Transamerica Core Bond

202 Pages·2016·1.01 MB·English

TRANSAMERICA FUNDS
ANNUAL REPORT
OCTOBER 31, 2022
TRANSAMERICA
MID CAP VALUE
I2 FUNDS
CustomerService:1-888-233-4339
1801CaliforniaSt.,Suite5200Denver,CO80202
Distributor:TransamericaCapital,Inc.
www.transamerica.com
Table of Contents
ShareholderLetter 1
DisclosureofExpenses 2
ManagerCommentaryandScheduleofInvestments
TransamericaMidCapValue 3
StatementofAssetsandLiabilities 8
StatementofOperations 8
StatementofChangesinNetAssets 9
FinancialHighlights 9
NotestoFinancialStatements 10
ReportofIndependentRegisteredPublicAccountingFirm 18
SupplementalInformation 19
ApprovalofManagementandSub-AdvisoryAgreements 20
ManagementoftheTrust 23
ProxyVotingPoliciesandProceduresandQuarterlyPortfolioHoldings 31
NoticeofPrivacyPolicy 32
Authorizedfordistributiononlywhenaccompaniedorprecededbyaprospectus.Investorsshouldcarefullyconsiderafund’s
investment goals, risks, charges and expenses before investing. The prospectus containsthisandotherinformation; please
readitcarefullybeforeinvesting.
TransamericaFunds AnnualReport2022
DearShareholder,
On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look
forwardtocontinuingtoserveyouandyourfinancialprofessionalinthefuture.Wevaluethetrustyouhaveplacedinus.
This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange
Commissionrequiresthatannualandsemi-annualreportsbemadeavailabletoallshareholders,andwebelieveittobeanimportantpart
oftheinvestmentprocess.ThisreportprovidesdetailedinformationaboutyourFund(s)forthe12-monthperiodendedOctober31,2022.
We believe it is important to understand market conditions over the last fiscal year to provide a context for reading this report. As the
period began in November of 2021, U.S. stocks, as represented by theS&P500®Index,wereapproachingrecordhighsascorporate
earnings continued to be strong and interest rates remained at historically low levels due to the U.S. Federal Reserve (“Fed”)
maintaining accommodative monetary policy. While inflation was rising to multi-decade highs, there was still a sense it could be
transitoryinnaturebasedonglobalsupplychainchallengeseasinginapost-pandemicenvironment.
As the calendar turned to 2022, more serious market concerns emerged led by a recognition that the persistent rise of inflation would
notbetemporaryandFedpolicywouldneedtocatchupquicklyintheformofhigherinterestrates.ThiswasexacerbatedbyRussia’s
invasion of Ukraine in February and the human tragedy of war, which triggered economic concerns in Eastern Europe and across the
globe,suchasfoodandenergyshortages,globalinflationandrecession.InMarch,theFedraisedratesforthefirsttimeinmorethan
two years, and with inflation continuing to rise, it was apparent that a full-fledged tightening cycle was at hand, soon leading to
materiallyhigherinterestrates.
As the Consumer Price Index reached 9% in June, it became clear the Fed would need to be more aggressive in its efforts to curtail
inflation and that the risk of recession had become a very real probability. This was augmented by the U.S. economy experiencing two
consecutive quarters of negative Gross Domestic Product growth by mid-year. However, due mostly to strong employment trends the
NationalBureauofEconomicResearchdidnotdeclaretheU.S.economytobeinrecession.Nonetheless,stockpricescontinuedtofall
precipitously, U.S. Treasury bond rates rose as the Fed increased the pace of its rate hikes, and credit spreads widened considerably
increasingcorporatebondyields.
BytheendofSeptember,theS&P500®Indexhadfallensolidlyintobearmarketterritory(adeclineof20%),the10-yearU.S.Treasury
bondyieldhadincreasedmorethan2%sincethestartoftheyearto3.83%,andcorporatebondswereyieldingmorethandoubletheir
ratesofayearearlier.Corporateearningsgrowthcontinuedtoslowthroughouttheremainderoftheperiod.
Fortheone-yearperiodendedOctober31,2022,theS&P500®Indexreturned-14.61%whiletheMSCIEAFEIndex,representinginternational
developed market equities, returned -22.62%. During the same period, the Bloomberg US Aggregate Bond Index returned -15.68%. Please
keepinmindthatitisimportanttomaintainadiversifiedportfolioasinvestmentreturnshavehistoricallybeendifficulttopredict.
