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

As filed with the SEC on June 30, 2010.

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)

570 Carillon Parkway, St. Petersburg, Florida 33716

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (727) 299-1800

Dennis P. Gallagher, Esq. P.O. Box 9012, Clearwater, Florida 33758-9771

(Name and Address of Agent for Service)

Date of fiscal year end: October 31

Date of reporting period: November 1, 2009 – April 30, 2010

Item 1: Report(s) to Shareholders. The Semi-Annual Report is attached.

Fund of Funds

Semi-Annual Report
April 30, 2010

www.transamericafunds.com

Customer Service 1-888-233-4339
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.

Dear Fellow 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 adviser in the future. We value the trust you have placed in us.

This semi-annual report is provided to you with the intent of presenting a comprehensive review of the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe this report to be an important part of the investment process. In addition to providing a comprehensive review, this report also provides a discussion of accounting policies as well as matters presented to shareholders that may have required their vote.

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. Equity and fixed-income markets, while experiencing some periods of weakness, have generally produced positive results over the past six months as investors have become more optimistic regarding an economic recovery. The Federal Reserve has continued to keep the federal funds rate within a historically low range of 0%-0.25% in an ongoing effort to promote economic expansion. Credit markets have continued to rally, with some pauses, as more investors feel comfortable taking on some amount of credit risk. However, concerns over the impact of high government debt levels, particularly in the developed world, have arisen. This has begun to put pressure on some foreign currencies and foreign debt in Europe, particularly in Greece. In addition, while there have been incremental improvements in the labor markets, unemployment remains elevated and reached a level of 9.9% in April 2010. Following improved economic prospects, oil prices have risen modestly. For the six months ending April 30, 2010, the Dow Jones Industrial Average returned 14.87%, the Standard & Poor’s 500 Index returned 15.66%, and the Barclays Capital U.S. Aggregate Bond Index returned 2.54%. Please keep in mind 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 adviser is a key resource to help you build a complete picture of your current and future financial needs. Financial advisers are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial adviser, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.

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

Sincerely,

John K. Carter	Christopher A. Staples
Chairman of the Board, President & Chief Executive Officer	Vice President & Chief Investment Officer
Transamerica Funds	Transamerica Funds

Understanding Your Portfolios’ Expenses
(unaudited)

SHAREHOLDER EXPENSES

Portfolio shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions and redemption fees; and (2) ongoing costs, including management fees, and other portfolio expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the portfolios and to compare these costs with the ongoing costs of investing in other portfolios.

The examples are based on an investment of $1,000 invested at November 1, 2009 and held for the entire period until April 30, 2010.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” 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 = $8.6), 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 could have included a $15 annual fee. The amount of any fee paid through your account would increase the estimate of expenses you paid during the period and decrease your ending account value.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the portfolios’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the portfolios’ 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 portfolios and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios. 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 sales charges, redemption fees, brokerage commissions paid on purchases and sales of portfolio 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 portfolios. 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 (b)
	Beginning		Ending Account		Expenses Paid			Ending Account		Expenses Paid			Annualized
Portfolio Name	Account Value		Value		During Period (a)			Value		During Period (a)			Expense Ratio (c)
Transamerica Asset Allocation — Conservative Portfolio
Class A	$	1,000.00	$	1,074.90	$	3.14		$	1,021.77	$	3.06			0.61	%
Class B		1,000.00		1,071.80		6.42			1,018.60		6.26			1.25
Class C		1,000.00		1,071.20		6.21			1,018.79		6.06			1.21
Class I		1,000.00		1,051.90		1.28	(d)		1,019.57		1.26	(d)		0.30
Class R		1,000.00		1,072.50		4.88			1,020.08		4.76			0.95
Transamerica Asset Allocation — Growth Portfolio
Class A		1,000.00		1,127.00		3.48			1,021.52		3.31			0.66
Class B		1,000.00		1,122.70		7.05			1,018.15		6.71			1.34
Class C		1,000.00		1,123.80		6.74			1,018.45		6.41			1.28
Class I		1,000.00		1,086.30		1.35	(d)		1,019.53		1.30	(d)		0.31
Class R		1,000.00		1,125.90		4.90			1,020.18		4.66			0.93
Transamerica Asset Allocation — Moderate Growth Portfolio
Class A		1,000.00		1,105.00		3.18			1,021.77		3.06			0.61
Class B		1,000.00		1,101.20		6.72			1,018.40		6.46			1.29
Class C		1,000.00		1,101.20		6.46			1,018.65		6.21			1.24
Class I		1,000.00		1,071.50		1.25	(d)		1,019.61		1.22	(d)		0.29
Class R		1,000.00		1,104.20		4.28			1,020.73		4.11			0.82
Transamerica Asset Allocation — Moderate Portfolio
Class A		1,000.00		1,088.60		3.11			1,021.82		3.01			0.60
Class B		1,000.00		1,084.40		6.56			1,018.50		6.36			1.27
Class C		1,000.00		1,085.10		6.31			1,018.74		6.11			1.22
Class I		1,000.00		1,060.90		1.29	(d)		1,019.57		1.26	(d)		0.30
Class R		1,000.00		1,086.00		4.71			1,020.28		4.56			0.91
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A		1,000.00		1,047.50		3.91			1,020.98		3.86			0.77
Class C		1,000.00		1,044.80		7.15			1,017.80		7.05			1.41
Class I		1,000.00		1,037.50		1.82	(d)		1,019.03		1.81	(d)		0.43
Transamerica Multi-Manager International Portfolio
Class A		1,000.00		1,073.10		3.50			1,021.42		3.41			0.68
Class B		1,000.00		1,070.20		7.44			1,017.60		7.25			1.45
Class C		1,000.00		1,070.50		6.93			1,018.10		6.76			1.35
Class I		1,000.00		1,039.80		1.32	(d)		1,019.53		1.30	(d)		0.31

(a)	Expenses are calculated using the classes’ annualized expense ratios (as disclosed in the table), except for Class I, multiplied by the average account values for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).
(b)	5% return per year before expenses.
(c)	Expense ratios do not include expenses of the investment companies in which the portfolios invest.
(d)	Expenses are calculated using the class’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 (152 days), and divided by the number of days in the year (365 days). This class commenced operations on November 30, 2009.

Transamerica Funds Semi-Annual Report 2010

Page 1

Schedules of Investments Composition

At April 30, 2010
(the following charts summarize the Schedules of Investments of the portfolios by asset type)
(unaudited)

Transamerica Asset Allocation — Conservative Portfolio

Bonds	40.9	%
U.S. Stocks	25.3
Tactical and Specialty	14.8
Inflation-Protected Securities	9.3
Global/International Stocks	9.1
Capital Preservation	0.5
Other Assets and Liabilities — Net	0.1
Total	100.0	%

Transamerica Asset Allocation — Growth Portfolio

U.S. Stocks	68.7	%
Global/International Stocks	20.2
Tactical and Specialty	11.2
Capital Preservation	0.0	*
Other Assets and Liabilities — Net	(0.1	)
Total	100.0	%

Transamerica Asset Allocation — Moderate Growth Portfolio

U.S. Stocks	49.8	%
Bonds	19.4
Global/International Stocks	14.0
Tactical and Specialty	12.9
Inflation-Protected Securities	3.7
Capital Preservation	0.2
Other Assets and Liabilities — Net	0.0	*
Total	100.0	%

Transamerica Asset Allocation — Moderate Portfolio

U.S. Stocks	35.1	%
Bonds	30.6
Tactical and Specialty	15.2
Global/International Stocks	11.3
Inflation-Protected Securities	7.6
Capital Preservation	0.2
Other Assets and Liabilities — Net	0.0	*
Total	100.0	%

Transamerica Multi-Manager Alternative Strategies Portfolio

Tactical and Specialty	81.7	%
Global/International Stocks	5.7
Bond	5.6
Capital Preservation	3.6
U.S. Stock	3.1
Other Assets and Liabilities — Net	0.3
Total	100.0	%

Transamerica Multi-Manager International Portfolio

Global/International Stocks	89.2	%
Tactical and Specialty	10.7
Other Assets and Liabilities — Net	0.1
Total	100.0	%

* Amount rounds to less than 0.01%.

Transamerica Funds Semi-Annual Report 2010

Page 2

Transamerica Asset Allocation — Conservative Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES — 99.9% €
Bonds — 40.9%
Transamerica AEGON High Yield Bond		7,733,735	$	70,300
Transamerica Flexible Income		1,948,870		17,267
Transamerica JPMorgan Core Bond		4,259,365		43,147
Transamerica JPMorgan International Bond		3,632,278		39,192
Transamerica PIMCO Total Return		15,015,810		155,264
Transamerica Short-Term Bond		9,875,360		101,520
Transamerica Van Kampen Emerging Markets Debt		3,201,067		34,091
Capital Preservation — 0.5%
Transamerica Money Market		5,739,077		5,739
Global/International Stocks — 9.1%
Transamerica AllianceBernstein International Value		1,216,984		9,395
Transamerica MFS International Equity		1,835,570		15,419
Transamerica Neuberger Berman International		1,693,680		13,803
Transamerica Oppenheimer Developing Markets		1,094,101		12,648
Transamerica Schroders International Small Cap		2,565,052		22,547
Transamerica Thornburg International Value		1,989,427		20,232
Transamerica WMC Emerging Markets		610,479		8,022
Inflation-Protected Securities — 9.3%
Transamerica PIMCO Real Return TIPS		9,609,755		104,746
	Shares		Value
Tactical and Specialty — 14.8%
Transamerica BlackRock Global Allocation		1,978,608	$	20,756
Transamerica BlackRock Natural Resources		994,703		10,862
Transamerica BNY Mellon Market Neutral Strategy ‡		1,255,612		10,422
Transamerica Clarion Global Real Estate Securities		1,363,156		15,622
Transamerica Federated Market Opportunity		1,258,503		10,785
Transamerica First Quadrant Global Macro ‡		1,775,230		10,847
Transamerica Loomis Sayles Bond		8,159,061		87,056
U.S. Stocks — 25.3%
Transamerica BlackRock Large Cap Value		6,336,207		55,378
Transamerica Diversified Equity		1,922,369		26,952
Transamerica Growth Opportunities ‡		1,312,767		12,786
Transamerica Jennison Growth		5,371,163		61,931
Transamerica JPMorgan Mid Cap Value		1,144,955		11,541
Transamerica Oppenheimer Small- & Mid-Cap Value		1,099,606		10,116
Transamerica Third Avenue Value		949,518		19,740
Transamerica UBS Large Cap Value		4,691,301		44,567
Transamerica Van Kampen Mid-Cap Growth		931,640		10,863
Transamerica Van Kampen Small Company Growth ‡		738,162		7,587
Transamerica WMC Diversified Growth		2,601,529		23,102
Total Investment Companies (cost $1,064,954) #				1,124,245
Other Assets and Liabilities — Net				1,358
Net Assets			$	1,125,603

NOTES TO SCHEDULE OF INVESTMENTS:

€	The portfolio invests its assets in the Class I2 shares of the affiliated fund of Transamerica Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $1,064,954. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $74,717 and $15,426, respectively. Net unrealized appreciation for tax purposes is $59,291.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Companies	$	1,124,245	$	—	$	—	$	1,124,245

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 3

Transamerica Asset Allocation — Growth Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES — 100.1% €
Capital Preservation — 0.0% ¥
Transamerica Money Market		60,223	$	60
Global/International Stocks — 20.2%
Transamerica AllianceBernstein International Value		4,729,412		36,511
Transamerica MFS International Equity		3,442,076		28,913
Transamerica Neuberger Berman International		8,673,258		70,687
Transamerica Oppenheimer Developing Markets		6,743,559		77,957
Transamerica Schroders International Small Cap		7,567,055		66,514
Transamerica Thornburg International Value		5,011,105		50,963
Transamerica WMC Emerging Markets		547,350		7,192
Tactical and Specialty — 11.2%
Transamerica BlackRock Global Allocation		4,376,969		45,914
Transamerica BlackRock Natural Resources		1,611,380		17,596
Transamerica BNY Mellon Market Neutral Strategy ‡		1,153,222		9,572
Transamerica Clarion Global Real Estate Securities		7,683,505		88,053
Transamerica Federated Market Opportunity		1,365,565		11,703
Transamerica First Quadrant Global Macro ‡		2,377,249		14,525

	Shares		Value
U.S. Stocks — 68.7%
Transamerica BlackRock Large Cap Value		25,981,457	$	227,078
Transamerica Diversified Equity		7,424,883		104,097
Transamerica Growth Opportunities ‡		4,268,031		41,571
Transamerica Jennison Growth		21,284,948		245,416
Transamerica JPMorgan Mid Cap Value		4,973,507		50,133
Transamerica Oppenheimer Small- & Mid-Cap Value		3,957,987		36,413
Transamerica Third Avenue Value		2,892,080		60,126
Transamerica UBS Large Cap Value		22,093,520		209,888
Transamerica Van Kampen Mid-Cap Growth		3,885,688		45,307
Transamerica Van Kampen Small Company Growth ‡		2,263,414		23,267
Transamerica WMC Diversified Growth		12,222,390		108,535
Total Investment Companies (cost $1,614,776) #				1,677,991
Other Assets and Liabilities — Net				(1,695	)
Net Assets			$	1,676,296

NOTES TO SCHEDULE OF INVESTMENTS:

€	The portfolio invests its assets in the Class I2 shares of the affiliated fund of Transamerica Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $1,614,776. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $151,139 and $87,924, respectively. Net unrealized appreciation for tax purposes is $63,215.
¥	Amount rounds to less than 0.1%.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Companies	$	1,677,991	$	—	$	—	$	1,677,991

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 4

Transamerica Asset Allocation — Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES — 100.0% €
Bonds — 19.4%
Transamerica AEGON High Yield Bond		10,953,836	$	99,570
Transamerica Flexible Income		3,850,715		34,117
Transamerica JPMorgan Core Bond		3,218,341		32,602
Transamerica JPMorgan International Bond		13,258,451		143,059
Transamerica PIMCO Total Return		17,630,341		182,297
Transamerica Short-Term Bond		8,396,061		86,312
Transamerica Van Kampen Emerging Markets Debt		4,719,398		50,262
Capital Preservation — 0.2%
Transamerica Money Market		6,195,503		6,196
Global/International Stocks — 14.0%
Transamerica AllianceBernstein International Value		6,666,147		51,463
Transamerica MFS International Equity		3,745,882		31,465
Transamerica Neuberger Berman International		12,753,358		103,940
Transamerica Oppenheimer Developing Markets		8,505,676		98,326
Transamerica Schroders International Small Cap		8,909,136		78,311
Transamerica Thornburg International Value		6,635,667		67,485
Transamerica WMC Emerging Markets		1,792,082		23,548
Inflation-Protected Securities — 3.7%
Transamerica PIMCO Real Return TIPS		11,041,886		120,357

	Shares		Value
Tactical and Specialty — 12.9%
Transamerica BlackRock Global Allocation		8,145,769	$	85,449
Transamerica BlackRock Natural Resources		3,952,987		43,167
Transamerica BNY Mellon Market Neutral Strategy ‡		3,255,087		27,017
Transamerica Clarion Global Real Estate Securities		10,489,483		120,210
Transamerica Federated Market Opportunity		2,738,534		23,469
Transamerica First Quadrant Global Macro ‡		5,536,697		33,829
Transamerica Loomis Sayles Bond		7,933,082		84,646
U.S. Stocks — 49.8%
Transamerica BlackRock Large Cap Value		33,555,051		293,271
Transamerica Diversified Equity		10,809,983		151,556
Transamerica Growth Opportunities ‡		6,361,458		61,961
Transamerica Jennison Growth		26,888,521		310,024
Transamerica JPMorgan Mid Cap Value		8,612,552		86,815
Transamerica Oppenheimer Small- & Mid-Cap Value		6,449,428		59,335
Transamerica Third Avenue Value		4,453,604		92,590
Transamerica UBS Large Cap Value		33,198,217		315,382
Transamerica Van Kampen Mid-Cap Growth		5,339,930		62,264
Transamerica Van Kampen Small Company Growth ‡		2,256,945		23,201
Transamerica WMC Diversified Growth		18,075,580		160,511
Total Investment Companies (cost $3,134,739) #				3,244,007
Other Assets and Liabilities — Net				(859	)
Net Assets			$	3,243,148

NOTES TO THE SCHEDULE OF INVESTMENTS:

€	The portfolio invests its assets in the Class I2 shares of the affiliated fund of Transamerica Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $3,134,739. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $241,451 and $132,183, respectively. Net unrealized appreciation for tax purposes is $109,268.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Companies	$	3,244,007	$	—	$	—	$	3,244,007

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 5

Transamerica Asset Allocation — Moderate Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES — 100.0% €
Bonds — 30.6%
Transamerica AEGON High Yield Bond		12,235,788	$	111,223
Transamerica Flexible Income		5,784,848		51,254
Transamerica JPMorgan Core Bond		3,223,368		32,653
Transamerica JPMorgan International Bond		6,362,634		68,653
Transamerica PIMCO Total Return		22,123,909		228,761
Transamerica Short-Term Bond		11,972,016		123,072
Transamerica Van Kampen Emerging Markets Debt		4,853,128		51,686
Capital Preservation — 0.2%
Transamerica Money Market		4,539,757		4,540
Global/International Stocks — 11.3%
Transamerica AllianceBernstein International Value		2,863,030		22,103
Transamerica MFS International Equity		3,980,335		33,435
Transamerica Neuberger Berman International		3,836,681		31,269
Transamerica Oppenheimer Developing Markets		3,604,194		41,664
Transamerica Schroders International Small Cap		5,321,829		46,779
Transamerica Thornburg International Value		4,181,652		42,527
Transamerica WMC Emerging Markets		2,157,065		28,344
Inflation-Protected Securities — 7.6%
Transamerica PIMCO Real Return TIPS		15,149,876		165,134

	Shares		Value
Tactical and Specialty — 15.2%
Transamerica BlackRock Global Allocation		4,067,274	$	42,666
Transamerica BlackRock Natural Resources		3,487,793		38,087
Transamerica BNY Mellon Market Neutral Strategy ‡		2,048,012		16,999
Transamerica Clarion Global Real Estate Securities		4,878,698		55,909
Transamerica Federated Market Opportunity		2,115,485		18,130
Transamerica First Quadrant Global Macro ‡		2,885,451		17,630
Transamerica Loomis Sayles Bond		13,370,915		142,667
U.S. Stocks — 35.1%
Transamerica BlackRock Large Cap Value		16,430,468		143,602
Transamerica Diversified Equity		4,801,665		67,319
Transamerica Growth Opportunities ‡		2,827,419		27,539
Transamerica Jennison Growth		14,144,147		163,083
Transamerica JPMorgan Mid Cap Value		4,214,307		42,480
Transamerica Oppenheimer Small- & Mid-Cap Value		3,327,607		30,614
Transamerica Third Avenue Value		2,057,730		42,780
Transamerica UBS Large Cap Value		13,834,035		131,423
Transamerica Van Kampen Mid-Cap Growth		2,565,473		29,913
Transamerica Van Kampen Small Company Growth ‡		1,323,452		13,606
Transamerica WMC Diversified Growth		7,975,084		70,819
Total Investment Companies (cost $2,088,332) #				2,178,363
Other Assets and Liabilities — Net				344
Net Assets			$	2,178,707

NOTES TO THE SCHEDULE OF INVESTMENTS:

€	The portfolio invests its assets in the Class I2 shares of the affiliated fund of Transamerica Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $2,088,332. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $153,883 and $63,852, respectively. Net unrealized appreciation for tax purposes is $90,031.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Companies	$	2,178,363	$	—	$	—	$	2,178,363

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 6

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES — 99.7% €
Bond — 5.6%
Transamerica JPMorgan International Bond		1,252,963	$	13,519
Capital Preservation — 3.6%
Transamerica Money Market		8,680,369		8,680
Global/International Stocks — 5.7%
Transamerica Oppenheimer Developing Markets		328,208		3,794
Transamerica Schroders International Small Cap		1,157,771		10,177
Tactical and Specialty — 81.7%
Transamerica BlackRock Global Allocation		2,151,065		22,565
Transamerica BlackRock Natural Resources		2,332,506		25,471
Transamerica BNY Mellon Market Neutral Strategy ‡		3,558,105		29,532
Transamerica Clarion Global Real Estate Securities		1,929,360		22,110
Transamerica Federated Market Opportunity		3,181,739		27,268
Transamerica First Quadrant Global Macro ‡		4,535,306		27,711
Transamerica Loomis Sayles Bond		4,149,819		44,278
U.S. Stock — 3.1%
Transamerica Third Avenue Value		359,142		7,468
Total Investment Companies (cost $248,476) #				242,573
Other Assets and Liabilities — Net				772
Net Assets			$	243,345

NOTES TO SCHEDULE OF INVESTMENTS:

€	The portfolio invests its assets in the Class I2 shares of the affiliated fund of Transamerica Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $248,476. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,535 and $12,438, respectively. Net unrealized depreciation for tax purposes is $5,903.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Companies	$	242,573	$	—	$	—	$	242,573

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 7

Transamerica Multi-Manager International Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES — 99.9% €
Global/International Stocks — 89.2%
Transamerica AllianceBernstein International Value		4,120,693	$	31,812
Transamerica MFS International Equity		6,029,014		50,644
Transamerica Neuberger Berman International		3,944,687		32,149
Transamerica Oppenheimer Developing Markets		3,561,963		41,176
Transamerica Schroders International Small Cap		4,329,212		38,054
Transamerica Thornburg International Value		5,786,485		58,848
Transamerica WMC Emerging Markets		2,382,083		31,301
Tactical and Specialty — 10.7%
Transamerica BlackRock Global Allocation		1,800,283		18,884
Transamerica Clarion Global Real Estate Securities		1,332,856		15,276
Total Investment Companies (cost $336,490) #				318,144
Other Assets and Liabilities — Net				194
Net Assets			$	318,338

NOTES TO THE SCHEDULE OF INVESTMENTS:

€	The portfolio invests its assets in the Class I2 shares of the affiliated fund of Transamerica Funds.
#	Aggregate cost for federal income tax purposes is $336,490. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $17,016 and $35,362, respectively. Net unrealized depreciation for tax purposes is $18,346.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Companies	$	318,144	$	—	$	—	$	318,144

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 8

STATEMENTS OF ASSETS AND LIABILITIES
At April 30, 2010
(all amounts except per share amounts in thousands)
(unaudited)

							Transamerica
	Transamerica			Transamerica			Asset			Transamerica			Transamerica
	Asset			Asset			Allocation —			Asset			Multi-Manager			Transamerica
	Allocation —			Allocation —			Moderate			Allocation —			Alternative			Multi-Manager
	Conservative			Growth			Growth			Moderate			Strategies			International
	Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
Assets:
Investments in affiliated investment companies, at value	$	1,124,245		$	1,677,991		$	3,244,007		$	2,178,363		$	242,573		$	318,144
Cash		—			—			10			—			—			—
Receivables:
Investment securities sold		—			760			1,027			—			192			—
Shares of beneficial interest sold		4,783			2,448			6,924			7,558			1,651			1,831
Dividends		190			—			164			233			—			—
	$	1,129,218		$	1,681,199		$	3,252,132		$	2,186,154		$	244,416		$	319,975
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased	$	1,296		$	—		$	—		$	896		$	—		$	204
Shares of beneficial interest redeemed		1,402			3,366			6,097			4,705			857			1,161
Management and advisory fees		92			139			267			178			40			26
Distribution and service fees		679			1,037			2,033			1,347			123			176
Trustees fees		4			6			12			8			1			1
Transfer agent fees		56			206			285			129			21			36
Administration fees		11			17			34			22			2			4
Other		75			132			256			162			27			29
	$	3,615		$	4,903		$	8,984		$	7,447		$	1,071		$	1,637
Net assets	$	1,125,603		$	1,676,296		$	3,243,148		$	2,178,707		$	243,345		$	318,338
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value		1,107,759			1,821,367			3,411,378			2,177,620			263,212			424,112
Undistributed (accumulated) net investment income (loss)		(584	)		8,573			(9,746	)		(3,019	)		(2,668	)		2,690
Accumulated net realized loss from investments in affiliated investment companies		(40,863	)		(216,859	)		(267,752	)		(85,925	)		(11,296	)		(90,118	)
Net unrealized appreciation (depreciation) on investments in affiliated investment companies		59,291			63,215			109,268			90,031			(5,903	)		(18,346	)
Net assets	$	1,125,603		$	1,676,296		$	3,243,148		$	2,178,707		$	243,345		$	318,338
Net assets by class:
Class A	$	434,397		$	644,152		$	1,172,335		$	800,216		$	116,767		$	132,481
Class B		118,716			202,333			413,216			238,328						18,994
Class C		560,071			816,905			1,637,917			1,123,827			106,993			142,622
Class I		9,731			9,668			14,840			13,416			19,585			24,241
Class R		2,688			3,238			4,840			2,920
Shares outstanding:
Class A		39,878			58,122			104,671			71,669			12,234			14,648
Class B		10,946			18,628			36,949			21,342						2,113
Class C		51,700			75,268			146,849			101,084			11,271			15,863
Class I		892			871			1,325			1,201			2,050			2,681
Class R		245			294			434			264
Net asset value per share:
Class A	$	10.89		$	11.08		$	11.20		$	11.17		$	9.54		$	9.04
Class B		10.85			10.86			11.18			11.17						8.99
Class C		10.83			10.85			11.15			11.12			9.49			8.99
Class I		10.91			11.09			11.20			11.17			9.55			9.04
Class R		10.96			11.00			11.16			11.12
Maximum offering price per share: (a)
Class A	$	11.52		$	11.72		$	11.85		$	11.82		$	10.10		$	9.57
Investments in affiliated investment companies, at cost	$	1,064,954		$	1,614,776		$	3,134,739		$	2,088,332		$	248,476		$	336,490

^(a) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, I, and R shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 9

STATEMENTS OF OPERATIONS
For the period ended April 30, 2010
(all amounts in thousands)
(unaudited)

													Transamerica
	Transamerica			Transamerica			Transamerica			Transamerica			Multi-Manager			Transamerica
	Asset Allocation			Asset Allocation			Asset Allocation			Asset Allocation			Alternative			Multi-Manager
	— Conservative			— Growth			— Moderate			— Moderate			Strategies			International
	Portfolio			Portfolio			Growth Portfolio			Portfolio			Portfolio			Portfolio
Investment income:
Dividend income from affiliated investment companies	$	29,266		$	17,041		$	58,212		$	50,605		$	3,771		$	4,716
Expenses:
Management and advisory		518			805			1,547			1,019			228			154
Distribution and service:
Class A		693			1,075			1,949			1,305			216			249
Class B		573			990			2,021			1,165						95
Class C		2,603			3,963			7,847			5,270			505			698
Class R		4			7			10			6
Transfer agent:
Class A		234			525			697			397			98			113
Class B		63			198			312			150						27
Class C		170			566			838			406			74			125
Class I		2			2			2			2			3			4
Class R		3			4			4			3
Printing and shareholder reports		59			96			182			117			14			19
Custody		17			24			42			29			6			6
Administration		65			101			193			127			14			19
Legal		15			23			44			29			4			5
Audit and tax		8			9			9			9			8			8
Trustees		10			16			30			20			2			3
Registration		54			56			73			64			26			50
Other		4			7			14			9			1			1
Total expenses		5,095			8,467			15,814			10,127			1,199			1,576
Net of reimbursement of class expenses
Class B		—			—			—			—			—			(1	)
Class R		—	(a)		—			—			—			—			—
Total reimbursed expenses		—	(a)		—			—			—			—			(1	)
Net expenses		5,095			8,467			15,814			10,127			1,199			1,575
Net investment income		24,171			8,574			42,398			40,478			2,572			3,141
Net realized and unrealized gain (loss) on investments in affiliated investment companies:
Realized loss from investments in affiliated investment companies		(1,262	)		(22,893	)		(22,389	)		(7,565	)		(4,752	)		(1,416	)
Realized gain distributions from investments in affiliated investment companies		598			39			966			1,209			187			164
		(664	)		(22,854	)		(21,423	)		(6,356	)		(4,565	)		(1,252	)
Increase in unrealized appreciation (depreciation) on investments in affiliated investment companies		49,489			203,230			280,575			133,364			12,315			18,835
Net realized and unrealized gain (loss) on investments in affiliated investment companies		48,825			180,376			259,152			127,008			7,750			17,583
Net increase in net assets resulting from operations	$	72,996		$	188,950		$	301,550		$	167,486		$	10,322		$	20,724

^(a) Amount rounds to less than $(1).

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 10

STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended:
(all amounts in thousands)

	Transamerica Asset Allocation —						Transamerica Asset Allocation —						Transamerica Asset Allocation —
	Conservative Portfolio						Growth Portfolio						Moderate Growth Portfolio
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income	$	24,171		$	30,977		$	8,574		$	14,678		$	42,398		$	68,877
Net realized loss on investments in affiliated investment companies		(664	)		(37,718	)		(22,854	)		(186,967	)		(21,423	)		(233,911	)
Change in unrealized appreciation on investments in affiliated investment companies		49,489			167,509			203,230			351,453			280,575			575,877
Net increase in net assets resulting from operations		72,996			160,768			188,950			179,164			301,550			410,843
Distributions to shareholders:
From net investment income:
Class A		(10,672	)		(13,153	)		(5,403	)		(10,375	)		(26,903	)		(32,722	)
Class B		(2,850	)		(4,011	)		(552	)		(2,123	)		(7,340	)		(10,197	)
Class C		(12,859	)		(16,263	)		(2,865	)		(9,364	)		(29,428	)		(40,056	)
Class I		(21	)					(1	)					(1	)
Class R		(37	)		(57	)		(22	)		(40	)		(93	)		(73	)
		(26,439	)		(33,484	)		(8,843	)		(21,902	)		(63,765	)		(83,048	)
Capital share transactions:
Proceeds from shares sold:
Class A		101,055			139,081			76,037			143,445			144,141			230,540
Class B		15,777			31,792			9,710			18,975			24,780			38,265
Class C		98,146			198,027			58,952			115,363			154,132			244,779
Class I		9,911						9,956						15,305
Class R		1,421			713			947			1,940			2,495			1,114
		226,310			369,613			155,602			279,723			340,853			514,698
Dividends and distributions reinvested:
Class A		9,629			11,691			5,056			9,389			25,110			30,081
Class B		2,297			3,265			492			1,861			6,616			9,051
Class C		9,383			11,336			2,338			7,303			22,934			29,851
Class I		2						1						2
Class R		33			46			18			19			74			45
		21,344			26,338			7,905			18,572			54,736			69,028
Cost of shares redeemed:
Class A		(55,958	)		(108,752	)		(81,220	)		(136,887	)		(128,496	)		(240,883	)
Class B		(14,978	)		(29,438	)		(20,354	)		(41,291	)		(40,891	)		(79,769	)
Class C		(59,045	)		(149,422	)		(96,921	)		(189,430	)		(175,198	)		(382,557	)
Class I		(358	)					(440	)					(684	)
Class R		(357	)		(569	)		(727	)		(1,136	)		(869	)		(579	)
		(130,696	)		(288,181	)		(199,662	)		(368,744	)		(346,138	)		(703,788	)
Redemption fees:
Class A		—			6			—			3			—			1
Class B		—			1			—			—			—			—
Class C		—			1			—			3			—			2
		—			8			—			6			—			3
Automatic conversions:
Class A		1,221			2,399			2,081			3,697			3,246			7,442
Class B		(1,221	)		(2,399	)		(2,081	)		(3,697	)		(3,246	)		(7,442	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		116,958			107,778			(36,155	)		(70,443	)		49,451			(120,059	)
Net increase in net assets		163,515			235,062			143,952			86,819			287,236			207,736
Net assets:
Beginning of period/year	$	962,088		$	727,026		$	1,532,344		$	1,445,525		$	2,955,912		$	2,748,176
End of period/year	$	1,125,603		$	962,088		$	1,676,296		$	1,532,344		$	3,243,148		$	2,955,912
Undistributed (accumulated) net investment income (loss)	$	(584	)	$	1,684		$	8,573		$	8,842		$	(9,746	)	$	11,621

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 11

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or year ended:
(all amounts in thousands)

	Transamerica Asset Allocation —						Transamerica Asset Allocation —						Transamerica Asset Allocation —
	Conservative Portfolio						Growth Portfolio						Moderate Growth Portfolio
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
Share activity:
Shares issued:
Class A		9,506			15,113			7,147			17,028			13,287			25,412
Class B		1,489			3,491			927			2,296			2,283			4,250
Class C		9,280			21,793			5,639			13,991			14,245			27,170
Class I		925						911						1,386
Class R		131			80			88			231			231			121
		21,331			40,477			14,712			33,546			31,432			56,953
Shares issued-reinvested from distributions:
Class A		921			1,344			489			1,182			2,378			3,594
Class B		221			379			48			239			626			1,080
Class C		904			1,315			230			938			2,176			3,571
Class I		—	(a)					—	(a)					—	(a)
Class R		3			5			2			2			7			5
		2,049			3,043			769			2,361			5,187			8,250
Shares redeemed:
Class A		(5,253	)		(11,999	)		(7,611	)		(16,568	)		(11,834	)		(27,351	)
Class B		(1,411	)		(3,248	)		(1,951	)		(5,088	)		(3,775	)		(9,088	)
Class C		(5,577	)		(16,669	)		(9,312	)		(23,261	)		(16,246	)		(43,805	)
Class I		(33	)					(40	)					(61	)
Class R		(33	)		(61	)		(70	)		(137	)		(81	)		(63	)
		(12,307	)		(31,977	)		(18,984	)		(45,054	)		(31,997	)		(80,307	)
Automatic conversions:
Class A		115			260			197			431			301			828
Class B		(115	)		(261	)		(201	)		(441	)		(302	)		(830	)
		—			(1	)		(4	)		(10	)		(1	)		(2	)
Net increase (decrease) in shares outstanding:
Class A		5,289			4,718			222			2,073			4,132			2,483
Class B		184			361			(1,177	)		(2,994	)		(1,168	)		(4,588	)
Class C		4,607			6,439			(3,443	)		(8,332	)		175			(13,064	)
Class I		892						871						1,325
Class R		101			24			20			96			157			63
		11,073			11,542			(3,507	)		(9,157	)		4,621			(15,106	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 12

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or year ended:
(all amounts in thousands)

	Transamerica Asset						Transamerica Multi-Manager						Transamerica Multi-Manager
	Allocation — Moderate Portfolio						Alternative Strategies Portfolio						International Portfolio
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income	$	40,478		$	56,697		$	2,572		$	5,840		$	3,141		$	3,049
Net realized loss on investments in affiliated investment companies		(6,356	)		(71,447	)		(4,565	)		(6,274	)		(1,252	)		(51,030	)
Change in unrealized appreciation on investments in affiliated investment companies		133,364			312,983			12,315			28,291			18,835			108,676
Net increase in net assets resulting from operations		167,486			298,233			10,322			27,857			20,724			60,695
Distributions to shareholders:
From net investment income:
Class A		(24,791	)		(25,025	)		(3,254	)		(3,552	)		(1,770	)		(770	)
Class B		(6,406	)		(7,739	)		—			—			(109	)		—
Class C		(29,832	)		(32,988	)		(2,026	)		(2,751	)		(850	)		—
Class I		(2	)					(1	)					(1	)
Class R		(70	)		(61	)		—			—			—			—
		(61,101	)		(65,813	)		(5,281	)		(6,303	)		(2,730	)		(770	)
Capital share transactions:
Proceeds from shares sold:
Class A		138,805			205,360			35,984			55,943			38,449			52,130
Class B		17,993			32,093			—			—			2,478			2,161
Class C		156,161			237,636			22,148			26,516			17,551			18,980
Class I		14,422						20,722						25,164
Class R		1,261			2,053			—			—			—			—
		328,642			477,142			78,854			82,459			83,642			73,271
Dividends and distributions reinvested:
Class A		22,613			22,442			2,646			2,810			1,359			603
Class B		5,572			6,569			—			—			90			—
Class C		22,219			23,369			1,636			2,055			629			—
Class I		2						1						1
Class R		46			46			—			—			—			—
		50,452			52,426			4,283			4,865			2,079			603
Cost of shares redeemed:
Class A		(95,853	)		(167,320	)		(44,065	)		(47,972	)		(50,511	)		(48,414	)
Class B		(23,615	)		(57,609	)		—			—			(2,382	)		(3,438	)
Class C		(108,023	)		(260,060	)		(15,556	)		(32,021	)		(16,757	)		(44,010	)
Class I		(1,221	)					(1,281	)					(1,265	)
Class R		(720	)		(1,135	)		—			—			—			—
		(229,432	)		(486,124	)		(60,902	)		(79,993	)		(70,915	)		(95,862	)
Redemption fees:
Class A		—			—			—			1			—			1
Class B		—			—			—			—			—			—
Class C		—			5			—			—			—			—
		—			5			—			1			—			1
Automatic conversions:
Class A		2,288			4,828			—			—			316			435
Class B		(2,288	)		(4,828	)		—			—			(316	)		(435	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		149,662			43,449			22,235			7,332			14,806			(21,987	)
Net increase in net assets		256,047			275,869			27,276			28,886			32,800			37,938
Net assets:
Beginning of period/year	$	1,922,660		$	1,646,791		$	216,069		$	187,183		$	285,538		$	247,600
End of period/year	$	2,178,707		$	1,922,660		$	243,345		$	216,069		$	318,338		$	285,538
Undistributed (accumulated) net investment income (loss)	$	(3,019	)	$	17,604		$	(2,668	)	$	41		$	2,690		$	2,279

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 13

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or year ended:
(all amounts in thousands)

	Transamerica Asset						Transamerica Multi-Manager						Transamerica Multi-Manager
	Allocation — Moderate Portfolio						Alternative Strategies Portfolio						International Portfolio
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
Share activity:
Shares issued:
Class A		12,751			21,960			3,819			6,565			4,331			7,357
Class B		1,653			3,459									276			296
Class C		14,411			25,589			2,363			3,168			1,977			2,664
Class I		1,311						2,185						2,819
Class R		116			224
		30,242			51,232			8,367			9,733			9,403			10,317
Shares issued-reinvested from distributions:
Class A		2,131			2,606			286			359			156			96
Class B		524			761									11
Class C		2,098			2,717			177			264			72
Class I		—	(a)					—	(a)					—	(a)
Class R		5			6
		4,758			6,090			463			623			239			96
Shares redeemed:
Class A		(8,805	)		(18,420	)		(4,671	)		(5,868	)		(5,676	)		(7,408	)
Class B		(2,170	)		(6,339	)								(269	)		(526	)
Class C		(9,971	)		(28,973	)		(1,660	)		(3,944	)		(1,893	)		(6,754	)
Class I		(110	)					(135	)					(138	)
Class R		(66	)		(124	)
		(21,122	)		(53,856	)		(6,466	)		(9,812	)		(7,976	)		(14,688	)
Automatic conversions:
Class A		210			524			—			—			36			65
Class B		(210	)		(525	)		—			—			(36	)		(65	)
		—			(1	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		6,287			6,670			(566	)		1,056			(1,153	)		110
Class B		(203	)		(2,644	)								(18	)		(295	)
Class C		6,538			(667	)		880			(512	)		156			(4,090	)
Class I		1,201						2,050						2,681
Class R		55			106
		13,878			3,465			2,364			544			1,666			(4,275	)

^(a) Amount rounds to less than 1 share.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 14

FINANCIAL HIGHLIGHTS

For the period or years ended:

	Transamerica Asset Allocation — Conservative Portfolio
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	10.42		$	8.99		$	12.40		$	11.76		$	11.35		$	11.07
Investment operations
From net investment income(a),(b),(c)		0.26			0.40			0.36			0.38			0.28			0.32
From net realized and unrealized gain (loss) on affiliated investments		0.51			1.46			(3.21	)		0.82			0.80			0.37
Total from investment operations		0.77			1.86			(2.85	)		1.20			1.08			0.69
Distributions
Net investment income		(0.30	)		(0.43	)		(0.32	)		(0.24	)		(0.35	)		(0.22	)
Net realized gains on affiliated investments		—			—			(0.24	)		(0.32	)		(0.32	)		(0.19	)
Total distributions		(0.30	)		(0.43	)		(0.56	)		(0.56	)		(0.67	)		(0.41	)
Net asset value
End of period/year	$	10.89		$	10.42		$	8.99		$	12.40		$	11.76		$	11.35
Total return(d)		7.49	%(e)		21.76	%		(23.86	%)		12.06	%		9.90	%		6.30	%
Net assets end of period/year	$	434,397		$	360,558		$	268,516		$	242,342		$	165,071		$	129,724
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.61	%(g)		0.65	%		0.62	%		0.62	%		0.60	%		0.28	%
Before reimbursement/recapture		0.61	%(g)		0.65	%		0.62	%		0.62	%		0.60	%		0.28	%
Net investment income, to average net assets(c),(h)		5.00	%(g)		4.27	%		3.22	%		3.18	%		2.44	%		2.85	%
Portfolio turnover rate (i)		6	%(e)		27	%		10	%		32	%		29	%		32	%

	Transamerica Asset Allocation — Conservative Portfolio
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	10.38		$	8.97		$	12.36		$	11.73		$	11.32		$	11.05
Investment operations
From net investment income(a),(b),(c)		0.23			0.35			0.31			0.30			0.20			0.24
From net realized and unrealized gain (loss) on affiliated investments		0.50			1.45			(3.22	)		0.86			0.81			0.38
Total from investment operations		0.73			1.80			(2.91	)		1.16			1.01			0.62
Distributions
Net investment income		(0.26	)		(0.39	)		(0.24	)		(0.21	)		(0.28	)		(0.16	)
Net realized gains on affiliated investments		—			—			(0.24	)		(0.32	)		(0.32	)		(0.19	)
Total distributions		(0.26	)		(0.39	)		(0.48	)		(0.53	)		(0.60	)		(0.35	)
Net asset value
End of period/year	$	10.85		$	10.38		$	8.97		$	12.36		$	11.73		$	11.32
Total return(d)		7.18	%(e)		21.01	%		(24.36	%)		11.34	%		9.19	%		5.65	%
Net assets end of period/year	$	118,716		$	111,706		$	93,268		$	116,569		$	110,701		$	106,449
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.25	%(g)		1.28	%		1.24	%		1.25	%		1.26	%		0.93	%
Before reimbursement/recapture		1.25	%(g)		1.28	%		1.24	%		1.25	%		1.26	%		0.93	%
Net investment income, to average net assets(c),(h)		4.49	%(g)		3.71	%		2.72	%		2.59	%		1.78	%		2.15	%
Portfolio turnover rate(i)		6	%(e)		27	%		10	%		32	%		29	%		32	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 15

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation — Conservative Portfolio
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	10.37		$	8.96		$	12.35		$	11.73		$	11.32		$	11.05
Investment operations
From net investment income(a),(b),(c)		0.24			0.34			0.29			0.30			0.21			0.25
From net realized and unrealized gain (loss) on affiliated investments		0.49			1.46			(3.19	)		0.86			0.80			0.37
Total from investment operations		0.73			1.80			(2.90	)		1.16			1.01			0.62
Distributions
Net investment income		(0.27	)		(0.39	)		(0.25	)		(0.22	)		(0.28	)		(0.16	)
Net realized gains on affiliated investments		—			—			(0.24	)		(0.32	)		(0.32	)		(0.19	)
Total distributions		(0.27	)		(0.39	)		(0.49	)		(0.54	)		(0.60	)		(0.35	)
Net asset value
End of period/year	$	10.83		$	10.37		$	8.96		$	12.35		$	11.73		$	11.32
Total return(d)		7.12	%(e)		21.09	%		(24.30	%)		11.31	%		9.25	%		5.61	%
Net assets end of period/year	$	560,071		$	488,315		$	364,153		$	336,981		$	257,675		$	208,959
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.21	%(g)		1.23	%		1.22	%		1.22	%		1.23	%		0.90	%
Before reimbursement/recapture		1.21	%(g)		1.23	%		1.22	%		1.22	%		1.23	%		0.90	%
Net investment income, to average net assets(c),(h)		4.47	%(g)		3.69	%		2.61	%		2.60	%		1.82	%		2.21	%
Portfolio turnover rate(i)		6	%(e)		27	%		10	%		32	%		29	%		32	%
	Transamerica
	Asset
	Allocation —
	Conservative
	Portfolio
	Class I
	April 30, 2010(o)
For a share outstanding throughout each period	(unaudited)
Net asset value
Beginning of period/year	$	10.69
Investment operations
From net investment income(a),(c)		0.12
From net realized and unrealized gain on affiliated investments		0.42
Total from investment operations		0.54
Distributions
Net investment income		(0.32	)
Net realized gains on affiliated investments		—
Total distributions		(0.32	)
Net asset value
End of period/year	$	10.91
Total return(d)		5.19	%(e)
Net assets end of period/year	$	9,731
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.30	%(g)
Before reimbursement/recapture		0.30	%(g)
Net investment income, to average net assets(c),(h)		2.74	%(g)
Portfolio turnover rate(i)		6	%(e)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 16

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation — Conservative Portfolio
	Class R
	April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006(j)
Net asset value
Beginning of period/year	$	10.49		$	9.05		$	12.47		$	11.84		$	11.30
Investment operations
From net investment income(a),(b),(c)		0.23			0.37			0.35			0.33			0.13
From net realized and unrealized gain (loss) on affiliated investments		0.52			1.49			(3.23	)		0.85			0.47
Total from investment operations		0.75			1.86			(2.88	)		1.18			0.60
Distributions
Net investment income		(0.28	)		(0.42	)		(0.30	)		(0.23	)		(0.06	)
Net realized gains on affiliated investments		—			—			(0.24	)		(0.32	)		—
Total distributions		(0.28	)		(0.42	)		(0.54	)		(0.55	)		(0.06	)
Net asset value
End of period/year	$	10.96		$	10.49		$	9.05		$	12.47		$	11.84
Total return(d)		7.25	%(e)		21.59	%		(23.98	%)		11.89	%		5.35	%(e)
Net assets end of period/year	$	2,688		$	1,509		$	1,089		$	645		$	53
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.95	%(g)		0.89	%		0.82	%		0.86	%		0.66	%(g)
Before reimbursement/recapture		0.97	%(g)		0.89	%		0.82	%		0.86	%		0.66	%(g)
Net investment income, to average net assets(c),(h)		4.27	%(g)		3.97	%		3.14	%		2.71	%		3.03	%(g)
Portfolio turnover rate(i)		6	%(e)		27	%		10	%		32	%		29	%(e)
	Transamerica Asset Allocation — Growth Portfolio
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	9.92		$	8.87		$	15.46		$	13.44		$	11.99		$	10.75
Investment operations
From net investment income(a),(b),(c)		0.07			0.12			0.15			0.23			0.03			0.05
From net realized and unrealized gain (loss) on affiliated investments		1.18			1.12			(6.29	)		2.53			1.89			1.38
Total from investment operations		1.25			1.24			(6.14	)		2.76			1.92			1.43
Distributions
Net investment income		(0.09	)		(0.19	)		(0.02	)		(0.29	)		(0.11	)		(0.12	)
Net realized gains on affiliated investments		—			—			(0.43	)		(0.45	)		(0.36	)		(0.07	)
Total distributions		(0.09	)		(0.19	)		(0.45	)		(0.74	)		(0.47	)		(0.19	)
Net asset value
End of period/year	$	11.08		$	9.92		$	8.87		$	15.46		$	13.44		$	11.99
Total return(d)		12.70	%(e)		14.46	%		(40.75	%)		21.35	%		16.38	%		13.42	%
Net assets end of period/year	$	644,152		$	574,500		$	495,257		$	781,872		$	502,488		$	286,412
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.66	%(g)		0.73	%		0.65	%		0.64	%		0.65	%		0.34	%
Before reimbursement/recapture		0.66	%(g)		0.73	%		0.65	%		0.64	%		0.65	%		0.34	%
Net investment income, to average net assets(c),(h)		1.44	%(g)		1.41	%		1.20	%		1.62	%		0.22	%		0.42	%
Portfolio turnover rate(i)		7	%(e)		47	%		12	%		18	%		22	%		35	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 17

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation — Growth Portfolio
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	9.70		$	8.63		$	15.13		$	13.17		$	11.77		$	10.57
Investment operations
From net investment income (loss)(a),(b),(c)		0.04			0.07			0.08			0.14			(0.05	)		(0.03	)
From net realized and unrealized gain (loss) on affiliated investments		1.15			1.10			(6.15	)		2.47			1.85			1.36
Total from investment operations		1.19			1.17			(6.07	)		2.61			1.80			1.33
Distributions
Net investment income		(0.03	)		(0.10	)		—			(0.20	)		(0.04	)		(0.06	)
Net realized gains on affiliated investments		—			—			(0.43	)		(0.45	)		(0.36	)		(0.07	)
Total distributions		(0.03	)		(0.10	)		(0.43	)		(0.65	)		(0.40	)		(0.13	)
Net asset value
End of period/year	$	10.86		$	9.70		$	8.63		$	15.13		$	13.17		$	11.77
Total return(d)		12.27	%(e)		13.78	%		(41.15	%)		20.54	%		15.57	%		12.55	%
Net assets end of period/year	$	202,333		$	192,054		$	196,817		$	368,186		$	288,719		$	211,904
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.34	%(g)		1.40	%		1.30	%		1.29	%		1.31	%		0.99	%
Before reimbursement/recapture		1.34	%(g)		1.40	%		1.30	%		1.29	%		1.31	%		0.99	%
Net investment income (loss), to average net assets(c),(h)		0.79	%(g)		0.84	%		0.67	%		1.02	%		(0.42	%)		(0.24	%)
Portfolio turnover rate(i)		7	%(e)		47	%		12	%		18	%		22	%		35	%
	Transamerica Asset Allocation — Growth Portfolio
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	9.69		$	8.64		$	15.13		$	13.18		$	11.78		$	10.57
Investment operations
From net investment income (loss)(a),(b),(c)		0.05			0.08			0.08			0.14			(0.05	)		(0.02	)
From net realized and unrealized gain (loss) on affiliated investments		1.15			1.08			(6.14	)		2.48			1.85			1.37
Total from investment operations		1.20			1.16			(6.06	)		2.62			1.80			1.35
Distributions
Net investment income		(0.04	)		(0.11	)		—			(0.22	)		(0.04	)		(0.07	)
Net realized gains on affiliated investments		—			—			(0.43	)		(0.45	)		(0.36	)		(0.07	)
Total distributions		(0.04	)		(0.11	)		(0.43	)		(0.67	)		(0.40	)		(0.14	)
Net asset value
End of period/year	$	10.85		$	9.69		$	8.64		$	15.13		$	13.18		$	11.78
Total return(d)		12.38	%(e)		13.72	%		(41.08	%)		20.60	%		15.61	%		12.82	%
Net assets end of period/year	$	816,905		$	763,086		$	751,881		$	1,270,635		$	876,768		$	528,211
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.28	%(g)		1.33	%		1.26	%		1.25	%		1.26	%		0.93	%
Before reimbursement/recapture		1.28	%(g)		1.33	%		1.26	%		1.25	%		1.26	%		0.93	%
Net investment income (loss), to average net assets(c),(h)		0.85	%(g)		0.90	%		0.62	%		1.03	%		(0.38	%)		(0.17	%)
Portfolio turnover rate(i)		7	%(e)		47	%		12	%		18	%		22	%		35	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 18

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica
	Asset
	Allocation —
	Growth
	Portfolio
	Class I
	April 30, 2010(o)
For a share outstanding throughout each period	(unaudited)
Net asset value
Beginning of period/year	$	10.35
Investment operations
From net investment loss(a),(c)		(0.01	)
From net realized and unrealized gain on affiliated investments		0.89
Total from investment operations		0.88
Distributions
Net investment income		(0.14	)
Net realized gains on affiliated investments		—
Total distributions		(0.14	)
Net asset value
End of period/year	$	11.09
Total return(d)		8.63	%(e)
Net assets end of period/year	$	9,668
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.31	%(g)
Before reimbursement/recapture		0.31	%(g)
Net investment loss, to average net assets(c),(h)		(0.14	%)(g)
Portfolio turnover rate(i)		7	%(e)
	Transamerica Asset Allocation — Growth Portfolio
	Class R
	April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006(j)
Net asset value
Beginning of period/year	$	9.85		$	8.84		$	15.40		$	13.43		$	12.36
Investment operations
From net investment income(a),(b),(c)		0.06			0.10			0.07			0.13			0.05
From net realized and unrealized gain (loss) on affiliated investments		1.17			1.12			(6.20	)		2.60			1.02
Total from investment operations		1.23			1.22			(6.13	)		2.73			1.07
Distributions
Net investment income		(0.08	)		(0.21	)		—			(0.31	)		—
Net realized gains on affiliated investments		—			—			(0.43	)		(0.45	)		—
Total distributions		(0.08	)		(0.21	)		(0.43	)		(0.76	)		—
Net asset value
End of period/year	$	11.00		$	9.85		$	8.84		$	15.40		$	13.43
Total return(d)		12.59	%(e)		14.35	%		(40.81	%)		21.20	%		8.66	%(e)
Net assets end of period/year	$	3,238		$	2,704		$	1,570		$	884		$	85
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.93	%(g)		0.85	%		0.83	%		0.68	%		0.67	%(g)
Before reimbursement/recapture		0.93	%(g)		0.85	%		0.83	%		0.68	%		0.67	%(g)
Net investment income, to average net assets(c),(h)		1.09	%(g)		1.09	%		0.57	%		0.94	%		1.08	%(g)
Portfolio turnover rate(i)		7	%(e)		47	%		12	%		18	%		22	%(e)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 19

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation — Moderate Growth Portfolio
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	10.39		$	9.20		$	14.58		$	13.05		$	11.88		$	10.97
Investment operations
From net investment income(a),(b),(c)		0.17			0.28			0.26			0.33			0.15			0.16
From net realized and unrealized gain (loss) on affiliated investments		0.90			1.25			(5.04	)		1.86			1.53			1.00
Total from investment operations		1.07			1.53			(4.78	)		2.19			1.68			1.16
Distributions
Net investment income		(0.26	)		(0.34	)		(0.19	)		(0.34	)		(0.20	)		(0.20	)
Net realized gains on affiliated investments		—			—			(0.41	)		(0.32	)		(0.31	)		(0.05	)
Total distributions		(0.26	)		(0.34	)		(0.60	)		(0.66	)		(0.51	)		(0.25	)
Net asset value
End of period/year	$	11.20		$	10.39		$	9.20		$	14.58		$	13.05		$	11.88
Total return(d)		10.50	%(e)		17.47	%		(34.01	%)		17.48	%		14.59	%		10.69	%
Net assets end of period/year	$	1,172,334		$	1,044,810		$	901,766		$	1,295,568		$	914,835		$	560,231
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.61	%(g)		0.66	%		0.60	%		0.60	%		0.61	%		0.28	%
Before reimbursement/recapture		0.61	%(g)		0.66	%		0.60	%		0.60	%		0.61	%		0.28	%
Net investment income, to average net assets(c),(h)		3.14	%(g)		2.99	%		2.12	%		2.42	%		1.17	%		1.37	%
Portfolio turnover rate(i)		8	%(e)		37	%		13	%		19	%		21	%		26	%
	Transamerica Asset Allocation — Moderate Growth Portfolio
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	10.34		$	9.12		$	14.45		$	12.94		$	11.80		$	10.90
Investment operations
From net investment income(a),(b),(c)		0.13			0.22			0.19			0.24			0.06			0.08
From net realized and unrealized gain (loss) on affiliated investments		0.90			1.24			(5.01	)		1.85			1.52			1.01
Total from investment operations		1.03			1.46			(4.82	)		2.09			1.58			1.09
Distributions
Net investment income		(0.19	)		(0.24	)		(0.10	)		(0.26	)		(0.13	)		(0.14	)
Net realized gains on affiliated investments		—			—			(0.41	)		(0.32	)		(0.31	)		(0.05	)
Total distributions		(0.19	)		(0.24	)		(0.51	)		(0.58	)		(0.44	)		(0.19	)
Net asset value
End of period/year	$	11.18		$	10.34		$	9.12		$	14.45		$	12.94		$	11.80
Total return(d)		10.12	%(e)		16.69	%		(34.44	%)		16.69	%		13.74	%		10.05	%
Net assets end of period/year	$	413,216		$	394,275		$	389,429		$	651,359		$	549,040		$	428,677
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.29	%(g)		1.33	%		1.27	%		1.27	%		1.28	%		0.95	%
Before reimbursement/recapture		1.29	%(g)		1.33	%		1.27	%		1.27	%		1.28	%		0.95	%
Net investment income, to average net assets(c),(h)		2.50	%(g)		2.39	%		1.54	%		1.78	%		0.51	%		0.68	%
Portfolio turnover rate(i)		8	%(e)		37	%		13	%		19	%		21	%		26	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 20

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation — Moderate Growth Portfolio
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	10.32		$	9.11		$	14.45		$	12.95		$	11.80		$	10.91
Investment operations
From net investment income(a),(b),(c)		0.13			0.22			0.18			0.24			0.07			0.08
From net realized and unrealized gain (loss) on affiliated investments		0.90			1.25			(5.00	)		1.85			1.52			1.01
Total from investment operations		1.03			1.47			(4.82	)		2.09			1.59			1.09
Distributions
Net investment income		(0.20	)		(0.26	)		(0.11	)		(0.27	)		(0.13	)		(0.15	)
Net realized gains on affiliated investments		—			—			(0.41	)		(0.32	)		(0.31	)		(0.05	)
Total distributions		(0.20	)		(0.26	)		(0.52	)		(0.59	)		(0.44	)		(0.20	)
Net asset value
End of period/year	$	11.15		$	10.32		$	9.11		$	14.45		$	12.95		$	11.80
Total return(d)		10.12	%(e)		16.77	%		(34.44	%)		16.74	%		13.87	%		10.02	%
Net assets end of period/year	$	1,637,917		$	1,513,954		$	1,455,012		$	2,098,087		$	1,520,489		$	981,156
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.24	%(g)		1.28	%		1.23	%		1.23	%		1.24	%		0.90	%
Before reimbursement/recapture		1.24	%(g)		1.28	%		1.23	%		1.23	%		1.24	%		0.90	%
Net investment income, to average net assets(c),(h)		2.52	%(g)		2.43	%		1.49	%		1.79	%		0.55	%		0.74	%
Portfolio turnover rate(i)		8	%(e)		37	%		13	%		19	%		21	%		26	%
	Transamerica
	Asset
	Allocation —
	Moderate
	Growth
	Portfolio
	Class I
	April 30, 2010(o)
For a share outstanding throughout each period	(unaudited)
Net asset value
Beginning of period/year	$	10.76
Investment operations
From net investment income(a),(c)		0.05
From net realized and unrealized gain on affiliated investments		0.70
Total from investment operations		0.75
Distributions
Net investment income		(0.31	)
Net realized gains on affiliated investments		—
Total distributions		(0.31	)
Net asset value
End of period/year	$	11.20
Total return(d)		7.15	%(e)
Net assets end of period/year	$	14,840
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.29	%(g)
Before reimbursement/recapture		0.29	%(g)
Net investment income, to average net assets(c),(h)		1.14	%(g)
Portfolio turnover rate(i)		8	%(e)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 21

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation — Moderate Growth Portfolio
	Class R
	April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006(j)
Net asset value
Beginning of period/year	$	10.36		$	9.18		$	14.54		$	13.05		$	12.13
Investment operations
From net investment income(a),(b),(c)		0.15			0.25			0.22			0.24			0.10
From net realized and unrealized gain (loss) on affiliated investments		0.91			1.26			(5.00	)		1.93			0.82
Total from investment operations		1.06			1.51			(4.78	)		2.17			0.92
Distributions
Net investment income		(0.26	)		(0.33	)		(0.17	)		(0.36	)		—
Net realized gains on affiliated investments		—			—			(0.41	)		(0.32	)		—
Total distributions		(0.26	)		(0.33	)		(0.58	)		(0.68	)		—
Net asset value
End of period/year	$	11.16		$	10.36		$	9.18		$	14.54		$	13.05
Total return(d)		10.42	%(e)		17.29	%		(34.08	%)		17.31	%		7.58	%(e)
Net assets end of period/year	$	4,840		$	2,873		$	1,969		$	1,983		$	54
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.82	%(g)		0.82	%		0.76	%		0.67	%		0.66	%(g)
Before reimbursement/recapture		0.82	%(g)		0.82	%		0.76	%		0.67	%		0.66	%(g)
Net investment income, to average net assets(c),(h)		2.84	%(g)		2.68	%		1.74	%		1.80	%		2.08	%(g)
Portfolio turnover rate(i)		8	%(e)		37	%		13	%		19	%		21	%(e)
	Transamerica Asset Allocation — Moderate Portfolio
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	10.62		$	9.29		$	13.69		$	12.64		$	11.78		$	11.23
Investment operations
From net investment income(a),(b),(c)		0.23			0.36			0.33			0.36			0.24			0.27
From net realized and unrealized gain (loss) on affiliated investments		0.69			1.40			(4.05	)		1.40			1.15			0.67
Total from investment operations		0.92			1.76			(3.72	)		1.76			1.39			0.94
Distributions
Net investment income		(0.37	)		(0.43	)		(0.28	)		(0.37	)		(0.28	)		(0.33	)
Net realized gains on affiliated investments		—			—			(0.40	)		(0.34	)		(0.25	)		(0.06	)
Total distributions		(0.37	)		(0.43	)		(0.68	)		(0.71	)		(0.53	)		(0.39	)
Net asset value
End of period/year	$	11.17		$	10.62		$	9.29		$	13.69		$	12.64		$	11.78
Total return(d)		8.86	%(e)		19.99	%		(28.41	%)		14.51	%		12.22	%		8.54	%
Net assets end of period/year	$	800,216		$	694,532		$	545,646		$	665,013		$	471,902		$	329,797
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.60	%(g)		0.63	%		0.59	%		0.59	%		0.58	%		0.26	%
Before reimbursement/recapture		0.60	%(g)		0.63	%		0.59	%		0.59	%		0.58	%		0.26	%
Net investment income, to average net assets(c),(h)		4.34	%(g)		3.76	%		2.79	%		2.83	%		1.98	%		2.31	%
Portfolio turnover rate(i)		7	%(e)		30	%		12	%		23	%		22	%		19	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 22

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation — Moderate Portfolio
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	10.59		$	9.23		$	13.59		$	12.55		$	11.70		$	11.16
Investment operations
From net investment income(a),(b),(c)		0.20			0.30			0.27			0.28			0.16			0.18
From net realized and unrealized gain (loss) on affiliated investments		0.68			1.39			(4.05	)		1.39			1.15			0.68
Total from investment operations		0.88			1.69			(3.78	)		1.67			1.31			0.86
Distributions
Net investment income		(0.30	)		(0.33	)		(0.18	)		(0.28	)		(0.21	)		(0.26	)
Net realized gains on affiliated investments		—			—			(0.40	)		(0.34	)		(0.25	)		(0.06	)
Total distributions		(0.30	)		(0.33	)		(0.58	)		(0.62	)		(0.46	)		(0.32	)
Net asset value
End of period/year	$	11.17		$	10.59		$	9.23		$	13.59		$	12.55		$	11.70
Total return(d)		8.44	%(e)		19.16	%		(28.87	%)		13.73	%		11.50	%		7.81	%
Net assets end of period/year	$	238,328		$	228,151		$	223,209		$	357,175		$	336,385		$	295,649
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.27	%(g)		1.30	%		1.25	%		1.25	%		1.25	%		0.92	%
Before reimbursement/recapture		1.27	%(g)		1.30	%		1.25	%		1.25	%		1.25	%		0.92	%
Net investment income, to average net assets(c),(h)		3.76	%(g)		3.23	%		2.26	%		2.21	%		1.31	%		1.61	%
Portfolio turnover rate(i)		7	%(e)		30	%		12	%		23	%		22	%		19	%

	Transamerica Asset Allocation — Moderate Portfolio
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	10.55		$	9.21		$	13.58		$	12.55		$	11.70		$	11.17
Investment operations
From net investment income(a),(b),(c)		0.20			0.30			0.26			0.28			0.16			0.19
From net realized and unrealized gain (loss) on affiliated investments		0.68			1.39			(4.03	)		1.39			1.14			0.67
Total from investment operations		0.88			1.69			(3.77	)		1.67			1.30			0.86
Distributions
Net investment income		(0.31	)		(0.35	)		(0.20	)		(0.30	)		(0.21	)		(0.27	)
Net realized gains on affiliated investments		—			—			(0.40	)		(0.34	)		(0.25	)		(0.06	)
Total distributions		(0.31	)		(0.35	)		(0.60	)		(0.64	)		(0.46	)		(0.33	)
Net asset value
End of period/year	$	11.12		$	10.55		$	9.21		$	13.58		$	12.55		$	11.70
Total return(d)		8.51	%(e)		19.24	%		(28.87	%)		13.86	%		11.46	%		7.85	%
Net assets end of period/year	$	1,123,827		$	997,766		$	876,977		$	1,159,220		$	905,061		$	678,783
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.22	%(g)		1.24	%		1.21	%		1.21	%		1.22	%		0.89	%
Before reimbursement/recapture		1.22	%(g)		1.24	%		1.21	%		1.21	%		1.22	%		0.89	%
Net investment income, to average net assets(c),(h)		3.76	%(g)		3.25	%		2.21	%		2.22	%		1.35	%		1.67	%
Portfolio turnover rate(i)		7	%(e)		30	%		12	%		23	%		22	%		19	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 23

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica
	Asset
	Allocation —
	Moderate
	Portfolio
	Class I
	April 30, 2010(o)
For a share outstanding throughout each period	(unaudited)
Net asset value
Beginning of period/year	$	10.94
Investment operations
From net investment income(a),(c)		0.10
From net realized and unrealized gain on affiliated investments		0.54
Total from investment operations		0.64
Distributions
Net investment income		(0.41	)
Net realized gains on affiliated investments		—
Total distributions		(0.41	)
Net asset value
End of period/year	$	11.17
Total return(d)		6.09	%(e)
Net assets end of period/year	$	13,416
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.30	%(g)
Before reimbursement/recapture		0.30	%(g)
Net investment income, to average net assets(c),(h)		2.12	%(g)
Portfolio turnover rate(i)		7	%(e)
	Transamerica Asset Allocation - Moderate Portfolio
	Class R
	April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006(j)
Net asset value
Beginning of period/year	$	10.58		$	9.28		$	13.65		$	12.64		$	11.86
Investment operations
From net investment income(a),(b),(c)		0.21			0.32			0.28			0.31			0.13
From net realized and unrealized gain (loss) on affiliated investments		0.68			1.42			(4.02	)		1.42			0.65
Total from investment operations		0.89			1.74			(3.74	)		1.73			0.78
Distributions
Net investment income		(0.35	)		(0.44	)		(0.23	)		(0.38	)		—
Net realized gains on affiliated investments		—			—			(0.40	)		(0.34	)		—
Total distributions		(0.35	)		(0.44	)		(0.63	)		(0.72	)		—
Net asset value
End of period/year	$	11.12		$	10.58		$	9.28		$	13.65		$	12.64
Total return(d)		8.60	%(e)		19.81	%		(28.57	%)		14.31	%		6.58	%(e)
Net assets end of period/year	$	2,920		$	2,211		$	959		$	610		$	53
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.91	%(g)		0.86	%		0.87	%		0.72	%		0.66	%(g)
Before reimbursement/recapture		0.91	%(g)		0.86	%		0.87	%		0.72	%		0.66	%(g)
Net investment income, to average net assets(c),(h)		3.97	%(g)		3.38	%		2.37	%		2.44	%		2.73	%(g)
Portfolio turnover rate(i)		7	%(e)		30	%		12	%		23	%		22	%(e)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 24

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class A
	April 30, 2010			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007(k)
Net asset value
Beginning of period/year	$	9.35		$	8.30		$	10.78		$	10.00
Investment operations
From net investment income(a),(b),(c)		0.12			0.29			0.20			0.05
From net realized and unrealized gain (loss) on affiliated investments		0.32			1.08			(2.43	)		0.73
Total from investment operations		0.44			1.37			(2.23	)		0.78
Distributions
Net investment income		(0.25	)		(0.32	)		(0.25	)		—
Net realized gains on affiliated investments		—			—			—			—
Total distributions		(0.25	)		(0.32	)		(0.25	)		—
Net asset value
End of period/year	$	9.54		$	9.35		$	8.30		$	10.78
Total return(d)		4.75	%(e)		17.21	%		(21.08	%)		7.80	%(e)
Net assets end of period/year	$	116,767		$	119,693		$	97,482		$	38,870
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.77	%(g)		0.81	%		0.84	%(#)		0.90	%(g)
Before reimbursement/recapture		0.77	%(g)		0.81	%		0.84	%(#)		1.29	%(g)
Net investment income, to average net assets(c),(h)		2.56	%(g)		3.43	%		1.98	%		0.58	%(g)
Portfolio turnover rate(i)		16	%(e)		18	%		5	%		—	%(e),(m)

	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class C
	April 30, 2010			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007(k)
Net asset value
Beginning of period/year	$	9.27		$	8.23		$	10.72		$	10.00
Investment operations
From net investment income (loss)(a),(b),(c)		0.09			0.24			0.15			(0.01	)
From net realized and unrealized gain (loss) on affiliated investments		0.32			1.06			(2.42	)		0.73
Total from investment operations		0.41			1.30			(2.27	)		0.72
Distributions
Net investment income		(0.19	)		(0.26	)		(0.22	)		—
Net realized gains on affiliated investments		—			—			—			—
Total distributions		(0.19	)		(0.26	)		(0.22	)		—
Net asset value
End of period/year	$	9.49		$	9.27		$	8.23		$	10.72
Total return(d)		4.48	%(e)		16.37	%		(21.52	%)		7.20	%(e)
Net assets end of period/year	$	106,993		$	96,376		$	89,701		$	49,306
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.41	%(g)		1.45	%		1.52	%(#)		1.55	%(g)
Before reimbursement/recapture		1.41	%(g)		1.45	%		1.52	%(#)		1.99	%(g)
Net investment income (loss), to average net assets(c),(h)		1.91	%(g)		2.92	%		1.53	%		(0.07	%)(g)
Portfolio turnover rate(i)		16	%(e)		18	%		5	%		—	%(e),(m)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 25

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica
	Multi-Manager
	Alternative
	Strategies
	Portfolio
	Class I
	April 30, 2010
For a share outstanding throughout each period	(unaudited)(o)
Net asset value
Beginning of period/year	$	9.49
Investment operations
From net investment income(a)(c)		0.06
From net realized and unrealized gain on affiliated investments		0.29
Total from investment operations		0.35
Distributions
Net investment income		(0.29	)
Net realized gains on affiliated investments		—
Total distributions		(0.29	)
Net asset value
End of period/year	$	9.55
Total return(d)		3.75	%(e)
Net assets end of period/year	$	19,585
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.43	%(g)
Before reimbursement/recapture		0.43	%(g)
Net investment income, to average net assets(c),(h)		1.38	%(g)
Portfolio turnover rate(i)		16	%(e)
	Transamerica Multi-Manager International Portfolio
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006(m)
Net asset value
Beginning of period/year	$	8.53		$	6.57		$	13.24		$	10.63		$	10.00
Investment operations
From net investment income (loss)(a),(b),(c)		0.11			0.17			0.27			0.32			(0.04	)
From net realized and unrealized gain (loss) on affiliated investments		0.51			1.84			(6.53	)		2.87			0.67
Total from investment operations		0.62			2.01			(6.26	)		3.19			0.63
Distributions
Net investment income		(0.11	)		(0.05	)		(0.32	)		(0.58	)		—
Net realized gains on affiliated investments		—			—			(0.09	)		—			—
Total distributions		(0.11	)		(0.05	)		(0.41	)		(0.58	)		—
Net asset value
End of period/year	$	9.04		$	8.53		$	6.57		$	13.24		$	10.63
Total return(d)		7.31	%(e)		30.86	%		(48.61	%)		31.30	%		6.30	%(e)
Net assets end of period/year	$	132,481		$	134,751		$	103,077		$	178,422		$	58,142
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.68	%(g)		0.74	%		0.65	%		0.65	%		0.80	%(g)
Before reimbursement/recapture		0.68	%(g)		0.74	%		0.65	%		0.65	%		0.88	%(g)
Net investment income (loss), to average net assets(c),(h)		2.50	%(g)		2.35	%		2.59	%		2.78	%		(0.67	%)(g)
Portfolio turnover rate(i)		4	%(e)		32	%		38	%		1	%		1	%(e)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 26

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager International Portfolio
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006(m)
Net asset value
Beginning of period/year	$	8.45		$	6.50		$	13.13		$	10.59		$	10.00
Investment operations
From net investment income (loss)(a),(b),(c)		0.07			0.01			0.21			0.23			(0.09	)
From net realized and unrealized gain (loss) on affiliated investments		0.52			1.94			(6.50	)		2.86			0.68
Total from investment operations		0.59			1.95			(6.29	)		3.09			0.59
Distributions
Net investment income		(0.05	)		—			(0.25	)		(0.55	)		—
Net realized gains on affiliated investments		—			—			(0.09	)		—			—
Total distributions		(0.05	)		—			(0.34	)		(0.55	)		—
Net asset value
End of period/year	$	8.99		$	8.45		$	6.50		$	13.13		$	10.59
Total return(d)		7.02	%(e)		30.00	%		(49.04	%)		30.32	%		5.90	%(e)
Net assets end of period/year	$	18,994		$	18,010		$	15,781		$	30,060		$	9,849
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.45	%(g)		1.45	%		1.42	%		1.43	%		1.45	%(g)
Before reimbursement/recapture		1.46	%(g)		1.57	%		1.42	%		1.43	%		1.69	%(g)
Net investment income (loss), to average net assets(c),(h)		1.60	%(g)		0.08	%		1.95	%		1.98	%		(1.32	%)(g)
Portfolio turnover rate(i)		4	%(e)		32	%		38	%		1	%		1	%(e)

	Transamerica Multi-Manager International Portfolio
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006(m)
Net asset value
Beginning of period/year	$	8.45		$	6.50		$	13.13		$	10.58		$	10.00
Investment operations
From net investment income (loss)(a),(b),(c)		0.07			0.03			0.21			0.24			(0.09	)
From net realized and unrealized gain (loss) on affiliated investments		0.52			1.92			(6.49	)		2.86			0.67
Total from investment operations		0.59			1.95			(6.28	)		3.10			0.58
Distributions
Net investment income		(0.05	)		—			(0.26	)		(0.55	)		—
Net realized gains on affiliated investments		—			—			(0.09	)		—			—
Total distributions		(0.05	)		—			(0.35	)		(0.55	)		—
Net asset value
End of period/year	$	8.99		$	8.45		$	6.50		$	13.13		$	10.58
Total return(d)		7.05	%(e)		30.00	%		(48.98	%)		30.45	%		5.80	%(e)
Net assets end of period/year	$	142,622		$	132,777		$	128,742		$	250,419		$	76,650
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		1.35	%(g)		1.43	%		1.31	%		1.31	%		1.45	%(g)
Before reimbursement/recapture		1.35	%(g)		1.43	%		1.31	%		1.31	%		1.53	%(g)
Net investment income (loss), to average net assets(c),(h)		1.74	%(g)		0.50	%		2.01	%		2.08	%		(1.32	%)(g)
Portfolio turnover rate(i)		4	%(e)		32	%		38	%		1	%		1	%(e)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 27

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica
	Multi-Manager
	International
	Portfolio
	Class I
	April 30, 2010(o)
For a share outstanding throughout each period	(unaudited)
Net asset value
Beginning of period/year	$	8.84
Investment operations
From net investment income(a),(c)		—	(n)
From net realized and unrealized gain on affiliated investments		0.35
Total from investment operations		0.35
Distributions
Net investment income		(0.15	)
Net realized gains on affiliated investments		—
Total distributions		(0.15	)
Net asset value
End of period/year	$	9.04
Total return(d)		3.98	%(e)
Net assets end of period/year	$	24,241
Ratio and supplemental data
Expenses to average net assets:(f)
After reimbursement/recapture		0.31	%(g)
Before reimbursement/recapture		0.31	%(g)
Net investment loss, to average net assets(c),(h)		(0.18	%)(g)
Portfolio turnover rate(i)		4	%(e)

(a)	Calculated based on average number of shares outstanding.
(b)	On November 15, 2005, the portfolio was authorized under the 12b-1 plan to pay fees on each class up to the following limits: Class A 0.35%, Class B 1.00%, Class C 1.00%, Class R 0.50%.
(c)	Recognition of net investment income by the portfolio is affected by the timing of the declaration of dividends by the underlying affiliated investment companies in which the portfolio invests.
(d)	Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.
(e)	Not annualized.
(f)	Do not include expenses of the investment companies in which the portfolio invests.
(g)	Annualized.
(h)	Includes redemption fees, if any. The impact of redemption fees is less than 0.01% for Class A, Class B, Class C, and R respectively.
(i)	Do not include the portfolio activity of the underlying affiliated funds.
(j)	Commenced operations on June 15, 2006.
(k)	Commenced operations on December 28, 2006.
(l)	Amount rounds to less than 1% or (1%).
(m)	Commenced operations on March 1, 2006.
(n)	Rounds to less than $(0.01) or $0.01.
(o)	Commenced operations on November 30, 2009.
(#)	Includes recapture expenses by the investment adviser. The impact of recaptured expenses was 0.07% and 0.09% for Class A and Class C, respectively (See Notes to the Financial Statements).

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 28

NOTES TO FINANCIAL STATEMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Transamerica Asset Allocation—Conservative Portfolio, Transamerica Asset Allocation—Growth Portfolio, Transamerica Asset Allocation—Moderate Growth Portfolio, Transamerica Asset Allocation—Moderate Portfolio, Transamerica Multi—Manager Alternative Strategies Portfolio, and Transamerica Multi—Manager International Portfolio (each, a “Portfolio”; and collectively, the “Portfolios”) are part of Transamerica Funds.

The investment objectives and sub-advisers of each Portfolio are as follows:

Fund	Investment Objective
Transamerica Asset Allocation — Conservative Portfolio	Seeks current income and preservation of capital.
Transamerica Asset Allocation — Growth Portfolio	Seeks long-term capital appreciation.
Transamerica Asset Allocation — Moderate Growth Portfolio	Seeks capital appreciation with current income as a secondary objective.
Transamerica Asset Allocation — Moderate Portfolio	Seeks capital appreciation and current income.
Transamerica Multi-Manager Alternative Strategies Portfolio	Seeks long-term capital appreciation.
Transamerica Multi-Manager International Portfolio	Seeks long-term capital appreciation.

The Portfolios, with the exception of Transamerica Multi—Manager International Portfolio and Transamerica Multi-Manager Alternative Strategies Portfolio, currently offer five classes of shares, Class A, Class B, Class C, Class R, and Class I. Transamerica Multi—Manager International Portfolio currently offers four classes of shares, Class A, Class B, Class C, and Class I. Transamerica Multi—Manager Alternative Strategies Portfolio currently offers three classes of shares, Class A, Class C, and Class I. Each class has a public offering price that reflects different sales charges, if any, and expense levels. Class B shares will convert to Class A shares eight years after purchase. Effective July 14, 2010, Class B shares will no longer be offered for purchase.

The Portfolios offered new Class I shares with an inception date of November 30, 2009.

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

In preparing the Portfolios’ financial statements in accordance with accounting principles generally accepted 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 Portfolios.

Multiple class operations, income, and expenses: Income, non-class specific expenses and realized and unrealized gains and losses are allocated daily to each class, based upon the value of shares outstanding method. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Interest income is accrued as earned. Dividend income and capital gain distributions from affiliated investment companies, if any, are recorded on the ex-dividend date. Dividends and net realized gain (loss) from investment securities for the Portfolios are from investments in shares of affiliated investment companies.

Dividend distributions: Distributions to shareholders, if any, are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations.

Redemption fees: A short-term trading redemption fee may be assessed on any sales of Portfolio shares in a fund account during the first five (5) NYSE trading days following their purchase date. This redemption fee will equal 2% of the amount redeemed and shares held the longest will be treated as being redeemed first and shares held the shortest as being redeemed last.

The redemption fees received are disclosed in the Portfolios’ Statement of Changes in Net Assets. Effective March 1, 2009, the Portfolios no longer charged redemption fees. For the period ended April 30, 2010, the Portfolios did not receive redemption fees.

Cash overdraft: Throughout the year, the Portfolios may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdrafts by a rate based on the federal funds rate.

Transamerica Funds Semi-Annual Report 2010

Page 29

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The Portfolios value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. ET, each day the NYSE is open for business. The Portfolios 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 three Levels of inputs are:

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

Level 2—Inputs, other than quoted prices included in Level 1, that 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, to the extent that relevant observable inputs are not available, representing the Portfolios’ own assumptions about the assumptions a market participant would use in valuing the investment, based on the best information available.

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.

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.

Fair value measurements: Investment company securities are valued at the net asset value of the underlying portfolio. These securities are actively traded and no valuation adjustments are applied. They are categorized in Level 1 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Portfolios’ investments at April 30, 2010, are disclosed at the end of the Portfolios’ Schedules of Investments.

NOTE 3. RELATED PARTY TRANSACTIONS

Transamerica Asset Management, Inc. (“TAM”) is the Portfolios’ investment adviser. Transamerica Fund Services, Inc. (“TFS”) is the Portfolios’ administrator and transfer agent. Transamerica Capital, Inc. (“TCI”) is the Portfolios’ distributor/principal underwriter. TAM, TFS, and TCI are affiliates of AEGON, NV.

Certain officers and trustees of the Portfolios are also officers and/or directors of TAM, TFS and TCI.

Because the underlying funds have varied expense and fee levels and the Portfolios may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Portfolios will vary. The Portfolios have material ownership interests in the underlying funds.

At the commencement of operations of each of these Portfolios and classes, TAM invested in each Portfolio. As of April 30, 2010, TAM had investments in the Portfolios as follows:

Portfolio Name	Market Value		% of Portfolio’s Net Assets
Transamerica Asset Allocation-Conservative Portfolio
Class R	$	58		0.01
Transamerica Asset Allocation-Growth Portfolio
Class R		50		—	(a)
Transamerica Asset Allocation-Moderate Growth Portfolio
Class R		54		—	(a)
Transamerica Asset Allocation-Moderate Portfolio
Class R		57		—	(a)
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A		261		0.11
Transamerica Multi-Manager Alternative Strategies Portfolio
Class C		256		0.11
Transamerica Multi-Manager Alternative Strategies Portfolio
Class I		52		0.02

^(a) Amount rounds to less than 0.01%.

Transamerica Funds Semi-Annual Report 2010

Page 30

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

Investment advisory fees: The Portfolios pay management fees to TAM based on average daily net assets (“ANA”) at the following rates or breakpoints:

Transamerica Asset Allocation — Conservative Portfolio
Average Daily Net Assets	0.10	%
Transamerica Asset Allocation — Growth Portfolio
Average Daily Net Assets	0.10	%
Transamerica Asset Allocation — Moderate Growth Portfolio
Average Daily Net Assets	0.10	%
Transamerica Asset Allocation — Moderate Portfolio
Average Daily Net Assets	0.10	%
Transamerica Multi-Manager Alternative Strategies Portfolio
First $500 million	0.20	%
Over $500 million up to $1 billion	0.19	%
Over $1 billion	0.18	%
Transamerica Multi — Manager International Portfolio
Average Daily Net Assets	0.10	%

TAM has contractually agreed to waive its advisory fees and will reimburse the Portfolios to the extent that operating expenses, excluding 12b-1 fees, extraordinary expenses, and acquired (i.e. underlying) portfolios’ fees and expenses, exceed the following stated annual limit:

Portfolio Name	Expense Limit
Transamerica Asset Allocation — Conservative Portfolio		0.45	%
Transamerica Asset Allocation — Growth Portfolio		0.45
Transamerica Asset Allocation — Moderate Growth Portfolio		0.45
Transamerica Asset Allocation — Moderate Portfolio		0.45
Transamerica Multi-Manager Alternative Strategies Portfolio		0.55
Transamerica Multi-Manager International Portfolio*		0.45

* This Portfolio may not recapture any fees waived and/or reimbursed prior to March 1, 2008.

If total Portfolio expenses, excluding 12b-1 fees and certain extraordinary expenses, fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Portfolios may be required to pay the adviser a portion or all of the previously waived advisory fees.

The following amounts were available for recapture as of April 30, 2010:

Transamerica Multi-Manager International Portfolio	Reimbursement of Class Expenses	Available for Recapture Through
Fiscal Year 2009:
Class B	$18		10/31/2012

Distribution and service fees: The Portfolios have 12b-1 distribution plans under the 1940 Act pursuant to which an annual fee, based on ANA, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Portfolios. Pursuant to the distribution plan, the Trust entered into a distribution agreement with TCI as the Portfolio’s distributor. The Portfolios are authorized under the 12b-1 plans to pay fees on each available class up to the following limits: 0.35% for Class A; 1.00% for Class B; 1.00% for Class C; and 0.50% for Class R. 12b-1 fees are not applicable for Class I. Amounts paid are included in the Statement of Operations.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the period ended April 30, 2010 the underwriter commissions paid to TCI were as follows:

Transamerica Asset Allocation — Conservative Portfolio
Received by Underwriter	$	1,901
Retained by Underwriter		321
Contingent Deferred Sales Charge		132
Transamerica Asset Allocation — Growth Portfolio
Received by Underwriter	$	1,520
Retained by Underwriter		233
Contingent Deferred Sales Charge		203
Transamerica Asset Allocation — Moderate Growth Portfolio
Received by Underwriter	$	3,601
Retained by Underwriter		565
Contingent Deferred Sales Charge		398
Transamerica Asset Allocation — Moderate Portfolio
Received by Underwriter	$	3,063
Retained by Underwriter		498
Contingent Deferred Sales Charge		197
Transamerica Multi-Manager Alternative Strategies Portfolio
Received by Underwriter	$	409
Retained by Underwriter		62
Contingent Deferred Sales Charge		13
Transamerica Multi-Manager International Portfolio
Received by Underwriter	$	220
Retained by Underwriter		34
Contingent Deferred Sales Charge		38

Transamerica Funds Semi-Annual Report 2010

Page 31

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

Administrative services: The Portfolios have entered into agreements with TFS for financial and legal fund administration services. The Portfolios pay TFS an annual fee of 0.0125% of ANA. The Legal fees on the Statements of Operations are fees paid to external legal counsel.

Transfer agent fees: The Portfolios pay TFS an annual per-account charge for each open and closed account. The Portfolios paid TFS the following amounts for the period ended April 30, 2010.

Portfolio Name	Fees
Transamerica Asset Allocation — Conservative Portfolio	$	486
Transamerica Asset Allocation — Growth Portfolio		1,292
Transamerica Asset Allocation — Moderate Growth Portfolio		1,858
Transamerica Asset Allocation — Moderate Portfolio		977
Transamerica Multi-Manager Alternative Strategies Portfolio		179
Transamerica Multi-Manager International Portfolio		274

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010 (the “Deferred Compensation Plan”), available to the Trustees, compensation may be deferred that would otherwise be payable by 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 Class A (or comparable) shares of a series of Transamerica Funds (without imposition of sales charge), or investment options under Transamerica Partners Institutional Funds and Transamerica Institutional Asset Allocation Funds, as elected by the Trustee.

Retirement plan: Under a prior retirement plan (the “Emeritus Plan”) available to the Independent Trustees, each Independent Trustee was deemed to have been elected to serve as Trustee Emeritus of Transamerica Funds upon his or her termination of service, other than removal for cause, for a maximum period of five years determined by his or her years of service as a Trustee.

Such amounts were to be accrued by Transamerica Funds on a pro rata basis allocable to each Transamerica Fund based on the relative assets of the Portfolio. If retainers increased in the future, past accruals (and credits) would be adjusted upward so that 50% of the Trustee’s current retainer was accrued and credited at all times. Upon death, disability or termination of service, other than removal for cause, amounts deferred became payable to a Trustee Emeritus (or his/her beneficiary). Upon the commencement of service as Trustee Emeritus, compensation would be paid on a quarterly basis during the time period that the Trustee Emeritus was allowed to serve as such.

At April 30, 2010, the Portfolios’ liabilities related to the Emeritus Plan were as follows:

Fund	Emeritus Fees
Transamerica Asset Allocation — Conservative Portfolio	$	1
Transamerica Asset Allocation — Growth Portfolio		2
Transamerica Asset Allocation — Moderate Growth Portfolio		3
Transamerica Asset Allocation — Moderate Portfolio		2
Transamerica Multi-Manager International Portfolio		—	(a)

^(a) Rounds to less than $1.

Amounts deferred and accrued under the Emeritus Plan are claims against the general assets of Transamerica Funds.

The Emeritus Plan was terminated effective October 30, 2007. Upon the termination, the Portfolios continue to pay any remaining benefits in accordance with the Plan, but no further compensation has been accrued.

NOTE 4. INVESTMENT TRANSACTIONS

The cost of affiliated investments purchased and proceeds from affiliated investments sold (excluding short-term securities) for the period ended April 30, 2010 were as follows:

	Purchases of securities:				Proceeds from maturities and sales of securities:
Portfolio Name	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica Asset Allocation — Conservative Portfolio	$	180,078	$	—	$	65,102	$	—
Transamerica Asset Allocation — Growth Portfolio		119,772		—		156,955		—
Transamerica Asset Allocation — Moderate Growth Portfolio		289,184		—		258,431		—
Transamerica Asset Allocation — Moderate Portfolio		273,190		—		142,767		—
Transamerica Multi-Manager Alternative Strategies Portfolio		54,764		—		35,600		—
Transamerica Multi-Manager International Portfolio		28,064		—		12,222		—

Transamerica Funds Semi-Annual Report 2010

Page 32

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 5. FEDERAL INCOME TAX MATTERS

The Portfolios 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 Portfolios 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. Management has evaluated the Portfolios’ tax positions taken for all open years (2006 – 2008), or expected to be taken in the Portfolios’ 2009 tax return, and has concluded that no provision for income tax is required in the Portfolios’ financial statements. The Portfolios identify their major tax jurisdictions as U.S. Federal, the state of Florida, and foreign jurisdictions where the Portfolios make significant investments; however the Portfolios 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. Income and capital gain 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, net operating losses, capital loss carryforwards, and post-October loss deferrals.

NOTE 6. SUBSEQUENT EVENTS

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 10, 2010, the Board approved a new transfer agency fee schedule. The new fee will be effective July 1, 2010.

Management has evaluated subsequent events through the date of issuance of the financial statements, and has determined that no other material events or transactions would require recognition or disclosure in the Portfolio’s financial statements

Transamerica Funds Semi-Annual Report 2010

Page 33

Change of Independent Registered Certified Public Accounting Firm

PricewaterhouseCoopers LLP (“PwC”) served as independent registered certified public accounting firm through April 7, 2010. On April 8, 2010, upon recommendation by the Transamerica Funds’ Audit Committee, the Transamerica Funds’ Board selected Ernst & Young LLP to replace PwC as the independent public accountant for the fiscal year ending October 31, 2010.

The reports of PwC on the financial statements for the past two fiscal years contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the two most recent fiscal years and through April 7, 2010, there have been no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of PwC would have caused them to make reference thereto in their reports on the financial statements for such years.

During the two most recent fiscal years and through April 7, 2010, there have been no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).

Transamerica Funds has requested that PwC furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter will be filed as Exhibit 77 to Form N-SAR.

Transamerica Funds Semi-Annual Report 2010

Page 34

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

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q, which is available on the SEC’s website at http://www.sec.gov. The Portfolios’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

You may also visit the Trust’s website at www.transamericafunds.com for this and other information about the Portfolios 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 Portfolios. Transamerica Funds will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday—Friday. Your request will take effect within 30 days.

Transamerica Funds Semi-Annual Report 2010

Page 35

NOTICE OF PRIVACY POLICY

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds Semi-Annual Report 2010

Page 36

P.O. Box 9012
Clearwater, FL 33758-9012

Customer Service 1-888-233-4339
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.

Open Funds

Semi-Annual Report
April 30, 2010

www.transamericafunds.com

Customer Service 1-888-233-4339
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.

Dear Fellow 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 adviser in the future. We value the trust you have placed in us.

This semi-annual report is provided to you with the intent of presenting a comprehensive review of the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe this report to be an important part of the investment process. In addition to providing a comprehensive review, this report also provides a discussion of accounting policies as well as matters presented to shareholders that may have required their vote.

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. Equity and fixed-income markets, while experiencing some periods of weakness, have generally produced positive results over the past six months as investors have become more optimistic regarding an economic recovery. The Federal Reserve has continued to keep the federal funds rate within a historically low range of 0%-0.25% in an ongoing effort to promote economic expansion. Credit markets have continued to rally, with some pauses, as more investors feel comfortable taking on some amount of credit risk. However, concerns over the impact of high government debt levels, particularly in the developed world, have arisen. This has begun to put pressure on some foreign currencies and foreign debt in Europe, particularly in Greece. In addition, while there have been incremental improvements in the labor markets, unemployment remains elevated and reached a level of 9.9% in April 2010. Following improved economic prospects, oil prices have risen modestly. For the six months ending April 30, 2010, the Dow Jones Industrial Average returned 14.87%, the Standard & Poor’s 500 Index returned 15.66%, and the Barclays Capital U.S. Aggregate Bond Index returned 2.54%. Please keep in mind 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 adviser is a key resource to help you build a complete picture of your current and future financial needs. Financial advisers are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial adviser, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.

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

Sincerely,

John K. Carter	Christopher A. Staples
Chairman of the Board,	Vice President & Chief Investment Officer
President & Chief Executive Officer	Transamerica Funds
Transamerica Funds

Understanding Your Funds’ Expenses
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions and redemption fees; and (2) ongoing costs, including management fees, dividend expense on short-sales, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at November 1, 2009 and held for the entire period until April 30, 2010, excluding fund classes that commenced operations after November 1, 2009.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” 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 could have included a $15 annual fee. The amount of any fee paid through your account would increase the estimate of expenses you paid during the period and decrease your ending account value.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the funds’ actual expense ratios and an assumed rate 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 funds and 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. 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. In addition, if these transactional costs were included, your costs would have been 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.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the advisory and administrative fees such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

			Actual Expenses						Hypothetical Expenses (e)
	Beginning		Ending Account		Expenses Paid				Ending Account		Expenses Paid			Annualized
Fund Name	Account Value		Value		During Period				Value		During Period			Expense Ratio
Transamerica AEGON High Yield Bond (formerly, Transamerica High Yield Bond)
Class A	$	1,000.00	$	1,113.00	$	5.92	(a)	��	$	1,019.19	$	5.66	(a)		1.13	%
Class B		1,000.00		1,109.20		9.57	(a)			1,015.72		9.15	(a)		1.83
Class C		1,000.00		1,110.00		9.21	(a)			1,016.07		8.80	(a)		1.76
Class I		1,000.00		1,099.50		4.07	(b)			1,016.95		3.91	(b)		0.93
Class I2		1,000.00		1,116.10		3.41	(a)			1,021.57		3.26	(a)		0.65
Class P		1,000.00		1,102.70		4.17	(c)			1,018.08		4.01	(c)		0.90
Transamerica Balanced
Class A		1,000.00		1,147.70		8.36	(a)			1,017.01		7.85	(a)		1.57
Class B		1,000.00		1,142.40		12.85	(a)			1,012.79		12.08	(a)		2.42
Class C		1,000.00		1,144.60		11.22	(a)			1,014.33		10.54	(a)		2.11
Class I		1,000.00		1,113.40		6.38	(b)			1,014.78		6.08	(b)		1.45
Class P		1,000.00		1,099.30		5.36	(d)			1,017.90		5.15	(d)		1.11
Transamerica Diversified Equity
Class A		1,000.00		1,099.60		7.34	(d)			1,016.02		7.05	(d)		1.52
Class B		1,000.00		1,096.30		10.47	(d)			1,013.03		10.05	(d)		2.17
Class C		1,000.00		1,096.30		10.47	(d)			1,013.03		10.05	(d)		2.17
Class I		1,000.00		1,115.40		5.15	(b)			1,015.95		4.91	(b)		1.17
Class I2		1,000.00		1,103.00		3.92	(d)			1,019.29		3.76	(d)		0.81
Class P		1,000.00		1,164.80		6.17	(a)			1,019.09		5.76	(a)		1.15
Transamerica Flexible Income
Class A		1,000.00		1,093.70		6.23	(a)			1,018.84		6.01	(a)		1.20
Class B		1,000.00		1,089.80		10.05	(a)			1,015.17		9.69	(a)		1.94
Class C		1,000.00		1,089.90		9.28	(a)			1,015.92		8.95	(a)		1.79
Class I		1,000.00		1,075.10		3.67	(b)			1,017.28		3.57	(b)		0.85
Class I2		1,000.00		1,096.20		3.64	(a)			1,021.32		3.51	(a)		0.70
Transamerica Focus (formerly, Transamerica Legg Mason Partners All Cap)
Class A		1,000.00		1,089.00		7.45	(d)			1,015.88		7.19	(d)		1.55
Class B		1,000.00		1,085.60		10.56	(d)			1,012.89		10.19	(d)		2.20
Class C		1,000.00		1,085.70		10.56	(d)			1,012.89		10.19	(d)		2.20
Class I		1,000.00		1,108.80		5.27	(b)			1,015.82		5.04	(b)		1.20
Class P		1,000.00		1,169.20		7.74	(a)			1,017.65		6.68	(a)		1.44

Transamerica Funds Semi-Annual Report 2010

Page 1

Understanding Your Funds’ Expenses (continued)
(unaudited)

			Actual Expenses					Hypothetical Expenses (e)
	Beginning		Ending Account		Expenses Paid			Ending Account		Expenses Paid			Annualized
Fund Name	Account Value		Value		During Period			Value		During Period			Expense Ratio
Transamerica Growth Opportunities
Class A	$	1,000.00	$	1,247.00	$	9.75	(a)	$	1,016.12	$	8.75	(a)		1.75	%
Class B		1,000.00		1,241.80		13.34	(a)		1,012.89		11.98	(a)		2.40
Class C		1,000.00		1,242.50		13.29	(a)		1,012.94		11.93	(a)		2.39
Class I		1,000.00		1,210.20		6.44	(b)		1,014.99		5.87	(b)		1.40
Class I2		1,000.00		1,251.90		4.86	(a)		1,020.48		4.36	(a)		0.87
Class P		1,000.00		1,173.50		6.75	(d)		1,016.80		6.27	(d)		1.35
Transamerica Money Market
Class A		1,000.00		1,000.00		0.89	(a)		1,023.90		0.90	(a)		0.18
Class B		1,000.00		1,000.00		0.89	(a)		1,023.90		0.90	(a)		0.18
Class C		1,000.00		1,000.00		0.89	(a)		1,023.90		0.90	(a)		0.18
Class I		1,000.00		1,000.10		0.71	(b)		1,020.11		0.72	(b)		0.17
Class I2		1,000.00		1,000.10		0.89	(a)		1,023.90		0.90	(a)		0.18
Class P		1,000.00		1,000.10		0.75	(c)		1,021.30		0.76	(c)		0.17
Transamerica Short-Term Bond
Class A		1,000.00		1,043.10		4.20	(a)		1,020.68		4.16	(a)		0.83
Class C		1,000.00		1,039.20		8.04	(a)		1,016.91		7.95	(a)		1.59
Class I		1,000.00		1,035.00		2.84	(b)		1,018.03		2.82	(b)		0.67
Class I2		1,000.00		1,044.70		2.69	(a)		1,022.17		2.66	(a)		0.53
Transamerica Small/Mid Cap Value
Class A		1,000.00		1,288.00		8.17	(a)		1,017.65		7.20	(a)		1.44
Class B		1,000.00		1,283.20		11.83	(a)		1,014.43		10.44	(a)		2.09
Class C		1,000.00		1,283.60		11.61	(a)		1,014.63		10.24	(a)		2.05
Class I		1,000.00		1,241.60		4.81	(b)		1,016.53		4.32	(b)		1.03
Class I2		1,000.00		1,290.60		4.94	(a)		1,020.48		4.36	(a)		0.87
Transamerica WMC Diversified Growth (formerly, Transamerica Equity)
Class A		1,000.00		1,155.20		8.12	(a)		1,017.26		7.60	(a)		1.52
Class B		1,000.00		1,152.60		11.58	(a)		1,014.03		10.84	(a)		2.17
Class C		1,000.00		1,152.00		11.58	(a)		1,014.03		10.84	(a)		2.17
Class I		1,000.00		1,105.40		4.16	(b)		1,016.87		3.99	(b)		0.95
Class I2		1,000.00		1,160.70		4.07	(a)		1,021.03		3.81	(a)		0.76
Class P		1,000.00		1,080.70		5.51	(d)		1,017.72		5.34	(d)		1.15
Class T		1,000.00		1,159.40		4.98	(a)		1,020.18		4.66	(a)		0.93

(a)	Expenses are calculated using the class’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 (181 days), and divided by the number of days in the year (365 days).
(b)	Expenses are calculated using the class’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 (152 days), and divided by the number of days in the year (365 days). This class commenced operations on November 30, 2009.
(c)	Expenses are calculated using the class’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 (161 days), and divided by the number of days in the year (365 days). This class commenced operations on November 20, 2009.
(d)	Expenses are calculated using the class’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 (168 days), and divided by the number of days in the year (365 days). This class commenced operations on November 13, 2009.
(e)	5% return per year before expenses.

Transamerica Funds Semi-Annual Report 2010

Page 2

Schedules of Investments Composition
At April 30, 2010
(The following charts summarize the Schedule of Investments of each fund by asset type)
(unaudited)

Transamerica AEGON High Yield Bond
(formerly, Transamerica High Yield Bond)

Corporate Debt Securities	88.6	%
Securities Lending Collateral	18.7
Repurchase Agreement	4.4
Preferred Corporate Debt Securities	1.2
Common Stocks	0.7
Preferred Stock	0.3
Other Assets and Liabilities — Net	(13.9	)
Total	100.0	%

Transamerica Balanced

Common Stocks	63.3	%
Corporate Debt Securities	21.0
Securities Lending Collateral	6.4
Mortgage-Backed Securities	5.5
U.S. Government Agency Obligations	5.4
Preferred Corporate Debt Securities	1.8
Asset-Backed Securities	1.6
Repurchase Agreement	0.7
Municipal Government Obligation	0.3
U.S. Government Obligation	0.2
Other Assets and Liabilities — Net	(6.2	)
Total	100.0	%

Transamerica Diversified Equity

Common Stocks	98.2	%
Securities Lending Collateral	23.8
Repurchase Agreement	1.7
Other Assets and Liabilities — Net	(23.7	)
Total	100.0	%

Transamerica Flexible Income

Corporate Debt Securities	60.4	%
Securities Lending Collateral	15.8
Mortgage-Backed Securities	11.1
Preferred Corporate Debt Securities	6.7
Asset-Backed Securities	5.1
Convertible Bonds	3.2
Foreign Government Obligations	2.5
U.S. Government Obligations	2.4
Common Stocks	1.8
Convertible Preferred Stocks	1.3
Preferred Stocks	1.1
U.S. Government Agency Obligation	1.0
Repurchase Agreement	0.9
Municipal Government Obligation	0.8
Other Assets and Liabilities — Net	(14.1	)
Total	100.0	%

Transamerica Focus
(formerly, Transamerica Legg Mason Partners All Cap)

Common Stocks	94.4	%
Securities Lending Collateral	6.3
Repurchase Agreement	4.2
Other Assets and Liabilities — Net	(4.9	)
Total	100.0	%

Transamerica Growth Opportunities

Common Stocks	98.0	%
Securities Lending Collateral	25.7
Repurchase Agreement	2.2
Other Assets and Liabilities — Net	(25.9	)
Total	100.0	%

Transamerica Money Market

Commercial Paper	78.6	%
Corporate Debt Securities	11.8
Short-Term Foreign Government Obligations	9.5
Short-Term U.S. Government Obligation	1.2
Repurchase Agreement	0.1
Other Assets and Liabilities — Net	(1.2	)
Total	100.0	%

Transamerica Short-Term Bond

Corporate Debt Securities	74.5	%
Mortgage-Backed Securities	13.1
Asset-Backed Securities	5.2
U.S. Government Agency Obligations	3.0
Foreign Government Obligations	2.9
Securities Lending Collateral	0.2
Repurchase Agreement	0.2
Other Assets and Liabilities — NetΏ	0.9
Total	100.0	%

Transamerica Small/Mid Cap Value

Common Stocks	95.2	%
Securities Lending Collateral	25.6
Repurchase Agreement	5.0
Other Assets and Liabilities — Net	(25.8	)
Total	100.0	%

Transamerica WMC Diversified Growth
(formerly, Transamerica Equity)

Common Stocks	99.6	%
Securities Lending Collateral	5.8
Repurchase Agreement	0.0	*
Other Assets and Liabilities — Net	(5.4	)
Total	100.0	%

W	The Other Assets and Liabilities — Net category may include, but is not limited to, Forward Currency Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, and Securities Sold Short.
*	Amount rounds to less than 0.1%.

Transamerica Funds Semi-Annual Report 2010

Page 3

Transamerica AEGON High Yield Bond
(formerly, Transamerica High Yield Bond)

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
PREFERRED CORPORATE DEBT SECURITIES — 1.2%
Diversified Financial Services — 0.4%
JPMorgan Chase & Co. — Series 1
7.90%, 04/30/2018 * Ž^	$	2,250	$	2,363
Insurance — 0.8%
Lincoln National Corp.
7.00%, 05/17/2066 *		5,650		5,226
Total Preferred Corporate Debt Securities (cost $5,707)				7,589
CORPORATE DEBT SECURITIES — 88.6%
Aerospace & Defense — 2.7%
Alliant Techsystems, Inc.
6.75%, 04/01/2016		2,180		2,229
BE Aerospace, Inc.
8.50%, 07/01/2018 ^		1,800		1,926
Bombardier, Inc.
7.50%, 03/15/2018 — 144A		450		477
7.75%, 03/15/2020 — 144A^		1,300		1,381
DAE Aviation Holdings, Inc.
11.25%, 08/01/2015 — 144A		425		424
Hawker Beechcraft Acquisition Co., LLC
8.50%, 04/01/2015 ^		3,740		3,282
Hexcel Corp.
6.75%, 02/01/2015 ^		3,850		3,831
Spirit Aerosystems, Inc.
7.50%, 10/01/2017 — 144A		2,095		2,142
Auto Components — 0.3%
Lear Corp.
7.88%, 03/15/2018		1,180		1,202
8.13%, 03/15/2020 ^		440		449
Automobiles — 0.3%
Motors Liquidation Co.
7.13%, 07/15/2013 џ		1,915		708
7.20%, 01/15/2011 џ		1,800		671
8.10%, 06/15/2024 џ		575		198
Beverages — 0.9%
Constellation Brands, Inc.
7.25%, 09/01/2016 ^		4,900		5,023
Cott Beverages, Inc.
8.38%, 11/15/2017 — 144A		500		523
Building Products — 2.0%
Masco Corp.
7.75%, 08/01/2029 ^		2,950		2,948
Ply Gem Industries, Inc.
11.75%, 06/15/2013 ^		7,020		7,467
13.13%, 07/15/2014 — 144A^		2,000		2,080
Chemicals — 2.5%
Huntsman International LLC
5.50%, 06/30/2016 — 144A^		2,575		2,343
7.38%, 01/01/2015 *		2,900		2,871
8.63%, 03/15/2020 — 144A^		1,150		1,162
Nova Chemicals Corp.
3.65%, 11/15/2013 *		5,400		5,116
8.38%, 11/01/2016 — 144A^		2,000		2,075
8.63%, 11/01/2019 — 144A		1,500		1,568
Commercial Banks — 0.4%
ABN Amro North American Holding Preferred Capital Repackage Trust I
6.52%, 11/08/2012 — 144A * Ž		3,100		2,697
Commercial Services & Supplies — 1.5%
Aramark Corp.
8.50%, 02/01/2015 ^		1,450		1,488

	Principal		Value
Commercial Services & Supplies (continued)
Ceridian Corp.
11.25%, 11/15/2015 *^	$	2,930	$	3,017
12.25%, 11/15/2015 Ώ		346		357
GWR Operating Partnership LLP
10.88%, 04/01/2017 — 144A^		1,810		1,801
Hertz Corp.
8.88%, 01/01/2014		2,511		2,593
Computers & Peripherals — 0.5%
Seagate Technology HDD Holdings, Inc.
6.80%, 10/01/2016		3,245		3,294
Consumer Finance — 1.8%
American General Finance Corp.
5.38%, 10/01/2012 ^		5,247		4,859
5.85%, 06/01/2013 ^		2,450		2,261
6.90%, 12/15/2017 ^		4,450		3,736
Containers & Packaging — 3.2%
Ball Corp.
6.75%, 09/15/2020		1,150		1,176
Cascades, Inc.
7.75%, 12/15/2017 — 144A		1,880		1,913
7.88%, 01/15/2020 — 144A		750		758
Graphic Packaging International, Inc.
9.50%, 08/15/2013 — 06/15/2017 ^		2,500		2,593
Jefferson Smurfit Corp.
8.25%, 10/01/2012 џ		7,745		7,773
Owens-Brockway Glass Container, Inc.
6.75%, 12/01/2014 ^		3,235		3,316
Sealed Air Corp.
6.88%, 07/15/2033 — 144A		2,100		2,028
Diversified Consumer Services — 1.7%
Ford Holdings LLC
9.30%, 03/01/2030 ^		5,225		5,330
Service Corp. International
6.75%, 04/01/2016 *		4,650		4,647
7.00%, 06/15/2017 ^		175		173
Diversified Financial Services — 6.2%
CIT Group, Inc.
7.00%, 05/01/2013 — 05/01/2017 ^		8,688		8,300
Ford Motor Credit Co., LLC
7.00%, 04/15/2015 ^		2,250		2,288
8.13%, 01/15/2020 ^		1,600		1,695
9.88%, 08/10/2011 ^		4,250		4,498
GMAC, Inc.
6.75%, 12/01/2014 ^		6,240		6,224
7.25%, 03/02/2011		3,150		3,209
LBI Escrow Corp.
8.00%, 11/01/2017 — 144A		1,500		1,554
New Communications Holdings, Inc.
8.50%, 04/15/2020 — 144A		570		587
8.75%, 04/15/2022 — 144A		475		489
Nuveen Investments, Inc.
10.50%, 11/15/2015		8,360		8,359
Reynolds Group Issuer, Inc.
8.50%, 05/15/2018 — 144A		750		756
Diversified Telecommunication Services — 5.6%
Cincinnati Bell, Inc.
7.00%, 02/15/2015 ^		1,450		1,421
Frontier Communications Corp.
9.00%, 08/15/2031		5,015		5,065

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 4

Transamerica AEGON High Yield Bond
(formerly, Transamerica High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
Diversified Telecommunication Services (continued)
Intelsat Corp.
9.25%, 06/15/2016	$	2,715	$	2,864
Nexstar Broadcasting, Inc.
8.88%, 04/15/2017 — 144A		1,550		1,581
Qwest Communications International, Inc.
7.50%, 02/15/2014 *		2,825		2,874
Qwest Communications International, Inc. - - Series B
7.50%, 02/15/2014		2,615		2,661
Sprint Capital Corp.
6.90%, 05/01/2019 ^		1,920		1,817
8.75%, 03/15/2032 ^		9,525		9,525
Telcordia Technologies, Inc.
11.00%, 05/01/2018 — 144A		800		816
Windstream Corp.
7.88%, 11/01/2017 ^		2,375		2,357
8.63%, 08/01/2016 ^		3,675		3,762
Electric Utilities — 5.2%
AES Red Oak LLC — Series B
9.20%, 11/30/2029		2,125		2,114
Dynegy Holdings, Inc.
7.75%, 06/01/2019 ^		11,540		9,232
Elwood Energy LLC
8.16%, 07/05/2026		5,088		4,885
Energy Future Holdings Corp.
9.75%, 10/15/2019 ^		243		244
Energy Future Intermediate Holding Co., LLC
9.75%, 10/15/2019		297		298
Intergen NV
9.00%, 06/30/2017 — 144A		5,100		5,330
LSP Energy, LP
7.16%, 01/15/2014		2,703		2,325
8.16%, 07/15/2025		750		535
Texas Competitive Electric Holdings Co., LLC — Series A
10.25%, 11/01/2015 *^		9,045		6,784
Electronic Equipment & Instruments — 0.8%
NXP BV
7.88%, 10/15/2014 ^		4,950		4,876
Energy Equipment & Services — 0.1%
El Paso Pipeline Partners Operating Co., LLC
6.50%, 04/01/2020 ^		750		774
Food & Staples Retailing — 1.2%
Rite Aid Corp.
7.50%, 03/01/2017 ^		2,000		1,890
10.38%, 07/15/2016		2,200		2,373
SUPERVALU, Inc.
7.50%, 11/15/2014		1,600		1,644
8.00%, 05/01/2016 ^		1,430		1,455
Food Products — 2.0%
Del Monte Corp.
6.75%, 02/15/2015		1,075		1,106
7.50%, 10/15/2019 — 144A		1,100		1,162
Dole Food Co., Inc.
8.00%, 10/01/2016 — 144A^		3,450		3,570
Smithfield Foods, Inc.
7.75%, 07/01/2017 ^		3,375		3,337
Tyson Foods, Inc.
7.00%, 05/01/2018		2,400		2,370
8.25%, 10/01/2011		700		753

	Principal		Value
Health Care Equipment & Supplies — 0.9%
Cooper Cos., Inc.
7.13%, 02/15/2015	$	5,295	$	5,315
Health Care Providers & Services — 3.7%
Community Health Systems, Inc.
8.88%, 07/15/2015 ^		4,850		5,093
HCA, Inc.
9.25%, 11/15/2016 ^		8,875		9,595
Omnicare, Inc.
6.13%, 06/01/2013		3,900		3,910
6.88%, 12/15/2015		600		600
U.S. Oncology, Inc.
9.13%, 08/15/2017		3,270		3,417
Hotels, Restaurants & Leisure — 7.2%
Firekeepers Development Authority
13.88%, 05/01/2015 — 144A		4,000		4,639
Harrah’s Operating Co., Inc.
10.00%, 12/15/2018 ^		3,425		2,963
12.75%, 04/15/2018 — 144A^		4,150		4,103
Mashantucket Western Pequot Tribe
8.50%, 11/15/2015 — 144A џ		6,600		1,650
MGM Mirage, Inc.
5.88%, 02/27/2014 ^		2,500		2,206
7.50%, 06/01/2016 ^		2,625		2,317
10.38%, 05/15/2014 — 144A		500		548
11.38%, 03/01/2018 — 144A^		3,500		3,596
Mohegan Tribal Gaming Authority
6.13%, 02/15/2013		60		54
7.13%, 08/15/2014 ^		3,275		2,661
Royal Caribbean Cruises, Ltd.
7.00%, 06/15/2013		3,000		3,113
7.25%, 06/15/2016 ^		500		506
Seneca Gaming Corp.
7.25%, 05/01/2012		5,400		5,372
Starwood Hotels & Resorts Worldwide, Inc.
6.75%, 05/15/2018 ^		1,600		1,648
7.15%, 12/01/2019 ^		2,500		2,594
WMG Acquisition Corp.
9.50%, 06/15/2016 — 144A^		2,400		2,592
Wynn Las Vegas Capital Corp.
6.63%, 12/01/2014 ^		2,800		2,836
Household Durables — 4.3%
Beazer Homes USA, Inc.
12.00%, 10/15/2017 ^		3,225		3,689
D.R. Horton, Inc.
5.25%, 02/15/2015 ^		2,208		2,131
Jarden Corp.
7.50%, 05/01/2017 ^		3,390		3,466
K. Hovnanian Enterprises, Inc.
10.63%, 10/15/2016 ^		3,000		3,285
KB Home
9.10%, 09/15/2017		3,450		3,717
Meritage Homes Corp.
6.25%, 03/15/2015		6,170		5,938
Mohawk Industries, Inc.
6.88%, 01/15/2016 *		3,475		3,684
Standard Pacific Corp.
8.38%, 05/15/2018		675		685
Independent Power Producers & Energy Traders — 2.5%
Edison Mission Energy
7.00%, 05/15/2017 ^		4,800		3,498
7.20%, 05/15/2019 ^		6,500		4,648
7.75%, 06/15/2016 ^		2,000		1,555

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 5

Transamerica AEGON High Yield Bond
(formerly, Transamerica High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
Independent Power Producers & Energy Traders (continued)
NRG Energy, Inc.
7.25%, 02/01/2014 ^	$	3,520	$	3,568
7.38%, 01/15/2017		2,250		2,216
Industrial Conglomerates — 0.5%
Koppers, Inc.
7.88%, 12/01/2019 — 144A		3,175		3,270
Insurance — 1.1%
Genworth Financial, Inc.
6.15%, 11/15/2066 *^		2,000		1,600
Liberty Mutual Group, Inc.
10.75%, 06/15/2058 — 144A *		4,400		5,126
IT Services — 2.7%
DI Finance
9.50%, 02/15/2013		2,505		2,577
SunGard Data Systems, Inc.
9.13%, 08/15/2013		6,510		6,681
Unisys Corp.
12.50%, 01/15/2016 ^		1,250		1,397
12.75%, 10/15/2014 - 144A		991		1,164
14.25%, 09/15/2015 — 144A^		3,503		4,230
Machinery — 0.5%
Navistar International Corp.
8.25%, 11/01/2021		2,810		2,965
Media — 4.3%
Cablevision Systems Corp.
7.75%, 04/15/2018		350		355
8.00%, 04/15/2020		350		356
CCO Holdings LLC
7.88%, 04/30/2018 — 144A		375		382
8.13%, 04/30/2020 — 144A		300		307
Clear Channel Communications, Inc.
10.75%, 08/01/2016		1,000		839
Clear Channel Worldwide Holdings, Inc.
9.25%, 12/15/2017 — 144A^		3,150		3,373
CSC Holdings LLC
7.63%, 07/15/2018 ^		4,650		4,882
8.50%, 06/15/2015 — 144A		925		985
DISH DBS Corp.
6.63%, 10/01/2014 ^		990		1,000
7.75%, 05/31/2015 ^		3,080		3,234
Lamar Media Corp.
6.63%, 08/15/2015		2,025		1,964
Liberty Media LLC
5.70%, 05/15/2013		4,500		4,523
Umbrella Acquisition, Inc.
9.75%, 03/15/2015 — 144A^ Ώ		4,689		4,255
Metals & Mining — 1.3%
Steel Dynamics, Inc.
7.38%, 11/01/2012		3,600		3,772
U.S. Steel Corp.
7.00%, 02/01/2018 ^		2,535		2,579
7.38%, 04/01/2020 ^		1,500		1,541
Multiline Retail — 2.4%
Bon-Ton Department Stores, Inc.
10.25%, 03/15/2014		5,125		5,189
JC Penney Corp., Inc.
7.40%, 04/01/2037		2,000		2,095
7.65%, 08/15/2016		2,000		2,240
Macy’s Retail Holdings, Inc.
5.35%, 03/15/2012		500		523
7.45%, 07/15/2017 ^		4,100		4,469

	Principal		Value
Oil, Gas & Consumable Fuels — 8.2%
Chesapeake Energy Corp.
6.63%, 01/15/2016	$	2,200	$	2,167
6.88%, 01/15/2016 ^		2,000		1,995
7.00%, 08/15/2014		3,400		3,447
7.25%, 12/15/2018 ^		830		830
7.63%, 07/15/2013 ^		100		104
Connacher Oil and Gas, Ltd.
10.25%, 12/15/2015 — 144A		2,680		2,760
Consol Energy, Inc.
8.00%, 04/01/2017 — 144A		750		792
8.25%, 04/01/2020 — 144A		625		666
Continental Resources, Inc.
8.25%, 10/01/2019		1,840		1,978
El Paso Corp.
7.25%, 06/01/2018		3,100		3,222
Forest Oil Corp.
7.25%, 06/15/2019 ^		1,600		1,624
Hilcorp Energy I, LP
8.00%, 02/15/2020 — 144A		900		878
Kinder Morgan Finance Co.
5.70%, 01/05/2016 ^		4,810		4,737
Linn Energy LLC Finance Corp.
8.63%, 04/15/2020 — 144A		2,340		2,428
Newfield Exploration Co.
6.63%, 09/01/2014		2,175		2,213
6.88%, 02/01/2020		1,175		1,187
7.13%, 05/15/2018		295		304
Opti Canada, Inc.
7.88%, 12/15/2014		1,590		1,514
8.25%, 12/15/2014		3,600		3,456
Pioneer Natural Resources Co.
6.65%, 03/15/2017 ^		3,225		3,321
Plains Exploration & Production Co.
7.00%, 03/15/2017		1,400		1,386
7.75%, 06/15/2015		3,000		3,068
Tesoro Corp.
6.63%, 11/01/2015 ^		2,075		2,021
Whiting Petroleum Corp.
7.00%, 02/01/2014		3,380		3,489
Paper & Forest Products — 3.5%
Domtar Corp.
10.75%, 06/01/2017 ^		3,300		4,043
Georgia-Pacific LLC
7.00%, 01/15/2015 — 144A		3,825		3,978
7.13%, 01/15/2017 — 144A		1,153		1,216
Verso Paper Holdings LLC
11.50%, 07/01/2014 — 144A^		1,800		2,003
Verso Paper Holdings LLC — Series B
11.38%, 08/01/2016 ^		3,000		2,873
Weyerhaeuser Co.
7.38%, 03/15/2032		7,150		7,199
Pharmaceuticals — 0.2%
Valeant Pharmaceuticals International
7.63%, 03/15/2020 — 144A		1,490		1,516
Real Estate Investment Trusts — 2.3%
Host Hotels & Resorts, LP
7.13%, 11/01/2013 ^		3,155		3,210
9.00%, 05/15/2017 — 144A^		2,250		2,453
iStar Financial, Inc.
5.88%, 03/15/2016 ^		5,000		3,875
8.63%, 06/01/2013 ^		5,000		4,250

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 6

Transamerica AEGON High Yield Bond
(formerly, Transamerica High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
Real Estate Management & Development — 1.2%
First Industrial, LP
5.75%, 01/15/2016	$	2,000	$	1,883
Realogy Corp.
10.50%, 04/15/2014 ^		5,905		5,506
Semiconductors & Semiconductor Equipment — 0.6%
Freescale Semiconductor, Inc.
9.13%, 12/15/2014 ^ Ώ		2,000		1,995
9.25%, 04/15/2018 — 144A		1,500		1,560
Software — 0.8%
First Data Corp.
9.88%, 09/24/2015 ^		5,136		4,699
Specialty Retail — 0.5%
Blockbuster, Inc.
11.75%, 10/01/2014 — 144A		3,891		2,850
Claire’s Stores, Inc.
9.63%, 06/01/2015 ^ Ώ		500		450
Textiles, Apparel & Luxury Goods — 0.8%
Levi Strauss & Co.
7.63%, 05/15/2020 — 144A		2,360		2,384
8.88%, 04/01/2016		1,200		1,272
Phillips-Van Heusen Corp.
7.38%, 05/15/2020		1,000		1,025
Wireless Telecommunication Services — 0.2%
Nextel Communications, Inc. — Series D
7.38%, 08/01/2015 ^		1,000		974
Total Corporate Debt Securities (cost $507,425)				539,747

	Shares		Value
PREFERRED STOCK — 0.3%
Diversified Financial Services — 0.3%
GMAC, Inc. 7.00% — 144A 5		2,228		1,892
Total Preferred Stock (cost $701)

	Shares		Value
COMMON STOCKS — 0.7%
Diversified Financial Services — 0.4%
CIT Group, Inc. ‡		68,248	$	2,771
IT Services — 0.3%
Unisys Corp. ‡^		61,972		1,736
Total Common Stocks (cost $2,995)				4,507
SECURITIES LENDING COLLATERAL — 18.7%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		114,015,868		114,016
Total Securities Lending Collateral (cost $114,016)

	Principal		Value
REPURCHASE AGREEMENT — 4.4%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $26,819 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $27,357.	$	26,819		26,819
Total Repurchase Agreement (cost $26,819)
Total Investment Securities (cost $657,663) #				694,570
Other Assets and Liabilities — Net				(84,789	)
Net Assets			$	609,781

NOTES TO SCHEDULE OF INVESTMENTS:

Ž	The security has a perpetual maturity. The date shown is the next call date.
‡	Non-income producing security.
^	All or a portion of this security is on loan. The value of all securities on loan is $111,681.
*	Floating or variable rate note. Rate is listed as of 04/30/2010.
Ώ	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.
џ	In default.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $657,663. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $47,358 and $10,451, respectively. Net unrealized appreciation for tax purposes is $36,907.

