was above the median for its peer universe for the past 1-year period, in line with the median for the past 5- and 10-year periods and below the median for the past 3-year period. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on March 1, 2018 pursuant to its current investment objective and investment strategies.

Transamerica International Small Cap Value. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3- and 5-year periods.

Transamerica International Stock. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe but below its benchmark, each for the past 1-year period.

Transamerica Large Cap Value. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5-year period and below the median for the past 1- and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its benchmark for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on July 31, 2012 pursuant to its current investment objective and investment strategies.

Transamerica Large Core. The Board noted that the performance of Class I3 Shares of the Fund was below the median for its peer universe and its benchmark, each for the past 1-year period. The Board also reviewed the longer-term performance of Class R4 Shares of the Fund. The Board noted that the performance of Class R4 Shares was above the median for its peer universe for the past 10-year period and below the median for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on September 1, 2018 pursuant to its current investment objective and investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Large Core, effective as of that date in place of its own historical performance record.

Transamerica Large Growth. The Board noted that the performance of Class I3 Shares of the Fund was above the median for its peer universe but below its primary benchmark, each for the past 1-year period. The Board also reviewed the longer-term performance of Class R4 Shares of the Fund. The Board noted that the performance of Class R4 Shares was above the median for its peer universe for the past 3-, 5- and 10-year periods and in line with the median for the past 1-year period. The Board noted that Morgan Stanley Investment Management Inc. had commenced sub-advising a sleeve of the Fund on October 18, 2019 pursuant to its current investment objective and investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Large Growth, effective as of that date in place of its own historical performance record.

Transamerica Large Value Opportunities. The Board noted that the performance of Class I3 Shares of the Fund was below the median for its peer universe and its benchmark, each for the past 1-year period. The Board also reviewed the longer-term performance of Class R4 Shares of the Fund. The Board noted that the performance of Class R4 Shares was above the median for its peer universe for the past 10-year period, in line with the median for the past 3- and 5-year periods and below the median for the past 1-year period. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on September 1, 2018 pursuant to its current investment objective, investment strategies and benchmark. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on May 5, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Large Value, effective as of that date in place of its own historical performance record.

Transamerica Mid Cap Growth. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-year period and below the median for the past 3- and 5-year periods. The Board also noted that the performance

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(unaudited)

of Class I Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on December 1, 2018 pursuant to its current investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Mid Growth, effective as of that date in place of its own historical performance record.

Transamerica Mid Cap Value Opportunities. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3- and 5- year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 5-year period and below its benchmark for the past 1- and 3-year periods.

Transamerica MLP & Energy Income. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe but below its primary benchmark, each for the past 1-, 3- and 5-year periods.

Transamerica Multi-Asset Income. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe but below its composite benchmark, each for the past 1-, 3- and 5-year periods.

Transamerica Multi-Managed Balanced. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its composite benchmark for the past 10-year period and below its composite benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s equity sub-adviser, J.P. Morgan Investment Management Inc., had commenced sub-advising that portion of the Fund on March 22, 2011 pursuant to its current equity investment objective and investment strategies. The Board also noted that the Fund’s fixed income sub-adviser, Aegon Asset Management US, had commenced sub-advising that portion of the Fund on May 1, 2014 pursuant to its current fixed income investment strategies.

Transamerica Short-Term Bond. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-, 3-, 5- and 10-year periods.

Transamerica Small Cap Growth. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5-year period, in line with the median for the past 1-year period and below the median for the past 3-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1- and 5- year periods and below its benchmark for the past 3-year period.

Transamerica Small Cap Value. The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on November 1, 2018 pursuant to its current investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on April 21, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Small Value, effective as of that date in place of its own historical performance record.

Transamerica Small/Mid Cap Value. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that Systematic Financial Management, L.P. had previously served as the Fund’s sole sub-adviser, beginning on March 22, 2011, pursuant to different investment strategies. The Board also noted that Thompson, Siegel & Walmsley LLC had commenced sub-advising the Fund’s mid-cap sleeve and Systematic Financial Management, L.P. had continued sub-advising the Fund’s small-cap sleeve pursuant to the Fund’s current investment strategies on December 5, 2016.

Transamerica Unconstrained Bond. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5-year period and in line with the median for the past 1- and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods.

Transamerica US Growth. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and in line with the median for the past 10-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1- and 3-year periods and below its benchmark for the past 5- and 10-year periods. The Board noted that the Fund’s sub-adviser had commenced sub-advising the Fund on March 22, 2011 and commenced using its current investment objective and investment strategies on July 1, 2014.

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Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to management fees and total expense ratios are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares, Class I3 Shares or Class R Shares, where such class is offered and in that order of preference. In describing a Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” the median if a Fund’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” the median if it ranked anywhere in the first or second quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Advisers for sub-advisory services, noting that sub-advisory fees payable to the Sub-Advisers are paid by TAM and not the Funds. The board also considered the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fees, and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

Transamerica Balanced II. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Bond. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Capital Growth. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. The Trustees noted that they had previously approved a reduction to the Fund’s management fee schedule, which took effect on October 18, 2019 and was not fully reflected in the comparative data.

Transamerica Dividend Focused. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Dynamic Income. The Board noted that the Fund’s contractual management fee and actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Emerging Markets Debt. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Event Driven. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

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Transamerica Floating Rate. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Global Equity. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Government Money Market. The Board noted that the Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica High Quality Bond. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica High Yield Bond. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. The Trustees noted that they had previously approved a reduction to the Fund’s management fee schedule, which took effect on January 6, 2020 and was not fully reflected in the comparative data.

Transamerica High Yield Muni. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Inflation Opportunities. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees and TAM agreed upon a reduction to the Fund’s management fee schedule. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Inflation-Protected Securities. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Intermediate Bond. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Intermediate Muni. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. The Trustees noted that they had previously approved additional breakpoints in the Fund’s management fee schedule, which took effect on May 1, 2020.

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Transamerica International Equity. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Growth. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Small Cap Value. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Stock. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Cap Value. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Core. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Growth. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. The Trustees noted that they had previously approved a reduction to the Fund’s management fee schedule, which took effect on August 2, 2019 and was not fully reflected in the comparative data.

Transamerica Large Value Opportunities. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I3 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Mid Cap Growth. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Mid Cap Value Opportunities. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica MLP & Energy Income. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

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Transamerica Multi-Asset Income. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. The Trustees noted that they had previously approved a reduction to the Fund’s management fee schedule, which took effect on May 1, 2019 and was not fully reflected in the comparative data.

Transamerica Multi-Managed Balanced. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. The Trustees noted that they had previously approved a reduction to the Fund’s management fee schedule, which took effect on May 1, 2020 and was not fully reflected in the comparative data.

Transamerica Short-Term Bond. The Board noted that the Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small Cap Growth. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small Cap Value. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small/Mid Cap Value. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Unconstrained Bond. The Board noted that the Fund’s contractual management fee and actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the medians for its peer group and in line with the medians for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. The Trustees noted that they had previously approved a reduction to the Fund’s management fee schedule, which took effect on August 1, 2019 and was not fully reflected in the comparative data.

Transamerica US Growth. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. The Trustees noted that they had previously approved a reduction to the Fund’s management fee schedule, which took effect on August 2, 2019 and was not fully reflected in the comparative data.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Management Agreement and each Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and

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Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for each Fund.

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM (with the exception of those fees paid to Aegon Asset Management US (“AAM”), which is affiliated with TAM), and are paid by TAM and not the applicable Fund. As a result, for those Funds not sub-advised by AAM, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund. For each Fund sub-advised by AAM, the Board noted that information about AAM’s revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to each Fund. As a result, the Board focused on profitability information for TAM and its affiliates and AAM in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board recognized that, as a Fund’s assets increase, any economies of scale realized by TAM or a Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered each Sub-Adviser’s sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the applicable Fund’s management fee schedule. The Board considered that certain Funds’ sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and/or the Sub-Advisers from their Relationships with the Funds

The Board considered other benefits derived by TAM, its affiliates and/or the Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with the Funds and that TAM believes the use of soft dollars by Advent Capital Management, LLC, Barrow, Hanley, Mewhinney & Strauss, LLC, J.P. Morgan Investment Management Inc., Kayne Anderson Capital Advisors, L.P., Levin Easterly Partners LLC, Morgan Stanley Investment Management Inc., Peregrine Capital Management, LLC, PineBridge Investments LLC, Ranger Investment Management, L.P., Rockefeller and Co., Inc., Systematic Financial Management L.P., TDAM USA Inc., Thompson, Siegel & Walmsley LLC and Wellington Management Company LLP is generally appropriate and in the best interests of the applicable Funds. The Board also noted that Barrow, Hanley, Mewhinney & Strauss, LLC, ClariVest Asset Management LLC, J.P. Morgan Investment Management Inc., Levin Easterly Partners LLC, Peregrine Capital Management, LLC, PineBridge Investments LLC, Ranger Investment Management, L.P., Rockefeller and Co., Inc., Systematic Financial Management L.P., Thompson, Siegel & Walmsley LLC and Wellington Management Company LLP participate in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Fund’s brokerage transactions.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Funds.

Transamerica Funds Annual Report 2020

Page    551

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (concluded)

(unaudited)

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and each Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2020

Page    552

TRANSAMERICA DYNAMIC INCOME

APPROVAL OF SUB-ADVISORY AGREEMENTS

(unaudited)

On July 31, 2020, Franklin Resources, Inc. (“Franklin”) acquired Legg Mason Inc. (“Legg Mason”), the parent company of QS Investors, LLC (“QS Investors”). This transaction constituted an “assignment,” within the meaning of the Investment Company Act of 1940, of the sub-advisory agreements between Transamerica Asset Management, Inc. (“TAM”) and QS Investors, resulting in their automatic termination.

In anticipation of the closing of the transaction, the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”), at a meeting held on June 17-18, 2020, considered the continued retention of QS Investors as sub-adviser to Transamerica Dynamic Income (the “Fund”). Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreements between TAM and QS Investors, with respect to the Fund (the “New Sub-Advisory Agreement”), were reasonable, and approval of each New Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders. The Board Members, including the independent members of the Board (the “Independent Board Members”), unanimously approved the New Sub-Advisory Agreement to take effect upon the closing of the transaction.

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members requested and received from TAM and QS Investors certain materials and information in advance of the meeting. The Board Members then reviewed such information as they deemed reasonably necessary to evaluate the New Sub-Advisory Agreement. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a)        that QS Investors would remain the sub-adviser to the Fund and that the transaction is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and the shareholders, including compliance services;

(b)        that Franklin has no current plans to make any changes to the management structure, personnel or processes of QS Investors following the transaction;

(c)        that QS Investors will become part of an organization with greater scale, broader distribution capabilities and new opportunities to grow;

(d)        that QS Investors will continue to have the capabilities, resources and personnel necessary to provide services to the Fund based on an assessment of QS Investors, its investment personnel, and the services QS Investors currently provides to the Fund; and

(e)        that the New Sub-Advisory Agreements will not result in any change in the rate of sub-advisory fees payable by TAM to QS Investors.

In approving the New Sub-Advisory Agreement, the Board Members also relied, as to QS Investors’ services, fees, profitability and fallout benefits, on their deliberations in connection with the renewal of the existing sub-advisory agreements at the same meeting.

In their deliberations, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. The Board Members based their decisions on the considerations discussed above, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the New Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the New Sub-Advisory Agreement to take effect upon the closing of the transaction.

Transamerica Funds Annual Report 2020

Page    553

TRANSAMERICA HIGH YIELD ESG

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (“Board” or “Board Members”) held on March 11-12, 2020, the Board considered the approval of the proposed investment management agreement (“Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds on behalf of Transamerica High Yield ESG (“Fund”) and the proposed sub-advisory agreement between TAM and Aegon Asset Management US (“AAM”) for the Fund (“Sub-Advisory Agreement” and, together with the Management Agreement, “Agreements”).

Following its review and consideration, the Board determined that the terms of the Agreements were reasonable and that the approval of the Agreements was in the best interests of the Fund and its future shareholders. The Board, including the Independent Board Members, unanimously approved the Agreements for an initial two-year period.

Prior to reaching their decision, the Board Members requested and received from TAM and AAM certain information. The Board Members then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and AAM as part of their regular oversight of other funds managed by TAM and sub-advised by AAM, and knowledge they gained over time through meeting with TAM and AAM. Among other materials, the Board Members considered comparative fee, expense and performance information prepared by TAM.

In their deliberations, the Independent Board Members met privately without representatives of TAM or AAM present and were represented throughout the process by their independent legal counsel. In considering whether to approve the Agreements, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services to be Provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and AAM. The Board also considered the proposed investment approach for the Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; the continuous and regular management services to be provided by AAM; the experience of AAM with the proposed investment strategy; and the professional qualifications and experience of AAM’s portfolio management team.

The Board also considered the continuous and regular investment management and other services to be provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains after payment of the sub-advisory fees. The Board noted that the investment management and other services to be provided by TAM would include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of AAM to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund’s prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings; and ongoing cash management services. The Board considered that TAM’s investment management services would also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, which would include the Fund, oversees the services provided by the custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance. The Board Members considered AAM’s investment management experience, capabilities and resources. The Board Members recognized that the Fund is not yet in existence and therefore has no historical performance for the Board Members to review. The Board Members considered the performance of an account using AAM’s proposed high yield ESG strategy launched in March 2019, relative to the performance of (i) a peer universe of comparable funds and (ii) the Fund’s proposed benchmark, Bloomberg Barclay’s U.S. High Yield 2% Issuer Capped Index, in each case for the period ended December 31, 2019. In order to evaluate the performance of AAM’s proposed strategy over longer time periods and for a full market cycle, the Board Members also considered the performance of a composite of AAM’s non-ESG focused high yield strategies, relative to the historical performance of the same peer universe and benchmark, in each case for the various trailing periods ended December 31, 2019. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the management services to be provided by TAM and the sub-advisory services to be provided by AAM, the Board concluded that TAM and AAM are capable of generating a level of investment performance that is appropriate in scope and extent in light of the Fund’s proposed investment objective, policies and strategies, the competitive landscape of the investment company business and investor needs.

Transamerica Funds Annual Report 2020

Page    554

TRANSAMERICA HIGH YIELD ESG

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL (continued)

(unaudited)

Management and Sub-Advisory Fees and Total Expense Ratio. The Board considered the proposed management fee and anticipated total expense ratio of the Fund, including information provided by TAM comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in the Broadridge and Morningstar peer universes.

The Board also considered the fees to be charged by AAM for sub-advisory services, as well as the portion of the Fund’s management fee to be retained by TAM following payment of the sub-advisory fee. The Board noted that the proposed management fee is slightly below the applicable Morningstar peer universe median and slightly above the Broadridge peer universe median. The Board also noted that, except for Class R4 and Class R6, at the time of the Fund’s proposed launch, the estimated total expense ratio of each class of the Fund would be below or within five basis points of the applicable Broadridge and Morningstar peer universe median. The Board noted that Class R4 and R6 will not be initially offered at the Fund’s launch and that once the Fund gains scale, TAM expects that Class R4 and R6 will be within five basis points of the applicable Broadridge and Morningstar peer universe medians. The Board also considered that TAM proposed to enter into an expense limitation arrangement with the Fund, which could result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and AAM under the Agreements are reasonable in light of the services to be provided.

Cost of Services to be Provided and Level of Profitability. The Board noted that the Fund was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund by TAM and its affiliates. The Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not anticipated to be excessive.

With respect to AAM, the Board noted that the proposed sub-advisory fees are the product of arm’s-length negotiation between TAM and AAM and would be paid by TAM and not the Fund. As a result, the Board did not consider AAM’s anticipated profitability to be material to its decision to approve the Sub-Advisory Agreement.

Economies of Scale. In evaluating the extent to which the proposed fees payable under the Agreements reflected economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the management and sub-advisory fee schedules and the existence of breakpoints in those schedules, as detailed in the materials provided to the Board Members, and noted each fee breakpoint with respect to the various asset levels to be achieved by the Fund. The Board Members also considered that the appointment of AAM as sub-adviser had the potential to attract additional assets due to AAM’s known asset management capabilities. The Board Members concluded that the proposed fees and breakpoints may benefit shareholders by permitting economies of scale in the form of lower management fees as the level of assets grows for the Fund. The Board Members also noted that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM, and the sub-advisory fees payable by TAM to AAM, in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and/or AAM from their Relationships with the Fund. The Board considered other benefits expected to be derived by TAM, its affiliates, and/or AAM from their relationships with the Fund. The Board noted that TAM would not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with AAM or the Fund, and that AAM may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements. The Board noted that it would have the opportunity in the future to review the benefits over time.

Other Considerations. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its future shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of AAM. The Board also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including the Independent Board Members, concluded that the approval of the Agreements was in the best interests of the Fund and its future shareholders and voted to approve the Agreements.

Transamerica Funds Annual Report 2020

Page    555

TRANSAMERICA LARGE CAP VALUE

APPROVAL OF SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on August 5-6, 2020, the Board Members considered the termination of Levin Easterly Partners LLC (“Levin”) as sub-adviser to Transamerica Large Cap Value (the “Fund”) and Transamerica Rothschild & Co Large Cap Value VP (formerly, Transamerica Levin Large Cap Value VP), a series of Transamerica Series Trust (each a “LCV Fund” and collectively, the “LCV Funds”), and the approval of the proposed sub-advisory agreements (each a “Rothschild Sub-Advisory Agreement,” and collectively, the “Rothschild Sub-Advisory Agreements”) between Transamerica Asset Management, Inc. (“TAM”) and Rothschild & Co Asset Management US Inc. (“Rothschild”) with respect to the LCV Funds, as well as the approval of a revised management fee schedule for each LCV Fund.

Following their review and consideration, the Board Members determined, with respect to each LCV Fund, that the terms of the Rothschild Sub-Advisory Agreement were reasonable and that the termination of Levin as sub-adviser to the LCV Fund and the approval of the Rothschild Sub-Advisory Agreement were in the best interests of the LCV Fund and its shareholders. The Board Members, including the Independent Board Members, authorized TAM to terminate the sub-advisory agreements with Levin and unanimously approved the Rothschild Sub-Advisory Agreements for an initial two-year period. The Board Members, including the independent members of the Board (the “Independent Board Members”), also unanimously approved the revised management fee schedule for each LCV Fund.

Prior to reaching their decision, the Board Members requested and received from TAM and Rothschild certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the proposed Rothschild Sub-Advisory Agreements, including information they had previously received from TAM as part of their regular oversight of the LCV Funds, and knowledge they gained over time through meeting with TAM. Among other materials, the Board Members considered fee, expense and profitability information prepared by TAM. To the extent applicable, the Board Members considered information about the performance of a similar fund managed by Rothschild.

In their deliberations, the Independent Board Members met privately without representatives of TAM or Rothschild present and were represented throughout the process by their independent legal counsel. In considering whether to approve the Rothschild Sub-Advisory Agreements, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services. In evaluating the nature, extent and quality of the services to be provided by Rothschild under the Rothschild Sub-Advisory Agreements, the Board Members considered information provided by TAM and Rothschild regarding the operations, facilities, organization and personnel of Rothschild, the anticipated ability of Rothschild to perform its duties under the Rothschild Sub-Advisory Agreements and the proposed changes to the LCV Funds’ principal investment strategies. The Board Members further considered that: (i) Rothschild is an experienced asset management firm; (ii) TAM is recommending that Rothschild be appointed as sub-adviser to the LCV Funds; and (iii) TAM believes that Rothschild has the capabilities, resources and personnel necessary to provide sub-advisory services to the LCV Funds based on TAM’s assessment of Rothschild’s organization and investment personnel. The Board Members also considered Rothschild’s proposed responsibilities and experience with the LCV Funds’ proposed principal investment strategies.

The Board Members noted that TAM had advised the Board Members that neither the approval of the Rothschild Sub-Advisory Agreements nor the approval of the revised management fee schedules was expected to result in any diminution in the nature, extent and quality of the services provided to the LCV Funds and their shareholders, including compliance services. Based on these and other considerations, the Board Members determined that Rothschild can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the LCV Funds and that Rothschild’s appointment is not expected to diminish the nature, extent and quality of services provided to the LCV Funds.

Investment Performance. The Board Members considered Rothschild’s investment management experience, capabilities and resources. The Board Members reviewed the historical performance of each LCV Fund for various trailing periods ended March 31, 2020 as compared to: (i) the simulated, back-tested performance of the proposed strategy (“Proposed Strategy”); (ii) the historical performance of an existing Rothschild large cap value strategy with a more diversified portfolio (“Existing Rothschild Strategy”); (iii) the LCV Funds’ benchmark; and (iv) an applicable peer group median. The Board Members noted that both the Proposed Strategy and the Existing Rothschild Strategy outperformed Class I shares of the Fund for the past one-, three- and five-year periods and Service Class shares of Transamerica Rothschild & Co Large Cap Value VP for the past one-year period. The Board Members further noted that the Proposed Strategy and the Existing Rothschild Strategy outperformed the LCV Funds’ benchmark and the applicable peer group median, each for the past one-, three-, five- and ten-year periods.

Transamerica Funds Annual Report 2020

Page    556

TRANSAMERICA LARGE CAP VALUE

APPROVAL OF SUB-ADVISORY AGREEMENT (continued)

(unaudited)

On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the sub-advisory services to be provided by Rothschild, the Board Members concluded that Rothschild is capable of generating a level of investment performance that is appropriate in scope and extent in light of the Proposed Strategy, the competitive landscape of the investment company business and investor needs.

Management and Sub-Advisory Fees and Total Expense Ratio. The Board Members considered the revised management and new sub-advisory fee schedules (“Fee Changes”) for each LCV Fund. The Board Members reviewed the management fee and total expense ratio of each class of each LCV Fund, assuming implementation of the Fee Changes and based on assets as of March 1, 2020, as compared to the applicable Broadridge and Morningstar peer group medians. The Board Members noted that the management fee of each LCV Fund would be below the applicable Broadridge and Morningstar peer group medians. With respect to the Fund, the Board Members noted that the total expense ratios of each share class for which applicable Broadridge and Morningstar peer group medians were available would be in line with or below such medians, with the exception of Class R1, which would be below the applicable Morningstar peer group median, but above the applicable Broadridge peer group median. With respect to Transamerica Rothschild & Co Large Cap Value VP, the Board Members considered that the total expense ratio of each class would be above the applicable Broadridge and Morningstar peer group medians. The Board Members noted TAM’s representation that it does not consider Transamerica Rothschild & Co Large Cap Value VP to be at scale and expects the Fund’s expenses to decrease as the Fund gains scale.

The Board Members considered that the revised management and new sub-advisory fee schedules for each LCV Fund would be lower at all asset levels than the current management and sub-advisory fee schedules. The Board Members also considered that TAM had negotiated with Rothschild to have the LCV Funds’ assets aggregated for purposes of computing breakpoints in the new sub-advisory fee schedules. The Board Members noted that if the Fee Changes are implemented, the total expense ratio of each class of each LCV Fund is expected to decrease or remain the same. The Board noted that as the LCV Funds grow in size, the revised management and new sub-advisory fee schedules have the potential to result in additional savings for shareholders.

The Board Members considered the portion of each LCV Fund’s management fee to be retained by TAM following payment of the sub-advisory fee by TAM to Rothschild and noted that TAM considered the amount to be reasonable compensation for its services. On the basis of these and other considerations, together with the other information it considered, the Board Members determined that the revised management fee schedule and new sub-advisory fee schedule for each LCV Fund were reasonable in light of the services to be provided.

Cost of Services to be Provided and Level of Profitability. With respect to Rothschild, the Board Members noted that the proposed sub-advisory fees are the product of arm’s-length negotiation between TAM and Rothschild, which is not affiliated with TAM, and would be paid by TAM and not the LCV Funds. As a result, the Board Members did not consider Rothschild’s anticipated profitability to be material to its decision to approve the Rothschild Sub-Advisory Agreements. The Board Members also reviewed pro forma estimated TAM profitability information provided by TAM, noting that, based on assets as of May 31, 2020, there was expected to be a nominal net decrease in the net management fees retained by TAM for the Fund and a nominal net increase in the fees retained for Transamerica Rothschild & Co Large Cap Value VP. The Board Members considered TAM’s view that each LCV Fund’s proposed net management fee would allow TAM to be reasonably compensated for its services.

Economies of Scale. In evaluating the extent to which each LCV Fund’s revised management fee schedule and new sub-advisory fee schedule reflected economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the existence of breakpoints in both the management and sub-advisory fee schedules. The Board Members concluded that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by each LCV Fund to TAM, and the sub-advisory fees payable by TAM to Rothschild, in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board considered other benefits expected to be derived by Rothschild from its relationships with the LCV Funds. The Board noted that TAM would not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with Rothschild or the LCV Funds, and that Rothschild may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including the Independent Board Members, concluded that the approval of the revised management fee schedule and Rothschild Sub-Advisory Agreement for each LCV Fund was in the best interests of the LCV Fund and its shareholders and voted to approve the revised management fee schedule and Rothschild Sub-Advisory Agreement for each LCV Fund.

Transamerica Funds Annual Report 2020

Page    557

TRANSAMERICA SUSTAINABLE BOND

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (“Board” or “Board Members”) held on March 11-12, 2020, the Board considered the approval of the proposed investment management agreement (“Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds on behalf of Transamerica Sustainable Bond (“Fund”) and the proposed sub-advisory agreement between TAM and Aegon Asset Management US (“AAM”) for the Fund (“Sub-Advisory Agreement” and, together with the Management Agreement, “Agreements”).

Following its review and consideration, the Board determined that the terms of the Agreements were reasonable and that the approval of the Agreements was in the best interests of the Fund and its future shareholders. The Board, including the Independent Board Members, unanimously approved the Agreements for an initial two-year period.

Prior to reaching their decision, the Board Members requested and received from TAM and AAM certain information. The Board Members then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and AAM as part of their regular oversight of other funds managed by TAM and sub-advised by AAM, and knowledge they gained over time through meeting with TAM and AAM. Among other materials, the Board Members considered comparative fee, expense and performance information prepared by TAM.

In their deliberations, the Independent Board Members met privately without representatives of TAM or AAM present and were represented throughout the process by their independent legal counsel. In considering whether to approve the Agreements, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services to be Provided. The Board considered the nature, extent and quality of the services expected to be provided by TAM and AAM. The Board also considered the proposed investment approach for the Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; the continuous and regular management services to be provided by AAM; the experience of AAM with the proposed investment strategy; and the professional qualifications and experience of AAM’s portfolio management team.

The Board also considered the continuous and regular investment management and other services to be provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains after payment of the sub-advisory fees. The Board noted that the investment management and other services to be provided by TAM would include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of AAM to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund’s prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings; and ongoing cash management services. The Board considered that TAM’s investment management services would also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, which would include the Fund, oversees the services provided by the custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance. The Board Members considered AAM’s investment management experience, capabilities and resources. The Board Members recognized that the Fund is not yet in existence and therefore has no historical performance for the Board Members to review. The Board Members considered the performance of an account using AAM’s proposed sustainable fixed income strategy launched in April 2019, relative to the performance of (i) a peer universe of comparable funds and (ii) the Fund’s proposed benchmark, Bloomberg Barclay’s U.S. Aggregate Bond Index, in each case for the period ended December 31, 2019. In order to evaluate the performance of AAM’s proposed strategy over longer time periods and for a full market cycle, the Board Members also considered the performance of a composite of AAM’s non-sustainability focused core plus strategies, relative to the historical performance of the same peer universe and benchmark, in each case for the various trailing periods ended December 31, 2019. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the management services to be provided by TAM and the sub-advisory services to be provided by AAM, the Board concluded that TAM and AAM are capable of generating a level of investment performance that is appropriate in scope and extent in light of the Fund’s proposed investment objective, policies and strategies, the competitive landscape of the investment company business and investor needs.

Transamerica Funds Annual Report 2020

Page    558

TRANSAMERICA SUSTAINABLE BOND

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — INITIAL CONTRACT APPROVAL (continued)

(unaudited)

Management and Sub-Advisory Fees and Total Expense Ratio. The Board considered the proposed management fee and anticipated total expense ratio of the Fund, including information provided by TAM comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in the Broadridge and Morningstar peer universes.

The Board also considered the fees to be charged by AAM for sub-advisory services, as well as the portion of the Fund’s management fee to be retained by TAM following payment of the sub-advisory fee. The Board noted that the proposed management fee for the Fund is slightly above the Broadridge and Morningstar peer universe medians, although the breakpoint fee schedule allows for the management fee to be below median at higher scale. The Board also noted that the estimated total expense ratio of each class of the Fund are higher than the applicable Broadridge and Morningstar peer universe medians, but that TAM has proposed to enter into an expense limitation arrangement with the Fund, under which the total expense ratio of each class of the Fund, except Class R, will be capped within five basis points of the applicable peer universe median.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and AAM under the Management Agreement and the Sub-Advisory Agreement are reasonable in light of the services to be provided.

Cost of Services to be Provided and Level of Profitability. The Board noted that the Fund was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund by TAM and its affiliates. The Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not anticipated to be excessive.

With respect to AAM, the Board noted that the proposed sub-advisory fees are the product of arm’s-length negotiation between TAM and AAM and would be paid by TAM and not the Fund. As a result, the Board did not consider AAM’s anticipated profitability to be material to its decision to approve the Sub-Advisory Agreement.

Economies of Scale. In evaluating the extent to which the proposed fees payable under the Agreements reflected economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the management and sub-advisory fee schedules and the existence of breakpoints in those schedules, as detailed in the materials provided to the Board Members, and noted each fee breakpoint with respect to the various asset levels to be achieved by the Fund. The Board Members also considered that the appointment of AAM as sub-adviser had the potential to attract additional assets due to AAM’s known asset management capabilities. The Board Members concluded that the proposed fees and breakpoints may benefit shareholders by permitting economies of scale in the form of lower management fees as the level of assets grows for the Fund. The Board Members also noted that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM, and the sub-advisory fees payable by TAM to AAM, in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and/or AAM from their Relationships with the Fund. The Board considered other benefits expected to be derived by TAM, its affiliates, and/or AAM from their relationships with the Fund. The Board noted that TAM would not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with AAM or the Fund, and that AAM may engage in soft dollar arrangements and receive such benefits, consistent with applicable law and “best execution” requirements. The Board noted that it would have the opportunity in the future to review the benefits over time.

Other Considerations. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its future shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of AAM. The Board also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including the Independent Board Members, concluded that the approval of the Agreements was in the best interests of the Fund and its future shareholders and voted to approve the Agreements.

Transamerica Funds Annual Report 2020

Page    559

TRANSAMERICA SUSTAINABLE EQUITY INCOME (FORMERLY, TRANSAMERICA DIVIDEND FOCUSED)

APPROVAL OF SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”) held on August 5 and 6, 2020, the Board considered the termination of Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) as sub-adviser to Transamerica Sustainable Equity Income (formerly, Transamerica Dividend Focused) (the “Fund”) and the approval of the proposed sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”) and Aegon Asset Management UK plc (formerly, Kames Capital plc) (“AAM”) with respect to the Fund (the “AAM Sub-Advisory Agreement”), as well as the approval of a revised management fee schedule for the Fund.

Following their review and consideration, the Board Members determined that the terms of the AAM Sub-Advisory Agreement were reasonable and that the termination of Barrow Hanley as sub-adviser to the Fund and the approval of the AAM Sub-Advisory Agreement were in the best interests of the Fund and its shareholders. The Board, including the independent members of the Board (“Independent Board Members”), authorized TAM to terminate the sub-advisory agreement with Barrow Hanley and unanimously approved the AAM Sub-Advisory Agreement for an initial two-year period. The Board, including the Independent Board Members, also unanimously approved the revised management fee schedule for the Fund.

Prior to reaching their decision, the Board Members requested and received from TAM and AAM certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the proposed AAM Sub-Advisory Agreement, including information they had previously received from TAM as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM. Among other materials, the Board Members considered fee, expense and profitability information prepared by TAM.

In their deliberations, the Independent Board Members met privately without representatives of TAM or AAM present and were represented throughout the process by their independent legal counsel. In considering whether to approve the AAM Sub-Advisory Agreement between TAM and AAM with respect to the Fund, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services. In evaluating the nature, extent and quality of the services to be provided by AAM under the AAM Sub-Advisory Agreement, the Board considered, among other things, information provided by TAM and AAM regarding the operations, facilities, organization and personnel of AAM, the anticipated ability of AAM to perform its duties under the AAM Sub-Advisory Agreement, and the proposed changes to the Fund’s principal investment strategies. The Board further considered that: (i) AAM is an experienced asset management firm; (ii) TAM is recommending that AAM be appointed as sub-adviser to the Fund; and (iii) TAM believes that AAM has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund based on TAM’s assessment of AAM’s organization and investment personnel. The Board Members also considered AAM’s proposed responsibilities and experience with the Fund’s proposed principal investment strategies.

The Board noted that TAM had advised the Board Members that neither the approval of the AAM Sub-Advisory Agreement nor the approval of the revised management fee schedule was expected to result in any diminution in the nature, extent and quality of the services provided to the Fund and its shareholders, including compliance services. Based on these and other considerations, the Board Members determined that AAM can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that AAM’s appointment is not expected to diminish the nature, extent and quality of services provided to the Fund.

Investment Performance. The Board considered AAM’s investment management experience, capabilities and resources. The Board reviewed the historical performance of the Fund for various trailing periods ended May 31, 2020 against the Fund’s benchmark. The Board Members noted that the Fund’s proposed strategy under AAM management was a custom strategy for which no historical performance data was available. The Board Members reviewed the historical performance of: (i) AAM Global Equity Income, an Irish domiciled open-end fund managed by AAM that uses the same dividend-focused philosophy as that proposed for the Fund; (ii) AAM Ethical Equity, a UK-domiciled open-end fund managed by AAM that employs a similar ESG dedicated strategy as that proposed for the Fund; and (iii) the U.S. sleeve of AAM Global Equity Income, as a way to demonstrate the team’s stock-picking skills in the U.S. market with a dividend approach.

On the basis of this information and the Board Members’ assessment of the nature, extent and quality of the sub-advisory services to be provided by AAM, the Board Members concluded that AAM is capable of generating a level of investment performance that is appropriate in scope and extent in light of the Fund’s proposed new principal investment strategies, the competitive landscape of the investment company business and investor needs.

Transamerica Funds Annual Report 2020

Page    560

TRANSAMERICA SUSTAINABLE EQUITY INCOME (FORMERLY, TRANSAMERICA DIVIDEND FOCUSED)

APPROVAL OF SUB-ADVISORY AGREEMENT (continued)

(unaudited)

Management and Sub-Advisory Fees and Total Expense Ratio. The Board Members considered the revised management and new sub-advisory fee schedules (“Fee Changes”) for the Fund. The Board Members reviewed the management fee and total expense ratio of each class of the Fund, based on current assets and assuming implementation of the Fee Changes, as compared to the applicable Broadridge and Morningstar peer group medians. The Board Members noted that although the management fee and for certain share classes the total expense ratio would be above the applicable Broadridge and/or Morningstar peer group medians, TAM believes the management fee and total expense ratio of each class of the Fund would be competitive relative to peers.

The Board Members considered that the revised management and new sub-advisory fee schedules would be lower at all asset levels than the current management and sub-advisory fee schedules. The Board Members also considered that TAM had negotiated with AAM to have the Fund’s assets aggregated with the assets of Transamerica Aegon Sustainable Equity Income VP (formerly, Transamerica Barrow Hanley Dividend Focused VP) for purposes of computing breakpoints in the new sub-advisory fee schedule and that TAM had agreed to reimburse 0.09% of sub-transfer agency fees on Class I shares for the Fund. The Board Members noted that if the Fee Changes are implemented, the total expense ratio of each class of the Fund is expected to decrease. The Board Members noted that as the Fund grows in size, the revised management and new sub-advisory fee schedules have the potential to result in additional savings for shareholders.

The Board Members considered the portion of the Fund’s management fee to be retained by TAM following payment of the sub-advisory fee by TAM to AAM and noted that TAM considered the amount to be reasonable compensation for its services. On the basis of these and other considerations, together with the other information it considered, the Board Members determined that the revised management fee schedule and new sub-advisory fee schedule were reasonable in light of the services to be provided.

Cost of Services to be Provided and Level of Profitability. The Board Members reviewed pro forma estimated profitability information provided by TAM for TAM and its affiliates, including AAM. The Board Members noted that, based on assets as of May 31, 2020, there was expected to be a decrease in the net management fees retained by TAM, but an increase in overall profitability to the Transamerica/Aegon organization due to the fact that, unlike Barrow Hanley, AAM is an affiliated sub-adviser. The Board Members also considered TAM’s view that the Fund’s proposed net management fee would allow TAM to be reasonably compensated for its services. The Board Members also considered the pro forma revenue, expense and pre-distribution profit margin information provided by TAM and determined that the profitability of TAM and its affiliates from their relationships with the Fund was not anticipated to be excessive.

Economies of Scale. In evaluating the extent to which the Fund’s revised management fee schedule and new sub-advisory fee schedule reflected economies of scale or would permit economies of scale to be realized in the future, the Board Members considered the existence of breakpoints in both the management and sub-advisory fee schedules. The Board Members noted that the revised management fee schedule and new sub-advisory fee schedule lower the asset levels for the last two breakpoints, which would benefit shareholders as the Fund grows in size. The Board Members concluded that they would have the opportunity to periodically reexamine the appropriateness of the management fees payable by the Fund to TAM, and the sub-advisory fees payable by TAM to AAM, in light of any economies of scale experienced in the future.

Fall-Out Benefits. The Board considered other benefits expected to be derived by AAM from its relationship with the Fund. The Board noted that TAM would not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with AAM or the Fund, and that AAM had indicated it also would not engage in soft dollar arrangements and receive such benefits as a result of its relationships with TAM and the Fund.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including the Independent Board Members, concluded that the approval of the revised management fee schedule and the AAM Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and voted to approve the revised management fee schedule and the AAM Sub-Advisory Agreement.

Transamerica Funds Annual Report 2020

Page    561

Management of the Trust

Board Members and Officers

(unaudited)

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund’s assets by the investment manager and its respective sub-adviser.

The Funds are among the Funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 121 Funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Further information about the Funds’ Directors and Officers is available in the Funds’ Statement of Additional Information, which can be obtained without charge by calling 1-888-233-4339 or visiting the Funds’ website at www.transamerica.com.

The Board Members, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of Funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
Marijn P. Smit (47)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	121	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present) Director, Mongeral Aegon Seguros e Previdencia S.A. (2019 – present); and Director, Mongeral Aegon Investimentos

Transamerica Funds Annual Report 2020

Page    562

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
Marijn P. Smit (continued)			Senior Vice President, Transamerica Retirement Solutions LLC (2012 – present); Trust Officer, Massachusetts Fidelity Trust Company (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – 2016); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).		Ltda. (2018 – present)
Alan F. Warrick (72)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010).	116	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (68)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	116	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)

Transamerica Funds Annual Report 2020

Page    563

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (64)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).	116	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)
David W. Jennings (74)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	116	N/A
Fredric A. Nelson III (63)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018);	116	N/A

Transamerica Funds Annual Report 2020

Page    564

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Fredric A. Nelson III (continued)			Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).
John E. Pelletier (56)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018); Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017); Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.	116	N/A
Patricia L. Sawyer (70)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board	116	Honorary Trustee, Bryant University (1996 – present)

Transamerica Funds Annual Report 2020

Page    565

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Patricia L. Sawyer (continued)			Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.
John W. Waechter (68)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	116	Board Member, Operation PAR, Inc. (non-profit organization) (2008 – present); Board Member, Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2020

Page    566

OFFICERS

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (47)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Members Table Above.
Christopher A. Staples, CFA (50)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services, Transamerica Funds and TST (2007 – present); TET (2017 – present); Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – 2019); Trust Officer, Massachusetts Fidelity Trust Company (2010 – present); Registered Representative (2007 – 2016), TCI; Registered Representative, TFA (2005 – present).
Thomas R. Wald, CFA (60)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); TET (2017 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Director (2017 – present), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión, Director (2019 – present); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Director, Transamerica Funds Services, Inc. (2019 – present); and Trust Officer, Massachusetts Fidelity Trust Company (2015 – present).
Vincent J. Toner (50)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present), TET (2017 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015);

Transamerica Funds Annual Report 2020

Page    567

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Vincent J. Toner (continued)			Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); Vice President (2016 – present), Transamerica Capital, Inc.; Trust Officer (2015 – present), Massachusetts Fidelity Trust Company.
Francine J. Rosenberger (53)	Chief Compliance Officer	Since 2019	Chief Compliance Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (42)	Anti-Money Laundering Officer	Since 2019	Anti-Money Laundering Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Anti-Money Laundering Officer (2019 – present), TAM; Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present); Attorney, Anti-Money Laundering Compliance Officer (Annuity products), Transamerica Life Insurance Company/Aegon USA (2006 – 2015).
Erin D. Nelson (43)	Chief Legal Officer and Secretary	Since 2019	Chief Legal Officer and Secretary, Transamerica Funds, TST, TET and TAAVF (2019 – present); Assistant General Counsel II and Assistant Secretary, TAM (2019 – present), Assistant Secretary (2019 – present, TFS; Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019).
Timothy Bresnahan (52)	Senior Counsel and Assistant Secretary	Since 2020	Assistant Secretary, TET (2019 – present); Secretary, TET (2019); Senior Counsel, TAM (2008 – present).
Peter Sattelmair (43)	Assistant Treasurer	Since 2018	Assistant Treasurer, Transamerica Funds, TST and TAAVF (2018 – present); Director, Fund Administration, TAM (2014 – present).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2020

Page    568

TRANSAMERICA SMALL CAP CORE

RESULTS OF SHAREHOLDER MEETING

(unaudited)

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and to provide final results. Accordingly, the Board of Trustees of the Fund solicited a vote by the shareholders for the following item:

A special meeting of shareholders of Transamerica Small Cap Core was held on July 30, 2020. The results of the Proposal were as follows:

Proposal: To approve a Plan of Liquidation to liquidate Transamerica Small Cap Core and distribute the liquidation proceeds to the shareholders of the Fund:

Proposal	Number of Shares
For	6,229,072.302
Against	281,080.491
Withheld	628,944.009

Transamerica Funds Annual Report 2020

Page    569

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.

Each fiscal quarter, the Funds, except Government Money Market, will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.

On a monthly basis, Government Money Market will file with the SEC portfolio holdings information on Form N-MFP2. A complete schedule of portfolio holdings is also available at www.tranasmercia.com.

You may also visit the Trust’s website at www.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

Transamerica Funds Annual Report 2020

Page    570

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2020

Page    571

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

270228 10/20

© 2020 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the funds intend to no longer mail paper copies of the funds’ shareholder reports, unless you specifically request paper copies of the reports from a fund or your financial intermediary (such as broker-dealer or bank). Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary or, if you are a direct shareholder with a fund, by calling 1-888-233-4339.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports where a fund is held through that intermediary. If you are a direct shareholder with a fund, you can call 1-888-233-4339 to let the fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Transamerica funds held directly with the fund complex.

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica Core Bond	3
Transamerica Mid Cap Value	28
Transamerica Total Return	34
Statements of Assets and Liabilities	52
Statements of Operations	53
Statements of Changes in Net Assets	54
Statement of Cash Flows	55
Financial Highlights	56
Notes to Financial Statements	58
Report of Independent Registered Public Accounting Firm	77
Supplemental Information	78
Approval of Management and Sub-Advisory Agreements	79
Management of the Trust	83
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	90
Notice of Privacy Policy	91

Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.

Transamerica Funds Annual Report 2020

Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2020.

We believe it is important to understand market conditions over the last fiscal year of the Funds to provide a context for reading this report. As the period began markets were exhibiting strength as the economy was reflecting the lowest unemployment rates in more than a half-century. In addition, wage growth was rising, inflation was benign, consumer spending was strong and the U.S. Federal Reserve (“Fed”) had just concluded a series of three rate cuts, taking the Fed Funds rate down to a lower bound of 1.50%. For these reasons, among others, many investors looked ahead to the year of 2020 with a sense of optimism.

By February of 2020, markets were digesting headlines about a rapidly spreading respiratory virus in China, and fears of its global transmission began to rattle markets. While equity markets peaked at record highs toward the end of February, it soon became clear that COVID-19 cases were expanding internationally and there would be dramatically negative economic impacts. A nationwide lockdown quickly went into effect by the middle of March, and while the Fed slashed short term rates to zero, this could not prevent widespread selling across the stock and credit markets resulting in the fastest 35% decline in the history of the S&P 500^® Index by the final week of March. International markets saw similar declines with the MSCI EAFE Index losing approximately one-third of its value. Credit spreads more than tripled, and long-term Treasury yields collapsed as the 10-year bond yield dropped to an all-time low of 0.54%.

Throughout the spring of 2020, the U.S. economy experienced its worst economic contraction since the Great Depression as more than twenty million jobs were lost in the month of April and second quarter gross domestic product (“GDP”) plummeted by an annualized rate of -31%. However, as the Fed quickly implemented unprecedented amounts of large scale asset purchases and credit support, and Congress passed the Coronavirus, Aid, Relief and Stimulus Act (“CARES”) providing more than $2 trillion to businesses and families, the markets began to see a recovery on the horizon.

By June 2020, with virus case growth having declined, most states had loosened business shutdowns and social distancing requirements, and with pent-up demand from the earlier months now being combined with lower interest rates and market liquidity, GDP came roaring back in the third quarter to reach its highest rate of growth ever. Markets reacted accordingly as the S&P 500^® Index regained its pre-virus high by the end of August. International markets also recovered as their economies opened more and global central banks such as the European Central Bank (“ECB”) also applied high degrees of monetary stimulus, however, they were unable to recover to pre-pandemic levels.

While stocks reached new record highs by Labor Day, volatility returned to the markets during September and October as COVID-19 case levels increased exponentially to daily numbers well in excess of earlier in the year. Election uncertainties and the inability of Congress to pass follow-up legislation on fiscal stimulus and economic relief to the soon expiring CARES Act also created investor angst. By the end of the Funds’ fiscal year, stocks were off their highs but still displaying historic improvement from the March lows, as investors began to focus on the prospects of a continuing economic recovery in 2021 and anxiously awaited news on a COVID-19 vaccine. International equity markets, which had recovered materially in the second quarter, remained relatively range bound since summer and continued to remain below pre-pandemic levels.

For the 12-month period ended October 31, 2020, the S&P 500^® Index returned 9.71% while the MSCI EAFE Index, representing international developed market equities, returned -6.46%. During the same period, the Bloomberg Barclays US Aggregate Bond Index returned 6.19%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Bloomberg Barclays US Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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 COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, the Fund’s exposure to the risks described elsewhere in the Prospectus will likely increase. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively affected.

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 May 1, 2020, and held for the entire six-month period until October 31, 2020.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
Transamerica Core Bond	$	1,000.00	$	1,026.90	$	2.50	$	1,022.70	$	2.49		0.49	%
Transamerica Mid Cap Value		1,000.00		1,099.60		5.07		1,020.30		4.88		0.96
Transamerica Total Return		1,000.00		1,026.10		3.46		1,021.70		3.46		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 (184 days), and divided by the number of days in the year (366 days).
(C)	Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and recapture, if any, are based on the most recent six-months and may differ from the net expense ratio displayed in the Financial Highlights which covers a twelve-month period.

Transamerica Funds Annual Report 2020

Page    2

Transamerica Core Bond

(unaudited)

MARKET ENVIRONMENT

At the beginning of the 12-month period ended October 31, 2020, the biggest risk to global growth appeared to be U.S. and China trade negotiations. The trade war rhetoric quickly took a back seat as we entered the early months of 2020. Investors’ fears that the COVID-19 virus would spread became reality, gripping markets and bringing certain areas of the global economy to a halt in March. U.S. equities promptly entered bear market territory, government bond yields dropped to the lowest levels ever and oil prices collapsed. This left investors across markets grappling with trying to understand the potential economic impact of the pandemic and a dramatic change in the fundamentals of the global oil market.

The Federal Reserve (“Fed”) responded swiftly by slashing its target range for the fed funds rate by 150 basis points (“bps”) to its effective lower bound of 0-25 bps and restarting quantitative easing by committing to purchase an unlimited amount of U.S. Treasuries and mortgage-backed securities (“MBS”) in order to support market liquidity. The Fed also announced several other measures designed to support market liquidity and the flow of credit.

On the fiscal side, in March the U.S. government passed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, a $2.3 trillion stimulus package. This relief package was intended to soften the severity of an economic contraction in the U.S. and included grants to small businesses, financial support for American workers, and government backing for the credit facilities implemented by the Fed.

Markets reacted quickly to the stimulus in the second quarter, as investors began to price in a recovery for an economy that had previously been on solid footing before the pandemic began. Equities rebounded swiftly, interest rates remained at or near their all-time lows and credit spreads recovered substantially. Thanks in part to the government stimulus programs, economic activity was revived quickly.

As we ended the 12-month period ended October 31, 2020, concerns about a lack of a fiscal aid package before the November elections, worries about another wave of COVID-19 cases and uncertainty about the U.S. election weighed on markets.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Core Bond (Class I2) returned 6.21%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 6.19%.

STRATEGY REVIEW

Over the 12-month period ended October 31, 2020, the Treasury curve steepened, as short-end yields moved lower than yields on the long end. The 2-year yield fell by 138 bps to 0.15%, the 10-year yield decreased 83 bps to 0.86%, and the 30-year yield decreased by 55 bps to 1.65%. The spread between the 2- and 10- year Treasury rose by 55 bps to finish the period at 71 bps. The Fund held a longer duration posture and overweight to the 10+ year portion of the curve during much of the period which was beneficial to performance as Treasury rates rallied over the course of the fiscal year.

Investment grade corporate credit was among the best performing sectors during the period, yet it was the largest detractor to returns, due to an underweight allocation and weak security selection. The option-adjusted spread (“OAS”) of the Bloomberg Barclays Corporate index ended the period at 133 bps, which was 16 bps wider than the start of the fiscal year. Financials were the best sub-sector within the corporate bond market, while industrials were the weakest. Non-corporate credit sectors also underperformed duration-equivalent Treasuries in the period.

An overweight allocation to Asset-Backed Securities (“ABS”) was a contributor to performance. The sector rebounded with markets and posted positive returns, driven by strong market technicals. The Fund’s agency mortgage allocation detracted during the period. The Fund’s bias for specified pools, agency collateralized mortgage obligations (“CMOs”), and agency multi-family CMBS was the primary driver of returns during the period, however, they underperformed the benchmark.

Richard Figuly

Justin Rucker

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Transamerica Funds Annual Report 2020

Page    3

Transamerica Core Bond

(unaudited)

Asset Allocation	Percentage of Net Assets
U.S. Government Agency Obligations		31.1	%
Corporate Debt Securities		30.2
U.S. Government Obligations		19.0
Asset-Backed Securities		11.6
Other Investment Company		5.1
Mortgage-Backed Securities		4.7
Repurchase Agreement		1.6
Municipal Government Obligations		0.8
Foreign Government Obligations		0.6
Net Other Assets (Liabilities)		(4.7	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		7.90
Duration †		5.92
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		50.1	%
AAA		5.3
AA		3.8
A		10.6
BBB		20.5
BB		0.2
B		0.0	*
CCC and Below		0.1
Not Rated		14.1
Net Other Assets (Liabilities)		(4.7	)
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)%.