Inadditiontoyouractiveinvolvementintheinvestmentprocess,wefirmlybelievethatafinancialprofessionalisakeyresourcetohelp
you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history,
including long-term returns and volatility of various asset classes. With your financial professional, you can develop an investment
programthatincorporatesfactorssuchasyourgoals,yourinvestmenttimelineandyourrisktolerance.
Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the
confidenceyouhaveplacedinus.
Sincerely,
MarijnSmit
TomWald,CFA
President&ChiefExecutiveOfficer
ChiefInvestmentOfficer
TransamericaFunds
TransamericaFunds
Bloomberg US Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including
Treasuries,government-relatedandcorporatesecurities,aswellasbothmortgage-andasset-backedsecurities.
MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of
developedmarkets,excludingtheU.S.andCanada.
S&P500®Index:Amarket-capitalizationweightedindexof500largeU.S.companieswithcommonstocklistedontheNewYorkStock
ExchangeorNASDAQStockMarket.
The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of
Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These
viewsshouldnotberelieduponasinvestmentadviceandarenotindicativeoftradingintentonbehalfofTransamericaFunds.
Investing involves risk, including potential loss of principal. The past performance data presented represents past performance and
doesnotguaranteefutureperformanceorresults.Indexesareunmanagedanditisnotpossibletoinvestdirectlyinanindex.
Disclosure of Expenses
(unaudited)
SHAREHOLDEREXPENSES
Fund shareholders may incur two types of costs: (i) transaction costs, including sales charges (loads) on purchases, contingent
deferredsaleschargesonredemptions;and(ii)ongoingcosts,includingmanagementfees,andotherfundexpenses.
The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to
comparethesecostswiththeongoingcostsofinvestinginotherfunds.
The example is based on an investment of $1,000 invested at May 1, 2022, and held for the entire six-month period until October 31,
2022.
ACTUALEXPENSES
Theinformationinthetablebelowprovidesinformationaboutactualaccountvaluesandactualexpenses.Youmayusetheinformation
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
duringthisperiod.
HYPOTHETICALEXAMPLEFORCOMPARISONPURPOSES
The information in the table below provides information about hypothetical account values and hypothetical expenses based on the
Fund’sactualexpenseratioandanassumedrateofreturnof5%peryearbeforeexpenses,whichisnottheFund’sactualreturn.The
hypotheticalaccountvaluesandexpensesmaynotbeusedtoestimatetheactualendingaccountbalanceorexpensesyoupaidforthe
period.YoumayusethisinformationtocomparetheongoingcostsofinvestinginyourFundversusotherfunds.Todoso,comparethis
5%hypotheticalexamplewiththe5%hypotheticalexamplesthatappearintheshareholderreportsoftheotherfunds.
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
reflectanyfeesthatmaybechargedtoyoubybrokers,financialintermediaries,orotherfinancialinstitutions.
ActualExpenses HypotheticalExpenses(A)
ExpensesPaid ExpensesPaid
Beginning DuringPeriod(B) DuringPeriod(B)
AccountValue EndingAccountValue May1,2022- EndingAccountValue May1,2022- NetAnnualized
May1,2022 October31,2022 October31,2022 October31,2022 October31,2022 ExpenseRatio(C)
$ 1,000.00 $ 959.50 $ 4.79 $ 1,020.30 $ 4.94 0.97%
(A) 5%returnperyearbeforeexpenses.
(B) ExpensesarecalculatedusingtheFund’snetannualizedexpenseratios,asdisclosedinthetable,multipliedbytheaverageaccountvaluefortheperiod,multipliedby
thenumberofdaysintheperiod(184days),anddividedbythenumberofdaysintheyear(365days).
(C) Netannualizedexpenseratiosarereflectiveofanyapplicablefeewaiversand/orreimbursementsandrecapture,ifany,arebasedonthemostrecentsix-monthsand
maydifferfromthenetexpenseratiodisplayedintheFinancialHighlightswhichcoversatwelve-monthperiod.