DEFINITION:

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $106,813, or 17.52%, of the fund’s net assets.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 7

Transamerica AEGON High Yield Bond
(formerly, Transamerica High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Financials	$	4,663	$	—	$	—	$	4,663
Equities — Information Technology		1,736		—		—		1,736
Fixed Income — Consumer Discretionary		—		120,757		—		120,757
Fixed Income — Consumer Staples		—		25,206		—		25,206
Fixed Income — Energy		—		50,361		—		50,361
Fixed Income — Financials		—		87,005		—		87,005
Fixed Income — Health Care		—		29,446		—		29,446
Fixed Income — Industrials		—		41,891		—		41,891
Fixed Income — Information Technology		—		28,413		—		28,413
Fixed Income — Materials		—		61,303		—		61,303
Fixed Income — Telecommunication Services		—		55,722		—		55,722
Fixed Income — Utilities		—		47,232		—		47,232
Cash & Cash Equivalent — Repurchase Agreement		—		26,819		—		26,819
Cash & Cash Equivalent — Securities Lending Collateral		114,016		—		—		114,016
Total	$	120,415	$	574,155	$	—	$	694,570

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 8

Transamerica Balanced

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATION — 0.2%
U.S. Treasury Bond
4.50%, 08/15/2039	$	750	$	746
Total U.S. Government Obligation (cost $741)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.4%
Fannie Mae
5.00%, 05/01/2018- 03/01/2036		3,551		3,754
5.50%, 07/01/2019- 11/01/2038		5,931		6,257
5.70%, 12/01/2036 *		539		568
6.00%, 08/01/2036- 12/01/2037		513		548
Freddie Mac
5.00%, 04/01/2018- 07/01/2035		5,964		6,264
5.46%, 09/01/2037 *		148		157
5.50%, 09/01/2018- 11/01/2018		100		108
6.00%, 12/01/2037		3,746		4,072
Freddie Mac, IO
5.00%, 08/01/2035		5,933		1,297
Total U.S. Government Agency Obligations (cost $22,115)				23,025
MORTGAGE-BACKED SECURITIES — 5.5%
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037 — 144A		2,265		2,411
Series 2007-1A, Class C
5.62%, 04/15/2037 — 144A		155		163
BCAP LLC Trust
Series 2009-RR10, Class 2A1
4.91%, 08/26/2035 — 144A * Ə		1,018		1,008
Series 2009-RR14, Class 1A1
6.00%, 05/26/2037 — 144A * Ə		1,109		1,115
Series 2009-RR3, Class 2A1
5.65%, 05/26/2037 — 144A *		580		563
Series 2009-RR6, Class 2A1
5.34%, 08/26/2035 — 144A *		713		700
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 — 144A * Ə		1,289		1,289
Credit Suisse Mortgage Capital Certificates
Series 2009-16R, Class 11A1
7.00%, 08/26/2036 — 144A		744		772
Crown Castle Towers LLC
Series 2006-1A, Class AFX
5.24%, 11/15/2036 — 144A		2,632		2,752
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.46%, 12/26/2037 — 144A *		700		689
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 — 144A		595		595
Series 2009-R7, Class 12A1
5.39%, 08/26/2036 — 144A *		697		686
Series 2009-R7, Class 1A1
5.60%, 02/26/2036 — 144A *		1,137		1,103
Series 2009-R7, Class 4A1
3.71%, 09/26/2034 — 144A *		1,042		990
Series 2009-R9, Class 1A1
5.84%, 08/26/2046 — 144A *		689		660
JP Morgan Re-REMIC
Series 2009-7, Class 8A1
5.77%, 01/27/2047 — 144A *		710		697
SBA CMBS Trust
Series 2006-1A, Class A
5.31%, 11/15/2036 — 144A		2,600		2,697

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates
Series 2003-S9, Class A6
5.25%, 10/25/2033	$	1,640	$	1,655
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *		1,017		1,030
Series 2003-L, Class 1A2
4.55%, 11/25/2033 *		957		976
Wells Fargo Mortgage Loan Trust
Series 2010-RR1, Class 2A1
0.36%, 08/27/2047 — 144A *		932		899
Total Mortgage-Backed Securities (cost $22,345)				23,450
ASSET-BACKED SECURITIES — 1.6%
American Airlines Pass-Through Trust
Series 2001-2, Class A2
7.86%, 10/01/2011		1,510		1,555
Continental Airlines Pass-Through Trust
Series 2000-2, Class A2
7.49%, 10/02/2010		713		720
Series 2009-1, Class A
9.00%, 07/08/2016		505		555
Delta Air Lines, Inc.
Series 2000-1, Class A-2
7.57%, 05/18/2012		1,490		1,525
Gaz Capital SA for Gazprom
8.13%, 07/31/2014 — 144A		1,420		1,567
UAL Pass-Through Trust
Series 2009-1
10.40%, 05/01/2018		760		825
Total Asset-Backed Securities (cost $6,500)				6,747
MUNICIPAL GOVERNMENT OBLIGATION — 0.3%
State of California
7.95%, 03/01/2036		1,130		1,233
Total Municipal Government Obligation (cost $1,131)
PREFERRED CORPORATE DEBT SECURITIES — 1.8%
Commercial Banks — 1.2%
PNC Financial Services Group, Inc.
8.25%, 05/21/2013 * Ž		290		308
Rabobank Nederland NV
11.00%, 06/30/2019 — 144A * Ž		1,210		1,557
UBS Preferred Funding Trust I
8.62%, 10/01/2010 * Ž ^		1,475		1,459
Wells Fargo Capital XIII
7.70%, 03/26/2013 * Ž		1,620		1,684
Diversified Financial Services — 0.6%
JPMorgan Chase Capital XXV
Series Y
6.80%, 10/01/2037		872		874
ZFS Finance USA Trust II
6.45%, 06/15/2016 — 144A *		1,816		1,753
Total Preferred Corporate Debt Securities (cost $7,059)				7,635
CORPORATE DEBT SECURITIES — 21.0%
Building Products — 0.2%
Voto-Votorantim Overseas Trading Operations NV
6.63%, 09/25/2019 — 144A		765		773
Capital Markets — 0.9%
Raymond James Financial, Inc.
8.60%, 08/15/2019		1,590		1,864

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 9

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
Capital Markets (continued)
State Street Capital Trust IV
1.26%, 06/01/2067 *	$	2,566	$	1,978
Chemicals — 0.3%
Dow Chemical Co.
8.55%, 05/15/2019		665		813
Nalco Co.
8.25%, 05/15/2017 — 144A		757		812
Commercial Banks — 3.3%
Barclays Bank PLC
8.55%, 06/15/2011 — 144A * Ž		1,355		1,375
10.18%, 06/12/2021 — 144A		1,484		1,938
BBVA Bancomer, S.A.
7.25%, 04/22/2020 — 144A		865		878
City National Bank
6.75%, 09/01/2011		595		619
Fifth Third Bancorp
0.69%, 12/20/2016 *		1,445		1,236
M&I Marshall & Ilsley Bank
5.00%, 01/17/2017		1,015		949
Regions Bank
7.50%, 05/15/2018		800		807
Regions Financial Corp.
5.75%, 06/15/2015		865		866
Royal Bank of Scotland PLC
4.88%, 03/16/2015		1,640		1,682
Silicon Valley Bank
6.05%, 06/01/2017		1,280		1,214
SunTrust Banks, Inc.
6.00%, 09/11/2017		1,550		1,595
Zions Bancorporation
7.75%, 09/23/2014		865		902
Commercial Services & Supplies — 0.3%
Aramark Corp.
8.50%, 02/01/2015 ^		600		616
Hertz Corp.
8.88%, 01/01/2014		745		769
Construction Materials — 0.2%
Cemex Finance LLC
9.50%, 12/14/2016 — 144A		935		944
Containers & Packaging — 0.6%
Graphic Packaging International, Inc.
9.50%, 06/15/2017		758		815
Rexam PLC
6.75%, 06/01/2013 — 144A		1,401		1,537
Diversified Financial Services — 3.8%
Bank of America NA
0.54%, 06/15/2016 *		1,160		1,049
City National Capital Trust I
9.63%, 02/01/2040		1,550		1,738
Crown Castle Towers LLC
6.11%, 01/15/2020 — 144A		1,570		1,669
Ford Motor Credit Co., LLC
3.05%, 01/13/2012 * ^		845		821
Glencore Funding LLC
6.00%, 04/15/2014 — 144A		995		1,047
GTP Towers Issuer LLC
4.44%, 02/15/2040 — 144A		1,435		1,474
Hyundai Capital Services, Inc.
6.00%, 05/05/2015 — 144A		1,383		1,488
Irish Life & Permanent Group Holdings PLC
3.60%, 01/14/2013 — 144A		1,625		1,638
Oaktree Capital Management, LP
6.75%, 12/02/2019 — 144A		1,500		1,495

	Principal		Value
Diversified Financial Services (continued)
QHP Royalty Sub LLC
10.25%, 03/15/2015 — 144A §	$	666	$	675
Selkirk Cogen Funding Corp.
Series A
8.98%, 06/26/2012		944		977
TNK-BP Finance SA
6.25%, 02/02/2015 — 144A		790		822
Unison Ground Lease Funding LLC
6.39%, 04/15/2040 — 144A		1,660		1,660
Diversified Telecommunication Services — 0.4%
SBA Tower Trust
5.10%, 04/15/2017 — 144A		1,465		1,509
Electric Utilities — 0.3%
KCP&L Greater Missouri Operations Co.
11.88%, 07/01/2012 *		1,217		1,429
Energy Equipment & Services — 0.2%
Enterprise Products Operating LLC
7.00%, 06/01/2067 *		800		752
Food & Staples Retailing — 0.3%
Ingles Markets, Inc.
8.88%, 05/15/2017		790		836
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012		325		326
Food Products — 0.8%
Lorillard Tobacco Co.
8.13%, 06/23/2019		1,335		1,506
M-Foods Holdings, Inc.
9.75%, 10/01/2013 — 144A		982		1,015
Michael Foods, Inc.
8.00%, 11/15/2013		910		929
Gas Utilities — 0.3%
EQT Corp.
8.13%, 06/01/2019		1,105		1,340
Hotels, Restaurants & Leisure — 1.0%
Hyatt Hotels Corp.
5.75%, 08/15/2015 — 144A		1,455		1,497
International Game Technology
7.50%, 06/15/2019		1,475		1,717
MGM Mirage, Inc.
8.38%, 02/01/2011		840		851
Insurance — 1.5%
American Financial Group, Inc.
9.88%, 06/15/2019		772		941
Fidelity National Financial, Inc.
6.60%, 05/15/2017		820		820
HCC Insurance Holdings, Inc.
6.30%, 11/15/2019		1,645		1,745
Oil Insurance, Ltd.
7.56%, 06/30/2011 — 144A * Ž		1,740		1,519
Travelers Cos., Inc.
6.25%, 03/15/2037 *		1,310		1,288
Machinery — 0.4%
Kennametal, Inc.
7.20%, 06/15/2012		905		955
Valmont Industries, Inc.
6.63%, 04/20/2020		680		701
Metals & Mining — 0.2%
Cliffs Natural Resources, Inc.
5.90%, 03/15/2020		771		812
Multiline Retail — 0.2%
Limited, Inc.
5.25%, 11/01/2014		890		919

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 10

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
Multi-Utilities — 0.8%
Black Hills Corp.
9.00%, 05/15/2014	$	790	$	915
Sempra Energy
9.80%, 02/15/2019		1,610		2,138
Oil, Gas & Consumable Fuels — 2.0%
Lukoil International Finance BV
6.38%, 11/05/2014 — 144A		705		734
Nustar Logistics, LP
6.88%, 07/15/2012		1,300	��	1,409
Opti Canada, Inc.
8.25%, 12/15/2014		1,390		1,334
Petrohawk Energy Corp.
9.13%, 07/15/2013		960		1,003
Petroleos Mexicanos
6.00%, 03/05/2020 — 144A		1,555		1,599
Petroleum Co. of Trinidad & Tobago, Ltd.
9.75%, 08/14/2019 — 144A		785		918
Ras Laffan Liquefied Natural Gas Co., Ltd. III
6.75%, 09/30/2019 — 144A		1,711		1,918
Paper & Forest Products — 0.2%
Exopack Holding Corp.
11.25%, 02/01/2014		800		842
Real Estate Investment Trusts — 2.4%
Dexus Property Group
7.13%, 10/15/2014 — 144A		1,027		1,135
Digital Realty Trust, LP
5.88%, 02/01/2020 — 144A		1,420		1,426
Duke Realty, LP
7.38%, 02/15/2015		1,370		1,523
Healthcare Realty Trust, Inc.
6.50%, 01/17/2017		1,175		1,230
PPF Funding, Inc.
5.35%, 04/15/2012 — 144A		2,157		2,202
Tanger Properties, LP
6.15%, 11/15/2015		850		891
WEA Finance LLC
6.75%, 09/02/2019 — 144A		1,622		1,817
Real Estate Management & Development — 0.4%
Post Apartment Homes, LP
5.45%, 06/01/2012		620		645
6.30%, 06/01/2013		977		1,032
Total Corporate Debt Securities (cost $83,344)				89,653

	Shares		Value
COMMON STOCKS — 63.3%
Aerospace & Defense — 0.1%
Precision Castparts Corp.		4,520		580
Air Freight & Logistics — 2.4%
CH Robinson Worldwide, Inc. ^		99,000		5,970
Expeditors International of Washington, Inc.		102,000		4,155
Auto Components — 4.4%
BorgWarner, Inc. ‡ ^		230,153		9,975
Johnson Controls, Inc.		264,000		8,868
Capital Markets — 4.1%
Charles Schwab Corp.		385,000		7,427
Credit Suisse Group AG ADR ‡		40,000		1,828
T. Rowe Price Group, Inc. ^		142,843		8,215
Chemicals — 2.5%
Praxair, Inc.		53,200		4,457
Sigma-Aldrich Corp.		103,000		6,107

	Shares		Value
Commercial Banks — 2.1%
BB&T Corp. ^		126,200	$	4,195
Marshall & Ilsley Corp.		505,000		4,595
Communications Equipment — 1.1%
QUALCOMM, Inc. ^		121,000		4,688
Computers & Peripherals — 6.3%
Apple, Inc. ‡		74,430		19,434
International Business Machines Corp.		56,555		7,296
Construction & Engineering — 1.4%
Jacobs Engineering Group, Inc. ‡ ^		123,358		5,948
Diversified Financial Services — 2.4%
JPMorgan Chase & Co.		244,573		10,414
Electrical Equipment — 1.3%
Cooper Industries PLC — Class A		9,995		491
Emerson Electric Co. ^		93,000		4,857
Energy Equipment & Services — 2.8%
Core Laboratories NV ^		50,000		7,494
Schlumberger, Ltd. ^		61,000		4,357
Food & Staples Retailing — 1.1%
Wal-Mart Stores, Inc.		89,000		4,775
Health Care Equipment & Supplies — 2.7%
Becton, Dickinson and Co.		68,593		5,239
Covidien PLC		69,000		3,311
Varian Medical Systems, Inc. ‡		48,000		2,706
Insurance — 1.1%
Berkshire Hathaway, Inc. — Class A ‡		40		4,613
Berkshire Hathaway, Inc. — Class B ‡		226		17
Internet & Catalog Retail — 3.2%
Amazon.com, Inc. ‡		100,000		13,706
Internet Software & Services — 2.8%
Google, Inc. — Class A ‡		22,350		11,744
IT Services — 1.8%
Automatic Data Processing, Inc.		181,000		7,848
Machinery — 6.9%
Caterpillar, Inc.		131,060		8,924
Kennametal, Inc. ^		302,300		9,934
PACCAR, Inc. ^		232,000		10,793
Metals & Mining — 0.5%
Vale SA — Class B ADR ‡ ^		68,000		2,083
Oil, Gas & Consumable Fuels — 2.3%
Anadarko Petroleum Corp.		41,000		2,549
EOG Resources, Inc.		65,000		7,287
Paper & Forest Products — 2.7%
Weyerhaeuser Co. ^		232,615		11,519
Pharmaceuticals — 0.2%
Roche Holding AG ADR		8,420		332
Teva Pharmaceutical Industries, Ltd. ADR		11,115		653
Professional Services — 0.5%
Robert Half International, Inc.		73,000		1,999
Road & Rail — 0.2%
Union Pacific Corp.		11,400		863
Software — 4.2%
Microsoft Corp.		270,300		8,255
Oracle Corp.		369,680		9,552
Trading Companies & Distributors — 2.2%
WW Grainger, Inc.		86,000		9,506
Total Common Stocks (cost $202,739)				269,559

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 11

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
SECURITIES LENDING COLLATERAL — 6.4%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		27,355,677	$	27,356
Total Securities Lending Collateral (cost $27,356)

	Principal		Value
REPURCHASE AGREEMENT — 0.7%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $2,981 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $3,044.	$	2,981		2,981
Total Repurchase Agreement (cost $2,981)
Total Investment Securities (cost $376,311) #				452,385
Other Assets and Liabilities — Net				(26,278	)
Net Assets			$	426,107

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2010.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $3,412, or 0.80% of the fund’s net assets.
Ž	The security has a perpetual maturity. The date shown is the next call date.
^	All or a portion of this security is on loan. The value of all securities on loan is $26,754.
‡	Non-income producing security.
5	Rate shown reflects the yield at 04/30/2010.
§	Illiquid. This security aggregated $675, or 0.16%, of the fund’s net assets.
#	Aggregate cost for federal income tax purposes is $376,311. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $78,994 and $2,920, respectively. Net unrealized appreciation for tax purposes is $76,074.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $62,180, or 14.59%, of the fund’s net assets.
CMBS	Commercial Mortgage-Backed Security
ADR	American Depositary Receipt
IO	Interest Only
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 12

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1			Level 2		Level 3		Total
Equities — Consumer Discretionary	$	32,549		$	—	$	—	$	32,549
Equities — Consumer Staples		4,775			—		—		4,775
Equities — Energy		21,687			—		—		21,687
Equities — Financials		41,304			—		—		41,304
Equities — Health Care		12,241			—		—		12,241
Equities — Industrials		64,020			—		—		64,020
Equities — Information Technology		68,818	��		—		—		68,818
Equities — Materials		24,165			—		—		24,165
Fixed Income — Asset-Backed Security		—			6,747		—		6,747
Fixed Income — Consumer Discretionary		—			6,370		—		6,370
Fixed Income — Consumer Staples		—			4,612		—		4,612
Fixed Income — Energy		—			9,668		—		9,668
Fixed Income — Financials		—			60,303		—		60,303
Fixed Income — Industrials		—			4,188		—		4,188
Fixed Income — Information Technology		—			1,509		—		1,509
Fixed Income — Materials		—			4,816		—		4,816
Fixed Income — Mortgage-Backed Security		—			23,450		—		23,450
Fixed Income — Municipal Government Obligation		—			1,233		—		1,233
Fixed Income — U.S. Government Agency Obligation		—			23,025		—		23,025
Fixed Income — U.S. Government Obligation		—			746		—		746
Fixed Income — Utilities		—			5,822		—		5,822
Cash & Cash Equivalent — Repurchase Agreement		—			2,981		—		2,981
Cash & Cash Equivalent — Securities Lending Collateral		27,356			—		—		27,356
Total	$	296,915		$	155,470	$	—	$	452,385

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 13

Transamerica Diversified Equity

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS — 98.2%
Aerospace & Defense — 3.2%
Precision Castparts Corp. ^		191,536	$	24,582
Rolls-Royce Group PLC — Class C ‡ Ə		4,657,860		7
Air Freight & Logistics — 3.1%
CH Robinson Worldwide, Inc. ^		257,050		15,500
Expeditors International of Washington, Inc. ^		212,411		8,654
Auto Components — 6.3%
BorgWarner, Inc. ‡ ^		455,412		19,738
Johnson Controls, Inc.		842,916		28,313
Biotechnology — 1.4%
Amgen, Inc. ‡		191,280		10,972
Capital Markets — 3.1%
BlackRock, Inc. — Class A ^		89,350		16,441
Charles Schwab Corp. ^		405,450		7,821
Chemicals — 5.2%
Ecolab, Inc. ^		171,678		8,385
Nalco Holding Co. ^		793,425		19,622
Sigma-Aldrich Corp. ^		216,821		12,857
Commercial Banks — 2.7%
BB&T Corp. ^		631,750		20,999
Communications Equipment — 3.5%
Cisco Systems, Inc. ‡		721,826		19,432
QUALCOMM, Inc.		204,053		7,905
Computers & Peripherals — 6.8%
Apple, Inc. ‡ ^		119,658		31,244
International Business Machines Corp. ^		171,517		22,126
Construction & Engineering — 2.1%
Jacobs Engineering Group, Inc. ‡ ^		345,027		16,637
Diversified Financial Services — 3.5%
Bank of America Corp. ^		866,501		15,450
JPMorgan Chase & Co.		274,520		11,689
Electrical Equipment — 3.4%
Cooper Industries PLC — Class A ^		170,900		8,391
Hubbell, Inc. — Class B		392,460		18,238
Energy Equipment & Services — 3.9%
Core Laboratories NV ^		89,730		13,450
Schlumberger, Ltd. ^		237,992		16,997
Health Care Equipment & Supplies — 1.7%
Covidien PLC		276,007		13,246
Hotels, Restaurants & Leisure — 4.1%
Marriott International, Inc. — Class A ^		459,185		16,879
McDonald’s Corp.		110,085		7,771
Starbucks Corp. ^		294,870		7,661
Insurance — 3.1%
Berkshire Hathaway, Inc. — Class A ‡		90		10,379
Travelers Cos., Inc.		274,000		13,903
Internet & Catalog Retail — 4.1%
Amazon.com, Inc. ‡ ^		164,533		22,551
priceline.com, Inc. ‡ ^		36,443		9,550
Internet Software & Services — 1.9%
Google, Inc. — Class A ‡		28,251		14,844
Machinery — 7.8%
Caterpillar, Inc. ^		238,799		16,260
Donaldson Co., Inc. ^		213,540		9,887
Kennametal, Inc. ^		524,075		17,221
PACCAR, Inc. ^		390,909		18,184
Media — 3.4%
Dreamworks Animation SKG, Inc. — Class A ‡ ^		177,762		7,055

	Shares		Value
Media (continued)
Walt Disney Co. ^		536,006	$	19,747
Multiline Retail — 1.6%
Target Corp.		219,155		12,463
Oil, Gas & Consumable Fuels — 1.0%
Anadarko Petroleum Corp. ^		125,251		7,786
Paper & Forest Products — 2.8%
Weyerhaeuser Co. ^		436,210		21,601
Pharmaceuticals — 3.2%
Johnson & Johnson		113,505		7,298
Roche Holding AG ADR		250,923		9,886
Teva Pharmaceutical Industries, Ltd. ADR		125,350		7,362
Professional Services — 2.3%
Robert Half International, Inc. ^		653,255		17,886
Road & Rail — 1.0%
Norfolk Southern Corp.		130,300		7,731
Semiconductors & Semiconductor Equipment — 1.5%
Broadcom Corp. — Class A		336,815		11,617
Software — 4.3%
Microsoft Corp.		333,646		10,190
Oracle Corp.		566,805		14,646
Salesforce.com, Inc. ‡ ^		99,030		8,477
Textiles, Apparel & Luxury Goods — 2.7%
Nike, Inc. — Class B ^		282,503		21,445
Trading Companies & Distributors — 2.6%
WW Grainger, Inc. ^		182,975		20,226
Wireless Telecommunication Services — 0.9%
American Tower Corp. — Class A ‡		168,095		6,860
Total Common Stocks (cost $663,132)				766,062
SECURITIES LENDING COLLATERAL — 23.8%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		185,416,785		185,417
Total Securities Lending Collateral (cost $185,417)

	Principal		Value
REPURCHASE AGREEMENT — 1.7%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $13,196 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, and with a value of $13,463.	$	13,196		13,196
Total Repurchase Agreement (cost $13,196)
Total Investment Securities (cost $861,745) #				964,675
Other Assets and Liabilities — Net				(184,565	)
Net Assets			$	780,110

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 14

Transamerica Diversified Equity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $181,410.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $7, or less than 0.01% of the fund’s net assets.
‡	Non-income producing security.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $861,745. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $109,460 and $6,530, respectively. Net unrealized appreciation for tax purposes is $102,930.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	173,173	$	—	$	—	$	173,173
Equities — Energy		38,233		—		—		38,233
Equities — Financials		96,682		—		—		96,682
Equities — Health Care		48,764		—		—		48,764
Equities — Industrials		199,397		—		7		199,404
Equities — Information Technology		140,481		—		—		140,481
Equities — Materials		62,465		—		—		62,465
Equities — Telecommunication Services		6,860		—		—		6,860
Cash & Cash Equivalent — Repurchase Agreement		—		13,196		—		13,196
Cash & Cash Equivalent — Securities Lending Collateral		185,417		—		—		185,417
Total	$	951,472	$	13,196	$	7	$	964,675

Level 3 Rollforward — Investment Securities

Change in

Beginning

Net

Accrued

Total

Unrealized

Net Transfers

Ending

Balance

Purchases/

Discounts/

Realized

Appreciation/

In/(Out)

Balance at

Securities

at 10/31/2009

(Sales)

(Premiums)

Gain/(Loss)

(Depreciation)

of Level 3

4/30/2010

Equities — Financials

$

—

$

8

$

—

$

—

$

(1

)

$

—

$

7

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 15

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS — 2.4%
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028	$	1,448	$	1,438
2.50%, 01/15/2029		3,937		4,364
Total U.S. Government Obligations (cost $5,537)				5,802
U.S. GOVERNMENT AGENCY OBLIGATION — 1.0%
Freddie Mac, IO
5.00%, 08/01/2035		10,787		2,359
Total U.S. Government Agency Obligation (cost $2,343)
FOREIGN GOVERNMENT OBLIGATIONS — 2.5%
Australia Government Bond
5.25%, 08/15/2010               AUD		3,500		3,246
United Mexican States
7.50%, 06/21/2012               MXN		35,000		2,951
Total Foreign Government Obligations (cost $6,031)				6,197
MORTGAGE-BACKED SECURITIES — 11.1%
American Tower Trust
Series 2007-1A, Class C
5.62%, 04/15/2037 — 144A	$	2,090		2,203
Series 2007-1A, Class D
5.96%, 04/15/2037 — 144A		1,950		2,056
BCAP LLC Trust
Series 2009-RR10, Class 2A1
4.91%, 08/26/2035 — 144A * Ə		988		978
Series 2009-RR14, Class 1A1
6.00%, 05/26/2037 — 144A * Ə		1,966		1,975
Series 2009-RR3, Class 2A1
5.65%, 05/26/2037 — 144A *		552		536
Series 2009-RR6, Class 2A1
5.34%, 08/26/2035 — 144A *		1,438		1,411
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 — 144A * Ə		2,288		2,288
Crown Castle Towers LLC
Series 2006-1A, Class C
5.47%, 11/15/2036 — 144A		2,000		2,091
Series 2006-1A, Class D
5.77%, 11/15/2036 — 144A		500		524
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.46%, 12/26/2037 — 144A *		626		616
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 — 144A		540		540
Series 2009-R7, Class 12A1
5.39%, 08/26/2036 — 144A *		638		629
Series 2009-R7, Class 16A1
5.66%, 12/26/2036 — 144A *		456		456
Series 2009-R7, Class 1A1
5.60%, 02/26/2036 — 144A *		1,116		1,082
Series 2009-R7, Class 4A1
3.71%, 09/26/2034 — 144A *		1,029		978
Series 2009-R9, Class 1A1
5.84%, 08/26/2046 — 144A *		1,025		983
JP Morgan Re-REMIC
Series 2009-7, Class 8A1
5.77%, 01/27/2047 — 144A *		1,187		1,165
SBA CMBS Trust
Series 2006-1A, Class D
5.85%, 11/15/2036 — 144A		2,379		2,470
Series 2006-1A, Class E
6.17%, 11/15/2036 — 144A		1,460		1,515

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates
Series 2003-S9, Class A6
5.25%, 10/25/2033	$	1,475	$	1,489
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *		692		701
Series 2003-L, Class 1A2
4.55%, 11/25/2033 *		528		538
Total Mortgage-Backed Securities (cost $26,338)				27,224
ASSET-BACKED SECURITIES — 5.1%
American Airlines Pass-Through Trust
Series 2001-2, Class A2
7.86%, 10/01/2011 ^		2,700		2,780
Continental Airlines Pass-Through Trust
Series 1997-1, Class A
7.46%, 10/01/2016		1,719		1,762
Series 2000-1, Class A2
7.92%, 11/01/2011		600		601
Delta Air Lines, Inc.
Series 2000-1, Class A-2
7.57%, 05/18/2012 ^		2,600		2,662
Gaz Capital SA for Gazprom
8.13%, 07/31/2014 -144A		2,060		2,274
UAL Pass-Through Trust
Series 2009-1
10.40%, 05/01/2018		2,300		2,496
Total Asset-Backed Securities (cost $12,200)				12,575
MUNICIPAL GOVERNMENT OBLIGATION — 0.8%
State of California
7.95%, 03/01/2036		1,820		1,986
Total Municipal Government Obligation (cost $1,822)
PREFERRED CORPORATE DEBT SECURITIES — 6.7%
Commercial Banks — 4.7%
PNC Financial Services Group, Inc.
8.25%, 05/21/2013 * Ž		2,500		2,654
Rabobank Nederland NV
11.00%, 06/30/2019 — 144A * Ž ^		3,000		3,859
UBS Preferred Funding Trust I
8.62%, 10/01/2010 * Ž ^		2,370		2,344
Wells Fargo Capital XIII
7.70%, 03/26/2013 * Ž		2,500		2,600
Diversified Financial Services — 1.5%
JPMorgan Chase Capital XXV — Series Y
6.80%, 10/01/2037 ^		1,415		1,419
ZFS Finance USA Trust II
6.45%, 06/15/2016 — 144A *		2,300		2,219
Insurance — 0.5%
Reinsurance Group of America, Inc. — Series A
6.75%, 12/15/2065 * ^		1,375		1,302
Total Preferred Corporate Debt Securities (cost $15,146)				16,397
CORPORATE DEBT SECURITIES — 60.4%
Building Products — 0.3%
Voto-Votorantim Overseas Trading Operations NV
6.63%, 09/25/2019 — 144A ^		840		848
Capital Markets — 0.8%
Raymond James Financial, Inc.
8.60%, 08/15/2019 ^		1,570		1,841
Chemicals — 1.4%
Dow Chemical Co.
8.55%, 05/15/2019 ^		1,900		2,321

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 16

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
Chemicals (continued)
Momentive Performance Materials, Inc.
9.75%, 12/01/2014 * ^	$	1,005	$	1,023
Commercial Banks — 8.3%
Barclays Bank PLC
7.38%, 06/29/2049		1,298		1,253
10.18%, 06/12/2021 — 144A		1,480		1,932
BBVA Bancomer, S.A.
7.25%, 04/22/2020 — 144A ^		1,400		1,421
City National Corp.
5.13%, 02/15/2013		2,030		2,102
First Tennessee Bank NA
4.63%, 05/15/2013		1,300		1,265
M&I Marshall & Ilsley Bank
4.85%, 06/16/2015 ^		2,900		2,732
5.00%, 01/17/2017 ^		2,050		1,918
Regions Bank
7.50%, 05/15/2018		2,560		2,581
Royal Bank of Scotland Group PLC
6.38%, 02/01/2011 ^		1,225		1,242
Scotland International Finance
6.50%, 02/15/2011 — 144A		1,440		1,412
Zions Bancorporation
7.75%, 09/23/2014 ^		2,500		2,606
Construction Materials — 1.1%
Cemex Finance LLC
9.50%, 12/14/2016 — 144A		2,555		2,581
Consumer Finance — 1.1%
Cardtronics, Inc.
9.25%, 08/15/2013 *		2,585		2,679
Containers & Packaging — 1.7%
Graphic Packaging International, Inc.
9.50%, 06/15/2017 ^		2,625		2,822
Rexam PLC
6.75%, 06/01/2013 — 144A		1,165		1,278
Diversified Financial Services — 10.5%
City National Capital Trust I
9.63%, 02/01/2040		2,190		2,455
Crown Castle Towers LLC
6.11%, 01/15/2020 — 144A		2,300		2,445
Glencore Funding LLC
6.00%, 04/15/2014 — 144A		2,000		2,104
GTP Towers Issuer LLC
4.44%, 02/15/2040 — 144A		2,295		2,357
Hyundai Capital Services, Inc.
6.00%, 05/05/2015 — 144A		2,115		2,276
International Lease Finance Corp.
5.45%, 03/24/2011		1,545		1,542
Irish Life & Permanent Group Holdings PLC
3.60%, 01/14/2013 — 144A		2,500		2,519
Oaktree Capital Management, LP
6.75%, 12/02/2019 — 144A		1,950		1,943
QHP Royalty Sub LLC
10.25%, 03/15/2015 — 144A §		2,103		2,133
Selkirk Cogen Funding Corp. — Series A
8.98%, 06/26/2012		1,598		1,654
Sensus USA, Inc.
8.63%, 12/15/2013		500		507
TNK-BP Finance SA
7.50%, 03/13/2013 — 144A		1,345		1,441
Unison Ground Lease Funding LLC
6.39%, 04/15/2040 — 144A		2,615		2,615

	Principal		Value
Diversified Telecommunication Services — 1.6%
SBA Tower Trust
5.10%, 04/15/2017 — 144A	$	2,365	$	2,436
Sprint Capital Corp.
8.38%, 03/15/2012 ^		1,300		1,372
Electric Utilities — 1.1%
KCP&L Greater Missouri Operations Co.
11.88%, 07/01/2012 *		2,405		2,823
Energy Equipment & Services — 1.4%
Enterprise Products Operating LLC — Series A
8.38%, 08/01/2066 *		1,150		1,196
Weatherford International, Ltd.
9.63%, 03/01/2019 ^		1,800		2,328
Food & Staples Retailing — 1.3%
Ingles Markets, Inc.
8.88%, 05/15/2017 ^		2,140		2,263
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012 ^		1,000		1,004
Food Products — 2.7%
C&S Group Enterprises LLC
8.38%, 05/01/2017 — 144A		1,279		1,289
Lorillard Tobacco Co.
8.13%, 06/23/2019 ^		2,150		2,425
M-Foods Holdings, Inc.
9.75%, 10/01/2013 — 144A		1,300		1,344
Michael Foods, Inc.
8.00%, 11/15/2013		1,575		1,608
Gas Utilities — 1.0%
EQT Corp.
8.13%, 06/01/2019		1,960		2,377
Hotels, Restaurants & Leisure — 3.5%
Hyatt Hotels Corp.
6.88%, 08/15/2019 — 144A		2,270		2,351
MGM Mirage, Inc.
8.38%, 02/01/2011 ^		5,305		5,371
Pokagon Gaming Authority
10.38%, 06/15/2014 — 144A		650		683
Station Casinos, Inc.
6.88%, 03/01/2016 џ		700		6
Household Durables — 0.3%
Lennar Corp.
12.25%, 06/01/2017		550		668
Insurance — 4.3%
American Financial Group, Inc.
9.88%, 06/15/2019		1,100		1,341
Chubb Corp.
6.38%, 03/29/2067 *		2,300		2,303
Fidelity National Financial, Inc.
6.60%, 05/15/2017		2,580		2,581
Oil Insurance, Ltd.
7.56%, 06/30/2011 — 144A * Ž		2,245		1,960
Travelers Cos., Inc.
6.25%, 03/15/2037 * ^		2,385		2,346
Machinery — 1.1%
Polypore, Inc.
8.75%, 05/15/2012		550		551
Titan International, Inc.
8.00%, 01/15/2012		1,200		1,212
Valmont Industries, Inc.
6.63%, 04/20/2020		1,100		1,133
Media — 0.4%
Lions Gate Entertainment, Inc.
10.25%, 11/01/2016 — 144A		1,010		1,045

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 17

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
Metals & Mining — 3.2%
Anglo American Capital PLC
9.38%, 04/08/2019 — 144A ^	$	1,740	$	2,266
Edgen Murray Corp.
12.25%, 01/15/2015 — 144A		1,500		1,478
FMG Finance Property, Ltd.
10.63%, 09/01/2016 — 144A		2,445		2,874
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/2019 ^		1,000		1,288
Multi-Utilities — 1.1%
Black Hills Corp.
9.00%, 05/15/2014		690		799
Sempra Energy
9.80%, 02/15/2019		1,455		1,933
Oil, Gas & Consumable Fuels — 5.2%
Lukoil International Finance BV
6.38%, 11/05/2014 — 144A ^		2,580		2,686
Opti Canada, Inc.
8.25%, 12/15/2014		3,300		3,169
Petrohawk Energy Corp.
9.13%, 07/15/2013		2,255		2,356
Petroleum Co. of Trinidad & Tobago, Ltd.
9.75%, 08/14/2019 — 144A		776		908
Petroleum Development Corp.
12.00%, 02/15/2018 ^		1,000		1,075
Ras Laffan Liquefied Natural Gas Co., Ltd. III
6.75%, 09/30/2019 — 144A		2,115		2,369
Paper & Forest Products — 2.3%
Ainsworth Lumber Co., Ltd.
11.00%, 07/29/2015 — 144AΏ		3,008		2,888
Exopack Holding Corp.
11.25%, 02/01/2014		2,650		2,789
Real Estate Investment Trusts — 2.7%
Dexus Property Group
7.13%, 10/15/2014 — 144A		2,155		2,381
Digital Realty Trust, LP
5.88%, 02/01/2020 — 144A		2,545		2,557
PPF Funding, Inc.
5.35%, 04/15/2012 — 144A		1,720		1,756
Real Estate Management & Development — 0.7%
Post Apartment Homes, LP
5.45%, 06/01/2012		1,600		1,665
Specialty Retail — 0.5%
Michaels Stores, Inc.
11.38%, 11/01/2016 ^		1,200		1,311
Transportation Infrastructure — 0.8%
Kansas City Southern de Mexico SA de CV
12.50%, 04/01/2016		1,000		1,182
Martin Midstream Partners & Finance
8.88%, 04/01/2018 — 144A		650		660
Total Corporate Debt Securities (cost $138,217)				148,254

	Shares		Value
CONVERTIBLE PREFERRED STOCKS — 1.3%
Diversified Financial Services — 0.8%
Vale Capital II 6.75% 5		22,000		1,940
Road & Rail — 0.5%
Kansas City Southern 5.13% 5		880		1,242
Total Convertible Preferred Stocks (cost $2,407)				3,182

	Shares		Value
PREFERRED STOCKS — 1.1%
Commercial Banks — 0.4%
BB&T Capital Trust VI 9.60% 5 ^		34,000	$	966
Diversified Telecommunication Services — 0.7%
Centaur Funding Corp. 9.08% — 144A 5 ^		1,661		1,827
Total Preferred Stocks (cost $3,003)				2,793
COMMON STOCKS — 1.8%
Auto Components — 0.9%
BorgWarner, Inc. ‡ ^		52,000		2,253
Diversified Telecommunication Services — 0.9%
Verizon Communications, Inc. ^		75,000		2,167
Total Common Stocks (cost $4,099)				4,420

	Principal		Value
CONVERTIBLE BONDS — 3.2%
Automobiles — 0.5%
Ford Motor Co.
4.25%, 11/15/2016	$	730		1,136
Biotechnology — 1.5%
Human Genome Sciences, Inc.
2.25%, 08/15/2012 ^		1,070		1,787
Onyx Pharmaceuticals, Inc.
4.00%, 08/15/2016 ^		1,760		1,871
Diversified Telecommunication Services — 0.5%
Alcatel-Lucent USA, Inc.
2.88%, 06/15/2023 * ^		1,350		1,348
Software — 0.7%
Salesforce.com, Inc.
0.75%, 01/15/2015 — 144A ^		1,500		1,706
Total Convertible Bonds (cost $6,240)				7,848

	Shares		Value
SECURITIES LENDING COLLATERAL — 15.8%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		38,771,720		38,772
Total Securities Lending Collateral (cost $38,772)

	Principal		Value
REPURCHASE AGREEMENT — 0.9%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $2,187 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, and with a value of $2,234.	$	2,187		2,187
Total Repurchase Agreement (cost $2,187)
Total Investment Securities (cost $264,342) #				279,996
Other Assets and Liabilities — Net				(34,618	)
Net Assets			$	245,378

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 18

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2010.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $5,241, or 2.14% of the fund’s net assets.
^	All or a portion of this security is on loan. The value of all securities on loan is $37,988.
Ž	The security has a perpetual maturity. The date shown is the next call date.
џ	In default.
Ώ	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.
5	Rate shown reflects the yield at 04/30/2010.
§	Illiquid. This security aggregated $2,133 or 0.87%, of the fund’s net assets.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $264,342. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $17,396 and $1,742, respectively. Net unrealized appreciation for tax purposes is $15,654.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $99,617, or 40.60%, of the fund’s net assets.
AUD	Australian Dollar
CMBS	Commercial Mortgage-Backed Security
IO	Interest Only
MXN	Mexican Peso
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	2,253	$	—	$	—	$	2,253
Equities — Financials		2,906		—		—		2,906
Equities — Industrials		1,242		—		—		1,242
Equities — Telecommunication Services		3,994		—		—		3,994
Fixed Income — Asset-Backed Security		—		12,575		—		12,575
Fixed Income — Consumer Discretionary		—		12,571		—		12,571
Fixed Income — Consumer Staples		—		9,933		—		9,933
Fixed Income — Energy		—		16,087		—		16,087
Fixed Income — Financials		—		86,263		—		86,263
Fixed Income — Foreign Government Obligation		—		6,197		—		6,197
Fixed Income — Health Care		—		3,657		—		3,657
Fixed Income — Industrials		—		13,877		—		13,877
Fixed Income — Information Technology		—		4,142		—		4,142
Fixed Income — Materials		—		15,317		—		15,317
Fixed Income — Mortgage-Backed Security		—		27,224		—		27,224
Fixed Income — Municipal Government Obligation		—		1,986		—		1,986
Fixed Income — Telecommunication Services		—		2,720		—		2,720
Fixed Income — U.S. Government Agency Obligation		—		2,359		—		2,359
Fixed Income — U.S. Government Obligation		—		5,802		—		5,802
Fixed Income — Utilities		—		7,932		—		7,932
Cash & Cash Equivalent — Repurchase Agreement		—		2,187		—		2,187
Cash & Cash Equivalent — Securities Lending Collateral		38,772		—		—		38,772
Total	$	49,167	$	230,829	$	—	$	279,996

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 19

Transamerica Focus
(formerly, Transamerica Legg Mason Partners All Cap)

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS — 94.4%
Air Freight & Logistics — 3.3%
CH Robinson Worldwide, Inc. ^		77,133	$	4,651
Biotechnology — 5.9%
Alexion Pharmaceuticals, Inc. ‡		87,050		4,777
Human Genome Sciences, Inc. ‡ ^		122,346		3,388
Capital Markets — 0.0%¥
Teton Advisors, Inc. — Class B ‡ Ə		89		♦
Commercial Banks — 5.4%
PrivateBancorp, Inc. — Class A ^		245,076		3,509
SunTrust Banks, Inc. ^		135,577		4,013
Communications Equipment — 6.7%
QUALCOMM, Inc.		241,330		9,349
Computers & Peripherals — 8.4%
Apple, Inc. ‡		44,044		11,501
Diversified Consumer Services — 5.7%
K12, Inc. ‡ ^		140,126		3,317
Strayer Education, Inc.		19,191		4,665
Diversified Financial Services — 5.1%
Bank of America Corp.		395,880		7,059
Health Care Equipment & Supplies — 3.8%
Covidien PLC		110,440		5,300
Hotels, Restaurants & Leisure — 6.7%
Marriott International, Inc. — Class A		206,885		7,605
Peet’s Coffee & Tea, Inc. ‡ ^		43,897		1,739
Internet & Catalog Retail — 10.0%
Amazon.com, Inc. ‡		62,460		8,561
priceline.com, Inc. ‡		20,114		5,271
Internet Software & Services — 5.5%
Google, Inc. — Class A ‡		14,617		7,680
Machinery — 5.0%
Kennametal, Inc. ^		77,083		2,533
PACCAR, Inc.		94,161		4,380
Media — 1.3%
Imax Corp. ‡		95,000		1,796
Oil, Gas & Consumable Fuels — 1.0%
Anadarko Petroleum Corp.		21,696		1,349
Professional Services — 5.8%
Robert Half International, Inc. ^		290,838		7,964
Road & Rail — 3.5%
Kansas City Southern ‡ ^		46,078		1,868
Landstar System, Inc. ^		68,788		3,042
Software — 8.2%
Activision Blizzard, Inc.		179,708		1,991
Citrix Systems, Inc. ‡ ^		84,217		3,958
Rosetta Stone, Inc. ‡		64,885		1,677
Rovi Corp. ‡		93,807		3,657
Textiles, Apparel & Luxury Goods — 3.1%
Nike, Inc. — Class B		56,926		4,321
Total Common Stocks (cost $103,496)				130,921

	Shares		Value
SECURITIES LENDING COLLATERAL — 6.3%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		8,801,386	$	8,801
Total Securities Lending Collateral (cost $8,801)

	Principal		Value
REPURCHASE AGREEMENT — 4.2%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $5,881 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 01/25/2039, and with a value of $6,004.	$	5,881		5,881
Total Repurchase Agreement (cost $5,881)
Total Investment Securities (cost $118,178) #				145,603
Other Assets and Liabilities — Net				(6,756	)
Net Assets			$	138,847

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 20

Transamerica Focus
(formerly, Transamerica Legg Mason Partners All Cap)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $8,592.
‡	Non-income producing security.
¥	Percentage rounds to less than 0.1%.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of less than $1, or less than 0.01% of the fund’s net assets.
♦	Value is less than $1.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $118,178. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $28,335 and $910, respectively. Net unrealized appreciation for tax purposes is $27,425.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	37,275	$	—	$	—	$	37,275
Equities — Energy		1,349		—		—		1,349
Equities — Financials		14,581		—		♦		14,581
Equities — Health Care		13,465		—		—		13,465
Equities — Industrials		24,438		—		—		24,438
Equities — Information Technology		39,813		—		—		39,813
Cash & Cash Equivalent — Repurchase Agreement		—		5,881		—		5,881
Cash & Cash Equivalent — Securities Lending Collateral		8,801		—		—		8,801
Total	$	139,722	$	5,881	$	♦	$	145,603

Level 3 Rollforward — Investment Securities

Change in

Net

Beginning

Net

Accrued

Total

Unrealized

Transfers

Ending

Balance

Purchases/

Discounts/

Realized

Appreciation/

In/(Out)

Balance at

Securities

at 10/31/2009

(Sales)

(Premiums)

Gain/(Loss)

(Depreciation)

of Level 3

4/30/2010

Equities — Financials

$

—

$

—

$

—

$

—

$

—

$

♦

$

♦

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 21

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS — 98.0%
Aerospace & Defense — 0.5%
Precision Castparts Corp.		12,959	$	1,663
Air Freight & Logistics — 2.4%
CH Robinson Worldwide, Inc. ^		137,210		8,274
Auto Components — 4.5%
BorgWarner, Inc. ‡ ^		355,900		15,425
Biotechnology — 1.1%
Myriad Genetics, Inc. ‡		75,555		1,814
Onyx Pharmaceuticals, Inc. ‡ ^		71,500		2,064
Capital Markets — 5.6%
Cohen & Steers, Inc. ^		219,730		5,948
Greenhill & Co., Inc. ^		107,915		9,485
T. Rowe Price Group, Inc. ^		64,287		3,697
Chemicals — 1.4%
Ecolab, Inc. ^		95,460		4,662
Commercial Banks — 6.5%
City National Corp. ^		226,985		14,137
Marshall & Ilsley Corp.		889,465		8,094
Communications Equipment — 2.6%
Juniper Networks, Inc. ‡ ^		157,800		4,483
Polycom, Inc. ‡ ^		132,000		4,297
Construction & Engineering — 1.0%
Jacobs Engineering Group, Inc. ‡ ^		67,635		3,261
Construction Materials — 3.3%
Martin Marietta Materials, Inc. ^		119,498		11,458
Diversified Consumer Services — 3.3%
Strayer Education, Inc. ^		46,565		11,321
Diversified Financial Services — 3.2%
MSCI, Inc. — Class A ‡ ^		314,235		10,888
Electrical Equipment — 4.8%
Cooper Industries PLC — Class A ^		225,190		11,057
Hubbell, Inc. — Class B		112,130		5,211
Energy Equipment & Services — 3.9%
Core Laboratories NV ^		90,075		13,502
Health Care Equipment & Supplies — 4.5%
Idexx Laboratories, Inc. ‡ ^		55,645		3,680
Intuitive Surgical, Inc. ‡ ^		28,225		10,177
Masimo Corp. ^		69,400		1,625
Hotels, Restaurants & Leisure — 2.2%
Wynn Resorts, Ltd.		83,580		7,375
Internet & Catalog Retail — 4.6%
priceline.com, Inc. ‡ ^		60,815		15,936
Life Sciences Tools & Services — 0.9%
Covance, Inc. ‡ ^		52,185		2,982
Machinery — 7.8%
Donaldson Co., Inc. ^		44,700		2,070
Joy Global, Inc. ^		36,280		2,061
Kennametal, Inc. ^		485,765		15,962
PACCAR, Inc. ^		135,305		6,294
Media — 2.8%
Dreamworks Animation SKG, Inc. — Class A ‡ ^		123,800		4,914
Imax Corp. ‡ ^		247,685		4,681
Metals & Mining — 1.7%
Allegheny Technologies, Inc. ^		108,020		5,776
Oil, Gas & Consumable Fuels — 2.7%
Range Resources Corp. ^		192,405		9,189
Pharmaceuticals — 0.5%
Allergan, Inc.		26,300		1,675

	Shares		Value
Professional Services — 3.1%
Robert Half International, Inc. ^		393,830	$	10,783
Real Estate Management & Development — 1.7%
St. Joe Co. ‡ ^		178,000		5,881
Road & Rail — 2.7%
Kansas City Southern ‡ ^		230,985		9,366
Semiconductors & Semiconductor Equipment — 1.3%
Broadcom Corp. — Class A ^		133,150		4,592
Software — 11.7%
Adobe Systems, Inc. ‡		83,700		2,811
Informatica Corp. ‡ ^		231,115		5,780
Intuit, Inc. ‡ ^		217,405		7,861
Rovi Corp. ‡ ^		264,910		10,327
Salesforce.com, Inc. ‡ ^		156,440		13,392
Specialty Retail — 3.4%
Guess?, Inc. ^		254,886		11,692
Textiles, Apparel & Luxury Goods — 0.7%
Under Armour, Inc. — Class A ‡ ^		70,470		2,378
Trading Companies & Distributors — 1.6%
WW Grainger, Inc. ^		48,972		5,413
Total Common Stocks (cost $257,366)				335,414
SECURITIES LENDING COLLATERAL — 25.7%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		88,187,098		88,187
Total Securities Lending Collateral (cost $88,187)

	Principal		Value
REPURCHASE AGREEMENT — 2.2%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $7,610 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $7,765.	$	7,610		7,610
Total Repurchase Agreement (cost $7,610)
Total Investment Securities (cost $353,163) #				431,211
Other Assets and Liabilities — Net				(88,681	)
Net Assets			$	342,530

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 22

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $86,284.
‡	Non-income producing security.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $353,163. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $79,193 and $1,145, respectively. Net unrealized appreciation for tax purposes is $78,048.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	73,721	$	—	$	—	$	73,721
Equities — Energy		22,691		—		—		22,691
Equities — Financials		58,130		—		—		58,130
Equities — Health Care		24,017		—		—		24,017
Equities — Industrials		81,416		—		—		81,416
Equities — Information Technology		53,543		—		—		53,543
Equities — Materials		21,896		—		—		21,896
Cash & Cash Equivalent — Repurchase Agreement		—		7,610		—		7,610
Cash & Cash Equivalent — Securities Lending Collateral		88,187		—		—		88,187
Total	$	423,601	$	7,610	$	—	$	431,211

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 23

Transamerica Money Market

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
COMMERCIAL PAPER — 78.6%
Beverages — 5.1%
Coca-Cola Co.
0.15%, 05/03/2010 — 144A	$	2,500	$	2,500
0.16%, 05/17/2010 — 144A		3,400		3,400
0.18%, 05/25/2010 — 06/02/2010 -144A		7,050		7,049
Capital Markets — 5.2%
Goldman Sachs Group, Inc.
0.20%, 05/21/2010		500		500
State Street Corp.
0.19%, 05/20/2010 — 05/27/2010		6,400		6,400
0.20%, 06/04/2010 — 06/07/2010		6,000		5,998
Chemicals — 2.6%
E.I. du Pont de Nemours & Co.
0.20%, 06/15/2010 — 144A		2,100		2,099
Ecolab, Inc.
0.17%, 05/05/2010 — 144A		2,700		2,701
0.23%, 06/23/2010 — 144A		1,750		1,749
Commercial Banks — 3.8%
Rabobank Nederland NV
0.27%, 06/02/2010		1,000		1,000
UBS Finance Delaware LLC
0.17%, 05/17/2010		1,400		1,400
0.18%, 05/28/2010		3,000		2,999
0.19%, 05/24/2010		2,900		2,900
0.26%, 06/30/2010		1,150		1,150
Consumer Finance — 5.0%
Toyota Motor Credit Corp.
0.24%, 05/07/2010 — 06/01/2010		8,000		7,999
0.26%, 06/02/2010		1,100		1,100
0.33%, 06/11/2010 — 06/14/2010		3,400		3,398
Diversified Financial Services — 50.9%
Alpine Securitization
0.20%, 05/10/2010 — 05/11/2010 -144A		10,600		10,600
0.21%, 05/07/2010 — 144A		1,500		1,500
American Honda Finance Corp.
0.18%, 05/17/2010		2,500		2,500
0.20%, 06/09/2010 — 06/11/2010		6,300		6,299
CAFCO LLC
0.18%, 05/20/2010 — 144A		1,100		1,100
Caterpillar Financial Services Corp.
0.16%, 05/05/2010 — 05/06/2010		12,000		12,000
Ciesco LLC
0.20%, 05/24/2010 — 144A		3,100		3,100
0.24%, 06/14/2010 — 144A		7,100		7,098
Export Development Canada
0.20%, 05/19/2010		1,600		1,600
General Electric Capital Corp.
0.18%, 05/21/2010		3,000		3,000
0.19%, 06/03/2010 — 06/04/2010		9,900		9,898
Old Line Funding LLC
0.22%, 05/17/2010 — 06/08/2010 -144A		4,600		4,599
0.23%, 06/10/2010 — 144A		3,000		2,999
PACCAR Financial Corp.
0.17%, 05/13/2010 — 05/26/2010		8,185		8,185
0.22%, 06/10/2010		2,500		2,499
Rabobank USA Financial Corp.
0.20%, 06/09/2010		2,150		2,150
0.21%, 06/08/2010		3,900		3,899
Sheffield Receivables Corp.
0.21%, 05/18/2010 — 144A		1,700		1,700
0.23%, 06/08/2010 — 144A		7,200		7,197
0.25%, 06/18/2010 — 144A		1,850		1,849

	Principal		Value
Diversified Financial Services (continued)
Straight-A Funding LLC
0.18%, 05/04/2010 — 144A	$	1,500	$	1,500
0.20%, 05/13/2010 — 144A		2,100		2,100
0.23%, 06/15/2010 — 144A		6,100		6,098
Toronto-Dominion Holdings USA, Inc.
0.21%, 05/20/2010 — 05/28/2010 -144A		5,400		5,400
0.22%, 06/01/2010 — 144A		2,450		2,450
UBS Finance Delaware LLC
0.24%, 05/27/2010		4,000		3,999
Wal-Mart Funding Corp.
0.25%, 05/10/2010 — 144A		12,000		11,998
Diversified Telecommunication Services — 0.8%
AT&T, Inc.
0.20%, 06/17/2010 — 144A		2,000		1,999
Food Products — 5.2%
Nestle Capital Corp.
0.15%, 05/19/2010 — 144A		2,700		2,700
0.16%, 05/18/2010 — 144A		5,600		5,600
0.17%, 06/07/2010 — 144A		4,600		4,599
Total Commercial Paper (cost $196,557)				196,557
CORPORATE DEBT SECURITIES — 11.8%
Capital Markets — 2.5%
Goldman Sachs Group, Inc.
0.39%, 06/28/2010 *		4,250		4,250
4.50%, 06/15/2010		2,000		2,008
Commercial Banks — 3.2%
Rabobank Nederland NV
0.65%, 05/19/2010 — 144A *		4,550		4,551
Wells Fargo & Co.
0.29%, 06/18/2010 *		3,500		3,500
Diversified Financial Services — 5.5%
Merrill Lynch & Co., Inc.
2.50%, 05/12/2010 *		13,600		13,609
Household Products — 0.6%
Procter & Gamble Co.
0.26%, 05/07/2010 *		1,500		1,500
Total Corporate Debt Securities (cost $29,418)				29,418
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS — 9.5%
Province of Ontario Canada			��
0.19%, 05/07/2010		3,200		3,200
0.20%, 06/07/2010		6,800		6,799
0.21%, 06/03/2010		1,500		1,500
Province of Quebec Canada
0.18%, 05/26/2010 — 144A		8,800		8,798
0.20%, 06/15/2010 — 144A		3,300		3,299
Total Short-Term Foreign Government Obligations (cost $23,596)				23,596
SHORT-TERM U.S. GOVERNMENT OBLIGATION — 1.2%
Fannie Mae
0.16%, 06/21/2010		2,950		2,949
Total Short-Term U.S. Government Obligation (cost $2,949)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 24

Transamerica Money Market

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT — 0.1%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $197 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 01/25/2039, and with a value of $201.	$	197	$	197
Total Repurchase Agreement (cost $197)
Total Investment Securities (cost $252,717) #				252,717
Other Assets and Liabilities — Net				(3,052	)
Net Assets			$	249,665

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2010.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $252,717.

DEFINITION:

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $122,332, or 49.00%, of the fund’s net assets.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Fixed Income — Consumer Staples	$	—	$	27,348	$	—	$	27,348
Fixed Income — Financials		—		190,079		—		190,079
Fixed Income — Materials		—		6,549		—		6,549
Fixed Income — Short-Term Foreign Government Obligation		—		23,596		—		23,596
Fixed Income — Short-Term U.S. Government Obligation		—		2,949		—		2,949
Fixed Income — Telecommunication Services		—		1,999		—		1,999
Cash & Cash Equivalent — Repurchase Agreement		—		197		—		197
Total	$	—	$	252,717	$	—	$	252,717

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 25

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.0%
Fannie Mae
4.50%, 03/25/2017 — 04/25/2030	$	10,968	$	11,336
5.00%, 10/25/2032 — 06/25/2034		12,491		13,115
5.50%, 03/25/2026		6,286		6,669
Freddie Mac
3.75%, 12/15/2011		1,024		1,028
4.00%, 10/15/2029		2,907		2,972
4.50%, 02/15/2027		2,302		2,354
4.80%, 06/01/2035 *		5,515		5,672
5.00%, 11/15/2032		6,166		6,458
5.45%, 02/01/2038 *		4,578		4,837
5.50%, 01/15/2029		6,334		6,414
5.52%, 08/01/2037 *		1,020		1,079
Ginnie Mae
4.50%, 01/17/2033		2,651		2,709
Total U.S. Government Agency Obligations (cost $61,639)				64,643
FOREIGN GOVERNMENT OBLIGATIONS — 2.9%
Australia Government Bond
5.25%, 08/15/2010               AUD		36,100		33,472
United Mexican States
7.50%, 06/21/2012               MXN		365,000		30,778
Total Foreign Government Obligations (cost $62,434)				64,250
MORTGAGE-BACKED SECURITIES — 13.1%
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037 — 144A	$	6,000		6,387
Series 2007-1A, Class B
5.54%, 04/15/2037 — 144A		4,750		5,008
Series 2007-1A, Class D
5.96%, 04/15/2037 — 144A		7,425		7,829
Banc of America Funding Corp.
Series 2010-R4, Class 1A1
5.50%, 07/26/2036 — 144A		11,305		11,376
BCAP LLC Trust
Series 2009-RR10, Class 2A1
4.91%, 08/26/2035 — 144A * Ə		5,155		5,103
Series 2009-RR13, Class 2A3
5.50%, 02/26/2036 — 144A Ə		8,578		8,406
Series 2009-RR14, Class 1A1
6.00%, 05/26/2037 — 144A * Ə		11,700		11,758
Series 2009-RR3, Class 1A2
6.00%, 11/26/2036 — 144A		3,550		3,610
Series 2009-RR3, Class 2A1
5.65%, 05/26/2037 — 144A *		5,677		5,514
Series 2009-RR6, Class 2A1
5.34%, 08/26/2035 — 144A *		6,235		6,120
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 — 144A * Ə		13,680		13,680
Credit Suisse Mortgage Capital Certificates
Series 2009-12R, Class 36A1
5.49%, 06/27/2036 — 144A *		12,991		13,153
Series 2009-16R, Class 11A1
7.00%, 08/26/2036 — 144A		10,371		10,754
Crown Castle Towers LLC
Series 2006-1A, Class AFX
5.24%, 11/15/2036 — 144A		5,600		5,855
Series 2006-1A, Class B
5.36%, 11/15/2036 — 144A		13,855		14,489
Series 2006-1A, Class C
5.47%, 11/15/2036 — 144A		10,200		10,666

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Global Tower Partners Acquisition Partners LLC
Series 2007-1A, Class AFL
0.45%, 05/15/2037 — 144A *	$	8,000	$	7,761
Series 2007-1A, Class B
5.52%, 05/15/2037 — 144A		8,880		9,160
Series 2007-1A, Class E
6.22%, 05/15/2037 — 144A		7,870		8,033
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.46%, 12/26/2037 — 144A *		3,630		3,576
Series 2009-R2, Class 3A
5.77%, 01/26/2047 — 144A *		4,536		4,457
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 — 144A		3,157		3,157
Series 2009-R7, Class 11A1
5.31%, 03/26/2037 — 144A *		5,645		5,433
Series 2009-R7, Class 12A1
5.39%, 08/26/2036 — 144A *		3,860		3,802
Series 2009-R7, Class 16A1
5.66%, 12/26/2036 — 144A *		2,861		2,861
Series 2009-R7, Class 4A1
3.71%, 09/26/2034 — 144A *		4,321		4,105
Series 2009-R9, Class 1A1
5.84%, 08/26/2046 — 144A *		9,240		8,854
JP Morgan Re-REMIC
Series 2009-7, Class 8A1
5.77%, 01/27/2047 — 144A *		5,396		5,297
SBA CMBS Trust
Series 2006-1A, Class A
5.31%, 11/15/2036 — 144A		9,905		10,275
Series 2006-1A, Class C
5.56%, 11/15/2036 — 144A		23,160		24,042
Series 2006-1A, Class E
6.17%, 11/15/2036 — 144A		5,533		5,740
Station Place Securitization Trust
Series 2009-1, Class A
1.76%, 12/29/2010 — 144A *		13,335		13,302
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *		3,552		3,600
Wells Fargo Mortgage Loan Trust
Series 2010-RR1, Class 2A1
0.36%, 08/27/2047 — 144A *		10,297		9,937
Series 2010-RR2, Class 1A1
5.27%, 09/27/2035 — 144A *		14,141		14,053
Total Mortgage-Backed Securities (cost $277,204)				287,153
ASSET-BACKED SECURITIES — 5.2%
American Airlines Pass-Through Trust
Series 2001-2, Class A2
7.86%, 10/01/2011		20,030		20,630
Series 2003-01
3.86%, 07/09/2010		467		467
Continental Airlines Pass-Through Trust
Series 1997-1, Class A
7.46%, 10/01/2016		16,310		16,718
Series 2000-2, Class A2
7.49%, 10/02/2010		3,061		3,092
Series 2001-1, Class A2
6.50%, 12/15/2012 ^		3,230		3,327

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 26

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Delta Air Lines, Inc.
Series 2000-1, Class A-2
7.57%, 05/18/2012	$	16,530	$	16,923
Series 2001-1, Class A-2
7.11%, 03/18/2013		4,690		4,901
Gaz Capital SA for Gazprom
8.13%, 07/31/2014 — 144A ^		9,920		10,949
Newmont Gold Co. Pass-Through Trusts 1994
Series A2
9.25%, 07/05/2012		1,842		2,031
PF Export Receivables Master Trust
Series A
6.44%, 06/01/2015 — 144A		10,947		11,586
UAL Pass-Through Trust
Series 2009-1
10.40%, 05/01/2018		13,465		14,610
Vitol Master Trust
Series 2004-1, Class 1
0.64%, 07/15/2012 *		9,600		9,408
Total Asset-Backed Securities (cost $111,893)				114,642
CORPORATE DEBT SECURITIES — 74.5%
Airlines — 0.8%
Northwest Airlines, Inc.
6.84%, 10/01/2012		2,450		2,475
Southwest Airlines Co.
10.50%, 12/15/2011 — 144A		12,525		14,092
Automobiles — 0.9%
Daimler Finance North America LLC
5.88%, 03/15/2011		3,100		3,217
6.50%, 11/15/2013		14,507		16,178
Beverages — 1.4%
Anheuser-Busch InBev Worldwide, Inc.
3.00%, 10/15/2012		7,000		7,200
Diageo Capital PLC
4.38%, 05/03/2010		4,870		4,870
Foster’s Finance Corp.
6.88%, 06/15/2011 — 144A		6,225		6,543
Molson Coors Capital Finance ULC
4.85%, 09/22/2010		5,000		5,082
SABMiller PLC
6.20%, 07/01/2011 — 144A		6,301		6,614
Capital Markets — 2.2%
Macquarie Group, Ltd.
7.30%, 08/01/2014 — 144A		5,493		6,218
Morgan Stanley
0.78%, 10/15/2015 *		19,060		17,693
4.75%, 04/01/2014		2,500		2,550
State Street Capital Trust III
8.25%, 03/15/2042 *		11,250		11,551
UBS AG
1.35%, 02/23/2012 *		9,200		9,258
Chemicals — 2.5%
Chevron Phillips Chemical Co., LLC
7.00%, 03/15/2011		6,800		7,128
Cytec Industries, Inc.
5.50%, 10/01/2010 ^		5,880		5,951
Dow Chemical Co.
4.85%, 08/15/2012		5,000		5,287
6.13%, 02/01/2011		7,240		7,481
Methanex Corp.
8.75%, 08/15/2012		17,216		18,248

	Principal		Value
Chemicals (continued)
Mosaic Co.
7.38%, 12/01/2014 — 144A *	$	11,080	$	11,814
Commercial Banks — 11.2%
Banco Santander Chile
2.88%, 11/13/2012 — 144A		15,000		15,025
Bank of Scotland PLC
5.00%, 11/21/2011 — 144A		930		967
BB&T Corp.
3.85%, 07/27/2012		5,000		5,221
City National Corp.
5.13%, 02/15/2013		17,600		18,223
Fifth Third Bank
0.36%, 05/17/2013 *		21,010		19,655
First Tennessee Bank NA
0.39%, 02/14/2011 *		11,210		11,144
4.63%, 05/15/2013		8,585		8,357
ICICI Bank, Ltd.
6.63%, 10/03/2012 — 144A		14,865		15,842
M&I Marshall & Ilsley Bank
6.38%, 09/01/2011		12,095		12,318
PNC Funding Corp.
0.48%, 01/31/2012 *		12,820		12,723
Regions Financial Corp.
0.45%, 06/26/2012 *		7,750		7,261
4.88%, 04/26/2013		5,000		5,022
7.75%, 11/10/2014		10,000		10,799
Royal Bank of Scotland Group PLC
6.38%, 02/01/2011 ^		13,175		13,362
Scotland International Finance
7.70%, 08/15/2010 — 144A		14,670		14,892
Silicon Valley Bank
5.70%, 06/01/2012		4,315		4,514
SunTrust Banks, Inc.
5.25%, 11/05/2012		20,595		21,842
Union Planters Corp.
4.38%, 12/01/2010		4,700		4,727
Wachovia Corp.
0.68%, 10/28/2015 *		22,400		21,500
Webster Bank NA
5.88%, 01/15/2013		170		158
Westpac Securities NZ, Ltd.
2.63%, 01/28/2013 — 144A		17,000		17,150
Zions Bancorporation
7.75%, 09/23/2014 ^		4,900		5,109
Commercial Services & Supplies — 0.7%
Avery Dennison Corp.
4.88%, 01/15/2013		6,000		6,342
ERAC USA Finance LLC
5.80%, 10/15/2012 — 144A		5,200		5,620
8.00%, 01/15/2011 — 144A		2,592		2,707
Construction Materials — 1.4%
CRH America, Inc.
5.30%, 10/15/2013		4,600		4,936
5.63%, 09/30/2011		4,300		4,513
6.95%, 03/15/2012		2,590		2,813
Lafarge SA
6.15%, 07/15/2011		10,008		10,424
Martin Marietta Materials, Inc.
6.88%, 04/01/2011		8,000		8,318

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 27

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
Consumer Finance — 1.6%
American Express Credit Corp.
1.66%, 05/27/2010 *	$	7,500	$	7,506
5.13%, 08/25/2014		3,500		3,763
7.30%, 08/20/2013		5,475		6,240
Cardtronics, Inc.
9.25%, 08/15/2013 *		3,390		3,513
Discover Financial Services
0.79%, 06/11/2010 *		9,850		9,845
Toyota Motor Credit Corp.
3.80%, 01/09/2012 *		5,000		5,241
Containers & Packaging — 1.1%
Rexam PLC
6.75%, 06/01/2013 — 144A		15,930		17,480
Sonoco Products Co.
6.50%, 11/15/2013		4,940		5,579
Diversified Financial Services — 12.5%
American Honda Finance Corp.
2.38%, 03/18/2013 — 144A		7,000		7,029
5.13%, 12/15/2010 — 144A		3,920		4,024
Bank of America Corp.
5.25%, 12/01/2015		5,970		6,069
Bear Stearns Cos. LLC
5.50%, 08/15/2011		2,000		2,106
6.95%, 08/10/2012		5,000		5,554
Caterpillar Financial Services Corp.
1.03%, 06/24/2011 *		9,390		9,469
Citigroup, Inc.
5.63%, 08/27/2012 ^		20,589		21,678
Crown Castle Towers LLC
4.52%, 01/15/2035 — 144A		11,870		12,228
FIA Card Services NA				��
7.13%, 11/15/2012 — 144A		13,851		15,164
Ford Motor Credit Co., LLC
3.05%, 01/13/2012 *^		10,930		10,616
General Electric Capital Corp.
0.38%, 11/01/2012 *		18,000		17,704
GTP Towers Issuer LLC
4.44%, 02/15/2040 — 144A		10,000		10,271
Harley-Davidson Funding Corp.
5.00%, 12/15/2010 — 144A		12,230		12,345
5.25%, 12/15/2012 — 144A		7,900		8,252
Invesco, Ltd.
5.38%, 02/27/2013		17,640		18,328
Irish Life & Permanent Group Holdings PLC
3.60%, 01/14/2013 — 144A		23,885		24,073
John Deere Capital Corp.
1.00%, 06/10/2011 *		9,125		9,174
Merrill Lynch & Co., Inc.
2.50%, 05/12/2010 *		7,735		7,738
Nissan Motor Acceptance Corp.
3.25%, 01/30/2013 — 144A		2,940		2,999
5.63%, 03/14/2011 — 144A		14,225		14,755
PACCAR Financial Corp.
3.79%, 01/12/2011 *		5,000		5,111
Pemex Finance, Ltd.
9.03%, 02/15/2011		8,631		8,854
Prime Property Funding II, Inc.
5.60%, 06/15/2011 — 144A		736		761
QHP Royalty Sub LLC
10.25%, 03/15/2015 — 144A §		12,233		12,411
Selkirk Cogen Funding Corp. — Series A
8.98%, 06/26/2012		12,328		12,765

	Principal		Value
Diversified Financial Services (continued)
TNK-BP Finance SA
7.50%, 03/13/2013 — 144A	$	9,995	$	10,707
Williams Cos., Inc. Credit Linked Certificate Trust V
6.38%, 10/01/2010 — 144A		2,450		2,489
Diversified Telecommunication Services — 2.0%
Qwest Corp.
3.51%, 06/15/2013 *		9,815		9,962
8.88%, 03/15/2012 *		10,000		10,925
SBA Tower Trust
4.25%, 04/15/2040 — 144A		12,380		12,661
Sprint Capital Corp.
8.38%, 03/15/2012		10,000		10,550
Electric Utilities — 1.6%
KCP&L Greater Missouri Operations Co.
11.88%, 07/01/2012 *		16,998		19,955
NiSource Finance Corp.
7.88%, 11/15/2010		6,545		6,777
PSEG Power LLC
7.75%, 04/15/2011		6,780		7,201
Electronic Equipment & Instruments — 0.8%
Agilent Technologies, Inc.
4.45%, 09/14/2012		5,000		5,267
Tyco Electronics Group SA
6.00%, 10/01/2012		12,146		13,109
Energy Equipment & Services — 1.8%
Enterprise Products Operating LLC
7.50%, 02/01/2011		7,595		7,933
7.63%, 02/15/2012		7,855		8,633
Gilroy Energy Center LLC
4.00%, 08/15/2011 — 144A		1,812		1,803
NGPL Pipeco LLC
6.51%, 12/15/2012 — 144A		7,470		8,208
Plains All American Pipeline, LP
4.25%, 09/01/2012		4,890		5,107
Weatherford International, Inc.
5.95%, 06/15/2012		7,305		7,888
Food & Staples Retailing — 0.5%
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012		4,400		4,417
Woolworths, Ltd.
5.25%, 11/15/2011 — 144A		7,000		7,326
Food Products — 0.8%
M-Foods Holdings, Inc.
9.75%, 10/01/2013 — 144A		3,750		3,877
Michael Foods, Inc.
8.00%, 11/15/2013		5,480		5,596
UST, Inc.
6.63%, 07/15/2012		6,460		7,027
Gas Utilities — 0.6%
DCP Midstream LLC
7.88%, 08/16/2010		6,900		7,035
EQT Corp.
5.15%, 11/15/2012		6,460		6,856
Health Care Equipment & Supplies — 0.1%
CareFusion Corp.
4.13%, 08/01/2012		2,000		2,091
Hotels, Restaurants & Leisure — 1.2%
Carrols Corp.
9.00%, 01/15/2013		7,000		7,158

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 28

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
Hotels, Restaurants & Leisure (continued)
Marriott International, Inc.
5.63%, 02/15/2013 ^	$	10,725	$	11,436
Royal Caribbean Cruises, Ltd.
8.00%, 05/15/2010		2,900		2,900
Yum! Brands, Inc.
8.88%, 04/15/2011		6,200		6,610
Household Durables — 0.8%
Whirlpool Corp.
8.00%, 05/01/2012		15,770		17,305
Independent Power Producers & Energy Traders — 0.4%
TransAlta Corp.
4.75%, 01/15/2015		9,000		9,411
Insurance — 1.8%
Fidelity National Financial, Inc.
5.25%, 03/15/2013		8,289		8,428
Hartford Financial Services Group, Inc.
5.25%, 10/15/2011		1,185		1,230
Oil Insurance, Ltd.
7.56%, 06/30/2011 — 144A * Ž		8,080		7,055
Prudential Financial, Inc.
3.63%, 09/17/2012		5,000		5,146
Reinsurance Group of America, Inc.
6.75%, 12/15/2011		15,490		16,575
Leisure Equipment & Products — 0.4%
Mattel, Inc.
5.63%, 03/15/2013		8,000		8,619
Machinery — 0.9%
Case New Holland, Inc.
7.75%, 09/01/2013 — 144A^		9,195		9,678
Kennametal, Inc.
7.20%, 06/15/2012		9,950		10,508
Metals & Mining — 2.3%
Anglo American Capital PLC
9.38%, 04/08/2014 — 144A		4,500		5,459
ArcelorMittal
5.38%, 06/01/2013 ^		13,500		14,459
Freeport-McMoRan Corp.
8.75%, 06/01/2011		9,183		9,687
Steel Dynamics, Inc.
7.38%, 11/01/2012		4,770		4,997
Xstrata Canada Corp.
7.35%, 06/05/2012		14,100		15,471
Multiline Retail — 0.8%
Limited, Inc.
5.25%, 11/01/2014		9,205		9,504
Macy’s Retail Holdings, Inc.
5.35%, 03/15/2012		7,170		7,493
Multi-Utilities — 0.2%
Black Hills Corp.
9.00%, 05/15/2014		4,100		4,750
Office Electronics — 0.3%
Xerox Corp.
7.13%, 06/15/2010		6,250		6,287
Oil, Gas & Consumable Fuels — 5.4%
Consol Energy, Inc.
7.88%, 03/01/2012		7,100		7,597
El Paso Corp.
7.00%, 05/15/2011		3,250		3,359
7.38%, 12/15/2012		2,000		2,116
7.88%, 06/15/2012		2,945		3,120
Empresa Nacional del Petroleo
6.75%, 11/15/2012 — 144A		12,938		14,170

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
EnCana Corp.
6.30%, 11/01/2011	$	5,100	$	5,465
Energy Transfer Partners, LP
6.00%, 07/01/2013		3,675		4,012
Kinder Morgan, Inc.
6.50%, 09/01/2012		5,316		5,588
Lukoil International Finance BV
6.38%, 11/05/2014 — 144A		10,000		10,413
Marathon Oil Corp.
8.38%, 05/01/2012		6,000		6,741
Nustar Logistics, LP
6.88%, 07/15/2012		6,900		7,479
Petrohawk Energy Corp.
9.13%, 07/15/2013		8,480		8,862
Ras Laffan Liquefied Natural Gas Co., Ltd. III
4.50%, 09/30/2012 — 144A		11,915		12,549
5.83%, 09/30/2016 — 144A		9,940		10,711
Williams Cos., Inc.
2.29%, 10/01/2010 — 144A *^		3,220		3,219
Woodside Finance, Ltd.
5.00%, 11/15/2013 — 144A		4,450		4,702
8.13%, 03/01/2014 — 144A		2,450		2,834
XTO Energy, Inc.
5.00%, 08/01/2010		5,770		5,831
Paper & Forest Products — 0.9%
Celulosa Arauco y Constitucion SA
5.13%, 07/09/2013		9,400		9,833
Weyerhaeuser Co.
6.75%, 03/15/2012		9,840		10,593
Real Estate Investment Trusts — 9.7%
AvalonBay Communities, Inc.
4.95%, 03/15/2013		3,546		3,746
Boston Properties, LP
6.25%, 01/15/2013		10,000		10,880
BRE Properties, Inc.
7.45%, 01/15/2011		8,500		8,810
Dexus Property Group
7.13%, 10/15/2014 — 144A		15,325		16,934
Duke Realty, LP
4.63%, 05/15/2013		5,000		5,108
5.63%, 08/15/2011		2,000		2,067
5.88%, 08/15/2012		6,053		6,366
6.25%, 05/15/2013		6,386		6,832
ERP Operating, LP
5.20%, 04/01/2013		11,080		11,874
5.50%, 10/01/2012		8,205		8,822
HCP, Inc.
5.65%, 12/15/2013		19,625		20,866
Healthcare Realty Trust, Inc.
8.13%, 05/01/2011		14,330		15,169
Kimco Realty Corp.
4.62%, 05/06/2010		5,000		5,000
6.00%, 11/30/2012		3,860		4,200
Liberty Property, LP
6.38%, 08/15/2012		13,270		14,135
PPF Funding, Inc.
5.35%, 04/15/2012 — 144A		13,740		14,028
Shurgard Storage Centers LLC
5.88%, 03/15/2013		2,910		3,068
Simon Property Group, LP
5.30%, 05/30/2013		5,600		6,005

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 29

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
Real Estate Investment Trusts (continued)
Tanger Properties, LP
6.15%, 11/15/2015	$	6,265	$	6,564
UDR, Inc.
5.13%, 01/15/2014		4,900		5,006
5.50%, 04/01/2014		5,500		5,636
United Dominion Realty Trust
5.00%, 01/15/2012		8,847		9,025
6.05%, 06/01/2013		540		567
WEA Finance LLC
5.40%, 10/01/2012 — 144A		16,010		17,116
Westfield Capital Corp., Ltd.
5.13%, 11/15/2014 — 144A		5,170		5,422
Real Estate Management & Development — 2.3%
Brookfield Asset Management, Inc.
7.13%, 06/15/2012		16,045		17,311
Post Apartment Homes, LP
5.45%, 06/01/2012		9,399		9,781
6.30%, 06/01/2013		5,000		5,282
7.70%, 12/20/2010 ^		5,000		5,178
Retail Property Trust
7.18%, 09/01/2013 — 144A		11,445		12,703
Road & Rail — 0.5%
CSX Corp.
6.75%, 03/15/2011		6,580		6,892
Union Pacific Corp.
3.63%, 06/01/2010		5,030		5,041
Specialty Retail — 0.1%
Staples, Inc.
7.75%, 04/01/2011 ^		1,500		1,584
Tobacco — 0.7%
Reynolds American, Inc.
7.25%, 06/01/2012		13,700		14,957
Trading Companies & Distributors — 1.3%
GATX Corp.
4.75%, 10/01/2012		16,950		17,713
Noble Group, Ltd.
8.50%, 05/30/2013 — 144A		8,320		9,339
Total Corporate Debt Securities (cost $1,580,529)				1,631,366

	Shares		Value
SECURITIES LENDING COLLATERAL — 0.2%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		5,107,713	$	5,108
Total Securities Lending Collateral (cost $5,108)

	Principal		Value
REPURCHASE AGREEMENT — 0.2%
State Street Repurchase Agreement
0.01% 5, dated 04/30/2010, to be repurchased at $3,331 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 01/25/2039, and with a value of $3,399.	$	3,331		3,331
Total Repurchase Agreement (cost $3,331)
Total Investment Securities (cost $2,102,138) #				2,170,493
Other Assets and Liabilities — Net				20,514
Net Assets			$	2,191,007

FUTURES CONTRACTS: ^(a)

						Net Unrealized
Description	Contracts ┌			Expiration Date		(Depreciation)
5-Year U.S. Treasury Note		(910	)		06/30/2010		($960	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 30

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2010.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $38,947, or 1.78% of the fund’s net assets.
^	All or a portion of this security is on loan. The value of all securities on loan is $5,000.
Ž	The security has a perpetual maturity. The date shown is the next call date.
5	Rate shown reflects the yield at 04/30/2010.
§	Illiquid. This security aggregated $12,411, or 0.57%, of the fund’s net assets.
#	Aggregate cost for federal income tax purposes is $2,102,138. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $69,375 and $1,020, respectively. Net unrealized appreciation for tax purposes is $68,355.
(a)	Cash in the amount of $1,403 has been segregated with the broker to cover margin requirements for the open futures contract.
┌	Contract amounts are not in thousands.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $768,767, or 35.09%, of the fund’s net assets.
AUD	Australian Dollar
CMBS	Commercial Mortgage-Backed Security
MXN	Mexican Peso
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2			Level 3		Total
Fixed Income — Asset-Backed Security	$	—	$	114,642		$	—	$	114,642
Fixed Income — Consumer Discretionary		—		100,331			—		100,331
Fixed Income — Consumer Staples		—		73,508			—		73,508
Fixed Income — Energy		—		158,340			—		158,340
Fixed Income — Financials		—		903,798			—		903,798
Fixed Income — Foreign Government Obligation		—		64,250			—		64,250
Fixed Income — Health Care		—		2,091			—		2,091
Fixed Income — Industrials		—		91,913			—		91,913
Fixed Income — Information Technology		—		37,324			—		37,324
Fixed Income — Materials		—		170,639			—		170,639
Fixed Income — Mortgage-Backed Security		—		287,153			—		287,153
Fixed Income — Telecommunication Services		—		31,437			—		31,437
Fixed Income — U.S. Government Agency Obligation		—		64,643			—		64,643
Fixed Income — Utilities		—		61,985			—		61,985
Cash & Cash Equivalent — Repurchase Agreement		—		3,331			—		3,331
Cash & Cash Equivalent — Securities Lending Collateral		5,108		—			—		5,108
Total	$	5,108	$	2,165,385		$	—	$	2,170,493
Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Futures Contracts — Depreciation	$	—		($960	)	$	—		($960	)

^* Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts, and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 31

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS — 95.2%
Airlines — 2.3%
Continental Airlines, Inc. — Class B ‡^		553,020	$	12,360
Biotechnology — 2.0%
Martek Biosciences Corp. ‡^		499,960		11,014
Capital Markets — 3.7%
Cohen & Steers, Inc. ^		340,435		9,216
Raymond James Financial, Inc. ^		352,600		10,803
Chemicals — 3.5%
Georgia Gulf Corp. ‡		383,600		7,879
Intrepid Potash, Inc. ‡^		414,500		10,885
Commercial Banks — 8.3%
City National Corp. ^		242,450		15,100
Marshall & Ilsley Corp. ^		1,486,275		13,525
PrivateBancorp, Inc. — Class A ^		588,590		8,429
SVB Financial Group ‡^		143,300		7,055
Communications Equipment — 2.8%
Brocade Communications Systems, Inc. ‡^		1,120,055		7,269
Harmonic Lightwaves, Inc. ‡^		1,125,902		7,701
Construction & Engineering — 1.9%
Chicago Bridge & Iron Co. NV — Class Y ‡		436,352		10,228
Diversified Consumer Services — 2.6%
Sotheby’s ^		420,950		14,060
Electric Utilities — 1.1%
Hawaiian Electric Industries, Inc. ^		256,220		5,983
Electrical Equipment — 4.2%
General Cable Corp. ‡^		388,725		11,106
Woodward Governor Co. ^		365,445		11,712
Energy Equipment & Services — 3.3%
Oil States International, Inc. ‡^		166,130		8,026
Superior Energy Services, Inc. ‡^		363,045		9,824
Health Care Equipment & Supplies — 3.5%
Cooper Cos., Inc. ^		265,450		10,323
Hologic, Inc. ‡^		483,750		8,645
Household Durables — 1.9%
Tupperware Brands Corp. ^		201,775		10,305
Insurance — 3.0%
HCC Insurance Holdings, Inc. ^		598,105		16,262
Life Sciences Tools & Services — 1.8%
Charles River Laboratories International, Inc. ‡^		288,165		9,648
Machinery — 6.7%
AGCO Corp. ‡^		285,456		9,997
Manitowoc Co., Inc. ^		531,675		7,449
Navistar International Corp. ‡^		153,190		7,405
Watts Water Technologies, Inc. — Class A ^		318,371		11,296
Media — 3.9%
Arbitron, Inc. ^		347,105		10,694
Lamar Advertising Co. — Class A ‡		274,265		10,208
Metals & Mining — 6.7%
AK Steel Holding Corp. ^		374,375		6,271
Carpenter Technology Corp. ^		308,400		12,111
Globe Specialty Metals, Inc. ‡		770,035		9,625
Thompson Creek Metals Co., Inc. ‡^		637,420		8,172
Multiline Retail — 2.1%
Saks, Inc. ‡^		1,160,325		11,313
Professional Services — 1.8%
Manpower, Inc. ^		174,035		9,763

	Shares		Value
Real Estate Investment Trusts — 6.9%
BioMed Realty Trust, Inc. ^		390,000	$	7,219
Douglas Emmett, Inc. ^		514,785		8,618
Kilroy Realty Corp. ^		260,924		9,148
Omega Healthcare Investors, Inc. ^		600,700		12,025
Real Estate Management & Development — 4.6%
Jones Lang Lasalle, Inc. ^		196,290		15,483
St. Joe Co. ‡^		287,655		9,504
Road & Rail — 2.6%
Kansas City Southern ‡^		341,820		13,861
Software — 3.1%
Aspen Technology, Inc. ‡^		692,833		8,155
THQ, Inc. ‡^		1,162,160		8,832
Specialty Retail — 4.0%
Gymboree Corp. ‡^		184,220		9,051
Office Depot, Inc. ‡^		1,887,325		12,947
Trading Companies & Distributors — 5.4%
Beacon Roofing Supply, Inc. ‡^		530,250		11,771
United Rentals, Inc. ‡		552,000		7,927
WESCO International, Inc. ‡^		238,740		9,698
Water Utilities — 1.5%
Aqua America, Inc. ^		438,160		8,031
Total Common Stocks (cost $384,976)				513,932
	Shares		Value
SECURITIES LENDING COLLATERAL — 25.6%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		138,291,527		138,292
Total Securities Lending Collateral (cost $138,292)

	Principal		Value
REPURCHASE AGREEMENT — 5.0%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $27,236 on 05/03/2010. Collateralized by a U.S. Government Obligation, a zero coupon, due 10/07/2010, and with a value of $27,785.	$	27,236		27,236
Total Repurchase Agreement (cost $27,236)
Total Investment Securities (cost $550,504) #				679,460
Other Assets and Liabilities — Net				(139,211	)
Net Assets			$	540,249

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 32

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $134,840.
‡	Non-income producing security.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $550,504. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $131,773 and $2,817, respectively. Net unrealized appreciation for tax purposes is $128,956.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	78,578	$	—	$	—	$	78,578
Equities — Energy		17,850		—		—		17,850
Equities — Financials		142,387		—		—		142,387
Equities — Health Care		39,630		—		—		39,630
Equities — Industrials		134,573		—		—		134,573
Equities — Information Technology		31,957		—		—		31,957
Equities — Materials		54,943		—		—		54,943
Equities — Utilities		14,014		—		—		14,014
Cash & Cash Equivalent — Repurchase Agreement		—		27,236		—		27,236
Cash & Cash Equivalent — Securities Lending Collateral		138,292		—		—		138,292
Total	$	652,224	$	27,236	$	—	$	679,460

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 33

Transamerica WMC Diversified Growth
(formerly, Transamerica Equity)

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS — 99.6%
Aerospace & Defense — 3.0%
Boeing Co.		202,220	$	14,646
Honeywell International, Inc. ^		170,371		8,088
Raytheon Co.		236,650		13,797
Air Freight & Logistics — 0.5%
FedEx Corp.		74,600		6,715
Airlines — 1.0%
Southwest Airlines Co. ^		959,900		12,651
Capital Markets — 2.3%
Goldman Sachs Group, Inc.		126,786		18,409
Morgan Stanley ^		233,630		7,060
State Street Corp. ^		58,870		2,561
Commercial Banks — 1.2%
Itau Unibanco Holding SA ADR		302,120		6,550
Wells Fargo & Co. ^		254,340		8,421
Communications Equipment — 8.5%
Cisco Systems, Inc. ‡^		2,663,850		71,710
Emulex Corp. ‡^		623,454		7,326
Juniper Networks, Inc. ‡^		581,761		16,528
Riverbed Technology, Inc. ‡^		262,943		8,149
Computers & Peripherals — 16.7%
Apple, Inc. ‡		201,950		52,732
Dell, Inc. ‡^		1,098,440		17,773
EMC Corp./Massachusetts ‡^		1,564,100		29,734
International Business Machines Corp. ^		407,310		52,543
NetApp, Inc. ‡^		737,902		25,583
QLogic Corp. ‡^		562,360		10,893
SanDisk Corp. ‡		355,700		14,189
Diversified Consumer Services — 1.5%
Apollo Group, Inc. — Class A ‡^		150,400		8,634
ITT Educational Services, Inc. ‡^		93,430		9,449
Electrical Equipment — 1.1%
Emerson Electric Co. ^		248,700		12,990
Energy Equipment & Services — 1.7%
Baker Hughes, Inc. ^		203,570		10,130
Oceaneering International, Inc. ‡^		170,953		11,197
Food Products — 0.1%
Green Mountain Coffee Roasters, Inc. ‡^		21,650		1,573
Health Care Equipment & Supplies — 3.9%
CR Bard, Inc. ^		99,690		8,626
Hologic, Inc. ‡^		478,710		8,555
Hospira, Inc. ‡		84,560		4,548
Intuitive Surgical, Inc. ‡^		14,550		5,246
Medtronic, Inc. ^		501,127		21,895
Health Care Providers & Services — 1.4%
Laboratory Corp. of America Holdings ‡^		129,870		10,204
WellPoint, Inc. ‡		118,990		6,402
Hotels, Restaurants & Leisure — 3.1%
Bally Technologies, Inc. ‡^		85,190		3,929
Carnival Corp. ^		47,390		1,976
Las Vegas Sands Corp. ‡^		553,087		13,749
McDonald’s Corp. ^		115,180		8,131
Starbucks Corp. ^		408,080		10,602
Industrial Conglomerates — 1.7%
General Electric Co.		1,119,680		21,117
Insurance — 1.6%
Lincoln National Corp. ^		622,347		19,038
Internet & Catalog Retail — 2.4%
Amazon.com, Inc. ‡^		130,950		17,948

	Shares		Value
Internet & Catalog Retail (continued)
Expedia, Inc. ^		438,330	$	10,349
priceline.com, Inc. ‡^		4,940		1,295
Internet Software & Services — 4.7%
eBay, Inc. ‡		698,200		16,624
Google, Inc. — Class A ‡		66,230		34,800
Netease.com ADR ‡		164,535		5,737
IT Services — 1.2%
Visa, Inc. — Class A ^		85,130		7,681
Western Union Co. ^		404,480		7,382
Life Sciences Tools & Services — 1.3%
Life Technologies Corp. ‡^		83,390		4,562
Waters Corp. ‡^		159,329		11,470
Machinery — 8.3%
Caterpillar, Inc. ^		438,340		29,847
Cummins, Inc.		134,074		9,684
Dover Corp.		242,385		12,657
Illinois Tool Works, Inc.		269,040		13,748
Ingersoll-Rand PLC ^		311,480		11,519
Joy Global, Inc.		151,080		8,583
Parker Hannifin Corp. ^		209,820		14,515
Media — 1.6%
News Corp. — Class A ^		357,740		5,516
Omnicom Group, Inc.		316,459		13,500
Metals & Mining — 1.7%
Nucor Corp. ^		347,736		15,759
Southern Copper Corp. ^		163,950		5,014
Oil, Gas & Consumable Fuels — 2.0%
Occidental Petroleum Corp.		89,850		7,966
Valero Energy Corp.		763,772		15,879
Pharmaceuticals — 1.4%
Eli Lilly & Co. ^		478,499		16,733
Semiconductors & Semiconductor Equipment — 9.7%
Altera Corp. ^		994,070		25,210
Analog Devices, Inc. ^		401,381		12,013
Atheros Communications, Inc. ‡^		208,270		8,089
Intel Corp. ^		1,137,380		25,966
Intersil Corp. — Class A ^		1,007,308		14,989
Texas Instruments, Inc. ^		290,400		7,553
Xilinx, Inc. ^		940,800		24,254
Software — 10.8%
BMC Software, Inc. ‡		275,463		10,842
Check Point Software Technologies ‡^		333,611		11,883
Longtop Financial Technologies, Ltd. ADR ‡		136,444		4,695
Microsoft Corp.		1,788,870		54,633
Oracle Corp. ^		1,500,460		38,772
Shanda Interactive Entertainment, Ltd. ADR ‡^		6,340		287
VMware, Inc. — Class A ‡^		180,137		11,104
Specialty Retail — 4.9%
Abercrombie & Fitch Co. — Class A ^		60,480		2,645
Advance Auto Parts, Inc. ^		173,750		7,836
Buckle, Inc. ^		193,252		6,992
Guess ?, Inc. ^		193,390		8,871
Ross Stores, Inc. ^		214,830		12,030
TJX Cos., Inc.		272,380		12,622
Urban Outfitters, Inc. ‡^		243,050		9,117
Textiles, Apparel & Luxury Goods — 0.3%
Coach, Inc. ^		75,850		3,167
Total Common Stocks (cost $1,121,593)				1,216,387

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 34

Transamerica WMC Diversified Growth
(formerly, Transamerica Equity)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
SECURITIES LENDING COLLATERAL — 5.8%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		70,721,219	$	70,721
Total Securities Lending Collateral (cost $70,721)
	Principal		Value
REPURCHASE AGREEMENT — 0.0%¥
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $577 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, and with a value of $588.	$	577		577
Total Repurchase Agreement (cost $577)
Total Investment Securities (cost $1,192,891) #				1,287,685
Other Assets and Liabilities — Net				(65,610	)
Net Assets			$	1,222,075

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
^	All or a portion of this security is on loan. The value of all securities on loan is $69,160.
5	Rate shown reflects the yield at 04/30/2010.
¥	Percentage rounds to less than 0.1%.
#	Aggregate cost for federal income tax purposes is $1,192,891. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $116,858 and $22,064, respectively. Net unrealized appreciation for tax purposes is $94,794.

DEFINITION:

ADR            American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	168,358	$	—	$	—	$	168,358
Equities — Consumer Staples		1,573		—		—		1,573
Equities — Energy		45,172		—		—		45,172
Equities — Financials		62,039		—		—		62,039
Equities — Health Care		98,241		—		—		98,241
Equities — Industrials		190,557		—		—		190,557
Equities — Information Technology		629,674		—		—		629,674
Equities — Materials		20,773		—		—		20,773
Cash & Cash Equivalent — Repurchase Agreement		—		577		—		577
Cash & Cash Equivalent — Securities Lending Collateral		70,721		—		—		70,721
Total	$	1,287,108	$	577	$	—	$	1,287,685

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 35

STATEMENTS OF ASSETS AND LIABILITIES
At April 30, 2010
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica						Transamerica			Transamerica
	AEGON High			Transamerica			Diversified			Flexible			Transamerica
	Yield Bond(a),(b)			Balanced(a)			Equity(a)			Income(a)			Focus(a),(c)
Assets:
Investment securities, at value	$	667,751		$	449,404		$	951,479		$	277,809		$	139,722
Repurchase agreement, at value		26,819			2,981			13,196			2,187			5,881
Receivables:
Investment securities sold		20,052			3,611			5,274			6,967			2,239
Shares of beneficial interest sold		5,033			180			271			1,410			36
Interest		12,069			2,135			—			3,954			—
Securities lending income		13			3			9			3			7
Dividends		40			138			295			89			20
Dividend reclaims		—			—			145			—			15
	$	731,777		$	458,452		$	970,669		$	292,419		$	147,920
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		6,523			4,089			3,973			7,669			—
Shares of beneficial interest redeemed		972			383			458			399			92
Management and advisory fees		284			212			359			97			84
Distribution and service fees		65			120			111			38			50
Trustees fees		3			1			9			1			2
Transfer agent fees		33			139			184			19			38
Administration fees		10			7			13			4			3
Other		90			38			35			42			3
Collateral for securities on loan		114,016			27,356			185,417			38,772			8,801
		121,996			32,345			190,559			47,041			9,073
Net assets	$	609,781		$	426,107		$	780,110		$	245,378		$	138,847
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	618,970		$	354,386		$	695,349		$	284,568		$	119,960
Undistributed (accumulated) net investment income (loss)		1,540			436			(1,094	)		51			(667	)
Accumulated net realized loss from investments		(47,636	)		(4,789	)		(17,082	)		(54,897	)		(7,871	)
Net unrealized appreciation (depreciation) on:
Investment securities		36,907			76,074			102,930			15,654			27,425
Translation of assets and liabilities denominated in foreign currencies		—			—			7			2			—
Net assets	$	609,781		$	426,107		$	780,110		$	245,378		$	138,847
Net assets by class:
Class A	$	93,689		$	89,063		$	88,282		$	48,045		$	43,986
Class B		13,529			18,066			9,220			10,514			13,579
Class C		29,662			23,549			16,057			25,402			13,427
Class I		7,920			232			340			4,012			210
Class I2		433,563						354,780			157,405
Class P		31,418			295,197			311,431						67,645
Shares outstanding:
Class A		10,377			4,372			6,312			5,446			3,437
Class B		1,499			891			661			1,191			1,143
Class C		3,295			1,167			1,151			2,888			1,131
Class I		873			11			24			453			16
Class I2		47,691						25,310			17,772
Class P		3,478			14,496			22,242						5,282
Net asset value per share:
Class A	$	9.03		$	20.37		$	13.99		$	8.82		$	12.80
Class B		9.02			20.28			13.96			8.83			11.88
Class C		9.00			20.18			13.96			8.79			11.87
Class I		9.07			20.41			14.08			8.85			12.88
Class I2		9.09						14.02			8.86
Class P		9.03			20.36			14.00						12.81
Maximum offering price per share (d)
Class A	$	9.48		$	21.56		$	14.79		$	9.26		$	13.53
Investment securities, at cost	$	630,844		$	373,330		$	848,549		$	262,155		$	112,297
Repurchase agreement, at cost	$	26,819		$	2,981		$	13,196		$	2,187		$	5,881
Securities loaned, at value	$	111,681		$	26,754		$	181,410		$	37,988		$	8,592

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 36

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2010
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica					Transamerica			Transamerica			Transamerica
	Growth			Transamerica		Short-Term			Small/Mid Cap			WMC Diversified
	Opportunities(a)			Money Market(a)		Bond(a)			Value(a)			Growth(a),(e)
Assets:
Investment securities, at value	$	423,601		$	252,520	$	2,167,162		$	652,224		$	1,287,108
Repurchase agreement, at value		7,610			197		3,331			27,236			577
Cash on deposit with broker		—			—		1,403			—			—
Receivables:
Investment securities sold		—			—		271			10,178			22,655
Shares of beneficial interest sold		79			250		26,946			5,579			647
Interest		—			119		28,495			—			—
Securities lending income		27			—		—			12			25
Dividends		9			—		—			295			347
Dividend reclaims		—			—		—			—			385
Due from advisor		—			35		—			—			—
	$	431,326		$	253,121	$	2,227,608		$	695,524		$	1,311,744
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		—			2,043		22,898			13,750			15,949
Shares of beneficial interest redeemed		222			1,319		2,256			2,506			1,615
Management and advisory fees		213			—		822			347			718
Distribution and service fees		62			10		597			250			226
Trustees fees		1			1		5			2			6
Transfer agent fees		63			39		37			56			238
Administration fees		6			4		35			9			21
Distribution payable		—			1		3,699			—			—
Variation margin		—			—		956			—			—
Other		42			39		188			63			175
Collateral for securities on loan		88,187			—		5,108			138,292			70,721
		88,796			3,456		36,601			155,275			89,669
Net assets	$	342,530		$	249,665	$	2,191,007		$	540,249		$	1,222,075
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	307,579		$	249,578	$	2,126,534		$	589,116		$	1,285,621
Undistributed (accumulated) net investment income (loss)		(251	)		87		1,677			33			(2,167	)
Accumulated net realized loss from investments		(42,846	)		—		(4,613	)		(177,856	)		(156,230	)
Net unrealized appreciation (depreciation) on:
Investment securities		78,048			—		68,355			128,956			94,794
Futures contracts		—			—		(960	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			—		14			—			57
Net assets	$	342,530		$	249,665	$	2,191,007		$	540,249		$	1,222,075
Net assets by class:
Class A	$	59,353		$	122,914	$	614,080		$	273,320		$	316,331
Class B		14,523			25,593					44,277			36,531
Class C		13,000			35,159		606,947			169,953			38,375
Class I		473			55		119,095			38,817			1,601
Class I2		146,320			29,131		850,885			13,882			402,059
Class P		108,861			36,813								330,850
Class T													96,328
Shares outstanding:
Class A		6,320			122,914		58,691			14,418			36,315
Class B		1,673			25,593					2,436			4,524
Class C		1,492			35,159		58,119			9,457			4,732
Class I		48			55		11,578			2,025			179
Class I2		15,016			29,131		82,787			725			45,299
Class P		11,576			36,813								38,121
Class T													3,930
Net asset value per share:
Class A	$	9.39		$	1.00	$	10.46		$	18.96		$	8.71
Class B		8.68			1.00					18.17			8.08
Class C		8.71			1.00		10.44			17.97			8.11
Class I		9.73			1.00		10.29			19.17			8.93
Class I2		9.74			1.00		10.28			19.14			8.88
Class P		9.40			1.00								8.68
Class T													24.51
Maximum offering price per share (d)
Class A	$	9.94		$	1.00	$	10.73		$	20.06		$	9.22
Investment securities, at cost	$	345,553		$	252,520	$	2,098,807		$	523,268		$	1,192,314
Repurchase agreement, at cost	$	7,610		$	197	$	3,331		$	27,236		$	577
Securities loaned, at value	$	86,284		$	—	$	5,000		$	134,840		$	69,160

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 37

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2010
(all amounts except per share amounts in thousands)
(unaudited)

(a)	Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 shares.
(b)	Formerly, Transamerica High Yield Bond.
(c)	Formerly, Transamerica Legg Mason Partners All Cap.
(d)	Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, I, I2, P, and T shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.
(e)	Formerly, Transamerica Equity.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 38

STATEMENTS OF OPERATIONS
For the period ended April 30, 2010
(all amounts in thousands)
(unaudited)

	Transamerica						Transamerica
	AEGON High Yield			Transamerica			Diversified			Transamerica			Transamerica
	Bond(a),(b),*			Balanced*			Equity(a),*			Flexible Income(a),*			Focus(c),*
Investment income:
Dividend income	$	94		$	1,374		$	3,597		$	379		$	554
Withholding taxes on foreign dividends		—			(4	)		(50	)		(9	)		—
Interest income		26,880			4,380			1			7,849			—
Securities lending income (net)		99			11			27			17			26
		27,073			5,761			3,575			8,235			580
Expenses:
Management and advisory		1,763			1,440			2,323			749			529
Distribution and service:
Class A		132			142			139			75			67
Class B		63			99			44			52			73
Class C		117			112			73			106			62
Class P		43			325			360			—			83
Transfer agent:
Class A		45			154			205			44			82
Class B		11			56			27			13			43
Class C		12			30			35			11			19
Class I		2			1			1			1			1
Class I2		—	(d)					—	(d)		—	(d)
Class P		43			317			478						74
Printing and shareholder reports		42			32			29			12			5
Custody		36			15			49			18			8
Administration		60			38			64			25			13
Legal		10			5			12			4			1
Audit and tax		9			7			—			10			4
Trustees		6			3			16			2			4
Registration		46			30			102			35			30
Other		4			20			8			9			15
Total expenses		2,444			2,826			3,965			1,166			1,113
Class expense recaptured (reimbursed/waived):
Class A		—			—			(60	)		(11	)		(26	)
Class B		—			—			(11	)		—			(22	)
Class C		—			—			(8	)		—			(1	)
Class I		—			(1	)		(1	)		—			(1	)
Class P		(44	)		(274	)		(342	)		—			7
Total expense recaptured (reimbursed/waived)		(44	)		(275	)		(422	)		(11	)		(43	)
Net expenses		2,400			2,551			3,543			1,155			1,070
Net investment income (loss)		24,673			3,210			32			7,080			(490	)
Net realized gain (loss) on transactions from:
Investment securities		19,118			5,911			11,519			13,135			2,413
Foreign currency transactions		—			4			3			(9	)		—
		19,118			5,915			11,522			13,126			2,413
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		23,625			33,722			69,035			1,995			14,305
Translation of assets and liabilities denominated in foreign currencies		—			(5	)		7			(12	)		—
Change in unrealized appreciation (depreciation)		23,625			33,717			69,042			1,983			14,305
Net realized and unrealized gain:		42,743			39,632			80,564			15,109			16,718
Net increase in net assets resulting from operations	$	67,416		$	42,842		$	80,596		$	22,189		$	16,228

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 39

STATEMENTS OF OPERATIONS (continued)
For the period ended April 30, 2010
(all amounts in thousands)
(unaudited)

	Transamerica									Transamerica			Transamerica WMC
	Growth			Transamerica			Transamerica			Small/Mid Cap			Diversified
	Opportunities(a),*			Money Market(a),*			Short-Term Bond(a),*			Value(a),*			Growth(a),(e),*
Investment income:
Dividend income	$	1,613		$	—		$	—		$	3,622		$	8,431
Withholding taxes on foreign dividends		(3	)		—			(22	)		—			(154	)
Interest income		—			256			47,025			1			—
Securities lending income (net)		119			—			6			74			143
		1,729			256			47,009			3,697			8,420
Expenses:
Management and advisory		1,188			544			4,950			1,755			4,792
Distribution and service:
Class A		94			235			826			418			538
Class B		71			151			—			197			191
Class C		59			205			2,251			694			190
Class P		115			—			—			—			460
Transfer agent:
Class A		196			201			117			272			606
Class B		41			46						45			103
Class C		31			33			129			131			80
Class I		1			1			15			6			3
Class I2		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Class P		107			20									332
Class T														74
Printing and shareholder reports		21			18			89			26			94
Custody		15			17			64			20			50
Administration		30			27			171			44			135
Legal		4			5			22			7			15
Audit and tax		7			8			11			10			21
Trustees		3			3			15			4			12
Registration		34			45			43			32			49
Other		3			2			7			2			6
Total expenses		2,020			1,561			8,710			3,663			7,751
Fund expenses (reimbursed/waived)		—			(427	)		(855	)		—			—
Class expense recaptured (reimbursed/waived):
Class A		(53	)		(432	)		(236	)		—			—
Class B		(3	)		(196	)					—			(27	)
Class C		—			(237	)		—			—			(5	)
Class I		—	(d)		(1	)		—			—			—
Class I2		—			—	(d)		—			—			—
Class P		—			(20	)					—			(90	)
Total expense recaptured (reimbursed/waived)		(56	)		(1,313	)		(1,091	)		—			(122	)
Net expenses		1,964			248			7,619			3,663			7,629
Net investment income (loss)		(235	)		8			39,390			34			791
Net realized gain (loss) on transactions from:
Investment securities		5,913			—			10,063			22,547			228,448
Futures contracts		—			—			(979	)		—			—
Foreign currency transactions		—			—			21			—			—
		5,913			—			9,105			22,547			228,448
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		57,110			—			23,027			86,465			(55,600	)
Futures contracts		—			—			(159	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			—			17			—			(19	)
Change in unrealized appreciation (depreciation)		57,110			—			22,885			86,465			(55,619	)
Net realized and unrealized gain:		63,023			—			31,990			109,012			172,829
Net increase in net assets resulting from operations	$	62,788		$	8		$	71,380		$	109,046		$	173,620

(a)	Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 shares.
(b)	Formerly, Transamerica High Yield Bond.
(c)	Formerly, Transamerica Legg Mason Partners All Cap.
(d)	Rounds to less than $1.
(e)	Formerly, Transamerica Equity.
*	The fund offered new classes of shares during the 2009 period. For a list of new classes and commencement dates, refer to the notes to the financial statements.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 40

STATEMENTS OF CHANGES IN NET ASSETS
For the period and year ended:
(all amounts in thousands)

	Transamerica AEGON High Yield
	Bond(a),(g),*						Transamerica Balanced*
	April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income	$	24,673		$	45,134		$	3,210		$	1,314
Net realized gain (loss)(b)		19,118			(55,912	)		5,915			(10,547	)
Change in unrealized appreciation (depreciation)(c)		23,625			183,047			33,717			23,660
Net increase in net assets resulting from operations		67,416			172,269			42,842			14,427
Distributions to shareholders:
From net investment income:
Class A		(3,079	)		(3,588	)		(478	)		(1,014	)
Class B		(464	)		(873	)		(41	)		(251	)
Class C		(881	)		(961	)		(77	)		(226	)
Class I		(70	)		—			(1	)
Class I2		(19,815	)		(40,325	)
Class P		(1,278	)		—			(2,246	)
		(25,587	)		(45,747	)		(2,843	)		(1,491	)
From net realized gains:
Class A		—			—			—			(3,148	)
Class B		—			—			—			(1,819	)
Class C		—			—			—			(1,091	)
		—			—			—			(6,058	)
Total distributions to shareholders		(25,587	)		(45,747	)		(2,843	)		(7,549	)
Capital share transactions:
Proceeds from shares sold:
Class A		41,579			47,357			3,315			2,689
Class B		3,023			4,221			599			1,256
Class C		10,900			18,109			597			912
Class I		7,929						225
Class I2		11,208			33,691
Class P		21,717						12,540
		96,356			103,378			17,276			4,857
Issued from fund acquisition:
Class A		—			—			18,932			—
Class B		—			—			3,855			—
Class C		—			—			5,342			—
Class I2		42,041			—
Class P		51,472						281,788
		93,513			—			309,917			—	��
Dividends and distributions reinvested:
Class A		2,300			2,491			451			3,940
Class B		284			546			39			1,971
Class C		572			576			69			1,182
Class I		18						—	(d)
Class I2		19,815			40,325
Class P		1,250						2,240
		24,239			43,938			2,799			7,093
Cost of shares redeemed:
Class A		(23,523	)		(21,773	)		(8,445	)		(12,325	)
Class B		(1,569	)		(3,022	)		(2,282	)		(7,498	)
Class C		(2,928	)		(8,685	)		(2,173	)		(4,111	)
Class I		(158	)					(3	)
Class I2		(144,597	)		(126,635	)
Class P		(45,053	)					(25,980	)
		(217,828	)		(160,115	)		(38,883	)		(23,934	)
Automatic conversions:
Class A		967			1,995			4,381			11,140
Class B		(967	)		(1,995	)		(4,381	)		(11,140	)
		—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		(3,720	)		(12,799	)		291,109			(11,984	)
Net increase (decrease) in net assets		38,109			113,723			331,108			(5,106	)
Net assets:
Beginning of period/year	$	571,672		$	457,949		$	94,999		$	100,105
End of period/year	$	609,781		$	571,672		$	426,107		$	94,999
Undistributed net investment income	$	1,540		$	2,454		$	436		$	69

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 41

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
(all amounts in thousands)

	Transamerica AEGON High Yield
	Bond(a),(g),*						Transamerica Balanced*
	April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
Share activity:
Shares issued:
Class A		4,734			6,660			168			168
Class B		348			593			32			80
Class C		1,245			2,534			31			59
Class I		889						11
Class I2		1,277			4,433
Class P		2,479						654
		10,972			14,220			896			307
Shares issued on fund acquisition:
Class A		—			—			1,014			—
Class B		—			—			207			—
Class C		—			—			289			—
Class I2		4,928			—
Class P		6,070						15,093
		10,998			—			16,603			—
Shares issued-reinvested from distributions:
Class A		266			359			23			264
Class B		33			82			2			133
Class C		66			81			4			80
Class I		2						—	(e)
Class I2		2,279			6,035			—
Class P		144						117
		2,790			6,557			146			477
Shares redeemed:
Class A		(2,703	)		(3,199	)		(440	)		(794	)
Class B		(180	)		(432	)		(119	)		(490	)
Class C		(337	)		(1,154	)		(114	)		(269	)
Class I		(18	)					—	(e)
Class I2		(16,427	)		(20,679	)		—
Class P		(5,215	)					(1,368	)
		(24,880	)		(25,464	)		(2,041	)		(1,553	)
Automatic conversions:
Class A		112			271			230			704
Class B		(112	)		(271	)		(231	)		(707	)
		—			—			(1	)		(3	)
Net increase (decrease) in shares outstanding:
Class A		2,409			4,091			995			342
Class B		89			(28	)		(109	)		(984	)
Class C		974			1,461			210			(130	)
Class I		873						11			—
Class I2		(7,943	)		(10,211	)
Class P		3,478						14,496
		(120	)		(4,687	)		15,603			(772	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 42

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
(all amounts in thousands)

	Transamerica Diversified Equity(a),*
				10 Months Ended			12 Months Ended
	April 30, 2010			October 31,			December 31,
	(unaudited)(i)			2009(j)			2008(j)
From operations:
Net investment income	$	32		$	485		$	915
Net realized gain (loss)(b)		11,522			(24,478	)		(2,752	)
Change in unrealized appreciation (depreciation)(c)		69,042			71,013			(127,173	)
Net increase in net assets resulting from operations		80,596			47,020			(129,010	)
Distributions to shareholders:
From net investment income:
Investor Class		(879	)		—			(430	)
Class A		(118	)
Class B		(5	)
Class C		(8	)
Class I		—	(d)
Class I2		(144	)
Class P		(519	)
		(1,673	)		—			(430	)
From net realized gains:
Investor Class		—			—			(5,449	)
Total distributions to shareholders		(1,673	)		—			(5,879	)
Capital share transactions:
Proceeds from shares sold:
Investor Class		2,312			42,808			62,498
Class A		1,000
Class B		265
Class C		151
Class I		342
Class I2		265,202
Class P		26,846
		296,118			42,808			62,498
Issued from fund acquisition:
Class A		86,981
Class B		10,090
Class C		16,272
Class I2		63,778
Class P		276,775
		453,896
Dividends and distributions reinvested:
Investor Class		552			—			3,738
Class A		113
Class B		5
Class C		8
Class I		—	(d)
Class I2		144
Class P		325
		1,147			—			3,738
Redeemed due to acquisition:
Investor Class		(276,775	)		—			—
Cost of shares redeemed:
Investor Class		(2,056	)		(24,454	)		(42,251	)
Class A		(8,160	)
Class B		(851	)
Class C		(1,679	)
Class I2		(1,853	)
Class P		(18,422	)
		(33,021	)		(24,454	)		(42,251	)
Redemption fee:
Investor Class		—			3			6
Automatic conversions:
Class A		1,042
Class B		(1,042	)
		—
Net increase in net assets resulting from capital shares transactions		441,365			18,357			23,991
Net increase in net assets		520,288			65,377			(110,898	)
Net assets:
Beginning of period/year	$	259,822		$	194,445		$	305,343
End of period/year	$	780,110		$	259,822		$	194,445
Undistributed (accumulated) net investment income (loss)	$	(1,094	)	$	547		$	62

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 43

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
(all amounts in thousands)

	Transamerica Diversified Equity(a),*
				10 Months Ended			12 Months Ended
	April 30, 2010			October 31,			December 31,
	(unaudited)(i)			2009(j)			2008(j)
Share activity:
Shares issued:
Investor Class		139			4,116			4,769
Class A		74
Class B		21
Class C		11
Class I		24
Class I2		20,472
Class P		2,080
		22,821			4,116			4,769
Shares issued on fund acquisition:
Class A		6,767
Class B		785
Class C		1,266
Class I2		4,961
Class P		21,531
		35,310
Shares issued-reinvested from distributions:
Investor Class		43			—			388
Class A		9
Class B		—	(e)
Class C		1
Class I		—	(e)
Class I2		11
Class P		25
		89			—			388
Shares redeemed due to acquisition:
Investor Class		(21,531	)		—			—
Shares redeemed:
Investor Class		(166	)		(2,410	)		(3,147	)
Class A		(618	)
Class B		(65	)
Class C		(127	)
Class I2		(134	)
Class P		(1,394	)
		(2,504	)		(2,410	)		(3,147	)
Automatic conversions:
Class A		80
Class B		(80	)
		—
Net increase (decrease) in shares outstanding:
Investor Class		(21,515	)		1,706			2,010
Class A		6,312
Class B		661
Class C		1,151
Class I		24
Class I2		25,310
Class P		22,242
		34,185			1,706			2,010

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 44

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
(all amounts in thousands)

	Transamerica Flexible Income(a),*						Transamerica Focus(h),*
										10 Months Ended			12 Months Ended
	April 30, 2010						April 30, 2010			October 31,			December 31,
	(unaudited)			October 31, 2009			(unaudited)(k)			2009(l)			2008(l)
From operations:
Net investment income (loss)	$	7,080		$	9,228		$	(490	)	$	(378	)	$	(381	)
Net realized gain (loss)(b)		13,126			(20,193	)		2,413			(5,643	)		(4,628	)
Change in unrealized appreciation (depreciation)(c)		1,983			39,583			14,305			21,232			(32,976	)
Net increase in net assets resulting from operations		22,189			28,618			16,228			15,211			(37,985	)
Distributions to shareholders:
From net investment income:
Investor Class								—			—			—
Class A		(1,373	)		(941	)		(54	)
Class B		(293	)		(410	)		(10	)
Class C		(629	)		(384	)		(8	)
Class I		(40	)					—	(d)
Class I2		(5,922	)		(7,215	)
Class P								(105	)
From net realized gains:
Investor Class								—			—			(2,249	)
Total distributions to shareholders		(8,257	)		(8,950	)		(177	)		—			(2,249	)
Capital share transactions:
Proceeds from shares sold:
Investor Class								127			6,437			5,204
Class A		19,789			10,176			479
Class B		1,937			2,774			328
Class C		17,874			16,525			462
Class I		4,265						218
Class I2		3,625			28,190
Class P								1,288
		47,490			57,665			2,902			6,437			5,204
Issued from fund acquisition:
Class A		13,041			—			39,661
Class B		2,469			—			18,628
Class C		5,997			—			13,950
Class I2		53,655			—
Class P								68,302
		75,162			—			140,541
Dividends and distributions reinvested:
Investor Class								—			—	(d)		2,226
Class A		942			781			51
Class B		211			317			9
Class C		324			298			8
Class I		2						—	(d)
Class I2		5,922			7,215
Class P								104
		7,401			8,611			172			—	(d)		2,226
Redeemed due to acquisition:
Investor Class								(68,302	)		—			—
Cost of shares redeemed:
Investor Class								(166	)		(8,784	)		(11,740	)
Class A		(13,472	)		(4,781	)		(5,104	)
Class B		(1,652	)		(2,734	)		(1,285	)
Class C		(12,962	)		(11,057	)		(2,079	)
Class I		(340	)					(13	)
Class I2		(47,670	)		(45,960	)
Class P								(7,568	)
		(76,096	)		(64,532	)		(16,215	)		(8,784	)		(11,740	)
Redemption fee:
Investor Class								—			—	(d)		6
Automatic conversions:
Class A		1,201			2,016			5,305
Class B		(1,201	)		(2,016	)		(5,305	)
		—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		53,957			1,744			59,098			(2,347	)		(4,304	)
Net increase (decrease) in net assets		67,889			21,412			75,149			12,864			(44,538	)
Net assets:
Beginning of period/year	$	177,489		$	156,077		$	63,698		$	50,834		$	95,372
End of period/year	$	245,378		$	177,489		$	138,847		$	63,698		$	50,834
Undistributed (accumulated) net investment income (loss)	$	51		$	1,228		$	(667	)	$	—		$	11

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 45

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
(all amounts in thousands)

	Transamerica Flexible Income(a),*						Transamerica Focus(h),*
										10 Months Ended			12 Months Ended
	April 30, 2010						April 30, 2010			October 31,			December 31,
	(unaudited)			October 31, 2009			(unaudited)(k)			2009(l)			2008(l)
Share activity:
Shares issued:
Investor Class								8			442			274
Class A		2,320			1,330			36
Class B		226			382			30
Class C		2,089			2,105			39
Class I		492						17
Class I2		426			3,765
Class P								2,234
		5,553			7,582			2,364			442			274
Shares issued on fund acquisition:
Class A		1,554			—			3,369
Class B		294			—			1,700
Class C		717			—			1,275
Class I2		6,372			—
Class P								3,672
		8,937			—			10,016
Shares issued-reinvested from distributions:
Investor Class								—			—	(e)		170
Class A		110			105			4
Class B		25			43			1
Class C		38			40			1
Class I		—	(e)	��				—	(e)
Class I2		690			976
Class P								9
		863			1,164			15			—	(e)		170
Shares redeemed due to acquisition:
Investor Class								(3,672	)		—			—
Shares redeemed:
Investor Class								(10	)		(597	)		(649	)
Class A		(1,579	)		(654	)		(416	)
Class B		(192	)		(370	)		(111	)
Class C		(1,517	)		(1,414	)		(184	)
Class I		(39	)					(1	)
Class I2		(5,513	)		(6,606	)
Class P								(633	)
		(8,840	)		(9,044	)		(1,355	)		(597	)		(649	)
Automatic conversions:
Class A		140			271			444
Class B		(140	)		(271	)		(477	)
		—			—			(33	)
Net increase (decrease) in shares outstanding:
Investor Class								(3,674	)		(155	)		(205	)
Class A		2,545			1,052			3,437
Class B		213			(216	)		1,143
Class C		1,327			731			1,131
Class I		453						16
Class I2		1,975			(1,865	)
Class P								5,282
		6,513			(298	)		7,335			(155	)		(205	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 46

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
(all amounts in thousands)

	Transamerica Growth Opportunities(a),*						Transamerica Money Market(a),*						Transamerica Short-Term Bond(a),*
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income (loss)	$	(235	)	$	(478	)	$	8		$	517		$	39,390		$	37,983
Net realized gain (loss)(b)		5,913			(15,832	)		—			—			9,105			526
Change in unrealized appreciation (depreciation)(c)		57,110			39,944			—			—			22,885			65,391
Net increase in net assets resulting from operations		62,788			23,634			8			517			71,380			103,900
Distributions to shareholders:
From net investment income:
Class A		—			—			(2	)		(307	)		(10,541	)		(4,009	)
Class B		—			—			—	(d)		(32	)
Class C		—			—			(1	)		(44	)		(8,436	)		(3,980	)
Class I		—						—	(d)					(662	)
Class I2		—			—			(1	)		(134	)		(18,592	)		(31,013	)
Class P		—						—	(d)
Total distributions to shareholders		—			—			(4	)		(517	)		(38,231	)		(39,002	)
Capital share transactions:
Proceeds from shares sold:
Class A		1,508			4,051			40,829			143,852			494,605			307,854
Class B		656			1,387			3,473			27,049
Class C		975			1,126			8,292			52,405			304,969			316,772
Class I		445						55						125,385
Class I2		7,349			10,374			3,688			17,852			142,065			225,676
Class P		2,174						3,836
		13,107			16,938			60,173			241,158			1,067,024			850,302
Issued from fund acquisition:
Class P		96,199						43,668
Dividends and distributions reinvested:
Class A		—			—			2			415			7,220			2,350
Class B		—			—			—	(d)		50
Class C		—			—			1			62			5,446			2,129
Class I		—						—	(d)					36
Class I2		—			—			1			159			18,632			29,359
Class P		—						—	(d)
		—			—			4			686			31,334			33,838
Cost of shares redeemed:
Class A		(5,004	)		(9,176	)		(66,370	)		(144,951	)		(186,717	)		(32,632	)
Class B		(1,120	)		(3,018	)		(11,639	)		(26,771	)
Class C		(1,302	)		(2,206	)		(19,311	)		(66,281	)		(29,395	)		(16,819	)
Class I		(12	)					—						(6,960	)
Class I2		(1,322	)		(14	)		(8,676	)		(13,219	)		(35,097	)		(87,178	)
Class P		(5,835	)					(10,694	)
		(14,595	)		(14,414	)		(116,690	)		(251,222	)		(258,169	)		(136,629	)
Redemption fee:
Class A		—			1			—			—			—			1
Automatic conversions:
Class A		2,150			6,621			1,854			4,826
Class B		(2,150	)		(6,621	)		(1,854	)		(4,826	)
		—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		94,711			2,525			(12,845	)		(9,378	)		840,189			747,512
Net increase (decrease) in net assets		157,499			26,159			(12,841	)		(9,378	)		873,338			812,410
Net assets:
Beginning of period/year	$	185,031		$	158,872		$	262,506		$	271,884		$	1,317,669		$	505,259
End of period/year	$	342,530		$	185,031		$	249,665		$	262,506		$	2,191,007		$	1,317,669
Undistributed (accumulated) net investment income (loss)	$	(251	)	$	(16	)	$	87		$	83		$	1,677		$	518

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 47

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
(all amounts in thousands)

	Transamerica Growth Opportunities(a),*						Transamerica Money Market(a),*						Transamerica Short-Term Bond(a),*
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
Share activity:
Shares issued:
Class A		178			608			40,830			143,852			47,708			30,676
Class B		83			240			3,474			27,049
Class C		123			186			8,292			52,405			29,463			31,668
Class I		49						55						12,253
Class I2		846			1,484			3,686			17,852			13,901			23,703
Class P		256						3,837
		1,535			2,518			60,174			241,158			103,325			86,047
Shares issued on fund acquisition:
Class P		12,010						43,668
Shares issued-reinvested from distributions:
Class A		—			—			2			415			696			233
Class B		—			—			—	(e)		50
Class C		—			—			1			62			526			212
Class I		—						—	(e)					4
Class I2		—			—			2			159			1,830			3,042
Class P		—						2
		—			—			7			686			3,056			3,487
Shares redeemed:
Class A		(590	)		(1,404	)		(66,370	)		(144,951	)		(17,971	)		(3,251	)
Class B		(144	)		(517	)		(11,639	)		(26,771	)
Class C		(167	)		(374	)		(19,311	)		(66,281	)		(2,837	)		(1,683	)
Class I		(1	)					—						(679	)
Class I2		(141	)		(2	)		(8,676	)		(13,219	)		(3,424	)		(9,311	)
Class P		(690	)					(10,694	)
		(1,733	)		(2,297	)		(116,690	)		(251,222	)		(24,911	)		(14,245	)
Automatic conversions:
Class A		258			1,029			1,854			4,826
Class B		(279	)		(1,105	)		(1,854	)		(4,826	)
		(21	)		(76	)		—			—
Net increase (decrease) in shares outstanding:
Class A		(154	)		233			(23,684	)		4,142			30,433			27,658
Class B		(340	)		(1,382	)		(10,019	)		(4,498	)
Class C		(44	)		(188	)		(11,018	)		(13,814	)		27,152			30,196
Class I		48						55						11,578
Class I2		705			1,482			(4,988	)		4,792			12,307			17,434
Class P		11,576						36,813
		11,791			145			(12,841	)		(9,378	)		81,470			75,289

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 48

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
(all amounts in thousands)