Transamerica Funds Annual Report 2020

Page    4

Transamerica Core Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		6.21	%		4.09	%		3.68	%		07/01/2009
Bloomberg Barclays US Aggregate Bond Index (A)		6.19	%		4.08	%		3.55	%

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in bond funds entails interest rate and credit risk as well as additional risks in that the Fund may invest in high-yield/high-risk bonds and is subject to greater levels of liquidity risk, which are described in more detail in the prospectus. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2020

Page    5

Transamerica Core Bond

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES - 11.6%
ABFC Trust Series 2005-AQ1, Class A4, 4.63% (A), 01/25/2034		$60,018		$60,915
Academic Loan Funding Trust Series 2013-1A, Class A, 1-Month LIBOR + 0.80%, 0.95% (A), 12/26/2044 (B)		425,653		419,821
American Homes 4 Rent Trust
Series 2014-SFR2, Class A,
3.79%, 10/17/2036 (B)		1,983,253		2,124,660
Series 2014-SFR2, Class E,
6.23%, 10/17/2036 (B)		200,000		224,872
Series 2014-SFR3, Class D,
5.04%, 12/17/2036 (B)		270,000		296,234
Series 2014-SFR3, Class E,
6.42%, 12/17/2036 (B)		725,000		813,207
Series 2015-SFR1, Class A,
3.47%, 04/17/2052 (B)		899,543		958,746
Series 2015-SFR1, Class D,
4.41%, 04/17/2052 (B)		1,800,000		1,903,787
Series 2015-SFR1, Class E,
5.64%, 04/17/2052 (B)		825,000		907,380
Series 2015-SFR2, Class E,
6.07%, 10/17/2052 (B)		1,155,000		1,282,172
American Tower Trust #1 Series 2013-2A, Class 2A, 3.07%, 03/15/2048 (B)		400,000		408,823
AmeriCredit Automobile Receivables Trust
Series 2017-1, Class C,
2.71%, 08/18/2022		176,766		178,127
Series 2017-1, Class D,
3.13%, 01/18/2023		489,000		501,703
B2R Mortgage Trust Series 2016-1, Class A, 2.57%, 06/15/2049 (B)		697,328		697,752
Business Jet Securities LLC
Series 2018-1, Class A,
4.34%, 02/15/2033 (B)		653,662		659,557
Series 2018-2, Class A,
4.45%, 06/15/2033 (B)		1,111,184		1,120,560
Series 2019-1, Class A,
4.21%, 07/15/2034 (B)		2,143,268		2,161,554
Series 2020-1A, Class A,
2.98%, 11/15/2035 (B)		600,000		603,700
Camillo Trust Series 2016-SFR1, 5.00%, 12/05/2023 (C) (D)		1,846,079		1,842,040
Capital Auto Receivables Asset Trust Series 2018-1, Class A3, 2.79%, 01/20/2022 (B)		66,629		66,718
Carvana Auto Receivables Trust Series 2019-3A, Class D, 3.04%, 04/15/2025 (B)		2,770,000		2,846,770
Chase Funding Trust
Series 2003-2, Class 2A2,
1-Month LIBOR + 0.56%, 0.71% (A), 02/25/2033		413,737		388,948

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Chase Funding Trust (continued)
Series 2003-6, Class 1A5,
5.00% (A), 11/25/2034		$ 160,239		$ 168,054
Colony American Finance, Ltd. Series 2016-2, Class A, 2.55%, 11/15/2048 (B)		402,037		402,707
COOF Securitization Trust, Ltd., Interest Only STRIPS Series 2014-1, Class A, 3.16% (A), 06/25/2040 (B)		197,854		16,540
Corevest American Finance Trust
Series 2019-1, Class B,
3.88%, 03/15/2052 (B)		1,300,000		1,383,075
Series 2019-3, Class A,
2.71%, 10/15/2052 (B)		1,316,568		1,388,417
CPS Auto Receivables Trust Series 2015-C, Class D, 4.63%, 08/16/2021 (B)		62,567		62,734
Credit Acceptance Auto Loan Trust
Series 2017-2A, Class C,
3.35%, 06/15/2026 (B)		272,000		272,254
Series 2018-1A, Class A,
3.01%, 02/16/2027 (B)		191,936		192,515
Diamond Resorts Owner Trust
Series 2017-1A, Class A,
3.27%, 10/22/2029 (B)		330,972		335,605
Series 2018-1, Class A,
3.70%, 01/21/2031 (B)		632,457		655,599
Drive Auto Receivables Trust
Series 2016-CA, Class D,
4.18%, 03/15/2024 (B)		615,179		624,955
Series 2017-1, Class D,
3.84%, 03/15/2023		928,383		941,805
Series 2017-3, Class D,
3.53%, 12/15/2023 (B)		2,289,653		2,324,863
Series 2017-AA, Class D,
4.16%, 05/15/2024 (B)		399,157		403,093
Series 2018-3, Class C,
3.72%, 09/16/2024		622,948		627,574
Series 2019-1, Class D,
4.09%, 06/15/2026		645,000		676,140
DT Asset Trust Series 2017, Class B, 5.84%, 12/16/2022		1,100,000		1,101,100
DT Auto Owner Trust
Series 2017-1A, Class D,
3.55%, 11/15/2022 (B)		76,375		76,558
Series 2017-3A, Class D,
3.58%, 05/15/2023 (B)		224,893		226,454
Series 2018-1A, Class C,
3.47%, 12/15/2023 (B)		77,521		77,626
Series 2018-1A, Class D,
3.81%, 12/15/2023 (B)		681,000		691,867
Series 2019-4A, Class C,
2.73%, 07/15/2025 (B)		1,819,000		1,868,308
Exeter Automobile Receivables Trust Series 2017-1A, Class C, 3.95%, 12/15/2022 (B)		125,241		126,286

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    6

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES (continued)
First Investors Auto Owner Trust
Series 2017-2A, Class B,
2.65%, 11/15/2022 (B)		$ 242,564		$ 243,009
Series 2017-2A, Class C,
3.00%, 08/15/2023 (B)		1,500,000		1,517,417
FirstKey Homes Trust Series 2020-SFR2, Class E, 2.67%, 10/19/2037 (B)		2,000,000		1,993,175
Flagship Credit Auto Trust
Series 2016-1, Class C,
6.22%, 06/15/2022 (B)		505,455		511,199
Series 2016-4, Class C,
2.71%, 11/15/2022 (B)		219,465		220,257
Series 2018-3, Class C,
3.79%, 12/16/2024 (B)		2,029,000		2,094,036
Series 2019-4, Class D,
3.12%, 01/15/2026 (B)		2,200,000		2,291,522
Fort Cre LLC Series 2018-1A, Class C, 1-Month LIBOR + 2.83%, 2.98% (A), 11/16/2035 (B)		3,195,000		2,985,599
Foundation Finance Trust
Series 2019-1A, Class A,
3.86%, 11/15/2034 (B)		605,981		624,809
Series 2020-1A, Class A,
3.54%, 07/16/2040 (B)		1,637,455		1,694,638
FREED ABS Trust
Series 2018-1, Class A,
3.61%, 07/18/2024 (B)		13,577		13,583
Series 2018-2, Class A,
3.99%, 10/20/2025 (B)		172,764		173,511
Series 2019-2, Class A,
2.62%, 11/18/2026 (B)		472,968		474,993
FTF Funding II LLC Series 2019-1, Class A, Zero Coupon, 08/15/2024		935,798		692,490
GLS Auto Receivables Trust Series 2016-1A, Class C, 6.90%, 10/15/2021 (B)		32,661		32,690
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 03/17/2031 (B)		43,981		44,204
Golden Bear LLC Series 2016-R, Class R, 5.65%, 09/20/2047 (B)		209,014		206,063
Goodgreen Trust
Series 2017, Class R1,
5.00%, 10/20/2051 (C) (D) (E)		1,447,197		1,458,850
Series 2017-1A, Class A,
3.74%, 10/15/2052 (B)		204,859		215,572
Series 2017-2A, Class A,
3.26%, 10/15/2053 (B)		1,034,298		1,075,089
Series 2019-2A, Class A,
2.76%, 10/15/2054 (B)		1,240,861		1,267,272
Hero Funding Trust
Series 2016-3A, Class A1,
3.08%, 09/20/2042 (B)		226,684		230,783
Series 2017-1A, Class A2,
4.46%, 09/20/2047 (B)		627,674		672,096

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Hero Funding Trust (continued)
Series 2017-3A, Class A2,
3.95%, 09/20/2048 (B)		$ 836,887		$ 873,867
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (B)		176,764		180,714
KGS-Alpha SBA COOF Trust, Interest Only STRIPS
Series 2012-2, Class A,
0.83% (A), 08/25/2038 (B)		1,072,063		22,331
Series 2014-2, Class A,
2.98% (A), 04/25/2040 (B)		200,532		16,811
Lendingpoint Asset Securitization Trust Series 2019-2, Class A, 3.07%, 11/10/2025 (B)		500,588		501,776
LL ABS Trust Series 2019-1A, Class A, 2.87%, 03/15/2027 (B)		501,965		504,656
LV Tower 52 Series 2013-1, Class A, 5.75%, 07/15/2019 (B) (C) (D) (E)		688,327		694,240
Mariner Finance Issuance Trust Series 2019-AA, Class B, 3.51%, 07/20/2032 (B)		1,335,000		1,342,057
Oportun Funding IX LLC Series 2018-B, Class A, 3.91%, 07/08/2024 (B)		2,329,000		2,366,760
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 03/08/2024 (B)		1,251,000		1,252,841
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/08/2024 (B)		3,554,000		3,611,394
Progress Residential Trust
Series 2017-SFR1, Class C,
3.32%, 08/17/2034 (B)		3,000,000		3,042,989
Series 2018-SFR2, Class E,
4.66%, 08/17/2035 (B)		1,284,000		1,314,340
Renew Series 2017-1A, Class A, 3.67%, 09/20/2052 (B)		269,413		278,499
SART Series 2018-1, 4.75%, 06/15/2025		1,688,239		1,705,122
SFR Holdco LLC Series 2019-STL, Class A, 7.25%, 10/11/2026 (C) (D) (E)		1,400,000		1,400,000
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2002-AL1, Class A2,
3.45%, 02/25/2032		43,298		41,737
Series 2004-6XS, Class A5A,
6.03% (A), 03/25/2034		82,532		84,063
Series 2004-6XS, Class A5B,
6.05% (A), 03/25/2034		82,532		84,060
Synchrony Card Funding LLC Series 2019-A1, Class A, 2.95%, 03/15/2025		3,013,000		3,111,324

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    7

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Synchrony Card Issuance Trust Series 2018-A1, Class A1, 3.38%, 09/15/2024		$ 1,580,000		$ 1,621,945
Tricolor Auto Securitization Trust
Series 2018-1A, Class A,
5.05%, 12/15/2020 (B)		53,932		53,874
Series 2020-1A, Class A,
4.88%, 11/15/2026 (B) (C) (D)		1,929,407		1,929,407
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (B)		622,869		623,247
US Auto Funding LLC Series 2018-1A, Class A, 5.50%, 07/15/2023 (B)		457,694		469,108
Vericrest Opportunity Loan Trust
Series 2019-NPL7, Class A1A,
3.18% (A), 10/25/2049 (B)		623,944		624,924
Series 2019-NPL8, Class A1A,
3.28% (A), 11/25/2049 (B)		1,183,894		1,186,155
Series 2020-NPL2, Class A1A,
2.98% (A), 02/25/2050 (B)		1,306,533		1,307,522
Verizon Owner Trust
Series 2017-3A, Class A1A,
2.06%, 04/20/2022 (B)		95,054		95,153
Series 2018-1A, Class A1A,
2.82%, 09/20/2022 (B)		1,316,035		1,325,822
VM Debt Trust Series 2019-1, 7.50%, 06/15/2024		1,649,707		1,619,877
VOLT LXXX LLC Series 2019-NPL6, Class A1B, 4.09% (A), 10/25/2049 (B)		2,300,000		2,270,347
VOLT LXXXIII LLC Series 2019-NPL9, Class A1A, 3.33% (A), 11/26/2049 (B)		1,274,838		1,276,471
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23% (A), 01/25/2050 (B)		1,144,684		1,147,086
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98% (A), 02/25/2050 (B)		1,320,835		1,321,102
VSE VOI Mortgage LLC Series 2018-A, Class A, 3.56%, 02/20/2036 (B)		471,125		489,852
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (B)		150,999		151,474
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		1,385,000		1,432,331
Total Asset-Backed Securities (Cost $96,072,647)				97,220,310
CORPORATE DEBT SECURITIES - 30.2%
Aerospace & Defense - 0.8%
Airbus SE
3.15%, 04/10/2027 (B) (F)		327,000		347,857
3.95%, 04/10/2047 (B)		150,000		165,169

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Aerospace & Defense (continued)
BAE Systems PLC
1.90%, 02/15/2031 (B)		$ 201,000		$ 199,808
3.00%, 09/15/2050 (B)		239,000		240,843
Boeing Co.
1.95%, 02/01/2024		600,000		597,708
2.75%, 02/01/2026		580,000		579,781
4.51%, 05/01/2023		1,060,000		1,122,917
4.88%, 05/01/2025		290,000		315,358
5.15%, 05/01/2030		450,000		497,309
L3 Harris Technologies, Inc. 3.83%, 04/27/2025		400,000		445,759
Lockheed Martin Corp. 4.50%, 05/15/2036		300,000		383,506
Northrop Grumman Corp. 3.20%, 02/01/2027		268,000		298,019
Precision Castparts Corp. 4.20%, 06/15/2035		150,000		187,698
Raytheon Technologies Corp.
3.20%, 03/15/2024 (B)		140,000		150,116
3.75%, 11/01/2046		285,000		326,298
4.15%, 05/15/2045		148,000		176,632
4.50%, 06/01/2042		542,000		679,424
6.70%, 08/01/2028		260,000		347,897
				7,062,099
Airlines - 0.8%
Air Canada Pass-Through Trust
3.30%, 07/15/2031 (B)		614,856		577,995
3.55%, 07/15/2031 (B)		363,528		301,341
3.60%, 09/15/2028 (B)		460,348		433,399
4.13%, 11/15/2026 (B)		478,851		438,446
American Airlines Pass-Through Trust
3.00%, 04/15/2030		826,788		765,876
3.65%, 08/15/2030		697,808		658,260
3.70%, 04/01/2028		135,410		106,983
British Airways Pass-Through Trust
3.30%, 06/15/2034 (B)		432,601		402,420
4.13%, 03/20/2033 (B)		469,654		384,455
Continental Airlines Pass-Through Trust
4.00%, 04/29/2026		165,833		160,051
5.98%, 10/19/2023		155,633		151,712
Delta Air Lines Pass-Through Trust 6.82%, 02/10/2024		80,633		81,834
Spirit Airlines Pass-Through Trust 3.38%, 08/15/2031		239,432		225,609
United Airlines Pass-Through Trust
2.88%, 04/07/2030		504,848		477,144
3.50%, 09/01/2031		620,331		592,613
3.65%, 07/07/2027		180,752		145,025
4.15%, 02/25/2033		584,352		577,383
4.55%, 02/25/2033		519,834		440,021
				6,920,567
Automobiles - 0.0% (G)
Kia Motors Corp. 2.63%, 04/21/2021 (B)		200,000		201,594
Banks - 5.4%
ABN AMRO Bank NV 4.75%, 07/28/2025 (B)		600,000		677,514

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    8

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
AIB Group PLC 4.75%, 10/12/2023 (B)		$ 700,000		$ 760,658
ASB Bank, Ltd. 3.13%, 05/23/2024 (B)		550,000		590,267
Australia & New Zealand Banking Group, Ltd. 4.40%, 05/19/2026 (B)		200,000		227,652
Banco Nacional de Panama 2.50%, 08/11/2030 (B)		300,000		298,062
Banco Santander SA
2.75%, 05/28/2025		600,000		632,558
3.13%, 02/23/2023		200,000		209,735
Bank of America Corp.
Fixed until 02/13/2030, 2.50% (A), 02/13/2031, MTN		1,345,000		1,392,078
Fixed until 06/19/2040, 2.68% (A), 06/19/2041, MTN		1,172,000		1,183,298
3.25%, 10/21/2027, MTN		398,000		439,037
Fixed until 01/23/2025, 3.37% (A), 01/23/2026		200,000		218,191
Fixed until 12/20/2027, 3.42% (A), 12/20/2028		306,000		339,942
Fixed until 04/24/2027, 3.71% (A), 04/24/2028		1,300,000		1,460,796
Fixed until 03/05/2028, 3.97% (A), 03/05/2029, MTN		1,300,000		1,493,163
Bank of Montreal Fixed until 12/15/2027, 3.80% (A), 12/15/2032		223,000		247,010
Barclays PLC
Fixed until 06/24/2030, 2.65% (A), 06/24/2031		940,000		943,418
3.65%, 03/16/2025		223,000		241,535
3.68%, 01/10/2023		300,000		309,915
Fixed until 02/15/2022, 4.61% (A), 02/15/2023		600,000		628,459
BNP Paribas SA
Fixed until 06/09/2025, 2.22% (A), 06/09/2026 (B)		230,000		237,840
Fixed until 01/13/2030, 3.05% (A), 01/13/2031 (B)		585,000		620,026
BPCE SA
Fixed until 10/06/2025, 1.65% (A), 10/06/2026 (B)		309,000		310,982
4.63%, 07/11/2024 (B)		600,000		661,294
Citigroup, Inc.
Fixed until 04/08/2025, 3.11% (A), 04/08/2026		1,000,000		1,076,492
Fixed until 04/24/2024, 3.35% (A), 04/24/2025		175,000		189,035
3.40%, 05/01/2026		400,000		444,677
Fixed until 03/20/2029, 3.98% (A), 03/20/2030		850,000		975,057
Citizens Bank NA 3.70%, 03/29/2023		475,000		509,464
Commonwealth Bank of Australia
2.85%, 05/18/2026 (B) (F)		410,000		450,455
4.50%, 12/09/2025 (B)		200,000		225,515

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Cooperatieve Rabobank UA 5.80%, 09/30/2110 (B)		$ 300,000		$ 466,643
Credit Agricole SA
Fixed until 06/16/2025, 1.91% (A), 06/16/2026 (B)		360,000		368,772
4.38%, 03/17/2025 (B)		200,000		221,292
Danske Bank A/S Fixed until 12/08/2022, 1.17% (A), 12/08/2023 (B)		996,000		997,475
Discover Bank 4.20%, 08/08/2023		550,000		602,753
Fifth Third Bank NA 3.85%, 03/15/2026		200,000		226,038
HSBC Holdings PLC
Fixed until 09/22/2027, 2.01% (A), 09/22/2028		705,000		701,110
Fixed until 08/18/2030, 2.36% (A), 08/18/2031		580,000		575,973
Fixed until 11/22/2022, 3.03% (A), 11/22/2023		447,000		467,863
Fixed until 05/18/2023, 3.95% (A), 05/18/2024		1,007,000		1,082,921
Fixed until 03/13/2027, 4.04% (A), 03/13/2028		695,000		776,268
4.25%, 03/14/2024		500,000		542,002
Industrial & Commercial Bank of China, Ltd. 2.45%, 10/20/2021		400,000		405,606
ING Groep NV Fixed until 07/01/2025, 1.40% (A), 07/01/2026 (B)		410,000		413,232
KeyBank NA 3.18%, 10/15/2027		250,000		259,883
KeyCorp 4.15%, 10/29/2025, MTN		235,000		270,121
Lloyds Banking Group PLC
Fixed until 11/07/2022, 2.91% (A), 11/07/2023		200,000		208,030
4.38%, 03/22/2028		339,000		393,260
4.58%, 12/10/2025		200,000		221,456
Mitsubishi UFJ Financial Group, Inc.
2.05%, 07/17/2030		700,000		707,638
2.53%, 09/13/2023		200,000		210,696
3.41%, 03/07/2024		670,000		725,296
3.75%, 07/18/2039		430,000		493,473
Mizuho Financial Group, Inc.
Fixed until 05/25/2025, 2.23% (A), 05/25/2026		680,000		706,062
Fixed until 09/13/2029, 2.87% (A), 09/13/2030		402,000		427,590
National Australia Bank, Ltd. Fixed until 08/02/2029, 3.93% (A), 08/02/2034 (B)		590,000		647,398
Natwest Group PLC
Fixed until 11/01/2024, 3.75% (A), 11/01/2029		554,000		575,496
3.88%, 09/12/2023		350,000		377,808

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    9

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Natwest Group PLC (continued)
Fixed until 03/22/2024, 4.27% (A), 03/22/2025		$ 255,000		$ 279,291
Fixed until 05/08/2029, 4.45% (A), 05/08/2030		570,000		657,630
NatWest Markets PLC 3.63%, 09/29/2022 (B)		515,000		542,033
Nordea Bank Abp 4.25%, 09/21/2022 (B)		384,000		409,033
Santander UK Group Holdings PLC 3.57%, 01/10/2023		360,000		371,186
Societe Generale SA
2.63%, 10/16/2024 (B)		200,000		208,018
3.00%, 01/22/2030 (B)		941,000		971,662
3.88%, 03/28/2024 (B)		540,000		582,754
4.25%, 04/14/2025 (B)		270,000		291,093
Standard Chartered PLC
Fixed until 09/10/2021, 2.74% (A), 09/10/2022 (B)		1,000,000		1,015,125
Fixed until 05/21/2029, 4.31% (A), 05/21/2030 (B) (F)		200,000		226,178
Fixed until 03/15/2028, 4.87% (A), 03/15/2033 (B)		300,000		326,020
Sumitomo Mitsui Financial Group, Inc. 3.04%, 07/16/2029		1,240,000		1,347,405
Truist Bank 3.30%, 05/15/2026		215,000		239,307
Truist Financial Corp. 1.95%, 06/05/2030, MTN (F)		300,000		309,150
Wells Fargo & Co.
Fixed until 06/17/2026, 3.20% (A), 06/17/2027, MTN		810,000		882,244
3.30%, 09/09/2024, MTN		1,300,000		1,412,667
3.55%, 09/29/2025, MTN		400,000		445,224
3.75%, 01/24/2024, MTN		395,000		428,798
4.10%, 06/03/2026, MTN		121,000		136,866
4.30%, 07/22/2027, MTN		246,000		282,373
4.40%, 06/14/2046, MTN		165,000		194,233
4.65%, 11/04/2044, MTN		184,000		223,061
4.75%, 12/07/2046, MTN		419,000		515,617
4.90%, 11/17/2045, MTN		202,000		254,129
Westpac Banking Corp. 4.42%, 07/24/2039 (F)		335,000		405,487
				45,022,864
Beverages - 0.7%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.
4.70%, 02/01/2036		1,044,000		1,282,725
4.90%, 02/01/2046		170,000		207,933
Anheuser-Busch InBev Finance, Inc. 4.70%, 02/01/2036		154,000		183,747
Anheuser-Busch InBev Worldwide, Inc.
4.35%, 06/01/2040		480,000		565,283
4.44%, 10/06/2048		520,000		604,653
4.50%, 06/01/2050		630,000		744,211
4.60%, 06/01/2060		225,000		268,876

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages (continued)
Coca-Cola Femsa SAB de CV
1.85%, 09/01/2032		$ 280,000		$ 280,196
2.75%, 01/22/2030		435,000		466,388
Constellation Brands, Inc.
4.40%, 11/15/2025		185,000		213,862
5.25%, 11/15/2048		110,000		147,538
Fomento Economico Mexicano SAB de CV 3.50%, 01/16/2050		550,000		573,304
Keurig Dr. Pepper, Inc.
3.43%, 06/15/2027		120,000		133,934
4.42%, 05/25/2025		112,000		128,587
4.99%, 05/25/2038		162,000		207,710
				6,008,947
Biotechnology - 0.7%
AbbVie, Inc.
2.80%, 03/15/2023 (B)		162,000		169,116
3.20%, 11/21/2029 (B)		438,000		479,226
4.05%, 11/21/2039 (B)		1,420,000		1,628,389
4.40%, 11/06/2042		425,000		508,195
4.45%, 05/14/2046		165,000		196,780
4.55%, 03/15/2035 (B)		300,000		363,898
Biogen, Inc.
2.25%, 05/01/2030		572,000		576,401
3.15%, 05/01/2050		160,000		154,834
Gilead Sciences, Inc. 2.60%, 10/01/2040		545,000		528,370
Regeneron Pharmaceuticals, Inc. 1.75%, 09/15/2030		920,000		886,856
				5,492,065
Building Products - 0.1%
Masco Corp.
2.00%, 10/01/2030		160,000		159,850
6.50%, 08/15/2032		410,000		520,148
				679,998
Capital Markets - 1.8%
Credit Suisse Group AG
Fixed until 06/05/2025, 2.19% (A), 06/05/2026 (B)		250,000		258,379
Fixed until 01/12/2028, 3.87% (A), 01/12/2029 (B)		250,000		278,248
4.28%, 01/09/2028 (B)		400,000		452,750
Credit Suisse Group Funding Guernsey, Ltd. 3.75%, 03/26/2025		950,000		1,051,141
Daiwa Securities Group, Inc. 3.13%, 04/19/2022 (B)		244,000		251,897
Deutsche Bank AG
3.30%, 11/16/2022		200,000		207,548
3.70%, 05/30/2024		700,000		740,622
Goldman Sachs Group, Inc.
Fixed until 07/24/2022, 2.91% (A), 07/24/2023		300,000		311,563
Fixed until 09/29/2024, 3.27% (A), 09/29/2025		725,000		787,084
3.50%, 01/23/2025 - 11/16/2026		362,000		398,292

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    10

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Goldman Sachs Group, Inc. (continued)
Fixed until 06/05/2027, 3.69% (A), 06/05/2028		$ 907,000		$ 1,022,699
Fixed until 04/23/2038, 4.41% (A), 04/23/2039		450,000		548,553
6.75%, 10/01/2037		200,000		291,394
Macquarie Group, Ltd.
Fixed until 11/28/2027, 3.76% (A), 11/28/2028 (B)		495,000		539,085
Fixed until 01/15/2029, 5.03% (A), 01/15/2030 (B)		600,000		710,642
Morgan Stanley
Fixed until 04/28/2025, 2.19% (A), 04/28/2026		450,000		471,340
Fixed until 07/22/2027, 3.59% (A), 07/22/2028		1,067,000		1,200,363
3.63%, 01/20/2027		457,000		519,096
Fixed until 01/24/2028, 3.77% (A), 01/24/2029, MTN		278,000		316,698
3.88%, 01/27/2026, MTN		1,279,000		1,453,747
4.10%, 05/22/2023, MTN		150,000		162,376
4.30%, 01/27/2045		280,000		361,974
5.00%, 11/24/2025		497,000		585,803
Nomura Holdings, Inc.
2.65%, 01/16/2025		603,000		635,544
2.68%, 07/16/2030		370,000		378,005
Northern Trust Corp. Fixed until 05/08/2027, 3.38% (A), 05/08/2032		343,000		372,138
UBS Group AG
Fixed until 08/15/2022, 2.86% (A), 08/15/2023 (B)		200,000		207,214
Fixed until 08/13/2029, 3.13% (A), 08/13/2030 (B)		320,000		351,484
3.49%, 05/23/2023 (B)		400,000		416,822
4.13%, 09/24/2025 (B)		200,000		227,334
				15,509,835
Chemicals - 0.3%
Albemarle Corp. 5.45%, 12/01/2044		200,000		227,665
DuPont de Nemours, Inc. 5.32%, 11/15/2038		145,000		187,728
International Flavors & Fragrances, Inc.
4.45%, 09/26/2028		158,000		185,955
5.00%, 09/26/2048		187,000		232,723
LYB International Finance III LLC 1.25%, 10/01/2025		130,000		130,331
Nutrien, Ltd.
4.13%, 03/15/2035		450,000		519,117
5.00%, 04/01/2049		140,000		183,254
Sherwin-Williams Co. 3.13%, 06/01/2024		136,000		147,276
Union Carbide Corp. 7.75%, 10/01/2096		210,000		291,703
				2,105,752

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies - 0.1%
ERAC USA Finance LLC
4.50%, 08/16/2021 (B)		$ 175,000		$ 180,251
5.63%, 03/15/2042 (B)		141,000		185,455
Republic Services, Inc. 1.45%, 02/15/2031		460,000		448,636
				814,342
Construction & Engineering - 0.1%
Quanta Services, Inc. 2.90%, 10/01/2030		640,000		667,993
Construction Materials - 0.1%
CRH America, Inc. 5.13%, 05/18/2045 (B)		200,000		247,957
Martin Marietta Materials, Inc. 3.45%, 06/01/2027		276,000		304,365
				552,322
Consumer Finance - 0.2%
BMW US Capital LLC 2.25%, 09/15/2023 (B)		330,000		343,889
Capital One Financial Corp.
3.20%, 02/05/2025		123,000		132,746
3.75%, 07/28/2026		200,000		219,594
4.20%, 10/29/2025		150,000		166,802
Daimler Finance North America LLC 3.35%, 02/22/2023 (B)		300,000		316,428
Hyundai Capital America 3.00%, 03/18/2021 (B)		250,000		251,897
				1,431,356
Containers & Packaging - 0.1%
International Paper Co. 8.70%, 06/15/2038		120,000		183,736
WRKCo, Inc.
3.00%, 09/15/2024		350,000		375,870
3.75%, 03/15/2025		300,000		333,799
				893,405
Diversified Consumer Services - 0.3%
Emory University 2.14%, 09/01/2030		550,000		567,857
Ford Foundation 2.82%, 06/01/2070		190,000		186,125
Pepperdine University 3.30%, 12/01/2059		310,000		325,543
SART 4.75%, 07/15/2024		1,509,783		1,509,783
University of Southern California 3.23%, 10/01/2120		310,000		303,452
				2,892,760
Diversified Financial Services - 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.88%, 08/14/2024		345,000		338,123
3.15%, 02/15/2024		600,000		594,788
3.30%, 01/23/2023		157,000		158,356
4.13%, 07/03/2023		250,000		256,879
4.45%, 12/16/2021		310,000		316,432
4.50%, 09/15/2023		1,225,000		1,272,170
6.50%, 07/15/2025		190,000		209,333

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    11

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Aviation Capital Group LLC
2.88%, 01/20/2022 (B)		$ 300,000		$ 299,519
5.50%, 12/15/2024 (B)		558,000		580,989
Blackstone / GSO Secured Lending Fund 3.65%, 07/14/2023 (B)		415,000		418,952
Brookfield Finance, Inc.
3.90%, 01/25/2028		211,000		235,622
4.70%, 09/20/2047		242,000		281,121
China Southern Power Grid International Finance BVI Co., Ltd. 3.50%, 05/08/2027 (B)		480,000		525,021
GE Capital International Funding Unlimited Co. 4.42%, 11/15/2035		1,400,000		1,513,866
Jefferies Group LLC
6.25%, 01/15/2036		260,000		327,381
6.45%, 06/08/2027		133,000		165,133
Mitsubishi UFJ Lease & Finance Co., Ltd. 2.65%, 09/19/2022 (B)		294,000		302,854
ORIX Corp. 2.90%, 07/18/2022		201,000		208,260
				8,004,799
Diversified Telecommunication Services - 0.8%
AT&T, Inc.
1.65%, 02/01/2028		555,000		550,158
2.25%, 02/01/2032		940,000		921,455
2.30%, 06/01/2027		600,000		624,900
3.10%, 02/01/2043		1,340,000		1,280,699
3.50%, 06/01/2041		972,000		985,190
Deutsche Telekom AG 3.63%, 01/21/2050 (B)		464,000		512,311
Deutsche Telekom International Finance BV 3.60%, 01/19/2027 (B)		180,000		201,193
GTP Acquisition Partners I LLC 3.48%, 06/15/2050 (B)		81,000		86,837
Verizon Communications, Inc.
4.27%, 01/15/2036		400,000		488,939
4.67%, 03/15/2055		385,000		513,512
4.86%, 08/21/2046		447,000		594,025
				6,759,219
Electric Utilities - 1.7%
AEP Texas, Inc. 6.65%, 02/15/2033		100,000		137,295
AEP Transmission Co. LLC 3.15%, 09/15/2049		165,000		178,239
Alabama Power Co. 5.60%, 03/15/2033		160,000		207,078
Appalachian Power Co.
6.38%, 04/01/2036		200,000		272,551
6.70%, 08/15/2037		200,000		277,327
Arizona Public Service Co. 5.05%, 09/01/2041		303,000		396,263
Baltimore Gas & Electric Co.
2.90%, 06/15/2050		240,000		244,486
3.50%, 08/15/2046		188,000		210,674
Comision Federal de Electricidad 4.88%, 05/26/2021 (B)		261,000		266,220

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Duke Energy Carolinas LLC
6.00%, 12/01/2028		$ 500,000		$ 645,540
6.45%, 10/15/2032		100,000		141,493
Duke Energy Indiana LLC 3.75%, 05/15/2046		200,000		230,441
Duquesne Light Holdings, Inc. 3.62%, 08/01/2027 (B)		460,000		494,814
Edison International 5.75%, 06/15/2027 (F)		350,000		397,358
EDP Finance BV 3.63%, 07/15/2024 (B)		300,000		326,560
Emera US Finance, LP 4.75%, 06/15/2046		350,000		423,211
Enel Finance International NV
3.50%, 04/06/2028 (B)		265,000		293,313
3.63%, 05/25/2027 (B)		270,000		299,982
4.63%, 09/14/2025 (B)		200,000		230,724
Entergy Louisiana LLC 3.05%, 06/01/2031		189,000		212,641
Evergy Metro, Inc. 5.30%, 10/01/2041		500,000		664,865
FirstEnergy Corp.
2.65%, 03/01/2030		700,000		681,933
4.85%, 07/15/2047		105,000		114,149
Florida Power & Light Co.
5.13%, 06/01/2041		112,000		153,015
5.40%, 09/01/2035		100,000		142,019
Fortis, Inc. 3.06%, 10/04/2026		620,000		676,967
ITC Holdings Corp. 2.95%, 05/14/2030 (B)		230,000		246,406
Massachusetts Electric Co. 4.00%, 08/15/2046 (B)		201,000		237,583
Mid-Atlantic Interstate Transmission LLC 4.10%, 05/15/2028 (B)		195,000		215,002
Nevada Power Co. 5.38%, 09/15/2040		52,000		68,919
New England Power Co. 3.80%, 12/05/2047 (B)		140,000		160,156
New York State Electric & Gas Corp. 3.25%, 12/01/2026 (B)		151,000		168,145
Northern States Power Co. 6.20%, 07/01/2037		89,000		135,387
NRG Energy, Inc. 4.45%, 06/15/2029 (B)		375,000		413,525
Ohio Edison Co. 6.88%, 07/15/2036		150,000		205,109
Pacific Gas & Electric Co. 1.75%, 06/16/2022		2,310,000		2,310,216
Public Service Electric & Gas Co. 3.65%, 09/01/2042, MTN		138,000		159,808
Southern California Edison Co.
4.05%, 03/15/2042		300,000		318,341
5.50%, 03/15/2040		130,000		161,973
Southern Power Co. 5.15%, 09/15/2041		260,000		303,690
Three Gorges Finance I Cayman Islands, Ltd. 3.15%, 06/02/2026 (B)		200,000		215,988

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    12

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Toledo Edison Co. 6.15%, 05/15/2037		$ 200,000		$ 278,264
Tri-State Generation & Transmission Association, Inc. 4.25%, 06/01/2046		124,000		140,035
Wisconsin Electric Power Co. 3.65%, 12/15/2042 (F)		144,000		156,357
Xcel Energy, Inc. 4.80%, 09/15/2041		116,000		143,599
				14,357,661
Electrical Equipment - 0.1%
Eaton Corp. 7.63%, 04/01/2024		500,000		584,605
Electronic Equipment, Instruments & Components - 0.1%
Arrow Electronics, Inc.
3.25%, 09/08/2024		175,000		188,237
3.50%, 04/01/2022		100,000		103,105
3.88%, 01/12/2028		133,000		147,918
Corning, Inc. 5.35%, 11/15/2048		230,000		310,153
				749,413
Energy Equipment & Services - 0.2%
ANR Pipeline Co. 9.63%, 11/01/2021		200,000		217,234
Baker Hughes Holdings LLC 5.13%, 09/15/2040		200,000		236,488
Halliburton Co. 7.60%, 08/15/2096 (B)		160,000		168,799
Schlumberger Holdings Corp. 3.90%, 05/17/2028 (B)		170,000		181,793
Schlumberger Investment SA 2.65%, 06/26/2030		400,000		402,608
Texas Eastern Transmission, LP
2.80%, 10/15/2022 (B)		462,000		475,452
3.50%, 01/15/2028 (B)		60,000		64,746
				1,747,120
Entertainment - 0.1%
Walt Disney Co.
7.70%, 10/30/2025		300,000		393,429
8.88%, 04/26/2023		200,000		238,925
				632,354
Equity Real Estate Investment Trusts - 1.5%
Alexandria Real Estate Equities, Inc. 4.00%, 02/01/2050		419,000		493,134
American Tower Corp.
1.88%, 10/15/2030		490,000		483,244
2.10%, 06/15/2030		320,000		321,432
3.38%, 10/15/2026		281,000		310,671
5.00%, 02/15/2024		139,000		157,133
Boston Properties, LP
3.20%, 01/15/2025		228,000		247,297
3.65%, 02/01/2026		408,000		455,017
Brixmor Operating Partnership, LP 3.85%, 02/01/2025		400,000		429,629

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Crown Castle International Corp.
2.25%, 01/15/2031		$ 635,000		$ 638,168
5.25%, 01/15/2023		200,000		219,413
Digital Realty Trust, LP 3.70%, 08/15/2027		154,000		173,375
Duke Realty, LP 3.63%, 04/15/2023		168,000		177,974
Equinix, Inc. 1.55%, 03/15/2028		510,000		508,692
Essex Portfolio, LP 2.65%, 03/15/2032		400,000		415,227
GAIF Bond Issuer Pty, Ltd. 3.40%, 09/30/2026 (B)		353,000		376,309
Healthcare Trust of America Holdings, LP 2.00%, 03/15/2031		280,000		270,549
Healthpeak Properties, Inc.
3.50%, 07/15/2029		447,000		495,764
3.88%, 08/15/2024		337,000		370,698
Kimco Realty Corp. 2.70%, 10/01/2030		650,000		658,057
Life Storage, LP 4.00%, 06/15/2029		522,000		591,377
National Retail Properties, Inc.
3.50%, 10/15/2027		150,000		160,283
3.60%, 12/15/2026		218,000		237,151
Office Properties Income Trust 4.00%, 07/15/2022		416,000		419,631
Prologis, LP 3.25%, 10/01/2026		107,000		119,768
Realty Income Corp.
3.25%, 01/15/2031		285,000		311,748
3.88%, 04/15/2025		290,000		326,103
4.65%, 03/15/2047		113,000		144,107
Regency Centers, LP 2.95%, 09/15/2029		420,000		433,657
Scentre Group Trust 1 / Scentre Group Trust 2 3.50%, 02/12/2025 (B)		500,000		528,767
UDR, Inc.
2.10%, 08/01/2032, MTN		330,000		325,251
3.20%, 01/15/2030, MTN		500,000		546,591
Ventas Realty, LP
3.75%, 05/01/2024		300,000		323,029
3.85%, 04/01/2027		203,000		220,881
Welltower, Inc.
3.10%, 01/15/2030		330,000		347,781
4.25%, 04/01/2026		250,000		286,945
				12,524,853
Food & Staples Retailing - 0.3%
Alimentation Couche-Tard, Inc. 3.80%, 01/25/2050 (B)		445,000		483,062
CK Hutchison International 16, Ltd.
1.88%, 10/03/2021 (B)		241,000		243,254
2.75%, 10/03/2026 (B)		350,000		376,476
CK Hutchison International 19, Ltd. 3.63%, 04/11/2029 (B) (F)		285,000		319,999

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    13

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing (continued)
CVS Pass-Through Trust
4.70%, 01/10/2036 (B)		$ 476,336		$ 527,245
5.77%, 01/10/2033 (B)		140,702		160,654
5.93%, 01/10/2034 (B)		497,695		578,823
Kroger Co. 8.00%, 09/15/2029		175,000		250,742
				2,940,255
Food Products - 0.3%
Campbell Soup Co. 3.13%, 04/24/2050		188,000		188,153
Cargill, Inc. 2.13%, 04/23/2030 (B)		712,000		742,161
Conagra Brands, Inc. 5.30%, 11/01/2038		130,000		167,964
General Mills, Inc. 4.00%, 04/17/2025		305,000		344,256
Mead Johnson Nutrition Co. 4.13%, 11/15/2025		288,000		331,916
Smithfield Foods, Inc. 3.00%, 10/15/2030 (B)		700,000		713,181
Tyson Foods, Inc. 4.88%, 08/15/2034		100,000		129,020
				2,616,651
Gas Utilities - 0.2%
Atmos Energy Corp. 4.13%, 03/15/2049		570,000		712,196
Boston Gas Co. 4.49%, 02/15/2042 (B)		330,000		405,113
Southern Co. Gas Capital Corp.
3.25%, 06/15/2026		85,000		93,666
5.88%, 03/15/2041		109,000		149,530
				1,360,505
Health Care Equipment & Supplies - 0.2%
Boston Scientific Corp. 4.00%, 03/01/2029		998,000		1,153,566
DH Europe Finance II SARL 3.25%, 11/15/2039		134,000		149,082
Zimmer Biomet Holdings, Inc. 3.70%, 03/19/2023		136,000		145,177
				1,447,825
Health Care Providers & Services - 1.5%
Advocate Health & Hospitals Corp. 2.21%, 06/15/2030		310,000		316,904
Aetna, Inc.
4.50%, 05/15/2042		153,000		181,651
6.75%, 12/15/2037		305,000		449,871
Anthem, Inc.
4.10%, 03/01/2028		425,000		489,825
4.38%, 12/01/2047		110,000		136,102
Bon Secours Mercy Health, Inc.
3.21%, 06/01/2050		345,000		347,856
3.46%, 06/01/2030		650,000		725,209
Children’s Hospital 2.93%, 07/15/2050		340,000		315,475
Children’s Hospital Corp. 2.59%, 02/01/2050		300,000		279,590

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Cigna Corp. 4.50%, 02/25/2026		$ 367,000		$ 426,827
CommonSpirit Health
1.55%, 10/01/2025		240,000		240,632
2.78%, 10/01/2030		240,000		239,594
Cottage Health Obligated Group 3.30%, 11/01/2049		360,000		380,339
CVS Health Corp. 5.05%, 03/25/2048		1,125,000		1,426,817
Hartford HealthCare Corp. 3.45%, 07/01/2054		780,000		749,188
HCA, Inc.
5.13%, 06/15/2039		420,000		511,247
5.25%, 06/15/2026		500,000		582,368
Mayo Clinic 4.13%, 11/15/2052		198,000		247,489
Memorial Health Services 3.45%, 11/01/2049		720,000		725,761
NYU Langone Hospitals 3.38%, 07/01/2055		300,000		292,803
Partners Healthcare System, Inc. 3.34%, 07/01/2060		1,261,000		1,331,977
Providence St. Joseph Health Obligated Group 2.75%, 10/01/2026		168,000		182,845
Rush Obligated Group 3.92%, 11/15/2029		607,000		692,868
Texas Health Resources 4.33%, 11/15/2055		175,000		216,553
UnitedHealth Group, Inc. 4.63%, 07/15/2035		234,000		307,029
Universal Health Services, Inc. 2.65%, 10/15/2030 (B)		320,000		318,986
Yale-New Haven Health Services Corp. 2.50%, 07/01/2050		390,000		371,693
				12,487,499
Hotels, Restaurants & Leisure - 0.1%
McDonald’s Corp. 4.70%, 12/09/2035, MTN		465,000		593,688
Starbucks Corp. 2.55%, 11/15/2030		390,000		411,500
				1,005,188
Industrial Conglomerates - 0.0% (G)
Roper Technologies, Inc. 2.00%, 06/30/2030		280,000		284,619
Insurance - 1.4%
AIA Group, Ltd.
3.20%, 09/16/2040 (B) (F)		200,000		205,706
3.60%, 04/09/2029 (B)		200,000		223,582
3.90%, 04/06/2028 (B)		335,000		377,426
AIG SunAmerica Global Financing X 6.90%, 03/15/2032 (B)		400,000		597,498
Assurant, Inc. 4.20%, 09/27/2023		425,000		459,912
Athene Global Funding 2.95%, 11/12/2026 (B)		1,340,000		1,408,963

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    14

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Berkshire Hathaway Finance Corp. 4.40%, 05/15/2042		$ 268,000		$ 341,070
Brown & Brown, Inc. 2.38%, 03/15/2031		820,000		823,596
Dai-ichi Life Insurance Co., Ltd. Fixed until 07/24/2026 (H), 4.00% (A) (B)		421,000		456,785
Hanover Insurance Group, Inc. 2.50%, 09/01/2030		250,000		254,969
Hartford Financial Services Group, Inc. 4.30%, 04/15/2043		360,000		424,723
Intact US Holdings, Inc. 4.60%, 11/09/2022 (F)		500,000		530,212
Jackson National Life Global Funding 3.05%, 04/29/2026 (B)		303,000		333,184
Liberty Mutual Group, Inc. 3.95%, 10/15/2050 (B)		300,000		332,275
Liberty Mutual Insurance Co. 8.50%, 05/15/2025 (B)		200,000		248,935
Lincoln National Corp. 4.00%, 09/01/2023		300,000		327,466
Manulife Financial Corp. Fixed until 02/24/2027, 4.06% (A), 02/24/2032		350,000		377,725
MassMutual Global Funding II 2.75%, 06/22/2024 (B)		400,000		428,903
Metropolitan Life Global Funding I 3.00%, 09/19/2027 (B)		350,000		386,299
New York Life Global Funding 2.35%, 07/14/2026 (B)		226,000		242,403
New York Life Insurance Co. 4.45%, 05/15/2069 (B)		330,000		406,886
Pacific Life Insurance Co. Fixed until 10/24/2047, 4.30% (A), 10/24/2067 (B)		198,000		209,880
Progressive Corp. Fixed until 03/15/2023 (H), 5.38% (A) (F)		245,000		245,000
Prudential Insurance Co. of America 8.30%, 07/01/2025 (B)		900,000		1,162,827
Sumitomo Life Insurance Co. Fixed until 09/14/2027, 4.00% (A), 09/14/2077 (B) (F)		250,000		276,250
Teachers Insurance & Annuity Association of America 4.27%, 05/15/2047 (B)		260,000		304,855
Travelers Property Casualty Corp. 7.75%, 04/15/2026		200,000		262,940
				11,650,270
Internet & Direct Marketing Retail - 0.1%
Amazon.com, Inc. 3.88%, 08/22/2037		500,000		613,261
IT Services - 0.5%
DXC Technology Co. 4.25%, 04/15/2024		172,000		185,104

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
IT Services (continued)
Fiserv, Inc.
3.20%, 07/01/2026		$ 230,000		$ 254,649
4.40%, 07/01/2049		220,000		272,448
Global Payments, Inc. 4.15%, 08/15/2049		460,000		533,031
International Business Machines Corp.
1.70%, 05/15/2027		1,285,000		1,312,686
3.30%, 05/15/2026		930,000		1,043,432
Leidos, Inc. 2.30%, 02/15/2031 (B)		200,000		198,260
Western Union Co. 3.60%, 03/15/2022		400,000		414,387
				4,213,997
Life Sciences Tools & Services - 0.0% (G)
Thermo Fisher Scientific, Inc.
2.95%, 09/19/2026		161,000		178,637
4.15%, 02/01/2024		217,000		239,054
				417,691
Machinery - 0.2%
nVent Finance SARL 4.55%, 04/15/2028		337,000		359,770
Otis Worldwide Corp. 2.57%, 02/15/2030		775,000		825,003
Xylem, Inc. 2.25%, 01/30/2031		235,000		245,758
				1,430,531
Media - 0.8%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.80%, 03/01/2050		315,000		358,848
5.05%, 03/30/2029		400,000		477,143
6.83%, 10/23/2055		150,000		211,997
Comcast Cable Holdings LLC 10.13%, 04/15/2022		414,000		468,533
Comcast Corp.
3.25%, 11/01/2039		380,000		422,484
3.45%, 02/01/2050		634,000		707,702
3.95%, 10/15/2025		335,000		383,850
4.60%, 10/15/2038		415,000		528,888
4.95%, 10/15/2058		525,000		757,706
Cox Communications, Inc. 4.60%, 08/15/2047 (B)		196,000		237,745
Discovery Communications LLC 5.20%, 09/20/2047		335,000		399,049
Fox Corp. 5.58%, 01/25/2049		175,000		239,085
NBCUniversal Media LLC 5.95%, 04/01/2041		210,000		311,765
SES SA 3.60%, 04/04/2023 (B)		100,000		102,390
Time Warner Cable LLC 5.50%, 09/01/2041		400,000		480,707
Time Warner Entertainment Co., LP 8.38%, 07/15/2033		250,000		382,180

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    15

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
ViacomCBS, Inc.
2.90%, 01/15/2027		$ 250,000		$ 270,079
4.00%, 01/15/2026		208,000		235,203
4.85%, 07/01/2042		150,000		169,155
				7,144,509
Metals & Mining - 0.5%
Anglo American Capital PLC
2.63%, 09/10/2030 (B)		391,000		391,295
3.63%, 09/11/2024 (B)		200,000		215,305
3.95%, 09/10/2050 (B) (F)		200,000		205,541
Barrick Gold Corp. 6.45%, 10/15/2035		140,000		192,354
Glencore Funding LLC
1.63%, 09/01/2025 (B)		560,000		556,595
2.50%, 09/01/2030 (B)		790,000		767,951
4.13%, 05/30/2023 (B)		234,000		250,381
Reliance Steel & Aluminum Co. 1.30%, 08/15/2025		1,190,000		1,189,652
Steel Dynamics, Inc. 3.45%, 04/15/2030		522,000		573,209
				4,342,283
Multi-Utilities - 0.3%
Delmarva Power & Light Co.
4.00%, 06/01/2042		294,000		339,554
4.15%, 05/15/2045		270,000		328,587
Dominion Energy, Inc. 5.25%, 08/01/2033		500,000		632,142
NiSource, Inc. 5.80%, 02/01/2042		600,000		780,026
San Diego Gas & Electric Co.
6.00%, 06/01/2026		320,000		394,857
6.13%, 09/15/2037		100,000		133,568
				2,608,734
Multiline Retail - 0.0% (G)
Dollar General Corp. 4.13%, 05/01/2028		280,000		325,932
Oil, Gas & Consumable Fuels - 2.6%
APT Pipelines, Ltd. 4.25%, 07/15/2027 (B)		386,000		432,864
Boardwalk Pipelines, LP 4.80%, 05/03/2029		250,000		267,015
BP Capital Markets America, Inc.
1.75%, 08/10/2030		490,000		477,903
2.77%, 11/10/2050		370,000		335,454
BP Capital Markets PLC 3.28%, 09/19/2027		321,000		352,434
Cameron LNG LLC 3.70%, 01/15/2039 (B)		554,000		612,430
Concho Resources, Inc. 2.40%, 02/15/2031		255,000		257,211
Diamondback Energy, Inc.
3.25%, 12/01/2026		270,000		277,060
4.75%, 05/31/2025 (F)		300,000		327,348
Ecopetrol SA 5.38%, 06/26/2026		135,000		148,670

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Enbridge, Inc.
4.50%, 06/10/2044		$ 200,000		$ 221,424
Fixed until 03/01/2028, 6.25% (A), 03/01/2078	300,000		300,153
Energy Transfer Operating, LP
4.75%, 01/15/2026		618,000		662,211
6.05%, 06/01/2041		538,000		551,146
Eni SpA 5.70%, 10/01/2040 (B)		500,000		594,247
Enterprise Products Operating LLC
3.70%, 01/31/2051		290,000		286,813
3.95%, 01/31/2060		185,000		181,317
4.20%, 01/31/2050		235,000		254,098
4.45%, 02/15/2043		161,000		173,337
7.55%, 04/15/2038		161,000		227,838
EQT Corp. 3.90%, 10/01/2027		264,000		253,524
Exxon Mobil Corp.
2.99%, 03/19/2025		750,000		815,760
3.00%, 08/16/2039		515,000		525,322
4.11%, 03/01/2046		294,000		338,145
Gray Oak Pipeline LLC
2.00%, 09/15/2023 (B)		250,000		250,752
2.60%, 10/15/2025 (B)		305,000		304,721
Kinder Morgan, Inc.
2.00%, 02/15/2031 (F)		270,000		256,459
3.25%, 08/01/2050		330,000		297,668
Magellan Midstream Partners, LP 4.20%, 12/01/2042 - 10/03/2047		378,000		383,532
Marathon Petroleum Corp. 4.50%, 05/01/2023		250,000		269,040
MPLX, LP
2.65%, 08/15/2030		410,000		394,567
4.13%, 03/01/2027		155,000		169,688
4.50%, 04/15/2038		280,000		283,621
5.50%, 02/15/2049		305,000		338,037
Noble Energy, Inc.
3.25%, 10/15/2029		290,000		320,888
5.25%, 11/15/2043		400,000		532,717
ONEOK Partners, LP 6.65%, 10/01/2036		220,000		242,887
ONEOK, Inc.
2.20%, 09/15/2025		500,000		492,117
3.40%, 09/01/2029		495,000		481,030
5.20%, 07/15/2048		300,000		291,718
Ovintiv, Inc.
7.20%, 11/01/2031		200,000		198,350
7.38%, 11/01/2031 (F)		250,000		251,583
Phillips 66 Partners, LP
3.15%, 12/15/2029		300,000		300,026
4.90%, 10/01/2046		144,000		144,938
Pioneer Natural Resources Co. 1.90%, 08/15/2030		520,000		486,730
Plains All American Pipeline, LP / PAA Finance Corp.
4.30%, 01/31/2043		150,000		124,663
4.65%, 10/15/2025		495,000		528,262
4.70%, 06/15/2044		160,000		140,584