TransamericaFunds AnnualReport2022
Page 2
Transamerica Mid Cap Value
(unaudited)
MARKETENVIRONMENT
ThefirstquarterofthefiscalyearendedOctober31,2022,wastryingforequitymarkets.TheU.S.FederalReserve(“Fed”)ratehikes
andgeopoliticaldevelopmentsdrovemarketconcernsaroundeconomicconditions.Risingoilandgaspricesaidedtheenergysectorto
significantlyoutperformtherestofthemarket.AsaresultoftheRussia-Ukrainewar,risingmanufacturingpricesheightenedconcerns
over inflation and consumer spending. Settling the dispute between curbing inflation and supporting growth, the Fed initiated the first
ratehikesince2018.Inaddition,whiletheworldwasrecuperatingfromtheCOVID-19pandemic,newsoffreshroundsofinfectionsin
SoutheastAsiaandtheU.K.emerged.
The second calendar quarter of the year saw broader equity markets, as measured by the S&P 500® Index (“S&P 500®”), continue to
selloffasmarketsgrappledwithhighinflationlevels,continuedsupplychainconstraints,fast-pacedtighteningliquidityandbytheendof
thequarter,recessionaryrisks.TheS&P500®’sbiggestmonthlyfallintwoyearswasbroughtonbynewsoftheeconomyshrinkingin
April. Some respite was found in May, as markets briefly rebounded in the wake of much anticipated Fed action on rate hikes and
generaloptimismsurroundingcorporateoutput.However,withthetideturningfromrecordstimulustofiscaldrag,corporateprofitsgrew
at a slower pace in June when faced with additional headwinds like rising wage costs and slowing nominal sales growth. Consumer
spendinginareasofrecreationandtravelwereoneoftheonlybrightspotsinthequarter’sgloomymarketenvironment.
Broader equity markets ended the third calendar quarter of 2022 with the S&P 500® down -4.88%, the third consecutive quarter of
declines for the index for the first time since 2009. July marked the only month the index posted gains, which were erased in August
and September. While inflation showed little signs of cooling, the third quarter saw two of the three consecutive 75 basis points rate
hikes which took place in July and September. By the end of the quarter, U.S. equities found little relief as further deterioration in
multiplesanddecliningearningsexpectationsledtonegativereturns.
The U.S. equity markets bounced back in October after a turbulent August & September. While September’s Consumer Price Index
Inflationprintcameinhigherthanexpected,marketsseeminglyshruggeditoff.Astronglabormarketremainedabrightspot,withthe
Septemberjobsreportindicatingunemploymentratesremainedlow.Finally,thirdquarterearningsweremixed,withseveralbeatsbut
lacklusterresultsfromlargetechnologycompanies.
PERFORMANCE
For the year ended October 31, 2022, Transamerica Mid Cap Value (Class I2) returned -6.18%. By comparison, its benchmark, the
RussellMidcap®ValueIndex,returned-10.18%.
STRATEGYREVIEW
Transamerica Mid Cap Value outperformed the benchmark, the Russell Midcap® Value Index, for the trailing twelve month period
ended October 31, 2022. Stock selection in financials and information technology sectors contributed to performance whereas stock
selectioninenergyandcommunicationservicessectorsdetractedfromperformance.
At a stock specific level, while increased recessionary fears have weighed on financials, we have been able to provide downside
protectionduetoourqualitybias.Specifically,M&TBankCorp.,ahighqualityregionalbank,wasatopabsolutecontributorduringthe
fiscalyear.Risinginterestratesbenefittedthebank’snetinterestmarginswhilebothbankandconsumerbalancesheetshaveproven
to be resilient and better positioned in the face of weakening economic fundamentals. As the period ended, we remained comfortable
withtheFund’sM&TBankCorp.weighting,giventheirimpressivebalancesheetandbestinclassmanagementteaminourview,with
ahistoryofconsistentperformanceduringdifficultmarketenvironments.
Alternatively, stock selection within communication services was disappointing, and Liberty Broadband Corp. was one of the largest
detractors from performance. Charter, Liberty Broadband Corp.’s principal holding, has stumbled with declining residential broadband
subscribers. While fixed wireless competition looms over the stock multiple, we feel optimistic in Liberty Broadband Corp.’s
management team’s ability to navigate, as evidenced by their active share buy backs during this bout of volatility. We believe Liberty
Broadband Corp.’s valuation remains inexpensive, and the business has evolved from high growth to a steady cash flow generator,
whichkeepsitastrongfitwithintheFund’sportfolio.