	Transamerica Small/Mid Cap						Transamerica WMC Diversified
	Value(a),*						Growth(a),(f),*
	April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income (loss)	$	34		$	(582	)	$	791		$	3,514
Net realized gain (loss)(b)		22,547			(101,349	)		228,448			(229,461	)
Change in unrealized appreciation (depreciation)(c)		86,465			110,124			(55,619	)		309,390
Net increase in net assets resulting from operations		109,046			8,193			173,620			83,443
Distributions to shareholders:
From net investment income:
Class A		—			(4,092	)		—			—
Class B		—			(531	)		—			—
Class C		—			(1,959	)		—			—
Class I		—						(45	)
Class I2		—			(1,434	)		(3,761	)		(2,946	)
Class P								(2,080	)
Class T								—			(9	)
Total distributions to shareholders		—			(8,016	)		(5,886	)		(2,955	)
Capital share transactions:
Proceeds from shares sold:
Class A		79,447			90,888			7,647			18,934
Class B		6,060			7,452			1,259			2,981
Class C		32,946			34,707			726			2,444
Class I		38,137						11,307
Class I2		356			25,014			4,599			157,215
Class P								20,829
Class T								692			920
		156,946			158,061			47,059			182,494
Issued from fund acquisition:
Class I2		—			—			80,466			—
Class P								459,628
		—			—			540,094			—
Dividends and distributions reinvested:
Class A		—			3,256			—			—
Class B		—			458			—			—
Class C		—			1,538			—			—
Class I		—						4
Class I2		—			1,434			3,733			2,946
Class P								2,040
Class T								—			9
		—			6,686			5,777			2,955
Cost of shares redeemed:
Class A		(69,964	)		(107,219	)		(34,730	)		(65,179	)
Class B		(3,300	)		(6,668	)		(3,922	)		(10,613	)
Class C		(13,238	)		(27,816	)		(4,986	)		(14,174	)
Class I		(1,781	)					(10,042	)
Class I2		(308	)		(201,385	)		(397,216	)		(67,722	)
Class P								(176,515	)
Class T								(5,512	)		(11,813	)
		(88,591	)		(343,088	)		(632,923	)		(169,501	)
Redemption fee:
Class A		—			6			—			—
Automatic conversions:
Class A		2,800			2,712			5,989			14,302
Class B		(2,800	)		(2,712	)		(5,989	)		(14,302	)
		—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		68,355			(178,335	)		(39,993	)		15,948
Net increase (decrease) in net assets		177,401			(178,158	)		127,741			96,436
Net assets:
Beginning of period/year	$	362,848		$	541,006		$	1,094,334		$	997,898
End of period/year	$	540,249		$	362,848		$	1,222,075		$	1,094,334
Undistributed (accumulated) net investment income (loss)	$	33		$	(1	)	$	(2,167	)	$	2,928

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 49

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
(all amounts in thousands)

	Transamerica Small/Mid Cap						Transamerica WMC Diversified
	Value(a),*						Growth(a),(f),*
	April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
Share activity:
Shares issued:
Class A		4,619			6,850			926			2,948
Class B		369			585			163			506
Class C		1,998			2,683			94			414
Class I		2,121						1,357
Class I2		18			2,158			553			21,289
Class P								2,563
Class T								30			51
		9,125			12,276			5,686			25,208
Shares issued on fund acquisition:
Class I2		—						9,765			—
Class P								56,955
		—			—			66,720			—
Shares issued-reinvested from distributions:
Class A		—			287			—			—
Class B		—			42			—			—
Class C		—			142			—			—
Class I		—						—	(e)
Class I2		—			126			459			458
Class P								256
Class T								—			1
		—			597			715			459
Shares redeemed:
Class A		(4,055	)		(9,340	)		(4,208	)		(10,073	)
Class B		(203	)		(572	)		(511	)		(1,764	)
Class C		(823	)		(2,456	)		(651	)		(2,369	)
Class I		(96	)					(1,178	)
Class I2		(18	)		(18,296	)		(48,356	)		(10,523	)
Class P								(21,653	)
Class T								(237	)		(664	)
		(5,195	)		(30,664	)		(76,794	)		(25,393	)
Automatic conversions:
Class A		165			207			737			2,192
Class B		(172	)		(215	)		(793	)		(2,349	)
		(7	)		(8	)		(56	)		(157	)
Net increase (decrease) in shares outstanding:
Class A		729			(1,996	)		(2,545	)		(4,933	)
Class B		(6	)		(161	)		(1,141	)		(3,607	)
Class C		1,175			369			(557	)		(1,955	)
Class I		2,025						179
Class I2					(16,011	)		(37,579	)		11,224
Class P								38,121
Class T								(207	)		(612	)
		3,923			(17,799	)		(3,729	)		117

(a)	Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 shares.
(b)	Net realized gain (loss) includes investment securities, futures contracts, written options and swaptions, securities sold short, swaps, and foreign currency transactions.
(c)	Change in unrealized appreciation (depreciation) includes investment securities, futures contracts, written options and swaptions, securities sold short, swaps, and foreign currency translation.
(d)	Rounds to less than $1.
(e)	Rounds to less than 1 share.
(f)	Formerly, Transamerica Equity.
(g)	Formerly, Transamerica High Yield Bond.
(h)	Formerly, Transamerica Legg Mason Partners All Cap.
(i)	For this period, information is based on 13 days as Transamerica Premier Diversified Equity and 168 days as Transamerica Diversified Equity. The 13 days represents Investor Class activity, which reflects activity of the predecessor’s fund.
(j)	This period represents Transamerica Premier Diversified Equity.
(k)	For this period, information is based on 13 days as Transamerica Premier Focus and 168 days as Transamerica Focus (formerly, Transamerica Legg Mason Partners All Cap). The 13 days represents Investor Class activity, which reflects activity of the predecessor’s portfolio.
(l)	This period represents Transamerica Premier Focus.
*	The fund offered new classes of shares during the 2009 period. For a list of new classes and commencement dates, refer to the notes to the financial statements.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 50

FINANCIAL HIGHLIGHTS

For the period and years ended:

	Transamerica AEGON High Yield Bond(a)
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	8.45		$	6.31		$	9.12		$	9.19		$	8.97		$	9.37
Investment operations
Net investment income(b)		0.34			0.65			0.64			0.60			0.61			0.56
Net realized and unrealized gain (loss) on investments		0.59			2.14			(2.83	)		(0.07	)		0.19			(0.37	)
Total from investment operations		0.93			2.79			(2.19	)		0.53			0.80			0.19
Distributions
Net investment income		(0.35	)		(0.66	)		(0.62	)		(0.60	)		(0.58	)		(0.59	)
Total distributions		(0.35	)		(0.66	)		(0.62	)		(0.60	)		(0.58	)		(0.59	)
Net asset value
End of period/year	$	9.03		$	8.45		$	6.31		$	9.12		$	9.19		$	8.97
Total return(c)		11.30	%(d)		47.58	%		(25.46	%)		5.90	%		9.27	%		2.06	%
Net assets end of period/year	$	93,689		$	67,290		$	24,506		$	35,147		$	43,514		$	336,340
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.13	%(e)		1.19	%		1.16	%		1.15	%		1.16	%		1.05	%
Before reimbursement/fee waiver		1.13	%(e)		1.19	%		1.16	%		1.15	%		1.16	%		1.05	%
Net investment income, to average net assets(f)		7.88	%(e)		9.08	%		7.65	%		6.45	%		6.77	%		6.04	%
Portfolio turnover rate		43	%(d)		58	%		38	%		80	%		73	%		71	%

	Transamerica AEGON High Yield Bond(a)
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	8.44		$	6.30		$	9.11		$	9.18		$	8.97		$	9.37
Investment operations
Net investment income(b)		0.31			0.60			0.58			0.53			0.55			0.48
Net realized and unrealized gain (loss) on investments		0.59			2.15			(2.83	)		(0.06	)		0.19			(0.37	)
Total from investment operations		0.90			2.75			(2.25	)		0.47			0.74			0.11
Distributions
Net investment income		(0.32	)		(0.61	)		(0.56	)		(0.54	)		(0.53	)		(0.51	)
Total distributions		(0.32	)		(0.61	)		(0.56	)		(0.54	)		(0.53	)		(0.51	)
Net asset value
End of period/year	$	9.02		$	8.44		$	6.30		$	9.11		$	9.18		$	8.97
Total return(c)		10.92	%(d)		46.69	%		(26.04	%)		5.19	%		8.53	%		1.21	%
Net assets end of period/year	$	13,529		$	11,898		$	9,091		$	21,370		$	27,753		$	37,006
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.83	%(e)		1.91	%		1.85	%		1.83	%		1.83	%		1.85	%
Before reimbursement/fee waiver		1.83	%(e)		1.91	%		1.85	%		1.83	%		1.83	%		1.85	%
Net investment income, to average net assets(f)		7.17	%(e)		8.56	%		6.83	%		5.77	%		6.12	%		5.18	%
Portfolio turnover rate		43	%(d)		58	%		38	%		80	%		73	%		71	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 51

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica AEGON High Yield Bond(a)
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	8.42		$	6.30		$	9.10		$	9.17		$	8.96		$	9.36
Investment operations
Net investment income(b)		0.32			0.60			0.58			0.53			0.55			0.47
Net realized and unrealized gain (loss) on investments		0.59			2.14			(2.82	)		(0.06	)		0.19			(0.36	)
Total from investment operations		0.91			2.74			(2.24	)		0.47			0.74			0.11
Distributions
Net investment income		(0.33	)		(0.62	)		(0.56	)		(0.54	)		(0.53	)		(0.51	)
Total distributions		(0.33	)		(0.62	)		(0.56	)		(0.54	)		(0.53	)		(0.51	)
Net asset value
End of period/year	$	9.00		$	8.42		$	6.30		$	9.10		$	9.17		$	8.96
Total return(c)		11.00	%(d)		46.63	%		(25.89	%)		5.21	%		8.54	%		1.21	%
Net assets end of period/year	$	29,662		$	19,548		$	5,429		$	10,160		$	11,317		$	15,880
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.76	%(e)		1.81	%		1.80	%		1.83	%		1.83	%		1.88	%
Before reimbursement/fee waiver		1.76	%(e)		1.81	%		1.80	%		1.83	%		1.83	%		1.88	%
Net investment income, to average net assets(f)		7.26	%(e)		8.23	%		6.93	%		5.77	%		6.12	%		5.11	%
Portfolio turnover rate		43	%(d)		58	%		38	%		80	%		73	%		71	%
	Transamerica
	AEGON High Yield
	Bond(a)
	Class I
	April 30, 2010(g)
For a share outstanding throughout each period	(unaudited)
Net asset value
Beginning of period/year	$	8.55
Investment operations
Net investment income(b)		0.30
Net realized and unrealized loss on investments		0.53
Total from investment operations		0.83
Distributions
Net investment income		(0.31	)
Total distributions		(0.31	)
Net asset value
End of period/year	$	9.07
							��
Total return(c)		9.95	%(d)
Net assets end of period/year	$	7,920
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.93	%(e)
Before reimbursement/fee waiver		0.93	%(e)
Net investment income, to average net assets(f)		8.20	%(e)
Portfolio turnover rate		43	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 52

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica AEGON High Yield Bond(a)
	Class I2(h)
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005(i)
Net asset value
Beginning of period/year	$	8.50		$	6.35		$	9.17		$	9.24		$	9.02		$	9.39
Investment operations
Net investment income(b)		0.36			0.69			0.69			0.65			0.67			0.59
Net realized and unrealized gain (loss) on investments		0.60			2.16			(2.85	)		(0.07	)		0.18			(0.37	)
Total from investment operations		0.96			2.85			(2.16	)		0.58			0.85			0.22
Distributions
Net investment income		(0.37	)		(0.70	)		(0.66	)		(0.65	)		(0.63	)		(0.59	)
Total distributions		(0.37	)		(0.70	)		(0.66	)		(0.65	)		(0.63	)		(0.59	)
Net asset value
End of period/year	$	9.09		$	8.50		$	6.35		$	9.17		$	9.24		$	9.02
Total return(c)		11.61	%(d)		48.39	%		(25.05	%)		6.39	%		9.81	%		2.33	%(d)
Net assets end of period/year	$	433,563		$	472,936		$	418,923		$	331,300		$	315,252		$	40,860
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.65	%(e)		0.67	%		0.65	%		0.65	%		0.66	%		0.66	%(e)
Before reimbursement/fee waiver		0.65	%(e)		0.67	%		0.65	%		0.65	%		0.66	%		0.66	%(e)
Net investment income, to average net assets(f)		8.32	%(e)		9.96	%		8.34	%		6.96	%		7.29	%		6.60	%(e)
Portfolio turnover rate		43	%(d)		58	%		38	%		80	%		73	%		71	%(d)
	Transamerica
	AEGON High
	Yield Bond(a)
	Class P
	April 30,
	2010(j)
For a share outstanding throughout each period	(unaudited)
Net asset value
Beginning of period/year	$	8.48
Investment operations
Net investment income(b)		0.31
Net realized and unrealized loss on investments		0.54
Total from investment operations		0.85
Distributions
Net investment income		(0.30	)
Total distributions		(0.30	)
Net asset value
End of period/year	$	9.03
Total return(c)		10.27	%(d)
Net assets end of period/year	$	31,418
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.90	%(e)
Before reimbursement/fee waiver		1.15	%(e)
Net investment income, to average net assets(f)		8.27	%(e)
Portfolio turnover rate		43	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 53

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Balanced
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	17.85		$	16.44		$	25.70		$	22.05		$	19.90		$	18.53
Investment operations
Net investment income(b)		0.14			0.28			0.28			0.17			0.12			0.15
Net realized and unrealized gain (loss) on investments		2.49			2.47			(8.64	)		3.62			2.12			1.41
Total from investment operations		2.63			2.75			(8.36	)		3.79			2.24			1.56
Distributions
Net investment income		(0.11	)		(0.31	)		(0.24	)		(0.14	)		(0.09	)		(0.19	)
Net realized gains on investments		—			(1.03	)		(0.66	)		—			—			—
Total distributions		(0.11	)		(1.34	)		(0.90	)		(0.14	)		(0.09	)		(0.19	)
Net asset value
End of period/year	$	20.37		$	17.85		$	16.44		$	25.70		$	22.05		$	19.90
Total return(c)		14.77	%(d)		18.43	%		(33.55	%)		17.28	%		11.27	%		8.41	%
Net assets end of period/year	$	89,063		$	60,279		$	49,917		$	61,565		$	55,547		$	62,440
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.57	%(e)		1.73	%(s)		1.52	%		1.56	%		1.58	%		1.59	%
Before reimbursement/fee waiver		1.57	%(e)		1.73	%(s)		1.52	%		1.56	%		1.58	%		1.59	%
Net investment income, to average net assets(f)		1.46	%(e)		1.72	%		1.27	%		0.73	%		0.57	%		0.75	%
Portfolio turnover rate		30	%(d)		100	%		52	%		52	%		51	%		27	%
	Transamerica Balanced
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	17.79		$	16.37		$	25.58		$	21.98		$	19.88		$	18.47
Investment operations
Net investment income(b)		0.06			0.16			0.13			0.04			—	(k)		0.04
Net realized and unrealized gain (loss) on investments		2.47			2.45			(8.58	)		3.60			2.12			1.40
Total from investment operations		2.53			2.61			(8.45	)		3.64			2.12			1.44
Distributions
Net investment income		(0.04	)		(0.17	)		(0.10	)		(0.04	)		(0.02	)		(0.03	)
Net realized gains on investments		—			(1.03	)		(0.66	)		—			—			—
Total distributions		(0.04	)		(1.20	)		(0.76	)		(0.04	)		(0.02	)		(0.03	)
Net asset value
End of period/year	$	20.28		$	17.79		$	16.37		$	25.58		$	21.98		$	19.88
Total return(c)		14.24	%(d)		17.50	%		(33.95	%)		16.57	%		10.65	%		7.80	%
Net assets end of period/year	$	18,066		$	17,787		$	32,469		$	96,573		$	118,286		$	142,479
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.42	%(e)		2.46	%(s)		2.15	%		2.14	%		2.15	%		2.14	%
Before reimbursement/fee waiver		2.42	%(e)		2.46	%(s)		2.15	%		2.14	%		2.15	%		2.14	%
Net investment income, to average net assets(f)		0.62	%(e)		1.02	%		0.59	%		0.15	%		0.01	%		0.20	%
Portfolio turnover rate		30	%(d)		100	%		52	%		52	%		51	%		27	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 54

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Balanced
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	17.69		$	16.30		$	25.50		$	21.91		$	19.82		$	18.45
Investment operations
Net investment income(b)		0.08			0.18			0.15			0.04			0.01			0.04
Net realized and unrealized gain (loss) on investments		2.47			2.46			(8.56	)		3.59			2.10			1.41
Total from investment operations		2.55			2.64			(8.41	)		3.63			2.11			1.45
Distributions
Net investment income		(0.06	)		(0.22	)		(0.13	)		(0.04	)		(0.02	)		(0.08	)
Net realized gains on investments		—			(1.03	)		(0.66	)		—			—			—
Total distributions		(0.06	)		(1.25	)		(0.79	)		(0.04	)		(0.02	)		(0.08	)
Net asset value
End of period/year	$	20.18		$	17.69		$	16.30		$	25.50		$	21.91		$	19.82
Total return(c)		14.46	%(d)		17.80	%		(33.92	%)		16.61	%		10.64	%		7.85	%
Net assets end of period/year	$	23,549		$	16,933		$	17,719		$	32,569		$	36,750		$	43,276
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.11	%(e)		2.27	%(s)		2.08	%		2.11	%		2.12	%		2.13	%
Before reimbursement/fee waiver		2.11	%(e)		2.27	%(s)		2.08	%		2.11	%		2.12	%		2.13	%
Net investment income, to average net assets(f)		0.92	%(e)		1.15	%		0.69	%		0.18	%		0.03	%		0.21	%
Portfolio turnover rate		30	%(d)		100	%		52	%		52	%		51	%		27	%
	Transamerica Balanced						Transamerica Diversified Equity
	Class I			Class P			Class A			Class B			Class C			Class I
	April 30, 2010(g)			April 30, 2010(l)			April 30, 2010(l)			April 30, 2010(l)			April 30, 2010(l)			April 30, 2010(g)
For a share outstanding throughout each period	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net asset value
Beginning of period/year	$	18.49		$	18.67		$	12.85		$	12.85		$	12.85		$	12.65
Investment operations
Net investment income (loss)(b)		0.18			0.16			(0.02	)		(0.06	)		(0.06	)		(0.01	)
Net realized and unrealized gain on investments		1.91			1.68			1.18			1.18			1.18			1.47
Total from investment operations		2.09			1.84			1.16			1.12			1.12			1.46
Distributions
Net investment income		(0.17	)		(0.15	)		(0.02	)		(0.01	)		(0.01	)		(0.03	)
Total distributions		(0.17	)		(0.15	)		(0.02	)		(0.01	)		(0.01	)		(0.03	)
Net asset value
End of period/year	$	20.41		$	20.36		$	13.99		$	13.96		$	13.96		$	14.08
Total return(c)		11.34	%(d)		9.93	%(d)		9.96	%(d)		9.63	%(d)		9.63	%(d)		11.54	%(d)
Net assets end of period/year	$	232		$	295,197		$	88,282		$	9,220		$	16,057		$	340
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.45	%(e)		1.11	%(e)(w)		1.52	%(e)		2.17	%(e)		2.17	%(e)		1.17	%(e)
Before reimbursement/fee waiver		2.16	%(e)		1.32	%(e)		1.67	%(e)		2.42	%(e)		2.28	%(e)		3.01	%(e)
Net investment income (loss), to average net assets(f)		2.18	%(e)		1.92	%(e)		(0.42	%)(e)		(1.07	%)(e)		(1.07	%)(e)		(0.19	%)(e)
Portfolio turnover rate		30	%(d)		30	%(d)		55	%(d)		55	%(d)		55	%(d)		55	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 55

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica
	Diversified
	Equity
	Class I2(h)
	April 30, 2010(l)
For a share outstanding throughout each period	(unaudited)
Net asset value
Beginning of period/year	$	12.85
Investment operations
Net investment income(b)		0.01
Net realized and unrealized gain on investments		1.19
Total from investment operations		1.20
Distributions
Net investment income		(0.03	)
Total distributions		(0.03	)
Net asset value
End of period/year	$	14.02
Total return(c)		10.30	% (d)
Net assets end of period/year	$	354,780
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.81	% (e)
Before reimbursement/fee waiver		0.81	% (e)
Net investment income, to average net assets(f)		0.24	% (e)
Portfolio turnover rate		55	% (d)
	Transamerica Diversified Equity
	Class P
	April 30, 2010			10 Months Ended October			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			31, 2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	12.08		$	9.82		$	17.15		$	14.84		$	13.69		$	12.70
Investment operations
Net investment income(b)		—	(k)		0.02			0.05			0.01			0.01			0.02
Net realized and unrealized gain (loss) on investments		1.99			2.24			(7.08	)		2.77			1.28			0.99
Total from investment operations		1.99			2.26			(7.03	)		2.78			1.29			1.01
Distributions
Net investment income		(0.07	)		—			(0.02	)		—	(k)		—			(0.02	)
Net realized gains on investments		—			—			(0.28	)		(0.47	)		(0.14	)		—
Total distributions		(0.07	)		—			(0.30	)		(0.47	)		(0.14	)		(0.02	)
Net asset value
End of period/year	$	14.00		$	12.08		$	9.82		$	17.15		$	14.84		$	13.69
Total return(c)		16.48	%(d)		23.01	%(d)		(40.93	%)		18.68	%		9.42	%		7.93	%
Net assets end of period/year	$	311,431		$	259,822		$	194,445		$	305,343		$	207,607		$	148,927
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.15	%(e)		1.15	% (e)		1.15	%		1.15	%		1.15	%		1.10	%
Before reimbursement/fee waiver		1.39	%(e)		1.32	% (e)		1.29	%		1.15	%		1.15	%		1.31	%
Net investment income, to average net assets(f)		0.02	%(e)		0.27	% (e)		0.35	%		0.08	%		0.04	%		0.13	%
Portfolio turnover rate		55	%(d)		25	% (d)		44	%		29	%		36	%		35	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 56

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Flexible Income
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	8.33		$	7.22		$	9.14		$	9.38		$	9.31		$	9.68
Investment operations
Net investment income(b)		0.23			0.46			0.44			0.48			0.43			0.37
Net realized and unrealized gain (loss) on investments		0.54			1.08			(1.89	)		(0.25	)		0.05			(0.32	)
Total from investment operations		0.77			1.54			(1.45	)		0.23			0.48			0.05
Distributions
Net investment income		(0.28	)		(0.43	)		(0.47	)		(0.47	)		(0.41	)		(0.38	)
Return of capital		—			—			—			—			—			(0.04	)
Total distributions		(0.28	)		(0.43	)		(0.47	)		(0.47	)		(0.41	)		(0.42	)
Net asset value
End of period/year	$	8.82		$	8.33		$	7.22		$	9.14		$	9.38		$	9.31
Total return(c)		9.37	%(d)		22.30	%		(16.57	%)		2.42	%		5.34	%		0.47	%
Net assets end of period/year	$	48,045		$	24,173		$	13,360		$	15,409		$	17,005		$	140,203
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.20	%(e)		1.47	%		1.39	%		1.40	%		1.47	%		1.25	%
Before reimbursement/fee waiver		1.25	%(e)		1.47	%		1.39	%		1.40	%		1.47	%		1.25	%
Net investment income, to average net assets(f)		5.47	%(e)		6.03	%		5.12	%		5.12	%		4.64	%		3.85	%
Portfolio turnover rate		81	%(d)		169	%		98	%		108	%		110	%		58	%

	Transamerica Flexible Income
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	8.34		$	7.23		$	9.14		$	9.39		$	9.32		$	9.68
Investment operations
Net investment income(b)		0.20			0.40			0.38			0.42			0.38			0.29
Net realized and unrealized gain (loss) on investments		0.54			1.09			(1.88	)		(0.26	)		0.06			(0.32	)
Total from investment operations		0.74			1.49			(1.50	)		0.16			0.44			(0.03	)
Distributions
Net investment income		(0.25	)		(0.38	)		(0.41	)		(0.41	)		(0.37	)		(0.29	)
Return of capital		—			—			—			—			—			(0.04	)
Total distributions		(0.25	)		(0.38	)		(0.41	)		(0.41	)		(0.37	)		(0.33	)
Net asset value
End of period/year	$	8.83		$	8.34		$	7.23		$	9.14		$	9.39		$	9.32
Total return(c)		8.98	%(d)		21.39	%		(17.03	%)		1.66	%		4.81	%		(0.36	%)
Net assets end of period/year	$	10,514		$	8,161		$	8,628		$	17,007		$	23,501		$	32,560
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.94	%(e)		2.16	%		2.05	%		2.04	%		2.08	%		2.08	%
Before reimbursement/fee waiver		1.94	%(e)		2.16	%		2.05	%		2.04	%		2.08	%		2.08	%
Net investment income, to average net assets(f)		4.70	%(e)		5.36	%		4.42	%		4.48	%		4.08	%		3.02	%
Portfolio turnover rate		81	%(d)		169	%		98	%		108	%		110	%		58	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 57

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Flexible Income
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	8.31		$	7.21		$	9.12		$	9.36		$	9.30		$	9.67
Investment operations
Net investment income(b)		0.21			0.41			0.39			0.42			0.39			0.29
Net realized and unrealized gain (loss) on investments		0.53			1.08			(1.88	)		(0.25	)		0.04			(0.33	)
Total from investment operations		0.74			1.49			(1.49	)		0.17			0.43			(0.04	)
Distributions
Net investment income		(0.26	)		(0.39	)		(0.42	)		(0.41	)		(0.37	)		(0.29	)
Return of capital		—			—			—			—			—			(0.04	)
Total distributions		(0.26	)		(0.39	)		(0.42	)		(0.41	)		(0.37	)		(0.33	)
Net asset value
End of period/year	$	8.79		$	8.31		$	7.21		$	9.12		$	9.36		$	9.30
Total return(c)		8.99	%(d)		21.50	%		(16.98	%)		1.81	%		4.74	%		(0.40	%)
Net assets end of period/year	$	25,402		$	12,978		$	5,981		$	8,982		$	12,519		$	13,439
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.79	%(e)		2.06	%		1.97	%		2.00	%		2.07	%		2.11	%
Before reimbursement/fee waiver		1.79	%(e)		2.06	%		1.97	%		2.00	%		2.07	%		2.11	%
Net investment income, to average net assets(f)		4.90	%(e)		5.43	%		4.52	%		4.51	%		4.15	%		2.99	%
Portfolio turnover rate		81	%(d)		169	%		98	%		108	%		110	%		58	%
	Transamerica
	Flexible
	Income
	Class I
	April 30, 2010(g)
For a share outstanding throughout each period	(unaudited)
Net asset value
Beginning of period/year	$	8.48
Investment operations
Net investment income(b)		0.23
Net realized and unrealized loss on investments		0.40
Total from investment operations		0.63
Distributions
Net investment income		(0.26	)
Total distributions		(0.26	)
Net asset value
End of period/year	$	8.85
Total return(c)		7.51	%(d)
Net assets end of period/year	$	4,012
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.85	%(e)
Before reimbursement/fee waiver		0.85	%(e)
Net investment income, to average net assets(f)		6.34	%(e)
Portfolio turnover rate		81	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 58

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Flexible Income
	Class I2(h)
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005(i)
Net asset value
Beginning of period/year	$	8.37		$	7.25		$	9.17		$	9.42		$	9.35		$	9.68
Investment operations
Net investment income(b)		0.25			0.50			0.50			0.53			0.50			0.40
Net realized and unrealized gain (loss) on investments		0.54			1.10			(1.90	)		(0.26	)		0.05			(0.32	)
Total from investment operations		0.79			1.60			(1.40	)		0.27			0.55			0.08
Distributions
Net investment income		(0.30	)		(0.48	)		(0.52	)		(0.52	)		(0.48	)		(0.37	)
Net realized gains on investments		—			—			—			—			—			(0.04	)
Total distributions		(0.30	)		(0.48	)		(0.52	)		(0.52	)		(0.48	)		(0.41	)
Net asset value
End of period/year	$	8.86		$	8.37		$	7.25		$	9.17		$	9.42		$	9.35
Total return(c)		9.62	%(d)		23.16	%		(16.02	%)		2.93	%		6.04	%		0.85	%(d)
Net assets end of period/year	$	157,405		$	132,177		$	128,108		$	370,611		$	221,116		$	110,709
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.70	%(e)		0.85	%		0.77	%		0.80	%		0.86	%		0.85	%(e)
Before reimbursement/fee waiver		0.70	%(e)		0.85	%		0.77	%		0.80	%		0.86	%		0.85	%(e)
Net investment income, to average net assets(f)		5.91	%(e)		6.64	%		5.67	%		5.71	%		5.35	%		4.25	%(e)
Portfolio turnover rate		81	%(d)		169	%		98	%		108	%		110	%		58	%(d)
	Transamerica Focus(m)
	Class A			Class B			Class C			Class I
	April 30, 2010(l)			April 30, 2010(l)			April 30, 2010(l)			April 30, 2010(g)
For a share outstanding throughout each period	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net asset value
Beginning of period/year	$	11.77		$	10.95		$	10.94		$	11.64
Investment operations
Net investment loss(b)		(0.03	)		(0.07	)		(0.07	)		(0.03	)
Net realized and unrealized gain on investments		1.08			1.01			1.01			1.29
Total from investment operations		1.05			0.94			0.94			1.26
Distributions
Net investment income		(0.02	)		(0.01	)		(0.01	)		(0.02	)
Total distributions		(0.02	)		(0.01	)		(0.01	)		(0.02	)
Net asset value
End of period/year	$	12.80		$	11.88		$	11.87		$	12.88
Total return(c)		8.90	%(d)		8.56	%(d)		8.57	%(d)		10.88	%(d)
Net assets end of period/year	$	43,986		$	13,579		$	13,427		$	210
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.55	%(e)		2.20	%(e)		2.20	%(e)		1.20	%(e)
Before reimbursement/fee waiver		1.69	%(e)		2.50	%(e)		2.22	%(e)		2.78	%(e)
Net investment loss, to average net assets(f)		(0.67	%)(e)		(1.31	%)(e)		(1.33	%)(e)		(0.57	%)(e)
Portfolio turnover rate		35	%(d)		35	%(d)		35	%(d)		35	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 59

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Focus(m)
	Class P
				10 Months
	April 30, 2010			Ended October			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			31, 2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	17.34		$	13.28		$	23.64		$	19.65		$	18.59		$	16.01
Investment operations
Net investment loss(b)		(0.03	)		(0.10	)		(0.10	)		(0.11	)		(0.11	)		(0.06	)
Net realized and unrealized gain (loss) on investments		2.35			4.16			(9.65	)		4.11			1.17			2.64
Total from investment operations		2.32			4.06			(9.75	)		4.00			1.06			2.58
Fund acquisition
Exchange Reduction		(6.83	)(y)
Distributions
Net investment income		(0.02	)		—			—			—			—			—
Net realized gains on investments		—			—			(0.61	)		(0.01	)		—			—
Total distributions		(0.02	)		—			(0.61	)		(0.01	)		—			—
Net asset value
End of period/year	$	12.81		$	17.34		$	13.28		$	23.64		$	19.65		$	18.59
Total return(c)		16.92	%(d)		30.57	% (d)		(41.19	%)		20.35	%		5.70	%		16.12	%
Net assets end of period/year	$	67,645		$	63,698		$	50,834		$	95,372		$	87,200		$	111,705
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.44	%(e)(v)		1.45	% (e)(t)		1.37	%		1.18	%		1.20	%		1.32	%
Before reimbursement/fee waiver		1.40	%(e)(v)		1.56	% (e)(t)		1.37	%		1.18	%		1.20	%		1.32	%
Net investment loss, to average net assets(f)		(0.57	%)(e)		(0.80	%) (e)		(0.52	%)		(0.50	%)		(0.61	%)		(0.38	%)
Portfolio turnover rate		35	%(d)		62	% (d)		66	%		51	%		46	%		67	%

	Transamerica Growth Opportunities
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	7.54		$	6.57		$	11.40		$	8.36		$	7.85		$	6.61
Investment operations
Net investment loss(b)		(0.03	)		(0.05	)		(0.06	)		(0.09	)		(0.07	)		(0.02	)
Net realized and unrealized gain (loss) on investments		1.88			1.02			(4.77	)		3.13			0.58			1.26
Total from investment operations		1.85			0.97			(4.83	)		3.04			0.51			1.24
Net asset value
End of period/year	$	9.39		$	7.54		$	6.57		$	11.40		$	8.36		$	7.85
Total return(c)		24.70	%(d)		14.76	%		(42.37	%)		36.20	%		6.62	%		18.76	%
Net assets end of period/year	$	59,353		$	48,788		$	41,005		$	64,825		$	56,588		$	256,559
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.75	%(e)		1.75	%		1.75	%		1.75	%		1.72	%		1.41	%
Before reimbursement/fee waiver		1.95	%(e)		2.23	%		1.81	%		1.77	%		1.72	%		1.41	%
Net investment loss, to average net assets(f)		(0.60	%)(e)		(0.68	%)		(0.69	%)		(1.00	%)		(0.89	%)		(0.30	%)
Portfolio turnover rate		23	%(d)		71	%		45	%		85	%		59	%		34	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 60

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Growth Opportunities
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	6.99		$	6.13		$	10.72		$	7.92		$	7.48		$	6.37
Investment operations
Net investment loss(b)		(0.05	)		(0.08	)		(0.12	)		(0.14	)		(0.13	)		(0.09	)
Net realized and unrealized gain (loss) on investments		1.74			0.94			(4.47	)		2.94			0.57			1.20
Total from investment operations		1.69			0.86			(4.59	)		2.80			0.44			1.11
Net asset value
End of period/year	$	8.68		$	6.99		$	6.13		$	10.72		$	7.92		$	7.48
Total return(c)		24.18	%(d)		14.03	%		(42.82	%)		35.35	%		5.88	%		17.43	%
Net assets end of period/year	$	14,523		$	14,067		$	20,823		$	65,123		$	66,098		$	74,589
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.40	%(e)		2.40	%		2.40	%		2.40	%		2.40	%		2.40	%
Before reimbursement/fee waiver		2.44	%(e)		2.71	%		2.46	%		2.45	%		2.46	%		2.61	%
Net investment loss, to average net assets(f)		(1.25	%)(e)		(1.25	%)		(1.39	%)		(1.66	%)		(1.57	%)		(1.29	%)
Portfolio turnover rate		23	%(d)		71	%		45	%		85	%		59	%		34	%

	Transamerica Growth Opportunities
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	7.01		$	6.16		$	10.74		$	7.94		$	7.49		$	6.38
Investment operations
Net investment loss(b)		(0.05	)		(0.08	)		(0.11	)		(0.14	)		(0.12	)		(0.09	)
Net realized and unrealized gain (loss) on investments		1.75			0.93			(4.47	)		2.94			0.57			1.20
Total from investment operations		1.70			0.85			(4.58	)		2.80			0.45			1.11
Net asset value
End of period/year	$	8.71		$	7.01		$	6.16		$	10.74		$	7.94		$	7.49
Total return(c)		24.25	%(d)		13.80	%		(42.64	%)		35.26	%		6.01	%		17.40	%
Net assets end of period/year	$	13,000		$	10,774		$	10,619		$	22,656		$	21,688		$	25,432
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.39	%(e)		2.40	%		2.34	%		2.36	%		2.38	%		2.40	%
Before reimbursement/fee waiver		2.39	%(e)		2.62	%		2.34	%		2.36	%		2.38	%		2.54	%
Net investment loss, to average net assets(f)		(1.24	%)(e)		(1.31	%)		(1.29	%)		(1.61	%)		(1.54	%)		(1.29	%)
Portfolio turnover rate		23	%(d)		71	%		45	%		85	%		59	%		34	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 61

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Growth Opportunities
	Class I			Class I2(h)
	April 30, 2010(g)			April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			(unaudited)			2009			2008			2007			2006(n)
Net asset value
Beginning of period/year	$	8.04		$	7.78		$	6.74		$	11.59		$	8.43		$	7.99
Investment operations
Net investment income (loss)(b)		(0.01	)		0.01			0.01			0.01			(0.01	)		—	(k)
Net realized and unrealized gain (loss) on investments		1.70			1.95			1.03			(4.86	)		3.17			0.44
Total from investment operations		1.69			1.96			1.04			(4.85	)		3.16			0.44
Net asset value
End of period/year	$	9.73		$	9.74		$	7.78		$	6.74		$	11.59		$	8.43
Total return(c)		21.02	%(d)		25.19	%(d)		15.43	%		(41.85	%)		37.49	%		5.51	%(d)
Net assets end of period/year	$	473		$	146,320		$	111,402		$	86,425		$	206,863		$	214,775
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.40	%(e)		0.87	%(e)		0.91	%		0.86	%		0.88	%		0.88	%(e)
Before reimbursement/fee waiver		1.73	%(e)		0.87	%(e)		0.91	%		0.86	%		0.88	%		0.88	%(e)
Net investment income (loss), to average net assets(f)		(0.27	%)(e)		0.28	%(e)		0.15	%		0.15	%		(0.15	%)		(0.06	%)(e)
Portfolio turnover rate		23	%(d)		23	%(d)		71	%		45	%		85	%		59	%(d)

	Transamerica
	Growth
	Opportunities
	Class P
	April 30, 2010(l)
For a share outstanding throughout each period	(unaudited)
Net asset value
Beginning of period/year	$	8.01
Investment operations
Net investment loss(b)		(0.01	)
Net realized and unrealized gain on investments		1.40
Total from investment operations		1.39
Net asset value
End of period/year	$	9.40
Total return(c)		17.35	%(d)
Net assets end of period/year	$	108,861
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.35	%(e)
Before reimbursement/fee waiver		1.35	%(e)
Net investment loss, to average net assets(f)		(0.20	%)(e)
Portfolio turnover rate		23	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 62

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Money Market
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(b)		—	(k)		—	(k)		0.02			0.05			0.04			0.02
Net realized and unrealized gain on investments		—	(k)		—	(k)		—	(k)		—			—			—
Total from investment operations		—	(k)		—	(k)		0.02			0.05			0.04			0.02
Distributions
Net investment income		—	(k)		—	(k)		(0.02	)		(0.05	)		(0.04	)		(0.02	)
Net realized gains on investments		—			—			—			—	(k)		—			—
Total distributions		—	(k)		—	(k)		(0.02	)		(0.05	)		(0.04	)		(0.02	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(c)		—	%(d),(o)		0.21	%		2.52	%		4.61	%		4.09	%		2.10	%
Net assets end of period/year	$	122,914		$	146,598		$	142,456		$	95,766		$	78,716		$	150,804
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.18	%(e)(x)		0.60	%(x)		0.83	%		0.83	%		0.83	%		0.83	%
Before reimbursement/fee waiver		1.14	%(e)		1.11	%		1.08	%		1.20	%		1.23	%		1.05	%
Net investment income, to average net assets(f)		—	%(e),(o)		0.22	%		2.40	%		4.54	%		3.98	%		2.08	%

	Transamerica Money Market
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(b)		—	(k)		—	(k)		0.02			0.04			0.03			0.02
Net realized and unrealized gain on investments		—	(k)		—	(k)		—	(k)		—			—			—
Total from investment operations		—	(k)		—	(k)		0.02			0.04			0.03			0.02
Distributions
Net investment income		—	(k)		—	(k)		(0.02	)		(0.04	)		(0.03	)		(0.02	)
Net realized gains on investments		—			—			—			—	(k)		—			—
Total distributions		—	(k)		—	(k)		(0.02	)		(0.04	)		(0.03	)		(0.02	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(c)		—	%(d),(o)		0.08	%		1.83	%		3.92	%		3.41	%		1.60	%
Net assets end of period/year	$	25,593		$	35,612		$	40,110		$	23,324		$	25,727		$	31,647
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.18	%(e)(x)		0.73	%(x)		1.48	%		1.48	%		1.48	%		1.32	%
Before reimbursement/fee waiver		1.79	%(e)		1.75	%		1.75	%		1.83	%		1.80	%		1.79	%
Net investment income, to average net assets(f)		0.01	%(e)		0.08	%		1.75	%		3.87	%		3.50	%		1.57	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

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FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Money Market
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(b)		—	(k)		—	(k)		0.02			0.04			0.03			0.02
Net realized and unrealized gain on investments		—	(k)		—	(k)		—	(k)		—			—			—
Total from investment operations		—	(k)		—	(k)		0.02			0.04			0.03			0.02
Distributions
Net investment income		—	(k)		—	(k)		(0.02	)		(0.04	)		(0.03	)		(0.02	)
Net realized gains on investments		—			—			—			—	(k)		—			—
Total distributions		—	(k)		—	(k)		(0.02	)		(0.04	)		(0.03	)		(0.02	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(c)		—	%(d),(o)		0.07	%		1.86	%		3.92	%		3.16	%		1.87	%
Net assets end of period/year	$	35,159		$	46,177		$	59,991		$	19,638		$	17,286		$	15,997
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.18	%(e)(x)		0.76	%(x)		1.48	%		1.48	%		1.48	%		1.26	%
Before reimbursement/fee waiver		1.65	%(e)		1.64	%		1.67	%		1.73	%		1.82	%		1.89	%
Net investment income, to average net assets(f)		0.01	%(e)		0.07	%		1.65	%		3.88	%		3.40	%		1.61	%

	Transamerica Money Market
	Class I			Class I2(h)
	April 30, 2010(g)			April 30, 2010				October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			(unaudited)				2009			2008			2007			2006(n)
Net asset value
Beginning of period/year	$	1.00		$	1.00			$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(b)		—	(k)		—	(k)			—	(k)		0.03			0.05			0.04
Net realized and unrealized gain on investments		—	(k)		—	(k)			—	(k)		—	(k)		—			—
Total from investment operations		—	(k)		—	(k)			—	(k)		0.03			0.05			0.04
Distributions
Net investment income		—	(k)		—	(k)			—	(k)		(0.03	)		(0.05	)		(0.04	)
Net realized gains on investments		—			—				—			—			—	(k)		—
Total distributions		—	(k)		—	(k)			—	(k)		(0.03	)		(0.05	)		(0.04	)
Net asset value
End of period/year	$	1.00		$	1.00			$	1.00		$	1.00		$	1.00		$	1.00
Total return(c)		0.01	%(d)		0.01	%(d)			0.35	%		2.84	%		4.98	%		4.30	%(d)
Net assets end of period/year	$	55		$	29,131			$	34,119		$	29,327		$	34,673		$	26,466
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.17	%(e)(x)		0.18	%(e)(x)			0.45	%(x)		0.48	%		0.48	%		0.48	%(e)
Before reimbursement/fee waiver		2.93	%(e)		0.49	%(e)	��		0.53	%		0.49	%		0.52	%		0.51	%(e)
Net investment income, to average net assets(f)		0.01	%(e)		0.01	%(e)			0.36	%		2.89	%		4.88	%		4.39	%(e)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 64

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica
	Money Market			Transamerica Short-Term Bond
	Class P			Class A
	April 30, 2010(j)			April 30, 2010			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			(unaudited)			2009			2008(p)
Net asset value
Beginning of period/year	$	1.00		$	10.26		$	9.44		$	10.00
Investment operations
Net investment income(b)		—	(k)		0.24			0.51			0.38
Net realized and unrealized gain (loss) on investments		—	(k)		0.20			0.78			(0.54	)
Total from investment operations		—	(k)		0.44			1.29			(0.16	)
Distributions
Net investment income		—	(k)		(0.24	)		(0.47	)		(0.40	)
Total distributions		—	(k)		(0.24	)		(0.47	)		(0.40	)
Net asset value
End of period/year	$	1.00		$	10.46		$	10.26		$	9.44
Total return(c)		0.01	%(d)		4.31	%(d)		13.40	%		(1.70	%)(d)
Net assets end of period/year	$	36,813		$	614,080		$	289,879		$	5,663
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.17	%(e)(x)		0.83	%(e)		0.91	%		1.11	%(e)
Before reimbursement/fee waiver		0.61	%(e)		1.03	%(e)		1.09	%		1.11	%(e)
Net investment income, to average net assets(f)		0.01	%(e)		4.66	%(e)		5.14	%		3.92	%(e)
Portfolio turnover rate					21	%(d)		77	%		67	%(d)

	Transamerica Short-Term Bond
	Class C									Class I
	April 30, 2010			October 31,			October 31,			April 30, 2010(g)
For a share outstanding throughout each period	(unaudited)			2009			2008(p)			(unaudited)
Net asset value
Beginning of period/year	$	10.24		$	9.42		$	10.00		$	10.14
Investment operations
Net investment income(b)		0.20			0.43			0.32			0.20
Net realized and unrealized gain (loss) on investments		0.20			0.80			(0.55	)		0.15
Total from investment operations		0.40			1.23			(0.23	)		0.35
Distributions
Net investment income		(0.20	)		(0.41	)		(0.35	)		(0.20	)
Total distributions		(0.20	)		(0.41	)		(0.35	)		(0.20	)
Net asset value
End of period/year	$	10.44		$	10.24		$	9.42		$	10.29
Total return(c)		3.92	%(d)		12.74	%		(2.43	%)(d)		3.50	%(d)
Net assets end of period/year	$	606,947		$	317,130		$	7,263		$	119,095
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.59	%(e)		1.65	%		1.76	%(e)		0.67	%(e)
Before reimbursement/fee waiver		1.69	%(e)		1.74	%		1.76	%(e)		0.77	%(e)
Net investment income, to average net assets(f)		3.91	%(e)		4.38	%		3.28	%(e)		4.82	%(e)
Portfolio turnover rate		21	%(d)		77	%		67	%(d)		21	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 65

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Short-Term Bond
	Class I2(h)
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005(i)
Net asset value
Beginning of period/year	$	10.08		$	9.28		$	9.82		$	9.84		$	9.79		$	10.00
Investment operations
Net investment income(b)		0.25			0.50			0.43			0.47			0.40			0.28
Net realized and unrealized gain (loss) on investments		0.20			0.80			(0.54	)		(0.04	)		0.05			(0.22	)
Total from investment operations		0.45			1.30			(0.11	)		0.43			0.45			0.06
Distributions
Net investment income		(0.25	)		(0.50	)		(0.43	)		(0.45	)		(0.40	)		(0.27	)
Total distributions		(0.25	)		(0.50	)		(0.43	)		(0.45	)		(0.40	)		(0.27	)
Net asset value
End of period/year	$	10.28		$	10.08		$	9.28		$	9.82		$	9.84		$	9.79
Total return(c)		4.47	%(d)		14.44	%		(1.22	%)		4.45	%		4.72	%		0.49	%(d)
Net assets end of period/year	$	850,885		$	710,660		$	492,333		$	563,889		$	379,442		$	174,302
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.53	%(e)		0.63	%		0.68	%		0.67	%		0.70	%		0.71	%(e)
Before reimbursement/fee waiver		0.63	%(e)		0.69	%		0.68	%		0.67	%		0.70	%		0.71	%(e)
Net investment income, to average net assets(f)		4.98	%(e)		5.14	%		4.38	%		4.81	%		4.10	%		2.92	%(e)
Portfolio turnover rate		21	%(d)		77	%		67	%		117	%		100	%		153	%(d)

	Transamerica Small/Mid Cap Value
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	14.72		$	12.70		$	23.78		$	17.78		$	16.69		$	14.32
Investment operations
Net investment income(b)		0.02			—	(k)		0.21			0.14			0.28			0.03
Net realized and unrealized gain (loss) on investments		4.22			2.33			(8.64	)		6.30			1.96			2.85
Total from investment operations		4.24			2.33			(8.43	)		6.44			2.24			2.88
Distributions
Net investment income		—			(0.31	)		(0.16	)		(0.13	)		(0.03	)		(0.09	)
Net realized gains on investments		—			—			(2.49	)		(0.31	)		(1.12	)		(0.42	)
Total distributions		—			(0.31	)		(2.65	)		(0.44	)		(1.15	)		(0.51	)
Net asset value
End of period/year	$	18.96		$	14.72		$	12.70		$	23.78		$	17.78		$	16.69
Total return(c)		28.80	%(d)		19.12	%		(39.47	%)		36.99	%		13.97	%		20.41	%
Net assets end of period/year	$	273,320		$	201,569		$	199,210		$	96,667		$	47,014		$	386,346
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.44	%(e)		1.59	%		1.41	%		1.41	%		1.39	%		1.24	%
Before reimbursement/fee waiver		1.44	%(e)		1.59	%		1.41	%		1.41	%		1.39	%		1.24	%
Net investment income, to average net assets(f)		0.27	%(e)		—	%(o)		1.18	%		0.71	%		1.61	%		0.20	%
Portfolio turnover rate		33	%(d)		101	%		48	%		22	%		21	%		42	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 66

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Small/Mid Cap Value
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	14.16		$	12.19		$	22.89		$	17.12		$	16.21		$	13.97
Investment operations
Net investment income (loss)(b)		(0.03	)		(0.08	)		0.06			0.02			(0.01	)		(0.11	)
Net realized and unrealized gain (loss) on investments		4.04			2.26			(8.27	)		6.06			2.07			2.77
Total from investment operations		4.01			2.18			(8.21	)		6.08			2.06			2.66
Distributions
Net investment income		—			(0.21	)		—			—			(0.03	)		—
Net realized gains on investments		—			—			(2.49	)		(0.31	)		(1.12	)		(0.42	)
Total distributions		—			(0.21	)		(2.49	)		(0.31	)		(1.15	)		(0.42	)
Net asset value
End of period/year	$	18.17		$	14.16		$	12.19		$	22.89		$	17.12		$	16.21
Total return(c)		28.32	%(d)		18.37	%		(39.85	%)		36.09	%		13.21	%		19.30	%
Net assets end of period/year	$	44,277		$	34,573		$	31,716		$	53,285		$	47,007		$	46,410
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.09	%(e)		2.24	%		2.07	%		2.07	%		2.10	%		2.14	%
Before reimbursement/fee waiver		2.09	%(e)		2.24	%		2.07	%		2.07	%		2.10	%		2.14	%
Net investment income (loss), to average net assets(f)		(0.37	%)(e)		(0.66	%)		0.34	%		0.12	%		(0.06	%)		(0.70	%)
Portfolio turnover rate		33	%(d)		101	%		48	%		22	%		21	%		42	%

	Transamerica Small/Mid Cap Value
	Class C
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	14.00		$	12.10		$	22.81		$	17.09		$	16.18		$	13.96
Investment operations
Net investment income (loss)(b)		(0.03	)		(0.08	)		0.09			0.02			—	(k)		(0.12	)
Net realized and unrealized gain (loss) on investments		4.00			2.23			(8.24	)		6.05			2.06			2.77
Total from investment operations		3.97			2.15			(8.15	)		6.07			2.06			2.65
Distributions
Net investment income		—			(0.25	)		(0.07	)		(0.04	)		(0.03	)		(0.01	)
Net realized gains on investments		—			—			(2.49	)		(0.31	)		(1.12	)		(0.42	)
Total distributions		—			(0.25	)		(2.56	)		(0.35	)		(1.15	)		(0.43	)
Net asset value
End of period/year	$	17.97		$	14.00		$	12.10		$	22.81		$	17.09		$	16.18
Total return(c)		28.36	%(d)		18.42	%		(39.84	%)		36.16	%		13.23	%		19.22	%
Net assets end of period/year	$	169,953		$	115,960		$	95,729		$	63,856		$	29,105		$	21,532
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.05	%(e)		2.20	%		2.04	%		2.04	%		2.08	%		2.20	%
Before reimbursement/fee waiver		2.05	%(e)		2.20	%		2.04	%		2.04	%		2.08	%		2.20	%
Net investment income (loss), to average net assets(f)		(0.36	%)(e)		(0.63	%)		0.52	%		0.10	%		(0.03	%)		(0.76	%)
Portfolio turnover rate		33	%(d)		101	%		48	%		22	%		21	%		42	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 67

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica Small/Mid Cap Value
	Class I			Class I2(h)
	April 30, 2010(g)			April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			(unaudited)			2009			2008			2007			2006(n)
Net asset value
Beginning of period/year	$	15.44		$	14.82		$	12.81		$	23.91		$	17.87		$	16.84
Investment operations
Net investment income (loss)(b)		(0.03	)		0.07			0.11			0.30			0.26			0.18
Net realized and unrealized gain (loss) on investments		3.76			4.25			2.31			(8.67	)		6.32			1.97
Total from investment operations		3.73			4.32			2.42			(8.37	)		6.58			2.15
Distributions
Net investment income		—			—			(0.41	)		(0.24	)		(0.23	)		—
Net realized gains on investments		—			—			—			(2.49	)		(0.31	)		(1.12	)
Total distributions		—			—			(0.41	)		(2.73	)		(0.54	)		(1.12	)
Net asset value
End of period/year	$	19.17		$	19.14		$	14.82		$	12.81		$	23.91		$	17.87
Total return(c)		24.16	%(d)		29.06	%(d)		19.85	%		(39.11	%)		37.78	%		13.30	%(d)
Net assets end of period/year	$	38,817		$	13,882		$	10,746		$	214,351		$	487,605		$	478,728
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.03	%(e)		0.87	%(e)		0.91	%		0.85	%		0.85	%		0.86	%(e)
Before reimbursement/fee waiver		1.03	%(e)		0.87	%(e)		0.91	%		0.85	%		0.85	%		0.86	%(e)
Net investment income (loss), to average net assets(f)		(0.39	%)(e)		0.86	%(e)		0.89	%		1.58	%		1.30	%		1.05	%(e)
Portfolio turnover rate		33	%(d)		33	%(d)		101	%		48	%		22	%		21	%(d)

	Transamerica WMC Diversified Growth(q)
	Class A
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	7.54		$	6.85		$	12.07		$	9.83		$	8.87		$	7.44
Investment operations
Net investment loss(b)		(0.01	)		—	(k)		(0.01	)		(0.05	)		(0.07	)		(0.02	)
Net realized and unrealized gain (loss) on investments		1.18			0.69			(5.21	)		2.29			1.11			1.58
Total from investment operations		1.17			0.69			(5.22	)		2.24			1.04			1.56
Distributions
Net realized gains on investments		—			—			—			—			(0.08	)		(0.13	)
Total distributions		—			—			—			—			(0.08	)		(0.13	)
Net asset value
End of period/year	$	8.71		$	7.54		$	6.85		$	12.07		$	9.83		$	8.87
Total return(c)		15.52	%(d)		10.07	%		(43.25	%)		22.79	%		11.71	%		21.16	%
Net assets end of period/year	$	316,331		$	292,838		$	300,140		$	532,251		$	500,483		$	301,635
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.52	%(e)		1.52	%(u)		1.39	%		1.40	%		1.51	%		1.36	%
Before reimbursement/fee waiver		1.52	%(e)		1.67	%(u)		1.39	%		1.40	%		1.51	%		1.36	%
Net investment income (loss), to average net assets(f)		(0.30	%)(e)		0.06	%		(0.07	%)		(0.48	%)		(0.70	%)		(0.27	%)
Portfolio turnover rate		130	%(d)		53	%		33	%		62	%		19	%		39	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 68

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica WMC Diversified Growth(q)
	Class B
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005
Net asset value
Beginning of period/year	$	7.01		$	6.42		$	11.39		$	9.35		$	8.49		$	7.19
Investment operations
Net investment loss(b)		(0.04	)		(0.03	)		(0.08	)		(0.12	)		(0.12	)		(0.08	)
Net realized and unrealized gain (loss) on investments		1.11			0.62			(4.89	)		2.16			1.06			1.51
Total from investment operations		1.07			0.59			(4.97	)		2.04			0.94			1.43
Distributions
Net realized gains on investments		—			—			—			—			(0.08	)		(0.13	)
Total distributions		—			—			—			—			(0.08	)		(0.13	)
Net asset value
End of period/year	$	8.08		$	7.01		$	6.42		$	11.39		$	9.35		$	8.49
Total return(c)		15.26	%(d)		9.19	%		(43.63	%)		21.82	%		11.06	%		20.03	%
Net assets end of period/year	$	36,531		$	39,699		$	59,479		$	191,007		$	222,144		$	49,865
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.17	%(e)		2.17	%(u)		2.17	%		2.17	%		2.17	%		2.18	%
Before reimbursement/fee waiver		2.31	%(e)		2.50	%(u)		2.21	%		2.21	%		2.34	%		2.61	%
Net investment loss, to average net assets(f)		(0.94	%)(e)		(0.53	%)		(0.87	%)		(1.25	%)		(1.34	%)		(0.99	%)
Portfolio turnover rate		130	%(d)		53	%		33	%		62	%		19	%		39	%

	Transamerica WMC Diversified Growth(q)
	Class C
	April 30, 2010			October 31,			October 31,						October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			October 31, 2007			2006			2005
Net asset value
Beginning of period/year	$	7.04		$	6.44		$	11.42		$	9.37		$	8.50		$	7.20
Investment operations
Net investment loss(b)		(0.04	)		(0.03	)		(0.07	)		(0.11	)		(0.12	)		(0.08	)
Net realized and unrealized gain (loss) on investments		1.11			0.63			(4.91	)		2.16			1.07			1.51
Total from investment operations		1.07			0.60			(4.98	)		2.05			0.95			1.43
Distributions
Net realized gains on investments		—			—			—			—			(0.08	)		(0.13	)
Total distributions		—			—			—			—			(0.08	)		(0.13	)
Net asset value
End of period/year	$	8.11		$	7.04		$	6.44		$	11.42		$	9.37		$	8.50
Total return(c)		15.20	%(d)		9.32	%		(43.61	%)		21.88	%		11.16	%		20.05	%
Net assets end of period/year	$	38,375		$	37,225		$	46,676		$	101,226		$	97,047		$	23,656
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.17	%(e)		2.17	%(u)		2.04	%		2.07	%		2.10	%		2.18	%
Before reimbursement/fee waiver		2.20	%(e)		2.32	%(u)		2.04	%		2.07	%		2.10	%		2.31	%
Net investment loss, to average net assets(f)		(0.95	%)(e)		(0.56	%)		(0.72	%)		(1.15	%)		(1.27	%)		(1.00	%)
Portfolio turnover rate		130	%(d)		53	%		33	%		62	%		19	%		39	%

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 69

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Transamerica WMC Diversified Growth(q)
	Class I			Class I2(h)
	April 30, 2010(g)			April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			(unaudited)			2009			2008			2007			2006(n)
Net asset value
Beginning of period/year	$	8.12		$	7.69		$	6.99		$	12.23		$	9.90		$	9.17
Investment operations
Net investment income(b)		—	(k)		0.02			0.05			0.06			0.01			—	(k)
Net realized and unrealized gain (loss) on investments		0.85			1.21			0.69			(5.30	)		2.32			0.81
Total from investment operations		0.85			1.23			0.74			(5.24	)		2.33			0.81
Distributions
Net investment income		(0.04	)		(0.04	)		(0.04	)		—			—			—
Net realized gains on investments		—			—			—			—			—			(0.08	)
Total distributions		(0.04	)		(0.04	)		(0.04	)		—			—			(0.08	)
Net asset value
End of period/year	$	8.93		$	8.88		$	7.69		$	6.99		$	12.23		$	9.90
Total return(c)		10.54	%(d)		16.07	%(d)		10.73	%		(42.85	%)		23.54	%		8.83	%(d)
Net assets end of period/year	$	1,601		$	402,059		$	637,103		$	500,722		$	888,019		$	714,803
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.95	%(e)		0.76	%(e)		0.82	%(u)		0.75	%		0.78	%		0.81	%(e)
Before reimbursement/fee waiver		0.95	%(e)		0.76	%(e)		0.82	%(u)		0.75	%		0.78	%		0.81	%(e)
Net investment income (loss), to average net assets(f)		(0.07	%)(e)		0.56	%(e)		0.72	%		0.55	%		0.13	%		0.02	%(e)
Portfolio turnover rate		130	%(d)		130	%(d)		53	%		33	%		62	%		19	%(d)

	Transamerica WMC Diversified Growth(q)
	Class P			Class T
	April 30, 2010(l)			April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			(unaudited)			2009			2008			2007			2006(r)
Net asset value
Beginning of period/year	$	8.07		$	21.14		$	19.14		$	33.53		$	27.18		$	27.10
Investment operations
Net investment income(b)		—	(k)		0.03			0.10			0.12			—			—	(k)
Net realized and unrealized gain (loss) on investments		0.65			3.34			1.90			(14.51	)		6.35			0.08
Total from investment operations		0.65			3.37			2.00			(14.39	)		6.35			0.08
Distributions
Net investment income		(0.04	)		—			—	(k)		—			—			—
Total distributions		(0.04	)		—			—	(k)		—			—			—
Net asset value
End of period/year	$	8.68		$	24.51		$	21.14		$	19.14		$	33.53		$	27.18
Total return(c)		8.07	%(d)		15.94	%(d)		10.46	%		(42.92	%)		23.36	%		0.30	%(d)
Net assets end of period/year	$	330,850		$	96,328		$	87,469		$	90,881		$	183,495		$	195,420
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.15	%(e)		0.93	%(e)		1.03	%(u)		0.89	%		0.91	%		0.84	%(e)
Before reimbursement/fee waiver		1.20	%(e)		0.93	%(e)		1.03	%(u)		0.89	%		0.91	%		0.84	%(e)
Net investment income (loss), to average net assets(f)		0.04	%(e)		0.29	%(e)		0.54	%		0.42	%		0.01	%		(0.21	%)(e)
Portfolio turnover rate		130	%(d)		130	%(d)		53	%		33	%		62	%		19	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 70

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

(a)	Formerly, Transamerica High Yield Bond.
(b)	Calculated based on average number of shares outstanding.
(c)	Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.
(d)	Not annualized.
(e)	Annualized.
(f)	Includes Redemption Fees, if any. The impact of Redemption Fees is less than 0.01% for Class A, Class B, Class C, and Class I2, respectively.
(g)	Commenced operations November 30, 2009.
(h)	Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.
(i)	Commenced operations November 8, 2004.
(j)	Commenced operations November 20, 2009.
(k)	Rounds to less than $(0.01) or $0.01.
(l)	Commenced operations November 13, 2009.
(m)	Formerly, Transamerica Legg Mason Partners All Cap.
(n)	Commenced operations November 15, 2005.
(o)	Rounds to less than (0.01%) or 0.01%.
(p)	Commenced operations November 1, 2007.
(q)	Formerly, Transamerica Equity.
(r)	Commenced operations October 27, 2006.
(s)	Includes non recurring reorganization expenses. The impact of the expenses was 0.02% for each class.
(t)	Includes extraordinary expenses related to Plan of Reorganization (see note 7 for details). The impact of the extraordinary expenses was 0.05% of net assets.
(u)	Includes non recurring reorganization expenses. The impact of the expenses was less than 0.01% for each class.
(v)	Includes non recurring reorganization expenses. The impact of the expenses was 0.04%.
(w)	Includes non recurring reorganization expenses. The impact of the expenses was 0.01%.
(x)	Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details.
(y)	Prior to the fund acquisition (see the notes to the financial statements for additional information), the accounting surviving fund’s Investor Class had a net asset value per share of $18.60. At the point of the acquisition, the Investor Class became Class P with a net asset value of $11.77.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 71

NOTES TO FINANCIAL STATEMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Effective November 6, 2009, Transamerica Legg Mason Partners All Cap changed its name to Transamerica Focus. Effective November 13, 2009, Transamerica High Yield Bond changed its name to Transamerica AEGON High Yield Bond. Effective November 13, 2009, Transamerica Diversified Equity was added to the Trust. In addition, effective April 9, 2010, Transamerica Equity changed its name to Transamerica WMC Diversified Growth. Transamerica AEGON High Yield Bond, Transamerica Balanced, Transamerica Diversified Equity, Transamerica Flexible Income, Transamerica Focus, Transamerica Growth Opportunities, Transamerica Money Market, Transamerica Short-Term Bond, Transamerica Small/Mid Cap Value, and Transamerica WMC Diversified Growth (each, a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.

The investment objectives and sub-advisers of each Fund are as follows:

Fund	Investment Objective
Transamerica AEGON High Yield Bond	Seeks a high level of current income by investing in high-yield debt securities.
Transamerica Balanced	Seeks long-term capital growth and current income with a secondary objective of capital preservation, by balancing investments among stocks, bonds and cash or cash equivalents.
Transamerica Diversified Equity	Seeks to maximize capital appreciation.
Transamerica Flexible Income	Seeks to provide high total return through a combination of current income and capital appreciation.
Transamerica Focus	Seeks to maximize long-term growth.
Transamerica Growth Opportunities	Seeks to maximize long-term growth.
Transamerica Money Market	Seeks maximum current income from money market securities consistent with liquidity and preservation of principal.
Transamerica Short-Term Bond	Seeks a high level of income consistent with minimal fluctuation in principal value and liquidity.
Transamerica Small/Mid Cap Value	Seeks to maximize total return.
Transamerica WMC Diversified Growth	Seeks to maximize long-term growth.

The Funds, Transamerica AEGON High Yield Bond, Transamerica Diversified Equity, Transamerica Growth Opportunities, and Transamerica Money Market, currently have six classes of shares; Class A, Class B, Class C, Class I, Class I2, and Class P. Transamerica Balanced and Transamerica Focus currently have five classes of shares; Class A, Class B, Class C, Class I, and Class P. Transamerica Flexible Income and Transamerica Small/Mid Cap Value currently have five classes of shares; Class A, Class B, Class C, Class I, and Class I2. Transamerica WMC Diversified Growth currently has seven classes of shares; Class A, Class B, Class C, Class I, Class I2, Class T, and Class P. Class T shares are not available to new investors. Transamerica Short-Term Bond currently has four classes of shares; Class A, Class C, Class I, and Class I2. Each of the above classes has a public offering price that reflects different sales charges, if any, and expense levels. Class B shares will convert to Class A shares eight years after purchase. Effective March 1, 2010, Class B shares of each Fund will no longer be offered for purchase.

Transamerica Funds Semi-Annual Report 2010

Page 72

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

During the 2009 period, the Funds offered new share classes. The commencement of operations’ dates for the share classes are as follows:

Fund	Class	Commencement Date
Transamerica AEGON High Yield Bond	Class I	11/30/2009
Transamerica Balanced	Class I	11/30/2009
Transamerica Diversified Equity	Class I	11/30/2009
Transamerica Flexible Income	Class I	11/30/2009
Transamerica Focus	Class I	11/30/2009
Transamerica Growth Opportunities	Class I	11/30/2009
Transamerica Money Market	Class I	11/30/2009
Transamerica Short-Term Bond	Class I	11/30/2009
Transamerica Small/Mid Cap Value	Class I	11/30/2009
Transamerica WMC Diversified Growth	Class I	11/30/2009
Transamerica Balanced	Class P	11/13/2009
Transamerica Growth Opportunities	Class P	11/13/2009
Transamerica WMC Diversified Growth	Class P	11/13/2009
Transamerica AEGON High Yield Bond	Class P	11/20/2009
Transamerica Money Market	Class P	11/20/2009
Transamerica Diversified Equity	Class A	11/13/2009
Transamerica Diversified Equity	Class B	11/13/2009
Transamerica Diversified Equity	Class C	11/13/2009
Transamerica Diversified Equity	Class I2	11/13/2009
Transamerica Focus	Class A	11/13/2009
Transamerica Focus	Class B	11/13/2009
Transamerica Focus	Class C	11/13/2009

Transamerica Focus is “non-diversified” under the 1940 Act.

This report should be read in conjunction with the Funds’ current prospectus, which contains more complete information about the Funds.

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.

In preparing the Funds’ financial statements in accordance with accounting principles generally accepted 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.

Repurchase agreements: Securities purchased subject to repurchase agreements are held at the Funds’ custodian and, pursuant to the terms of the repurchase agreements, must be collaterized 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.

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 at the closing exchange rate each day. Income, expenses, purchases and sales of investment securities denominated in foreign currencies are translated at prevailing exchange rates on the respective dates of such transactions. 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: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) 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.

Transamerica Funds Semi-Annual Report 2010

Page 73

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Forward foreign currency contracts: The Funds are subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. 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.

At April 30, 2010, the Funds did not hold any open forward foreign currency contracts.

Option and Swaption contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds enter into option contracts to manage exposure to various market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. 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.

The Funds write call and put options on futures, swaps (“swaptions”), securities or currencies they own or in which they may invest. When a Fund writes a covered call or put option/swaption, an amount equal to the premium received by a Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. Premiums received from writing options/swaptions which expire are treated as realized gains. Premiums received from writing options/swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. Options are marked-to-market daily to reflect the current value of the option/swaption written.

Funds purchase put and call options on foreign or US securities, indices, futures, swaps (“swaptions”), and commodities. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Fund pays a premium, which is included in the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying futures, swaps, security, commodity, or currency transaction to determine the realized gain or loss. Realized gains or losses are reflected in the realized gains or losses of investment securities on the Statement of Operations.

At April 30, 2010, the Funds did not hold any open option or swaption contracts.

Futures contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. Certain Funds use futures contracts to gain exposure to, or hedge against changes in the value of equities, 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 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 each day, depending on the daily fluctuations in the value of the contracts, 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 interest or exchange rates or securities prices 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.

The underlying face amounts of open future contracts at April 30, 2010 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

Restricted and illiquid securities: Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

The restricted and illiquid securities at April 30, 2010 are listed in the Schedules of Investments.

Transamerica Funds Semi-Annual Report 2010

Page 74

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Payment in-kind securities: Payment in-kind securities (“PIKs”) give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. 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 interest receivable to the unrealized appreciation or depreciation on investment on the Statements of Assets and Liabilities.

The payment in-kind securities at April 30, 2010 are listed in the Schedules of Investments.

Cash overdraft: Throughout the year, the Funds may have cash overdraft balances. A fee is incurred on these overdrafts at a rate based on the federal funds rate.

Securities lending: Securities are lent to qualified financial institutions and brokers. The lending of Funds’ securities exposes the Funds to risks such as the following: (i) the borrowers may fail to return the loaned securities; (ii) the borrowers may not be able to provide additional collateral; (iii) the Funds may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral equal to at least the market value of the securities loaned. Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. By lending such securities, the Funds attempt to increase their net investment income through the receipt of interest (after rebates and fees).

Such income is reflected separately on the Statements of Operations. The value of loaned securities and related collateral outstanding at April 30, 2010 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

Income from loaned securities on the Statements of Operations is net of fees earned by the lending agent for its services.

Commission recapture: The sub-advisers of certain Funds, to the extent consistent with the best execution and usual commission rate policies and practices, have elected to place security transactions of the Funds with broker/dealers with which Transamerica Funds has 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 within Transamerica Funds, or by any other party.

Recaptured commissions for the period ended April 30, 2010, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Fund	Commissions
Transamerica Balanced	$	3
Transamerica Growth Opportunities		9
Transamerica Focus		3
Transamerica Small/Mid Cap Value		14
Transamerica Diversified Equity		21
Transamerica WMC Diversified Growth		50

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification 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 date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend income related to Real Estate Investment Trusts (“REIT”), is recorded at management’s estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of 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.

Multiple class operations, income, and expenses: Income, non-class specific expenses and realized and unrealized gains and losses are allocated daily to each class, based upon the value of shares outstanding method. Each class bears its own specific expenses as well as a portion of general, common expenses.

Dividend distributions: Distributions to shareholders 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 foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Transamerica Funds Semi-Annual Report 2010

Page 75

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Redemption fees: A short-term trading redemption fee may be assessed on any sales of Fund shares in a fund account during the first five (5) NYSE trading days following their purchase date. This redemption fee will equal 2% of the amount redeemed and shares held the longest will be treated as being redeemed first and shares held the shortest as being redeemed last. The redemption fees received are disclosed in the Funds’ Statements of Changes in Net Assets. Effective March 1, 2009, the Funds no longer charged redemption fees. For the period ended April 30,2010, the Funds did not receive redemption fees.

Temporary guarantee program: Transamerica Money Market was enrolled in the U.S. Department of the Treasury’s “Treasury” Temporary Guarantee Program for Money Market Funds (the “Program”) through September 18, 2009. Under the Program, the Treasury guaranteed the $1.00 dollar per share value of fund shares as of September 19, 2008.

The Program expenses were borne by Transamerica Money Market without regard to any expense limitation agreement in effect.

Market and Credit Risk: On September 6, 2008, the Federal Housing Finance Agency (“FHFA”) placed Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. On September 7, 2008, the U.S. Treasury announced additional steps taken by it in connection with the conservatorship. The U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury will purchase up to an aggregate of $100 billion of each of FNMA and FHLMC to maintain a positive net worth in each enterprise. Second, the U.S. Treasury announced the creation of a new secured lending facility which is available to each of FNMA and FHLMC as a liquidity backstop. Third, the U.S. Treasury announced the creation of a temporary program to purchase mortgage-backed securities issued by each of FNMA and FHLMC. On February 18, 2009, the U.S. Treasury announced that it was doubling the size of its commitment to each enterprise under the Senior Preferred Stock Program to $200 billion. Both the liquidity backstop and the mortgage-backed securities purchase program expired December 31, 2009. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remain liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Senior Preferred Stock Purchase Agreement is intended to enhance each of FNMA’s and FHLMC’s ability to meet its obligations. The FHFA has indicated that the conservatorship of each enterprise will end when the FHFA determines that the FHFA’s plan to restore the enterprise to a safe and solvent condition has been completed.

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. ET, 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 three Levels of inputs are:

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

Level 2—Inputs, other than quoted prices included in Level 1, that 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, to the extent that relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the investment, based on the best information available.

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.

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.

Fair value measurements: A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities (common and preferred stock): 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.

Transamerica Funds Semi-Annual Report 2010

Page 76

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

Securities lending collateral: Securities lending collateral is a money market fund, which is valued at the net assets of the underlying securities and no valuation adjustments are applied. They are categorized in Level 1 of the fair value hierarchy.

Foreign securities generally 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 (“ADRs”), financial futures, Exchange Traded Funds (“ETFs”), and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock, repurchase agreement, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

Corporate bonds: The fair value of corporate bonds 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 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.

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 as Level 3.

Short-term notes: Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be generally categorized in Level 2 of the fair value hierarchy.

Government securities: Government securities 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. Government securities generally are categorized in Level 2 of the fair value hierarchy.

U.S. government agency securities: U.S. government agency securities 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 securities. 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.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee under the supervision of the Board of Trustees. 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 valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

Derivative instruments: Option contracts and derivative instruments are carried at unrealized appreciation/depreciation, including forward contracts, swap contracts, and futures contracts. These are generally categorized as a Level 2 in the fair value hierarchy. Over the counter (“OTC”) derivative contracts include forward, swap, 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 can be modeled by 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 for interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Funds using pricing models fall into this category and generally are categorized in Level 2 of the fair value hierarchy.

Other: Securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by TAM’s Valuation Committee under the supervision of the Board of Trustees.

The hierarchy classification of inputs used to value the Funds’ investments at April 30, 2010, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, are included at the end of each Fund’s Schedule of Investments.

Transamerica Funds Semi-Annual Report 2010

Page 77

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. RELATED PARTY TRANSACTIONS

TAM is the Funds’ investment adviser and is directly owned by Western Reserve Life Assurance Co. of Ohio (77%) and AUSA Holding Company (23%) (“AUSA”), both of which are indirect, wholly owned subsidiaries of AEGON NV. AUSA is wholly owned by AEGON USA, LLC (“AEGON USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. AEGON USA is owned by AEGON US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The AEGON Trust, which is owned by AEGON International B.V., which is owned by AEGON NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Investment Management, LLC (“TIM”) is both an affiliate and a sub-adviser of Transamerica Balanced, Transamerica Diversified Equity, Transamerica Flexible Income, Transamerica Focus, Transamerica Growth Opportunities, Transamerica Money Market, Transamerica Short-Term Bond, and Transamerica Small/Mid Cap Value.

Effective April 9, 2010 TIM is no longer a sub-adviser of Transamerica Equity. This Fund’s name changed to Transamerica WMC Diversified Growth and its new sub-adviser is Wellington Management Company, LLP.

AEGON USA Investment Management, LLC (“AUIM”) is both an affiliate and a sub-adviser of Transamerica AEGON High Yield Bond.

Transamerica Fund Services, Inc. (“TFS”) is the Funds’ administrator and 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 of TAM, TIM, AUIM, TFS, and TCI.

At the commencement of the operations, TAM, an affiliate of the Funds, invested in the Funds. As of April 30, 2010, TAM had remaining investments in the Funds as follows:

	Market		% of Fund’s
Fund Name	Value		Net Assets
Transamerica Balanced
Class I	$	55		0.01	%
Transamerica Diversified Equity
Class I		56		0.01
Transamerica Flexible Income
Class C		386		0.16
Transamerica Focus
Class I		55		0.04
Transamerica Growth Opportunities
Class I		61		0.02
Transamerica Money Market
Class I		50		0.02

The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at April 30, 2010.

	Market		% of Net
Transamerica AEGON High Yield Bond	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	70,300		11.53	%
Transamerica Asset Allocation-Moderate Portfolio		111,223		18.24
Transamerica Asset Allocation-Moderate Growth Portfolio		99,570		16.33
Transamerica Asset Allocation-Conservative VP		17,155		2.81
Transamerica Asset Allocation-Moderate Growth VP		57,876		9.49
Transamerica Asset Allocation-Moderate VP		29,663		4.86
Total	$	385,787		63.26	%

	Market		% of Net
Transamerica Diversified Equity	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	26,952		3.45	%
Transamerica Asset Allocation-Growth Portfolio		104,097		13.34
Transamerica Asset Allocation-Moderate Portfolio		67,319		8.63
Transamerica Asset Allocation-Moderate Growth Portfolio		151,556		19.43
Total	$	349,924		44.85	%

	Market		% of Net
Transamerica Flexible Income	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	17,267		7.04	%
Transamerica Asset Allocation-Moderate Portfolio		51,254		20.89
Transamerica Asset Allocation-Moderate Growth Portfolio		34,117		13.90
Transamerica Asset Allocation-Conservative VP		11,886		4.84
Transamerica Asset Allocation-Moderate Growth VP		16,074		6.55
Transamerica Asset Allocation-Moderate VP		25,466		10.38
Total	$	156,064		63.60	%

Transamerica Funds Semi-Annual Report 2010

Page 78

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

	Market		% of Net
Transamerica Growth Opportunities	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	12,786		3.73	%
Transamerica Asset Allocation-Growth Portfolio		41,571		12.14
Transamerica Asset Allocation-Moderate Portfolio		27,539		8.04
Transamerica Asset Allocation-Moderate Growth Portfolio		61,961		18.09
Total	$	143,857		42.00	%

	Market		% of Net
Transamerica Money Market	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	5,739		2.30	%
Transamerica Asset Allocation-Growth Portfolio		60		0.02
Transamerica Asset Allocation-Moderate Portfolio		4,540		1.82
Transamerica Asset Allocation-Moderate Growth Portfolio		6,196		2.48
Transamerica Multi-Manager Alternative Strategies Portfolio		8,680		3.48
Total	$	25,215		10.10	%

	Market		% of Net
Transamerica Short-Term Bond	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	101,520		4.63	%
Transamerica Asset Allocation-Moderate Portfolio		123,072		5.62
Transamerica Asset Allocation-Moderate Growth Portfolio		86,312		3.94
Transamerica Asset Allocation-Conservative VP		173,918		7.94
Transamerica Asset Allocation-Moderate Growth VP		139,491		6.37
Transamerica Asset Allocation-Moderate VP		200,284		9.14
Transamerica International Moderate Growth VP		17,254		0.79
Total	$	841,851		38.43	%

	Market		% of Net
Transamerica WMC Diversified Growth	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	23,102		1.89	%
Transamerica Asset Allocation-Growth Portfolio		108,535		8.88
Transamerica Asset Allocation-Moderate Portfolio		70,819		5.79
Transamerica Asset Allocation-Moderate Growth Portfolio		160,511		13.13
Total	$	362,967		29.69	%

Investment advisory fees: The Funds pay management fees to TAM based on average daily net assets (“ANA”) at the following breakpoints:

Transamerica AEGON High Yield Bond

First $400 million	0.59	%
Over $400 million up to $750 million	0.575	%
Over $750 million	0.55	%

Transamerica Balanced (Effective November 13, 2009)

First $500 million	0.75	%
Over $500 million up to $1 billion	0.65	%
Over $1 billion	0.60	%

Transamerica Balanced (Prior to November 13, 2009)

First $250 million	0.80	%
Over $250 million up to $500 million	0.75	%
Over $500 million up to $1.5 billion	0.70	%
Over $1.5 billion	0.625	%

Transamerica Diversified Equity

First $500 million	0.73	%
Over $500 million up to $2.5 billion	0.70	%
Over $2.5 billion	0.65	%

Transamerica Flexible Income (Effective February 1, 2010)

First $250 million	0.475	%
Over $250 million up to $350 million	0.425	%
Over $350 million	0.40	%

Transamerica Flexible Income (Prior to February 1, 2010)

First $250 million	0.725	%
Over $250 million up to $350 million	0.675	%
Over $350 million	0.625	%

Transamerica Focus

First $500 million	0.80	%
Over $500 million	0.675	%

Transamerica Growth Opportunities

First $250 million	0.80	%
Over $250 million up to $500 million	0.75	%
Over $500 million	0.70	%

Transamerica Money Market

Average daily net assets 0.40 %

Transamerica Short-Term Bond *

First $250 million	0.65	%
Over $250 million up to $500 million	0.60	%
Over $500 million up to $1 billion	0.575	%
Over $1 billion	0.55	%

Transamerica Small/Mid Cap Value

First $500 million	0.80	%
Over $500 million	0.75	%

Transamerica WMC Diversified Growth (Effective November 13, 2009)

First $500 million	0.73	%
Over $500 million up to $2.5 billion	0.70	%
Over $2.5 billion	0.65	%

Transamerica WMC Diversified Growth (Prior to November 13, 2009)

First $500 million	0.75	%
Over $500 million up to $2.5 billion	0.70	%
Over $2.5 billion	0.65	%

Transamerica Funds Semi-Annual Report 2010

Page 79

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

TAM has contractually agreed to waive its advisory fee and will reimburse the Funds to the extent that operating expenses, excluding distribution and service fees and certain extraordinary expenses, exceed the following stated annual limit:

	Class A, B, C, I, I2, and T			Class P
Fund	Expense Limit			Expense Limit^
Transamerica AEGON High Yield Bond**		1.24	%		0.90	%
Transamerica Balanced		1.45			1.10
Transamerica Diversified Equity		1.17			1.15
Transamerica Flexible Income* F		1.35			—
Transamerica Focus**		1.20			1.40
Transamerica Growth Opportunities**		1.40			1.40
Transamerica Money Market		0.48			0.48
Transamerica Short-Term Bond*		0.85			—
Transamerica Small/Mid Cap Value		1.40			—
Transamerica WMC Diversified Growth**		1.17			1.15

*	Effective May 1, 2009, the Investment Adviser agreed to further reduce the Fund Operating Expenses of Transamerica Short-Term Bond by waiving 0.10% of its investment management fees payable to it by Transamerica Short-Term Bond through March 1, 2011. In addition, 0.10% of the 0.35% 12b-1 fee will be waived for one year through March 1, 2011, as applicable to Class A shares of Transamerica Short-Term Bond, and for one year through March 1, 2011, as applicable to Class A shares of Transamerica Flexible Income.
**	The Fund may not recapture any fees waived and/or reimbursed prior to March 1, 2008.
F	Effective March 1, 2010, Transamerica Flexible Income had an expense cap change to 1.35%. Prior to March 1, 2010, the expense cap was 1.50%.
^	Inclusive of 12b-1 fees.

If total Fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Funds may be required to pay the adviser a portion or all of the reimbursed class expenses.

There were no amounts recaptured during the period ended April 30, 2010.

The following amounts were available for recapture as of April 30, 2010:

	Reimbursement of		Available for
Fund	Class Expenses		Recapture Through
Transamerica Growth Opportunities
Fiscal Year 2008:				10/31/2011
Class A	$	31
Class B		27
Fiscal Year 2009:				10/31/2012
Class A		203
Class B		48
Class C		22
Transamerica Diversified Equity*
Fiscal Year 2008:				10/31/2011
Class P		357
Fiscal Year 2009:				10/31/2012
Class P		311
Transamerica Focus**
Fiscal Year 2009:				10/31/2012
Class P		50
Transamerica Money Market
Fiscal Year 2007:				10/31/2010
Class A	$	321
Class B		88
Class C		45
Class I		18
Fiscal Year 2008:				10/31/2011
Class A		276
Class B		71
Class C		62
Class I		2
Fiscal Year 2009:				10/31/2012
Class A		763
Class B		422
Class C		552
Class I		30
Transamerica WMC Diversified Growth
Fiscal Year 2008:				10/31/2011
Class B		54
Fiscal Year 2009:				10/31/2012
Class A		418
Class B		145
Class C		58

*	Formerly, Transamerica Premier Diversified Equity
**	Formerly, Transamerica Premier Focus

In addition to the advisory fee waiver for Transamerica Money Market, TAM or any of its affiliates waive fees or reimburse expenses of one or more classes of Transamerica Money Market in order to avoid a negative yield. At any point within three succeeding years in which the Transamerica Money Market, or any classes thereof, achieves a positive yield, the expenses previously waived or reimbursed pursuant to this paragraph may be reimbursed to TAM, to the extent that such reimbursement does not cause classes of Transamerica Money Market to experience a negative yield. Waived expenses related to the maintenance of the yield are included in the Statement of Operations, within the class expense (reimbursed). As of year ended October 31, 2009 and period ended April 30, 2010, the amounts waived were as follows:

	2009 Amount Waived		2009 Amount Waived		2010 Amount Waived		2010 Amount Waived
Core/Class	($)		(Basis Points)		($)		(Basis Points)
Core	$	146		5	$	411		30
A		305		20		231		34
B		300		72		150		100
C		436		70		204		99
I2		3		1		—		—

Transamerica Funds Semi-Annual Report 2010

Page 80

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

Distribution and service fees: The Funds have 12b-1 distribution plans under the 1940 Act pursuant to which an annual fee, based on ANA, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Funds. The Funds are authorized under the 12b-1 plans to pay fees on each class up to the following limits: 0.35% for Class A, 1.00% for Class B, 1.00% for Class C, and 0.25% for Class P. 12b-1 fees are not applicable for Class I, Class I2, and Class T. Effective May 1, 2009, TAM has contractually agreed to waive 0.10% of 12b-1 fees on Class A shares of Transamerica Short-Term Bond through March 1, 2011. Effective February 1, 2010, TAM has contractually agreed to waive 0.10% of 12b-1 fees on Class A shares of Transamerica Flexible Income through March 1, 2011.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Class B, Class C, and certain Class A share redemptions. For the period ended April 30, 2010, the underwriter commissions were as follows:

Transamerica AEGON High Yield Bond
Received by Underwriter	$	201
Retained by Underwriter		36
Contingent Deferred Sales Charge		14
Transamerica Balanced
Received by Underwriter	$	29
Retained by Underwriter		4
Contingent Deferred Sales Charge		11
Transamerica Diversified Equity
Received by Underwriter	$	25
Retained by Underwriter		4
Contingent Deferred Sales Charge		4
Transamerica Flexible Income
Received by Underwriter	$	142
Retained by Underwriter		26
Contingent Deferred Sales Charge		8
Transamerica Focus
Received by Underwriter	$	15
Retained by Underwriter		2
Contingent Deferred Sales Charge		10
Transamerica Growth Opportunities
Received by Underwriter	$	34
Retained by Underwriter		5
Contingent Deferred Sales Charge		7
Transamerica Money Market
Received by Underwriter	$	—
Retained by Underwriter		—
Contingent Deferred Sales Charge		55
Transamerica Short-Term Bond
Received by Underwriter	$	1,748
Retained by Underwriter		350
Contingent Deferred Sales Charge		184
Transamerica Small/Mid Cap Value
Received by Underwriter	$	331
Retained by Underwriter		50
Contingent Deferred Sales Charge		52
Transamerica WMC Diversified Growth
Received by Underwriter	$	126
Retained by Underwriter		19
Contingent Deferred Sales Charge		20

Administrative services: The Funds have entered into agreements with TFS for financial and legal fund administration services. The Funds pay TFS an annual fee of 0.02% of ANA. The Legal fees on the Statements of Operations are fees paid to external legal counsel.

Transfer agent fees: The Funds pay TFS an annual per-account charge for each open and closed account. For the period ended April 30, 2010, the Funds paid TFS the following:

Fund	Fees
Transamerica AEGON High Yield Bond	$	99
Transamerica Balanced		491
Transamerica Diversified Equity		526
Transamerica Flexible Income		58
Transamerica Focus		197
Transamerica Growth Opportunities		352
Transamerica Money Market		300
Transamerica Short-Term Bond		234
Transamerica Small/Mid Cap Value		461
Transamerica WMC Diversified Growth		1,126

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010 (the “Deferred Compensation Plan”), available to the Trustees, compensation may be deferred that would otherwise be payable by 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 Class A (or comparable) shares of a series of Transamerica Funds (without imposition of sales charge), or investment options under Transamerica Partners Institutional Funds and Transamerica Institutional Asset Allocation Funds, as elected by the Trustee.

Retirement plan: Under a prior retirement plan (the “Emeritus Plan”) available to the Independent Trustees, each Independent Trustee was deemed to have been elected to serve as Trustee Emeritus of Transamerica Funds upon his or her termination of service, other than removal for cause, for a maximum period of five years determined by his or her years of service as a Trustee.

Such amounts were to be accrued by Transamerica Funds on a pro rata basis allocable to each Transamerica Fund based on the relative assets of the Fund. If retainers increased in the future, past accruals (and credits) would be adjusted upward so that 50% of the Trustee’s current retainer was accrued and credited at all times. Upon death, disability or termination of service, other than removal for cause, amounts deferred became payable to a Trustee Emeritus (or his/her beneficiary). Upon the commencement of service as Trustee Emeritus, compensation would be paid on a quarterly basis during the time period that the Trustee Emeritus was allowed to serve as such.

Transamerica Funds Semi-Annual Report 2010

Page 81

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

At April 30, 2010, the Funds’ liabilities related to the Emeritus Plan were as follows:

Fund	Emeritus Fees
Transamerica AEGON High Yield Bond	$	1
Transamerica Balanced		—	(a)
Transamerica Diversified Equity		1
Transamerica Flexible Income		1
Transamerica Focus		—	(a)
Transamerica Growth Opportunities		1
Transamerica Money Market		—	(a)
Transamerica Short-Term Bond		—	(a)
Transamerica Small/Mid Cap Value		1
Transamerica WMC Diversified Growth		2

^(a) Rounds to less than $1.

Amounts deferred and accrued under the Emeritus Plan are claims against the general assets of Transamerica Funds.

The Emeritus Plan was terminated effective October 30, 2007. Upon the termination, the Funds continue to pay any remaining benefits in accordance with the Plan, but no further compensation has been accrued.

Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the advisers for the period ended April 30, 2010.

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2010 were as follows:

					Proceeds from maturities and
	Purchases of securities:				sales of securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica AEGON High Yield Bond	$	244,315	$	—	$	274,705	$	—
Transamerica Balanced		348,929		9,622		93,594		13,279
Transamerica Diversified Equity		786,437		—		373,547		—
Transamerica Flexible Income		212,723		20,277		171,494		19,828
Transamerica Focus		95,674		—		46,472		—
Transamerica Growth Opportunities		148,766		—		66,972		—
Transamerica Money Market		—		—		—		—
Transamerica Short-Term Bond		1,124,890		17,412		346,444		17,465
Transamerica Small/Mid Cap Value		199,640		—		135,659		—
Transamerica WMC Diversified Growth		1,664,498		—		1,746,340		—

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Transamerica Flexible Income:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. Throughout the period, the Fund held two forward contracts and one written option contract. These contracts were not held as of April 30, 2010. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign
	exchange
Location	contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on transactions from foreign currency transactions		(7	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net decrease in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(11	)

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Funds Semi-Annual Report 2010

Page 82

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Transamerica Short-Term Bond:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. The volume of derivatives held at year end is indicative of the volume held throughout the year. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2010

Derivatives not accounted for as hedging instruments

	Interest
	rate
Location	contracts
Liability derivatives
Accounts payable and accrued liabilities		(960)	*

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments.
	Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on transactions from futures contracts		(979	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net decrease in unrealized (depreciation) on futures contracts		(159	)

NOTE 6. FEDERAL INCOME TAX MATTERS

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. Management has evaluated the Funds’ tax provisions taken for all open tax years (2006 — 2008), or expected to be taken in the Funds’ 2009 tax returns, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Florida, 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. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to wash sales, structured notes, foreign bonds, swaps, net operating losses, distributions, passive foreign investment companies, capital loss carryforwards, and post-October loss deferrals.

Transamerica Funds Semi-Annual Report 2010

Page 83

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 7. REORGANIZATION

Transamerica AEGON High Yield Bond:

On November 20, 2009, Transamerica AEGON High Yield Bond (formerly, Transamerica High Yield Bond) acquired all of the net assets of Transamerica Premier High Yield Bond Fund pursuant to a Plan of Reorganization. Transamerica AEGON High Yield Bond is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 10,998 shares of Transamerica AEGON High Yield Bond for 14,218 shares of Transamerica Premier High Yield Bond Fund outstanding on November 20, 2009. Transamerica Premier High Yield Bond Fund’s net assets at that date, $93,513, including $7,786 unrealized appreciation, were combined with those of Transamerica AEGON High Yield Bond. The aggregate net assets of Transamerica AEGON High Yield Bond immediately before the acquisition were $582,106; the combined net assets of Transamerica AEGON High Yield Bond immediately after the acquisition were $675,619. Shares issued with the acquisition were as follows:

Transamerica Premier High Yield Bond Fund

Classes	Shares		Amount
I2		4,928	$	42,041
P		6,070		51,472

The exchange ratios of the reorganization for each class are as follows (Transamerica AEGON High Yield Bond shares issuable/ Transamerica Premier High Yield Bond Fund):

Transamerica Premier High Yield Bond Fund

Classes	Exchange Ratio
I2		0.77
P		0.78

Assuming the reorganization had been completed on November 1, 2009, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended April 30, 2010, are as follows:

Net investment income	$	25,108
Net realized and unrealized gain		43,202
Net increase in net assets resulting from operations		68,310

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Transamerica Premier High Yield Bond Fund that have been included in the Fund’s Statement of Operations since November 20, 2009.

Transamerica Funds Semi-Annual Report 2010

Page 84

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 7. (continued)

Transamerica Balanced:

On November 13, 2009, Transamerica Balanced acquired all of the net assets of Transamerica Value Balanced and Transamerica Premier Balanced Fund pursuant to a Plan of Reorganization. Transamerica Balanced is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 16,603 shares of Transamerica Balanced for 2,784 shares of Transamerica Value Balanced and 13,545 shares of Transamerica Premier Balanced Fund outstanding on November 13, 2009. Transamerica Value Balanced’s net assets at that date, $28,129, including $4,036 unrealized appreciation, were combined with those of Transamerica Balanced. Transamerica Premier Balanced Fund’s net assets at that date, $281,788, including $32,655 unrealized appreciation, were combined with those of Transamerica Balanced. The aggregate net assets of Transamerica Balanced immediately before the acquisition were $98,823; the combined net assets of Transamerica Balanced immediately after the acquisition were $408,740. Shares issued with the acquisition were as follows:

Transamerica Value Balanced

Classes	Shares		Amount
A		1,014	$	18,932
B		207		3,855
C		289		5,342

Transamerica Premier Balanced Fund

Class	Shares		Amount
P		15,093	$	281,788

The exchange ratios of the reorganization for each class are as follows (Transamerica Balanced shares issuable/Transamerica Value Balanced):

Transamerica Value Balanced

Classes	Exchange Ratio
A		0.54
B		0.54
C		0.54

The exchange ratio of the reorganization for the class is as follows (Transamerica Balanced shares issuable/Transamerica Premier Balanced Fund):

Transamerica Premier Balanced Fund

Class	Exchange Ratio
P		1.11

Assuming the reorganization had been completed on November 1, 2009, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended April 30, 2010, are as follows:

Net investment income	$	3,485
Net realized and unrealized gain		53,067
Net increase in net assets resulting from operations		56,552

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Transamerica Value Balanced and Transamerica Premier Balanced Fund that have been included in the Fund’s Statement of Operations since November 13, 2009.

Transamerica Funds Semi-Annual Report 2010

Page 85

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 7. (continued)

Transamerica Diversified Equity:

On November 13, 2009, Transamerica Diversified Equity acquired all of the net assets of Transamerica Science & Technology, Transamerica Templeton Global, Transamerica Premier Diversified Equity Fund and Transamerica Premier Institutional Diversified Equity Fund pursuant to a Plan of Reorganization. Transamerica Premier Diversified Equity Fund is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 35,310 shares of Transamerica Diversified Equity for 17,970 shares of Transamerica Science & Technology, 4,437 shares of Transamerica Templeton Global, 21,531 shares of Transamerica Premier Diversified Equity Fund and 216 shares of Transamerica Premier Institutional Diversified Equity Fund outstanding on November 13, 2009. Transamerica Science & Technology’s net assets at that date, $71,411, including $16,691 unrealized appreciation, were combined with those of Transamerica Diversified Equity. Transamerica Templeton Global’s net assets at that date, $103,595, including $5,276 unrealized appreciation, were combined with those of Transamerica Diversified Equity. Transamerica Premier Diversified Equity Fund’s net assets at that date, $276,775, including $29,067 unrealized appreciation, were combined with those of Transamerica Diversified Equity. Transamerica Premier Institutional Diversified Equity Fund’s net assets at that date, $2,115, including $346 unrealized appreciation, were combined with those of Transamerica Diversified Equity, which was newly organized on November 13, 2009; therefore, it had no assets before the acquisition. The combined net assets of Transamerica Diversified Equity immediately after the acquisition were $453,896. Shares issued with the acquisition were as follows:

Transamerica Science & Technology

Classes	Shares		Amount
A		500	$	6,423
B		131		1,678
C		128		1,647
I2		4,796		61,663

Transamerica Templeton Global

Classes	Shares		Amount
A		6,267	$	80,558
B		654		8,412
C		1,138		14,625

Transamerica Premier Diversified Equity Fund

Class	Shares		Amount
P		21,531	$	276,775

Transamerica Premier Institutional Diversified Equity Fund

Class	Shares		Amount
I2		165	$	2,115

Transamerica Funds Semi-Annual Report 2010

Page 86

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 7. (continued)

The exchange ratios of the reorganization for each class are as follows (Transamerica Diversified Equity shares issuable/Transamerica Science & Technology):

Transamerica Science & Technology

Classes	Exchange Ratio
A		0.30
B		0.28
C		0.28
I2		0.31

The exchange ratios of the reorganization for each class are as follows (Transamerica Diversified Equity shares issuable/Transamerica Templeton Global):

Transamerica Templeton Global

Classes	Exchange Ratio
A		1.84
B		1.74
C		1.72

The exchange ratio of the reorganization for the class is as follows (Transamerica Diversified Equity shares issuable/Transamerica Premier Diversified Equity Fund):

Transamerica Premier Diversified Equity Fund

Class	Exchange Ratio
P		1.00

The exchange ratio of the reorganization for the class is as follows (Transamerica Diversified Equity shares issuable/Transamerica Premier Institutional Diversified Equity Fund):

Transamerica Premier Institutional Diversified Equity Fund

Class	Exchange Ratio
I2		0.76

Assuming the reorganization had been completed on November 1, 2009, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended April 30, 2010, are as follows:

Net investment loss	$	(8	)
Net realized and unrealized gain		91,423
Net increase in net assets resulting from operations		91,415

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Transamerica Science & Technology, Transamerica Templeton Global, Transamerica Premier Diversified Equity Fund, and Transamerica Premier Institutional Diversified Equity Fund that have been included in the Fund’s Statement of Operations since November 13, 2009.

Transamerica Funds Semi-Annual Report 2010

Page 87

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 7. (continued)

Transamerica Flexible Income:

On November 13, 2009, Transamerica Flexible Income acquired all of the net assets of Transamerica Convertible Securities pursuant to a Plan of Reorganization. Transamerica Flexible Income is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 8,937 shares of Transamerica Flexible Income for 8,540 shares of Transamerica Convertible Securities outstanding on November 13, 2009. Transamerica Convertible Securities’s net assets at that date, $75,162, including $5,629 unrealized appreciation, were combined with those of Transamerica Flexible Income. The aggregate net assets of Transamerica Flexible Income immediately before the acquisition were $186,259; the combined net assets of Transamerica Flexible Income immediately after the acquisition were $261,421. Shares issued with the acquisition were as follows:

Transamerica Convertible Securities

Class	Shares		Amount
A		1,554	$	13,041
B		294		2,469
C		717		5,997
I2		6,372		53,655

The exchange ratios of the reorganization for each class are as follows (Transamerica Flexible Income shares issuable/Transamerica Convertible Securities):

Transamerica Convertible Securities

Classes	Exchange Ratio
A		1.05
B		1.04
C		1.04
I2		1.05

Assuming the reorganization had been completed on November 1, 2009, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended April 30, 2010, are as follows:

Net investment income	$	7,134
Net realized and unrealized gain		18,611
Net increase in net assets resulting from operations		25,745

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Transamerica Convertible Securities that have been included in the Fund’s Statement of Operations since November 13, 2009.

Transamerica Funds Semi-Annual Report 2010

Page 88

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 7. (continued)

Transamerica Focus:

On November 13, 2009, Transamerica Focus (formerly, Transamerica Legg Mason Partners All Cap) acquired all of the net assets of Transamerica Premier Focus Fund pursuant to a Plan of Reorganization. Transamerica Premier Focus Fund is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 6,344 shares of Transamerica Premier Focus for 6,344 shares of Transamerica Focus. As part of the acquisition Shareholders of the accounting survivor, Transamerica Premier Focus, received an additional 2,130 shares; resulting in a total shares of 5,802 of Transamerica Focus. Transamerica Focus’s net assets at that date, $72,239, including $4,752 unrealized appreciation, were combined with those of Transamerica Premier Focus Fund. The aggregate net assets of Transamerica Premier Focus Fund immediately before the acquisition was $68,302; the combined net assets of Transamerica Focus immediately after the acquisition was $140,541. Shares issued with the acquisition were as follows:

Transamerica Premier Focus Fund

Class	Shares		Amount
P		5,802	$	68,302

Transamerica Focus (formerly, Transamerica Legg Mason Partners All Cap)

Class	Shares		Amount
A		3,369	$	39,661
B		1,700		18,628
C		1,275		13,950

The exchange ratio of the reorganization for the class is as follows (Transamerica Focus shares issuable/Transamerica Premier Focus Fund):

Transamerica Premier Focus Fund

Class	Exchange Ratio
P		1.58

The exchange ratio of the reorganization for the class is as follows (Transamerica Focus shares issuable/ Transamerica Focus (formerly, Transamerica Legg Mason Partners All Cap)):

Transamerica Focus (formerly, Transamerica Legg Mason Partners All Cap)

Class	Exchange Ratio
A		1.00
B		1.00
C		1.00

Assuming the reorganization had been completed on November 1, 2009, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended April 30, 2010, are as follows:

Net investment loss	$	(541	)
Net realized and unrealized gain		21,124
Net increase in net assets resulting from operations		20,583

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Transamerica Premier Focus Fund that have been included in the Fund’s Statement of Operations since November 13, 2009.

Transamerica Funds Semi-Annual Report 2010

Page 89

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 7. (continued)

Transamerica Growth Opportunities:

On November 13, 2009, Transamerica Growth Opportunities acquired all of the net assets of Transamerica Premier Growth Opportunities Fund pursuant to a Plan of Reorganization. Transamerica Growth Opportunities is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 12,010 shares of Transamerica Growth Opportunities for 4,478 shares of Transamerica Premier Growth Opportunities Fund outstanding on November 13, 2009. Transamerica Premier Growth Opportunities Fund’s net assets at that date, $96,199, including $12,641 unrealized appreciation, were combined with those of Transamerica Growth Opportunities. The aggregate net assets of Transamerica Growth Opportunities immediately before the acquisition were $197,060; the combined net assets of Transamerica Growth Opportunities immediately after the acquisition were $293,259. Shares issued with the acquisition were as follows:

Transamerica Premier Growth Opportunities Fund

Class	Shares		Amount
P		12,010	$	96,199

The exchange ratio of the reorganization for the class is as follows (Transamerica Growth Opportunities shares issuable/Transamerica Premier Growth Opportunities Fund):

Transamerica Premier Growth Opportunities Fund

Class	Exchange Ratio
P		2.68

Assuming the reorganization had been completed on November 1, 2009, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended April 30, 2010, are as follows:

Net investment loss	$	(255	)
Net realized and unrealized gain		68,826
Net increase in net assets resulting from operations		68,571

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Transamerica Premier Growth Opportunities Fund that have been included in the Fund’s Statement of Operations since November 13, 2009.

Transamerica Money Market:

On November 20, 2009, Transamerica Money Market acquired all of the net assets of Transamerica Premier Cash Reserve Fund pursuant to a Plan of Reorganization. Transamerica Money Market is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 43,668 shares of Transamerica Money Market for 43,668 shares of Transamerica Premier Cash Reserve Fund outstanding on November 20, 2009. Transamerica Premier Cash Reserve Fund’s net assets at that date, $43,668, were combined with those of Transamerica Money Market. The aggregate net assets of Transamerica Money Market immediately before the acquisition were $254,159; the combined net assets of Transamerica Money Market immediately after the acquisition were $297,827. Shares issued with the acquisition were as follows:

Transamerica Premier Cash Reserve Fund

Class	Shares		Amount
P		43,668	$	43,668

Transamerica Funds Semi-Annual Report 2010

Page 90

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 7. (continued)

The exchange ratio of the reorganization for the class is as follows (Transamerica Money Market shares issuable/Transamerica Premier Cash Reserve Fund):

Transamerica Premier Cash Reserve Fund

Class	Exchange Ratio
P		1.00

Assuming the reorganization had been completed on November 1, 2009, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended April 30, 2010, are as follows:

Net investment income	$	3
Net realized and unrealized gain		—
Net increase in net assets resulting from operations		3

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Transamerica Premier Cash Reserve Fund that have been included in the Fund’s Statement of Operations since November 20, 2009.

Transamerica WMC Diversified Growth:

On November 13, 2009, Transamerica WMC Diversified Growth (formerly, Transamerica Equity) acquired all of the net assets of Transamerica Premier Equity Fund and Transamerica Premier Institutional Equity Fund pursuant to a Plan of Reorganization. Transamerica WMC Diversified Growth is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 66,720 shares of Transamerica WMC Diversified Growth for 25,932 shares of Transamerica Premier Equity Fund and 8,477 shares of Transamerica Premier Institutional Equity Fund outstanding on November 13, 2009. Transamerica Premier Equity Fund’s net assets at that date, $459,628, including $49,578 unrealized appreciation, were combined with those of Transamerica WMC Diversified Growth. Transamerica Premier Institutional Equity Fund’s net assets at that date, $80,466, including $7,579 unrealized appreciation, were combined with those of Transamerica WMC Diversified Growth. The aggregate net assets of Transamerica WMC Diversified Growth immediately before the acquisition were $1,167,181; the combined net assets of Transamerica WMC Diversified Growth immediately after the acquisition were $1,707,275. Shares issued with the acquisition were as follows:

Transamerica Premier Equity Fund

Class	Shares		Amount
P		56,955	$	459,628

Transamerica Premier Institutional Equity Fund

Class	Shares		Amount
I2		9,765	$	80,466

The exchange ratio of the reorganization for the class is as follows (Transamerica WMC Diversified Growth shares issuable/ Transamerica Premier Equity Fund):

Transamerica Premier Equity Fund

Class	Exchange Ratio
P		2.20

Transamerica Funds Semi-Annual Report 2010

Page 91

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 7. (continued)

The exchange ratio of the reorganization for the class is as follows (Transamerica WMC Diversified Growth shares issuable/ Transamerica Premier Institutional Equity Fund):

Transamerica Premier Institutional Equity Fund

Class	Exchange Ratio
I2		1.15

Assuming the reorganization had been completed on November 1, 2009, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended April 30, 2010, are as follows:

Net investment income	$	936
Net realized and unrealized gain		209,814
Net increase in net assets resulting from operations		210,750

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Transamerica Premier Equity Fund and Transamerica Premier Institutional Equity Fund that have been included in the Fund’s Statement of Operations since November 13, 2009.

NOTE 8. SUBSEQUENT EVENTS

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 10, 2010, the Board approved a new transfer agency fee schedule. The new fee will be effective July 1, 2010.

Management has evaluated subsequent events through the date of issuance of the financial statements, and determined that no other material events or transactions would require recognition or disclosure in the Funds’ Financial Statements.

Transamerica Funds Semi-Annual Report 2010

Page 92

Change of Independent Registered Certified Public Accounting Firm

PricewaterhouseCoopers LLP (“PwC”) served as independent registered certified public accounting firm through April 7, 2010. On April 8, 2010, upon recommendation by the Transamerica Funds’ Audit Committee, the Transamerica Funds’ Board selected Ernst & Young LLP to replace PwC as the independent public accountant for the fiscal year ending October 31, 2010.

The reports of PwC on the financial statements for the past two fiscal years contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the two most recent fiscal years and through April 7, 2010, there have been no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of PwC would have caused them to make reference thereto in their reports on the financial statements for such years.

During the two most recent fiscal years and through April 7, 2010, there have been no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).

Transamerica Funds has requested that PwC furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter will be filed as Exhibit 77 to Form N-SAR.

Transamerica Funds Semi-Annual Report 2010

Page 93

TRANSAMERICA DIVERSIFIED EQUITY

APPROVAL OF NEW INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees (the “Board”) of Transamerica Funds held on July 21, 2009, the Board considered a proposal from Transamerica Asset Management, Inc. (“TAM” or “Management”) regarding approval of a new mandate, Transamerica Diversified Equity (the “New Series”). In connection with the approval of the New Series, the Board Members reviewed and considered the proposed investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Funds and Transamerica Diversified Equity and TAM, as well as the proposed investment sub-advisory agreement (the “Investment Sub-Advisory Agreement”) of the New Series between TAM and Transamerica Investment Management, LLC (“TIM” or the “Sub-Adviser”), to determine whether the agreements should be approved for an initial two-year period.

Management explained to the Board Members that the New Series would be substantially identical to and managed by the same team as Transamerica Premier Diversified Equity Fund (the “Model Fund”) and Transamerica Premier Institutional Equity Fund, each a series of Transamerica Investors, Inc., and would have the same investment objective. It was also reported that Management requested the creation of the New Series in order to reorganize Transamerica Templeton Global, Transamerica Science & Technology, Transamerica Premier Diversified Equity Fund and Transamerica Premier Institutional Diversified Equity Fund into a single portfolio. It was noted that the Board Members had separately considered and approved these reorganizations.

Following their review and consideration, the Board Members determined that the proposed Investment Advisory Agreement and proposed Investment Sub-Advisory Agreement should enable the New Series to obtain high quality services at a cost that is appropriate, fair and in the best interests of its shareholders. The Board Members, including the Independent Board Members, unanimously approved the proposed Investment Advisory Agreement and the proposed Investment Sub-Advisory Agreement.

In reaching their decision, the Board Members requested and obtained from TAM and TIM such information as they deemed reasonably necessary to evaluate the proposed agreements, noting that TAM and TIM currently manage the Model Fund and other funds within the Transamerica fund complex. In considering the proposed approval of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular item of information that was controlling of their decisions.

The nature, extent and quality of the advisory services to be provided. The Board Members considered the nature and quality of the services expected to be provided by TAM and TIM. They concluded that TAM and TIM are capable of providing high quality services to the New Series, as indicated by the nature and quality of services provided in the past by TAM for other series within the Transamerica fund complex and TIM’s management capabilities demonstrated with respect to other funds it manages within the Transamerica fund complex, including the Model Fund, and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and TIM, TAM’s management oversight process and the professional qualifications and experience of TIM’s portfolio management team. The Board Members also noted that TAM and TIM have an established relationship and that the Board Members had recently performed a full annual review of the advisory and sub-advisory agreements for other funds managed by TAM and TIM, including the advisory and sub-advisory agreements for the Model Fund, which are similar to those of the New Series. The Board Members determined that TAM and TIM can provide investment and related services that are appropriate in scope and extent in light of each New Series operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the New Series. The New Series was not yet in existence and therefore had no historical performance for the Board Members to review. The Board Members noted, however, that the New Series had the same investment objective, main strategies and principal risks as the Model Fund, and thus the Board Members evaluated the investment performance of the Model Fund for comparison purposes. In this regard, the Board Members noted that the Model Fund had performed above the median of its peer universe of comparable mutual funds as prepared by Lipper over the one- and three-year periods ended March 31, 2009, and that the Model Fund had outperformed its benchmark over the one-, three-, five-, and ten-year periods ended March 31, 2009. On the basis of the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and TIM, the Board Members concluded that TAM and TIM were capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies and competitive with other investment companies, and also determined that TAM’s and TIM’s performance records for the Model Fund indicate that their management of the New Series could benefit the New Series and its shareholders.

The fees and cost of advisory services provided and level of profitability. The New Series was not yet in existence and therefore no revenue, cost or profitability data was available for the Board Members to review. However, the Board Members reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency, fund accounting and other services to the New Series and other funds within the Transamerica fund complex at various asset levels. The Board Members noted that the investment advisory fees payable by the New Series would be lower than those paid by the Model Fund. Based on such information and the proposed management and sub-advisory fees for the New Series, the Board Members determined that the proposed management fees of the New Series and the anticipated profitability of the relationship between the New Series, TAM and its affiliates, and TIM are appropriate in light of the services expected to be provided or procured.

Transamerica Funds Semi-Annual Report 2010

Page 94

TRANSAMERICA DIVERSIFIED EQUITY (continued)

APPROVAL OF NEW INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grows. In evaluating the extent to which the management fees payable under the new Investment Advisory Agreement and Investment Sub-Advisory Agreement reflects economies of scale or will permit economies of scale to be realized in the future, the Board Members took note of TAM’s and TIM’s pricing schedule and the proposed advisory fee and sub-advisory fee breakpoints as detailed in the materials provided to the Boards, and noted each fee breakpoint with respect to the various asset levels to be achieved by the New Series. The Board Members concluded that the proposed fees and breakpoints should benefit investors by permitting economies of scale in the form of lower management fees as the level of assets grows for the New Series. The Board also concluded that the New Series’ management fees appropriately reflect the New Series’ anticipated size, the current economic environment for TAM, the competitive nature of the mutual fund industry, and TAM’s pricing strategy. The Board Members also noted that, in the future, it would have the opportunity to periodically re-examine whether the New Series has achieved economies of scale and the appropriateness of management fees payable to TAM and the fees payable by TAM to TIM.

Benefits to TAM or TIM and their affiliates from their relationship with the New Series. The Board Members took into consideration the character of the incidental benefits that may be received by TAM and TIM and their affiliates from their relationships with the New Series, including the potential use of portfolio brokerage transactions to pay for research services that TIM may enter into with regard to other funds that it sub-advises within the Transamerica fund complex, and concluded that such benefits are expected to be consistent with industry practice and the best interests of the New Series and its shareholders. The Board Members also considered the potential for increased visibility in the marketplace as a result of each of TAM’s and TIM’s relationship with the New Series.

Other considerations. The Board Members considered the investment objective of the New Series and the New Series’ investment strategy, and that the proposed New Series is one of a number of initiatives that are designed to streamline the Transamerica fund complex, to promote operating efficiencies, and to result in a more cohesive fund platform and that the New Series would serve as a shell for the reorganization of other funds, which they discussed separately and which they deemed to be in the best interests of the applicable funds and their shareholders. The Board Members determined 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 New Series in a professional manner that is consistent with the best interests of the New Series and its shareholders. In this regard, the Board Members favorably considered the procedures and policies in place by TAM to monitor compliance with applicable laws and regulations and oversee the portfolio management activities of TIM. The Board Members also determined that TAM has made a significant entrepreneurial commitment to the management and success of the New Series, as reflected by TAM’s expense limitation and fee waiver arrangements with the New Series that may result in TAM’s waiving management fees for the benefit of shareholders. In approving the New Series, the Board also considered the high quality of TIM’s portfolio management personnel who will manage the New Series under the Investment Sub-Advisory Agreement, and TIM’s overall portfolio management capabilities. The Board Members determined that TIM, too, has made substantial commitments to the recruitment and maintains the financial and operational resources reasonably necessary to maintain the New Series.

Transamerica Funds Semi-Annual Report 2010

Page 95

TRANSAMERICA FOCUS
(formerly, Transamerica Legg Mason Partners All Cap)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees (the “Board”) of Transamerica Funds held on July 21, 2009, the Board considered a proposal from Transamerica Asset Management, Inc. (“TAM,” or “Management”): (i) to terminate ClearBridge Advisors, LLC (“ClearBridge”) as sub-adviser for Transamerica Legg Mason Partners All Cap (the “Fund”); (ii) to appoint Transamerica Investment Management, LLC (“TIM”) as the replacement sub-adviser to the Fund; and (iii) to rename the Fund to Transamerica Focus, respectively, and to change the investment objective and strategies of the fund to be consistent with those used for Transamerica Premier Focus Fund (“Premier Focus Fund”), a series of Transamerica Investors, Inc. managed by TIM.

Management provided the Board Members with an overview of the rationale for the proposed changes. Management also reviewed the distinctions between the portfolio management techniques used by ClearBridge in managing the Fund and by TIM in managing the Premier Focus Fund and stated that the Premier Focus Fund had outperformed the Fund over time, had a superior risk and reward profile to that of the Fund, and is the closest match for the Fund of all of the funds in the fund complex in terms of portfolio investments and management style. Management also discussed with the Board Members the requirement that the Fund’s shareholders approve TIM and the Fund’s new sub-advisory agreement with TIM, and stated that TAM planned on preparing a proxy statement.

The Board Members considered information with respect to TIM. The Board Members also considered arrangements between TIM and TAM, which are affiliated entities. The Board Members noted that TIM already serves as sub-adviser to Premier Focus Fund, among other funds in the Transamerica fund complex, that the proposed investment objective and strategies and related principal risks for the Fund will be the same as the investment objective and strategies and related principal risks used by TIM in managing Premier Focus Fund, and that the Board Members recently considered information regarding TIM when considering the renewal of the Premier Focus Fund’s sub-advisory agreement and certain other sub-advisory agreements with TIM. The Board Members considered the differences between the portfolio management approaches and styles of TIM and ClearBridge. The Board Members noted that, compared to its peers, Premier Focus Fund had performed above its competitive median over the one- and three-year periods ended March 31, 2009 and that Premier Focus Fund had outperformed its benchmark over the one-, three-, five- and ten-year periods ended March 31, 2009. The Board Members also reviewed and discussed information regarding TIM’s fees and TAM’s estimated profitability if TIM were appointed as sub-adviser to the Fund. The Board Members considered that, subject to shareholder approval of the proposed new sub-advisory agreement with TIM, at current asset levels the sub-advisory fee paid under the new sub-advisory agreements would be approximately the same as the aggregate sub-advisory fees paid under the current sub-advisory agreements with ClearBridge. The Board Members also noted that the Fund would bear a portion of the costs of obtaining shareholder approval of the proposed new sub-advisory agreement with TIM, but that these costs would be fairly allocated based on the expected benefits that will accrue to the Fund. The Board Members also discussed that they had previously considered the proposed reorganization of Premier Focus Fund with and into Transamerica Legg Mason Partners All Cap.

Based upon its review and the representations made to it and after consideration of the above factors, and such other factors and information as it deemed relevant, the Board Members, including the Independent Board Members, unanimously (i) authorized the termination of the sub-advisory agreement with ClearBridge, (ii) approved the new sub-advisory agreement for up to a two-year period, subject to approval of the shareholders of the Fund, with TIM, and (iii) approved the change in the name of the Fund and the change in the Fund’s objective and strategies.

Transamerica Funds Semi-Annual Report 2010

Page 96

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

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q, which is available on the SEC’s website at http://www.sec.gov. The Portfolios’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

You may also visit the Trust’s website at www.transamericafunds.com for this and other information about the Portfolios 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 Portfolios. Transamerica Funds will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday—Friday. Your request will take effect within 30 days.

Transamerica Funds Semi-Annual Report 2010

Page 97

Notice of privacy policy

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds Semi-Annual Report 2010

Page 98

P.O. Box 9012
Clearwater, FL 33758-9012

Customer Service 1-888-233-4339
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.

Class I2 Funds

Semi-Annual Report
April 30, 2010

www.transamericafunds.com

Customer Service 1-888-233-4339
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.

Dear Fellow 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 adviser in the future. We value the trust you have placed in us.

This semi-annual report is provided to you with the intent of presenting a comprehensive review of the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe this report to be an important part of the investment process. In addition to providing a comprehensive review, this report also provides a discussion of accounting policies as well as matters presented to shareholders that may have required their vote.

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. Equity and fixed-income markets, while experiencing some periods of weakness, have generally produced positive results over the past six months as investors have become more optimistic regarding an economic recovery. The Federal Reserve has continued to keep the federal funds rate within a historically low range of 0%-0.25% in an ongoing effort to promote economic expansion. Credit markets have continued to rally, with some pauses, as more investors feel comfortable taking on some amount of credit risk. However, concerns over the impact of high government debt levels, particularly in the developed world, have arisen. This has begun to put pressure on some foreign currencies and foreign debt in Europe, particularly in Greece. In addition, while there have been incremental improvements in the labor markets, unemployment remains elevated and reached a level of 9.9% in April 2010. Following improved economic prospects, oil prices have risen modestly. For the six months ending April 30, 2010, the Dow Jones Industrial Average returned 14.87%, the Standard & Poor’s 500 Index returned 15.66%, and the Barclays Capital U.S. Aggregate Bond Index returned 2.54%. Please keep in mind 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 adviser is a key resource to help you build a complete picture of your current and future financial needs. Financial advisers are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial adviser, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.

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

Sincerely,

John K. Carter	Christopher A. Staples
Chairman of the Board,	Vice President & Chief Investment Officer
President & Chief Executive Officer	Transamerica Funds
Transamerica Funds

Understanding Your Funds’ Expenses
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees, dividend expense on short-sales, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at November 1, 2009 and held for the entire period until April 30, 2010.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” 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 EXAMPLES FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the funds’ actual expense ratios and an assumed rate 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 the funds 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. 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. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the advisory and administrative fees, such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Fund Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio
Transamerica AllianceBernstein International Value	$	1,000.00	$	1,009.00	$	4.73	$	1,020.08	$	4.76		0.95	%
Transamerica BlackRock Global Allocation		1,000.00		1,071.10		4.42		1,020.53		4.31		0.86
Transamerica BlackRock Large Cap Value		1,000.00		1,133.40		4.34		1,020.73		4.11		0.82
Transamerica BlackRock Natural Resources		1,000.00		1,094.00		4.52		1,020.48		4.36		0.87
Transamerica BNY Mellon Market Neutral Strategy		1,000.00		984.60		13.97		1,010.71		14.21		2.84
Transamerica Federated Market Opportunity		1,000.00		957.50		4.22		1,020.48		4.36		0.87
Transamerica First Quadrant Global Macro		1,000.00		1,004.90		7.66		1,017.16		7.70		1.54
Transamerica JPMorgan Core Bond		1,000.00		1,035.60		2.47		1,022.36		2.46		0.49
Transamerica JPMorgan International Bond		1,000.00		959.00		2.87		1,021.87		2.96		0.59
Transamerica JPMorgan Mid Cap Value		1,000.00		1,239.70		4.89		1,020.43		4.41		0.88
Transamerica Loomis Sayles Bond		1,000.00		1,106.10		3.60		1,021.37		3.46		0.69
Transamerica Neuberger Berman International		1,000.00		1,086.30		5.43		1,019.59		5.26		1.05
Transamerica Oppenheimer Developing Markets		1,000.00		1,146.60		6.87		1,018.40		6.46		1.29
Transamerica Oppenheimer Small- & Mid-Cap Value		1,000.00		1,197.40		5.23		1,020.03		4.81		0.96
Transamerica Schroders International Small Cap		1,000.00		1,075.20		5.81		1,019.19		5.66		1.13
Transamerica Third Avenue Value		1,000.00		1,143.00		4.57		1,020.53		4.31		0.86
Transamerica Thornburg International Value		1,000.00		1,058.60		5.46		1,019.49		5.36		1.07
Transamerica UBS Large Cap Value		1,000.00		1,139.30		4.14		1,020.93		3.91		0.78
Transamerica Van Kampen Emerging Markets Debt		1,000.00		1,072.60		5.04		1,019.93		4.91		0.98
Transamerica Van Kampen Mid-Cap Growth		1,000.00		1,219.00		4.73		1,020.53		4.31		0.86
Transamerica Van Kampen Small Company Growth		1,000.00		1,165.50		5.42		1,019.79		5.06		1.01
Transamerica WMC Emerging Markets		1,000.00		1,114.10		7.34		1,017.85		7.00		1.40

(a)	Expenses are calculated using the 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 (181 days), and divided by the number of days in the year (365 days).
(b)	5% return per year before expenses.