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    16

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Southern Natural Gas Co. LLC
4.80%, 03/15/2047 (B)		$ 136,000		$ 146,477
8.00%, 03/01/2032		105,000		146,932
Suncor Energy, Inc.
5.95%, 12/01/2034		550,000		660,711
7.88%, 06/15/2026		100,000		125,603
Sunoco Logistics Partners Operations, LP
3.90%, 07/15/2026		195,000		200,958
6.10%, 02/15/2042		500,000		507,929
TC PipeLines, LP 3.90%, 05/25/2027		141,000		154,374
Tennessee Gas Pipeline Co. LLC 2.90%, 03/01/2030 (B)		595,000		606,779
Total Capital International SA
2.99%, 06/29/2041		650,000		666,972
3.13%, 05/29/2050		605,000		606,651
3.46%, 07/12/2049		200,000		213,012
Valero Energy Corp.
1.20%, 03/15/2024		430,000		421,226
2.15%, 09/15/2027		390,000		372,489
Williams Cos., Inc. 4.85%, 03/01/2048		249,000		272,482
				21,460,897
Personal Products - 0.1%
Estee Lauder Cos., Inc. 2.60%, 04/15/2030		549,000		596,896
Pharmaceuticals - 1.0%
AstraZeneca PLC
1.38%, 08/06/2030		250,000		243,280
6.45%, 09/15/2037		180,000		269,626
Bristol-Myers Squibb Co.
4.13%, 06/15/2039		377,000		465,266
4.55%, 02/20/2048		370,000		489,451
5.00%, 08/15/2045		150,000		206,602
5.70%, 10/15/2040		160,000		224,876
Mylan NV 3.95%, 06/15/2026		185,000		208,195
Mylan, Inc. 5.40%, 11/29/2043		100,000		123,799
Pfizer, Inc. 3.90%, 03/15/2039		600,000		724,538
Royalty Pharma PLC
0.75%, 09/02/2023 (B)		465,000		464,816
1.20%, 09/02/2025 (B)		460,000		457,671
1.75%, 09/02/2027 (B)		460,000		456,298
3.55%, 09/02/2050 (B)		390,000		373,328
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026		778,000		864,724
Takeda Pharmaceutical Co., Ltd.
3.03%, 07/09/2040		430,000		442,143
3.18%, 07/09/2050		415,000		421,486
3.38%, 07/09/2060		290,000		301,404
Upjohn, Inc. 2.30%, 06/22/2027 (B)		1,260,000		1,303,322
Zoetis, Inc. 2.00%, 05/15/2030		410,000		420,310
				8,461,135

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Real Estate Management & Development - 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust
3.13%, 03/20/2022 (B)		$ 314,000		$ 322,053
3.88%, 03/20/2027 (B)		325,000		353,949
				676,002
Road & Rail - 0.7%
Avolon Holdings Funding, Ltd.
4.38%, 05/01/2026 (B)		510,000		494,648
5.25%, 05/15/2024 (B)		555,000		566,712
5.50%, 01/15/2023 - 01/15/2026 (B)		1,010,000		1,031,806
Burlington Northern Santa Fe LLC
3.55%, 02/15/2050		327,000		376,573
5.75%, 05/01/2040		300,000		425,260
7.29%, 06/01/2036		90,000		138,351
CSX Corp.
4.75%, 11/15/2048		215,000		281,682
6.00%, 10/01/2036, MTN		340,000		473,891
Norfolk Southern Corp. 3.85%, 01/15/2024		266,000		290,254
Park Aerospace Holdings, Ltd.
5.25%, 08/15/2022 (B)		1,865,000		1,920,594
5.50%, 02/15/2024 (B)		300,000		310,163
				6,309,934
Semiconductors & Semiconductor Equipment - 0.3%
Analog Devices, Inc. 4.50%, 12/05/2036		226,000		267,127
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.88%, 01/15/2027		200,000		220,776
Broadcom, Inc.
4.11%, 09/15/2028		697,000		776,290
4.75%, 04/15/2029		925,000		1,073,410
				2,337,603
Software - 0.1%
Microsoft Corp.
2.68%, 06/01/2060		359,000		366,550
3.95%, 08/08/2056		183,000		234,872
4.10%, 02/06/2037		307,000		392,443
				993,865
Specialty Retail - 0.1%
AutoZone, Inc. 1.65%, 01/15/2031		350,000		338,762
Lowe’s Cos., Inc. 3.65%, 04/05/2029		472,000		544,139
O’Reilly Automotive, Inc. 3.60%, 09/01/2027		247,000		278,427
				1,161,328
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc.
3.45%, 02/09/2045		528,000		619,268
3.75%, 09/12/2047		500,000		605,479
3.85%, 08/04/2046		207,000		253,638
4.65%, 02/23/2046		119,000		162,052
Dell International LLC / EMC Corp.
5.45%, 06/15/2023 (B)		250,000		275,084
6.02%, 06/15/2026 (B)		500,000		592,723

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    17

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
HP, Inc. 3.00%, 06/17/2027		$ 335,000		$ 360,200
				2,868,444
Tobacco - 0.2%
BAT Capital Corp.
2.26%, 03/25/2028		290,000		289,135
3.73%, 09/25/2040		195,000		191,843
3.98%, 09/25/2050		300,000		291,681
4.54%, 08/15/2047		290,000		305,236
BAT International Finance PLC 1.67%, 03/25/2026		215,000		215,786
				1,293,681
Trading Companies & Distributors - 0.4%
Air Lease Corp.
3.25%, 03/01/2025 - 10/01/2029		1,153,000		1,115,828
3.38%, 07/01/2025		950,000		964,411
BOC Aviation, Ltd.
2.75%, 09/18/2022 (B)		270,000		274,734
3.50%, 10/10/2024 (B) (F)		200,000		210,564
International Lease Finance Corp.
5.88%, 08/15/2022		154,000		164,328
8.63%, 01/15/2022		700,000		750,294
WW Grainger, Inc. 4.60%, 06/15/2045		198,000		253,504
				3,733,663
Transportation Infrastructure - 0.1%
Mexico City Airport Trust 5.50%, 07/31/2047 (B)		200,000		172,460
Penske Truck Leasing Co., LP / PTL Finance Corp. 4.13%, 08/01/2023 (B)		233,000		252,892
Transurban Finance Co. Pty, Ltd. 2.45%, 03/16/2031 (B) (F)		260,000		264,465
				689,817
Water Utilities - 0.1%
American Water Capital Corp.
3.85%, 03/01/2024		300,000		327,080
4.00%, 12/01/2046		172,000		206,888
				533,968
Wireless Telecommunication Services - 0.7%
America Movil SAB de CV
3.13%, 07/16/2022		236,000		244,398
4.38%, 04/22/2049		251,000		307,410
Crown Castle Towers LLC 3.22%, 05/15/2042 (B)		200,000		202,067
Rogers Communications, Inc. 4.35%, 05/01/2049		350,000		425,455
T-Mobile USA, Inc.
1.50%, 02/15/2026 (B)		1,105,000		1,109,199
2.05%, 02/15/2028 (B)		1,150,000		1,167,250
3.00%, 02/15/2041 (B)		310,000		300,657
3.75%, 04/15/2027 (B)		1,210,000		1,351,146

	Principal		��	Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services (continued)
Vodafone Group PLC
4.88%, 06/19/2049		$ 545,000			$ 674,461
5.25%, 05/30/2048		260,000			336,698
					6,118,741
Total Corporate Debt Securities (Cost $235,938,743)					253,741,647
FOREIGN GOVERNMENT OBLIGATIONS - 0.6%
Colombia - 0.2%
Colombia Government International Bond
3.13%, 04/15/2031		210,000			215,565
4.00%, 02/26/2024		300,000			319,620
4.13%, 05/15/2051		345,000			361,042
5.00%, 06/15/2045		200,000			233,600
7.38%, 09/18/2037		200,000			281,252
					1,411,079
Mexico - 0.4%
Mexico Government International Bond
3.75%, 01/11/2028		1,042,000			1,127,569
4.13%, 01/21/2026		615,000			684,194
4.35%, 01/15/2047		183,000			192,152
4.60%, 02/10/2048		200,000			216,600
4.75%, 03/08/2044, MTN		190,000			209,952
5.75%, 10/12/2110, MTN		550,000			639,380
					3,069,847
Panama - 0.0% (G)
Panama Government International Bond 4.50%, 04/16/2050		200,000			246,752
Total Foreign Government Obligations (Cost $4,399,068)					4,727,678
MORTGAGE-BACKED SECURITIES - 4.7%
American General Mortgage Loan Trust Series 2006-1, Class A5, 5.75% (A), 12/25/2035 (B)		2,085			2,178
Banc of America Funding Trust
Series 2004-3, Class 1A1,
5.50%, 10/25/2034		57,193			59,488
Series 2004-C, Class 1A1,
4.41% (A), 12/20/2034		19,787			19,851
Series 2005-E, Class 4A1,
3.34% (A), 03/20/2035		34,287			34,890
Banc of America Mortgage Trust Series 2003-C, Class 3A1, 4.00% (A), 04/25/2033		27,049			26,850
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/05/2036 (B)		1,500,000			1,450,440
BCAP LLC Trust Series 2009-RR5, Class 8A1, 5.50% (A), 11/26/2034 (B)		7,918			7,929
Bear Stearns ARM Trust
Series 2003-4, Class 3A1,
3.07% (A), 07/25/2033		26,852			27,341
Series 2004-2, Class 14A,
3.67% (A), 05/25/2034		20,960			20,126

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    18

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Commercial Mortgage Securities Trust, Interest Only STRIPS Series 2005-PWR8, Class X1, 0.72% (A), 06/11/2041 (B)		$ 4,517		$ 8
CD Commercial Mortgage Trust, Interest Only STRIPS Series 2007-CD4, Class XC, 1.30% (A), 12/11/2049 (B)		23,975		81
Chase Mortgage Finance Trust
Series 2007-A1, Class 1A3,
3.44% (A), 02/25/2037		321,035		319,023
Series 2007-A1, Class 2A1,
3.17% (A), 02/25/2037		56,340		56,163
Series 2007-A1, Class 7A1,
3.38% (A), 02/25/2037		43,632		43,563
Series 2007-A1, Class 9A1,
3.77% (A), 02/25/2037		22,289		21,998
Series 2007-A2, Class 1A1,
3.51% (A), 06/25/2035		11,466		11,060
Series 2007-A2, Class 2A1,
3.11% (A), 06/25/2035		98,367		98,189
CHL Mortgage Pass-Through Trust
Series 2004-3, Class A26,
5.50%, 04/25/2034		84,935		86,553
Series 2004-3, Class A4,
5.75%, 04/25/2034		127,403		130,132
Series 2004-5, Class 1A4,
5.50%, 06/25/2034		117,793		121,875
Series 2004-8, Class 2A1,
4.50%, 06/25/2019		259		268
Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-HYB1, Class A, 2.60% (A), 09/25/2033		35,711		36,105
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4,
5.25%, 09/25/2033		41,612		42,125
Series 2005-2, Class 2A11,
5.50%, 05/25/2035		89,980		93,225
Series 2009-10, Class 1A1,
2.79% (A), 09/25/2033 (B)		102,665		102,490
COBALT CMBS Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C1, Class IO, 0.89% (A), 08/15/2048		497,493		4,229
COMM Mortgage Trust
Series 2015-CR25, Class A4,
3.76%, 08/10/2048		562,000		624,399
Series 2018-HOME, Class A,
3.82% (A), 04/10/2033 (B)		2,410,000		2,653,243
COMM Mortgage Trust, Interest Only STRIPS Series 2012-CR2, Class XA, 1.62% (A), 08/15/2045		1,692,438		34,926
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4,
5.25%, 09/25/2033		30,285		31,278

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage Securities Corp. (continued)
Series 2003-AR15, Class 3A1,
3.49% (A), 06/25/2033		$ 66,568		$ 66,539
Series 2004-5, Class 3A1,
5.25%, 08/25/2019		13,645		12,504
CSFB Mortgage-Backed Pass-Through Certificates
Series 2003-27, Class 5A4,
5.25%, 11/25/2033		48,007		49,139
Series 2003-29, Class 5A1,
7.00%, 12/25/2033		59,763		62,291
Series 2004-4, Class 2A4,
5.50%, 09/25/2034		61,786		64,075
Series 2004-8, Class 1A4,
5.50%, 12/25/2034		104,007		108,591
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 09/15/2037 (B)		500,000		384,191
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 4.92% (A), 02/25/2020		12,991		12,915
GS Mortgage Securities Trust, Interest Only STRIPS Series 2006-GG8, Class X, 1.05% (A), 11/10/2039 (B)		814,268		1,340
GSMPS Mortgage Loan Trust Series 2005-RP3, Class 1AF, 1-Month LIBOR + 0.35%, 0.50% (A), 09/25/2035 (B)		612,196		507,023
GSMPS Mortgage Loan Trust, Interest Only STRIPS Series 2005-RP3, Class 1AS, 4.26% (A), 09/25/2035 (B)		459,147		63,015
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4,
5.25%, 06/25/2033		185,127		191,562
Series 2004-8F, Class 2A3,
6.00%, 09/25/2034		115,628		118,475
Series 2005-5F, Class 8A3,
1-Month LIBOR + 0.50%, 0.65% (A), 06/25/2035		8,412		7,841
Headlands Residential LLC
Series 2017-RPL1, Class A,
3.88% (A), 11/25/2024 (B)		1,980,000		2,025,690
Series 2018-RPL1, Class A,
3.88% (A), 08/25/2024 (B)		2,410,000		2,465,762
Series 2019-RPL1, Class NOTE,
3.97% (A), 06/25/2024 (B)		2,300,000		2,310,209
Impac CMB Trust Series 2005-4, Class 2A1, 1-Month LIBOR + 0.60%, 0.75% (A), 05/25/2035		92,998		88,936
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A1, 5.50%, 08/25/2033		37,229		37,798

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    19

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Impac Secured Assets Trust
Series 2006-1, Class 2A1,
1-Month LIBOR + 0.35%, 0.50% (A), 05/25/2036		$ 181,324		$ 175,155
Series 2006-2, Class 2A1,
1-Month LIBOR + 0.35%, 0.50% (A), 08/25/2036		41,170		41,144
Independence Plaza Trust Series 2018-INDP, Class A, 3.76%, 07/10/2035 (B)		1,590,000		1,687,776
JPMorgan Chase Commercial Mortgage Securities Trust, Interest Only STRIPS Series 2006-CB15, Class X1, 0.19% (A), 06/12/2043		2,107,513		1,652
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1,
3.26% (A), 07/25/2034		4,022		4,077
Series 2004-A4, Class 1A1,
2.88% (A), 09/25/2034		11,376		11,078
Series 2004-S1, Class 1A7,
5.00%, 09/25/2034		1,564		1,594
Series 2005-A1, Class 3A4,
3.41% (A), 02/25/2035		53,705		52,026
Series 2006-A2, Class 5A3,
2.98% (A), 11/25/2033		103,246		105,245
Series 2006-A3, Class 6A1,
3.02% (A), 08/25/2034		11,469		11,160
LB-UBS Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C1, Class XCL, 0.38% (A), 02/15/2041 (B)		940,114		110
LHOME Mortgage Trust Series 2019-RTL3, Class A1, 3.87%, 07/25/2024 (B)		2,210,000		2,238,516
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1,
3.36% (A), 04/21/2034		116,818		116,295
Series 2004-13, Class 3A7,
3.19% (A), 11/21/2034		77,568		78,755
MASTR Alternative Loan Trust Series 2003-9, Class 2A1, 6.00%, 12/25/2033		11,182		11,662
MASTR Asset Securitization Trust
Series 2003-11, Class 9A6,
5.25%, 12/25/2033		167,943		172,054
Series 2004-P7, Class A6,
5.50%, 12/27/2033 (B)		20,982		20,980
MASTR Resecuritization Trust, Principal Only STRIPS Series 2005, Class 3, Zero Coupon, 05/28/2035 (B)		8,651		6,324
Merrill Lynch Mortgage Investors Trust
Series 2003-A4, Class 2A,
3.32% (A), 07/25/2033		35,673		35,623
Series 2003-A5, Class 2A6,
2.82% (A), 08/25/2033		23,241		22,922
Series 2004-1, Class 2A1,
2.74% (A), 12/25/2034		87,082		86,813

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Investors Trust (continued)
Series 2004-A4, Class A2,
3.17% (A), 08/25/2034		$ 42,442		$ 44,102
Series 2004-D, Class A2,
6-Month LIBOR + 0.72%, 1.03% (A), 09/25/2029		74,729		71,510
ML-CFC Commercial Mortgage Trust, Interest Only STRIPS Series 2006-4, Class XC, 0.55% (A), 12/12/2049 (B)		198,930		4
Morgan Stanley Capital I Trust, Interest Only STRIPS
Series 2006-IQ12, Class X1,
0.29% (A), 12/15/2043 (B)		316,881		2
Series 2006-T21, Class X,
0.08% (A), 10/12/2052 (B)		3,471,404		1,632
Series 2007-HQ11, Class X,
0.17% (A), 02/12/2044 (B)		320,878		296
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.62% (A), 04/25/2034		111,959		121,059
MRCD Mortgage Trust Series 2019-PARK, Class D, 2.72%, 12/15/2036 (B)		1,443,000		1,431,286
Prime Mortgage Trust Series 2004-CL1, Class 1A1, 6.00%, 02/25/2034		38,110		40,610
Prime Mortgage Trust, Principal Only STRIPS Series 2004-CL1, Class 1, Zero Coupon, 02/25/2034		2,542		2,112
RAMP Trust Series 2004-SL2, Class A3, 7.00%, 10/25/2031		75,060		78,984
RBSSP Resecuritization Trust Series 2009-1, Class 1A1, 6.50% (A), 02/26/2036 (B)		85,305		87,368
RCO V Mortgage LLC Series 2020-1, Class A1, 3.10% (A), 09/25/2025 (B)		1,733,391		1,733,731
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT,
3.50%, 07/25/2058		2,333,488		2,603,965
Series 2019-3, Class MB,
3.50%, 10/25/2058		969,365		1,136,691
Series 2019-4, Class M55D,
4.00%, 02/25/2059		1,768,587		1,957,817
Sequoia Mortgage Trust
Series 2004-11, Class A1,
1-Month LIBOR + 0.60%, 0.75% (A), 12/20/2034		159,187		157,439
Series 2004-11, Class A3,
1-Month LIBOR + 0.60%, 0.75% (A), 12/20/2034		40,434		40,114
Series 2004-12, Class A3,
6-Month LIBOR + 0.32%, 0.74% (A), 01/20/2035		67,293		63,165

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    20

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 1-Month LIBOR + 0.66%, 0.81% (A), 10/19/2034		$ 161,802		$ 161,322
Structured Asset Securities Corp.
Series 2003-37A, Class 2A,
2.70% (A), 12/25/2033		39,397		38,388
Series 2004-4XS, Class 1A5,
5.19% (A), 02/25/2034		210,570		217,050
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1,
1-Month LIBOR + 0.64%, 0.79% (A), 09/25/2043		70,285		69,744
Series 2004-1, Class II2A,
2.45% (A), 03/25/2044		29,245		29,317
Toorak Mortgage Corp., Ltd. Series 2019-2, Class A1, 3.72% (A), 09/25/2022		1,548,000		1,579,028
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (B)		1,000,000		990,034
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class A4,
3.53%, 05/10/2063		650,000		668,515
UBS-Barclays Commercial Mortgage Trust, Interest Only STRIPS
Series 2012-C2, Class XA,
1.29% (A), 05/10/2063 (B)		4,038,698		69,674
V.M. Jog Engineering, Ltd. Series 2017, Class A, 1-Month LIBOR + 4.60%, 6.56% (A), 12/15/2020		2,090,000		2,090,000
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (B)		1,000,000		1,029,378
Wachovia Bank Commercial Mortgage Trust, Interest Only STRIPS Series 2006-C24, Class XC, 0.00% (A), 03/15/2045 (B)		506,784		5
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR6, Class A1,
3.11% (A), 06/25/2033		126,342		127,859
Series 2003-AR7, Class A7,
2.69% (A), 08/25/2033		45,777		45,072
Series 2003-AR8, Class A,
2.89% (A), 08/25/2033		18,841		19,193
Series 2003-AR9, Class 1A6,
2.79% (A), 09/25/2033		95,009		93,918
Series 2003-S3, Class 1A4,
5.50%, 06/25/2033		146,359		152,790
Series 2003-S4, Class 2A10,
(2.75) * 1-Month LIBOR + 17.46%, 17.05% (A), 06/25/2033		6,319		7,874
Series 2003-S9, Class A8,
5.25%, 10/25/2033		55,448		57,102
Series 2004-AR3, Class A1,
3.66% (A), 06/25/2034		11,387		11,517

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates Trust (continued)
Series 2004-AR3, Class A2,
3.66% (A), 06/25/2034		$ 117,120		$ 118,138
Series 2004-S2, Class 2A4,
5.50%, 06/25/2034		112,217		115,805
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA2, Class 2A, 7.00%, 07/25/2033		40,229		43,298
Wells Fargo Commercial Mortgage Trust Series 2016-C35, Class A4, 2.93%, 07/15/2048		1,915,000		2,046,419
Wells Fargo Mortgage-Backed Securities Trust Series 2004-U, Class A1, 3.50% (A), 10/25/2034		224,950		223,180
WFRBS Commercial Mortgage Trust Series 2011-C3, Class A4, 4.38%, 03/15/2044 (B)		491,413		493,774
Total Mortgage-Backed Securities (Cost $38,863,291)				39,689,164
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.8%
California - 0.2%
State of California, General Obligation Unlimited, 7.30%, 10/01/2039		520,000		840,362
University of California Regents Medical Center Pooled Revenue, Revenue Bonds, 3.71%, 05/15/2120		820,000		808,905
				1,649,267
New York - 0.3%
New York State Dormitory Authority, Revenue Bonds, Series D, 5.60%, 03/15/2040		280,000		386,224
Port Authority of New York & New Jersey, Revenue Bonds
4.46%, 10/01/2062		800,000		984,656
5.65%, 11/01/2040		655,000		901,018
				2,271,898
Ohio - 0.3%
American Municipal Power, Inc., Revenue Bonds, Series B, 7.50%, 02/15/2050		640,000		1,029,037
Ohio State University, Revenue Bonds, Series A, 4.80%, 06/01/2111		1,370,000		1,877,776
				2,906,813
Total Municipal Government Obligations (Cost $5,237,545)				6,827,978

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    21

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 31.1%
Federal Home Loan Mortgage Corp.
6-Month LIBOR + 1.70%, 2.03% (A), 10/01/2036		$ 17,747		$ 18,024
6-Month LIBOR + 1.54%, 2.29% (A), 05/01/2037		58,199		60,336
12-Month LIBOR + 1.77%, 2.36% (A), 09/01/2037		11,817		12,068
1-Year CMT + 2.36%, 2.73% (A), 10/01/2037		5,788		5,810
12-Month LIBOR + 1.67%, 3.00% (A), 12/01/2036		94,427		99,055
1-Year CMT + 2.25%, 3.05% (A), 07/01/2036		141,048		148,695
6-Month LIBOR + 2.01%, 3.13% (A), 05/01/2037		29,908		31,581
1-Year CMT + 2.65%, 3.14% (A), 10/01/2037		62,682		62,647
12-Month LIBOR + 1.58%, 3.19% (A), 12/01/2036		114,251		119,254
1-Year CMT + 2.25%, 3.38% (A), 02/01/2036		177,360		187,010
1-Year CMT + 2.43%, 3.42% (A), 12/01/2031		213,183		214,262
3.50%, 06/01/2042 - 07/15/2042		1,827,832		2,007,855
1-Year CMT + 2.24%, 3.59% (A), 11/01/2036		98,334		103,099
12-Month LIBOR + 1.70%, 3.70% (A), 02/01/2037		21,806		22,870
12-Month LIBOR + 1.86%, 3.75% (A), 05/01/2038		7,679		7,752
12-Month LIBOR + 1.64%, 3.77% (A), 11/01/2036		29,078		30,363
1-Year CMT + 2.25%, 3.88% (A), 01/01/2035		197,953		208,831
12-Month LIBOR + 1.91%, 3.91% (A), 04/01/2037		1,314		1,318
12-Month LIBOR + 2.18%, 3.93% (A), 05/01/2037		88,301		94,598
12-Month LIBOR + 2.47%, 3.96% (A), 03/01/2036		65,348		69,676
12-Month LIBOR + 1.98%, 3.98% (A), 04/01/2037		16,803		16,958
12-Month LIBOR + 2.00%, 4.00% (A), 11/01/2036		6,435		6,450
4.00%, 04/01/2043 - 09/01/2049		4,846,443		5,288,197
12-Month LIBOR + 2.05%, 4.03% (A), 05/01/2037		25,558		25,908
12-Month LIBOR + 2.33%, 4.13% (A), 05/01/2036		15,491		16,691
4.50%, 05/01/2041 - 07/01/2047		8,299,798		9,281,607
5.00%, 08/01/2040		210,057		242,633
5.50%, 02/01/2021 - 12/01/2035		268,555		281,096
6.00%, 12/01/2036 - 06/01/2037		165,909		188,939
6.50%, 05/01/2035 - 03/01/2038		716,654		825,531
7.50%, 02/01/2038 - 09/01/2038		34,939		41,076
10.00%, 03/17/2026 - 10/01/2030		4,734		5,095
11.00%, 02/17/2021		16		16

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
1-Month LIBOR + 0.70%, 0.85% (A), 09/25/2022		$ 35,229		$ 35,268
2.31%, 12/25/2022		2,088,757		2,151,076
2.72%, 07/25/2026		1,456,000		1,578,316
2.74%, 09/25/2025		1,000,000		1,084,382
2.81%, 09/25/2024		4,140,000		4,411,870
2.84%, 09/25/2022		488,843		505,792
2.93%, 01/25/2023		863,395		902,680
3.21% (A), 04/25/2028		970,000		1,086,524
3.24%, 04/25/2027		1,097,000		1,244,819
3.30% (A), 11/25/2027		965,000		1,107,548
3.33%, 05/25/2027		590,000		671,047
3.35%, 01/25/2028		1,595,000		1,836,410
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.25%, 0.40% (A), 08/15/2023		67,827		67,825
1-Month LIBOR + 0.30%, 0.45% (A), 03/15/2036		24,209		24,263
1-Month LIBOR + 0.40%, 0.56% (A), 07/15/2037		371,812		371,831
1-Month LIBOR + 1.20%, 1.35% (A), 07/15/2039		15,725		15,902
4.00%, 11/15/2041 - 07/15/2042		3,030,296		3,607,862
4.50%, 06/15/2025		1,104,630		1,170,033
5.00%, 07/15/2033 - 07/15/2041		8,815,447		10,502,852
5.30%, 01/15/2033		283,922		328,511
5.50%, 02/15/2022 - 01/15/2039		1,891,785		2,191,216
(3.62) * 1-Month LIBOR + 27.21%, 5.50% (A), 05/15/2041		365,501		404,996
(3.67) * 1-Month LIBOR + 27.50%, 5.50% (A), 05/15/2041		397,412		436,584
5.70% (A), 10/15/2038		166,961		191,046
6.00%, 05/15/2034 - 06/15/2038		1,160,832		1,386,281
6.25%, 10/15/2023		63,836		67,596
6.50%, 08/15/2021 - 06/15/2032		582,126		656,284
6.86% (A), 11/15/2021		4,622		4,673
7.00%, 12/15/2036		313,286		381,500
7.40% (A), 11/15/2046		418,260		498,885
7.50%, 11/15/2036 - 12/15/2036		380,863		469,942
(7.27) * 1-Month LIBOR + 48.00%, 8.00% (A), 06/15/2035		12,556		14,902
(1.50) * 1-Month LIBOR + 9.08%, 8.85% (A), 11/15/2033		41,261		45,006
(1.83) * 1-Month LIBOR + 14.85%, 14.58% (A), 06/15/2033		21,871		29,111
(3.33) * 1-Month LIBOR + 17.50%, 17.01% (A), 02/15/2040		282,564		412,371
(2.50) * 1-Month LIBOR + 17.45%, 17.08% (A), 02/15/2038		9,591		13,495
(3.00) * 1-Month LIBOR + 20.22%, 19.77% (A), 07/15/2035		21,983		34,134
(2.60) * 1-Month LIBOR + 20.93%, 20.54% (A), 08/15/2031		28,397		42,529
(4.00) * 1-Month LIBOR + 22.00%, 21.41% (A), 05/15/2035		35,499		53,828
(4.50) * 1-Month LIBOR + 24.75%, 24.08% (A), 06/15/2035		51,444		96,384

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    22

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS
2.83% (A), 01/15/2040		$ 274,594		$ 13,813
4.00%, 11/15/2029		100,405		1,256
4.50%, 12/15/2024		179		1
5.00%, 10/15/2039 - 08/15/2040		623,108		52,067
(1.00) * 1-Month LIBOR + 6.00%, 5.85% (A), 11/15/2037 - 10/15/2040		545,484		92,351
(1.00) * 1-Month LIBOR + 6.05%, 5.90% (A), 05/15/2038		71,068		7,463
(1.00) * 1-Month LIBOR + 6.10%, 5.95% (A), 05/15/2039		34,338		5,929
(1.00) * 1-Month LIBOR + 6.25%, 6.10% (A), 12/15/2039		133,112		24,471
(1.00) * 1-Month LIBOR + 6.34%, 6.19% (A), 12/15/2039		366,383		65,171
(1.00) * 1-Month LIBOR + 6.40%, 6.25% (A), 01/15/2037		36,610		5,480
(1.00) * 1-Month LIBOR + 6.45%, 6.30% (A), 11/15/2037		16,450		3,534
(1.00) * 1-Month LIBOR + 6.80%, 6.65% (A), 09/15/2039		111,040		18,313
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS 09/15/2032 - 12/15/2043	3,325,406		3,000,455
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
1.72% (A), 10/25/2037		304,894		345,649
5.23%, 05/25/2043		698,948		806,152
6.50%, 02/25/2043		237,800		289,460
6.50% (A), 09/25/2043		106,968		133,832
7.00%, 02/25/2043 - 07/25/2043		267,399		328,752
7.50%, 02/25/2042 - 09/25/2043		324,828		394,928
Federal Home Loan Mortgage Corp., Interest Only STRIPS (1.00) * 1-Month LIBOR + 7.70%, 7.55% (A), 08/15/2036	264,198		66,211
Federal National Mortgage Association
1-Month LIBOR + 0.22%, 0.37% (A), 03/25/2045 - 02/25/2046		103,014		102,900
1-Month LIBOR + 0.40%, 0.55% (A), 05/25/2042		167,005		166,410
1-Month LIBOR + 0.55%, 0.70% (A), 08/25/2042		552,142		554,385
0.75%, 09/25/2028		3,450,285		3,391,770
1-Month LIBOR + 0.93%, 1.09% (A), 11/25/2022		331,703		331,908
6-Month LIBOR + 1.23%, 1.52% (A), 09/01/2036		19,097		19,612
6-Month LIBOR + 1.30%, 1.95% (A), 07/01/2037		49,132		50,555
6-Month LIBOR + 1.48%, 1.96% (A), 02/01/2037		42,585		44,092
6-Month LIBOR + 1.56%, 1.96% (A), 02/01/2037		17,095		17,610
12-Month LIBOR + 1.46%, 2.07% (A), 09/01/2037		19,660		19,982

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
2.15%, 01/25/2023		$ 1,485,095		$ 1,515,030
12-Month LIBOR + 1.63%, 2.16% (A), 09/01/2036		88,103		91,976
12-Month LIBOR + 1.82%, 2.32% (A), 09/01/2036		14,408		14,486
1-Year CMT + 2.05%, 2.33% (A), 11/01/2037		62,386		65,433
12-Month LIBOR + 1.38%, 2.34% (A), 11/01/2037		31,628		32,712
2.38%, 10/01/2026		1,473,961		1,578,786
2.43%, 08/01/2026		1,882,101		2,016,858
12-Month LIBOR + 1.65%, 2.43% (A), 07/01/2037		25,293		26,455
2.48% (A), 12/25/2026		415,806		451,969
2.49%, 05/01/2026		976,134		1,048,453
12-Month LIBOR + 1.88%, 2.53% (A), 08/01/2036		4,074		4,120
2.61%, 06/01/2026		1,012,000		1,095,563
2.62%, 11/01/2031		4,165,000		4,585,035
2.63%, 03/01/2026		2,861,503		3,087,258
2.64%, 06/01/2026		2,477,000		2,685,610
2.70%, 07/01/2026		1,255,543		1,366,383
12-Month LIBOR + 1.83%, 2.80% (A), 06/01/2036		41,479		43,612
2.80%, 01/01/2028		1,149,784		1,254,291
2.90%, 06/25/2027		2,036,676		2,231,370
12-Month LIBOR + 1.80%, 2.92% (A), 07/01/2037		26,676		26,882
2.92%, 01/01/2025		2,475,778		2,673,726
2.94% (A), 01/25/2026		3,486,000		3,817,798
2.94%, 12/01/2028		5,000,000		5,611,674
2.98%, 06/01/2027		1,715,000		1,896,958
3.00%, 06/01/2043		958,804		1,052,594
3.02%, 07/01/2024 - 07/01/2029		7,559,538		8,393,174
3.04%, 06/01/2024		1,703,365		1,823,579
3.05% (A), 03/25/2028		1,138,000		1,285,684
3.06% (A), 05/25/2027		1,700,000		1,902,251
3.08% (A), 06/25/2027		1,771,000		1,994,894
3.08%, 12/01/2024		1,832,449		1,983,387
3.09%, 09/01/2029		3,797,000		4,289,344
3.09% (A), 02/25/2030		815,000		924,994
3.11%, 03/01/2027		1,912,749		2,123,840
12-Month LIBOR + 1.77%, 3.15% (A), 10/01/2036		23,132		23,197
3.15%, 04/01/2031		2,840,719		3,125,691
3.17% (A), 04/25/2029		1,419,000		1,608,871
12-Month LIBOR + 2.37%, 3.20% (A), 08/01/2037		23,741		24,355
3.24%, 06/01/2026		890,582		986,906
3.28%, 11/01/2030		1,942,126		2,222,557
3.29%, 08/01/2026		997,214		1,109,264
3.32%, 04/01/2029		5,000,000		5,665,601
3.37% (A), 07/25/2028		2,032,000		2,334,663
3.37%, 05/01/2037		879,523		1,007,505

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    23

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
3.38%, 12/01/2029		$ 772,835		$ 884,460
3.50%, 04/01/2043 - 01/01/2044		1,942,594		2,112,743
3.52%, 10/01/2029		786,211		904,196
12-Month LIBOR + 1.80%, 3.55% (A), 05/01/2036		42,779		43,314
6-Month LIBOR + 2.50%, 3.56% (A), 03/01/2036		149,588		160,436
12-Month LIBOR + 1.58%, 3.58% (A), 04/01/2037		5,158		5,228
3.59%, 01/01/2031		916,995		1,069,219
12-Month LIBOR + 1.68%, 3.68% (A), 04/01/2036		26,987		28,338
3.73%, 05/01/2029		839,837		978,949
12-Month LIBOR + 1.86%, 3.75% (A), 11/01/2036		15,927		15,964
3.76%, 12/01/2035		1,856,981		2,235,628
12-Month LIBOR + 1.79%, 3.86% (A), 12/01/2036		14,647		14,902
12-Month LIBOR + 1.94%, 3.94% (A), 12/01/2036		48,086		48,400
3.97%, 12/01/2025		399,725		449,028
4.00%, 01/01/2043 - 08/01/2048		5,098,470		5,590,667
4.05%, 01/01/2021		1,565,000		1,564,631
12-Month LIBOR + 2.38%, 4.05% (A), 03/01/2036		70,109		74,563
12-Month LIBOR + 2.28%, 4.15% (A), 11/01/2036		4,104		4,145
4.23%, 02/01/2029		3,974,267		4,681,599
4.26%, 07/01/2021		2,341,280		2,361,153
4.34%, 06/01/2021		7,000,000		7,039,680
4.45%, 07/01/2026		1,286,589		1,472,740
4.55%, 06/25/2043		72,138		80,368
5.00%, 04/01/2022 - 08/01/2040		528,811		607,906
5.50%, 11/01/2032 - 07/01/2037		998,108		1,155,840
6.00%, 08/01/2021 - 11/01/2037		1,534,153		1,716,581
6.50%, 06/01/2023 - 07/25/2042		1,011,190		1,172,586
7.00%, 12/25/2033 - 02/25/2044		926,144		1,105,270
7.50%, 10/01/2037 - 12/25/2045		528,930		646,390
8.00%, 10/01/2031		50,538		57,978
Federal National Mortgage Association, Interest Only STRIPS
2.15% (A), 07/25/2030		14,560,578		1,999,528
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.24%, 0.39% (A), 10/25/2046		98,267		97,206
1-Month LIBOR + 0.25%, 0.41% (A), 06/27/2036		127,494		125,531
1-Month LIBOR + 0.29%, 0.44% (A), 07/25/2036		89,933		90,082
1-Month LIBOR + 0.40%, 0.55% (A), 06/25/2037		21,964		22,182
1-Month LIBOR + 0.55%, 0.70% (A), 08/25/2041		195,520		196,861
1-Month LIBOR + 0.60%, 0.75% (A), 04/25/2040		145,130		146,272

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC (continued)
3.00%, 01/25/2046		$ 650,618		$ 699,530
3.03% (A), 12/25/2039		99,540		103,467
3.50%, 02/25/2043		735,502		817,838
4.50%, 02/25/2039 - 05/25/2041		848,825		954,431
5.50%, 08/25/2025 - 10/25/2040		5,089,513		5,918,886
5.61% (A), 01/25/2032 (I)		42,987		47,053
5.69% (A), 12/25/2042		91,737		102,538
5.75%, 08/25/2034		671,138		769,206
5.81% (A), 05/25/2051		137,846		160,666
6.00%, 03/25/2029 - 12/25/2049		1,547,604		1,774,575
6.01% (A), 06/25/2040		115,860		134,937
6.20% (A), 02/25/2040		138,545		158,104
6.25%, 09/25/2038		18,187		21,108
6.45% (A), 03/25/2040		181,628		207,481
6.50%, 04/18/2028 - 11/25/2041		535,806		632,198
6.75%, 04/25/2037		49,028		55,217
7.00%, 03/25/2038 - 11/25/2041		1,188,324		1,416,435
7.50%, 05/17/2024		41,708		44,706
8.00%, 02/25/2023		127,411		134,961
(2.00) * 1-Month LIBOR + 12.66%, 12.36% (A), 03/25/2040		172,943		233,222
(2.00) * 1-Month LIBOR + 16.20%, 15.90% (A), 01/25/2034		10,192		11,789
(2.50) * 1-Month LIBOR + 16.88%, 16.50% (A), 08/25/2035 - 10/25/2035		44,938		63,490
(3.33) * 1-Month LIBOR + 17.67%, 17.17% (A), 04/25/2040		145,638		202,979
(2.75) * 1-Month LIBOR + 17.88%, 17.46% (A), 09/25/2024		53,888		63,981
(2.75) * 1-Month LIBOR + 19.53%, 19.11% (A), 05/25/2034		85,315		130,433
(2.75) * 1-Month LIBOR + 20.13%, 19.72% (A), 05/25/2035		89,206		115,938
(3.33) * 1-Month LIBOR + 22.67%, 22.17% (A), 04/25/2037		46,526		77,682
(3.67) * 1-Month LIBOR + 24.57%, 24.02% (A), 11/25/2035		46,213		70,069
Federal National Mortgage Association REMIC, Interest Only STRIPS
1.88% (A), 01/25/2038		49,676		2,004
2.93% (A), 04/25/2041		209,363		14,246
3.00%, 01/25/2021		5,956		2
(1.00) * 1-Month LIBOR + 4.44%, 4.29% (A), 11/25/2040		510,602		63,509
(1.00) * 1-Month LIBOR + 5.00%, 4.85% (A), 07/25/2040		577,098		81,378
5.00%, 07/25/2039		56,411		8,845
5.50%, 10/25/2039		81,044		14,326
(1.00) * 1-Month LIBOR + 5.90%, 5.75% (A), 10/25/2039		26,533		4,091
(1.00) * 1-Month LIBOR + 6.00%, 5.85% (A), 02/25/2038 - 06/25/2039		545,255		93,953
(1.00) * 1-Month LIBOR + 6.18%, 6.03% (A), 12/25/2039		8,616		1,339
(1.00) * 1-Month LIBOR + 6.25%, 6.10% (A), 01/25/2040		201,745		41,813
(1.00) * 1-Month LIBOR + 6.35%, 6.20% (A), 12/25/2037		368,805		74,248

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    24

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC, Interest Only STRIPS (continued)
(1.00) * 1-Month LIBOR + 6.40%, 6.25% (A), 07/25/2037 - 05/25/2040		$ 503,760		$ 100,346
(1.00) * 1-Month LIBOR + 6.42%, 6.27% (A), 04/25/2040		82,948		14,148
(1.00) * 1-Month LIBOR + 6.45%, 6.30% (A), 10/25/2037 - 12/25/2037		206,605		45,516
(1.00) * 1-Month LIBOR + 6.62%, 6.47% (A), 07/25/2037		101,555		18,390
(1.00) * 1-Month LIBOR + 6.65%, 6.50% (A), 10/25/2026 - 03/25/2039		360,450		49,690
(1.00) * 1-Month LIBOR + 6.70%, 6.55% (A), 03/25/2036		862,390		203,002
(1.00) * 1-Month LIBOR + 6.99%, 6.84% (A), 03/25/2038		102,694		21,872
(1.00) * 1-Month LIBOR + 7.10%, 6.95% (A), 02/25/2040		86,295		15,981
Federal National Mortgage Association REMIC, Principal Only STRIPS 10/25/2023 - 12/25/2043		2,227,412		2,098,588
Federal National Mortgage Association, Principal Only STRIPS 09/25/2024 - 08/25/2032		263,194		254,160
FREMF Mortgage Trust
3.58% (A), 11/25/2049 (B)		920,000		996,779
3.68% (A), 01/25/2048 (B)		4,355,000		4,690,029
3.68% (A), 01/25/2048 (B)		1,405,000		1,467,136
3.83% (A), 11/25/2047 (B)		2,000,000		2,149,969
3.84% (A), 07/25/2049 (B)		750,000		789,044
4.07% (A), 11/25/2047 (B)		853,000		922,198
Government National Mortgage Association
1-Month LIBOR + 0.45%, 0.61% (A), 03/20/2060		9,159		9,155
1-Month LIBOR + 0.47%, 0.63% (A), 05/20/2063		1,169,630		1,171,143
1-Month LIBOR + 0.50%, 0.66% (A), 06/20/2067		1,818,732		1,824,390
1-Month LIBOR + 0.52%, 0.68% (A), 10/20/2062		915,512		917,691
1-Month LIBOR + 0.53%, 0.69% (A), 10/20/2062		1,012,465		1,013,945
1-Month LIBOR + 0.58%, 0.74% (A), 05/20/2066		661,208		662,802
1-Month LIBOR + 0.60%, 0.76% (A), 11/20/2065		2,558,168		2,576,427
1-Month LIBOR + 0.65%, 0.81% (A), 05/20/2061 - 01/20/2066		5,009,680		5,048,524
1-Month LIBOR + 0.70%, 0.86% (A), 05/20/2061 - 03/20/2066		3,865,184		3,901,375
1-Month LIBOR + 1.00%, 1.16% (A), 12/20/2066		697,705		711,928
4.50%, 11/20/2034 - 11/20/2049		3,687,282		4,050,357
5.50%, 01/16/2033 - 09/20/2039		2,723,785		3,056,306
5.75%, 02/20/2036 - 10/20/2037		405,281		456,072
5.83% (A), 10/20/2033		171,921		193,865
6.00%, 11/20/2033 - 08/20/2038		618,500		696,030

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
6.50%, 12/20/2031 - 12/15/2035		$ 563,117		$ 635,925
7.00%, 09/15/2031 - 10/16/2040		550,423		635,079
(6.25) * 1-Month LIBOR + 44.50%, 7.00% (A), 09/20/2034		8,953		9,796
7.50%, 09/16/2035 - 10/15/2037		101,470		116,812
(1.83) * 1-Month LIBOR + 14.70%, 14.44% (A), 11/17/2032		13,489		15,029
(2.92) * 1-Month LIBOR + 17.50%, 17.06% (A), 02/20/2034		35,133		46,246
(3.50) * 1-Month LIBOR + 23.28%, 22.75% (A), 04/20/2037		95,507		143,228
Government National Mortgage Association, Interest Only STRIPS
1.80% (A), 06/20/2067		4,254,176		350,970
(1.00) * 1-Month LIBOR + 5.83%, 5.68% (A), 02/20/2038		49,002		6,566
(1.00) * 1-Month LIBOR + 5.90%, 5.75% (A), 09/20/2038		316,230		56,821
(1.00) * 1-Month LIBOR + 5.95%, 5.80% (A), 02/20/2039 - 06/20/2039		125,102		18,537
(1.00) * 1-Month LIBOR + 6.00%, 5.85% (A), 02/20/2038		516,357		90,970
(1.00) * 1-Month LIBOR + 6.04%, 5.89% (A), 02/20/2039		41,683		4,734
(1.00) * 1-Month LIBOR + 6.05%, 5.90% (A), 08/16/2039		194,192		29,294
(1.00) * 1-Month LIBOR + 6.09%, 5.94% (A), 09/20/2039		316,899		64,908
(1.00) * 1-Month LIBOR + 6.10%, 5.95% (A), 11/20/2034 - 07/16/2039		445,690		59,495
(1.00) * 1-Month LIBOR + 6.15%, 6.00% (A), 07/20/2038		339,254		48,372
(1.00) * 1-Month LIBOR + 6.20%, 6.05% (A), 03/20/2037 - 06/20/2038		137,603		22,931
(1.00) * 1-Month LIBOR + 6.40%, 6.25% (A), 12/20/2038 - 11/16/2039		246,601		40,220
(1.00) * 1-Month LIBOR + 6.55%, 6.40% (A), 11/16/2033 - 11/20/2037		85,164		10,242
(1.00) * 1-Month LIBOR + 6.60%, 6.45% (A), 05/20/2041		204,484		37,152
6.50%, 03/20/2039		28,934		5,086
(1.00) * 1-Month LIBOR + 6.68%, 6.53% (A), 07/20/2037		195,412		36,461
(1.00) * 1-Month LIBOR + 6.70%, 6.55% (A), 06/20/2037		370,814		79,228
(1.00) * 1-Month LIBOR + 7.30%, 7.15% (A), 12/20/2038		213,941		40,627
(1.00) * 1-Month LIBOR + 7.60%, 7.45% (A), 09/20/2038		24,396		4,053
(1.00) * 1-Month LIBOR + 7.70%, 7.55% (A), 04/16/2038		21,327		3,939
Government National Mortgage Association, Principal Only STRIPS 12/20/2032 - 12/20/2040		708,496		672,097
Resolution Funding Corp., Principal Only STRIPS Zero Coupon, 01/15/2030		2,000,000		1,769,048

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    25

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Tennessee Valley Authority
4.25%, 09/15/2065		$ 365,000		$ 534,674
4.63%, 09/15/2060		451,000		691,587
5.88%, 04/01/2036		2,565,000		3,931,798
Tennessee Valley Authority, Principal Only STRIPS 11/01/2025 - 05/01/2030		3,300,000		3,064,434
Vendee Mortgage Trust
6.75%, 06/15/2028		171,676		199,486
7.25%, 02/15/2023		96,999		102,503
Total U.S. Government Agency Obligations (Cost $247,095,231)				261,508,620
U.S. GOVERNMENT OBLIGATIONS - 19.0%
U.S. Treasury - 18.6%
U.S. Treasury Bond
1.25%, 05/15/2050 (F)		3,105,000		2,820,698
2.00%, 02/15/2050 (F)		3,099,000		3,373,552
2.25%, 08/15/2046		280,000		320,622
2.38%, 11/15/2049 (F)		4,745,000		5,587,608
2.50%, 02/15/2045		2,300,000		2,750,926
2.88%, 08/15/2045 (F)		2,000,000		2,553,359
3.00%, 02/15/2048		430,000		566,055
3.13%, 02/15/2043 (F)		2,545,000		3,355,423
3.13%, 05/15/2048		296,000		398,571
3.38%, 05/15/2044		3,000,000		4,119,961
3.63%, 08/15/2043 - 02/15/2044		10,190,000		14,477,063
3.88%, 08/15/2040		60,000		86,508
U.S. Treasury Bond, Principal Only STRIPS
02/15/2021 - 05/15/2036 (F)		39,875,000		39,565,007
11/15/2022 - 11/15/2041		16,050,000		13,823,680
U.S. Treasury Note
1.25%, 10/31/2021		4,800,000		4,852,312
1.50%, 02/28/2023 - 08/15/2026		5,142,000		5,304,640
1.63%, 02/15/2026 (F)		88,400		93,939
1.75%, 02/28/2022 - 12/31/2024		16,795,200		17,186,841
1.75%, 05/15/2023 - 12/31/2026 (F)		5,389,000		5,629,445
1.88%, 11/30/2021 (F)		2,800,000		2,852,172
1.88%, 08/31/2022 - 08/31/2024		4,398,000		4,547,222
2.00%, 10/31/2021 - 11/15/2026		4,369,000		4,481,823
2.00%, 02/15/2023 - 08/15/2025 (F)		546,800		571,215
2.13%, 06/30/2022 (F)		1,000,000		1,032,695

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note (continued)
2.13%, 02/29/2024 - 03/31/2024		$ 1,279,000		$ 1,360,737
2.25%, 11/15/2024 - 02/15/2027 (F)		4,435,000		4,806,447
2.50%, 08/15/2023 - 05/15/2024		2,148,000		2,287,927
2.75%, 05/31/2023		334,000		356,036
2.75%, 02/15/2024 (F)		6,000,000		6,496,641
2.88%, 05/15/2028		656,000		761,934
				156,421,059
U.S. Treasury Inflation-Protected Securities - 0.4%
U.S. Treasury Inflation-Indexed Note 0.13%, 01/15/2022		3,337,992		3,375,870
Total U.S. Government Obligations (Cost $147,088,093)				159,796,929
	Shares		Value
OTHER INVESTMENT COMPANY - 5.1%
Securities Lending Collateral - 5.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (J)		42,828,753		42,828,753
Total Other Investment Company (Cost $42,828,753)				42,828,753
	Principal		Value
REPURCHASE AGREEMENT - 1.6%
Fixed Income Clearing Corp., 0.00% (J), dated 10/30/2020, to be repurchased at $13,687,572 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $13,961,358.		$13,687,572		13,687,572
Total Repurchase Agreement (Cost $13,687,572)				13,687,572
Total Investments (Cost $831,210,943)				880,028,651
Net Other Assets (Liabilities) - (4.7)%				(39,317,793	)
Net Assets - 100.0%				$  840,710,858

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    26

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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
Asset-Backed Securities	$	—	$	89,895,773	$	7,324,537	$	97,220,310
Corporate Debt Securities		—		253,741,647		—		253,741,647
Foreign Government Obligations		—		4,727,678		—		4,727,678
Mortgage-Backed Securities		—		39,689,164		—		39,689,164
Municipal Government Obligations		—		6,827,978		—		6,827,978
U.S. Government Agency Obligations		—		261,508,620		—		261,508,620
U.S. Government Obligations		—		159,796,929		—		159,796,929
Other Investment Company		42,828,753		—		—		42,828,753
Repurchase Agreement		—		13,687,572		—		13,687,572
Total Investments	$	42,828,753	$	829,875,361	$	7,324,537	$	880,028,651
Transfers
Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Asset-Backed Securities (E)	$	—	$	—	$	3,553,090	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2020, the total value of 144A securities is $175,578,451, representing 20.9% of the Fund’s net assets.
(C)	Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2020, the total value of securities is $7,324,537, representing 0.9% of the Fund’s net assets.
(D)	Securities are Level 3 of the fair value hierarchy.
(E)	Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.
(F)	All or a portion of the securities are on loan. The total value of all securities on loan is $69,182,586, collateralized by cash collateral of $42,828,753 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $27,778,210. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(G)	Percentage rounds to less than 0.1% or (0.1)%.
(H)	Perpetual maturity. The date displayed is the next call date.
(I)	Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2020; the maturity date disclosed is the ultimate maturity date.
(J)	Rates disclosed reflect the yields at October 31, 2020.
(K)	The Fund recognizes transfers in and out of Level 3 as of October 31, 2020. 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.

PORTFOLIO ABBREVIATIONS:

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    27

Transamerica Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

The S&P 500^® Index (“S&P 500^®”) closed out the fourth quarter of 2019 with continuing gains, up 31.49% for the calendar year. The equity markets advanced in December with some degree of resolution regarding trade war concerns. After a strong close to 2019, however, the S&P 500^® ended January marginally negative with headline risks surrounding the initial outbreak of the COVID-19 virus. Despite late January volatility, the S&P 500^® started February rising to new all-time highs, with optimistic reads on US employment and retail sales, along with an early indication that the outbreak’s effects would be relatively short-lived and confined. However, the virus’s initial occurrence continued to grow and ramp up globally, ultimately leading to a dramatic move downward for the market as markets sharply discounted the impacts of the pandemic on global economic data, such as in jobless claims and global manufacturing and service Purchasing Managers’ Index (“PMIs”) during the first quarter of 2020.