LawrencePlayford,CFA
JonathanK.L.Simon
Co-PortfolioManagers
J.P.MorganInvestmentManagementInc.
PercentageofNet
AssetAllocation Assets
CommonStocks 97.5%
RepurchaseAgreement 2.6
NetOtherAssets(Liabilities) (0.1)
Total 100.0%
Currentandfutureportfolioholdingsaresubjecttochangeandrisk.
TransamericaFunds AnnualReport2022
Page 3
Transamerica Mid Cap Value
(unaudited)
Transamerica Mid Cap Value - Class I2 (NAV) - $26,040
Growth of $10,000
Ten Years from 10/31/2012 through 10/31/2022 Russell Midcap® Value Index - $26,943
$40,000
30,000
20,000
10,000
10/31/2012 10/2013 10/2014 10/2015 10/2016 10/2017 10/2018 10/2019 10/2020 10/2021 10/31/2022
Average Annual Total Return for Periods Ended 10/31/2022
10Yearsor
1Year 5Year SinceInception InceptionDate
ClassI2(NAV) (6.18)% 6.49% 10.04% 11/15/2005
RussellMidcap®ValueIndex(A) (10.18)% 6.49% 10.42%
(A)TheRussellMidcap®ValueIndexmeasurestheperformanceofthemid-capvaluesegmentoftheU.S.equityuniverse,andiscomprisedofRussell
Midcap®Indexcompanieswithlowerprice-to-bookratiosandlowerforecastedgrowthvalues.TheRussellMidcap®Indexmeasurestheperformanceof
themid-capsegmentoftheU.S.equityuniverse.
TheFund’sbenchmarkisanunmanagedindexusedasageneralmeasureofmarketperformance.Calculationsassumedividendsandcapitalgainsare
reinvestedanddonotincludeanymanagerialexpenses.The10YearsorsinceinceptiondateofClasscalculationisbasedontheprevious10yearsor
sincetheinceptiondateoftheclass,whicheverismorerecent.Youcannotinvestdirectlyinanindex.
Theperformancedatapresentedrepresentspastperformanceanddoesnotguaranteefutureresults.Performancedatadoesnotreflectthe
deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will
fluctuatesothataninvestor’sshares,whenredeemed,maybeworthmoreorlessthantheiroriginalcost.Currentperformancemaybelower
orhigherthanperformancequoted.Pleaseseewww.transamerica.comforperformancedatacurrenttothemostrecentmonth-end.NetAsset
Value(“NAV”)returnsincludethereinvestmentofdividendsandcapitalgains.Fundsharesaresoldwithoutasalesload.
Performancefiguresreflectanyfeewaiversand/orexpensereimbursementsbytheInvestmentManagerandanyrecapturebytheInvestmentManager
ofwaived feesand/orreimbursedexpenses.Absentanyapplicable waiversand/orreimbursements,theperformancewould belowerorhigherinthe
caseofanyrecapture.
PerformanceresultsdonotincludeadjustmentsmadeforfinancialreportingpurposesinaccordancewithU.S.generallyacceptedaccountingprinciples
andmaydifferfromamountsreportedintheFinancialHighlights.
Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and
subjecttogreaterpriceswingsthanthebroadermarket.Valueapproachcarriestheriskthatthemarketwillnotrecognizeasecurity’sintrinsicvaluefora
longtimeorthatanundervaluedstockisactuallyappropriatelypriced.ThisFundisonlyavailableinClassI2shares,whicharenotavailablefordirect
investmentbythepublic.
Russell®andotherservicemarksandtrademarksrelatedtotheRussellindexesaretrademarksoftheLondonStockExchangeGroupcompanies.