Transamerica Funds Semi-Annual Report 2010

Page 1

Schedules of Investments Composition

At April 30, 2010
(The following charts summarize the Schedules of Investments of the funds by asset type)
(unaudited)

Transamerica AllianceBernstein International Value

Common Stocks	96.5	%
Securities Lending Collateral	15.9
Repurchase Agreement	2.8
Other Assets and Liabilities — Net (a)	(15.2	)
Total	100.0	%

Transamerica BlackRock Global Allocation

Common Stocks	55.5	%
Convertible Bonds	11.1
U.S. Government Obligations	9.9
Foreign Government Obligations	7.2
Short-Term U.S. Government Obligations	6.9
Corporate Debt Securities	4.5
Securities Lending Collateral	3.8
Investment Companies	3.4
Preferred Stocks	0.7
Convertible Preferred Stocks	0.3
Warrants	0.2
Rights	0.0	*
Purchased Options	0.0	*
Asset-Backed Security	0.0	*
Structured Notes Debt	0.0	*
Repurchase Agreement	0.0	*
Other Assets and Liabilities — Net (a)	(3.5	)
Total	100.0	%

Transamerica BlackRock Large Cap Value

Common Stocks	99.7	%
Securities Lending Collateral	1.2
Short-Term Investment Company	0.2
Other Assets and Liabilities — Net	(1.1	)
Total	100.0	%

Transamerica BlackRock Natural Resources

Common Stocks	85.6	%
Repurchase Agreement	15.0
Securities Lending Collateral	4.7
Other Assets and Liabilities — Net	(5.3	)
Total	100.0	%

Transamerica BNY Mellon Market Neutral Strategy

Common Stocks	94.6	%
Repurchase Agreement	27.9
Common Stocks Sold Short	(95.0	)
Other Assets and Liabilities — Net (a)	72.5
Total	100.0	%

Transamerica Federated Market Opportunity

Common Stocks	36.1	%
Repurchase Agreement	31.4
U.S. Government Obligations	11.1
Investment Companies	8.6
Foreign Government Obligations	7.3
Securities Lending Collateral	6.5
Purchased Options	3.1
Corporate Debt Securities	0.4
Other Assets and Liabilities — Net (a)	(4.5	)
Total	100.0	%

Transamerica First Quadrant Global Macro

Repurchase Agreement	82.1	%
Short-Term U.S. Government Obligations	18.3
Purchased Options	0.5
Other Assets and Liabilities — Net (a)	(0.9	)
Total	100.0	%

Transamerica JPMorgan Core Bond

U.S. Government Obligations	39.9	%
U.S. Government Agency Obligations	30.5
Repurchase Agreement	13.7
Corporate Debt Securities	9.2
Mortgage-Backed Securities	6.8
Asset-Backed Securities	0.7
Foreign Government Obligations	0.1
Municipal Government Obligation	0.0	*
Other Assets and Liabilities — Net	(0.9	)
Total	100.0	%

Transamerica JPMorgan International Bond

Foreign Government Obligations	64.2	%
Corporate Debt Securities	24.7
Repurchase Agreement	1.2
Structured Note Debt	0.7
Mortgage-Backed Security	0.6
Short-Term Foreign Government Obligation	0.2
Asset-Backed Security	0.0	*
Other Assets and Liabilities — Net (a)	8.4
Total	100.0	%

Transamerica JPMorgan Mid Cap Value

Common Stocks	96.8	%
Securities Lending Collateral	11.3
Repurchase Agreement	3.4
Other Assets and Liabilities — Net	(11.5	)
Total	100.0	%

Transamerica Loomis Sayles Bond

Corporate Debt Securities	47.8	%
Foreign Government Obligations	23.4
Mortgage-Backed Securities	7.8
Securities Lending Collateral	6.8
Convertible Bonds	6.7
Asset-Backed Securities	4.7
U.S. Government Obligation	2.4
Repurchase Agreement	2.3
Preferred Stocks	1.1
Convertible Preferred Stocks	1.1
Structured Notes Debt	1.0
Loan Assignment	0.6
Common Stocks	0.1
Preferred Corporate Debt Security	0.0	*
Other Assets and Liabilities — Net	(5.8	)
Total	100.0	%

Transamerica Neuberger Berman International

Common Stocks	97.7	%
Securities Lending Collateral	12.3
Repurchase Agreement	2.0
Warrant	0.0	*
Other Assets and Liabilities — Net	(12.0	)
Total	100.0	%

Transamerica Funds Semi-Annual Report 2010

Page 2

Schedules of Investments Composition (continued)

At April 30, 2010
(The following charts summarize the Schedules of Investments of the funds by asset type)
(unaudited)

Transamerica Oppenheimer Developing Markets

Common Stocks	95.4	%
Securities Lending Collateral	9.5
Repurchase Agreement	3.0
Preferred Stocks	1.8
Other Assets and Liabilities — Net	(9.7	)
Total	100.0	%

Transamerica Oppenheimer Small- & Mid-Cap Value

Common Stocks	96.0	%
Repurchase Agreement	4.1
Securities Lending Collateral	3.1
Other Assets and Liabilities — Net	(3.2	)
Total	100.0	%

Transamerica Schroders International Small Cap

Common Stocks	96.9	%
Securities Lending Collateral	9.4
Repurchase Agreement	3.8
Other Assets and Liabilities — Net	(10.1	)
Total	100.0	%

Transamerica Third Avenue Value

Common Stocks	87.4	%
Securities Lending Collateral	9.1
Short-Term U.S. Government Obligation	6.4
Repurchase Agreement	6.0
Warrant	0.0	*
Other Assets and Liabilities — Net	(8.9	)
Total	100.0	%

Transamerica Thornburg International Value

Common Stocks	94.9	%
Repurchase Agreement	2.9
Preferred Stock	1.0
Other Assets and Liabilities — Net (a)	1.2
Total	100.0	%

Transamerica UBS Large Cap Value

Common Stocks	98.6	%
Repurchase Agreement	1.4
Securities Lending Collateral	0.1
Other Assets and Liabilities — Net	(0.1	)
Total	100.0	%

Transamerica Van Kampen Emerging Markets Debt

Foreign Government Obligations	81.6	%
Corporate Debt Securities	7.4
Securities Lending Collateral	7.1
Repurchase Agreement	3.9
Other Assets and Liabilities — Net	0.0	*
Total	100.0	%

Transamerica Van Kampen Mid-Cap Growth

Common Stocks	98.4	%
Securities Lending Collateral	25.5
Repurchase Agreement	2.0
Other Assets and Liabilities — Net	(25.9	)
Total	100.0	%

Transamerica Van Kampen Small Company Growth

Common Stocks	91.2	%
Securities Lending Collateral	24.5
Repurchase Agreement	6.4
Preferred Stocks	2.4
Other Assets and Liabilities — Net	(24.5	)
Total	100.0	%

Transamerica WMC Emerging Markets

Common Stocks	94.6	%
Repurchase Agreement	3.6
Investment Company	2.1
Preferred Stocks	1.5
Convertible Preferred Stock	0.7
Warrant	0.0	*
Other Assets and Liabilities — Net (a)	(2.5	)
Total	100.0	%

(a)	The Other Assets and Liabilities — Net category may include, but is not limited to, Forward Currencies contracts, Futures contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, and Cash Collateral.
*	Amount rounds to less than 0.1%.

Transamerica Funds Semi-Annual Report 2010

Page 3

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 96.5%
Australia - 5.8%
Australia & New Zealand Banking Group, Ltd.		175,700	$	3,892
Bendigo and Adelaide Bank, Ltd.		155,800		1,409
BHP Billiton, Ltd.		23,700		866
Boral, Ltd.		94,174		509
Challenger Financial Services Group, Ltd.		268,400		1,019
Insurance Australia Group, Ltd.		242,100		851
Macquarie Group, Ltd. ^		68,300		3,114
National Australia Bank, Ltd.		176,221		4,502
Tabcorp Holdings, Ltd.		198,000		1,251
Telstra Corp., Ltd. ^		712,100		2,086
Austria - 0.6%
OMV AG		53,100		1,897
Bermuda - 1.3%
Esprit Holdings, Ltd.		429,694		3,081
Noble Group, Ltd.		586,000		1,271
Canada - 3.7%
Bombardier, Inc. — Class B ^		278,500		1,453
EnCana Corp.		60,800		2,011
Industrial Alliance Insurance & Financial Services, Inc.		35,100		1,211
Lundin Mining Corp. ‡		62,300		294
National Bank of Canada		20,700		1,265
Nexen, Inc.		135,992		3,307
Suncor Energy, Inc. ‡		86,988		2,976
Denmark - 2.2%
Carlsberg AS — Class B		42,125		3,405
Danske Bank A/S — Class R ‡		147,600		3,853
Finland - 1.5%
Nokia OYJ ‡^		424,000		5,184
France - 12.5%
BNP Paribas		65,252		4,482
Bouygues SA ‡^		66,400		3,290
Casino Guichard Perrachon SA ^		23,800		2,101
Cie de St-Gobain ^		63,300		3,125
Cie Generale de Geophysique-Veritas ‡		53,100		1,604
Credit Agricole SA		106,983		1,529
EDF SA ^		51,700		2,771
France Telecom SA		171,900		3,763
Klepierre REIT ^		38,900		1,341
Lagardere SCA ^		63,300		2,553
Sanofi-Aventis SA ‡^		80,700		5,505
Societe Generale		61,144		3,265
Vallourec SA ^		13,045		2,598
Vivendi SA ^		168,490		4,420
Germany - 10.6%
Allianz SE ‡^		58,600		6,717
Bayer AG ^		66,300		4,235
Bayerische Motoren Werke AG		98,400		4,867
Celesio AG ^		25,900		848
Deutsche Bank AG ^		69,100		4,823
E.ON AG ^		162,200		5,981
Muenchener Rueckversicherungs AG ^		21,000		2,960
RWE AG ^		37,550		3,089
ThyssenKrupp AG		68,600		2,231
Hong Kong - 0.6%
New World Development, Ltd. ‡		1,113,000		1,974
Italy - 4.3%
Banca Popolare di Milano Scarl		265,300		1,492
ENI SpA		175,700		3,927
Telecom Italia SpA ‡^		2,218,800		3,102
Telecom Italia SpA — RSP ‡		1,617,800		1,826
UniCredit SpA ‡		1,575,845		4,129
Japan - 24.3%
AEON Co., Ltd. ^		221,500		2,536
Air Water, Inc.		43,000		476
Asahi Breweries, Ltd.		122,200		2,195
East Japan Railway Co.		29,300		1,960
Elpida Memory, Inc. ‡		70,400		1,500

		Shares		Value
Japan - (continued)
ITOCHU Corp.			357,000	$	3,093
Japan Tobacco, Inc.			1,165		4,037
JFE Holdings, Inc.			77,000		2,746
JX Holdings, Inc. ‡			252,500		1,409
KDDI Corp.			500		2,411
Konami Corp.			12,000		233
Konica Minolta Holdings, Inc.			78,000		987
Mitsubishi Corp.			159,800		3,785
Mitsubishi Gas Chemical Co., Inc.			234,000		1,411
Mitsubishi Materials Corp. ^			494,000		1,481
Mitsubishi Tanabe Pharma Corp. ^			96,000		1,270
Mitsubishi UFJ Financial Group, Inc.			226,100		1,178
Mitsui & Co., Ltd.			204,900		3,079
Mitsui Fudosan Co., Ltd.			213,000		3,944
Murata Manufacturing Co., Ltd. ^			57,800		3,421
Namco Bandai Holdings, Inc. ^			108,200		1,080
NGK Spark Plug Co., Ltd.			102,000		1,384
Nippon Telegraph & Telephone Corp.			102,300		4,164
Nippon Yusen KK			450,000		1,850
Nissan Motor Co., Ltd. ‡^			492,800		4,288
ORIX Corp. ^			46,580		4,257
Sharp Corp. ^			181,000		2,344
Sony Corp.			112,500		3,852
Sumitomo Mitsui Financial Group, Inc. ^	��		109,500		3,622
Sumitomo Realty & Development Co., Ltd.			98,000		2,011
Tokyo Electric Power Co., Inc.			111,800		2,806
Tokyo Gas Co., Ltd.			549,000		2,333
Toshiba Corp.			841,000		4,848
Jersey, Channel Islands - 0.6%
Informa PLC			348,200		2,102
Netherlands - 1.8%
Koninklijke DSM NV ^			44,100		1,970
Randstad Holding NV ‡			81,700		4,139
New Zealand - 0.2%
Telecom Corp. of New Zealand, Ltd.			541,985		840
Spain - 3.3%
Banco Santander SA ^			441,341		5,612
Telefonica SA			242,800		5,496
Sweden - 0.4%
Electrolux AB — Series B			55,300		1,422
Switzerland - 1.7%
Novartis AG			115,110		5,869
United Kingdom - 21.1%
AstraZeneca PLC			108,000		4,772
BAE Systems PLC			612,000		3,208
Barclays PLC			944,600		4,852
BP PLC			885,700		7,725
Eurasian Natural Resources Corp. PLC			28,000		525
Imperial Tobacco Group PLC			106,200		3,025
Kazakhmys PLC ‡			77,500		1,642
Marks & Spencer Group PLC			573,700		3,208
Old Mutual PLC ‡			1,588,100		2,803
Premier Foods PLC ‡			1,225,300		490
Rentokil Initial PLC ‡			1,001,700		1,943
Rio Tinto PLC			110,300		5,702
Rolls-Royce Group PLC ‡			411,000		3,621
Rolls-Royce Group PLC — Class C Ə ^			36,990,000		57
Royal Dutch Shell PLC — Class A ^			334,430		10,494
Thomas Cook Group PLC			322,400		1,223
Travis Perkins PLC ‡			95,300		1,231
TUI Travel PLC ^			406,500		1,734
Vodafone Group PLC			3,622,812		8,028
Xstrata PLC			290,770		4,770
Total Common Stocks (cost $347,304)					325,749

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 4

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
SECURITIES LENDING COLLATERAL - 15.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.23% 5		53,726,312	$	53,726
Total Securities Lending Collateral (cost $53,726)
	Principal		Value
REPURCHASE AGREEMENT - 2.8%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $9,294 on 05/03/2010. Collateralized by U.S. Government Agency Obligations, 2.70% - 5.00%, due 10/01/2017 - 08/01/2030, and with a total value of $9,480.	$	9,294		9,294
Total Repurchase Agreement (cost $9,294)
Total Investment Securities (cost $410,324) #				388,769
Other Assets and Liabilities — Net				(51,244	)
Net Assets			$	337,525

FORWARD FOREIGN CURRENCY CONTRACTS:

				Settlement		Amount in U.S.			Net Unrealized
Currency	(Sold)			Date		Dollars (Sold)			Appreciation
Euro		(1,685	)		07/15/2010	$	(2,254	)	$	10
Euro		(6,906	)		07/15/2010		(9,288	)		91
									$	101

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Commercial Banks		11.7	%	$	45,082
Oil, Gas & Consumable Fuels		8.7			33,746
Pharmaceuticals		5.5			21,651
Diversified Telecommunication Services		5.5			21,277
Metals & Mining		5.3			20,257
Insurance		3.7			14,542
Trading Companies & Distributors		3.1			12,459
Electric Utilities		2.9			11,558
Wireless Telecommunication Services		2.7			10,439
Automobiles		2.4			9,155
Media		2.3			9,075
Aerospace & Defense		2.2			8,339
Capital Markets		2.0			7,937
Real Estate Management & Development		2.0			7,929
Household Durables		1.9			7,618
Tobacco		1.8			7,062
Beverages		1.5			5,600
Communications Equipment		1.3			5,184
Computers & Peripherals		1.2			4,848
Food & Staples Retailing		1.2			4,637
Consumer Finance		1.1			4,257
Hotels, Restaurants & Leisure		1.1			4,208
Professional Services		1.1			4,139
Chemicals		1.0			3,857
Electronic Equipment & Instruments		0.9			3,421
Construction & Engineering		0.8			3,290
Multiline Retail		0.8			3,208
Building Products		0.8			3,125
Multi-Utilities		0.8			3,089

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 5

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued):	Total Investments			Value
Specialty Retail		0.8	%	$	3,081
Machinery		0.7			2,598
Gas Utilities		0.6			2,333
Road & Rail		0.5			1,960
Commercial Services & Supplies		0.5			1,943
Marine		0.5			1,850
Energy Equipment & Services		0.4			1,604
Semiconductors & Semiconductor Equipment		0.4			1,500
Auto Components		0.4			1,384
Real Estate Investment Trusts		0.3			1,341
Leisure Equipment & Products		0.3			1,080
Diversified Financial Services		0.3			1,019
Office Electronics		0.3			987
Health Care Providers & Services		0.2			848
Construction Materials		0.1			509
Food Products		0.1			490
Software		0.1			233
Investment Securities, at Value		83.8			325,749
Short-Term Investments		16.2			63,020
Total Investments		100.0	%	$	388,769

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $51,127.
‡	Non-income producing security.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security aggregated to $57, or 0.02% of the fund’s net assets.
♦	Amount rounds to less than $1.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $410,324. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $19,668 and $41,223, respectively. Net unrealized depreciation for tax purposes is $21,555.

DEFINITION:

REIT Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 6

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	21,215	$	17,593	$	—	$	38,808
Equities — Consumer Staples		12,284		5,505		—		17,789
Equities — Energy		19,031		16,318		—		35,349
Equities — Financials		30,756		51,354		—		82,110
Equities — Health Care		6,042		16,457		—		22,499
Equities — Industrials		25,224		14,480		—		39,704
Equities — Information Technology		10,988		5,184		—		16,172
Equities — Materials		19,047		5,576		—		24,623
Equities — Telecommunication Services		14,602		17,113		—		31,715
Equities — Utilities		5,139		11,841		—		16,980
Cash & Cash Equivalent — Repurchase Agreement		—		9,294		—		9,294
Cash & Cash Equivalent — Securities Lending Collateral		53,726		—		—		53,726
Total	$	218,054	$	170,715	$	—	$	388,769

Other Financial Instruments*	Level 1		Level 2		Level 3		Total
Forward Foreign Currency Contracts — Appreciation	$	—	$	101	$	—	$	101

Level 3 Rollforward

	Beginning											Net Transfers		Ending
	Balance at		Net			Accrued		Total Realized		Total Unrealized		In/(Out) of		Balance at
Securities	10/31/2009		Purchases/(Sales)			Discounts/(Premiums)		Gain/(Loss)		Appreciation/(Depreciation)		Level 3		04/30/2010
Equities - Financials	$	♦	$	(♦	)	$	—	$	—	$	—	$	—	$	—
Foreign Equity - Industrials	$	40	$	(40	)	$	—	$	—	$	—	$	—	$	—
Total	$	40	$	(40	)	$	—	$	—	$	—	$	—	$	—

* Other financial instruments are derivative instruments including, but not limited to Futures Contracts, Forward Foreign Currency Contracts and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 7

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 9.9%
United States - 9.9%
U.S. Treasury Inflation Indexed Bond
2.38%, 01/15/2027		$	1,218	$	1,325
U.S. Treasury Inflation Indexed Note
1.63%, 01/15/2018			809		846
2.50%, 07/15/2016			3,185		3,541
U.S. Treasury Note
0.88%, 01/31/2012			891		891
1.38%, 02/15/2013 - 03/15/2013			8,599		8,592
2.13%, 11/30/2014			2,484		2,469
2.25%, 01/31/2015			2,686		2,676
2.38%, 02/28/2015			3,948		3,950
2.50%, 03/31/2015			3,402		3,419
2.63%, 12/31/2014 - 02/29/2016			6,275		6,336
2.75%, 02/15/2019			2,845		2,680
2.88%, 06/30/2010 F			2,797		2,809
3.63%, 02/15/2020			1,163		1,160
4.88%, 05/31/2011 F			5,650		5,917
Total U.S. Government Obligations (cost $45,985)					46,611
FOREIGN GOVERNMENT OBLIGATIONS - 7.2%
Australia - 0.2%
Australia Government Bond
5.75%, 06/15/2011 ^	AUD		1,145		1,074
Brazil - 1.4%
Brazil Notas do Tesouro Nacional
10.00%, 01/01/2017 - 01/01/2021	BRL		12,525		6,421
Canada - 0.2%
Canadian Government Bond
4.00%, 09/01/2010 - 06/01/2016	CAD		1,165		1,176
France - 0.2%
Caisse d’Amortissement de la Dette Sociale
3.25%, 04/25/2013	EUR		250		349
4.00%, 10/25/2014	EUR		300		429
Germany - 2.6%
Bundesrepublik Deutschland
3.50%, 07/04/2019	EUR		1,480		2,062
4.00%, 01/04/2018	EUR		550		799
4.25%, 07/04/2017	EUR		1,550		2,291
Bundesschatzanweisungen
4.75%, 06/11/2010	EUR		1,339		1,791
Deutsche Bundesrepublik Inflation Linked
1.50%, 04/15/2016	EUR		321		452
Federal Republic of Germany
1.50%, 09/21/2012 - 144A ^			1,600		1,610
4.00%, 07/04/2016	EUR		2,250		3,280
Japan - 0.8%
Japan Government Bond
0.70%, 09/15/2010	JPY		74,450		794
Japanese Government CPI Linked Bond
0.80%, 09/10/2015 - 03/10/2016	JPY		235,641		2,460
1.00%, 06/10/2016	JPY		19,900		208
1.40%, 06/10/2018	JPY		44,772		472
Korea, Republic of - 0.2%
Export-Import Bank of Korea
4.13%, 09/09/2015 ^		$	875		885
Malaysia - 0.2%
Republic of Malaysia
3.46%, 07/31/2013	MYR		217		69
3.76%, 04/28/2011	MYR		3,400		1,080

		Principal		Value
Netherlands - 0.1%
Netherlands Government Bond
3.75%, 07/15/2014	EUR		250	$	359
New Zealand - 0.1%
Republic of New Zealand CPI Linked Bond
4.50%, 02/15/2016	NZD		400		436
Poland - 0.2%
Republic of Poland CPI Linked Bond
3.00%, 08/24/2016	PLN		2,927		988
Supranational - 0.2%
European Investment Bank
3.63%, 10/15/2011	EUR		296		409
4.38%, 04/15/2013	EUR		400		576
Turkey - 0.2%
Republic of Turkey
4.00%, 04/01/2020	TRY		376		250
10.00%, 01/09/2013	TRY		346		235
10.50%, 01/15/2020	TRY		491		329
United Kingdom - 0.6%
United Kingdom Gilt
4.25%, 03/07/2011	GBP		1,835		2,893
Vietnam - 0.0%¥
Socialist Republic of Vietnam
6.75%, 01/29/2020 - Reg S		$	100		104
Total Foreign Government Obligations (cost $32,800)					34,281
ASSET-BACKED SECURITY - 0.0%¥
Cayman Islands - 0.0%¥
Latitude CLO, Ltd.
Series 2005-1I, Class SUB
Zero Coupon, 12/15/2017			200		10
Total Asset-Backed Security (cost $177)
CORPORATE DEBT SECURITIES - 4.5%	��
Bermuda - 0.0%¥
Noble Group, Ltd.
8.50%, 05/30/2013 - 144A			125		140
Brazil - 0.1%
Banco do Brasil SA
4.50%, 01/22/2015 - 144A			219		220
Banco Santander Brasil SA
4.50%, 04/06/2015 - 144A			165		160
BES Investimento do Brasil SA
5.63%, 03/25/2015 - 144A			100		97
Canada - 0.1%
Rogers Communications, Inc.
7.63%, 12/15/2011	CAD		500		531
Sino-Forest Corp.
10.25%, 07/28/2014 - 144A		$	50		55
Cayman Islands - 0.1%
Cosan Finance, Ltd.
7.00%, 02/01/2017 - 144A			90		93
DBS Capital Funding Corp.
7.66%, 03/15/2011 - Reg S * Ž			42		44
Hutchison Whampoa, Ltd.
7.63%, 04/09/2019 - 144A			400		470
France - 0.2%
Cie de Financement Foncier
2.13%, 04/22/2013 - 144A			1,000		1,007
Hong Kong - 0.2%
Hutchison Whampoa International 03/33, Ltd.
6.25%, 11/24/2014 - Reg S			200		220

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 8

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
Hong Kong - - (continued)
Hutchison Whampoa International 09/16, Ltd.
4.63%, 09/11/2015 - 144A		$	242	$	251
4.63%, 09/11/2015 - Reg S			617		639
Indonesia - 0.2%
Bumi Resources PT
10.59%, 10/08/2010			500		500
Multi Daerah Bersaing PT
7.30%, 04/13/2012			500		500
Ireland - 0.3%
VIP Finance Ireland, Ltd. — Class B
9.13%, 04/30/2018 - 144A			1,208		1,376
Kazakhstan - 0.4%
KazMunaiGaz Finance Sub BV
7.00%, 05/05/2020 - 144A			369		377
9.13%, 07/02/2018 - 144A			1,404		1,653
Korea, Republic of - 0.5%
Hana Bank
4.50%, 10/30/2015 - 144A			134		135
Hyundai Motor Manufacturing
4.50%, 04/15/2015 - 144A			248		250
Korea Development Bank
4.38%, 08/10/2015 ^			892		912
Korea Electric Power Corp.
5.13%, 04/23/2034 - Reg S			579		608
7.95%, 04/01/2096 *			448		321
Luxembourg - 0.7%
Evraz Group SA
8.25%, 11/10/2015 - Reg S			100		104
8.88%, 04/24/2013 - 144A			160		167
9.50%, 04/24/2018 - 144A			425		450
TNK-BP Finance SA
6.63%, 03/20/2017 - 144A			752		769
7.50%, 07/18/2016 - 144A			200		214
7.88%, 03/13/2018 - 144A			947		1,023
UBS Luxembourg SA
8.25%, 05/23/2016 - Reg S			200		217
Malaysia - 0.2%
Johor Corp.
1.00%, 07/31/2012 §	MYR		2,896		1,046
Mexico - 0.2%
BBVA Bancomer, S.A.
7.25%, 04/22/2020 - 144A		$	367		372
Petroleos Mexicanos
6.00%, 03/05/2020 - 144A			760		782
Singapore - 0.1%
Yanlord Land Group, Ltd.
9.50%, 05/04/2017 - 144A			370		367
Trinidad and Tobago - 0.0%¥
Petroleum Co. of Trinidad & Tobago, Ltd.
9.75%, 08/14/2019 - 144A			185		216
United Arab Emirates - 0.0%¥
Abu Dhabi National Energy Co.
6.50%, 10/27/2036 - Reg S			100		95
United Kingdom - 0.2%
Lloyds TSB Bank PLC
13.00%, 01/21/2049 Ž	GBP		500		880
United States - 0.9%
Calpine Corp. Escrow
8.75%, 07/15/2013 Ə			2,142		♦
CF Industries Holdings, Inc.
7.13%, 05/01/2020			256		269

		Principal		Value
United States- (continued)
Consol Energy, Inc.
8.00%, 04/01/2017 - 144A		$	575	$	607
Ford Motor Credit Co., LLC
7.00%, 04/15/2015			100		102
Kraft Foods, Inc.
2.63%, 05/08/2013			521		533
4.13%, 02/09/2016			934		958
Pemex Project Funding Master Trust
5.50%, 02/24/2025 - Reg S	EUR		610		791
Thermo Fisher Scientific, Inc.
3.20%, 05/01/2015		$	234		235
Virgin Islands, British - 0.1%
Citic Resources Finance, Ltd.
6.75%, 05/15/2014 - 144A			331		338
Total Corporate Debt Securities (cost $19,076)					21,094
STRUCTURED NOTES DEBT - 0.0%¥
United States - 0.0%¥
Preferred Term Securities XXIV, Ltd.
03/22/2037 § ±			350		♦
Preferred Term Securities XXV, Ltd.
03/22/2037 § ±			175		♦
Preferred Term Securities XXVI, Ltd.
09/22/2037 - 144A § ±			190		♦
Preferred Term Securities XXVII, Ltd.
12/22/2037 Ə § ±			200		♦
Total Structure Notes Debt (cost $905)					♦

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.3%
Bermuda - 0.0%¥
Bunge, Ltd. 4.88%		1,390		117
Cayman Islands - 0.0%¥
XL Capital, Ltd. 10.75%		4,470		120
United States - 0.3%
El Paso Corp. 4.99%		685		719
Mylan, Inc. 6.50%		513		657
Total Convertible Preferred Stocks (cost $1,243)				1,613
PREFERRED STOCKS - 0.7%
Brazil - 0.6%
All America Latina Logistica SA 0.07% ▲		25,430		231
Cia Brasileira de Distribuicao Grupo Pao de Acucar		910		31
Cia Brasileira de Distribuicao Grupo Pao de Acucar 0.99% ▲		23,726		812
Itau Unibanco Holding SA 2.35% ▲		21,800		473
NET Servicos de Comunicacao SA		20,300		239
Usinas Siderurgicas de Minas Gerais SA 1.88% ▲		5,100		165
Vale SA 2.02% ▲		29,300		784
France - 0.0%¥
Cie Generale des Etablissements Michelin 1.87% ▲		1,513		223
Germany - 0.1%
Volkswagen AG 2.36% ▲ ^		4,380		423
Total Preferred Stocks (cost $2,824)				3,381

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 9

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 55.5%
Australia - 0.7%
BHP Billiton, Ltd.		41,989	$	1,535
CSL, Ltd.		15,554		465
Newcrest Mining, Ltd.		8,423		254
Rio Tinto, Ltd. ^		3,592		235
Telstra Corp., Ltd.		89,746		263
Woodside Petroleum, Ltd.		11,995		497
Austria - 0.0%¥
Telekom Austria AG		8,386		111
Belgium - 0.1%
RHJ International ‡		50,600		433
RHJ International - 144A ‡		17,100		146
Bermuda - 0.7%
Arch Capital Group, Ltd. ‡^		3,575		270
Axis Capital Holdings, Ltd.		300		9
Cheung Kong Infrastructure Holdings, Ltd.		77,900		291
Cosan, Ltd. — Class A ‡		41,200		438
Endurance Specialty Holdings, Ltd. ^		10,386		382
Everest RE Group, Ltd.		2,006		154
Katanga Mining, Ltd. ‡		84,672		100
Nabors Industries, Ltd. ‡		3,632		78
Noble Group, Ltd.		107,869		234
PartnerRe, Ltd.		2,354		183
Platinum Underwriters Holdings, Ltd.		4,377		163
RenaissanceRe Holdings, Ltd.		4,388		246
Validus Holdings, Ltd.		7,817		200
VimpelCom, Ltd. ADR ‡		26,300		458
Brazil - 1.7%
Banco Santander Brasil SA ‡		18,900		218
Cia Energetica de Minas Gerais ADR^		7,664		124
Cyrela Brazil Realty SA		48,100		581
Hypermarcas SA ‡		90,000		1,243
MRV Engenharia e Participacoes SA		44,400		314
Petroleo Brasileiro SA ADR ‡		9,600		407
Petroleo Brasileiro SA — Class A ADR ‡		103,700		3,934
SLC Agricola SA		38,200		364
VIVO Participacoes SA ADR		31,800		842
Canada - 3.1%
Agrium, Inc. W		4,600		287
Alamos Gold, Inc.		29,700		441
Barrick Gold Corp.		37,295		1,624
BCE, Inc.		1,400		42
Canadian Natural Resources, Ltd.		8,000		615
Canadian Pacific Railway, Ltd.		15,134		891
Cenovus Energy, Inc.		600		18
Daylight Resources Trust		41,700		460
Eldorado Gold Corp. ‡		63,000		968
EnCana Corp.		600		20
Goldcorp, Inc.		46,200		1,996
Golden Star Resources, Ltd. ‡		23,800		108
Iamgold Corp.		106,275		1,900
Kinross Gold Corp.		101,864		1,943
New Gold, Inc. ‡		4,600		27
Potash Corp. of Saskatchewan, Inc.		2,100		232
Rogers Communications, Inc. — Class B		10,500		374
	Shares		Value
Canada - (continued)
Silver Wheaton Corp. ‡^		15,900	$	310
Sino-Forest Corp. — Class A ‡^		32,600		580
Suncor Energy, Inc. ‡		8,615		295
Talisman Energy, Inc.		4,000		68
TELUS Corp. ‡		4,400		163
Thomson Reuters Corp. ‡		700		25
Viterra, Inc. ‡		12,500		106
Yamana Gold, Inc.		119,117		1,300
Cayman Islands - 0.6%
Chaoda Modern Agriculture Holdings, Ltd.		960,114		1,094
China Dongxiang Group Co.		254,000		172
China Huiyuan Juice Group, Ltd.		63,000		48
Garmin, Ltd. ‡^		973		36
Seagate Technology ‡		1,800		33
Tianjin Port Development Holdings, Ltd. ‡		1,572,600		442
XL Capital, Ltd. — Class A		62,618		1,115
Chile - 0.1%
Banco Santander Chile ADR		3,600		237
Sociedad Quimica y Minera de Chile SA ADR		6,000		216
China - 0.6%
China BlueChemical, Ltd.		288,500		181
China Communications Services Corp., Ltd. - Class H		5,000		3
China Life Insurance Co., Ltd. ADR		5,733		388
China Life Insurance Co., Ltd. — Class H		74,400		342
China Pacific Insurance Group Co., Ltd.		35,800		150
China Shenhua Energy Co., Ltd. — Class H		182,800		784
China South Locomotive and Rolling Stock Corp.		129,900		98
China Telecom Corp., Ltd.		386,000		177
Dongfeng Motor Group Co., Ltd. — Class H		32,700		46
Guangshen Railway Co., Ltd.		522,700		203
Jiangsu Expressway Co., Ltd. — Class H		44,700		42
Ping An Insurance Group Co. of China, Ltd. - Class H		24,300		207
Sinopharm Group Co. — Class H		46,500		210
Xiamen International Port Co., Ltd. — Class H		494,200		92
Zhongsheng Group Holdings, Ltd. ‡		69,600		97
Cyprus - 0.0%¥
AFI Development PLC GDR ‡		47,100		96
Egypt - 0.1%
Telecom Egypt		167,430		556
Finland - 0.0%¥
Fortum OYJ ^		8,978		232
France - 0.6%
AXA SA ^		8,666		172
AXA SA ADR		500		10
Cie Generale D’optique Essilor International SA ^		11,461		699
France Telecom SA		27,017		591
Sanofi-Aventis SA ‡		3,000		205
Sanofi-Aventis SA ADR ‡		700		24
Thales SA		4,300		160
Total SA		13,708		745

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 10

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Germany - 0.2%
Allianz SE ‡^		2,216	$	254
Bayer AG ^		5,171		330
Bayer AG ADR		300		19
Bayerische Motoren Werke AG ^		3,100		153
Guernsey, Channel Islands - 0.0%¥
Amdocs, Ltd. ‡		1,143		37
Hong Kong - 1.1%
Beijing Enterprises Holdings, Ltd.		235,389		1,523
Cheung Kong Holdings, Ltd.		27,500		339
China Mobile, Ltd.		70,700		693
China Unicom, Ltd.		80,000		100
Denway Motors, Ltd. Ə		432,900		255
Hutchison Whampoa, Ltd.		51,600		354
Link REIT		300,600		741
Ports Design, Ltd.		1,300		3
Shanghai Industrial Holdings, Ltd.		17,300		75
Shougang Concord International Enterprises Co., Ltd.		529,400		96
Tianjin Development Holdings		991,800		623
Wharf Holdings, Ltd.		66,025		358
India - 0.7%
Adani Power, Ltd. ‡		120,621		340
Bharat Heavy Electricals, Ltd.		12,300		683
Container Corp., of India		3,800		111
Hindustan Unilever, Ltd.		25,000		134
Housing Development Finance Corp.		4,200		265
Larsen & Toubro, Ltd.		8,500		306
Reliance Industries, Ltd. ‡		30,000		691
State Bank of India, Ltd.		11,900		613
Indonesia - 0.1%
Bumi Resources PT		983,901		253
Telekomunikasi Indonesia PT		469,600		405
Ireland - 0.1%
Accenture PLC — Class A		745		33
Covidien PLC		8,525		409
Ingersoll-Rand PLC		900		33
Warner Chilcott PLC — Class A ‡		1,200		34
Israel - 0.2%
Check Point Software Technologies ‡^		1,200		43
Teva Pharmaceutical Industries, Ltd. ADR		14,240		836
Italy - 0.1%
Assicurazioni Generali SpA ^		3,800		80
Intesa Sanpaolo SpA ‡		51,700		171
Japan - 6.7%
Astellas Pharma, Inc.		7,400		259
Bank of Kyoto, Ltd.		27,600		243
Canon, Inc. ^		18,900		865
Coca-Cola Central Japan Co., Ltd.		7,431		96
Coca-Cola West Co., Ltd.		22,371		396
Daihatsu Motor Co., Ltd.		18,100		175
Daikin Industries, Ltd.		1,800		68
Daiwa House Industry Co., Ltd.		27,400		295
Denso Corp.		10,400		304
East Japan Railway Co.		13,401		897
Fanuc, Ltd.		2,500		295
Fuji Heavy Industries, Ltd. ‡		72,000		403

	Shares		Value
Japan - (continued)
Fujitsu, Ltd. ^		16,700	$	117
Futaba Industrial Co., Ltd. ‡^		22,500		182
Hitachi Chemical Co., Ltd. ^		16,200		352
Hokkaido Coca-Cola Bottling Co., Ltd.		6,800		34
Honda Motor Co., Ltd.		15,900		538
Hoya Corp.		27,700		766
JGC Corp.		30,000		519
KDDI Corp.		227		1,094
Kinden Corp.		23,000		204
Kirin Holdings Co., Ltd.		41,300		591
Kubota Corp.		97,900		860
Kuraray Co., Ltd.		18,700		245
Kyowa Hakko Kirin Co., Ltd. ^		25,700		270
Mikuni Coca-Cola Bottling Co., Ltd.		17,400		138
Mitsubishi Corp.		65,800		1,559
Mitsubishi Tanabe Pharma Corp. ^		13,000		172
Mitsubishi UFJ Financial Group, Inc.		108,600		565
Mitsui & Co., Ltd.		71,600		1,076
Mitsui O.S.K. Lines, Ltd.		38,600		289
MS&AD Insurance Group Holdings		50,610		1,455
Murata Manufacturing Co., Ltd. ^		8,300		491
NGK Insulators, Ltd. ^		9,900		195
Nintendo Co., Ltd. ^		1,000		336
Nippon Electric Glass Co., Ltd.		6,500		100
Nippon Telegraph & Telephone Corp.		11,900		484
NKSJ Holdings, Inc. ‡		101,430		736
Nomura Holdings, Inc. ^		50,100		346
NTT DoCoMo, Inc.		958		1,491
NTT Urban Development Corp.		155		150
Okumura Corp. ^		75,400		256
Rinnai Corp. ^		3,500		172
ROHM Co., Ltd.		5,000		371
Sekisui House, Ltd.		70,000		667
Seven & I Holdings Co., Ltd.		28,800		736
Shimachu Co., Ltd.		3,900		81
Shin-Etsu Chemical Co., Ltd.		22,000		1,268
Shionogi & Co., Ltd. ^		15,000		271
Sony Corp. ADR		900		31
Sony Financial Holdings, Inc. ^		30		108
Sumitomo Chemical Co., Ltd.		300,400		1,419
Sumitomo Electric Industries, Ltd. ‡		9,700		119
Sumitomo Mitsui Financial Group, Inc. ^		11,300		374
Suzuki Motor Corp.		45,600		958
Tadano, Ltd. ^		8,000		43
TDK Corp.		4,300		275
Terumo Corp. ^		3,300		168
Toda Corp.		67,700		245
Toho Co., Ltd. ^		18,700		322
Tokio Marine Holdings, Inc. ^		53,900		1,606
Tokyo Gas Co., Ltd.		141,000		599
Toyota Industries Corp.		24,837		724
Toyota Motor Corp.		11,900		460
UBE Industries, Ltd.		115,400		292
West Japan Railway Co.		90		327
Jersey, Channel Islands - 0.0%¥
Shire PLC ADR		500		33

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 11

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Kazakhstan - 0.3%
KazMunaiGas Exploration Production GDR ‡		49,200	$	1,206
Korea, Republic of - 1.0%
Cheil Industries, Inc.		4,100		294
Korean Reinsurance Co.		4,665		41
KT Corp. ADR		28,900		653
KT&G Corp.		9,500		480
LG Corp. ‡		4,000		273
LG Display Co., Ltd. ‡		8,500		361
LS Cable, Ltd. ‡		4,000		326
Meritz Fire & Marine Insurance Co., Ltd.		4,763		31
Paradise Co., Ltd. ‡		26,639		78
POSCO		700		314
POSCO ADR		3,200		359
Samsung Electronics Co., Ltd.		1,250		950
Samsung Fine Chemicals Co., Ltd.		6,500		311
SK Telecom Co., Ltd.		3,160		493
Luxembourg - 0.0%¥
Millicom International Cellular SA		500		44
Malaysia - 0.5%
Axiata Group BHD ‡		193,500		236
British American Tobacco Malaysia BHD ‡		18,300		252
Genting Malaysia BHD		119,294		108
IOI Corp. BHD		61,398		104
PLUS Expressways BHD		418,881		451
Telekom Malaysia BHD		86,000		93
Tenaga Nasional BHD		137,657		366
YTL Power International BHD		1,021,505		700
Mexico - 0.2%
America Movil SAB de CV ADR		13,200		680
Fomento Economico Mexicano SAB de CV ADR		3,200		151
Netherlands - 0.2%
Koninklijke KPN NV		16,491		247
Koninklijke Philips Electronics NV		7,500		253
Koninklijke Philips Electronics NV — Class Y		1,800		60
Unilever NV		5,700		172
Norway - 0.1%
DnB NOR ASA ^		4,300		51
Statoil ASA		20,100		486
Panama - 0.2%
McDermott International, Inc. ‡		35,259		966
Philippines - 0.1%
First Gen Corp. ‡		49,608		11
Philippine Long Distance Telephone Co. ADR		4,100		231
Russian Federation - 1.5%
Kuzbassrazrezugol ‡		820,060		410
LSR Group GDR ‡		78,700		669
Magnitogorsk Iron & Steel Works GDR		14,700		199
MMC Norilsk Nickel ADR ‡		39,234		740
Novorossiysk Commercial Sea Port PJSC GDR ‡		83,200		1,111
Polyus Gold Co. ADR		34,300		850
Rosneft Oil Co. GDR		27,600		221

	Shares		Value
Russian Federation - (continued)
Rushydro ‡		1,050,759	$	60
Rushydro ADR ‡		308,946		1,791
Sberbank of Russian Federation		298,100		790
Surgutneftegaz ADR		22,700		215
Uralkali GDR ‡		1,400		30
Singapore - 0.8%
Capitaland, Ltd.		16,350		44
DBS Group Holdings, Ltd.		22,000		242
Fraser and Neave, Ltd.		127,800		454
Keppel Corp., Ltd.		88,000		625
MobileOne, Ltd.		158,030		245
Oversea-Chinese Banking Corp.		100,000		635
Parkway Holdings, Ltd.		186,420		456
Parkway Life REIT ‡		6,732		7
SembCorp Marine, Ltd. ^		68,100		208
Singapore Press Holdings, Ltd. ^		63,000		188
Singapore Telecommunications, Ltd.		307,750		679
United Overseas Bank, Ltd.		12,000		176
South Africa - 0.1%
Anglo Platinum, Ltd. ‡		1,435		156
Gold Fields, Ltd. ADR		9,300		125
Impala Platinum Holdings, Ltd.		4,900		138
Sasol, Ltd.		3,200		129
Spain - 0.2%
Iberdrola Renovables SA ^		29,300		114
Telefonica SA		15,669		354
Telefonica SA ADR		4,000		271
Switzerland - 1.1%
ACE, Ltd.		24,179		1,287
Credit Suisse Group AG ‡		7,180		330
Credit Suisse Group AG ADR ‡		1,000		46
Nestle SA		23,837		1,166
Noble Corp. ‡		786		31
Novartis AG		8,988		458
Roche Holding AG		2,825		446
Transocean, Ltd. W ‡		5,582		405
Tyco Electronics, Ltd.		3,932		126
Tyco International, Ltd.		3,859		150
UBS AG ‡		22,200		343
Weatherford International, Ltd. ‡		13,388		242
Zurich Financial Services AG		1,461		324
Taiwan - 0.9%
Asustek Computer, Inc.		104,116		201
Catcher Technology Co., Ltd.		34,100		90
Cheng Shin Rubber Industry Co., Ltd.		65,000		140
Chunghwa Telecom Co., Ltd.		146,396		287
Chunghwa Telecom Co., Ltd. ADR		30,488		596
Compal Electronics, Inc.		74,000		103
Delta Electronics, Inc.		157,541		521
Far EasTone Telecommunications Co., Ltd.		176,000		214
High Tech Computer Corp.		42,250		566
Hon Hai Precision Industry Co., Ltd.		73,252		344
Mediatek, Inc.		13,000		220
Taiwan Cement Corp.		354,960		319
Taiwan Semiconductor Manufacturing Co., Ltd.		277,888		544

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 12

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Thailand - 0.2%
Hana Microelectronics PCL		125,158	$	92
PTT Chemical PCL		24,866		80
PTT PCL		38,097		303
Siam Commercial Bank PCL		148,575		376
Turkey - 0.3%
Bim Birlesik Magazalar AS		5,700		319
Tupras Turkiye Petrol Rafine		13,800		307
Turk Telekomunikasyon AS		76,100		284
Turkcell Iletisim Hizmet AS		32,700		212
Turkiye Garanti Bankasi AS		100,400		485
United Kingdom - 1.8%
Anglo American PLC ‡		15,700		667
Antofagasta PLC		18,800		285
AstraZeneca PLC ADR		1,100		49
BG Group PLC		14,000		238
BP PLC		66,269		578
BP PLC ADR		2,100		110
British American Tobacco PLC		8,006		252
Diageo PLC ADR		18,500		1,260
Ensco PLC ADR		800		38
Guinness Peat Group PLC		463,094		295
HSBC Holdings PLC		163,300		1,664
HSBC Holdings PLC ADR		6,100		310
Lloyds TSB Group PLC ‡		555,516		556
Prudential PLC		11,000		97
Royal Dutch Shell PLC — Class A ADR		3,831		240
Standard Chartered PLC		10,700		285
Unilever PLC		8,586		258
Unilever PLC ADR		6,700		202
Vodafone Group PLC		326,122		723
Vodafone Group PLC ADR^		21,461		476
United States - 28.5%
3M Co.		8,966		795
Abbott Laboratories		22,796		1,166
Advance Auto Parts, Inc.		781		35
Advanced Micro Devices, Inc. W ‡		28,800		261
AES Corp. ‡		1,948		22
Aetna, Inc.		24,942		737
Alliance Resource Partners, LP		4,697		228
Allstate Corp.		5,752		188
Altria Group, Inc.		22,094		468
American Commercial Lines, Inc. ‡^		8,377		171
American Tower Corp. — Class A ‡		3,500		143
American Water Works Co., Inc.		5,138		112
AmerisourceBergen Corp. — Class A		7,986		246
Amgen, Inc. ‡		10,936		627
Amphenol Corp. — Class A ^		1,518		70
Anadarko Petroleum Corp.		10,876		676
Analog Devices, Inc.		2,646		79
AOL, Inc. ‡		745		17
Apache Corp.		6,863		698
Apple, Inc. W ‡		12,500		3,264
Ascent Media Corp. ‡^		50		1
AT&T, Inc.		108,819		2,836
Bank of America Corp.		148,293		2,644
Bank of New York Mellon Corp.		46,079		1,434
Baxter International, Inc.		4,010		189
Biogen Idec, Inc. ‡		608		32

	Shares		Value
United States - (continued)
BMC Software, Inc. ‡^		1,669	$	66
Boeing Co.		14,685		1,063
Boston Scientific Corp. ‡		30,188		208
Bristol-Myers Squibb Co.		133,722		3,383
Broadcom Corp. — Class A		5,090		176
Bunge, Ltd.		7,174		380
CA, Inc.		42,275		964
Cablevision Systems Corp. — Class A		1,400		38
Capital One Financial Corp.		800		35
Cardinal Health, Inc.		983		34
CareFusion Corp. ‡		1,271		35
CenturyTel, Inc. ^		6,808		232
Cephalon, Inc. ‡^		500		32
CF Industries Holdings, Inc. W		8,321		696
Chesapeake Energy Corp. ^		9,161		218
Chevron Corp.		31,991		2,605
Chubb Corp.		9,310		492
Cigna Corp.		10,491		336
Cisco Systems, Inc. ‡		62,320		1,678
Citigroup, Inc. ‡		320,776		1,402
CMS Energy Corp. ^		8,339		135
CNA Financial Corp. ‡^		200		6
Coca-Cola Co.		7,526		403
Cognizant Technology Solutions Corp. — Class A ‡^		2,604		133
Colgate-Palmolive Co.		7,729		650
Comcast Corp. — Class A		72,271		1,426
Comerica, Inc.		988		41
Complete Production Services, Inc. ‡		14,937		225
Computer Sciences Corp. ‡		2,270		119
Comverse Technology, Inc. ‡		30,028		276
ConAgra Foods, Inc.		6,760		165
ConocoPhillips		24,646		1,459
Consol Energy, Inc.		34,800		1,555
Constellation Brands, Inc. — Class A ‡		5,473		100
Constellation Energy Group, Inc.		900		32
Corning, Inc. W		79,912		1,538
Crown Holdings, Inc. ‡		8,186		213
CVS Caremark Corp.		16,521		610
Darden Restaurants, Inc.		800		36
DaVita, Inc. ‡		6,549		409
Dell, Inc. W ‡		54,773		886
Devon Energy Corp.		11,405		768
DIRECTV — Class A ‡		15		1
Discovery Communications, Inc. ‡^		882		32
DISH Network Corp. — Class A		8,700		193
Dow Chemical Co.		29,361		905
Dr. Pepper Snapple Group, Inc.		4,737		155
DTE Energy Co. ^		800		39
E.I. du Pont de Nemours & Co.		17,542		699
Eastman Chemical Co. ^		600		40
Eaton Corp.		518		40
eBay, Inc. ‡		12,893		307
El Paso Corp. ^		80,365		972
Electronic Arts, Inc. ‡		20,727		401
Eli Lilly & Co.		8,235		288

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 13

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
United States - (continued)
EMC Corp. ‡		29,591	$	563
Endo Pharmaceuticals Holdings, Inc. ‡^		2,530		55
Entergy Corp.		6,357		517
Exco Resources, Inc. ^		25,200		467
Exelon Corp.		8,400		366
Expedia, Inc.		1,400		33
Extreme Networks ‡^		808		3
Exxon Mobil Corp.		74,996		5,087
Family Dollar Stores, Inc.		600		24
Fidelity National Financial, Inc. — Class A		44,536		676
Fidelity National Information Services, Inc. ^		2,741		72
Fluor Corp.		400		21
FMC Corp. ^		18,600		1,184
Forest Laboratories, Inc. ‡		3,715		101
FPL Group, Inc.		13,821		719
Freeport-McMoRan Copper & Gold, Inc.		9,430		712
Gap, Inc.		1,483		37
General Communication, Inc. — Class A ‡^		7,724		48
General Electric Co.		163,673		3,087
General Mills, Inc.		4,630		330
Genzyme Corp. ‡		11,343		604
Gilead Sciences, Inc. ‡		15,395		611
Global Industries, Ltd. ‡^		57,833		387
Google, Inc. — Class A ‡		2,913		1,531
Halliburton Co.		16,292		499
Hanesbrands, Inc. ‡		762		22
Harris Corp.		1,179		61
Hartford Financial Services Group, Inc.		5,800		166
Healthsouth Corp. ‡^		10,120		207
Hess Corp.		7,493		476
Hewitt Associates, Inc. — Class A ‡^		797		33
Hewlett-Packard Co.		22,320		1,160
HJ Heinz Co. ^		5,347		251
Hologic, Inc. ‡^		52,393		936
Hospira, Inc. ‡		700		38
Humana, Inc. ‡^		9,583		438
Intel Corp.		41,039		937
International Business Machines Corp.		24,100		3,109
International Game Technology		20,827		439
International Paper Co.		6,276		168
Intuit, Inc. ‡		1,000		36
ITT Corp.		600		33
JDS Uniphase Corp. ‡		3,682		48
Johnson & Johnson		42,891		2,758
JPMorgan Chase & Co. W		67,591		2,878
KBR, Inc.		9,500		210
Kimberly-Clark Corp.		500		31
King Pharmaceuticals, Inc. ‡^		3,816		37
Kraft Foods, Inc. — Class A		34,417		1,018
L-3 Communications Holdings, Inc. ^		100		9
Lexmark International, Inc. — Class A ‡		11,700		433
Liberty Media Corp. — Capital ‡		4		♦
Liberty Media Corp. — Interactive ‡		567		9
Liberty Media Corp. — Starz ‡		1		♦

	Shares		Value
United States - (continued)
Life Technologies Corp. ‡^		5,694	$	312
Limited. Brands, Inc.		1,400		38
Lockheed Martin Corp.		10,373		881
Lorillard, Inc.		2,551		200
LSI Corp. ‡		2,588		16
Lubrizol Corp.		406		37
Manpower, Inc.		100		6
Marathon Oil Corp.		25,588		823
Mattel, Inc. W		20,100		463
McDonald’s Corp.		8,456		597
McGraw-Hill Cos., Inc.		700		24
McKesson Corp.		6,570		426
Mead Johnson Nutrition Co. — Class A		14,636		755
MeadWestvaco Corp.		1,229		33
Medco Health Solutions, Inc. ‡		11,788		695
Medtronic, Inc.		28,178		1,231
Memc Electronic Materials, Inc. ‡^		1,948		25
Merck & Co., Inc.		52,248		1,831
MetLife, Inc. W		7,717		352
Mettler-Toledo International, Inc. ‡^		1,489		187
Microsoft Corp.		149,526		4,566
Molson Coors Brewing Co. — Class B		800		35
Morgan Stanley		21,791		659
Motorola, Inc. ‡		53,367		377
Murphy Oil Corp.		3,510		211
Mylan, Inc. ‡		1,600		35
National Oilwell Varco, Inc.		16,759		739
National Semiconductor Corp. ^		2,249		33
Newmont Mining Corp.		28,389		1,592
News Corp. — Class A		25,480		393
NII Holdings, Inc. ‡		1,000		42
Northern Trust Corp. ^		18,937		1,041
Northrop Grumman Corp.		9,075		616
Novell, Inc. ‡		7,234		41
NRG Energy, Inc. ‡		5,680		138
Occidental Petroleum Corp.		11,105		985
Oracle Corp.		58,538		1,513
Pall Corp.		2,303		90
Parker Hannifin Corp.		600		42
PerkinElmer, Inc.		7,967		200
Perrigo Co.		8,100		494
Pfizer, Inc.		137,543		2,300
PharMerica Corp. ‡^		283		5
Philip Morris International, Inc.		13,854		680
Pitney Bowes, Inc. ^		1,391		35
Polo Ralph Lauren Corp. — Class A ^		400		36
Polycom, Inc. ‡^		22,300		726
PPG Industries, Inc.		600		42
PPL Corp.		7,271		180
Praxair, Inc.		3,097		259
Precision Castparts Corp.		4,510		579
Pride International, Inc. ‡		1,000		30
Principal Financial Group, Inc.		5,287		154
Procter & Gamble Co.		29,814		1,853

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 14

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

		Shares		Value
United States - (continued)
Progressive Corp.			12,332	$	248
QUALCOMM, Inc.			44,634		1,728
Qwest Communications International, Inc.			104,196		545
Ralcorp Holdings, Inc. ‡			1,024		68
Raytheon Co.			5,407		315
Reynolds American, Inc.			300		16
Ross Stores, Inc.			708		39
RR Donnelley & Sons Co.			1,387		30
Ryder System, Inc.			855		40
Safeway, Inc. ^			1,365		32
SanDisk Corp. ‡			1,200		48
Sara Lee Corp.			51,372		731
Schlumberger, Ltd.			14,704		1,051
Seahawk Drilling, Inc. ‡			53		1
Sears Holdings Corp. ‡			400		48
Smith International, Inc.			2,783		133
Sohu.com, Inc. ‡			1,600		77
Southern Co.			2,837		98
Spirit Aerosystems Holdings, Inc. — Class A ‡^			28,801		639
Sprint Nextel Corp. ‡			46,537		198
St. Joe Co. ‡^			13,953		461
State Street Corp.			14,982		652
Stryker Corp.			700		40
SUPERVALU, Inc.			2,749		41
Target Corp.			700		40
Tellabs, Inc.			3,095		28
Teradata Corp. ‡			2,003		58
Texas Instruments, Inc.			18,873		491
Thermo Fisher Scientific, Inc. ‡			9,370		517
Time Warner Cable, Inc. ^			2,058		116
Time Warner, Inc.			8,200		271
TJX Cos., Inc.			800		37
Total System Services, Inc. ^			2,932		47
Transatlantic Holdings, Inc.			2,831		141
Travelers Cos., Inc.			17,167		870
U.S. Bancorp			38,696		1,036
Unifi, Inc. ‡^			23,200		89
Union Pacific Corp.			22,069		1,670
United Technologies Corp.			2,652		199
UnitedHealth Group, Inc. W			28,620		867
Unum Group			1,700		42
URS Corp. ‡			700		36
Valero Energy Corp.			13,111		273
VeriSign, Inc. ‡^			1,268		35
Verizon Communications, Inc.			74,018		2,138
Viacom, Inc. — Class B ‡			26,801		947
WABCO Holdings, Inc. ‡			100		3
Wal-Mart Stores, Inc.			32,366		1,737
Waters Corp. ‡^			6,117		440
Watson Pharmaceuticals, Inc. ‡			900		39
WellPoint, Inc. W ‡			19,415		1,046
Wells Fargo & Co.			89,423		2,961
Western Digital Corp. ‡			3,338		137
Whirlpool Corp.			400		44
Windstream Corp. ^			6,785		75
Xerox Corp.			60,863		663
		Shares		Value
United States - (continued)
Xilinx, Inc.			1,323	$	34
XTO Energy, Inc.			8,942		425
Total Common Stocks (cost $242,806)					262,169
INVESTMENT COMPANIES - 3.4%
United States - 3.3%
Consumer Staples Select Sector SPDR Fund			20,500		566
Energy Select Sector SPDR Fund			31,200		1,869
Financial Select Sector SPDR Fund			74,400		1,202
Health Care Select Sector SPDR Fund			20,500		634
iShares Dow Jones U.S. Telecommunications Sector Index Fund			11,300		230
iShares Silver Trust ^			44,600		815
SPDR Gold Trust			64,282		7,417
SPDR KBW Bank Trust			3,800		105
SPDR KBW Regional Banking Trust			10,549		295
Technology Select Sector SPDR Fund			53,800		1,261
Telecom HOLDRs Trust ^			4,600		110
Utilities Select Sector SPDR Fund			40,800		1,243
Vanguard Telecommunication Services ETF			400		23
Vietnam - 0.1%
Dragon Capital — Vietnam Enterprise Investments, Ltd.			51,468		135
Vinaland, Ltd.			436,400		415
Total Investment Companies (cost $13,515)					16,320
RIGHT - 0.0%¥
Brazil - 0.0%¥
Cia Brasileira de Distribuicao Grupo Pao de Acucar ‡ Ə			103		♦
Total Right (cost $♦)	��

	Notional
	Amount		Value
PURCHASED OPTIONS - 0.0%¥
Call Options - 0.0%¥
Apple, Inc.	$	800		18
Call Strike $250.00
Expires 07/17/2010
Apple, Inc.		400		13
Call Strike $250.00
Expires 10/16/2010
Total Purchased Options (cost $19)				31

		Principal		Value
CONVERTIBLE BONDS - 11.1%
Bermuda - 0.4%
Celestial Nutrifoods, Ltd.
Zero Coupon, 06/12/2011 §	SGD		1,400		204
GOME Electrical Appliances Holdings, Ltd.
Zero Coupon, 05/18/2014	CNY		6,100		907
Pine Agritech, Ltd.
Zero Coupon, 07/27/2012	CNY		6,500		752

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 15

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
Canada - 0.5%
Daylight Resources Trust
6.25%, 12/31/2014	CAD		145	$	154
Petrobakken Energy, Ltd.
3.13%, 02/08/2016 — Reg S		$	900		895
Sino-Forest Corp.
5.00%, 08/01/2013 - 144A §			1,125		1,268
Cayman Islands - 1.4%
China Milk Products Group, Ltd.
Zero Coupon, 01/05/2012			600		271
FU JI Food and Catering Services Holdings, Ltd.
Zero Coupon, 10/18/2010	CNY		2,700		81
Siem Industries, Inc.
Zero Coupon, 07/12/2017		$	400		411
Subsea 7, Inc.
Zero Coupon, 06/29/2017			200		205
2.80%, 06/06/2011			500		511
Transocean, Inc.
1.50%, 12/15/2037			3,168		3,050
1.63%, 12/15/2037			946		929
Zeus Cayman
Zero Coupon, 08/19/2013 ^	JPY		127,000		1,315
China - 0.1%
China Petroleum & Chemical Corp.
Zero Coupon, 04/24/2014	HKD		4,060		575
Germany - 0.3%
Kreditanstalt fuer Wiederaufbau
3.25%, 06/27/2013	EUR		1,000		1,402
Hong Kong - 0.0%¥
Hongkong Land CB 2005, Ltd.
2.75%, 12/21/2012 — Reg S		$	100		143
Hungary - 0.1%
Magyar Nemzeti Vagyonkezel Zrt
4.40%, 09/25/2014	EUR		200		286
India - 1.4%
Gujarat NRE Coke, Ltd.
Zero Coupon, 04/12/2011		$	200		388
Housing Development Finance Corp.
Zero Coupon, 09/27/2010			300		591
Jaiprakash Associates, Ltd.
Zero Coupon, 09/12/2012			102		133
Punj Lloyd, Ltd.
Zero Coupon, 04/08/2011			200		228
Ranbaxy Laboratories, Ltd.
Zero Coupon, 03/18/2011			327		396
REI Agro, Ltd.
5.50%, 11/13/2014 - 144A §			640		662
Reliance Communications, Ltd.
Zero Coupon, 05/10/2011 - 03/06/2012			2,050		2,369
Suzlon Energy, Ltd.
Zero Coupon, 07/25/2014 ±			592		542
Zero Coupon, 06/12/2012			325		343
Zero Coupon, 10/11/2012			500		517
Tata Steel, Ltd.
1.00%, 09/05/2012			300		363
		Principal		Value
Japan - 0.1%
Nagoya Railroad Co., Ltd.
Zero Coupon, 03/30/2012	JPY		3,000	$	33
Suzuki Motor Corp.
Zero Coupon, 03/29/2013	JPY		50,000		546
Jersey, Channel Islands - 0.8%
Aldar Funding, Ltd.
5.77%, 11/10/2011		$	225		225
Dana Gas Sukuk, Ltd.
7.50%, 10/31/2012			2,740		2,509
Fresenius Finance Jersey, Ltd.
5.63%, 08/14/2011	EUR		50		77
Shire PLC
2.75%, 05/09/2014		$	1,000		1,001
Luxembourg - 0.0%¥
Acergy SA
2.25%, 10/11/2013			100		108
Actelion Finance SCA
Zero Coupon, 11/22/2011	CHF		125		119
Malaysia - 0.7%
Berjaya Land BHD
8.00%, 08/15/2011	MYR		1,240		398
Cherating Capital, Ltd.
2.00%, 07/05/2012 *		$	500		569
IOI Capital BHD
Zero Coupon, 12/18/2011			445		555
IOI Resources Labuan BHD
Zero Coupon, 01/15/2013			650		665
Paka Capital, Ltd.
Zero Coupon, 03/12/2013			200		206
Rafflesia Capital, Ltd.
1.25%, 10/04/2011 *			900		1,129
Netherlands - 0.1%
Pargesa Netherlands NV
1.75%, 06/15/2014	CHF		475		415
Singapore - 1.2%
Capitaland, Ltd.
2.10%, 11/15/2016	SGD		750		539
2.95%, 06/20/2022	SGD		2,000		1,309
3.13%, 03/05/2018	SGD		1,750		1,298
Keppel Land, Ltd.
2.50%, 06/23/2013	SGD		400		296
Olam International, Ltd.
6.00%, 10/15/2016		$	400		457
Wilmar International, Ltd.
Zero Coupon, 12/18/2012			400		571
Yanlord Land Group, Ltd.
5.85%, 07/13/2014	SGD		1,000		754
Ying Li International Real Estate Ltd
4.00%, 03/03/2015	SGD		750		482
Spain - 0.1%
Telvent GIT SA
5.50%, 04/15/2015 - 144A		$	339		358
United States - 3.9%
Advanced Micro Devices, Inc.
6.00%, 05/01/2015			3,815		3,678
Amgen, Inc.
0.38%, 02/01/2013			1,431		1,440

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 16

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
United States - (continued)
Amylin Pharmaceuticals, Inc.
3.00%, 06/15/2014	$	462	$	407
Archer-Daniels-Midland Co.
0.88%, 02/15/2014		153		150
Cell Genesys, Inc.
3.13%, 05/01/2013 Ə		21		13
Central European Distribution Corp.
3.00%, 03/15/2013		61		55
Chesapeake Energy Corp.
2.25%, 12/15/2038		1,332		984
2.50%, 05/15/2037		1,107		912
Gilead Sciences, Inc.
0.63%, 05/01/2013		256		301
Gilead Sciences, Inc.
0.50%, 05/01/2011		146		161
Helix Energy Solutions Group, Inc.
3.25%, 12/15/2025		200		183
Hologic, Inc.
2.00%, 12/15/2037 *		1,941		1,747
Intel Corp.
2.95%, 12/15/2035		773		783
3.25%, 08/01/2039 - 144A		1,146		1,402
Kinetic Concepts, Inc.
3.25%, 04/15/2015 - 144A		110		116
King Pharmaceuticals, Inc.
1.25%, 04/01/2026		194		174
LifePoint Hospitals, Inc.
3.25%, 08/15/2025 ^		348		344
3.50%, 05/15/2014		82		85
McMoRan Exploration Co.
5.25%, 10/06/2011		170		173
Medtronic, Inc.
1.50%, 04/15/2011		133		134
1.63%, 04/15/2013		973		1,030
Mylan, Inc.
1.25%, 03/15/2012 ^		880		974
Omnicare, Inc.
3.25%, 12/15/2035		346		296
Omnicom Group, Inc.
Zero Coupon, 07/31/2032 - 07/01/2038		467		464
SanDisk Corp.
1.00%, 05/15/2013		1,160		1,028
SBA Communications Corp.
1.88%, 05/01/2013		251		263
4.00%, 10/01/2014 - 144A		213		284
Sonosite, Inc.
3.75%, 07/15/2014		208		226
St. Mary Land & Exploration Co.
3.50%, 04/01/2027		32		37
Total Convertible Bonds (cost $45,185)				52,354
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 6.9%
U.S. Treasury Bill
0.12%, 05/13/2010 ▲	$	2,002	$	2,002
0.13%, 05/20/2010- 05/27/2010 ▲		2,672		2,672
0.14%, 06/03/2010 - 06/10/2010 ▲		16,186		16,183
0.15%, 06/17/2010 - 07/08/2010 ▲		3,826		3,825
0.16%, 07/15/2010 - 08/05/2010 ▲		8,096		8,094
Total Short-Term U.S. Government Obligations (cost $32,776)				32,776
	Shares		Value
WARRANTS - 0.2%
United States - 0.2%
Bank of America Corp. ‡
Expiration: 01/16/2019
Exercise Price: $13.30		31,900		319
Ford Motor Co. ‡
Expiration: 01/11/2013
Exercise Price: $9.20		43,117		225
JPMorgan Chase & Co. ‡
Expiration: 10/28/2018
Exercise Price: $42.42		11,399		158
Canada - 0.0%¥
Kinross Gold Corp. ‡
Expiration: 09/03/2013
Exercise Price: $32.00		9,602		31
Peak Gold, Ltd. ‡
Expiration: 04/03/2012
Exercise Price: $15.00		41,000		2
Total Warrants (cost $637)				735
SECURITIES LENDING COLLATERAL - 3.8%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23%▲		18,051,070		18,051
Total Securities Lending Collateral (cost $18,051)
	Principal		Value
REPURCHASE AGREEMENT - 0.0%¥
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $44 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $48.	$	44		44
Total Repurchase Agreement (cost $44)
Total Investment Securities (cost $456,043) #				489,470
Other Assets and Liabilities — Net				(16,364	)
Net Assets			$	473,106

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 17

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Notional
	Amount			Value
WRITTEN OPTIONS - (0.1%) ∆
Put Options - (0.0%)¥
Apple, Inc.	$	(♦	)	$	(5	)
Put Strike $230.00
Expires 10/16/2010
Apple, Inc.		(1	)		(6	)
Put Strike $240.00
Expires 07/17/2010
Call Options - (0.1%)
Advanced Micro Devices, Inc.		(29	)		(41	)
Call Strike $8.00
Expires 07/17/2010
Agrium, Inc.		(4	)		(37	)
Call Strike $60.00
Expires 01/22/2011
Apple, Inc.		(1	)		(7	)
Call Strike $280.00
Expires 07/17/2010
Apple, Inc.		(♦	)		(6	)
Call Strike $290.00
Expires 10/16/2010
CF Industries Holdings, Inc.		(2	)		(6	)
Call Strike $85.00
Expires 05/22/2010
CF Industries Holdings, Inc.		(6	)		(38	)
Call Strike $90.00
Expires 11/20/2010

	Notional
	Amount			Value
Corning, Inc.		(11	)		(34	)
Call Strike $16.00
Expires 05/22/2010
Corning, Inc.		(5	)		(4	)
Call Strike $19.00
Expires 05/22/2010
Dell, Inc.		(11	)		(30	)
Call Strike $15.00
Expires 01/22/2011
JPMorgan Chase & Co.		(18	)		(27	)
Call Strike $44.00
Expires 06/19/2010
Mattel, Inc.		(20	)		(30	)
Call Strike $22.50
Expires 07/17/2010
MetLife, Inc.		(3	)		(18	)
Call Strike $41.00
Expires 06/19/2010
Transocean, Ltd.		(1	)		(5	)
Call Strike $85.00
Expires 01/22/2011
UnitedHealth Group, Inc.		(7	)		(12	)
Call Strike $30.00
Expires 06/19/2010
WellPoint, Inc.		(7	)		(6	)
Call Strike $60.00
Expires 06/19/2010
Total Written Options (Premiums: $331)					(312	)

SWAP AGREEMENTS:

TOTAL RETURN SWAP AGREEMENTS - RECEIVABLE:

Floating

Maturity

Currency

Notional

Market

Premiums

Unrealized

Reference Entity

Rate

Date

Counterparty

Code

Amount

Value

Paid

Appreciation

MSCI Daily TR EuropeEx UK USD

0.25

%

09/01/2010

DUB

USD

$

4,366

$

118

$

—

$

118

FUTURES CONTRACTS:

				��
					Net Unrealized
					Appreciation
Description	Contracts ┌			Expiration Date	(Depreciation)
DAX Index		9		06/18/2010	$	28
DJ Euro Stoxx 50 Index		85		06/18/2010		(88	)
FTSE 100 Index		1		06/18/2010		(3	)
Hang Seng Index		(6	)	05/28/2010		(6	)
IBEX 35 Index		(6	)	05/21/2010		82
MSCI Taiwan Index		(9	)	05/28/2010		(1	)
Nikkei 225 Index		(33	)	06/10/2010		(82	)
S&P 500 Index		(9	)	06/17/2010		(39	)
S&P TSE 60 Index		(3	)	06/17/2010		(6	)
SGX MSCI Singapore Index		(9	)	05/27/2010		(2	)
					$	(117	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 18

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Chinese Yuan Renminbi		2,941			10/13/2010		440		$	(5	)
Euro		(224	)		05/06/2010		(300	)		1
Euro		(745	)		05/06/2010		(992	)		♦
Euro		587			05/07/2010		784			(2	)
Euro		(663	)		05/07/2010		(881	)		(2	)
Euro		(741	)		05/07/2010		(986	)		(1	)
Euro		663			05/07/2010		885			(3	)
Euro		(369	)		05/14/2010		(485	)		(7	)
Euro		748			05/14/2010		1,019			(22	)
Euro		1,095			05/14/2010		1,493			(34	)
Euro		(621	)		05/21/2010		(822	)		(6	)
Euro		(552	)		05/21/2010		(744	)		10
Euro		(552	)		05/21/2010		(745	)		10
Japanese Yen		(65,041	)		05/13/2010		(700	)		7
Japanese Yen		(282,440	)		06/04/2010		(3,006	)		(1	)
Pound Sterling		(1,097	)		05/06/2010		(1,669	)		(9	)
Republic of Korea Won		1,276,911			05/10/2010		1,136			17
Republic of Korea Won		228,010			05/10/2010		203			3
South African Rand		(3,328	)		05/06/2010		(455	)		5
									$	(39	)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:

							Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)
Buy	Euro		224			05/14/2010	$	(6	)
Sell	Swiss Franc		(321	)		05/14/2010		5
Buy	Swiss Franc		869			05/14/2010		(1	)
Sell	Euro		(606	)		05/14/2010		3
							$	1

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
U.S. Government Obligation		9.5	%	$	46,611
Oil, Gas & Consumable Fuels		9.1			42,739
Foreign Government Obligation		7.0			34,281
Metals & Mining		5.0			23,243
Capital Markets		4.0			19,860
Pharmaceuticals		4.0			19,424
Commercial Banks		3.6			17,731
Diversified Financial Services		3.5			15,955
Insurance		2.9			13,465
Wireless Telecommunication Services		2.7			13,040
Diversified Telecommunication Services		2.6			12,908
Industrial Conglomerates		2.5			12,819
Food Products		2.5			12,485
Computers & Peripherals		2.5			11,706
Semiconductors & Semiconductor Equipment		2.1			10,000
Energy Equipment & Services		1.8			8,844
Chemicals		1.8			8,692
Software		1.6			8,003
Real Estate Management & Development		1.6			7,666
Health Care Equipment & Supplies		1.4			7,283
Health Care Providers & Services		1.3			6,627
Communications Equipment		1.3			6,463
Electric Utilities		1.3			6,373
Food & Staples Retailing		1.1			4,775
Biotechnology		1.0			4,693

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 19

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued):	Total Investments			Value
Media		0.9	%	$	4,680
Aerospace & Defense		0.9			4,461
Automobiles		0.9			4,432
Road & Rail		0.8			4,403
Electronic Equipment & Instruments		0.7			3,588
Beverages		0.6			3,462
Trading Companies & Distributors		0.6			3,009
Household Products		0.5			2,668
Electrical Equipment		0.5			2,530
Tobacco		0.5			2,348
Transportation Infrastructure		0.5			2,138
Paper & Forest Products		0.4			2,104
Construction & Engineering		0.4			2,025
Internet Software & Services		0.4			1,967
Machinery		0.3			1,937
Life Sciences Tools & Services		0.3			1,891
Hotels, Restaurants & Leisure		0.3			1,737
Auto Components		0.3			1,576
Household Durables		0.3			1,531
Office Electronics		0.2			1,528
Specialty Retail		0.2			1,271
Construction Materials		0.2			988
Thrifts & Mortgage Finance		0.2			856
IT Services		0.2			795
Real Estate Investment Trusts		0.2			748
Independent Power Producers & Energy Traders		0.1			657
Textiles, Apparel & Luxury Goods		0.1			616
Gas Utilities		0.1			599
Building Products		0.1			550
Leisure Equipment & Products		0.1			463
Marine		0.1			460
Multi-Utilities		0.0	¥		269
Containers & Packaging		0.0	¥		213
Water Utilities		0.0	¥		112
Multiline Retail		0.0	¥		112
Commercial Services & Supplies		0.0	¥		65
Internet & Catalog Retail		0.0	¥		42
Consumer Finance		0.0	¥		35
Derivative		0.0	¥		31
Asset-Backed Security		0.0	¥		10
Professional Services		0.0	¥		6
Investment Securities, at Value		89.6			438,599
Short-Term Investments		10.4			50,871
Total Investments		100.0	%	$	489,470

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $17,431.
¥	Amount rounds to less than 0.1%.
*	Floating or variable rate note. Rate is listed as of 04/30/2010.
§	Illiquid. These securities aggregated to $3,180, or 0.67%, of the fund’s net assets.
Ž	The security has a perpetual maturity. The date shown is the next call date.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a market value of $268, or 0.06% of the fund’s net assets.
♦	Amount rounds to less than $1.
‡	Non-income producing security.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 20

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $456,043. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $54,212 and $20,785, respectively. Net unrealized appreciation for tax purposes is $33,427.
F	Cash in the amount of $232 and all or a portion of these securities, in the amount of $3,872, have been segregated with the broker to cover margin requirements for open futures contracts.
W	A portion of these securities, in the amount of $3,973, have been segregated with the broker to cover open written options.
┌	Contract amounts are not in thousands.
∆	Cash in the amount of $298 has been segregated with the broker to cover open written options.
±	Restricted security. At 04/30/2010, the fund owned the following securities (representing 0.11% of net assets) which were restricted as to public resale:

Description	Date of Acquisition	Principal		Cost		Value		Price*
Preferred Term Securities XXIV, Ltd. 03/22/2037	12/13/2006	$	350	$	343	$	♦	$	0.01
Preferred Term Securities XXV, Ltd. 03/22/2037	03/15/2007		175		173		♦		0.01
Preferred Term Securities XXVI, Ltd. 09/22/2037	06/20/2007		190		188		♦		0.01
Preferred Term Securities XXVII, Ltd. 12/22/2037	09/14/2007		200		200		♦		0.01
Suzlon Energy, Ltd., Zero Coupon 07/25/2014	07/21/2009		592		617		542		0.92

* Price not rounded to thousands.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $17,435, or 3.69%, of the fund’s net assets.
ADR	American Depositary Receipt
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan
CPI	Consumer Price Index
DUB	Deutsche Bank AG
ETF	Exchange-Traded Fund
EUR	Euro
GBP	Pound Sterling
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
MYR	Malaysian Riggit
NZD	New Zealand Dollar
PLN	Polish Zloty
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
SGD	Singapore Dollar
SPDR	Standard & Poor’s Depositary Receipt
TRY	Turkish New Lira

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 21

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2			Level 3		Total
Equities — Consumer Discretionary	$	12,000	$	1,815		$	—	$	13,815
Equities — Consumer Staples		17,226		3,234			—		20,460
Equities — Energy		31,123		4,614			—		35,737
Equities — Financials		35,196		7,000			—		42,196
Equities — Health Care		27,372		3,269			—		30,641
Equities — Industrials		23,027		7,749			—		30,776
Equities — Information Technology		33,262		3,540			—		36,802
Equities — Materials		26,037		3,540			—		29,577
Equities — Purchased Options		31		—			—		31
Equities — Telecommunication Services		15,161		5,747			—		20,908
Equities — Utilities		4,944		2,042			—		6,986
Fixed Income — Asset-Backed Security		—		10			—		10
Fixed Income — Consumer Discretionary		—		2,646			—		2,646
Fixed Income — Consumer Staples		—		5,279			—		5,279
Fixed Income — Energy		—		13,980			—		13,980
Fixed Income — Financials		—		19,666			—		19,666
Fixed Income — Foreign Government Obligation		—		34,281			—		34,281
Fixed Income — Health Care		—		9,276			—		9,276
Fixed Income — Industrials		—		4,410			—		4,410
Fixed Income — Information Technology		—		7,248			—		7,248
Fixed Income — Materials		—		4,881			—		4,881
Fixed Income — Short-Term U.S. Government Obligation		—		32,776			—		32,776
Fixed Income — Telecommunication Services		—		5,039			—		5,039
Fixed Income — U.S. Government Obligation		—		46,611			—		46,611
Fixed Income — Utilities		—		1,023			♦		1,023
Investment Company — Energy		1,869		—			—		1,869
Investment Company — Financials		14,451		—			—		14,451
Cash & Cash Equivalent — Repurchase Agreement		—		44			—		44
Cash & Cash Equivalent — Securities Lending Collateral		18,051		—			—		18,051
Total	$	259,750	$	229,720		$	—	$	489,470
Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Total Return Swap — Appreciation	$	—	$	118		$	—	$	118
Forward Foreign Currency Contracts — Appreciation		—		61			—		61
Forward Foreign Currency Contracts — Depreciation		—		(99	)		—		(99	)
Futures Contracts — Appreciation		—		110			—		110
Futures Contracts — Depreciation		—		(227	)		—		(227	)
Total	$	—	$	(37	)	$	—	$	(37	)
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Written Option	$	—	$	(312	)	$	—	$	(312	)

Level 3 Rollforward — Investment Securities

	Beginning											Net Transfers		Ending
	Balance at		Net		Accrued		Total Realized		Change in Unrealized			In/(Out) of		Balance at
Securities	10/31/2009		Purchases/(Sales)		Discounts/(Premiums)		Gain/(Loss)		Appreciation/(Depreciation)			Level 3		04/30/2010
Equities - Industrials	$	1	$	—	$	—	$	—	$	(1	)	$	—	$	—
Fixed Income - Utilities	$	—	$	♦	$	—	$	—	$	—		$	—	$	♦
Total	$	1	$	1	$	—	$	—	$	(1	)	$	—	$	♦

* Other financial instruments are derivative instruments including, but not limited to Futures Contracts, Forward Foreign Currency Contracts and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 22

Transamerica BlackRock Large Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 99.7%
Aerospace & Defense - 4.8%
General Dynamics Corp.		132,000	$	10,080
L-3 Communications Holdings, Inc.		92,000		8,608
Northrop Grumman Corp.		146,500		9,937
Raytheon Co.		115,000		6,705
Biotechnology - 0.6%
Amgen, Inc. ‡		72,000		4,130
Capital Markets - 2.0%
Goldman Sachs Group, Inc.		101,000		14,665
Chemicals - 3.1%
Ashland, Inc.		22,000		1,310
E.I. du Pont de Nemours & Co.		267,000		10,637
Eastman Chemical Co.		27,000		1,807
Huntsman Corp.		87,000		993
Lubrizol Corp.		20,100		1,816
RPM International, Inc.		77,000		1,700
Valspar Corp.		128,000		4,009
Commercial Banks - 0.4%
Wells Fargo & Co.		94,000		3,112
Commercial Services & Supplies - 1.6%
Avery Dennison Corp.		137,000		5,347
Pitney Bowes, Inc. Ù		190,000		4,826
RR Donnelley & Sons Co.		74,000		1,590
Computers & Peripherals - 2.3%
Lexmark International, Inc. — Class A ‡		212,000		7,854
Seagate Technology ‡		349,000		6,411
Western Digital Corp. ‡		42,000		1,726
Construction & Engineering - 0.2%
KBR, Inc.		59,300		1,309
Consumer Finance - 1.2%
Capital One Financial Corp.		178,000		7,727
SLM Corp. ‡		98,000		1,200
Containers & Packaging - 2.6%
Ball Corp.		28,100		1,495
Bemis Co., Inc.		203,000		6,173
Packaging Corp. of America		146,000		3,611
Sonoco Products Co.		50,000		1,657
Temple-Inland, Inc.		260,000		6,063
Diversified Consumer Services - 0.4%
Service Corp. International		315,900		2,837
Diversified Financial Services - 2.6%
Bank of America Corp.		667,000		11,893
JPMorgan Chase & Co.		171,000		7,281
Diversified Telecommunication Services - 6.0%
AT&T, Inc.		995,000		25,929
Frontier Communications Corp. Ù		167,000		1,329
Verizon Communications, Inc.		585,000		16,901
Electric Utilities - 1.1%
Edison International		175,800		6,043
Pinnacle West Capital Corp.		51,000		1,904
Electrical Equipment - 0.3%
Hubbell, Inc. — Class B		50,100		2,328
Energy Equipment & Services - 5.9%
Atwood Oceanics, Inc. ‡		41,900		1,526
Helix Energy Solutions Group, Inc. ‡		96,200		1,403
Helmerich & Payne, Inc.		156,000		6,337
Nabors Industries, Ltd. ‡		368,000		7,938
National Oilwell Varco, Inc.		214,000		9,421
Oil States International, Inc. ‡		42,700		2,063
Rowan Cos., Inc. ‡		243,000		7,241
	Shares		Value
Energy Equipment & Services - (continued)
SEACOR Holdings, Inc. ‡		17,700	$	1,490
Tidewater, Inc.		31,500		1,689
Unit Corp. ‡		88,000		4,204
Food & Staples Retailing - 0.6%
Safeway, Inc.		193,000		4,555
Food Products - 2.3%
General Mills, Inc.		119,000		8,470
Sara Lee Corp.		557,000		7,921
Gas Utilities - 1.1%
Atmos Energy Corp.		99,100		2,931
Oneok, Inc.		69,000		3,391
UGI Corp.		55,200		1,517
Health Care Equipment & Supplies - 0.4%
Kinetic Concepts, Inc. ‡		38,200		1,654
Teleflex, Inc.		20,000		1,226
Health Care Providers & Services - 8.6%
Aetna, Inc.		268,000		7,919
AmerisourceBergen Corp. — Class A		246,000		7,589
Cardinal Health, Inc.		59,800		2,074
Coventry Health Care, Inc. ‡		272,300		6,464
Humana, Inc. ‡		36,400		1,664
Lincare Holdings, Inc. ‡		51,800		2,419
McKesson Corp.		96,700		6,267
Medco Health Solutions, Inc. ‡		82,000		4,831
Tenet Healthcare Corp. ‡		323,000		2,019
UnitedHealth Group, Inc.		390,000		11,822
WellPoint, Inc. ‡		182,000		9,793
Household Durables - 0.4%
Leggett & Platt, Inc. Ù		125,000		3,066
Independent Power Producers & Energy Traders - 1.7%
AES Corp. ‡		97,900		1,130
Constellation Energy Group, Inc.		143,000		5,055
Mirant Corp. ‡		80,800		942
NRG Energy, Inc. ‡		247,800		5,989
Industrial Conglomerates - 5.0%
Carlisle Cos., Inc.		92,000		3,471
General Electric Co.		1,698,000		32,025
Insurance - 10.0%
Allied World Assurance Co. Holdings, Ltd.		30,000		1,307
American Financial Group, Inc.		133,800		3,938
Arch Capital Group, Ltd. ‡		29,000		2,192
Assurant, Inc.		40,000		1,457
Chubb Corp.		171,000		9,041
Endurance Specialty Holdings, Ltd.		117,200		4,319
Everest RE Group, Ltd.		64,000		4,906
HCC Insurance Holdings, Inc.		217,600		5,917
Loews Corp.		75,000		2,793
PartnerRe, Ltd.		89,500		6,943
RenaissanceRe Holdings, Ltd.		80,500		4,504
StanCorp Financial Group, Inc.		121,000		5,440
Travelers Cos., Inc.		196,000		9,944
Unitrin, Inc.		78,000		2,282
Unum Group		330,000		8,075
Internet Software & Services - 0.1%
InterActiveCorp ‡		38,000		852
IT Services - 0.8%
Computer Sciences Corp. ‡		112,000		5,868

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 23

Transamerica BlackRock Large Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Machinery - 2.8%
Bucyrus International, Inc. — Class A Ù		30,000	$	1,890
Eaton Corp.		105,000		8,101
Oshkosh Corp. ‡		43,000		1,661
Timken Co.		61,200		2,153
Trinity Industries, Inc. Ù		276,000		6,870
Metals & Mining - 2.2%
Freeport-McMoRan Copper & Gold, Inc.		115,000		8,686
Reliance Steel & Aluminum Co.		151,000		7,370
Multiline Retail - 2.3%
JC Penney Co., Inc.		48,000		1,400
Macy’s, Inc.		371,000		8,607
Sears Holdings Corp. ‡		57,000		6,894
Multi-Utilities - 0.9%
CMS Energy Corp.		108,000		1,756
Integrys Energy Group, Inc. Ù		90,000		4,465
Oil, Gas & Consumable Fuels - 13.7%
Chevron Corp.		338,000		27,526
ConocoPhillips		313,000		18,526
El Paso Corp.		156,000		1,888
Exxon Mobil Corp.		228,000		15,470
Marathon Oil Corp.		283,600		9,118
Southern Union Co.		177,600		4,641
Teekay Corp.		67,300		1,686
Tesoro Corp.		168,000		2,209
Williams Cos., Inc.		381,000		8,995
XTO Energy, Inc.		218,000		10,359
Paper & Forest Products - 1.6%
International Paper Co.		330,000		8,825
MeadWestvaco Corp.		107,600		2,923
Pharmaceuticals - 4.2%
Bristol-Myers Squibb Co.		382,000		9,661
Endo Pharmaceuticals Holdings, Inc. ‡		61,200		1,340
Forest Laboratories, Inc. ‡		145,000		3,953
Johnson & Johnson		182,000		11,702
Mylan, Inc. ‡		99,000		2,181
Pfizer, Inc.		103,000		1,722

	Shares		Value
Road & Rail - 0.2%
Ryder System, Inc.		33,400	$	1,554
Software - 1.7%
Amdocs, Ltd. ‡		128,000		4,088
CA, Inc.		207,600		4,736
Compuware Corp. ‡		450,000		3,870
Specialty Retail - 1.8%
Gap, Inc.		296,000		7,320
RadioShack Corp.		263,000		5,668
Tobacco - 1.5%
Lorillard, Inc.		92,000		7,210
Reynolds American, Inc.		76,000		4,060
Wireless Telecommunication Services - 0.7%
NII Holdings, Inc. ‡		31,000		1,315
Telephone & Data Systems, Inc.		101,000		3,501
Total Common Stocks (cost $644,495)				728,137
SHORT-TERM INVESTMENT COMPANY - 0.2%
Capital Markets 0.2%
BlackRock Provident TempFund 24		1,172,711		1,173
Total Short-Term Investment Company (cost $1,173)
SECURITIES LENDING COLLATERAL - 1.2%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		8,402,992		8,403
Total Securities Lending Collateral (cost $8,403)
Total Investment Securities (cost $654,071) #				737,713
Other Assets and Liabilities — Net				(8,073	)
Net Assets			$	729,640

NOTES TO SCHEDULE OF INVESTMENTS:
‡	Non-income producing security.
Ù	All or a portion of this security is on loan. The value of all securities on loan is $8,194.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $654,071. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $94,969 and $11,327, respectively. Net unrealized appreciation for tax purposes is $83,642.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	35,792	$	—	$	—	$	35,792
Equities — Consumer Staples		32,216		—		—		32,216
Equities — Energy		143,730		—		—		143,730
Equities — Financials		118,936		—		—		118,936
Equities — Health Care		100,430		—		—		100,430
Equities — Industrials		108,455		—		—		108,455
Equities — Information Technology		35,405		—		—		35,405
Equities — Materials		69,075		—		—		69,075
Equities — Telecommunication Services		48,975		—		—		48,975
Equities — Utilities		35,123		—		—		35,123
Investment Company — Financials		1,173		—		—		1,173
Cash & Cash Equivalent — Securities Lending Collateral		8,403		—		—		8,403
Total	$	737,713	$	—	$	—	$	737,713

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 24

Transamerica BlackRock Natural Resources

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 85.6%
Chemicals - 0.6%
E.I. du Pont de Nemours & Co.		9,500	$	378
Praxair, Inc.		5,700		478
Energy Equipment & Services - 22.5%
Acergy SA    ADR		24,200		462
Baker Hughes, Inc. Ù		33,846		1,684
Cameron International Corp. ‡		59,900		2,364
Diamond Offshore Drilling, Inc. Ù		14,900		1,179
Dresser-Rand Group, Inc. ‡ Ù		57,800		2,039
Dril-Quip, Inc. ‡ Ù		23,800		1,379
Exterran Holdings, Inc. ‡ Ù		130		4
FMC Technologies, Inc. ‡Ù		45,800		3,100
Halliburton Co.		56,500		1,732
Helmerich & Payne, Inc. Ù		29,500		1,198
Nabors Industries, Ltd. ‡		33,500		723
National Oilwell Varco, Inc.		77,272		3,402
Noble Corp. ‡		48,600		1,919
Pride International, Inc. ‡		37,800		1,146
Rowan Cos., Inc. ‡		14,900		444
Saipem SpA		45,300		1,692
Schlumberger, Ltd.		26,500		1,893
Smith International, Inc.		23,600		1,127
Technip SA            ADR		18,500		1,485
Tesco Corp. ‡		30,300		379
Transocean, Ltd. ‡		47,721		3,456
Trican Well Service, Ltd.		14,000		178
Weatherford International, Ltd. ‡Ù		43,400		786
Gas Utilities - 0.9%
EQT Corp.		29,400		1,279
Metals & Mining - 8.2%
Alcoa, Inc.		6,500		87
Aluminum Corp. of China, Ltd. ADR ‡Ù		61,600		1,494
Barrick Gold Corp.		16,100		702
BHP Billiton, Ltd.		17,300		632
Eldorado Gold Corp. ‡Ù		129,900		1,996
Gammon Gold, Inc. ‡		37,500		279
Goldcorp, Inc.		43,100		1,864
HudBay Minerals, Inc. ‡		53,700		683
Inmet Mining Corp.		3,700		192
Newcrest Mining, Ltd.		42,795		1,292
Newmont Mining Corp.		2,700		151
Southern Copper Corp.		42,500		1,300
Vale SA — Class B ADR ‡		56,100		1,718
Oil, Gas & Consumable Fuels - 52.8%
Anadarko Petroleum Corp.		39,900		2,480
Apache Corp.		40,700		4,142
Arch Coal, Inc. Ù		11,100		300
Berry Petroleum Co. — Class A Ù		17,000		550
BP PLC ADR		13,100		683
Cabot Oil & Gas Corp.		28,200		1,019
Canadian Natural Resources, Ltd.		28,200		2,172
Carrizo Oil & Gas, Inc. ‡Ù		18,400		404
Cenovus Energy, Inc.		39,600		1,164
Chevron Corp.		44,800		3,649
Cimarex Energy Co.		13,400		912

	Shares		Value
Oil, Gas & Consumable Fuels - (continued)
CNOOC, Ltd. ADRÙ		10,100	$	1,777
Coastal Energy Co. ‡		144,950		594
ConocoPhillips		41,100		2,433
Consol Energy, Inc.		20,500		916
Crew Energy, Inc. ‡		81,500		1,464
Denbury Resources, Inc. ‡		18,800		360
Devon Energy Corp.		63,400		4,269
EnCana Corp.		39,600		1,310
ENI SpA ADR		5,300		236
EOG Resources, Inc.		67,700		7,590
Exxon Mobil Corp.		41,600		2,823
Forest Oil Corp. ‡		14,000		410
Hess Corp.		24,600		1,563
Husky Energy, Inc.		29,000		820
Marathon Oil Corp.		45,800		1,472
Mariner Energy, Inc. ‡		12,000		287
Murphy Oil Corp.		75,500		4,540
Newfield Exploration Co. ‡		22,200		1,292
Nexen, Inc.		34,600		841
Noble Energy, Inc.		23,800		1,818
Occidental Petroleum Corp. Ù		38,700		3,431
Pan Orient Energy Corp. ‡		61,600		447
Paramount Resources, Ltd. — Class A ‡		19,800		342
Patriot Coal Corp. ‡		7,940		156
Peabody Energy Corp.		42,400		1,981
PetroBakken Energy, Ltd. — Class A		16,153		439
Petroleo Brasileiro SA ADR ‡Ù		34,700		1,472
Pioneer Natural Resources Co. Ù		14,300		917
Progress Energy Resources Corp. Ù		47,900		574
Range Resources Corp.		50,400		2,407
Seahawk Drilling, Inc. ‡		1,300		22
Southwestern Energy Co. ‡		21,400		849
Suncor Energy, Inc. ‡		116,636		3,990
Talisman Energy, Inc.		178,700		3,042
Total SA ADR		29,300		1,593
Valero Energy Corp. Ù		25,400		528
Whiting Petroleum Corp. ‡Ù		14,400		1,301
Williams Cos., Inc.		20,700		489
XTO Energy, Inc.		21,075		1,001
Paper & Forest Products - 0.3%
Fibria Celulose SA ADR ‡Ù		24,024		477
Transportation Infrastructure - 0.3%
Aegean Marine Petroleum Network, Inc. Ù		19,900		522
Total Common Stocks (cost $114,231)				128,566
SECURITIES LENDING COLLATERAL - 4.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.23% 5		7,023,615		7,024
Total Securities Lending Collateral (cost $7,024)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 25

Transamerica BlackRock Natural Resources

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 15.0%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $22,563 on 05/03/2010. Collateralized by U.S. Government Agency Obligations, 2.70% - 4.00%, due 12/15/2017 - 08/01/2030, and with a total value of $23,018.	$	22,563	$	22,563
Total Repurchase Agreement (cost $22,563)
Total Investment Securities (cost $143,818) #				158,153
Other Assets and Liabilities — Net				(7,953	)
Net Assets			$	150,200

NOTES TO SCHEDULE OF INVESTMENTS:
Ù	All or a portion of this security is on loan. The value of all securities on loan is $6,856.
‡	Non-income producing security.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $143,818. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $22,486 and $8,151, respectively. Net unrealized appreciation for tax purposes is $14,335.

DEFINITION:

ADR            American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Energy	$	111,351	$	1,692	$	—	$	113,043
Equities — Industrials		522		—		—		522
Equities — Materials		11,798		1,924		—		13,722
Equities — Utilities		1,279		—		—		1,279
Cash & Cash Equivalent — Repurchase Agreement		—		22,563		—		22,563
Cash & Cash Equivalent — Securities Lending Collateral		7,024		—		—		7,024
Total	$	131,974	$	26,179	$	—	$	158,153

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 26

Transamerica BNY Mellon Market Netural Strategy

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 94.6%
Aerospace & Defense - 3.6%
AAR Corp. ‡		3,000	$	73
Alliant Techsystems, Inc. ‡		11,900		964
Cubic Corp.		2,500		93
Ducommun, Inc.		900		21
GenCorp, Inc. ‡		13,500		84
General Dynamics Corp.		5,900		451
L-3 Communications Holdings, Inc.		6,300		589
LMI Aerospace, Inc. ‡		4,200		72
Northrop Grumman Corp.		10,700		726
Raytheon Co.		9,900		577
Todd Shipyards Corp.		1,100		17
Triumph Group, Inc.		600		47
Air Freight & Logistics - 1.2%
Atlas Air Worldwide Holdings, Inc. ‡		1,400		77
Dynamex, Inc. ‡		1,100		19
Expeditors International of Washington, Inc.		8,800		359
United Parcel Service, Inc. — Class B		7,700		532
UTI Worldwide, Inc.		16,700		265
Airlines - 0.0%¥
UAL Corp. ‡		1,900		41
Auto Components - 0.6%
Cooper Tire & Rubber Co.		3,000		64
Dorman Products, Inc. ‡		3,400		86
Drew Industries, Inc. ‡		2,900		74
Goodyear Tire & Rubber Co. ‡		28,200		379
Standard Motor Products, Inc.		3,100		33
Automobiles - 0.4%
Thor Industries, Inc.		12,500		446
Beverages - 0.0%¥
Boston Beer Co., Inc. — Class A ‡		800		46
Biotechnology - 0.1%
Kendle International, Inc. ‡		4,300		71
Building Products - 0.7%
Apogee Enterprises, Inc.		3,300		45
Griffon Corp. ‡		3,300		47
Owens Corning, Inc. ‡		15,600		542
Quanex Building Products Corp.		4,500		86
Capital Markets - 1.6%
BGC Partners, Inc. — Class A		5,500		36
BlackRock, Inc. — Class A		1,300		239
GFI Group, Inc.		5,600		39
Goldman Sachs Group, Inc.		1,000		145
Lazard, Ltd. — Class A		14,600		564
Raymond James Financial, Inc.		20,800		638
Chemicals - 2.6%
A Schulman, Inc.		1,500		39
Cabot Corp.		12,800		417
Cytec Industries, Inc.		9,800		471
Huntsman Corp.		30,100		343
Innophos Holdings, Inc.		1,500		43
Lubrizol Corp.		2,900		262
PolyOne Corp. ‡		8,000		90
Stepan Co.		1,400		106
Symyx Technologies, Inc. ‡		11,800		64
Valspar Corp.		19,600		614
Zep, Inc.		3,200		59
Commercial Banks - 3.5%
Bank of Hawaii Corp.		15,400		814

	Shares		Value
Commercial Banks - (continued)
Bok Financial Corp.		6,900	$	376
Bryn Mawr Bank Corp.		2,700		50
Commerce Bancshares, Inc.		26,500		1,097
First Financial Bancorp		4,200		80
International Bancshares Corp.		39,200		947
Peapack Gladstone Financial Corp.		2,500		35
Sierra Bancorp		1,500		19
Commercial Services & Supplies - 2.8%
ABM Industries, Inc.		2,300		49
ACCO Brands Corp. ‡		7,800		71
ATC Technology Corp. ‡		4,900		100
Avery Dennison Corp.		14,900		583
Cenveo, Inc. ‡		6,800		58
Cintas Corp.		15,100		411
Comfort Systems USA, Inc.		2,000		28
Compass Diversified Holdings		3,800		55
Consolidated Graphics, Inc. ‡		500		21
Corrections Corp., of America ‡		24,500		509
Diamond Management & Technology Consultants, Inc. — Class A		4,400		36
Ennis, Inc.		5,500		102
GeoEye, Inc. ‡		2,200		63
M&F Worldwide Corp. ‡		1,900		58
Multi Color Corp.		3,200		40
Providence Service Corp. ‡		3,400		56
Republic Services, Inc. — Class A		14,900		462
RR Donnelley & Sons Co.		3,900		84
Sykes Enterprises, Inc. ‡		4,200		95
Communications Equipment - 2.4%
Anaren, Inc. ‡		5,600		83
Arris Group, Inc. ‡		7,200		88
Black Box Corp.		1,100		34
Comtech Telecommunications Corp. ‡		1,400		44
Corning, Inc.		18,900		364
CPI International, Inc. ‡		3,200		43
Harris Corp.		20,600		1,060
Loral Space & Communications, Inc. ‡		2,400		103
Netgear, Inc. ‡		1,300		35
Oplink Communications, Inc. ‡		4,800		73
Plantronics, Inc.		2,700		90
QUALCOMM, Inc.		9,300		360
Symmetricom, Inc. ‡		9,000		60
Computers & Peripherals - 1.2%
Apple, Inc. ‡		2,400		627
Cray, Inc. ‡		13,700		93
Electronics for Imaging, Inc. ‡		7,200		93
Imation Corp. ‡		2,900		31
Rimage Corp. ‡		2,300		40
Silicon Graphics International Corp. ‡		9,100		90
Teradata Corp. ‡		5,300		154
Western Digital Corp. ‡		2,100		86
Construction & Engineering - 0.9%
Dycom Industries, Inc. ‡		3,200		34
EMCOR Group, Inc. ‡		3,000		86
Englobal Corp. ‡		14,600		52
Jacobs Engineering Group, Inc. ‡		5,400		260
MasTec, Inc. ‡		7,100		89
Michael Baker Corp. ‡		2,200		78

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 27

Transamerica BNY Mellon Market Netural Strategy

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Construction & Engineering - (continued)
Pike Electric Corp. ‡		3,100	$	33
Shaw Group, Inc. ‡		7,400		283
Sterling Construction Co., Inc. ‡		2,900		51
Consumer Finance - 0.6%
AmeriCredit Corp. ‡		21,800		521
Cardtronics, Inc. ‡		1,300		18
Ezcorp, Inc. — Class A ‡		800		17
World Acceptance Corp. ‡		900		32
Containers & Packaging - 1.9%
Bemis Co., Inc.		13,100		399
Crown Holdings, Inc. ‡		25,500		664
KapStone Paper and Packaging Corp. ‡		5,300		68
Myers Industries, Inc.		3,900		42
Sealed Air Corp.		15,500		333
Silgan Holdings, Inc.		1,200		72
Temple-Inland, Inc.		15,800		368
Distributors - 0.7%
Audiovox Corp. — Class A ‡		3,100		29
Genuine Parts Co.		15,300		654
MWI Veterinary Supply, Inc. ‡		800		34
Diversified Consumer Services - 0.7%
Career Education Corp. ‡		15,200		445
Corinthian Colleges, Inc. ‡		2,000		31
Lincoln Educational Services Corp. ‡		2,000		50
Pre-Paid Legal Services, Inc. ‡		2,000		89
Regis Corp.		3,000		57
Diversified Financial Services - 0.4%
Duff & Phelps Corp. — Class A		1,600		25
Moody’s Corp.		7,700		191
Nelnet, Inc. — Class A		2,000		40
Oppenheimer Holdings, Inc. — Class A		700		20
Prospect Capital Corp.		3,900		45
SWS Group, Inc.		6,500		72
Diversified Telecommunication Services - 0.5%
AT&T, Inc.		21,500		560
Electric Utilities - 1.0%
IDACORP, Inc.		10,800		390
Pinnacle West Capital Corp.		14,200		530
Unisource Energy Corp.		2,200		73
Electrical Equipment - 1.4%
AO Smith Corp.		1,400		72
AZZ, Inc.		1,000		41
EnerSys ‡		2,500		65
General Cable Corp. ‡		20,400		583
Powell Industries, Inc. ‡		1,800		60
Power-One, Inc. ‡		17,800		140
Regal Beloit Corp.		700		44
Thomas & Betts Corp. ‡		9,100		382
Electronic Equipment & Instruments - 3.0%
Anixter International, Inc. ‡		1,600		84
Arrow Electronics, Inc. ‡		2,800		85
Avnet, Inc. ‡		2,900		93
Benchmark Electronics, Inc. ‡		4,200		91
Brightpoint, Inc. ‡		11,400		92
Checkpoint Systems, Inc. ‡		1,000		23
Daktronics, Inc.		3,000		25
Greatbatch, Inc. ‡		1,700		38
Ingram Micro, Inc. — Class A ‡		27,800		505

	Shares		Value
Electronic Equipment & Instruments - (continued)
Insight Enterprises, Inc. ‡		3,700	$	56
Jabil Circuit, Inc.		5,600		86
Methode Electronics, Inc.		6,000		67
Multi-Fineline Electronix, Inc. ‡		2,500		65
Newport Corp. ‡		3,000		35
OSI Systems, Inc. ‡		1,200		31
RadiSys Corp. ‡		8,500		83
SYNNEX Corp. ‡		2,700		74
Tech Data Corp. ‡		11,600		498
TTM Technologies, Inc. ‡		8,400		91
Vishay Intertechnology, Inc. ‡		89,300		929
Energy Equipment & Services - 1.6%
Bristow Group, Inc. ‡		2,000		77
Cal Dive International, Inc. ‡		12,300		81
Complete Production Services, Inc. ‡		6,500		98
Helmerich & Payne, Inc.		8,900		362
National Oilwell Varco, Inc.		7,400		326
SEACOR Holdings, Inc. ‡		2,300		194
T.G.C. Industries, Inc. ‡		4,725		19
Tidewater, Inc.		6,100		327
Unit Corp. ‡		2,700		129
Willbros Group, Inc. ‡		2,900		36
Food & Staples Retailing - 1.0%
United Natural Foods, Inc. ‡		3,100		95
Walgreen Co.		26,300		925
Weis Markets, Inc.		700		26
Food Products - 3.2%
Archer-Daniels-Midland Co.		26,200		732
Cal-Maine Foods, Inc.		1,300		43
Dole Food Co., Inc. ‡		6,100		69
Hormel Foods Corp.		17,900		730
Lancaster Colony Corp.		9,500		522
Sara Lee Corp.		35,800		509
Seneca Foods Corp. — Class A ‡		1,100		36
Tyson Foods, Inc. — Class A		25,900		507
Gas Utilities - 0.3%
Oneok, Inc.		3,700		182
Southwest Gas Corp.		1,200		37
WGL Holdings, Inc.		1,100		39
Health Care Equipment & Supplies - 2.5%
Align Technology, Inc. ‡		5,000		85
American Medical Systems Holdings, Inc. ‡		2,600		47
Angiodynamics, Inc. ‡		5,800		93
Cantel Medical Corp.		3,900		78
CareFusion Corp. ‡		15,000		414
Cooper Cos., Inc.		2,400		93
Exactech, Inc. ‡		1,800		37
Hologic, Inc. ‡		28,900		515
Immucor, Inc. ‡		12,000		257
Integra LifeSciences Holdings Corp. ‡		1,700		77
Invacare Corp.		2,900		77
Kensey Nash Corp. ‡		2,100		48
Medical Action Industries, Inc. ‡		7,100		84
Nutraceutical International Corp. ‡		2,900		45
Quidel Corp. ‡		6,200		91
Stryker Corp.		5,700		327
Symmetry Medical, Inc. ‡		2,300		27
Virtual Radiologic Corp. ‡		6,400		80
Wright Medical Group, Inc. ‡		4,300		81

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 28

Transamerica BNY Mellon Market Netural Strategy

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Health Care Providers & Services - 4.0%
Aetna, Inc.		2,500	$	74
Almost Family, Inc. ‡		2,000		85
Amedisys, Inc. ‡		800		46
AmerisourceBergen Corp. — Class A		3,700		114
Chindex International, Inc. ‡		6,800		86
Community Health Systems, Inc. ‡		16,800		687
Cross Country Healthcare, Inc. ‡		3,800		38
CryoLife, Inc. ‡		3,800		23
Gentiva Health Services, Inc. ‡		2,900		83
Healthspring, Inc. ‡		5,400		95
Humana, Inc. ‡		14,400		659
Inventiv Health, Inc. ‡		2,800		64
Kindred Healthcare, Inc. ‡		14,800		264
McKesson Corp.		6,900		447
Medco Health Solutions, Inc. ‡		4,900		289
Mednax, Inc. ‡		2,500		137
National Healthcare Corp.		2,600		92
Nighthawk Radiology Holdings, Inc. ‡		11,900		44
Odyssey Healthcare, Inc. ‡		4,800		100
Owens & Minor, Inc.		2,400		75
UnitedHealth Group, Inc.		17,000		515
Universal American Corp. ‡		4,900		75
Health Care Technology - 0.1%
Eclipsys Corp. ‡		4,500		93
Hotels, Restaurants & Leisure - 1.9%
Biglari Holdings, Inc. ‡		160		63
Cheesecake Factory, Inc. ‡		21,700		589
Domino’s Pizza, Inc. ‡		3,800		59
Frisch’s Restaurants, Inc.		1,700		37
Live Nation Entertainment, Inc. ‡		5,400		85
McCormick & Schmick’s Seafood Restaurants, Inc. ‡		4,600		46
National Cinemedia, Inc.		1,200		23
Papa John’s International, Inc. ‡		1,500		41
PF Chang’s China Bistro, Inc. ‡		1,700		74
Red Robin Gourmet Burgers, Inc. ‡		800		20
Wyndham Worldwide Corp.		32,400		868
Household Durables - 2.9%
American Greetings Corp. — Class A		22,600		555
CSS Industries, Inc.		2,100		42
D.R. Horton, Inc.		15,000		220
Furniture Brands International, Inc. ‡		9,100		75
Helen of Troy, Ltd. ‡		1,200		32
Hooker Furniture Corp.		2,400		38
Jarden Corp.		9,500		305
Kimball International, Inc. — Class B		3,800		31
La-Z-Boy, Inc. ‡		3,500		46
Leggett & Platt, Inc.		28,300		695
Newell Rubbermaid, Inc.		25,000		427
Ryland Group, Inc.		17,200		392
Tupperware Brands Corp.		2,300		117
Household Products - 0.8%
Central Garden & Pet Co. — Class A ‡		4,400		45
Kimberly-Clark Corp.		12,000		736
Independent Power Producers & Energy Traders - 1.0%
Constellation Energy Group, Inc.		29,600		1,046

	Shares		Value
Industrial Conglomerates - 1.1%
Carlisle Cos., Inc.		25,700	$	970
Raven Industries, Inc.		1,100		33
Standex International Corp.		2,900		69
Textron, Inc.		4,100		94
Insurance - 2.5%
American Physicians Service Group, Inc.		2,900		68
FBL Financial Group, Inc. — Class A		1,300		34
Hallmark Financial Services, Inc. ‡		5,000		59
HCC Insurance Holdings, Inc.		10,600		288
Horace Mann Educators Corp.		25,000		430
Loews Corp.		2,900		108
Mercer Insurance Group, Inc.		3,100		57
Montpelier Re Holdings, Ltd.		2,700		45
Protective Life Corp.		26,300		633
Reinsurance Group of America, Inc. — Class A		12,600		650
Travelers Cos., Inc.		4,400		223
Internet & Catalog Retail - 0.1%
HSN, Inc. ‡		2,900		87
Internet Software & Services - 0.2%
DivX, Inc. ‡		5,100		43
Internap Network Services Corp. ‡		16,000		92
S1 Corp. ‡		4,900		30
IT Services - 2.3%
Agilysys, Inc.		8,100		88
Broadridge Financial Solutions, Inc.		13,900		332
CACI International, Inc. — Class A ‡		800		38
Ciber, Inc. ‡		4,400		17
Computer Task Group, Inc. ‡		6,100		57
Convergys Corp. ‡		13,400		169
CSG Systems International, Inc. ‡		4,200		95
DST Systems, Inc.		15,100		642
Lionbridge Technologies, Inc. ‡		21,200		115
ManTech International Corp. — Class A ‡		6,400		288
MAXIMUS, Inc.		1,200		74
NeuStar, Inc. — Class A ‡		8,300		203
Teletech Holdings, Inc. ‡		2,800		46
Unisys Corp. ‡		2,500		70
VeriFone Holdings, Inc. ‡		4,500		86
Virtusa Corp. ‡		4,600		47
Leisure Equipment & Products - 0.4%
Eastman Kodak Co. ‡		11,200		69
Multimedia Games, Inc. ‡		17,700		81
Pool Corp.		1,400		34
RC2 Corp. ‡		5,100		94
Sport Supply Group, Inc.		4,200		56
Sturm Ruger & Co., Inc.		5,400		90
Life Sciences Tools & Services - 0.4%
Bruker Corp. ‡		3,000		46
Cambrex Corp. ‡		10,200		45
Thermo Fisher Scientific, Inc. ‡		5,500		304
Machinery - 4.9%
Alamo Group, Inc.		4,100		97
American Railcar Industries, Inc.		2,000		33
Ampco-Pittsburgh Corp.		3,000		77
Briggs & Stratton Corp.		2,600		62
Bucyrus International, Inc. — Class A		8,800		554
Donaldson Co., Inc.		11,100		514
Eastern Co.		1,900		31

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 29

Transamerica BNY Mellon Market Netural Strategy

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Machinery - - (continued)
ITT Corp.		11,100	$	617
Joy Global, Inc.		5,800		329
Kadant, Inc. ‡		5,300		106
LB Foster Co. — Class A ‡		700		21
Miller Industries, Inc.		3,600		51
Mueller Water Products, Inc. — Class A		8,700		49
Oshkosh Corp. ‡		24,200		935
Portec Rail Products, Inc.		7,200		85
Tennant Co.		1,400		48
Timken Co.		20,000		704
Trinity Industries, Inc.		21,700		540
Watts Water Technologies, Inc. — Class A		1,400		50
Media - 2.1%
CBS Corp. — Class B		12,300		199
Courier Corp.		1,700		29
Gannett Co., Inc.		4,700		80
Lodgenet Interactive Corp. ‡		3,700		24
News Corp. — Class A		33,900		523
Reading International, Inc. ‡		6,300		26
Regal Entertainment Group — Class A		31,100		532
Scholastic Corp.		6,400		173
Sinclair Broadcast Group, Inc. — Class A ‡		7,700		53
Viacom, Inc. — Class B ‡		14,700		519
World Wrestling Entertainment, Inc. — Class A		800		15
Metals & Mining - 0.7%
Haynes International, Inc.		2,600		93
Northwest Pipe Co. ‡		2,700		65
Reliance Steel & Aluminum Co.		1,800		88
Worthington Industries, Inc.		32,200		515
Multiline Retail - 1.8%
99 Cents Only Stores ‡		38,300		594
Dollar Tree, Inc. ‡		8,900		540
Kohl’s Corp. ‡		12,600		694
Multi-Utilities - 1.0%
Integrys Energy Group, Inc.		13,000		646
MDU Resources Group, Inc.		19,900		422
Office Electronics - 0.1%
Xerox Corp.		9,700		106
Oil, Gas & Consumable Fuels - 4.9%
Bill Barrett Corp. ‡		11,700		399
Chesapeake Energy Corp.		28,300		674
Chevron Corp.		4,500		366
Cimarex Energy Co.		9,100		620
ConocoPhillips		9,600		568
Gran Tierra Energy, Inc. ‡		14,800		90
Gulfport Energy Corp. ‡		1,700		21
McMoRan Exploration Co. ‡		7,000		84
Murphy Oil Corp.		1,800		108
Occidental Petroleum Corp.		2,100		186
Peabody Energy Corp.		2,100		98
Petroquest Energy, Inc. ‡		14,500		86
Stone Energy Corp. ‡		2,900		47
Toreador Resources Corp. ‡		10,400		94
Walter Energy, Inc.		11,800		953
Warren Resources, Inc. ‡		14,600		52
Williams Cos., Inc.		24,800		586
	Shares		Value
Paper & Forest Products - 1.0%
International Paper Co.		38,600	$	1,033
P.H. Glatfelter Co.		1,800		26
Personal Products - 0.1%
Elizabeth Arden, Inc. ‡		5,000		91
Inter Parfums, Inc.		2,900		50
Pharmaceuticals - 2.2%
Forest Laboratories, Inc. ‡		13,400		365
Hi-Tech Pharmacal Co., Inc. ‡		3,300		80
King Pharmaceuticals, Inc. ‡		83,300		817
Medicis Pharmaceutical Corp. — Class A		21,700		551
Mylan, Inc. ‡		12,900		284
Obagi Medical Products, Inc. ‡		6,400		86
Par Pharmaceutical Cos., Inc. ‡		3,300		90
Professional Services - 1.1%
Huron Consulting Group, Inc. ‡		4,200		98
On Assignment, Inc. ‡		7,300		51
SFN Group, Inc. ‡		6,000		51
Towers Watson & Co. — Class A		17,500		841
VSE Corp.		1,700		68
Real Estate Management & Development - 0.6%
Jones Lang Lasalle, Inc.		8,100		639
Road & Rail - 0.7%
Amerco, Inc. ‡		700		44
CSX Corp.		5,600		314
Dollar Thrifty Automotive Group, Inc. ‡		1,300		57
Ryder System, Inc.		7,000		325
Semiconductors & Semiconductor Equipment - 4.8%
Actel Corp. ‡		5,300		82
Broadcom Corp. — Class A		12,700		438
Cypress Semiconductor Corp. ‡		29,400		379
DSP Group, Inc. ‡		3,900		32
EXAR Corp. ‡		12,300		91
Fairchild Semiconductor International, Inc. — Class A ‡		7,900		89
FEI Co. ‡		3,900		88
Intersil Corp. — Class A		16,700		248
KLA-Tencor Corp.		15,000		511
Lattice Semiconductor Corp. ‡		20,900		110
Marvell Technology Group, Ltd. ‡		25,500		527
Micron Technology, Inc. ‡		100,800		941
Microsemi Corp. ‡		2,100		35
NVIDIA Corp. ‡		27,900		439
RF Micro Devices, Inc. ‡		112,300		630
Sigma Designs, Inc. ‡		2,100		25
Skyworks Solutions, Inc. ‡		1,900		32
Tessera Technologies, Inc. ‡		1,800		37
TriQuint Semiconductor, Inc. ‡		11,900		90
Zoran Corp. ‡		8,500		83
Software - 3.4%
ACI Worldwide, Inc. ‡		1,500		28
Amdocs, Ltd. ‡		7,900		252
American Software, Inc. — Class A		4,600		29
BMC Software, Inc. ‡		13,600		536
Double-Take Software, Inc. ‡		6,000		65
Dynamics Research Corp. ‡		2,600		37
Epicor Software Corp. ‡		4,000		37
JDA Software Group, Inc. ‡		3,300		95

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 30

Transamerica BNY Mellon Market Netural Strategy

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Software - (continued)
Kenexa Corp. ‡		3,700	$	56
Manhattan Associates, Inc. ‡		1,300		37
McAfee, Inc. ‡		11,800		410
Mentor Graphics Corp. ‡		13,600		122
Microsoft Corp.		4,300		131
MicroStrategy, Inc. — Class A ‡		500		38
Netscout Systems, Inc. ‡		5,200		76
Renaissance Learning, Inc.		2,100		30
Symantec Corp. ‡		31,300		525
Synopsys, Inc. ‡		37,000		841
THQ, Inc. ‡		7,800		59
Unica Corp. ‡		5,300		49
Specialty Retail - 3.0%
Aaron’s, Inc.		9,450		213
Cabela’s, Inc. ‡		3,000		54
Collective Brands, Inc. ‡		3,400		80
DSW, Inc. — Class A ‡		2,900		88
Finish Line, Inc. — Class A		2,600		42
Gap, Inc.		11,700		289
Genesco, Inc. ‡		1,900		63
J. Crew Group, Inc. ‡		9,600		446
Jo-Ann Stores, Inc. ‡		1,100		49
Lawson Products, Inc.		1,400		23
Lithia Motors, Inc. — Class A ‡		2,300		18
Monro Muffler Brake, Inc.		1,800		65
OfficeMax, Inc. ‡		2,000		38
Pier 1 Imports, Inc. ‡		5,200		43
Ross Stores, Inc.		11,700		655
Shoe Carnival, Inc. ‡		3,300		91
Stage Stores, Inc.		2,800		43
TJX Cos., Inc.		11,600		538
Tractor Supply Co.		600		40
Ulta Salon Cosmetics & Fragrance, Inc. ‡		4,100		95
West Marine, Inc. ‡		5,300		63

	Shares		Value
Textiles, Apparel & Luxury Goods - 2.3%
Carter’s, Inc. ‡		1,200	$	39
Deckers Outdoor Corp. ‡		700		98
Fossil, Inc. ‡		27,800		1,082
G-III Apparel Group, Ltd. ‡		2,000		57
Hanesbrands, Inc. ‡		27,900		794
Skechers U.S.A., Inc. — Class A ‡		1,200		46
Timberland Co. — Class A ‡		2,100		45
Unifi, Inc. ‡		13,200		51
Unifirst Corp.		1,400		68
Warnaco Group, Inc. ‡		1,000		48
Thrifts & Mortgage Finance - 0.4%
Danvers Bancorp, Inc.		1,300		21
Hudson City Bancorp, Inc.		32,200		429
Trading Companies & Distributors - 0.4%
Aceto Corp.		8,700		58
Applied Industrial Technologies, Inc.		3,500		107
DXP Enterprises, Inc. ‡		5,300		88
Interline Brands, Inc. ‡		2,400		50
Kaman Corp. — Class A		3,600		99
Wireless Telecommunication Services - 1.0%
Telephone & Data Systems, Inc.		26,300		912
USA Mobility, Inc. ‡		6,700		92
Total Common Stocks (cost $81,701)				96,478

	Principal		Value
REPURCHASE AGREEMENT - 27.9%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $28,510 on 05/03/2010. Collateralized by U.S. Government Agency Obligations, 2.62% - 4.00%, due 07/15/2025 - 07/01/2034, and with a total value of $29,083.	$	28,510		28,510
Total Repurchase Agreement (cost $28,510)
Total Investment Securities (cost $110,211) #				124,988
Other Assets and Liabilities — Net				(22,973	)
Net Assets			$	102,015

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 31

Transamerica BNY Mellon Market Netural Strategy

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares			Value
SECURITIES SOLD SHORT (95.0%) µ
COMMON STOCKS (95.0%)
Aerospace & Defense (3.7%)
Applied Signal Technology, Inc.		(3,500	)	$	(65	)
Argon St, Inc. ‡		(2,700	)		(70	)
BE Aerospace, Inc. ‡		(18,600	)		(553	)
Boeing Co.		(10,200	)		(739	)
Goodrich Corp.		(4,100	)		(304	)
Hexcel Corp. ‡		(6,400	)		(104	)
Orbital Sciences Corp. ‡		(1,400	)		(26	)
Precision Castparts Corp.		(6,000	)		(770	)
Transdigm Group, Inc.		(18,500	)		(1,023	)
Air Freight & Logistics (0.0%)¥
Hub Group, Inc. — Class A ‡		(1,000	)		(32	)
Airlines (0.0%) ¥
AirTran Holdings, Inc. ‡		(8,000	)		(42	)
Auto Components (1.0%)
Amerigon, Inc. ‡		(8,800	)		(86	)
BorgWarner, Inc. ‡		(3,400	)		(147	)
Exide Technologies ‡		(4,500	)		(27	)
Gentex Corp.		(21,600	)		(464	)
Midas, Inc. ‡		(8,000	)		(92	)
Superior Industries International, Inc.		(4,500	)		(76	)
WABCO Holdings, Inc. ‡		(5,000	)		(166	)
Automobiles (0.5%)
Harley-Davidson, Inc.		(15,100	)		(511	)
Beverages (1.3%)
Central European Distribution Corp. ‡		(8,200	)		(284	)
Coca-Cola Co.		(9,700	)		(519	)
PepsiCo, Inc.		(7,300	)		(476	)
Biotechnology (0.2%)
Cepheid, Inc. ‡		(3,200	)		(64	)
Metabolix, Inc. ‡		(6,200	)		(77	)
Pharmasset, Inc. ‡		(2,700	)		(88	)
Building Products (0.1%)
American Woodmark Corp.		(2,500	)		(58	)
NCI Building Systems, Inc. ‡		(6,500	)		(89	)
Capital Markets (1.8%)
Affiliated Managers Group, Inc. ‡		(8,800	)		(741	)
American Capital, Ltd. ‡		(7,900	)		(49	)
Charles Schwab Corp.		(23,000	)		(444	)
State Street Corp.		(12,700	)		(552	)
Teton Advisors, Inc. — Class  B ‡ Ə		(7	)		(♦	)
TradeStation Group, Inc. ‡		(2,400	)		(20	)
Westwood Holdings Group, Inc.		(1,200	)		(46	)
Chemicals (3.0%)
Dow Chemical Co.		(26,000	)		(802	)
FMC Corp.		(13,100	)		(833	)
Monsanto Co.		(9,400	)		(593	)
Mosaic Co.		(8,200	)		(419	)
Praxair, Inc.		(4,600	)		(385	)
STR Holdings, Inc. ‡		(2,200	)		(51	)
Commercial Banks (3.5%)
BB&T Corp.		(20,500	)		(681	)
City National Corp.		(7,200	)		(448	)
East-West Bancorp, Inc.		(1,300	)		(25	)
First Community Bancshares, Inc.		(2,600	)		(43	)
First Financial Holdings, Inc.		(3,600	)		(51	)
PacWest Bancorp		(1,600	)		(38	)
Smithtown Bancorp, Inc.		(18,800	)		(87	)

	Shares			Value
Commercial Banks (continued)
Sterling Bancshares, Inc.		(8,600	)	$	(51	)
TCF Financial Corp.		(29,200	)		(544	)
Texas Capital Bancshares, Inc. ‡		(4,100	)		(82	)
Wells Fargo & Co.		(22,900	)		(758	)
Whitney Holding Corp.		(45,400	)		(622	)
WSFS Financial Corp.		(1,800	)		(76	)
Commercial Services & Supplies (1.7%)
American Reprographics Co. ‡		(9,400	)		(94	)
Clean Harbors, Inc. ‡		(11,400	)		(723	)
Dollar Financial Corp. ‡		(500	)		(12	)
Electro Rent Corp.		(6,600	)		(94	)
Franklin Covey Co. ‡		(4,000	)		(32	)
Healthcare Services Group Inc.		(4,200	)		(90	)
Herman Miller, Inc.		(20,600	)		(437	)
Innerworkings, Inc. ‡		(7,400	)		(44	)
McGrath Rentcorp		(2,800	)		(73	)
North American Galvanizing & Coating, Inc. ‡		(12,300	)		(92	)
Viad Corp.		(3,200	)		(75	)
Communications Equipment (1.6%)
Adtran, Inc.		(3,200	)		(86	)
Blue Coat Systems, Inc. ‡		(1,600	)		(52	)
DG FastChannel, Inc. ‡		(1,400	)		(49	)
EMS Technologies, Inc. ‡		(5,400	)		(86	)
Emulex Corp. ‡		(5,700	)		(67	)
Falconstor Software, Inc. ‡		(12,700	)		(38	)
Harmonic Lightwaves, Inc. ‡		(2,900	)		(20	)
Ixia ‡		(9,200	)		(94	)
Juniper Networks, Inc. ‡		(10,600	)		(301	)
KVH Industries, Inc. ‡		(6,500	)		(98	)
Polycom, Inc. ‡		(15,300	)		(497	)
Riverbed Technology, Inc. ‡		(2,700	)		(84	)
Sycamore Networks, Inc. ‡		(4,600	)		(91	)
Viasat, Inc. ‡		(2,700	)		(96	)
Computers & Peripherals (1.1%)
3PAR, Inc. ‡		(3,300	)		(31	)
Avid Technology, Inc. ‡		(5,200	)		(76	)
Compellent Technologies, Inc. ‡		(1,600	)		(20	)
Immersion Corp. ‡		(12,300	)		(69	)
Intevac, Inc. ‡		(3,100	)		(43	)
NCR Corp. ‡		(31,700	)		(417	)
Netezza Corp. ‡		(5,700	)		(78	)
QLogic Corp. ‡		(20,400	)		(395	)
Stratasys, Inc. ‡		(1,500	)		(36	)
Construction & Engineering (0.2%)
Granite Construction, Inc.		(2,800	)		(94	)
MYR Group, Inc. ‡		(5,300	)		(95	)
Construction Materials (0.9%)
Martin Marietta Materials, Inc.		(9,300	)		(892	)
Containers & Packaging (1.1%)
Greif, Inc. — Class A		(5,100	)		(302	)
Packaging Corp. of America		(33,300	)		(823	)
Distributors (0.4%)
LKQ Corp. ‡		(19,300	)		(406	)
Diversified Consumer Services (0.3%)
Sotheby’s		(10,300	)		(344	)
Diversified Financial Services (0.0%) ¥
Pacific Continental Corp.		(2,200	)		(25	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 32