Following a challenging first quarter of 2020, severely impacted by the COVID-19 pandemic, the market recovered from April through June. While extraordinary fiscal and monetary policy responses continued to support the equity market, disappointing economic data along with a resurgence in tensions between the U.S. and China added to market volatility during the second quarter. Investors grew optimistic about the progress in developing a medication to fight COVID-19 and believed that the worst of the economic downturn may be over. Expectations that the U.S. economy was reopening across the country and better than expected employment data for the month of May also helped lift equity markets. Further, the U.S. Federal Reserve (“Fed”) decided to hold interest rates steady at near-zero, signaling its intention to support a post COVID-19 economic recovery.

Following strong performance in the second quarter of 2020, the market continued to rise and reached new all-time highs in August, driven by a rally in technology stocks and encouraging economic data. U.S. consumer confidence also rebounded along with a recovery in retail sales. Corporate earnings proved to be resilient, underlined by the stronger than expected results in the second quarter earnings season. The Fed’s intentions to maintain accommodative monetary policy as long as necessary to support the economy further buoyed markets. September, however, brought renewed bouts of volatility as concerns over a second wave of COVID-19 infections, the upcoming U.S. presidential election, and renewed lockdown measures took a toll on investor confidence. October started with markets posting a strong rebound off a lackluster September, supported by encouraging consumer economic data including supportive employment, retail sales, and consumer spending numbers. A strong start to the third quarter corporate earnings season, with a record number of companies beating revenue and earnings estimates, helped investor sentiment. A major resurgence in COVID-19 infections in the latter half of the month, however, set off a new series of lockdowns across the globe. As fears of a new downturn gripped the markets, uncertainty around the looming U.S. elections further dented investor confidence, leading the market to end the month in negative territory.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Mid Cap Value (Class I2) returned -10.81%. By comparison, its benchmark, the Russell Midcap^® Value Index, returned -6.94%.

STRATEGY REVIEW

Transamerica Mid Cap Value underperformed its benchmark, the Russell Midcap^® Value Index, for the 12-month period ended October 31, 2020. Stock Selection in the health care and real estate sectors detracted from performance.

Financials and energy were the benchmark’s weakest sectors over the period, and thus, it is not surprising to see four of the Fund’s top five detractors falling in these two sectors. Energy has been the worst performing sector during the 12-month period and commodity-sensitive fund holdings Diamondback Energy, Inc. and PBF Energy Inc. were among the Fund’s top portfolio detractors for the period. Despite strong fundamentals, heightened levels of pessimism continued to weigh on the multiples of even the highest quality financials, including fund holdings Loews Corp. and M&T Bank Corp., making them amongst the leading detractors for the period ended October 31, 2020.

Despite the challenges within the financial sector, the Fund benefitted from diversified stock selection and a mix of holdings in asset managers, insurance brokers, property and casualty insurance, and higher quality credit companies (such as Discover Financial Services). Energy benefitted from the portfolio management team’s preference towards natural gas holdings as well as less cyclical midstream players (e.g. EQT Corp.). Additionally, the Fund benefitted from its holding in Best Buy Co., Inc., one of the largest beneficiaries of behavioral shifts due to COVID-19. Although once thought of as a traditional brick & mortar retailer, company management’s investment, strategic online focus and operational execution has improved the company’s position. The Fund also benefited from pockets of the consumer and housing market exposed to an increased propensity for consumer “DIY” projects. For example, Fortune Brands Home & Security, Inc. has been one of the largest beneficiaries of consumer’s behavioral shifts due to COVID-19.

The Fund is permitted to hold derivative instruments but did not utilize derivatives during the period.

Jonathan Simon

Larry Playford

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Transamerica Funds Annual Report 2020

Page    28

Transamerica Mid Cap Value

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		97.0	%
Repurchase Agreement		3.1
Other Investment Company		0.1
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    29

Transamerica Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		(10.81	)%		3.98	%		9.43	%		11/15/2005
Russell Midcap® Value Index (A)		(6.94	)%		5.32	%		9.40	%

^(A) The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    30

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
COMMON STOCKS - 97.0%
Airlines - 0.8%
Southwest Airlines Co.		18,488		$730,831
Auto Components - 0.5%
BorgWarner, Inc.		12,859		449,808
Banks - 7.9%
Citizens Financial Group, Inc.		36,211		986,750
Fifth Third Bancorp		54,961		1,276,194
First Republic Bank		5,309		669,677
Huntington Bancshares, Inc.		72,171		753,465
M&T Bank Corp.		13,139		1,360,938
Regions Financial Corp.		72,699		966,897
TCF Financial Corp.		23,269		633,149
Zions Bancorp NA		16,350		527,615
				7,174,685
Beverages - 1.5%
Constellation Brands, Inc., Class A		5,181		856,056
Keurig Dr. Pepper, Inc.		17,882		481,026
				1,337,082
Building Products - 1.1%
Fortune Brands Home & Security, Inc.		12,853		1,039,422
Capital Markets - 5.5%
Ameriprise Financial, Inc.		9,472		1,523,382
Northern Trust Corp.		12,845		1,005,378
Raymond James Financial, Inc.		14,719		1,125,120
T. Rowe Price Group, Inc.		11,025		1,396,427
				5,050,307
Chemicals - 2.1%
Celanese Corp.		6,192		702,854
Sherwin-Williams Co.		1,719		1,182,638
				1,885,492
Communications Equipment - 1.5%
CommScope Holding Co., Inc. (A)		28,481		253,481
Motorola Solutions, Inc.		7,358		1,163,005
				1,416,486
Construction Materials - 1.3%
Martin Marietta Materials, Inc.		4,526		1,205,500
Consumer Finance - 0.7%
Discover Financial Services		10,526		684,295
Containers & Packaging - 3.1%
Ball Corp.		11,351		1,010,239
Packaging Corp. of America		5,758		659,233
Pactiv Evergreen, Inc. (A)		22,519		281,713
Silgan Holdings, Inc.		25,447		876,649
				2,827,834
Distributors - 0.7%
Genuine Parts Co.		7,278		658,150
Diversified Financial Services - 0.2%
Voya Financial, Inc.		4,153		199,053
Electric Utilities - 4.6%
Edison International		19,692		1,103,540
Entergy Corp.		13,137		1,329,727
Xcel Energy, Inc.		24,984		1,749,629
				4,182,896
Electrical Equipment - 3.2%
Acuity Brands, Inc.		8,012		714,190

	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment (continued)
AMETEK, Inc.		11,341		$ 1,113,686
Hubbell, Inc.		7,259		1,056,257
				2,884,133
Electronic Equipment, Instruments & Components - 4.4%
Amphenol Corp., Class A		10,326		1,165,186
CDW Corp.		8,739		1,071,401
Keysight Technologies, Inc. (A)		7,128		747,513
SYNNEX Corp.		8,051		1,059,834
				4,043,934
Equity Real Estate Investment Trusts - 9.2%
American Campus Communities, Inc.		8,982		336,466
American Homes 4 Rent, Class A		26,070		736,999
AvalonBay Communities, Inc.		6,483		901,980
Boston Properties, Inc.		11,236		813,599
Brixmor Property Group, Inc.		40,005		438,455
Essex Property Trust, Inc.		2,054		420,228
Federal Realty Investment Trust		6,927		476,439
Host Hotels & Resorts, Inc.		23,635		247,695
JBG SMITH Properties		12,333		287,975
Kimco Realty Corp.		41,148		422,178
Outfront Media, Inc.		18,550		243,190
Rayonier, Inc.		28,697		728,330
Regency Centers Corp.		9,701		345,259
Ventas, Inc.		8,957		353,533
Vornado Realty Trust		12,661		389,072
Weyerhaeuser Co.		29,052		792,829
WP Carey, Inc.		7,093		444,093
				8,378,320
Food & Staples Retailing - 1.4%
Kroger Co.		27,971		900,946
US Foods Holding Corp. (A)		17,491		365,562
				1,266,508
Food Products - 0.9%
Post Holdings, Inc. (A)		9,629		827,131
Gas Utilities - 1.0%
National Fuel Gas Co.		23,855		953,246
Health Care Equipment & Supplies - 1.6%
Zimmer Biomet Holdings, Inc.		11,048		1,459,441
Health Care Providers & Services - 6.0%
AmerisourceBergen Corp.		10,820		1,039,477
Cigna Corp.		4,937		824,331
Henry Schein, Inc. (A)		11,640		740,071
Humana, Inc.		1,027		410,061
Laboratory Corp. of America Holdings (A)		7,151		1,428,555
Universal Health Services, Inc., Class B		9,547		1,045,874
				5,488,369
Hotels, Restaurants & Leisure - 0.4%
Darden Restaurants, Inc.		3,932		361,429
Household Durables - 2.0%
Mohawk Industries, Inc. (A)		8,448		871,749
Newell Brands, Inc.		52,891		934,055
				1,805,804
Household Products - 0.8%
Energizer Holdings, Inc.		17,506		688,861

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    31

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Industrial Conglomerates - 1.2%
Carlisle Cos., Inc.		9,087		$ 1,125,607
Insurance - 6.4%
Alleghany Corp.		1,132		619,125
Hartford Financial Services Group, Inc.		25,679		989,155
Lincoln National Corp.		14,131		495,998
Loews Corp.		42,086		1,459,543
Marsh & McLennan Cos., Inc.		7,331		758,465
Progressive Corp.		9,086		835,003
W.R. Berkley Corp.		11,466		689,336
				5,846,625
Internet & Direct Marketing Retail - 0.5%
Expedia Group, Inc.		4,811		452,956
IT Services - 0.7%
Jack Henry & Associates, Inc.		3,086		457,499
Leidos Holdings, Inc.		1,900		157,700
				615,199
Machinery - 5.9%
IDEX Corp.		5,956		1,014,843
ITT, Inc.		19,255		1,165,120
Lincoln Electric Holdings, Inc.		11,140		1,134,275
Middleby Corp. (A)		11,124		1,107,283
Snap-on, Inc.		5,858		922,810
				5,344,331
Media - 3.4%
Discovery, Inc., Class C (A)		50,173		919,169
Liberty Broadband Corp., Class C (A)		7,603		1,077,421
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		33,065		1,144,049
				3,140,639
Multi-Utilities - 3.7%
CMS Energy Corp.		21,717		1,375,338
Sempra Energy		2,990		374,826
WEC Energy Group, Inc.		16,434		1,652,439
				3,402,603
Multiline Retail - 0.5%
Kohl’s Corp.		15,329		326,355
Nordstrom, Inc. (B)		12,492		151,153
				477,508
Oil, Gas & Consumable Fuels - 3.5%
Cabot Oil & Gas Corp.		38,523		685,324
Diamondback Energy, Inc.		32,541		844,764
EQT Corp.		33,512		507,372
Equitrans Midstream Corp.		40,848		296,557
Williams Cos., Inc.		42,800		821,332
				3,155,349

	Shares		Value
COMMON STOCKS (continued)
Real Estate Management & Development - 1.5%
CBRE Group, Inc., Class A (A)		21,333		$ 1,075,183
Cushman & Wakefield PLC (A) (B)		22,030		258,192
				1,333,375
Semiconductors & Semiconductor Equipment - 1.1%
Analog Devices, Inc.		8,150		966,019
Software - 0.9%
Synopsys, Inc. (A)		3,763		804,755
Specialty Retail - 4.0%
AutoZone, Inc. (A)		1,207		1,362,679
Best Buy Co., Inc.		12,939		1,443,346
Gap, Inc.		42,261		821,976
				3,628,001
Textiles, Apparel & Luxury Goods - 1.3%
Carter’s, Inc.		6,233		507,678
Ralph Lauren Corp.		10,025		670,171
				1,177,849
Total Common Stocks (Cost $61,002,848)				88,469,833
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (C)		93,113		93,113
Total Other Investment Company (Cost $93,113)				93,113
	Principal		Value
REPURCHASE AGREEMENT - 3.1%
Fixed Income Clearing Corp., 0.00% (C), dated 10/30/2020, to be repurchased at $2,858,833 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $2,916,049.		$ 2,858,833		2,858,833
Total Repurchase Agreement (Cost $2,858,833)				2,858,833
Total Investments (Cost $63,954,794)				91,421,779
Net Other Assets (Liabilities) - (0.2)%				(221,973	)
Net Assets - 100.0%				$  91,199,806

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    32

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

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	$	88,469,833	$	—	$	—	$	88,469,833
Other Investment Company		93,113		—		—		93,113
Repurchase Agreement		—		2,858,833		—		2,858,833
Total Investments	$	88,562,946	$	2,858,833	$	—	$	91,421,779

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 $444,444, collateralized by cash collateral of $93,113 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $363,737. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)	Rates disclosed reflect the yields at October 31, 2020.
(D)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    33

Transamerica Total Return

(unaudited)

MARKET ENVIRONMENT

At the end of 2019, an improved economic backdrop and diminished recession risks coupled with favorable developments in the U.S.-China trade discussions bolstered investor sentiment and capped a year of strong asset returns. In response to more robust risk appetites, global equities rallied, sovereign yields broadly rose, and global investment-grade credit spreads tightened. Meanwhile, global central banks broadly remained accommodative, with many generally moving to wait-and-see stances amid tentative signs of a stabilizing macroeconomic environment.

Following signs of stabilizing growth at the end of 2019, in the first quarter of 2020, the COVID-19 outbreak triggered a severe sell-off across risk assets: equities entered bear-territory in record setting pace, credit spreads widened drastically, and sovereign yields plummeted. Containment measures to help counteract the spread of the virus severely curtailed economic activity. In response, global central banks undertook extraordinary actions, including policy rate cuts and massive asset purchase programs. Fiscal authorities also enacted large-scale stimulus packages to help support households and businesses.

In the second quarter of 2020, risk appetites improved considerably following positive developments in the macro backdrop, including the easing of lockdown measures, some improvement in economic data, as well as continued fiscal and monetary policy support. Risk assets broadly rallied, highlighted by gains in equities and credit. Even so, most sovereign yields remained little changed on the quarter, with some remaining anchored near their first quarter lows.

The third quarter was marked by rising risk appetites amid positive economic data surprises, heightened optimism around a potential vaccine, and sustained central bank support – although concerns about the likelihood of further fiscal stimulus weighed on sentiment toward the end of the quarter. Additionally, risk asset performance was mixed in October as a host of uncertainties – surging coronavirus cases, declining expectations for more U.S. fiscal stimulus, and U.S. election jitters – weighed on sentiment.

Over the 12-month period ended October 31, 2020, yields fell across the U.S. Treasury yield curve, as the front end fell relatively more than the long end, causing the curve to steepen. Global yields fell in sympathy with the U.S. Within the spread market, breakevens, corporate credit, and Agency MBS spreads all widened over the period. The U.S. dollar index depreciated during the period while emerging market currencies faced increased volatility, particularly during the COVID-19 disruption.

PERFORMANCE

For the year ended October 31, 2020, Transamerica Total Return (Class I2) returned 6.50%. By comparison, its benchmark, the Bloomberg Barclays US Aggregate Bond Index, returned 6.19%.

STRATEGY REVIEW

During the 12-month period ended October 31, 2020, overall interest rate strategies were positive for returns. Consistent with our preference for U.S. duration over other developed markets, based on our belief that U.S. rates had further to fall, U.S. rates positioning contributed to performance. Tactical short exposure to the U.K. detracted from performance as well as dynamic long exposure to Italy.

Within spread strategies, investment grade corporate credit exposure was positive for performance. An allocation to securitized assets was positive, and exposure to agency mortgage-backed securities boosted relative returns while exposure to non-agency mortgage-backed securities modestly added. High yield corporate credit exposure detracted from performance as well as U.S. inflation linked bond exposure, held in lieu of nominal treasuries over the first half of the period when inflation expectations fell.

Finally, currency strategies detracted from performance. Positioning in developed market currencies, including a tactical long to the Japanese Yen at the end of 2019 and beginning of 2020, detracted from performance. Tactical allocations in emerging market currencies, including dynamic exposure to a basket of high carry currencies, also detracted from performance, specifically short exposure to the Chinese Yuan at the end of 2019 and beginning of 2020.

During the fiscal year, the Fund utilized derivatives. These positions added to performance.

Mark R. Kiesel

Scott A. Mather

Mohit Mittal

Co-Portfolio Managers

Pacific Investment Management Company LLC

Transamerica Funds Annual Report 2020

Page    34

Transamerica Total Return

(unaudited)

Asset Allocation	Percentage of Net Assets
Corporate Debt Securities		44.2	%
U.S. Government Agency Obligations		36.3
U.S. Government Obligations		25.5
Asset-Backed Securities		10.2
Mortgage-Backed Securities		8.8
Foreign Government Obligations		4.8
Repurchase Agreement		1.8
Municipal Government Obligations		0.9
Other Investment Company		0.5
Common Stock		0.0	*
Net Other Assets (Liabilities) ^		(33.0	)
Total		100.0	%
Fund Characteristics	Years
Average Maturity §		6.65
Duration †		5.29
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		61.8	%
AAA		13.5
AA		2.5
A		12.0
BBB		31.4
BB		5.4
B		1.2
CCC and Below		3.7
Not Rated		1.5
Net Other Assets (Liabilities) ^		(33.0	)
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.

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

‡ Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

Transamerica Funds Annual Report 2020

Page    35

Transamerica Total Return

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class I2 (NAV)		6.50	%		4.36	%		3.56	%		11/15/2005
Bloomberg Barclays US Aggregate Bond Index (A)		6.19	%		4.08	%		3.55	%

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expenses reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

This Fund will normally invest its assets in a diversified portfolio of fixed-income securities. The Fund may invest in non-U.S. securities and may invest a portion of its assets in high-yield securities. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2020

Page    36

Transamerica Total Return

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES - 10.2%
ABFC Trust
Series 2004-OPT4, Class A1,
1-Month LIBOR + 0.62%, 0.77% (A), 04/25/2034		$23,207		$23,215
Series 2004-OPT5, Class A1,
1-Month LIBOR + 0.70%, 0.85% (A), 06/25/2034		140,643		136,503
Anchorage Capital CLO 16, Ltd. Series 2020-16A, Class A, 3-Month LIBOR + 1.40%, 1.60% (A), 10/20/2031 (B)		1,300,000		1,299,449
Apres Static CLO, Ltd. Series 2019-1A, Class A1R, 3-Month LIBOR + 1.07%, 0.00% (A), 10/15/2028 (B)		1,900,000		1,883,668
Aurium CLO II DAC Series 2A, Class AR, 3-Month EURIBOR + 0.68%, 0.68% (A), 10/13/2029 (B)		EUR  1,792,223		2,087,201
Barings Euro CLO Series 2016-1A, Class A1R, 3-Month EURIBOR + 0.68%, 0.68% (A), 07/27/2030 (B)		1,788,344		2,077,211
Bear Stearns Asset-Backed Securities I Trust
Series 2005-AQ1, Class M2,
1-Month LIBOR + 0.65%, 0.80% (A), 03/25/2035		$801,141		786,506
Series 2006-HE1, Class 1M2,
1-Month LIBOR + 0.43%, 0.58% (A), 12/25/2035		2,799,310		2,797,843
Series 2006-HE1, Class 2M2,
1-Month LIBOR + 0.43%, 0.79% (A), 02/25/2036		515,836		515,216
Series 2006-HE10, Class 21A3,
1-Month LIBOR + 0.24%, 0.39% (A), 12/25/2036		2,694,449		2,374,329
Series 2007-AQ1, Class A1,
1-Month LIBOR + 0.11%, 0.26% (A), 04/25/2031		79,525		142,839
Bear Stearns Asset-Backed Securities Trust Series 2002-2, Class A1, 1-Month LIBOR + 0.66%, 0.81% (A), 10/25/2032		2,683		2,662
C-BASS Trust Series 2007-CB1, Class AF1A, 1-Month LIBOR + 0.07%, 0.22% (A), 01/25/2037		310,245		123,226
CBAM, Ltd. Series 2018-8A, Class A1, 3-Month LIBOR + 1.12%, 1.34% (A), 10/20/2029 (B)		1,600,000		1,585,507
CIFC Funding, Ltd. Series 2015-5A, Class A1R, 3-Month LIBOR + 0.86%, 1.07% (A), 10/25/2027 (B)		1,856,519		1,840,428

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates Series 2004-OPT1, Class M3, 1-Month LIBOR + 0.95%, 1.09% (A), 10/25/2034		$ 1,499,349		$ 1,476,492
Citigroup Mortgage Loan Trust, Inc. Series 2007-FS1, Class 1A1, 4.40% (A), 10/25/2037 (B)		637,193		667,964
Countrywide Asset-Backed Certificates
Series 2006-15, Class A6,
4.54% (A), 10/25/2046		404,769		400,736
Series 2006-2, Class M1,
1-Month LIBOR + 0.40%, 0.55% (A), 06/25/2036		400,000		391,498
Credit Acceptance Auto Loan Trust Series 2018-2A, Class A, 3.47%, 05/17/2027 (B)		980,432		989,376
CWABS, Inc. Asset-Backed Certificates Trust
Series 2005-17, Class MV1,
1-Month LIBOR + 0.46%, 0.61% (A), 05/25/2036		1,500,000		1,478,908
Series 2006-14, Class 1A,
1-Month LIBOR + 0.14%, 0.29% (A), 02/25/2037		741,401		693,110
Denali Capital CLO X LLC Series 2013-1A, Class A1LR, 3-Month LIBOR + 1.05%, 1.26% (A), 10/26/2027 (B)		1,018,500		1,014,731
Dorchester Park CLO DAC Series 2015-1A, Class AR, 3-Month LIBOR + 0.90%, 1.12% (A), 04/20/2028 (B)		1,633,870		1,620,429
Dryden XXV Senior Loan Fund Series 2012-25A, Class ARR, 3-Month LIBOR + 0.90%, 1.14% (A), 10/15/2027 (B)		1,346,264		1,335,611
Evergreen Credit Card Trust Series 2019-2, Class A, 1.90%, 09/16/2024 (B)		2,000,000		2,054,148
First Franklin Mortgage Loan Trust Series 2004-FFH3, Class M2, 1-Month LIBOR + 0.93%, 1.08% (A), 10/25/2034		1,383,804		1,361,631
Flagship CLO VIII, Ltd. Series 2014-8A, Class ARR, 3-Month LIBOR + 0.85%, 1.08% (A), 01/16/2026 (B)		544,890		541,947
Gulf Stream Meridian 2, Ltd. Series 2020-IIA, Class A1A2, 3-Month LIBOR + 1.40%, 0.00% (A), 10/15/2029 (B)		1,300,000		1,299,861
Home Equity Asset Trust Series 2002-1, Class A4, 1-Month LIBOR + 0.60%, 0.75% (A), 11/25/2032		1,026		920
Home Equity Mortgage Loan Asset-Backed Trust Series 2007-A, Class 1A, 1-Month LIBOR + 0.22%, 0.37% (A), 04/25/2037		402,785		339,715

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    37

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES (continued)
JMP Credit Advisors CLO IIIR, Ltd. Series 2014-1RA, Class A, 3-Month LIBOR + 0.85%, 1.07% (A), 01/17/2028 (B)		$ 1,478,276		$ 1,459,517
JPMorgan Mortgage Acquisition Trust Series 2007-CH3, Class A5, 1-Month LIBOR + 0.26%, 0.41% (A), 03/25/2037		3,381,247		3,324,501
KVK CLO, Ltd. Series 2013-1A, Class AR, 3-Month LIBOR + 0.90%, 1.13% (A), 01/14/2028 (B)		995,743		988,290
LoanCore Issuer, Ltd. Series 2018-CRE1, Class A, 1-Month LIBOR + 1.13%, 1.28% (A), 05/15/2028 (B)		1,431,155		1,424,223
LP Credit Card ABS Master Trust Series 2018-1, Class A, 1-Month LIBOR + 1.55%, 1.74% (A), 08/20/2024 (B)		1,256,550		1,287,740
Merrill Lynch Mortgage Investors Trust Series 2006-FM1, Class A2C, 1-Month LIBOR + 0.16%, 0.47% (A), 04/25/2037		1,533,190		1,015,698
MF1 Multifamily Housing Mortgage Loan Trust Series 2020-FL4, Class A, 1-Month LIBOR + 1.70%, 1.85% (A), 11/15/2035 (B) (C)		1,600,000		1,600,312
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1,
6.00% (A), 02/25/2037		117,551		91,858
Series 2007-8XS, Class A1,
5.75% (A), 04/25/2037		171,977		107,260
Mountain Hawk III CLO, Ltd. Series 2014-3A, Class AR, 3-Month LIBOR + 1.20%, 1.42% (A), 04/18/2025 (B)		139,181		138,808
Mountain View CLO, Ltd. Series 2014-1A, Class ARR, 3-Month LIBOR + 0.80%, 1.04% (A), 10/15/2026 (B)		720,801		716,079
New Century Home Equity Loan Trust Series 2006-1, Class A2B, 1-Month LIBOR + 0.18%, 0.33% (A), 05/25/2036		49,576		45,878
Octagon Investment Partners XXIII, Ltd. Series 2015-1A, Class A1R, 3-Month LIBOR + 0.85%, 1.09% (A), 07/15/2027 (B)		857,592		850,197
Option One Mortgage Loan Trust Series 2007-4, Class 2A4, 1-Month LIBOR + 0.31%, 0.46% (A), 04/25/2037		3,908,729		2,728,721
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M2, 1-Month LIBOR + 0.80%, 0.94% (A), 07/25/2035		427,480		425,600

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class M1, 1-Month LIBOR + 0.39%, 0.54% (A), 02/25/2036		$ 327,256		$ 322,890
Santander Drive Auto Receivables Trust Series 2020-2, Class A2A, 0.62%, 05/15/2023		1,200,000		1,201,380
Securitized Asset-Backed Receivables LLC Trust Series 2007-HE1, Class A2A, 1-Month LIBOR + 0.06%, 0.21% (A), 12/25/2036		60,055		19,038
SLM Student Loan Trust Series 2005-4, Class A3, 3-Month LIBOR + 0.12%, 0.33% (A), 01/25/2027		636,099		628,814
Sound Point CLO, Ltd. Series 2015-3A, Class AR, 3-Month LIBOR + 0.89%, 1.11% (A), 01/20/2028 (B)		700,703		697,230
Specialty Underwriting & Residential Finance Trust Series 2004-BC2, Class M1, 1-Month LIBOR + 0.83%, 0.97% (A), 05/25/2035		1,662,885		1,643,450
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC1, Class A6, 1-Month LIBOR + 0.27%, 0.42% (A), 03/25/2036		770,660		711,600
Sudbury Mill CLO, Ltd.
Series 2013-1A, Class A1R,
3-Month LIBOR + 1.15%, 1.37% (A), 01/17/2026 (B)		203,908		203,318
Series 2013-1A, Class A2R,
3-Month LIBOR + 1.17%, 1.39% (A), 01/17/2026 (B)		203,908		203,276
Telos CLO, Ltd. Series 2014-5A, Class A1R, 3-Month LIBOR + 0.95%, 1.17% (A), 04/17/2028 (B)		1,378,963		1,363,928
Tralee CLO, Ltd. Series 2018-5A, Class A1, 3-Month LIBOR + 1.11%, 1.33% (A), 10/20/2028 (B)		2,300,000		2,272,177
U.S. Small Business Administration
Series 2003-20I, Class 1,
5.13%, 09/01/2023		2,163		2,253
Series 2004-20C, Class 1,
4.34%, 03/01/2024		20,093		20,872
Venture XII CLO, Ltd. Series 2012-12A, Class ARR, 3-Month LIBOR + 0.80%, 1.06% (A), 02/28/2026 (B)		1,085,544		1,076,764
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2005-4, Class M2, 1-Month LIBOR + 0.48%, 0.63% (A), 12/25/2035		5,051,758		5,023,998

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    38

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
ASSET-BACKED SECURITIES (continued)
WhiteHorse X, Ltd. Series 2015-10A, Class A1R, 3-Month LIBOR + 0.93%, 1.15% (A), 04/17/2027 (B)		$ 522,263		$ 518,626
Total Asset-Backed Securities (Cost $59,557,261)				65,457,176
CORPORATE DEBT SECURITIES - 44.2%
Aerospace & Defense - 0.7%
BAE Systems PLC 1.90%, 02/15/2031 (B)		1,400,000		1,391,695
Boeing Co. 2.75%, 02/01/2026		1,900,000		1,899,281
Textron, Inc. 3-Month LIBOR + 0.55%, 0.79% (A), 11/10/2020		1,500,000		1,501,125
				4,792,101
Airlines - 0.6%
Delta Air Lines Pass-Through Trust 2.00%, 12/10/2029		1,600,000		1,553,439
Latam Airlines Pass-Through Trust 4.20%, 08/15/2029		1,147,755		987,070
United Airlines Pass-Through Trust 5.88%, 04/15/2029		1,600,000		1,603,602
				4,144,111
Automobiles - 0.8%
BMW Finance NV 2.25%, 08/12/2022 (B)		1,700,000		1,750,172
Nissan Motor Co., Ltd. 4.81%, 09/17/2030 (B)		1,600,000		1,605,137
Volkswagen Bank GmbH 2.50%, 07/31/2026, MTN (D)		EUR  1,200,000		1,548,242
				4,903,551
Banks - 9.4%
AIB Group PLC 4.75%, 10/12/2023 (B)		$  1,900,000		2,064,642
Bank of America Corp.
Fixed until 09/25/2024, 0.98% (A), 09/25/2025, MTN		1,500,000		1,498,506
3-Month LIBOR + 0.79%, 1.04% (A), 03/05/2024, MTN		1,000,000		1,006,457
Banque Federative du Credit Mutuel SA 3-Month LIBOR + 0.96%, 1.18% (A), 07/20/2023 (B)	2,200,000		2,230,698
Barclays Bank PLC
7.63%, 11/21/2022		3,900,000		4,295,555
10.18%, 06/12/2021 (B)		1,840,000		1,937,582
Barclays PLC
Fixed until 10/06/2022, 2.38% (A), 10/06/2023, MTN (D)		GBP  600,000		793,611
3.68%, 01/10/2023		$1,100,000		1,136,356
BBVA USA 3-Month LIBOR + 0.73%, 0.98% (A), 06/11/2021		1,800,000		1,804,993
BNP Paribas SA Fixed until 09/30/2027, 1.90% (A), 09/30/2028 (B)		1,600,000		1,592,962

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Citigroup, Inc.
3-Month LIBOR + 1.43%, 1.68% (A), 09/01/2023		$ 500,000		$ 508,130
Fixed until 06/03/2030, 2.57% (A), 06/03/2031 (E)		1,800,000		1,875,765
Discover Bank 4.20%, 08/08/2023		1,800,000		1,972,645
ING Groep NV 4.10%, 10/02/2023		2,100,000		2,305,464
JPMorgan Chase & Co.
3-Month LIBOR + 0.90%, 1.11% (A), 04/25/2023		1,700,000		1,713,377
Fixed until 06/01/2027, 2.18% (A), 06/01/2028		1,800,000		1,877,094
Fixed until 07/23/2023, 3.80% (A), 07/23/2024		1,800,000		1,950,740
Lloyds Banking Group PLC
4.00%, 03/07/2025, MTN		AUD  2,000,000		1,538,395
Fixed until 06/27/2025 (F), 4.95% (A) (D)		EUR  500,000		578,672
Fixed until 06/27/2023 (F), 7.63% (A) (D)		GBP  700,000		945,391
Mitsubishi UFJ Financial Group, Inc.
Fixed until 09/15/2023, 0.85% (A), 09/15/2024		$1,900,000		1,902,666
3.46%, 03/02/2023		1,600,000		1,709,169
Mizuho Financial Group, Inc.
Fixed until 07/10/2030, 2.20% (A), 07/10/2031		1,500,000		1,513,999
Fixed until 09/11/2023, 3.92% (A), 09/11/2024		2,100,000		2,278,863
Natwest Group PLC
Fixed until 08/15/2021 (F), 8.63% (A)		800,000		825,688
NatWest Markets PLC 0.63%, 03/02/2022, MTN (D)		EUR  1,700,000		1,994,001
Santander UK PLC 3.75%, 11/15/2021		$2,200,000		2,274,019
Societe Generale SA 4.25%, 09/14/2023 (B)		1,800,000		1,953,426
Sumitomo Mitsui Financial Group, Inc. 1.47%, 07/08/2025		1,600,000		1,628,358
Synchrony Bank 3.65%, 05/24/2021		1,700,000		1,721,284
UniCredit SpA 7.83%, 12/04/2023 (B)		4,100,000		4,803,333
Virgin Money UK PLC Fixed until 09/25/2025, 4.00% (A), 09/25/2026, MTN (D)		GBP  100,000		135,335
Wells Fargo & Co.
Fixed until 06/02/2027, 2.39% (A), 06/02/2028, MTN		$  1,800,000		1,870,766
2.63%, 07/22/2022, MTN		2,300,000		2,382,266
				60,620,208
Beverages - 0.7%
Anheuser-Busch InBev Worldwide, Inc. 4.60%, 06/01/2060		1,500,000		1,792,506
Bacardi, Ltd. 4.45%, 05/15/2025 (B)		1,200,000		1,345,029
Suntory Holdings, Ltd. 2.55%, 06/28/2022 (B)		1,600,000		1,647,958
				4,785,493

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    39

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets - 3.4%
Credit Suisse Group AG
3-Month LIBOR + 1.24%, 1.49% (A), 06/12/2024 (B)		$ 1,800,000		$ 1,816,940
Fixed until 12/18/2024 (F), 6.25% (A) (B)		400,000		426,000
Credit Suisse Group Funding Guernsey, Ltd.
3.13%, 12/10/2020		1,400,000		1,403,864
3.80%, 09/15/2022 - 06/09/2023		2,700,000		2,885,944
Deutsche Bank AG
3-Month EURIBOR + 0.50%, 0.02% (A), 12/07/2020, MTN (D)		EUR  1,400,000		1,630,559
3.95%, 02/27/2023		$1,900,000		2,000,645
4.25%, 02/04/2021 - 10/14/2021		4,600,000		4,691,596
Goldman Sachs Group, Inc. 3-Month LIBOR + 1.17%, 1.45% (A), 05/15/2026		1,600,000		1,616,347
Intercontinental Exchange, Inc. 1.85%, 09/15/2032		1,100,000		1,091,077
Nomura Holdings, Inc. 2.68%, 07/16/2030		1,200,000		1,225,964
UBS AG 7.63%, 08/17/2022		600,000		668,166
UBS Group AG 4.13%, 09/24/2025 (B)		2,200,000		2,500,677
				21,957,779
Chemicals - 0.7%
Nutrition & Biosciences, Inc. 2.30%, 11/01/2030 (B)		1,600,000		1,608,989
Syngenta Finance NV
3.93%, 04/23/2021 (B)		1,200,000		1,215,398
5.18%, 04/24/2028 (B)		1,300,000		1,421,492
				4,245,879
Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance, Ltd.
6.72%, 12/01/2022 (B)		312,973		283,244
PIK Rate 1.00%, Cash Rate 6.72%, 12/01/2026 (B) (G)		1,989,623		191,501
Odebrecht Oil & Gas Finance, Ltd. Zero Coupon, 11/30/2020 (B) (F)		266,175		133
				474,878
Consumer Finance - 3.2%
Capital One Financial Corp. 4.25%, 04/30/2025		1,500,000		1,697,669
Daimler Finance North America LLC
2.55%, 08/15/2022 (B)		2,100,000		2,162,472
3.35%, 05/04/2021 (B)		1,600,000		1,622,827
3.40%, 02/22/2022 (B)		2,200,000		2,279,269
Ford Motor Credit Co. LLC
3-Month LIBOR + 1.24%, 1.52% (A), 02/15/2023		1,200,000		1,130,475
1.74%, 07/19/2024, MTN		EUR  1,500,000		1,644,340
5.88%, 08/02/2021		$900,000		919,080
General Motors Financial Co., Inc.
3-Month LIBOR + 0.54%, 0.79% (A), 11/06/2020		1,300,000		1,300,020
2.45%, 11/06/2020		1,900,000		1,900,120

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
Harley-Davidson Financial Services, Inc. 3.55%, 05/21/2021 (B)		$ 1,700,000		$ 1,724,085
Nissan Motor Acceptance Corp.
3-Month LIBOR + 0.69%, 0.92% (A), 09/28/2022 (B)		1,600,000		1,562,187
2.60%, 09/28/2022 (B)		500,000		505,496
OneMain Finance Corp. 7.75%, 10/01/2021		200,000		209,500
Volkswagen Group of America Finance LLC 3-Month LIBOR + 0.77%, 1.02% (A), 11/13/2020 (B)		1,900,000		1,900,372
				20,557,912
Diversified Financial Services - 1.6%
BGC Partners, Inc. 5.38%, 07/24/2023		1,500,000		1,592,798
GE Capital Funding LLC 4.40%, 05/15/2030 (B)		1,800,000		1,967,481
SMBC Aviation Capital Finance DAC
3.00%, 07/15/2022 (B)		1,600,000		1,635,595
4.13%, 07/15/2023 (B)		1,800,000		1,909,430
Tayarra, Ltd. 3.63%, 02/15/2022		1,223,609		1,247,674
Washington Prime Group, LP 6.45%, 08/15/2024 (H)		3,800,000		1,966,500
				10,319,478
Diversified Telecommunication Services - 1.6%
AT&T, Inc.
2.25%, 02/01/2032		1,500,000		1,470,407
2.75%, 06/01/2031		1,800,000		1,868,319
Telstra Corp., Ltd. 4.80%, 10/12/2021 (B)		1,800,000		1,873,649
Verizon Communications, Inc. 3.38%, 02/15/2025		4,590,000		5,098,562
				10,310,937
Electric Utilities - 3.0%
Alabama Power Co. 1.45%, 09/15/2030		700,000		694,988
Enel Finance International NV 2.65%, 09/10/2024 (B)		1,800,000		1,903,646
Evergy, Inc. 2.45%, 09/15/2024		1,600,000		1,695,687
FirstEnergy Corp. 2.85%, 07/15/2022		1,500,000		1,539,497
NextEra Energy Capital Holdings, Inc.
3-Month LIBOR + 0.72%, 0.97% (A), 02/25/2022		1,800,000		1,813,959
1.95%, 09/01/2022		1,600,000		1,646,360
3.20%, 02/25/2022		1,500,000		1,555,436
Oncor Electric Delivery Co. LLC 4.10%, 06/01/2022		1,500,000		1,571,001
Pacific Gas & Electric Co.
1.75%, 06/16/2022		900,000		900,084
3.15%, 01/01/2026 (H)		1,800,000		1,841,360
3.75%, 02/15/2024 (I)		1,700,000		1,772,843
PPL Capital Funding, Inc. 3.50%, 12/01/2022		2,000,000		2,105,680
				19,040,541

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    40

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Entertainment - 0.3%
Walt Disney Co. 3.60%, 01/13/2051		$ 1,500,000		$ 1,673,579
Equity Real Estate Investment Trusts - 4.2%
Agree, LP 2.90%, 10/01/2030		1,600,000		1,645,243
Alexandria Real Estate Equities, Inc. 1.88%, 02/01/2033		1,300,000		1,264,633
American Tower Corp.
2.40%, 03/15/2025		1,800,000		1,904,730
3.38%, 05/15/2024		2,200,000		2,377,414
AvalonBay Communities, Inc. 3.50%, 11/15/2024, MTN		1,595,000		1,755,436
Boston Properties, LP 3.40%, 06/21/2029		1,600,000		1,734,685
Crown Castle International Corp. 3.70%, 06/15/2026		1,700,000		1,894,643
Digital Realty Trust, LP 2.75%, 02/01/2023		1,400,000		1,463,954
Federal Realty Investment Trust 3.50%, 06/01/2030		600,000		649,407
Healthcare Trust of America Holdings, LP 2.00%, 03/15/2031		1,400,000		1,352,743
Mid-America Apartments, LP 1.70%, 02/15/2031		1,500,000		1,454,150
National Retail Properties, Inc. 3.50%, 10/15/2027		1,600,000		1,709,686
Omega Healthcare Investors, Inc. 3.38%, 02/01/2031		1,600,000		1,542,462
Service Properties Trust 4.35%, 10/01/2024		1,600,000		1,416,000
Spirit Realty, LP 4.00%, 07/15/2029		1,500,000		1,573,815
VEREIT Operating Partnership, LP 3.40%, 01/15/2028		1,500,000		1,574,015
Welltower, Inc. 2.75%, 01/15/2031		1,500,000		1,533,632
				26,846,648
Food & Staples Retailing - 0.3%
Auchan Holding SA 2.88%, 01/29/2026, MTN (D)		EUR  1,500,000		1,907,142
Food Products - 0.7%
Campbell Soup Co. 3.30%, 03/15/2021		$1,900,000		1,920,416
ConAgra Brands, Inc. 1.38%, 11/01/2027		1,600,000		1,586,618
Danone SA 3.00%, 06/15/2022 (B)		1,100,000		1,142,492
				4,649,526
Health Care Equipment & Supplies - 0.3%
Boston Scientific Corp. 3.38%, 05/15/2022		1,600,000		1,669,952
Health Care Providers & Services - 1.4%
Aetna, Inc. 2.75%, 11/15/2022		2,000,000		2,078,166
Anthem, Inc. 2.38%, 01/15/2025		1,900,000		2,015,347

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Cigna Corp. 3-Month LIBOR + 0.89%, 1.13%(A), 07/15/2023		$ 1,100,000		$ 1,111,372
CVS Health Corp.
3.50%, 07/20/2022		1,300,000		1,360,729
3.63%, 04/01/2027		2,300,000		2,575,741
				9,141,355
Hotels, Restaurants & Leisure - 1.4%
Choice Hotels International, Inc. 3.70%, 12/01/2029		1,400,000		1,460,942
GLP Capital, LP / GLP Financing II, Inc. 5.30%, 01/15/2029		2,400,000		2,679,696
Marriott International, Inc. 2.13%, 10/03/2022		1,600,000		1,606,684
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
4.25%, 05/30/2023 (B)		1,500,000		1,430,625
5.50%, 03/01/2025 (B)		1,800,000		1,723,500
				8,901,447
Household Durables - 0.3%
D.R. Horton, Inc. 4.38%, 09/15/2022		1,800,000		1,907,553
Household Products - 0.6%
Reckitt Benckiser Treasury Services PLC 2.38%, 06/24/2022 (B)		3,900,000		4,011,209
Insurance - 1.0%
Allstate Corp. 3-Month LIBOR + 0.63%, 0.85% (A), 03/29/2023		1,300,000		1,307,973
Ambac LSNI LLC 3-Month LIBOR + 5.00%, 6.00% (A), 02/12/2023 (B)		1,835,656		1,826,478
Empower Finance, LP 1.36%, 09/17/2027 (B)		1,600,000		1,585,896
Jackson National Life Global Funding 2.38%, 09/15/2022 (B)		1,700,000		1,759,430
				6,479,777
IT Services - 0.2%
Amdocs, Ltd. 2.54%, 06/15/2030		1,500,000		1,527,015
Machinery - 0.2%
CNH Industrial Capital LLC 4.38%, 11/06/2020 (H)		1,300,000		1,300,001
Media - 0.1%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.46%, 07/23/2022		600,000		635,809
Oil, Gas & Consumable Fuels - 0.9%
Boardwalk Pipelines, LP 3.40%, 02/15/2031		1,200,000		1,153,981
Chevron Corp. 2.24%, 05/11/2030		1,800,000		1,886,213
Continental Resources, Inc. 5.00%, 09/15/2022 (H)		330,000		325,050

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    41

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Marathon Oil Corp. 2.80%, 11/01/2022		$ 340,000		$ 346,184
Shell International Finance BV 2.75%, 04/06/2030		1,600,000		1,725,353
				5,436,781
Pharmaceuticals - 1.5%
Bayer US Finance II LLC
3-Month LIBOR + 0.63%, 0.86% (A), 06/25/2021 (B)		1,900,000		1,904,208
3-Month LIBOR + 1.01%, 1.26% (A), 12/15/2023 (B)		2,200,000		2,217,807
Mylan NV 3.15%, 06/15/2021		1,800,000		1,826,071
Takeda Pharmaceutical Co., Ltd. 2.05%, 03/31/2030		1,000,000		1,006,499
Teva Pharmaceutical Finance II BV 4.50%, 03/01/2025		EUR  1,100,000		1,261,642
Teva Pharmaceutical Finance III BV 6.00%, 04/15/2024		$1,100,000		1,106,243
				9,322,470
Professional Services - 0.3%
Equifax, Inc. 3-Month LIBOR + 0.87%, 1.15% (A), 08/15/2021		2,100,000		2,107,612
Real Estate Management & Development - 0.2%
Tesco Property Finance 6 PLC 5.41%, 07/13/2044 (D)		GBP  753,417		1,263,467
Semiconductors & Semiconductor Equipment - 1.3%
Broadcom, Inc.
3.46%, 09/15/2026		$1,917,000		2,089,141
4.30%, 11/15/2032		1,400,000		1,596,035
5.00%, 04/15/2030		500,000		588,145
Micron Technology, Inc. 4.98%, 02/06/2026		1,800,000		2,093,354
NXP BV / NXP Funding LLC 4.88%, 03/01/2024 (B)		1,900,000		2,128,540
				8,495,215
Software - 0.9%
Citrix Systems, Inc. 3.30%, 03/01/2030		1,400,000		1,477,646
Oracle Corp. 3.85%, 04/01/2060		1,300,000		1,474,782
VMware, Inc. 2.95%, 08/21/2022		2,400,000		2,491,477
				5,443,905
Technology Hardware, Storage & Peripherals - 0.6%
Dell International LLC / EMC Corp. 5.45%, 06/15/2023 (B)		2,200,000		2,420,741
Hewlett Packard Enterprise Co. 3-Month LIBOR + 0.72%, 0.95% (A), 10/05/2021		1,500,000		1,500,197
				3,920,938
Tobacco - 0.6%
BAT International Finance PLC 1.67%, 03/25/2026		1,500,000		1,505,481

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Tobacco (continued)
Imperial Brands Finance PLC
3.13%, 07/26/2024 (B)		$ 1,700,000		$ 1,798,798
3.75%, 07/21/2022 (B)		297,000		309,273
				3,613,552
Wireless Telecommunication Services - 1.1%
Altice France SA
5.88%, 02/01/2027 (B)		EUR  1,200,000		1,456,977
7.38%, 05/01/2026 (B)		$900,000		939,330
T-Mobile USA, Inc.
2.55%, 02/15/2031 (B)		1,400,000		1,426,740
3.75%, 04/15/2027 (B)		1,600,000		1,786,640
Vodafone Group PLC 3-Month LIBOR + 0.99%, 1.22% (A), 01/16/2024		1,700,000		1,717,175
				7,326,862
Total Corporate Debt Securities (Cost $276,879,706)				283,734,683
FOREIGN GOVERNMENT OBLIGATIONS - 4.8%
Brazil - 1.8%
Brazil Letras do Tesouro Nacional Zero Coupon, 04/01/2021 - 10/01/2021		BRL  69,000,000		11,803,738
Israel - 0.4%
Israel Government International Bond 3.88%, 07/03/2050		$1,900,000		2,199,250
Japan - 0.8%
Japan Bank for International Cooperation 2.88%, 07/21/2027		1,700,000		1,916,177
Japan Finance Organization for Municipalities 3.38%, 09/27/2023 (B)		2,900,000		3,130,695
				5,046,872
Kuwait - 0.2%
Kuwait International Government Bond 2.75%, 03/20/2022 (D)		1,400,000		1,436,912
Peru - 0.9%
Peru Government International Bond
5.94%, 02/12/2029 (B)		PEN  6,200,000		2,045,715
5.94%, 02/12/2029 (D)		2,000,000		659,908
6.15%, 08/12/2032 (D)		2,000,000		635,720
6.35%, 08/12/2028 (D)		1,000,000		337,826
8.20%, 08/12/2026 (D)		5,600,000		2,082,149
				5,761,318
Qatar - 0.7%
Qatar Government International Bond 3.38%, 03/14/2024 (D)	$2,100,000		2,262,918
4.00%, 03/14/2029 (D)		2,100,000		2,459,592
				4,722,510
Total Foreign Government Obligations (Cost $29,754,746)				30,970,600

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    42

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES - 8.8%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A1, 3.90%, 08/10/2035 (B)		$ 1,600,000		$ 1,756,840
A10 Bridge Asset Financing LLC Series 2020-C, Class A, 2.02%, 08/15/2040 (B)		1,700,000		1,699,946
Alternative Loan Trust
Series 2005-J12, Class 2A1, 1-Month LIBOR + 0.54%, 0.69% (A), 08/25/2035		860,319		583,490
Series 2006-30T1, Class 1A3, 6.25%, 11/25/2036		104,396		92,625
Series 2006-J8, Class A2, 6.00%, 02/25/2037		132,471		85,363
Series 2006-OA12, Class A1B, 1-Month LIBOR + 0.19%, 0.34% (A), 09/20/2046		433,175		381,609
Series 2006-OC7, Class 2A2A, 1-Month LIBOR + 0.17%, 0.32% (A), 07/25/2046		228,167		263,367
Series 2006-OC8, Class 2A2B, 1-Month LIBOR + 0.17%, 0.32% (A), 11/25/2036		114,193		123,278
Series 2007-2CB, Class 1A13, 1-Month LIBOR + 1.00%, 5.75% (A), 03/25/2037		159,981		126,028
Series 2007-HY4, Class 1A1, 2.86% (A), 06/25/2037		242,047		212,432
Series 2007-J1, Class 2A8, 6.00%, 03/25/2037		1,282,411		687,815
Ashford Hospitality Trust Series 2018-AHT1, Class A, 1-Month LIBOR + 1.00%, 1.15% (A), 06/15/2035 (B)		2,200,000		2,073,932
Banc of America Funding Trust
Series 2005-D, Class A1, 3.66% (A), 05/25/2035		83,193		84,642
Series 2006-4, Class A12, 6.00%, 07/25/2036		667,249		623,288
Series 2006-J, Class 4A1, 4.11% (A), 01/20/2047		18,936		18,482
Bear Stearns Alt-A Trust
Series 2006-6, Class 31A1, 3.35% (A), 11/25/2036		667,451		509,947
Series 2006-6, Class 32A1, 3.16% (A), 11/25/2036		157,965		105,117
Bear Stearns ARM Trust
Series 2003-5, Class 2A1, 3.36% (A), 08/25/2033		86,483		85,605
Series 2003-8, Class 2A1, 4.00% (A), 01/25/2034		3,095		3,182
Series 2003-8, Class 4A1, 3.28% (A), 01/25/2034		29,909		30,623
Series 2006-4, Class 1A1, 3.37% (A), 10/25/2036		24,862		24,493
Bear Stearns Structured Products, Inc. Trust Series 2007-R6, Class 1A1, 3.05% (A), 01/26/2036		76,905		62,715

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Benchmark Mortgage Trust Series 2019-B9, Class A5, 4.02%, 03/15/2052		$ 1,600,000		$ 1,868,704
BFLD Trust Series 2020-EYP, Class A, 1-Month LIBOR + 1.15%, 1.30% (A), 10/15/2035 (B)		1,300,000		1,300,000
CGMS Commercial Mortgage Trust Series 2017-MDRA, Class A, 3.66%, 07/10/2030 (B)		1,900,000		1,943,762
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3A, Class A1, 1-Month LIBOR + 0.25%, 0.40% (A), 08/25/2035 (B)		39,340		39,232
CHL Mortgage Pass-Through Trust Series 2004-12, Class 12A1, 3.05% (A), 08/25/2034		18,326		19,195
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A2, 1-Year CMT + 2.15%, 2.29% (A), 09/25/2035		22,479		22,918
Series 2009-3, Class 5A3, 6.00% (A), 02/25/2037(B)		693,124		688,500
CitiMortgage Alternative Loan Trust Series 2006-A7, Class 1A9, 1-Month LIBOR + 0.65%, 0.80% (A), 12/25/2036		967,523		805,138
COMM Mortgage Trust
Series 2015-CR26, Class ASB, 3.37%, 10/10/2048		1,358,463		1,435,784
Series 2016-787S, Class A, 3.55%, 02/10/2036 (B)		1,400,000		1,513,898
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A, 0.80% (A), 03/25/2032 (B)		176		163
Series 2003-AR15, Class 2A1, 3.39% (A), 06/25/2033		132,648		130,345
Series 2003-AR28, Class 2A1, 3.47% (A), 12/25/2033		778,093		758,489
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6, Class 2A3, 5.50%, 12/25/2035		186,447		181,133
First Horizon Alternative Mortgage Securities Trust Series 2007-FA4, Class 1A8, 6.25%, 08/25/2037		110,891		75,334
First Horizon Mortgage Pass-Through Trust Series 2005-AR3, Class 2A1, 3.09% (A), 08/25/2035		10,223		8,649
GS Mortgage Securities Corp. Trust Series 2016-RENT, Class A, 3.20%, 02/10/2029 (B)		1,400,000		1,398,350
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 3.52% (A), 09/25/2035		12,050		12,314

