Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents
Document/Exhibit Description Pages Size
1: NSAR-B 10.31.17 Final Nsar 238 971K
13: EX-99.77B ACCT LTTR Audit Control Letter 3± 14K
12: EX-99.77M MERGERS Mergers 3± 13K
3: EX-99.77O RULE 10F-3 Bond (Loomis) 2± 10K
4: EX-99.77O RULE 10F-3 Capital Growth (Morgan Stanley) 3± 13K
5: EX-99.77O RULE 10F-3 Core Bond (Jpm) 99± 407K
6: EX-99.77O RULE 10F-3 Core Bond (Jpm) 6± 20K
7: EX-99.77O RULE 10F-3 Long-Short Strategy (Jpm) 1 7K
8: EX-99.77O RULE 10F-3 Long-Short Strategy (Jpm) 3± 12K
9: EX-99.77O RULE 10F-3 Multi-Managed Balanced (Jpm) 1 7K
10: EX-99.77O RULE 10F-3 Multi-Managed Balanced (Jpm) 3± 12K
11: EX-99.77Q1 OTHR EXHB 17E-1 - Affiliated Brokers 1 6K
2: EX-7 7C Attachment for Series Number Over 99 2± 8K
‘EX-99.77B ACCT LTTR’ — Audit Control Letter
Report of Independent Registered Public Accounting Firm
To the Board of Trustees & Shareholders of Transamerica
Funds:
In planning and performing our audits of the financial
statements of ClearTrack 2015, ClearTrack 2020, ClearTrack
2025, ClearTrack 2030, ClearTrack 2035, ClearTrack 2040,
ClearTrack 2045, ClearTrack 2050, ClearTrack 2055,
ClearTrack 2060, ClearTrack Retirement Income,
Transamerica Asset Allocation - Conservative Portfolio,
Transamerica Asset Allocation - Growth Portfolio,
Transamerica Asset Allocation Intermediate Horizon,
Transamerica Asset Allocation Long Horizon, Transamerica
Asset Allocation - Moderate Growth Portfolio, Transamerica
Asset Allocation - Moderate Portfolio, Transamerica Multi-
Manager Alternative Strategies Portfolio, Transamerica Asset
Allocation Short Horizon, Transamerica Balanced II,
Transamerica Bond, Transamerica Capital Growth,
Transamerica Concentrated Growth, Transamerica Core Bond,
Transamerica Developing Markets Equity, Transamerica
Dividend Focused, Transamerica Dynamic Allocation,
Transamerica Dynamic Income, Transamerica Emerging
Markets Debt, Transamerica Emerging Markets Equity,
Transamerica Event Driven, Transamerica Flexible Income,
Transamerica Floating Rate, Transamerica Global Equity,
Transamerica Global Real Estate Securities, Transamerica
Government Money Market, Transamerica Growth,
Transamerica High Quality Bond, Transamerica High Yield
Bond, Transamerica High Yield Muni, Transamerica
Inflation-Protected Securities, Transamerica Inflation
Opportunities, Transamerica Intermediate Bond, Transamerica
Intermediate Muni, Transamerica International Equity,
Transamerica International Equity Opportunities,
Transamerica International Small Cap, Transamerica
International Small Cap Value, Transamerica Large Cap
Value, Transamerica Large Core, Transamerica Large Growth,
Transamerica Large Value Opportunities, Transamerica
Long/Short Strategy, Transamerica Mid Cap Growth,
Transamerica Mid Cap Value, Transamerica Mid Cap Value
Opportunities, Transamerica MLP & Energy Income,
Transamerica Multi-Cap Growth, Transamerica Multi-
Managed Balanced, Transamerica Short-Term Bond,
Transamerica Small Cap Core, Transamerica Small Cap
Growth, Transamerica Small Cap Value, Transamerica
Small/Mid Cap Value, Transamerica Strategic High Income,
Transamerica Total Return, Transamerica Unconstrained
Bond and Transamerica US Growth, and the consolidated
financial statements of Transamerica Global Multifactor
Macro and Transamerica Managed Futures Strategy (seventy
of the Funds comprising the Transamerica Funds, collectively,
the "Funds") as of and for the year or periods ended October
31, 2017, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), we
considered the Funds' internal control over financial reporting,
including controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, but not for the
purpose of expressing an opinion on the effectiveness of the
Funds' internal control over financial reporting. Accordingly,
we express no such opinion.
The management of the Funds is responsible for establishing
and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. A company's internal
control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted
accounting principles. A company's internal control over
financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made
only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a company's
assets that could have a material effect on the financial
statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may
deteriorate.
A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the company's
annual or interim financial statements will not be prevented or
detected on a timely basis.
Our consideration of the Funds' internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies
in internal control that might be material weaknesses under
standards established by the Public Company Accounting
Oversight Board (United States). However, we noted no
deficiencies in the Funds' internal control over financial
reporting and its operation, including controls over
safeguarding securities that we consider to be a material
weakness as defined above as of October 31, 2017.
This report is intended solely for the information and use of
management and the Board of Trustees of the Funds and the
Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified
parties.
Boston, Massachusetts
December 27, 2017
Dates Referenced Herein and Documents Incorporated by Reference
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