TransamericaFunds AnnualReport2022
Page 4
Transamerica Mid Cap Value
SCHEDULEOFINVESTMENTS
AtOctober31,2022
Shares Value Shares Value
COMMONSTOCKS-97.5% COMMONSTOCKS(continued)
Airlines-0.5% ElectricalEquipment(continued)
SouthwestAirlinesCo.(A) 10,185 $ 370,225 Hubbell,Inc. 4,916 $ 1,167,452
Banks-9.7% 3,052,638
CitizensFinancialGroup,Inc. 24,519 1,002,827 ElectronicEquipment,Instruments&Components-3.9%
FifthThirdBancorp 31,894 1,138,297 AmphenolCorp.,ClassA 11,006 834,585
FirstCitizensBancShares,Inc.,ClassA 764 628,100 CDWCorp. 6,122 1,057,943
HuntingtonBancshares,Inc. 98,102 1,489,188 Jabil,Inc. 10,344 664,602
M&TBankCorp. 9,654 1,625,444 TeledyneTechnologies,Inc.(A) 1,280 509,414
RegionsFinancialCorp. 53,807 1,181,064
3,066,544
ZionsBancorpNA 11,516 598,141
EquityRealEstateInvestmentTrusts-9.6%
7,663,061
AmericanHomes4Rent,ClassA 19,301 616,474
Beverages-1.6% AvalonBayCommunities,Inc. 3,383 592,431
ConstellationBrands,Inc.,ClassA 2,637 651,550 BostonProperties,Inc. 6,376 463,535
KeurigDr.Pepper,Inc. 15,051 584,581 BrixmorPropertyGroup,Inc. 21,485 457,845
1,236,131 EssexPropertyTrust,Inc. 1,502 333,805
FederalRealtyInvestmentTrust 3,433 339,798
BuildingProducts-2.1%
HostHotels&Resorts,Inc. 17,292 326,473
CarlisleCos.,Inc. 3,580 854,904
JBGSMITHProperties 11,957 235,314
FortuneBrandsHome&Security,Inc. 13,562 818,060
KimcoRealtyCorp. 26,227 560,733
1,672,964
Mid-AmericaApartmentCommunities,Inc. 2,234 351,743
CapitalMarkets-6.1% Rayonier,Inc. 21,835 735,840
AmeripriseFinancial,Inc. 4,734 1,463,374 RegencyCentersCorp. 5,889 356,343
NorthernTrustCorp. 8,725 735,954 RexfordIndustrialRealty,Inc. 6,066 335,329
RaymondJamesFinancial,Inc. 9,970 1,177,856 SunCommunities,Inc. 2,396 323,101
StateStreetCorp. 11,019 815,406 Ventas,Inc. 6,808 266,397
T.RowePriceGroup,Inc. 5,804 616,152 WeyerhaeuserCo. 23,368 722,772
4,808,742 WPCarey,Inc.(B) 7,318 558,363
Chemicals-1.5% 7,576,296
CelaneseCorp. 3,108 298,741 Food&StaplesRetailing-1.4%
RPMInternational,Inc. 9,457 894,349 KrogerCo. 11,836 559,724
1,193,090 USFoodsHoldingCorp.(A) 18,017 536,186
CommunicationsEquipment-1.5% 1,095,910
MotorolaSolutions,Inc. 4,623 1,154,409 FoodProducts-0.8%
ConstructionMaterials-1.1% PostHoldings,Inc.(A) 7,321 661,965
MartinMariettaMaterials,Inc. 2,544 854,733 GasUtilities-0.8%
ConsumerFinance-0.8% NationalFuelGasCo. 9,859 665,384
DiscoverFinancialServices 5,898 616,105 HealthCareEquipment&Supplies-1.5%
Containers&Packaging-2.3% GlobusMedical,Inc.,ClassA(A) 4,611 308,937
BallCorp. 6,375 314,861 ZimmerBiometHoldings,Inc. 7,700 872,795
PackagingCorp.ofAmerica 5,730 688,804 1,181,732
SilganHoldings,Inc. 17,756 840,924 HealthCareProviders&Services-5.3%
1,844,589 AmerisourceBergenCorp. 8,257 1,298,166
Distributors-2.4% HenrySchein,Inc.(A) 14,476 991,027
GenuinePartsCo. 4,307 766,043 LaboratoryCorp.ofAmericaHoldings 6,132 1,360,445
LKQCorp. 20,067 1,116,528 UniversalHealthServices,Inc.,ClassB 4,629 536,362
1,882,571 4,186,000
DiversifiedFinancialServices-0.7% Hotels,Restaurants&Leisure-1.2%
VoyaFinancial,Inc. 7,960 544,146 DardenRestaurants,Inc. 3,912 559,964
ExpediaGroup,Inc.(A) 4,217 394,163
ElectricUtilities-3.9%
EdisonInternational 8,786 527,511 954,127
EntergyCorp. 10,669 1,143,077 HouseholdDurables-1.4%
XcelEnergy,Inc. 21,626 1,408,069 MohawkIndustries,Inc.(A) 4,941 468,160
3,078,657 NewellBrands,Inc. 45,195 624,143
ElectricalEquipment-3.9% 1,092,303
AcuityBrands,Inc. 5,492 1,008,166 HouseholdProducts-0.4%
AMETEK,Inc. 6,764 877,020 EnergizerHoldings,Inc.(B) 12,012 347,027
TheNotestoFinancialStatementsareanintegralpartofthisreport.