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    43

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
HarborView Mortgage Loan Trust
Series 2005-14, Class 4A1A, 3.01% (A), 12/19/2035		$ 125,924		$ 87,514
Series 2006-6, Class 5A1A, 3.35% (A), 08/19/2036		37,434		37,578
Hawksmoor Mortgages Series 2019-1A, Class A, SONIA + 1.05%, 1.11% (A), 05/25/2053 (B)		GBP  5,757,071		7,475,706
Hilton USA Trust Series 2016-SFP, Class A, 2.83%, 11/05/2035 (B)		$1,700,000		1,694,074
IndyMac INDX Mortgage Loan Trust Series 2005-AR11, Class A3, 3.23% (A), 08/25/2035		699,573		621,233
JPMorgan Alternative Loan Trust Series 2006-A2, Class 1A1, 1-Month LIBOR + 0.18%, 0.33% (A), 05/25/2036		810,103		746,668
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2018-LAQ, Class A, 1-Month LIBOR + 1.00%, 1.15% (A), 06/15/2032 (B)		1,486,926		1,415,197
Series 2018-PHH, Class A, 1-Month LIBOR + 0.91%, 2.41% (A), 06/15/2035 (B)		1,744,354		1,654,095
Ludgate Funding PLC Series 2007-1, Class A2A, 3-Month GBP LIBOR + 0.16%, 0.22%(A), 01/01/2061 (D)		GBP  1,305,456		1,602,036
Manhattan West Series 2020-1MW, Class A, 2.13%, 09/10/2039 (B)		$1,500,000		1,543,718
MASTR Alternative Loan Trust Series 2006-2, Class 2A1, 1-Month LIBOR + 0.40%, 0.55% (A), 03/25/2036		87,943		4,834
Mill City Mortgage Loan Trust Series 2019-GS2, Class M2, 3.25% (A), 08/25/2059 (B)		1,600,000		1,676,244
Morgan Stanley Capital I Trust Series 2014-CPT, Class AM, 3.40% (A), 07/13/2029 (B)		1,400,000		1,417,021
RALI Trust Series 2008-QR1, Class 1A1, 1-Month LIBOR + 1.40%, 1.55% (A), 08/25/2036		122,511		120,849
Reperforming Loan REMIC Trust
Series 2004-R1, Class 2A, 6.50%, 11/25/2034 (B)		75,051		74,879
Series 2005-R2, Class 1AF1, 1-Month LIBOR + 0.34%, 0.49% (A), 06/25/2035 (B)		258,826		241,086
RFMSI Trust Series 2003-S9, Class A1, 6.50%, 03/25/2032		425		446
RMAC Securities No. 1 PLC Series 2007-NS1X, Class A2B, 3-Month LIBOR + 0.15%, 0.40% (A), 06/12/2044 (D)		1,600,991		1,493,702

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust
Series 2004-11, Class A2, 6-Month LIBOR + 0.64%, 1.27% (A), 12/20/2034		$ 503,290		$ 498,900
Series 2007-1, Class 1A1, 2.51% (A), 01/20/2047		148,355		113,126
Series 2007-3, Class 2AA1, 3.27% (A), 07/20/2037		817,448		740,428
Series 2010, Class 2A1, 1-Month LIBOR + 0.76%, 0.91% (A), 10/20/2027		3,311		3,191
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-12, Class 3A1, 2.73% (A), 09/25/2034		83,997		84,623
Series 2004-19, Class 2A1, 12-MTA + 1.40%, 2.28% (A), 01/25/2035		62,764		58,040
Structured Asset Mortgage Investments II Trust
Series 2005-AR5, Class A1, 1-Month LIBOR + 0.25%, 0.40% (A), 07/19/2035		8,789		8,349
Series 2005-AR5, Class A2, 1-Month LIBOR + 0.25%, 0.40% (A), 07/19/2035		9,871		9,345
Series 2005-AR5, Class A3, 1-Month LIBOR + 0.25%, 0.40% (A), 07/19/2035		24,690		24,227
Series 2005-AR8, Class A1A, 1-Month LIBOR + 0.28%, 0.43% (A), 02/25/2036		194,791		181,408
Structured Asset Mortgage Investments Trust Series 2002-AR3, Class A1, 1-Month LIBOR + 0.66%, 0.81% (A), 09/19/2032		2,679		2,617
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-22A, Class 2A1, 3.23% (A), 06/25/2033		74,346		72,541
Towd Point Mortgage Funding
Series 2019-A13A, Class A1, SONIA + 0.90%, 0.96% (A), 07/20/2045 (B)		GBP  5,084,184		6,570,718
Series 2019-GR4A, Class A1, 3-Month LIBOR + 1.03%, 1.07% (A), 10/20/2051 (B)		1,817,489		2,360,369
UBS Commercial Mortgage Trust Series 2019-C17, Class A4, 2.92%, 10/15/2052		$1,300,000		1,403,942
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR9, Class 2A, 2.77% (A), 09/25/2033		138,405		131,880
Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR1, Class 2A4, 4.07% (A), 03/25/2036		693,832		645,802
Total Mortgage-Backed Securities (Cost $56,559,320)			56,653,113

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    44

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.9%
Florida - 0.2%
State Board of Administration Finance Corp., Revenue Bonds, Series A, 1.26%, 07/01/2025		$ 1,600,000		$ 1,616,704
Illinois - 0.5%
City of Chicago, General Obligation Unlimited, Series B, 7.75%, 01/01/2042		170,000		182,058
State of Illinois, General Obligation Unlimited
6.63%, 02/01/2035		1,500,000		1,652,790
7.35%, 07/01/2035		1,015,000		1,151,040
				2,985,888
New York - 0.2%
New York State Urban Development Corp., Revenue Bonds, 1.83%, 03/15/2029		1,200,000		1,189,644
Total Municipal Government Obligations (Cost $5,617,729)			5,792,236
U.S. GOVERNMENT AGENCY OBLIGATIONS - 36.3%
Federal Home Loan Mortgage Corp.
12-Month LIBOR + 1.35%, 2.01% (A), 09/01/2035		7,837		8,093
12-Month LIBOR + 1.87%, 2.46% (A), 09/01/2035		47,557		47,912
3.50%, 07/01/2026 - 03/01/2027(C)		507,868		536,787
1-Year CMT + 2.26%, 3.52% (A), 01/01/2036		496,620		499,074
1-Year CMT + 2.23%, 3.76% (A), 03/01/2034		27,753		29,235
1-Year CMT + 2.22%, 3.97% (A), 11/01/2033		17,347		17,374
4.00%, 09/01/2048 - 10/01/2048		518,848		553,601
4.50%, 08/01/2025 - 05/01/2037		19,335		21,643
Federal Home Loan Mortgage Corp. REMIC
1-Month LIBOR + 0.40%, 0.55% (A), 06/15/2041		763,743		768,669
6.50%, 04/15/2029		716		789
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
12-MTA + 1.20%, 2.08%(A), 10/25/2044		110,305		113,192
12-MTA + 1.40%, 2.28%(A), 07/25/2044		105,942		107,749
6.50%, 07/25/2043		7,433		9,201
Federal National Mortgage Association
1-Month LIBOR + 0.35%, 0.50% (A), 09/25/2042		104,232		104,555
12-MTA + 1.20%, 2.22% (A), 03/01/2044 - 10/01/2044		326,563		327,194
12-Month LIBOR + 1.34%, 2.26% (A), 07/01/2035		26,787		27,707
1-Year CMT + 2.04%, 2.33% (A), 09/01/2035		65,546		66,655
1-Year CMT + 2.19%, 2.44% (A), 01/01/2026		1,201		1,207

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
3.50%, 02/01/2026 - 05/01/2035 (C)		$ 9,276,978		$ 9,802,571
3.50%, 02/01/2027		77,983		82,586
1-Year CMT + 2.22%, 3.63% (A), 01/01/2028		6,474		6,459
12-Month LIBOR + 1.71%, 3.71% (A), 03/01/2034		31,645		33,081
4.00%, 09/01/2048 - 12/01/2048		2,765,987		2,950,287
1-Year CMT + 2.27%, 4.02% (A), 11/01/2033		10,548		10,568
4.50%, 12/01/2024		63,280		66,442
5.00%, 08/01/2026 - 10/01/2029		265,812		285,907
6.00%, 07/01/2035 - 06/01/2040		720,125		843,877
Federal National Mortgage Association REMIC
1-Month LIBOR + 0.45%, 0.61% (A), 09/25/2046		357,472		359,393
6.30%, 10/17/2038		43,008		42,997
Federal National Mortgage Association REMIC, Interest Only STRIPS (1.00) * 1-Month LIBOR + 7.10%, 6.95% (A), 07/25/2034		246,685		48,518
Government National Mortgage Association
1-Month LIBOR + 0.60%, 0.76% (A), 08/20/2065 - 10/20/2065		2,817,610		2,831,442
1-Month LIBOR + 0.95%, 1.11% (A), 12/20/2066		1,090,262		1,108,783
1-Month LIBOR + 1.00%, 1.16% (A), 12/20/2065		4,260,915		4,342,605
1-Year CMT + 1.50%, 2.88% (A), 05/20/2024		6,541		6,716
3.00%, 11/15/2049		756,090		784,620
4.00%, 06/20/2047		1,242,025		1,342,028
4.00%, TBA (C)		1,000,000		1,055,664
4.50%, TBA (C)		18,000,000		19,305,352
Government National Mortgage Association, Interest Only STRIPS
(1.00) * 1-Month LIBOR + 6.56%, 6.41% (A), 10/16/2033		125,764		14,199
(1.00) * 1-Month LIBOR + 6.60%, 6.45% (A), 08/16/2033 - 09/20/2034		790,144		89,077
Uniform Mortgage-Backed Security
2.00%, TBA (C)		50,000,000		51,357,422
2.50%, TBA (C)		55,000,000		57,154,883
3.00%, TBA (C)		43,900,000		45,888,664
3.50%, TBA (C)		27,900,000		29,475,341
5.00%, TBA (C)		700,000		738,602
Total U.S. Government Agency Obligations (Cost $232,855,006)			233,268,721
U.S. GOVERNMENT OBLIGATIONS - 25.5%
U.S. Treasury - 25.5%
U.S. Treasury Bond
1.38%, 08/15/2050		14,000,000		13,138,125
2.88%, 08/15/2045 (H) (J)		7,800,000		9,958,102
2.88%, 05/15/2049 (J)		8,400,000		10,872,422
3.00%, 02/15/2048 (J)		7,800,000		10,267,969
3.13%, 08/15/2044 (J)		10,800,000		14,304,516

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    45

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
4.25%, 05/15/2039 (J)		$ 900,000		$ 1,346,273
4.38%, 11/15/2039 - 05/15/2040 (J)		6,300,000		9,604,246
4.63%, 02/15/2040 (J)		700,000		1,098,699
U.S. Treasury Note
1.75%, 06/30/2024 (J) (K)		4,200,000		4,428,211
1.88%, 07/31/2022 (L) (M) (N)		900,000		926,965
1.88%, 08/31/2022 (J) (K) (L)		4,000,000		4,125,000
2.00%, 12/31/2021 (J)		60,100,000		61,388,863
2.00%, 10/31/2022 (N)		400,000		414,687
2.25%, 08/15/2027 (J) (L)		4,800,000		5,326,312
2.38%, 05/15/2029 (J)		4,600,000		5,213,633
2.63%, 02/15/2029 (J)		9,500,000		10,937,617
Total U.S. Government Obligations (Cost $148,443,308)				163,351,640
	Shares		Value
COMMON STOCK - 0.0% (O)
Household Durables - 0.0% (O)
Urbi Desarrollos Urbanos SAB de CV (P)		381		232
Total Common Stock (Cost $417,098)				232

	Shares		Value
OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (Q)		3,225,803		$ 3,225,803
Total Other Investment Company (Cost $3,225,803)				3,225,803
	Principal		Value
REPURCHASE AGREEMENT - 1.8%
Fixed Income Clearing Corp., 0.00% (Q), dated 10/30/2020, to be repurchased at $11,491,117 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.75%, due 11/15/2023, and with a value of $11,720,942.		$11,491,117		11,491,117
Total Repurchase Agreement (Cost $11,491,117)				11,491,117
Total Investments (Cost $824,801,094)				853,945,321
Net Other Assets (Liabilities) - (33.0)%				(212,037,473	)
Net Assets - 100.0%				$  641,907,848

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 - 5-Year		JPM		3-Month USD-LIBOR		Receive		1.01	%		12/07/2020	USD	3,100,000	$	(15,258	)	$	(14,271	)
Call - 5-Year		JPM		3-Month USD-LIBOR		Receive		1.03			12/07/2020	USD	4,300,000		(13,438	)		(10,043	)
Call - 5-Year		JPM		3-Month USD-LIBOR		Receive		1.03			12/07/2020	USD	1,900,000		(6,086	)		(4,307	)
Call - 5-Year		JPM		3-Month USD-LIBOR		Receive		1.04			12/07/2020	USD	1,900,000		(3,859	)		(2,891	)
Put - 5-Year		JPM		3-Month USD-LIBOR		Pay		1.00			11/05/2020	USD	2,100,000		(14,437	)		(5,785	)
Put - 5-Year		JPM		3-Month USD-LIBOR		Pay		1.02			12/07/2020	USD	1,900,000		(7,125	)		(2,706	)
Put - 5-Year		JPM		3-Month USD-LIBOR		Pay		1.02			12/07/2020	USD	4,300,000		(21,164	)		(10,666	)
Total														$	(81,367	)	$	(50,669	)
														Premiums (Received)			Value
TOTAL WRITTEN OPTIONS AND SWAPTIONS														$	(81,367	)	$	(50,669	)

CENTRALLY CLEARED SWAP AGREEMENTS:

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (R)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at October 31, 2020 (S)			Notional Amount (T)			Value (U)				Premiums Paid (Received)				Net Unrealized Appreciation (Depreciation)
AT&T, Inc.		1.00	%		Quarterly		12/20/2020		0.33	%		USD	900,000		$	1,899			$	904			$	995
Boeing Co., 8.75%, 08/15/2021		1.00			Quarterly		12/20/2020		1.52			USD	1,500,000			662				1,378				(716	)
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		12/20/2023		0.93			USD	600,000			2,104				(18,510	)			20,614
General Electric Co., 2.70%, 10/09/2022		1.00			Quarterly		06/20/2024		1.11			USD	200,000			(306	)			(431	)			125

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    46

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

CENTRALLY CLEARED SWAP AGREEMENTS (continued):

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (continued): (R)
General Electric Co., 2.70%, 10/09/2022	1.00	%	Quarterly	12/20/2024	1.24	%	USD	700,000	$	(5,989	)	$	(7,953	)	$	1,964
Goldman Sachs Group, Inc., 5.95%, 01/18/2018	1.00		Quarterly	06/20/2021	0.25		USD	1,000,000		5,874			2,187			3,687
Goldman Sachs Group, Inc., 5.95%, 01/18/2018	1.00		Quarterly	12/20/2021	0.34		USD	1,400,000		11,662			4,527			7,135
Rolls-Royce Holdings PLC, 2.13%, 06/18/2021	1.00		Quarterly	12/20/2024	4.18		EUR	1,300,000		(178,923	)		(5,775	)		(173,148	)
Tesco PLC, 6.00%, 12/14/2029	1.00		Quarterly	06/20/2022	0.26		EUR	700,000		11,214			(9,177	)		20,391
Total									$	(151,803	)	$	(32,850	)	$	(118,953	)

Credit Default Swap Agreements on Credit Indices - Sell Protection (R)
Reference Obligation	Fixed Rate Receivable			Payment Frequency		Maturity Date		Notional Amount (T)			Value (U)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Markit iTraxx® Europe Index - Series 34		1.00	%		Quarterly		12/20/2025		EUR	10,700,000		$	238,576		$	279,007		$	(40,431	)
North America Investment Grade Index - Series 35		1.00			Quarterly		12/20/2025		USD	6,300,000			116,134			125,107			(8,973	)
Total												$	354,710		$	404,114		$	(49,404	)

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	$	506,891		$	(159	)	$	507,050
6-Month JPY-LIBOR	Receive		0.00		Semi-Annually		09/24/2026	JPY	252,000,000		(10,429	)		297			(10,726	)
6-Month JPY-LIBOR	Receive		0.04		Semi-Annually		03/10/2038	JPY	78,000,000		(23,968	)		—			(23,968	)
6-Month JPY-LIBOR	Receive		0.04		Semi-Annually		03/10/2038	JPY	78,000,000		(23,440	)		—			(23,440	)
6-Month JPY-LIBOR	Receive		0.06		Semi-Annually		09/18/2026	JPY	560,000,000		(11,437	)		(3,434	)		(8,003	)
6-Month JPY-LIBOR	Receive		0.06		Semi-Annually		09/19/2026	JPY	207,000,000		(4,347	)		28			(4,375	)
6-Month JPY-LIBOR	Receive		0.06		Semi-Annually		09/19/2026	JPY	207,000,000		(4,462	)		28			(4,490	)
6-Month JPY-LIBOR	Receive		0.07		Semi-Annually		09/18/2026	JPY	350,000,000		(8,294	)		(2,123	)		(6,171	)
6-Month JPY-LIBOR	Receive		0.09		Semi-Annually		09/20/2026	JPY	104,000,000		(3,592	)		—			(3,592	)
6-Month JPY-LIBOR	Receive		0.09		Semi-Annually		09/13/2026	JPY	210,000,000		(7,640	)		—			(7,640	)
6-Month JPY-LIBOR	Receive		0.10		Semi-Annually		09/13/2026	JPY	420,000,000		(15,972	)		—			(15,972	)
6-Month JPY-LIBOR	Receive		0.10		Semi-Annually		08/28/2039	JPY	90,000,000		(23,377	)		(106	)		(23,271	)
6-Month JPY-LIBOR	Receive		0.12		Semi-Annually		08/22/2039	JPY	650,000,000		(145,873	)		47,314			(193,187	)
6-Month JPY-LIBOR	Receive		0.12		Semi-Annually		08/22/2039	JPY	410,000,000		(91,642	)		6,077			(97,719	)
6-Month JPY-LIBOR	Pay		0.30		Semi-Annually		03/18/2026	JPY	2,260,000,000		(392,524	)		(66,036	)		(326,488	)
6-Month JPY-LIBOR	Pay		0.30		Semi-Annually		03/18/2026	JPY	1,120,000,000		(193,933	)		(41,427	)		(152,506	)
6-Month JPY-LIBOR	Pay		0.30		Semi-Annually		09/20/2027	JPY	840,000,000		(174,021	)		(23,146	)		(150,875	)
6-Month JPY-LIBOR	Pay		0.30		Semi-Annually		03/20/2028	JPY	300,000,000		(64,730	)		15,687			(80,417	)
6-Month JPY-LIBOR	Receive		0.38		Semi-Annually		06/18/2028	JPY	740,000,000		213,632			32,843			180,789
6-Month JPY-LIBOR	Pay		0.45		Semi-Annually		03/20/2029	JPY	440,000,000		(154,725	)		(25,283	)		(129,442	)
6-Month JPY-LIBOR	Pay		0.71		Semi-Annually		10/31/2038	JPY	260,000,000		(217,809	)		14,896			(232,705	)
6-Month JPY-LIBOR	Pay		0.75		Semi-Annually		03/20/2038	JPY	522,000,000		(458,858	)		13,146			(472,004	)
6-Month JPY-LIBOR	Pay		0.75		Semi-Annually		12/20/2038	JPY	767,200,000		(697,691	)		37,335			(735,026	)
6-Month JPY-LIBOR	Pay		0.79		Semi-Annually		11/12/2038	JPY	60,000,000		(58,589	)		184			(58,773	)
6-Month JPY-LIBOR	Pay		0.80		Semi-Annually		10/22/2038	JPY	90,000,000		(87,174	)		239			(87,413	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    47

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

CENTRALLY CLEARED SWAP AGREEMENTS (continued):

Interest Rate Swap Agreements (continued):

Floating Rate Index	Pay/Receive Fixed Rate		Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
1-Year OIS Federal Funds Rate		Receive		0.18	%		Quarterly		10/21/2025		USD	9,619	$	(22	)	$	—		$	(22	)
12-Month GBP-SONIA		Pay		0.50			Annually		12/16/2050		GBP	7,600,000		(385,343	)		(833,905	)		448,562
BRL-CDI		Receive		3.36			Maturity		01/03/2022		BRL	278,000,000		7,966			99,759			(91,793	)
SOFR		Pay		0.17			Quarterly		10/21/2025		USD	9,619		23			—			23
Total													$	(2,531,380	)	$	(727,786	)	$	(1,803,594	)

OVER-THE-COUNTER SWAP AGREEMENTS:

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (R)
Reference Obligation	Counterparty		Fixed Rate Receivable			Payment Frequency		Maturity Date		Implied Credit Spread at October 31, 2020 (S)			Notional Amount (T)			Value (U)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Republic of South Africa Government International Bond, 5.50%, 03/09/2020		GSI		1.00	%		Quarterly		06/20/2024		2.37	%		USD	1,900,000		$  (88,999	)		$  (55,004	)		$  (33,995	)
Russian Foreign Bond - Eurobond, 7.50%, 03/31/2030		GSI		1.00			Quarterly		12/20/2024		0.85			USD	1,500,000		10,858			7,625			3,233
Total																	$  (78,141	)		$  (47,379	)		$  (30,762	)

	Value
OTC Swap Agreements, at value (Assets)	$	10,858
OTC Swap Agreements, at value (Liabilities)		(88,999	)

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
10-Year U.S. Treasury Note		300			12/21/2020	$	41,810,424		$	41,465,625		$	—	$	(344,799	)
German Euro BUXL		2			12/08/2020		498,729			532,851			34,122		—
Total												$	34,122	$	(344,799	)
Short Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation		Unrealized Depreciation
5-Year U.S. Treasury Note		(113	)		12/31/2020	$	(14,218,848	)	$	(14,192,977	)	$	25,871	$	—
30-Year U.S. Treasury Bond		(68	)		12/21/2020		(11,967,345	)		(11,727,875	)		239,470		—
German Euro Bund		(2	)		12/08/2020		(404,492	)		(410,306	)		—		(5,814	)
U.K. Gilt		(5	)		12/29/2020		(879,082	)		(878,867	)		215		—
U.S. Treasury Ultra Bond		(6	)		12/21/2020		(1,283,396	)		(1,290,000	)		—		(6,604	)
Total												$	265,556	$	(12,418	)
Total Futures Contracts												$	299,678	$	(357,217	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    48

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation			Unrealized Depreciation
BCLY		11/17/2020		GBP	575,000		USD	753,436		$	—		$	(8,444	)
BOA		11/17/2020		USD	260,285		JPY	27,763,198			—			(4,950	)
CITI		11/03/2020		USD	7,466,919		GBP	5,743,000			26,718			—
CITI		11/16/2020		USD	1,710,439		PEN	6,132,778			14,175			—
CITI		11/16/2020		PEN	6,132,778		USD	1,698,360			—			(2,097	)
CITI		11/17/2020		USD	631,739		GBP	481,000			8,537			—
CITI		12/02/2020		GBP	5,743,000		USD	7,468,016			—			(26,412	)
CITI		12/21/2020		USD	682,003		PEN	2,410,881			15,145			—
CITI		03/24/2021		USD	1,696,856		PEN	6,132,778			1,816			—
CITI		04/05/2021		USD	6,039,505		BRL	34,000,000			146,859			—
DUB		03/15/2021		USD	367,384		PEN	1,316,336			3,526			—
HSBC		11/03/2020		USD	1,538,952		AUD	2,141,000			34,015			—
HSBC		11/03/2020		USD	232,279		CAD	309,000			346			—
HSBC		11/03/2020		GBP	5,743,000		USD	7,389,432			50,770			—
HSBC		11/17/2020		USD	30,102,480		GBP	23,018,000			279,489			—
JPM		10/04/2021		USD	6,153,846		BRL	35,000,000			171,983			—
SCB		11/03/2020		USD	16,834,999		EUR	14,347,000			124,658			—
Total										$	878,037		$	(41,903	)

INVESTMENT VALUATION:

Valuation Inputs ^(V)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—		$	65,457,176		$	—	$	65,457,176
Corporate Debt Securities		—			283,734,683			—		283,734,683
Foreign Government Obligations		—			30,970,600			—		30,970,600
Mortgage-Backed Securities		—			56,653,113			—		56,653,113
Municipal Government Obligations		—			5,792,236			—		5,792,236
U.S. Government Agency Obligations		—			233,268,721			—		233,268,721
U.S. Government Obligations		—			163,351,640			—		163,351,640
Common Stock		232			—			—		232
Other Investment Company		3,225,803			—			—		3,225,803
Repurchase Agreement		—			11,491,117			—		11,491,117
Total Investments	$	3,226,035		$	850,719,286		$	—	$	853,945,321
Other Financial Instruments
Centrally Cleared Credit Default Swap Agreements	$	—		$	388,125		$	—	$	388,125
Centrally Cleared Interest Rate Swap Agreements		—			728,512			—		728,512
Over-the-Counter Credit Default Swap Agreements		—			10,858			—		10,858
Futures Contracts (W)		299,678			—			—		299,678
Forward Foreign Currency Contracts (W)		—			878,037			—		878,037
Total Other Financial Instruments	$	299,678		$	2,005,532		$	—	$	2,305,210
LIABILITIES
Other Financial Instruments
Over-the-Counter Interest Rate Swaptions Written	$	—		$	(50,669	)	$	—	$	(50,669	)
Centrally Cleared Credit Default Swap Agreements		—			(185,218	)		—		(185,218	)
Centrally Cleared Interest Rate Swap Agreements		—			(3,259,892	)		—		(3,259,892	)
Over-the-Counter Credit Default Swap Agreements		—			(88,999	)		—		(88,999	)
Futures Contracts (W)		(357,217	)		—			—		(357,217	)
Forward Foreign Currency Contracts (W)		—			(41,903	)		—		(41,903	)
Total Other Financial Instruments	$	(357,217	)	$	(3,626,681	)	$	—	$	(3,983,898	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    49

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Floating or variable rate securities. The rates disclosed are as of October 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(B)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2020, the total value of 144A securities is $161,514,357, representing 25.2% of the Fund’s net assets.
(C)	When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2020. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(D)	Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2020, the total value of Regulation S securities is $23,767,183, representing 3.7% of the Fund’s net assets.
(E)	Restricted security. At October 31, 2020, the value of such security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Corporate Debt Securities	Citigroup, Inc. Fixed until 06/03/2030, 2.57%, 06/03/2031		05/26/2020	$	1,800,000	$	1,875,765		0.3	%

(F)	Perpetual maturity. The date displayed is the next call date.
(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)	All or a portion of the securities are on loan. The total value of all securities on loan is $12,783,125, collateralized by cash collateral of $3,225,803 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $9,816,933. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(I)	Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2020, the value of this security is $1,772,843, representing 0.3% of the Fund’s net assets.
(J)	Securities are subject to sale-buyback transactions. The average amount of sale buy-backs outstanding during the year ended October 31, 2020 was $501,036 at a weighted average interest rate of 1.00%.
(K)	All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $500,725.
(L)	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 $3,235,921.
(M)	All or a portion of the security has been segregated by the custodian as collateral for open over-the-counter swaptions, swap agreements and forward foreign currency contracts. The value of the security is $74,157.
(N)	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 $274,605.
(O)	Percentage rounds to less than 0.1% or (0.1)%.
(P)	Non-income producing security.
(Q)	Rates disclosed reflect the yields at October 31, 2020.
(R)	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.
(S)	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.
(T)	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.
(U)	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.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    50

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(V)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(W)	Derivative instruments are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
PEN	Peruvian Sol
USD	United States Dollar

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BOA	Bank of America, N.A.
CITI	Citibank, N.A.
DUB	Deutsche Bank AG
GSI	Goldman Sachs International
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
SCB	Standard Chartered Bank

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
MTN	Medium Term Note
OIS	Overnight Indexed Swap
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    51

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2020

	Transamerica Core Bond		Transamerica Mid Cap Value		Transamerica Total Return
Assets:
Investments, at value (A) (B)	$	866,341,079	$	88,562,946	$	842,454,204
Repurchase agreements, at value (C)		13,687,572		2,858,833		11,491,117
Cash		778,733		—		—
Cash collateral pledged at broker for:
Centrally cleared swap agreements		—		—		1,408,000
OTC swap agreements, at value		—		—		10,858
Foreign currency, at value (D)		—		—		1,321,764
Receivables and other assets:
Investments sold		455,809		86,739		3,451
When-issued, delayed-delivery, forward and TBA commitments sold		—		—		290,886,754
Net income from securities lending		4,832		325		1,380
Shares of beneficial interest sold		—		335		—
Dividends		—		43,790		—
Interest		3,952,562		—		3,723,804
Variation margin receivable on centrally cleared swap agreements		—		—		633,054
Variation margin receivable on futures contracts		—		—		163,233
Unrealized appreciation on forward foreign currency contracts		—		—		878,037
Total assets		885,220,587		91,552,968		1,152,975,656
Liabilities:
Cash collateral received upon return of:
Securities on loan		42,828,753		93,113		3,225,803
Cash collateral at broker for:
TBA commitments		—		—		736,000
OTC derivatives (F)		—		—		540,000
Written options and swaptions, at value (E)		—		—		50,669
OTC swap agreements, at value		—		—		88,999
Payables and other liabilities:
Investments purchased		1,178,720		156,440		—
When-issued, delayed-delivery, forward and TBA commitments purchased		—		—		505,887,741
Shares of beneficial interest redeemed		3,885		499		3,058
Due to custodian		—		—		2,067
Investment management fees		316,834		70,204		306,076
Transfer agent fees		5,360		598		4,088
Trustees, CCO and deferred compensation fees		3,661		532		2,287
Audit and tax fees		42,682		17,688		39,361
Custody fees		105,139		9,342		124,668
Legal fees		5,429		600		3,173
Printing and shareholder reports fees		1,532		333		944
Registration fees		742		82		481
Filing fees		2,771		2,228		2,508
Other accrued expenses		14,221		1,503		7,982
Unrealized depreciation on forward foreign currency contracts		—		—		41,903
Total liabilities		44,509,729		353,162		511,067,808
Net assets	$	840,710,858	$	91,199,806	$	641,907,848
Net assets consist of:
Paid-in capital	$	759,119,982	$	46,955,903	$	594,631,343
Total distributable earnings (accumulated losses)		81,590,876		44,243,903		47,276,505
Net assets	$	840,710,858	$	91,199,806	$	641,907,848
Shares outstanding (unlimited shares, no par value)		79,391,098		8,605,304		58,339,054
Net asset value and offering price per share	$	10.59	$	10.60	$	11.00
(A) Investments, at cost	$	817,523,371	$	61,095,961	$	813,309,977
(B) Securities on loan, at value	$	69,182,586	$	444,444	$	12,783,125
(C) Repurchase agreements, at cost	$	13,687,572	$	2,858,833	$	11,491,117
(D) Foreign currency, at cost	$	—	$	—	$	1,339,833
(E) Premium received on written options and swaptions	$	—	$	—	$	(81,367	)

^(F)   OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    52

STATEMENTS OF OPERATIONS

For the year ended October 31, 2020

	Transamerica Core Bond			Transamerica Mid Cap Value			Transamerica Total Return
Investment Income:
Dividend income	$	—		$	2,451,845		$	—
Interest income		32,084,631			5,470			19,173,160
Net income from securities lending		67,791			2,768			43,600
Withholding taxes on foreign income		669			—			6,251
Total investment income		32,153,091			2,460,083			19,223,011
Expenses:
Investment management fees		4,437,091			1,008,415			4,124,544
Transfer agent fees		76,812			8,666			46,018
Trustees, CCO and deferred compensation fees		25,515			2,848			15,356
Audit and tax fees		58,023			24,083			53,516
Custody fees		215,413			19,403			259,515
Legal fees		45,785			4,937			26,453
Printing and shareholder reports fees		18,428			3,919			14,007
Registration fees		12,185			3,105			8,024
Interest expense on sale-buybacks		—			—			5,091
Filing fees		19,030			8,055			14,062
Other		31,158			3,431			21,491
Total expenses before waiver and/or reimbursement and recapture		4,939,440			1,086,862			4,588,077
Expense waived and/or reimbursed		—			—			(406,410	)
Net expenses		4,939,440			1,086,862			4,181,667
Net investment income (loss)		27,213,651			1,373,221			15,041,344
Net realized gain (loss) on:
Investments		38,095,329			16,642,257			19,496,848
Securities sold short		—			—			(432,509	)
Written options and swaptions		—			—			320,778
Swap agreements		—			—			(798,482	)
Futures contracts		—			—			(1,482,453	)
Forward foreign currency contracts		—			—			405,705
Foreign currency transactions		—			—			(918,030	)
Net realized gain (loss)		38,095,329			16,642,257			16,591,857
Net change in unrealized appreciation (depreciation) on:
Investments		(2,365,994	)		(31,718,264	)		(862,122	)
Written options and swaptions		—			—			(14,052	)
Swap agreements		—			—			1,389,444
Futures contracts		—			—			444,069
Forward foreign currency contracts		—			—			3,872,327
Translation of assets and liabilities denominated in foreign currencies		—			—			87,982
Net change in unrealized appreciation (depreciation)		(2,365,994	)		(31,718,264	)		4,917,648
Net realized and change in unrealized gain (loss)		35,729,335			(15,076,007	)		21,509,505
Net increase (decrease) in net assets resulting from operations	$	62,942,986		$	(13,702,786	)	$	36,550,849

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    53

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Core Bond						Transamerica Mid Cap Value						Transamerica Total Return
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	27,213,651		$	32,601,090		$	1,373,221		$	1,572,028		$	15,041,344		$	20,075,209
Net realized gain (loss)		38,095,329			4,845,574			16,642,257			11,306,161			16,591,857			19,903,426
Net change in unrealized appreciation (depreciation)		(2,365,994	)		87,934,165			(31,718,264	)		1,489,868			4,917,648			30,323,400
Net increase (decrease) in net assets resulting from operations		62,942,986			125,380,829			(13,702,786	)		14,368,057			36,550,849			70,302,035
Dividends and/or distributions to shareholders:
Dividends and/or distributions to shareholders		(29,108,173	)		(34,419,718	)		(12,553,396	)		(32,341,429	)		(15,739,319	)		(17,911,910	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(29,108,173	)		(34,419,718	)		(12,553,396	)		(32,341,429	)		(15,739,319	)		(17,911,910	)
Capital share transactions:
Proceeds from shares sold		49,620,438			13,919,165			5,664,279			2,824,740			112,284,909			2,689,511
Dividends and/or distributions reinvested		29,108,173			34,419,718			12,553,396			32,341,429			15,739,319			17,911,910
Cost of shares redeemed		(387,182,121	)		(196,251,611	)		(39,996,280	)		(30,074,176	)		(137,397,513	)		(188,564,211	)
Net increase (decrease) in net assets resulting from capital share transactions		(308,453,510	)		(147,912,728	)		(21,778,605	)		5,091,993			(9,373,285	)		(167,962,790	)
Net increase (decrease) in net assets		(274,618,697	)		(56,951,617	)		(48,034,787	)		(12,881,379	)		11,438,245			(115,572,665	)
Net assets:
Beginning of year		1,115,329,555			1,172,281,172			139,234,593			152,115,972			630,469,603			746,042,268
End of year	$	840,710,858		$	1,115,329,555		$	91,199,806		$	139,234,593		$	641,907,848		$	630,469,603
Capital share transactions - shares:
Shares issued		4,788,306			1,416,459			640,086			229,266			10,412,819			263,661
Shares reinvested		2,789,679			3,471,146			1,013,188			2,978,032			1,519,920			1,767,006
Shares redeemed		(36,865,899	)		(19,788,527	)		(3,729,366	)		(2,389,577	)		(13,048,016	)		(18,378,709	)
Net increase (decrease) in shares outstanding		(29,287,914	)		(14,900,922	)		(2,076,092	)		817,721			(1,115,277	)		(16,348,042	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    54

STATEMENT OF CASH FLOWS

For the year ended October 31, 2020

	Transamerica Total Return
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	36,550,849
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of long-term investments		(4,528,758,393	)
Proceeds from long-term investments		4,815,335,853
Purchases to cover securities sold short		(583,851,828	)
Proceeds from securities sold short		583,419,319
Net amortization (accretion) of discount and premium		(742,012	)
Net purchases/proceeds of short-term investments		6,812,932
Net realized (gain) loss		(16,591,857	)
Net change in unrealized (appreciation) depreciation		(4,917,648	)
Receivables:
(Increase) decrease in receivables for investments sold		55,735,136
(Increase) decrease in receivables for net income from securities lending		4,008
(Increase) decrease in receivables for interest		1,527,568
(Increase) decrease in receivable for tax reclaim		5,706
Payables:
Increase (decrease) in collateral for securities on loan		(9,123,122	)
Increase (decrease) in payables for investments purchased		(95,325,129	)
Increase (decrease) in accrued liabilities		(13,832	)
Net cash provided by (used for) written options and swaptions transactions		338,840
Net cash provided by (used for) swap agreement transactions		1,733,021
Net cash provided by (used for) in futures contracts transactions		(262,723	)
Net cash provided by (used for) in forward foreign currency contracts		(3,466,622	)
Net cash provided by (used for) foreign currency transactions		(742,066	)
Net cash provided by (used for) operating activities		257,668,000
Cash flows from financing activities:
Increase (decrease) to custodian for cash overdraft		177
Proceeds of shares sold, net of receivable for shares sold		112,284,909
Payment of shares redeemed, net of payable for shares redeemed		(137,850,970	)
Increase (decrease) from reverse repurchase agreements		(237,315,236	)
Proceeds from sale-buyback financing transactions		107,724,937
Payments from sale-buyback financing transactions		(104,881,707	)
Net cash provided by (used for) financing activities		(260,037,890	)
Net increase (decrease) in cash and foreign currencies		(2,369,890	)
Cash and foreign currencies, at beginning of year (A)	$	3,823,654
Cash and foreign currencies, at end of year (A)	$	1,453,764
Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	5,091
Non-cash financing activities included herein consist of reinvestment of distributions	$	15,739,319

(A) For the year ended October 31, 2020, the beginning and ending cash balances consist of the following:

	Beginning of Year		End of Year
Assets:
Cash collateral pledged at broker for:
Reverse repurchase agreements	$	903,000	$	—
Centrally cleared swap agreements		1,371,000		1,408,000
Foreign currency, at value		2,564,654		1,321,764
Total assets		4,838,654		2,729,764
Liabilities:
Cash collateral received at broker:
OTC derivatives		330,000		540,000
TBA Commitments		685,000		736,000
Total liabilities		1,015,000		1,276,000
Net cash per statement of assets and liabilities	$	3,823,654	$	1,453,764
Total cash and foreign currencies per statement of cash flows	$	3,823,654	$	1,453,764

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    55

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated:	Transamerica Core Bond
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.26		$	9.49		$	9.97		$	10.15		$	10.02
Investment operations:
Net investment income (loss) (A)		0.28			0.28			0.28			0.26			0.24	(B)
Net realized and unrealized gain (loss)		0.35			0.79			(0.46	)		(0.15	)		0.16
Total investment operations		0.63			1.07			(0.18	)		0.11			0.40
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.30	)		(0.30	)		(0.29	)		(0.27	)
Net asset value, end of year	$	10.59		$	10.26		$	9.49		$	9.97		$	10.15
Total return		6.21	%		11.40	%		(1.84	)%		1.11	%		4.03	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	840,711		$	1,115,330		$	1,172,281		$	1,309,829		$	1,267,278
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.48	%		0.47	%		0.46	%		0.49	%		0.49	%
Including waiver and/or reimbursement and recapture		0.48	%		0.47	%		0.46	%(C)		0.49	%(C)		0.48	%(B)
Net investment income (loss) to average net assets		2.66	%		2.83	%		2.85	%		2.60	%		2.40	%(B)
Portfolio turnover rate		23	%		13	%		28	%		29	%		22	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated:	Transamerica Mid Cap Value
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	13.04		$	15.42		$	17.02		$	15.60		$	15.95
Investment operations:
Net investment income (loss) (A)		0.13			0.14			0.20			0.14			0.13	(B)
Net realized and unrealized gain (loss)		(1.36	)		0.85			(0.17	)(C)		2.44			0.64
Total investment operations		(1.23	)		0.99			0.03			2.58			0.77
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.23	)		(0.16	)		(0.15	)		(0.13	)
Net realized gains		(1.05	)		(3.14	)		(1.47	)		(1.01	)		(0.99	)
Total dividends and/or distributions to shareholders		(1.21	)		(3.37	)		(1.63	)		(1.16	)		(1.12	)
Net asset value, end of year	$	10.60		$	13.04		$	15.42		$	17.02		$	15.60
Total return		(10.81	)%		10.78	%		(0.17	)%		17.08	%		5.24	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	91,200		$	139,235		$	152,116		$	215,915		$	260,300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.91	%		0.91	%		0.89	%		0.89	%
Including waiver and/or reimbursement and recapture		0.94	%		0.91	%		0.91	%		0.89	%		0.88	%(B)
Net investment income (loss) to average net assets		1.19	%		1.10	%		1.25	%		0.84	%		0.84	%(B)
Portfolio turnover rate		19	%		9	%		19	%		11	%		23	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    56

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Total Return
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.60		$	9.84		$	10.28		$	10.43		$	10.46
Investment operations:
Net investment income (loss) (A)		0.26			0.29			0.23			0.22			0.24	(B)
Net realized and unrealized gain (loss)		0.41			0.73			(0.47	)		0.06			0.23
Total investment operations		0.67			1.02			(0.24	)		0.28			0.47
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.26	)		(0.20	)		(0.16	)		(0.31	)
Net realized gains		(0.08	)		—			—			(0.27	)		(0.19	)
Total dividends and/or distributions to shareholders		(0.27	)		(0.26	)		(0.20	)		(0.43	)		(0.50	)
Net asset value, end of year	$	11.00		$	10.60		$	9.84		$	10.28		$	10.43
Total return		6.50	%		10.50	%		(2.34	)%		2.87	%		4.70	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	641,908		$	630,470		$	746,042		$	625,067		$	556,626
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.75	%		0.75	%		0.78	%		0.76	%		0.78	%
Including waiver and/or reimbursement and recapture		0.68	%		0.71	%(C)		0.75	%		0.76	%		0.76	%(B)
Net investment income (loss) to average net assets		2.45	%		2.87	%		2.31	%		2.13	%		2.35	%(B)
Portfolio turnover rate (D)		29	%		32	%		38	%		84	%		31	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Includes extraordinary expenses outside the operating expense limit.
(D)	Excludes sale-buyback transactions.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    57

NOTES TO FINANCIAL STATEMENTS

At October 31, 2020

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 the Funds’ current prospectuses, which contain additional information about the Funds, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM’s expense.

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds.

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.

Transamerica Funds Annual Report 2020

Page    58

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

Distributions to shareholders: Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

Foreign taxes: The Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

Cash overdraft: The Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations.

Commission recapture: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions, paid by the Funds, be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statements of Operations. For the year ended October 31, 2020, commissions recaptured are as follows. Funds not listed in the subsequent table do not have any commissions recaptured during the year.

Fund	Commissions Recaptured
Mid Cap Value	$	2,549

Statement of cash flows: GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a Statement of Cash Flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions. These conditions may include the enterprise had little or no debt, based on the average debt outstanding during the period, little or no illiquid investments, and little or no investments classified as Level 3 of the fair

Transamerica Funds Annual Report 2020

Page    59

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

value hierarchy in relation to average total assets. Funds with certain degrees of borrowing activity, typically through the use of sale-buyback financing transactions, line of credit borrowing, reverse repurchase agreements, short sale transactions, illiquid investments, or Level 3 classified securities have been determined to be at a level requiring a Statement of Cash Flows. A Statement of Cash Flows has been prepared for Total Return using the indirect method which requires net change in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

Indemnification: In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

3. INVESTMENT VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Funds’ own assumptions used in determining the fair value of investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2020, is disclosed within the Investment Valuation section of each Fund’s Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Transamerica Funds Annual Report 2020

Page    60

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

3. INVESTMENT VALUATION (continued)

Investment companies: Certain investment companies are valued at the NAV of the underlying investments as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV of the underlying investments 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.

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 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

Transamerica Funds Annual Report 2020

Page    61

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

3. INVESTMENT VALUATION (continued)

commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund 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 Statement of Assets and Liabilities.

PIKs held at October 31, 2020, 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 October 31, 2020, if any, are identified within the Schedule of Investments.

Restricted securities: The Funds may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2020, if any, are identified within the Schedule of Investments.

When-issued, delayed-delivery, forward, and to be announced (“TBA”) commitment transactions: The Funds may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds engage in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Funds will segregate with their custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund’s other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by

Transamerica Funds Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

4. SECURITIES AND OTHER INVESTMENTS (continued)

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 October 31, 2020, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. 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 year ended October 31, 2020, the Funds have not utilized the program.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2020.

Repurchase agreements at October 31, 2020, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Reverse repurchase agreements: The Funds may enter into reverse repurchase agreements in which the Funds sell portfolio securities and agree to repurchase them from the buyer at a specified date and price. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements are considered to be a form of borrowing. Pursuant to the terms of the reverse repurchase agreements, the Funds’ custodian must segregate assets with an aggregate market value greater than or equal to 100% of the repurchase price. In periods of increased demand for the security, the Funds may receive a fee for use of the security by the counterparty, which may result in interest income to the Funds. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities that the Funds are obligated to repurchase under the agreement may decline below the repurchase price. The Funds are subject to the risk that the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds. In the event of a default by the counterparty, there may be delays, costs and risks of loss involved in the Funds exercising their rights under the agreement, or those rights may be limited by other contractual agreements.

Transamerica Funds Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Open reverse repurchase agreements at October 31, 2020, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities. The interest expense is included in Interest income on the Statements of Operations.

Sale-buyback: The Funds may enter into sale-buyback financing transactions. The Funds account for sale-buyback financing transactions as borrowing transactions and realize gains and losses on these transactions at the end of the roll period. Sale-buyback financing transactions involve sales by the Funds of securities and simultaneously contracts to repurchase the same or substantially similar securities at an agreed upon price and date.

The Funds forgo principal and interest paid during the roll period on the securities sold in a sale-buyback financing transaction. The Funds are compensated by the difference between the current sales price and the price for the future purchase (often referred to as the “price drop”), as well as by any interest earned on the proceeds of the securities sold. Sale-buyback financing transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Sale-buyback financing transactions expose the Funds to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds, the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price. The Funds’ obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Funds’ forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Funds’ portfolio turnover rates. The Funds recognize price drop fee income on a straight line basis over the period of the roll. For the year ended October 31, 2020, Total Return earned price drop fee income of $230,372. 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 October 31, 2020, if any, are identified within the Schedule of Investments.

Securities lending: The Funds may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Funds is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Each Fund receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statements of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio. The Transamerica family of mutual funds is a significant shareholder of the Navigator as of October 31, 2020. No individual fund has a significant holding in the Navigator.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2020, if any, are shown on a gross basis within the Schedule of Investments.

Short sales: A short sale is a transaction in which the Funds sell securities they do not own, but have borrowed, in anticipation of a decline in the fair market value of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

Transamerica Funds Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

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 October 31, 2020, if any, are included within the Schedule of Investments and are reflected in Securities sold short, at value within the Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2020. 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	$	1,851,038	$	—	$	—	$	—	$	1,851,038
U.S. Government Obligations		40,977,715		—		—		—		40,977,715
Total Securities Lending Transactions	$	42,828,753	$	—	$	—	$	—	$	42,828,753
Total Borrowings	$	42,828,753	$	—	$	—	$	—	$	42,828,753
Mid Cap Value
Securities Lending Transactions
Common Stocks	$	93,113	$	—	$	—	$	—	$	93,113
Total Borrowings	$	93,113	$	—	$	—	$	—	$	93,113
Total Return
Securities Lending Transactions
Corporate Debt Securities	$	792,143	$	—	$	—	$	—	$	792,143
U.S. Government Obligations		2,433,660		—		—		—		2,433,660
Total Securities Lending Transactions	$	3,225,803	$	—	$	—	$	—	$	3,225,803
Total Borrowings	$	3,225,803	$	—	$	—	$	—	$	3,225,803

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.

Transamerica Funds Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

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 determine the realized gain or loss. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Funds could result in the Funds selling or buying a security or currency at a price different from the current market value.

Open option contracts at October 31, 2020, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statements of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Funds and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Funds may enter into credit default, cross-currency, interest rate, total return, including contracts for difference (“CFD”), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statements of Assets and Liabilities.

Transamerica Funds Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

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 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 October 31, 2020, if any, are listed within the Schedule of Investments.

Futures contracts: The Funds are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds, use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Funds, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2020, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

Forward foreign currency contracts: The Funds are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with

Transamerica Funds Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statements of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statements of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2020, if any, are listed within the Schedule of Investments.

The following is a summary of the location and each Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2020. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the year.

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)	$	728,512	$	—	$	—	$	388,125	$	—	$	1,116,637
OTC swaps:
OTC swap agreements, at value		—		—		—		10,858		—		10,858
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		299,678		—		—		—		—		299,678
Forward foreign currency contracts:
Unrealized appreciation on forward foreign currency contracts		—		878,037				—		—		878,037
Total	$	1,028,190	$	878,037	$	—	$	398,983	$	—	$	2,305,210

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	$	(50,669	)	$	—		$	—	$	—		$	—	$	(50,669	)
Centrally cleared swaps:
Total distributable earnings (accumulated losses) (A) (B)		(3,259,892	)		—			—		(185,218	)		—		(3,445,110	)
OTC swaps:
OTC swap agreements, at value		—			—			—		(88,999	)		—		(88,999	)
Futures contracts:
Total distributable earnings (accumulated losses) (A) (C)		(357,217	)		—			—		—			—		(357,217	)
Forward foreign currency contracts:
Unrealized depreciation on forward foreign currency contracts		—			(41,903	)		—		—			—		(41,903	)
Total	$	(3,667,778	)	$	(41,903	)	$	—	$	(274,217	)	$	—	$	(3,983,898	)

^(A)  May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

^(B)  Included within Value of centrally cleared swap agreements as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

^(C)  Included within Unrealized Appreciation (Depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

Transamerica Funds Annual Report 2020

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NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of October 31, 2020.

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts			Commodity Contracts		Total
Total Return
Purchased options and swaptions (A)	$	(59,375	)	$	(900	)	$	—	$	—		$	—	$	(60,275	)
Written options and swaptions		303,512			17,266			—		—			—		320,778
Swap agreements		(2,003,484	)		—			—		1,205,002			—		(798,482	)
Futures contracts		(1,482,453	)		—			—		—			—		(1,482,453	)
Forward foreign currency contracts		—			405,705			—		—			—		405,705
Total	$	(3,241,800	)	$	422,071		$	—	$	1,205,002		$	—	$	(1,614,727	)
Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts			Commodity Contracts		Total
Total Return
Purchased options and swaptions (B)	$	38,842		$	891		$	—	$	—		$	—	$	39,733
Written options and swaptions		(14,052	)		—			—		—			—		(14,052	)
Swap agreements		1,593,296			—			—		(203,852	)		—		1,389,444
Futures contracts		444,069			—			—		—			—		444,069
Forward foreign currency contracts		—			3,872,327			—		—			—		3,872,327
Total	$	2,062,155		$	3,873,218		$	—	$	(203,852	)	$	—	$	5,731,521

^(A)  Included within Net realized gain (loss) on Investments in the Statements of Operations.

^(B)  Included within Net change in unrealized appreciation (depreciation) on Investments in the Statements of Operations.

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2020.

	Total Return
Options:
Average value of option contracts purchased	$	12,379
Average notional value of swaption contracts purchased		76,923
Average value of option contracts written		(73,431	)
Average notional value of swaption contracts written		(2,153,846	)
Credit default swaps:
Average notional value – buy protection		22,015,384
Average notional value – sell protection		16,752,062
Interest rate swaps:
Average notional value – pays fixed rate		87,041,149
Average notional value – receives fixed rate		51,558,185
Futures contracts:
Average notional value of contracts – long		134,825,401
Average notional value of contracts – short		(81,895,797	)
Forward foreign currency exchange contracts:
Average contract amounts purchased – in USD		61,176,884
Average contract amounts sold – in USD		115,167,484

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.

Transamerica Funds Annual Report 2020

Page    69

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Funds and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Funds exercise their right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Funds’ net liability may be delayed or denied.

Collateral requirements: Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, a Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by a Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statements of Assets and Liabilities. Cash collateral that has been received by a Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statements of Assets and Liabilities. Non-cash collateral pledged to each Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if a Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Funds as of October 31, 2020. For financial reporting purposes, the Funds do not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements. Funds not listed in the subsequent tables do not have master netting agreements for open derivative positions during the year.