Transamerica BNY Mellon Market Netural Strategy

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares			Value
Diversified Telecommunication Services (0.1%)
Atlantic Tele-Network, Inc.		(1,700	)	$	(94	)
Cbeyond, Inc. ‡		(2,400	)		(37	)
Electric Utilities (2.6%)
ALLETE, Inc.		(2,600	)		(95	)
Cleco Corp.		(10,100	)		(277	)
Great Plains Energy, Inc.		(31,100	)		(601	)
ITC Holdings Corp.		(8,700	)		(486	)
Pepco Holdings, Inc.		(22,500	)		(377	)
Southern Co.		(22,800	)		(787	)
Electrical Equipment (2.2%)
A123 Systems, Inc. ‡		(50,800	)		(633	)
Acuity Brands, Inc.		(2,000	)		(90	)
Ametek, Inc.		(9,100	)		(394	)
Baldor Electric Co.		(2,300	)		(88	)
Chase Corp.		(3,800	)		(50	)
Emerson Electric Co.		(11,600	)		(606	)
Encore Wire Corp.		(3,600	)		(80	)
GrafTech International, Ltd. ‡		(6,700	)		(113	)
Rockwell Automation, Inc.		(2,000	)		(121	)
Woodward Governor Co.		(2,800	)		(90	)
Electronic Equipment & Instruments (2.4%)
Agilent Technologies, Inc. ‡		(11,000	)		(399	)
Cogent, Inc. ‡		(7,500	)		(78	)
Cognex Corp.		(3,100	)		(65	)
Dolby Laboratories, Inc. -Class A ‡		(4,000	)		(275	)
DTS, Inc. ‡		(2,600	)		(86	)
Electro Scientific Industries, Inc. ‡		(6,500	)		(90	)
Faro Technologies, Inc. ‡		(1,900	)		(48	)
FLIR Systems, Inc. ‡		(15,200	)		(464	)
Itron, Inc. ‡		(5,400	)		(429	)
L-1 Identity Solutions, Inc. ‡		(5,600	)		(49	)
MTS Systems Corp.		(1,900	)		(57	)
National Instruments Corp.		(6,800	)		(235	)
Park Electrochemical Corp.		(2,600	)		(79	)
PC Mall, Inc. ‡		(8,500	)		(44	)
Rofin-Sinar Technologies, Inc. ‡		(2,100	)		(56	)
Rogers Corp. ‡		(1,100	)		(37	)
Energy Equipment & Services (1.0%)
Carbo Ceramics, Inc.		(1,200	)		(88	)
Dresser-Rand Group, Inc. ‡		(4,700	)		(166	)
Dril-Quip, Inc. ‡		(600	)		(35	)
Key Energy Services, Inc. ‡		(4,700	)		(51	)
Lufkin Industries, Inc.		(900	)		(77	)
Pride International, Inc. ‡		(19,600	)		(594	)
Food & Staples Retailing (1.0%)
Costco Wholesale Corp.		(2,800	)		(165	)
Ingles Markets, Inc. — Class A		(1,500	)		(24	)
Pantry, Inc. ‡		(6,200	)		(98	)
Ruddick Corp.		(19,000	)		(672	)
Susser Holdings Corp. ‡		(5,000	)		(54	)
Food Products (1.6%)
Bunge, Ltd.		(7,000	)		(371	)
Darling International, Inc. ‡		(9,700	)		(92	)
Green Mountain Coffee Roasters, Inc. ‡		(10,500	)		(762	)
Griffin Land & Nurseries, Inc.		(2,500	)		(73	)
Harbinger Group, Inc. ‡		(2,800	)		(19	)
HQ Sustainable Maritime Industries, Inc. ‡		(15,400	)		(88	)
Imperial Sugar Co.		(1,900	)		(30	)
Sensient Technologies Corp.		(8,600	)		(271	)
Smart Balance, Inc. ‡		(4,300	)		(29	)

	Shares			Value
Gas Utilities (0.5%)
EQT Corp.		(12,600	)	$	(548	)
Health Care Equipment & Supplies (3.2%)
Abaxis, Inc. ‡		(3,500	)		(91	)
Accuray, Inc. ‡		(6,100	)		(39	)
Aga Medical Holdings, Inc. ‡		(5,800	)		(93	)
Baxter International, Inc.		(10,400	)		(491	)
Cutera, Inc. ‡		(2,500	)		(29	)
Cynosure, Inc. — Class A ‡		(3,600	)		(45	)
Edwards Lifesciences Corp. ‡		(9,600	)		(990	)
ev3, Inc. ‡		(4,400	)		(84	)
Gen-Probe, Inc. ‡		(17,400	)		(825	)
ICU Medical, Inc. ‡		(2,200	)		(78	)
Iris International, Inc. ‡		(2,500	)		(29	)
Merit Medical Systems, Inc. ‡		(1,900	)		(31	)
Natus Medical, Inc. ‡		(5,800	)		(99	)
Orthovita, Inc. ‡		(10,600	)		(42	)
Palomar Medical Technologies, Inc. ‡		(7,000	)		(88	)
Rochester Medical Corp. ‡		(1,500	)		(18	)
Somanetics Corp. ‡		(1,600	)		(32	)
Synovis Life Technologies, Inc. ‡		(6,000	)		(89	)
Utah Medical Products, Inc.		(1,500	)		(42	)
Volcano Corp. ‡		(2,500	)		(60	)
Health Care Providers & Services (2.7%)
Alliance Healthcare Services, Inc. ‡		(12,900	)		(69	)
Assisted Living Concepts, Inc. ‡		(1,100	)		(39	)
Bio-Reference Labs, Inc. ‡		(2,400	)		(56	)
Brookdale Senior Living, Inc. ‡		(14,400	)		(310	)
Catalyst Health Solutions, Inc. ‡		(600	)		(25	)
DaVita, Inc. ‡		(5,700	)		(356	)
Ensign Group, Inc.		(1,800	)		(31	)
Express Scripts, Inc. ‡		(1,000	)		(100	)
Hanger Orthopedic Group, Inc. ‡		(2,000	)		(37	)
Health Grades, Inc. ‡		(10,200	)		(72	)
HMS Holdings Corp. ‡		(1,400	)		(75	)
IPC The Hospitalist Co., Inc. ‡		(1,500	)		(47	)
Landauer, Inc.		(1,400	)		(95	)
LCA-Vision, Inc. ‡		(8,900	)		(75	)
Medcath Corp. ‡		(7,000	)		(70	)
Psychiatric Solutions, Inc. ‡		(21,400	)		(687	)
Quest Diagnostics, Inc.		(2,600	)		(149	)
Sun Healthcare Group, Inc. ‡		(3,800	)		(34	)
Transcend Services, Inc. ‡		(4,500	)		(67	)
VCA Antech, Inc. ‡		(11,600	)		(330	)
Health Care Technology (1.1%)
Athenahealth, Inc. ‡		(900	)		(26	)
Cerner Corp. ‡		(9,900	)		(840	)
Computer Programs & Systems, Inc.		(2,300	)		(104	)
MedAssets, Inc. ‡		(1,300	)		(30	)
Phase Forward, Inc. ‡		(5,900	)		(99	)
Hotels, Restaurants & Leisure (3.5%)
AFC Enterprises, Inc. ‡		(2,900	)		(32	)
Ambassadors Group, Inc.		(2,400	)		(29	)
Ameristar Casinos, Inc.		(2,100	)		(40	)
Bally Technologies, Inc. ‡		(2,300	)		(106	)
Burger King Holdings, Inc.		(43,900	)		(926	)
Carnival Corp.		(14,100	)		(588	)
CEC Entertainment, Inc. ‡		(1,900	)		(74	)
Churchill Downs, Inc.		(1,900	)		(73	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 33

Transamerica BNY Mellon Market Netural Strategy

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares			Value
Hotels, Restaurants & Leisure (continued)
Einstein Noah Restaurant Group, Inc. ‡		(7,200	)	$	(93	)
Krispy Kreme Doughnuts, Inc. ‡		(16,600	)		(61	)
Las Vegas Sands Corp. ‡		(6,300	)		(157	)
Morgans Hotel Group Co. ‡		(7,600	)		(64	)
Orient-Express Hotels, Ltd. — Class A ‡		(1,600	)		(22	)
Pinnacle Entertainment, Inc. ‡		(4,400	)		(60	)
Sonic Corp. ‡		(7,500	)		(88	)
Starwood Hotels & Resorts Worldwide, Inc.		(5,300	)		(289	)
Vail Resorts, Inc. ‡		(2,100	)		(96	)
WMS Industries, Inc. ‡		(15,300	)		(765	)
Household Durables (2.1%)
Cavco Industries, Inc. ‡		(1,600	)		(63	)
Ethan Allen Interiors, Inc.		(4,200	)		(85	)
Fortune Brands, Inc.		(16,200	)		(849	)
Interface, Inc. — Class A		(1,700	)		(22	)
Skyline Corp.		(4,800	)		(112	)
Stanley Furniture Co., Inc. ‡		(4,600	)		(45	)
Toll Brothers, Inc. ‡		(41,300	)		(932	)
Household Products (0.4%)
Clorox Co.		(5,800	)		(375	)
WD-40 Co.		(800	)		(28	)
Industrial Conglomerates (0.5%)
McDermott International, Inc. ‡		(18,500	)		(507	)
Insurance (3.2%)
Arch Capital Group, Ltd. ‡		(3,900	)		(295	)
Assured Guaranty, Ltd.		(1,100	)		(24	)
Employers Holdings, Inc.		(1,300	)		(21	)
Erie Indemnity Co. — Class A		(7,800	)		(361	)
Genworth Financial, Inc. — Class A ‡		(25,000	)		(413	)
Lincoln National Corp.		(14,400	)		(440	)
MetLife, Inc.		(14,300	)		(653	)
Old Republic International Corp.		(41,300	)		(620	)
PartnerRe, Ltd.		(3,200	)		(248	)
Phoenix Cos., Inc. ‡		(26,000	)		(84	)
Internet & Catalog Retail (0.1%)
Drugstore.com, Inc. ‡		(14,300	)		(52	)
PetMed Express, Inc.		(4,000	)		(89	)
Internet Software & Services (0.3%)
Dealertrack Holdings, Inc. ‡		(3,200	)		(49	)
Dice Holdings, Inc. ‡		(11,100	)		(96	)
Savvis, Inc. ‡		(4,600	)		(81	)
Vocus, Inc. ‡		(5,100	)		(87	)
IT Services (1.1%)
Cass Information Systems, Inc.		(2,400	)		(76	)
Echo Global Logistics, Inc. ‡		(7,000	)		(94	)
Forrester Research, Inc. ‡		(2,500	)		(80	)
Genpact, Ltd. ‡		(7,500	)		(127	)
Global Cash Access Holdings, Inc. ‡		(7,700	)		(67	)
Paychex, Inc.		(13,100	)		(402	)
RightNow Technologies, Inc. ‡		(5,000	)		(82	)
Sapient Corp.		(3,100	)		(32	)
Syntel, Inc.		(1,000	)		(36	)
TNS, Inc. ‡		(3,600	)		(93	)
Leisure Equipment & Products (0.8%)
Brunswick Corp.		(4,700	)		(98	)
Hasbro, Inc.		(15,900	)		(610	)
Leapfrog Enterprises, Inc. -Class A ‡		(10,900	)		(75	)
Marine Products Corp. ‡		(6,800	)		(48	)

	Shares			Value
Life Sciences Tools & Services (0.9%)
AMAG Pharmaceuticals, Inc. ‡		(1,400	)	$	(48	)
Covance, Inc. ‡		(13,500	)		(771	)
Dionex Corp. ‡		(1,200	)		(98	)
Machinery (5.4%)
Astec Industries, Inc. ‡		(2,500	)		(83	)
Badger Meter, Inc.		(1,600	)		(66	)
Barnes Group, Inc.		(4,600	)		(96	)
Cascade Corp.		(1,200	)		(42	)
Chart Industries, Inc. ‡		(3,700	)		(85	)
Cummins, Inc.		(9,500	)		(686	)
Dynamic Materials Corp.		(5,300	)		(95	)
Flow International Corp. ‡		(5,200	)		(16	)
Gorman-Rupp Co.		(900	)		(25	)
Hurco Cos., Inc. ‡		(2,500	)		(49	)
Kaydon Corp.		(2,300	)		(96	)
Kennametal, Inc.		(21,100	)		(693	)
Middleby Corp. ‡		(1,600	)		(98	)
Nordson Corp.		(2,700	)		(194	)
PACCAR, Inc.		(22,500	)		(1,046	)
Parker Hannifin Corp.		(4,100	)		(284	)
RBC Bearings, Inc. ‡		(2,400	)		(76	)
Robbins & Myers, Inc.		(2,300	)		(60	)
SPX Corp.		(9,500	)		(664	)
Sun Hydraulics Corp.		(3,200	)		(90	)
Terex Corp. ‡		(34,100	)		(904	)
Marine (0.0%) ¥
Hornbeck Offshore Services, Inc. ‡		(2,100	)		(51	)
Media (0.9%)
Arbitron, Inc.		(3,300	)		(102	)
CKX, Inc. ‡		(7,000	)		(41	)
Fisher Communications, Inc. ‡		(3,900	)		(59	)
Lamar Advertising Co. — Class A ‡		(14,800	)		(550	)
Rentrak Corp. ‡		(3,100	)		(68	)
Walt Disney Co.		(3,300	)		(122	)
Metals & Mining (3.2%)
Brush Engineered Materials, Inc. ‡		(3,500	)		(104	)
Carpenter Technology Corp.		(16,900	)		(664	)
Commercial Metals Co.		(5,900	)		(88	)
Compass Minerals International, Inc.		(12,400	)		(934	)
General Moly, Inc. ‡		(21,900	)		(82	)
Horsehead Holdings Corp. ‡		(7,700	)		(91	)
Nucor Corp.		(7,800	)		(353	)
RTI International Metals, Inc. ‡		(2,400	)		(65	)
Schnitzer Steel Industries, Inc. — Class A		(4,700	)		(254	)
U.S. Steel Corp.		(11,700	)		(640	)
Multiline Retail (0.1%)
Family Dollar Stores, Inc.		(2,200	)		(87	)
Multi-Utilities (0.6%)
Alliant Energy Corp.		(2,800	)		(96	)
PG&E Corp.		(8,200	)		(359	)
Scana Corp.		(3,300	)		(130	)
Oil, Gas & Consumable Fuels (5.4%)
Alpha Natural Resources, Inc. ‡		(2,800	)		(132	)
Anadarko Petroleum Corp.		(2,800	)		(174	)
Brigham Exploration Co. ‡		(3,600	)		(70	)
Comstock Resources, Inc. ‡		(17,100	)		(548	)
Credo Petroleum Corp. ‡		(5,100	)		(49	)
Exxon Mobil Corp.		(4,200	)		(285	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 34

Transamerica BNY Mellon Market Netural Strategy

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares			Value
Oil, Gas & Consumable Fuels (continued)
Geokinetics, Inc. ‡		(10,000	)	$	(87	)
Harvest Natural Resources, Inc. ‡		(10,400	)		(92	)
James River Coal Co. ‡		(4,700	)		(88	)
Northern Oil and Gas Inc. ‡		(5,400	)		(88	)
Overseas Shipholding Group, Inc.		(9,500	)		(476	)
Petrohawk Energy Corp. ‡		(29,100	)		(628	)
Pioneer Natural Resources Co.		(11,600	)		(744	)
South Jersey Industries, Inc.		(1,800	)		(81	)
Spectra Energy Corp.		(8,200	)		(191	)
Tesoro Corp.		(56,300	)		(740	)
Usec, Inc. ‡		(12,500	)		(75	)
Valero Energy Corp.		(44,000	)		(916	)
Venoco, Inc. ‡		(3,000	)		(45	)
Paper & Forest Products (0.6%)
Deltic Timber Corp.		(1,800	)		(95	)
Weyerhaeuser Co.		(9,600	)		(475	)
Personal Products (0.3%)
Estee Lauder Cos., Inc. — Class A		(3,500	)		(231	)
Female Health Co.		(10,500	)		(67	)
Pharmaceuticals (2.1%)
Allergan, Inc.		(5,800	)		(369	)
Ardea Biosciences, Inc. ‡		(1,700	)		(43	)
Auxilium Pharmaceuticals, Inc. ‡		(1,800	)		(64	)
Map Pharmaceuticals, Inc. ‡		(4,500	)		(81	)
Merck & Co., Inc.		(12,000	)		(420	)
Pain Therapeutics, Inc. ‡		(14,100	)		(85	)
Pfizer, Inc.		(4,700	)		(79	)
Salix Pharmaceuticals, Ltd. ‡		(2,000	)		(80	)
Sucampo Pharmaceuticals, Inc. — Class A ‡		(7,500	)		(31	)
Watson Pharmaceuticals, Inc. ‡		(19,600	)		(840	)
Professional Services (1.8%)
Acacia Research — Acacia Technologies ‡		(2,400	)		(36	)
Corporate Executive Board Co.		(2,800	)		(77	)
Costar Group, Inc. ‡		(2,000	)		(88	)
Equifax, Inc.		(7,800	)		(262	)
Heidrick & Struggles International, Inc.		(1,200	)		(32	)
Kelly Services, Inc. — Class A ‡		(2,600	)		(42	)
Korn/Ferry International ‡		(9,100	)		(148	)
Monster Worldwide, Inc. ‡		(28,000	)		(488	)
Resources Connection, Inc. ‡		(4,000	)		(70	)
Robert Half International, Inc.		(20,600	)		(563	)
TrueBlue, Inc. ‡		(4,700	)		(74	)
Real Estate Investment Trusts (0.0%) ¥
Bluegreen Corp. ‡		(8,000	)		(49	)
Real Estate Management & Development (1.9%)
Avatar Holdings, Inc. ‡		(3,300	)		(79	)
CB Richard Ellis Group, Inc. — Class A ‡		(22,200	)		(385	)
Consolidated-Tomoka Land Co.		(1,000	)		(34	)
Forest City Enterprises, Inc. — Class A ‡		(39,200	)		(606	)
St. Joe Co. ‡		(22,600	)		(746	)
Tejon Ranch Co. ‡		(3,100	)		(89	)
Road & Rail (1.3%)
Genesee & Wyoming, Inc. — Class A ‡		(700	)		(27	)
Heartland Express, Inc.		(4,600	)		(76	)
JB Hunt Transport Services, Inc.		(15,800	)		(582	)
Knight Transportation, Inc.		(3,700	)		(79	)
Old Dominion Freight Line, Inc. ‡		(2,200	)		(79	)
Werner Enterprises, Inc.		(19,300	)		(433	)

	Shares			Value
Semiconductors & Semiconductor Equipment (4.9%)
Altera Corp.		(9,500	)	$	(241	)
Anadigics, Inc. ‡		(9,300	)		(47	)
Applied Materials, Inc.		(12,100	)		(167	)
Applied Micro Circuits Corp. ‡		(4,500	)		(51	)
Atheros Communications, Inc. ‡		(1,500	)		(58	)
Cavium Networks, Inc. ‡		(1,300	)		(36	)
Cree, Inc. ‡		(7,700	)		(564	)
FormFactor, Inc. ‡		(2,800	)		(42	)
International Rectifier Corp. ‡		(34,800	)		(800	)
LAM Research Corp. ‡		(11,600	)		(470	)
Maxim Integrated Products, Inc.		(19,700	)		(383	)
Memc Electronic Materials, Inc. ‡		(35,200	)		(457	)
Mips Technologies, Inc. — Class A ‡		(8,400	)		(42	)
Netlogic Microsystems, Inc. ‡		(2,500	)		(78	)
NVE Corp. ‡		(1,700	)		(82	)
Power Integrations, Inc.		(1,300	)		(50	)
Rudolph Technologies, Inc. ‡		(3,300	)		(31	)
Silicon Image, Inc. ‡		(12,500	)		(47	)
Silicon Laboratories, Inc. ‡		(12,500	)		(604	)
Supertex, Inc. ‡		(3,200	)		(86	)
Ultratech, Inc. ‡		(3,600	)		(53	)
Varian Semiconductor Equipment Associates, Inc. ‡		(17,000	)		(560	)
Software (3.7%)
Adobe Systems, Inc. ‡		(7,700	)		(259	)
Autodesk, Inc. ‡		(31,900	)		(1,084	)
Citrix Systems, Inc. ‡		(11,800	)		(555	)
DemandTec, Inc. ‡		(2,700	)		(18	)
Electronic Arts, Inc. ‡		(45,200	)		(875	)
Monotype Imaging Holdings, Inc. ‡		(8,600	)		(90	)
Parametric Technology Corp. ‡		(32,400	)		(602	)
SRS Labs, Inc. ‡		(6,700	)		(63	)
Successfactors, Inc. ‡		(3,900	)		(82	)
Taleo Corp. — Class A ‡		(1,200	)		(31	)
Tivo, Inc. ‡		(4,100	)		(72	)
Tyler Technologies, Inc. ‡		(2,400	)		(41	)
Specialty Retail (3.8%)
Abercrombie & Fitch Co. — Class A		(12,100	)		(529	)
Bebe Stores, Inc.		(4,000	)		(33	)
Build-A-Bear Workshop, Inc. ‡		(5,600	)		(54	)
Childrens Place Retail Stores, Inc. ‡		(1,100	)		(50	)
Coldwater Creek, Inc. ‡		(9,000	)		(64	)
Foot Locker, Inc.		(25,000	)		(384	)
Gymboree Corp. ‡		(1,400	)		(69	)
hhgregg, Inc. ‡		(700	)		(20	)
Hibbett Sports, Inc. ‡		(800	)		(22	)
Home Depot, Inc.		(16,000	)		(564	)
Lowe’s Cos., Inc.		(23,700	)		(643	)
Lumber Liquidators Holdings, Inc. ‡		(3,200	)		(97	)
Mens Wearhouse, Inc.		(3,700	)		(87	)
O’Reilly Automotive, Inc. ‡		(15,700	)		(769	)
Rex Stores Corp. ‡		(2,700	)		(46	)
Rue21, Inc. ‡		(2,600	)		(82	)
Rush Enterprises, Inc. — Class A ‡		(2,100	)		(34	)
Syms Corp. ‡		(2,200	)		(20	)
Systemax, Inc.		(1,500	)		(35	)
Urban Outfitters, Inc. ‡		(6,300	)		(236	)
Wet Seal, Inc. — Class A ‡		(8,200	)		(39	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 35

Transamerica BNY Mellon Market Netural Strategy

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares			Value
Textiles, Apparel & Luxury Goods (1.2%)
Cherokee, Inc.		(3,700	)	$	(76	)
Iconix Brand Group, Inc. ‡		(4,800	)		(83	)
Kenneth Cole Productions, Inc. — Class A ‡		(1,800	)		(22	)
K-Swiss, Inc. -Class A ‡		(3,200	)		(40	)
Phillips-Van Heusen Corp.		(13,300	)		(838	)
Steven Madden, Ltd. ‡		(500	)		(29	)
True Religion Apparel, Inc. ‡		(800	)		(25	)
Volcom, Inc. ‡		(2,700	)		(64	)
Thrifts & Mortgage Finance (0.5%)
Capitol Federal Financial		(5,600	)		(211	)
New York Community Bancorp, Inc.		(14,600	)		(241	)
Radian Group, Inc.		(5,300	)		(75	)
Tree.com, Inc. ‡		(3,400	)		(31	)

	Shares			Value
Trading Companies & Distributors (0.9%)
MSC Industrial Direct Co. — Class A		(9,600	)	$	(524	)
RSC Holdings, Inc. ‡		(9,600	)		(88	)
Titan Machinery, Inc. ‡		(1,400	)		(20	)
WESCO International, Inc. ‡		(7,200	)		(292	)
Water Utilities (0.6%)
Aqua America, Inc.		(28,300	)		(519	)
Southwest Water Co.		(7,300	)		(78	)
Wireless Telecommunication Services (2.1%)
American Tower Corp. -Class A ‡		(4,400	)		(180	)
Crown Castle International Corp. ‡		(11,300	)		(428	)
Leap Wireless International, Inc. ‡		(41,700	)		(764	)
SBA Communications Corp. -Class A ‡		(20,000	)		(707	)
Syniverse Holdings, Inc. ‡		(3,900	)		(77	)
Total Common Stocks (proceeds $85,075)					(96,941	)
Total Securities Sold Short (proceeds $85,075)				$	(96,941	)

NOTES TO SCHEDULE OF INVESTMENTS:
‡	Non-income producing security.
¥	Amount rounds to less than 0.01% or (0.01)%.
♦	Amount rounds to less than $1.
µ	Cash in the amount of $74,123 is segregated with the broker to cover margin requirements for open securities sold short transcations.
5	Rate shown reflects the yield at 04/30/2010.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of less than $(1), or less than (0.01)% of the fund’s net assets.
#	Aggregate cost for federal income tax purposes is $110,211. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $16,118 and $1,341, respectively. Net unrealized appreciation for tax purposes is $14,777.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	17,228	$	—	$	—	$	17,228
Equities — Consumer Staples		5,162		—		—		5,162
Equities — Energy		6,681		—		—		6,681
Equities — Financials		9,744		—		—		9,744
Equities — Health Care		9,480		—		—		9,480
Equities — Industrials		19,280		—		—		19,280
Equities — Information Technology		17,700		—		—		17,700
Equities — Materials		6,274		—		—		6,274
Equities — Telecommunication Services		1,564		—		—		1,564
Equities — Utilities		3,365		—		—		3,365
Cash & Cash Equivalent — Repurchase Agreement		—		28,510		—		28,510
Total	$	96,478	$	28,510	$	—	$	124,988

Securities Sold Short	Level 1			Level 2		Level 3			Total
Equities — Financials	$	(11,088	)	$	—	$	(♦	)	$	(11,088	)
Equities — Consumer Staples		(4,728	)		—		—			(4,728	)
Equities — Information Technology		(15,438	)		—		—			(15,438	)
Equities — Consumer Discretionary		(15,045	)		—		—			(15,045	)
Equities — Health Care		(10,356	)		—		—			(10,356	)
Equities — Industrials		(18,181	)		—		—			(18,181	)
Equities — Utilities		(4,353	)		—		—			(4,353	)
Equities — Energy		(6,520	)		—		—			(6,520	)
Equities — Telecommunication Services		(2,287	)		—		—			(2,287	)
Equities — Materials		(8,945	)		—		—			(8,945	)
Total	$	(96,941	)	$	—	$	(♦	)	$	(96,941	)

Level 3 Rollforward — Securities Sold Short

Beginning

Net Transfers

Ending

Balance at

Net

Accrued

Total Realized

Change in Unrealized

In/(Out) of

Balance at

Securities

10/31/2009

Purchases/(Sales)

Discounts/(Premiums)

Gain/(Loss)

Appreciation/(Depreciation)

Level 3

4/30/2010

Equities - Financials

$

(♦

)

$

♦

$

—

$

♦

$

—

$

—

$

(♦

)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 36

Transamerica Federated Market Opportunity

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 11.1%
United States - 11.1%
U.S. Treasury Bond
3.50%, 02/15/2039		$	2,000	$	1,671
4.38%, 11/15/2039			2,600		2,535
4.50%, 08/15/2039			2,000		1,990
4.63%, 02/15/2040			4,000		4,063
Total U.S. Government Obligations (cost $10,380)					10,259
FOREIGN GOVERNMENT OBLIGATIONS - 7.3%
Argentina - 1.6%
Republic of Argentina
0.39%, 08/03/2012 *			1,000		339
3.17%, 12/15/2035 *			1,405		109
8.28%, 12/31/2033			1,396		1,036
Brazil - 2.0%
Brazil Notas do Tesouro Nacional
6.00%, 05/15/2015	BRL		600		643
10.00%, 01/01/2012 - 01/01/2017	BRL		2,300		1,238
Hungary - 0.5%
Hungary Government Bond
8.00%, 02/12/2015	HUF		90,000		482
Mexico - 1.0%
United Mexican States
10.00%, 12/05/2024	MXN		9,000		884
Poland - 0.9%
Poland Government Bond
5.25%, 10/25/2017	PLN		2,500		840
Turkey - 0.9%
Republic of Turkey
11.00%, 08/06/2014	TRY		1,200		838
Venezuela - 0.4%
Republic of Venezuela
9.38%, 01/13/2034		$	500		365
Total Foreign Government Obligations (cost $5,692)					6,774
CORPORATE DEBT SECURITIES - 0.4%
Brazil - 0.2%
Rearden G Holdings Eins GmbH
7.88%, 03/30/2020 - 144A			120		124
Mexico - 0.2%
Credito Real SA de CV
10.25%, 04/14/2015 - 144A			190		190
Total Corporate Debt Securities (cost $313)					314

	Shares		Value
COMMON STOCKS - 36.1%
Canada - 5.2%
Agnico-Eagle Mines, Ltd. Ù		11,600		733
Barrick Gold Corp.		20,700		901
Goldcorp, Inc.		21,400		925
Pan American Silver Corp.		10,000		265
TELUS Corp. ‡		26,700		986
Yamana Gold, Inc.		93,000		1,011
France - 1.6%
Sanofi-Aventis SA ‡		8,300		566
Vivendi SA		35,000		918

	Shares		Value
Italy - 1.2%
ENI SpA		49,400	$	1,104
Japan - 6.7%
FamilyMart Co., Ltd. Ù		14,200		489
Lawson, Inc. Ù		14,100		623
Mitsubishi UFJ Financial Group, Inc.		170,000		886
NTT DoCoMo, Inc. Ù		894		1,391
Sankyo Co., Ltd. Ù		20,500		946
Secom Co., Ltd.		19,000		825
Takeda Pharmaceutical Co., Ltd. Ù		24,100		1,035
Korea, Republic of - 1.3%
SK Telecom Co., Ltd.		7,975		1,245
Switzerland - 1.6%
Noble Corp. ‡		38,000		1,501
United Kingdom - 3.3%
AstraZeneca PLC		26,680		1,179
Ensco PLC            ADR		39,300		1,854
United States - 15.2%
AT&T, Inc.		35,600		928
Baxter International, Inc.		16,000		756
Bemis Co., Inc.		22,700		690
Biogen Idec, Inc. ‡		16,000		852
BJ’s Wholesale Club, Inc. ‡Ù		23,600		903
Bristol-Myers Squibb Co.		40,600		1,027
Bunge, Ltd.		9,700		514
Career Education Corp. ‡Ù		9,400		275
Cephalon, Inc. ‡Ù		10,900		700
Constellation Energy Group, Inc.		22,000		778
Corinthian Colleges, Inc. ‡Ù		30,500		477
Exelon Corp.		25,000		1,090
Gilead Sciences, Inc. ‡		31,000		1,229
Microsoft Corp.		15,000		458
Patterson-UTI Energy, Inc.		47,000		719
Pfizer, Inc.		56,400		943
Pharmaceutical Product Development, Inc.		14,000		385
Tidewater, Inc. Ù		16,200		868
Unit Corp. ‡Ù		8,800		419
Total Common Stocks (cost $31,754)				33,394
INVESTMENT COMPANIES - 8.6%
Canada - 4.0%
Central Fund of Canada, Ltd.		244,700		3,680
United States - 4.6%
PowerShares DB Agriculture Fund		170,000		4,233
Total Investment Companies (cost $7,160)				7,913

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 37

Transamerica Federated Market Opportunity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Notional
	Amount		Value
PURCHASED OPTIONS - 3.1%
Put Options - 3.1%
PowerShares QQQ	$	200	$	368
Put Strike $50.00
Expires 06/19/2010
Consumer Discretionary Select		240		192
Put Strike $34.00
Expires 06/19/2010
iShares MSCI Emerging Markets Index Fund		150		533
Put Strike $45.00
Expires 06/19/2010
SPDR S&P 500 ETF Trust		190		1,238
Put Strike $124.00
Expires 06/19/2010
iShares Russell 2000		140		525
Put Strike $75.00
Expires 06/30/2010
Total Purchased Options (cost $4,347)				2,856
	Shares		Value
SECURITIES LENDING COLLATERAL - 6.5%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		5,999,648	$	6,000
Total Securities Lending Collateral (cost $6,000)
	Principal		Value
REPURCHASE AGREEMENT - 31.4%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $28,982 on 05/03/2010. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/25/2038 - 01/25/2039, and with a total value of $29,563.	$	28,982		28,982
Total Repurchase Agreement (cost $28,982)
Total Investment Securities (cost $94,628) #				96,492
Other Assets and Liabilities — Net				(4,104	)
Net Assets			$	92,388

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Australian Dollar		(2,000	)		05/12/2010	$	(1,755	)	$	(93	)
Australian Dollar		(1,900	)		06/08/2010		(1,697	)		(53	)
Brazilian Real		(1,533	)		07/02/2010		(831	)		(39	)
Canadian Dollar		(5,227	)		08/03/2010		(5,147	)		3
Canadian Dollar		(4,165	)		08/03/2010		(4,102	)		2
Euro		(1,250	)		07/20/2010		(1,687	)		23
Japanese Yen		(197,229	)		05/06/2010		(2,176	)		76
Japanese Yen		(679,555	)		06/08/2010		(7,630	)		392
New Zealand Dollar		(3,500	)		06/08/2010		(2,400	)		(137	)
Peruvian Sol		607			04/11/2011		212			♦
Polish Zloty		(3,658	)		07/30/2010		(1,271	)		38
Pound Sterling		(1,600	)		07/20/2010		(2,462	)		15
Pound Sterling		(700	)		07/20/2010		(1,076	)		6
Republic of Korea Won		297,120			05/07/2010		240			28
Republic of Korea Won		(297,120	)		05/07/2010		(252	)		(16	)
Republic of Korea Won		390,150			03/23/2011		340			14
Russian Ruble		8,400			05/14/2010		240			47
South African Rand		(9,659	)		07/14/2010		(1,288	)		(3	)
									$	303

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:

							Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)
Buy	Canadian Dollar		1,344			05/06/2010	$	63
Sell	New Zealand Dollar		(1,800	)		05/06/2010		(48	)
Buy	New Zealand Dollar		1,800			05/06/2010		47
Sell	Canadian Dollar		(1,255	)		05/06/2010		25
Buy	Pound Sterling		820			08/06/2010		8
Sell	Mexican Peso		(15,430	)		08/06/2010		6
Buy	Singapore Dollar		1,700			08/18/2010		21
Sell	Polish Zloty		(3,554	)		08/18/2010		23
Buy	Singapore Dollar		1,700			08/18/2010		23

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 38

Transamerica Federated Market Opportunity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS (continued):

							Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)
Sell	Mexican Peso		(15,190	)		08/18/2010	$	(1	)
Buy	Singapore Dollar		1,567			08/25/2010		3
Sell	Australian Dollar		(1,250	)		08/25/2010		♦
Buy	Singapore Dollar		1,227			07/28/2010		17
Sell	Swiss Franc		(930	)		07/28/2010		13
Buy	Singapore Dollar		1,482			05/06/2010		33
Sell	New Zealand Dollar		(1,500	)		05/06/2010		(41	)
							$	192

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
U.S. Government Obligation		10.6	%	$	10,259
Capital Markets		8.2			7,913
Foreign Government Obligation		7.0			6,774
Energy Equipment & Services		5.6			5,362
Pharmaceuticals		4.9			4,750
Metals & Mining		4.0			3,835
Derivative		3.0			2,856
Biotechnology		3.0			2,780
Wireless Telecommunication Services		2.7			2,636
Food & Staples Retailing		2.1			2,015
Diversified Telecommunication Services		2.0			1,914
Oil, Gas & Consumable Fuels		1.1			1,104
Electric Utilities		1.1			1,090
Commercial Banks		1.1			1,076
Leisure Equipment & Products		1.0			946
Media		0.9			918
Commercial Services & Supplies		0.9			825
Independent Power Producers & Energy Traders		0.8			778
Health Care Equipment & Supplies		0.8			756
Diversified Consumer Services		0.8			752
Containers & Packaging		0.7			690
Food Products		0.5			514
Software		0.5			458
Life Sciences Tools & Services		0.4			385
Building Products		0.1			124
Investment Securities, at Value		63.8			61,510
Short-Term Investments		36.2			34,982
Total Investments		100.0	%	$	96,492

NOTES TO SCHEDULE OF INVESTMENTS:
*	Floating or variable rate note. Rate is listed as of 04/30/2010.
Ù	All or a portion of this security is on loan. The value of all securities on loan is $5,795.
‡	Non-income producing security.
5	Rate shown reflects the yield at 04/30/2010.
♦	Amount rounds to less than $1.
#	Aggregate cost for federal income tax purposes is $94,628. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,460 and $2,596, respectively. Net unrealized appreciation for tax purposes is $1,864.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 39

Transamerica Federated Market Opportunity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $314, or 0.34%, of the fund’s net assets.
ADR	American Depositary Receipt
BRL	Brazilian Real
ETF	Exchange-Traded Fund
HUF	Hungarian Forint
MSCI	Morgan Stanley Capital International
MXN	Mexican Peso
PLN	Polish Zloty
QQQ	NASDAQ 100 Trust
SPDR	Standard & Poor’s Depositary Receipt
TRY	Turkish New Lira

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	1,700	$	918	$	—	$	2,618
Equities — Consumer Staples		2,529		—		—		2,529
Equities — Energy		5,362		1,104		—		6,466
Equities — Financials		886		—		—		886
Equities — Health Care		8,104		566		—		8,670
Equities — Industrials		825		—		—		825
Equities — Information Technology		458		—		—		458
Equities — Materials		4,525		—		—		4,525
Equities — Purchased Options		2,856		—		—		2,856
Equities — Telecommunication Services		3,305		1,245		—		4,550
Equities — Utilities		1,867		—		—		1,867
Fixed Income — Financials		—		190		—		190
Fixed Income — Foreign Government Obligation		—		6,774		—		6,774
Fixed Income — Industrials		—		124		—		124
Fixed Income — U.S. Government Obligation		—		10,259		—		10,259
Investment Company — Financials		7,913		—		—		7,913
Cash & Cash Equivalent — Repurchase Agreement		—		28,982		—		28,982
Cash & Cash Equivalent — Securities Lending Collateral		6,000		—		—		6,000
Total	$	46,330	$	50,162	$	—	$	96,492

Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts — Appreciation	$	—	$	926		$	—	$	926
Forward Foreign Currency Contracts — Depreciation		—		(431	)		—		(431	)
Total	$	—	$	495		$	—	$	495

* Other financial instruments are derivative instruments including, but not limited to Futures Contracts, Forward Foreign Currency Contracts and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 40

Transamerica First Quadrant Global Macro
(formerly, Transamerica UBS Dynamic Alpha)

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Notional
	Amount			Value
PURCHASED OPTIONS - 0.5%
Put Options - 0.5%
Russell 2000 Index	$	11,300			154
Put Strike $710.00
Expires 05/22/2010
S&P 500 Index		18,600			306
Put Strike $1,175.00
Expires 05/22/2010
S&P 500 Index		6,800			177
Put Strike $1,200.00
Expires 05/22/2010
Total Purchased Options (cost $482)					637
	Principal			Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 18.3%
United States - 18.3%
U.S. Treasury Bill
0.12%, 05/13/2010 F ∆ ▲		4,000			4,000
0.13%, 05/20/2010 ∆ ▲ n		5,000			5,000
0.23%, 09/16/2010- 10/07/2010 F ▲ n		2,000			1,998
0.25%, 09/30/2010 ▲ n		1,000			999
0.53%, 05/06/2010 ∆ F ▲		9,000			8,999
Total Short-Term U.S. Government Obligations (cost $20,996)					20,996
REPURCHASE AGREEMENT - 82.1%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $94,287 on 05/03/2010. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/25/2024 - 07/15/2025, and with a total value of 96,174.		94,287			94,287
Total Repurchase Agreement (cost $94,287)
Total Investment Securities (cost $115,765) #					115,920
Other Assets and Liabilities — Net					(1,025	)
Net Assets				$	114,895
	Notional
	Amount			Value
WRITTEN OPTIONS - (0.4%)
Put Options - (0.4%)
Russell 2000 Index	$	(11	)	$	(141	)
Put Strike $670.00
Expires 06/19/2010
S&P 500 Index		(7	)		(102	)
Put Strike $1,125.00
Expires 06/19/2010
S&P 500 Index		(19	)		(212	)
Put Strike $1,100.00
Expires 06/19/2010
Total Written Options (Premiums: $321)					(455	)

FUTURES CONTRACTS:

						Net Unrealized
						Appreciation
Description	Contracts ┌			Expiration Date		(Depreciation)
10-Year Australian Treasury Bond		378			06/15/2010	$	(32	)
10-Year Government of Canada Bond		8			06/21/2010		9
10-Year Mini Japanese Government Bond		(329	)		06/09/2010		(163	)
10-Year U.S. Treasury Note		415			06/21/2010		501
AEX Index		(14	)		05/21/2010		32
ASX SPI 200 Index		(48	)		06/17/2010		41
CAC 40 Index		29			05/21/2010		(92	)
DAX Index		6			06/18/2010		6
FTSE 100 Index		58			06/18/2010		(55	)
FTSE MIB Index		24			06/18/2010		(206	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 41

Transamerica First Quadrant Global Macro
(formerly, Transamerica UBS Dynamic Alpha)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FUTURES CONTRACTS (continued):

						Net Unrealized
						Appreciation
Description	Contracts ┌			Expiration Date		(Depreciation)
German Euro Bund		38			06/08/2010	$	64
Hang Seng Index		(7	)		05/28/2010		7
IBEX 35 Index		43			05/21/2010		(474	)
Russell 2000 Mini Index		18			06/18/2010		(17	)
S&P 500 E-Mini Index		133			06/18/2010		(108	)
S&P 500 Index		5			06/17/2010		47
S&P TSE 60 Index		(39	)		06/17/2010		(82	)
Topix Index		10			06/11/2010		73
UK Long Gilt Bond		(277	)		06/28/2010		(1,266	)
						$	(1,715	)

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Australian Dollar		(794	)		06/16/2010	$	(732	)	$	1
Australian Dollar		(1,605	)		06/16/2010		(1,477	)		♦
Australian Dollar		1,299			06/16/2010		1,173			22
Australian Dollar		1,757			06/16/2010		1,591			26
Australian Dollar		(575	)		06/16/2010		(529	)		♦
Australian Dollar		(11,927	)		06/16/2010		(10,761	)		(213	)
Australian Dollar		(1,548	)		06/16/2010		(1,436	)		11
Canadian Dollar		1,601			06/16/2010		1,606			(30	)
Canadian Dollar		420			06/16/2010		421			(7	)
Canadian Dollar		1,808			06/16/2010		1,812			(32	)
Canadian Dollar		(1,564	)		06/16/2010		(1,541	)		1
Canadian Dollar		(4,878	)		06/16/2010		(4,752	)		(50	)
Canadian Dollar		61			06/16/2010		59			♦
Canadian Dollar		985			06/16/2010		958			12
Canadian Dollar		927			06/16/2010		924			(11	)
Canadian Dollar		(1,068	)		06/16/2010		(1,069	)		17
Canadian Dollar		(712	)		06/16/2010		(699	)		(2	)
Euro		(15,140	)		06/16/2010		(20,694	)		535
Euro		598			06/16/2010		789			7
Euro		(543	)		06/16/2010		(727	)		4
Euro		(680	)		06/16/2010		(911	)		5
Euro		701			06/16/2010		956			(23	)
Euro		685			06/16/2010		907			5
Euro		(415	)		06/16/2010		(569	)		17
Euro		(1,096	)		06/16/2010		(1,460	)		1
Japanese Yen		571,618			06/16/2010		6,327			(238	)
Japanese Yen		85,086			06/16/2010		944			(38	)
Japanese Yen		(136,598	)		06/16/2010		(1,485	)		30
Japanese Yen		(128,089	)		06/16/2010		(1,421	)		57
Japanese Yen		(105,076	)		06/16/2010		(1,160	)		41
Japanese Yen		(79,870	)		06/16/2010		(888	)		37
Japanese Yen		105,757			06/16/2010		1,121			5
Japanese Yen		(143,517	)		06/16/2010		(1,595	)		66
New Zealand Dollar		(3,030	)		06/16/2010		(2,114	)		(81	)
New Zealand Dollar		(1,265	)		06/16/2010		(887	)		(30	)
New Zealand Dollar		1,214			06/16/2010		865			14
New Zealand Dollar		(1,531	)		06/16/2010		(1,093	)		(17	)
New Zealand Dollar		1,600			06/16/2010		1,120			39
Pound Sterling		(144	)		06/16/2010		(214	)		(6	)
Pound Sterling		1,221			06/16/2010		1,884			(17	)
Pound Sterling		216			06/16/2010		333			(3	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 42

Transamerica First Quadrant Global Macro
(formerly, Transamerica UBS Dynamic Alpha)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Pound Sterling		560			06/16/2010	$	841		$	16
Pound Sterling		4,999			06/16/2010		7,558			90
Pound Sterling		815			06/16/2010		1,257			(11	)
Pound Sterling		919			06/16/2010		1,374			31
Swedish Krona		(15,497	)		06/16/2010		(2,188	)		48
Swedish Krona		8,128			06/16/2010		1,135			(13	)
Swedish Krona		(8,133	)		06/16/2010		(1,135	)		12
Swedish Krona		(6,364	)		06/16/2010		(877	)		(2	)
Swedish Krona		4,602			06/16/2010		642			(6	)
Swedish Krona		224			06/16/2010		31			♦
Swiss Franc		756			06/16/2010		706			(3	)
Swiss Franc		(612	)		06/16/2010		(582	)		13
Swiss Franc		783			06/16/2010		733			(5	)
Swiss Franc		(2,246	)		06/16/2010		(2,121	)		33
Swiss Franc		(832	)		06/16/2010		(776	)		3
Swiss Franc		1,980			06/16/2010		1,879			(39	)
Swiss Franc		1,271			06/16/2010		1,202			(21	)
Swiss Franc		(3,353	)		06/16/2010		(3,136	)		18
Swiss Franc		848			06/16/2010		801			(13	)
Swiss Franc		911			06/16/2010		848			(1	)
									$	305

NOTES TO SCHEDULE OF INVESTMENTS:

5	Rate shown reflects the yield at 04/30/2010.
┌	Contract amounts are not in thousands.
♦	Amount rounds to less than $1.
n	A portion of these securities, in the amount of $4,128, have been segregated with the broker to cover open forward contracts.
∆	A portion of these securities, in the amount of $6,499, have been segregated with the broker to cover open written options.
F	A portion of these securities, in the amount of $7,998, have been segregated with the broker to cover margin requirements for open futures contracts.
#	Aggregate cost for federal income tax purposes is $115,765. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $155. Net unrealized appreciation for tax purposes is $155.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Purchased Options	$	—	$	637	$	—	$	637
Fixed Income — Short-Term U.S. Government Obligation		—		20,996		—		20,996
Cash & Cash Equivalent — Repurchase Agreement		—		94,287		—		94,287
Total	$	—	$	115,920	$	—	$	115,920

Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Futures Contracts — Appreciation	$	—	$	780		$	—	$	780
Futures Contracts — Depreciation		—		(2,495	)		—		(2,495	)
Forward Foreign Currency Contracts — Appreciation		—		1,217			—		1,217
Forward Foreign Currency Contracts — Depreciation		—		(912	)		—		(912	)
Total	$	—		($1,410	)	$	—		($1,410	)

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Written Option	$	—		($455	)	$	—		($455	)

Level 3 Rollforward — Investment Securities

	Beginning												Net Transfers		Ending
	Balance at		Net			Accrued		Total Realized			Change in Unrealized		In/(Out) of		Balance at
Securities	10/31/2009		Purchases/(Sales)			Discounts/(Premiums)		Gain/(Loss)			Appreciation/(Depreciation)		Level 3		04/30/2010
Fixed Income - Materials	$	6	$	(1	)	$	—	$	(5	)	$	—	$	—	$	—

^* Other financial instruments are derivative instruments including, but not limited to Futures Contracts, Forward Foreign Currency Contracts and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 43

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 39.9%
U.S. Treasury Bond
4.50%, 02/15/2036	$	100	$	101
5.38%, 02/15/2031		300		341
5.50%, 08/15/2028		800		918
6.00%, 02/15/2026		200		241
6.13%, 11/15/2027		350		429
6.38%, 08/15/2027		50		63
6.50%, 11/15/2026		600		761
6.63%, 02/15/2027		200		257
6.75%, 08/15/2026		250		324
7.25%, 05/15/2016		5,500		6,869
7.50%, 11/15/2016		12,200		15,513
8.13%, 08/15/2019		650		885
8.50%, 02/15/2020		50		70
8.75%, 05/15/2017 - 08/15/2020		4,625		6,307
8.88%, 08/15/2017 - 02/15/2019		33,475		46,384
9.00%, 11/15/2018		1,000		1,418
9.25%, 02/15/2016		7,500		10,142
U.S. Treasury Note
1.38%, 09/15/2012		10,500		10,554
1.75%, 04/15/2013		1,000		1,008
1.88%, 02/28/2014		6,000		5,987
2.38%, 02/28/2015 - 03/31/2016		3,300		3,231
2.63%, 07/31/2014 - 12/31/2014		37,000		37,554
3.13%, 10/31/2016		11,700		11,788
3.25%, 12/31/2016		19,350		19,587
4.25%, 11/15/2017		11,250		12,038
4.50%, 11/30/2011 - 05/15/2017		35,950		39,155
4.63%, 02/15/2017		3,750		4,126
4.75%, 08/15/2017		500		553
U.S. Treasury STRIPS
1.39%, 02/15/2013 5		7,000		6,734
1.94%, 02/15/2014 5		4,500		4,181
2.06%, 05/15/2014 5		5,400		4,969
2.18%, 08/15/2014 5		4,000		3,642
2.45%, 02/15/2015 5		5,100		4,534
2.93%, 05/15/2016 5		200		167
3.11%, 11/15/2016 5		150		122
3.18%, 02/15/2017 5		3,960		3,194
3.34%, 08/15/2017 5		300		235
3.40%, 11/15/2017 5		3,625		2,807
3.46%, 02/15/2018 5		2,100		1,604
3.59%, 08/15/2018 5		550		409
3.66%, 11/15/2018 5		500		366
3.81%, 05/15/2019 5		2,850		2,022
3.88%, 08/15/2019 5		2,350		1,642
4.05%, 05/15/2020 5		100		67
4.09%, 08/15/2020 5		950		625
4.12%, 11/15/2020 5		700		455
4.29%, 02/15/2022 5		400		242
4.48%, 02/15/2024 5		75		41
4.50%, 05/15/2024 5		300		160
4.53%, 08/15/2024 5		475		250
4.55%, 11/15/2024 5		1,600		829
4.57%, 02/15/2025 5		1,150		588
4.58%, 05/15/2025 5		700		353
4.59%, 08/15/2025 5		400		199
4.63%, 05/15/2026 5		600		287

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - (continued)
U.S. Treasury STRIPS (continued)
4.67%, 02/15/2027 5	$	200	$	92
4.69%, 08/15/2027 -11/15/2027 5		450		200
4.70%, 05/15/2028 5		100		43
4.72%, 05/15/2029 5		100		41
4.73%, 02/15/2030 5		50		20
4.75%, 02/15/2032 5		50		18
4.76%, 11/15/2031 5		100		36
4.79%, 05/15/2036 5		100		29
Total U.S. Government Obligations (cost $274,789)				277,807
U.S. GOVERNMENT AGENCY OBLIGATIONS - 30.5%
Fannie Mae
0.46%, 10/27/2037 *		2,000		1,996
0.48%, 02/25/2036 - 03/25/2045 *		971		935
0.52%, 11/25/2046 *		2,091		2,121
0.56%, 03/25/2036 *		635		634
0.66%, 06/25/2037 *		644		643
0.71%, 07/25/2034 *		1,527		1,519
3.50%, 12/25/2018		3,000		2,993
4.00%, 12/25/2039		2,500		2,624
4.50%, 12/25/2017 - 02/25/2039		6,017		6,273
4.55%, 06/25/2043		434		454
5.00%, 04/25/2016 - 07/25/2039		5,056		5,370
5.00%, 05/01/2040 Ə		6,000		6,292
5.21%, 03/01/2036 *		707		744
5.50%, 01/01/2018 - 07/25/2034		10,019		10,681
5.50%, 07/01/2037 *		554		583
5.60%, 11/01/2037 *		617		652
5.61%, 01/25/2032		442		441
5.61%, 12/01/2036 *		861		905
5.66%, 09/01/2036 *		374		393
5.68%, 11/01/2036 - 04/01/2037 *		569		599
5.76%, 08/01/2037 *		779		818
5.85%, 12/01/2036 *		586		617
5.88%, 11/01/2036 *		1,153		1,216
5.90%, 02/25/2015		574		592
5.90%, 04/01/2036 *		997		1,054
5.92%, 07/01/2037 *		423		444
5.97%, 09/01/2037 *		136		143
5.99%, 05/01/2036 - 09/01/2037 *		1,857		1,953
6.00%, 02/01/2037 *		512		541
6.00%, 03/01/2019 - 08/25/2037		8,786		9,497
6.11%, 11/01/2037 *		646		675
6.13%, 02/25/2040 *		1,175		1,288
6.14%, 07/01/2037 *		550		578
6.15%, 02/01/2037 *		670		700
6.18%, 08/01/2036 - 10/01/2036 *		949		997
6.20%, 06/01/2036 *		680		710
6.24%, 09/01/2036 *		933		975
6.43%, 03/25/2040		985		1,070
6.50%, 05/25/2017 - 07/25/2042		7,421		8,085
6.53%, 09/01/2036 *		274		289
6.75%, 04/25/2037		1,495		1,605

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 44

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - (continued)
Fannie Mae (continued)
7.00%, 12/25/2033 - 02/25/2044	$	5,908	$	6,563
7.50%, 05/17/2024 - 12/25/2045		3,553		4,000
8.00%, 10/01/2031		406		469
15.68%, 01/25/2034 *		229		259
16.22%, 08/25/2035 - 10/25/2035 *		767		877
17.15%, 09/25/2024 *		573		694
23.60%, 11/25/2035 *		543		775
Fannie Mae, PO
04/25/2019 - 07/25/2036		3,749		3,379
Fannie Mae, IO
0.64%, 10/25/2016 * Ə		1,845		24
5.00%, 07/25/2039		875		163
5.64%, 10/25/2039 *		2,070		193
5.74%, 02/25/2038 *		1,542		185
5.92%, 12/25/2039 *		467		28
6.19%, 10/25/2037 - 12/25/2037 *		2,869		315
6.54%, 01/25/2038 * Ə		689		34
6.73%, 03/25/2038 *		1,736		228
6.84%, 02/25/2040 *		1,947		297
Financing Corp. Fico
4.50%, 09/26/2019		500		330
Freddie Mac
0.55%, 04/15/2035 - 03/15/2036 *		483		485
4.00%, 01/15/2018		861		897
4.13%, 12/21/2012		8,300		8,836
4.50%, 07/01/2014 - 03/15/2035		10,781		11,350
4.82%, 10/25/2037 *		1,193		1,213
5.00%, 10/01/2018 - 07/15/2033		6,616		7,029
5.24%, 03/01/2036 *		1,360		1,430
5.30%, 06/15/2012		691		730
5.32%, 05/01/2038 *		318		336
5.50%, 02/01/2018 - 07/15/2035		17,697		18,895
5.69%, 04/01/2037 - 06/01/2037 *		866		920
5.74%, 05/01/2037 *		411		435
5.77%, 05/01/2037 *		1,212		1,280
5.79%, 05/01/2037 *		396		421
5.84%, 05/01/2036 *		388		411
5.87%, 11/01/2036 *		513		545
5.91%, 04/01/2037 *		407		431
5.95%, 04/01/2037 *		205		219
5.96%, 03/01/2037 *		885		939
5.97%, 11/01/2036 *		164		174
6.00%, 11/15/2023 - 06/15/2038		8,047		8,670
6.04%, 10/01/2037 *		505		538
6.13%, 05/01/2037 *		414		439
6.18%, 12/01/2036 *		952		1,008
6.25%, 10/15/2023		1410		1519
6.31%, 10/01/2036 - 09/01/2037 *		1,152		1,222
6.36%, 12/01/2036		1,238		1,313
6.37%, 10/01/2037 *		934		1,006
6.46%, 02/01/2037 *		597		645
6.50%, 02/15/2028 - 02/25/2043		873		951
6.50%, 02/01/2037 - 09/25/2043 *		8,098		8,819
7.00%, 02/25/2043 - 07/25/2043		778		871
7.50%, 10/01/2037 - 09/25/2043		1,829		2,058
8.50%, 09/01/2015		255		279

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - (continued)
Freddie Mac (continued)
8.62%, 11/15/2033 *	$	90	$	81
8.66%, 11/15/2033 *		403		340
8.77%, 10/15/2033 *		348		303
9.19%, 12/15/2028 *		564		584
10.00%, 03/17/2026 - 10/01/2030		1,760		2,044
11.00%, 02/17/2021		827		912
14.38%, 06/15/2033 *		391		447
15.74%, 10/15/2033 *		171		176
15.87%, 10/15/2033 *		427		445
16.65%, 02/15/2040 *		500		625
16.81%, 02/15/2038 *		183		208
19.46%, 07/15/2035 *		168		200
20.27%, 08/15/2031 *		295		384
20.98%, 05/15/2035 *		165		187
23.61%, 06/15/2035 *		140		166
Freddie Mac, PO
03/15/2020 - 04/15/2037		3,243		2,694
Freddie Mac, IO
5.50%, 07/15/2037		877		147
6.09%, 12/15/2039 *		2,682		311
6.15%, 01/15/2037 *		1,917		220
6.20%, 11/15/2037 *		299		35
6.45%, 01/15/2019 *		2,500		214
6.55%, 09/15/2039 *		1,715		220
Freddie Mac Re-REMIC
6.00%, 05/15/2036		1,011		1,093
Ginnie Mae
0.46%, 04/16/2037 *		276		274
5.50%, 05/16/2019 - 09/20/2039		1,054		1,134
6.00%, 04/20/2020 - 12/20/2035		1,244		1,367
6.50%, 04/20/2028 - 12/15/2035		2,744		2,989
7.00%, 09/15/2031		414		466
7.00%, 09/20/2034 *		102		104
7.38%, 03/17/2033 *		414		392
7.50%, 12/20/2029 - 10/15/2037		3,627		4,003
8.74%, 04/20/2034 *		480		481
14.23%, 11/17/2032 *		150		173
16.76%, 02/20/2034 *		73		85
Ginnie Mae, PO
01/17/2033 - 11/16/2037		1,864		1,626
Ginnie Mae, IO
5.57%, 02/20/2038 *		725		63
5.69%, 02/20/2039 - 06/20/2039 *		2,508		235
5.78%, 02/20/2039 *		838		90
5.84%, 11/20/2034 *		2,105		247
5.94%, 03/20/2037 - 06/20/2038 *		1,843		171
6.04%, 03/20/2039 *		932		96
6.14%, 12/20/2038 - 11/16/2039 *		4,842		515
6.27%, 12/20/2037 *		348		28
6.29%, 11/16/2033 - 11/20/2037 *		915		93
6.50%, 03/20/2039		470		83
7.34%, 09/20/2038 *		430		67
7.44%, 04/16/2038 *		253		30
Tennessee Valley Authority
5.25%, 09/15/2039		40		41
Total U.S. Government Agency Obligations (cost $211,815)				212,715

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 45

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 0.1%
Province of Manitoba Canada
2.13%, 04/22/2013	$	100	$	101
Province of Ontario Canada
2.95%, 02/05/2015		515		519
Total Foreign Government Obligations (cost $614)				620
MORTGAGE-BACKED SECURITIES - 6.8%
American General Mortgage Loan Trust
Series 2006-1, Class A5
5.75%, 12/25/2035 - 144A *		439		444
ASG Resecuritization Trust
Series 2009-1, Class A60
5.59%, 06/26/2037 - 144A *		264		260
Series 2009-2, Class A55
5.77%, 05/24/2036 - 144A *		460		454
Series 2009-3, Class A65
5.59%, 03/26/2037 - 144A *		713		712
Series 2009-4, Class A60
6.00%, 06/28/2037 - 144A		342		348
Banc of America Alternative Loan Trust
Series 2003-11, Class 1A1
6.00%, 01/25/2034		208		207
Series 2003-11, Class 2A1
6.00%, 01/25/2034		276		275
Series 2003-7, Class 2A4
5.00%, 09/25/2018		735		746
Series 2003-9, Class 1CB2
5.50%, 11/25/2033		362		363
Series 2004-1, Class 5A1
5.50%, 02/25/2019		136		136
Series 2004-6, Class 3A2
6.00%, 07/25/2034		499		489
Series 2004-8, Class 3A1
5.50%, 09/25/2019		170		172
Banc of America Commercial Mortgage, Inc.
Series 2005-3, Class A4
4.67%, 07/10/2043		300		304
Series 2005-3, Class AM
4.73%, 07/10/2043		150		142
Series 2005-5, Class A4
5.12%, 10/10/2045 *		200		210
Series 2006-4, Class A4
5.63%, 07/10/2046		500		515
Banc of America Funding Corp.
Series 2004-3, Class 1A7
5.50%, 10/25/2034		228		227
Series 2004-C, Class 1A1
5.05%, 12/20/2034 *		424		421
Banc of America Mortgage Securities, Inc.
Series 2003-3, Class 2A1
0.81%, 05/25/2018 *		241		230
Series 2003-6, Class 2A1
0.71%, 08/25/2018 *		412		402
Series 2003-C, Class 3A1
3.03%, 04/25/2033 *		521		529
Series 2003-E, Class 2A2
4.14%, 06/25/2033 *		669		642
Series 2004-3, Class 1A23
4.50%, 04/25/2034		215		216
Series 2004-3, Class 3A1
5.00%, 04/25/2019		341		342
Series 2004-5, Class 4A1
4.75%, 06/25/2019		258		257

	Principal		Value
MORTGAGE-BACKED SECURITIES - (continued)
BCAP LLC Trust
Series 2009-RR10, Class 17A1
5.75%, 06/26/2037 - 144A Ə	$	351	$	351
Series 2009-RR5, Class 8A1
5.50%, 11/26/2034 - 144A		979		973
Bear Stearns Adjustable Rate Mortgage Trust
Series 2004-2, Class 14A
5.17%, 05/25/2034 *		542		555
Series 2005-5, Class A1
2.53%, 08/25/2035 *		522		502
Bear Stearns Commercial Mortgage Securities
Series 2006-PW11, Class A4
5.62%, 03/11/2039 *		200		210
Chase Mortgage Finance Corp., PO
Series 2003-S9, Class AP
10/25/2018		166		133
Chase Mortgage Finance Corp.
Series 2007-A1, Class 9A1
4.55%, 02/25/2037 *		444		450
Series 2007-A2, Class 1A1
3.70%, 07/25/2037 *		185		181
Citicorp Mortgage Securities, Inc.
Series 2003-6, Class 1A2
4.50%, 05/25/2033		282		285
Countrywide Alternative Loan Trust, PO
Series 2002-7, Class PO
08/25/2032		202		139
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2003-34, Class A6
5.25%, 09/25/2033		250		253
Series 2003-39, Class A6
5.00%, 10/25/2033		697		659
Series 2003-J13, Class 1A7
5.25%, 01/25/2035		1,406		1,314
Series 2004-8, Class 2A1
4.50%, 06/25/2019		229		226
Series 2004-J4, Class 2A1
5.00%, 05/25/2019		410		422
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-29, Class 5A1
7.00%, 12/25/2033		354		356
Series 2003-29, Class 8A1
6.00%, 11/25/2018		184		185
Series 2003-AR15, Class 3A1
3.54%, 06/25/2033 *		498		495
Series 2004-8, Class 3A5
5.50%, 12/25/2034		1,213		1,218
Credit Suisse Mortgage Capital Certificates
Series 2009-3R, Class 19A3
6.00%, 01/27/2038 - 144A		626		626
Deutsche ALT-A Securities Inc., Alternate Loan Trust
Series 2005-1, Class 2A1
5.60%, 02/25/2020 *		425		422
First Horizon Asset Securities, Inc.
Series 2003-8, Class 2A1
4.50%, 09/25/2018		307		310
First Union National Bank Commercial Mortgage
Series 2000-C2, Class B
7.28%, 10/15/2032 *		150		152

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 46

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES - (continued)
GMAC Mortgage Corp. Loan Trust
Series 2003-AR1, Class A4
4.07%, 10/19/2033 *	$	333	$	326
Series 2004-J2, Class A2
0.76%, 06/25/2034 *		358		329
Series 2004-J5, Class A7
6.50%, 01/25/2035		706		728
Series 2004-J6, Class 1A1
5.00%, 01/25/2020		529		537
GSR Mortgage Loan Trust
Series 2004-8F, Class 2A3
6.00%, 09/25/2034		247		236
Series 2005-5F, Class 2A3
5.50%, 06/25/2035		717		726
Series 2005-5F, Class 8A3
0.76%, 06/25/2035 *		569		513
Impac Secured Assets CMN Owner Trust
Series 2003-2, Class A1
5.50%, 08/25/2033		190		192
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB13, Class A4
5.46%, 01/12/2043 *		385		392
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1
4.27%, 07/25/2034 *		318		322
Series 2004-A4, Class 1A1
4.61%, 09/25/2034 *		418		427
Series 2004-S1, Class 1A7
5.00%, 09/25/2034		195		199
Series 2006-A2, Class 4A1
4.05%, 08/25/2034 *		785		768
Series 2006-A3, Class 6A1
3.96%, 08/25/2034 *		218		201
LB-UBS Commercial Mortgage Trust
Series 2006-C1, Class A4
5.16%, 02/15/2031		150		154
Series 2006-C4, Class A4
6.08%, 06/15/2038		400		422
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 3A6
3.10%, 11/21/2034 *		274		276
MASTR Alternative Loans Trust
Series 2003-9, Class 2A1
6.00%, 12/25/2033		286		285
MASTR Asset Securitization Trust
Series 2003-2, Class 1A1
5.00%, 03/25/2018		259		266
Series 2003-3, Class 3A18
5.50%, 04/25/2033		666		676
Series 2003-7, Class 4A1
4.25%, 09/25/2033		489		485
MASTR Resecuritization Trust, PO
Series 2005-PO, Class 3PO
05/28/2035 - 144A		507		294
Merrill Lynch Mortgage Investors, Inc.
Series 2003-A4, Class 2A
3.33%, 07/25/2033 *		242		245
Series 2003-A5, Class 2A6
3.20%, 08/25/2033 *		260		253
Series 2004-A4, Class A2
2.97%, 08/25/2034 *		405		401

	Principal		Value
MORTGAGE-BACKED SECURITIES - (continued)
Merrill Lynch Mortgage Trust
Series 2006-C1, Class A4
5.84%, 05/12/2039 *	$	730	$	760
MLCC Mortgage Investors, Inc.
Series 2004-D, Class A2
0.75%, 08/25/2029 *		523		484
Morgan Stanley Capital I
Series 2006-T21, Class A4
5.16%, 10/12/2052 *		200		206
Series 2007-T27, Class A4
5.80%, 06/11/2042 *		200		210
Prime Mortgage Trust
Series 2004-CL1, Class 1A1
6.00%, 02/25/2034		441		452
Prime Mortgage Trust, PO
Series 2004-CL1, Class 1PO
02/25/2034		47		27
Residential Accredit Loans, Inc.
Series 2003-QS1, Class A6
4.25%, 01/25/2033		274		275
Series 2003-QS18, Class A1
5.00%, 09/25/2018		264		260
Series 2004-QS7, Class A4
5.50%, 05/25/2034		346		268
Residential Asset Securitization Trust
Series 2002-A13, Class A4
5.25%, 12/25/2017		259		257
Residential Funding Mortgage Securities I
Series 2003-S20, Class 2A1
4.75%, 12/25/2018		289		296
Salomon Brothers Mortgage Securities VII, Inc.
Series 2003-HYB1, Class A
3.69%, 09/25/2033 *		817		804
Series 2003-UP1, Class A
3.45%, 04/25/2032 - 144A		83		72
Structured Asset Securities Corp.
Series 2003-16, Class A3
0.76%, 06/25/2033 *		271		248
Series 2003-32, Class 1A1
5.15%, 11/25/2033 *		330		332
Series 2003-33H, Class 1A1
5.50%, 10/25/2033		269		257
Series 2003-35, Class 3A1
0.76%, 12/25/2033 *		978		925
Series 2003-37A, Class 2A
5.00%, 12/25/2033 *		469		475
Series 2004-5H, Class A4
5.54%, 12/25/2033		500		488
Thornburg Mortgage Securities Trust
Series 2004-1, Class II2A
2.10%, 03/25/2044 *		292		283
TIAA Seasoned Commercial Mortgage Trust
Series 2007-C4, Class A3
6.07%, 08/15/2039 *		650		709
Vendee Mortgage Trust
Series 1993-1, Class ZB
7.25%, 02/15/2023		551		611

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 47

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES - (continued)
WaMu Mortgage Pass-Through Certificates
Series 2003-AR6, Class A1
3.04%, 06/25/2033 *	$	274	$	273
Series 2003-AR7, Class A7
2.83%, 08/25/2033 *		535		525
Series 2003-AR8, Class A
2.85%, 08/25/2033 *		179		182
Series 2003-AR9, Class 1A6
2.83%, 09/25/2033 *		911		918
Series 2003-S4, Class 2A10
16.74%, 06/25/2033 *		80		78
Series 2003-S9, Class A8
5.25%, 10/25/2033		562		507
Series 2004-AR14, Class A1
2.74%, 01/25/2035 *		265		259
Series 2004-AR3, Class A1
2.93%, 06/25/2034 *		122		120
Series 2004-AR3, Class A2
2.93%, 06/25/2034 *		209		206
Series 2004-CB2, Class 7A
5.50%, 08/25/2019		296		300
Series 2004-S2, Class 2A4
5.50%, 06/25/2034		553		524
WaMu MSC Mortgage Pass-Through Certificates
Series 2004-RA2, Class 2A
7.00%, 07/25/2033		287		292
Wells Fargo Mortgage Backed Securities Trust
Series 2003-15, Class 1A1
4.75%, 12/25/2018		436		444
Series 2003-J, Class 2A5
4.44%, 10/25/2033 *		65		66
Series 2003-K, Class 1A1
4.47%, 11/25/2033 *		159		162
Series 2004-7, Class 2A2
5.00%, 07/25/2019		694		716
Series 2004-E, Class A8
4.86%, 05/25/2034 *		345		347
Series 2004-EE, Class 2A1
3.09%, 12/25/2034 *		716		714
Series 2004-EE, Class 2A2
3.09%, 12/25/2034 *		179		177
Series 2004-EE, Class 3A1
3.83%, 12/25/2034 *		173		173
Series 2004-EE, Class 3A2
3.83%, 12/25/2034 *		259		263
Series 2004-I, Class 1A1
3.34%, 07/25/2034 *		208		205
Series 2004-U, Class A1
3.40%, 10/25/2034 *		1,033		1,012
Series 2004-V, Class 1A1
3.16%, 10/25/2034 *		413		419
Series 2004-V, Class 1A2
3.16%, 10/25/2034 *		184		182
Series 2005-13, Class A1
5.00%, 11/25/2020		456		463
Series 2005-AR8, Class 2A1
3.13%, 06/25/2035 *		305		307
Total Mortgage-Backed Securities (cost $46,889)				47,646

	Principal		Value
ASSET-BACKED SECURITIES - 0.7%
Ally Auto Receivables Trust
Series 2009-A, Class A3
2.33%, 06/17/2013 - 144A	$	100	$	102
Series 2010-1, Class A3
1.45%, 05/15/2014		330		330
AmeriCredit Automobile Receivables Trust
Series 2010-1, Class A2
0.97%, 01/15/2013		135		135
Series 2010-1, Class A3
1.66%, 03/17/2014		95		95
Bank of America Auto Trust
Series 2009-2A, Class A3
2.13%, 09/15/2013 - 144A		100		101
Series 2009-3A, Class A3
1.67%, 12/16/2013 - 144A		105		106
Series 2010-1A, Class A3
1.39%, 03/15/2014 - 144A		260		260
Series 2010-1A, Class A4
2.18%, 02/15/2017 - 144A		185		186
CarMax Auto Owner Trust
Series 2010-1, Class A3
1.56%, 07/15/2014		200		200
CNH Equipment Trust
Series 2009-C, Class A3
1.85%, 12/16/2013		25		25
Series 2010-A, Class A3
1.54%, 07/15/2014		635		635
HSBC Home Equity Loan Trust
Series 2005-2, Class A1
0.53%, 01/20/2035 *		110		97
Series 2006-1, Class A1
0.42%, 01/20/2036 *		208		193
Series 2007-1, Class A2F
5.60%, 03/20/2036		200		204
Series 2007-1, Class AS
0.46%, 03/20/2036 *		221		203
Series 2007-3, Class APT
1.46%, 11/20/2036 *		163		141
Mercedes-Benz Auto Receivables Trust
Series 2010-1, Class A3
1.42%, 08/15/2014		250		250
Morgan Stanley ABS Capital I
Series 2004-WMC3, Class M1
1.01%, 01/25/2035 *		89		87
Residential Asset Mortgage Products, Inc.
Series 2004-RS6, Class AI4
5.46%, 05/25/2032 *		681		684
Structured Asset Securities Corp.
Series 2002-AL1, Class A2
3.45%, 02/25/2032		350		321
USAA Auto Owner Trust
Series 2009-2, Class A3
1.54%, 10/15/2012		115		116
Series 2009-2, Class A4
2.53%, 06/17/2013		115		117
World Omni Auto Receivables Trust
Series 2010-A, Class A4
2.21%, 05/15/2015		275		276
Total Asset-Backed Securities (cost $4,807)				4,864

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 48

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATION - 0.0% ¥
State of Illinois
5.10%, 06/01/2033	$	85	$	73
Total Municipal Government Obligation (cost $80)
CORPORATE DEBT SECURITIES - 9.2%
Aerospace & Defense - 0.1%
Lockheed Martin Corp.
8.50%, 12/01/2029		80		106
United Technologies Corp.
8.88%, 11/15/2019		250		334
Automobiles - 0.0% ¥
Daimler Finance North America LLC
6.50%, 11/15/2013		80		89
7.30%, 01/15/2012		160		174
Beverages - 0.1%
Anheuser-Busch InBev Worldwide, Inc.
7.20%, 01/15/2014 - 144A		60		69
Diageo Capital PLC
7.38%, 01/15/2014		90		105
Diageo Finance BV
5.50%, 04/01/2013		290		319
PepsiCo, Inc.
7.90%, 11/01/2018		100		126
SABMiller PLC
5.50%, 08/15/2013 - 144A		90		98
Biotechnology - 0.0% ¥
Amgen, Inc.
4.50%, 03/15/2020		56		57
5.75%, 03/15/2040		165		168
Capital Markets - 1.1%
Bank of New York Mellon Corp.
4.60%, 01/15/2020		40		41
BlackRock, Inc.
6.25%, 09/15/2017		175		195
Deutsche Bank AG
2.38%, 01/11/2013		250		252
3.88%, 08/18/2014		100		103
Goldman Sachs Group, Inc.
3.63%, 08/01/2012		225		229
5.38%, 03/15/2020		390		379
6.15%, 04/01/2018		200		207
6.25%, 09/01/2017		650		680
6.75%, 10/01/2037		200		194
7.50%, 02/15/2019		1,300		1,444
Jefferies Group, Inc.
6.25%, 01/15/2036		260		229
6.45%, 06/08/2027		180		166
Morgan Stanley
4.20%, 11/20/2014		156		156
5.50%, 01/26/2020		400		391
5.63%, 09/23/2019		200		197
6.25%, 08/28/2017		250		259
6.63%, 04/01/2018		200		212
7.30%, 05/13/2019		1,000		1,098
Morgan Stanley — Series F
5.55%, 04/27/2017		170		171
Nomura Holdings, Inc.
6.70%, 03/04/2020		263		282
UBS AG
5.88%, 12/20/2017		110		116
3.88%, 01/15/2015		350		353

	Principal		Value
Chemicals - 0.2%
Dow Chemical Co.
4.85%, 08/15/2012	$	190	$	201
8.55%, 05/15/2019		50		61
PPG Industries, Inc.
5.75%, 03/15/2013		120		131
9.00%, 05/01/2021		310		380
Commercial Banks - 1.4%
ANZ National International, Ltd.
2.38%, 12/21/2012 - 144A		105		106
Bank of Nova Scotia
3.40%, 01/22/2015		205		208
Bank of Tokyo-Mitsubishi UFJ, Ltd.
3.85%, 01/22/2015 - 144A		227		235
Barclays Bank PLC
2.50%, 01/23/2013		150		151
3.90%, 04/07/2015		170		172
5.00%, 09/22/2016		100		104
5.13%, 01/08/2020		350		350
5.20%, 07/10/2014		125		134
6.75%, 05/22/2019		400		449
BB&T Corp.
3.38%, 09/25/2013		195		201
3.85%, 07/27/2012		85		89
3.95%, 04/29/2016		515		517
4.90%, 06/30/2017		250		255
6.85%, 04/30/2019		250		289
Credit Suisse
5.30%, 08/13/2019		600		628
6.00%, 02/15/2018		400		428
KeyBank NA
5.80%, 07/01/2014		250		265
M&T Bank Corp.
5.38%, 05/24/2012		80		85
National Australia Bank, Ltd.
2.50%, 01/08/2013 - 144A		400		404
3.75%, 03/02/2015 - 144A		280		286
National City Corp.
4.90%, 01/15/2015		165		176
PNC Funding Corp.
5.13%, 02/08/2020		250		255
5.25%, 11/15/2015		260		276
Rabobank Nederland NV
3.20%, 03/11/2015 - 144A		500		501
U.S. Bancorp
2.88%, 11/20/2014		121		121
Wachovia Bank NA
0.59%, 03/15/2016 *		450		427
Wachovia Corp.
5.75%, 02/01/2018		1,770		1,904
Wells Fargo & Co.
3.75%, 10/01/2014		390		398
5.63%, 12/11/2017		100		108
Westpac Banking Corp.
4.88%, 11/19/2019		350		355
Commercial Services & Supplies - 0.0% ¥
Browning-Ferris Industries, Inc.
9.25%, 05/01/2021		105		129
Communications Equipment - 0.1%
Cisco Systems, Inc.
4.45%, 01/15/2020		150		151
5.50%, 01/15/2040		50		50
5.90%, 02/15/2039		100		105

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 49

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
Computers & Peripherals - 0.0% ¥
Dell, Inc.
5.65%, 04/15/2018	$	90	$	98
International Business Machines Corp.
8.00%, 10/15/2038		100		135
Consumer Finance - 0.1%
American Express Co.
7.00%, 03/19/2018		400		457
American Express Credit Corp.
7.30%, 08/20/2013		200		228
Capital One Financial Corp.
6.75%, 09/15/2017		180		202
7.38%, 05/23/2014		75		87
Diversified Financial Services - 2.2%
Associates Corp.
6.95%, 11/01/2018		700		744
Bank of America Corp. — Series L
7.38%, 05/15/2014		650		732
Bank of America Corp.
4.50%, 04/01/2015		219		221
5.65%, 05/01/2018		700		709
6.50%, 08/01/2016		500		539
Capital One Bank USA NA
8.80%, 07/15/2019		500		613
Caterpillar Financial Services Corp.
5.85%, 09/01/2017		150		164
7.05%, 10/01/2018		150		176
7.15%, 02/15/2019		100		119
Citigroup, Inc.
5.50%, 10/15/2014		175		182
6.00%, 08/15/2017		615		637
6.13%, 11/21/2017		345		358
6.38%, 08/12/2014		310		334
6.50%, 08/19/2013		110		119
8.13%, 07/15/2039		100		119
8.50%, 05/22/2019		550		649
Countrywide Financial Corp.
6.25%, 05/15/2016		400		416
Credit Suisse USA, Inc.
5.13%, 08/15/2015		170		184
General Electric Capital Corp.
5.40%, 02/15/2017		400		424
5.50%, 06/04/2014		1,825		1,936
5.63%, 09/15/2017		1,500		1,607
6.00%, 08/07/2019		1,420		1,536
Goldman Sachs Group, LP
8.00%, 03/01/2013 - 144A		325		363
HSBC Finance Corp.
4.75%, 07/15/2013		165		174
5.50%, 01/19/2016		160		172
International Lease Finance Corp.
5.25%, 01/10/2013		100		94
John Deere Capital Corp.
5.75%, 09/10/2018		100		112
MassMutual Global Funding II
2.88%, 04/21/2014 - 144A		100		101
Merrill Lynch & Co., Inc.
5.00%, 01/15/2015		650		669
6.88%, 04/25/2018		100		108
Merrill Lynch & Co., Inc. — Series C
6.40%, 08/28/2017		350		367

	Principal		Value
Diversified Financial Services - (continued)
National Rural Utilities Cooperative Finance Corp.
2.63%, 09/16/2012	$	25	$	26
Wachovia Bank NA
5.00%, 08/15/2015		500		522
Diversified Telecommunication Services - 0.7%
AT&T Corp.
8.00%, 11/15/2031 *		610		754
AT&T, Inc.
5.50%, 02/01/2018		300		323
5.88%, 02/01/2012		400		430
BellSouth Telecommunications, Inc.
6.30%, 12/15/2015		175		185
7.00%, 10/01/2025		300		331
British Telecommunications PLC
5.95%, 01/15/2018		200		210
Deutsche Telekom International Finance BV
6.00%, 07/08/2019		395		428
France Telecom SA
8.50%, 03/01/2031 *		130		176
GTE Corp.
8.75%, 11/01/2021		250		317
Telecom Italia Capital SA
4.95%, 09/30/2014		250		258
7.00%, 06/04/2018		150		162
Telefonica Emisiones SAU
6.22%, 07/03/2017		150		165
Verizon Global Funding Corp.
5.85%, 09/15/2035		175		174
7.75%, 12/01/2030		250		303
Verizon Pennsylvania, Inc.
8.35%, 12/15/2030		240		273
Electric Utilities - 0.7%
Appalachian Power Co.
5.95%, 05/15/2033		50		50
Carolina Power & Light Co.
5.30%, 01/15/2019		80		86
Cleveland Electric Illuminating Co.
7.88%, 11/01/2017		180		216
Consumers Energy Co.
6.70%, 09/15/2019		100		116
Enel Finance International SA
5.13%, 10/07/2019 - 144A		200		197
Florida Power & Light Co.
5.95%, 10/01/2033		150		160
Jersey Central Power & Light Co.
7.35%, 02/01/2019		330		390
Massachusetts Electric Co.
5.90%, 11/15/2039 - 144A		55		58
MidAmerican Energy, Co.
5.30%, 03/15/2018		500		532
Nevada Power Co. — Series V
7.13%, 03/15/2019		100		116
Niagara Mohawk Power Corp.
4.88%, 08/15/2019 - 144A		50		52
NiSource Finance Corp.
10.75%, 03/15/2016		305		394
Northern States Power Co.
5.35%, 11/01/2039		19		19
6.25%, 06/01/2036		100		112
Oncor Electric Delivery Co., LLC
6.80%, 09/01/2018		260		299

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 50

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
Electric Utilities - (continued)
Pacific Gas & Electric Co.
5.40%, 01/15/2040	$	42	$	41
8.25%, 10/15/2018		150		186
PacifiCorp
5.65%, 07/15/2018		100		110
6.25%, 10/15/2037		200		220
Progress Energy, Inc.
4.88%, 12/01/2019		200		200
6.00%, 12/01/2039		50		51
PSEG Power LLC
5.13%, 04/15/2020 - 144A		151		154
5.32%, 09/15/2016 - 144A		370		390
5.50%, 12/01/2015		100		109
Public Service Co., of Oklahoma
5.15%, 12/01/2019		33		34
Public Service Electric & Gas Co.
5.38%, 11/01/2039		28		28
Southern California Edison Co.
5.50%, 03/15/2040		130		132
Southwestern Public Service Co. — Series G
8.75%, 12/01/2018		260		330
Electronic Equipment & Instruments - 0.1%
Arrow Electronics, Inc.
6.88%, 06/01/2018		292		322
Energy Equipment & Services - 0.1%
ANR Pipeline Co.
9.63%, 11/01/2021		200		277
Halliburton Co.
6.15%, 09/15/2019		70		80
Spectra Energy Capital LLC
6.20%, 04/15/2018		325		356
TransCanada Pipelines, Ltd.
6.50%, 08/15/2018		175		201
Food Products - 0.2%
Bunge, Ltd. Finance Corp.
8.50%, 06/15/2019		110		131
Cargill, Inc.
7.35%, 03/06/2019 - 144A		250		296
Kraft Foods, Inc.
5.38%, 02/10/2020		609		632
6.13%, 08/23/2018		225		248
6.50%, 08/11/2017		175		198
Gas Utilities - 0.1%
AGL Capital Corp.
4.45%, 04/15/2013		300		315
5.25%, 08/15/2019		100		102
Atmos Energy Corp.
4.95%, 10/15/2014		200		214
Health Care Equipment & Supplies - 0.0% ¥
Hospira, Inc.
5.55%, 03/30/2012		100		107
Industrial Conglomerates - 0.0% ¥
Tyco International Finance SA
8.50%, 01/15/2019		100		127
Insurance - 0.3%
Allstate Corp.
5.00%, 08/15/2014		70		76
Berkshire Hathaway Finance Corp.
5.40%, 05/15/2018		200		216
Jackson National Life Global Funding
5.38%, 05/08/2013 - 144A		50		54
	Principal		Value
Insurance - - (continued)
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A	$	355	$	355
2.88%, 09/17/2012 - 144A		200		204
New York Life Global Funding
4.65%, 05/09/2013 - 144A		150		161
Pacific Life Global Funding
5.00%, 05/15/2017 - 144A		100		97
5.15%, 04/15/2013 - 144A		280		296
Principal Life Income Funding Trusts
5.10%, 04/15/2014		385		406
5.30%, 12/14/2012		350		377
Travelers Property Casualty Corp.
7.75%, 04/15/2026		100		118
Machinery - 0.0% ¥
Caterpillar, Inc.
7.90%, 12/15/2018		250		311
Media - 0.5%
CBS Corp.
5.75%, 04/15/2020		63		65
Comcast Cable Holdings LLC
10.13%, 04/15/2022		414		568
Comcast Corp.
5.85%, 11/15/2015		300		333
COX Communications, Inc.
5.45%, 12/15/2014		50		55
COX Enterprises, Inc.
7.38%, 07/15/2027 - 144A		200		221
Historic TW, Inc.
9.15%, 02/01/2023		200		262
News America Holdings, Inc.
8.88%, 04/26/2023		200		256
News America, Inc.
7.25%, 05/18/2018		55		65
7.30%, 04/30/2028		130		143
TCI Communications, Inc.
7.13%, 02/15/2028		100		110
8.75%, 08/01/2015		300		366
Thomson Reuters Corp.
4.70%, 10/15/2019		75		77
Time Warner Cable, Inc.
6.75%, 07/01/2018		40		45
7.30%, 07/01/2038		90		104
8.25%, 04/01/2019		530		649
Time Warner, Inc.
6.20%, 03/15/2040		100		101
Viacom, Inc.
6.25%, 04/30/2016		100		112
Metals & Mining - 0.0% ¥
BHP Billiton Finance USA, Ltd.
6.50%, 04/01/2019		270		313
Multi-Utilities - 0.1%
Dominion Resources, Inc.
6.40%, 06/15/2018		170		193
Sempra Energy
6.00%, 10/15/2039		150		154
8.90%, 11/15/2013		180		214
Office Electronics - 0.0% ¥
Xerox Corp.
8.25%, 05/15/2014		90		105

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 51

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
Oil, Gas & Consumable Fuels - 0.5%
Anadarko Petroleum Corp.
7.63%, 03/15/2014	$	400	$	467
8.70%, 03/15/2019		150		189
Cenovus Energy, Inc.
5.70%, 10/15/2019 - 144A		40		43
CenterPoint Energy Resources Corp.
5.95%, 01/15/2014		150		162
ConocoPhillips
6.00%, 01/15/2020		105		119
EnCana Corp.
6.50%, 05/15/2019		150		170
Marathon Oil Corp.
7.50%, 02/15/2019		220		262
Petro-Canada
6.05%, 05/15/2018		312		344
Shell International Finance BV
4.30%, 09/22/2019		300		303
4.38%, 03/25/2020		410		414
Spectra Energy Capital LLC
8.00%, 10/01/2019		190		230
Talisman Energy, Inc.
7.75%, 06/01/2019		100		122
Tosco Corp.
7.80%, 01/01/2027		160		193
Union Pacific Resources Group, Inc.
7.15%, 05/15/2028		52		58
XTO Energy, Inc.
4.63%, 06/15/2013		60		64
6.25%, 08/01/2017		105		122
Pharmaceuticals - 0.1%
Pharmacia Corp.
6.50%, 12/01/2018 *		260		301
Real Estate Investment Trusts - 0.2%
ERP Operating LP
5.75%, 06/15/2017		120		129
HRPT Properties Trust
6.25%, 08/15/2016		100		102
6.65%, 01/15/2018		215		219
Simon Property Group, LP
5.65%, 02/01/2020		247		254
6.13%, 05/30/2018		150		161
6.75%, 05/15/2014		50		56
10.35%, 04/01/2019		120		155
WEA Finance LLC
6.75%, 09/02/2019 - 144A		180		202
7.13%, 04/15/2018 - 144A		60		68
Road & Rail - 0.2%
Burlington Northern Santa Fe LLC
4.70%, 10/01/2019		75		76
5.65%, 05/01/2017		150		163
7.29%, 06/01/2036		90		105
Canadian National Railway Co.
5.85%, 11/15/2017		180		201
CSX Corp.
6.25%, 03/15/2018		285		319
Union Pacific Corp.
7.00%, 02/01/2016		150		174
7.88%, 01/15/2019		300		368
Software - 0.0% ¥
Intuit, Inc.
5.75%, 03/15/2017		70		75
Oracle Corp.
5.00%, 07/08/2019		100		107
	Principal		Value
Specialty Retail - 0.0% ¥
Lowe’s Cos., Inc.
7.11%, 05/15/2037	$	120	$	142
Staples, Inc.
9.75%, 01/15/2014		80		98
Transportation Infrastructure - 0.1%
Burlington Northern Santa Fe LLC
5.75%, 03/15/2018		500		545
United Parcel Service of America, Inc.
8.38%, 04/01/2020		60		78
Wireless Telecommunication Services - 0.0% ¥
Vodafone Group PLC
5.45%, 06/10/2019		75		79
Total Corporate Debt Securities (cost $62,693)				64,015
REPURCHASE AGREEMENT - 13.7%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $95,369 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 01/25/2039, and with a value of $97,277.		95,369		95,369
Total Repurchase Agreement (cost $95,369)
Total Investment Securities (cost $697,056) #				703,109
Other Assets and Liabilities — Net				(6,456	)
Net Assets			$	696,653

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 52

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:
*	Floating or variable rate note. Rate is listed as of 04/30/2010.
Ə	Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities aggregated to $6,701, or 0.96% of the fund’s net assets.
¥	Amount rounds to less than 0.1%.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $697,056. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $7,565 and $1,512, respectively. Net unrealized appreciation for tax purposes is $6,053.
DEFINITIONS:
144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $10,300, or 1.48%, of the fund’s net assets.
IO	Interest Only
PO	Principal Only
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
STRIPS	Separate Trading of Registered Interest and Principal of Securities

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Fixed Income — Asset-Backed Security	$	—	$	4,864	$	—	$	4,864
Fixed Income — Consumer Discretionary		—		2,306		—		2,306
Fixed Income — Consumer Staples		—		2,222		—		2,222
Fixed Income — Energy		—		4,176		—		4,176
Fixed Income — Financials		—		37,137		—		37,137
Fixed Income — Foreign Government Obligation		—		620		—		620
Fixed Income — Health Care		—		633		—		633
Fixed Income — Industrials		—		3,036		—		3,036
Fixed Income — Information Technology		—		1,148		—		1,148
Fixed Income — Materials		—		1,086		—		1,086
Fixed Income — Mortgage-Backed Security		—		47,646		—		47,646
Fixed Income — Municipal Government Obligation		—		73		—		73
Fixed Income — Telecommunication Services		—		6,297		—		6,297
Fixed Income — U.S. Government Agency Obligation		—		212,715		—		212,715
Fixed Income — U.S. Government Obligation		—		277,807		���		277,807
Fixed Income — Utilities		—		5,974		—		5,974
Cash & Cash Equivalent — Repurchase Agreement		—		95,369		—		95,369
Total	$	—	$	703,109	$	—	$	703,109

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 53

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

		Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 64.2%
Australia - 0.5%
New South Wales Treasury Corp.
5.50%, 03/01/2017	AUD		4,200	$	3,787
Belgium - 3.2%
Belgium Government Bond
4.00%, 03/28/2018	EUR		15,600		22,061
Brazil - 0.6%
Brazil Notas do Tesouro Nacional
10.00%, 01/01/2017	BRL		7,500		3,862
Canada - 1.5%
Canadian Government Bond
2.50%, 06/01/2015	CAD		5,000		4,808
5.00%, 06/01/2037	CAD		2,110		2,414
5.75%, 06/01/2033	CAD		2,713		3,346
Denmark - 1.5%
Denmark Government Bond
4.00%, 11/15/2019	DKK		10,150		1,914
5.00%, 11/15/2013	DKK		45,000		8,911
France - 6.0%
Caisse d’Amortissement de La Dette Sociale
3.75%, 10/25/2020	EUR		4,520		6,166
France Government Bond
5.75%, 10/25/2032	EUR		12,500		21,349
Republic of France
3.00%, 07/12/2014	EUR		10,300		14,329
Germany - 2.2%
Bundesrepublik Deutschland
3.50%, 07/04/2019	EUR		8,600		11,983
4.75%, 07/04/2034	EUR		2,030		3,149
Greece - 0.5%
Republic of Greece
4.30%, 03/20/2012	EUR		2,812		3,206
Indonesia - 1.7%
Indonesia Treasury Bond
11.50%, 09/15/2019	IDR		90,500,000		11,912
Ireland - 1.2%
Ireland Government Bond
3.90%, 03/05/2012	EUR		6,000		8,069
Italy - 9.6%
Italy Buoni Poliennali del Tesoro
4.00%, 02/01/2037	EUR		8,350		9,947
4.25%, 08/01/2014	EUR		8,000		11,386
5.00%, 08/01/2034	EUR		9,660		13,296
5.25%, 08/01/2017	EUR		21,500		32,192
Japan - 23.1%
Japan Government Bond
1.00%, 12/20/2012	JPY		1,980,000		21,516
1.30%, 03/20/2015	JPY		3,950,000		43,694
1.50%, 09/20/2018	JPY		540,000		5,967
1.70%, 09/20/2017	JPY		1,480,000		16,714
1.80%, 06/20/2018	JPY		633,500		7,175
1.90%, 06/20/2025	JPY		1,670,000		18,077
2.10%, 09/20/2024 - 09/20/2028	JPY		3,575,000		39,025
2.20%, 09/20/2039	JPY		865,000		9,296
Korea, Republic of - 1.1%
Korea Treasury Bond
4.00%, 06/10/2012	KRW		8,300,000		7,557
Mexico - 1.4%
United Mexican States
10.00%, 12/05/2024	MXN		103,000		10,114

		Principal		Value
Netherlands - 1.9%
Netherlands Government Bond
4.00%, 01/15/2037	EUR		5,050	$	6,936
4.25%, 07/15/2013	EUR		4,400		6,388
Spain - 4.7%
Spain Government Bond
4.25%, 01/31/2014	EUR		8,800		12,344
4.60%, 07/30/2019	EUR		2,300		3,204
4.90%, 07/30/2040	EUR		3,000		4,039
5.40%, 07/30/2011	EUR		9,600		13,343
Sweden - 0.9%
Sweden Government Bond
4.50%, 08/12/2015	SEK		40,000		6,125
United Kingdom - 2.6%
United Kingdom Gilt
4.25%, 06/07/2032	GBP		5,550		8,280
4.50%, 12/07/2042	GBP		6,620		10,203
Total Foreign Government Obligations (cost $443,167)					448,084
MORTGAGE-BACKED SECURITY - 0.6%
Spain - 0.6%
UCI
Series 15, Class A
0.79%, 12/18/2048 * §	EUR		4,159		4,275
Total Mortgage-Backed Security (cost $5,591)
ASSET-BACKED SECURITY - 0.0% ¥
Spain - 0.0% ¥
Fondo de Titulizacion de Activos Santander Auto
Series 1, Class A
0.72%, 11/25/2021 * §	EUR		225		299
Total Asset-Backed Security (cost $287)
CORPORATE DEBT SECURITIES - 24.7%
Cayman Islands - 0.4%
Santander Central Hispano Issuances, Ltd.
6.80%, 11/29/2010	GBP		1,790		2,801
Denmark - 0.7%
Spar Nord Bank A/S
2.50%, 07/10/2012	EUR		3,780		5,128
France - 1.5%
Cie de Financement Foncier
1.25%, 12/01/2011	JPY		1,000,000		10,714
Germany - 6.9%
Bayerische Landesbank
1.40%, 04/22/2013	JPY		1,508,000		16,241
Eurohypo AG
3.75%, 04/11/2011	EUR		11,800		16,101
IKB Deutsche Industriebank AG
2.63%, 03/13/2012	EUR		4,819		6,588
Kreditanstalt fuer Wiederaufbau
2.60%, 06/20/2037	JPY		355,000		3,844
5.50%, 12/07/2015	GBP		2,150		3,699
Landwirtschaftliche Rentenbank
1.38%, 04/25/2013	JPY		101,000		1,098
Ireland - 0.7%
Ulster Bank Finance PLC
0.73%, 03/29/2011 *	EUR		4,000		5,222
Netherlands - 1.5%
ING Bank NV
7.00%, 10/05/2010	GBP		1,987		3,084
LeasePlan Corp. NV
3.25%, 05/22/2014	EUR		5,350		7,399

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 54

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

		Principal		Value
Spain - 3.8%
AyT Cedulas Cajas VII Fondo de Titulizacion de Activos
4.00%, 06/23/2011	EUR		15,700	$	21,298
La Caja de Ahorros y Pensiones de Barcelona
3.25%, 10/05/2015	EUR		3,900		5,073
Supranational - 4.7%
European Investment Bank
1.40%, 06/20/2017	JPY		1,946,000		21,304
4.25%, 10/15/2014	EUR		7,900		11,467
Sweden - 1.0%
Swedbank AB
3.13%, 02/02/2012	EUR		4,900		6,730
United Kingdom - 3.5%
Lloyds TSB Bank PLC
3.75%, 11/17/2011	EUR		5,285		7,303
Network Rail Infrastructure Finance PLC
4.38%, 01/18/2011	GBP		5,870		9,190
4.75%, 11/29/2035	GBP		2,530		3,881
Royal Bank of Scotland Group PLC
3.75%, 11/14/2011	EUR		3,130		4,325
Total Corporate Debt Securities (cost $161,394)					172,490
STRUCTURED NOTE DEBT - 0.7%
United Kingdom - 0.7%
Barclays Bank PLC
0.82%, 04/20/2016 *	EUR		4,000		5,137
Total Structured Note Debt (cost $5,044)
SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 0.2%
France Treasury Bill
0.37%, 10/07/2010 (a)		$	978		1,300
Total Short-Term Foreign Government Obligation (cost $1,311)
REPURCHASE AGREEMENT - 1.2%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $8,402 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $8,570.			8,402		8,402
Total Repurchase Agreement (cost $8,402)
Total Investment Securities (cost $625,196) #					639,987
Other Assets and Liabilities — Net					58,659
Net Assets				$	698,646

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 55

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Foreign Government Obligation		64.2	%	$	448,084
Commercial Banks		17.1			109,044
Diversified Financial Services		6.5			41,769
Thrifts & Mortgage Finance		4.2			26,814
Mortgage-Backed Security		0.6			4,275
Asset-Backed Security		0.0			299
Investment Securities, at Value		92.6			630,285
Short-Term Investments		7.4			9,702
Total Investments		100.0	%	$	639,987

FUTURES CONTRACTS:

						Net Unrealized
						Appreciation
Description	Contracts		┌	Expiration Date		(Depreciation)
10-Year Government of Canada Bond		39			06/21/2010	$	38
10-Year Japanese Government Bond		29			06/10/2010		126
3-Year Australian Treasury Bond		4			06/15/2010		(1	)
German Euro BOBL		230			06/08/2010		212
German Euro Bund		48			06/08/2010		53
German Euro Schatz		(258	)		06/08/2010		(186	)
UK Long Gilt Bond		81			06/28/2010		206
						$	448

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:

							Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)
Buy	Australian Dollar		3,274			06/10/2010	$	(23	)
Sell	Canadian Dollar		(3,049	)		06/10/2010		36
Buy	Australian Dollar		7,786			06/10/2010		(54	)
Sell	Euro		(5,424	)		06/10/2010		2
Buy	Australian Dollar		1,710			06/10/2010		1
Sell	Japanese Yen		(147,228	)		06/10/2010		6
Buy	Australian Dollar		1,260			06/10/2010		3
Sell	Pound Sterling		(757	)		06/10/2010		(1	)
Buy	Australian Dollar		2,207			06/10/2010		2
Sell	Pound Sterling		(1,328	)		06/10/2010		(2	)
Buy	Canadian Dollar		1,881			06/10/2010		(20	)
Sell	Australian Dollar		(2,028	)		06/10/2010		4
Buy	Canadian Dollar		1,544			06/10/2010		(4	)
Sell	Euro		(1,130	)		06/10/2010		20
Buy	Euro		870			06/10/2010		(7	)
Sell	Japanese Yen		(108,489	)		06/10/2010		10
Buy	Euro		905			06/10/2010		(1	)
Sell	Pound Sterling		(786	)		06/10/2010		3
Buy	Euro		2,087			06/10/2010		(6	)
Sell	Pound Sterling		(1,826	)		06/10/2010		(9	)
Buy	Euro		4,232			06/10/2010		(62	)
Sell	Pound Sterling		(3,697	)		06/10/2010		42
Buy	Euro		1,030			06/10/2010		(8	)
Sell	Australian Dollar		(1,533	)		06/10/2010		(32	)
Buy	Euro		2,454			06/10/2010		(7	)
Sell	Swedish Krona		(23,817	)		06/10/2010		(15	)
Buy	Japanese Yen		285,961			06/10/2010		(15	)
Sell	Euro		(2,248	)		06/10/2010		67
Buy	Japanese Yen		442,377			06/10/2010		16
Sell	Euro		(3,518	)		06/10/2010		11
Buy	Norwegian Krone		18,000			06/10/2010		25
Sell	Swedish Krona		(21,904	)		06/10/2010		(4	)
Buy	Norwegian Krone		19,201			06/10/2010		6
Sell	Swedish Krona		(23,357	)		06/10/2010		18
Buy	Norwegian Krone		19,753			06/10/2010		27

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 56

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS (continued):

							Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)
Sell	Swedish Krona		(23,995	)		06/10/2010	$	1
Buy	Norwegian Krone		8,347			06/10/2010		2
Sell	Pound Sterling		(922	)		06/10/2010		♦
Buy	Norwegian Krone		11,566			06/10/2010		(10	)
Sell	Japanese Yen		(184,574	)		06/10/2010		1
Buy	Pound Sterling		4,680			06/10/2010		10
Sell	Euro		(5,412	)		06/10/2010		(58	)
Buy	Pound Sterling		766			06/10/2010		(3	)
Sell	Japanese Yen		(108,577	)		06/10/2010		18
Buy	Pound Sterling		945			06/10/2010		♦
Sell	Euro		(1,077	)		06/10/2010		11
Buy	Swedish Krona		15,310			06/10/2010		(16	)
Sell	Euro		(1,587	)		06/10/2010		16
Buy	Swedish Krona		26,684			06/10/2010		(8	)
Sell	Japanese Yen		(347,710	)		06/10/2010		(11	)
Buy	Swedish Krona		8,881			06/10/2010		1
Sell	Japanese Yen		(114,897	)		06/10/2010		2
Buy	Swedish Krona		38,989			06/10/2010		8
Sell	Euro		(4,056	)		06/10/2010		(24	)
Buy	Swedish Krona		21,636			06/10/2010		(24	)
Sell	Japanese Yen		(280,745	)		06/10/2010		22
							$	(33	)

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Australian Dollar		(1,396	)		06/10/2010		(1,290	)	$	4
Australian Dollar		13,391			06/10/2010		12,300			31
Canadian Dollar		562			06/10/2010		562			(8	)
Canadian Dollar		11,200			06/10/2010		11,141			(114	)
Canadian Dollar		(1,203	)		06/10/2010		(1,200	)		15
Canadian Dollar		5,300			06/10/2010		5,279			(61	)
Danish Krone		24,449			06/10/2010		4,427			(54	)
Danish Krone		(82,177	)		06/10/2010		(14,802	)		104
Danish Krone		36,225			06/10/2010		6,480			(1	)
Euro		800			06/10/2010		1,088			(23	)
Euro		800			06/10/2010		1,073			(8	)
Euro		(2,793	)		06/10/2010		(3,714	)		(6	)
Euro		(1,700	)		06/10/2010		(2,293	)		29
Euro		(2,545	)		06/10/2010		(3,432	)		43
Euro		4,500			06/10/2010		6,077			(84	)
Euro		2,800			06/10/2010		3,756			(27	)
Euro		10,000			06/10/2010		13,314			2
Euro		(1,106	)		06/10/2010		(1,474	)		1
Euro		4,800			06/10/2010		6,332			59
Euro		(87,440	)		06/10/2010		(117,304	)		869
Euro		(1,133	)		06/10/2010		(1,533	)		24
Euro		(5,076	)		06/10/2010		(6,756	)		(3	)
Euro		13,500			06/10/2010		17,976			1
Euro		3,892			06/10/2010		5,122			61
Japanese Yen		(1,450,001	)		05/06/2010		(15,328	)		(109	)
Japanese Yen		(80,000	)		06/10/2010		(852	)		♦
Japanese Yen		(198,739	)		06/10/2010		(2,125	)		8
Japanese Yen		(167,830	)		06/10/2010		(1,784	)		(4	)
Japanese Yen		(840,821	)		06/10/2010		(8,944	)		(11	)
Japanese Yen		330,000			06/10/2010		3,535			(21	)
Japanese Yen		1,449,999			06/10/2010		15,333			110
Japanese Yen		7,107,307			06/10/2010		75,772			(79	)
Japanese Yen		250,000			06/10/2010		2,665			(3	)
Mexican Peso		(144,561	)		06/10/2010		(11,821	)		129
Mexican Peso		21,695			06/10/2010		1,747			7
Norwegian Krone		14,448			06/10/2010		2,413			31
Pound Sterling		15,304			06/10/2010		23,181			231

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 57

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Pound Sterling		4,000			06/10/2010		6,054		$	65
Pound Sterling		(1,380	)		06/10/2010		(2,103	)		(8	)
Swedish Krona		154,660			06/10/2010		21,510			(154	)
Swedish Krona		(11,038	)		06/10/2010		(1,524	)		♦
Swedish Krona		(12,124	)		06/10/2010		(1,670	)		(4	)
Swedish Krona		(8,732	)		06/10/2010		(1,221	)		15
Swiss Franc		193			06/10/2010		181			(1	)
									$	1,056

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2010.
¥	Amount rounds to less than 0.1%.
(a)	A portion of this security, in the amount of $1,171, has been segregated as collateral with the broker to cover margin requirements for open futures contracts.
▲	Rate shown reflects the yield at 04/30/2010.
§	Illiquid. These securities aggregated to $4,574, or 0.65%, of the fund’s net assets.
♦	Amount rounds to less than $1.
#	Aggregate cost for federal income tax purposes is $625,196. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $31,379 and $16,588, respectively. Net unrealized appreciation for tax purposes is $14,791.
┌	Contract amounts are not in thousands.

DEFINITIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
IDR	Indonesian Rupiah
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
SEK	Swedish Krona

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2			Level 3		Total
Fixed Income — Asset-Backed Security	$	—	$	299		$	—	$	299
Fixed Income — Financials		—		177,627			—		177,627
Fixed Income — Foreign Government Obligation		—		448,084			—		448,084
Fixed Income — Mortgage-Backed Security		—		4,275			—		4,275
Fixed Income — Short-Term Foreign Government Obligation		—		1,300			—		1,300
Cash & Cash Equivalent — Repurchase Agreement		—		8,402			—		8,402
Total	$	—	$	639,987		$	—	$	639,987
Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Futures Contracts — Appreciation	$	—	$	635		$	—	$	635
Futures Contracts — Depreciation		—		(187	)		—		(187	)
Forward Foreign Currency Contracts — Appreciation		—		2,230			—		2,230
Forward Foreign Currency Contracts — Depreciation		—		(1,207	)		—		(1,207	)
Total	$	—	$	1,471		$	—	$	1,471

^* Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts, and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 58

Transamerica JPMorgan Mid Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 96.8%
Aerospace & Defense - 3.1%
Alliant Techsystems, Inc. ‡		16,800	$	1,359
L-3 Communications Holdings, Inc.		22,500		2,105
Precision Castparts Corp.		20,700		2,657
Auto Components - 0.8%
WABCO Holdings, Inc. ‡		45,000		1,494
Beverages - 0.6%
Brown-Forman Corp. — Class B		20,025		1,165
Capital Markets - 2.5%
Affiliated Managers Group, Inc. ‡^		9,150		770
Ameriprise Financial, Inc.		24,200		1,122
Northern Trust Corp. ^		24,600		1,353
T. Rowe Price Group, Inc. ^		26,900		1,547
Chemicals - 3.7%
Airgas, Inc.		9,500		603
Albemarle Corp.		48,572		2,218
PPG Industries, Inc.		28,500		2,006
Sigma-Aldrich Corp.		40,200		2,383
Commercial Banks - 7.3%
Bancorpsouth, Inc. ^		36,000		797
BB&T Corp.		57,300		1,905
City National Corp. ^		18,700		1,165
Cullen/Frost Bankers, Inc. ^		19,800		1,175
KeyCorp		68,600		619
M&T Bank Corp. ^		31,200		2,725
SunTrust Banks, Inc. ^		59,000		1,746
TCF Financial Corp. ^		78,400		1,461
Wilmington Trust Corp.		68,300		1,184
Zions Bancorporation		33,700		968
Commercial Services & Supplies - 2.1%
Republic Services, Inc. — Class A		128,000		3,972
Construction Materials - 0.4%
Vulcan Materials Co.		12,200		699
Containers & Packaging - 1.4%
Ball Corp.		50,400		2,682
Distributors - 1.1%
Genuine Parts Co.		50,500		2,161
Diversified Consumer Services - 0.8%
H&R Block, Inc.		84,200		1,542
Diversified Telecommunication Services - 1.2%
CenturyTel, Inc. ^		50,300		1,715
Windstream Corp.		57,254		633
Electric Utilities - 2.2%
Westar Energy, Inc.		92,500		2,191
Wisconsin Energy Corp.		36,500		1,917
Electrical Equipment - 2.0%
Ametek, Inc.		9,000		389
Cooper Industries PLC — Class A		31,000		1,522
Roper Industries, Inc.		30,000		1,831
Electronic Equipment & Instruments - 3.5%
Amphenol Corp. — Class A		45,000		2,079
Arrow Electronics, Inc. ‡		50,300		1,534
Tyco Electronics, Ltd.		99,800		3,206
Food & Staples Retailing - 1.4%
Safeway, Inc.		111,600		2,634
Food Products - 1.6%
JM Smucker Co.		41,800		2,552
McCormick & Co., Inc.		14,400		570

	Shares		Value
Gas Utilities - 3.9%
Energen Corp.		63,000	$	3,079
EQT Corp.		51,500		2,240
Oneok, Inc.		44,000		2,162
Health Care Equipment & Supplies - 1.4%
Becton, Dickinson and Co.		35,885		2,741
Health Care Providers & Services - 4.0%
Community Health Systems, Inc. ‡^		52,500		2,145
Coventry Health Care, Inc. ‡		66,050		1,568
Lincare Holdings, Inc. ‡^		64,083		2,992
VCA Antech, Inc. ‡^		30,200		859
Hotels, Restaurants & Leisure - 2.4%
Darden Restaurants, Inc.		26,980		1,207
Marriott International, Inc. — Class A ^		39,033		1,435
Yum! Brands, Inc.		47,600		2,019
Household Durables - 3.1%
Fortune Brands, Inc. ^		52,500		2,751
Jarden Corp. ^		38,100		1,224
Snap-On, Inc.		39,800		1,918
Household Products - 1.3%
Clorox Co.		19,300		1,249
Energizer Holdings, Inc. ‡		19,100		1,167
Industrial Conglomerates - 0.5%
Carlisle Cos., Inc.		25,500		962
Insurance - 10.9%
AON Corp.		25,000		1,062
Assurant, Inc.		49,400		1,800
Cincinnati Financial Corp. ^		105,555		2,998
Loews Corp.		83,600		3,113
Old Republic International Corp. ^		258,850		3,884
OneBeacon Insurance Group, Ltd. — Class A		82,165		1,333
Principal Financial Group, Inc. ^		62,800		1,835
Symetra Financial Corp. ‡		30,600		413
Transatlantic Holdings, Inc.		44,900		2,233
WR Berkley Corp. ^		76,000		2,052
Internet & Catalog Retail - 0.8%
Expedia, Inc. ‡		61,400		1,450
Media - 3.9%
Cablevision Systems Corp. — Class A		45,600		1,251
Clear Channel Outdoor Holdings, Inc. — Class A ‡^		85,673		992
Gannett Co., Inc. ^		95,100		1,619
Omnicom Group, Inc.		22,200		947
Scripps Networks Interactive, Inc. — Class A		22,200		1,007
Washington Post Co. — Class B		3,205		1,625
Multi-Utilities - 4.7%
CMS Energy Corp. ^		168,800		2,744
NSTAR ^		43,600		1,596
PG&E Corp.		50,735		2,222
Xcel Energy, Inc. ^		115,300		2,508
Oil, Gas & Consumable Fuels - 5.7%
CVR Energy, Inc. ‡		89,500		760
Devon Energy Corp.		36,100		2,431
Kinder Morgan Management LLC ‡		38,437		2,260
Teekay Corp.		66,400		1,663
Williams Cos., Inc.		162,300		3,832
Real Estate Investment Trusts - 4.0%
Kimco Realty Corp.		112,300		1,751
Public Storage ^		10,600		1,027
Regency Centers Corp. ^		40,100		1,646

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 59

Transamerica JPMorgan Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Real Estate Investment Trusts (continued)
Ventas, Inc. ^		25,100	$	1,185
Vornado Realty Trust		25,156		2,098
Real Estate Management & Development - 0.9%
Brookfield Properties Corp. ^		108,650		1,736
Semiconductors & Semiconductor Equipment - 0.4%
Avago Technologies, Ltd. ‡		34,640		711
Software - 2.0%
Jack Henry & Associates, Inc. ^		74,700		1,906
Synopsys, Inc. ‡		83,800		1,903
Specialty Retail - 7.8%
AutoNation, Inc. ‡^		48,661		983
AutoZone, Inc. ‡^		11,300		2,091
Bed Bath & Beyond, Inc. ‡		40,100		1,843
Gap, Inc.		134,900		3,337
Sherwin-Williams Co.		25,500		1,991
Staples, Inc. ^		38,600		908
Tiffany & Co.		33,100		1,605
TJX Cos., Inc. ^		42,500		1,969
Textiles, Apparel & Luxury Goods - 0.6%
Phillips-Van Heusen Corp.		18,000		1,134
Thrifts & Mortgage Finance - 0.4%
People’s United Financial, Inc.		48,800		758
Tobacco - 0.6%
Lorillard, Inc.		13,800		1,082
Water Utilities - 0.7%
American Water Works Co., Inc.		59,100		1,287
Wireless Telecommunication Services - 1.1%
Telephone & Data Systems, Inc. — Class L		67,960		2,058
Total Common Stocks (cost $152,792)				184,713
SECURITIES LENDING COLLATERAL - 11.3%				��
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% ▲		21,674,478		21,674
Total Securities Lending Collateral (cost $21,674)
	Principal		Value
REPURCHASE AGREEMENT - 3.4%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $6,510 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $6,641.	$	6,510		6,510
Total Repurchase Agreement (cost $6,510)
Total Investment Securities (cost $180,976) #				212,897
Other Assets and Liabilities — Net				(21,889	)
Net Assets			$	191,008

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
^	All or a portion of this security is on loan. The value of all securities on loan is $21,148.
▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $180,976. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $38,469 and $6,548, respectively. Net unrealized appreciation for tax purposes is $31,921.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 60

Transamerica JPMorgan Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	40,504	$	—	$	—	$	40,504
Equities — Consumer Staples		10,419		—		—		10,419
Equities — Energy		10,946		—		—		10,946
Equities — Financials		49,460		—		—		49,460
Equities — Health Care		10,305		—		—		10,305
Equities — Industrials		14,797		—		—		14,797
Equities — Information Technology		11,339		—		—		11,339
Equities — Materials		10,591		—		—		10,591
Equities — Telecommunication Services		4,406		—		—		4,406
Equities — Utilities		21,946		—		—		21,946
Cash & Cash Equivalent — Repurchase Agreement		—		6,510		—		6,510
Cash & Cash Equivalent — Securities Lending Collateral		21,674		—		—		21,674
Total	$	206,387	$	6,510	$	—	$	212,897

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 61

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATION - 2.4%
United States - 2.4%
U.S. Treasury Note
1.38%, 03/15/2013		$	12,940	$	12,913
Total U.S. Government Obligation (cost $12,875)
FOREIGN GOVERNMENT OBLIGATIONS - 23.4%
Australia - 3.6%
New South Wales Treasury Corp.
5.50%, 03/01/2017	AUD		7,445		6,712
6.00%, 05/01/2012	AUD		4,340		4,063
7.00%, 12/01/2010	AUD		4,400		4,132
Queensland Treasury Corp.
7.13%, 09/18/2017 - 144A	NZD		5,865		4,531
Brazil - 1.5%
Republic of Brazil
10.25%, 01/10/2028	BRL		14,000		8,145
Canada - 9.6%
Canada Housing Trust
3.55%, 09/15/2013	CAD		1,825		1,838
Canadian Government Bond
1.00%, 09/01/2011	CAD		6,585		6,435
2.00%, 09/01/2012	CAD		16,295		15,978
3.75%, 06/01/2012	CAD		6,690		6,814
4.50%, 06/01/2015	CAD		6,540		6,895
5.25%, 06/01/2012	CAD		10,770		11,295
Province of Ontario Canada
4.20%, 03/08/2018	CAD		150		149
Province of Quebec Canada
6.75%, 11/09/2015	NZD		4,280		3,238
Colombia - 0.5%
Republic of Colombia
9.85%, 06/28/2027	COP		665,000		423
12.00%, 10/22/2015	COP		3,500,000		2,252
Korea, Republic of - 3.1%
Korea Treasury Bond
5.00%, 09/10/2014	KRW		18,384,830		17,116
Malaysia - 0.5%
Republic of Malaysia
3.21%, 05/31/2013	MYR		9,370		2,948
Mexico - 3.2%
United Mexican States
8.00%, 12/07/2023	MXN		207,000		17,335
New Zealand - 1.4%
New Zealand Government Bond
6.00%, 12/15/2017	NZD		10,210		7,564
Total Foreign Government Obligations (cost $115,160)					127,863

	Principal		Value
MORTGAGE-BACKED SECURITIES - 7.8%
United States - 7.8%
Banc of America Alternative Loan Trust
Series 2005-10, Class 1CB1
0.66%, 11/25/2035 *	$	907	$	578
Banc of America Commercial Mortgage, Inc.
Series 2007-2, Class A4
5.87%, 04/10/2049 *		500		489
Banc of America Funding Corp.
Series 2005-5, Class 1A11
5.50%, 09/25/2035		1,694		1,530
Bear Stearns Commercial Mortgage Securities
Series 2007-PW15, Class A4
5.33%, 02/11/2044		1,300		1,284
Series 2007-PW16, Class A4
5.91%, 06/11/2040 *		700		713
Citigroup Commercial Mortgage Trust
Series 2006-C5, Class A4
5.43%, 10/15/2049		2,600		2,661
Commercial Mortgage Pass-Through Certificates
Series 2007-C9, Class A4
6.01%, 12/10/2049 *		1,050		1,080
Credit Suisse Mortgage Capital Certificates
Series 2007-C3, Class A4
5.91%, 06/15/2039 *		2,410		2,302
Series 2007-C4, Class A4
6.00%, 09/15/2039 *		1,200		1,155
Series 2007-C5, Class A4
5.70%, 09/15/2040 *		4,785		4,553
Series 2008-C1, Class A3
6.42%, 02/15/2041 *		1,540		1,504
Greenwich Capital Commercial Funding Corp.
Series 2006-GG7, Class A4
6.08%, 07/10/2038 *		6,350		6,604
Series 2007-GG11, Class A4
5.74%, 12/10/2049		3,100		3,085
Series 2007-GG9, Class A4
5.44%, 03/10/2039		3,000		3,011
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2007-CB19, Class A4
5.94%, 02/12/2049 *		740		750
Series 2007-LD11, Class A4
6.01%, 06/15/2049 *		5,310		5,218
Series 2007-LDPX, Class A3
5.42%, 01/15/2049		3,250		3,133
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, 09/15/2045 *		2,070		2,062
MASTR Adjustable Rate Mortgages Trust
Series 2005-2, Class 5A1
3.00%, 03/25/2035 *		1,332		1,172
Total Mortgage-Backed Securities (cost $33,452)				42,884

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 62

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

		Principal		Value
ASSET-BACKED SECURITIES - 4.7%
United States - 4.7%
American Airlines Pass-Through Trust
Series 2001-2, Class A2
7.86%, 10/01/2011		$	2,965	$	3,054
Series 2009-1A
10.38%, 07/02/2019 ^			988		1,144
Ameriquest Mortgage Securities, Inc.
Series 2005-R2, Class M2
0.74%, 04/25/2035 *			800		481
Chesapeake Funding LLC
Series 2009-2A, Class B
2.00%, 09/15/2021 - 144A *			1,000		910
Series 2009-2A, Class C
2.00%, 09/15/2021 - 144A *			1,200		1,055
Countrywide Asset-Backed Certificates
Series 2004-4, Class M1
0.98%, 07/25/2034 *			450		303
CVS Pass-Through Trust
6.94%, 01/10/2030			1,263		1,368
Delta Air Lines, Inc.
Series 2007-1, Class A
6.82%, 08/10/2022			2,532		2,589
Series 2007-1, Class B
8.02%, 02/10/2024			2,361		2,255
Diamond Resorts Owner Trust
Series 2009-1, Class A
9.31%, 03/20/2026 - 144A			1,246		1,248
Park Place Securities, Inc.
Series 2004-WCW2, Class M2
0.91%, 10/25/2034 *			1,200		776
Series 2005-WHQ3, Class M2
0.71%, 06/25/2035 *			1,800		1,252
Sierra Receivables Funding Co.
Series 2009-3A, Class A1
7.62%, 07/20/2026 - 144A			2,516		2,544
UAL Pass-Through Trust
Series 2007-1, Class A
6.64%, 07/02/2022			6,934		6,517
Total Asset-Backed Securities (cost $25,447)					25,496
PREFERRED CORPORATE DEBT SECURITY - 0.0% ¥
United States - 0.0% ¥
Bank of America Corp.
8.00%, 12/29/2049 * Ž			215		216
Total Preferred Corporate Debt Security (cost $182)
CORPORATE DEBT SECURITIES - 47.8%
Australia - 0.3%
General Electric Capital Australia Funding, Ltd.
8.00%, 02/13/2012	AUD		1,635		1,565
Canada - 0.2%
Bell Canada
6.10%, 03/16/2035 - 144A	CAD		475		467
Bombardier, Inc.
7.45%, 05/01/2034 - 144A		$	800		756
Nortel Networks, Ltd.
6.88%, 09/01/2023 џ			410		121
		Principal		Value
Cayman Islands - 0.3%
Fibria Overseas Finance, Ltd.
7.50%, 05/04/2020 - 144A		$	1,400	$	1,404
Luxembourg - 0.4%
Telecom Italia Capital SA
6.00%, 09/30/2034			2,760		2,445
Mexico - 0.5%
America Movil SAB de CV
8.46%, 12/18/2036	MXN		12,000		862
Desarrolladora Homex SAB de CV
9.50%, 12/11/2019 - 144A		$	1,975		2,099
Supranational - 2.2%
European Investment Bank
Zero Coupon, 04/24/2013 - 144A	IDR		118,809,000		10,990
7.00%, 01/18/2012	NZD		1,580		1,198
United Arab Emirates - 1.0%
DP World, Ltd.
6.85%, 07/02/2037 - 144A		$	6,410		5,301
United States - 42.9%
Alcatel-Lucent USA, Inc.
6.45%, 03/15/2029			6,210		4,549
6.50%, 01/15/2028			1,275		931
Alcoa, Inc.
5.95%, 02/01/2037 ^			4,850		4,248
6.75%, 01/15/2028			1,395		1,342
American General Finance Corp.
6.90%, 12/15/2017 ^			6,260		5,256
Associates Corp.
6.95%, 11/01/2018 ^			1,645		1,748
AT&T Corp.
6.50%, 03/15/2029 ^			200		207
Boston Scientific Corp.
7.00%, 11/15/2035 *^			1,765		1,698
7.38%, 01/15/2040 ^			535		544
Bruce Mansfield Unit
6.85%, 06/01/2034 §			2,787		2,682
CIT Group, Inc.
7.00%, 05/01/2016			2,755		2,620
Citigroup, Inc.
5.50%, 02/15/2017 ^			2,200		2,195
5.88%, 02/22/2033 ^			180		160
6.13%, 08/25/2036 ^			760		691
Dillard’s, Inc.
7.13%, 08/01/2018			990		945
Dynegy Holdings, Inc.
7.50%, 06/01/2015 ^			65		57
7.63%, 10/15/2026			450		311
7.75%, 06/01/2019			625		500
El Paso Corp.
7.42%, 02/15/2037			1,235		1,127
Energy Future Holdings Corp.
5.55%, 11/15/2014			6,735		5,059
6.50%, 11/15/2024			1,110		583
6.55%, 11/15/2034			305		156
Equifax, Inc.
7.00%, 07/01/2037			400		439
ERAC USA Finance LLC
6.70%, 06/01/2034 - 144A			100		101
7.00%, 10/15/2037 - 144A			4,815		5,134

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 63

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

		Principal		Value
United States - (continued)
Ford Motor Co.
6.50%, 08/01/2018		$	100	$	95
6.63%, 02/15/2028			4,788		3,996
7.45%, 07/16/2031 ^			2,875		2,674
7.50%, 08/01/2026			115		104
Ford Motor Credit Co., LLC
8.00%, 12/15/2016 ^			300		320
Fortune Brands, Inc.
5.88%, 01/15/2036			2,060		1,905
Frontier Communications Corp.
7.13%, 03/15/2019			400		386
7.88%, 01/15/2027 ^			1,405		1,314
General Electric Capital Corp.
2.96%, 05/18/2012	SGD		2,500		1,839
3.49%, 03/08/2012	SGD		2,400		1,782
4.38%, 09/21/2015 ^		$	10,955		11,430
7.63%, 12/10/2014	NZD		320		245
GMAC, Inc.
8.30%, 02/12/2015 - 144A		$	5,215		5,444
Harley-Davidson Funding Corp.
6.80%, 06/15/2018 - 144A			3,865		3,941
Hasbro, Inc.
6.60%, 07/15/2028			4,730		4,971
HCA, Inc.
7.05%, 12/01/2027			55		49
7.19%, 11/15/2015			2,555		2,479
7.50%, 12/15/2023			2,680		2,441
7.58%, 09/15/2025			755		711
7.69%, 06/15/2025			1,220		1,165
7.75%, 07/15/2036			125		117
Highwoods Properties, Inc. REIT
5.85%, 03/15/2017			1,175		1,152
International Lease Finance Corp.
5.25%, 01/10/2013 ^			535		503
5.65%, 06/01/2014 ^			300		275
6.63%, 11/15/2013			555		527
8.75%, 03/15/2017 - 144A			1,150		1,141
JC Penney Corp., Inc.
7.63%, 03/01/2097			430		429
Joy Global, Inc.
6.63%, 11/15/2036			2,780		2,727
Level 3 Financing, Inc.
8.75%, 02/15/2017 ^			4,045		3,812
9.25%, 11/01/2014 ^			445		440
Mackinaw Power LLC
6.30%, 10/31/2023 - 144A			1,579		1,589
Macy’s Retail Holdings, Inc.
6.79%, 07/15/2027			1,065		986
Masco Corp.
5.85%, 03/15/2017			2,440		2,467
6.13%, 10/03/2016 ^			3,505		3,584
6.50%, 08/15/2032			360		323
7.13%, 03/15/2020			440		451
7.75%, 08/01/2029			200		200
Merrill Lynch & Co., Inc.
5.70%, 05/02/2017 ^			300		301
6.05%, 06/01/2034			820		717
6.11%, 01/29/2037 ^			1,410		1,304
Midwest Generation LLC
8.56%, 01/02/2016			807		823

	Principal		Value
United States - (continued)
Mosaic Global Holdings, Inc.
7.30%, 01/15/2028	$	420	$	454
Motorola, Inc.
5.22%, 10/01/2097		690		488
6.50%, 09/01/2025		3,175		3,138
6.63%, 11/15/2037 ^		7,515		7,308
New Albertsons, Inc.
6.63%, 06/01/2028		4,210		3,179
7.45%, 08/01/2029 ^		1,690		1,453
7.75%, 06/15/2026		680		588
8.00%, 05/01/2031		905		805
Nextel Communications, Inc.
5.95%, 03/15/2014 ^		1,225		1,170
6.88%, 10/31/2013		1,395		1,371
7.38%, 08/01/2015 ^		2,085		2,030
NGC Corp. Capital Trust
8.32%, 06/01/2027		200		122
NLV Financial Corp.
7.50%, 08/15/2033 - 144A		190		180
Nortel Networks Capital Corp.
7.88%, 06/15/2026 ^ џ		300		210
Northwest Airlines, Inc.
7.03%, 11/01/2019		6,584		6,395
NRG Energy, Inc.
8.50%, 06/15/2019 ^		1,035		1,052
Owens & Minor, Inc.
6.35%, 04/15/2016 §		835		809
Owens Corning, Inc.
7.00%, 12/01/2036 *^		4,585		4,709
Pioneer Natural Resources Co.
7.20%, 01/15/2028		925		922
Plains All American Pipeline, LP
6.70%, 05/15/2036		930		992
ProLogis REIT
5.63%, 11/15/2015 ^		1,825		1,810
5.75%, 04/01/2016		1,435		1,426
6.63%, 05/15/2018		430		426
6.88%, 03/15/2020		2,250		2,228
Pulte Group, Inc.
6.00%, 02/15/2035		110		84	��
6.38%, 05/15/2033		1,780		1,437
7.88%, 06/15/2032		1,500		1,384
Qwest Capital Funding, Inc.
6.50%, 11/15/2018		965		946
6.88%, 07/15/2028		2,405		2,213
7.63%, 08/03/2021		1,000		995
7.75%, 02/15/2031		530		519
Qwest Corp.
6.88%, 09/15/2033		2,770		2,659
7.20%, 11/10/2026		895		877
7.25%, 09/15/2025		1,705		1,716
7.50%, 06/15/2023		1,670		1,678
Realty Income Corp. REIT
6.75%, 08/15/2019		3,795		4,048
Reynolds American, Inc.
7.25%, 06/15/2037 ^		880		914
SLM Corp.
5.00%, 04/15/2015 ^		2,284		2,083
5.63%, 08/01/2033		779		590
8.45%, 06/15/2018		10,625		10,617

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 64

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
United States - (continued)
Sprint Capital Corp.
6.88%, 11/15/2028		$	10,035	$	8,731
6.90%, 05/01/2019			710		672
8.75%, 03/15/2032			245		245
Sprint Nextel Corp.
6.00%, 12/01/2016			967		892
Textron Financial Corp.
5.13%, 08/15/2014			235		230
Toro Co.
6.63%, 05/01/2037 §			2,500		2,378
Toys “R” US, Inc.
7.38%, 10/15/2018			6,440		6,296
U.S. Steel Corp.
7.38%, 04/01/2020 ^			645		663
USG Corp.
6.30%, 11/15/2016 ^			4,585		4,241
9.50%, 01/15/2018 *			1,070		1,115
Valero Energy Corp.
6.63%, 06/15/2037			4,225		4,249
Verizon Maryland, Inc.
5.13%, 06/15/2033 ^			200		168
Westvaco Corp.
7.95%, 02/15/2031			1,135		1,259
8.20%, 01/15/2030			2,985		3,335
Weyerhaeuser Co.
6.88%, 12/15/2033			3,710		3,500
Wyndham Worldwide Corp.
7.38%, 03/01/2020			1,735		1,792
Xerox Capital Trust I
8.00%, 02/01/2027			4,347		4,375
Total Corporate Debt Securities (cost $250,606)					261,816
STRUCTURED NOTES DEBT - 1.0%
United States - 1.0%
JPMorgan Chase & Co.
Zero Coupon, 09/10/2012 - 144A	IDR		37,004,100		3,530
Zero Coupon, 04/12/2012 - 144A	IDR		21,967,355		2,163
Total Structure Notes Debt (cost $5,067)					5,693

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 1.1%
United States - 1.1%
AES Trust III
6.75% ^		10,950		497
Bank of America Corp.
7.25%		625		614
El Paso Energy Capital Trust I
4.75% ^		6,300		236
Ford Motor Co. Capital Trust II
6.50% ^		2,100		103
Lucent Technologies Capital Trust I
7.75% ^		4,900		3,944
Newell Financial Trust I
5.25%		10,000		386
Sovereign Capital Trust IV
4.38%		7,350		258
Total Convertible Preferred Stocks (cost $5,981)				6,038
	Shares		Value
PREFERRED STOCKS - 1.1%
United States - 1.1%
Countrywide Capital IV
6.75%		88,375	$	1,914
Fannie Mae
4.75% ^		8,150		15
5.13%		2,900		5
5.38%		5,800		11
5.81%		2,400		5
6.75%		3,700		4
8.25%		388,125		558
Freddie Mac
5.00%		4,150		8
5.57%		63,300		78
5.66% ^		18,750		23
5.70% ^		6,500		13
5.79% ^		12,000		24
5.81%		4,200		9
5.90% ^		9,300		12
6.00%		5,350		11
6.42% ^		3,750		9
6.55%		14,400		18
8.38%		161,275		260
GMAC, Inc.
7.00% -144A		1,675		1,423
SLM Corp.
6.00%		78,825		1,450
Total Preferred Stocks (cost $17,405)				5,850
COMMON STOCKS - 0.1%
United States - 0.1%
Dex One Corp. ‡		1,676		51
Freddie Mac ‡^		72,000		108
Owens-Illinois, Inc. ‡^		10,796		382
Total Common Stocks (cost $2,757)				541

	Principal		Value
LOAN ASSIGNMENT - 0.6%
United States - 0.6%
Level 3 Financing, Inc.
11.50%, 03/13/2014 *	$	3,250		3,545
Total Loan Assignment (cost $3,224)
CONVERTIBLE BONDS - 6.7%
Canada - 0.5%
Nortel Networks Corp.
1.75%, 04/15/2012 џ		450		347
2.13%, 04/15/2014 џ		2,870		2,209
United States - 6.2%
Chesapeake Energy Corp.
2.25%, 12/15/2038 ^		265		196
Ciena Corp.
0.88%, 06/15/2017		1,120		851

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 65

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
United States (continued)
Ford Motor Co.
4.25%, 11/15/2016	$	3,715	$	5,781
Hercules, Inc.
6.50%, 06/30/2029		1,260		1,033
Human Genome Sciences, Inc.
2.25%, 08/15/2012		1,170		1,954
Intel Corp.
2.95%, 12/15/2035 ^		945		957
3.25%, 08/01/2039 - 144A ^		10,315		12,624
JDS Uniphase Corp.
1.00%, 05/15/2026		450		411
Level 3 Communications, Inc.
3.50%, 06/15/2012		1,365		1,263
7.00%, 03/15/2015 - 144A §		2,110		2,447
Liberty Media LLC
3.50%, 01/15/2031		123		74
Micron Technology, Inc.
1.88%, 06/01/2014 ^		495		458
Nektar Therapeutics
3.25%, 09/28/2012		1,960		1,916
Omnicare, Inc.
3.25%, 12/15/2035		610		522
ProLogis REIT
1.88%, 11/15/2037		50		46
Trinity Industries, Inc.
3.88%, 06/01/2036 ^		1,760		1,505
Valeant Pharmaceuticals International
4.00%, 11/15/2013		1,300		1,901
Total Convertible Bonds (cost $29,609)				36,495
	Shares		Value
SECURITIES LENDING COLLATERAL - 6.8%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% ▲		37,086,776		37,087
Total Securities Lending Collateral (cost $37,087)
	Principal		Value
REPURCHASE AGREEMENT - 2.3%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $12,531 on 05/03/2010. Collateralized by U.S. Government Agency Obligations, 4.00% - 5.00%, due 10/01/2017 - 12/25/2024, and with a total value of $12,783.	$	12,531		12,531
Total Repurchase Agreement (cost $12,531)
Total Investment Securities (cost $551,383) #				578,968
Other Assets and Liabilities — Net				(31,576	)
Net Assets			$	547,392

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 66

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value
Foreign Government Obligation		22.1	%	$	127,863
Diversified Financial Services		8.5			50,242
Mortgage-Backed Security		7.4			42,884
Diversified Telecommunication Services		7.2			41,689
Asset-Backed Security		4.4			25,496
Communications Equipment		3.5			20,563
Consumer Finance		3.5			19,996
Building Products		3.0			17,090
Semiconductors & Semiconductor Equipment		2.5			14,039
U.S. Government Obligation		2.3			12,913
Automobiles		2.3			12,753
Commercial Banks		2.2			12,188
Real Estate Investment Trusts		1.9			11,136
Electric Utilities		1.5			8,889
Health Care Providers & Services		1.4			8,293
Paper & Forest Products		1.4			8,094
Household Durables		1.3			7,295
Specialty Retail		1.2			7,101
Oil, Gas & Consumable Fuels		1.2			6,730
Machinery		1.2			6,610
Airlines		1.1			6,395
Wireless Telecommunication Services		1.1			6,325
Metals & Mining		1.1			6,253
Transportation Infrastructure		0.9			5,301
Commercial Services & Supplies		0.9			5,235
Food & Staples Retailing		0.9			5,220
Leisure Equipment & Products		0.9			4,971
Independent Power Producers & Energy Traders		0.8			4,542
Office Electronics		0.8			4,375
Multiline Retail		0.4			2,360
Health Care Equipment & Supplies		0.4			2,242
Biotechnology		0.3			1,954
Life Sciences Tools & Services		0.3			1,916
Pharmaceuticals		0.3			1,901
Hotels, Restaurants & Leisure		0.3			1,792
Chemicals		0.3			1,487
U.S. Government Agency Obligation		0.2			1,171
Energy Equipment & Services		0.2			992
Tobacco		0.2			914
Aerospace & Defense		0.1			756
Professional Services		0.1			439
Containers & Packaging		0.1			382
Thrifts & Mortgage Finance		0.0			258
Insurance		0.0			180
Media		0.0			125
Investment Securities, at Value		91.7			529,350
Short-Term Investments		8.3			49,618
Total Investments		100.0	%	$	578,968

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 67

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2010.
^	All or a portion of this security is on loan. The value of all securities on loan is $36,300.
¥	Amount rounds to less than 0.1%.
Ž	The security has a perpetual maturity. The date shown is the next call date.
џ	In default.
‡	Non-income producing security.
§	Illiquid. These securities aggregated to $8,316, or 1.52%, of the fund’s net assets.
▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $551,383. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $50,637 and $23,052, respectively. Net unrealized appreciation for tax purposes is $27,585.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $71,022, or 12.97%, of the fund’s net assets.
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
COP	Columbian Peso
IDR	Indonesian Rupiah
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Riggit
NZD	New Zealand Dollar
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
SGD	Singapore Dollar

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	540	$	—	$	—	$	540
Equities — Energy		236		—		—		236
Equities — Financials		5,659		—		—		5,659
Equities — Materials		382		—		—		382
Equities — Telecommunication Services		3,944		—		—		3,944
Equities — U.S. Government Agency Obligation		1,171		—		—		1,171
Equities — Utilities		497		—		—		497
Fixed Income — Asset-Backed Security		—		25,496		—		25,496
Fixed Income — Consumer Discretionary		—		41,092		—		41,092
Fixed Income — Consumer Staples		—		6,134		—		6,134
Fixed Income — Energy		—		7,486		—		7,486
Fixed Income — Financials		—		88,342		—		88,342
Fixed Income — Foreign Government Obligation		—		127,863		—		127,863
Fixed Income — Health Care		—		16,307		—		16,307
Fixed Income — Industrials		—		36,591		—		36,591
Fixed Income — Information Technology		—		38,976		—		38,976
Fixed Income — Materials		—		15,833		—		15,833
Fixed Income — Mortgage-Backed Security		—		42,884		—		42,884
Fixed Income — Telecommunication Services		—		44,070		—		44,070
Fixed Income — U.S. Government Obligation		—		12,913		—		12,913
Fixed Income — Utilities		—		12,934		—		12,934
Cash & Cash Equivalent — Repurchase Agreement		—		12,531		—		12,531
Cash & Cash Equivalent — Securities Lending Collateral		37,087		—		—		37,087
Total	$	49,516	$	529,452	$	—	$	578,968

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 68

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 97.7%
Australia - 1.3%
BHP Billiton, Ltd. ADR^		61,200	$	4,455
iSOFT Group, Ltd. ^		4,334,162		2,164
Austria - 0.5%
Schoeller-Bleckmann Oilfield Equipment AG^		47,925		2,504
Belgium - 2.7%
Anheuser-Busch InBev NV ^		85,883		4,166
Anheuser-Busch InBev NV — STRIP VVPR ‡		130,726		1
Colruyt SA		17,687		4,355
Telenet Group Holding NV ‡		184,279		5,574
Bermuda - 0.8%
Kerry Properties, Ltd.		545,500		2,513
PureCircle, Ltd. ‡		397,900		1,826
Brazil - 3.7%
Banco Santander Brasil SA ADR		206,700		2,404
NET Servicos de Comunicacao SA ADR ‡		204,300		2,401
Petroleo Brasileiro SA — Class A ADR ‡		99,122		3,761
Porto Seguro SA ‡		372,600		3,841
Totvs SA		41,215		2,833
Ultrapar Participacoes SA ADR		83,490		3,935
Canada - 7.2%
Bankers Petroleum, Ltd. ‡		308,000		2,717
Corus Entertainment, Inc. — Class B		173,925		3,501
Eldorado Gold Corp. ‡^		291,300		4,474
Macdonald Dettwiler & Associates, Ltd. ‡		326,905		13,025
Neo Material Technologies, Inc. ‡		596,400		2,372
Pacific Rubiales Energy Corp. ‡^		299,300		6,747
Silver Wheaton Corp. ‡		243,200		4,778
Cayman Islands - 1.3%
Changyou.com, Ltd. ADR ‡		111,400		3,654
Xinao Gas Holdings, Ltd.		990,000		2,994
Chile - 0.9%
Sociedad Quimica y Minera de Chile SA — ADR		132,285		4,762
China - 1.0%
Bank of China, Ltd.		10,232,000		5,267
Cyprus - 0.8%
ProSafe SE ^		720,150		4,016
Denmark - 2.1%
Novo Nordisk A/S — Class B ^		76,594		6,302
TrygVesta AS ^		79,195		4,889
France - 7.4%
Alstom SA		69,540		4,080
Arkema SA		96,748		4,036
BNP Paribas		37,280		2,561
CNP Assurances ‡^		54,606		4,597
Eutelsat Communications		84,655		3,014
Ipsen SA		141,118		6,741
IPSOS		83,053		3,178
Sodexo ^		130,396		8,011
Teleperformance		72,790		2,545
Germany - 7.5%
Deutsche Boerse AG		99,719		7,741
Fresenius Medical Care AG & Co. KGaA ^		87,038		4,713
Gerresheimer AG		93,741		3,283
Linde AG ^		41,975		5,024
SAP AG ADR		98,235		4,661
SMA Solar Technology AG ^		27,968		3,391
Tognum AG		327,458		6,776
Wincor Nixdorf AG		54,125		3,681
Hong Kong - 1.0%
China Mobile, Ltd. ADR		105,865		5,177
India - 0.2%
State Bank of India, Ltd. GDR		12,760		1,299
	Shares		Value
Ireland - 2.2%
DCC PLC		196,035	$	5,254
Willis Group Holdings PLC		173,800		5,987
Israel - 0.8%
Makhteshim-Agan Industries, Ltd.		936,928		3,933
Japan - 12.4%
Brother Industries, Ltd.		438,400		5,325
Circle K Sunkus Co., Ltd. ^		287,200		4,058
GMO Internet, Inc.		499,600		2,053
Jupiter Telecommunications Co., Ltd. ^		7,081		7,167
KDDI Corp.		1,178		5,680
Kenedix Realty Investment Corp. REIT		1,452		4,766
Makita Corp.		85,800		2,660
Nifco, Inc.		112,400		2,514
Nihon Kohden Corp.		313,400		5,999
Nippon Electric Glass Co., Ltd.		167,100		2,563
NSD Co., Ltd. ^		349,200		4,273
Point, Inc. ^		60,400		3,904
Sankyo Co., Ltd. ^		89,900		4,150
Sundrug Co., Ltd. ^		187,500		4,376
Yahoo! Japan Corp. ^		13,801		5,284
Jersey, Channel Islands - 2.1%
Experian Group, Ltd.		772,063		7,138
Informa PLC		633,576		3,824
Korea, Republic of - 2.1%
Hyundai Mobis ‡		46,289		7,683
Samsung SDI Co., Ltd.		26,457		3,525
Netherlands - 10.1%
Akzo Nobel NV ^		111,965		6,621
Fugro NV		97,928		6,374
Koninklijke Ahold NV ^		512,477		7,027
Nutreco Holding NV ^		119,247		7,461
Sligro Food Group NV § ^		193,721		6,519
TNT NV		269,322		8,230
Unilever NV ^		341,256		10,382
Norway - 1.3%
DnB NOR ASA ^		563,585		6,670
South Africa - 1.0%
MTN Group, Ltd.		346,049		5,091
Sweden - 1.7%
Svenska Handelsbanken AB — Class A ^		171,583		4,811
Swedbank AB ‡		355,859		3,832
Switzerland - 8.8%
Barry Callebaut AG ‡		1,395		880
Bucher Industries AG		34,111		4,179
Credit Suisse Group AG ‡		93,464		4,290
Givaudan SA		8,470		7,370
Nestle SA		109,753		5,370
Nobel Biocare Holding AG ^		145,988		3,200
Roche Holding AG		40,684		6,424
SGS SA ‡		4,775		6,202
Sulzer AG		80,102		7,943
Turkey - 0.5%
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT‡		1,587,100		2,583
United Kingdom - 16.3%
Amlin PLC		1,169,389		6,691
Antofagasta PLC		254,287		3,855
Balfour Beatty PLC		629,118		2,663
Barclays PLC		735,935		3,780
Cairn Energy PLC ‡		1,043,090		6,367
Chemring Group PLC		209,623		11,679
Croda International PLC		308,394		4,729
Diageo PLC		112,653		1,921
Fidessa Group PLC §		121,087		2,436
HSBC Holdings PLC		770,837		7,882
Jazztel PLC ‡		601,147		2,427
Reed Elsevier PLC		667,181		5,223

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 69

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
United Kingdom - (continued)
RPS Group PLC		1,581,884	$	5,486
Smith & Nephew PLC		377,469		3,913
Soco International PLC ‡		8,500		211
Travis Perkins PLC ‡		214,100		2,765
Tullow Oil PLC		220,446		3,839
Vodafone Group PLC		4,497,262		9,965
Total Common Stocks (cost $447,001)				510,147
WARRANT - 0.0% ¥
Italy - 0.0% ¥
UBI Banca SCpA ‡
Expiration: 06/30/2011
Exercise Price: €12.30		138,395		6
Total Warrant (cost $♦)
SECURITIES LENDING COLLATERAL - 12.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.23%▲		64,496,424		64,496
Total Securities Lending Collateral (cost $64,496)
	Principal		Value
REPURCHASE AGREEMENT - 2.0%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $10,350 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $10,561.	$	10,350		10,350
Total Repurchase Agreement (cost $10,350)
Total Investment Securities (cost $521,847) #				584,999
Other Assets and Liabilities — Net				(62,730	)
Net Assets			$	522,269

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Chemicals		7.1	%	$	41,361
Commercial Banks		6.5			38,512
Media		4.9			28,308
Insurance		4.5			26,005
Food Products		4.5			25,919
Wireless Telecommunication Services		4.5			25,913
Oil, Gas & Consumable Fuels		4.0			23,642
Food & Staples Retailing		3.7			22,277
Pharmaceuticals		3.4			19,467
Commercial Services & Supplies		3.1			18,511
Software		3.0			17,857
Metals & Mining		3.0			17,562
Professional Services		2.7			15,885
Electrical Equipment		2.4			14,247
Health Care Equipment & Supplies		2.2			13,112
Energy Equipment & Services		2.2			12,894
Machinery		2.1			12,122
Aerospace & Defense		2.1			11,679
Air Freight & Logistics		1.4			8,230
Hotels, Restaurants & Leisure		1.4			8,011
Diversified Telecommunication Services		1.4			8,001
Multiline Retail		1.4			7,962
Diversified Financial Services		1.3			7,741
Auto Components		1.3			7,683
Real Estate Investment Trusts		1.2			7,349
Internet Software & Services		1.2			7,337
Electronic Equipment & Instruments		1.0			6,088

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 70

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued):	Total Investments			Value
Beverages		1.0	%	$	6,088
Office Electronics		0.9			5,325
Industrial Conglomerates		0.9			5,254
Health Care Providers & Services		0.8			4,713
Capital Markets		0.7			4,290
Leisure Equipment & Products		0.7			4,150
Specialty Retail		0.7			3,935
Computers & Peripherals		0.6			3,681
Life Sciences Tools & Services		0.6			3,283
Gas Utilities		0.5			2,994
Trading Companies & Distributors		0.5			2,765
Construction & Engineering		0.5			2,663
Household Durables		0.5			2,660
Real Estate Management & Development		0.4			2,513
Health Care Technology		0.4			2,164
Investment Securities, at Value		87.2			510,153
Short-Term Investments		12.8			74,846
Total Investments		100.0	%	$	584,999

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $61,400.
‡	Non-income producing security.
¥	Amount rounds to less than 0.1%.
§	Illiquid. These securities aggregated to $8,955, or 1.71%, of the fund’s net assets.
♦	Amount rounds to less than $1.
▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $521,847. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $73,549 and $10,397, respectively. Net unrealized appreciation for tax purposes is $63,152.

DEFINITIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
STRIP VVPR	Is a coupon which, if presented along with the corresponding coupon of the share, allows it to benefit from a reduced withholding tax of 15% (rather than 25%) on the dividends paid by the company.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	53,847	$	21,886	$	—	$	75,733
Equities — Consumer Staples		8,125		46,160		—		54,285
Equities — Energy		23,641		12,895		—		36,536
Equities — Financials		28,775		57,635		—		86,410
Equities — Health Care		13,196		29,544		—		42,740
Equities — Industrials		34,984		43,345		—		78,329
Equities — Information Technology		33,082		7,206		—		40,288
Equities — Materials		31,940		26,984		—		58,924
Equities — Telecommunication Services		20,822		13,092		—		33,914
Equities — Utilities		—		2,994		—		2,994
Cash & Cash Equivalent — Repurchase Agreement		—		10,350		—		10,350
Cash & Cash Equivalent — Securities Lending Collateral		64,496		—		—		64,496
Total	$	312,908	$	272,091	$	—	$	584,999

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 71

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
PREFERRED STOCKS - 1.8%
Brazil - 1.8%
Lojas Americanas SA, 0.41% 5		987,990	$	7,349
NET Servicos de Comunicacao SA		210,897		2,487
Total Preferred Stocks (cost $8,337)				9,836
COMMON STOCKS - 95.4%
Bermuda - 0.8%
Credicorp, Ltd.		32,700		2,841
Dairy Farm International Holdings, Ltd. ^		269,500		1,852
Brazil - 12.3%
Anhanguera Educacional Participacoes SA ‡		8,000		125
B2W Cia Global Do Varejo		135,000		2,980
BM&FBOVESPA SA		661,146		4,374
Cia de Bebidas das Americas ADR		42,800		4,186
Cielo SA		32,000		311
Cyrela Brazil Realty SA		295,000		3,564
Diagnosticos da America SA ‡		216,800		1,883
Empresa Brasileira de Aeronautica SA ADR ^		208,200		5,013
MRV Engenharia e Participacoes SA		371,000		2,625
Multiplan Empreendimentos Imobiliarios SA		105,000		1,806
Natura Cosmeticos SA		559,600		11,880
Petroleo Brasileiro SA — Class A ADR ^		490,100		18,595
Vale SA — Class B ADR ^		386,000		10,387
Canada - 1.0%
Niko Resources, Ltd.		27,400		3,003
Pacific Rubiales Energy Corp. ‡ ^		120,200		2,710
Cayman Islands - 1.9%
Baidu, Inc. ADR ‡		4,900		3,378
Ctrip.com International, Ltd. ADR ‡		69,900		2,553
Tencent Holdings, Ltd.		149,600		3,090
Tingyi Cayman Islands Holding Corp.		515,000		1,279
Chile - 1.5%
Banco Santander Chile		21,763,401		1,384
Centros Comerciales Sudamericanos SA		1,403,481		5,747
Parque Arauco SA		263,200		358
Sociedad Quimica y Minera de Chile SA — ADR ^		17,700		637
China - 1.9%
China Shenhua Energy Co., Ltd. — Class H		743,000		3,188
PetroChina Co., Ltd.		4,172,000		4,804
Shanghai Zhenhua Heavy Industry Co., Ltd.		1,840,270		1,129
Travelsky Technology, Ltd.		1,214,000		998
Wumart Stores, Inc.		231,000		494
Colombia - 1.0%
Almacenes Exito SA		83,501		755
Almacenes Exito SA -144A GDR		119,200		1,081
Bancolombia SA ADR ^		74,300		3,473
Denmark - 1.3%
Carlsberg AS — Class B		87,100		7,039
Egypt - 3.0%
Commercial International Bank Egypt Sae		531,422		7,137
Eastern Tobacco		53,124		1,212
Egyptian Financial Group-Hermes Holding		443,070		2,845
Orascom Telecom Holding SAE		4,153,454		5,390
France - 0.6%
CFAO SA ‡ ^		101,290		3,510
Hong Kong - 8.3%
China Mobile, Ltd.		847,000		8,302
China Resources Enterprise, Ltd.		1,595,000		5,627
CNOOC, Ltd.		6,233,000		10,949
Hang Lung Group, Ltd.		291,000		1,422
Hang Lung Properties, Ltd.		2,118,000		7,685
Hong Kong Exchanges & Clearing, Ltd.		618,000		10,107
Television Broadcasts, Ltd.		412,000		1,976

	Shares		Value
India - 13.5%
Asian Paints, Ltd.		13,800	$	645
Colgate Palmolive Co. ‡		80,800		1,355
Divi’s Laboratories, Ltd.		170,608		2,574
HDFC Bank, Ltd. ADR ^		99,700		14,867
Hindustan Unilever, Ltd.		1,061,000		5,682
Housing Development Finance Corp.		130,900		8,254
ICICI Bank, Ltd. ADR		121,100		5,149
Infosys Technologies, Ltd.		363,900		22,134
Sun Pharmaceutical Industries, Ltd. ‡		52,100		1,849
Tata Consultancy Services, Ltd.		299,002		5,112
Zee Entertainment Enterprises, Ltd.		957,200		6,522
Indonesia - 2.7%
Astra International PT		896,100		4,631
Bank Central Asia		4,756,900		2,847
Bank Rakyat		117,000		115
Telekomunikasi Indonesia PT		6,006,175		5,185
Unilever Indonesia		1,573,500		2,399
Korea, Republic of - 4.7%
GS Engineering & Construction Corp.		16,139		1,220
MegaStudy Co., Ltd.		19,932		2,923
NHN Corp. ‡		92,523		15,426
Shinsegae Co., Ltd.		13,706		6,284
Luxembourg - 1.1%
Tenaris SA ADR ^		151,400		6,148
Mexico - 9.2%
America Movil SAB de CV — Series L ADR		367,100		18,898
Bolsa Mexicana de Valores SAB de CV		92,500		157
Corp GEO SAB de CV — Series B ‡		622,800		1,973
Fomento Economico Mexicano SAB de CV ^		1,298,300		6,150
Fomento Economico Mexicano SAB de CV ADR		94,300		4,463
Grupo Modelo SAB de CV — Series C		1,022,300		5,609
Grupo Televisa SA ADR		280,000		5,818
Impulsora Del Desarrollo Y El Empleo en America Latina SAB de CV ‡ ^		1,058,100		1,375
Sare Holding SAB de CV — Class B ‡		2,026,201		694
Wal-Mart de Mexico SAB de CV — Series V ^		2,419,586		5,632
Norway - 0.4%
DNO International ASA ‡ ^		1,405,600		2,084
Philippines - 2.8%
Jollibee Foods Corp.		1,440,400		1,886
Philippine Long Distance Telephone Co. ‡		47,300		2,650
SM Investments Corp.		286,500		2,543
SM Prime Holdings, Inc.		36,659,470		8,373
Russian Federation - 4.2%
Magnit OJSC		169,543		14,751
Novatek OAO GDR - 144A		58,100		4,415
Novatek OAO GDR - Reg S		56,400		4,226
South Africa - 5.7%
Anglo Platinum, Ltd. ‡		57,963		6,290
Impala Platinum Holdings, Ltd.		402,600		11,351
JSE, Ltd.		41,800		408
MTN Group, Ltd.		438,200		6,446
Standard Bank Group, Ltd. ^		469,330		7,231
Sweden - 0.3%
Oriflame Cosmetics SA ^		30,800		1,745
Taiwan - 7.2%
Epistar Corp.		1,889,500		6,046
High Tech Computer Corp.		344,750		4,620
Mediatek, Inc.		885,370		14,991
Synnex Technology International Corp.		754,198		1,797
Taiwan Semiconductor Manufacturing Co., Ltd.		6,412,459		12,550
Thailand - 0.2%
Siam Commercial Bank PCL		375,700		952

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 72

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares			Value
Turkey - 3.2%
Anadolu AS		139,021		$	1,723
Bim Birlesik Magazalar AS		56,600			3,164
Enka Insaat VE Sanayi AS		1,190,650			5,747
Haci Omer Sabanci Holding AS		676,818			3,109
Turkcell Iletisim Hizmet AS		433,800			2,812
Yapi Ve Kredi Bankasi AS ‡		471,678			1,349
United Kingdom - 5.9%
Anglo American PLC ‡		267,720			11,372
Cairn Energy PLC ‡		424,690			2,592
SABMiller PLC		426,420			13,368
Tullow Oil PLC		307,010			5,347
United States - 0.7%
Sohu.com, Inc. ‡ ^		83,000			3,995
Total Common Stocks (cost $393,337)					527,707
SECURITIES LENDING COLLATERAL - 9.5%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% ▲		52,444,895			52,445
Total Securities Lending Collateral (cost $52,445)
	Principal			Value
REPURCHASE AGREEMENT - 3.0%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $16,855 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $17,193.	$	16,855			16,855
Total Repurchase Agreement (cost $16,855)
Total Investment Securities (cost $470,974) #					606,843
Other Assets and Liabilities — Net					(53,733	)
Net Assets				$	553,110
	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Oil, Gas & Consumable Fuels		10.0	%	$	61,912
Commercial Banks		7.7			47,345
Wireless Telecommunication Services		7.5			44,498
Beverages		7.1			42,538
Food & Staples Retailing		6.5			39,760
Metals & Mining		6.4			39,400
Semiconductors & Semiconductor Equipment		5.5			33,587
IT Services		4.7			28,555
Internet Software & Services		4.4			25,890
Real Estate Management & Development		3.7			22,269
Diversified Financial Services		3.0			18,155
Media		2.8			16,803
Personal Products		2.3			13,625
Household Products		1.6			9,436
Industrial Conglomerates		1.4			8,290
Thrifts & Mortgage Finance		1.4			8,254
Multiline Retail		1.2			7,349
Household Durables		1.0			6,231
Energy Equipment & Services		1.0			6,148
Distributors		0.9			5,627
Diversified Telecommunication Services		0.8			5,185
Aerospace & Defense		0.8			5,013
Automobiles		0.8			4,631
Computers & Peripherals		0.8			4,620
Hotels, Restaurants & Leisure		0.7			4,439
Auto Components		0.6			3,510
Internet & Catalog Retail		0.5			2,980

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 73

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued):	Total Investments			Value
Commercial Services & Supplies		0.5	%	$	2,923
Capital Markets		0.5			2,845
Construction & Engineering		0.4			2,595
Life Sciences Tools & Services		0.4			2,574
Health Care Providers & Services		0.3			1,883
Pharmaceuticals		0.3			1,849
Electronic Equipment & Instruments		0.3			1,797
Chemicals		0.2			1,282
Food Products		0.2			1,279
Tobacco		0.2			1,212
Machinery		0.2			1,129
Diversified Consumer Services		0.0	¥		125
Investment Securities, at Value		88.6			537,543
Short-Term Investments		11.4			69,300
Total Investments		100.0	%	$	606,843

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $50,874.
‡	Non-income producing security.
¥	Amount rounds to less than 0.1%.
▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $470,974. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $147,634 and $11,765, respectively. Net unrealized appreciation for tax purposes is $135,869.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $5,496, or 0.99%, of the fund’s net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	29,428	$	25,192	$	—	$	54,620
Equities — Consumer Staples		76,188		31,662		—		107,850
Equities — Energy		47,036		21,024		—		68,060
Equities — Financials		47,472		51,394		—		98,866
Equities — Health Care		1,883		4,423		—		6,306
Equities — Industrials		10,061		6,968		—		17,029
Equities — Information Technology		8,682		85,764		—		94,446
Equities — Materials		22,396		18,286		—		40,682
Equities — Telecommunication Services		21,549		28,135		—		49,684
Cash & Cash Equivalent — Repurchase Agreement		—		16,855		—		16,855
Cash & Cash Equivalent — Securities Lending Collateral		52,445		—		—		52,445
Total	$	317,140	$	289,703	$	—	$	606,843

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 74

Transamerica Oppenheimer Small - & Mid-Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 96.0%
Aerospace & Defense - 1.6%
Goodrich Corp.		69,290	$	5,140
Auto Components - 4.3%
Goodyear Tire & Rubber Co. ‡ ^		288,700		3,877
Lear Corp. ‡		51,970		4,219
WABCO Holdings, Inc. ‡		155,900		5,175
Beverages - 2.0%
Molson Coors Brewing Co. — Class B		138,580		6,148
Capital Markets - 3.5%
Affiliated Managers Group, Inc. ‡ ^		34,644		2,916
E*Trade Financial Corp. ‡		1,395,400		2,344
Investment Technology Group, Inc. ‡		115,479		2,006
Lazard, Ltd. — Class A		92,380		3,572
Chemicals - 3.3%
Celanese Corp. — Series A		173,220		5,541
Intrepid Potash, Inc. ‡ ^		174,280		4,577
Commercial Banks - 3.2%
Comerica, Inc.		80,840		3,395
Fifth Third Bancorp		277,150		4,132
KeyCorp		289,640		2,613
Communications Equipment - 0.7%
Motorola, Inc. ‡		288,700		2,041
Construction & Engineering - 1.0%
Foster Wheeler AG ‡		109,710		3,289
Construction Materials - 1.1%
Martin Marietta Materials, Inc. ^		34,640		3,321
Containers & Packaging - 1.4%
Owens-Illinois, Inc. ‡		127,030		4,502
Diversified Financial Services - 2.2%
Fifth Street Finance Corp.		173,215		2,208
Invesco, Ltd.		205,870		4,733
Electric Utilities - 3.2%
Allegheny Energy, Inc.		115,480		2,515
Cleco Corp.		115,480		3,164
NV Energy, Inc.		346,440		4,328
Electrical Equipment - 1.1%
General Cable Corp. ‡		116,120		3,318
Electronic Equipment & Instruments - 2.3%
Agilent Technologies, Inc. ‡		115,484		4,187
Amphenol Corp. — Class A		69,288		3,202
Energy Equipment & Services - 2.0%
Ensco PLC ADR		69,290		3,270
Tidewater, Inc.		57,740		3,095
Food & Staples Retailing - 1.2%
Kroger Co.		173,220		3,851
Food Products - 0.9%
Chiquita Brands International, Inc. ‡ ^		94,140		1,416
Dole Food Co., Inc. ‡ ^		115,480		1,307
Gas Utilities - 1.0%
EQT Corp.		75,060		3,264
Health Care Equipment & Supplies - 1.8%
Hospira, Inc. ‡		104,780		5,636
Health Care Providers & Services - 2.6%
Aetna, Inc.		115,480		3,412
DaVita, Inc. ‡		75,067		4,687
Hotels, Restaurants & Leisure - 3.8%
Bally Technologies, Inc. ‡ ^		75,060		3,462
Brinker International, Inc.		161,670		2,994
	Shares		Value
Hotels, Restaurants & Leisure - (continued)
Burger King Holdings, Inc. ^		115,480	$	2,437
Pinnacle Entertainment, Inc. ‡		232,601		3,147
Household Durables - 1.9%
Mohawk Industries, Inc. ‡		57,740		3,680
Tupperware Brands Corp.		46,190		2,359
Household Products - 1.3%
Energizer Holdings, Inc. ‡		69,288		4,233
Independent Power Producers & Energy Traders - 1.8%
NRG Energy, Inc. ‡		230,960		5,582
Industrial Conglomerates - 2.2%
Tyco International, Ltd.		173,220		6,720
Insurance - 8.7%
ACE, Ltd.		127,028		6,757
AON Corp.		75,060		3,187
Assurant, Inc.		196,320		7,152
Everest RE Group, Ltd.		92,384		7,081
Genworth Financial, Inc. — Class A ‡		186,240		3,077
IT Services - 1.5%
Teletech Holdings, Inc. ‡		288,697		4,778
Leisure Equipment & Products - 1.5%
Mattel, Inc.		207,860		4,791
Life Sciences Tools & Services - 2.3%
Charles River Laboratories International, Inc ‡		115,480		3,866
Thermo Fisher Scientific, Inc. ‡		57,740		3,192
Machinery - 1.8%
Navistar International Corp. ‡ ^		115,401		5,578
Media - 1.4%
Cablevision Systems Corp. — Class A		92,380		2,535
Time Warner Cable, Inc.		34,230		1,925
Metals & Mining - 0.5%
First Quantum Minerals, Ltd. ^		22,400		1,719
Multi-Utilities - 2.1%
CMS Energy Corp. ^		404,178		6,572
Oil, Gas & Consumable Fuels - 4.6%
Alpha Natural Resources, Inc. ‡		86,610		4,077
Cabot Oil & Gas Corp.		34,840		1,259
Consol Energy, Inc.		34,640		1,548
Noble Energy, Inc.		46,190		3,528
Range Resources Corp.		56,669		2,707
Ultra Petroleum Corp. ‡		23,200		1,108
Pharmaceuticals - 2.2%
Biovail Corp.		277,150		4,711
Shire PLC ADR		34,640		2,281
Professional Services - 1.4%
Towers Watson & Co. — Class A		92,380		4,434
Real Estate Investment Trusts - 3.0%
BioMed Realty Trust, Inc.		137,536		2,546
CreXus Investment Corp.		92,380		1,220
ProLogis		230,960		3,041
Starwood Property Trust, Inc. ^		92,380		1,751
Terreno Realty Corp. ‡		51,970		978
Road & Rail - 1.1%
JB Hunt Transport Services, Inc.		92,380		3,405
Semiconductors & Semiconductor Equipment - 2.2%
LAM Research Corp. ‡		80,835		3,278
Teradyne, Inc. ‡ ^		288,700		3,531

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 75

Transamerica Oppenheimer Small - & Mid-Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Software - 1.7%
Electronic Arts, Inc. ‡		115,480	$	2,237
McAfee, Inc. ‡		92,386		3,210
Specialty Retail - 3.5%
Abercrombie & Fitch Co. — Class A		46,190		2,020
Advance Auto Parts, Inc.		69,291		3,125
Bed Bath & Beyond, Inc. ‡		69,290		3,184
Chico’s FAS, Inc.		103,930		1,548
Gymboree Corp. ‡ ^		23,101		1,135
Textiles, Apparel & Luxury Goods - 1.2%
Phillips-Van Heusen Corp.		57,740		3,638
Thrifts & Mortgage Finance - 1.8%
MGIC Investment Corp. ‡ ^		256,680		2,677
NewAlliance Bancshares, Inc.		230,960		3,010
Trading Companies & Distributors - 1.1%
Aircastle, Ltd.		297,430		3,572
Wireless Telecommunication Services - 1.0%
NII Holdings, Inc. ‡		75,060		3,184
Total Common Stocks (cost $237,651)				301,168
SECURITIES LENDING COLLATERAL - 3.1%
State Street Navigator Securities Lending Trust-Prime Portfolio, 0.23% ▲		9,665,488		9,665
Total Securities Lending Collateral (cost $9,665)
	Principal		Value
REPURCHASE AGREEMENT - 4.1%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $12,915 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, and with a value of $13,176.	$	12,915		12,915
Total Repurchase Agreement (cost $12,915)
Total Investment Securities (cost $260,231) #				323,748
Other Assets and Liabilities — Net				(10,126	)
Net Assets			$	313,622

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $9,397.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $260,231. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $66,363 and $2,846, respectively. Net unrealized appreciation for tax purposes is $63,517 .

DEFINITION:

ADR American Depositary Receipt

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 76

Transamerica Oppenheimer Small - & Mid-Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	55,251	$	—	$	—	$	55,251
Equities — Consumer Staples		16,955		—		—		16,955
Equities — Energy		20,592		—		—		20,592
Equities — Financials		70,396		—		—		70,396
Equities — Health Care		27,785		—		—		27,785
Equities — Industrials		35,456		—		—		35,456
Equities — Information Technology		26,464		—		—		26,464
Equities — Materials		19,660		—		—		19,660
Equities — Telecommunication Services		3,184		—		—		3,184
Equities — Utilities		25,425		—		—		25,425
Cash & Cash Equivalent — Repurchase Agreement		—		12,915		—		12,915
Cash & Cash Equivalent — Securities Lending Collateral		9,665		—		—		9,665
Total	$	310,833	$	12,915	$	—	$	323,748

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 77

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 96.9%
Australia - 6.5%
Amcor, Ltd.		770,950	$	4,666
Ansell, Ltd. ^		377,155		4,449
Computershare, Ltd.		355,197		3,857
Crane Group, Ltd. ^		474,893		3,948
Elders, Ltd. ‡		577,335		633
Fairfax Media, Ltd. ^		2,289,458		3,613
Iluka Resources, Ltd. ‡ ^		1,281,510		5,457
Mirvac Group REIT		2,713,883		3,483
Sims Metal Management, Ltd.		118,504		2,228
Sonic Healthcare, Ltd. ^		340,465		4,326
Transpacific Industries Group, Ltd. ‡^		1,337,516		1,546
Austria - 3.2%
Andritz AG		90,000		5,510
Kapsch TrafficCom AG §		60,000		2,476
Mayr Melnhof Karton AG ^		36,500		3,550
RHI AG ‡		65,000		2,170
Rosenbauer International AG §		70,000		2,827
Schoeller-Bleckmann Oilfield Equipment AG		50,000		2,613
Belgium - 1.1%
Bekaert SA		17,000		3,038
EVS Broadcast Equipment SA		48,000		2,640
Kinepolis Group NV		7,509		414
Tessenderlo Chemie NV		20,568		659
Bermuda - 2.1%
Aquarius Platinum, Ltd.		289,058		1,899
Beijing Enterprises Water Group, Ltd. ‡		11,276,000		4,451
China Gas Holdings, Ltd.		2,118,000		1,199
Dockwise, Ltd. ‡		140,000		4,058
Great Eagle Holdings, Ltd.		282,000		789
Canada - 1.0%
Niko Resources, Ltd.		20,030		2,196
Sino-Forest Corp. — Class A ‡ ^		206,978		3,680
Cayman Islands - 2.8%
Bawang International Group Holding, Ltd. ‡		2,358,000		1,748
China Dongxiang Group Co.		3,149,000		2,133
Concord Medical Services Holdings, Ltd. ADR ‡		368,786		2,677
Fook Woo Group Holdings, Ltd. ‡		12,573,000		4,210
Inspur International, Ltd. ‡		11,000,000		1,130
Lee & Man Paper Manufacturing, Ltd.		5,679,400		4,961
China - 0.8%
Guangzhou Pharmaceutical Co., Ltd.		4,334,000		5,005
Denmark - 1.2%
Solar A/S — Class B ^		47,800		3,250
TrygVesta AS ^		60,000		3,704
France - 5.4%
Alten, Ltd. ‡		155,000		4,523
Bourbon SA ^		125,000		5,415
Club Mediterranee ‡		94,034		1,575
Groupe Eurotunnel SA ^		223,029		2,037
Homair SA ‡ §		55,177		230
Meetic ‡		120,000		3,314
Rubis		60,000		4,939
Saft Groupe SA		45,000		1,635
SeLoger.com ‡		120,000		4,847
Store Electronic ‡		60,000		912
Sword Group		68,433		2,350
Virbac SA		2,266		250
Germany - 8.1%
Bijou Brigitte AG §		8,000		1,378
Bilfinger Berger AG		76,600		5,087
Compugroup Holding AG ‡		210,000		2,341
Demag Cranes AG ‡		85,000		2,939
Freenet AG ‡		336,000		3,917
GFK SE		100,000		3,778
	Shares		Value
Germany (continued)
Grenkeleasing AG		40,000	$	1,735
Hawesko Holding AG §		22,000		755
Kabel Deutschland Holding AG ‡		61,699		1,955
KUKA AG ‡ ^		150,000		2,268
Morphosys AG ‡		80,000		1,636
MTU Aero Engines Holding AG ^		85,500		4,701
R. Stahl AG		13,437		365
Rheinmetall AG		95,000		6,601
SFC Smart Fuel Cell AG § ‡		130,000		995
Tipp24 SE		55,000		2,127
Tom Tailor Holding AG ‡		68,883		1,183
Wirecard AG ^		240,000		2,690
Xing AG ‡		38,000		1,371
Greece - 0.3%
Aegean Airlines SA		188,190		747
Eurobank Properties Real Estate Investment Co. REIT		100,000		753
Hong Kong - 2.6%
China Agri-Industries Holdings, Ltd.		3,366,000		4,400
Citic 1616 Holdings, Ltd.		2,157,000		698
Dah Sing Banking Group, Ltd. ‡		2,468,400		3,334
Franshion Properties China, Ltd.		10,646,000		3,037
Techtronic Industries Co. ‡		4,024,500		4,182
Indonesia - 0.5%
Bank Mandiri		5,061,000		3,205
Ireland - 1.1%
Bank of Ireland ‡		169,716		375
DCC PLC		200,000		5,343
Grafton Group PLC		204,000		989
IFG Group PLC		35,545		57
Israel - 0.2%
Oridion Systems, Ltd. § ‡		120,000		987
Italy - 4.2%
Azimut Holding SpA		630,000		7,098
Buzzi Unicem SpA		200,000		1,812
CIR-Compagnie Industriali Riunite SpA ‡		1,350,000		2,861
Davide Campari-Milano SpA		301,460		3,078
DiaSorin SpA		50,000		1,864
Gruppo Coin SpA ‡		56,428		402
Landi Renzo SpA		103,118		426
Natuzzi SpA ADR ‡		366,796		1,720
Prysmian SpA		180,000		3,241
Zignago Vetro SpA		360,000		2,084
Japan - 18.8%
Accordia Golf Co., Ltd.		2,059		2,266
AICA Kogyo Co., Ltd. ^		172,300		1,796
Arcs Co., Ltd. ^		246,600		3,308
Asahi Diamond Industrial Co., Ltd. ^		106,000		1,102
Chugoku Marine Paints, Ltd.		284,000		2,127
Daido Steel Co., Ltd. ^		574,000		2,441
Daihatsu Diesel Manufacturing Co., Ltd.		204,000		933
DOWA Holdings Co., Ltd. ^		193,000		1,071
Exedy Corp. ^		66,500		1,755
Fujikura Kasei Co., Ltd.		272,800		1,430
Glory, Ltd. ^		109,700		2,792
HIS Co., Ltd. ^		132,700		2,718
Hisaka Works, Ltd.		135,000		1,542
Icom, Inc.		35,800		987
JSP Corp.		241,600		2,846
Koito Manufacturing Co., Ltd.		76,000		1,252
Kuroda Electric Co., Ltd.		189,600		2,864
Lintec Corp.		125,200		2,378
Miura Co., Ltd. ^		98,000		2,396
Modec, Inc. ^		194,100		3,549
Moshi Moshi Hotline, Inc. ‡ ^		119,000		2,449
Musashi Seimitsu Industry Co., Ltd. ^		181,900		4,508

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 78

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Japan (continued)
Nabtesco Corp. ^		173,000	$	2,180
NEC Networks & System Integration Corp.		179,700		2,198
Nichi-Iko Pharmaceutical Co., Ltd. ^		138,100		4,338
Nidec Copal Corp.		169,900		2,826
Nifco, Inc.		180,100		4,028
Nihon Parkerizing Co., Ltd. ^		206,000		2,948
Nippon Thompson Co., Ltd. ^		792,000		5,371
Nishimatsuya Chain Co., Ltd. ^		117,900		1,328
Nitta Corp.		252,100		3,970
Obic Co., Ltd.		8,730		1,751
OSAKA Titanium Technologies Co.		25,800		1,012
Seven Bank, Ltd. ^		1,230		2,412
Shinko Plantech Co., Ltd.		220,000		2,038
Shinmaywa Industries, Ltd.		718,000		3,130
Sumida Corp. ^		192,400		2,624
Takasago International Corp.		469,000		2,375
Tokai Tokyo Financial Holdings ^		886,000		3,428
Trusco Nakayama Corp.		181,800		3,005
Tsumura & Co. ^		62,200		1,817
Tsuruha Holdings, Inc.		65,300		2,352
Tsutsumi Jewelry Co., Ltd.		94,200		2,203
Union Tool Co. ^		38,700		1,157
Works Applications Co., Ltd.		3,432		2,237
Yushin Precision Equipment Co., Ltd. ^		72,300		1,209
Jersey, Channel Islands - 0.3%
Regus PLC		1,000,000		1,760
Korea, Republic of - 2.2%
Doosan Infracore Co., Ltd. ‡ ^		138,510		2,752
GS Engineering & Construction Corp.		5,372		406
Industrial Bank of Korea		128,380		1,785
Samsung SDI Co., Ltd.		36,397		4,849
Taewoong Co., Ltd. ^		50,663		3,368
Luxembourg - 0.0% ¥
L’occitane International SA ‡		137,750		268
Netherlands - 4.4%
Delta Lloyd NV ‡		240,000		5,143
Exact Holding NV		30,000		752
Fugro NV		95,000		6,184
Imtech NV		117,820		3,716
James Hardie Industries SE ‡		369,873		2,593
SBM Offshore NV		60,000		1,181
Smartrac NV ‡		77,000		1,434
Ten Cate NV		180,000		4,912
New Zealand - 1.2%
Fisher & Paykel Healthcare Corp., Ltd.		788,115		2,013
Fletcher Building, Ltd.		840,032		5,098
Norway - 0.4%
Pronova BioPharma AS ‡ ^		800,000		2,556
Singapore - 1.8%
Cache Logistics Trust — Class REIT ‡		2,894,000		2,027
Olam International, Ltd. ^		996,000		1,879
Sia Engineering Co., Ltd.		1,207,000		3,230
Singapore Airport Terminal Services, Ltd.		1,820,000		3,706
Spain - 0.9%
Baron de Ley ‡		3,823		186
Codere SA ‡		199,711		2,103
Enagas		87,854		1,762
Laboratorios Farmaceuticos Rovi SA		97,904		853
Pescanova SA ^		16,171		462
Sweden - 1.0%
Eniro AB ‡ ^		509,977		1,464
Swedish Match AB ^		204,000		4,625
Switzerland - 8.4%
Acino Holding AG		18,713		2,736
Bank Sarasin & Cie AG		125,000		4,862
Banque Cantonale Vaudoise		10,030		4,411
Dufry Group ‡ ^		20,000		1,711
	Shares		Value
Switzerland (continued)
Emmi AG		1,376	$	214
Forbo Holding AG		3,100		1,287
GAM Holding, Ltd. ‡		330,000		4,099
Gategroup Holding AG ‡		150,000		5,485
Gurit Holding AG		4,700		2,603
Helvetia Holding AG		9,466		2,892
Implenia AG ‡		59,119		1,700
Kuoni Reisen Holding AG		7,544		2,674
Mobilezone Holding AG		260,000		2,159
Newave Energy Holding SA §		19,997		853
Orior AG ‡		48,641		2,269
Partners Group Holding AG		19,822		2,654
Sika AG		2,476		4,398
Valora Holding AG		8,500		2,135
VZ Holding AG		4,521		397
Taiwan - 0.3%
Far Eastern International Bank ‡		2,909,000		945
Hung Poo Real Estate Development Corp.		710,000		940
United Kingdom - 16.1%
Air Berlin, PLC ‡ ^		200,000		1,068
Albemarle & Bond Holdings		372,313		1,311
AMEC PLC		136,234		1,731
Anglo Pacific Group PLC		416,353		1,547
Babcock International Group PLC ^		144,684		1,290
Bodycote PLC		526,291		1,784
BSS Group PLC		233,460		1,098
Burberry Group PLC		150,000		1,536
Carillion PLC		375,000		1,958
Chloride Group PLC		572,616		2,623
Consort Medical PLC		195,489		1,092
Cranswick PLC		106,850		1,303
CSR PLC ‡		235,000		1,537
Daily Mail & General Trust PLC		270,129		2,137
Dana Petroleum PLC ‡		85,000		1,567
Dechra Pharmaceuticals PLC		263,470		1,843
Derwent London PLC REIT		100,000		2,204
Devro PLC		500,000		1,304
E2V Technologies PLC § ‡		1,871,727		1,597
eaga PLC ‡		807,549		1,643
Elementis PLC		2,000,000		1,972
Fidessa Group PLC		83,775		1,685
Forth Ports PLC		67,192		1,382
Future PLC		1,540,001		377
Go-Ahead Group PLC		80,000		1,728
Grainger PLC		857,639		1,820
Greggs PLC		175,000		1,285
Halfords Group PLC		250,000		1,936
Hamworthy PLC		390,342		1,786
Helphire Group PLC ‡		1,477,353		1,168
HMV Group PLC ^		1,414,722		1,554
Homeserve PLC		58,143		1,772
Hunting PLC		140,000		1,206
IG Group Holdings PLC		311,353		1,931
Inchcape PLC ‡		2,412,337		1,263
Intec Telecom Systems PLC		1,150,000		1,165
Investec PLC		200,000		1,582
John Wood Group PLC		308,963		1,740
Keller Group PLC		154,801		1,715
Kier Group PLC		110,000		1,911
Mears Group PLC		305,362		1,469
Millennium & Copthorne Hotels PLC		227,256		1,638
Mitie Group PLC		368,036		1,313
Oxford Instruments PLC		200,598		874
Premier Oil PLC ‡		120,000		2,324
Provident Financial PLC		98,667		1,260
PV Crystalox Solar PLC		711,762		532
PZ Cussons PLC		500,000		2,078

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 79

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
United Kingdom (continued)
Scott Wilson Group PLC		1,000,000	$	1,623
SDL PLC ‡		255,000		1,762
Senior PLC		1,250,000		2,219
Shanks Group PLC		1,294,041		2,040
SIG PLC ‡		1,000,000		2,011
Tate & Lyle PLC		200,000		1,393
Ultra Electronics Holdings PLC		52,177		1,232
Victrex PLC		113,217		1,741
Vitec Group PLC		101,031		640
Wellstream Holdings PLC		171,752		1,568
WH Smith PLC		250,000		1,918
William Hill PLC		562,042		1,756
Total Common Stocks (cost $519,778)				573,215
	Shares		Value
SECURITIES LENDING COLLATERAL - 9.4%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23%5		55,522,818	$	55,523
Total Securities Lending Collateral (cost $55,523)

	Principal		Value
REPURCHASE AGREEMENT - 3.8%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $22,641 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 01/25/2039, and with a value of $23,098.	$	22,641		22,641
Total Repurchase Agreement (cost $22,641)
Total Investment Securities (cost $597,942) #				651,379
Other Assets and Liabilities — Net				(59,597	)
Net Assets			$	591,782

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Machinery		7.9	%	$	51,600
Energy Equipment & Services		4.9			31,720
Chemicals		4.5			29,505
Construction & Engineering		4.3			27,999
Capital Markets		3.4			22,141
Pharmaceuticals		3.3			21,262
Commercial Services & Supplies		3.2			21,130
Specialty Retail		2.7			17,284
Hotels, Restaurants & Leisure		2.6			17,087
Electronic Equipment & Instruments		2.4			15,896
Media		2.3			14,807
Industrial Conglomerates		2.3			14,805
Metals & Mining		2.2			14,108
Commercial Banks		2.1			13,638
Insurance		2.1			13,511
Trading Companies & Distributors		2.0			13,217
Electrical Equipment		2.0			12,917
IT Services		2.0			12,821
Software		1.9			12,292
Food Products		1.7			10,994
Containers & Packaging		1.6			10,300
Textiles, Apparel & Luxury Goods		1.5			9,959
Food & Staples Retailing		1.5			9,808
Oil, Gas & Consumable Fuels		1.4			8,840
Paper & Forest Products		1.3			8,641
Health Care Equipment & Supplies		1.3			8,541
Diversified Financial Services		1.3			8,531
Real Estate Investment Trusts		1.3			8,467
Transportation Infrastructure		1.3			8,318
Communications Equipment		1.2			8,078
Auto Components		1.2			7,941
Gas Utilities		1.2			7,900
Household Durables		1.1			7,189
Health Care Providers & Services		1.1			7,003
Real Estate Management & Development		1.0			6,586
Construction Materials		1.0			6,575
Aerospace & Defense		0.9			5,933
Building Products		0.9			5,744
Road & Rail		0.8			4,933

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 80

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued):	Total Investments			Value
Internet Software & Services		0.7	%	$	4,685
Tobacco		0.7			4,625
Diversified Telecommunication Services		0.7			4,615
Leisure Equipment & Products		0.5			3,466
Beverages		0.5			3,264
Consumer Finance		0.4			2,571
Household Products		0.3			2,078
Personal Products		0.3			2,016
Airlines		0.3			1,815
Life Sciences Tools & Services		0.3			1,636
Professional Services		0.2			1,623
Semiconductors & Semiconductor Equipment		0.2			1,537
Distributors		0.2			1,263
Investment Securities, at Value		88.0			573,215
Short-Term Investments		12.0			78,164
Total Investments		100.0	%	$	651,379

NOTES TO SCHEDULE OF INVESTMENTS:
^	All or a portion of this security is on loan. The value of all securities on loan is $52,713.
‡	Non-income producing security.
¥	Amount rounds to less than 0.1%.
§	Illiquid. These securities aggregated to $12,098, or 2.04%, of the fund’s net assets
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $597,942. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $72,572 and $19,135, respectively. Net unrealized appreciation for tax purposes is $53,437.
DEFINITIONS:
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	38,895	$	40,102	$	—	$	78,997
Equities — Consumer Staples		15,746		17,040		—		32,786
Equities — Energy		21,110		19,450		—		40,560
Equities — Financials		20,575		54,871		—		75,446
Equities — Health Care		11,767		26,675		—		38,442
Equities — Industrials		91,062		73,872		—		164,934
Equities — Information Technology		17,427		37,882		—		55,309
Equities — Materials		34,551		39,675		—		74,226
Equities — Telecommunication Services		—		4,615		—		4,615
Equities — Utilities		—		7,900		—		7,900
Cash & Cash Equivalent — Repurchase Agreement		—		22,641		—		22,641
Cash & Cash Equivalent — Securities Lending Collateral		55,523		—		—		55,523
Total	$	306,656	$	344,723	$	—	$	651,379

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 81

Transamerica Third Avenue Value

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 87.4%
Austria - 0.5%
Andritz AG		35,000	$	2,143
Bermuda - 2.0%
Montpelier Re Holdings, Ltd.		325,711		5,407
Nabors Industries, Ltd. ‡		196,865		4,246
Canada - 13.2%
Brookfield Asset Management, Inc. — Class A ^		864,586		21,909
Canfor Corp. ‡		739,723		7,588
Cenovus Energy, Inc.		327,000		9,581
E-L Financial Corp., Ltd.		5,286		2,498
EnCana Corp.		352,000		11,641
Viterra, Inc. ‡		1,057,150		8,950
France - 0.5%
Sanofi-Aventis SA ‡		32,950		2,248
Germany - 1.5%
Lanxess AG ^		148,000		7,016
Guernsey, Channel Islands - 0.8%
Resolution, Ltd.		3,280,000		3,653
Hong Kong - 15.6%
Cheung Kong Holdings, Ltd.		1,479,153		18,230
Chong Hing Bank, Ltd.		425,190		828
Hang Lung Group, Ltd.		928,692		4,537
Hang Lung Properties, Ltd.		1,703,749		6,183
Henderson Land Development Co., Ltd.		3,474,538		21,789
Hutchison Whampoa, Ltd.		2,095,888		14,384
Wharf Holdings, Ltd.		1,098,141		5,953
Wheelock & Co., Ltd.		487,000		1,501
Japan - 11.4%
Mitsui Fudosan Co., Ltd.		949,462		17,583
Sapporo Holdings, Ltd. ^		335,000		1,646
Tokio Marine Holdings, Inc.		470,080		13,995
Toyota Industries Corp. ^		705,107		20,575
Korea, Republic of - 4.1%
POSCO ADR		174,261		19,545
Sweden - 3.6%
Investor AB — Class A ^		916,546		16,779
United Kingdom - 0.3%
Derwent London PLC REIT		70,050		1,544
United States - 33.9%
Alamo Group, Inc.		188,983		4,452
Alexander & Baldwin, Inc.		118,770		4,226
Applied Materials, Inc.		493,961		6,807
AVX Corp.		861,145		13,304
Bank of New York Mellon Corp.		560,052		17,435
Bristow Group, Inc. ‡^		173,630		6,721
Capital Southwest Corp. ^		19,256		1,811
Cimarex Energy Co.		391,128		26,628
Cross Country Healthcare, Inc. ‡^		211,206		2,116
Electro Scientific Industries, Inc. ‡		196,486		2,706
Electronics for Imaging, Inc. ‡		177,436		2,280
Forest City Enterprises, Inc. — Class A ‡^		679,836		10,503
Intel Corp.		355,961		8,126
Investment Technology Group, Inc. ‡		424,815		7,379
KeyCorp		200,000		1,804
Leucadia National Corp. ‡^		50,000		1,266
Lexmark International, Inc. — Class A ‡		66,205		2,453
MDC Holdings, Inc. ^		53,363		2,044
Pharmaceutical Product Development, Inc.		300,710		8,270
St. Joe Co. ‡^		370,892		12,255
Sycamore Networks, Inc. ‡		150,818		2,985
Tejon Ranch Co. ‡^		76,574		2,202
Tellabs, Inc.		941,479		8,548
Westwood Holdings Group, Inc. ^		111,753		4,302
Total Common Stocks (cost $451,532)				412,575
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 6.4%
United States - 6.4%
U.S. Treasury Bill
0.23%, 10/07/2010 ▲	$	30,000	$	29,970
Total Short-Term U.S. Government Obligation (cost $29,970)
	Shares		Value
WARRANT 0.0% ¥
Hong Kong 0.0% ¥
Henderson Land Development Co.,Ltd. Ə
Expiration: 12/31/2011
Exercise Price: $58.00		694,907		♦
Total Warrant (cost $♦)
SECURITIES LENDING COLLATERAL - 9.1%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23%▲		42,962,857		42,963
Total Securities Lending Collateral (cost $42,963)
	Principal		Value
REPURCHASE AGREEMENT - 6.0%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $28,091 on 05/03/2010. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/25/2039, and with a total value of $28,655.	$	28,091		28,091
Total Repurchase Agreement (cost $28,091)
Total Investment Securities (cost $552,556) #				513,599
Other Assets and Liabilities — Net				(41,772	)
Net Assets			$	471,827

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 82

Transamerica Third Avenue Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Real Estate Management & Development		23.9	%	$	122,645
Oil, Gas & Consumable Fuels		9.3			47,850
Capital Markets		6.0			30,927
Insurance		4.3			21,900
Diversified Financial Services		4.2			21,698
Auto Components		4.1			20,575
Metals & Mining		3.8			19,545
Electronic Equipment & Instruments		3.1			16,010
Semiconductors & Semiconductor Equipment		2.9			14,933
Industrial Conglomerates		2.8			14,384
Communications Equipment		2.2			11,533
Energy Equipment & Services		2.1			10,967
Food Products		1.7			8,950
Life Sciences Tools & Services		1.6			8,270
Paper & Forest Products		1.5			7,588
Chemicals		1.4			7,016
Machinery		1.3			6,595
Computers & Peripherals		0.9			4,733
Marine		0.8			4,226
Commercial Banks		0.6			2,632
Pharmaceuticals		0.4			2,248
Health Care Providers & Services		0.4			2,116
Household Durables		0.4			2,044
Beverages		0.3			1,646
Real Estate Investment Trusts		0.3			1,544
Investment Securities, at Value		80.3			412,575
Short-Term Investments		19.7			101,024
Total Investments		100.0	%	$	513,599

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
^	All or a portion of this security is on loan. The value of all securities on loan is $41,602.
¥	Amount rounds to less than 0.1%.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of less than $1, or less than 0.01% of the fund’s net assets.
♦	Amount rounds to less than $1.
▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $552,556. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $32,673 and $71,630, respectively. Net unrealized depreciation for tax purposes is $38,957.

DEFINITIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	22,619	$	—	$	—	$	22,619
Equities — Consumer Staples		10,596		—		—		10,596
Equities — Energy		58,817		—		—		58,817
Equities — Financials		125,544		75,801		—		201,345
Equities — Health Care		10,386		2,248		—		12,634
Equities — Industrials		8,678		16,527		—		25,205
Equities — Information Technology		47,210		—		—		47,210
Equities — Materials		27,133		7,016		—		34,149
Fixed Income — Short-Term U.S. Government Obligation		—		29,970		—		29,970
Cash & Cash Equivalent — Repurchase Agreement		—		28,091		—		28,091
Cash & Cash Equivalent — Securities Lending Collateral		42,963		—		—		42,963
Total	$	353,946	$	159,653	$	—	$	513,599

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 83

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
PREFERRED STOCK - 1.0%
Germany - 1.0%
Volkswagen AG, 2.36% ▲		64,871	$	6,267
Total Preferred Stock (cost $6,056)
COMMON STOCKS - 94.9%
Australia - 2.1%
BHP Billiton, Ltd.		354,292		12,952
Brazil - 4.8%
BM&FBOVESPA SA		1,160,000		7,674
Empresa Brasileira de Aeronautica SA ADR		176,327		4,246
Natura Cosmeticos SA		328,200		6,967
Petroleo Brasileiro SA ADR ‡		257,065		10,908
Canada - 5.7%
Canadian National Railway Co.		207,289		12,405
Canadian Natural Resources, Ltd.		143,507		11,052
Potash Corp. of Saskatchewan, Inc.		75,665		8,361
Thomson Reuters Corp.		95,900		3,455
China - 5.2%
China Merchants Bank Co., Ltd. — Class H		4,972,610		12,228
Industrial & Commercial Bank of China — Class H		19,510,200		14,220
Sinopharm Group Co. — Class H		1,364,000		6,156
Denmark - 3.9%
Novo Nordisk A/S — Class B		193,422		15,915
Vestas Wind Systems A/S ‡		138,165		8,430
France - 7.9%
Air Liquide SA		79,024		9,219
AXA SA		220,079		4,373
BNP Paribas		150,805		10,358
Lafarge SA		135,846		9,849
LVMH Moet Hennessy Louis Vuitton SA		132,990		15,305
Germany - 4.9%
Deutsche Bank AG		85,146		5,943
Fresenius Medical Care AG & Co. KGaA		182,496		9,881
SAP AG		309,994		14,957
Guernsey, Channel Islands - 1.2%
Amdocs, Ltd. ‡		228,713		7,305
Hong Kong - 4.1%
CNOOC, Ltd.		7,759,792		13,630
Hong Kong Exchanges & Clearing, Ltd.		723,000		11,824
Ireland - 1.0%
Covidien PLC		123,915		5,947
Israel - 3.3%
Teva Pharmaceutical Industries, Ltd. ADR		348,538		20,470
Italy - 0.9%
Intesa Sanpaolo SpA ‡		1,663,918		5,484
Japan - 9.0%
Canon, Inc.		150,398		6,880
Dai-ichi Life Insurance Co., Ltd.		3,852		6,582
Fanuc, Ltd.		67,426		7,962
Komatsu, Ltd.		597,412		12,041
Mitsubishi UFJ Financial Group, Inc.		2,298,700		11,979
Toyota Motor Corp.		278,555		10,763
Korea, Republic of - 1.4%
Hyundai Motor Co.		72,533		8,846
Mexico - 3.1%
America Movil SAB de CV — Series L ADR		169,889		8,746
Wal-Mart de Mexico SAB de CV — Series V		4,672,080		10,875
Netherlands - 2.0%
ING Groep NV ‡		628,100		5,544
Koninklijke KPN NV		457,900		6,870

	Shares		Value
Spain - 1.6%
Telefonica SA		441,442	$	9,992
Sweden - 2.1%
Hennes & Mauritz AB — Class B		209,790		13,386
Switzerland - 7.3%
Julius Baer Group, Ltd.		139,655		4,800
Logitech International SA ‡		264,562		4,319
Nestle SA		269,346		13,179
Novartis AG		241,941		12,336
Roche Holding AG		70,229		11,088
Taiwan - 1.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		605,700		6,414
Turkey - 0.4%
Turkcell Iletisim Hizmet AS		395,696		2,565
United Kingdom - 19.5%
ARM Holdings PLC		1,754,214		6,766
British American Tobacco PLC		393,429		12,371
British Sky Broadcasting Group PLC		975,324		9,130
Cairn Energy PLC ‡		611,180		3,730
Carnival PLC		345,855		14,982
Kingfisher PLC		2,611,690		9,953
Pearson PLC		477,707		7,634
Reckitt Benckiser Group PLC		249,026		12,936
SABMiller PLC		277,898		8,712
Smith & Nephew PLC		633,958		6,573
Standard Chartered PLC		510,288		13,612
Tesco PLC		2,268,623		15,047
United States - 2.5%
Schlumberger, Ltd.		149,814		10,700
Southern Copper Corp.		166,200		5,082
Total Common Stocks (cost $518,956)				591,909
	Principal		Value
REPURCHASE AGREEMENT - 2.9%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $18,278 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $18,647.	$	18,278		18,278
Total Repurchase Agreement (cost $18,278)
Total Investment Securities (cost $543,290) #				616,454
Other Assets and Liabilities — Net				7,593
Net Assets			$	624,047

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 84

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Brazilian Real		(26,662	)		05/04/2010	$	(14,688	)	$	(638	)
Brazilian Real		26,662			05/04/2010		15,361			(36	)
Euro		(4,320	)		07/26/2010		(5,837	)		84
Euro		(9,647	)		07/26/2010		(13,262	)		415
Euro		(4,163	)		07/26/2010		(5,774	)		230
Euro		(9,645	)		07/26/2010		(13,570	)		725
Mexican Peso		24,865			05/28/2010		1,905			109
Mexican Peso		(236,904	)		05/28/2010		(17,986	)		(1,198	)
									$	(309	)

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Commercial Banks		11.0	%	$	67,881
Pharmaceuticals		10.5			65,965
Oil, Gas & Consumable Fuels		6.4			39,320
Food & Staples Retailing		4.3			25,922
Automobiles		4.1			25,876
Diversified Financial Services		4.0			25,042
Specialty Retail		3.8			23,339
Software		3.6			22,262
Media		3.4			20,219
Machinery		3.3			20,003
Metals & Mining		2.9			18,034
Chemicals		2.9			17,580
Diversified Telecommunication Services		2.7			16,862
Textiles, Apparel & Luxury Goods		2.5			15,305
Hotels, Restaurants & Leisure		2.4			14,982
Semiconductors & Semiconductor Equipment		2.1			13,180
Food Products		2.1			13,179
Household Products		2.1			12,936
Health Care Equipment & Supplies		2.1			12,520
Road & Rail		2.0			12,405
Tobacco		2.0			12,371
Wireless Telecommunication Services		1.8			11,311
Insurance		1.8			10,955
Capital Markets		1.8			10,743
Energy Equipment & Services		1.8			10,700
Health Care Providers & Services		1.6			9,881
Construction Materials		1.6			9,849
Beverages		1.4			8,712
Electrical Equipment		1.4			8,430
Personal Products		1.1			6,967
Office Electronics		1.1			6,880
Computers & Peripherals		0.7			4,319
Aerospace & Defense		0.7			4,246
Investment Securities, at Value		97.0			598,176
Short-Term Investments		3.0			18,278
Total Investments		100.0	%	$	616,454

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $543,290. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $84,512 and $11,348, respectively. Net unrealized appreciation for tax purposes is $73,164.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 85

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2			Level 3		Total
Equities — Consumer Discretionary	$	55,918	$	43,804		$	—	$	99,722
Equities — Consumer Staples		66,910		13,179			—		80,089
Equities — Energy		36,389		13,630			—		50,019
Equities — Financials		39,846		74,774			—		114,620
Equities — Health Care		32,989		55,375			—		88,364
Equities — Industrials		36,655		8,430			—		45,085
Equities — Information Technology		27,365		19,276			—		46,641
Equities — Materials		13,443		32,020			—		45,463
Equities — Telecommunication Services		8,746		19,427			—		28,173
Cash & Cash Equivalent — Repurchase Agreement		—		18,278			—		18,278
Total	$	318,261	$	298,193		$	—	$	616,454
Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts — Appreciation	$	—	$	1,563		$	—	$	1,563
Forward Foreign Currency Contracts — Depreciation		—		(1,872	)		—		(1,872	)
Total	$	—	$	(309	)	$	—	$	(309	)

* Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 86

Transamerica UBS Large Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 98.6%
Aerospace & Defense - 3.9%
General Dynamics Corp.		339,100	$	25,893
Raytheon Co.		323,800		18,878
Air Freight & Logistics - 1.5%
FedEx Corp.		187,900		16,913
Airlines - 1.0%
Southwest Airlines Co.		840,100		11,073
Auto Components - 1.1%
BorgWarner, Inc. ‡		286,000		12,395
Beverages - 1.2%
PepsiCo, Inc.		217,500		14,185
Capital Markets - 3.7%
Bank of New York Mellon Corp.		899,955		28,016
Goldman Sachs Group, Inc.		93,700		13,605
Commercial Banks - 4.2%
Wells Fargo & Co.		1,450,500		48,026
Computers & Peripherals - 3.4%
Hewlett-Packard Co.		447,800		23,272
Seagate Technology ‡		845,900		15,539
Containers & Packaging - 1.2%
Ball Corp.		266,300		14,170
Diversified Financial Services - 8.5%
Bank of America Corp.		2,482,700		44,267
JPMorgan Chase & Co.		1,216,400		51,794
Diversified Telecommunication Services - 3.5%
AT&T, Inc.		1,542,800		40,205
Electric Utilities - 6.3%
American Electric Power Co., Inc.		627,000		21,506
Exelon Corp.		515,500		22,471
FirstEnergy Corp.		434,700		16,462
Pepco Holdings, Inc.		665,200		11,135
Energy Equipment & Services - 3.3%
Baker Hughes, Inc. ^		529,200		26,333
Noble Corp. ‡		295,000		11,650
Food & Staples Retailing - 2.0%
Kroger Co.		1,037,200		23,057
Health Care Equipment & Supplies - 3.4%
Boston Scientific Corp. ‡		966,400		6,649
Covidien PLC		662,600		31,798
Health Care Providers & Services - 2.1%
UnitedHealth Group, Inc.		773,700		23,451
Hotels, Restaurants & Leisure - 2.0%
Carnival Corp.		557,100		23,231
Household Durables - 1.6%
Fortune Brands, Inc.		355,900		18,656
Household Products - 2.4%
Procter & Gamble Co.		416,600		25,896
Independent Power Producers & Energy Traders - 0.3%
Dynegy, Inc. — Class A ‡^		2,345,600		3,120
Insurance - 5.3%
ACE, Ltd.		336,300		17,888
Aflac, Inc.		418,800		21,342
Principal Financial Group, Inc.		734,000		21,447
Machinery - 5.9%
Dover Corp.		392,200		20,481
Illinois Tool Works, Inc.		497,800		25,437
PACCAR, Inc.		443,700		20,641
	Shares		Value
Media - 7.3%
Comcast Corp. — Class A		1,656,000	$	32,690
Interpublic Group of Cos., Inc. ‡^		1,998,900		17,810
Time Warner, Inc.		934,200		30,903
Oil, Gas & Consumable Fuels - 14.9%
Chevron Corp.		475,700		38,741
Exxon Mobil Corp.		852,700		57,855
Hess Corp.		325,100		20,660
Marathon Oil Corp.		415,200		13,349
Peabody Energy Corp.		358,600		16,754
Ultra Petroleum Corp. ‡		433,900		20,727
Pharmaceuticals - 4.3%
Merck & Co., Inc.		709,800		24,871
Pfizer, Inc.		1,472,100		24,614
Road & Rail - 1.2%
Ryder System, Inc.		291,700		13,570
Software - 1.0%
Autodesk, Inc. ‡		335,800		11,421
Specialty Retail - 2.1%
Lowe’s Cos., Inc.		882,700		23,939
Total Common Stocks (cost $1,039,134)				1,118,786
	Shares		Value
SECURITIES LENDING COLLATERAL - 0.1%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% ▲		1,058,590		1,059
Total Securities Lending Collateral (cost $1,059)
	Principal		Value
REPURCHASE AGREEMENT - 1.4%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $16,248 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 01/25/2039, and with a value of $16,574.	$	16,248		16,248
Total Repurchase Agreement (cost $16,248)
Total Investment Securities (cost $1,056,441) #				1,136,093
Other Assets and Liabilities — Net				(751	)
Net Assets			$	1,135,342

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 87

Transamerica UBS Large Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
^	All or a portion of this security is on loan. The value of all securities on loan is $1,003.
▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $1,056,441. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $112,940 and $33,288, respectively. Net unrealized appreciation for tax purposes is $79,652.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	159,624	$	—	$	—	$	159,624
Equities — Consumer Staples		63,138		—		—		63,138
Equities — Energy		206,069		—		—		206,069
Equities — Financials		246,385		—		—		246,385
Equities — Health Care		111,383		—		—		111,383
Equities — Industrials		152,886		—		—		152,886
Equities — Information Technology		50,232		—		—		50,232
Equities — Materials		14,170		—		—		14,170
Equities — Telecommunication Services		40,205		—		—		40,205
Equities — Utilities		74,694		—		—		74,694
Cash & Cash Equivalent — Repurchase Agreement		—		16,248		—		16,248
Cash & Cash Equivalent — Securities Lending Collateral		1,059		—		—		1,059
Total	$	1,119,845	$	16,248	$	—	$	1,136,093

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 88

Transamerica Van Kampen Emerging Markets Debt

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

		Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 81.6%
Argentina - 3.5%
Republic of Argentina
0.39%, 08/03/2012 *		$	25,767	$	8,722
8.28%, 12/31/2033 ^			3,722		2,763
Brazil - 14.3%
Banco Nacional de Desenvolvimento Economico e Social
5.50%, 07/12/2020 - 144A			2,970		2,955
6.37%, 06/16/2018 - 144A			2,020		2,121
Brazil Notas do Tesouro Nacional
10.00%, 01/01/2017 - 01/01/2021	BRL		37,217		18,700
Republic of Brazil
5.88%, 01/15/2019 ^		$	400		429
7.13%, 01/20/2037 ^			970		1,111
8.00%, 01/15/2018			4,312		5,002
8.88%, 10/14/2019 - 04/15/2024			4,833		6,316
10.00%, 08/07/2011 ^			3,200		3,552
11.00%, 08/17/2040 ^			5,600		7,498
Bulgaria - 0.4%
Republic of Bulgaria
8.25%, 01/15/2015 - Reg S			1,263		1,475
Colombia - 3.5%
Republic of Colombia
7.38%, 03/18/2019 ^			6,020		6,917
11.75%, 02/25/2020			3,160		4,598
Ivory Coast - 0.6%
Republic of Ivory Coast
2.45%, 12/31/2032 - Reg S *^			3,049		1,829
Croatia - 0.6%
Republic of Croatia
6.75%, 11/05/2019 - 144A			1,740		1,878
Dominican Republic - 0.5%
Republic of The Dominican Republic
7.50%, 05/06/2021 - 144A			720		734
9.04%, 01/23/2018 - Reg S			743		831
Ecuador - 0.8%
Republic of Ecuador
9.38%, 12/15/2015 - Reg S			2,870		2,676
Georgia - 0.4%
Republic of Georgia
7.50%, 04/15/2013			1,290		1,335
Ghana - 1.1%
Republic of Ghana
8.50%, 10/04/2017 - 144A ^			2,596		2,875
8.50%, 10/04/2017 - Reg S			540		599
Indonesia - 4.2%
Republic of Indonesia
6.88%, 01/17/2018 - 144A			3,710		4,127
7.75%, 01/17/2038 - 144A			7,531		8,792
7.75%, 01/17/2038 - Reg S			893		1,043
Korea, Republic of - 1.0%
Export-Import Bank of Korea
5.88%, 01/14/2015			2,990		3,245
Lithuania - 0.6%
Republic of Lithuania
6.75%, 01/15/2015 - 144A			1,810		1,955
Mexico - 10.0%
Mexican Udibonos
4.00%, 06/13/2019	MXN		48,201		4,088

		Principal		Value
Mexico (continued)
United Mexican States
5.63%, 01/15/2017		$	2,020	$	2,166
5.95%, 03/19/2019			2,960		3,185
6.05%, 01/11/2040			2,750		2,695
6.75%, 09/27/2034			5,887		6,387
8.50%, 05/31/2029 - 11/18/2038	MXN		170,826		14,508
Panama - 2.6%
Republic of Panama
5.20%, 01/30/2020		$	3,420		3,479
7.13%, 01/29/2026			1,690		1,944
8.88%, 09/30/2027 ^			1,694		2,236
9.38%, 04/01/2029 ^			700		966
Peru - 4.5%
Republic of Peru
7.13%, 03/30/2019			1,890		2,223
7.35%, 07/21/2025			2,600		3,029
8.75%, 11/21/2033 ^			7,351		9,703
Philippines - 4.7%
Republic of The Philippines
8.38%, 06/17/2019			1,841		2,285
8.88%, 03/17/2015 ^			3,086		3,788
9.00%, 02/15/2013			6,000		7,065
9.50%, 02/02/2030			1,796		2,429
Russian Federation - 9.7%
Russian Federation
7.50%, 03/31/2030 - Reg S *			21,044		24,108
12.75%, 06/24/2028 - Reg S			4,470		7,801
Senegal - 0.2%
Republic of Senegal
8.75%, 12/22/2014			680		704
South Africa - 0.3%
Republic of South Africa
5.50%, 03/09/2020			910		924
Turkey - 4.2%
Republic of Turkey
4.50%, 02/11/2015	TRY		11,379		8,019
6.75%, 05/30/2040		$	2,920		2,876
6.88%, 03/17/2036			3,054		3,065
Ukraine - 3.8%
Republic of Ukraine
6.58%, 11/21/2016 - Reg S ^			5,882		5,694
6.75%, 11/14/2017 - Reg S			4,870		4,700
7.65%, 06/11/2013 - Reg S			2,146		2,211
Uruguay - 0.3%
Republic of Uruguay
8.00%, 11/18/2022			953		1,134
Venezuela - 9.8%
Republic of Venezuela
5.75%, 02/26/2016 - Reg S			3,400		2,448
6.00%, 12/09/2020 - Reg S			1,940		1,213
7.00%, 03/31/2038 - Reg S			2,907		1,701
7.65%, 04/21/2025			4,700		3,032
9.00%, 05/07/2023 - Reg S			3,440		2,563
9.25%, 09/15/2027			10,500		8,163
9.25%, 05/07/2028 - Reg S			12,302		9,102
10.75%, 09/19/2013 ^			4,180		4,055
Total Foreign Government Obligations (cost $244,604)					269,767

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 89

Transamerica Van Kampen Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 7.4%
Kazakhstan - 3.9%
KazMunaiGaz Finance Sub BV
7.00%, 05/05/2020 - 144A	$	2,236	$	2,283
9.13%, 07/02/2018 - 144A		9,130		10,751
Luxembourg - 2.0%
RSHB Capital SA for OJSC Russian Agricultural Bank
6.30%, 05/15/2017 - 144A		1,527		1,577
7.18%, 05/16/2013 - Reg S		450		490
7.18%, 05/16/2013 - 144A		4,130		4,439
Mexico - 0.6%
Pemex Project Funding Master Trust
8.63%, 12/01/2023 *		1,750		2,034
Netherlands - 0.6%
Intergas Finance BV
6.38%, 05/14/2017 - Reg S		900		934
Pindo Deli Finance BV -Class C
0.00%, 04/28/2025 - Reg S * џ §		1,500		23
1.00%, 04/28/2025 - 144A * џ §		9,415		141
2.33%, 04/28/2018 - 144A * џ §		150		18
2.33%, 04/28/2015 - Reg S * џ §		297		42
3.33%, 04/28/2015 - 144A * џ §	♦		♦
3.33%, 04/28/2018 - Reg S * џ §		1,500		184
Tjiwi Kimia Finance BV -Class B
0.00%, 04/28/2027 - 144A * џ §		1,045		16
3.32%, 04/28/2015 - 144A * џ §		2,148		262
3.32%, 04/28/2018 - Reg S * џ §		1,000		123
3.33%, 04/28/2015 - Reg S * џ §		988		131
4.94%, 04/28/2027 - Reg S * џ §		1,500		23
Trinidad and Tobago - 0.3%
National Gas Co. of Trinidad & Tobago, Ltd.
6.05%, 01/15/2036 - 144A		1,086		987
6.05%, 01/15/2036 - Reg S		60		55
Total Corporate Debt Securities (cost $29,347)				24,513
	Shares		Value
SECURITIES LENDING COLLATERAL - 7.1%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% ▲		23,331,956	$	23,332
Total Securities Lending Collateral (cost $23,332)
	Principal		Value
REPURCHASE AGREEMENT - 3.9%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $12,768 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, and with a value of $13,027.	$	12,768		12,768
Total Repurchase Agreement (cost $12,768)
Total Investment Securities (cost $310,051) #				330,380
Other Assets and Liabilities — Net				115
Net Assets			$	330,495

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Foreign Government Obligation		81.6	%	$	269,767
Oil, Gas & Consumable Fuels		4.5			15,068
Commercial Banks		1.5			4,929
Diversified Financial Services		0.8			2,619
Paper & Forest Products		0.3			963
Gas Utilities		0.3			934
Investment Securities, at Value		89.0			294,280
Short-Term Investments		11.0			36,100
Total Investments		100.0	%	$	330,380

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 90

Transamerica Van Kampen Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2010.
^	All or a portion of this security is on loan. The value of all securities on loan is $22,855.
џ	In default.
♦	Amount rounds to is less than $1.
§	Illiquid. These securities aggregated to $963, or 0.29%, of the fund’s net assets.
▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $310,051. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $28,507 and $8,178, respectively. Net unrealized appreciation for tax purposes is $20,329.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $45,911, or 13.89%, of the fund’s net assets.
BRL	Brazilian Real
MXN	Mexican Peso
OJSC	Open Joint Stock Company
TRY	Turkish New Lira

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Fixed Income — Energy	$	—	$	15,068	$	—	$	15,068
Fixed Income — Financials		—		7,548		—		7,548
Fixed Income — Foreign Government Obligation		—		269,767		—		269,767
Fixed Income — Materials		—		—		963		963
Fixed Income — Utilities		—		934		—		934
Cash & Cash Equivalent — Repurchase Agreement		—		12,768		—		12,768
Cash & Cash Equivalent — Securities Lending Collateral		23,332		—		—		23,332
Total	$	23,332	$	306,085	$	963	$	330,380

Level 3 Rollforward — Investment Securities

	Beginning										Net Transfers		Ending
	Balance at		Net		Accrued		Total Realized		Change in Unrealized		In/(Out) of		Balance at
Securities	10/31/2009		Purchases/(Sales)		Discounts/(Premiums)		Gain/(Loss)		Appreciation/(Depreciation)		Level 3		04/30/2010
Fixed Income — Materials	$	831	$	—	$	23	$	—	$	109	$	—	$	963

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 91

Transamerica Van Kampen Mid-Cap Growth

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 98.4%
Air Freight & Logistics - 3.8%
CH Robinson Worldwide, Inc. ^		82,400	$	4,969
Expeditors International of Washington, Inc. ^		170,946		6,964
Automobiles - 0.5%
Better Place ‡ Ə § ±		555,742		1,667
Capital Markets - 3.8%
Calamos Asset Management, Inc. — Class A ^		148,612		1,850
Greenhill & Co., Inc. ^		64,383		5,659
T. Rowe Price Group, Inc. ^		75,348		4,333
Chemicals - 3.9%
Intrepid Potash, Inc. ‡^		113,847		2,990
Nalco Holding Co. ^		202,338		5,004
Rockwood Holdings, Inc. ‡^		144,065		4,313
Commercial Services & Supplies - 0.8%
Covanta Holding Corp. ‡^		138,778		2,426
Communications Equipment - 0.6%
Palm, Inc. ‡^		308,731		1,791
Computers & Peripherals - 2.5%
Teradata Corp. ‡		270,120		7,852
Construction Materials - 2.4%
Martin Marietta Materials, Inc. ^		62,227		5,966
Texas Industries, Inc. ^		38,947		1,474
Distributors - 3.4%
Li & Fung, Ltd.		2,232,000		10,718
Diversified Consumer Services - 3.1%
New Oriental Education & Technology Group ADR ‡ ^		56,374		5,275
Strayer Education, Inc. ^		18,797		4,570
Diversified Financial Services - 7.7%
CIT Group, Inc. ‡		84,072		3,413
IntercontinentalExchange, Inc. ‡^		39,584		4,617
Leucadia National Corp. ‡		236,829		5,994
Moody’s Corp. ^		64,268		1,589
MSCI, Inc. — Class A ‡^		252,674		8,755
Food Products - 1.6%
Mead Johnson Nutrition Co. — Class A		97,199		5,016
Health Care Equipment & Supplies - 4.7%
Gen-Probe, Inc. ‡^		121,267		5,747
Idexx Laboratories, Inc. ‡^		67,485		4,463
Intuitive Surgical, Inc. ‡^		12,752		4,598
Hotels, Restaurants & Leisure - 8.4%
Ctrip.com International, Ltd. ADR ‡		287,025		10,482
Las Vegas Sands Corp. ‡^		208,247		5,177
Wynn Resorts, Ltd.		118,967		10,499
Household Durables - 2.3%
Gafisa SA ADR		229,236		3,168
NVR, Inc. ‡^		5,837		4,191
Internet & Catalog Retail - 4.5%
NetFlix, Inc. ‡^		44,723		4,417
priceline.com, Inc. ‡^		35,347		9,263
Internet Software & Services - 10.3%
Akamai Technologies, Inc. ‡^		199,044		7,729
Alibaba.com, Ltd.		2,204,700		4,200
Baidu, Inc. ADR ‡		24,781		17,081
Equinix, Inc. ‡^		32,044		3,225
	Shares		Value
IT Services - 1.9%
Redecard SA		352,901	$	5,827
Life Sciences Tools & Services - 4.5%
Illumina, Inc. ‡^		205,889		8,620
Techne Corp. ^		82,791		5,485
Media - 2.2%
Discovery Communications, Inc. — Series C ‡^		103,827		3,464
Groupe Aeroplan, Inc.		305,726		3,341
Multiline Retail - 1.2%
Sears Holdings Corp. ‡^		30,430		3,681
Oil, Gas & Consumable Fuels - 5.9%
Petrohawk Energy Corp. ‡		81,257		1,754
Range Resources Corp. ^		143,423		6,850
Ultra Petroleum Corp. ‡^		208,633		9,967
Pharmaceuticals - 2.1%
Allergan, Inc.		54,675		3,482
Ironwood Pharmaceuticals, Inc. ‡ § ±		54,887		709
Ironwood Pharmaceuticals, Inc. — IPO ‡ § ±		180,785		2,336
Ironwood Pharmaceuticals, Inc. — Class A ‡^		6,317		82
Professional Services - 7.3%
Corporate Executive Board Co. ^		88,087		2,419
IHS, Inc. — Class A ‡^		69,357		3,514
Intertek Group PLC		300,566		6,826
Monster Worldwide, Inc. ‡^		124,394		2,168
Verisk Analytics, Inc. — Class A ‡		286,455		8,027
Semiconductors & Semiconductor Equipment - 0.4%
NVIDIA Corp. ‡^		76,247		1,199
Software - 5.9%
Autodesk, Inc. ‡^		142,026		4,830
Rovi Corp. ‡^		77,508		3,021
Salesforce.com, Inc. ‡^		124,241		10,635
Trading Companies & Distributors - 1.7%
Fastenal Co. ^		99,654		5,450
Wireless Telecommunication Services - 1.0%
Millicom International Cellular SA		35,507		3,135
Total Common Stocks (cost $244,782)				308,267
SECURITIES LENDING COLLATERAL - 25.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.23% ▲		80,042,181		80,042
Total Securities Lending Collateral (cost $80,042)

	Principal		Value
REPURCHASE AGREEMENT - 2.0%
State Street Repurchase Agreement 0.01% ▲, dated 04/30/2010, to be repurchased at $6,308 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $6,437.	$	6,308		6,308
Total Repurchase Agreement (cost $6,308)
Total Investment Securities (cost $331,132) #				394,617
Other Assets and Liabilities — Net				(81,062	)
Net Assets			$	313,555

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 92

Transamerica Van Kampen Mid-Cap Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $78,244.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $1,667, or 0.53% of the fund’s net assets.
‡	Non-income producing security.
§	Illiquid. These securities aggregated to $4,712, or 1.50%, of the fund’s net assets.
▲	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $331,132. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $75,988 and $12,503, respectively. Net unrealized appreciation for tax purposes is $63,485.
±	Restricted security. At 04/30/2010, the fund owned the following securities (representing 1.50% of net assets) which were restricted as to public resale.

Description	Date of Acquisition		Shares		Cost		Value		Price*
Better Place		01/25/2010		555,742	$	1,667	$	1,667	$	3.00
Ironwood Pharmaceuticals, Inc.		09/11/2008		54,887		659		709		12.92
Ironwood Pharmaceuticals, Inc. — IPO		02/02/2010		180,785		2,037		2,336		12.92

* Price not rounded to thousands.

DEFINITIONS:

ADR	American Depositary Receipt
IPO	Initial Public Offering

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	65,860	$	12,385	$	1,667	$	79,912
Equities — Consumer Staples		5,016		—		—		5,016
Equities — Energy		18,571		—		—		18,571
Equities — Financials		36,210		—		—		36,210
Equities — Health Care		35,522		—		—		35,522
Equities — Industrials		42,763		—		—		42,763
Equities — Information Technology		63,191		4,200		—		67,391
Equities — Materials		19,747		—		—		19,747
Equities — Telecommunication Services		3,135		—		—		3,135
Cash & Cash Equivalent — Repurchase Agreement		—		6,308		—		6,308
Cash & Cash Equivalent — Securities Lending Collateral		80,042		—		—		80,042
Total	$	370,057	$	22,893	$	1,667	$	394,617

Level 3 Rollforward — Investment Securities

	Beginning										Net Transfers			Ending
	Balance at		Net		Accrued		Total Realized		Change in Unrealized		In/(Out) of			Balance at
Securities	10/31/2009		Purchases/(Sales)		Discounts/(Premiums)		Gain/(Loss)		Appreciation/(Depreciation)		Level 3			04/30/2010
Equities — Consumer Discretionary	$	—	$	1,667	$	—	$	—	$	—	$	—		$	1,667
Equities — Financials		659		—		—		—		50		(709	)		—
Total	$	659	$	1,667	$	—	$	—	$	50	$	(709	)	$	1,667

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 93

Transamerica Van Kampen Small Company Growth

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amount in thousands)
(unaudited)

	Shares		Value
PREFERRED STOCKS - 2.4%
Biotechnology - 0.3%
Pacific Bioscience ‡ Ə § ±		63,479	$	444
Internet Software & Services - 0.8%
Twitter, Inc. ‡ Ə § ±		41,309		660
Xoom, Inc. Ə § ±		264,130		757
IT Services - 0.6%
Ning, Inc. ‡ Ə § ±		108,208		953
Pharmaceuticals - 0.7%
Microbia, Inc.		96,357		1,245
Total Preferred Stocks (cost $3,237)				4,059
COMMON STOCKS - 91.2%
Automobiles - 0.5%
Better Place ‡ Ə § ±		289,277		868
Biotechnology - 0.8%
Alnylam Pharmaceuticals, Inc. ‡ ^		78,030		1,323
Capital Markets - 7.3%
Capital Southwest Corp. ^		4,418		416
GLG Partners, Inc. ‡ ^		172,014		557
Greenhill & Co., Inc.		75,413		6,628
Riskmetrics Group, Inc. ‡		203,624		4,569
Chemicals - 2.9%
Intrepid Potash, Inc. ‡ ^		63,527		1,668
Rockwood Holdings, Inc. ‡		105,618		3,162
Communications Equipment - 0.6%
Palm, Inc. ‡ ^		171,759		996
Construction Materials - 4.2%
Eagle Materials, Inc. ^		132,711		4,229
Texas Industries, Inc. ^		71,982		2,724
Distributors - 0.5%
Integrated Distribution Services Group, Ltd.		466,000		843
Diversified Consumer Services - 1.3%
New Oriental Education & Technology Group ADR ‡ ^		23,790		2,226
Diversified Financial Services - 3.6%
Climate Exchange PLC ‡		20,843		237
MSCI, Inc. — Class A ‡ ^		136,453		4,728
Pico Holdings, Inc. ‡ ^		30,498		1,084
Diversified Telecommunication Services - 1.2%
Cogent Communications Group, Inc. ‡ ^		192,581		1,966
Electric Utilities - 4.1%
Brookfield Infrastructure Partners, LP		241,885		4,269
Prime Infrastructure Group ‡ ^		676,106		2,533
Health Care Equipment & Supplies - 1.9%
Gen-Probe, Inc. ‡ ^		66,444		3,149
Health Care Technology - 1.8%
Athenahealth, Inc. ‡ ^		104,167		3,023
Hotels, Restaurants & Leisure - 11.2%
Ambassadors Group, Inc. ^		99,517		1,208
BJ’s Restaurants, Inc. ‡ ^		101,563		2,451
Ctrip.com International, Ltd. ADR ‡ ^		58,332		2,130
Gaylord Entertainment Co. ‡ ^		39,068		1,319
Mandarin Oriental International, Ltd. ^		608,288		1,055
PF Chang’s China Bistro, Inc. ‡ ^		132,221		5,771
Vail Resorts, Inc. ‡ ^		100,952		4,607
Household Durables - 3.8%
Brookfield Incorporacoes SA		503,774		2,263
Gafisa SA ADR		191,688		2,649
iRobot Corp. ‡ ^		68,517		1,383

	Shares		Value
Insurance - 2.3%
Greenlight Capital Re, Ltd. — Class A ‡		151,797	$	3,889
Internet & Catalog Retail - 4.8%
Blue Nile, Inc. ‡ ^		104,697		5,654
DeNA Co., Ltd.		272		2,205
Internet Software & Services - 8.3%
comScore, Inc. ‡ ^		52,171		947
GSI Commerce, Inc. ‡ ^		122,963		3,350
Mercadolibre, Inc. ‡ ^		61,422		3,097
Opentable, Inc. ‡ ^		80,089		3,111
Rediff.com India, Ltd. ADR ‡		78,392		230
VistaPrint NV ‡ ^		57,361		2,959
IT Services - 2.6%
Forrester Research, Inc. ‡ ^		111,640		3,585
Information Services Group, Inc. ‡ ^		231,320		796
Leisure Equipment & Products - 1.2%
Universal Entertainment Corp.		107,300		2,074
Life Sciences Tools & Services - 3.6%
Techne Corp. ^		91,453		6,059
Media - 1.4%
CKX, Inc. ‡ ^		108,899		640
Interactive Data Corp. ^		48,278		1,616
Lakes Entertainment, Inc. ‡ ^		61,344		138
Metals & Mining - 0.4%
Lynas Corp., Ltd. ‡		1,328,900		653
Oil, Gas & Consumable Fuels - 4.1%
Atlas Energy, Inc. ‡ ^		115,209		4,157
Contango Oil & Gas Co. ‡ ^		31,879		1,750
GMX Resources, Inc. ‡ ^		125,841		1,008
Pharmaceuticals - 0.5%
Ironwood Pharmaceuticals, Inc. — IPO ‡ § ±		52,113		673
Ironwood Pharmaceuticals, Inc. — Class A ‡ ^ § ±		10,272		133
Professional Services - 5.3%
Advisory Board Co. ‡ ^		108,838		3,584
Corporate Executive Board Co. ^		40,895		1,123
Costar Group, Inc. ‡ ^		93,478		4,108
Real Estate Management & Development - 0.4%
Consolidated-Tomoka Land Co. ^		12,857		439
Market Leader, Inc. ‡ ^		102,471		231
Semiconductors & Semiconductor Equipment - 2.0%
Tessera Technologies, Inc. ‡ ^		165,118		3,349
Software - 2.6%
Blackboard, Inc. ‡ ^		47,973		2,041
Longtop Financial Technologies, Ltd. ADR ‡ ^		51,488		1,772
Netsuite, Inc. ‡ ^		40,640		573
Specialty Retail - 1.7%
Citi Trends, Inc. ‡ ^		83,825		2,811
Textiles, Apparel & Luxury Goods - 2.7%
Lululemon Athletica, Inc. ‡ ^		121,488		4,570
Transportation Infrastructure - 1.6%
Grupo Aeroportuario del Pacifico
SAB de CV ADR^		76,075		2,695
Total Common Stocks (cost $127,783)				152,054
SECURITIES LENDING COLLATERAL - 24.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.23% 5		40,976,407		40,976
Total Securities Lending Collateral (cost $40,976)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 94

Transamerica Van Kampen Small Company Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amount in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 6.4%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $10,701 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 07/15/2025, and with a value of $10,916.	$	10,701	$	10,701
Total Repurchase Agreement (cost $10,701)
Total Investment Securities (cost $182,697)#				207,790
Other Assets and Liabilities — Net				(40,872	)
Net Assets			$	166,918

NOTES TO SCHEDULE OF INVESTMENTS:

5	Rate shown reflects the yield at 04/30/2010.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a market value of $3,682, or 2.21% of the fund’s net assets.
‡	Non-income producing security.
§	Illiquid. These securities aggregated to $4,488, or 2.69%, of the fund’s net assets.
^	All or a portion of this security is on loan. The value of all securities on loan is $39,964.
#	Aggregate cost for federal income tax purposes is $182,697. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $33,398 and $8,305, respectively. Net unrealized appreciation for tax purposes is $25,093.
±	Restricted security. At 04/30/2010, the fund owned the following securities (representing 2.69% of net assets) which were restricted as to public resale.

Description	Date of Acquisition	Shares		Cost		Value		Price*
Pacific Bioscience	07/11/2008		63,479	$	444	$	444	$	7.00
Twitter, Inc.	09/24/2009		41,309		660		660		15.98
Xoom, Inc.	02/23/2010		264,130		757		757		2.86
Ning, Inc.	03/19/2010		108,208		774		953		8.81
Better Place	01/25/2010		289,277		868		868		3.00
Ironwood Pharmaceuticals, Inc. — IPO	02/02/2010		52,113		586		673		12.92
Ironwood Pharmaceuticals, Inc. — Class A	02/01/2007		10,272		127		133		12.92

* Price not rounded to thousands.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1			Level 2		Level 3		Total
Equities — Consumer Discretionary	$	44,847		$	2,765	$	868	$	48,480
Equities — Energy		6,915			—		—		6,915
Equities — Financials		22,778			—		—		22,778
Equities — Health Care		14,799			806		444		16,049
Equities — Industrials		11,509			—		—		11,509
Equities — Information Technology		26,807			—		2,369		29,176
Equities — Materials		11,784			653		—		12,437
Equities — Telecommunication Services		1,966	��		—		—		1,966
Equities — Utilities		4,269			2,534		—		6,803
Cash & Cash Equivalent — Repurchase Agreement		—			10,701		—		10,701
Cash & Cash Equivalent — Securities Lending Collateral		40,976			—		—		40,976
Total	$	186,650		$	17,459	$	3,681	$	207,790

Level 3 Rollforward — Investment Securities

	Beginning										Net Transfers			Ending
	Balance at		Net		Accrued		Total Realized		Change in Unrealized		In/(Out) of			Balance at
Securities	10/31/2009		Purchases/(Sales)		Discounts/(Premiums)		Gain/(Loss)		Appreciation/(Depreciation)		Level 3			04/30/2010
Equities — Consumer Discretionary	$	—	$	868	$	—	$	—	$	—	$	—		$	868
Equities — Health Care		1,601		—		—		—		88		(1,245	)		444
Equities — Information Technology		1,613		757		—		—		—		—			2,370
Total	$	3,214	$	1,625	$	—	$	—	$	88	$	(1,245	)	$	3,682

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 95

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amount in thousands)
(unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCK - 0.7%
Mexico - 0.7%
Cemex SAB de CV — Class CPO		1,669,612	$	1,992
Total Convertible Preferred Stock (cost $1,670)
PREFERRED STOCKS - 1.5%
Brazil - 1.5%
Cia Paranaense de Energia, 2.63% 5		124,600		2,537
Gerdau SA, 0.95% 5		104,100		1,704
Total Preferred Stocks (cost $4,172)				4,241
COMMON STOCKS - 94.6%
Bermuda - 3.3%
Aquarius Platinum, Ltd.		174,810		1,149
Central European Media Enterprises, Ltd. — Class A ‡		94,600		3,216
GOME Electrical Appliances Holdings, Ltd. ‡		7,468,000		2,407
Shangri-La Asia, Ltd.		1,396,000		2,701
Brazil - 11.8%
Banco Bradesco SA ADR		134,560		2,506
BR Properties SA		38,500		276
Centrais Eletricas Brasileiras SA		120,300		1,709
Cia de Concessoes Rodoviarias		78,200		1,810
Hypermarcas SA ‡		176,500		2,437
Itau Unibanco Holding SA ADR		253,030		5,485
Julio Simoes Logistica SA ‡		128,100		614
Lojas Renner SA		149,900		3,709
Petroleo Brasileiro SA ADR ‡		124,700		5,291
TAM SA ADR ‡		106,800		1,887
Vale SA — Class B ADR ‡		250,100		7,661
Canada - 0.7%
Pacific Rubiales Energy Corp. ‡		83,400		1,880
Cayman Islands - 0.8%
Hengan International Group Co., Ltd.		239,500		1,837
Simcere Pharmaceutical Group ADR ‡		39,600		315
Chile - 1.2%
Enersis SA ADR		97,100		1,932
Sociedad Quimica y Minera de Chile SA - Series B ADR		44,400		1,598
China - 9.3%
China Construction Bank Corp. — Class H		4,138,000		3,365
China Life Insurance Co., Ltd. — Class H		1,072,000		4,929
China Merchants Bank Co., Ltd. — Class H		1,246,985		3,066
China Petroleum & Chemical Corp. ADR		34,400		2,761
China Shenhua Energy Co., Ltd. — Class H		975,000		4,184
China Shipping Development Co., Ltd. — Class H ‡		2,324,000		3,469
Fantasia Holdings Group Co., Ltd. ‡		2,728,500		507
Industrial & Commercial Bank of China — Class H		3,951,000		2,880
Yanzhou Coal Mining Co., Ltd. — Class H		476,000		1,324
Egypt - 1.5%
Egyptian Financial Group-Hermes Holding		686,702		4,410
Hong Kong - 1.0%
Lenovo Group, Ltd. ‡		3,896,000		2,872
Hungary - 1.6%
MOL Hungarian Oil and Gas NyRt ‡		22,459		2,274
Richter Gedeon		10,279		2,181
India - 10.6%
Bharat Heavy Electricals, Ltd.		46,159		2,564
Canara Bank		120,959		1,164
Educomp Solutions, Ltd.		82,458		1,264
Grasim Industries, Ltd.		24,693		1,511

	Shares		Value
India (continued)
Indiabulls Real Estate, Ltd. ‡		556,971	$	2,105
Infrastructure Development Finance Co., Ltd.		641,406		2,441
Lanco Infratech, Ltd. ‡ §		1,981,060		2,831
Piramal Healthcare, Ltd.		350,614		4,204
Reliance Industries, Ltd. ‡		88,681		2,047
Sterlite Industries India, Ltd. ADR		80,300		1,457
Tata Consultancy Services, Ltd.		224,528		3,839
Tata Motors, Ltd. ‡		153,889		2,985
United Spirits, Ltd. GDR		131,666		1,871
Indonesia - 2.0%
Bank Mandiri		4,866,000		3,082
Indo Tambangraya Megah PT		634,500		2,716
Israel - 2.9%
Bezeq Israeli Telecommunication Corp., Ltd.		756,510		1,848
Teva Pharmaceutical Industries, Ltd. ADR		107,200		6,295
Korea, Republic of - 10.7%
Dong-A Pharmaceutical Co., Ltd.		17,419		1,713
Doosan Corp.		24,485		2,674
Hanmi Pharm Co., Ltd.		16,630		1,278
LG Electronics, Inc.		32,913		3,589
Samsung Card Co.		52,244		2,594
Samsung Electronics Co., Ltd.		14,065		10,696
Samsung SDI Co., Ltd.		8,937		1,201
Shinhan Financial Group Co., Ltd.		106,950		4,549
SK Telecom Co., Ltd. ADR		118,700		2,197
Luxembourg - 1.0%
Evraz Group SA GDR ‡		77,976		2,854
Malaysia - 1.9%
Axiata Group BHD ‡		1,467,400		1,787
CIMB Group Holdings BHD ‡		578,500		2,562
Digi.com BHD		151,100		1,075
Mexico - 4.0%
America Movil SAB de CV — Series L ADR		114,990		5,919
Grupo Comercial Chedraui SA de CV ‡		188,700		551
Grupo Mexico SAB de CV — Series B		726,800		1,910
Wal-Mart de Mexico SAB de CV — Series V		1,326,000		3,087
Netherlands - 0.8%
X5 Retail Group NV GDR ‡		63,319		2,249
Peru - 0.7%
Cia de Minas Buenaventura SA ADR		56,790		1,868
Russian Federation - 4.8%
Gazprom OAO ADR		205,204		4,711
Lukoil OAO ADR		67,263		3,783
MMC Norilsk Nickel ADR ‡		148,405		2,801
Uralkali GDR ‡		118,016		2,514
South Africa - 6.8%
Adcock Ingram Holdings, Ltd.		221,593		1,754
African Bank Investments, Ltd.		456,655		2,187
AngloGold Ashanti, Ltd. ADR		43,400		1,817
Aspen Pharmacare Holdings, Ltd. ‡		181,845		2,046
Barloworld, Ltd.		531,699		3,536
Foschini, Ltd.		266,882		2,454
Imperial Holdings, Ltd.		206,742		2,739
Nedbank Group, Ltd.		165,734		2,984
Taiwan - 10.0%
Acer, Inc.		1,260,000		3,436
Delta Electronics, Inc.		802,000		2,658
Hon Hai Precision Industry Co., Ltd.		1,961,050		9,207
Hon Hai Precision Industry Co., Ltd. — Reg S GDR		5,482		55
Synnex Technology International Corp.		1,092,000		2,602
Taiwan Semiconductor Manufacturing Co.,Ltd.		3,722,354		7,285
Yuanta Financial Holding Co., Ltd.		5,702,000		3,400

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 96

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amount in thousands)
(unaudited)

	Shares		Value
Thailand - 3.8%
CP ALL PCL ‡		1,726,500	$	1,494
IRPC PCL		16,807,600		2,296
Kasikornbank PCL ‡		1,035,200		2,992
PTT Chemical PCL		500,400		1,601
PTT PCL		304,700		2,420
Turkey - 1.6%
Hurriyet Gazetecilik AS ‡		1,142,965		1,262
Turkiye Is Bankasi — Class C		986,814		3,427
United Kingdom - 1.4%
African Barrick Gold, Ltd. ‡		147,509		1,338
Hikma Pharmaceuticals PLC		183,909		1,758
Vedanta Resources PLC		26,306		1,006
United States - 0.4%
Central European Distribution Corp. ‡		29,850		1,034
Total Common Stocks (cost $238,197)				269,816
INVESTMENT COMPANY - 2.1%
United States - 2.1%
Vanguard Emerging Markets		144,800		6,090
Total Investment Company (cost $6,222)
WARRANT - 0.0% ¥
India - 0.0% ¥
Lanco Infratech, Ltd. ‡
Expiration: 01/25/2013
Exercise Price: $0.00		57,528		83
Total Warrant (cost $48)
	Principal		Value
REPURCHASE AGREEMENT - 3.6%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $10,254 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $10,460.	$	10,254		10,254
Total Repurchase Agreement (cost $10,254)
Total Investment Securities (cost $260,563) #				292,476
Other Assets and Liabilities — Net				(7,080	)
Net Assets			$	285,396

FORWARD FOREIGN CURRENCY CONTRACTS:

									Net Unrealized
				Settlement		Amount in U.S.			Appreciation
Currency	(Sold)			Date		Dollars (Sold)			(Depreciation)
Hungarian Forint		(254,987	)		01/20/2011		(1,256	)	$	23
Hungarian Forint		(78,329	)		01/20/2011		(387	)		8
Turkish Lira		(1,656	)		08/16/2010		(1,053	)		(40	)
									$	(9	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 97

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Commercial Banks		13.1	%	$	38,063
Oil, Gas & Consumable Fuels		12.1			35,687
Metals & Mining		8.8			25,565
Pharmaceuticals		7.5			21,544
Semiconductors & Semiconductor Equipment		6.1			17,980
Electronic Equipment & Instruments		5.3			15,723
Wireless Telecommunication Services		3.7			10,978
Industrial Conglomerates		3.0			8,647
Capital Markets		2.7			7,810
Food & Staples Retailing		2.4			6,830
Computers & Peripherals		2.2			6,308
Electric Utilities		2.2			6,178
Emerging Market — Equity		2.1			6,090
Chemicals		1.9			5,713
Insurance		1.7			4,929
Specialty Retail		1.6			4,861
Diversified Financial Services		1.5			4,628
Media		1.5			4,478
Multiline Retail		1.5			4,260
IT Services		1.4			3,839
Household Durables		1.2			3,589
Construction Materials		1.2			3,503
Marine		1.2			3,469
Machinery		1.0			2,985
Construction & Engineering		1.0			2,914
Beverages		1.0			2,905
Real Estate Management & Development		1.0			2,888
Distributors		0.9			2,739
Hotels, Restaurants & Leisure		0.9			2,701
Consumer Finance		0.9			2,594
Electrical Equipment		0.9			2,564
Transportation Infrastructure		0.8			2,424
Airlines		0.6			1,887
Diversified Telecommunication Services		0.6			1,848
Personal Products		0.6			1,837
Diversified Consumer Services		0.4			1,264
Investment Securities, at Value		96.5			282,222
Short-Term Investments		3.5			10,254
Total Investments		100.0	%	$	292,476

NOTES TO SCHEDULE OF INVESTMENTS:
‡	Non-income producing security.
¥	Amount rounds to less than 0.1%.
§	Illiquid. This security aggregated to $2,831, or 0.99%, of the fund’s net assets.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $260,563. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $35,780 and $3,867, respectively. Net unrealized appreciation for tax purposes is $31,913.
DEFINITIONS:
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 98

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2			Level 3		Total
Equities — Consumer Discretionary	$	7,476	$	16,415		$	—	$	23,891
Equities — Consumer Staples		9,735		1,837			—		11,572
Equities — Energy		26,741		8,947			—		35,688
Equities — Financials		22,115		38,795			—		60,910
Equities — Health Care		10,082		11,463			—		21,545
Equities — Industrials		6,748		18,143			—		24,891
Equities — Information Technology		9,262		34,588			—		43,850
Equities — Materials		33,268		1,512			—		34,780
Equities — Telecommunication Services		8,117		4,710			—		12,827
Equities — Utilities		6,178		—			—		6,178
Investment Company — Financials		6,090		—			—		6,090
Cash & Cash Equivalent — Repurchase Agreement		—		10,254			—		10,254
Total	$	145,812	$	146,664		$	—	$	292,476
Other Financial Instruments*	Level 1		Level 2			Level 3			Total
Forward Foreign Currency Contracts — Appreciation	$	—	$	31		$	—	$	31
Forward Foreign Currency Contracts — Depreciation		—		(40	)		—		(40	)
Total	$	—	$	(9	)	$	—	$	(9	)

* Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 99

STATEMENTS OF ASSETS AND LIABILITIES
At April 30, 2010
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica			Transamerica			Transamerica			Transamerica			Transamerica			Transamerica
	AllianceBernstein			BlackRock			BlackRock			BlackRock			BNY Mellon			Federated
	International			Global			Large Cap			Natural			Market Neutral			Market
	Value			Allocation			Value			Resources			Strategy			Opportunity
Assets:
Investment securities, at value	$	379,475		$	489,426		$	737,713		$	135,590		$	96,478		$	67,510
Repurchase agreement, at value		9,294			44			—			22,563			28,510			28,982
Cash on deposit with broker		—			530			—			—			74,123			—
Foreign currency, at value		1,562			696			—			—			—			5
Receivables:
Investment securities sold		2,325			3,147			—			462			—			3,022
Shares of beneficial interest sold		157			37			123			—			—			—
Interest		—	(a)		1,707			—	(a)		—	(a)		—			323
Securities lending income, net		57			5			1			2			—			1
Dividends		868			698			962			53			29			154
Dividend reclaims		269			92			—			19			—			5
Swap agreements, at value		—			118			—			—			—			—
Unrealized appreciation on forward foreign currency contracts		101			61			—			—			—			926
	$	394,108		$	496,561		$	738,799		$	158,689		$	199,140		$	100,928
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		2,444			4,355			—			1,338			—			2,031
Shares of beneficial interest redeemed		108			77			235			—			—			—
Management and advisory fees		243			284			475			100			108			55
Trustees fees		1			2			3			1			—	(a)		—	(a)
Administration fees		6			8			12			2			2			1
Dividends from short sales		—			—			—			—			43			—
Variation margin		—			117			—			—			—			—
Capital gains tax		—			34			—			—			—			—
Other		55			116			31			24			31			22
Collateral for securities on loan		53,726			18,051			8,403			7,024			—			6,000
Written options, at value		—			312			—			—			—			—
Securities sold short, at value		—			—			—			—			96,941			—
Unrealized depreciation on forward foreign currency contracts		—			99			—			—			—			431
		56,583			23,455			9,159			8,489			97,125			8,540
Net assets	$	337,525		$	473,106		$	729,640		$	150,200		$	102,015		$	92,388
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	510,162		$	461,264		$	809,933		$	140,323		$	114,545		$	103,859
Undistributed (accumulated) net investment income (loss)		1,126			1,275			2,661			(63	)		(708	)		114
Accumulated net realized gain (loss) from investments		(152,304	)		(22,788	)		(166,596	)		(4,395	)		(14,733	)		(13,942	)
Net unrealized appreciation (depreciation) on:
Investment securities		(21,555	)		33,427			83,642			14,335			14,777			1,864
Futures contracts		—			(117	)		—			—			—			—
Written option contracts		—			19			—			—			—			—
Swap agreements		—			118			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		96			(92	)		—			—			—			493
Securities sold short		—			—			—			—			(11,866	)		—
Net assets	$	337,525		$	473,106		$	729,640		$	150,200		$	102,015		$	92,388
Shares outstanding		43,758			45,122			83,469			13,755			12,289			10,777
Net asset value and offering price per share	$	7.71		$	10.49		$	8.74		$	10.92		$	8.30		$	8.57
Investment securities, at cost	$	401,030		$	455,999		$	654,071		$	121,255		$	81,701		$	65,646
Repurchase agreement, at cost	$	9,294		$	44		$	—		$	22,563		$	28,510		$	28,982
Foreign currency, at cost	$	1,564		$	685		$	—		$	—		$	—		$	5
Securities loaned, at value	$	51,127		$	17,431		$	8,194		$	6,856		$	—		$	5,795
Premium received on written option & swaption contracts	$	—		$	331		$	—		$	—		$	—		$	—
Proceeds received from securities sold short	$	—		$	—		$	—		$	—		$	85,075		$	—

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 100

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2010
(all amounts except per share amounts in thousands)
(unaudited)

							Transamerica							Transamerica
	Transamerica			Transamerica			JPMorgan		Transamerica			Transamerica		Neuberger
	First Quadrant			JPMorgan Core			International		JPMorgan Mid			Loomis Sayles		Berman
	Global Macro(b)			Bond			Bond		Cap Value			Bond		International
Assets:
Investment securities, at value	$	21,633		$	607,740		$	631,585	$	206,387		$	566,437	$	574,649
Repurchase agreement, at value		94,287			95,369			8,402		6,510			12,531		10,350
Cash		—			—			—		—			—		412
Foreign currency, at value		—			—			1,132		—			—		118
Receivables:
Investment securities sold		372			480			53,755		180			216		11,538
Shares of beneficial interest sold		—			797			13		—			24		251
Interest		12			5,451			7,935		—	(a)		8,425		—	(a)
Securities lending income, net		—	(a)		—			—		3			2		66
Dividends		—			—			—		95			30		1,911
Dividend reclaims		30			—			—		—			—		695
Variation margin		—			—			206		—			—		—
Unrealized appreciation on forward foreign currency contracts		1,217			—			2,230		—			—		—
	$	117,551		$	709,837		$	705,258	$	213,175		$	587,665	$	599,990
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		215			12,896			4,968		261			2,164		12,473
Shares of beneficial interest redeemed		—			3			—		79			650		256
Management and advisory fees		132			250			318		129			300		413
Trustees fees		—	(a)		1			2		1			4		2
Administration fees		2			11			13		3			9		8
Variation margin		923			—			—		—			—		—
Other		17			23			104		20			59		73
Collateral for securities on loan		—			—			—		21,674			37,087		64,496
Written options, at value		455			—			—		—			—		—
Unrealized depreciation on forward foreign currency contracts		912			—			1,207		—			—		—
		2,656			13,184			6,612		22,167			40,273		77,721
Net assets	$	114,895		$	696,653		$	698,646	$	191,008		$	547,392	$	522,269
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	183,775		$	691,231		$	672,388	$	189,670		$	499,548	$	671,364
Undistributed (accumulated) net investment income (loss)		(798	)		(2,043	)		933		403			3,274		2,893
Undistributed (accumulated) net realized gain (loss) from investments		(66,673	)		1,412			9,327		(30,986	)		16,941		(215,106	)
Net unrealized appreciation (depreciation) on:
Investment securities		155			6,053			14,791		31,921			27,585		63,152
Futures contracts		(1,715	)		—			448		—			—		—
Written option contracts		(134	)		—			—		—			—		—
Translation of assets and liabilities denominated in foreign currencies		285			—			759		—			44		(34	)
Net assets	$	114,895		$	696,653		$	698,646	$	191,008		$	547,392	$	522,269
Shares outstanding		18,809			68,755			64,765		18,946			51,299		64,090
Net asset value and offering price per share	$	6.11		$	10.13		$	10.79	$	10.08		$	10.67	$	8.15
Investment securities, at cost	$	21,478		$	601,687		$	616,794	$	174,466		$	538,852	$	511,497
Repurchase agreement, at cost	$	94,287		$	95,369		$	8,402	$	6,510		$	12,531	$	10,350
Foreign currency, at cost	$	—		$	—		$	1,134	$	—		$	—	$	118
Securities loaned, at value	$	—		$	—		$	—	$	21,148		$	36,300	$	61,400
Premium received on written option & swaption contracts	$	321		$	—		$	—	$	—		$	—	$	—