TransamericaFunds AnnualReport2022
Page 5
Transamerica Mid Cap Value
SCHEDULEOFINVESTMENTS(continued)
AtOctober31,2022
Shares Value Shares Value
COMMONSTOCKS(continued) COMMONSTOCKS(continued)
Insurance-6.4% PersonalProducts-0.3%
ArchCapitalGroupLtd.(A) 14,157 $ 814,027 BellRingBrands,Inc.(A) 9,264 $ 224,374
GlobeLife,Inc. 1,996 230,578 Pharmaceuticals-0.8%
HartfordFinancialServicesGroup,Inc. 13,349 966,601 JazzPharmaceuticalsPLC(A) 4,410 634,114
LincolnNationalCorp. 9,517 512,681
RealEstateManagement&Development-0.8%
LoewsCorp. 21,707 1,237,733 CBREGroup,Inc.,ClassA(A) 8,729 619,235
RenaissanceReHoldingsLtd. 2,702 417,945
Software-1.6%
W.R.BerkleyCorp. 11,412 848,825
NortonLifeLock,Inc. 27,310 615,294
5,028,390 Take-TwoInteractiveSoftware,Inc.(A) 5,443 644,887
InteractiveMedia&Services-0.8%
1,260,181
IAC,Inc.(A) 12,353 601,344
SpecialtyRetail-2.6%
ITServices-1.7% AutoZone,Inc.(A) 451 1,142,329
FleetCorTechnologies,Inc.(A) 3,732 694,600
Bath&BodyWorks,Inc. 11,302 377,260
GoDaddy,Inc.,ClassA(A) 7,659 615,783
BestBuyCo.,Inc. 5,358 366,541
1,310,383 Gap,Inc.(B) 16,196 182,529
Machinery-6.5% 2,068,659
IDEXCorp. 3,321 738,292
Textiles,Apparel&LuxuryGoods-2.3%
ITT,Inc. 11,449 874,589 Carter’s,Inc.(B) 8,489 576,148
LincolnElectricHoldings,Inc. 7,165 1,017,430
RalphLaurenCorp. 6,876 637,337
MiddlebyCorp.(A) 6,960 973,426
Tapestry,Inc. 19,410 614,909
Snap-on,Inc. 4,310 957,035
1,828,394
TimkenCo. 8,153 581,227
Thrifts&MortgageFinance-0.6%
5,141,999
MGICInvestmentCorp. 38,204 521,485
Media-1.9%
LibertyBroadbandCorp.,ClassC(A) 7,763 655,430 TotalCommonStocks
(Cost$50,681,596) 76,896,807
LibertyMediaCorp.-LibertySiriusXM,
ClassC(A) 19,791 834,982
1,490,412 Principal Value
Metals&Mining-0.4% REPURCHASEAGREEMENT-2.6%
Freeport-McMoRan,Inc. 9,154 290,090 FixedIncomeClearingCorp.,1.10%(C),
dated10/31/2022,toberepurchasedat
Multi-Utilities-3.4%
CMSEnergyCorp. 20,531 1,171,294 $2,057,400on11/01/2022.