Counterparty	Gross Amounts of Assets Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities						Net Amount		Gross Amounts of Liabilities Presented within Statements of Assets  and Liabilities (A)		Gross Amounts Not Offset within Statements of Assets and Liabilities					Net Amount
			Financial Instruments			Collateral Received (B)							Financial Instruments			Collateral Pledged (B)
	Assets										Liabilities
Total Return
Bank of America, N.A.	$	—	$	—		$	—		$	—	$	4,950	$	—		$	—	$	4,950
Barclays Bank PLC		—		—			—			—		8,444		—			—		8,444
Citibank, N.A.		213,250		(28,509	)		—			184,741		28,509		(28,509	)		—		—
Deutsche Bank AG		3,526		—			—			3,526		—		—			—		—
Goldman Sachs International		10,858		(10,858	)		—			—		88,999		(10,858	)		—		78,141
HSBC Bank USA		364,620		—			(364,620	)		—		—		—			—		—
JPMorgan Chase Bank, N.A.		171,983		(50,669	)		(121,314	)		—		50,669		(50,669	)		—		—
Standard Chartered Bank		124,658		—			—			124,658		—		—			—		—
Other Derivatives (C)		1,416,315		—			—			1,416,315		3,802,327		—			—		3,802,327
Total	$	2,305,210	$	(90,036	)	$	(485,934	)	$	1,729,240	$	3,983,898	$	(90,036	)	$	—	$	3,893,862

^(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.

Transamerica Funds Annual Report 2020

Page    70

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

7. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets are subject to heightened foreign investments risks. Emerging market countries tend to have economic, political and legal systems and regulatory and accounting standards that are less developed, and that can be expected to be less stable. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation, and may be based on only a few industries. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and extreme price volatility. An investment in emerging market securities should be considered speculative.

Fixed income risk: Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by a Fund falls, the value of your investment will go down. The prices of fixed-income securities will generally go down when interest rates rise. Interest rates in the U.S. and certain foreign markets have been low relative to historic levels, so the Fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

Foreign investment risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund’s foreign investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Lack of information and weaker legal systems and accounting standards also may affect the value of these securities. Foreign investments may have lower liquidity and be more difficult to value than investments in U.S. issuers.

Growth risk: Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth securities typically fall. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

High-yield debt risk: High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or, if unrated, determined to be below investment grade by the sub-adviser. Issuers of junk bonds are typically in weaker financial health. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities, and they may result in losses for the Funds. Junk bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments.

LIBOR risk: Many financial instruments, financings or other transactions to which the Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate (“LIBOR”). LIBOR is widely used in financial markets. In July 2017, the United Kingdom’s financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect the Fund’s performance or NAV.

Transamerica Funds Annual Report 2020

Page    71

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

7. RISK FACTORS (continued)

Market risk: The market prices of a Fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as overall economic trends or events, government actions or interventions, market disruptions caused by trade disputes or other factors, political factors or adverse investor sentiment. The market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. If the market prices of the securities owned by a Fund fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. The COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, a Fund’s exposure to the risks described in the Fund’s prospectus will likely increase. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund’s investments may be negatively affected.

Real estate investment trusts (“REITs”) and real estate risk: Investing in real estate investment trusts “REITs” involves unique risks. When a Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, a Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to a Fund.

Recent events risk: The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of a Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, may not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.

8. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Life Insurance Company (“TLIC”) and AUSA Holding, LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon N.V. 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 N.V., 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 Fund 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 Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statements of Operations.

As of October 31, 2020, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows:

Fund	Account Balance		Percentage of Net Assets
Core Bond	$	772,361,065		91.87	%
Mid Cap Value		86,530,376		94.88
Total Return		544,723,000		84.86

Transamerica Funds Annual Report 2020

Page    72

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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 (“ANA”) at the following rates:

Fund	Rate
Core Bond
First $750 million		0.450	%
Over $750 million up to $1 billion		0.390
Over $1 billion up to $1.5 billion		0.375
Over $1.5 billion up to $3 billion		0.370
Over $3 billion		0.365
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 ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Fund	Current Operating Expense Limit			Operating Expense Limit Effective Through
Core Bond		0.60	%		March 1, 2021
Mid Cap Value		1.05			March 1, 2021
Total Return		0.68			March 1, 2021

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2020 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

TAM, on a voluntary basis and in addition to the contractual 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 years ended October 31, 2018, October 31, 2019 and October 31, 2020, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture by TAM during the year.

	Amounts Available
Fund	2018		2019		2020		Total
Total Return	$	34,500	$	374,151	$	406,410	$	815,061

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, (as amended and restated January 1, 2010), available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the

Transamerica Funds Annual Report 2020

Page    73

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2020, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the Investment Manager or sub-adviser(s) for the year ended October 31, 2020.

Cross-trades: The Funds are authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Funds and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of each Fund participating in the transaction.

For the year ended October 31, 2020, the Funds did not engage in cross-trade transactions.

9. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2020, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
Core Bond	$	153,074,813	$	79,141,674	$	236,918,683	$	291,336,444
Mid Cap Value		21,100,332		—		52,713,499		—
Total Return		124,042,915		73,429,921		231,435,286		157,193,505

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, interest written off, dollar roll adjustment, swap interest receivable/payable, swap mark-to-market, premium amortization adjustments, forward contracts mark-to-market, futures contracts mark-to-market and straddle loss deferral from underlying investments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2020, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Core Bond	$	831,246,181	$	54,329,808	$	(5,547,338	)	$	48,782,470
Mid Cap Value		64,853,494		33,283,139		(6,714,854	)		26,568,285
Total Return		831,363,931		38,866,522		(17,959,053	)		20,907,469

As of October 31, 2020, the Funds had no capital loss carryforwards available to offset future realized capital gains.

Transamerica Funds Annual Report 2020

Page    74

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

During the year ended October 31, 2020, the capital loss carryforwards utilized or expired are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards utilized or expired.

Fund	Capital Loss Carryforwards Utilized/Expired
Core Bond	$	3,978,131

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2020 and 2019 are as follows:

	2020 Distributions Paid From:						2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
Core Bond	$	29,108,173	$	—	$	—	$	34,419,718	$	—	$	—
Mid Cap Value		1,621,945		10,931,451		—		2,104,142		30,237,287		—
Total Return		15,739,319		—		—		17,911,910		—		—

As of October 31, 2020, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards		Late Year Ordinary Loss Deferred		Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Core Bond	$	1,443,555	$	—	$	31,364,851	$	—	$	—	$	—		$	48,782,470
Mid Cap Value		901,462		—		16,774,156		—		—		—			26,568,285
Total Return		23,210,433		—		10,868,050		—		—		(7,696,800	)		20,894,822

11. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

In October 2020, FASB issued Accounting Standards Update No. 2020-08 (“ASU 2020-08”), “Receivables—Nonrefundable Fees and Other Costs (Codification Improvements Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities”. ASU 2020-08 is an update of ASU No. 2017-08, which amends the amortization period of certain purchased callable debt securities held at a premium. ASU 2020-08 updates the amortization period for callable debt securities to be amortized to the next call date. For purposes of this update, the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Management has evaluated and adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

12. CHANGE IN ACCOUNTING PRINCIPLE

The Funds have adopted the FASB Accounting Standards Update 2017-08 “Premium Amortization of Callable Debt Securities” (“ASU 2017-08”), which amends the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with explicit non-contingent call features to the earliest call date.

It is impracticable to evaluate the effect on individual prior periods, therefore the Funds applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments by $11,416 and $79,214 for Core Bond and Total Return, respectively. This change in accounting principle has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the net asset value of each Fund’s financial statements.

Transamerica Funds Annual Report 2020

Page    75

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

13. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street, the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

14. LEGAL PROCEEDINGS

On September 30, 2020, Transamerica Asset Management, Inc. (“TAM”), the investment manager of the funds, entered into a settlement with the Securities and Exchange Commission (the “SEC”) relating to expense recaptures. The recaptures at issue, which TAM self-reported to the SEC, involved amounts previously voluntarily waived and/or reimbursed to four money market funds to prevent the funds from experiencing a negative yield. In some cases recaptures under the voluntary yield waiver arrangements exceeded contractual expense limits. The recaptured amounts were not reflected in the funds’ prospectus fee tables. The funds involved were Transamerica Government Money Market, Transamerica BlackRock Government Money Market VP, Transamerica Partners Government Money Market and Transamerica Partners Institutional Government Money Market. The two Transamerica Partners Government Money Market funds reorganized into Transamerica Government Money Market in October of 2017.

Under the settlement order, TAM agreed to pay affected fund investors approximately $5.3 million in disgorgement and approximately $690,000 in prejudgment interest. These amounts represent expenses incurred above the applicable expense limit (plus interest). TAM was also censured and ordered to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. The settlement order imposes no civil penalty on TAM based upon TAM having self-reported the matter, the prompt remedial steps taken by TAM, and TAM’s cooperation in the SEC staff’s investigation. The settlement order does not affect TAM’s ability to manage the funds.

The foregoing is only a brief summary of the settlement order. A copy of the settlement order is available on the SEC’s website at https://www.sec.gov.

The settlement had no impact on the Funds’ financial statements.

Transamerica Funds Annual Report 2020

Page    76

Report of Independent Registered Public Accounting Firm

To the Shareholders of Transamerica Core Bond, Transamerica Mid Cap Value and Transamerica Total Return and the Board of Trustees of Transamerica Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica Core Bond, Transamerica Mid Cap Value and Transamerica Total Return (collectively referred to as the “Funds”) (three of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2020, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the statement of cash flows for Transamerica Total Return for the year ended October 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the funds constituting Transamerica Funds) at October 31, 2020, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, their financial highlights for each of the five years in the period then ended, and cash flows for Transamerica Total Return for the year ended October 31, 2020, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, brokers and others, or by other appropriate auditing procedures where replies from brokers or others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2020

Transamerica Funds Annual Report 2020

Page    77

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2020, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Mid Cap Value	$	1,621,945

For corporate shareholders, investment income (dividend income plus short-term gains, if any) which qualifies for the maximum dividends received deductions are as follows:

Fund	Dividend Received Deduction Percentage
Mid Cap Value		100	%

For tax purposes, the long-term capital gain designations for the year ended October 31, 2020 are as follows:

Fund	Long-Term Capital Gain Designation
Mid Cap Value	$	10,931,451

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2020. Complete information will be computed and reported in conjunction with your 2020 Form 1099-DIV.

Transamerica Funds Annual Report 2020

Page    78

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 17-18, 2020, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica Core Bond

Transamerica Mid Cap Value

Transamerica Total Return

For the Funds listed in the left column below, the Board also considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively the “Sub-Advisory Agreements” and, together with the Management Agreement, the “Agreements”) between TAM and the corresponding sub-advisers listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).

Fund	Sub-Adviser(s)
Transamerica Core Bond	J.P. Morgan Investment Management Inc.
Transamerica Mid Cap Value	J.P. Morgan Investment Management Inc.
Transamerica Total Return	Pacific Investment Management Company LLC

Following its review and consideration, the Board determined that the terms of the Management Agreement and each Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2021.

Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Fund, and knowledge they gained over time through meeting with TAM and each Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. In their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s and each Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser, and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent

Transamerica Funds Annual Report 2020

Page    79

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2019. Based on these considerations, the Board determined that TAM and each Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to performance are summarized below. For purposes of its review, the Board used the performance of Class I2 Shares, which is currently the sole class offered by the Funds. In describing a Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” the median if a Fund’s performance ranked anywhere in the first or second quintiles, as “below” the median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering each Fund’s performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica Core Bond. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 3- and 5-year periods and in line with the median for the past 1- and 10-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 3-, 5- and 10-year periods and below its benchmark for the past 1-year period.

Transamerica Mid Cap Value. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 10-year period, in line with the median for the past 3- and 5-year periods and below the median for the past 1-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 3- and 10-year periods and below its benchmark for the past 1- and 5-year periods. The Trustees also noted recent changes in the portfolio management team at J.P. Morgan Investment Management Inc. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Total Return. The Board noted that the performance of Class I2 Shares of the Fund was in line with the median for its peer universe for the past 3- and 5-year periods and below the median for the past 1- and 10-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 3-, 5- and 10-year periods and below its benchmark for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at Pacific Investment Management Company LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Trustees observed that the performance of the Fund had improved during the first quarter of 2020.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to management fees and total expense ratios are summarized below. For purposes of its review, the Board used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares, which is currently the sole class offered by the Funds. In describing a Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in

Transamerica Funds Annual Report 2020

Page    80

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” the median if a Fund’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” the median if it ranked anywhere in the first or second quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Advisers for sub-advisory services, noting that sub-advisory fees payable to the Sub-Advisers are paid by TAM and not the Funds. The board also considered the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fees, and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

Transamerica Core Bond. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Mid Cap Value. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Total Return. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Management Agreement and each Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for each Fund.

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the applicable Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board recognized that, as a Fund’s assets increase, any economies of scale realized by TAM or a Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized

Transamerica Funds Annual Report 2020

Page    81

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

by the Fund. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered each Sub-Adviser’s sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the applicable Fund’s management fee schedule. The Board considered that certain Funds’ sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and/or the Sub-Advisers from their Relationships with the Funds

The Board considered other benefits derived by TAM, its affiliates and/or the Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with the Funds and that TAM believes the use of soft dollars by J.P. Morgan Investment Management Inc. is generally appropriate and in the best interests of the applicable Funds. The Board also noted that J.P. Morgan Investment Management Inc. participates in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Fund’s brokerage transactions.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Funds.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and each Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2020

Page    82

Management of the Trust

Board Members and Officers

(unaudited)

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund’s assets by the investment manager and its respective sub-adviser.

The Funds are among the Funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 121 Funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Further information about the Funds’ Directors and Officers is available in the Funds’ Statement of Additional Information, which can be obtained without charge by calling 1-888-233-4339 or visiting the Funds’ website at www.transamerica.com.

The Board Members, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of Funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
Marijn P. Smit (47)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	121	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present) Director, Mongeral Aegon Seguros e Previdencia S.A. (2019 – present); and Director, Mongeral Aegon Investimentos

Transamerica Funds Annual Report 2020

Page    83

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
Marijn P. Smit (continued)			Senior Vice President, Transamerica Retirement Solutions LLC (2012 – present); Trust Officer, Massachusetts Fidelity Trust Company (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – 2016); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).		Ltda. (2018 – present)
Alan F. Warrick (72)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010).	116	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (68)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	116	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)

Transamerica Funds Annual Report 2020

Page    84

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (64)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).	116	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)
David W. Jennings (74)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	116	N/A
Fredric A. Nelson III (63)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018);	116	N/A

Transamerica Funds Annual Report 2020

Page    85

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Fredric A. Nelson III (continued)			Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).
John E. Pelletier (56)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018); Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017); Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.	116	N/A
Patricia L. Sawyer (70)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board	116	Honorary Trustee, Bryant University (1996 – present)

Transamerica Funds Annual Report 2020

Page    86

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Patricia L. Sawyer (continued)			Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.
John W. Waechter (68)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	116	Board Member, Operation PAR, Inc. (non-profit organization) (2008 – present); Board Member, Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2020

Page    87

OFFICERS

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (47)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Members Table Above.
Christopher A. Staples, CFA (50)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services, Transamerica Funds and TST (2007 – present); TET (2017 – present); Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – 2019); Trust Officer, Massachusetts Fidelity Trust Company (2010 – present); Registered Representative (2007 – 2016), TCI; Registered Representative, TFA (2005 – present).
Thomas R. Wald, CFA (60)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); TET (2017 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Director (2017 – present), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión, Director (2019 – present); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Director, Transamerica Funds Services, Inc. (2019 – present); and Trust Officer, Massachusetts Fidelity Trust Company (2015 – present).
Vincent J. Toner (50)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present), TET (2017 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015);

Transamerica Funds Annual Report 2020

Page    88

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Vincent J. Toner (continued)			Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); Vice President (2016 – present), Transamerica Capital, Inc.; Trust Officer (2015 – present), Massachusetts Fidelity Trust Company.
Francine J. Rosenberger (53)	Chief Compliance Officer	Since 2019	Chief Compliance Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (42)	Anti-Money Laundering Officer	Since 2019	Anti-Money Laundering Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Anti-Money Laundering Officer (2019 – present), TAM; Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present); Attorney, Anti-Money Laundering Compliance Officer (Annuity products), Transamerica Life Insurance Company/Aegon USA (2006 – 2015).
Erin D. Nelson (43)	Chief Legal Officer and Secretary	Since 2019	Chief Legal Officer and Secretary, Transamerica Funds, TST, TET and TAAVF (2019 – present); Assistant General Counsel II and Assistant Secretary, TAM (2019 – present), Assistant Secretary (2019 – present, TFS; Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019).
Timothy Bresnahan (52)	Senior Counsel and Assistant Secretary	Since 2020	Assistant Secretary, TET (2019 – present); Secretary, TET (2019); Senior Counsel, TAM (2008 – present).
Peter Sattelmair (43)	Assistant Treasurer	Since 2018	Assistant Treasurer, Transamerica Funds, TST and TAAVF (2018 – present); Director, Fund Administration, TAM (2014 – present).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2020

Page    89

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.

Each fiscal quarter, the Funds will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.

You may also visit the Trust’s website at www.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday–Friday. Your request will take effect within 30 days.

Transamerica Funds Annual Report 2020

Page    90

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2020

Page    91

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

270227 10/20

© 2020 Transamerica Capital, Inc.

TRANSAMERICA FUNDS

ANNUAL REPORT

OCTOBER 31, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the funds intend to no longer mail paper copies of the funds’ shareholder reports, unless you specifically request paper copies of the reports from a fund or your financial intermediary (such as broker-dealer or bank). Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary or, if you are a direct shareholder with a fund, by calling 1-888-233-4339.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports where a fund is held through that intermediary. If you are a direct shareholder with a fund, you can call 1-888-233-4339 to let the fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Transamerica funds held directly with the fund complex.

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

www.transamerica.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Manager Commentary and Schedules of Investments
Transamerica ClearTrack® 2015	4
Transamerica ClearTrack® 2020	7
Transamerica ClearTrack® 2025	10
Transamerica ClearTrack® 2030	13
Transamerica ClearTrack® 2035	16
Transamerica ClearTrack® 2040	19
Transamerica ClearTrack® 2045	22
Transamerica ClearTrack® 2050	25
Transamerica ClearTrack® 2055	28
Transamerica ClearTrack® 2060	31
Transamerica ClearTrack® Retirement Income	34
Statements of Assets and Liabilities	38
Statements of Operations	41
Statements of Changes in Net Assets	44
Financial Highlights	48
Notes to Financial Statements	65
Report of Independent Registered Public Accounting Firm	76
Supplemental Information	77
Approval of Management and Sub-Advisory Agreements	78
Management of the Trust	84
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	91
Notice of Privacy Policy	92

Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.

Transamerica Funds Annual Report 2020

Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2020.

We believe it is important to understand market conditions over the last fiscal year of the Funds to provide a context for reading this report. As the period began markets were exhibiting strength as the economy was reflecting the lowest unemployment rates in more than a half-century. In addition, wage growth was rising, inflation was benign, consumer spending was strong and the U.S. Federal Reserve (“Fed”) had just concluded a series of three rate cuts, taking the Fed Funds rate down to a lower bound of 1.50%. For these reasons, among others, many investors looked ahead to the year of 2020 with a sense of optimism.

By February of 2020, markets were digesting headlines about a rapidly spreading respiratory virus in China, and fears of its global transmission began to rattle markets. While equity markets peaked at record highs toward the end of February, it soon became clear that COVID-19 cases were expanding internationally and there would be dramatically negative economic impacts. A nationwide lockdown quickly went into effect by the middle of March, and while the Fed slashed short term rates to zero, this could not prevent widespread selling across the stock and credit markets resulting in the fastest 35% decline in the history of the S&P 500^® Index by the final week of March. International markets saw similar declines with the MSCI EAFE Index losing approximately one-third of its value. Credit spreads more than tripled, and long-term Treasury yields collapsed as the 10-year bond yield dropped to an all-time low of 0.54%.

Throughout the spring of 2020, the U.S. economy experienced its worst economic contraction since the Great Depression as more than twenty million jobs were lost in the month of April and second quarter gross domestic product (“GDP”) plummeted by an annualized rate of -31%. However, as the Fed quickly implemented unprecedented amounts of large scale asset purchases and credit support, and Congress passed the Coronavirus, Aid, Relief and Stimulus Act (“CARES”) providing more than $2 trillion to businesses and families, the markets began to see a recovery on the horizon.

By June 2020, with virus case growth having declined, most states had loosened business shutdowns and social distancing requirements, and with pent-up demand from the earlier months now being combined with lower interest rates and market liquidity, GDP came roaring back in the third quarter to reach its highest rate of growth ever. Markets reacted accordingly as the S&P 500^® Index regained its pre-virus high by the end of August. International markets also recovered as their economies opened more and global central banks such as the European Central Bank (“ECB”) also applied high degrees of monetary stimulus, however, they were unable to recover to pre-pandemic levels.

While stocks reached new record highs by Labor Day, volatility returned to the markets during September and October as COVID-19 case levels increased exponentially to daily numbers well in excess of earlier in the year. Election uncertainties and the inability of Congress to pass follow-up legislation on fiscal stimulus and economic relief to the soon expiring CARES Act also created investor angst. By the end of the Funds’ fiscal year, stocks were off their highs but still displaying historic improvement from the March lows, as investors began to focus on the prospects of a continuing economic recovery in 2021 and anxiously awaited news on a COVID-19 vaccine. International equity markets, which had recovered materially in the second quarter, remained relatively range bound since summer and continued to remain below pre-pandemic levels.

For the 12-month period ended October 31, 2020, the S&P 500^® Index returned 9.71% while the MSCI EAFE Index, representing international developed market equities, returned -6.46%. During the same period, the Bloomberg Barclays US Aggregate Bond Index returned 6.19%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Bloomberg Barclays US Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

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 COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, the Fund’s exposure to the risks described elsewhere in the Prospectus will likely increase. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively affected.

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 May 1, 2020, and held for the entire six-month period until October 31, 2020.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses may have included an additional annual fee. The amount of any fee paid during the six-month period can decrease your ending account value.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As in the case of the actual expense example, if your account is subject to an IRA fee, the amount of the fee paid through your account would increase the hypothetical expenses you would have paid during the period and decrease the hypothetical ending account value.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C) (D)
Transamerica ClearTrack® 2015
Class R1	$	1,000.00	$	1,072.50	$	5.99	$	1,019.40	$	5.84		1.15	%
Class R3		1,000.00		1,072.60		4.69		1,020.60		4.57		0.90
Class R6		1,000.00		1,075.00		2.61		1,022.60		2.54		0.50
Transamerica ClearTrack® 2020
Class R1		1,000.00		983.70		5.88		1,019.20		5.99		1.18
Class R3		1,000.00		984.70		4.59		1,020.50		4.67		0.92
Class R6		1,000.00		986.00		2.60		1,022.50		2.64		0.52
Transamerica ClearTrack® 2025
Class R1		1,000.00		982.50		5.88		1,019.20		5.99		1.18
Class R3		1,000.00		983.50		4.59		1,020.50		4.67		0.92
Class R6		1,000.00		984.70		2.54		1,022.60		2.59		0.51
Transamerica ClearTrack® 2030
Class R1		1,000.00		1,089.80		6.09		1,019.30		5.89		1.16
Class R3		1,000.00		1,090.90		4.78		1,020.60		4.62		0.91
Class R6		1,000.00		1,092.80		2.68		1,022.60		2.59		0.51
Transamerica ClearTrack® 2035
Class R1		1,000.00		1,102.00		6.08		1,019.40		5.84		1.15
Class R3		1,000.00		1,102.20		4.76		1,020.60		4.57		0.90
Class R6		1,000.00		1,105.80		2.65		1,022.60		2.54		0.50

Transamerica Funds Annual Report 2020

Page    2

Disclosure of Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Ending Account Value October 31, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C) (D)
Transamerica ClearTrack® 2040
Class R1	$	1,000.00	$	1,110.10	$	6.10	$	1,019.40	$	5.84		1.15	%
Class R3		1,000.00		1,111.30		4.78		1,020.60		4.57		0.90
Class R6		1,000.00		1,114.30		2.66		1,022.60		2.54		0.50
Transamerica ClearTrack® 2045
Class R1		1,000.00		1,121.60		6.13		1,019.40		5.84		1.15
Class R3		1,000.00		1,122.90		4.80		1,020.60		4.57		0.90
Class R6		1,000.00		1,125.10		2.67		1,022.60		2.54		0.50
Transamerica ClearTrack® 2050
Class R1		1,000.00		1,129.80		6.21		1,019.30		5.89		1.16
Class R3		1,000.00		1,131.10		4.87		1,020.60		4.62		0.91
Class R6		1,000.00		1,134.00		2.74		1,022.60		2.59		0.51
Transamerica ClearTrack® 2055
Class R1		1,000.00		1,129.40		6.16		1,019.40		5.84		1.15
Class R3		1,000.00		1,129.80		4.82		1,020.60		4.57		0.90
Class R6		1,000.00		1,133.10		2.68		1,022.60		2.54		0.50
Transamerica ClearTrack® 2060
Class R1		1,000.00		1,129.50		6.10		1,019.40		5.79		1.14
Class R3		1,000.00		1,130.90		4.77		1,020.70		4.52		0.89
Class R6		1,000.00		1,132.10		2.63		1,022.70		2.49		0.49
Transamerica ClearTrack® Retirement Income
Class R1		1,000.00		1,057.40		5.84		1,019.50		5.74		1.13
Class R3		1,000.00		1,059.50		4.56		1,020.70		4.47		0.88
Class R6		1,000.00		1,060.90		2.49		1,022.70		2.44		0.48

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s net annualized expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).
(C)	Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Funds invest. The net annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.
(D)	Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and recapture, if any, are based on the most recent six-months and may differ from the net expense ratio displayed in the Financial Highlights which covers a twelve-month period.

Transamerica Funds Annual Report 2020

Page    3

Transamerica ClearTrack^® 2015

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the 12-month period ended October 31, 2020, large cap equities outperformed small cap equities, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large cap equities rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® 2015 (Class R6) returned 6.55%. By comparison, its benchmark, the Dow Jones Target 2015 Index, returned 4.56%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glidepath in which over time the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

For the year ended October 31, 2020, the Fund outperformed its benchmark, the Dow Jones Target 2015 Index. Asset allocation and sub asset class selection effects were the primary factors in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within equities, allocations to U.S. large cap equity contributed the most while international developed equity detracted. Within fixed income, U.S. fixed income and TIPS contributed while international fixed income and high yield detracted. The top performing holdings were the Schwab U.S. Large-Cap ETF and iShares TIPS Bond ETF. The two negative performers were the Vanguard FTSE Developed Markets ETF and Schwab U.S. Small-Cap ETF.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		49.0	%
U.S. Equity Funds		32.0
International Equity Funds		11.5
Other Investment Company		6.5
International Fixed Income Fund		6.4
Repurchase Agreement		1.3
Net Other Assets (Liabilities)		(6.7	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    4

Transamerica ClearTrack^® 2015

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		5.89	%		5.01	%		3.96	%		03/02/2015
Class R3 (NAV)		6.08	%		N/A			7.82	%		03/01/2019
Class R6 (NAV)		6.55	%		5.69	%		4.63	%		03/02/2015
Dow Jones Target 2015 Index (A)		4.56	%		4.47	%		3.72	%

^(A) The Dow Jones Target 2015 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2020

Page    5

Transamerica ClearTrack^® 2015

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.9%
International Equity Funds - 11.5%
Vanguard FTSE Developed Markets ETF		82,792		$3,266,144
Vanguard FTSE Emerging Markets ETF		16,138		707,006
				3,973,150
International Fixed Income Fund - 6.4%
Vanguard Total International Bond ETF (A)		37,874		2,209,569
U.S. Equity Funds - 32.0%
Schwab U.S. Large-Cap ETF (A)		127,899		10,066,930
Schwab U.S. Small-Cap ETF		14,006		977,899
				11,044,829
U.S. Fixed Income Funds - 49.0%
iShares Core U.S. Aggregate Bond ETF		112,948		13,237,506
iShares TIPS Bond ETF		19,602		2,454,759
Xtrackers USD High Yield Corporate Bond ETF		25,613		1,231,729
				16,923,994
Total Exchange-Traded Funds (Cost $28,941,051)				34,151,542
OTHER INVESTMENT COMPANY - 6.5%
Securities Lending Collateral - 6.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (B)		2,240,326		2,240,326
Total Other Investment Company (Cost $2,240,326)				2,240,326

	Principal		Value
REPURCHASE AGREEMENT - 1.3%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $433,387 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $442,104.		$433,387		$ 433,387
Total Repurchase Agreement (Cost $433,387)				433,387
Total Investments (Cost $31,614,764)				36,825,255
Net Other Assets (Liabilities) - (6.7)%				(2,308,142	)
Net Assets - 100.0%				$34,517,113

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	$	34,151,542	$	—	$	—	$	34,151,542
Other Investment Company		2,240,326		—		—		2,240,326
Repurchase Agreement		—		433,387		—		433,387
Total Investments	$	36,391,868	$	433,387	$	—	$	36,825,255

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 $2,258,297, collateralized by cash collateral of $2,240,326 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $72,450. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    6

Transamerica ClearTrack^® 2020

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the 12-month period ended October 31, 2020, large cap equities outperformed small cap equities, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large cap equities rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® 2020 (Class R6) returned -10.60%. By comparison, its benchmark, the Dow Jones Target 2020 Index, returned 4.26%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glidepath in which over time the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund’s glidepath includes the use of a dynamic rebalancing strategy called Dynamic Risk Management (“DRM”), which seeks to limit an investor’s exposure to extended periods of market declines, in the five years before and five years after retirement. Dynamic Rebalancing involves systematically raising the allocation to cash in response to rising volatility and declines in the Fund’s net asset value. It works best during extended market declines, and often falls short in sideways, or oscillating, markets.

For the year ended October 31, 2020, the Fund underperformed its benchmark, the Dow Jones Target 2020 Index. The DRM process was the primary cause of the underperformance as the process de-risked the Fund following the market sell-off in the first quarter of 2020, but did not re-risk the portfolio during the market recovery during the second and third quarters of 2020, and therefore the Fund did not fully participate in the recovery. Asset allocation effects due to the timing of the de-risking were the primary driver of underperformance. The Fund mitigated some of the large equity drawdowns in the beginning of the year yet was unable to recover the losses due to maintaining the de-risked position during the market rebound that followed. In August, we implemented enhancements to the Fund in an effort to improve the adaptiveness of the DRM strategy in turbulent markets. These enhancements seek to increase the responsiveness of how we de-risk the Fund during market drawdowns and re-risk in recoveries. Additionally, we increased the minimum weighting to the strategic allocation from 5% to 40% of assets to seek to increase market participation in recovery periods.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		45.7	%
U.S. Equity Funds		35.3
International Equity Funds		14.1
International Fixed Income Fund		4.1
Other Investment Company		1.6
Repurchase Agreement		1.4
Net Other Assets (Liabilities)		(2.2	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    7

Transamerica ClearTrack^® 2020

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		(11.16	)%		1.53	%		0.89	%		03/02/2015
Class R3 (NAV)		(10.91	)%		N/A			(2.92	)%		03/01/2019
Class R6 (NAV)		(10.60	)%		2.18	%		1.54	%		03/02/2015
Dow Jones Target 2020 Index (A)		4.26	%		5.09	%		4.22	%

^(A) The Dow Jones Target 2020 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2020

Page    8

Transamerica ClearTrack^® 2020

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.2%
International Equity Funds - 14.1%
Vanguard FTSE Developed Markets ETF		111,652		$4,404,671
Vanguard FTSE Emerging Markets ETF		21,353		935,475
				5,340,146
International Fixed Income Fund - 4.1%
Vanguard Total International Bond ETF (A)		26,617		1,552,836
U.S. Equity Funds - 35.3%
Schwab U.S. Large-Cap ETF		157,044		12,360,933
Schwab U.S. Small-Cap ETF		14,768		1,031,102
				13,392,035
U.S. Fixed Income Funds - 45.7%
iShares 7-10 Year Treasury Bond ETF		3,617		434,257
iShares Core U.S. Aggregate Bond ETF		119,864		14,048,061
iShares TIPS Bond ETF		14,903		1,866,303
Xtrackers USD High Yield Corporate Bond ETF		21,146		1,016,911
				17,365,532
Total Exchange-Traded Funds (Cost $37,846,287)				37,650,549
OTHER INVESTMENT COMPANY - 1.6%
Securities Lending Collateral - 1.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (B)		613,095		613,095
Total Other Investment Company (Cost $613,095)				613,095

	Principal		Value
REPURCHASE AGREEMENT - 1.4%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $531,047 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $541,724.		$531,047		$ 531,047
Total Repurchase Agreement (Cost $531,047)				531,047
Total Investments (Cost $38,990,429)				38,794,691
Net Other Assets (Liabilities) - (2.2)%				(822,795	)
Net Assets - 100.0%				$37,971,896

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	$	37,650,549	$	—	$	—	$	37,650,549
Other Investment Company		613,095		—		—		613,095
Repurchase Agreement		—		531,047		—		531,047
Total Investments	$	38,263,644	$	531,047	$	—	$	38,794,691

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $1,274,087, collateralized by cash collateral of $613,095 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $691,786. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    9

Transamerica ClearTrack^® 2025

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the 12-month period ended October 31, 2020, large cap equities outperformed small cap equities, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large cap equities rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® 2025 (Class R6) returned -11.26%. By comparison, its benchmark, the Dow Jones Target 2025 Index, returned 4.26%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glidepath in which over time the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund’s glidepath includes the use of a dynamic rebalancing strategy called Dynamic Risk Management (“DRM”), which seeks to limit an investor’s exposure to extended periods of market declines, in the five years before and five years after retirement. Dynamic Rebalancing involves systematically raising the allocation to cash in response to rising volatility and declines in the Fund’s net asset value. It works best during extended market declines, and often falls short in sideways, or oscillating, markets.

For the year ended October 31, 2020, the Fund underperformed its benchmark, the Dow Jones Target 2025 Index. The DRM process was the primary cause of the underperformance as the process de-risked the Fund following the market sell off in the first quarter of 2020, but did not re-risk the portfolio during the market recovery during the second and third quarters of 2020, and therefore the Fund did not fully participate in the recovery. Asset allocation effects due to the timing of the de-risking were the primary driver of underperformance. The Fund mitigated some of the large equity drawdowns in the beginning of the year yet was unable to recover the losses due to maintaining the de-risked position during the market rebound that followed. In August, we implemented enhancements to the Fund in an effort to improve the adaptiveness of the DRM strategy in turbulent markets. These enhancements seek to increase the responsiveness of how we de-risk the Fund during market drawdowns and re-risk in recoveries. Additionally, we increased the minimum weighting to the strategic allocation from 5% to 40% of assets to seek to increase market participation in recovery periods.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		45.7	%
U.S. Equity Funds		36.1
International Equity Funds		16.1
International Fixed Income Fund		2.3
Repurchase Agreement		2.1
Net Other Assets (Liabilities)		(2.3	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    10

Transamerica ClearTrack^® 2025

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		(11.77	)%		2.12	%		1.45	%		03/02/2015
Class R3 (NAV)		(11.58	)%		N/A			(3.36	)%		03/01/2019
Class R6 (NAV)		(11.26	)%		2.77	%		2.09	%		03/02/2015
Dow Jones Target 2025 Index (A)		4.26	%		5.76	%		4.74	%

^(A) The Dow Jones Target 2025 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2020

Page    11

Transamerica ClearTrack^® 2025

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 100.2%
International Equity Funds - 16.1%
Vanguard FTSE Developed Markets ETF		195,229		$7,701,784
Vanguard FTSE Emerging Markets ETF		35,706		1,564,280
				9,266,064
International Fixed Income Fund - 2.3%
Vanguard Total International Bond ETF (A)		23,053		1,344,912
U.S. Equity Funds - 36.1%
Schwab U.S. Large-Cap ETF		246,509		19,402,723
Schwab U.S. Small-Cap ETF		19,962		1,393,747
				20,796,470
U.S. Fixed Income Funds - 45.7%
iShares 7-10 Year Treasury Bond ETF		33,996		4,081,560
iShares Core U.S. Aggregate Bond ETF		162,396		19,032,811
iShares TIPS Bond ETF		17,140		2,146,442
Xtrackers USD High Yield Corporate Bond ETF		21,611		1,039,273
				26,300,086
Total Exchange-Traded Funds (Cost $57,871,632)				57,707,532

	Principal		Value
REPURCHASE AGREEMENT - 2.1%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $1,223,436 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $1,247,953.		$1,223,436		$ 1,223,436
Total Repurchase Agreement (Cost $1,223,436)				1,223,436
Total Investments (Cost $59,095,068)				58,930,968
Net Other Assets (Liabilities) - (2.3)%				(1,334,696	)
Net Assets - 100.0%				$57,596,272

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	$	57,707,532	$	—	$	—	$	57,707,532
Repurchase Agreement		—		1,223,436		—		1,223,436
Total Investments	$	57,707,532	$	1,223,436	$	—	$	58,930,968

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $1,331,435, collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,363,615. 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)	Rate disclosed reflects the yield at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    12

Transamerica ClearTrack^® 2030

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the 12-month period ended October 31, 2020, large cap equities outperformed small cap equities, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large cap equities rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® 2030 (Class R6) returned 6.09%. By comparison, its benchmark, the Dow Jones Target 2030 Index, returned 4.26%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glidepath in which over time the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

For the year ended October 31, 2020, the Fund outperformed its benchmark, the Dow Jones Target 2030 Index. Asset allocation and sub asset class selection effects were the primary factors in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within equities, allocations to U.S. large cap equity contributed the most while international developed equity detracted. Within fixed income, U.S. fixed income and TIPS contributed while international fixed income and high yield detracted. The top performing holdings were the Schwab U.S. Large-Cap ETF and iShares TIPS Bond ETF. The worst performers were the Schwab U.S. REIT ETF and Vanguard FTSE Developed Markets ETF.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		41.6	%
U.S. Fixed Income Funds		36.5
International Equity Funds		19.3
Other Investment Company		2.4
International Fixed Income Fund		2.0
Repurchase Agreement		0.8
Net Other Assets (Liabilities)		(2.6	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    13

Transamerica ClearTrack^® 2030

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		5.48	%		6.20	%		5.11	%		03/02/2015
Class R3 (NAV)		5.74	%		N/A			7.59	%		03/01/2019
Class R6 (NAV)		6.09	%		6.89	%		5.79	%		03/02/2015
Dow Jones Target 2030 Index (A)		4.26	%		6.48	%		5.30	%

^(A) The Dow Jones Target 2030 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2020

Page    14

Transamerica ClearTrack^® 2030

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.4%
International Equity Funds - 19.3%
Vanguard FTSE Developed Markets ETF		220,849		$8,712,493
Vanguard FTSE Emerging Markets ETF		42,992		1,883,480
				10,595,973
International Fixed Income Fund - 2.0%
Vanguard Total International Bond ETF (A)		18,894		1,102,276
U.S. Equity Funds - 41.6%
Schwab U.S. Large-Cap ETF		266,517		20,977,553
Schwab U.S. REIT ETF (A)		8,894		304,797
Schwab U.S. Small-Cap ETF (A)		22,334		1,559,360
				22,841,710
U.S. Fixed Income Funds - 36.5%
iShares Core U.S. Aggregate Bond ETF		151,079		17,706,459
iShares TIPS Bond ETF		13,302		1,665,809
Xtrackers USD High Yield Corporate Bond ETF		14,278		686,629
				20,058,897
Total Exchange-Traded Funds (Cost $44,806,390)				54,598,856
OTHER INVESTMENT COMPANY - 2.4%
Securities Lending Collateral - 2.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (B)		1,326,949		1,326,949
Total Other Investment Company (Cost $1,326,949)				1,326,949

	Principal		Value
REPURCHASE AGREEMENT - 0.8%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $436,021 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $444,799.		$436,021		$ 436,021
Total Repurchase Agreement (Cost $436,021)				436,021
Total Investments (Cost $46,569,360)				56,361,826
Net Other Assets (Liabilities) - (2.6)%				(1,452,013	)
Net Assets - 100.0%				$54,909,813

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	$	54,598,856	$	—	$	—	$	54,598,856
Other Investment Company		1,326,949		—		—		1,326,949
Repurchase Agreement		—		436,021		—		436,021
Total Investments	$	55,925,805	$	436,021	$	—	$	56,361,826

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 $1,296,343, collateralized by cash collateral of $1,326,949. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    15

Transamerica ClearTrack^® 2035

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the period ended October 31, 2020, large cap equities outperformed small cap equities, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large cap equities rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® 2035 (Class R6) returned 6.10%. By comparison, its benchmark, the Dow Jones Target 2035 Index, returned 4.21%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glidepath in which over time the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

For the year ended October 31, 2020, the Fund outperformed its benchmark, the Dow Jones Target 2035 Index. Asset allocation and sub asset class selection effects were the primary factors in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within equities, allocations to U.S. large cap equity contributed the most while international developed equity detracted. Within fixed income, U.S. fixed income contributed while international fixed income detracted. The top performing holdings were the Schwab U.S. Large-Cap ETF and Vanguard FTSE Emerging Markets ETF. The worst performers were the Schwab U.S. REIT ETF and Vanguard FTSE Developed Markets ETF.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		48.8	%
U.S. Fixed Income Funds		26.2
International Equity Funds		22.5
Other Investment Company		2.8
International Fixed Income Fund		1.5
Repurchase Agreement		1.1
Net Other Assets (Liabilities)		(2.9	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    16

Transamerica ClearTrack^® 2035

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		5.31	%		6.60	%		5.45	%		03/02/2015
Class R3 (NAV)		5.57	%		N/A			7.43	%		03/01/2019
Class R6 (NAV)		6.10	%		7.31	%		6.13	%		03/02/2015
Dow Jones Target 2035 Index (A)		4.21	%		7.06	%		5.70	%

^(A) The Dow Jones Target 2035 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2020

Page    17

Transamerica ClearTrack^® 2035

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.0%
International Equity Funds - 22.5%
Vanguard FTSE Developed Markets ETF		264,019		$10,415,550
Vanguard FTSE Emerging Markets ETF		52,526		2,301,164
				12,716,714
International Fixed Income Fund - 1.5%
Vanguard Total International Bond ETF (A)		14,484		844,996
U.S. Equity Funds - 48.8%
Schwab U.S. Large-Cap ETF		322,115		25,353,671
Schwab U.S. REIT ETF (A)		12,547		429,986
Schwab U.S. Small-Cap ETF (A)		25,383		1,772,241
				27,555,898
U.S. Fixed Income Funds - 26.2%
iShares Core U.S. Aggregate Bond ETF		121,113		14,194,444
iShares TIPS Bond ETF		4,532		567,542
				14,761,986
Total Exchange-Traded Funds (Cost $44,414,374)				55,879,594
OTHER INVESTMENT COMPANY - 2.8%
Securities Lending Collateral - 2.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (B)		1,564,223		1,564,223
Total Other Investment Company (Cost $1,564,223)				1,564,223

	Principal		Value
REPURCHASE AGREEMENT - 1.1%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $600,071 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $612,098.		$600,071		$ 600,071
Total Repurchase Agreement (Cost $600,071)				600,071
Total Investments (Cost $46,578,668)				58,043,888
Net Other Assets (Liabilities) - (2.9)%				(1,638,585	)
Net Assets - 100.0%				$56,405,303

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	$	55,879,594	$	—	$	—	$	55,879,594
Other Investment Company		1,564,223		—		—		1,564,223
Repurchase Agreement		—		600,071		—		600,071
Total Investments	$	57,443,817	$	600,071	$	—	$	58,043,888

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 $1,529,680, collateralized by cash collateral of $1,564,223. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    18

Transamerica ClearTrack^® 2040

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the 12-month period ended October 31, 2020, large cap equities outperformed small cap equities, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large cap equities rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® 2040 (Class R6) returned 5.93%. By comparison, its benchmark, the Dow Jones Target 2040 Index, returned 4.10%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glidepath in which over time the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

For the year ended October 31, 2020, the Fund outperformed its benchmark, the Dow Jones Target 2040 Index. Asset allocation and sub asset class selection effects were the primary factors in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within equities, allocations to U.S. large cap equity contributed the most while international developed equity detracted. Within fixed income, U.S. fixed income contributed while international fixed income detracted. The top performing holdings were the Schwab U.S. Large-Cap ETF and Vanguard FTSE Emerging Markets ETF. The worst performers were the Schwab U.S. REIT ETF and Vanguard FTSE Developed Markets ETF.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		52.4	%
International Equity Funds		24.3
U.S. Fixed Income Fund		21.2
Repurchase Agreement		1.3
Other Investment Company		1.0
International Fixed Income Fund		1.0
Net Other Assets (Liabilities)		(1.2	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    19

Transamerica ClearTrack^® 2040

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		5.27	%		6.94	%		5.70	%		03/02/2015
Class R3 (NAV)		5.52	%		N/A			7.34	%		03/01/2019
Class R6 (NAV)		5.93	%		7.72	%		6.45	%		03/02/2015
Dow Jones Target 2040 Index (A)		4.10	%		7.53	%		6.01	%

^(A) The Dow Jones Target 2040 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2020

Page    20

Transamerica ClearTrack^® 2040

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.9%
International Equity Funds - 24.3%
Vanguard FTSE Developed Markets ETF		253,950		$10,018,328
Vanguard FTSE Emerging Markets ETF		52,203		2,287,013
				12,305,341
International Fixed Income Fund - 1.0%
Vanguard Total International Bond ETF (A)		8,482		494,840
U.S. Equity Funds - 52.4%
Schwab U.S. Large-Cap ETF		310,568		24,444,807
Schwab U.S. REIT ETF (A)		12,959		444,105
Schwab U.S. Small-Cap ETF		23,742		1,657,667
				26,546,579
U.S. Fixed Income Fund - 21.2%
iShares Core U.S. Aggregate Bond ETF		91,457		10,718,760
Total Exchange-Traded Funds (Cost $39,656,790)				50,065,520
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (B)		512,315		512,315
Total Other Investment Company (Cost $512,315)				512,315

	Principal		Value
REPURCHASE AGREEMENT - 1.3%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $635,013 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $647,734.		$635,013		$ 635,013
Total Repurchase Agreement (Cost $635,013)				635,013
Total Investments (Cost $40,804,118)				51,212,848
Net Other Assets (Liabilities) - (1.2)%				(626,840	)
Net Assets - 100.0%				$50,586,008

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	$	50,065,520	$	—	$	—	$	50,065,520
Other Investment Company		512,315		—		—		512,315
Repurchase Agreement		—		635,013		—		635,013
Total Investments	$	50,577,835	$	635,013	$	—	$	51,212,848

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 $500,516, collateralized by cash collateral of $512,315. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    21

Transamerica ClearTrack^® 2045

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the 12-month period ended October 31, 2020, large cap equities outperformed small cap equtiies, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large cap equities rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® 2045 (Class R6) returned 5.76%. By comparison, its benchmark, the Dow Jones Target 2045 Index, returned 3.98%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glidepath in which over time the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

For the year ended October 31, 2020, the Fund outperformed its benchmark, the Dow Jones Target 2045 Index. Asset allocation and sub asset class selection effects were the primary factors in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within equities, allocations to U.S. large cap equity contributed the most while international developed equity detracted. Within fixed income, U.S. fixed income contributed to performance. The top performing holdings were the Schwab U.S. Large-Cap ETF and Vanguard FTSE Emerging Markets ETF. The worst performers were the Schwab U.S. REIT ETF and Vanguard FTSE Developed Markets ETF.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		59.7	%
International Equity Funds		27.1
U.S. Fixed Income Fund		12.5
Other Investment Company		1.4
Repurchase Agreement		1.0
Net Other Assets (Liabilities)		(1.7	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    22

Transamerica ClearTrack^® 2045

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		5.15	%		7.37	%		6.06	%		03/02/2015
Class R3 (NAV)		5.34	%		N/A			7.25	%		03/01/2019
Class R6 (NAV)		5.76	%		8.07	%		6.74	%		03/02/2015
Dow Jones Target 2045 Index (A)		3.98	%		7.82	%		6.21	%

^(A) The Dow Jones Target 2045 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2020

Page    23

Transamerica ClearTrack^® 2045

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.3%
International Equity Funds - 27.1%
Vanguard FTSE Developed Markets ETF		182,788		$7,210,987
Vanguard FTSE Emerging Markets ETF		35,826		1,569,537
				8,780,524
U.S. Equity Funds - 59.7%
Schwab U.S. Large-Cap ETF (A)		227,088		17,874,097
Schwab U.S. REIT ETF (A)		9,449		323,817
Schwab U.S. Small-Cap ETF		16,731		1,168,158
				19,366,072
U.S. Fixed Income Fund - 12.5%
iShares Core U.S. Aggregate Bond ETF		34,460		4,038,712
Total Exchange-Traded Funds (Cost $24,773,892)				32,185,308
OTHER INVESTMENT COMPANY - 1.4%
Securities Lending Collateral - 1.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (B)		463,050		463,050
Total Other Investment Company (Cost $463,050)				463,050

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $319,768 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 10/15/2023, and with a value of $326,253.		$319,768		$ 319,768
Total Repurchase Agreement (Cost $319,768)				319,768
Total Investments (Cost $25,556,710)				32,968,126
Net Other Assets (Liabilities) - (1.7)%				(536,686	)
Net Assets - 100.0%				$32,431,440

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	$	32,185,308	$	—	$	—	$	32,185,308
Other Investment Company		463,050		—		—		463,050
Repurchase Agreement		—		319,768		—		319,768
Total Investments	$	32,648,358	$	319,768	$	—	$	32,968,126

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 $452,826, collateralized by cash collateral of $463,050. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    24

Transamerica ClearTrack^® 2050

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the 12-month period ended October 31, 2020, large cap equitiess outperformed small cap equities, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large cap equities rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® 2050 (Class R6) returned 5.63%. By comparison, its benchmark, the Dow Jones Target 2050 Index, returned 3.89%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glidepath in which over time the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

For the year ended October 31, 2020, the Fund outperformed its benchmark, the Dow Jones Target 2050 Index. Asset allocation and sub asset class selection effects were the primary factors in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within equities, allocations to U.S. large cap equity contributed the most while international developed equity detracted. Within fixed income, U.S. fixed income contributed. The top performing holdings were the Schwab U.S. Large-Cap ETF and Vanguard FTSE Emerging Markets ETF. The worst performers were the Schwab U.S. REIT ETF and Vanguard FTSE Developed Markets ETF.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		63.7	%
International Equity Funds		28.7
U.S. Fixed Income Fund		6.5
Repurchase Agreement		1.3
Other Investment Company		0.1
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    25

Transamerica ClearTrack^® 2050

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		4.87	%		7.35	%		6.02	%		03/02/2015
Class R3 (NAV)		5.14	%		N/A			7.07	%		03/01/2019
Class R6 (NAV)		5.63	%		8.07	%		6.72	%		03/02/2015
Dow Jones Target 2050 Index (A)		3.89	%		7.95	%		6.30	%

^(A) The Dow Jones Target 2050 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2020

Page    26

Transamerica ClearTrack^® 2050

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.9%
International Equity Funds - 28.7%
Vanguard FTSE Developed Markets ETF		163,518		$6,450,785
Vanguard FTSE Emerging Markets ETF		32,169		1,409,324
				7,860,109
U.S. Equity Funds - 63.7%
Schwab U.S. Large-Cap ETF		204,715		16,113,118
Schwab U.S. REIT ETF (A)		8,202		281,083
Schwab U.S. Small-Cap ETF		14,460		1,009,597
				17,403,798
U.S. Fixed Income Fund - 6.5%
iShares Core U.S. Aggregate Bond ETF		15,214		1,783,081
Total Exchange-Traded Funds (Cost $20,780,534)				27,046,988
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (B)		14,035		14,035
Total Other Investment Company (Cost $14,035)				14,035

	Principal		Value
REPURCHASE AGREEMENT - 1.3%
Fixed Income Clearing Corp., 0.00% (B), dated 10/30/2020, to be repurchased at $351,766 on 11/02/2020. Collateralized by a U.S. Government Obligation, 2.75%, due 07/31/2023, and with a value of $358,868.		$351,766		$ 351,766
Total Repurchase Agreement (Cost $351,766)				351,766
Total Investments (Cost $21,146,335)				27,412,789
Net Other Assets (Liabilities) - (0.3)%				(68,664	)
Net Assets - 100.0%				$27,344,125

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	$	27,046,988	$	—	$	—	$	27,046,988
Other Investment Company		14,035		—		—		14,035
Repurchase Agreement		—		351,766		—		351,766
Total Investments	$	27,061,023	$	351,766	$	—	$	27,412,789

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $13,742, collateralized by cash collateral of $14,035. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(B)	Rates disclosed reflect the yields at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    27

Transamerica ClearTrack^® 2055

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the 12-month period ended October 31, 2020, large cap equities outperformed small cap equities, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large cap equities rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® 2055 (Class R6) returned 5.60%. By comparison, its benchmark, the Dow Jones Target 2055 Index, returned 3.89%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glidepath in which over time the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

For the year ended October 31, 2020, the Fund outperformed its benchmark, the Dow Jones Target 2055 Index. Asset allocation and sub asset class selection effects were the primary factors in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within equities, allocations to U.S. large cap equity contributed the most while international developed equity detracted. Within fixed income, U.S. fixed income contributed. The top performing holdings were the Schwab U.S. Large-Cap ETF and Vanguard FTSE Emerging Markets ETF. The worst performers were the Schwab U.S. REIT ETF and Vanguard FTSE Developed Markets ETF.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		65.7	%
International Equity Funds		29.6
U.S. Fixed Income Fund		6.7
Other Investment Company		1.5
Net Other Assets (Liabilities)		(3.5	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    28

Transamerica ClearTrack^® 2055

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		4.89	%		6.61	%		07/07/2017
Class R3 (NAV)		5.12	%		7.14	%		03/01/2019
Class R6 (NAV)		5.60	%		7.30	%		07/07/2017
Dow Jones Target 2055 Index (A)		3.89	%		6.91	%

^(A) The Dow Jones Target 2055 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2020

Page    29

Transamerica ClearTrack^® 2055

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 102.0%
International Equity Funds - 29.6%
Vanguard FTSE Developed Markets ETF (A)		4,329		$170,779
Vanguard FTSE Emerging Markets ETF		835		36,582
				207,361
U.S. Equity Funds - 65.7%
Schwab U.S. Large-Cap ETF		5,420		426,608
Schwab U.S. REIT ETF		222		7,608
Schwab U.S. Small-Cap ETF (A)		383		26,741
				460,957
U.S. Fixed Income Fund - 6.7%
iShares Core U.S. Aggregate Bond ETF		401		46,997
Total Exchange-Traded Funds (Cost $639,926)				715,315

	Shares		Value
OTHER INVESTMENT COMPANY - 1.5%
Securities Lending Collateral - 1.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (B)		10,830		$ 10,830
Total Other Investment Company (Cost $10,830)				10,830
Total Investments (Cost $650,756)				726,145
Net Other Assets (Liabilities) - (3.5)%				(24,251	)
Net Assets - 100.0%				$701,894

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	$	715,315	$	—	$	—	$	715,315
Other Investment Company		10,830		—		—		10,830
Total Investments	$	726,145	$	—	$	—	$	726,145

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $10,652, collateralized by cash collateral of $10,830 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $40. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Rate disclosed reflects the yield at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    30

Transamerica ClearTrack^® 2060

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the past 12-month period ended October 31, 2020, large cap equities outperformed small cap equities, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large cap equities rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® 2060 (Class R6) returned 5.57%. By comparison, its benchmark, the Dow Jones Target 2060 Index, returned 3.89%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glidepath in which over time the Fund’s target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

For the year ended October 31, 2020, the Fund outperformed its benchmark, the Dow Jones Target 2060 Index. Asset allocation and sub asset class selection effects were the primary factors in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within equities, allocations to U.S. large cap equity contributed the most while international developed equity detracted. Within fixed income, U.S. fixed income contributed. The top performing holdings were the Schwab U.S. Large-Cap ETF and Vanguard FTSE Emerging Markets ETF. The worst performers were the Schwab U.S. REIT ETF and Vanguard FTSE Developed Markets ETF.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		65.8	%
International Equity Funds		29.7
U.S. Fixed Income Fund		6.7
Other Investment Company		1.6
Net Other Assets (Liabilities)		(3.8	)
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

Transamerica Funds Annual Report 2020

Page    31

Transamerica ClearTrack^® 2060

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		4.87	%		6.62	%		07/07/2017
Class R3 (NAV)		5.19	%		7.18	%		03/01/2019
Class R6 (NAV)		5.57	%		7.30	%		07/07/2017
Dow Jones Target 2060 Index (A)		3.89	%		6.91	%

^(A) The Dow Jones Target 2060 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Transamerica Funds Annual Report 2020

Page    32

Transamerica ClearTrack^® 2060

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 102.2%
International Equity Funds - 29.7%
Vanguard FTSE Developed Markets ETF		4,106		$161,982
Vanguard FTSE Emerging Markets ETF		819		35,880
				197,862
U.S. Equity Funds - 65.8%
Schwab U.S. Large-Cap ETF		5,161		406,223
Schwab U.S. REIT ETF		211		7,231
Schwab U.S. Small-Cap ETF (A)		365		25,484
				438,938
U.S. Fixed Income Fund - 6.7%
iShares Core U.S. Aggregate Bond ETF		382		44,770
Total Exchange-Traded Funds (Cost $608,721)				681,570

	Shares		Value
OTHER INVESTMENT COMPANY - 1.6%
Securities Lending Collateral - 1.6%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.09% (B)		10,403		$ 10,403
Total Other Investment Company (Cost $10,403)				10,403
Total Investments (Cost $619,124)				691,973
Net Other Assets (Liabilities) - (3.8)%				(25,372	)
Net Assets - 100.0%				$666,601

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	$	681,570	$	—	$	—	$	681,570
Other Investment Company		10,403		—		—		10,403
Total Investments	$	691,973	$	—	$	—	$	691,973

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $10,194, collateralized by cash collateral of $10,403. 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)	Rate disclosed reflects the yield at October 31, 2020.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    33

Transamerica ClearTrack^® Retirement Income

(unaudited)

MARKET ENVIRONMENT

Over the past year, global equity returns varied across region. Within the U.S., for the 12-month period ended October 31, 2020, large cap equities outperformed small cap equities, with the S&P 500^® Index returning 9.71% versus -0.14% for the Russell 2000^® Index. During the first quarter of 2020, U.S. large cap equities experienced their worst quarterly decline since 2008 as the COVID-19 outbreak spread across the globe. Additionally, U.S. equity volatility, as measured by the VIX Index, hit a high of 82.69 – well above its long-term average. U.S. large caps rallied over the next two quarters as fiscal stimulus and hopes of a COVID-19 vaccine drove equity market returns. Abroad, emerging markets outperformed developed markets, with the MSCI Emerging Markets Index outperforming the MSCI EAFE Index over the 12-month period ended October 31, 2020.