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 101

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2010
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica			Transamerica			Transamerica						Transamerica
	Oppenheimer			Oppenheimer			Schroders			Transamerica			Thornburg			Transamerica
	Developing			Small- & Mid-			International			Third Avenue			International			UBS Large Cap
	Markets			Cap Value			Small Cap			Value			Value			Value
Assets:
Investment securities, at value	$	589,988		$	310,833		$	628,738		$	485,508		$	598,176		$	1,119,845
Repurchase agreement, at value		16,855			12,915			22,641			28,091			18,278			16,248
Foreign currency, at value		741			—			1,274			11			—			—
Receivables:
Investment securities sold		733			928			2,512			1,586			9,399			8,134
Shares of beneficial interest sold		21			256			48			18			38			253
Securities lending income, net		6			2			53			16			—			—	(a)
Dividends		974			28			1,633			911			2,490			1,271
Dividend reclaims		15			—			379			2			426			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—			1,563			—
	$	609,333		$	324,962		$	657,278		$	516,143		$	630,370		$	1,145,751
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		3,121			1,155			9,305			902			3,537			8,060
Shares of beneficial interest redeemed		116			253			76			77			312			531
Management and advisory fees		516			233			509			312			518			697
Trustees fees		2			1			2			2			2			4
Administration fees		9			5			10			8			11			19
Other		14			28			71			52			71			39
Collateral for securities on loan		52,445			9,665			55,523			42,963			—			1,059
Unrealized depreciation on forward foreign currency contracts		—			—			—			—			1,872			—
		56,223			11,340			65,496			44,316			6,323			10,409
Net assets	$	553,110		$	313,622		$	591,782		$	471,827		$	624,047		$	1,135,342
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	502,040		$	293,644		$	547,305		$	618,332		$	547,189		$	1,320,213
Undistributed (accumulated) net investment income (loss)		(264	)		(286	)		2,110			(294	)		1,683			3,631
Undistributed (accumulated) net realized gain (loss) from investments		(84,507	)		(43,253	)		(11,055	)		(107,243	)		2,302			(268,154	)
Net unrealized appreciation (depreciation) on:
Investment securities		135,869			63,517			53,437			(38,957	)		73,164			79,652
Translation of assets and liabilities denominated in foreign currencies		(28	)		—			(15	)		(11	)		(291	)		—
Net assets	$	553,110		$	313,622		$	591,782		$	471,827		$	624,047		$	1,135,342
Shares outstanding		47,869			34,082			67,292			22,693			61,377			119,508
Net asset value and offering price per share	$	11.55		$	9.20		$	8.79		$	20.79		$	10.17		$	9.50
Investment securities, at cost	$	454,119		$	247,316		$	575,301		$	524,465		$	525,012		$	1,040,193
Repurchase agreement, at cost	$	16,855		$	12,915		$	22,641		$	28,091		$	18,278		$	16,248
Foreign currency, at cost	$	760		$	—		$	1,273		$	11		$	—		$	—
Securities loaned, at value	$	50,874		$	9,397		$	52,713		$	41,602		$	—		$	1,003

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 102

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2010
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica						Transamerica
	Van Kampen			Transamerica			Van Kampen			Transamerica
	Emerging			Van Kampen			Small Company			WMC Emerging
	Markets Debt			Mid-Cap Growth			Growth			Markets
Assets:
Investment securities, at value	$	317,612		$	388,309		$	197,089		$	282,222
Repurchase agreement, at value		12,768			6,308			10,701			10,254
Foreign currency, at value		351			—			—			1,584
Receivables:
Investment securities sold		20,739			—			—			10,444
Shares of beneficial interest sold		4			13			212			2,247
Interest		5,786			—	(a)		—	(a)		—	(a)
Securities lending income, net		1			23			10			—
Dividends		—			245			113			649
Dividend reclaims		—			—			—			1
Unrealized appreciation on forward foreign currency contracts		—			—			—			31
	$	357,261		$	394,898		$	208,125		$	307,432
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		2,939			849			—			21,051
Shares of beneficial interest redeemed		193			214			77			116
Management and advisory fees		262			203			130			295
Trustees fees		1			1			1			1
Administration fees		6			5			3			5
Capital gains tax		—			—			—			425
Other		33			29			20			103
Collateral for securities on loan		23,332			80,042			40,976			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			40
		26,766			81,343			41,207			22,036
Net assets	$	330,495		$	313,555		$	166,918		$	285,396
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	322,184		$	255,230		$	158,527		$	239,556
Undistributed (accumulated) net investment income (loss)		1,706			(110	)		(266	)		(444	)
Undistributed (accumulated) net realized gain (loss) from investments		(13,717	)		(5,053	)		(16,435	)		14,807
Net unrealized appreciation (depreciation) on:
Investment securities		20,329			63,485			25,093			31,913
Translation of assets and liabilities denominated in foreign currencies		(7	)		3			(1	)		(436	)
Net assets	$	330,495		$	313,555		$	166,918		$	285,396
Shares outstanding		31,038			26,902			16,245			21,722
Net asset value and offering price per share	$	10.65		$	11.66		$	10.28		$	13.14
Investment securities, at cost	$	297,283		$	324,824		$	171,996		$	250,309
Repurchase agreement, at cost	$	12,768		$	6,308		$	10,701		$	10,254
Foreign currency, at cost	$	371		$	—		$	—		$	1,584
Securities loaned, at value	$	22,855		$	78,244		$	39,964		$	—

(a)	Rounds to less than $1.
(b)	Formerly, Transamerica UBS Dynamic Alpha.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 103

STATEMENTS OF OPERATIONS
For the period ended April 30, 2010
(all amounts in thousands)
(unaudited)

	Transamerica										Transamerica			Transamerica			Transamerica
	AllianceBernstein			Transamerica				Transamerica			BlackRock			BNY Mellon			Federated
	International			BlackRock				BlackRock Large			Natural			Market Neutral			Market
	Value			Global Allocation				Cap Value			Resources			Strategy			Opportunity
Investment income:
Dividend income	$	3,825		$	2,816			$	7,413		$	742		$	562		$	415
Withholding taxes on foreign dividends		(264	)		(119	)			—			(24	)		—			(28	)
Interest income		1			3,992				1			1			1			468
Securities lending income (net)		98			29				4			19			—			4
		3,660			6,718				7,418			738			563			859
Expenses:
Management and advisory		1,412			1,683				2,692			553			626			331
Transfer agent		—	(a)		—	(a)			—	(a)		—	(a)		—	(a)		—	(a)
Printing and shareholder reports		2			3				4			1			1			1
Custody		107			204				29			13			25			17
Administration		33			46				69			14			9			9
Legal		5			6				9			8			1			1
Audit and tax		10			25				9			9			11			11
Trustees		3			5				7			1			1			1
Registration		—			—				3			—			—			—
Dividend on securities sold short		—			—				—			—			465			—
Broker expense on short sales		—			—				—			—			132			—
Other		1			2				3			1			—			—
Total expenses		1,573			1,974				2,825			600			1,271			371
Net investment income (loss)		2,087			4,744				4,593			138			(708	)		488
Net realized gain (loss) on transactions from:
Investment securities		(7,666	)		2,768				9,789			(891	)		11,644			(1,723	)
Futures contracts		—			(2,281	)			—			—			—			—
Written option contracts		—			591				—			—			—			—
Swap agreements		—			29				—			—			—			—
Foreign currency transactions		(233	)		(967	)			—			—			—			(446	)
Securities sold short		—			—		��		—			—			(11,754	)		—
		(7,899	)		140				9,789			(891	)		(110	)		(2,169	)
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		8,167			25,592	(b)			70,926			12,657			6,608			(2,740	)
Futures contracts		—			46				—			—			—			—
Written option contracts		—			557				—			—			—			—
Swap agreements		—			(113	)			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		49			53				—			(4	)		—			783
Securities sold short		—			—				—			—			(7,262	)		—
Change in unrealized appreciation (depreciation):		8,216			26,135				70,926			12,653			(654	)		(1,957	)
Net realized and unrealized gain (loss)		317			26,275				80,715			11,762			(764	)		(4,126	)
Net increase (decrease) in net assets resulting from operations	$	2,404		$	31,019			$	85,308		$	11,900		$	(1,472	)	$	(3,638	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 104

STATEMENTS OF OPERATIONS (continued)
For the period ended April 30, 2010
(all amounts in thousands)
(unaudited)

							Transamerica									Transamerica
	Transamerica			Transamerica			JPMorgan			Transamerica			Transamerica			Neuberger
	First Quadrant			JPMorgan Core			International			JPMorgan Mid			Loomis Sayles			Berman
	Global Macro (g)			Bond			Bond			Cap Value			Bond			International
Investment income:
Dividend income	$	11		$	—		$	—		$	1,913		$	500		$	6,403
Withholding taxes on foreign dividends		—	(a)		—			(66	)		(5	)		20			(626	)
Interest income		40			6,168			10,525			—	(a)		21,065			1
Securities lending income (net)		—			—			—			24			15			153
		51			6,168			10,459			1,932			21,600			5,931
Expenses:
Management and advisory		771			1,105			1,896			726			2,172			2,418
Transfer agent		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)
Printing and shareholder reports		1			2			4			1			4			3
Custody		53			29			173			14			78			140
Administration		11			49			74			18			68			51
Legal		2			5			10			2			11			7
Audit and tax		9			11			13			9			12			10
Trustees		1			4			7			2			8			5
Registration		—			—			—			—			—			2
Other		1			—			4			1			3			2
Total expenses		849			1,205			2,181			773			2,356			2,638
Net investment income (loss)		(798	)		4,963			8,278			1,159			19,244			3,293
Net realized gain (loss) on transactions from:
Investment securities		(1,623	)		1,618			9,395			(2,710	)		33,738			4,179	(c)
Futures contracts		2,246			—			156			—			—			—
Written option contracts		1,022			—			—			—			—			—
Foreign currency transactions		999			—			1,744			—			89			(225	)
		2,644			1,618			11,295			(2,710	)		33,827			3,954
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		419			4,618			(52,270	)		39,494			15,776			34,419
Futures contracts		(1,715	)		—			607			—			—			—
Written option contracts		(134	)		—			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		92			—			818			—			(29	)		(46	)
Change in unrealized appreciation (depreciation):		(1,338	)		4,618			(50,845	)		39,494			15,747			34,373
Net realized and unrealized gain (loss)		1,306			6,236			(39,550	)		36,784			49,574			38,327
Net increase (decrease) in net assets resulting from operations	$	508		$	11,199		$	(31,272	)	$	37,943		$	68,818		$	41,620

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 105

STATEMENTS OF OPERATIONS (continued)
For the period ended April 30, 2010
(all amounts in thousands)
(unaudited)

	Transamerica			Transamerica			Transamerica						Transamerica
	Oppenheimer			Oppenheimer			Schroders			Transamerica			Thornburg			Transamerica
	Developing			Small- & Mid-Cap			International			Third Avenue			International			UBS Large Cap
	Markets			Value			Small Cap			Value			Value			Value
Investment income:
Dividend income	$	3,375		$	1,642		$	5,751		$	4,674		$	6,684		$	11,148
Withholding taxes on foreign dividends		(186	)		(1	)		(492	)		(248	)		(577	)		—
Interest income		2			1			1			26			1			1
Securities lending income (net)		25			32			151			54			—			6
		3,216			1,674			5,411			4,506			6,108			11,155
Expenses:
Management and advisory		2,981			1,315			2,936			1,788			3,040			4,003
Transfer agent		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)
Printing and shareholder reports		3			2			3			3			4			6
Custody		362			21			166			71			146			39
Administration		53			29			57			45			61			107
Legal		7			4			8			6			9			15
Audit and tax		21			12			13			10			11			12
Trustees		5			3			5			5			6			11
Registration		—			—			5			—			3			6
Other		2			—			3			1			3			5
Total expenses		3,434			1,386			3,196			1,929			3,283			4,204
Net investment income (loss)		(218	)		288			2,215			2,577			2,825			6,951
Net realized gain (loss) on transactions from:
Investment securities		3,659	(d)		28,278			10,632			(319	)		5,459			(21,295	)
Foreign currency transactions		(216	)		6			(101	)		(17	)		(1,315	)		—
		3,443			28,284			10,531			(336	)		4,144			(21,295	)
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		68,366			23,393			28,687			57,557			26,894			153,591
Translation of assets and liabilities denominated in foreign currencies		514			—			(50	)		(12	)		23			—
Change in unrealized appreciation (depreciation):		68,880			23,393			28,637			57,545			26,917			153,591
Net realized and unrealized gain		72,323			51,677			39,168			57,209			31,061			132,296
Net increase in net assets resulting from operations	$	72,105		$	51,965		$	41,383		$	59,786		$	33,886		$	139,247

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 106

STATEMENTS OF OPERATIONS (continued)
For the period ended April 30, 2010
(all amounts in thousands)
(unaudited)

	Transamerica						Transamerica
	Van Kampen			Transamerica			Van Kampen			Transamerica
	Emerging			Van Kampen			Small Company			WMC Emerging
	Markets Debt			Mid-Cap Growth			Growth			Markets
Investment income:
Dividend income	$	—		$	1,319		$	452		$	1,927
Withholding taxes on foreign dividends		—			(20	)		(23	)		(165	)
Interest income		13,403			1			1			—	(a)
Securities lending income (net)		6			251			90			—
		13,409			1,551			520			1,762
Expenses:
Management and advisory		1,663			1,142			715			1,280
Transfer agent		—	(a)		—	(a)		—	(a)		1
Printing and shareholder reports		2			2			1			1
Custody		51			33			15			193
Administration		36			29			15			22
Legal		6			4			2			3
Audit and tax		9			9			11			14
Trustees		4			3			1			2
Registration		—			—			—			6
Other		2			—			1			1
Total expenses		1,773			1,222			761			1,523
Expenses recaptured		—			—			—			35
Net expenses		1,773			1,222			761			1,558
Net investment income (loss)		11,636			329			(241	)		204
Net realized gain (loss) on transactions from:
Investment securities		12,256			973			403			15,641	(e)
Foreign currency transactions		(68	)		(9	)		(1	)		(415	)
		12,188			964			402			15,226
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		1,038			54,420			22,014			7,296	(f)
Translation of assets and liabilities denominated in foreign currencies		71			3			(1	)		242
Change in unrealized appreciation (depreciation):		1,109			54,423			22,013			7,538
Net realized and unrealized gain		13,297			55,387			22,415			22,764
Net increase in net assets resulting from operations	$	24,933		$	55,716		$	22,174		$	22,968

(a)	Rounds to less than $1.
(b)	Net of foreign capital gains tax of $34.
(c)	Net of foreign capital gains tax of $63.
(d)	Net of foreign capital gains tax of $10.
(e)	Net of foreign capital gains tax of $109.
(f)	Net of foreign capital gains tax of $425.
(g)	Formerly, Transamerica UBS Dynamic Alpha.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 107

STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended:
(all amounts in thousands)

	Transamerica AllianceBernstein						Transamerica BlackRock Global						Transamerica BlackRock Large
	International Value						Allocation						Cap Value
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income (loss)	$	2,087		$	5,931		$	4,744		$	8,385		$	4,593		$	8,503
Net realized gain (loss)(a)		(7,899	)		(106,037	)		140			(21,913	)		9,789			(118,880	)
Change in unrealized appreciation (depreciation)(b)		8,216			155,333			26,135			91,044			70,926			131,940
Net increase in net assets resulting from operations		2,404			55,227			31,019			77,516			85,308			21,563
Distributions to shareholders:
From net investment income		(6,770	)		(12,685	)		(9,113	)		(22,476	)		(8,593	)		(8,083	)
From net realized gains		—			—			—			(20,996	)		—			—
Total distributions to shareholders		(6,770	)		(12,685	)		(9,113	)		(43,472	)		(8,593	)		(8,083	)
Capital share transactions:
Proceeds from shares sold		23,156			33,207			17,012			20,209			15,113			175,569
Dividends and distributions reinvested		6,770			12,685			9,113			43,472			8,593			8,083
Cost of shares redeemed		(4,103	)		(20,703	)		(23,904	)		(26,527	)		(4,456	)		(25,273	)
Net increase in net assets resulting from capital shares transactions		25,823			25,189			2,221			37,154			19,250			158,379
Net increase in net assets		21,457			67,731			24,127			71,198			95,965			171,859
Net assets:
Beginning of period/year		316,068			248,337			448,979			377,781			633,675			461,816
End of period/year	$	337,525		$	316,068		$	473,106		$	448,979		$	729,640		$	633,675
Undistributed net investment income	$	1,126		$	5,809		$	1,275		$	5,644		$	2,661		$	6,661
Share activity:
Shares issued		2,873			4,629			1,625			2,172			1,801			22,694
Shares issued-reinvested from distributions		856			2,013			893			5,084			1,046			1,107
Shares redeemed		(519	)		(3,691	)		(2,334	)		(2,809	)		(516	)		(3,379	)
Net increase in shares outstanding		3,210			2,951			184			4,447			2,331			20,422

	Transamerica BlackRock Natural						Transamerica BNY Mellon Market						Transamerica Federated Market
	Resources						Neutral Strategy						Opportunity
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income (loss)	$	138		$	569		$	(708	)	$	(1,744	)	$	488		$	453
Net realized gain (loss)(a)		(891	)		(3,508	)		(110	)		(9,730	)		(2,169	)		(11,402	)
Change in unrealized appreciation (depreciation)(b)		12,653			23,821			(654	)		1,363			(1,957	)		20,710
Net increase (decrease) in net assets resulting from operations		11,900			20,882			(1,472	)		(10,111	)		(3,638	)		9,761
Distributions to shareholders:
From net investment income		(634	)		(413	)		—			—			(374	)		(39	)
From net realized gains		—			(50	)		—			—			—			(4,308	)
From return of capital		—			—			—			(1,349	)		—			(1,344	)
Total distributions to shareholders		(634	)		(463	)		—			(1,349	)		(374	)		(5,691	)
Capital share transactions:
Proceeds from shares sold		17,392			18,094			18,326			7,254			12,681			3,527
Dividends and distributions reinvested		634			463			—			1,349			374			5,691
Cost of shares redeemed		(434	)		(4,886	)		(1,521	)		(31,809	)		(2,217	)		(2,206	)
Net increase (decrease) in net assets resulting from capital shares transactions		17,592			13,671			16,805			(23,206	)		10,838			7,012
Net increase (decrease) in net assets		28,858			34,090			15,333			(34,666	)		6,826			11,082
Net assets:
Beginning of period/year		121,342			87,252			86,682			121,348			85,562			74,480
End of period/year	$	150,200		$	121,342		$	102,015		$	86,682		$	92,388		$	85,562
Undistributed (accumulated) net investment income (loss)	$	(63	)	$	433		$	(708	)	$	—		$	114		$	—
Share activity:
Shares issued		1,641			1,992			2,191			849			1,467			395
Shares issued-reinvested from distributions		61			63			—			145			43			664
Shares redeemed		(41	)		(714	)		(181	)		(3,481	)		(250	)		(246	)
Net increase (decrease) in shares outstanding		1,661			1,341			2,010			(2,487	)		1,260			813

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 108

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or year ended:
(all amounts in thousands)

	Transamerica First Quadrant						Transamerica JPMorgan Core						Transamerica JPMorgan
	Global Macro(d)						Bond						International Bond
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009(c)			(unaudited)			October 31, 2009
From operations:
Net investment income (loss)	$	(798	)	$	333		$	4,963		$	1,406		$	8,278		$	16,393
Net realized gain (loss)(a)		2,644			(40,124	)		1,618			14			11,295			17,635
Change in unrealized appreciation (depreciation)(b)		(1,338	)		34,221			4,618			1,435			(50,845	)		78,753
Net increase (decrease) in net assets resulting from operations		508			(5,570	)		11,199			2,855			(31,272	)		112,781
Distributions to shareholders:
From net investment income		—			(606	)		(7,505	)		(1,127	)		(17,505	)		(43,396	)
From net realized gains		—			(41,308	)		—			—			(7,372	)		(6,155	)
From return of capital		—			(1,013	)		—			—			—			—
Total distributions to shareholders		—			(42,927	)		(7,505	)		(1,127	)		(24,877	)		(49,551	)
Capital share transactions:
Proceeds from shares sold		7,910			7,143			495,385			218,178			194,204			15,190
Dividends and distributions reinvested		—			42,927			7,505			1,127			24,877			49,551
Cost of shares redeemed		(540	)		(60,123	)		(25,747	)		(5,217	)		(197,250	)		(94,085	)
Net increase (decrease) in net assets resulting from capital shares transactions		7,370			(10,053	)		477,143			214,088			21,831			(29,344	)
Net increase (decrease) in net assets		7,878			(58,550	)		480,837			215,816			(34,318	)		33,886
Net assets:
Beginning of period/year		107,017			165,567			215,816			—			732,964			699,078
End of period/year	$	114,895		$	107,017		$	696,653		$	215,816		$	698,646		$	732,964
Undistributed (accumulated) net investment income (loss)	$	(798	)	$	—		$	(2,043	)	$	499		$	933		$	10,160
Share activity:
Shares issued		1,295			1,233			49,155			21,821			17,785			1,355
Shares issued-reinvested from distributions		—			8,401			745			112			2,203			4,407
Shares redeemed		(88	)		(11,261	)		(2,559	)		(519	)		(18,201	)		(8,964	)
Net increase (decrease) in shares outstanding		1,207			(1,627	)		47,341			21,414			1,787			(3,202	)

	Transamerica JPMorgan Mid Cap												Transamerica Neuberger Berman
	Value						Transamerica Loomis Sayles Bond						International
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income (loss)	$	1,159		$	3,099		$	19,244		$	47,988		$	3,293		$	5,275
Net realized gain (loss)(a)		(2,710	)		(25,131	)		33,827			(22,336	)		3,954			(99,278	)
Change in unrealized appreciation (depreciation)(b)		39,494			43,368			15,747			230,392			34,373			179,227
Net increase in net assets resulting from operations		37,943			21,336			68,818			256,044			41,620			85,224
Distributions to shareholders:
From net investment income		(3,125	)		(3,382	)		(21,747	)		(44,761	)		(4,521	)		(8,575	)
From net realized gains		—			(1,094	)		—			(4,085	)		—			—
Total distributions to shareholders		(3,125	)		(4,476	)		(21,747	)		(48,846	)		(4,521	)		(8,575	)
Capital share transactions:
Proceeds from shares sold		—			17,074			11,465			35,719			14,843			142,391
Dividends and distributions reinvested		3,125			4,476			21,747			48,846			4,521			8,575
Cost of shares redeemed		(12,773	)		(20,344	)		(345,143	)		(56,879	)		(19,997	)		(49,793	)
Net increase (decrease) in net assets resulting from capital shares transactions		(9,648	)		1,206			(311,931	)		27,686			(633	)		101,173
Net increase (decrease) in net assets		25,170			18,066			(264,860	)		234,884			36,466			177,822
Net assets:
Beginning of period/year		165,838			147,772			812,252			577,368			485,803			307,981
End of period/year	$	191,008		$	165,838		$	547,392		$	812,252		$	522,269		$	485,803
Undistributed net investment income	$	403		$	2,369		$	3,274		$	5,777		$	2,893		$	4,121
Share activity:
Shares issued		—			2,416			1,126			4,217			1,844			19,249
Shares issued-reinvested from distributions		356			643			2,166			6,195			575			1,441
Shares redeemed		(1,431	)		(2,638	)		(33,750	)		(7,306	)		(2,531	)		(8,229	)
Net increase (decrease) in shares outstanding		(1,075	)		421			(30,458	)		3,106			(112	)		12,461

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 109

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or year ended:
(all amounts in thousands)

	Transamerica Oppenheimer						Transamerica Oppenheimer Small-						Transamerica Schroders
	Developing Markets						& Mid-Cap Value						International Small Cap
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income (loss)	$	(218	)	$	2,854		$	288		$	977		$	2,215		$	2,592
Net realized gain (loss)(a)		3,443			(79,355	)		28,284			(44,827	)		10,531			(13,694	)
Change in unrealized appreciation (depreciation)(b)		68,880			254,179			23,393			107,779			28,637			92,601
Net increase in net assets resulting from operations		72,105			177,678			51,965			63,929			41,383			81,499
Distributions to shareholders:
From net investment income		(2,487	)		(6,340	)		(1,363	)		(701	)		(3,075	)		(1,875	)
From net realized gains		—			(57,434	)		—			—			—			—
Total distributions to shareholders		(2,487	)		(63,774	)		(1,363	)		(701	)		(3,075	)		(1,875	)
Capital share transactions:
Proceeds from shares sold		15,315			39,328			5,880			91,818			21,224			374,388
Dividends and distributions reinvested		2,487			63,774			1,363			701			3,075			1,875
Cost of shares redeemed		(29,946	)		(39,343	)		(13,504	)		(14,352	)		(14,498	)		(20,869	)
Net increase (decrease) in net assets resulting from capital shares transactions		(12,144	)		63,759			(6,261	)		78,167			9,801			355,394
Net increase in net assets		57,474			177,663			44,341			141,395			48,109			435,018
Net assets:
Beginning of period/year		495,636			317,973			269,281			127,886			543,673			108,655
End of period/year	$	553,110		$	495,636		$	313,622		$	269,281		$	591,782		$	543,673
Undistributed (accumulated) net investment income (loss)	$	(264	)	$	2,441		$	(286	)	$	789		$	2,110		$	2,970
Share activity:
Shares issued		1,384			4,766			642			16,552			2,480			50,555
Shares issued-reinvested from distributions		226			10,204			165			123			368			328
Shares redeemed		(2,718	)		(4,790	)		(1,598	)		(2,096	)		(1,708	)		(3,389	)
Net increase (decrease) in shares outstanding		(1,108	)		10,180			(791	)		14,579			1,140			47,494

							Transamerica Thornburg						Transamerica UBS Large Cap
	Transamerica Third Avenue Value						International Value						Value
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income (loss)	$	2,577		$	3,343		$	2,825		$	2,643		$	6,951		$	11,964
Net realized gain (loss)(a)		(336	)		(85,958	)		4,144			1,663			(21,295	)		(205,633	)
Change in unrealized appreciation (depreciation)(b)		57,545			127,228			26,917			64,297			153,591			234,116
Net increase in net assets resulting from operations		59,786			44,613			33,886			68,603			139,247			40,447
Distributions to shareholders:
From net investment income		(6,092	)		—			(3,506	)		—			(12,793	)		(16,273	)
From net realized gains		—			—			(1,786	)		(634	)		—			—
Total distributions to shareholders		(6,092	)		—			(5,292	)		(634	)		(12,793	)		(16,273	)
Capital share transactions:
Proceeds from shares sold		5,209			98,997			19,224			480,007			15,211			326,000
Dividends and distributions reinvested		6,092			—			5,292			634			12,793			16,273
Cost of shares redeemed		(16,718	)		(56,905	)		(20,602	)		(36,587	)		(21,744	)		(65,816	)
Net increase (decrease) in net assets resulting from capital shares transactions		(5,417	)		42,092			3,914			444,054			6,260			276,457
Net increase in net assets		48,277			86,705			32,508			512,023			132,714			300,631
Net assets:
Beginning of period/year		423,550			336,845			591,539			79,516			1,002,628			701,997
End of period/year	$	471,827		$	423,550		$	624,047		$	591,539		$	1,135,342		$	1,002,628
Undistributed (accumulated) net investment income (loss)	$	(294	)	$	3,221		$	1,683		$	2,364		$	3,631		$	9,473
Share activity:
Shares issued		260			6,775			1,900			55,369			1,639			38,667
Shares issued-reinvested from distributions		313			—			532			81			1,438			2,238
Shares redeemed		(849	)		(3,698	)		(2,093	)		(4,377	)		(2,397	)		(9,307	)
Net increase (decrease) in shares outstanding		(276	)		3,077			339			51,073			680			31,598

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 110

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or year ended:
(all amounts in thousands)

	Transamerica Van Kampen						Transamerica Van Kampen Mid-						Transamerica Van Kampen Small
	Emerging Markets Debt						Cap Growth						Company Growth
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income (loss)	$	11,636		$	23,272		$	329		$	(91	)	$	(241	)	$	(151	)
Net realized gain (loss)(a)		12,188			(17,390	)		964			1,465			402			(3,627	)
Change in unrealized appreciation (depreciation)(b)		1,109			101,754			54,423			51,429			22,013			22,009
Net increase in net assets resulting from operations		24,933			107,636			55,716			52,803			22,174			18,231
Distributions to shareholders:
From net investment income		(10,920	)		(20,808	)		(440	)		(121	)		—			(1,228	)
From return of capital		—			—			—			—			—			(126	)
Total distributions to shareholders		(10,920	)		(20,808	)		(440	)		(121	)		—			(1,354	)
Capital share transactions:
Proceeds from shares sold		397			1,678			20,260			106,246			16,424			65,454
Dividends and distributions reinvested		10,920			20,808			440			121			—			1,354
Cost of shares redeemed		(77,453	)		(47,046	)		(18,633	)		(978	)		(1,569	)		(15,010	)
Net increase (decrease) in net assets resulting from capital shares transactions		(66,136	)		(24,560	)		2,067			105,389			14,855			51,798
Net increase (decrease) in net assets		(52,123	)		62,268			57,343			158,071			37,029			68,675
Net assets:
Beginning of period/year		382,618			320,350			256,212			98,141			129,889			61,214
End of period/year	$	330,495		$	382,618		$	313,555		$	256,212		$	166,918		$	129,889
Undistributed (accumulated) net investment income (loss)	$	1,706		$	990		$	(110	)	$	1		$	(266	)	$	(25	)
Share activity:
Shares issued		38			179			1,920			13,628			1,678			8,645
Shares issued-reinvested from distributions		1,050			2,409			42			18			—			203
Shares redeemed		(7,446	)		(5,349	)		(1,818	)		(106	)		(158	)		(2,401	)
Net increase (decrease) in shares outstanding		(6,358	)		(2,761	)		144			13,540			1,520			6,447
							��
	Transamerica WMC Emerging
	Markets
	April 30, 2010
	(unaudited)			October 31, 2009
From operations:
Net investment income (loss)	$	204		$	977
Net realized gain (loss)(a)		15,226			4,217
Change in unrealized appreciation (depreciation)(b)		7,538			44,995
Net increase in net assets resulting from operations		22,968			50,189
Distributions to shareholders:
From net investment income		(956	)		—
From net realized gains		(3,430	)		—
Total distributions to shareholders		(4,386	)		—
Capital share transactions:
Proceeds from shares sold		86,491			56,923
Dividends and distributions reinvested		4,386			—
Cost of shares redeemed		(2,655	)		(4,647	)
Net increase in net assets resulting from capital shares transactions		88,222			52,276
Net increase in net assets		106,804			102,465
Net assets:
Beginning of period/year		178,592			76,127
End of period/year	$	285,396		$	178,592
Undistributed (accumulated) net investment income (loss)	$	(444	)	$	308
Share activity:
Shares issued		6,775			5,415
Shares issued-reinvested from distributions		346			—
Shares redeemed		(209	)		(542	)
Net increase in shares outstanding		6,912			4,873

(a)	Net realized gain (loss) includes investment securities, futures contracts, written options and swaptions, securities sold short, swaps, and foreign currency transactions.
(b)	Change in unrealized appreciation (depreciation) includes investment securities, futures contracts, written options and swaptions, securities sold short, swaps, and foreign currency translation.
(c)	Commenced operations on July 1, 2009.
(d)	Formerly, Transamerica UBS Dynamic Alpha.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 111

FINANCIAL HIGHLIGHTS

For the period or years ended:

	Transamerica AllianceBernstein International Value
	April 30, 2010												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			2006(a)
Net asset value
Beginning of period/year	$	7.79		$	6.61		$	14.88		$	12.35		$	10.00
Investment operations
Net investment income(b)		0.05			0.16			0.30			0.25			0.20
Net realized and unrealized gain (loss) on investments		0.03			1.37			(7.43	)		2.65			2.16
Total from investment operations		0.08			1.53			(7.13	)		2.90			2.36
Distributions
Net investment income		(0.16	)		(0.35	)		(0.21	)		(0.15	)		(0.01	)
Net realized gains on investments		—			—			(0.93	)		(0.22	)		—
Total distributions		(0.16	)		(0.35	)		(1.14	)		(0.37	)		(0.01	)
Net asset value
End of period/year	$	7.71		$	7.79		$	6.61		$	14.88		$	12.35
Total return(c)		0.90	%(d)		24.32	%		(51.72	%)		23.99	%		23.67	%(d)
Net assets end of period/year	$	337,525		$	316,068		$	248,337		$	519,217		$	376,531
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.95	%(e)		0.97	%		0.94	%		0.93	%		0.99	%(e)
Before reimbursement/recapture		0.95	%(e)		0.97	%		0.94	%		0.93	%		0.99	%(e)
Net investment income, to average net assets		1.26	%(e)		2.39	%		2.71	%		1.82	%		1.91	%(e)
Portfolio turnover rate		30	%(d)		59	%		33	%		36	%		22	%(d)
	Transamerica BlackRock Global Allocation
	April 30, 2010												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			2006(a)
Net asset value
Beginning of period/year	$	9.99		$	9.32		$	13.23		$	11.23		$	10.00
Investment operations
Net investment income(b)		0.11			0.19			0.27			0.24			0.19
Net realized and unrealized gain (loss) on investments		0.60			1.55			(3.25	)		2.15			1.06
Total from investment operations		0.71			1.74			(2.98	)		2.39			1.25
Distributions
Net investment income		(0.21	)		(0.55	)		(0.35	)		(0.20	)		(0.02	)
Net realized gains on investments		—			(0.52	)		(0.58	)		(0.19	)		—
Total distributions		(0.21	)		(1.07	)		(0.93	)		(0.39	)		(0.02	)
Net asset value
End of period/year	$	10.49		$	9.99		$	9.32		$	13.23		$	11.23
Total return(c)		7.11	%(d)		20.57	%		(24.23	%)		21.95	%		12.45	%(d)
Net assets end of period/year	$	473,106		$	448,979		$	377,781		$	520,484		$	490,941
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.86	%(e)		0.90	%		0.88	%		0.85	%		0.90	%(e)
Before reimbursement/recapture		0.86	%(e)		0.90	%		0.88	%		0.85	%		0.90	%(e)
Net investment income, to average net assets		2.08	%(e)		2.08	%		2.25	%		2.04	%		2.02	%(e)
Portfolio turnover rate		25	%(d)		43	%		49	%		30	%		31	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 112

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica BlackRock Large Cap Value
	April 30, 2010												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			2006(f)
Net asset value
Beginning of period/year	$	7.81		$	7.61		$	13.08		$	12.15		$	10.47
Investment operations
Net investment income(b)		0.06			0.13			0.13			0.12			0.07
Net realized and unrealized gain (loss) on investments		0.98			0.20			(4.78	)		1.27			1.64
Total from investment operations		1.04			0.33			(4.65	)		1.39			1.71
Distributions
Net investment income		(0.11	)		(0.13	)		(0.09	)		(0.09	)		(0.03	)
Net realized gains on investments		—			—			(0.73	)		(0.37	)		—
Total distributions		(0.11	)		(0.13	)		(0.82	)		(0.46	)		(0.03	)
Net asset value
End of period/year	$	8.74		$	7.81		$	7.61		$	13.08		$	12.15
Total return(c)		13.34	%(d)		4.50	%		(37.76	%)		11.80	%		16.36	%(d)
Net assets end of period/year	$	729,640		$	633,675		$	461,816		$	610,135		$	506,529
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.82	%(e)		0.83	%		0.83	%		0.84	%		0.84	%(e)
Before reimbursement/recapture		0.82	%(e)		0.83	%		0.83	%		0.84	%		0.84	%(e)
Net investment income, to average net assets		1.34	%(e)		1.87	%		1.21	%		0.96	%		0.62	%(e)
Portfolio turnover rate		47	%(d)		130	%		71	%		69	%		56	%(d)
	Transamerica BlackRock Natural Resources
	April 30, 2010									October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			2007(g)
Net asset value
Beginning of period/year	$	10.03		$	8.11		$	14.11		$	10.00
Investment operations
Net investment income(b)		0.01			0.05			0.03			0.04
Net realized and unrealized gain (loss) on investments		0.93			1.91			(5.85	)		4.07
Total from investment operations		0.94			1.96			(5.82	)		4.11
Distributions
Net investment income		(0.05	)		(0.04	)		(0.03	)		—
Net realized gains on investments		—			—	(h)		(0.15	)		—
Total distributions		(0.05	)		(0.04	)		(0.18	)		—
Net asset value
End of period/year	$	10.92		$	10.03		$	8.11		$	14.11
Total return(c)		9.40	%(d)		24.41	%		(41.77	%)		41.10	%(d)
Net assets end of period/year	$	150,200		$	121,342		$	87,252		$	156,779
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.87	%(e)		0.89	%		0.86	%		0.89	%(e)
Before reimbursement/recapture		0.87	%(e)		0.89	%		0.86	%		0.89	%(e)
Net investment income, to average net assets		0.20	%(e)		0.63	%		0.21	%		0.39	%(e)
Portfolio turnover rate		1	%(d)		5	%		4	%		7	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 113

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica BNY Mellon Market Neutral Strategy
	April 30, 2010									October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			2007(g)
Net asset value
Beginning of period/year	$	8.43		$	9.51		$	9.78		$	10.00
Investment operations
Net investment income (loss)(b)		(0.07	)		(0.17	)		0.10			0.23
Net realized and unrealized gain (loss) on investments		(0.06	)		(0.80	)		0.20			(0.45	)
Total from investment operations		(0.13	)		(0.97	)		0.30			0.22
Distributions
Net investment income		—			—			(0.57	)		—
Return of capital		—			(0.11	)		—			—
Total distributions		—			(0.11	)		(0.57	)		—
Net asset value
End of period/year	$	8.30		$	8.43		$	9.51		$	9.78
Total return(c)		(1.54	%)(d)		(10.27	%)		3.30	%		(2.20	%)(d)
Net assets end of period/year	$	102,015		$	86,682		$	121,348		$	112,394
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		2.84	%(e),(i)		3.61	%(i)		2.79	%(i)		3.05	%(e),(i)
Before reimbursement/recapture		2.84	%(e),(i)		3.61	%(i)		2.79	%(i)		3.05	%(e),(i)
Net investment income (loss), to average net assets		(1.58	%)(e),(i)		(1.87	%)(i)		1.05	%(i)		2.77	%(e),(i)
Portfolio turnover rate		177	%(d)		463	%		192	%		119	%(d)
	Transamerica Federated Market Opportunity
	April 30, 2010												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			2006(a)
Net asset value
Beginning of period/year	$	8.99		$	8.56		$	9.33		$	9.71		$	10.00
Investment operations
Net investment income(b)		0.05			0.05			0.11			0.24			0.27
Net realized and unrealized gain (loss) on investments		(0.43	)		1.03			(0.77	)		(0.34	)		(0.30	)
Total from investment operations		(0.38	)		1.08			(0.66	)		(0.10	)		(0.03	)
Distributions
Net investment income		(0.04	)		(0.01	)		(0.11	)		(0.28	)		(0.26	)
Net realized gains on investments		—			(0.49	)		—			—			—
Return of capital		—			(0.15	)		—			—			—
Total distributions		(0.04	)		(0.65	)		(0.11	)		(0.28	)		(0.26	)
Net asset value
End of period/year	$	8.57		$	8.99		$	8.56		$	9.33		$	9.71
Total return(c)		(4.25	%)(d)		13.01	%		(7.16	%)		(1.03	%)		(0.35	%)(d)
Net assets end of period/year	$	92,388		$	85,562		$	74,480		$	53,747		$	83,188
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.87	%(e)		0.89	%		0.88	%		0.93	%		0.88	%(e)
Before reimbursement/recapture		0.87	%(e)		0.89	%		0.88	%		0.93	%		0.88	%(e)
Net investment income, to average net assets		1.14	%(e)		0.56	%		1.13	%		2.49	%		2.97	%(e)
Portfolio turnover rate		80	%(d)		180	%		195	%		97	%		72	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 114

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

													Transamerica JPMorgan Core
	Transamerica First Quadrant Global Macro												Bond
	April 30, 2010									October 31,			April 30, 2010			October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			2007(g)			(unaudited)			2009(j)
Net asset value
Beginning of period/year	$	6.08		$	8.60		$	9.83		$	10.00		$	10.08		$	10.00
Investment operations
Net investment income (loss)(b)		(0.04	)		0.02			0.18			0.09			0.10			0.07
Net realized and unrealized gain (loss) on investments		0.07			(0.04	)		(1.30	)		(0.26	)		0.12			0.06
Total from investment operations		0.03			(0.02	)		(1.12	)		(0.17	)		0.22			0.13
Distributions
Net investment income		—			(0.03	)		(0.11	)		—			(0.17	)		(0.05	)
Net realized gains on investments		—			(2.40	)		—			—			—			—
Return of capital		—			(0.07	)		—			—			—			—
Total distributions		—			(2.50	)		(0.11	)		—			(0.17	)		(0.05	)
Net asset value
End of period/year	$	6.11		$	6.08		$	8.60		$	9.83		$	10.13		$	10.08
Total return(c)		0.49	%(d)		5.34	%		(11.55	%)		(1.70	%)(d)		3.56	%(d)		1.34	%(d)
Net assets end of period/year	$	114,895		$	107,017		$	165,567		$	209,382		$	696,653		$	215,816
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.54	%(e)		1.58	%		1.51	%		1.51	%(e)		0.49	%(e)		0.55	%(e)
Before reimbursement/recapture		1.54	%(e)		1.58	%		1.51	%		1.51	%(e)		0.49	%(e)		0.55	%(e)
Net investment income (loss), to average net assets		(1.45	%)(e)		0.32	%		1.81	%		1.16	%(e)		2.02	%(e)		2.15	%(e)
Portfolio turnover rate		—	%(d)(r)		358	%		84	%		45	%(d)		9	%(d)		3	%(d)
	Transamerica JPMorgan International Bond
	April 30, 2010												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			2006(a)
Net asset value
Beginning of period/year	$	11.64		$	10.56		$	11.00		$	10.51		$	10.00
Investment operations
Net investment income(b)		0.13			0.26			0.29			0.28			0.22
Net realized and unrealized gain (loss) on investments		(0.59	)		1.59			(0.29	)		0.59			0.49
Total from investment operations		(0.46	)		1.85			—	(h)		0.87			0.71
Distributions
Net investment income		(0.27	)		(0.68	)		(0.44	)		(0.38	)		(0.20	)
Net realized gains on investments		(0.12	)		(0.09	)		—			—			—
Total distributions		(0.39	)		(0.77	)		(0.44	)		(0.38	)		(0.20	)
Net asset value
End of period/year	$	10.79		$	11.64		$	10.56		$	11.00		$	10.51
Total return(c)		(4.10	%)(d)		17.90	%		(0.14	%)		8.55	%		7.12	%(d)
Net assets end of period/year	$	698,646		$	732,964		$	699,078		$	761,827		$	682,254
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.59	%(e)		0.60	%		0.61	%		0.61	%		0.64	%(e)
Before reimbursement/recapture		0.59	%(e)		0.60	%		0.61	%		0.61	%		0.64	%(e)
Net investment income, to average net assets		2.24	%(e)		2.38	%		2.55	%		2.68	%		2.34	%(e)
Portfolio turnover rate		35	%(d)		53	%		74	%		86	%		145	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 115

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

				Transamerica JPMorgan Mid Cap Value
	April 30, 2010												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			2006(f)
Net asset value
Beginning of period/year	$	8.28		$	7.54		$	12.32		$	11.67		$	10.09
Investment operations
Net investment income(b)		0.06			0.15			0.13			0.13			0.11
Net realized and unrealized gain (loss) on investments		1.90			0.82			(4.20	)		1.13			1.57
Total from investment operations		1.96			0.97			(4.07	)		1.26			1.68
Distributions
Net investment income		(0.16	)		(0.17	)		(0.10	)		(0.11	)		(0.05	)
Net realized gains on investments		—			(0.06	)		(0.61	)		(0.50	)		(0.05	)
Total distributions		(0.16	)		(0.23	)		(0.71	)		(0.61	)		(0.10	)
Net asset value
End of period/year	$	10.08		$	8.28		$	7.54		$	12.32		$	11.67
Total return(c)		23.97	%(d)		13.39	%		(34.92	%)		11.07	%		16.71	%(d)
Net assets end of period/year	$	191,008		$	165,838		$	147,772		$	270,661		$	245,188
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.88	%(e)		0.90	%		0.87	%		0.87	%		0.88	%(e)
Before reimbursement/recapture		0.88	%(e)		0.90	%		0.87	%		0.87	%		0.88	%(e)
Net investment income, to average net assets		1.32	%(e)		2.05	%		1.22	%		0.98	%		1.10	%(e)
Portfolio turnover rate		15	%(d)		43	%		45	%		50	%		46	%(d)
	Transamerica Loomis Sayles Bond
	April 30, 2010									October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			2007(g)
Net asset value
Beginning of period/year	$	9.93		$	7.34		$	10.19		$	10.00
Investment operations
Net investment income(b)		0.28			0.60			0.60			0.45
Net realized and unrealized gain (loss) on investments		0.76			2.61			(2.88	)		(0.01	)
Total from investment operations		1.04			3.21			(2.28	)		0.44
Distributions
Net investment income		(0.30	)		(0.57	)		(0.57	)		(0.25	)
Net realized gains on investments		—			(0.05	)		—			—
Total distributions		(0.30	)		(0.62	)		(0.57	)		(0.25	)
Net asset value
End of period/year	$	10.67		$	9.93		$	7.34		$	10.19
Total return(c)		10.61	%(d)		46.27	%		(23.56	%)		4.50	%(d)
Net assets end of period/year	$	547,392		$	812,252		$	577,368		$	513,249
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.69	%(e)		0.69	%		0.69	%		0.73	%(e)
Before reimbursement/recapture		0.69	%(e)		0.69	%		0.69	%		0.73	%(e)
Net investment income, to average net assets		5.63	%(e)		7.22	%		6.34	%		5.42	%(e)
Portfolio turnover rate		39	%(d)		42	%		24	%		18	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 116

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Neuberger Berman International
	April 30, 2010												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			2006(a)
Net asset value
Beginning of period/year	$	7.57		$	5.95		$	13.55		$	11.74		$	10.00
Investment operations
Net investment income(b)		0.05			0.10			0.19			0.15			0.12
Net realized and unrealized gain (loss) on investments		0.60			1.69			(6.63	)		2.37			1.64
Total from investment operations		0.65			1.79			(6.44	)		2.52			1.76
Distributions
Net investment income		(0.07	)		(0.17	)		(0.13	)		(0.13	)		(0.02	)
Net realized gains on investments		—			—			(1.03	)		(0.58	)		—
Total distributions		(0.07	)		(0.17	)		(1.16	)		(0.71	)		(0.02	)
Net asset value
End of period/year	$	8.15		$	7.57		$	5.95		$	13.55		$	11.74
Total return(c)		8.63	%(d)		30.83	%		(51.66	%)		22.37	%		17.61	%(d)
Net assets end of period/year	$	522,269		$	485,803		$	307,981		$	596,488		$	459,996
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.05	%(e)		1.09	%		1.06	%		1.06	%		1.07	%(e)
Before reimbursement/recapture		1.05	%(e)		1.09	%		1.06	%		1.06	%		1.07	%(e)
Net investment income, to average net assets		1.31	%(e)		1.62	%		1.87	%		1.21	%		1.21	%(e)
Portfolio turnover rate		29	%(d)		75	%		72	%		57	%		52	%(d)
	Transamerica Oppenheimer Developing Markets
	April 30, 2010												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			2006(a)
Net asset value
Beginning of period/year	$	10.12		$	8.20		$	17.07		$	11.41		$	10.00
Investment operations
Net investment income(b)		—	(h)		0.06			0.19			0.12			0.09
Net realized and unrealized gain (loss) on investments		1.48			3.51			(7.65	)		5.99			1.37
Total from investment operations		1.48			3.57			(7.46	)		6.11			1.46
Distributions
Net investment income		(0.05	)		(0.16	)		(0.09	)		(0.06	)		(0.05	)
Net realized gains on investments		—			(1.49	)		(1.32	)		(0.39	)		—
Total distributions		(0.05	)		(1.65	)		(1.41	)		(0.45	)		(0.05	)
Net asset value
End of period/year	$	11.55		$	10.12		$	8.20		$	17.07		$	11.41
Total return(c)		14.66	%(d)		56.01	%		(47.48	%)		55.27	%		14.64	%(d)
Net assets end of period/year	$	553,110		$	495,636		$	317,973		$	674,561		$	362,080
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.29	%(e)		1.35	%		1.32	%		1.34	%		1.45	%(e)
Before reimbursement/recapture		1.29	%(e)		1.35	%		1.32	%		1.34	%		1.45	%(e)
Net investment income (loss), to average net assets		(0.08	%)(e)		0.77	%		1.42	%		0.87	%		0.89	%(e)
Portfolio turnover rate		21	%(d)		50	%		67	%		59	%		77	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 117

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Oppenheimer Small- & Mid-Cap Value
	April 30, 2010												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			2006(k)
Net asset value
Beginning of period/year	$	7.72		$	6.30		$	13.18		$	10.94		$	10.00
Investment operations
Net investment income(b)		0.01			0.03			0.04			—			0.02
Net realized and unrealized gain (loss) on investments		1.51			1.41			(5.98	)		2.44			0.92
Total from investment operations		1.52			1.44			(5.94	)		2.44			0.94
Distributions
Net investment income		(0.04	)		(0.02	)		—	(h)		(0.02	)		—
Net realized gains on investments		—			—			(0.94	)		(0.18	)		—
Total distributions		(0.04	)		(0.02	)		(0.94	)		(0.20	)		—
Net asset value
End of period/year	$	9.20		$	7.72		$	6.30		$	13.18		$	10.94
Total return(c)		19.74	%(d)		22.99	%		(48.36	%)		22.57	%		9.40	%(d)
Net assets end of period/year	$	313,622		$	269,281		$	127,886		$	183,126		$	91,899
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.96	%(e)		0.98	%		1.00	%		1.03	%(*)		1.15	%(e)
Before reimbursement/recapture		0.96	%(e)		0.98	%		1.00	%		1.03	%(*)		1.22	%(e)
Net investment income, to average net assets		0.20	%(e)		0.43	%		0.34	%		—	%		0.74	%(e)
Portfolio turnover rate		41	%(d)		110	%		102	%		118	%		33	%(d)
	Transamerica Schroders International Small Cap
	April 30, 2010						October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			2008(l)
Net asset value
Beginning of period/year	$	8.22		$	5.82		$	10.00
Investment operations
Net investment income(b)		0.03			0.08			0.12
Net realized and unrealized gain (loss) on investments		0.59			2.41			(4.30	)
Total from investment operations		0.62			2.49			(4.18	)
Distributions
Net investment income		(0.05	)		(0.09	)		—
Total distributions		(0.05	)		(0.09	)		—
Net asset value
End of period/year	$	8.79		$	8.22		$	5.82
Total return(c)		7.52	%(d)		43.56	%		(41.80	%)(d)
Net assets end of period/year	$	591,782		$	543,673		$	108,655
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.13	%(e)		1.23	%		1.27	%(e)
Before reimbursement/recapture		1.13	%(e)		1.21	%		1.30	%(e)
Net investment income, to average net assets		0.78	%(e)		1.23	%		1.96	%(e)
Portfolio turnover rate		29	%(d)		46	%		14	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 118

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Third Avenue Value
	April 30, 2010									October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			2007(m)
Net asset value
Beginning of period/year	$	18.44		$	16.93		$	28.93		$	28.01
Investment operations
Net investment income(b)		0.11			0.15			0.24			0.14
Net realized and unrealized gain (loss) on investments		2.51			1.36			(11.45	)		0.78
Total from investment operations		2.62			1.51			(11.21	)		0.92
Distributions
Net investment income		(0.27	)		—			(0.42	)		—
Net realized gains on investments		—			—			(0.37	)		—
Total distributions		(0.27	)		—			(0.79	)		—
Net asset value
End of period/year	$	20.79		$	18.44		$	16.93		$	28.93
Total return(c)		14.30	%(d)		8.92	%		(39.75	%)		3.28	%(d)
Net assets end of period/year	$	471,827		$	423,550		$	336,845		$	678,578
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.86	%(e)		0.87	%		0.86	%		0.86	%(e)
Before reimbursement/recapture		0.86	%(e)		0.87	%		0.86	%		0.86	%(e)
Net investment income, to average net assets		1.15	%(e)		0.91	%		1.00	%		0.98	%(e)
Portfolio turnover rate		4	%(d)		11	%		29	%		11	%(d)
	Transamerica Thornburg International Value
	April 30, 2010						October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			2008(n)
Net asset value
Beginning of period/year	$	9.69		$	7.98		$	10.00
Investment operations
Net investment income(b)		0.05			0.10			—	(h)
Net realized and unrealized gain (loss) on investments		0.52			1.66			(2.02	)
Total from investment operations		0.57			1.76			(2.02	)
Distributions
Net investment income		(0.06	)		—			—
Net realized gains on investments		(0.03	)		(0.05	)		—
Total distributions		(0.09	)		(0.05	)		—
Net asset value
End of period/year	$	10.17		$	9.69		$	7.98
Total return(c)		5.86	%(d)		22.21	%		(20.20	%)(d)
Net assets end of period/year	$	624,047		$	591,539		$	79,516
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.07	%(e)		1.17	%		1.35	%(e)
Before reimbursement/recapture		1.07	%(e)		1.15	%		1.76	%(e)
Net investment income (loss), to average net assets		0.92	%(e)		1.14	%		(0.18	%)(e)
Portfolio turnover rate		18	%(d)		39	%		5	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 119

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica UBS Large Cap Value
	April 30, 2010															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			October 31, 2006			2005(o)
Net asset value
Beginning of period/year	$	8.44		$	8.05		$	13.79		$	12.73		$	10.95		$	10.00
Investment operations
Net investment income(b)		0.06			0.14			0.21			0.19			0.14			0.12
Net realized and unrealized gain (loss) on investments		1.11			0.44			(5.64	)		1.36			1.92			0.84
Total from investment operations		1.17			0.58			(5.43	)		1.55			2.06			0.96
Distributions
Net investment income		(0.11	)		(0.19	)		(0.15	)		(0.13	)		(0.10	)		(0.01	)
Net realized gains on investments		—			—			(0.16	)		(0.36	)		(0.18	)		—
Total distributions		(0.11	)		(0.19	)		(0.31	)		(0.49	)		(0.28	)		(0.01	)
Net asset value
End of period/year	$	9.50		$	8.44		$	8.05		$	13.79		$	12.73		$	10.95
Total return(c)		13.93	%(d)		7.56	%		(40.19	%)		12.48	%		19.19	%		9.60	%(d)
Net assets end of period/year	$	1,135,342		$	1,002,628		$	701,997		$	880,922		$	226,782		$	94,135
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.78	%(e)		0.81	%		0.80	%		0.81	%		0.88	%		0.92	%(e)
Before reimbursement/recapture		0.78	%(e)		0.81	%		0.80	%		0.81	%		0.88	%		0.92	%(e)
Net investment income, to average net assets		1.30	%(e)		1.80	%		1.86	%		1.41	%		1.21	%		1.14	%(e)
Portfolio turnover rate		22	%(d)		66	%		47	%		27	%		32	%		43	%(d)
	Transamerica Van Kampen Emerging Markets Debt
	April 30, 2010															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			October 31, 2006			2005(o)
Net asset value
Beginning of period/year	$	10.23		$	7.98		$	11.23		$	10.91		$	10.45		$	10.00
Investment operations
Net investment income(b)		0.33			0.60			0.61			0.59			0.55			0.49
Net realized and unrealized gain (loss) on investments		0.40			2.18			(2.72	)		0.46			0.52			0.45
Total from investment operations		0.73			2.78			(2.11	)		1.05			1.07			0.94
Distributions
Net investment income		(0.31	)		(0.53	)		(0.79	)		(0.63	)		(0.54	)		(0.49	)
Net realized gains on investments		—			—			(0.35	)		(0.10	)		(0.07	)		—
Total distributions		(0.31	)		(0.53	)		(1.14	)		(0.73	)		(0.61	)		(0.49	)
Net asset value
End of period/year	$	10.65		$	10.23		$	7.98		$	11.23		$	10.91		$	10.45
Total return(c)		7.26	%(d)		36.29	%		(20.81	%)		9.94	%		10.61	%		9.36	%(d)
Net assets end of period/year	$	330,495		$	382,618		$	320,350		$	317,328		$	425,726		$	136,022
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.98	%(e)		0.98	%		0.98	%		1.03	%		1.03	%		1.07	%(e)
Before reimbursement/recapture		0.98	%(e)		0.98	%		0.98	%		1.03	%		1.03	%		1.07	%(e)
Net investment income, to average net assets		6.43	%(e)		6.67	%		5.92	%		5.36	%		5.24	%		4.91	%(e)
Portfolio turnover rate		45	%(d)		118	%		81	%		79	%		79	%		67	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 120

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Van Kampen Mid-Cap Growth
	April 30, 2010												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			2006(q)
Net asset value
Beginning of period/year	$	9.58		$	7.42		$	14.16		$	10.33		$	10.00
Investment operations
Net investment income(b)		0.01			—	(h)		0.02			0.04			0.01
Net realized and unrealized gain (loss) on investments		2.09			2.17			(5.90	)		3.81			0.32
Total from investment operations		2.10			2.17			(5.88	)		3.85			0.33
Distributions
Net investment income		(0.02	)		(0.01	)		(0.02	)		(0.02	)		—
Net realized gains on investments		—			—			(0.84	)		—			—
Total distributions		(0.02	)		(0.01	)		(0.86	)		(0.02	)		—
Net asset value
End of period/year	$	11.66		$	9.58		$	7.42		$	14.16		$	10.33
Total return(c)		21.90	%(d)		29.29	%		(43.99	%)		37.32	%		3.30	%(d)
Net assets end of period/year	$	313,555		$	256,212		$	98,141		$	125,380		$	75,092
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.86	%(e)		0.88	%		0.87	%		0.90	%		0.92	%(e)
Before reimbursement/recapture		0.86	%(e)		0.88	%		0.87	%		0.90	%		0.92	%(e)
Net investment income (loss), to average net assets		0.23	%(e)		(0.06	%)		0.19	%		0.32	%		0.11	%(e)
Portfolio turnover rate		9	%(d)		38	%		40	%		74	%		50	%(d)
	Transamerica Van Kampen Small Company Growth
	April 30, 2010															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			October 31, 2008			October 31, 2007			October 31, 2006			2005(o)
Net asset value
Beginning of period/year	$	8.82		$	7.39		$	14.14		$	12.78		$	11.29		$	10.00
Investment operations
Net investment income (loss)(b)		(0.02	)		(0.02	)		0.10			0.02			(0.02	)		0.01
Net realized and unrealized gain (loss) on investments		1.48			1.62			(5.50	)		1.81			1.69			1.28
Total from investment operations		1.46			1.60			(5.40	)		1.83			1.67			1.29
Distributions
Net investment income		—			(0.15	)		(0.02	)		—			(0.01	)		—
Net realized gains on investments		—			—			(1.33	)		(0.47	)		(0.17	)		—
Return of capital		—			(0.02	)		—			—			—			—
Total distributions		—			(0.17	)		(1.35	)		(0.47	)		(0.18	)		—
Net asset value
End of period/year	$	10.28		$	8.82		$	7.39		$	14.14		$	12.78		$	11.29
Total return(c)		16.55	%(d)		22.43	%		(41.72	%)		14.75	%		14.92	%		12.80	%(d)
Net assets end of period/year	$	166,918		$	129,889		$	61,214		$	188,347		$	301,649		$	86,432
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.01	%(e)		1.04	%		1.02	%		1.01	%		1.01	%		1.07	%(e)
Before reimbursement/recapture		1.01	%(e)		1.04	%		1.02	%		1.01	%		1.01	%		1.07	%(e)
Net investment income (loss), to average net assets		(0.32	%)(e)		(0.19	%)		0.89	%		0.13	%		(0.19	%)		0.06	%(e)
Portfolio turnover rate		5	%(d)		40	%		44	%		71	%		67	%		75	%(d)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 121

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica WMC Emerging Markets
	April 30, 2010						October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2009			2008(p)
Net asset value
Beginning of period/year	$	12.06		$	7.66		$	10.00
Investment operations
Net investment income(b)		0.01			0.09			—	(h)
Net realized and unrealized gain (loss) on investments		1.36			4.31			(2.34	)
Total from investment operations		1.37			4.40			(2.34	)
Distributions
Net investment income		(0.06	)		—			—
Net realized gains on investments		(0.23	)		—			—
Total distributions		(0.29	)		—			—
Net asset value
End of period/year	$	13.14		$	12.06		$	7.66
Total return(c)		11.41	%(d)		57.44	%		(23.40	%)(d)
Net assets end of period/year	$	285,396		$	178,592		$	76,127
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.40	%(e)		1.40	%		1.40	%(e)
Before reimbursement/recapture		1.37	%(e)		1.43	%		2.26	%(e)
Net investment income, to average net assets		0.18	%(e)		0.89	%		0.15	%(e)
Portfolio turnover rate		67	%(d)		141	%		10	%(d)

(a)	Commenced operations on December 6, 2005.
(b)	Calculated based on average number of shares outstanding.
(c)	Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.
(d)	Not annualized.
(e)	Annualized.
(f)	Commenced operations on November 15, 2005.
(g)	Commenced operations on January 3, 2007.
(h)	Rounds to less than $(0.01) or $0.01.
(i)	Includes dividends and interest on securities sold short (representing 1.33%, 2.09%, 1.30%, and 1.56% of Average Net Assets for 2010, 2009, 2008 and 2007, respectively).
(j)	Commenced operations on July 1, 2009.
(k)	Commenced operations on August 1, 2006.
(l)	Commenced operations on March 1, 2008.
(m)	Commenced operations on May 1, 2007.
(n)	Commenced operations on September 15, 2008.
(o)	Commenced operations on November 8, 2004.
(p)	Commenced operations on September 30, 2008.
(q)	Commenced operations on January 3, 2006.
(r)	Amount rounds to less than 0.01%.
(*)	Includes recaptured expenses by the investment adviser. The impact of recaptured expenses was 0.01% (see Note 2).

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

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Understanding Your Funds’ Expenses
(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees, dividend expense on short-sales, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at November 1, 2009 and held for the entire period until April 30, 2010.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” 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 EXAMPLES FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the funds’ actual expense ratios and an assumed rate 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 the funds 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. 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. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the advisory and administrative fees, such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Fund Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio
Transamerica Clarion Global Real Estate Securities	$	1,000.00	$	1,121.60	$	4.79	$	1,020.28	$	4.56		0.91	%
Transamerica Jennison Growth		1,000.00		1,135.00		4.23		1,020.83		4.01		0.80
Transamerica MFS International Equity		1,000.00		1,061.80		4.96		1,019.98		4.86		0.97
Transamerica PIMCO Real Return TIPS		1,000.00		1,042.90		3.65		1,021.22		3.61		0.72
Transamerica PIMCO Total Return		1,000.00		1,043.60		3.75		1,021.12		3.71		0.74

(a)	Expenses are calculated using the 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 (181 days), and divided by the number of days in the year (365 days).
(b)	5% return per year before expenses.

Transamerica Funds Semi-Annual Report 2010

Page 123

Schedules of Investments Composition

At April 30, 2010
(The following charts summarize the Schedules of Investments of the funds by asset type)
(unaudited)

Transamerica Clarion Global Real Estate Securities
Common Stocks	97.5	%
Securities Lending Collateral	12.6
Repurchase Agreement	1.9
Investment Company	0.1
Warrant	0.0	*
Other Assets and Liabilities — Net	(12.1	)
Total	100.0	%
Transamerica Jennison Growth
Common Stocks	98.2	%
Repurchase Agreement	2.5
Securities Lending Collateral	0.3
Other Assets and Liabilities — Net	(1.0	)
Total	100.0	%
Transamerica MFS International Equity
Common Stocks	97.9	%
Securities Lending Collateral	21.5
Repurchase Agreement	1.6
Other Assets and Liabilities — Net	(21.0	)
Total	100.0	%
Transamerica PIMCO Real Return TIPS
U.S. Government Obligations	97.6	%
Corporate Debt Securities	10.0
Foreign Government Obligations	4.1
Mortgage-Backed Securities	1.5
Certificate of Deposit	1.1
U.S. Government Agency Obligations	0.3
Asset-Backed Securities	0.3
Securities Lending Collateral	0.3
Preferred Corporate Debt Security	0.1
Municipal Government Obligations	0.1
Loan Assignment	0.1
Convertible Preferred Stock	0.0	*
Other Assets and Liabilities — Net (a)	(15.5	)
Total	100.0	%
Transamerica PIMCO Total Return
U.S. Government Obligations	26.6	%
U.S. Government Agency Obligations	23.4
Corporate Debt Securities	19.9
Mortgage-Backed Securities	8.1
Municipal Government Obligations	6.5
Short-Term U.S. Government Obligations	5.2
Foreign Government Obligations	5.1
Asset-Backed Securities	2.6
Repurchase Agreement	0.7
Preferred Corporate Debt Securities	0.6
Securities Lending Collateral	0.4
Loan Assignments	0.4
Convertible Preferred Stocks	0.3
Preferred Stocks	0.2
Other Assets and Liabilities — Net (a)	0.0	*
Total	100.0	%

(a)	The Other Assets and Liabilities — Net category may include, but is not limited to, Forward Currencies Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, and Securities Sold Short.
*	Amount rounds to less than 0.1%.

Transamerica Funds Semi-Annual Report 2010

Page 124

Transamerica Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 97.5%
Australia - 9.8%
CFS Retail Property Trust REIT ^		683,800	$	1,206
Dexus Property Group REIT		5,173,098		3,837
Goodman Group REIT		8,615,155		5,601
GPT Group REIT		5,270,868		2,816
ING Office Fund ^		5,098,000		2,861
Lend Lease Corp., Ltd.		278,113		2,189
Mirvac Group REIT		1,551,151		1,990
Stockland REIT		859,340		3,133
Westfield Group REIT		721,643		8,523
Bermuda - 2.4%
Great Eagle Holdings, Ltd.		217,400		608
Hongkong Land Holdings, Ltd. ^		835,400		4,420
Kerry Properties, Ltd.		607,000		2,796
Canada - 2.3%
Brookfield Properties Corp.		145,500		2,325
Calloway REIT		57,700		1,218
Canadian REIT		21,200		598
Primaris Retail REIT		47,700		788
RioCan REIT		137,300		2,623
France - 3.8%
Klepierre REIT ^		114,234		3,937
Mercialys SA REIT ^		52,111		1,749
SILIC REIT ^		8,730		1,029
Unibail-Rodamco REIT ‡		30,710		5,803
Hong Kong - 12.6%
Cheung Kong Holdings, Ltd.		810,924		9,995
Hang Lung Group, Ltd.		398,848		1,948
Hang Lung Properties, Ltd.		740,400		2,687
Henderson Land Development Co., Ltd.		206,000		1,292
Hysan Development Co., Ltd. ‡		218,500		640
Link REIT		792,300		1,954
Sun Hung Kai Properties, Ltd.		1,371,245		18,994
Wharf Holdings, Ltd.		686,450		3,721
Japan - 14.6%
Daito Trust Construction Co., Ltd.		25,700		1,370
Daiwa House Industry Co., Ltd.		254,900		2,743
Frontier Real Estate Investment Corp. REIT ^		193		1,485
Japan Logistics Fund, Inc. REIT		142		1,136
Japan Real Estate Investment Corp. REIT ^		262		2,184
Japan Retail Fund Investment Corp. REIT ^		788		1,061
Kenedix Realty Investment Corp. REIT		263		863
Mitsubishi Estate Co., Ltd.		762,120		13,739
Mitsui Fudosan Co., Ltd.		691,946		12,814
Nippon Accommodations Fund, Inc. REIT		105		549
ORIX, Inc. — Class A REIT		292		1,429
Sumitomo Realty & Development Co., Ltd. ^		352,800		7,239
United Urban Investment Corp. — Class A REIT ^		196		1,275
Jersey, Channel Islands - 0.6%
Atrium European Real Estate, Ltd. §		335,087		1,989
Netherlands - 0.6%
Corio NV REIT ^		34,492		1,995
Norway - 0.8%
Norwegian Property ASA ‡		1,318,010		2,608
Singapore - 2.7%
Ascendas REIT		1,801,139		2,514
Capitacommercial Trust REIT ‡ ^		1,111,000		972
Capitaland, Ltd.		739,050		1,996
CapitaMall Trust REIT ‡ ^		1,048,514		1,479
City Developments, Ltd.		121,000		930
Frasers Centrepoint Trust REIT		552,600		539
Suntec REIT		469,200		472
Sweden - 1.0%
Castellum AB		161,920		1,466
Fabege AB		106,200		659
Hufvudstaden AB — Class A		161,210		1,230
Switzerland - 0.5%
Swiss Prime Site AG ‡		28,450		1,682
	Shares		Value
United Kingdom - 6.1%
British Land Co. PLC REIT		518,665	$	3,683
Derwent London PLC REIT		138,729		3,057
Grainger PLC		415,900		883
Great Portland Estates PLC REIT		344,460		1,649
Hammerson PLC REIT		215,282		1,257
Helical Bar PLC		119,250		611
Land Securities Group PLC REIT		659,725		6,598
Safestore Holdings PLC		574,000		1,186
Segro PLC REIT		203,855		962
United States - 39.7%
Acadia Realty Trust REIT ^		49,710		948
Alexandria Real Estate Equities, Inc. REIT ^		37,600		2,662
AMB Property Corp. REIT		119,000		3,315
Apartment Investment & Management Co. — Class A REIT ^		134,200		3,007
AvalonBay Communities, Inc. REIT ^		54,325		5,652
Boston Properties, Inc. REIT ^		25,600		2,019
BRE Properties, Inc. REIT ^		76,600		3,199
Camden Property Trust REIT ^		54,300		2,630
Developers Diversified Realty Corp. REIT		149,400		1,836
Digital Realty Trust, Inc. REIT ^		40,300		2,366
Duke Realty Corp. REIT		171,900		2,326
Equity Residential REIT ^		196,800		8,909
Extra Space Storage, Inc. REIT		55,100		828
Federal Realty Investment Trust REIT ^		44,400		3,436
Highwoods Properties, Inc. REIT ^		91,900		2,938
Host Hotels & Resorts, Inc. REIT ^		495,177		8,052
Hyatt Hotels Corp. — Class A ‡ ^		57,300		2,359
Liberty Property Trust REIT		148,300		5,014
Macerich Co. REIT ^		220,807		9,872
Nationwide Health Properties, Inc. REIT		106,100		3,716
Pebblebrook Hotel Trust REIT ‡		19,400		382
ProLogis REIT ^		454,000		5,979
Public Storage REIT ^		20,900		2,025
Regency Centers Corp. REIT ^		74,900		3,075
Simon Property Group, Inc. REIT		114,403		10,184
SL Green Realty Corp. REIT ^		55,300		3,438
Starwood Hotels & Resorts Worldwide, Inc. ^		86,400		4,710
Tanger Factory Outlet Centers REIT ^		62,100		2,583
Taubman Centers, Inc. REIT ^		63,500		2,754
UDR, Inc. REIT ^		204,283		4,149
Ventas, Inc. REIT		95,300		4,501
Vornado Realty Trust REIT		131,537		10,967
Total Common Stocks (cost $278,060)				319,416
INVESTMENT COMPANY - 0.1%
Luxembourg - 0.1%
ProLogis European Properties		41,450		262
Total Investment Company (cost $178)
WARRANT - 0.0% ¥
Hong Kong - 0.0% ¥
Henderson Land Development Co., Ltd. ‡ Ə Expiration: 12/31/2011
Exercise Price: $58.00		92,140		♦
Total Warrant (cost $♦)
SECURITIES LENDING COLLATERAL - 12.6%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23%5		41,378,562		41,379
Total Securities Lending Collateral (cost $41,379)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 125

Transamerica Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 1.9%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $6,188 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 01/25/2039, and with a value of $6,313.	$	6,188	$	6,188
Total Repurchase Agreement (cost $6,188)
Total Investment Securities (cost $325,805) #				367,245
Other Assets and Liabilities — Net				(39,803	)
Net Assets			$	327,442

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Real Estate Investment Trusts		55.7	%	$	204,726
Real Estate Management & Development		29.4			107,883
Hotels, Restaurants & Leisure		1.9			7,069
Investment Securities, at Value		87.0			319,678
Short-Term Investments		13.0			47,567
Total Investments		100.0	%	$	367,245

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $39,893.
‡	Non-income producing security.
§	Illiquid. At 04/30/2010, illiquid investment securities aggregated $1,989, or 0.61% of the fund’s net assets.
¥	Amount rounds to less than 0.1%.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value that rounds to less than $1, or less than 0.01% of the fund’s net assets.
♦	Amount rounds to less than $1.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $325,805. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $49,342 and $7,902, respectively. Net unrealized appreciation for tax purposes is $41,440.

DEFINITION:

REIT     Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	7,069	$	—	$	—	$	7,069
Equities — Financials		198,637		113,710		—		312,347
Investment Company — Financials		—		262		—		262
Cash & Cash Equivalent — Repurchase Agreement		—		6,188		—		6,188
Cash & Cash Equivalent — Securities Lending Collateral		41,379		—		—		41,379
Total	$	247,085	$	120,160	$	—	$	367,245

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 126

Transamerica Jennison Growth

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 98.2%
Aerospace & Defense - 4.5%
Boeing Co.		144,570	$	10,471
Precision Castparts Corp.		99,700		12,795
United Technologies Corp.		167,640		12,565
Auto Components - 1.2%
Johnson Controls, Inc.		297,100		9,980
Automobiles - 0.3%
Harley-Davidson, Inc.		71,200		2,409
Biotechnology - 3.5%
Celgene Corp. ‡		209,100		12,954
Gilead Sciences, Inc. ‡		265,894		10,548
Vertex Pharmaceuticals, Inc. ‡		126,900		4,920
Capital Markets - 3.5%
Charles Schwab Corp.		617,600		11,914
Goldman Sachs Group, Inc.		60,108		8,728
Morgan Stanley		274,400		8,292
Chemicals - 1.0%
Praxair, Inc.		94,400		7,908
Communications Equipment - 4.2%
Cisco Systems, Inc. ‡		688,500		18,534
Juniper Networks, Inc. ‡		565,891		16,077
Computers & Peripherals - 9.8%
Apple, Inc. ‡		159,395		41,621
Hewlett-Packard Co.		459,200		23,865
NetApp, Inc. ‡		448,700		15,556
Diversified Financial Services - 1.6%
JPMorgan Chase & Co.		297,700		12,676
Electronic Equipment & Instruments - 1.2%
Agilent Technologies, Inc. ‡		271,818		9,856
Energy Equipment & Services - 3.3%
Schlumberger, Ltd.		372,010		26,569
Food & Staples Retailing - 1.7%
Costco Wholesale Corp.		141,700		8,371
Whole Foods Market, Inc. ‡ ^		145,736		5,687
Food Products - 2.5%
Kraft Foods, Inc. — Class A		265,500		7,859
Mead Johnson Nutrition Co. — Class A		68,000		3,509
Unilever PLC		281,989		8,475
Health Care Equipment & Supplies - 3.1%
Alcon, Inc.		77,600		12,095
Baxter International, Inc.		284,900		13,453
Health Care Providers & Services - 3.5%
Express Scripts, Inc. ‡		96,200		9,633
Medco Health Solutions, Inc. ‡		325,800		19,195
Hotels, Restaurants & Leisure - 1.9%
Marriott International, Inc. — Class A ^		313,575		11,527
Starbucks Corp.		167,800		4,359
Household Products - 1.3%
Colgate-Palmolive Co.		126,900		10,672
Industrial Conglomerates - 1.2%
Koninklijke Philips Electronics NV		288,200		9,678
Internet & Catalog Retail - 3.9%
Amazon.com, Inc. ‡		231,800		31,771
Internet Software & Services - 5.7%
Baidu, Inc. ADR ‡		13,416		9,248
Google, Inc. — Class A ‡		56,486		29,680
Tencent Holdings, Ltd.		366,300		7,566
IT Services - 5.8%
Mastercard, Inc. — Class A		91,700		22,745
Visa, Inc. — Class A		269,100		24,281
	Shares		Value
Life Sciences Tools & Services - 0.6%
Illumina, Inc. ‡	$	120,200	$	5,033
Machinery - 1.6%
Cummins, Inc.		73,937		5,340
Ingersoll-Rand PLC		218,000		8,062
Media - 2.4%
Walt Disney Co. ^		523,529		19,287
Multiline Retail - 2.7%
Dollar General Corp. ‡		249,621		7,132
Target Corp.		261,100		14,848
Oil, Gas & Consumable Fuels - 3.3%
Occidental Petroleum Corp.		221,500		19,639
Southwestern Energy Co. ‡		195,700		7,765
Pharmaceuticals - 4.8%
Mylan, Inc. ‡ ^		316,500		6,972
Roche Holding AG            ADR		180,700		7,120
Shire PLC            ADR		142,060		9,353
Teva Pharmaceutical Industries, Ltd. ADR		256,500		15,064
Road & Rail - 1.4%
Union Pacific Corp.		156,200		11,818
Semiconductors & Semiconductor Equipment - 1.6%
Intel Corp.		565,100		12,901
Software - 8.0%
Adobe Systems, Inc. ‡		519,600		17,453
Microsoft Corp.		959,200		29,294
Salesforce.com, Inc. ‡		145,910		12,490
VMware, Inc. — Class A ‡		91,200		5,622
Specialty Retail - 3.0%
Home Depot, Inc.		277,500		9,782
Staples, Inc.		348,100		8,191
Tiffany & Co.		129,603		6,283
Textiles, Apparel & Luxury Goods - 4.1%
Coach, Inc.		228,459		9,538
Nike, Inc. — Class B		253,130		19,215
Polo Ralph Lauren Corp. — Class A		52,036		4,678
Total Common Stocks (cost $664,108)				800,922
SECURITIES LENDING COLLATERAL - 0.3%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		2,060,405		2,060
Total Securities Lending Collateral (cost $2,060)
	Principal		Value
REPURCHASE AGREEMENT - 2.5%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $20,419 on 05/03/2010. Collateralized by a U.S. Government Obligation, zero coupon, due 10/07/2010, and with a value of $20,831.	$	20,419		20,419
Total Repurchase Agreement (cost $20,419)
Total Investment Securities (cost $686,587) #				823,401
Other Assets and Liabilities — Net				(8,025	)
Net Assets			$	815,376

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 127

Transamerica Jennison Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
^	All or a portion of this security is on loan. The value of all securities on loan is $2,019.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $686,587. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $140,777 and $3,963, respectively. Net unrealized appreciation for tax purposes is $136,814.

DEFINITION:

ADR     American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	159,000	$	—	$	—	$	159,000
Equities — Consumer Staples		44,572		—		—		44,572
Equities — Energy		53,973		—		—		53,973
Equities — Financials		41,610		—		—		41,610
Equities — Health Care		126,340		—		—		126,340
Equities — Industrials		61,051		9,678		—		70,729
Equities — Information Technology		289,224		7,566		—		296,790
Equities — Materials		7,908		—		—		7,908
Cash & Cash Equivalent — Repurchase Agreement		—		20,419		—		20,419
Cash & Cash Equivalent — Securities Lending Collateral		2,060		—		—		2,060
Total	$	785,738	$	37,663	$	—	$	823,401

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 128

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 97.9%
Austria - 0.5%
Erste Group Bank AG		52,818	$	2,345
Bermuda - 1.7%
Esprit Holdings, Ltd.		460,900		3,304
Li & Fung, Ltd.		910,000		4,370
Brazil - 0.5%
Banco Santander Brasil SA ADR		207,460		2,413
Canada - 2.5%
Canadian National Railway Co.		189,563		11,334
Czech Republic - 0.8%
Komercni Banka AS		17,601		3,612
France - 16.2%
Air Liquide SA ^		70,845		8,265
AXA SA ^		245,218		4,873
GDF Suez ^		169,639		6,033
Groupe Danone SA ‡ ^		112,241		6,613
Legrand SA ^		142,842		4,651
LVMH Moet Hennessy Louis Vuitton SA ^		143,092		16,467
Pernod-Ricard SA ^		86,539		7,363
Schneider Electric SA ^		115,947		13,163
Total SA ^		116,286		6,327
Germany - 11.3%
Bayer AG ^		137,654		8,793
Beiersdorf AG ^		112,652		6,384
Deutsche Boerse AG		84,896		6,591
E.ON AG ^		76,529		2,822
Linde AG ^		137,077		16,408
Man AG ^		27,641		2,609
Merck KGaA		50,891		4,183
SAP AG		77,996		3,763
Hong Kong - 0.7%
CNOOC, Ltd.		1,844,000		3,239
India - 2.6%
ICICI Bank, Ltd. ADR		99,330		4,224
Infosys Technologies, Ltd. ADR		123,890		7,418
Italy - 0.4%
Intesa Sanpaolo SpA ‡		606,025		1,997
Japan - 12.1%
AEON Credit Service Co., Ltd. ^		178,700		1,949
Canon, Inc.		182,900		8,366
Fanuc, Ltd.		51,900		6,129
Hirose Electric Co., Ltd. ^		3,300		356
Hoya Corp.		359,800		9,952
INPEX Corp. ^		1,107		7,790
Konica Minolta Holdings, Inc.		237,500		3,004
Lawson, Inc. ^		119,200		5,263
Nomura Holdings, Inc. ^		421,700		2,915
Shin-Etsu Chemical Co., Ltd.		123,100		7,096
Tokyo Electron, Ltd.		36,100		2,367
Korea, Republic of - 1.7%
Samsung Electronics Co., Ltd.		10,031		7,627
Mexico - 0.3%
America Movil SAB de CV — Series L ADR		30,580		1,574
Netherlands - 9.7%
Akzo Nobel NV ^		100,490		5,942
Heineken NV ^		279,255		13,022
ING Groep NV ‡		663,942		5,860
Randstad Holding NV ‡		79,860		4,046
TNT NV		273,372		8,354
Wolters Kluwer NV		343,252		7,013
Singapore - 1.0%
Singapore Telecommunications, Ltd.		2,124,150		4,686
South Africa - 0.7%
MTN Group, Ltd.		229,151		3,371
	Shares		Value
Sweden - 0.7%
Svenska Cellulosa AB — Class B ^	$	235,400	$	3,067
Switzerland - 16.6%
Actelion, Ltd. ‡		51,899		2,105
Cie Financiere Richemont SA		168,912		6,230
Givaudan SA		7,553		6,572
Julius Baer Group, Ltd.		218,123		7,496
Nestle SA		371,497		18,178
Roche Holding AG		119,730		18,904
Sonova Holding AG		18,562		2,301
Swiss Reinsurance Co., Ltd.		50,145		2,175
Synthes, Inc.		76,435		8,673
UBS AG ‡		151,603		2,349
Taiwan - 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		539,461		5,713
United Kingdom - 16.6%
Burberry Group PLC		215,629		2,208
Diageo PLC		605,838		10,333
Hays PLC		1,220,620		2,074
HSBC Holdings PLC		944,497		9,618
Ladbrokes PLC		573,771		1,364
Reckitt Benckiser Group PLC		294,816		15,315
Royal Dutch Shell PLC — Class A		239,332		7,454
Smiths Group PLC		292,563		5,030
Standard Chartered PLC		329,992		8,803
Tesco PLC		509,921		3,382
William Hill PLC		384,774		1,202
WPP PLC		797,811		8,459
Total Common Stocks (cost $399,995)				445,251
SECURITIES LENDING COLLATERAL - 21.5%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23%5		97,908,345		97,908
Total Securities Lending Collateral (cost $97,908)
	Principal		Value
REPURCHASE AGREEMENT - 1.6%
State Street Repurchase Agreement 0.01% 5, dated 04/30/2010, to be repurchased at $7,482 on 05/03/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 01/25/2039, and with a value of $7,632.	$	7,482		7,482
Total Repurchase Agreement (cost $7,482)
Total Investment Securities (cost $505,385) #				550,641
Other Assets and Liabilities — Net				(96,034	)
Net Assets			$	454,607

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 129

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Chemicals		8.0	%	$	44,283
Commercial Banks		5.9			33,012
Pharmaceuticals		5.7			31,880
Beverages		5.5			30,718
Textiles, Apparel & Luxury Goods		4.5			24,905
Oil, Gas & Consumable Fuels		4.5			24,810
Food Products		4.5			24,791
Electrical Equipment		3.3			17,814
Semiconductors & Semiconductor Equipment		2.8			15,707
Media		2.8			15,472
Household Products		2.8			15,315
Capital Markets		2.3			12,760
Diversified Financial Services		2.3			12,451
Office Electronics		2.1			11,370
Road & Rail		2.0			11,334
Health Care Equipment & Supplies		2.0			10,974
Electronic Equipment & Instruments		1.9			10,308
Machinery		1.6			8,738
Food & Staples Retailing		1.6			8,645
Air Freight & Logistics		1.5			8,354
IT Services		1.3			7,418
Insurance		1.3			7,048
Personal Products		1.2			6,384
Professional Services		1.1			6,120
Multi-Utilities		1.1			6,033
Industrial Conglomerates		0.9			5,030
Wireless Telecommunication Services		0.9			4,945
Diversified Telecommunication Services		0.9			4,686
Distributors		0.8			4,370
Software		0.7			3,763
Specialty Retail		0.6			3,304
Paper & Forest Products		0.6			3,067
Electric Utilities		0.5			2,822
Hotels, Restaurants & Leisure		0.5			2,566
Biotechnology		0.4			2,105
Consumer Finance		0.4			1,949
Investment Securities, at Value		80.8			445,251
Short-Term Investments		19.2			105,390
Total Investments		100.0	%	$	550,641

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $93,203.
‡	Non-income producing security.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $505,385. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $56,329 and $11,073, respectively. Net unrealized appreciation for tax purposes is $45,256.

DEFINITION:

ADR     American Depositary Receipt

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 130

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Consumer Discretionary	$	13,234	$	37,384	$	—	$	50,618
Equities — Consumer Staples		34,292		51,559		—		85,851
Equities — Energy		15,244		9,566		—		24,810
Equities — Financials		29,920		37,299		—		67,219
Equities — Health Care		—		44,959		—		44,959
Equities — Industrials		24,567		32,823		—		57,390
Equities — Information Technology		37,177		11,390		—		48,567
Equities — Materials		7,096		40,255		—		47,351
Equities — Telecommunication Services		1,574		8,057		—		9,631
Equities — Utilities		—		8,855		—		8,855
Cash & Cash Equivalent — Repurchase Agreement		—		7,482		—		7,482
Cash & Cash Equivalent — Securities Lending Collateral		97,908		—		—		97,908
Total	$	261,012	$	289,629	$	—	$	550,641

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 131

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 97.6%
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028		$	13,553	$	13,453
2.00%, 01/15/2026			32,214		33,435
2.13%, 02/15/2040			10,930		11,606
2.38%, 01/15/2025 - 01/15/2027			103,275		112,410
2.50%, 01/15/2029			14,072		15,598
3.38%, 04/15/2032			611		779
3.63%, 04/15/2028			35,913		45,686
3.88%, 04/15/2029			44,623		59,143
U.S. Treasury Inflation Indexed Note
0.63%, 04/15/2013			1,231		1,264
1.25%, 04/15/2014			1,639		1,710
1.38%, 07/15/2018 - 01/15/2020			43,623		44,155
1.63%, 01/15/2018			16,450		17,209
1.88%, 07/15/2013 - 07/15/2019			135,509		144,663
2.00%, 04/15/2012 - 01/15/2016			104,789		112,190
2.00%, 07/15/2014 (a)			51,052		54,893
2.13%, 01/15/2019			5,270		5,694
2.38%, 04/15/2011 - 01/15/2017 (a)			92,704		100,421
2.50%, 07/15/2016			32,948		36,629
2.63%, 07/15/2017			5,438		6,099
3.00%, 07/15/2012			32,668		35,368
3.38%, 01/15/2012			11,174		11,978
U.S. Treasury Note
2.50%, 04/30/2015			40,600		40,749
3.13%, 04/30/2017			7,700		7,705
Total U.S. Government Obligations (cost $866,961)					912,837
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.3%
Fannie Mae
0.41%, 08/25/2034 *			127		118
1.64%, 10/01/2044 *			63		62
Freddie Mac
0.48%, 02/15/2019 *			2,239		2,238
Total U.S. Government Agency Obligations (cost $2,462)					2,418
FOREIGN GOVERNMENT OBLIGATIONS - 4.1%
Australia Government Bond
3.00%, 09/20/2025	AUD		2,700		2,602
4.00%, 08/20/2015	AUD		1,500		2,281
4.00%, 08/20/2020 ^	AUD		1,400		2,051
Bundesrepublik Deutschland
4.25%, 07/04/2018	EUR		1,300		1,916
Canadian Government Bond
2.00%, 12/01/2014	CAD		23,300		22,048
2.50%, 06/01/2015	CAD		7,200		6,924
France Government Bond
1.30%, 07/25/2019	EUR		201		275
Total Foreign Government Obligations (cost $38,395)					38,097
MORTGAGE-BACKED SECURITIES - 1.5%
Arkle Master Issuer PLC
Series 2010-1A , Class 2A
0.34%, 02/17/2052 * §		$	2,600		2,600
Banc of America Commercial Mortgage, Inc.
Series 2007-5, Class A4
5.49%, 02/10/2051			530		529
		Principal		Value
MORTAGE-BACKED SECURITIES (continued)
Banc of America Mortgage Securities, Inc.
Series 2004-1, Class 5A1
6.50%, 09/25/2033		$	43	$	44
Bear Stearns Adjustable Rate Mortgage Trust
Series 2005-2, Class A1
2.81%, 03/25/2035 *			855		799
Series 2005-2, Class A2
2.93%, 03/25/2035 *			270		263
Series 2005-5, Class A1
2.53%, 08/25/2035 *			263		253
Series 2005-5, Class A2
2.56%, 08/25/2035 *			451		433
Citigroup Mortgage Loan Trust, Inc.
Series 2005-11, Class A1A
2.82%, 12/25/2035 *			41		39
Series 2005-6, Class A1
2.51%, 08/25/2035 *			317		299
Series 2005-6, Class A2
4.25%, 08/25/2035 *			401		376
Series 2005-6, Class A3
4.10%, 08/25/2035 *			57		53
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD5, Class A4
5.89%, 11/15/2044 *			400		405
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2005-R2, Class 1AF1
0.60%, 06/25/2035 - 144A *			283		232
Series 2005-3, Class 1A2
0.55%, 04/25/2035 *			1,162		713
Greenpoint Mortgage Funding Trust
Series 2005-AR1, Class A2
0.48%, 06/25/2045 *			475		302
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
2.95%, 09/25/2035 *			821		800
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB17, Class A4
5.43%, 12/12/2043			510		518
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, 09/15/2045 *			200		199
MASTR Alternative Loans Trust
Series 2006-2, Class 2A1
0.66%, 03/25/2036 *			842		318
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 09/12/2049			300		297
Morgan Stanley Capital I
Series 2007-IQ15, Class A4
6.08%, 06/11/2049 *			1,200		1,208
Residential Accredit Loans, Inc.
Series 2006-QO6, Class A1
0.44%, 06/25/2046 *			1,259		569

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 132

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust
Series 5, Class A
0.61%, 10/19/2026 *	$	141	$	114
Structured Asset Mortgage Investments, Inc.
Series 2006-AR5, Class 1A1
0.47%, 05/25/2046 *		1,052		603
Wachovia Bank Commercial Mortgage Trust
Series 2006-C23, Class A4
5.42%, 01/15/2045 *		720		732
Series 2006-C28, Class A4
5.57%, 10/15/2048		400		400
WaMu Mortgage Pass-Through Certificates
Series 2003-AR9, Class 2A
2.88%, 09/25/2033 *		815		822
Total Mortgage-Backed Securities (cost $14,289)				13,920
ASSET-BACKED SECURITIES - 0.3%
ARES CLO Funds
Series 2006-6RA, Class A1B
0.48%, 03/12/2018 - 144A *		890		855
CSAB Mortgage Backed Trust
Series 2006-1, Class A6A
6.17%, 06/25/2036		1,247		670
Equity One, Inc.
Series 2004-1, Class AV2
0.56%, 04/25/2034 *		47		33
Gaz Capital SA for Gazprom
7.34%, 04/11/2013 - 144A		300		321
Magnolia Funding, Ltd.
Series 2010-1A, Class A1
3.00%, 04/20/2017 - 144A §		582		774
Morgan Stanley Mortgage Loan Trust
Series 2006-12XS, Class A6A
5.73%, 10/25/2036		485		268
Truman Capital Mortgage Loan Trust
Series 2004-1, Class A1
0.60%, 01/25/2034 - 144A *		4		3
Total Asset-Backed Securities (cost $3,347)				2,924
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
Buckeye Tobacco Settlement Financing Authority
5.88%, 06/01/2047		500		373
Tobacco Settlement Financing Corp. Series 2002-A, Class A
6.00%, 06/01/2023		460		464
7.47%, 06/01/2047		675		557
Total Municipal Government Obligations (cost $1,543)				1,394
PREFERRED CORPORATE DEBT SECURITY - 0.1%
Commercial Banks - 0.1%
Wells Fargo Capital XIII
7.70%, 03/26/2013 * Ž		800		832
Total Preferred Corporate Debt Security (cost $800)

		Principal		Value
CORPORATE DEBT SECURITIES - 10.0%
Capital Markets - 2.1%
Goldman Sachs Group, Inc.
0.53%, 02/06/2012 *		$	500	$	493
0.59%, 06/28/2010 *			3,000		3,000
0.72%, 03/22/2016 *			5,455		5,023
Morgan Stanley — Series F
0.55%, 01/09/2012 *			200		198
0.75%, 10/18/2016 *			800		737
2.35%, 05/14/2010 *			9,400		9,405
Morgan Stanley
0.99%, 03/01/2013 *	EUR		500		634
Commercial Banks - 1.2%
ANZ National International, Ltd.
0.69%, 08/19/2014 - 144A *		$	2,000		2,016
ANZ National International, Ltd.
6.20%, 07/19/2013 - 144A			1,700		1,874
Bank of Scotland PLC
4.88%, 04/15/2011 - Reg S §			1,100		1,143
HBOS PLC
6.75%, 05/21/2018 - 144A			1,000		958
National Australia Bank, Ltd.
5.35%, 06/12/2013 - 144A ^			1,400		1,523
Wachovia Bank NA
0.32%, 12/02/2010 *			1,200		1,200
Wachovia Corp.
0.44%, 04/23/2012 *			1,100		1,092
Wells Fargo & Co. — Series K
7.98%, 03/15/2018 * Ž			1,500		1,583
Consumer Finance - 0.3%
American Express Credit Corp.
1.66%, 05/27/2010 *			2,600		2,602
SLM Corp.
5.05%, 11/14/2014			300		278
Diversified Financial Services - 2.8%
Citigroup Funding, Inc.
1.30%, 05/07/2010 *			6,600		6,600
Citigroup, Inc.
0.34%, 05/18/2011 *			1,500		1,492
Countrywide Home Loans, Inc.
4.00%, 03/22/2011 ^			500		512
Ford Motor Credit Co., LLC
7.25%, 10/25/2011			1,950		2,014
7.80%, 06/01/2012			150		156
General Electric Capital Corp.
0.27%, 12/21/2012 *			2,800		2,799
GMAC, Inc.
6.88%, 09/15/2011			500		509
Green Valley, Ltd.
4.24%, 01/10/2011 - 144A * §	EUR		300		397
Longpoint Re, Ltd.
5.49%, 05/10/2010 - 144A * §		$	600		599
Merrill Lynch & Co., Inc.
1.39%, 09/27/2012 *	EUR		7,400		9,613
Mystic Re, Ltd.
10.25%, 06/07/2011 - 144A * §		$	1,000		1,015
Vita Capital III, Ltd.
1.41%, 01/01/2012 - 144A * §			400		386

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 133

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
Food Products - 0.6%
Tyson Foods, Inc.
10.50%, 03/01/2014 ^		$	5,000	$	5,931
Household Durables - 0.4%
Black & Decker Corp.
8.95%, 04/15/2014			3,000		3,643
Insurance - 2.6%
AIG SunAmerica Life Assurance Company
0.47%, 07/26/2010 *			2,500		2,458
American International Group, Inc.
8.18%, 05/15/2058 * ^			3,650		3,162
8.63%, 05/22/2068 - Reg S *	GBP		500		646
Foundation RE II, Ltd.
7.00%, 11/26/2010 - 144A * §		$	500		492
Marsh & McLennan Cos., Inc.
5.75%, 09/15/2015 ^			6,000		6,438
Metropolitan Life Global Funding I
2.15%, 06/10/2011 - 144A *			7,000		7,106
New York Life Global Funding
4.65%, 05/09/2013 - 144A			1,600		1,717
Pacific Life Global Funding
5.15%, 04/15/2013 - 144A			500		529
Residential Reinsurance 2007, Ltd.
7.50%, 06/07/2010 - 144A * §			1,600		1,604
Total Corporate Debt Securities (cost $89,140)					93,577

	Shares		Value
CONVERTIBLE PREFERRED STOCK - 0.0% ¥
Commercial Banks - 0.0% ¥
Wells Fargo & Co., 7.50% 5		400		394
Total Convertible Preferred Stock (cost $400)

	Principal		Value
LOAN ASSIGNMENT - 0.1%
Automobiles - 0.1%
DaimlerChrysler Financial
4.24%, 08/01/2014	$	831		830
Total Loan Assignment (cost $792)
CERTIFICATE OF DEPOSIT - 1.1%
Commercial Banks - 1.1%
Barclays Bank PLC
1.11%, 03/22/2011		10,600		10,600
Total Certificate of Deposit (cost $10,600)

	Shares		Value
SECURITIES LENDING COLLATERAL - 0.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.23% 5		2,758,867		2,759
Total Securities Lending Collateral (cost $2,759)
Total Investment Securities (cost $1,031,488) #				1,080,582
Other Assets and Liabilities — Net				(145,375	)
Net Assets			$	935,207

	Notional
	Amount			Value
WRITTEN-OPTIONS - 0.0% ¥
Put Options - 0.0% ¥
10-Year U.S. Treasury Note	$	(83	)	$	(4	)
Put Strike $115.00
Expires 05/21/2010
10-Year U.S. Treasury Note		(41	)		(1	)
Put Strike $114.00
Expires 05/21/2010
Call Options - 0.0% ¥
10-Year U.S. Treasury Note		(63	)		(38	)
Call Strike $118.00
Expires 05/21/2010
10-Year U.S. Treasury Note		(61	)		(16	)
Call Strike $119.00
Expires 05/21/2010
Total Written Options (Premiums: $71)				$	(59	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 134

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

WRITTEN SWAPTIONS:

	Floating Rate	Pay/Receivable	Exercise		Expiration		Notional
Description	Index	Floating Rate	Rate		Date		Amount			Premiums			Value
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25		08/31/2010	$	(4,200	)	$	(16	)	$	(14	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25		08/31/2010		(1,400	)		(6	)		(5	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25		08/31/2010		(19,000	)		(65	)		(65	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25		08/31/2010		(5,000	)		(33	)		(17	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25		10/29/2010		(1,400	)		(9	)		(7	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25		10/29/2010		(9,600	)		(32	)		(51	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25		10/29/2010		(1,600	)		(7	)		(9	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25		01/24/2011		(3,400	)		(19	)		(26	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.50		06/14/2010		(4,400	)		(27	)		(18	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.50		08/31/2010		(5,600	)		(48	)		♦
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.50		08/31/2010		(15,100	)		(110	)		(123	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.50		08/31/2010		(14,000	)		(67	)		(115	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00		03/10/2020		(1,800	)		(14	)		(12	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00		03/12/2020		(7,600	)		(64	)		(53	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00		04/07/2020		(14,200	)		(127	)		(101	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.50		06/14/2010		(4,400	)		(11	)		(1	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.50		08/31/2010		(5,600	)		(24	)		♦
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.50		08/31/2010		(14,000	)		(95	)		(49	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.50		08/31/2010		(15,100	)		(81	)		(53	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.75		08/31/2010		(19,000	)		(103	)		(30	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.75		08/31/2010		(1,400	)		(7	)		(2	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.75		08/31/2010		(5,000	)		(50	)		(8	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.75		08/31/2010		(4,200	)		(38	)		(7	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		5.00		10/29/2010		(9,600	)		(69	)		(25	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		5.00		10/29/2010		(1,600	)		(8	)		(4	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		5.00		10/29/2010		(1,400	)		(11	)		(4	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		5.00		01/24/2011		(3,400	)		(28	)		(24	)
Put — Interest Rate Swap, European Style	OTC USD vs RYL	Pay		5.37		09/20/2010		(8,000	)		(158	)		(1	)
Put — Interest Rate Swap, European Style	5-Year IRO USD	Pay		5.50		08/31/2010		(7,000	)		(75	)		♦
Put — Interest Rate Swap, European Style	7-Year IRO USD	Pay		6.00		08/31/2010		(500	)		(4	)		♦
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00		07/10/2012		(1,400	)		(9	)		♦
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00		07/10/2012		(2,600	)		(18	)		(1	)
										$	(1,433	)	$	(825	)

SWAP AGREEMENTS: ^(b)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES — BUY PROTECTION: ⁽¹⁾

							Implied Credit									Unrealized
	Fixed Deal						Spread at		Notional		Market			Premiums		Appreciation
Reference Obligation	Pay Rate			Maturity Date		Counterparty	04/30/2010 (3)		Amount (4)		Value			Paid		(Depreciation)
Black and Decker Corp.
8.95%, 04/15/2014		2.20	%		06/20/2014	CBK		22.77	$	3,000	$	(238	)	$	—	$	(238	)
Marsh & McLennan Cos., Inc.
5.75%, 09/15/2015		0.76	%		09/20/2015	BRC		119.37		6,000		120			—		120
Tyson Foods, Inc.
6.60%, 03/20/2014		1.00	%		03/20/2014	BPS		129.10		6,000		77			344		(267	)
											$	(41	)	$	344	$	(385	)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES — SELL PROTECTION: ⁽²⁾

							Implied Credit										Unrealized
	Fixed Deal						Spread at		Notional		Market			Premiums Paid			Appreciation
Reference Obligation	Receive Rate			Maturity Date		Counterparty	04/30/2010 (3)		Amount (4)		Value			(Received)			(Depreciation)
American International Group, Inc.
6.25%, 05/01/2036		5.00	%		12/20/2013	DUB		233.45	$	6,500	$	570		$	(477	)	$	1,047
Federative Republic of Brazil
12.25%, 03/06/2030		1.00	%		06/20/2015	BRC		123.00		1,000		(11	)		(9	)		(2	)
Federative Republic of Brazil
12.25%, 03/06/2030		1.00	%		06/20/2020	DUB		148.79		2,500		(91	)		(82	)		(9	)
United Kingdom Gilt
4.25%, 06/07/2032 §		1.00	%		06/20/2015	CBK		72.00		1,600		18			13			5
											$	486		$	(555	)	$	1,041

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 135

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

SWAP AGREEMENTS (continued): ^(b)

INTEREST RATE SWAP AGREEMENTS — RECEIVABLE:

																Unrealized
							Currency	Notional		Market			Premiums			Appreciation
Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Code	Amount		Value			Paid			(Depreciation)
BRL-CDI		14.77	%		01/02/2012	HUS	BRL	$	200	$	9		$	1		$	8
BRL-CDI		14.77	%		01/02/2012	MLC	BRL		1,100		51			1			50
BRL-CDI		11.89	%		01/02/2013	HUS	BRL		4,800		(20	)		6			(26	)
FRC — Excluding Tobacco-Non-Revised CPI		2.10	%		10/15/2010	BRC	EUR		5,000		211			—			211
FRC — Excluding Tobacco-Non-Revised CPI		2.04	%		02/21/2011	BPS	EUR		5,500		207			—			207
										$	458		$	8		$	450
INTEREST RATE SWAP AGREEMENTS — PAYABLE:
																Unrealized
							Currency	Notional		Market			Premiums Paid			Appreciation
Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Code	Amount		Value			(Received)			(Depreciation)
BRL-CDI		10.58	%		01/02/2012	UAG	BRL	$	13,000	$	(202	)	$	(2	)	$	(200	)
BRL-CDI		11.14	%		01/02/2012	HUS	BRL		2,600		4			10			(6	)
BRL-CDI		10.68	%		01/02/2012	BRC	BRL		14,800		(192	)		(66	)		(126	)
BRL-CDI		10.12	%		01/02/2012	MYC	BRL		3,000		(79	)		(13	)		(66	)
BRL-CDI		11.89	%		01/02/2013	GLM	BRL		20,100		(85	)		12			(97	)
BRL-CDI		11.98	%		01/02/2013	MYC	BRL		5,300		(18	)		—			(18	)
FRC — Excluding Tobacco-Non-Revised CPI		2.10	%		10/15/2011	UAG	EUR		2,800		121			—			121
										$	(451	)	$	(59	)	$	(392	)

FUTURES CONTRACTS:

					Net Unrealized
Description	Contracts ┌		Expiration Date		Appreciation
3-month EURIBOR		46		06/14/2010	$	99
90-Day Euro		66		06/13/2011		28
Euro		104		06/14/2010		77
3-month Sterling		36		12/15/2010		8
German Euro Bund		89		06/08/2010		221
					$	433

FORWARD FOREIGN CURRENCY CONTRACTS: ^(c)

						Amount in			Net Unrealized
						U.S. Dollars			Appreciation
Currency	Bought (Sold)			Settlement Date		Bought (Sold)			(Depreciation)
Australian Dollar		(150	)		05/28/2010	$	(136	)	$	(2	)
Brazilian Real		732			06/02/2010		405			13
Canadian Dollar		28,921			05/04/2010		28,758			(286	)
Canadian Dollar		(28,921	)		05/04/2010		(28,648	)		177
Canadian Dollar		(695	)		05/07/2010		(685	)		♦
Canadian Dollar		(28,921	)		07/07/2010		(28,755	)		286
Chinese Yuan Renminbi		(2,635	)		06/07/2010		(390	)		3
Chinese Yuan Renminbi		9,936			06/07/2010		1,465			(6	)
Chinese Yuan Renminbi		(1,756	)		06/07/2010		(260	)		2
Chinese Yuan Renminbi		3,901			06/07/2010		575			(2	)
Chinese Yuan Renminbi		(2,433	)		06/07/2010		(360	)		3
Chinese Yuan Renminbi		3,196			06/07/2010		470			(1	)
Chinese Yuan Renminbi		1,874			11/17/2010		283			(5	)
Chinese Yuan Renminbi		2,866			11/17/2010		433			(8	)
Chinese Yuan Renminbi		883			11/17/2010		133			(2	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 136

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): ^(c)

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Chinese Yuan Renminbi		3,456			11/17/2010	$	521		$	(9	)
Chinese Yuan Renminbi		1,786			11/17/2010		270			(5	)
Chinese Yuan Renminbi		1,793			11/17/2010		271			(5	)
Chinese Yuan Renminbi		3,516			11/17/2010		530			(9	)
Chinese Yuan Renminbi		1,273			11/23/2010		192			(3	)
Chinese Yuan Renminbi		896			11/23/2010		135			(2	)
Chinese Yuan Renminbi		1,726			01/10/2011		260			(4	)
Chinese Yuan Renminbi		2,391			01/10/2011		360			(5	)
Chinese Yuan Renminbi		2,590			01/10/2011		390			(5	)
Euro		548			05/24/2010		733			(3	)
Euro		(12,617	)		07/26/2010		(16,908	)		107
Euro		(299	)		01/04/2011		(398	)		♦
Japanese Yen		121,408			05/06/2010		1,291			2
Japanese Yen		(56,235	)		05/06/2010		(600	)		1
Japanese Yen		(65,173	)		05/06/2010		(700	)		6
Japanese Yen		(539,086	)		05/17/2010		(5,787	)		47
Japanese Yen		(55,883	)		05/17/2010		(594	)		(1	)
Japanese Yen		(37,411	)		05/17/2010		(407	)		8
Japanese Yen		280,113			05/17/2010		3,010			(28	)
Japanese Yen		(121,408	)		06/03/2010		(1,291	)		(2	)
Malaysian Ringgit		8			06/14/2010		2			♦
Malaysian Ringgit		(8	)		06/14/2010		(3	)		♦
Malaysian Ringgit		35			10/12/2010		10			1
Malaysian Ringgit		34			10/12/2010		10			1
Malaysian Ringgit		15			10/12/2010		4			♦
Malaysian Ringgit		(84	)		10/12/2010		(26	)		♦
Mexican Peso		(19,374	)		09/24/2010		(1,557	)		9
Mexican Peso		(12,425	)		09/24/2010		(1,000	)		7
Mexican Peso		(7,431	)		09/24/2010		(600	)		6
Mexican Peso		(23,563	)		09/24/2010		(1,900	)		17
Mexican Peso		(8,694	)		09/24/2010		(700	)		5
Mexican Peso		(14,885	)		09/24/2010		(1,200	)		11
Mexican Peso		86,371			09/24/2010		6,686			218
Philippine Peso		(112	)		11/15/2010		(2	)		♦
Philippine Peso		225			11/15/2010		5			♦
Philippine Peso		(113	)		11/15/2010		(2	)		♦
Pound Sterling		(67	)		06/24/2010		(100	)		(2	)
Pound Sterling		(2,039	)		06/24/2010		(3,077	)		(43	)
Republic of Korea Won		949,599			07/28/2010		800			59
Republic of Korea Won		601,400			07/28/2010		500			44
Republic of Korea Won		96,000			07/28/2010		81			6
Republic of Korea Won		95,717			07/28/2010		80			6
Republic of Korea Won		95,634			07/28/2010		81			5
Republic of Korea Won		158,991			07/28/2010		134			9
Republic of Korea Won		380,563			08/27/2010		323			21
Republic of Korea Won		171,142			11/12/2010		146			9
Republic of Korea Won		362,654			11/12/2010		310			19
Republic of Korea Won		175,170			11/12/2010		150			9
Republic of Korea Won		357,957			11/12/2010		310			14
Republic of Korea Won		340,050			11/12/2010		300			8
Republic of Korea Won		348,780			11/12/2010		300			16
Republic of Korea Won		361,956			11/12/2010		310			18
Republic of Korea Won		320,599			11/12/2010		272			19
Republic of Korea Won		664,535			11/12/2010		580			22
Republic of Korea Won		93,555			11/12/2010		80			5
Republic of Korea Won		235,280			11/12/2010		200			13
Republic of Korea Won		348,570			11/12/2010		300			16
Republic of Korea Won		(911,600	)		11/12/2010		(800	)		(26	)
Republic of Korea Won		173,850			11/12/2010		150			8
Republic of Korea Won		175,950			11/12/2010		150			9
Republic of Korea Won		235,640			11/12/2010		200			14
Republic of Korea Won		679,148			11/12/2010		590			26
Republic of Korea Won		362,468			11/12/2010		310			19

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 137

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): ^(c)

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Singapore Dollar		(837	)		05/06/2010	$	(600	)	$	(11	)
Singapore Dollar		837			05/06/2010		609			1
Singapore Dollar		(837	)		06/16/2010		(609	)		(1	)
Singapore Dollar		767			06/16/2010		539			20
Singapore Dollar		1,611			06/16/2010		1,140			36
Singapore Dollar		2,558			06/16/2010		1,800			66
Singapore Dollar		(1,119	)		06/16/2010		(800	)		(17	)
Singapore Dollar		2,032			06/16/2010		1,440			43
Swiss Franc		(640	)		05/10/2010		(606	)		11
									$	1,008

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2010.
^	All or a portion of this security is on loan. The value of all securities on loan is $2,704.
§	Illiquid. At 04/30/2010, illiquid investment securities aggregated $9,010, or 0.96%, and illiquid derivatives aggregated to $18, or less than 0.01%, of the fund’s net assets.
Ž	The security has a perpetual maturity. The date shown is the next call date.
¥	Amount rounds to less than 0.1%.
5	Rate shown reflects the yield at 04/30/2010.
┌	Contract amounts are not in thousands.
♦	Amount rounds to less than $1.
#	Aggregate cost for federal income tax purposes is $1,031,488. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $52,251 and $3,157, respectively. Net unrealized appreciation for tax purposes is $49,094.
(1)	If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	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 (i) 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 index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3)	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 or 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 upfront payments required to be made to enter into the agreement. Wider credit spreads 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.
(4)	The maximum potential amount the fund could be required to make 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.
(a)	A portion of these securities, in the amount of $495, have been segregated with the broker to cover margin requirements for open futures contracts.
(b)	Cash, in the amount of $1,140, and a U.S. Treasury Bill, in the amount of $270, have been pledged as collateral with the custodian to cover open swap contracts.
(c)	Cash, in the amount of $300, has been pledged as collateral with the custodian to cover open currency contracts.
DEFINITIONS:
144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $22,401, or 2.40%, of the fund’s net assets.
AUD	Australian Dollar

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 138

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

DEFINITIONS: (continued)
BPS	BNP Paribas
BRC	Barclays Bank PLC
BRL	Brazilian Real
CAD	Canadian Dollar
CBK	Citibank N.A.
CDI	Credit Default Index
CLO	Collateralized Loan Obligation
CPI	Consumer Price Index
DUB	Deutsche Bank AG
EUR	Euro
EURIBOR	Euro InterBank Offered Rate
FRC	Fixed Rate Credit
GBP	Pound Sterling
GLM	Goldman Sachs Capital Markets
HUS	HSBC Bank USA
IRO	Interest Rate Option
LB	Lehman Brothers
MLC	Merrill Lynch Capital Services
MYC	Morgan Stanley Capital Services
RYL	Royal Bank of Scotland
UAG	UBS AG

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Financials	$	394	$	—	$	—	$	394
Fixed Income — Asset-Backed Security		—		2,924		—		2,924
Fixed Income — Consumer Discretionary		—		4,473		—		4,473
Fixed Income — Consumer Staples		—		5,931		—		5,931
Fixed Income — Financials		—		95,435		—		95,435
Fixed Income — Foreign Government Obligation		—		38,097		—		38,097
Fixed Income — Mortgage-Backed Security		—		13,920		—		13,920
Fixed Income — Municipal Government Obligation		—		1,394		—		1,394
Fixed Income — U.S. Government Agency Obligation		—		2,418		—		2,418
Fixed Income — U.S. Government Obligation		—		912,837		—		912,837
Cash & Cash Equivalent — Securities Lending Collateral		2,759		—		—		2,759
Total	$	3,153	$	1,077,429	$	—	$	1,080,582

Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Futures Contracts — Appreciation	$	—	$	433		$	—	$	433
Interest Rate Swap — Appreciation		—		597			—		597
Interest Rate Swap — Depreciation		—		(539	)		—		(539	)
Credit Default Swap — Appreciation		—		1,167			5		1,172
Credit Default Swap — Depreciation		—		(516	)		—		(516	)
Forward Foreign Currency Contracts — Appreciation		—		1,501			—		1,501
Forward Foreign Currency Contracts — Depreciation		—		(493	)		—		(493	)
Total	$	—	$	2,155		$	—	$	2,155

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Written Swaption	$	—	$	(825	)	$	—	$	(825	)
Written Option		—		(59	)		—		(59	)
Total	$	—	$	(884	)	$	—	$	(884	)

Level 3 Rollforward — Other Financial Instruments^*

					Accrued		Total		Change in		Net Transfers
	Beginning Balance				Discounts/		Realized		Unrealized		In/(Out)		Ending Balance
Securities	at 10/31/2009		Net Purchases		(Premiums)		Gain/(Loss)		Appreciation		of Level 3		at 04/30/2010
Credit Default Swap — Appreciation	$	—	$	13	$	—	$	—	$	5	$	—	$	18

^* Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 139

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 26.6%
U.S. Treasury Bond
3.50%, 02/15/2039	$	500	$	418
4.25%, 05/15/2039		3,300		3,151
4.38%, 02/15/2038 - 11/15/2039		9,900		9,657
4.63%, 02/15/2040		1,000		1,016
6.25%, 08/15/2023		2,900		3,546
7.13%, 02/15/2023		3,600		4,712
7.25%, 08/15/2022		900		1,187
7.50%, 11/15/2024		200		273
7.88%, 02/15/2021		8,800		11,987
8.00%, 11/15/2021		2,100		2,903
8.13%, 08/15/2019 - 05/15/2021		4,800		6,621
8.50%, 02/15/2020		2,400		3,359
8.75%, 08/15/2020		2,800		4,004
8.88%, 02/15/2019		7,500		10,591
U.S. Treasury Inflation Indexed Note
1.38%, 01/15/2020		3,608		3,640
U.S. Treasury Note
0.88%, 01/31/2012		2,000		2,001
2.38%, 08/31/2014 - 09/30/2014		8,350		8,413
2.50%, 04/30/2015		14,600		14,654
3.00%, 02/28/2017 (a)		12,000		11,943
3.13%, 10/31/2016 (a)		12,700		12,795
3.13%, 04/30/2017		500		500
3.25%, 12/31/2016 (a)		14,200		14,374
3.63%, 08/15/2019 - 02/15/2020		21,600		21,541
Total U.S. Government Obligations (cost $152,503)				153,286
U.S. GOVERNMENT AGENCY OBLIGATIONS - 23.4%
Fannie Mae
0.36%, 01/25/2021 *		558		552
0.61%, 09/25/2042 *		519		508
1.64%, 10/01/2044 *		793		780
1.64%, 03/01/2044 *		1,603		1,635
2.69%, 03/01/2034 *		404		419
2.74%, 11/01/2033 *		190		198
2.80%, 01/01/2028 *		55		58
3.17%, 01/01/2026 *		4		4
4.00%, 07/01/2024 - 01/01/2040		17,840		17,897
4.50%, 06/01/2039 - 10/01/2039		10,666		10,767
4.69%, 09/01/2035 *		1,025		1,073
4.73%, 07/01/2035 *		817		847
5.00%, 06/01/2013 - 02/01/2036		10,796		11,350
5.50%, 07/01/2016 - 06/01/2037		45,441		48,059
6.00%, 10/01/2035 - 11/01/2037		1,522		1,623
6.30%, 10/17/2038		1,188		1,317
6.50%, 08/01/2029 - 10/01/2037		3,752		4,074
Fannie Mae, IO
6.84%, 07/25/2034 * §		2,450		369
Fannie Mae, TBA
5.50%, 05/01/2023		1,000		1,069

		Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac
1.66%, 10/25/2044 *		$	517	$	495
1.86%, 07/25/2044 *			536		528
2.50%, 03/01/2034 *			244		253
2.61%, 03/01/2034 *			234		243
2.81%, 11/01/2033 *			209		218
4.50%, 06/15/2017 - 09/15/2018			2,058		2,139
4.74%, 09/01/2035 *			936		978
5.00%, 02/15/2020 - 04/15/2030			4,665		4,826
5.11%, 01/01/2036 *			4,146		4,309
5.22%, 09/01/2035 *			63		65
5.50%, 03/15/2017			97		101
6.50%, 04/15/2029 - 07/25/2043			33		36
Freddie Mac, TBA
5.50%, 05/01/2040			1,000		1,056
Ginnie Mae
4.38%, 05/20/2024 *			58		60
6.00%, 11/15/2037 - 04/15/2038			8,570		9,206
6.50%, 07/15/2023 - 02/15/2039			3,898		4,229
Ginnie Mae, IO
6.30%, 04/16/2033 - 10/16/2033 * §			2,115		272
6.34%, 08/16/2033 - 09/20/2034 * §			4,643		570
Overseas Private Investment Corp.
5.10%, 12/10/2012			2,600		2,773
Total U.S. Government Agency Obligations (cost $130,779)					134,956
FOREIGN GOVERNMENT OBLIGATIONS - 5.1%
Bundesrepublik Deutschland
3.75%, 01/04/2019	EUR		900		1,280
Bundesschatzanweisungen
1.00%, 03/16/2012	EUR		9,800		13,104
Canadian Government Bond
1.50%, 03/01/2012	CAD		8,100		7,916
Export-Import Bank of Korea
0.51%, 10/04/2011 - 144A *		$	2,500		2,503
8.13%, 01/21/2014			3,300		3,840
Korea Expressway Corp.
5.13%, 05/20/2015 - 144A			200		212
Republic of Brazil
10.25%, 01/10/2028 ^	BRL		1,000		582
Total Foreign Government Obligations (cost $28,433)					29,437
MORTGAGE-BACKED SECURITIES - 8.1%
American Home Mortgage Assets
Series 2006-2, Class 2A1
0.45%, 09/25/2046 *		$	1,084	$	628
Series 2006-4, Class 1A12
0.47%, 10/25/2046 *			2,481		1,347
Banc of America Commercial Mortgage, Inc.
Series 2007-1, Class A4
5.45%, 01/15/2049			200		199

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 140

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Funding Corp.
Series 2005-D, Class A1
2.99%, 05/25/2035 *	$	1,138	$	1,120
Series 2006-J, Class 4A1
6.03%, 01/20/2047 *		142		107
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-5, Class 2A1
4.10%, 08/25/2033 *		1,013		991
Series 2003-8, Class 2A1
3.55%, 01/25/2034 *		21		20
Series 2003-8, Class 4A1
3.68%, 01/25/2034 *		155		148
Series 2005-2, Class A2
2.93%, 03/25/2035 *		793		773
Series 2005-5, Class A2
2.56%, 08/25/2035 *		331		318
Series 2005-7, Class 22A1
5.12%, 09/25/2035 *		341		264
Series 2006-6, Class 32A1
5.58%, 11/25/2036 *		392		264
Bear Stearns Structured Products, Inc.
Series 2007-R6, Class 1A1
5.58%, 01/26/2036 *		343		220
CC Mortgage Funding Corp.
Series 2004-3A, Class A1
0.51%, 08/25/2035 - 144A *		270		180
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A2
4.25%, 08/25/2035 *		401		376
Series 2007-10, Class 22AA
5.93%, 09/25/2037 *		2,549		1,890
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2006-CD3, Class A5
5.62%, 10/15/2048		330		339
Series 2007-CD5, Class A4
5.89%, 11/15/2044 *		200		202
Countrywide Alternative Loan Trust
Series 2003-J1, Class 4A1
6.00%, 10/25/2032		4		4
Series 2005-81, Class A1
0.54%, 02/25/2037 *		710		410
Series 2006-30T1, Class 1A3
6.25%, 11/25/2036		594		389
Series 2006-J8, Class A2
6.00%, 02/25/2037		493		351
Series 2006-OA17, Class 1A1A
0.45%, 12/20/2046 *		2,749		1,479
Series 2007-2CB, Class 1A13
5.75%, 03/25/2037 *		700		442
Series 2007-HY4, Class 1A1
5.01%, 06/25/2037 *		1,289		806
Series 2007-OA6, Class A1B
0.46%, 06/25/2037 *		1,316		733
	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2002-30, Class M
3.32%, 10/19/2032 *	$	18	$	9
Series 2004-12, Class 12A1
3.95%, 08/25/2034 *		528		450
Series 2004-R1, Class 2A
6.50%, 11/25/2034 - 144A		671		609
Series 2005-R2, Class 1AF1
0.60%, 06/25/2035 - 144A *		1,943		1,594
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A
0.84%, 03/25/2032 - 144A *		1		1
Series 2003-AR15, Class 2A1
2.91%, 06/25/2033 *		1,099		992
Deutsche ALT-A Securities, Inc., Alternate Loan Trust
Series 2005-6, Class 2A3
5.50%, 12/25/2035		900		594
Series 2006-AR6, Class A1
0.34%, 02/25/2037 *		61		61
Series 2007-AR1, Class A3B
0.33%, 01/25/2047 *		115		113
First Horizon Alternative Mortgage Securities
Series 2007-FA4, Class 1A8
6.25%, 08/25/2037		492		334
First Horizon Asset Securities, Inc.
Series 2005-AR3, Class 2A1
5.34%, 08/25/2035 *		85		78
GS Mortgage Securities Corp. II
Series 2007-EOP, Class A1
0.37%, 03/06/2020 - 144A *		792		765
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
2.95%, 09/25/2035 *		169		165
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.50%, 03/19/2036 *		1,852		1,110
Series 2006-12, Class 2A11
0.35%, 01/19/2038 *		108		108
Series 2006-12, Class 2A2A
0.45%, 01/19/2038 *		1,258		743
Series 2006-6, Class 5A1A
5.77%, 08/19/2036 *		748		616
Series 2007-1, Class 2A1A
0.39%, 04/19/2038 *		1,336		758
IndyMac Index Mortgage Loan Trust
Series 2004-AR11, Class 2A
2.92%, 12/25/2034 *		56		43
Series 2006-AR14, Class 1A1A
0.35%, 11/25/2046 *		127		127

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 141

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Mortgage Trust
Series 2005-A1, Class 6T1
5.02%, 02/25/2035 *	$	272	$	275
Series 2007-A1, Class 5A5
3.44%, 07/25/2035 *		1,022		1,002
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, 09/15/2045 *		1,900		1,892
Luminent Mortgage Trust
Series 2006-6, Class 2A1
0.46%, 10/25/2046 *		773		467
MASTR Alternative Loans Trust
Series 2006-2, Class 2A1
0.66%, 03/25/2036 *		177		67
Mellon Residential Funding Corp.
Series 2000-TBC3, Class A1
0.69%, 12/15/2030 *		470		448
MLCC Mortgage Investors, Inc.
Series 2005-2, Class 3A
1.25%, 10/25/2035 *		48		41
Series 2005-3, Class 4A
0.51%, 11/25/2035 *		49		41
Series 2005-A10, Class A
0.47%, 02/25/2036 *		197		156
Morgan Stanley Capital I
Series 2007-IQ15, Class A4
6.08%, 06/11/2049 *		100		101
Series 2007-XLFA, Class A1
0.32%, 10/15/2020 - 144A *		706		648
Residential Accredit Loans, Inc.
Series 2006-QO3, Class A1
0.47%, 04/25/2046 *		575		246
Series 2006-QO6, Class A1
0.44%, 06/25/2046 *		378		171
Residential Asset Securitization Trust
Series 2006-R1, Class A2
0.66%, 01/25/2046 *		386		173
Residential Funding Mortgage Securities I
Series 2003-S9, Class A1
6.50%, 03/25/2032		4		4
Sequoia Mortgage Trust
Series 10, Class 2A1
0.64%, 10/20/2027 *		54		49
Series 2007-1, Class 1A1
2.74%, 01/20/2047 *		778		627
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-19, Class 2A1
1.82%, 01/25/2035 *		236		122
	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Structured Asset Mortgage Investments, Inc.
Series 2002-AR3, Class A1
0.92%, 09/19/2032 *	$	23	$	21
Series 2005-AR5, Class A1
0.51%, 07/19/2035 *		41		28
Series 2005-AR5, Class A2
0.51%, 07/19/2035 *		75		65
Series 2005-AR5, Class A3
0.51%, 07/19/2035 *		143		136
Series 2005-AR8, Class A1A
0.54%, 02/25/2036 *		639		381
Series 2006-AR3, Class 12A1
0.48%, 05/25/2036 *		739		428
Series 2006-AR6, Class 2A1
0.45%, 07/25/2046 *		2,600		1,556
Structured Asset Securities Corp.
Series 2003-22A, Class 2A1
2.67%, 06/25/2033 *		1,224		1,075
TBW Mortgage Backed Pass-Through Certificates
Series 2006-6, Class A1
0.37%, 01/25/2037 *		176		160
Thornburg Mortgage Securities Trust
Series 2006-6, Class A1
0.37%, 11/25/2046 *		661		646
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class A1
0.34%, 09/15/2021 - 144A *		1,079		967
WaMu Mortgage Pass-Through Certificates
Series 2002-AR2, Class A
3.04%, 02/27/2034 *		25		24
Series 2002-AR9, Class 1A
1.87%, 08/25/2042 *		13		10
Series 2003-AR5, Class A7
2.81%, 06/25/2033 *		839		828
Series 2003-AR9, Class 2A
2.88%, 09/25/2033 *		1,608		1,624
Series 2003-R1, Class A1
0.80%, 12/25/2027 *		857		771
Series 2005-AR11, Class A1A
0.58%, 08/25/2045 *		688		565
Series 2006-AR19, Class 1A
1.18%, 01/25/2047 *		1,258		734
Series 2006-AR19, Class 1A1A
1.17%, 01/25/2047 *		1,071		701
Series 2006-AR9, Class 2A
3.29%, 08/25/2046 *		696		481
Series 2007-HY1, Class 4A1
5.40%, 02/25/2037 *		2,525		1,885
Series 2007-OA1, Class A1A
1.16%, 02/25/2047 *		2,641		1,659