SempraEnergy 1,886 284,673 CollateralizedbyaU.S.Government
WECEnergyGroup,Inc. 13,595 1,241,631 Obligation,4.47%,due04/20/2023,and
withavalueof$2,098,510. $ 2,057,337 2,057,337
2,697,598
TotalRepurchaseAgreement
MultilineRetail-0.2%
(Cost$2,057,337) 2,057,337
Kohl’sCorp. 6,211 186,019
TotalInvestments
Oil,Gas&ConsumableFuels-2.8%
(Cost$52,738,933) 78,954,144
CoterraEnergy,Inc. 23,666 736,722
NetOtherAssets(Liabilities)-(0.1)% (76,947)
DiamondbackEnergy,Inc. 4,819 757,113
WilliamsCos.,Inc. 21,416 700,946 NetAssets-100.0% $ 78,877,197
2,194,781
INVESTMENTVALUATION:
ValuationInputs(D)
Level1- Level2- Level3-
Unadjusted OtherSignificant Significant
QuotedPrices ObservableInputs UnobservableInputs Value
ASSETS
Investments
CommonStocks $ 76,896,807 $ — $ — $ 76,896,807
RepurchaseAgreement — 2,057,337 — 2,057,337
TotalInvestments $ 76,896,807 $ 2,057,337 $ — $ 78,954,144
TheNotestoFinancialStatementsareanintegralpartofthisreport.
TransamericaFunds AnnualReport2022
Page 6
Transamerica Mid Cap Value
SCHEDULEOFINVESTMENTS(continued)
AtOctober31,2022
FOOTNOTESTOSCHEDULEOFINVESTMENTS:
(A) Non-incomeproducingsecurities.
(B) Alloraportionofthesecuritiesareonloan.Thetotalvalueofallsecuritiesonloanis$1,415,004collateralizedbynon-cashcollateral,suchas
U.S.governmentsecuritiesandirrevocablelettersofcredit,of$1,445,061.Theamountofsecuritiesonloanindicatedmaynotcorrespondwiththe
securitiesonloanidentifiedbecausesecuritieswithpendingsalesareintheprocessofrecallfromthebrokers.
(C) RatedisclosedreflectstheyieldatOctober31,2022.
(D) There were no transfersin oroutofLevel 3 during theyearended October31,2022.PleasereferencetheInvestmentValuationsectionofthe
NotestoFinancialStatementsformoreinformationregardinginvestmentvaluationandpricinginputs.
TheNotestoFinancialStatementsareanintegralpartofthisreport.
TransamericaFunds AnnualReport2022
Page 7
Transamerica Mid Cap Value
STATEMENTOFASSETSANDLIABILITIES STATEMENTOFOPERATIONS
AtOctober31,2022 FortheyearendedOctober31,2022
Assets: InvestmentIncome:
Investments,atvalue(cost$50,681,596) Dividendincome $ 1,638,858
(includingsecuritiesloanedof$1,415,004) $ 76,896,807 Interestincome 8,833
Repurchaseagreement,atvalue(cost$2,057,337) 2,057,337 Netincomefromsecuritieslending 549
Receivablesandotherassets:
Totalinvestmentincome 1,648,240
Netincomefromsecuritieslending 159
Dividends 13,058 Expenses:
Interest 63 Investmentmanagementfees 803,452
Transferagentfees 6,871
Totalassets 78,967,424 Trustees,CCOanddeferredcompensationfees 2,835
Auditandtaxfees 24,218
Liabilities:
Custodyfees 11,701
Payablesandotherliabilities:
Legalfees 4,254
Sharesofbeneficialinterestredeemed 5,346
Printingandshareholderreportsfees 3,423
Investmentmanagementfees 55,978
Registrationfees 1,290
Transferagentfees 477
Other 15,112
Trustees,CCOanddeferredcompensationfees 2,359
Auditandtaxfees 18,211 Totalexpenses 873,156
Custodyfees 4,204
Legalfees 1,194 Netinvestmentincome(loss) 775,084
Printingandshareholderreportsfees 295
Netrealizedgain(loss)on:
Registrationfees 6
Investments 19,223,627
Otheraccruedexpenses 2,157
Totalliabilities 90,227
Netchangeinunrealizedappreciation(depreciation)on:
Netassets $ 78,877,197
Investments (24,657,411)
Netassetsconsistof: Netrealizedandchangeinunrealizedgain(loss) (5,433,784)
Paid-incapital $ 37,045,605
Totaldistributableearnings(accumulatedlosses) 41,831,592
Netincrease(decrease)innetassetsresultingfrom
Netassets $ 78,877,197 operations $ (4,658,700)
Sharesoutstanding(unlimitedshares,noparvalue) 7,731,442
Netassetvalueandofferingpricepershare $ 10.20
TheNotestoFinancialStatementsareanintegralpartofthisreport.
TransamericaFunds AnnualReport2022
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