Crude oil declined over the past year as it was unable to recover from a historic demand decline in the first quarter of 2020 following the COVID-19 outbreak. Gold, on the other hand appreciated over the past year during the market turmoil. The U.S. ten-year yield declined 0.82% over the past year and ended October 2020 at 0.87%. In the first quarter of 2020, the U.S. ten-year yield fell sharply as the COVID-19 pandemic escalated. The U.S. Federal Reserve (“Fed”) cut its policy rate first by fifty basis points and then by one-hundred basis points to support the economy. In July, the ten-year yield fell again as the Fed reiterated that they will use all possible tools to support the U.S. economy and that interest rates will remain near zero “until the Fed is confident that the economy has weathered recent events.” However, longer dated yields rose in August after the Fed announced that it would modify its long-term inflation target to an average of 2%.

PERFORMANCE

For the year ended October 31, 2020, Transamerica ClearTrack^® Retirement Income (Class R6) returned 6.47%. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays US Aggregate Bond Index and the Transamerica ClearTrack^® Retirement Income Blended Benchmark, returned 6.19% and 3.15%, respectively.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds (“ETFs”) representing a variety of broad asset classes – equity, fixed income and inflation-hedging – and investment styles. The Fund generally maintains a static target allocation to these asset classes.

For the year ended October 31, 2020, the Fund outperformed its primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. Asset allocation and sub asset class selection effects were the primary factors in outperformance as the Fund held an overweight allocation to equities relative to its benchmark. Within equities, allocations to U.S. large cap equity and emerging market equity contributed the most, while international developed equity and U.S. small cap equity detracted. Within fixed income, U.S. fixed income and TIPS contributed while international fixed income and high yield detracted. The top performing holdings were the Schwab U.S. Large-Cap ETF and iShares TIPS Bond ETF. The worst performers were the Vanguard FTSE Developed Markets ETF and Schwab U.S. Small-Cap ETF.

Lisa Wang, CFA

Thomas Picciochi

Co-Portfolio Managers

QS Investors, LLC

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		57.1	%
U.S. Equity Funds		25.7
International Fixed Income Fund		10.7
International Equity Funds		5.8
Repurchase Agreement		0.7
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

* Percentage rounds to less than 0.1% or (0.1)%.

Transamerica Funds Annual Report 2020

Page    34

Transamerica ClearTrack^® Retirement Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2020
	1 Year			5 Year			10 Year or Since Inception			Inception Date
Class R1 (NAV)		5.81	%		4.81	%		3.92	%		03/02/2015
Class R3 (NAV)		6.09	%		N/A			7.89	%		03/01/2019
Class R6 (NAV)		6.47	%		5.50	%		4.60	%		03/02/2015
Bloomberg Barclays US Aggregate Bond Index (A)		6.19	%		4.08	%		3.59	%
Transamerica ClearTrack® Retirement Income Blended Benchmark (A) (B) (C) (D) (E) (F) (G) (H) (I)		3.15	%		5.21	%		4.29	%

^(A) The Bloomberg Barclays US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

^(B) The Transamerica ClearTrack^® Retirement Income Blended Benchmark is composed of the following benchmarks: 42% Bloomberg Barclays US Aggregate Bond Index, 15% Bloomberg Barclays Global Aggregate ex-US, 14% MSCI EAFE Index, 8% Russell 1000^® Index, 8% Bloomberg Barclays US Corporate High Yield 2% Issuer Cap Index, 5% FTSE NAREIT Equity RElTs Index, 5% Russell 2000^® Index and 3% MSCI Emerging Markets Index.

^(C) The Bloomberg Barclays Global Aggregate ex-US is a multi-currency benchmark that includes fixed-rate Treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers, excluding the U.S.

^(D) The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

^(E) The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe, and is comprised of approximately 1,000 of the largest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(F) The Bloomberg Barclays US Corporate High Yield 2% Issuer Cap Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.

^(G) The FTSE NAREIT Equity REITs Index contains all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria.

^(H) The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(I) The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

Transamerica Funds Annual Report 2020

Page    35

Transamerica ClearTrack^® Retirement Income (continued)

(unaudited)

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recoupment by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Transamerica ClearTrack^® target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained, which may constrain liquidity. The allocations are intended to become more conservative over time: the fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or protect against market loss.

Russell^® and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

Transamerica Funds Annual Report 2020

Page    36

Transamerica ClearTrack^® Retirement Income

SCHEDULE OF INVESTMENTS

At October 31, 2020

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.3%
International Equity Funds - 5.8%
Vanguard FTSE Developed Markets ETF		70,430		$2,778,463
Vanguard FTSE Emerging Markets ETF		15,923		697,587
				3,476,050
International Fixed Income Fund - 10.7%
Vanguard Total International Bond ETF		108,747		6,344,300
U.S. Equity Funds - 25.7%
Schwab U.S. Large-Cap ETF		171,232		13,477,671
Schwab U.S. Small-Cap ETF		24,820		1,732,932
				15,210,603
U.S. Fixed Income Funds - 57.1%
iShares Core U.S. Aggregate Bond ETF		225,362		26,412,426
iShares TIPS Bond ETF		33,617		4,209,857
Xtrackers USD High Yield Corporate Bond ETF		65,719		3,160,427
				33,782,710
Total Exchange-Traded Funds (Cost $52,512,704)				58,813,663

	Principal		Value
REPURCHASE AGREEMENT - 0.7%
Fixed Income Clearing Corp., 0.00% (A), dated 10/30/2020, to be repurchased at $392,658 on 11/02/2020. Collateralized by a U.S. Government Obligation, 0.13%, due 09/15/2023, and with a value of $400,579.		$392,658		$ 392,658
Total Repurchase Agreement (Cost $392,658)				392,658
Total Investments (Cost $52,905,362)				59,206,321
Net Other Assets (Liabilities) - (0.0)% (B)				(24,427	)
Net Assets - 100.0%				$59,181,894

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	$	58,813,663	$	—	$	—	$	58,813,663
Repurchase Agreement		—		392,658		—		392,658
Total Investments	$	58,813,663	$	392,658	$	—	$	59,206,321

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Rate disclosed reflects the yield at October 31, 2020.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	There were no transfers in or out of Level 3 during the year ended October 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    37

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2020

	Transamerica ClearTrack®  2015		Transamerica ClearTrack® 2020			Transamerica ClearTrack® 2025		Transamerica ClearTrack® 2030			Transamerica ClearTrack® 2035
Assets:
Investments, at value (A) (B)	$	36,391,868	$	38,263,644		$	57,707,532	$	55,925,805		$	57,443,817
Repurchase agreements, at value (C)		433,387		531,047			1,223,436		436,021			600,071
Receivables and other assets:
Investments sold		—		280,734			1,886,752		—			—
Net income from securities lending		540		476			726		598			836
Shares of beneficial interest sold		—		1,564			—		74			8,700
Total assets		36,825,795		39,077,465			60,818,446		56,362,498			58,053,424
Liabilities:
Cash collateral received upon return of:
Securities on loan		2,240,326		613,095			—		1,326,949			1,564,223
Payables and other liabilities:
Investments purchased		—		435,595			3,002,922		—			—
Shares of beneficial interest redeemed		4,176		53			134,587		38,706			218
Investment management fees		24,502		13,497			28,793		34,505			30,212
Distribution and service fees		14,749		16,330			24,788		23,722			24,494
Transfer agent fees		4,651		5,148			7,819		7,478			7,722
Trustees, CCO and deferred compensation fees		131		166			224		183			186
Audit and tax fees		14,258		14,326			14,448		14,361			14,368
Custody fees		1,841		2,715			2,882		1,823			1,705
Legal fees		184		233			346		287			292
Printing and shareholder reports fees		1,212		1,587			2,221		1,745			1,756
Registration fees		27		31			47		45			46
Filing fees		2,172		2,181			2,192		2,183			2,183
Other accrued expenses		453		612			905		698			716
Total liabilities		2,308,682		1,105,569			3,222,174		1,452,685			1,648,121
Net assets	$	34,517,113	$	37,971,896		$	57,596,272	$	54,909,813		$	56,405,303
Net assets consist of:
Paid-in capital	$	28,890,287	$	38,332,261		$	56,864,628	$	43,811,568		$	43,873,417
Total distributable earnings (accumulated losses)		5,626,826		(360,365	)		731,644		11,098,245			12,531,886
Net assets	$	34,517,113	$	37,971,896		$	57,596,272	$	54,909,813		$	56,405,303
Net assets by class:
Class R1		33,906,871		37,467,775			55,998,980		54,145,066			55,524,570
Class R3		11,345		9,516			9,447		11,296			11,277
Class R6		598,897		494,605			1,587,845		753,451			869,456
Shares outstanding (unlimited shares, no par value):
Class R1		3,099,373		4,141,021			5,866,028		4,648,223			4,673,533
Class R3		1,038		1,053			990		971			950
Class R6		54,233		54,105			164,514		63,945			72,362
Net asset value per share:
Class R1	$	10.94	$	9.05		$	9.55	$	11.65		$	11.88
Class R3		10.93		9.04			9.54		11.64	(D)		11.86	(D)
Class R6		11.04		9.14			9.65		11.78			12.02
(A) Investments, at cost	$	31,181,377	$	38,459,382		$	57,871,632	$	46,133,339		$	45,978,597
(B) Securities on loan, at value	$	2,258,297	$	1,274,087		$	1,331,435	$	1,296,343		$	1,529,680
(C) Repurchase agreements, at cost	$	433,387	$	531,047		$	1,223,436	$	436,021		$	600,071

(D) Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    38

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica ClearTrack®  2040			Transamerica ClearTrack® 2045		Transamerica ClearTrack® 2050			Transamerica ClearTrack® 2055		Transamerica ClearTrack® 2060
Assets:
Investments, at value (A) (B)	$	50,577,835		$	32,648,358	$	27,061,023		$	726,145	$	691,973
Repurchase agreements, at value (C)		635,013			319,768		351,766			—		—
Cash		—			—		—			6,100		4,495
Receivables and other assets:
Net income from securities lending		1,140			1,543		1,020			36		44
Shares of beneficial interest sold		—			31		5,300			—		59
Total assets		51,213,988			32,969,700		27,419,109			732,281		696,571
Liabilities:
Cash collateral received upon return of:
Securities on loan		512,315			463,050		14,035			10,830		10,403
Payables and other liabilities:
Shares of beneficial interest redeemed		37,963			15,942		6,970			29		16
Investment management fees		28,107			21,130		19,287			1,701		1,805
Distribution and service fees		21,826			14,139		11,785			139		139
Transfer agent fees		6,883			4,458		3,718			47		47
Trustees, CCO and deferred compensation fees		165			109		87			3		2
Audit and tax fees		14,332			14,241		14,206			14,070		14,069
Custody fees		1,679			1,299		1,325			1,218		1,143
Legal fees		259			170		137			3		3
Printing and shareholder reports fees		1,601			1,115		914			188		184
Registration fees		41			27		22			1		1
Filing fees		2,180			2,170		2,166			2,151		2,151
Other accrued expenses		629			410		332			7		7
Total liabilities		627,980			538,260		74,984			30,387		29,970
Net assets	$	50,586,008		$	32,431,440	$	27,344,125		$	701,894	$	666,601
Net assets consist of:
Paid-in capital	$	38,911,129		$	24,122,343	$	20,654,377		$	613,309	$	580,465
Total distributable earnings (accumulated losses)		11,674,879			8,309,097		6,689,748			88,585		86,136
Net assets	$	50,586,008		$	32,431,440	$	27,344,125		$	701,894	$	666,601
Net assets by class:
Class R1		49,510,228			31,883,356		26,658,983			309,201		309,310
Class R3		11,254			11,238		11,209			11,225		11,230
Class R6		1,064,526			536,846		673,933			381,468		346,061
Shares outstanding (unlimited shares, no par value):
Class R1		4,126,279			2,599,440		2,140,505			26,844		26,869
Class R3		940			918		903			977		977
Class R6		87,341			43,260		53,461			32,935		29,897
Net asset value per share:
Class R1	$	12.00		$	12.27	$	12.45		$	11.52	$	11.51
Class R3		11.98	(D)		12.24		12.42	(D)		11.49		11.49
Class R6		12.19			12.41		12.61			11.58		11.57	(D)
(A) Investments, at cost	$	40,169,105		$	25,236,942	$	20,794,569		$	650,756	$	619,124
(B) Securities on loan, at value	$	500,516		$	452,826	$	13,742		$	10,652	$	10,194
(C) Repurchase agreements, at cost	$	635,013		$	319,768	$	351,766		$	—	$	—

(D) Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    39

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2020

	Transamerica ClearTrack® Retirement Income
Assets:
Investments, at value (A)	$	58,813,663
Repurchase agreements, at value (B)		392,658
Receivables and other assets:
Net income from securities lending		516
Shares of beneficial interest sold		60,580
Total assets		59,267,417
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		304
Investment management fees		30,207
Distribution and service fees		25,281
Transfer agent fees		7,969
Trustees, CCO and deferred compensation fees		212
Audit and tax fees		14,398
Custody fees		1,861
Legal fees		317
Printing and shareholder reports fees		1,954
Registration fees		48
Filing fees		2,187
Other accrued expenses		785
Total liabilities		85,523
Net assets	$	59,181,894
Net assets consist of:
Paid-in capital	$	51,785,324
Total distributable earnings (accumulated losses)		7,396,570
Net assets	$	59,181,894
Net assets by class:
Class R1		58,472,444
Class R3		11,348
Class R6		698,102
Shares outstanding (unlimited shares, no par value):
Class R1		5,382,984
Class R3		1,044
Class R6		63,567
Net asset value per share:
Class R1	$	10.86
Class R3		10.87
Class R6		10.98
(A) Investments, at cost	$	52,512,704
(B) Repurchase agreements, at cost	$	392,658

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    40

STATEMENTS OF OPERATIONS

For the year ended October 31, 2020

	Transamerica ClearTrack® 2015			Transamerica ClearTrack® 2020			Transamerica ClearTrack® 2025			Transamerica ClearTrack® 2030			Transamerica ClearTrack® 2035
Investment Income:
Dividend income	$	827,297		$	697,397		$	1,007,341		$	1,258,751		$	1,266,689
Interest income		947			1,563			2,839			1,362			2,113
Net income from securities lending		8,706			7,807			9,212			11,060			10,350
Total investment income		836,950			706,767			1,019,392			1,271,173			1,279,152
Expenses:
Investment management fees		135,774			169,895			254,813			212,768			217,523
Distribution and service fees:
Class R1		176,135			221,098			327,383			277,105			282,721
Class R3		27			25			25			27			27
Transfer agent fees
Class R1		55,483			69,646			103,126			87,288			89,057
Class R3		17			16			16			17			17
Class R6		37			36			118			42			52
Trustees, CCO and deferred compensation fees		896			1,096			1,645			1,378			1,410
Audit and tax fees		18,097			18,198			18,414			18,270			18,279
Custody fees		3,768			4,869			5,418			3,643			3,534
Legal fees		1,540			1,903			2,924			2,433			2,480
Printing and shareholder reports fees		6,715			16,651			11,936			9,808			9,994
Registration fees		39,473			39,557			39,781			39,675			39,687
Filing fees		9,124			9,283			9,498			9,334			9,343
Other		1,010			1,354			2,029			1,566			1,599
Total expenses before waiver and/or reimbursement and recapture		448,096			553,627			777,126			663,354			675,723
Expenses waived and/or reimbursed:
Class R1		(62,130	)		(74,337	)		(56,389	)		(45,834	)		(42,699	)
Class R3		(21	)		(19	)		(10	)		(9	)		(9	)
Class R6		(966	)		(852	)		(1,558	)		(569	)		(616	)
Recapture of previously waived and/or reimbursed fees:
Class R1		18,763			27,769			34,012			22,952			21,037
Class R3		7			8			7			5			5
Class R6		361			347			1,022			338			352
Net expenses		404,110			506,543			754,210			640,237			653,793
Net investment income (loss)		432,840			200,224			265,182			630,936			625,359
Net realized gain (loss) on:
Investments		687,051			883,215			1,251,764			1,034,788			799,720
Net change in unrealized appreciation (depreciation) on:
Investments		794,920			(6,281,562	)		(9,818,712	)		1,301,552			1,368,395
Net realized and change in unrealized gain (loss)		1,481,971			(5,398,347	)		(8,566,948	)		2,336,340			2,168,115
Net increase (decrease) in net assets resulting from operations	$	1,914,811		$	(5,198,123	)	$	(8,301,766	)	$	2,967,276		$	2,793,474

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    41

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2020

	Transamerica ClearTrack® 2040			Transamerica ClearTrack® 2045			Transamerica ClearTrack® 2050			Transamerica ClearTrack® 2055			Transamerica ClearTrack® 2060
Investment Income:
Dividend income	$	1,132,382		$	734,687		$	600,743		$	14,671		$	14,166
Interest income		1,427			976			802			—			—
Net income from securities lending		11,265			9,454			8,950			340			366
Total investment income		1,145,074			745,117			610,495			15,011			14,532
Expenses:
Investment management fees		193,231			126,490			103,206			2,493			2,402
Distribution and service fees:
Class R1		249,541			164,047			133,092			1,492			1,493
Class R3		27			27			27			27			27
Transfer agent fees
Class R1		78,605			51,675			41,924			470			470
Class R3		17			17			17			17			17
Class R6		70			35			40			26			24
Trustees, CCO and deferred compensation fees		1,252			820			667			18			16
Audit and tax fees		18,226			18,075			18,019			17,795			17,795
Custody fees		3,486			2,764			2,812			861			733
Legal fees		2,199			1,435			1,173			28			27
Printing and shareholder reports fees		9,040			6,578			5,691			1,435			1,429
Registration fees		39,624			39,449			39,389			37,674			37,674
Filing fees		9,269			9,079			9,000			8,801			8,801
Other		1,424			931			750			18			16
Total expenses before waiver and/or reimbursement and recapture		606,011			421,422			355,807			71,155			70,924
Expenses waived and/or reimbursed:
Class R1		(46,094	)		(56,362	)		(57,945	)		(34,641	)		(35,976	)
Class R3		(11	)		(20	)		(24	)		(1,256	)		(1,304	)
Class R6		(955	)		(861	)		(1,266	)		(40,499	)		(39,064	)
Recapture of previously waived and/or reimbursed fees:
Class R1		19,285			15,278			14,595			4,670			4,912
Class R3		5			6			6			169			178
Class R6		455			275			403			5,666			5,474
Net expenses		578,696			379,738			311,576			5,264			5,144
Net investment income (loss)		566,378			365,379			298,919			9,747			9,388
Net realized gain (loss) on:
Investments		1,042,713			785,117			293,003			8,698			8,921
Net change in unrealized appreciation (depreciation) on:
Investments		931,849			451,818			708,701			17,332			14,833
Net realized and change in unrealized gain (loss)		1,974,562			1,236,935			1,001,704			26,030			23,754
Net increase (decrease) in net assets resulting from operations	$	2,540,940		$	1,602,314		$	1,300,623		$	35,777		$	33,142

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    42

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2020

	Transamerica ClearTrack® Retirement Income
Investment Income:
Dividend income	$	1,484,628
Interest income		1,404
Net income from securities lending		14,394
Total investment income		1,500,426
Expenses:
Investment management fees		233,398
Distribution and service fees:
Class R1		303,971
Class R3		28
Transfer agent fees
Class R1		95,752
Class R3		17
Class R6		46
Trustees, CCO and deferred compensation fees		1,518
Audit and tax fees		18,319
Custody fees		3,422
Legal fees		2,656
Printing and shareholder reports fees		10,398
Registration fees		39,729
Filing fees		9,423
Other		1,735
Total expenses before waiver and/or reimbursement and recapture		720,412
Expenses waived and/or reimbursed:
Class R1		(49,356	)
Class R3		(9	)
Class R6		(554	)
Recapture of previously waived and/or reimbursed fees:
Class R1		19,276
Class R3		5
Class R6		249
Net expenses		690,023
Net investment income (loss)		810,403
Net realized gain (loss) on:
Investments		783,267
Net change in unrealized appreciation (depreciation) on:
Investments		1,677,656
Net realized and change in unrealized gain (loss)		2,460,923
Net increase (decrease) in net assets resulting from operations	$	3,271,326

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    43

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica ClearTrack®  2015						Transamerica ClearTrack® 2020						Transamerica ClearTrack® 2025
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	432,840		$	612,459		$	200,224		$	837,873		$	265,182		$	1,070,879
Net realized gain (loss)		687,051			192,405			883,215			550,072			1,251,764			785,917
Net change in unrealized appreciation (depreciation)		794,920			3,029,963			(6,281,562	)		4,021,542			(9,818,712	)		6,008,471
Net increase (decrease) in net assets resulting from operations		1,914,811			3,834,827			(5,198,123	)		5,409,487			(8,301,766	)		7,865,267
Dividends and/or distributions to shareholders:
Class R1		(1,199,368	)		(2,108,221	)		(2,250,540	)		(3,804,283	)		(1,936,113	)		(4,579,460	)
Class R3 (A)		(387	)		—			(521	)		—			(318	)		—
Class R6		(14,893	)		(25,209	)		(23,186	)		(48,106	)		(42,780	)		(97,898	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(1,214,648	)		(2,133,430	)		(2,274,247	)		(3,852,389	)		(1,979,211	)		(4,677,358	)
Capital share transactions:
Proceeds from shares sold:
Class R1		1,340,703			669,424			1,478,545			1,074,064			1,901,962			1,972,794
Class R3 (A)		—			10,000			—			10,000			—			10,000
Class R6		180,875			11,417			195,207			27,781			1,307,297			89,482
		1,521,578			690,841			1,673,752			1,111,845			3,209,259			2,072,276
Dividends and/or distributions reinvested:
Class R1		1,199,368			2,108,221			2,250,540			3,804,283			1,936,113			4,579,460
Class R3 (A)		387			—			521			—			318			—
Class R6		14,893			25,209			23,186			48,106			42,780			97,898
		1,214,648			2,133,430			2,274,247			3,852,389			1,979,211			4,677,358
Cost of shares redeemed:
Class R1		(7,223,094	)		(8,122,342	)		(10,515,947	)		(14,681,880	)		(11,768,844	)		(8,964,120	)
Class R6		(1,495	)		(91,672	)		(97,966	)		(312,305	)		(856,785	)		(322,570	)
		(7,224,589	)		(8,214,014	)		(10,613,913	)		(14,994,185	)		(12,625,629	)		(9,286,690	)
Net increase (decrease) in net assets resulting from capital share transactions		(4,488,363	)		(5,389,743	)		(6,665,914	)		(10,029,951	)		(7,437,159	)		(2,537,056	)
Net increase (decrease) in net assets		(3,788,200	)		(3,688,346	)		(14,138,284	)		(8,472,853	)		(17,718,136	)		650,853
Net assets:
Beginning of year		38,305,313			41,993,659			52,110,180			60,583,033			75,314,408			74,663,555
End of year	$	34,517,113		$	38,305,313		$	37,971,896		$	52,110,180		$	57,596,272		$	75,314,408
Capital share transactions - shares:
Shares issued:
Class R1		129,032			65,536			156,177			105,986			187,154			184,963
Class R3 (A)		—			1,001			—			1,003			—			962
Class R6		17,711			1,122			20,892			2,700			132,904			8,338
		146,743			67,659			177,069			109,689			320,058			194,263
Shares reinvested:
Class R1		113,041			224,279			214,541			406,007			173,331			475,541
Class R3 (A)		37			—			50			—			28			—
Class R6		1,397			2,670			2,200			5,112			3,806			10,113
		114,475			226,949			216,791			411,119			177,165			485,654
Shares redeemed:
Class R1		(695,425	)		(797,441	)		(1,081,110	)		(1,432,999	)		(1,155,720	)		(847,057	)
Class R6		(139	)		(9,260	)		(10,530	)		(29,985	)		(87,236	)		(29,915	)
		(695,564	)		(806,701	)		(1,091,640	)		(1,462,984	)		(1,242,956	)		(876,972	)
Net increase (decrease) in shares outstanding:
Class R1		(453,352	)		(507,626	)		(710,392	)		(921,006	)		(795,235	)		(186,553	)
Class R3 (A)		37			1,001			50			1,003			28			962
Class R6		18,969			(5,468	)		12,562			(22,173	)		49,474			(11,464	)
		(434,346	)		(512,093	)		(697,780	)		(942,176	)		(745,733	)		(197,055	)

(A) Class R3 commenced operations on March 1, 2019.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    44

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica ClearTrack® 2030						Transamerica ClearTrack® 2035						Transamerica ClearTrack® 2040
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	630,936		$	793,755		$	625,359		$	771,109		$	566,378		$	669,692
Net realized gain (loss)		1,034,788			828,410			799,720			434,218			1,042,713			531,630
Net change in unrealized appreciation (depreciation)		1,301,552			4,622,025			1,368,395			5,175,000			931,849			4,467,726
Net increase (decrease) in net assets resulting from operations		2,967,276			6,244,190			2,793,474			6,380,327			2,540,940			5,669,048
Dividends and/or distributions to shareholders:
Class R1		(1,624,355	)		(3,552,266	)		(1,190,693	)		(3,819,723	)		(1,204,569	)		(3,376,290	)
Class R3 (A)		(343	)		—			(257	)		—			(284	)		—
Class R6		(13,470	)		(26,756	)		(14,659	)		(34,336	)		(23,108	)		(60,060	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(1,638,168	)		(3,579,022	)		(1,205,609	)		(3,854,059	)		(1,227,961	)		(3,436,350	)
Capital share transactions:
Proceeds from shares sold:
Class R1		1,149,251			2,085,501			2,837,995			1,932,771			1,672,126			1,397,506
Class R3 (A)		—			10,000			—			10,000			—			10,000
Class R6		616,359			64,716			329,719			60,367			336,550			80,176
		1,765,610			2,160,217			3,167,714			2,003,138			2,008,676			1,487,682
Dividends and/or distributions reinvested:
Class R1		1,624,355			3,552,266			1,190,693			3,819,723			1,204,569			3,376,290
Class R3 (A)		343			—			257			—			284			—
Class R6		13,470			26,756			14,659			34,336			23,108			60,060
		1,638,168			3,579,022			1,205,609			3,854,059			1,227,961			3,436,350
Cost of shares redeemed:
Class R1		(7,336,351	)		(8,441,701	)		(7,735,426	)		(8,422,307	)		(6,423,631	)		(6,224,577	)
Class R6		(291,968	)		(111,785	)		(30,956	)		(60,521	)		(129,359	)		(205,720	)
		(7,628,319	)		(8,553,486	)		(7,766,382	)		(8,482,828	)		(6,552,990	)		(6,430,297	)
Net increase (decrease) in net assets resulting from capital share transactions		(4,224,541	)		(2,814,247	)		(3,393,059	)		(2,625,631	)		(3,316,353	)		(1,506,265	)
Net increase (decrease) in net assets		(2,895,433	)		(149,079	)		(1,805,194	)		(99,363	)		(2,003,374	)		726,433
Net assets:
Beginning of year		57,805,246			57,954,325			58,210,497			58,309,860			52,589,382			51,862,949
End of year	$	54,909,813		$	57,805,246		$	56,405,303		$	58,210,497		$	50,586,008		$	52,589,382
Capital share transactions - shares:
Shares issued:
Class R1		106,662			193,234			246,139			176,844			149,286			125,791
Class R3 (A)		—			941			—			929			—			916
Class R6		57,011			5,990			29,556			5,460			30,463			7,229
		163,673			200,165			275,695			183,233			179,749			133,936
Shares reinvested:
Class R1		141,865			363,589			101,508			388,974			101,139			341,384
Class R3 (A)		30			—			21			—			24			—
Class R6		1,169			2,722			1,242			3,475			1,921			6,018
		143,064			366,311			102,771			392,449			103,084			347,402
Shares redeemed:
Class R1		(654,323	)		(781,506	)		(687,311	)		(767,223	)		(565,501	)		(560,474	)
Class R6		(27,322	)		(10,361	)		(2,801	)		(5,439	)		(10,912	)		(18,641	)
		(681,645	)		(791,867	)		(690,112	)		(772,662	)		(576,413	)		(579,115	)
Net increase (decrease) in shares outstanding:
Class R1		(405,796	)		(224,683	)		(339,664	)		(201,405	)		(315,076	)		(93,299	)
Class R3 (A)		30			941			21			929			24			916
Class R6		30,858			(1,649	)		27,997			3,496			21,472			(5,394	)
		(374,908	)		(225,391	)		(311,646	)		(196,980	)		(293,580	)		(97,777	)

(A) Class R3 commenced operations on March 1, 2019.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    45

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica ClearTrack® 2045						Transamerica ClearTrack® 2050						Transamerica ClearTrack® 2055
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	365,379		$	437,769		$	298,919		$	351,127		$	9,747		$	9,082
Net realized gain (loss)		785,117			387,759			293,003			193,006			8,698			6,906
Net change in unrealized appreciation (depreciation)		451,818			3,071,322			708,701			2,507,848			17,332			52,965
Net increase (decrease) in net assets resulting from operations		1,602,314			3,896,850			1,300,623			3,051,981			35,777			68,953
Dividends and/or distributions to shareholders:
Class R1		(808,476	)		(2,183,104	)		(531,050	)		(1,482,412	)		(7,111	)		(9,982	)
Class R3 (A)		(292	)		—			(248	)		—			(290	)		—
Class R6		(12,552	)		(33,787	)		(11,140	)		(44,238	)		(9,886	)		(12,082	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(821,320	)		(2,216,891	)		(542,438	)		(1,526,650	)		(17,287	)		(22,064	)
Capital share transactions:
Proceeds from shares sold:
Class R1		726,493			965,089			2,417,888			1,083,633			—			—
Class R3 (A)		—			10,000			—			10,000			—			10,000
Class R6		94,623			27,031			208,664			82,496			39,141			23,705
		821,116			1,002,120			2,626,552			1,176,129			39,141			33,705
Dividends and/or distributions reinvested:
Class R1		808,476			2,183,104			531,050			1,482,412			7,111			9,982
Class R3 (A)		292			—			248			—			290			—
Class R6		12,552			33,787			11,140			44,238			9,886			12,082
		821,320			2,216,891			542,438			1,526,650			17,287			22,064
Cost of shares redeemed:
Class R1		(4,691,419	)		(4,668,479	)		(3,880,816	)		(3,481,789	)		—			—
Class R6		(6,688	)		(168,829	)		(2,159	)		(424,285	)		(2,158	)		(5,970	)
		(4,698,107	)		(4,837,308	)		(3,882,975	)		(3,906,074	)		(2,158	)		(5,970	)
Net increase (decrease) in net assets resulting from capital share transactions		(3,055,671	)		(1,618,297	)		(713,985	)		(1,203,295	)		54,270			49,799
Net increase (decrease) in net assets		(2,274,677	)		61,662			44,200			322,036			72,760			96,688
Net assets:
Beginning of year		34,706,117			34,644,455			27,299,925			26,977,889			629,134			532,446
End of year	$	32,431,440		$	34,706,117		$	27,344,125		$	27,299,925		$	701,894		$	629,134
Capital share transactions - shares:
Shares issued:
Class R1		60,371			85,699			201,100			94,906			—			—
Class R3 (A)		—			894			—			883			—			951
Class R6		8,363			2,396			18,084			7,268			3,617			2,242
		68,734			88,989			219,184			103,057			3,617			3,193
Shares reinvested:
Class R1		65,944			218,092			42,518			146,339			615			1,066
Class R3 (A)		24			—			20			—			26			—
Class R6		1,017			3,355			886			4,341			855			1,289
		66,985			221,447			43,424			150,680			1,496			2,355
Shares redeemed:
Class R1		(396,833	)		(414,793	)		(323,079	)		(302,748	)		—			—
Class R6		(617	)		(14,826	)		(173	)		(36,898	)		(198	)		(567	)
		(397,450	)		(429,619	)		(323,252	)		(339,646	)		(198	)		(567	)
Net increase (decrease) in shares outstanding:
Class R1		(270,518	)		(111,002	)		(79,461	)		(61,503	)		615			1,066
Class R3 (A)		24			894			20			883			26			951
Class R6		8,763			(9,075	)		18,797			(25,289	)		4,274			2,964
		(261,731	)		(119,183	)		(60,644	)		(85,909	)		4,915			4,981

(A) Class R3 commenced operations on March 1, 2019.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    46

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica ClearTrack® 2060						Transamerica ClearTrack® Retirement Income
	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
From operations:
Net investment income (loss)	$	9,388		$	8,956		$	810,403		$	1,096,126
Net realized gain (loss)		8,921			7,218			783,267			355,920
Net change in unrealized appreciation (depreciation)		14,833			52,602			1,677,656			5,456,349
Net increase (decrease) in net assets resulting from operations		33,142			68,776			3,271,326			6,908,395
Dividends and/or distributions to shareholders:
Class R1		(7,309	)		(10,048	)		(1,451,761	)		(5,016,283	)
Class R3 (A)		(297	)		—			(284	)		—
Class R6		(9,635	)		(12,018	)		(15,033	)		(33,470	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(17,241	)		(22,066	)		(1,467,078	)		(5,049,753	)
Capital share transactions:
Proceeds from shares sold:
Class R1		—			—			569,987			1,166,705
Class R3 (A)		—			10,000			—			10,000
Class R6		18,053			18,664			159,704			46,391
		18,053			28,664			729,691			1,223,096
Dividends and/or distributions reinvested:
Class R1		7,309			10,048			1,451,761			5,016,283
Class R3 (A)		297			—			284			—
Class R6		9,635			12,018			15,033			33,470
		17,241			22,066			1,467,078			5,049,753
Cost of shares redeemed:
Class R1		—			—			(10,253,536	)		(15,592,052	)
Class R6		(135	)		(9,912	)		(11,729	)		(11,473	)
		(135	)		(9,912	)		(10,265,265	)		(15,603,525	)
Net increase (decrease) in net assets resulting from capital share transactions		35,159			40,818			(8,068,496	)		(9,330,676	)
Net increase (decrease) in net assets		51,060			87,528			(6,264,248	)		(7,472,034	)
Net assets:
Beginning of year		615,541			528,013			65,446,142			72,918,176
End of year	$	666,601		$	615,541		$	59,181,894		$	65,446,142
Capital share transactions - shares:
Shares issued:
Class R1		—			—			53,744			114,042
Class R3 (A)		—			951			—			1,017
Class R6		1,618			1,845			15,220			4,542
		1,618			2,796			68,964			119,601
Shares reinvested:
Class R1		633			1,073			138,659			538,228
Class R3 (A)		26			—			27			—
Class R6		834			1,284			1,428			3,572
		1,493			2,357			140,114			541,800
Shares redeemed:
Class R1		—			—			(991,463	)		(1,554,507	)
Class R6		(12	)		(946	)		(1,085	)		(1,127	)
		(12	)		(946	)		(992,548	)		(1,555,634	)
Net increase (decrease) in shares outstanding:
Class R1		633			1,073			(799,060	)		(902,237	)
Class R3 (A)		26			951			27			1,017
Class R6		2,440			2,183			15,563			6,987
		3,099			4,207			(783,470	)		(894,233	)

(A) Class R3 commenced operations on March 1, 2019.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    47

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2015
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.67		$	10.24		$	10.66		$	9.85		$	9.76
Investment operations:
Net investment income (loss) (A)		0.13			0.16			0.15			0.13			0.11	(B)
Net realized and unrealized gain (loss)		0.48			0.81			(0.33	)		0.82			0.03
Total investment operations		0.61			0.97			(0.18	)		0.95			0.14
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.17	)		(0.14	)		(0.12	)		(0.05	)
Net realized gains		(0.18	)		(0.37	)		(0.10	)		(0.02	)		(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.34	)		(0.54	)		(0.24	)		(0.14	)		(0.05	)
Net asset value, end of year	$	10.94		$	10.67		$	10.24		$	10.66		$	9.85
Total return		5.89	%		10.23	%		(1.76	)%		9.72	%		1.52	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	33,907		$	37,914		$	41,573		$	52,926		$	44,735
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.26	%		1.26	%		1.19	%		1.17	%		1.22	%
Including waiver and/or reimbursement and recapture (E)		1.14	%		1.12	%		1.12	%		1.11	%		1.08	%(B)
Net investment income (loss) to average net assets		1.20	%		1.53	%		1.42	%		1.28	%		1.18	%(B)
Portfolio turnover rate		12	%		42	%		23	%		9	%		43	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and year indicated:	Transamerica ClearTrack® 2015
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	10.68		$	9.99
Investment operations:
Net investment income (loss) (B)		0.15			0.11
Net realized and unrealized gain (loss)		0.48			0.58
Total investment operations		0.63			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		—
Net realized gains		(0.18	)		—
Total dividends and/or distributions to shareholders		(0.38	)		—
Net asset value, end of period/year	$	10.93		$	10.68
Total return		6.08	%		6.91	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.01	%		1.01	%(E)
Including waiver and/or reimbursement and recapture (F)		0.89	%		0.87	%(E)
Net investment income (loss) to average net assets		1.43	%		1.54	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    48

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2015
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.77		$	10.34		$	10.77		$	9.93		$	9.80
Investment operations:
Net investment income (loss) (A)		0.19			0.23			0.22			0.20			0.18	(B)
Net realized and unrealized gain (loss)		0.50			0.82			(0.33	)		0.83			0.02
Total investment operations		0.69			1.05			(0.11	)		1.03			0.20
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.25	)		(0.22	)		(0.17	)		(0.07	)
Net realized gains		(0.18	)		(0.37	)		(0.10	)		(0.02	)		(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.42	)		(0.62	)		(0.32	)		(0.19	)		(0.07	)
Net asset value, end of year	$	11.04		$	10.77		$	10.34		$	10.77		$	9.93
Total return		6.55	%		11.00	%		(1.16	)%		10.50	%		2.11	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	599		$	380		$	421		$	415		$	317
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.61	%		0.61	%		0.54	%		0.52	%		0.57	%
Including waiver and/or reimbursement and recapture (E)		0.49	%		0.47	%		0.47	%		0.46	%		0.43	%(B)
Net investment income (loss) to average net assets		1.75	%		2.21	%		2.06	%		1.91	%		1.87	%(B)
Portfolio turnover rate		12	%		42	%		23	%		9	%		43	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2020
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.65		$	10.38		$	10.73		$	9.81		$	9.75
Investment operations:
Net investment income (loss) (A)		0.04			0.15			0.15			0.12			0.12	(B)
Net realized and unrealized gain (loss)		(1.16	)		0.79			(0.31	)		0.92			(0.01	)(C)
Total investment operations		(1.12	)		0.94			(0.16	)		1.04			0.11
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.16	)		(0.13	)		(0.11	)		(0.05	)
Net realized gains		(0.31	)		(0.51	)		(0.06	)		(0.01	)		(0.00	)(D)
Total dividends and/or distributions to shareholders		(0.48	)		(0.67	)		(0.19	)		(0.12	)		(0.05	)
Net asset value, end of year	$	9.05		$	10.65		$	10.38		$	10.73		$	9.81
Total return		(11.16	)%		9.99	%		(1.55	)%		10.79	%		1.21	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	37,467		$	51,652		$	59,914		$	76,819		$	56,817
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.25	%		1.20	%		1.15	%		1.14	%		1.20	%
Including waiver and/or reimbursement and recapture (F)		1.14	%		1.12	%		1.12	%		1.11	%		1.08	%(B)
Net investment income (loss) to average net assets		0.44	%		1.46	%		1.38	%		1.21	%		1.19	%(B)
Portfolio turnover rate		137	%		50	%		25	%		5	%		42	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    49

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica ClearTrack® 2020
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	10.65		$	9.97
Investment operations:
Net investment income (loss) (B)		0.06			0.10
Net realized and unrealized gain (loss)		(1.15	)		0.58
Total investment operations		(1.09	)		0.68
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		—
Net realized gains		(0.31	)		—
Total dividends and/or distributions to shareholders		(0.52	)		—
Net asset value, end of period/ year	$	9.04		$	10.65
Total return		(10.91	)%		6.82	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.99	%		0.95	%(E)
Including waiver and/or reimbursement and recapture (F)		0.89	%		0.87	%(E)
Net investment income (loss) to average net assets		0.64	%		1.52	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2020
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.76		$	10.49		$	10.85		$	9.89		$	9.79
Investment operations:
Net investment income (loss) (A)		0.09			0.22			0.22			0.19			0.18	(B)
Net realized and unrealized gain (loss)		(1.16	)		0.80			(0.32	)		0.94			(0.01	)(C)
Total investment operations		(1.07	)		1.02			(0.10	)		1.13			0.17
Dividends and/or distributions to shareholders:
Net investment income		(0.24	)		(0.24	)		(0.20	)		(0.16	)		(0.07	)
Net realized gains		(0.31	)		(0.51	)		(0.06	)		(0.01	)		(0.00	)(D)
Total dividends and/or distributions to shareholders		(0.55	)		(0.75	)		(0.26	)		(0.17	)		(0.07	)
Net asset value, end of year	$	9.14		$	10.76		$	10.49		$	10.85		$	9.89
Total return		(10.60	)%		10.77	%		(1.00	)%		11.62	%		1.80	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	495		$	447		$	669		$	673		$	517
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.60	%		0.55	%		0.50	%		0.49	%		0.55	%
Including waiver and/or reimbursement and recapture (F)		0.49	%		0.47	%		0.47	%		0.46	%		0.43	%(B)
Net investment income (loss) to average net assets		0.95	%		2.17	%		2.01	%		1.85	%		1.90	%(B)
Portfolio turnover rate		137	%		50	%		25	%		5	%		42	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.
(D)	Rounds to less than $0.01 or $(0.01).
(E)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    50

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2025
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.11		$	10.70		$	11.06		$	9.98		$	9.77
Investment operations:
Net investment income (loss) (A)		0.04			0.15			0.14			0.12			0.12	(B)
Net realized and unrealized gain (loss)		(1.30	)		0.94			(0.32	)		1.07			0.14
Total investment operations		(1.26	)		1.09			(0.18	)		1.19			0.26
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.16	)		(0.12	)		(0.11	)		(0.05	)
Net realized gains		(0.14	)		(0.52	)		(0.06	)		(0.00	)(C)		(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.30	)		(0.68	)		(0.18	)		(0.11	)		(0.05	)
Net asset value, end of year	$	9.55		$	11.11		$	10.70		$	11.06		$	9.98
Total return		(11.77	)%		11.23	%		(1.65	)%		12.06	%		2.70	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	55,999		$	74,011		$	73,294		$	90,501		$	63,893
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.17	%		1.17	%		1.14	%		1.13	%		1.19	%
Including waiver and/or reimbursement and recapture (E)		1.14	%		1.14	%		1.13	%		1.12	%		1.09	%(B)
Net investment income (loss) to average net assets		0.39	%		1.43	%		1.30	%		1.15	%		1.22	%(B)
Portfolio turnover rate		161	%		20	%		25	%		6	%		3	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during period and year indicated:	Transamerica ClearTrack® 2025
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	11.11		$	10.40
Investment operations:
Net investment income (loss) (B)		0.06			0.11
Net realized and unrealized gain (loss)		(1.29	)		0.60
Total investment operations		(1.23	)		0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		—
Net realized gains		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.34	)		—
Net asset value, end of period/year	$	9.54		$	11.11
Total return		(11.58	)%		6.83	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	9		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.92	%		0.91	%(E)
Including waiver and/or reimbursement and recapture (F)		0.89	%		0.89	%(E)
Net investment income (loss) to average net assets		0.60	%		1.52	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    51

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2025
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.23		$	10.83		$	11.19		$	10.07		$	9.81
Investment operations:
Net investment income (loss) (A)		0.08			0.22			0.22			0.18			0.19	(B)
Net realized and unrealized gain (loss)		(1.29	)		0.94			(0.32	)		1.09			0.14
Total investment operations		(1.21	)		1.16			(0.10	)		1.27			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.20	)		(0.15	)		(0.07	)
Net realized gains		(0.14	)		(0.52	)		(0.06	)		(0.00	)(C)		(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.37	)		(0.76	)		(0.26	)		(0.15	)		(0.07	)
Net asset value, end of year	$	9.65		$	11.23		$	10.83		$	11.19		$	10.07
Total return		(11.26	)%		11.89	%		(1.00	)%		12.83	%		3.37	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,588		$	1,292		$	1,370		$	1,378		$	570
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.52	%		0.52	%		0.49	%		0.48	%		0.54	%
Including waiver and/or reimbursement and recapture (E)		0.49	%		0.49	%		0.48	%		0.47	%		0.44	%(B)
Net investment income (loss) to average net assets		0.81	%		2.10	%		1.93	%		1.69	%		1.93	%(B)
Portfolio turnover rate		161	%		20	%		25	%		6	%		3	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2030
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.36		$	10.91		$	11.27		$	10.04		$	9.82
Investment operations:
Net investment income (loss) (A)		0.13			0.15			0.15			0.12			0.11	(B)
Net realized and unrealized gain (loss)		0.49			0.98			(0.29	)		1.22			0.16
Total investment operations		0.62			1.13			(0.14	)		1.34			0.27
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.16	)		(0.13	)		(0.11	)		(0.05	)
Net realized gains		(0.17	)		(0.52	)		(0.09	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.33	)		(0.68	)		(0.22	)		(0.11	)		(0.05	)
Net asset value, end of year	$	11.65		$	11.36		$	10.91		$	11.27		$	10.04
Total return		5.48	%		11.38	%		(1.34	)%		13.43	%		2.74	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	54,145		$	57,414		$	57,571		$	70,037		$	53,935
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.19	%		1.20	%		1.16	%		1.15	%		1.21	%
Including waiver and/or reimbursement and recapture (E)		1.15	%		1.15	%		1.13	%		1.12	%		1.09	%(B)
Net investment income (loss) to average net assets		1.12	%		1.38	%		1.28	%		1.16	%		1.14	%(B)
Portfolio turnover rate		15	%		16	%		26	%		9	%		0	%(F)

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(F)	Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    52

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica ClearTrack® 2030
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	11.36		$	10.63
Investment operations:
Net investment income (loss) (B)		0.15			0.11
Net realized and unrealized gain (loss)		0.50			0.62
Total investment operations		0.65			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		—
Net realized gains		(0.17	)		—
Total dividends and/or distributions to shareholders		(0.37	)		—
Net asset value, end of period/year	$	11.64		$	11.36
Total return		5.74	%		6.87	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.94	%		0.94	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		1.36	%		1.50	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2030
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.49		$	11.04		$	11.40		$	10.13		$	9.86
Investment operations:
Net investment income (loss) (A)		0.19			0.22			0.22			0.19			0.19	(B)
Net realized and unrealized gain (loss)		0.50			0.99			(0.29	)		1.23			0.14
Total investment operations		0.69			1.21			(0.07	)		1.42			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.20	)		(0.15	)		(0.06	)
Net realized gains		(0.17	)		(0.52	)		(0.09	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.40	)		(0.76	)		(0.29	)		(0.15	)		(0.06	)
Net asset value, end of year	$	11.78		$	11.49		$	11.04		$	11.40		$	10.13
Total return		6.09	%		12.13	%		(0.69	)%		14.20	%		3.40	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	754		$	380		$	383		$	353		$	307
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.54	%		0.55	%		0.51	%		0.50	%		0.57	%
Including waiver and/or reimbursement and recapture (E)		0.50	%		0.50	%		0.48	%		0.47	%		0.44	%(B)
Net investment income (loss) to average net assets		1.62	%		2.02	%		1.92	%		1.81	%		1.90	%(B)
Portfolio turnover rate		15	%		16	%		26	%		9	%		0	%(F)

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(F)	Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    53

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2035
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.51		$	11.09		$	11.47		$	10.01		$	9.81
Investment operations:
Net investment income (loss) (A)		0.13			0.14			0.15			0.14			0.13	(B)
Net realized and unrealized gain (loss)		0.48			1.03			(0.33	)		1.44			0.13
Total investment operations		0.61			1.17			(0.18	)		1.58			0.26
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.17	)		(0.13	)		(0.12	)		(0.06	)
Net realized gains		(0.09	)		(0.58	)		(0.07	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.24	)		(0.75	)		(0.20	)		(0.12	)		(0.06	)
Net asset value, end of year	$	11.88		$	11.51		$	11.09		$	11.47		$	10.01
Total return		5.31	%		11.65	%		(1.62	)%		15.97	%		2.63	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	55,525		$	57,683		$	57,851		$	70,958		$	50,718
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.19	%		1.20	%		1.16	%		1.15	%		1.22	%
Including waiver and/or reimbursement and recapture (E)		1.15	%		1.15	%		1.13	%		1.12	%		1.09	%(B)
Net investment income (loss) to average net assets		1.09	%		1.32	%		1.27	%		1.28	%		1.34	%(B)
Portfolio turnover rate		13	%		12	%		24	%		8	%		0	%(F)

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(F)	Rounds to less than 1%.