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 142

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage Backed Securities Trust
Series 2003-13, Class A5
4.50%, 11/25/2018	$	386	$	389
Series 2004-CC, Class A1
4.93%, 01/25/2035 *		345		337
Series 2006-AR4, Class 2A6
5.72%, 04/25/2036 *		304		96
Series 2006-AR8, Class 2A4
5.03%, 04/25/2036 *		1,040		990
Total Mortgage-Backed Securities (cost $53,065)				46,357
ASSET-BACKED SECURITIES - 2.6%
Accredited Mortgage Loan Trust
Series 2007-1, Class A1
0.31%, 02/25/2037 *		229		228
ACE Securities Corp.
Series 2006-NC3, Class A2A
0.31%, 12/25/2036 *		170		153
Amortizing Residential Collateral Trust
Series 2002-BC4, Class A
0.84%, 07/25/2032 *		4		4
Asset Backed Funding Certificates
Series 2004-OPT5, Class A1
0.61%, 06/25/2034 *		406		323
Series 2006-HE1, Class A2A
0.32%, 01/25/2037 *		167		164
Aurum CLO, Ltd.
Series 2002-1A, Class A1
0.73%, 04/15/2014 - 144A *		642		619
Bear Stearns Asset Backed Securities Trust
Series 2002-2, Class A1
0.92%, 10/25/2032 *		20		18
Series 2006-SD4, Class 1A1
4.11%, 10/25/2036 *		937		715
Series 2007-AQ1, Class A1
0.37%, 11/25/2036 *		979		667
Carrington Mortgage Loan Trust
Series 2006-NC4, Class A1
0.31%, 10/25/2036 *		178		174
Chase Issuance Trust
Series 2009-A8, Class A8
0.65%, 09/17/2012 *		1,900		1,902
Citigroup Mortgage Loan Trust, Inc.
Series 2006-WFH3, Class A2
0.36%, 10/25/2036 *		325		322
Series 2007-AHL1, Class A2A
0.30%, 12/25/2036 *		562		530
Countrywide Asset-Backed Certificates
Series 2006-23, Class 2A1
0.31%, 05/25/2037 *		350		345
Series 2006-26, Class 2A1
0.34%, 06/25/2037 *		314		304
Series 2006-SD1, Class A1
0.42%, 02/25/2036 - 144A *		22		22
Series 2007-1, Class 2A1
0.31%, 07/25/2037 *		646		632
Series 2007-7, Class 2A1
0.34%, 10/25/2047 *		112		107
	Principal		Value
ASSET-BACKED SECURITIES (continued)
Credit-Based Asset Servicing and Securitization LLC
Series 2007-CB1, Class AF1A
0.33%, 01/25/2037 *	$	577	$	272
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF1, Class A2C
0.63%, 12/25/2034 *		51		51
Series 2007-FF1, Class A2A
0.30%, 01/25/2038 *		53		53
Fremont Home Loan Trust
Series 2006-E, Class 2A1
0.32%, 01/25/2037 *		285		240
Gaz Capital SA for Gazprom
8.15%, 04/11/2018 - 144A		1,000		1,111
8.63%, 04/28/2034		500		590
Home Equity Asset Trust
Series 2002-1, Class A4
0.86%, 11/25/2032 *		♦		♦
JPMorgan Mortgage Acquisition Corp.
Series 2006-CH1, Class A2
0.31%, 07/25/2036 *		33		33
Series 2007-CH3, Class A5
0.52%, 03/25/2037 *		3,500		1,428
Lehman XS Trust
Series 2006-16N, Class A1A
0.34%, 11/25/2046 *		89		90
Mid-State Trust
Series 4, Class A
8.33%, 04/01/2030		236		239
Morgan Stanley ABS Capital I
Series 2006-HE7, Class A2A
0.31%, 09/25/2036 *		15		15
Series 2006-HE8, Class A2A
0.31%, 10/25/2036 *		29		29
Series 2007-NC1, Class A2A
0.31%, 11/25/2036 *		61		61
Morgan Stanley Home Equity Loans
Series 2007-1, Class A1
0.31%, 12/25/2036 *		505		490
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1
6.00%, 07/25/2047 *		483		349
Series 2007-3XS, Class 2A1A
0.33%, 01/25/2047 *		488		405
Series 2007-8XS, Class A1
5.75%, 04/25/2037 *		504		343
Nationstar Home Equity Loan Trust
Series 2007-A, Class AV1
0.32%, 03/25/2037 *		142		141
New Century Home Equity Loan Trust
Series 2006-1, Class A2B
0.44%, 05/25/2036 *		206		140
Park Place Securities, Inc.
Series 2005-WCW1, Class A1B
0.52%, 09/25/2035 *		77		69

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 143

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Residential Asset Securities Corp.
Series 2007-KS2, Class AI1
0.33%, 02/25/2037 *	$	435	$	420
SBI Heloc Trust
Series 2006-1A, Class 1A2A
0.43%, 08/25/2036 - 144A *		15		15
Securitized Asset Backed Receivables LLC Trust
Series 2007-HE1, Class A2A
0.32%, 12/25/2036 *		90		35
SLM Student Loan Trust
Series 2007-3, Class A1
0.31%, 10/27/2014 *		79		79
Small Business Administration
Series 2004-P10A, Class 1
4.50%, 02/01/2014		67		70
Small Business Administration Participation Certificates
Series 2003-20I, Class 1
5.13%, 09/01/2023		52		55
Series 2004-20C, Class 1
4.34%, 03/01/2024		339		353
Structured Asset Securities Corp.
Series 2002-HF1, Class A
0.55%, 01/25/2033 *		3		3
Series 2006-BC3, Class A2
0.31%, 10/25/2036 *		120		119
Series 2006-BC6, Class A2
0.34%, 01/25/2037 *		298		291
Total Asset-Backed Securities (cost $15,652)				14,818
MUNICIPAL GOVERNMENT OBLIGATIONS - 6.5%
Buckeye Tobacco Settlement Financing Authority
5.88%, 06/01/2047		600		448
Chicago Board of Education -Class A
5.00%, 12/01/2012		255		279
Chicago Transit Authority -Class A
6.90%, 12/01/2040		7,600		8,523
City of Chicago Illinois
4.75%, 01/01/2036		6,930		6,940
Los Angeles Unified School District -Class A
4.50%, 01/01/2028		1,200		1,149
State of California
5.65%, 04/01/2039		5,900		6,329
7.50%, 04/01/2034		300		327
7.55%, 04/01/2039		700		778
State of Illinois
1.82%, 01/01/2011		2,300		2,310
2.77%, 01/01/2012		8,100		8,183
Tobacco Settlement Financing Corp.
5.00%, 06/01/2041		1,400		968
5.25%, 06/01/2019		165		170
5.50%, 06/01/2026		200		224
5.88%, 05/15/2039		40		39
7.47%, 06/01/2047		1,150		948
Total Municipal Government Obligations (cost $35,936)				37,615

		Principal		Value
PREFERRED CORPORATE DEBT SECURITIES - 0.6%
Commercial Banks - 0.6%
Barclays Bank PLC
7.43%, 12/15/2017 - 144A * Ž ^		$	900	$	882
Rabobank Nederland NV — Series U
11.00%, 06/30/2019 - 144A * Ž			378		486
Royal Bank of Scotland Group PLC
7.64%, 09/29/2017 * Ž			3,000		1,943
Total Preferred Corporate Debt Securities (cost $4,357)					3,311
CORPORATE DEBT SECURITIES - 19.9%
Automobiles - 0.2%
Daimler Finance North America LLC
7.75%, 01/18/2011			1,000		1,047
Capital Markets - 2.6%
Goldman Sachs Group, Inc.
0.96%, 11/15/2014 *	EUR		500		611
0.97%, 02/04/2013 *	EUR		300		378
6.75%, 10/01/2037		$	900		873
Lehman Brothers Holdings, Inc. — Series I
6.75%, 12/28/2017 џ			1,700		2
Lehman Brothers Holdings, Inc.
2.85%, 12/23/2008 џ			1,600		346
5.63%, 01/24/2013 џ			4,100		912
6.88%, 05/02/2018 џ			500		111
Lehman Brothers Holdings, Inc. — Series H
0.00%, 10/22/2008 џ			200		43
Morgan Stanley
1.04%, 04/13/2016 *	EUR		1,900		2,271
6.00%, 04/28/2015		$	1,900		2,030
Morgan Stanley — Series F
2.35%, 05/14/2010 *			1,800		1,801
UBS AG
1.35%, 02/23/2012 *			5,700		5,737
Commercial Banks - 6.9%
ANZ National International, Ltd.
6.20%, 07/19/2013 - 144A			3,700		4,079
Barclays Bank PLC
5.45%, 09/12/2012			2,600		2,803
6.05%, 12/04/2017 - 144A			2,600		2,709
10.18%, 06/12/2021 - 144A			2,240		2,924
Canadian Imperial Bank of Commerce
2.00%, 02/04/2013 - 144A			1,200		1,212
Fortis Bank Nederland Holding NV
1.74%, 06/10/2011 *	EUR		1,200		1,598
HSBC Capital Funding, LP
10.18%, 06/30/2030 - 144A * Ž		$	150		192
ING Bank NV
2.63%, 02/05/2012 - 144A			9,500		9,732
Lloyds TSB Bank PLC
0.80%, 06/09/2011 *	EUR		1,000		1,332
4.38%, 01/12/2015 - 144A		$	4,400		4,369
5.80%, 01/13/2020 - 144A			700		694
12.00%, 12/16/2024 - 144A * Ž			5,300		5,777
Wells Fargo & Co. — Series K
7.98%, 03/15/2018 * Ž			1,800		1,899

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 144

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
Consumer Finance - 1.0%
American Express Co.
6.15%, 08/28/2017 ^		$	700	$	767
American Express Credit Corp. — Series C
5.88%, 05/02/2013			4,500		4,920
Diversified Financial Services - 5.5%
Bank of America Corp.
5.65%, 05/01/2018			3,900		3,947
Bear Stearns Cos. LLC
5.70%, 11/15/2014			1,900		2,085
6.40%, 10/02/2017			900		996
6.95%, 08/10/2012			1,800		1,999
7.25%, 02/01/2018			2,100		2,423
Citigroup, Inc.
0.38%, 03/07/2014 *			2,000		1,859
5.50%, 04/11/2013			2,200		2,323
Ford Motor Credit Co., LLC
7.00%, 10/01/2013			400		413
7.80%, 06/01/2012			600		622
General Electric Capital Corp.
6.38%, 11/15/2067 *			200		192
6.50%, 09/15/2067 - 144A *	GBP		500		708
GMAC, Inc.
6.63%, 05/15/2012		$	900		909
7.00%, 02/01/2012 ^			1,500		1,528
7.25%, 03/02/2011 ^			300		306
Merrill Lynch & Co., Inc. — Series C
6.40%, 08/28/2017			400		420
Merrill Lynch & Co., Inc.
0.91%, 01/31/2014 *	EUR		1,000		1,246
6.05%, 08/15/2012		$	200		215
6.88%, 04/25/2018			3,700		3,985
Petroleum Export, Ltd.
5.27%, 06/15/2011 - 144A			69		69
SMFG Preferred Capital, Ltd.
10.23%, 01/25/2029 - Reg S * Ž	GBP		2,900		5,113
Diversified Telecommunication Services - 0.5%
Deutsche Telekom International Finance BV
8.13%, 05/29/2012	EUR		124		185
KT Corp.
4.88%, 07/15/2015 - 144A		$	200		208
Sprint Capital Corp.
7.63%, 01/30/2011			2,400		2,463
Electric Utilities - 0.1%
Entergy Gulf States, Inc.
5.70%, 06/01/2015			200		200
PSEG Power LLC
6.95%, 06/01/2012			210		232
Energy Equipment & Services - 0.3%
Enterprise Products Operating LLC
4.95%, 06/01/2010			100		100
NGPL Pipeco LLC
7.12%, 12/15/2017 - 144A			1,800		2,047
Health Care Providers & Services - 0.0% ¥
HCA, Inc.
9.25%, 11/15/2016			200		216
		Principal		Value
Insurance - 1.9%
American International Group, Inc.
5.60%, 10/18/2016		$	1,000	$	944
8.25%, 08/15/2018			5,300		5,655
New York Life Global Funding
4.65%, 05/09/2013 - 144A			4,200		4,507
Media - 0.0% ¥
Time Warner, Inc.
6.88%, 05/01/2012			20		22
Oil, Gas & Consumable Fuels - 0.1%
Sonat, Inc.
7.63%, 07/15/2011			370		385
Tobacco - 0.8%
Altria Group, Inc.
9.25%, 08/06/2019			2,800		3,458
Reynolds American, Inc.
7.63%, 06/01/2016 ^			200		225
7.75%, 06/01/2018			1,000		1,146
Wireless Telecommunication Services - 0.0% ¥
AT&T Mobility LLC
6.50%, 12/15/2011			180		195
Total Corporate Debt Securities (cost $113,967)					114,715
		Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.3%
Commercial Banks - 0.3%
Wells Fargo & Co., 7.50% 5			1,600		1,578
Insurance - 0.0% ¥
American International Group, Inc., 8.50% 5			26,600		262
Total Convertible Preferred Stocks (cost $3,379)					1,840
PREFERRED STOCKS - 0.2%
Thrifts & Mortgage Finance - 0.2%
DG Funding Trust, 2.54% - 144A * §			119		968
U.S. Government Agency Obligation - 0.0% ¥
Fannie Mae, 8.25% *			26,000		38
Total Preferred Stocks (cost $1,916)					1,006
		Principal		Value
LOAN ASSIGNMENTS - 0.4%
Automobiles - 0.1%
DaimlerChrysler Financial
4.24%, 08/01/2014		$	725		724
Health Care Providers & Services - 0.2%
HCA, Inc.
2.50%, 11/18/2013			942		916
Paper & Forest Products - 0.1%
Georgia-Pacific LLC
2.25%, 12/20/2012			437		434
Total Loan Assignments (cost $2,060)					2,074
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.2%
U.S. Treasury Bill
0.19% 5, 09/02/2010 (b)			450		450
0.20% 5, 09/23/2010 (b)			29,460		29,431
Total Short-Term U.S. Government Obligations (cost $29,881)					29,881

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 145

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts except share amounts in thousands)
(unaudited)

	Shares			Value
SECURITIES LENDING COLLATERAL - 0.4%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.23% 5		2,311,155		$	2,311
Total Securities Lending Collateral (cost $2,311)
	Principal			Value
REPURCHASE AGREEMENTS - 0.7%
U.S. Treasury Repurchase Agreement (c)
0.20% 5, dated 04/30/2010, to be repurchased at $3,800 on 05/03/2010. Collateralized by a U.S. Government Obligation, 2.00%, due 04/30/2017, and with a value of $3,872.	$	3,800			3,800
Total Repurchase Agreements (cost $3,800)
Total Investment Securities (cost $578,039) #					575,407
Other Assets and Liabilities — Net					410
Net Assets				$	575,817
SECURITIES SOLD SHORT - (7.3%) (d)
U.S. Government Agency Obligations - (7.3%)
Fannie Mae, TBA
4.50%, due 05/01/2040		(9,000	)		(9,073	)
5.50%, due 04/01/2040 - 06/01/2040		(24,000	)		(25,256	)
Ginnie Mae, TBA
6.00%, due 05/01/2038		(7,000	)		(7,506	)
Total Securities Sold Short (proceeds $41,716)					(41,835	)
	Notional
	Amount			Value
WRITTEN OPTIONS - 0.0% ¥
Put Options - 0.0% ¥
10-Year U.S. Treasury Note		(57	)		(3	)
Put Strike $115.00
Expires 05/21/2010
10-Year U.S. Treasury Note		(62	)		(2	)
Put Strike $114.00
Expires 05/21/2010
1-Year Euro Mid Curve		(675	)		(49	)
Put Strike $97.38
Expires 09/10/2010
Call Options - 0.0% ¥
10-Year U.S. Treasury Note		(3	)		(2	)
Call Strike $118.00
Expires 05/21/2010
10-Year U.S. Treasury Note		(116	)		(29	)
Call Strike $119.00
Expires 05/21/2010
Total Written Options (Premiums: $152)					(85	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 146

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

WRITTEN SWAPTIONS:

		Pay/Receivable	Exercise			Notional
Description	Floating Rate Index	Floating Rate	Rate		Expiration Date	Amount			Premiums			Value
Call — Credit Default Swap, European Style	5-Year CDX.OC.8 Index USD	Receive	$	0.80	06/16/2010	$	(10,700	)	$	(18	)	$	(20	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25	08/31/2010		(2,200	)		(9	)		(8	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25	08/31/2010		(6,800	)		(17	)		(23	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25	10/29/2010		(3,700	)		(22	)		(20	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25	01/24/2011		(5,900	)		(35	)		(46	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25	01/24/2011		(22,800	)		(126	)		(176	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25	01/24/2011		(8,400	)		(46	)		(65	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.50	06/14/2010		(5,700	)		(57	)		(24	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.50	06/14/2010		(5,300	)		(20	)		(22	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.50	08/31/2010		(7,900	)		(38	)		(65	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.50	08/31/2010		(3,500	)		(30	)		♦
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.50	08/31/2010		(7,900	)		(59	)		(65	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.60	05/21/2010		(1,400	)		(8	)		(6	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.60	05/21/2010		(1,800	)		(9	)		(8	)
Put — Credit Default Swap, European Style	5-Year CDX.OP.1 Index USD	Pay		1.30	06/16/2010		(10,700	)		(26	)		(3	)
Put — Interest Rate Swap, European Style	5-Year IRO USD	Pay		4.00	12/01/2010		(13,000	)		(82	)		(47	)
Put — Interest Rate Swap, European Style	5-Year IRO USD	Pay		4.00	12/01/2010		(16,200	)		(96	)		(58	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.10	05/21/2010		(1,800	)		(11	)		(1	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.10	05/21/2010		(1,400	)		(8	)		♦
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.50	06/14/2010		(5,700	)		(56	)		(1	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.50	06/14/2010		(5,300	)		(12	)		(1	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.50	08/31/2010		(7,900	)		(42	)		(28	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.50	08/31/2010		(3,500	)		(15	)		♦
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.50	08/31/2010		(7,900	)		(54	)		(28	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.75	08/31/2010		(2,200	)		(10	)		(3	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.75	08/31/2010		(6,800	)		(36	)		(11	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.75	08/31/2010		(7,600	)		(83	)		(12	)
Put — Interest Rate Swap, European Style	5-Year IRO USD	Pay		5.00	06/15/2010		(1,000	)		(11	)		♦
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		5.00	10/29/2010		(3,700	)		(32	)		(10	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		5.00	01/24/2011		(8,400	)		(68	)		(58	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		5.00	01/24/2011		(5,900	)		(59	)		(41	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		6.00	08/31/2010		(12,100	)		(98	)		♦
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00	07/10/2012		(100	)		(1	)		♦
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00	07/10/2012		(400	)		(3	)		♦
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00	07/10/2012		(7,400	)		(45	)		(1	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00	07/10/2012		(700	)		(5	)		♦
									$	(1,347	)	$	(851	)

SWAP AGREEMENTS: ^(e)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES — SELL PROTECTION: ⁽²⁾

							Implied
	Fixed Deal						Credit						Premiums
	Receive			Maturity			Spread at		Notional		Market		Paid		Unrealized
Reference Obligation	Rate			Date		Counterparty	04/30/2010 (3)		Amount (4)		Value		(Received)		Appreciation
Altria Group, Inc.
9.25%, 08/06/2019		1.46	%		03/20/2019	DUB		184.49	$	5,700	$	110	$	—	$	110
General Electric Capital Corp.
6.00%, 06/15/2012		5.00	%		06/20/2010	DUB		71.52		300		3		—		3
Goldman Sachs Group, Inc.
6.60%, 01/15/2012		1.00	%		03/20/2011	DUB		109.07		300		♦		—		♦
Goldman Sachs Group, Inc.
6.60%, 01/15/2012		1.00	%		03/20/2012	BRC		128.13		200		♦		—		♦
Sprint Nextel Corp.
6.00%, 12/01/2016 §		5.00	%		09/20/2010	GST		150.97		1,600		22		12		10
Time Warner, Inc.
5.88%, 11/15/2016		1.19	%		03/20/2014	DUB		55.01		20		♦		—		♦
											$	135	$	12	$	123

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 147

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

SWAP AGREEMENTS (continued): ^(e)

CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION: ⁽¹⁾

														Premiums			Unrealized
	Fixed Deal			Maturity			Currency		Notional		Market			Paid			Appreciation
Reference Obligation	Pay Rate			Date		Counterparty	Code		Amount (4)		Value (5)			(Received)			(Depreciation)
Dow Jones CDX.IG.5 7 Year Index		0.14	%		12/20/2012	MYC		—	$	4,500	$	99		$	—		$	99
Dow Jones CDX.IG.9 1 Year Index		0.80	%		12/20/2017	MYC		—		11,326		306			209			97
Dow Jones CDX.IG.9 1 Year Index		0.80	%		12/20/2017	BRC		—		2,130		57			19			38
Dow Jones CDX.NA.IG.10 10 Year Index		1.50	%		06/20/2018	DUB		—		290		(6	)		(5	)		(1	)
											$	456		$	223		$	233

CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION: ⁽²⁾

																	Unrealized
	Fixed Deal			Maturity			Currency		Notional		Market			Premiums			Appreciation
Reference Obligation	Pay Rate			Date		Counterparty	Code		Amount (4)		Value (5)			(Received)			(Depreciation)
ABX.HE.AAA.06-2		0.11	%		05/25/2046	GST		—	$	984	$	(412	)	$	(305	)	$	(107	)
Dow Jones CDX.IG.10 1 Year Index		1.50	%		06/20/2018	GST		—		11,713		(241	)		(322	)		81
Dow Jones CDX.IG.10 1 Year Index		1.50	%		06/20/2018	MYC		—		21,199		(434	)		(508	)		74
Dow Jones CDX.IG.5 1 Year Index		0.46	%		12/20/2015	MYC		—		3,200		(285	)		—			(285	)
											$	(1,372	)	$	(1,135	)	$	(237	)

INTEREST RATE SWAP AGREEMENTS — PAYABLE:

													Premiums			Unrealized
				Maturity			Currency	Notional		Market			Paid			Appreciation
Floating Rate Index	Fixed Rate			Date		Counterparty	Code	Amount		Value			(Received)			(Depreciation)
BRL-CDI		11.36	%		01/02/2012	HUS	BRL	$	4,900	$	2		$	20		$	(18	)
BRL-CDI		11.67	%		01/02/2012	MYC	BRL		5,200		41			32			9
BRL-CDI		10.68	%		01/02/2012	BRC	BRL		1,300		(17	)		(15	)		(2	)
BRL-CDI		11.67	%		01/02/2012	HUS	BRL		5,000		39			31			8
BRL-CDI		11.99	%		01/02/2014	GLM	BRL		4,000		(21	)		1			(22	)
BRL-CDI		11.96	%		01/02/2014	BRC	BRL		5,300		(29	)		(2	)		(27	)
BRL-CDI		12.12	%		01/02/2014	HUS	BRL		11,600		(35	)		28			(63	)
BRL-CDI		11.96	%		01/02/2014	GLM	BRL		31,800		(175	)		(30	)		(145	)
										$	(195	)	$	65		$	(260	)

FUTURES CONTRACTS:

					Net Unrealized
Description	Contracts		┌	Expiration Date	Appreciation
10-Year U.S. Treasury Note		140		06/21/2010	$	276
3-month EURIBOR		55		09/19/2011		86
3-month EURIBOR		55		06/13/2011		79
3-month EURIBOR		73		12/13/2010		55
3-month EURIBOR		43		06/14/2010		108
3-month EURIBOR		179		09/13/2010		282
90-Day Euro		322		06/14/2010		712
90-Day Euro		73		09/14/2010		281
Ultra Long U.S. Treasury Bond		53		06/21/2010		187
					$	2,066

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 148

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

					Amount in			Net Unrealized
				Settlement	U.S. Dollars			Appreciation
Currency	Bought (Sold)			Date	Bought (Sold)			(Depreciation)
Brazilian Real		3,561		06/02/2010	$	1,970		$	66
Canadian Dollar		(8,068	)	05/04/2010		(7,992	)		49
Canadian Dollar		8,068		05/04/2010		8,023			(79	)
Canadian Dollar		(8,068	)	07/07/2010		(8,022	)		79
Chinese Yuan Renminbi		6,259		06/07/2010		929			(10	)
Chinese Yuan Renminbi		(34,386	)	06/07/2010		(5,082	)		34
Chinese Yuan Renminbi		15,484		06/07/2010		2,300			(27	)
Chinese Yuan Renminbi		2,489		06/07/2010		370			(5	)
Chinese Yuan Renminbi		1,940		06/07/2010		288			(3	)
Chinese Yuan Renminbi		(16,862	)	06/07/2010		(2,493	)		17
Chinese Yuan Renminbi		3,751		06/07/2010		557			(6	)
Chinese Yuan Renminbi		(16,862	)	06/07/2010		(2,493	)		17
Chinese Yuan Renminbi		2,020		06/07/2010		300			(3	)
Chinese Yuan Renminbi		(5,401	)	06/07/2010		(800	)		7
Chinese Yuan Renminbi		12,049		06/07/2010		1,790			(21	)
Chinese Yuan Renminbi		(4,777	)	06/07/2010		(708	)		6
Chinese Yuan Renminbi		6,222		06/07/2010		924			(10	)
Chinese Yuan Renminbi		5,270		06/07/2010		776			(2	)
Chinese Yuan Renminbi		6,425		06/07/2010		947			(4	)
Chinese Yuan Renminbi		16,379		06/07/2010		2,415			(10	)
Chinese Yuan Renminbi		13,324		11/17/2010		2,009			(35	)
Chinese Yuan Renminbi		(2,751	)	11/17/2010		(411	)		3
Chinese Yuan Renminbi		(3,351	)	11/17/2010		(500	)		3
Chinese Yuan Renminbi		(3,909	)	11/17/2010		(582	)		2
Chinese Yuan Renminbi		(3,313	)	11/17/2010		(493	)		2
Chinese Yuan Renminbi		(9,629	)	11/23/2010		(1,434	)		6
Chinese Yuan Renminbi		(10,106	)	11/23/2010		(1,505	)		6
Chinese Yuan Renminbi		(743	)	11/23/2010		(112	)		2
Chinese Yuan Renminbi		(11,676	)	11/23/2010		(1,743	)		11
Chinese Yuan Renminbi		(9,758	)	11/23/2010		(1,453	)		6
Chinese Yuan Renminbi		(9,226	)	11/23/2010		(1,373	)		5
Chinese Yuan Renminbi		16,862		11/23/2010		2,536			(36	)
Chinese Yuan Renminbi		16,862		11/23/2010		2,537			(36	)
Chinese Yuan Renminbi		(9,584	)	11/23/2010		(1,427	)		6
Chinese Yuan Renminbi		(7,389	)	11/23/2010		(1,099	)		3
Chinese Yuan Renminbi		34,386		11/23/2010		5,172			(72	)
Chinese Yuan Renminbi		1,810		01/10/2011		271			(2	)
Chinese Yuan Renminbi		6,353		04/07/2011		958			(9	)
Chinese Yuan Renminbi		4,564		04/28/2011		690			(7	)
Chinese Yuan Renminbi		3,803		04/28/2011		575			(6	)
Chinese Yuan Renminbi		645		11/04/2011		101			(3	)
Chinese Yuan Renminbi		7,389		02/13/2012		1,147			(14	)
Chinese Yuan Renminbi		3,351		02/13/2012		521			(7	)
Chinese Yuan Renminbi		9,360		02/13/2012		1,453			(17	)
Chinese Yuan Renminbi		9,703		02/13/2012		1,505			(17	)
Chinese Yuan Renminbi		8,849		02/13/2012		1,373			(16	)
Chinese Yuan Renminbi		11,209		02/13/2012		1,743			(24	)
Chinese Yuan Renminbi		3,176		02/13/2012		493			(6	)
Chinese Yuan Renminbi		9,196		02/13/2012		1,427			(17	)
Chinese Yuan Renminbi		2,751		02/13/2012		428			(6	)
Chinese Yuan Renminbi		9,245		02/13/2012		1,434			(16	)
Chinese Yuan Renminbi		3,751		02/13/2012		582			(7	)
Danish Krone		732		05/10/2010		134			(3	)
Euro		(27,952	)	05/24/2010		(37,443	)		225
Euro		4,086		05/24/2010		5,512			(72	)
Japanese Yen		(2,325	)	05/17/2010		(25	)		♦
Japanese Yen		(131,640	)	05/17/2010		(1,415	)		13
Malaysian Ringgit		6		10/12/2010		2			♦
Malaysian Ringgit		3		10/12/2010		1			♦
Mexican Peso		84		09/24/2010		7			♦
Pound Sterling		607		06/24/2010		932			(3	)
Pound Sterling		282		06/24/2010		430			1
Pound Sterling		(6,186	)	06/24/2010		(9,334	)		(127	)

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 149

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

						Amount in			Net Unrealized
				Settlement		U.S. Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)
Pound Sterling		474			06/24/2010	$	729		$	(4	)
Republic of Korea Won		278,856			11/12/2010		240			13
Republic of Korea Won		(524,680	)		11/12/2010		(443	)		(32	)
Republic of Korea Won		1,556,945			11/12/2010		1,372			39
Republic of Korea Won		140,760			11/12/2010		120			8
Republic of Korea Won		117,820			11/12/2010		100			7
Republic of Korea Won		529,506			11/12/2010		460			20
Republic of Korea Won		(537,565	)		11/12/2010		(454	)		(33	)
Republic of Korea Won		366,184			11/12/2010		310			22
Republic of Korea Won		(395,976	)		11/12/2010		(336	)		(23	)
Republic of Korea Won		(396,043	)		11/12/2010		(336	)		(23	)
Republic of Korea Won		(525,409	)		11/12/2010		(444	)		(32	)
Republic of Korea Won		277,128			11/12/2010		240			11
Republic of Korea Won		280,224			11/12/2010		240			14
Republic of Korea Won		292,463			11/12/2010		250			15
Republic of Korea Won		139,080			11/12/2010		120			6
Republic of Korea Won		280,620			11/12/2010		240			14
Republic of Korea Won		515,588			11/12/2010		450			17
Republic of Korea Won		117,640			11/12/2010		100			7
Republic of Korea Won		267,398			11/12/2010		230			12
Republic of Korea Won		140,136			11/12/2010		120			7
Singapore Dollar		27			09/16/2010		19			1
Taiwan Dollar		27,835			06/10/2010		891			2
Taiwan Dollar		27,786			06/10/2010		890			2
									$	(99	)

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2010.
^	All or a portion of this security is on loan. The value of all securities on loan is $2,265.
§	Illiquid. At 04/30/2010, illiquid investment securities aggregated $2,179, or 0.38%, and illiquid derivatives aggregated to $22, or less than 0.01%, of the fund’s net assets.
♦	Amount rounds to less than $1.
Ž	The security has a perpetual maturity. The date shown is the next call date.
џ	In default.
¥	Amount rounds to less than 0.1% or (0.1)%.
5	Rate shown reflects the yield at 04/30/2010.
#	Aggregate cost for federal income tax purposes is $578,039. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $18,639 and $21,271, respectively. Net unrealized depreciation for tax purposes is $2,632.
┌	Contract amounts are not in thousands.
(1)	If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	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 (i) 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 index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3)	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 or 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 upfront payments required to be made to enter into the agreement. Wider credit spreads 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 the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 150

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

(4)	The maximum potential amount the fund could be required to make 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.
(5)	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 end. Increasing market values, in absolute terms when compared to the notional amount of the swap, 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.
(a)	A portion of these securities, in the amount of $1,185, have been segregated with the broker to cover margin requirements for open futures contracts.
(b)	A portion of these securities, in the amount of $709, have been segregated with the broker to cover open swap contracts.
(c)	The counterparty for the repurchase agreement is Barclays Capital, Inc.
(d)	Cash, in the amount of $791, has been pledged as collateral with the custodian to cover open short TBA transactions.
(e)	Cash, in the amount of $610, has been pledged as collateral with the custodian to cover open swap contracts.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2010, these securities aggregated $50,809, or 8.82%, of the fund’s net assets.
BRC	Barclays Bank PLC
BRL	Brazilian Real
CAD	Canadian Dollar
CDI	Credit Default Index
CDX	A series of indices that track North American and emerging market credit derivative indices.
CLO	Collateralized Loan Obligation
DUB	Deutsche Bank AG
EUR	Euro
EURIBOR	Euro InterBank Offered Rate
GBP	Pound Sterling
GLM	Goldman Sachs Capital Markets
GST	Goldman Sachs Capital Markets
HUS	HSBC Bank USA
IO	Interest Only
IRO	Interest Rate Option
MYC	Morgan Stanley Capital Services
SBI	Shares Beneficial Interest
TBA	To Be Announced

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 151

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities — Financials	$	1,840	$	968	$	—	$	2,808
Equities — U.S. Government Agency Obligation		38		—		—		38
Fixed Income — Asset-Backed Security		—		14,818		—		14,818
Fixed Income — Consumer Discretionary		—		1,791		—		1,791
Fixed Income — Consumer Staples		—		4,829		—		4,829
Fixed Income — Energy		—		2,532		—		2,532
Fixed Income — Financials		—		105,899		—		105,899
Fixed Income — Foreign Government Obligation		—		29,437		—		29,437
Fixed Income — Health Care		—		1,132		—		1,132
Fixed Income — Materials		—		434		—		434
Fixed Income — Mortgage-Backed Security		—		46,357		—		46,357
Fixed Income — Municipal Government Obligation		—		37,615		—		37,615
Fixed Income — Short-Term U.S. Government Obligation		—		29,881		—		29,881
Fixed Income — Telecommunication Services		—		3,051		—		3,051
Fixed Income — U.S. Government Agency Obligation		—		134,956		—		134,956
Fixed Income — U.S. Government Obligation		—		153,286		—		153,286
Fixed Income — Utilities		—		432		—		432
Cash & Cash Equivalent — Repurchase Agreement		—		3,800		—		3,800
Cash & Cash Equivalent — Securities Lending Collateral		2,311		—		—		2,311
Total	$	4,189	$	571,218	$	—	$	575,407

Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Credit Default Swap — Appreciation	$	—	$	502		$	10	$	512
Credit Default Swap — Depreciation		—		(393	)		—		(393	)
Interest Rate Swap — Appreciation		—		17			—		17
Interest Rate Swap — Depreciation		—		(277	)		—		(277	)
Futures Contracts — Appreciation		—		2,066			—		2,066
Forward Foreign Currency Contracts — Appreciation		—		786			—		786
Forward Foreign Currency Contracts — Depreciation		—		(885	)		—		(885	)
Total	$	—	$	1,816		$	10	$	1,826

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Written Swaption	$	—	$	(851	)	$	—	$	(851	)
Written Option		—		( 85	)		—		( 85	)
Total	$	—	$	(936	)	$	—	$	(936	)

Securities Sold Short	Level 1		Level 2			Level 3		Total
Fixed Income — U.S. Government Agency Obligation	$	—	$	(41,835	)	$	—	$	(41,835	)

Level 3 Rollforward — Investment Securities

						Accrued		Total		Change in
	Beginning Balance					Discounts/		Realized		Unrealized		Net Transfers			Ending Balance
Securities	at 10/31/2009		Net (Sales)			(Premiums)		Gain/(Loss)		Appreciation		(Out) Level 3			at 04/30/2010
Fixed Income - Asset-Backed Security	$	892	$	(318	)	$	—	$	—	$	44	$	(618	)	$	—

Level 3 Rollforward — Other Financial Instruments*

Total

Change in

Net Transfers

Beginning Balance

Net

Accrued

Realized

Unrealized

In/(Out)

Ending Balance

Securities

at 10/31/2009

Purchases

(Premiums)

Gain/(Loss)

Appreciation

of Level 3

at 04/30/2010

Credit Default Swap — Appreciation

$—

$

20

$

(8

)

$—

$

10

$—

$

22

^* Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.

Transamerica Funds Semi-Annual Report 2010

Page 152

STATEMENTS OF ASSETS AND LIABILITIES
At April 30, 2010
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica						Transamerica
	Clarion Global			Transamerica			MFS			Transamerica			Transamerica
	Real Estate			Jennison			International			PIMCO Real			PIMCO Total
	Securities			Growth			Equity			Return TIPS			Return
Assets:
Investment securities, at value	$	361,057		$	802,982		$	543,159		$	1,080,582		$	571,607
Repurchase agreement, at value		6,188			20,419			7,482			—			3,800
Cash		—			—			—			6,366			3,956
Foreign currency, at value		—			—			311			708			2,729
Receivables:
Investment securities sold		6,412			1,107			3,559			30,870			111,723
Shares of beneficial interest sold		38			132			47			911			418
Interest		—	(a)		—	(a)		—	(a)		5,407			4,732
Securities lending income, net		24			—	(a)		57			—	(a)		1
Dividends		1,270			95			1,636			—			42
Dividend reclaims		36			60			543			—			—
Variation margin		—			—			—			44			116
Other		—			—			—			10			—
Swap agreements, at value		—			—			—			1,388			679
Unrealized appreciation on forward foreign currency contracts		—			—			—			1,501			786
	$	375,025		$	824,795		$	556,794		$	1,127,787		$	700,589
Liabilities:
Cash deposit due to custodian		—			—			—			1,440			1,401
Accounts payable and accrued liabilities:
Investment securities purchased		5,834			6,479			3,697			185,593			75,426
Shares of beneficial interest redeemed		71			331			174			—			—
Management and advisory fees		216			511			339			454			302
Trustees fees		1			—	(a)		—	(a)		2			1
Administration fees		5			14			8			14			9
Other		77			24			61			5			11
Collateral for securities on loan		41,379			2,060			97,908			2,759			2,311
Written options and swaptions, at value		—			—			—			884			936
Swap agreements, at value		—			—			—			936			1,655
Securities sold short, at value		—			—			—			—			41,835
Unrealized depreciation on forward foreign currency contracts		—			—			—			493			885
		47,583			9,419			102,187			192,580			124,772
Net assets	$	327,442		$	815,376		$	454,607		$	935,207		$	575,817
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	395,866		$	714,976		$	395,652		$	893,278		$	574,530
Undistributed (accumulated) net investment income (loss)		(7,452	)		(48	)		2,854			(513	)		(221	)
Undistributed (accumulated) net realized gain (loss) from investments		(102,391	)		(36,360	)		10,849			(9,473	)		1,728
Net unrealized appreciation (depreciation) on:
Investment securities		41,440			136,814			45,256			49,094			(2,632	)
Futures contracts		—			—			—			433			2,066
Written option contracts		—			—			—			620			563
Swap agreements		—			—			—			714			(141	)
Translation of assets and liabilities denominated in foreign currencies		(21	)		(6	)		(4	)		1,054			43
Securities sold short		—			—			—			—			(119	)
Net assets	$	327,442		$	815,376		$	454,607		$	935,207		$	575,817
Shares outstanding		28,582			70,714			54,140			85,806			55,687
Net asset value and offering price per share	$	11.46		$	11.53		$	8.40		$	10.90		$	10.34
Investment securities, at cost	$	319,617		$	666,168		$	497,903		$	1,031,488		$	574,239
Repurchase agreement, at cost	$	6,188		$	20,419		$	7,482		$	—		$	3,800
Foreign currency, at cost	$	—		$	—		$	309		$	703		$	2,726
Securities loaned, at value	$	39,893		$	2,019		$	93,203		$	2,704		$	2,265
Premium received on written option & swaption contracts	$	—		$	—		$	—		$	1,504		$	1,499
Swap premiums received	$	—		$	—		$	—		$	649		$	1,187
Swap premiums paid	$	—		$	—		$	—		$	387		$	352
Proceeds received from securities sold short	$	—		$	—		$	—		$	—		$	41,716

^(a) Rounds to less than $1.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 153

STATEMENTS OF OPERATIONS
For the period ended April 30, 2010
(all amounts in thousands)
(unaudited)

	Transamerica						Transamerica
	Clarion Global						MFS			Transamerica			Transamerica
	Real Estate			Transamerica			International			PIMCO Real			PIMCO Total
	Securities			Jennison Growth			Equity			Return TIPS			Return
Investment income:
Dividend income	$	6,162		$	3,527		$	5,500		$	15		$	170
Withholding taxes on foreign dividends		(231	)		(77	)		(566	)		—			(1	)
Interest income		2			1			—	(a)		12,777			11,496
Securities lending income (net)		58			7			117			1			5
		5,991			3,458			5,051			12,793			11,670
Expenses:
Management and advisory		1,216			2,862			1,939			2,580			1,740
Transfer agent		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)
Printing and shareholder reports		2			4			3			4			3
Custody		116			30			112			97			108
Administration		31			76			44			78			53
Legal		4			11			6			11			7
Audit and tax		13			11			10			17			17
Trustees		3			8			4			8			5
Registration		2			11			—			—			—
Dividend on securities sold short		—			4			—			—			—
Other		1			3			2			3			2
Total expenses		1,388			3,020			2,120			2,798			1,935
Net investment income		4,603			438			2,931			9,995			9,735
Net realized gain (loss) on transactions from:
Investment securities		(5,837	)		15,662			12,502			14,086			(4,399	)
Futures contracts		—			—			—			1,748			2,203
Written option contracts		—			—			—			2,535			1,697
Swap agreements		—			—			—			(1,199	)		1,420
Foreign currency transactions		(98	)		7			(73	)		1,070			1,973
Securities sold short		—			—			—			1,388			4,079
		(5,935	)		15,669			12,429			19,628			6,973
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		37,176			76,134			9,076			5,845			8,294
Futures contracts		—			—			—			(583	)		(65	)
Written option contracts		—			—			—			(719	)		36
Swap agreements		—			—			—			(263	)		(2,245	)
Translation of assets and liabilities denominated in foreign currencies		(13	)		(7	)		(54	)		618			246
Securities sold short		—			—			—			—			186
Change in unrealized appreciation (depreciation):		37,163			76,127			9,022			4,898			6,452
Net realized and unrealized gain		31,228			91,796			21,451			24,526			13,425
Net increase in net assets resulting from operations	$	35,831		$	92,234		$	24,382		$	34,521		$	23,160

^(a) Rounds to less than $1.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 154

STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended:
(all amounts in thousands)

	Transamerica Clarion Global Real												Transamerica MFS International
	Estate Securities						Transamerica Jennison Growth						Equity
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income	$	4,603		$	7,400		$	438		$	399		$	2,931		$	3,342
Net realized gain (loss)(a)		(5,935	)		(63,293	)		15,669			(19,056	)		12,429			9,915
Change in unrealized appreciation (depreciation)(b)		37,163			95,184			76,127			83,220			9,022			53,874
Net increase in net assets resulting from operations		35,831			39,291			92,234			64,563			24,382			67,131
Distributions to shareholders:
From net investment income:
Class A					(30	)					—						—
Class B					(10	)					—						—
Class C					(17	)					—						—
Class I2		(15,587	)		(4,922	)		(765	)		(430	)		(3,209	)		—
		(15,587	)		(4,979	)		(765	)		(430	)		(3,209	)		—
From net realized gains:
Class I2		—			—			—			—			(10,016	)		—
Total distributions to shareholders		(15,587	)		(4,979	)		(765	)		(430	)		(13,225	)		—
Capital share transactions:
Proceeds from shares sold:
Class A					1						27						27
Class B					—						3						6
Class I2		16,034			15,388			75,109			451,224			42,930			321,484
		16,034			15,389			75,109			451,254			42,930			321,517
Dividends and distributions reinvested:
Class A					27						—						—
Class B					9						—						—
Class C					16						—						—
Class I2		15,587			4,922			765			430			13,225			—
		15,587			4,974			765			430			13,225			—
Cost of shares redeemed:
Class A					(3,025	)					(7,471	)					(9,247	)
Class B					(962	)					(5,295	)					(3,533	)
Class C					(1,216	)					(2,986	)					(2,363	)
Class I2		(9,925	)		(895	)		(6,577	)		(44,034	)		(9,459	)		(30,496	)
		(9,925	)		(6,098	)		(6,577	)		(59,786	)		(9,459	)		(45,639	)
Automatic conversions:
Class A					126						1,268						2,402
Class B					(126	)					(1,268	)					(2,402	)
					—						—						—
Net increase in net assets resulting from capital shares transactions		21,696			14,265			69,297			391,898			46,696			275,878
Net increase in net assets		41,940			48,577			160,766			456,031			57,853			343,009
Net assets:
Beginning of period/year	$	285,502		$	236,925		$	654,610		$	198,579		$	396,754		$	53,745
End of period/year	$	327,442		$	285,502		$	815,376		$	654,610		$	454,607		$	396,754
Undistributed (accumulated) net investment income (loss)	$	(7,452	)	$	3,532		$	(48	)	$	279		$	2,854		$	3,132

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 155

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or year ended:
(all amounts in thousands)

	Transamerica Clarion Global Real												Transamerica MFS International
	Estate Securities						Transamerica Jennison Growth						Equity
	April 30, 2010						April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
Share activity:
Shares issued:
Class A					—						3						9
Class B					—						—						3
Class I2		1,497			1,667			6,854			47,919			5,068			46,747
		1,497			1,667			6,854			47,922			5,068			46,759
Shares issued-reinvested from distributions:
Class A					3						—						—
Class B					1						—						—
Class C					2						—						—
Class I2		1,449			573			70			56			1,573			—
		1,449			579			70			56			1,573			—
Shares redeemed:
Class A					(299	)					(774	)					(2,815	)
Class B					(95	)					(600	)					(1,312	)
Class C					(118	)					(334	)					(864	)
Class I2		(885	)		(93	)		(585	)		(5,706	)		(1,140	)		(4,342	)
		(885	)		(605	)		(585	)		(7,414	)		(1,140	)		(9,333	)
Automatic conversions:
Class A					15						143						895
Class B					(15	)					(153	)					(1,050	)
					—						(10	)					(155	)
Net increase (decrease) in shares outstanding:
Class A					(281	)					(628	)					(1,911	)
Class B					(109	)					(753	)					(2,359	)
Class C					(116	)					(334	)					(864	)
Class I2		2,061			2,147			6,339			42,269			5,501			42,405
		2,061			1,641			6,339			40,554			5,501			37,271

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 156

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or year ended:
(all amounts in thousands)

	Transamerica PIMCO Real						Transamerica PIMCO
	Return TIPS						Total Return
	April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
From operations:
Net investment income	$	9,995		$	21,900		$	9,735		$	26,509
Net realized gain (loss)(a)		19,628			9,781			6,973			24,942
Change in unrealized appreciation (depreciation)(b)		4,898			96,351			6,452			61,021
Net increase in net assets resulting from operations		34,521			128,032			23,160			112,472
Distributions to shareholders:
From net investment income:
Class A					(69	)					(273	)
Class B					(51	)					(248	)
Class C					(44	)					(185	)
Class I2		(19,432	)		(22,794	)		(10,810	)		(35,568	)
		(19,432	)		(22,958	)		(10,810	)		(36,274	)
From net realized gains:
Class A					(13	)					(92	)
Class B					(10	)					(89	)
Class C					(8	)					(62	)
Class I2		—			(3,862	)		(34,549	)		(11,115	)
		—			(3,893	)		(34,549	)		(11,358	)
Total distributions to shareholders		(19,432	)		(26,851	)		(45,359	)		(47,632	)
Capital share transactions:
Proceeds from shares sold:
Class A					9						3
Class B					1						7
Class C					7						15
Class I2		154,379			90,261			47,512			14,123
		154,379			90,278			47,512			14,148
Dividends and distributions reinvested:
Class A					69						318
Class B					49						283
Class C					43						195
Class I2		19,432			26,655			45,359			46,683
		19,432			26,816			45,359			47,479
Cost of shares redeemed:
Class A					(2,950	)					(5,808	)
Class B					(1,787	)					(5,045	)
Class C					(1,688	)					(3,675	)
Class I2		(6,416	)		(85,752	)		(184	)		(174,373	)
		(6,416	)		(92,177	)		(184	)		(188,901	)
Automatic conversions:
Class A					233						367
Class B					(233	)					(367	)
					—						—
Net increase (decrease) in net assets resulting from capital shares transactions		167,395			24,917			92,687			(127,274	)
Net increase (decrease) in net assets		182,484			126,098			70,488			(62,434	)
Net assets:
Beginning of period/year	$	752,723		$	626,625		$	505,329		$	567,763
End of period/year	$	935,207		$	752,723		$	575,817		$	505,329
Undistributed (accumulated) net investment income (loss)	$	(513	)	$	8,924		$	(221	)	$	854

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 157

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period or year ended:
(all amounts in thousands)

	Transamerica PIMCO Real						Transamerica PIMCO
	Return TIPS						Total Return
	April 30, 2010						April 30, 2010
	(unaudited)			October 31, 2009			(unaudited)			October 31, 2009
Share activity:
Shares issued:
Class A					1						1
Class C					1						2
Class I2		14,368			9,035			4,611			1,332
		14,368			9,037			4,611			1,335
Shares issued-reinvested from distributions:
Class A					7						33
Class B					5						30
Class C					4						20
Class I2		1,824			2,650			4,508			4,858
		1,824			2,666			4,508			4,941
Shares redeemed:
Class A					(285	)					(547	)
Class B					(173	)					(479	)
Class C					(165	)					(347	)
Class I2		(598	)		(8,878	)		(18	)		(17,605	)
		(598	)		(9,501	)		(18	)		(18,978	)
Automatic conversions:
Class A					24						37
Class B					(24	)					(37	)
					—			—			—
Net increase (decrease) in shares outstanding:
Class A					(253	)					(476	)
Class B					(192	)					(486	)
Class C					(160	)					(325	)
Class I2		15,594			2,807			9,101			(11,415	)
		15,594			2,202			9,101			(12,702	)

(a)	Net realized gain (loss) includes investment securities, futures contracts, written options and swaptions, securities sold short, swaps, and foreign currency transactions.
(b)	Change in unrealized appreciation (depreciation) includes investment securities, futures contracts, written options and swaptions, securities sold short, swaps, and foreign currency translation.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 158

FINANCIAL HIGHLIGHTS
For the period and years ended:

	Transamerica Clarion Global Real Estate Securities
	April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006(a)
Net asset value
Beginning of period/year	$	10.77		$	9.52		$	20.48		$	20.25		$	15.85
Investment operations
Net investment income(b)		0.16			0.29			0.32			0.36			0.21
Net realized and unrealized gain (loss) on investments		1.11			1.15			(8.33	)		2.45			5.85
Total from investment operations		1.27			1.44			(8.01	)		2.81			6.06
Distributions
Net investment income		(0.58	)		(0.19	)		(0.90	)		(0.80	)		(0.28	)
Net realized gains on investments		—			—			(2.05	)		(1.78	)		(1.38	)
Total distributions		(0.58	)		(0.19	)		(2.95	)		(2.58	)		(1.66	)
Net asset value
End of period/year	$	11.46		$	10.77		$	9.52		$	20.48		$	20.25
Total return(c)		12.16	%(d)		15.72	%		(44.82	%)		15.11	%		41.43	%(d)
Net assets end of period/year	$	327,442		$	285,502		$	232,115		$	367,750		$	331,620
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.91	%(e)		0.93	%		0.89	%		0.88	%		0.91	%(e)
Before reimbursement/recapture		0.91	%(e)		0.93	%		0.89	%		0.88	%		0.91	%(e)
Net investment income, to average net assets		3.01	%(e)		3.30	%		2.29	%		1.29	%		1.27	%(e)
Portfolio turnover rate		36	%(d)		61	%		41	%		72	%		76	%(d)

	Transamerica Jennison Growth
	April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006(a)
Net asset value
Beginning of period/year	$	10.17		$	8.37		$	13.05		$	11.40		$	11.43
Investment operations
Net investment income(b)		0.01			0.01			0.02			0.03			—	(f)
Net realized and unrealized gain (loss) on investments		1.36			1.81			(4.68	)		2.08			0.18
Total from investment operations		1.37			1.82			(4.66	)		2.11			0.18
Distributions
Net investment income		(0.01	)		(0.02	)		(0.02	)		—			—
Net realized gains on investments		—			—			—			(0.46	)		(0.21	)
Total distributions		(0.01	)		(0.02	)		(0.02	)		(0.46	)		(0.21	)
Net asset value
End of period/year	$	11.53		$	10.17		$	8.37		$	13.05		$	11.40
Total return(c)		13.50	%(d)		21.79	%		(35.77	%)		19.14	%		1.50	%(d)
Net assets end of period/year	$	815,376		$	654,610		$	184,981		$	160,815		$	96,273
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.80	%(e)		0.85	%		0.85	%		0.87	%		0.89	%(e)
Before reimbursement/recapture		0.80	%(e)		0.85	%		0.85	%		0.87	%		0.89	%(e)
Net investment income (loss), to average net assets		0.12	%(e)		0.16	%		0.21	%		0.22	%		(0.02	%)(e)
Portfolio turnover rate		38	%(d)		82	%		70	%		63	%		80	%(d)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 159

FINANCIAL HIGHLIGHTS (continued)
For the period and years ended:

	Transamerica MFS International Equity
	April 30, 2010			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008(g)
Net asset value
Beginning of period/year	$	8.16		$	6.58		$	10.00
Investment operations
Net investment income(b)		0.05			0.12			0.02
Net realized and unrealized gain (loss) on investments		0.45			1.46			(3.44	)
Total from investment operations		0.50			1.58			(3.42	)
Distributions
Net investment income		(0.06	)		—			—
Net realized gains on investments		(0.20	)		—			—
Total distributions		(0.26	)		—			—
Net asset value
End of period/year	$	8.40		$	8.16		$	6.58
Total return(c)		6.18	%(d)		24.01	%		(34.20	%)(d)
Net assets end of period/year	$	454,607		$	396,754		$	40,997
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.97	%(e)		1.09	%		1.23	%(e)
Before reimbursement/recapture		0.97	%(e)		1.09	%		1.23	%(e)
Net investment income, to average net assets		1.34	%(e)		1.78	%		0.71	%(e)
Portfolio turnover rate		12	%(d)		24	%		37	%(d)
	Transamerica PIMCO Real Return TIPS
	April 30, 2010			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006			2005(h)
Net asset value
Beginning of period/year	$	10.72		$	9.21		$	10.21		$	10.05		$	10.25		$	10.45
Investment operations
Net investment income(b)		0.14			0.32			0.47			0.38			0.48			0.37
Net realized and unrealized gain (loss) on investments		0.31			1.58			(0.96	)		0.16			(0.22	)		(0.04	)
Total from investment operations		0.45			1.90			(0.49	)		0.54			0.26			0.33
Distributions
Net investment income		(0.27	)		(0.33	)		(0.51	)		(0.38	)		(0.45	)		(0.36	)
Net realized gains on investments		—			(0.06	)		—			—			(0.01	)		(0.17	)
Total distributions		(0.27	)		(0.39	)		(0.51	)		(0.38	)		(0.46	)		(0.53	)
Net asset value
End of period/year	$	10.90		$	10.72		$	9.21		$	10.21		$	10.05		$	10.25
Total return(c)		4.29	%(d)		21.00	%		(5.29	%)		5.54	%		2.55	%		3.20	%(d)
Net assets end of period/year	$	935,207		$	752,723		$	621,092		$	690,942		$	603,597		$	295,966
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.72	%(e)		0.74	%		0.74	%		0.73	%		0.73	%		0.73	%(e)
Before reimbursement/recapture		0.72	%(e)		0.74	%		0.74	%		0.73	%		0.73	%		0.73	%(e)
Net investment income, to average net assets		2.57	%(e)		3.23	%		4.47	%		3.82	%		4.79	%		3.60	%(e)
Portfolio turnover rate		178	%(d)		583	%		1,028	%		375	%		384	%		662	%(d)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 160

FINANCIAL HIGHLIGHTS (continued)
For the period and years ended:

	Transamerica PIMCO Total Return
	April 30, 2010			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2009			2008			2007			2006(a)
Net asset value
Beginning of period/year	$	10.85		$	9.58		$	10.47		$	10.28		$	10.12
Investment operations
Net investment income(b)		0.19			0.49			0.49			0.46			0.41
Net realized and unrealized gain (loss) on investments		0.25			1.64			(0.88	)		0.18			0.12
Total from investment operations		0.44			2.13			(0.39	)		0.64			0.53
Distributions
Net investment income		(0.22	)		(0.67	)		(0.44	)		(0.44	)		(0.37	)
Net realized gains on investments		(0.73	)		(0.19	)		(0.06	)		(0.01	)		—
Total distributions		(0.95	)		(0.86	)		(0.50	)		(0.45	)		(0.37	)
Net asset value
End of period/year	$	10.34		$	10.85		$	9.58		$	10.47		$	10.28
Total return(c)		4.36	%(d)		23.74	%		(4.04	%)		6.33	%		5.33	%(d)
Net assets end of period/year	$	575,817		$	505,329		$	555,428		$	540,310		$	268,173
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.74	%(e)		0.74	%		0.75	%		0.75	%		0.80	%(e)
Before reimbursement/recapture		0.74	%(e)		0.74	%		0.75	%		0.75	%		0.80	%(e)
Net investment income, to average net assets		3.70	%(e)		4.95	%		4.66	%		4.39	%		4.18	%(e)
Portfolio turnover rate		232	%(d)		841	%		751	%		756	%		544	%(d)

(a)	Commenced operations on November 15, 2005.
(b)	Calculated based on average number of shares outstanding.
(c)	Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.
(d)	Not annualized.
(e)	Annualized.
(f)	Rounds to less than $(0.01) or $0.01.
(g)	Commenced operations on June 10, 2008.
(h)	Commenced operations on November 8, 2004.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2010

Page 161

NOTES TO FINANCIAL STATEMENTS
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Transamerica AllianceBernstein International Value, Transamerica BlackRock Global Allocation, Transamerica BlackRock Large Cap Value, Transamerica BlackRock Natural Resources, Transamerica BNY Mellon Market Neutral Strategy, Transamerica Federated Market Opportunity, Transamerica First Quadrant Global Macro, Transamerica JPMorgan Core Bond, Transamerica JPMorgan International Bond, Transamerica JPMorgan Mid Cap Value, Transamerica Loomis Sayles Bond, Transamerica Neuberger Berman International, Transamerica Oppenheimer Developing Markets, Transamerica Oppenheimer Small- & Mid-Cap Value, Transamerica Schroders International Small Cap, Transamerica Third Avenue Value, Transamerica Thornburg International Value, Transamerica UBS Large Cap Value, Transamerica Van Kampen Emerging Markets Debt, Transamerica Van Kampen Mid-Cap Growth, Transamerica Van Kampen Small Company Growth, Transamerica WMC Emerging Markets, Transamerica Clarion Global Real Estate Securities, Transamerica Jennison Growth, Transamerica MFS International Equity, Transamerica PIMCO Real Return TIPS, and Transamerica PIMCO Total Return (each a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.

The investment objectives and sub-advisers of each Fund are as follows:

Fund	Investment Objective
Transamerica AllianceBernstein International Value	Seeks long-term growth of capital.
Transamerica BlackRock Global Allocation	Seeks to provide high total investment return.
Transamerica BlackRock Large Cap Value	Seeks long-term capital growth.
Transamerica BlackRock Natural Resources	Seeks to achieve long-term capital growth and to protect the purchasing power of shareholders’ capital by investing in a portfolio of equity securities of domestic and foreign companies with substantial natural resource assets.
Transamerica BNY Mellon Market Neutral Strategy	Seeks investment returns exceeding the 3-month U.S. Treasury Bill from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.
Transamerica Federated Market Opportunity	Seeks to provide absolute (positive) returns with low correlation to the U.S. equity market.
Transamerica First Quadrant Global Macro	Seeks to achieve total return from investments in the global equity, fixed-income, and currency markets, independent of market direction.
Transamerica JPMorgan Core Bond	Seeks total return, consisting of current income and capital appreciation.
Transamerica JPMorgan International Bond	Seeks high total return by investing in high-quality, non-dollar denominated government and corporate debt securities of foreign issuers.
Transamerica JPMorgan Mid Cap Value	Seeks growth from capital appreciation.
Transamerica Loomis Sayles Bond	Seeks high total investment return through a combination of current income and capital appreciation.
Transamerica Neuberger Berman International	Seeks long-term growth of capital.
Transamerica Oppenheimer Developing Markets	Aggressively seeks capital appreciation.
Transamerica Oppenheimer Small- & Mid-Cap Value	Seeks capital appreciation.
Transamerica Schroders International Small Cap	Seeks to provide long-term capital appreciation.
Transamerica Third Avenue Value	Seeks long-term capital appreciation.
Transamerica Thornburg International Value	Seeks to provide long-term capital appreciation. The secondary goal is to seek current income.
Transamerica UBS Large Cap Value	Seeks to maximize total return, consisting of capital appreciation and current income.
Transamerica Van Kampen Emerging Markets Debt	Seeks high total return by investing primarily in fixed-income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries.
Transamerica Van Kampen Mid-Cap Growth	Seeks capital appreciation.
Transamerica Van Kampen Small Company Growth	Seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of small capitalization companies.
Transamerica WMC Emerging Markets	Seeks long-term capital appreciation.
Transamerica Clarion Global Real Estate Securities	Seeks long-term total return from investments primarily in equity securities of real estate companies. Total return consists of realized and unrealized capital gains and losses plus income.
Transamerica Jennison Growth	Seeks long-term growth of capital.
Transamerica MFS International Equity	Seeks capital growth.
Transamerica PIMCO Real Return TIPS	Seeks maximum real return consistent with preservation of real capital and prudent investment management.
Transamerica PIMCO Total Return	Seeks maximum total return consistent with preservation of capital and prudent investment management.

Transamerica Funds Semi-Annual Report 2010

Page 162

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Effective November 30, 2009, all Class I shares were re-designated as Class I2 shares.

Effective June 1, 2010, Transamerica Van Kampen Emerging Markets Debt will change its name to Transamerica Morgan Stanley Emerging Markets Debt, Transamerica Van Kampen Small Company Growth will change its name to Transamerica Morgan Stanley Small Company Growth, and Transamerica Van Kampen Mid-Cap Growth will change its name to Transamerica Morgan Stanley Mid-Cap Growth.

Transamerica BlackRock Natural Resources, Transamerica Clarion Global Real Estates Securities, Transamerica First Quadrant Global Macro, Transamerica JPMorgan International Bond, Transamerica PIMCO Real Return TIPS, Transamerica Third Avenue Value, and Transamerica Van Kampen Emerging Markets Debt are “non-diversified” under the 1940 Act.

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.

In preparing the Funds’ financial statements in accordance with accounting principles generally accepted 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.

Repurchase agreements: Securities purchased subject to repurchase agreements are held at the Funds’ custodian and, pursuant to the terms of the repurchase agreements, 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.

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 at the closing exchange rate each day. The cost of foreign securities are translated at the exchange rates in effect when the investment was acquired. 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: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) 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.

Forward foreign currency contracts: The Funds are subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. 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.

Open forward foreign currency contracts at April 30, 2010 are listed in the Schedules of Investments.

Option and Swaption contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds enter into option contracts to manage exposure to various market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. 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.

The Funds write call and put options on futures, swaps (“swaptions”), securities or currencies they own or in which they may invest. When a Fund writes a covered call or put option/swaption, an amount equal to the premium received by a Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. Premiums received from writing options/swaptions which expire are treated as realized gains. Premiums received from writing options/swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. Options are marked-to-market daily to reflect the current value of the option/swaption written.

Transamerica Funds Semi-Annual Report 2010

Page 163

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Funds purchase put and call options on foreign or US securities, indices, futures, swaps (“swaptions”), and commodities. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Fund pays a premium, which is included in the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying futures, swaps, security, commodity, or currency transaction to determine the realized gain or loss. Realized gains or losses are reflected in the realized gains or losses of investment securities on the Statement of Operations.

The underlying face amounts of open option and swaption contracts at April 30, 2010 are listed in the Schedules of Investments.

Transactions in written options were as follows:

Transamerica BlackRock Global Allocation	Premium			Notional Amount
Balance at October 31, 2009	$	613		$	189
Sales		561			189
Closing Buys		(412	)		(150	)
Expirations		(175	)		(29	)
Exercised		(256	)		(73	)
Balance at April 30, 2010	$	331		$	126

Transamerica First Quadrant Global Macro	Premium			Notional Amount
Balance at October 31, 2009	$	—		$	—
Sales		4,486			695
Closing Buys		(4,053	)		(602	)
Expirations		(112	)		(56	)
Exercised		—			—
Balance at April 30, 2010	$	321		$	37

Transamerica PIMCO Real Return TIPS	Premium			Notional Amount
Balance at October 31, 2009	$	—		$	—
Sales		244			774
Closing Buys		—			—
Expirations		(173	)		(526	)
Exercised		—			—
Balance at April 30, 2010	$	71		$	248

Transamerica PIMCO Total Return	Premium			Notional Amount
Balance at October 31, 2009	$	—		$	—
Sales		442			1,659
Closing Buys		(87	)		(231	)
Expirations		(203	)		(515	)
Exercised		—			—
Balance at April 30, 2010	$	152		$	913

Transactions in written swaptions were as follows:

Transamerica PIMCO Real Return TIPS	Premium			Notional Amount
Balance at October 31, 2009	$	1,437		$	144,200
Sales		2,358			365,400
Closing Buys		—			—
Expirations		(2,362	)		(297,100	)
Exercised		—			—
Balance at April 30, 2010	$	1,433		$	212,500

Transamerica PIMCO Total Return	Premium			Notional Amount
Balance at October 31, 2009	$	678		$	93,800
Sales		2,076			320,200
Closing Buys		—			—
Expirations		(1,407	)		(190,300	)
Exercised		—			—
Balance at April 30, 2010	$	1,347		$	223,700

Transamerica Funds Semi-Annual Report 2010

Page 164

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Futures contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. Certain Funds use futures contracts to gain exposure to, or hedge against changes in the value of equities, 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 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 each day, depending on the daily fluctuations in the value of the contracts, 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 interest or exchange rates or security prices 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.

The open futures contracts at April 30, 2010 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are privately 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. Certain Funds enter into credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage exposure to credit, currency and interest rate risk. In connection with these agreements, securities may be identified as collateral 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. Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss on the Statements of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement 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). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:

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 swaps 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 swaps 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, 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 by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.

Certain Funds sell credit default swaps which expose 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. The aggregate fair value of the credit default swaps are disclosed in the Schedules of Investments. The aggregate fair value of assets posted as collateral, net of assets received as collateral, for these swaps is included in the footnotes to the Schedules of Investments. If a defined credit event had occurred during the period, the swaps’ 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 swaps 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. To help hedge against this risk, the Funds enter into interest rate swap contracts. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Funds with interest rate swap 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 swaps 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 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 by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.

Transamerica Funds Semi-Annual Report 2010

Page 165

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Total return swap agreements: The Funds are subject to equity and other risks related to the underlying investments of the swap agreement in the normal course of pursuing their investment objectives. Total return swap agreements on commodities involve commitments where by cash flows are exchanged based on the price of a commodity and in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments.

The aggregate fair value of the total return swaps is disclosed in the Schedules of Investments. Payments received or made at the beginning of the measurement period 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. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Funds will receive payments from or make payments to the counterparty.

Short sales: A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price 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, as amended. The Funds incur a profit or a loss, depending upon whether the market price of the securities decrease or increase between the date of the short sale and the date on which the Funds must replace the borrowed securities. 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 payable on securities while those securities are in a short position and also bear other costs, such as charges for the prime brokerage accounts, in connection with its short positions. These costs are reported as broker expense on short sales in the Statements of Operations.

Loan participations/assignments: Participations/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/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.

The Funds may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. Loan participations typically represent direct participation in loans to corporate borrowers, and generally are offered by banks or other financial institutions or lending syndicates. The Funds that participate in such syndications, or 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, under the terms of the loans or other indebtedness, the portfolios have direct recourse against the corporate borrowers, the Funds may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Funds held no unsecured loan participations at April 30, 2010.

To-be-announced purchase commitments (“TBA”): TBA purchase commitments are entered into to purchase securities for a fixed price at a future date, typically not to exceed 45 days. They are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA purchase commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations.

Treasury Inflation-Protected Securities (“TIPS”): Certain Funds invest in TIPS, specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation as measured by the U.S. Consumer Price Index. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

Restricted and illiquid securities: Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

The restricted and illiquid securities at April 30, 2010 are listed in the Schedules of Investments.

Transamerica Funds Semi-Annual Report 2010

Page 166

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Cash overdraft: Throughout the period, the Funds may have cash overdraft balances. A fee is incurred on these overdrafts at a rate based on the federal funds rate.

Securities lending: Securities are lent to qualified financial institutions and brokers. The lending of the Funds’ securities exposes the Funds to risks such as the following: (i) the borrowers may fail to return the loaned securities; (ii) the borrowers may not be able to provide additional collateral; (iii) the Funds may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral equal to at least the market value of the securities loaned. Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. By lending such securities, the Funds seek to increase their net investment income through the receipt of interest (after rebates and fees).

Such income is reflected separately on the Statements of Operations. The value of loaned securities and related collateral outstanding at April 30, 2010 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

Income from loaned securities on the Statements of Operations is net of fees earned by the lending agent for its services.

Commission recapture: The sub-advisers of certain Funds, to the extent consistent with the best execution and usual commission rate policies and practices, have elected to place security transactions of the Funds with broker/dealers with which Transamerica Funds has 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 within Transamerica Funds, or by any other party.

Recaptured commissions for the period ended April 30, 2010, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Fund	Commissions
Transamerica AllianceBernstein International Value	$	1
Transamerica Federated Market Opportunity		2
Transamerica JPMorgan Mid Cap Value		2
Transamerica Neuberger Berman International		9
Transamerica Third Avenue Value		1
Transamerica Thornburg International Value		2
Transamerica First Quadrant Global Macro		—	(a)
Transamerica UBS Large Cap Value		40
Transamerica Van Kampen Mid-Cap Growth		19
Transamerica Van Kampen Small Company Growth		10
Transamerica WMC Emerging Markets		3
Transamerica Clarion Global Real Estate Securities		19
Transamerica Jennison Growth		92

^(a) Rounds to less than $1.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend dates or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend income related to Real Estate Investment Trusts (“REIT”) is recorded at management’s estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of 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.

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

Market and Credit Risk: On September 6, 2008, the Federal Housing Finance Agency (“FHFA”) placed Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. On September 7, 2008, the U.S. Treasury announced additional steps taken by it in connection with the conservatorship. The U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury will purchase up to an aggregate of $100 billion of each of FNMA and FHLMC to maintain a positive net worth in each enterprise. Second, the U.S. Treasury announced the creation of a new secured lending facility which is available to each of FNMA and FHLMC as a liquidity backstop. Third, the U.S. Treasury announced the creation of a temporary program to purchase mortgage-backed securities issued by each of FNMA and

Transamerica Funds Semi-Annual Report 2010

Page 167

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

FHLMC. On February 18, 2009, the U.S. Treasury announced that it was doubling the size of its commitment to each enterprise under the Senior Preferred Stock Program to $200 billion. Both the liquidity backstop and the mortgage-backed securities purchase program expired December 31, 2009. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remain liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Senior Preferred Stock Purchase Agreement is intended to enhance each of FNMA’s and FHLMC’s ability to meet its obligations. The FHFA has indicated that the conservatorship of each enterprise will end when the FHFA determines that the FHFA’s plan to restore the enterprise to a safe and solvent condition has been completed.

Foreign taxes: The Funds may 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, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. ET, 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 three Levels of inputs are:

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

Level 2—Inputs, other than quoted prices included in Level 1, that 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, to the extent that relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the investment, based on the best information available.

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.

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.

Fair value measurements: A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities (common and preferred stock): 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.

Foreign securities generally 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 (“ADR”), financial futures, Exchange Traded Funds (“ETF”), and the movement of the certain indices of securities based on a statistical analysis of their historical relationship such valuations generally are categorized in Level 2.

Preferred stock, repurchase agreement, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

Corporate bonds: The fair value of corporate bonds 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 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.

Transamerica Funds Semi-Annual Report 2010

Page 168

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

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 as Level 3.

Short-term notes: Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be generally categorized in Level 2 of the fair value hierarchy.

Government securities: Government securities 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. Government securities generally are categorized in Level 2 of the fair value hierarchy.

U.S. government agency securities: U.S. government agency securities 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 securities. Mortgage pass-throughs include 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.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee under the supervision of the Board of Trustees. 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 valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

Derivative instruments: Option contracts and derivative instruments are carried at unrealized appreciation/depreciation, including forward contracts, swap contracts, and futures contracts. These are generally categorized as a Level 2 in the fail value hierarchy. Over the counter (“OTC”) derivative contracts include forward, swap, 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 by 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 for interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Funds using pricing models fall into this category and generally are categorized in Level 2 or the fair value hierarchy.

Securities lending collateral: Securities lending collateral is a money market fund which is valued at the net assets of the underlying portfolios and no valuation adjustments are applied. They are categorized in Level 1 of the fair value hierarchy.

Other: Securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by TAM’s Valuation Committee under the supervision of the Board of Trustees.

The hierarchy classification of inputs used to value the Funds’ investments, at April 30, 2010, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, are included at the end of the Funds’ Schedules of Investments.

NOTE 3. RELATED PARTY TRANSACTIONS

TAM is the Funds’ investment adviser and is directly owned by Western Reserve Life Assurance Co. of Ohio (77%) and AUSA Holding Company (23%) (“AUSA”), both of which are indirect, wholly owned subsidiaries of AEGON NV. AUSA is wholly owned by AEGON USA, LLC (“AEGON USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. AEGON USA is owned by AEGON US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The AEGON Trust, which is owned by AEGON International B.V., which is owned by AEGON NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. (“TFS”) is the Funds’ administrator and 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 directors of TAM, TFS, and TCI.

Transamerica Funds Semi-Annual Report 2010

Page 169

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

The following schedule reflects the percentage of the Funds that are owned by affiliated investment companies at April 30, 2010:

	Market		% of Net
Transamerica AllianceBernstein International Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	9,395		2.78	%
Transamerica Asset Allocation-Growth Portfolio		36,511		10.82
Transamerica Asset Allocation-Moderate Portfolio		22,103		6.55
Transamerica Asset Allocation-Moderate Growth Portfolio		51,463		15.25
Transamerica Multi-Manager International Portfolio		31,812		9.43
Transamerica Asset Allocation-Conservative VP		11,350		3.36
Transamerica Asset Allocation-Growth VP		19,134		5.67
Transamerica Asset Allocation-Moderate Growth VP		65,359		19.36
Transamerica Asset Allocation-Moderate VP		30,973		9.18
Transamerica International Moderate Growth VP		57,024		16.89
Total	$	335,124		99.29	%

	Market		% of Net
Transamerica BlackRock Global Allocation	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	20,756		4.39	%
Transamerica Asset Allocation-Growth Portfolio		45,914		9.70
Transamerica Asset Allocation-Moderate Portfolio		42,666		9.02
Transamerica Asset Allocation-Moderate Growth Portfolio		85,449		18.06
Transamerica Multi-Manager Alternative Strategies Portfolio		22,565		4.77
Transamerica Multi-Manager International Portfolio		18,884		3.99
Transamerica Asset Allocation-Conservative VP		15,954		3.37
Transamerica Asset Allocation-Growth VP		28,448		6.01
Transamerica Asset Allocation-Moderate Growth VP		132,739		28.05
Transamerica Asset Allocation-Moderate VP		52,152		11.02
Total	$	465,527		98.38	%

	Market		% of Net
Transamerica BlackRock Large Cap Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	55,378		7.59	%
Transamerica Asset Allocation-Growth Portfolio		227,078		31.12
Transamerica Asset Allocation-Moderate Portfolio		143,602		19.68
Transamerica Asset Allocation-Moderate Growth Portfolio		293,271		40.19
Total	$	719,329		98.58	%

	Market		% of Net
Transamerica BlackRock Natural Resources	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,862		7.23	%
Transamerica Asset Allocation-Growth Portfolio		17,596		11.71
Transamerica Asset Allocation-Moderate Portfolio		38,087		25.36
Transamerica Asset Allocation-Moderate Growth Portfolio		43,167		28.74
Transamerica Multi-Manager Alternative Strategies Portfolio		25,471		16.96
Transamerica Asset Allocation-Growth VP		11,521		7.67
Total	$	146,704		97.67	%

	Market		% of Net
Transamerica BNY Mellon Market Neutral Strategy	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,422		10.22	%
Transamerica Asset Allocation-Growth Portfolio		9,572		9.38
Transamerica Asset Allocation-Moderate Portfolio		16,999		16.66
Transamerica Asset Allocation-Moderate Growth Portfolio		27,017		26.48
Transamerica Multi-Manager Alternative Strategies Portfolio		29,532		28.95
Transamerica Asset Allocation-Growth VP		8,343		8.18
Total	$	101,883		99.87	%

	Market		% of Net
Transamerica Federated Market Opportunity	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,785		11.67	%
Transamerica Asset Allocation-Growth Portfolio		11,703		12.67
Transamerica Asset Allocation-Moderate Portfolio		18,130		19.62
Transamerica Asset Allocation-Moderate Growth Portfolio		23,469		25.40
Transamerica Multi-Manager Alternative Strategies Portfolio		27,268		29.51
Total	$	91,355		98.87	%

	Market		% of Net
Transamerica First Quadrant Global Macro	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,847		9.44	%
Transamerica Asset Allocation-Growth Portfolio		14,525		12.64
Transamerica Asset Allocation-Moderate Portfolio		17,630		15.34
Transamerica Asset Allocation-Moderate Growth Portfolio		33,829		29.44
Transamerica Multi-Manager Alternative Strategies Portfolio		27,711		24.12
Transamerica Asset Allocation-Growth VP		10,266		8.94
Total	$	114,808		99.92	%

	Market		% of Net
Transamerica JPMorgan Core Bond	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	43,147		6.19	%
Transamerica Asset Allocation-Moderate Portfolio		32,653		4.69
Transamerica Asset Allocation-Moderate Growth Portfolio		32,602		4.68
Transamerica Asset Allocation-Conservative VP		179,227		25.73
Transamerica Asset Allocation-Moderate Growth VP		174,285		25.02
Transamerica Asset Allocation-Moderate VP		204,924		29.42
Transamerica International Moderate Growth VP		21,750		3.12
Total	$	688,588		98.85	%

	Market		% of Net
Transamerica JPMorgan International Bond	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	39,192		5.61	%
Transamerica Asset Allocation-Moderate Portfolio		68,653		9.84
Transamerica Asset Allocation-Moderate Growth Portfolio		143,059		20.48
Transamerica Multi-Manager Alternative Strategies Portfolio		13,519		1.93
Transamerica Asset Allocation-Conservative VP		66,697		9.55
Transamerica Asset Allocation-Moderate Growth VP		230,797		33.03
Transamerica Asset Allocation-Moderate VP		132,969		19.03
Total	$	694,886		99.47	%

	Market		% of Net
Transamerica JPMorgan Mid Cap Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	11,541		6.04	%
Transamerica Asset Allocation-Growth Portfolio		50,133		26.25
Transamerica Asset Allocation-Moderate Portfolio		42,480		22.24
Transamerica Asset Allocation-Moderate Growth Portfolio		86,815		45.45
Total	$	190,969		99.98	%

	Market		% of Net
Transamerica Loomis Sayles Bond	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	87,057		15.90	%
Transamerica Asset Allocation-Moderate Portfolio		142,668		26.06
Transamerica Asset Allocation-Moderate Growth Portfolio		84,646		15.46
Transamerica Multi-Manager Alternative Strategies Portfolio		44,278		8.09
Transamerica Asset Allocation-Conservative VP		23,909		4.37
Transamerica Asset Allocation-Moderate Growth VP		52,353		9.56
Transamerica Asset Allocation-Moderate VP		81,374		14.87
Transamerica International Moderate Growth VP		20,458		3.74
Total	$	536,743		98.05	%

	Market		% of Net
Transamerica Neuberger Berman International	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	13,803		2.64	%
Transamerica Asset Allocation-Growth Portfolio		70,687		13.53
Transamerica Asset Allocation-Moderate Portfolio		31,269		5.99
Transamerica Asset Allocation-Moderate Growth Portfolio		103,940		19.90
Transamerica Multi-Manager International Portfolio		32,149		6.16
Transamerica Asset Allocation-Conservative VP		13,389		2.56
Transamerica Asset Allocation-Growth VP		39,694		7.60
Transamerica Asset Allocation-Moderate Growth VP		127,177		24.35
Transamerica Asset Allocation-Moderate VP		45,056		8.63
Transamerica International Moderate Growth VP		42,437		8.13
Total	$	519,601		99.49	%

Transamerica Funds Semi-Annual Report 2010

Page 170

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

	Market		% of Net
Transamerica Oppenheimer Developing Markets	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	12,648		2.29	%
Transamerica Asset Allocation-Growth Portfolio		77,955		14.09
Transamerica Asset Allocation-Moderate Portfolio		41,664		7.53
Transamerica Asset Allocation-Moderate Growth Portfolio		98,326		17.78
Transamerica Multi-Manager Alternative Strategies Portfolio		3,794		0.69
Transamerica Multi-Manager International Portfolio		41,176		7.44
Transamerica Asset Allocation-Conservative VP		18,210		3.29
Transamerica Asset Allocation-Growth VP		49,549		8.96
Transamerica Asset Allocation-Moderate Growth VP		137,740		24.90
Transamerica Asset Allocation-Moderate VP		61,375		11.10
Transamerica International Moderate Growth VP		7,696		1.39
Total	$	550,133		99.46	%

	Market		% of Net
Transamerica Oppenheimer Small- & Mid-Cap Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,116		3.22	%
Transamerica Asset Allocation-Growth Portfolio		36,414		11.61
Transamerica Asset Allocation-Moderate Portfolio		30,614		9.76
Transamerica Asset Allocation-Moderate Growth Portfolio		59,335		18.92
Transamerica Asset Allocation-Conservative VP		12,321		3.93
Transamerica Asset Allocation-Growth VP		27,150		8.66
Transamerica Asset Allocation-Moderate Growth VP		94,483		30.13
Transamerica Asset Allocation-Moderate VP		40,692		12.97
Total	$	311,125		99.20	%

	Market		% of Net
Transamerica Schroders International Small Cap	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	22,547		3.81	%
Transamerica Asset Allocation-Growth Portfolio		66,514		11.24
Transamerica Asset Allocation-Moderate Portfolio		46,779		7.90
Transamerica Asset Allocation-Moderate Growth Portfolio		78,311		13.23
Transamerica Multi-Manager Alternative Strategies Portfolio		10,177		1.72
Transamerica Multi-Manager International Portfolio		38,054		6.43
Transamerica Asset Allocation-Conservative VP		28,565		4.83
Transamerica Asset Allocation-Growth VP		43,224		7.30
Transamerica Asset Allocation-Moderate Growth VP		148,566		25.11
Transamerica Asset Allocation-Moderate VP		69,941		11.82
Transamerica International Moderate Growth VP		35,805		6.05
Total	$	588,483		99.44	%

	Market		% of Net
Transamerica Third Avenue Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	19,740		4.18	%
Transamerica Asset Allocation-Growth Portfolio		60,126		12.74
Transamerica Asset Allocation-Moderate Portfolio		42,780		9.07
Transamerica Asset Allocation-Moderate Growth Portfolio		92,590		19.62
Transamerica Multi-Manager Alternative Strategies Portfolio		7,467		1.58
Transamerica Asset Allocation-Conservative VP		18,251		3.87
Transamerica Asset Allocation-Growth VP		38,070		8.07
Transamerica Asset Allocation-Moderate Growth VP		126,652		26.84
Transamerica Asset Allocation-Moderate VP		62,698		13.29
Total	$	468,374		99.26	%

	Market		% of Net
Transamerica Thornburg International Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	20,232		3.24	%
Transamerica Asset Allocation-Growth Portfolio		50,963		8.17
Transamerica Asset Allocation-Moderate Portfolio		42,527		6.82
Transamerica Asset Allocation-Moderate Growth Portfolio		67,485		10.81
Transamerica Multi-Manager International Portfolio		58,849		9.43
Transamerica Asset Allocation-Conservative VP		24,260		3.89
Transamerica Asset Allocation-Growth VP		35,066		5.62
Transamerica Asset Allocation-Moderate Growth VP		155,722		24.95
Transamerica Asset Allocation-Moderate VP		79,845		12.79
Transamerica International Moderate Growth VP		87,194		13.97
Total	$	622,143		99.69	%

	Market		% of Net
Transamerica UBS Large Cap Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	44,567		3.92	%
Transamerica Asset Allocation-Growth Portfolio		209,889		18.49
Transamerica Asset Allocation-Moderate Portfolio		131,423		11.58
Transamerica Asset Allocation-Moderate Growth Portfolio		315,383		27.78
Transamerica Asset Allocation-Conservative VP		36,280		3.20
Transamerica Asset Allocation-Growth VP		62,930		5.54
Transamerica Asset Allocation-Moderate Growth VP		222,810		19.62
Transamerica Asset Allocation-Moderate VP		104,143		9.17
Total	$	1,127,425		99.30	%

			% of Net
Transamerica Van Kampen Emerging Markets Debt	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	34,091		10.32	%
Transamerica Asset Allocation-Moderate Portfolio		51,686		15.64
Transamerica Asset Allocation-Moderate Growth Portfolio		50,262		15.21
Transamerica Asset Allocation-Conservative VP		34,177		10.34
Transamerica Asset Allocation-Moderate Growth VP		69,870		21.14
Transamerica Asset Allocation-Moderate VP		88,654		26.82
Total	$	328,740		99.47	%

			% of Net
Transamerica Van Kampen Mid-Cap Growth	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,863		3.46	%
Transamerica Asset Allocation-Growth Portfolio		45,307		14.45
Transamerica Asset Allocation-Moderate Portfolio		29,913		9.54
Transamerica Asset Allocation-Moderate Growth Portfolio		62,263		19.86
Transamerica Asset Allocation-Conservative VP		4,004		1.28
Transamerica Asset Allocation-Growth VP		20,919		6.67
Transamerica Asset Allocation-Moderate Growth VP		100,446		32.03
Transamerica Asset Allocation-Moderate VP		37,535		11.97
Total	$	311,250		99.26	%

			% of Net
Transamerica Van Kampen Small Company Growth	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	7,588		4.55	%
Transamerica Asset Allocation-Growth Portfolio		23,268		13.94
Transamerica Asset Allocation-Moderate Portfolio		13,605		8.15
Transamerica Asset Allocation-Moderate Growth Portfolio		23,201		13.90
Transamerica Asset Allocation-Conservative VP		9,814		5.88
Transamerica Asset Allocation-Growth VP		13,545		8.11
Transamerica Asset Allocation-Moderate Growth VP		47,783		28.63
Transamerica Asset Allocation-Moderate VP		26,987		16.17
Total	$	165,791		99.33	%

			% of Net
Transamerica WMC Emerging Markets	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	8,022		2.81	%
Transamerica Asset Allocation-Growth Portfolio		7,192		2.52
Transamerica Asset Allocation-Moderate Portfolio		28,344		9.93
Transamerica Asset Allocation-Moderate Growth Portfolio		23,548		8.25
Transamerica Multi-Manager International Portfolio		31,300		10.97
Transamerica Asset Allocation-Conservative VP		9,765		3.42
Transamerica Asset Allocation-Growth VP		11,843		4.15
Transamerica Asset Allocation-Moderate Growth VP		59,970		21.01
Transamerica Asset Allocation-Moderate VP		35,948		12.60
Total	$	215,932		75.66	%

			% of Net
Transamerica Clarion Global Real Estate Securities	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	15,622		4.77	%
Transamerica Asset Allocation-Growth Portfolio		88,053		26.89
Transamerica Asset Allocation-Moderate Portfolio		55,909		17.08
Transamerica Asset Allocation-Moderate Growth Portfolio		120,210		36.71
Transamerica Multi-Manager Alternative Strategies Portfolio		22,110		6.75
Transamerica Multi-Manager International Portfolio		15,276		4.67
Total	$	317,180		96.87	%

Transamerica Funds Semi-Annual Report 2010

Page 171

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

	Market
Transamerica Jennison Growth	Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	61,931		7.60	%
Transamerica Asset Allocation-Growth Portfolio		245,416		30.10
Transamerica Asset Allocation-Moderate Portfolio		163,083		20.00
Transamerica Asset Allocation-Moderate Growth Portfolio		310,024		38.02
Transamerica Asset Allocation-Conservative VP		527		0.06
Transamerica Asset Allocation-Growth VP		5,350		0.66
Transamerica Asset Allocation-Moderate Growth VP		17,094		2.10
Transamerica Asset Allocation-Moderate VP		1,357		0.17
Total	$	804,782		98.71	%

	Market
Transamerica MFS International Equity	Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	15,419		3.39	%
Transamerica Asset Allocation-Growth Portfolio		28,913		6.36
Transamerica Asset Allocation-Moderate Portfolio		33,435		7.36
Transamerica Asset Allocation-Moderate Growth Portfolio		31,465		6.92
Transamerica Multi-Manager International Portfolio		50,644		11.14
Transamerica Asset Allocation-Conservative VP		23,001		5.06
Transamerica Asset Allocation-Growth VP		20,010		4.40
Transamerica Asset Allocation-Moderate Growth VP		99,645		21.92
Transamerica Asset Allocation-Moderate VP		58,740		12.92
Transamerica International Moderate Growth VP		90,780		19.97
Total	$	452,052		99.44	%

	Market		% of Net
Transamerica PIMCO Real Return TIPS	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	104,746		11.20	%
Transamerica Asset Allocation-Moderate Portfolio		165,134		17.66
Transamerica Asset Allocation-Moderate Growth Portfolio		120,356		12.87
Transamerica Asset Allocation-Conservative VP		132,033		14.12
Transamerica Asset Allocation-Moderate Growth VP		168,668		18.03
Transamerica Asset Allocation-Moderate VP		218,175		23.33
Transamerica International Moderate Growth VP		18,735		2.00
Total	$	927,847		99.21	%

	Market		% of Net
Transamerica PIMCO Total Return	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	155,263		26.96	%
Transamerica Asset Allocation-Moderate Portfolio		228,761		39.73
Transamerica Asset Allocation-Moderate Growth Portfolio		182,298		31.66
Total	$	566,322		98.35	%

Investment advisory fees: The Funds pay management fees to TAM based on average daily net assets (“ANA”) at the following breakpoints:

Transamerica AllianceBernstein International Value
First $200 million	0.88	%
Over $200 million up to $500 million	0.81	%
Over $500 million	0.77	%
Transamerica BlackRock Global Allocation
First $100 million	0.80	%
Over $100 million	0.72	%
Transamerica BlackRock Large Cap Value
First $250 million	0.80	%
Over $250 million up to $750 million	0.775	%
Over $750 million	0.75	%
Transamerica BlackRock Natural Resources
First $250 million	0.80	%
Over $250 million up to $500 million	0.775	%
Over $500 million	0.75	%
Transamerica BNY Mellon Market Neutral Strategy
ANA	1.40	%
Transamerica Federated Market Opportunity
First $30 million	0.85	%
Over $30 million up to $50 million	0.80	%
Over $50 million up to $500 million	0.70	%
Over $500 million up to $750 million	0.675	%
Over $750 million	0.65	%
Transamerica First Quadrant Global Macro
First $150 million	1.40	%
Over $150 million up to $300 million	1.30	%
Over $300 million	1.20	%
Transamerica JPMorgan Core Bond
First $750 million	0.45	%
Over $750 million up to $1 billion	0.40	%
Over $1 billion	0.375	%
Transamerica JPMorgan International Bond
First $100 million	0.55	%
Over $100 million up to $250 million	0.52	%
Over $250 million up to $500 million	0.51	%
Over $500 million up to $1 billion	0.50	%
Over $1 billion	0.47	%
Transamerica JPMorgan Mid Cap Value
First $100 million	0.85	%
Over $100 million	0.80	%
Transamerica Loomis Sayles Bond
First $200 million	0.675	%
Over $200 million up to $750 million	0.625	%
Over $750 million	0.60	%
Transamerica Neuberger Berman International
First $100 million	1.00	%
Over $100 million	0.95	%
Transamerica Oppenheimer Developing Markets
First $50 million	1.20	%
Over $50 million up to $200 million	1.15	%
Over $200 million up to $500 million	1.10	%
Over $500 million	1.05	%
Transamerica Oppenheimer Small- & Mid-Cap Value
First $100 million	0.95	%
Over $100 million up to $250 million	0.90	%
Over $250 million up to $500 million	0.85	%
Over $500 million	0.825	%
Transamerica Schroders International Small Cap
First $300 million	1.07	%
Over $300 million	1.00	%
Transamerica Third Avenue Value
ANA	0.80	%
Transamerica Thornburg International Value
First $100 million	1.10	%
Over $100 million up to $300 million	1.00	%
Over $300 million	0.95	%
Transamerica UBS Large Cap Value
First $200 million	0.82	%
Over $200 million up to $400 million	0.76	%
Over $400 million up to $750 million	0.74	%
Over $750 billion up to $1 billion	0.71	%
Over $1 billion up to $1.5 billion	0.67	%
Over $1.5 billion	0.62	%
Transamerica Van Kampen Emerging Markets Debt
First $250 million	0.95	%
Over $250 million up to $500 million	0.85	%
Over $500 million	0.80	%
Transamerica Van Kampen Mid-Cap Growth
First $1 billion	0.80	%
Over $1 billion	0.775	%

Transamerica Funds Semi-Annual Report 2010

Page 172

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

Transamerica Van Kampen Small Company Growth
First $500 million	0.95	%
Over $500 million	0.85	%
Transamerica WMC Emerging Markets
First $300 million	1.15	%
Over $300 million	1.10	%
Transamerica Clarion Global Real Estate Securities
First $250 million	0.80	%
Over $250 million up to $500 million	0.775	%
Over $500 million up to $1 billion	0.70	%
Over $1 billion	0.65	%
Transamerica Jennison Growth
First $250 million	0.80	%
Over $250 million up to $500 million	0.775	%
Over $500 million up to $1 billion	0.70	%
Over $1 billion up to $1.5 billion	0.675	%
Over $1.5 billion	0.65	%
Transamerica MFS International Equity
First $250 million	0.90	%
Over $250 million up to $500 million	0.875	%
Over $500 million up to $1 billion	0.85	%
Over $1 billion	0.80	%
Transamerica PIMCO Real Return TIPS
First $250 million	0.70	%
Over $250 million up to $750 million	0.65	%
Over $750 million up to $1 billion	0.60	%
Over $1 billion	0.55	%
Transamerica PIMCO Total Return
First $250 million	0.675	%
Over $250 million up to $750 million	0.65	%
Over $750 million	0.60	%

TAM has contractually agreed to waive its advisory fee and will reimburse each Fund to the extent that operating expenses, excluding distribution and service fees and extraordinary expenses, exceed the following stated annual limit:

Fund	Expense Limit
Transamerica AllianceBernstein International Value *		1.13	%
Transamerica BlackRock Global Allocation *		1.00
Transamerica BlackRock Large Cap Value		1.00
Transamerica BlackRock Natural Resources		1.00
Transamerica BNY Mellon Market Neutral Strategy		1.65
Transamerica Federated Market Opportunity *		1.05
Transamerica First Quadrant Global Macro		1.65
Transamerica JPMorgan Core Bond		0.70
Transamerica JPMorgan International Bond *		0.75
Transamerica JPMorgan Mid Cap Value		1.05
Transamerica Loomis Sayles Bond		0.88

Fund	Expense Limit
Transamerica Neuberger Berman International *		1.25	%
Transamerica Oppenheimer Developing Markets *		1.45
Transamerica Oppenheimer Small- & Mid-Cap Value		1.15
Transamerica Schroders International Small Cap		1.27
Transamerica Third Avenue Value		1.00
Transamerica Thornburg International Value		1.35
Transamerica UBS Large Cap Value		1.02
Transamerica Van Kampen Emerging Markets Debt		1.15
Transamerica Van Kampen Mid-Cap Growth *		1.00
Transamerica Van Kampen Small Company Growth		1.15
Transamerica WMC Emerging Markets		1.40

* The Fund may not recapture any fees waived and/or reimbursed prior to March 1, 2008.

Funds not listed in the above table did not have an expense limit.

If total Fund expenses, excluding 12b-1 fees and certain extraordinary expenses, fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Funds may be required to pay the adviser a portion or all of the reimbursed expenses. Amounts recaptured by the adviser during the period ended April 30, 2010 were as follows:

Fund	Recaptured Amount
Transamerica WMC Emerging Markets	$	35

The following amounts were available for recapture as of April 30, 2010:

Transamerica WMC Emerging	Reimbursement of		Available for Recapture
Markets	Class Expenses		Through
Fiscal Year 2008:	$	21		10/31/2011
Fiscal Year 2009:	$	35		10/31/2012

Transamerica Funds Semi-Annual Report 2010

Page 173

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

Administrative services: The Funds have entered into agreements with TFS for financial and legal fund administration services. The Funds pay TFS an annual fee of 0.02% of ANA. The Legal fees on the Statements of Operations are fees paid to external legal counsel.

Transfer agent fees: The Funds pay TFS an annual per-account charge for each open and closed account. For the period ended April 30, 2010, the Funds paid TFS amounts that round to less than $1.

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010 (the “Deferred Compensation Plan”), available to the Trustees, compensation may be deferred that would otherwise be payable by 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 Class A (or comparable) shares of a series of Transamerica Funds (without imposition of sales charge), or investment options under Transamerica Partners Institutional Funds and Transamerica Institutional Asset Allocation Funds, as elected by the Trustee.

Retirement plan: Under a prior retirement plan (the “Emeritus Plan”) available to the Independent Trustees, each Independent Trustee was deemed to have been elected to serve as Trustee Emeritus of Transamerica Funds upon his or her termination of service, other than removal for cause, for a maximum period of five years determined by his or her years of service as a Trustee.

Such amounts were to be accrued by Transamerica Funds on a pro rata basis allocable to each Transamerica Fund based on the relative assets of the Fund. If retainers increased in the future, past accruals (and credits) would be adjusted upwards so that 50% of the Trustee’s current retainer was accrued and credited at all times. Upon death, disability or termination of service, other than removal for cause, amounts deferred became payable to an Emeritus Trustee (or his/her beneficiary). Upon commencement of service as Trustee Emeritus, compensation would be paid on a quarterly basis during the time period that the Trustee Emeritus was allowed to serve as such.

At April 30, 2010, the Funds’ liability related to the Emeritus Plan was as follows:

Fund	Emeritus Fees
Transamerica AllianceBernstein International Value		—	(a)
Transamerica BlackRock Global Allocation		—	(a)
Transamerica BlackRock Large Cap Value		1
Transamerica Federated Market Opportunity		—	(a)
Transamerica JPMorgan International Bond		1
Transamerica JPMorgan Mid Cap Value		—	(a)
Transamerica Neuberger Berman International		1
Transamerica Oppenheimer Developing Markets		—	(a)
Transamerica Oppenheimer Small- & Mid-Cap Value		—	(a)
Transamerica UBS Large Cap Value		—	(a)
Transamerica Van Kampen Emerging Markets Debt		—	(a)
Transamerica Van Kampen Mid-Cap Growth		—	(a)
Transamerica Van Kampen Small Company Growth		—	(a)
Transamerica Clarion Global Real Estate Securities		—	(a)
Transamerica Jennison Growth		—	(a)
Transamerica MFS International Equity		—	(a)
Transamerica PIMCO Real Return TIPS		1
Transamerica PIMCO Total Return		—	(a)

^(a) Rounds to less than $1.

Amounts deferred and accrued under the Emeritus Plan are claims against the general assets of Transamerica Funds.

Funds not listed in the above table did not have a liability related to the Emeritus Plan.

The Emeritus Plan was terminated effective October 30, 2007. Upon termination, the Funds continue to pay any remaining benefits in accordance with the Plan, but no further compensation has been accrued.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with affiliates of the adviser or sub-advisers for the period ended April 30, 2010 were as follows:

Fund	Brokerage Commissions
Transamerica Third Avenue Value	$	33
Transamerica UBS Large Cap Value	—		(a)
Transamerica Van Kampen Mid-Cap Growth	—		(a)

^(a) Rounds to less than $1.

Transamerica Funds Semi-Annual Report 2010

Page 174

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2010 were as follows:

					Proceeds from maturities and sales of
	Purchases of securities:				securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica AllianceBernstein International Value	$	113,382	$	—	$	94,239	$	—
Transamerica BlackRock Global Allocation		76,384		28,002		82,057		22,760
Transamerica BlackRock Large Cap Value		338,307		—		322,498		—
Transamerica BlackRock Natural Resources		9,345		—		1,364		—
Transamerica BNY Mellon Market Neutral Strategy		136,016		—		136,108		—
Transamerica Federated Market Opportunity		37,341		8,506		41,477		3,015
Transamerica First Quadrant Global Macro		4,151		—		2,356		—
Transamerica JPMorgan Core Bond		198,577		238,571		29,243		7,209
Transamerica JPMorgan International Bond		247,269		—		283,891		—
Transamerica JPMorgan Mid Cap Value		25,268		—		42,031		—
Transamerica Loomis Sayles Bond		236,184		12,873		541,956		—
Transamerica Neuberger Berman International		144,829		—		146,078		—
Transamerica Oppenheimer Developing Markets		106,213		—		128,906		—
Transamerica Oppenheimer Small- & Mid-Cap Value		113,186		—		129,129		—
Transamerica Schroders International Small Cap		171,581		—		158,919		—
Transamerica Third Avenue Value		15,497		—		27,090		—
Transamerica Thornburg International Value		105,084		—		114,721		—
Transamerica UBS Large Cap Value		232,062		—		236,825		—
Transamerica Van Kampen Emerging Markets Debt		150,449		—		199,771		—
Transamerica Van Kampen Mid-Cap Growth		44,789		—		23,513		—
Transamerica Van Kampen Small Company Growth		17,799		—		6,998		—
Transamerica WMC Emerging Markets		234,814		—		148,964		—
Transamerica Clarion Global Real Estate Securities		119,100		—		108,485		—
Transamerica Jennison Growth		339,111		—		278,736		—
Transamerica MFS International Equity		84,748		—		50,826		—
Transamerica PIMCO Real Return TIPS		60,933		1,691,559		85,967		1,515,287
Transamerica PIMCO Total Return		779,916		403,390		855,161		337,926

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Transamerica Alliance Bernstein International Value:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. The volume of derivatives held at period end is indicative of the volume held throughout the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign exchange
Location	contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	101

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign exchange
Location	contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on transactions from foreign currency transactions	$	33
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		101
Total	$	134

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Funds Semi-Annual Report 2010

Page 175

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Transamerica BlackRock Global Allocation:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. The volume of derivatives held at period end is indicative of the volume held throughout the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign exchange			Equity
Location	contracts			Contracts			Total
Asset derivatives
Investment securities, at value	$	—		$	31		$	31
Swap agreements, at value		—			118			118
Unrealized appreciation on forward foreign currency contracts		61			—			61
Unrealized appreciation on futures contracts		—			110	*		110
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(99	)		—			(99	)
Written options, at value		—			(312	)		(312	)
Unrealized depreciation on futures contracts		—			(227	)*		(227	)
Total	$	(38	)	$	(280	)	$	(318	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

Effect of Derivative Instruments on the Statement of
Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign exchange			Equity
Location	contracts			Contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on investment securities	$	(27	)	$	(745	)	$	(772	)
Net realized (loss) on futures contracts		—			(2,281	)		(2,281	)
Net realized gain on written option contracts		—			591			591
Net realized gain on swap agreements		—			29			29
Net realized (loss) on foreign currency transactions		(918	)		—			(918	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase in unrealized appreciation on investment securities		—			184			184
Net increase in unrealized appreciation on futures contracts		—			46			46
Net increase in unrealized appreciation on written option contracts		—			557			557
Net (decrease) in unrealized (depreciation) on swap agreements		—			(113	)		(113	)
Net increase in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		121			—			121
Total	$	(824	)	$	(1,732	)	$	(2,556	)

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Funds Semi-Annual Report 2010

Page 176

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Transamerica Federated Market Opportunity:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. The volume of Forward Foreign Currency Contracts and Purchased Options/Swaptions held at period end is indicative of the volume held throughout the period. The volume of Written Options held throughout the period was consistent until April, when all of the contracts were sold off. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign exchange			Equity
Location	contracts			Contracts		Total
Asset derivatives
Investment Securities, at value	$	—		$	2,856	$	2,856
Unrealized appreciation on forward foreign currency contracts		926			—		926
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(431	)		—		(431	)
Total	$	495		$	2,856	$	3,351

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign exchange			Equity
Location	contracts			Contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on investment securities	$	—		$	(7,814	)	$	(7,814	)
Net realized (loss) on forward foreign currency contracts		(430	)		—			(430	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net (decrease) in unrealized (depreciation) on investment securities		—			(820	)		(820	)
Net increase in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		812			—			812
Total	$	382		$	(8,634	)		(8,252	)

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica First Quadrant Global Macro:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. The volume of Forward Foreign Currency Contracts, Futures Contracts, and Purchased Options/Swaptions Contracts held at period end is indicative of the volume held throughout the period. The volume of Written Options/Swaptions was on average 13 contracts consistently held throughout the first four months of the period decreasing to three contracts at the period end. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2010

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange			Equity
Location	contracts			contracts			contracts			Total
Asset derivatives
Investment Securities, at value	$	—		$	—		$	637		$	637
Unrealized appreciation on futures contracts		574	*		—			206	*		780
Unrealized appreciation on forward foreign currency contracts		—			1,217			—			1,217
Liability derivatives
Unrealized depreciation on futures contracts		(1,462	)*		—			(1,033	)*		(2,495	)
Written options, at value		—			—			(455	)		(455	)
Unrealized depreciation on foreign currency contracts		—			(912	)		—			(912	)
Total	$	(888	)	$	305		$	(645	)	$	(1,228	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

Transamerica Funds Semi-Annual Report 2010

Page 177

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Transamerica First Quadrant Global Macro: (continued)

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange		Equity
Location	contracts			contracts		contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on investment securities	$	—		$	—	$	(1,359	)	$	(1,359	)
Net realized gain on futures contracts		298			—		1,948			2,246
Net realized gain on written option contracts		—			—		1,022			1,022
Net realized gain on foreign currency transactions		—			992		—			992
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase in unrealized appreciation on investment securities		—			—		155			155
Net (decrease) in unrealized depreciation on futures contracts		(888	)		—		(827	)		(1,715	)
Net (decrease) in unrealized depreciation on written option contracts		—			—		(134	)		(134	)
Net increase in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		—			122		—			122
Totals	$	(590	)	$	1,114		805		$	1,329

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica JPMorgan International Bond:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. The volume of derivatives held at period end is indicative of the volume held throughout the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2010

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange
Location	contracts			contracts			Total
Asset derivatives
Unrealized appreciation on futures contracts	$	635	*	$	—		$	635
Unrealized appreciation on forward foreign currency contracts		—			2,230			2,230
Liability derivatives
Unrealized appreciation on futures contracts		(187	)*		—			(187	)
Unrealized depreciation on forward foreign currency contracts		—			(1,207	)		(1,207	)
Total	$	448		$	1,023		$	1,471

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

	Interest rates		Foreign exchange
Location	contracts		contracts		Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	156	$	—	$	156
Net realized gain on transactions from foreign currency contracts		—		2,201		2,201
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase in unrealized appreciation on futures contracts		607		—		607
Net increase in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		—		1,739		1,739
Total	$	763	$	3,940	$	4,703

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica Funds Semi-Annual Report 2010

Page 178

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Transamerica Thornburg International Value:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. The volume of derivatives held at period end is indicative of the volume held throughout the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign exchange
Location	contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	1,563
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(1,872	)
Total	$	(309	)

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign exchange
Location	contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on foreign currency transactions	$	(903	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		12
Total	$	(891	)

Transamerica WMC Emerging Markets:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. The volume of Forward Foreign Currency Contracts held throughout the period decreased steadily, starting the period with 10 contracts decreasing to three contracts by period end. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign exchange
Location	contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	31
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(40	)
Total	$	(9	)

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

	Foreign exchange
Location	contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on foreign currency transactions	$	(330	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		340
Total	$	10

Transamerica Funds Semi-Annual Report 2010

Page 179

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Transamerica PIMCO Real Return TIPS:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. The volume of Swaps and Futures Contracts held at period end is indicative of the volume held throughout the period. The volume of Written Options and Swaptions held throughout the period increased steadily, starting at 11 contracts ending at 39 contracts at period end. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2010

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange			Credit
Location	contracts			contracts			contracts			Total
Asset derivatives
Swap agreements, at value	$	603		$	—		$	785		$	1,388
Unrealized appreciation on forward foreign currency contracts		—			1,501			—			1,501
Unrealized appreciation on futures contracts		433	*		—			—			433
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		—			(493	)		—			(493	)
Written options and swaptions, at value		(884	)		—			—			(884	)
Swap agreements, at value		(596	)		—			(340	)		(936	)
Total	$	(439	)	$	1,008		$	445		$	1,014

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange		Credit
Location	contracts			contracts		Contracts		Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	1,748		$	—	$	—	$	1,748
Net realized gain on written options		2,479			56		—		2,535
Net realized gain (loss) on swap agreements		(1,417	)		—		218		(1,199	)
Net realized gain on forward foreign currency contracts		—			1,558		—		1,558
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net decrease in unrealized depreciation on futures contracts		(583	)		—		—		(583	)
Net decrease in unrealized depreciation on written options		(719	)		—		—		(719	)
Net increase (decrease) in unrealized appreciation / depreciation on swap agreements		(1,138	)		—		875		(263	)
Net increase in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		—			679		—		679
Totals	$	370		$	2,293		1,093	$	3,756

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Transamerica PIMCO Total Return:

The Fund is subject to various risks in the normal course of pursuing its investment objectives. The volume of Swaps, Forward Foreign Currency Contracts, and Futures Contracts held at period end is indicative of the volume held throughout the period. The volume of Written Options and Swaptions held throughout the period increased steadily, starting at 14 contracts and ending at 34 contracts at period end. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2010

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange
Location	contracts			contracts			Credit contracts			Total
Asset derivatives
Unrealized appreciation on futures contracts	$	1,073	*	$	993	*	$	—		$	2,066
Swap agreements, at value		82			—			597			679
Unrealized appreciation on forward foreign currency contracts		—			786			—			786
Liability derivatives
Written options and swaptions, at value		(913	)		—			(23	)		(936	)
Swap agreements, at value		(277	)		—			(1,378	)		(1,655	)
Unrealized depreciation on forward foreign currency contracts		—			(885	)		—			(885	)
Total	$	(35	)	$	894		$	(804	)	$	55

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

Transamerica Funds Semi-Annual Report 2010

Page 180

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Transamerica PIMCO Total Return: (continued)

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2010

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange			Credit
Location	contracts			contracts			Contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	2,203		$	—		$	—		$	2,203
Net realized gain on written options		1,627			70			—			1,697
Net realized gain on swap agreements		1,003			—			417			1,420
Net realized gain on foreign currency		—			2,279			—			2,279
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net decrease in unrealized depreciation on futures contracts		(65	)		—			—			(65	)
Net increase (decrease) in unrealized depreciation on written options		(8	)		43			—			35
Net decrease in unrealized depreciation on swap agreements		(1,735	)		—			(510	)		(2,245	)
Net decrease in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		—			(172	)		—			(172	)
Totals	$	3,025		$	2,220		$	(93	)	$	5,152

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Fund may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

NOTE 6. FEDERAL INCOME TAX MATTERS

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. Management has evaluated the Funds’ tax provisions taken for all open tax years (2006 – 2008), or expected to be taken in the Funds’ 2009 tax returns, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Florida, 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. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to wash sales, structured notes, foreign bonds, swaps, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, capital loss carryforwards, and post-October loss deferrals.

NOTE 7. SUBSEQUENT EVENTS

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 10, 2010, the Board approved a new transfer agency fee schedule. The new fee will be effective July 1, 2010.

Management has evaluated subsequent events through the date of issuance of the financial statements, and determined that no other material events or transactions would require recognition or disclosure in the Funds’ Financial Statements.

Transamerica Funds Semi-Annual Report 2010

Page 181

Change of Independent Registered Certified Public Accounting Firm

PricewaterhouseCoopers LLP (“PwC”) served as independent registered certified public accounting firm through April 7, 2010. On April 8, 2010, upon recommendation by the Transamerica Funds’ Audit Committee, the Transamerica Funds’ Board selected Ernst & Young LLP to replace PwC as the independent public accountant for the fiscal year ending October 31, 2010.

The reports of PwC on the financial statements for the past two fiscal years contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the two most recent fiscal years and through April 7, 2010, there have been no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of PwC would have caused them to make reference thereto in their reports on the financial statements for such years.

During the two most recent fiscal years and through April 7, 2010, there have been no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).

Transamerica Funds has requested that PwC furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter will be filed as Exhibit 77 to Form N-SAR.

Transamerica Funds Semi-Annual Report 2010

Page 182

TRANSAMERICA FIRST QUADRANT GLOBAL MACRO
(formerly, Transamerica UBS Dynamic Alpha)
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT
(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on July 21, 2009, the Board considered a proposal from Transamerica Asset Management, Inc. (“TAM”) to replace UBS Global Asset Management (Americas) Inc. (“UBS”) with First Quadrant, L.P. (FQ) as sub-adviser to Transamerica First Quadrant Global Macro (formerly, Transamerica UBS Dynamic Alpha). The Board approved a new investment sub-advisory agreement with FQ (the “FQ Sub-advisory Agreement”) following a presentation by the TAM. Discussed below are some of the material factors considered by the Board.

Board Considerations. To assist the Board in its consideration of the FQ Sub-advisory Agreement, the Board received in advance of the meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board’s deliberations.

Among other things, the Board considered:

(a)	that TAM has advised the Board that the appointment of First Quadrant, L.P. (“FQ”) is not expected to result in any diminution in the nature, quality and extent of services provided to the Fund and its shareholders, including compliance services;
(b)	that TAM has advised the Board that FQ is an experienced and respected asset management firm and that FQ has the capabilities, resources and personnel necessary to provide advisory services to the Fund;
(c)	the proposed responsibilities of FQ for the Fund and the services expected to be provided by it;
(d)	the fact that the sub-advisory fee payable to FQ would be paid by TAM and not the Fund;
(e)	that the sub-advisory fee paid by TAM to FQ represents reasonable compensation to FQ in light of the services expected to be provided;
(f)	that TAM recommended to the Board that FQ be appointed as sub-adviser to the Fund based on its desire to engage a sub-adviser with the ability to implement an investment program with similarities to that currently being implemented by UBS and with a competitive performance record for that program;
(g)	that the Fund would bear the costs associated with preparing and distributing this Information Statement to shareholders;
(h)	that the Fund’s portfolio management team was expected to change as a result of approval of the new sub-adviser;
(i)	that TAM has advised the Board the current sub-adviser has had turnover in its portfolio management team that could affect the ability of the Fund to perform in the long term; and
(j)	that Management represented that the FQ Sub-advisory Agreement was substantially similar to the UBS Sub-advisory Agreement.

TAM reviewed with the Board its search process and criteria for a replacement sub-adviser including its desire to engage a sub-adviser with a stable, historically strong-performing global macro strategy. Discussed below are some of the material factors considered by the Board.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by FQ under the FQ Sub-advisory Agreement, the Board considered, among other things, information and assurances provided by TAM as to the operations, facilities, organization and personnel of FQ, the ability of FQ to perform its duties under the FQ Sub-advisory Agreement, and any anticipated changes to the current investment program and other practices of the Fund. The Board considered the proposed change to the Fund’s investment objective and principal investment strategies and risks, as well as the changes to the Fund’s name. The Board considered that TAM has advised the Board that the appointment of FQ is not expected to result in any diminution in the nature, quality and extent of services provided to the Fund and its shareholders, including compliance services. The Board considered that FQ is an experienced and respected asset management firm and that FQ has the capabilities, resources and personnel necessary to provide advisory services to the Fund.

Based on its review of the materials provided and the assurances it had received from TAM, the Board determined that FQ can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that FQ’s appointment is not expected to adversely affect the nature, quality and extent of services provided to the Fund.

Fees and Costs of Services Provided. The Board considered the sub-advisory fee rate under the FQ Sub-advisory Agreement as well as the overall management fee structure of the Fund. The Board noted that the Fund does not pay the sub-advisory fee. The Board took into consideration that it had recently reviewed TAM’s profitability with respect to the Fund and that advisory fees would not be changed but margins could vary depending on Fund asset levels. The Board determined that the sub-advisory fees paid by TAM to FQ represent reasonable compensation in light of the services expected to be provided.

Economies of Scale. The Board noted that the advisory fee payable under the advisory fee schedule of the Fund would not be changed, and determined that the advisory fee schedule, which contains breakpoints, permits certain economies of scale for the benefit of shareholders as the Fund grows, even though FQ’s sub-advisory schedule does not contain breakpoints. The Board noted that TAM believes that the appointment of FQ as sub-adviser has the potential to attract additional assets.

Transamerica Funds Semi-Annual Report 2010

Page 183

TRANSAMERICA FIRST QUADRANT GLOBAL MACRO
(formerly, Transamerica UBS Dynamic Alpha)
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT (continued)
(unaudited)

Fall-Out Benefits. The Board noted that TAM would not realize soft dollar benefits from its relationship with FQ, and that FQ may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. The Board also considered the potential for increased visibility in the marketplace as a result of FQ’s relationship with the Fund.

Investment Performance. The Board compared the performance of FQ’s Managers AMG FQ Global Alternatives, a mutual fund with a comparable strategy managed by FQ, to the Fund’s performance and UBS’ UBS Dynamic Alpha’s performance over the past 1-, 2- and 3-year periods ended May 31, 2009, and noted that FQ’s composite performance exceeded that of the other funds (and UBS) over the same periods. The Board also considered FQ’s investment strategy. The Board noted that TAM believes that the appointment of FQ could benefit shareholders by offering them the potential for superior performance based on the historical comparisons, but were unable to predict what effect execution of the FQ Sub-advisory Agreement would actually have on the future performance of the Fund. Based on this information, the Board determined that FQ is capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed investment objectives, policies and strategies.

Other Considerations. The Board considered the qualifications, backgrounds and responsibilities of the FQ team responsible for the day-to-day management of the Fund, the policies and procedures in place by TAM and FQ to ensure compliance with applicable laws and regulations and by TAM to oversee the portfolio management activities of FQ.

Based upon its review and the representations made to it, the Board, including all of the Independent Board Members, concluded that (a) FQ can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that FQ’s appointment is not expected to adversely affect the nature, quality and extent of services provided to the Fund, and (b) the fees provided in the FQ Sub-advisory Agreement are fair and reasonable in light of the services expected to be provided to the Fund. Accordingly, after consideration of the above factors, and such other factors and information as it deemed relevant, the Board, including all of the Independent Board Members, approved the FQ Sub-advisory Agreement for up to a two-year period.

No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the FQ Sub-advisory Agreement, and each Board Member attributed different weight to the various factors.

Transamerica Funds Semi-Annual Report 2010

Page 184

TRANSAMERICA WMC DIVERSIFIED GROWTH
(formerly, Transamerica Equity)
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT
(unaudited)

At a special meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on February 8, 2010, the Board considered a proposal from Transamerica Asset Management, Inc. (“TAM”) to replace Transamerica Investment Management, LLC with Wellington Management Company, LLP (“Wellington”) as sub-adviser to Transamerica WMC Diversified Growth (formerly, Transamerica Equity). The Board approved a new investment sub-advisory agreement with Wellington (the “Wellington Sub-advisory Agreement”) following a presentation by TAM. Discussed below are some of the material factors considered by the Board.

Board Considerations. To assist the Board Members in their consideration of the Wellington Sub-advisory Agreement, the Board Members received in advance of their meeting certain materials and information. It was noted that the Board Members also had received considerable information about Wellington and the diversified growth strategy in conjunction with the most recent annual consideration of the advisory and sub-advisory arrangements for Transamerica Large Growth Portfolio, a series of Transamerica Partners Portfolios. In addition, the Independent Board Members consulted with their 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 TAM has advised the Board Members that the appointment of Wellington is not expected to result in any diminution in the nature, quality and extent of services provided to the Fund and its shareholders, including compliance services;

(b) that Wellington is an experienced and respected asset management firm and that Wellington has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on an assessment of the services that Wellington provides to other funds within the Transamerica Asset Management Group (“TAMG”) fund complex, including Transamerica Partners Large Growth Portfolio, a fund sub-advised by Wellington which uses, for a portion of its assets, a similar investment program to that of the Fund;

(c) the proposed responsibilities of Wellington for the Fund and the services expected to be provided by it;

(d) the fact that the sub-advisory fees payable to Wellington would be paid by TAM and not the Fund;

(e) that the sub-advisory fees will be reduced; and that the sub-advisory fees paid by the Manager to Wellington represents reasonable compensation to Wellington in light of the services expected to be provided; and

(f) that TAM recommended to the Boards that Wellington be appointed as sub-adviser to the Fund based on its desire to engage a sub-adviser with the ability to implement an investment program similar to that currently used by Wellington in advising other accounts and with a proven performance record for that program.

Certain of these considerations are discussed in more detail below.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by Wellington under the Wellington Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM and Wellington as to the operations, facilities, organization and personnel of Wellington, the anticipated ability of Wellington to perform its duties under its Wellington Sub-Advisory Agreement, and the anticipated changes to the current investment program and other practices of the Fund. The Board Members considered the proposed change to the Fund’s name. The Board Members considered that TAM advised the Board Members that the appointment of Wellington is not expected to result in any diminution in the nature, quality and extent of services provided to the Fund and its shareholders, including compliance services. The Board Members considered that Wellington is an experienced and respected asset management firm and that TAM believes that Wellington has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on the assessment of the services that Wellington provides to other funds within the TAMG complex, including a portion of the assets of Transamerica Partners Large Growth Portfolio, which serves as a model for the investment program that Wellington intends to implement for the Fund if Wellington is appointed as sub-adviser. The Board Members also considered that they recently had performed a full annual review of a number of sub-advisory agreements with Wellington. The Board also noted that TAM recommended to the Boards that Wellington be appointed as sub-adviser to the Fund based on its desire to engage a sub-adviser with the ability to implement an investment program similar to that currently used by Wellington in advising other accounts and with a proven performance record for that program.

Based on their review of the materials provided and the assurances they had received from TAM, the Board Members determined that Wellington can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that Wellington’s appointment is not expected to adversely affect the nature, quality and extent of services provided to the Fund.

Fees and Costs of Services Provided. The Board Members considered the sub-advisory fee rate under the Wellington Sub-Advisory Agreement as well as the overall management fee structure of the Fund and other funds managed by TAM and Wellington and noted that the sub-advisory fee payable by TAM would be reduced if the Wellington Sub-Advisory Agreement is implemented. The Board Members noted that the Fund does not pay the sub-advisory fee. The Board Members determined that the sub-advisory fees paid by TAM to Wellington represent reasonable compensation in light of the services expected to be provided, and that it would review the Fund’s investment advisory fees payable during an upcoming meeting.

Economies of Scale. The Board Members noted that the advisory fee schedule, which contains breakpoints, permits certain economies of scale for the benefit of shareholders as the Fund grows, and that it would review these breakpoints during an upcoming meeting. The Board Members noted that TAM believes that the appointment of Wellington as sub-adviser has the potential to attract additional assets.

Transamerica Funds Semi-Annual Report 2010

Page 185

TRANSAMERICA WMC DIVERSIFIED GROWTH
(formerly, Transamerica Equity)
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT (continued)
(unaudited)

Fall-Out Benefits. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with Wellington, and that Wellington may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. The Board also noted that Wellington is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements Wellington may engage in with respect to the Fund’s brokerage transactions. The Board Members also considered the potential for increased visibility in the marketplace as a result of Wellington’s relationship with the Fund.

Investment Performance. The Board Members noted that the performance of Wellington’s Diversified Growth strategy for the period of October 2005 to September 2009 was stronger than that of the Transamerica Equity strategy (and thus of TIM) over the same periods. The Board Members noted that TAM believes that the appointment of Wellington could benefit shareholders by offering them the potential for superior performance based on the historical comparisons, but were unable to predict what effect execution of the Wellington Sub-Advisory Agreement would actually have on the future performance of the Fund. Based on this information, the Board Members determined that Wellington is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members, including a majority of the Independent Board Members, concluded that the Wellington Sub-advisory Agreements should be approved and that the fees payable thereunder are fair and reasonable in light of the services expected to be provided to the Fund.

Transamerica Funds Semi-Annual Report 2010

Page 186

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

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q, which is available on the SEC’s website at http://www.sec.gov. The Portfolios’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

You may also visit the Trust’s website at www.transamericafunds.com for this and other information about the Portfolios 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 Portfolios. Transamerica Funds will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday—Friday. Your request will take effect within 30 days.

Transamerica Funds Semi-Annual Report 2010

Page 187

TRANSAMERICA FUNDS — PRIVACY POLICY

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds Semi-Annual Report 2010

Page 188

P.O. Box 9012
Clearwater, FL 33758-9012

Customer Service 1-888-233-4339
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.