For a share outstanding during the period and year indicated:	Transamerica ClearTrack® 2035
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	11.50		$	10.77
Investment operations:
Net investment income (loss) (B)		0.15			0.11
Net realized and unrealized gain (loss)		0.49			0.62
Total investment operations		0.64			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.28	)		—
Net asset value, end of period/year	$	11.86		$	11.50
Total return		5.57	%		6.78	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.94	%		0.94	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		1.33	%		1.47	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    54

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2035
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.63		$	11.23		$	11.59		$	10.10		$	9.85
Investment operations:
Net investment income (loss) (A)		0.19			0.22			0.22			0.20			0.20	(B)
Net realized and unrealized gain (loss)		0.52			1.01			(0.30	)		1.46			0.12
Total investment operations		0.71			1.23			(0.08	)		1.66			0.32
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.25	)		(0.21	)		(0.17	)		(0.07	)
Net realized gains		(0.09	)		(0.58	)		(0.07	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.32	)		(0.83	)		(0.28	)		(0.17	)		(0.07	)
Net asset value, end of year	$	12.02		$	11.63		$	11.23		$	11.59		$	10.10
Total return		6.10	%		12.22	%		(0.81	)%		16.61	%		3.30	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	869		$	516		$	459		$	525		$	370
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.54	%		0.55	%		0.51	%		0.50	%		0.57	%
Including waiver and/or reimbursement and recapture (E)		0.50	%		0.50	%		0.48	%		0.47	%		0.44	%(B)
Net investment income (loss) to average net assets		1.67	%		1.97	%		1.87	%		1.88	%		2.01	%(B)
Portfolio turnover rate		13	%		12	%		24	%		8	%		0	%(F)

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(F)	Rounds to less than 1%.

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2040
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.66		$	11.26		$	11.58		$	9.93		$	9.79
Investment operations:
Net investment income (loss) (A)		0.13			0.14			0.14			0.14			0.14	(B)
Net realized and unrealized gain (loss)		0.48			1.02			(0.27	)		1.63			0.06
Total investment operations		0.61			1.16			(0.13	)		1.77			0.20
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.16	)		(0.14	)		(0.12	)		(0.06	)
Net realized gains		(0.12	)		(0.60	)		(0.05	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.27	)		(0.76	)		(0.19	)		(0.12	)		(0.06	)
Net asset value, end of year	$	12.00		$	11.66		$	11.26		$	11.58		$	9.93
Total return		5.27	%		11.54	%		(1.17	)%		18.05	%		2.09	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	49,510		$	51,798		$	51,048		$	60,367		$	39,903
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.20	%		1.22	%		1.17	%		1.17	%		1.26	%
Including waiver and/or reimbursement and recapture (E)		1.15	%		1.15	%		1.13	%		1.12	%		1.09	%(B)
Net investment income (loss) to average net assets		1.10	%		1.29	%		1.20	%		1.33	%		1.40	%(B)
Portfolio turnover rate		12	%		15	%		20	%		6	%		2	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    55

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica ClearTrack® 2040
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	11.65		$	10.92
Investment operations:
Net investment income (loss) (B)		0.16			0.11
Net realized and unrealized gain (loss)		0.48			0.62
Total investment operations		0.64			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(0.12	)		—
Total dividends and/or distributions to shareholders		(0.31	)		—
Net asset value, end of period/year	$	11.98		$	11.65
Total return		5.52	%		6.68	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.95	%		0.96	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		1.34	%		1.47	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2040
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.84		$	11.43		$	11.76		$	10.05		$	9.86
Investment operations:
Net investment income (loss) (A)		0.20			0.22			0.22			0.21			0.20	(B)
Net realized and unrealized gain (loss)		0.50			1.03			(0.29	)		1.67			0.07
Total investment operations		0.70			1.25			(0.07	)		1.88			0.27
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.21	)		(0.17	)		(0.08	)
Net realized gains		(0.12	)		(0.60	)		(0.05	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.35	)		(0.84	)		(0.26	)		(0.17	)		(0.08	)
Net asset value, end of year	$	12.19		$	11.84		$	11.43		$	11.76		$	10.05
Total return		5.93	%		12.36	%		(0.62	)%		18.95	%		2.76	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,065		$	780		$	815		$	738		$	428
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.55	%		0.57	%		0.52	%		0.52	%		0.61	%
Including waiver and/or reimbursement and recapture (E)		0.50	%		0.50	%		0.48	%		0.47	%		0.44	%(B)
Net investment income (loss) to average net assets		1.69	%		1.94	%		1.84	%		1.88	%		2.05	%(B)
Portfolio turnover rate		12	%		15	%		20	%		6	%		2	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    56

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2045
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	11.94		$	11.45		$	11.76		$	9.94		$	9.78
Investment operations:
Net investment income (loss) (A)		0.13			0.14			0.13			0.14			0.12	(B)
Net realized and unrealized gain (loss)		0.49			1.09			(0.24	)		1.80			0.10
Total investment operations		0.62			1.23			(0.11	)		1.94			0.22
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.16	)		(0.13	)		(0.12	)		(0.06	)
Net realized gains		(0.14	)		(0.58	)		(0.07	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.29	)		(0.74	)		(0.20	)		(0.12	)		(0.06	)
Net asset value, end of year	$	12.27		$	11.94		$	11.45		$	11.76		$	9.94
Total return		5.15	%		11.97	%		(0.97	)%		19.67	%		2.28	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	31,883		$	34,278		$	34,139		$	38,516		$	27,305
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.28	%		1.29	%		1.22	%		1.22	%		1.32	%
Including waiver and/or reimbursement and recapture (E)		1.15	%		1.15	%		1.14	%		1.13	%		1.10	%(B)
Net investment income (loss) to average net assets		1.09	%		1.26	%		1.12	%		1.25	%		1.24	%(B)
Portfolio turnover rate		9	%		15	%		15	%		6	%		2	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and year indicated:	Transamerica ClearTrack® 2045
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	11.93		$	11.18
Investment operations:
Net investment income (loss) (B)		0.16			0.11
Net realized and unrealized gain (loss)		0.48			0.64
Total investment operations		0.64			0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.33	)		—
Net asset value, end of period/year	$	12.24		$	11.93
Total return		5.34	%		6.71	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.03	%		1.03	%
Including waiver and/or reimbursement and recapture (F)		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		1.33	%		1.48	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    57

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2045
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.08		$	11.59		$	11.90		$	10.03		$	9.82
Investment operations:
Net investment income (loss) (A)		0.21			0.22			0.21			0.21			0.18	(B)
Net realized and unrealized gain (loss)		0.49			1.09			(0.25	)		1.82			0.11
Total investment operations		0.70			1.31			(0.04	)		2.03			0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.20	)		(0.16	)		(0.08	)
Net realized gains		(0.14	)		(0.58	)		(0.07	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.37	)		(0.82	)		(0.27	)		(0.16	)		(0.08	)
Net asset value, end of year	$	12.41		$	12.08		$	11.59		$	11.90		$	10.03
Total return		5.76	%		12.70	%		(0.35	)%		20.53	%		2.95	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	537		$	417		$	505		$	585		$	426
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.63	%		0.64	%		0.57	%		0.57	%		0.67	%
Including waiver and/or reimbursement and recapture (E)		0.50	%		0.50	%		0.49	%		0.48	%		0.45	%(B)
Net investment income (loss) to average net assets		1.71	%		1.90	%		1.70	%		1.87	%		1.88	%(B)
Portfolio turnover rate		9	%		15	%		15	%		6	%		2	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2050
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.10		$	11.52		$	11.79		$	9.93		$	9.77
Investment operations:
Net investment income (loss) (A)		0.13			0.15			0.13			0.13			0.11	(B)
Net realized and unrealized gain (loss)		0.46			1.09			(0.24	)		1.84			0.11
Total investment operations		0.59			1.24			(0.11	)		1.97			0.22
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.16	)		(0.12	)		(0.11	)		(0.06	)
Net realized gains		(0.09	)		(0.50	)		(0.04	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.24	)		(0.66	)		(0.16	)		(0.11	)		(0.06	)
Net asset value, end of year	$	12.45		$	12.10		$	11.52		$	11.79		$	9.93
Total return		4.87	%		11.87	%		(1.04	)%		20.00	%		2.31	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	26,659		$	26,865		$	26,279		$	29,329		$	19,435
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.32	%		1.36	%		1.26	%		1.28	%		1.47	%
Including waiver and/or reimbursement and recapture (E)		1.16	%		1.15	%		1.14	%		1.13	%		1.10	%(B)
Net investment income (loss) to average net assets		1.09	%		1.29	%		1.09	%		1.17	%		1.16	%(B)
Portfolio turnover rate		6	%		13	%		13	%		3	%		0	%(F)

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(F)	Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    58

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica ClearTrack® 2050
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	12.08		$	11.33
Investment operations:
Net investment income (loss) (B)		0.16			0.12
Net realized and unrealized gain (loss)		0.46			0.63
Total investment operations		0.62			0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.28	)		—
Net asset value, end of period/year	$	12.42		$	12.08
Total return		5.14	%		6.62	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.07	%		1.10	%(E)
Including waiver and/or reimbursement and recapture (F)		0.91	%		0.90	%(E)
Net investment income (loss) to average net assets		1.34	%		1.50	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the years indicated:	Transamerica ClearTrack® 2050
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	12.24		$	11.66		$	11.92		$	10.02		$	9.81
Investment operations:
Net investment income (loss) (A)		0.21			0.23			0.21			0.20			0.18	(B)
Net realized and unrealized gain (loss)		0.48			1.10			(0.24	)		1.85			0.11
Total investment operations		0.69			1.33			(0.03	)		2.05			0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.25	)		(0.19	)		(0.15	)		(0.08	)
Net realized gains		(0.09	)		(0.50	)		(0.04	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.32	)		(0.75	)		(0.23	)		(0.15	)		(0.08	)
Net asset value, end of year	$	12.61		$	12.24		$	11.66		$	11.92		$	10.02
Total return		5.63	%		12.62	%		(0.34	)%		20.72	%		2.99	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	674		$	424		$	699		$	627		$	476
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.67	%		0.71	%		0.62	%		0.63	%		0.83	%
Including waiver and/or reimbursement and recapture (E)		0.51	%		0.50	%		0.49	%		0.48	%		0.45	%(B)
Net investment income (loss) to average net assets		1.69	%		1.98	%		1.75	%		1.82	%		1.87	%(B)
Portfolio turnover rate		6	%		13	%		13	%		3	%		0	%(F)

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.
(F)	Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    59

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2055
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.24		$	10.44		$	10.61		$	10.00
Investment operations:
Net investment income (loss) (B)		0.13			0.13			0.12			0.02
Net realized and unrealized gain (loss)		0.43			1.07			(0.21	)		0.59
Total investment operations		0.56			1.20			(0.09	)		0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.14	)		(0.07	)		—
Net realized gains		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.28	)		(0.40	)		(0.08	)		—
Net asset value, end of period/year	$	11.52		$	11.24		$	10.44		$	10.61
Total return		4.89	%		12.22	%		(0.96	)%		6.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	309		$	295		$	262		$	265
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		11.19	%		14.43	%		11.72	%		40.02	%(E)
Including waiver and/or reimbursement and recapture (F)		1.15	%		1.15	%		1.13	%		1.06	%(E)
Net investment income (loss) to average net assets		1.14	%		1.25	%		1.10	%		0.54	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and year indicated:	Transamerica ClearTrack® 2055
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	11.22		$	10.51
Investment operations:
Net investment income (loss) (B)		0.16			0.11
Net realized and unrealized gain (loss)		0.42			0.60
Total investment operations		0.58			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		—
Net realized gains		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.31	)		—
Net asset value, end of period/year	$	11.49		$	11.22
Total return		5.12	%		6.76	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		10.94	%		14.18	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		1.39	%		1.49	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    60

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2055
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.29		$	10.50		$	10.64		$	10.00
Investment operations:
Net investment income (loss) (B)		0.20			0.20			0.19			0.04
Net realized and unrealized gain (loss)		0.44			1.06			(0.22	)		0.60
Total investment operations		0.64			1.26			(0.03	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.21	)		(0.10	)		—
Net realized gains		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.35	)		(0.47	)		(0.11	)		—
Net asset value, end of period/year	$	11.58		$	11.29		$	10.50		$	10.64
Total return		5.60	%		12.89	%		(0.37	)%		6.40	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	382		$	323		$	270		$	266
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		10.54	%		13.78	%		11.07	%		39.37	%(E)
Including waiver and/or reimbursement and recapture (F)		0.50	%		0.50	%		0.48	%		0.41	%(E)
Net investment income (loss) to average net assets		1.78	%		1.89	%		1.75	%		1.19	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2060
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.24		$	10.44		$	10.61		$	10.00
Investment operations:
Net investment income (loss) (B)		0.13			0.13			0.12			0.02
Net realized and unrealized gain (loss)		0.42			1.07			(0.21	)		0.59
Total investment operations		0.55			1.20			(0.09	)		0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.14	)		(0.07	)		—
Net realized gains		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.28	)		(0.40	)		(0.08	)		—
Net asset value, end of period/year	$	11.51		$	11.24		$	10.44		$	10.61
Total return		4.87	%		12.25	%		(0.96	)%		6.10	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	309		$	295		$	263		$	265
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		11.56	%		14.59	%		11.74	%		39.93	%(E)
Including waiver and/or reimbursement and recapture (F)		1.15	%		1.15	%		1.13	%		1.06	%(E)
Net investment income (loss) to average net assets		1.15	%		1.24	%		1.10	%		0.54	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    61

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica ClearTrack® 2060
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	11.22		$	10.51
Investment operations:
Net investment income (loss) (B)		0.16			0.11
Net realized and unrealized gain (loss)		0.42			0.60
Total investment operations		0.58			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		—
Net realized gains		(0.14	)		—
Total dividends and/or distributions to shareholders		(0.31	)		—
Net asset value, end of period/year	$	11.49		$	11.22
Total return		5.19	%		6.76	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		11.31	%		14.33	%(E)
Including waiver and/or reimbursement and recapture (F)		0.90	%		0.90	%(E)
Net investment income (loss) to average net assets		1.40	%		1.49	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and years indicated:	Transamerica ClearTrack® 2060
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017 (A)
Net asset value, beginning of period/year	$	11.29		$	10.50		$	10.64		$	10.00
Investment operations:
Net investment income (loss) (B)		0.20			0.20			0.19			0.04
Net realized and unrealized gain (loss)		0.43			1.06			(0.22	)		0.60
Total investment operations		0.63			1.26			(0.03	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.21	)		(0.10	)		—
Net realized gains		(0.14	)		(0.26	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.35	)		(0.47	)		(0.11	)		—
Net asset value, end of period/year	$	11.57		$	11.29		$	10.50		$	10.64
Total return		5.57	%		12.92	%		(0.37	)%		6.40	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	347		$	310		$	265		$	266
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		10.91	%		13.94	%		11.09	%		39.28	%(E)
Including waiver and/or reimbursement and recapture (F)		0.50	%		0.50	%		0.48	%		0.41	%(E)
Net investment income (loss) to average net assets		1.80	%		1.89	%		1.75	%		1.19	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    62

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica ClearTrack® Retirement Income
	Class R1
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.50		$	10.23		$	10.63		$	10.11		$	9.83
Investment operations:
Net investment income (loss) (A)		0.14			0.16			0.16			0.14			0.13	(B)
Net realized and unrealized gain (loss)		0.46			0.85			(0.35	)		0.50			0.20
Total investment operations		0.60			1.01			(0.19	)		0.64			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.18	)		(0.16	)		(0.12	)		(0.05	)
Net realized gains		(0.06	)		(0.56	)		(0.05	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.24	)		(0.74	)		(0.21	)		(0.12	)		(0.05	)
Net asset value, end of year	$	10.86		$	10.50		$	10.23		$	10.63		$	10.11
Total return		5.81	%		10.76	%		(1.86	)%		6.41	%		3.36	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	58,473		$	64,925		$	72,493		$	98,838		$	72,075
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		1.18	%		1.18	%		1.13	%		1.12	%		1.18	%
Including waiver and/or reimbursement and recapture (E)		1.13	%		1.12	%		1.11	%		1.09	%		1.07	%(B)
Net investment income (loss) to average net assets		1.31	%		1.61	%		1.54	%		1.40	%		1.30	%(B)
Portfolio turnover rate		11	%		19	%		24	%		7	%		—	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

For a share outstanding during the period and year indicated:	Transamerica ClearTrack® Retirement Income
	Class R3
	October 31, 2020			October 31, 2019 (A)
Net asset value, beginning of period/year	$	10.52		$	9.83
Investment operations:
Net investment income (loss) (B)		0.16			0.10
Net realized and unrealized gain (loss)		0.47			0.59
Total investment operations		0.63			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		—
Net realized gains		(0.06	)		—
Total dividends and/or distributions to shareholders		(0.28	)		—
Net asset value, end of period/year	$	10.87		$	10.52
Total return		6.09	%		7.02	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	11		$	11
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.93	%		0.93	%(E)
Including waiver and/or reimbursement and recapture (F)		0.88	%		0.87	%(E)
Net investment income (loss) to average net assets		1.53	%		1.50	%(E)
Portfolio turnover rate		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 in which the Fund invests.
(E)	Annualized.
(F)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    63

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica ClearTrack® Retirement Income
	Class R6
	October 31, 2020			October 31, 2019			October 31, 2018			October 31, 2017			October 31, 2016
Net asset value, beginning of year	$	10.62		$	10.35		$	10.75		$	10.20		$	9.87
Investment operations:
Net investment income (loss) (A)		0.20			0.23			0.23			0.21			0.21	(B)
Net realized and unrealized gain (loss)		0.47			0.86			(0.35	)		0.50			0.18
Total investment operations		0.67			1.09			(0.12	)		0.71			0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.26	)		(0.23	)		(0.16	)		(0.06	)
Net realized gains		(0.06	)		(0.56	)		(0.05	)		—			(0.00	)(C)
Total dividends and/or distributions to shareholders		(0.31	)		(0.82	)		(0.28	)		(0.16	)		(0.06	)
Net asset value, end of year	$	10.98		$	10.62		$	10.35		$	10.75		$	10.20
Total return		6.47	%		11.53	%		(1.19	)%		7.12	%		4.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	698		$	510		$	425		$	409		$	257
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.53	%		0.53	%		0.48	%		0.47	%		0.53	%
Including waiver and/or reimbursement and recapture (E)		0.48	%		0.47	%		0.46	%		0.44	%		0.42	%(B)
Net investment income (loss) to average net assets		1.89	%		2.22	%		2.15	%		1.98	%		2.08	%(B)
Portfolio turnover rate		11	%		19	%		24	%		7	%		—	%

(A)	Calculated based on average number of shares outstanding.
(B)	Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.
(C)	Rounds to less than $0.01 or $(0.01).
(D)	Does not include expenses of the Underlying ETFs in which the Fund invests.
(E)	Due to TAM waiving the Underlying ETF fees, waiver and/or reimbursements may be applied under the total operating expense limit.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2020

Page    64

NOTES TO FINANCIAL STATEMENTS

At October 31, 2020

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 October 31, 2020, the only investors of the Funds are affiliated and eligible retirement plans as defined in the Funds’ current prospectus.

Each Fund, a “fund of fund”, normally invests during its glide path period the majority of its assets in underlying exchange-traded funds that each are managed to track an index by an unaffiliated investment advisers (hereafter referred to as “Underlying ETFs”). The shareholder reports of the Underlying ETFs, including the Schedule of Investments, should be read in conjunction with this report. The Underlying ETFs’ shareholder reports are not covered by this report. ClearTrack^® 2020 and ClearTrack^® 2025 are each in their Dynamic Rebalancing Period, which is within plus or minus five years of targeted retirement, and are not managed strictly according to the glide path period strategy. Instead, the Fund’s sub-adviser employs the Dynamic Risk Management strategy that attempts to limit downside volatility within the applicable Fund during the Dynamic Rebalancing Period. In response to certain levels of negative Fund performance during the Dynamic Rebalancing Period, the sub-adviser may deviate from the standard target allocation in accordance with the glide path by increasing the Fund’s exposure to short-term defensive instruments (“de-risking”), based on a formula that takes into account the Fund’s current Net Asset Value (“NAV”), macroeconomic conditions and the Fund’s underlying volatility.

This report must be accompanied or preceded by each Fund’s current prospectus, which contains additional information about the Funds, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder

Transamerica Funds Annual Report 2020

Page    65

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

1. ORGANIZATION (continued)

relations functions for the Funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM’s expense.

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the NAV; shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Funds’ financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statements of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statements of Operations.

Multiple class operations, income, and expenses: Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

Distributions to shareholders: Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

Commission recapture: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions, paid by the Funds, be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

There were no commissions recaptured during the year ended October 31, 2020 by the Funds.

Indemnification: In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

3. INVESTMENT VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

Transamerica Funds Annual Report 2020

Page    66

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

3. INVESTMENT VALUATION (continued)

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Funds’ own assumptions used in determining the fair value of investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2020, is disclosed within the Investment Valuation section of each Fund’s Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Exchange-traded funds (“ETF”): ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Interfund lending: The Funds, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Funds to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2020, the Funds have not utilized the program.

Transamerica Funds Annual Report 2020

Page    67

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2020.

Repurchase agreements at October 31, 2020, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Securities lending: The Funds may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Funds is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Each Fund receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statements of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio (the “Navigator”). The Transamerica family of mutual funds is a significant shareholder of the Navigator as of October 31, 2020. No individual fund has a significant holding in the Navigator.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2020, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2020. 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
ClearTrack® 2015
Securities Lending Transactions
Exchange-Traded Funds	$	2,240,326	$	—	$	—	$	—	$	2,240,326
Total Borrowings	$	2,240,326	$	—	$	—	$	—	$	2,240,326
ClearTrack® 2020
Securities Lending Transactions
Exchange-Traded Funds	$	613,095	$	—	$	—	$	—	$	613,095
Total Borrowings	$	613,095	$	—	$	—	$	—	$	613,095
ClearTrack® 2030
Securities Lending Transactions
Exchange-Traded Funds	$	1,326,949	$	—	$	—	$	—	$	1,326,949
Total Borrowings	$	1,326,949	$	—	$	—	$	—	$	1,326,949

Transamerica Funds Annual Report 2020

Page    68

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

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® 2035
Securities Lending Transactions
Exchange-Traded Funds	$	1,564,223	$	—	$	—	$	—	$	1,564,223
Total Borrowings	$	1,564,223	$	—	$	—	$	—	$	1,564,223
ClearTrack® 2040
Securities Lending Transactions
Exchange-Traded Funds	$	512,315	$	—	$	—	$	—	$	512,315
Total Borrowings	$	512,315	$	—	$	—	$	—	$	512,315
ClearTrack® 2045
Securities Lending Transactions
Exchange-Traded Funds	$	463,050	$	—	$	—	$	—	$	463,050
Total Borrowings	$	463,050	$	—	$	—	$	—	$	463,050
ClearTrack® 2050
Securities Lending Transactions
Exchange-Traded Funds	$	14,035	$	—	$	—	$	—	$	14,035
Total Borrowings	$	14,035	$	—	$	—	$	—	$	14,035
ClearTrack® 2055
Securities Lending Transactions
Exchange-Traded Funds	$	10,830	$	—	$	—	$	—	$	10,830
Total Borrowings	$	10,830	$	—	$	—	$	—	$	10,830
ClearTrack® 2060
Securities Lending Transactions
Exchange-Traded Funds	$	10,403	$	—	$	—	$	—	$	10,403
Total Borrowings	$	10,403	$	—	$	—	$	—	$	10,403

5. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

Market risk: The market prices of a Fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as overall economic trends or events, government actions or interventions, market disruptions caused by trade disputes or other factors, political factors or adverse investor sentiment. The market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. If the market prices of the securities owned by a Fund fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. The COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, a Fund’s exposure to the risks described in the Fund’s prospectus will likely increase. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund’s investments may be negatively affected.

Recent events risk: The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly

Transamerica Funds Annual Report 2020

Page    69

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

5. RISK FACTORS (continued)

reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of a Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, may not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.

6. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Life Insurance Company (“TLIC”) and AUSA Holding, LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon N.V. 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 N.V., 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 have varied expense and fee levels and the Funds may own different proportions of Underlying ETFs at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. Fund expenses do not include expenses of the Underlying ETFs in which the Funds invest. The Funds have material ownership interests in the Underlying ETFs.

Investment management fees: TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Breakpoints	Rate
First $2.5 billion		0.38	%
Over $2.5 billion up to $4 billion		0.37
Over $4 billion		0.36

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through each Fund’s investment in the Underlying ETFs, but excluding, as applicable, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Class	Operating Expense Limit			Operating Expense Limit Effective Through
Class R1		1.20	%		March 1, 2021
Class R3		0.95			March 1, 2021
Class R6		0.55			March 1, 2021

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

Transamerica Funds Annual Report 2020

Page    70

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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, 2020 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

TAM, on a voluntary basis and in addition to the contractual waivers in effect, from time to time may waive and/or reimburse expenses of the Funds, or any classes thereof, to such level(s) as the Trust’s officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the years ended October 31, 2018, October 31, 2019 and October 31, 2020, the balances available for recapture by TAM for each Fund are as follows:

	Amounts Available
Fund	2018		2019		2020		Total
ClearTrack® 2015
Class R1	$	34,176	$	75,946	$	62,130	$	172,252
Class R3  (A)		—		2		21		23
Class R6		202		740		966		1,908
ClearTrack® 2020
Class R1		22,133		70,079		74,337		166,549
Class R3  (A)		—		—		16		16
Class R6		158		770		852		1,780
ClearTrack® 2025
Class R1		—		48,635		56,389		105,024
Class R3  (A)		—		—		5		5
Class R6		—		413		1,558		1,971
ClearTrack® 2030
Class R1		16,600		54,646		45,834		117,080
Class R3  (A)		—		—		7		7
Class R6		—		297		569		866
ClearTrack® 2035
Class R1		18,681		54,311		42,699		115,691
Class R3  (A)		—		—		7		7
Class R6		—		447		616		1,063
ClearTrack® 2040
Class R1		23,369		56,202		46,094		125,665
Class R3  (A)		—		—		11		11
Class R6		183		856		955		1,994
ClearTrack® 2045
Class R1		27,332		67,908		56,362		151,602
Class R3  (A)		—		3		20		23
Class R6		418		888		861		2,167
ClearTrack® 2050
Class R1		33,848		73,719		57,945		165,512
Class R3  (A)		—		7		24		31
Class R6		788		1,579		1,266		3,633
ClearTrack® 2055
Class R1		44,707		45,167		34,641		124,515
Class R3  (A)		—		741		1,256		1,997
Class R6		45,066		48,125		40,499		133,690
ClearTrack® 2060
Class R1		44,755		45,761		35,976		126,492
Class R3  (A)		—		743		1,304		2,047
Class R6		45,017		47,523		39,064		131,604

Transamerica Funds Annual Report 2020

Page    71

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available
Fund	2018		2019		2020		Total
ClearTrack® Retirement Income
Class R1	$	32,850	$	61,086	$	49,356	$	143,292
Class R3  (A)		—		—		9		9
Class R6		42		446		554		1,042

^(A) Class commenced operations on March 1, 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.

The Distribution Plan requires the Funds to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Funds, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Funds shares. The distribution and service fees are included in Distribution and service fees within the Statements of Operations.

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily ANA of each class up to the following annual rates:

Class (A)	Rate
Class R1		0.50	%
Class R3		0.25

(A) 12b-1 fees are not applicable for Class R6.

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

For the year ended October 31, 2020, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
ClearTrack® 2015	$	2,680	$	226
ClearTrack® 2020		3,353		248
ClearTrack® 2025		5,030		383
ClearTrack® 2030		4,199		361
ClearTrack® 2035		4,293		373
ClearTrack® 2040		3,814		335
ClearTrack® 2045		2,497		216
ClearTrack® 2050		2,037		182
ClearTrack® 2055		49		5
ClearTrack® 2060		47		5
ClearTrack® Retirement Income		4,607		384

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, (as amended and restated January 1, 2010), available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2020, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the Investment Manager or sub-adviser(s) for the year ended October 31, 2020.

Transamerica Funds Annual Report 2020

Page    72

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

7. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2020, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

Fund	Purchases of Securities		Sales of Securities
ClearTrack® 2015	$	4,247,913	$	9,618,892
ClearTrack® 2020		38,081,350		46,749,702
ClearTrack® 2025		65,767,901		73,831,562
ClearTrack® 2030		8,588,456		13,448,408
ClearTrack® 2035		7,529,911		11,500,202
ClearTrack® 2040		5,977,143		9,904,216
ClearTrack® 2045		2,853,383		6,335,236
ClearTrack® 2050		1,736,089		2,905,064
ClearTrack® 2055		118,394		76,568
ClearTrack® 2060		88,642		65,624
ClearTrack® Retirement Income		6,563,271		15,181,624

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. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to distribution re-designations and distributions in excess of current earnings. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

Fund	Paid-in Capital			Total Distributable Earnings (Accumulated Losses)
ClearTrack® 2015	$	—		$	—
ClearTrack® 2020		(325	)		325
ClearTrack® 2025		—			—
ClearTrack® 2030		—			—
ClearTrack® 2035		—			—
ClearTrack® 2040		—			—
ClearTrack® 2045		—			—
ClearTrack® 2050		—			—
ClearTrack® 2055		—			—
ClearTrack® 2060		—			—
ClearTrack® Retirement Income		—			—

Transamerica Funds Annual Report 2020

Page    73

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

As of October 31, 2020, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
ClearTrack® 2015	$	32,076,421	$	4,773,885	$	(25,051	)	$	4,748,834
ClearTrack® 2020		39,016,218		59,233		(280,760	)		(221,527	)
ClearTrack® 2025		59,231,089		228,275		(528,396	)		(300,121	)
ClearTrack® 2030		46,711,001		9,702,220		(51,395	)		9,650,825
ClearTrack® 2035		46,827,459		11,271,986		(55,557	)		11,216,429
ClearTrack® 2040		40,939,855		10,329,105		(56,112	)		10,272,993
ClearTrack® 2045		25,651,736		7,356,919		(40,529	)		7,316,390
ClearTrack® 2050		21,158,528		6,287,898		(33,637	)		6,254,261
ClearTrack® 2055		653,577		81,840		(9,272	)		72,568
ClearTrack® 2060		620,926		80,854		(9,807	)		71,047
ClearTrack® Retirement Income		53,152,538		6,120,576		(66,793	)		6,053,783

As of October 31, 2020, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

Fund	Unlimited
	Short-Term		Long-Term
ClearTrack® 2020	$  41,258	��	$  —

During the year ended October 31, 2020, the Funds did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2020 and 2019 are as follows:

	2020 Distributions Paid From:						2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
ClearTrack® 2015	$	576,028	$	638,620	$	—	$	675,211	$	1,458,219	$	—
ClearTrack® 2020		801,050		1,473,197		—		925,034		2,927,355		—
ClearTrack® 2025		915,042		1,064,169		—		1,115,536		3,561,822		—
ClearTrack® 2030		790,532		847,636		—		850,134		2,728,888		—
ClearTrack® 2035		763,734		441,875		—		875,143		2,978,916		—
ClearTrack® 2040		678,700		549,261		—		735,014		2,701,336		—
ClearTrack® 2045		432,153		389,167		—		480,080		1,736,811		—
ClearTrack® 2050		347,243		195,195		—		380,052		1,146,598		—
ClearTrack® 2055		9,643		7,644		—		22,064		—		—
ClearTrack® 2060		9,418		7,823		—		22,066		—		—
ClearTrack® Retirement Income		1,087,089		379,989		—		1,225,122		3,824,631		—

As of October 31, 2020, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferred			Other Temporary Differences		Net Unrealized Appreciation (Depreciation)
ClearTrack® 2015	$	209,520	$	—	$	668,472	$	—		$	—		$	—	$	4,748,834
ClearTrack® 2020		—		—		—		(41,258	)		(97,580	)		—		(221,527	)
ClearTrack® 2025		—		—		1,031,765		—			—			—		(300,121	)
ClearTrack® 2030		309,821		—		1,137,599		—			—			—		9,650,825
ClearTrack® 2035		302,277		—		1,013,180		—			—			—		11,216,429
ClearTrack® 2040		268,689		—		1,133,197		—			—			—		10,272,993

Transamerica Funds Annual Report 2020

Page    74

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2020

8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards		Late Year Ordinary Loss Deferred		Other Temporary Differences		Net Unrealized Appreciation (Depreciation)
ClearTrack® 2045	$	171,302	$	—	$	821,405	$	—	$	—	$	—	$	7,316,390
ClearTrack® 2050		141,603		—		293,884		—		—		—		6,254,261
ClearTrack® 2055		5,660		—		10,357		—		—		—		72,568
ClearTrack® 2060		5,395		—		9,694		—		—		—		71,047
ClearTrack® Retirement Income		391,946		—		950,841		—		—		—		6,053,783

9. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street, the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected as a reimbursement of custody fees. This resulted in a decrease in net expenses and an overall increase in net assets. Please reference the Financial Highlights for additional information in regards to the per share impact.

10. LEGAL PROCEEDINGS

On September 30, 2020, Transamerica Asset Management, Inc. (“TAM”), the investment manager of the funds, entered into a settlement with the Securities and Exchange Commission (the “SEC”) relating to expense recaptures. The recaptures at issue, which TAM self-reported to the SEC, involved amounts previously voluntarily waived and/or reimbursed to four money market funds to prevent the funds from experiencing a negative yield. In some cases recaptures under the voluntary yield waiver arrangements exceeded contractual expense limits. The recaptured amounts were not reflected in the funds’ prospectus fee tables. The funds involved were Transamerica Government Money Market, Transamerica BlackRock Government Money Market VP, Transamerica Partners Government Money Market and Transamerica Partners Institutional Government Money Market. The two Transamerica Partners Government Money Market funds reorganized into Transamerica Government Money Market in October of 2017.

Under the settlement order, TAM agreed to pay affected fund investors approximately $5.3 million in disgorgement and approximately $690,000 in prejudgment interest. These amounts represent expenses incurred above the applicable expense limit (plus interest). TAM was also censured and ordered to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. The settlement order imposes no civil penalty on TAM based upon TAM having self-reported the matter, the prompt remedial steps taken by TAM, and TAM’s cooperation in the SEC staff’s investigation. The settlement order does not affect TAM’s ability to manage the funds.

The foregoing is only a brief summary of the settlement order. A copy of the settlement order is available on the SEC’s website at https://www.sec.gov.

The settlement had no impact on the Funds’ financial statements.

Transamerica Funds Annual Report 2020

Page    75

Report of Independent Registered Public Accounting Firm

To the Shareholders of Transamerica ClearTrack 2015, Transamerica ClearTrack 2020, Transamerica ClearTrack 2025, Transamerica ClearTrack 2030, Transamerica ClearTrack 2035, Transamerica ClearTrack 2040, Transamerica ClearTrack 2045, Transamerica ClearTrack 2050, Transamerica ClearTrack 2055, Transamerica ClearTrack 2060 and Transamerica ClearTrack Retirement Income and the Board of Trustees of Transamerica Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica ClearTrack 2015, Transamerica ClearTrack 2020, Transamerica ClearTrack 2025, Transamerica ClearTrack 2030, Transamerica ClearTrack 2035, Transamerica ClearTrack 2040, Transamerica ClearTrack 2045, Transamerica ClearTrack 2050, Transamerica ClearTrack 2055, Transamerica ClearTrack 2060 and Transamerica ClearTrack Retirement Income (collectively referred to as the “Funds”), (eleven of the funds constituting Transamerica Funds (the “Trust”)), including the schedules of investments, as of October 31, 2020, and the related statements of operations, and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each the Funds (eleven of the funds constituting Transamerica Funds) at October 31, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the Transamerica Funds	Statement of operations	Statements of changes in net assets	Financial highlights
Transamerica ClearTrack 2015 Transamerica ClearTrack 2020 Transamerica ClearTrack 2025 Transamerica ClearTrack 2030 Transamerica ClearTrack 2035 Transamerica ClearTrack 2040 Transamerica ClearTrack 2045 Transamerica ClearTrack 2050 Transamerica ClearTrack Retirement Income	For the year ended October 31, 2020	For each of the two years in the period ended October 31, 2020	For each of the five years in the period ended October 31, 2020
Transamerica ClearTrack 2055 Transamerica ClearTrack 2060	For the year ended October 31, 2020	For each of the two years in the period ended October 31, 2020	For each of the three years in the period ended October 31, 2020 and the period from July 7, 2017 (commencement of operations) through October 31, 2017

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, brokers and others, or by other appropriate auditing procedures where replies from brokers or others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2020

Transamerica Funds Annual Report 2020

Page    76

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For tax purposes, the long-term capital gain designations for the year ended October 31, 2020 are as follows:

Fund	Long-Term Capital Gain Designation
ClearTrack® 2015	$	638,620
ClearTrack® 2020		1,473,197
ClearTrack® 2025		1,064,169
ClearTrack® 2030		847,636
ClearTrack® 2035		441,875
ClearTrack® 2040		549,261
ClearTrack® 2045		389,167
ClearTrack® 2050		195,195
ClearTrack® 2055		7,644
ClearTrack® 2060		7,823
ClearTrack® Retirement Income		379,989

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2020. Complete information will be computed and reported in conjunction with your 2020 Form 1099-DIV.

Transamerica Funds Annual Report 2020

Page    77

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 17-18, 2020, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica ClearTrack® 2015	Transamerica ClearTrack® 2045
Transamerica ClearTrack® 2020	Transamerica ClearTrack® 2050
Transamerica ClearTrack® 2025	Transamerica ClearTrack® 2055
Transamerica ClearTrack® 2030	Transamerica ClearTrack® 2060
Transamerica ClearTrack® 2035	Transamerica ClearTrack® Retirement Income
Transamerica ClearTrack® 2040

For each Fund, the Board also considered the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) between TAM and QS Investors, LLC (the “Sub-Adviser”).

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2021.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of each Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. In their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s and the Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to

Transamerica Funds Annual Report 2020

Page    78

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2019. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to performance are summarized below. For purposes of its review, the Board used the performance of Class R6 Shares. In describing a Fund’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” the median if a Fund’s performance ranked anywhere in the first or second quintiles, as “below” the median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering each Fund’s performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

Transamerica ClearTrack^® 2015. The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 1- and 3-year periods. The Trustees noted that the Fund’s dynamic rebalancing period ended on December 31, 2019. The Trustees noted that on March 1, 2018, the Fund updated its glide path.

Transamerica ClearTrack^® 2020. The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 1- and 3-year periods. The Trustees noted that on March 1, 2018, the Fund updated its glide path.

Transamerica ClearTrack^® 2025. The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 1- and 3-year periods. The Trustees noted that on March 1, 2018, the Fund updated its glide path.

Transamerica ClearTrack^® 2030. The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 1- and 3-year periods. The Trustees noted that on March 1, 2018, the Fund updated its glide path. The Trustees observed that the performance of the Fund had improved since updating the glide path.

Transamerica ClearTrack^® 2035. The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 1- and 3-year periods. The Trustees noted that on March 1, 2018, the Fund updated its glide path. The Trustees observed that the performance of the Fund had improved since updating the glide path.

Transamerica ClearTrack^® 2040. The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-year period. The Trustees noted that on March 1, 2018, the Fund updated its glide path. The Trustees observed that the performance of the Fund had improved since updating the glide path.

Transamerica Funds Annual Report 2020

Page    79

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica ClearTrack^® 2045. The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 1- and 3-year periods. The Trustees noted that on March 1, 2018, the Fund updated its glide path.

Transamerica ClearTrack^® 2050. The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the 3-year period. The Trustees noted that on March 1, 2018, the Fund updated its glide path. The Trustees observed that the performance of the Fund had improved since updating the glide path.

Transamerica ClearTrack^® 2055. The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-year period. The Trustees noted that on March 1, 2018, the Fund updated its glide path.

Transamerica ClearTrack^® 2060. The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-year period. The Trustees noted that on March 1, 2018, the Fund updated its glide path.

Transamerica ClearTrack^® Retirement Income. The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class R6 Shares of the Fund was above its composite benchmark for the past 1-year period and below for the past 3-year period.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board’s conclusions as to management fees and total expense ratios are summarized below. For purposes of its review, the Board used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares. In describing a Fund’s management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were “above,” “below” or “in line with” the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as “above” the median if a Fund’s management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as “below” the median if it ranked anywhere in the first or second quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, noting that sub-advisory fees payable to the Sub-Adviser are paid by TAM and not the Funds. The board also considered the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

Transamerica ClearTrack^® 2015. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2020. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2025. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Annual Report 2020

Page    80

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica ClearTrack^® 2030. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2035. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2040. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2045. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2050. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2055. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2060. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® Retirement Income. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser’s long-term profitability, including for maintaining company and management stability and accountability.

Transamerica Funds Annual Report 2020

Page    81

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for each Fund.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the applicable Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board recognized that, as a Fund’s assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered each Fund’s management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Funds through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser’s sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the applicable Fund’s management fee schedule. The Board considered that the Funds’ sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Adviser in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Funds

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationships with the Funds.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Funds.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2020

Page    82

TRANSAMERICA CLEARTRACK^® 2015, TRANSAMERICA CLEARTRACK^® 2020, TRANSAMERICA CLEARTRACK^® 2025, TRANSAMERICA CLEARTRACK^® 2030, TRANSAMERICA CLEARTRACK^® 2035, TRANSAMERICA CLEARTRACK^® 2040, TRANSAMERICA CLEARTRACK^® 2045, TRANSAMERICA CLEARTRACK^® 2050, TRANSAMERICA CLEARTRACK^® 2055, TRANSAMERICA CLEARTRACK^® 2060 AND TRANSAMERICA CLEARTRACK^® RETIREMENT INCOME

APPROVAL OF SUB-ADVISORY AGREEMENTS

(Unaudited)

On July 31, 2020, Franklin Resources, Inc. (“Franklin”) acquired Legg Mason Inc. (“Legg Mason”), the parent company of QS Investors, LLC (“QS Investors”). This transaction constituted an “assignment,” within the meaning of the Investment Company Act of 1940, of the sub-advisory agreements between Transamerica Asset Management, Inc. (“TAM”) and QS Investors, resulting in their automatic termination.

In anticipation of the closing of the transaction, the Board of Trustees of Transamerica Funds (the “Board” or “Board Members”), at a meeting held on June 17-18, 2020, considered the continued retention of QS Investors as sub-adviser to Transamerica ClearTrack^® 2015, Transamerica ClearTrack^® 2020, Transamerica ClearTrack^® 2025, Transamerica ClearTrack^® 2030, Transamerica ClearTrack^® 2035, Transamerica ClearTrack^® 2040, Transamerica ClearTrack^® 2045, Transamerica ClearTrack^® 2050, Transamerica ClearTrack^® 2055, Transamerica ClearTrack^® 2060 and Transamerica ClearTrack^® Retirement Income (each a “Fund” and collectively, the “Funds”). Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreements between TAM and QS Investors, with respect to the Funds (the “New Sub-Advisory Agreements”), were reasonable, and approval of each New Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders. The Board Members, including the independent members of the Board (the “Independent Board Members”), unanimously approved the New Sub-Advisory Agreements to take effect upon the closing of the transaction.

To assist the Board Members in their consideration of the New Sub-Advisory Agreements, the Board Members requested and received from TAM and QS Investors certain materials and information in advance of the meeting. The Board Members then reviewed such information as they deemed reasonably necessary to evaluate the New Sub-Advisory Agreements. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a)        that QS Investors would remain the sub-adviser to the Funds and that the transaction is not expected to result in any diminution in the nature, extent and quality of services provided to the Funds and the shareholders, including compliance services;

(b)        that Franklin has no current plans to make any changes to the management structure, personnel or processes of QS Investors following the transaction;

(c)        that QS Investors will become part of an organization with greater scale, broader distribution capabilities and new opportunities to grow;

(d)        that QS Investors will continue to have the capabilities, resources and personnel necessary to provide services to the Funds based on an assessment of QS Investors, its investment personnel, and the services QS Investors currently provides to the Funds; and

(e)        that the New Sub-Advisory Agreements will not result in any change in the rate of sub-advisory fees payable by TAM to QS Investors.

In approving the New Sub-Advisory Agreements, the Board Members also relied, as to QS Investors’ services, fees, profitability and fallout benefits, on their deliberations in connection with the renewal of the existing sub-advisory agreements at the same meeting.

In their deliberations, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. The Board Members based their decisions on the considerations discussed above, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of each New Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and unanimously approved the New Sub-Advisory Agreements to take effect upon the closing of the transaction.

Transamerica Funds Annual Report 2020

Page    83

Management of the Trust

Board Members and Officers

(unaudited)

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund’s assets by the investment manager and its respective sub-adviser.

The Funds are among the Funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”); and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 121 Funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Further information about the Funds’ Directors and Officers is available in the Funds’ Statement of Additional Information, which can be obtained without charge by calling 1-888-233-4339 or visiting the Funds’ website at www.transamerica.com.

The Board Members, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of Funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
Marijn P. Smit (47)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	121	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present) Director, Mongeral Aegon Seguros e Previdencia S.A. (2019 – present); and Director, Mongeral Aegon Investimentos

Transamerica Funds Annual Report 2020

Page    84

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
Marijn P. Smit (continued)			Senior Vice President, Transamerica Retirement Solutions LLC (2012 – present); Trust Officer, Massachusetts Fidelity Trust Company (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – 2016); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).		Ltda. (2018 – present)
Alan F. Warrick (72)	Board Member	Since 2012	Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Board Member, TIS (2012 – 2015); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010).	116	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (68)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	116	Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)

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Page    85

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Leo J. Hill (64)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2002 – 2015); Board Member, TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).	116	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)
David W. Jennings (74)	Board Member	Since 2009	Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	116	N/A
Fredric A. Nelson III (63)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018);	116	N/A

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Fredric A. Nelson III (continued)			Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).
John E. Pelletier (56)	Board Member	Since 2017	Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018); Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – present); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017); Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates.	116	N/A
Patricia L. Sawyer (70)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); Board Member, TIS (2007 – 2015); Board	116	Honorary Trustee, Bryant University (1996 – present)

Transamerica Funds Annual Report 2020

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Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INDEPENDENT BOARD MEMBERS — continued
Patricia L. Sawyer (continued)			Member, TII (2008 – 2010); Board Member, TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.
John W. Waechter (68)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Board Member, TIS (2004 – 2015); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	116	Board Member, Operation PAR, Inc. (non-profit organization) (2008 – present); Board Member, Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present); Board Member, Boley PAR, Inc. (non-profit organization) (2016 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2020

Page    88

OFFICERS

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (47)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See Interested Board Members Table Above.
Christopher A. Staples, CFA (50)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services, Transamerica Funds and TST (2007 – present); TET (2017 – present); Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – 2019); Trust Officer, Massachusetts Fidelity Trust Company (2010 – present); Registered Representative (2007 – 2016), TCI; Registered Representative, TFA (2005 – present).
Thomas R. Wald, CFA (60)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); TET (2017 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Director (2017 – present), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión, Director (2019 – present); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Director, Transamerica Funds Services, Inc. (2019 – present); and Trust Officer, Massachusetts Fidelity Trust Company (2015 – present).
Vincent J. Toner (50)	Vice President and Treasurer	Since 2014	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present), TET (2017 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015);

Transamerica Funds Annual Report 2020

Page    89

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Vincent J. Toner (continued)			Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); Vice President (2016 – present), Transamerica Capital, Inc.; Trust Officer (2015 – present), Massachusetts Fidelity Trust Company.
Francine J. Rosenberger (53)	Chief Compliance Officer	Since 2019	Chief Compliance Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (42)	Anti-Money Laundering Officer	Since 2019	Anti-Money Laundering Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Anti-Money Laundering Officer (2019 – present), TAM; Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present); Attorney, Anti-Money Laundering Compliance Officer (Annuity products), Transamerica Life Insurance Company/Aegon USA (2006 – 2015).
Erin D. Nelson (43)	Chief Legal Officer and Secretary	Since 2019	Chief Legal Officer and Secretary, Transamerica Funds, TST, TET and TAAVF (2019 – present); Assistant General Counsel II and Assistant Secretary, TAM (2019 – present), Assistant Secretary (2019 – present, TFS; Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019).
Timothy Bresnahan (52)	Senior Counsel and Assistant Secretary	Since 2020	Assistant Secretary, TET (2019 – present); Secretary, TET (2019); Senior Counsel, TAM (2008 – present)
Peter Sattelmair (43)	Assistant Treasurer	Since 2018	Assistant Treasurer, Transamerica Funds, TST and TAAVF (2018 – present); Director, Fund Administration, TAM (2014 – present).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2020

Page    90

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.

Each fiscal quarter, the Funds will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.

You may also visit the Trust’s website at www.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

Transamerica Funds Annual Report 2020

Page    91

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2020

Page    92

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

270221 10/20

© 2020 Transamerica Capital, Inc.

Item 2: Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, the Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable.

(f) The Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Experts.

The Registrant’s Board of Trustees has determined that Sandra N. Bane, and John W. Waechter are “audit committee financial experts,” as such term is defined in Item 3 of Form N-CSR. Ms. Bane, and Mr. Waechter are “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, and Mr. Waechter as “audit committee financial experts” pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.

		Fiscal Year Ended 10/31           (in thousands)
		2020		2019
(a)	Audit Fees		$1,346		$1,445
(b)	Audit Related Fees(1)		$11		$48
(c)	Tax Fees(2)		$284		$158
(d)	All Other Fees(3)		$61		$64

⁽¹⁾  Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements including review of documents and issuances of consents related to Securities and Exchange Commission Form N-IA filing of the funds comprising the Registrant

⁽²⁾  Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the funds comprising the Registrant.

⁽³⁾  All Other Fees represent service fees for analysis of potential Passive Foreign Investment Company and N-14 merger items.

(e)(1) Audit Committee Pre-Approval Policies and Procedures. Generally, the Registrant’s Audit Committee must preapprove (i) all audit and non-audit services performed for the Registrant by the independent accountant and (ii) all non-audit services performed by the Registrant’s independent accountant for the Registrant’s investment adviser, and certain of the adviser’s affiliates that provide ongoing services to the Registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the Registrant.

The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.

In accordance with the Procedures, the annual audit services engagement terms and fees for the Registrant will be subject to the preapproval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant preapproval for other audit services, which are those services that only the independent accountant reasonably can provide.

Requests or applications to provide services that require separate approval by the Audit Committee will be submitted to the Audit Committee by both the independent accountant and the Registrant’s treasurer, and must include a joint statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commissions’ rules on auditor independence.

Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.

(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2020 and 2019 was zero.

(f) Not Applicable.

(g) Not Applicable.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal accountant’s independence.

Item 5: Audit Committee of Listed Registrants.

The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, David W. Jennings, Frederic A. Nelson, John E. Pelletier, Patricia L. Sawyer and John W. Waechter.

Item 6: Schedule of Investments.

(a) The schedules of investments and consolidated schedules of investments are included in the Annual Report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable

Item 10: Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11: Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal 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) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. The Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

(a)(2) Certifications pursuant to Section  302 of the Sarbanes-Oxley Act of 2002. Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

(a)(3) Any written solicitation to purchase securities under Rule 23c 1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) Certification pursuant to Section  906 of the Sarbanes-Oxley Act of 2002. A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Transamerica Funds
(Registrant)
By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	January 4, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	January 4, 2021
By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Treasurer
	(Principal Financial Officer)
Date:	January 4, 2021

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
13(a)(1)	Code of Ethics for Principal Executive and Principal Financial Officers
13(a)(2)(i)	Section 302 N-CSR Certification of Principal Executive Officer
13(a)(2)(ii)	Section 302 N-CSR Certification of Principal Financial Officer
13(b)	Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer